Voya Emerging Markets High Dividend Equity Fund : Strategy Brief

Strategy Brief | 2Q23

Voya Emerging Markets High Dividend Equity Fund

Fund-At-A-Glance
Objective1	To seek total return through a combination
of current income, capital gains and
	capital appreciation
Inception Date	04/26/11
Net Asset Value	$6.10
NYSE Symbol	IHD
NAV Symbol	XIHDX
CUSIP	92912P108
Fund Adviser	Voya Investments, LLC.
Sub-Adviser	Voya Investment Management Co.

1 There is no guarantee that this objective will be achieved.

Fund Overview

Combines an actively-managed quantitative equity investment strategy with a call writing option strategy to create a diversified portfolio with enhanced total return potential and strong downside capture over a full market cycle.

Investment Strategy

• An emerging market equity strategy that seeks to maximize total returns and generate higher income relative to the benchmark over a full market cycle. Stock selection is model driven.
• Sells call options on emerging market index ETFs, international, regional or country indexes, and/or equity securities representing 15-50% of the total underlying value of the portfolio.

Investment Process

Voya utilizes a quantitative model to create a target universe of Emerging Market stocks with sustainable dividend yields.2

Next, we use our global multi-factor stock selection models to help identify the most attractive securities by ranking each security relative to all other securities within its region-sector.

We apply optimization techniques to help achieve the portfolio's target dividend yield, determine active weights, and neutralize region and sector exposures in order to create a portfolio that will provide the potential for maximum total return.

1	2	3
Apply Model
Build Target	Construct
to Rank Target
Universe	Portfolio
Universe
Focus on emerging	Use global multi-factor	Optimize portfolio to
market stocks with	stock selection models	help maximize alpha
sustainable dividend	to identify the most	while achieving
yields and an attractive	attractive stocks within	dividend target
risk/reward profile	each sector

	2 Companies that issue dividend yielding equity securities are not required to continue to pay dividends
	on such securities. Therefore, there is the possibility that such companies could reduce or eliminate the
	payment of dividends in the future.
Not FDIC Insured | May Lose Value | No Bank Guarantee	The firm uses proprietary multi-factor sector models to filter the investment universe to identify stocks that
warrant further in-depth fundamental analysis.

Strategy Brief | 2Q23

Voya Emerging Markets High Dividend Equity Fund

Performance

Returns (%)

10

5

0

-5

		5.88	5.90	5.13	6.00
		3.78	2.74					2.89	2.92
	1.58						1.73
									0.66
	-0.28
	Quarter	YTD	1 Year		3 Years	5 Years	10 Years
					Share Price		NAV

Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance chart does not take into consideration account transaction fees or brokerage commissions. It is important to note that the Fund has a limited operating history. Performance over a longer period of time may be more meaningful than short-termperformance.

Total investment return at market share price measures the change in the market value of your investment assuming reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the Fund's dividend reinvestment plan. Total investment return at market share price is not annualized for periods less than one year. Closed-end funds like the Fund do not continuously offer shares for sale and are not required to buy shares back from investors upon request. Shares of closed-end funds trade on national stock exchanges. Therefore, market share prices are not directly affected by Fund expenses or fees, which ordinarily have the effect of lowering total return.

Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of the period and a sale at net asset value at the end of the period; and assumes reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment plan. Net Asset Value is total assets less total liabilities divided by the number of shares outstanding. Net Asset Value is net of all fund expenses, including operating costs and management fees. Total investment return at net asset value is not annualized for periods less than one year.

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Strategy Brief | 2Q23	Voya Emerging Markets High Dividend Equity Fund

Portfolio Highlights

Share Price and NAV History

$25

20
15
10												NAV
5												Market
0
'11	'12	'13	'14	'15	'16	'17	'18	'19	'20	'21	'22	'23
Portfolio Statistics
Market Share Price									$5.22
Premium (Discount) to NAV							-14.43%
Average Daily Share Trading Volume					39,920
Shares Outstanding								18,255,207
Total Net Assets									$111,344,716
Largest Country Holdings (%)
China										28.79
Taiwan											15.92
India											13.77
South Korea										12.39
Brazil											5.01
Saudi Arabia										3.78
South Africa										3.49
Thailand											2.35
Mexico											2.24
Malaysia											1.78
Largest Holdings (%)
Taiwan Semiconductor Manufacturing Co., Ltd.					7.30
Tencent Holdings Ltd.									3.68
Alibaba Group Holding Ltd.								2.29
Samsung Electronics Co., Ltd.							1.94
ICICI Bank Ltd.										1.42
iShares MSCI Emerging Markets ETF						1.39
Meituan Class B										1.15
HON HAI Precision Industry Co., Ltd.						1.05
Infosys Ltd.										1.04
Petroleo Brasileiro SA									0.92

Premium and Discounts History

15%

10

5

0 -5-10-15-20

'11

'12

'13

'14

'15

'16

'17

'18

'19

'20

'21

'22

'23

Call Option Statistics

Percent of Portfolio Assets with Call Options

19.61%

Type of Call Options

Index/ETF

Market Calls are Written On

OTC

Average Call Option Life at Time Written (days)

35

Average Call Option Time to Maturity (days)

14

Average Call Moneyness3 at Time Written

ATM

Largest Industry Holdings (%)

Information Technology

23.58

Financials

20.84

Consumer Discretionary

11.16

Communication Services

8.83

Industrials

7.87

Materials

7.38

Consumer Staples

5.23

Energy

4.88

Health Care

3.38

Utilities

2.96

Holdings, industry & country weightings subject to change daily.

3 "Moneyness" is the term used to describe the relationship between the price of the underlying asset and the option's exercise or strike price. For example, a call (buy) option is considered "in-the-money" when the value of the underlying asset exceeds the strike price. Conversely, a put (sell) option is considered "in-the-money" when its strike price exceeds the value of the underlying asset. Options are characterized for the purpose of Moneyness as "in-the-money" when its strike price exceeds the value of the underlying asset. Options are characterized for the purpose of Moneyness as "in-the-money" ("ITM"), "out-of-the-money" ("OTM") or "at-the-money" ("ATM"), where the underlying asset value equals the strike price.

Please see next page for other important disclosures.

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Strategy Brief | 2Q23

Voya Emerging Markets High Dividend Equity Fund

Portfolio Managers

Paul Zemsky, CFA

Chief Investment Officer,

Multi-Asset Strategies

and Solutions

Years of experience: 39

Years with firm: 18

Vincent Costa, CFA

Chief Investment Officer,

Equities

Years of experience: 38

Years with firm: 17

Voya Investment Management

Voya Investment Management provides both core and specialized investment strategies to institutions, financial intermediaries and individual investors worldwide. Drawing on a

50-year legacy of active investing and the expertise of over 300 investment professionals, Voya Investment Management manages approximately $323 billion* in assets across public and private fixed income, equities, multi-asset solutions and alternative strategies.

Our award-winning culture is grounded in a commitment to understanding and anticipating clients' needs, producing strong investment performance, and embedding diversity, equity and inclusion in everything we do. Voya Investment Management is the asset management business of Voya Financial (NYSE: VOYA), a leading health, wealth and investment company with 7,200 employees dedicated to serving the needs of over 14 million individual and workplace clients.

Peg DiOrio, CFA

Managing Director

Co-head of Quantitative Equity

Years of experience: 30

Years with firm: 11

Steven Wetter

Portfolio Manager

Years of experience: 35

Years with firm: 11

Justin Montminy, CFA

Portfolio Manager,

Quantitative Analyst

Years of experience: 13

Years with firm: 9

*As of 03/31/23. Voya Investment Management assets are calculated on a market value basis and include proprietary insurance general account assets of $34 billion.

Principal Risks: All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. Price volatility, liquidity, and other risks that accompany an investment in equity securities of domestic and foreign companies, and small and mid-sized capitalized companies. International investing does pose special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic. Risks of foreign investing are generally intensified for investments in emerging markets.

Options Risk: The Fund may purchase put and call options and may write (sell) put options and call options and is subject to Options Risk. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counter-parties to meet the terms of the contract. When an option is exercised or closed out, the Fund may be required to sell portfolio securities or to deliver portfolio securities to satisfy its obligations when it would not otherwise choose to do so, or the Fund may choose to sell portfolio securities to realize gains to offset the losses realized upon option exercise. Such sales or delivery would involve transaction costs borne by the Fund and may also result in realization of taxable capital gains, including short-term capital gains taxed at ordinary income tax rates, and may adversely impact the Fund's after-tax returns.

This Fund has additional risks which you should consider, such as: Market Discount Risk, Investment and Market Risk, Foreign Investment and Emerging Markets Risk,

Foreign (non-U.S.) Currency Risk, Asia Pacific Regional and Country Risk, Issuer Risk, Equity Risk, Distribution Risk, Tax Risk, Dividend Risk, Small-Cap and Mid-Cap Companies Risk.

The strategy employs a quantitative investment process. The process is based on a collection of proprietary computer programs, or models, that calculate expected return rankings based on variables such as earnings growth prospects, valuation, and relative strength.

Data imprecision, software or other technology malfunctions, programming inaccuracies and similar circumstances may impair the performance of these systems, which may negatively affect performance. Furthermore, there can be no assurance that the quantitative models used in managing the strategy will perform as anticipated or enable the strategy to achieve its objective.

Past performance is no guarantee of future results.

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