IAE Voya Asia Pacific High Dividend Equity Income Fund

The Board of Trustees (“the Board”) of Voya Asia Pacific High Dividend Equity Income Fund (the “Fund”) (NYSE:IAE) has approved changes to the Fund’s sub-advisory relationship. In connection with these approvals, the investment strategies and portfolio managers of the Fund will change and the Fund’s investment advisory fee rate and expense limit arrangements will be reduced as described below. Each of the foregoing changes will be effective on or about May 6, 2019.

Sub-Advisory Relationship

The Fund’s Board has appointed Voya Investment Management Co. LLC (“Voya IM” or “Sub-Adviser”) to serve as the sole sub‐adviser to the Fund beginning on May 6, 2019, following the termination of the current sub‐advisory agreement between Voya Investments, LLC (the “Adviser”) and NNIP Advisors B.V. Voya IM currently serves as a consultant to the Adviser, although it does not manage any of the Fund’s assets.

Investment Strategies

The Fund will maintain its current investment objective of total return through a combination of current income, capital gains, and capital appreciation. The Fund will continue to pursue an option overlay strategy in the same manner as the current strategy. Upon the implementation of the changes, Voya IM will employ a dividend focused quantitative strategy in selecting equity investments for the Fund. A description of the revised portions of the Fund’s equity investment strategies are included below:

The Fund seeks to achieve its investment objective by investing primarily in a portfolio of dividend yielding equity securities of Asia Pacific companies. For purposes of the Fund’s investments, Asia Pacific companies are those that meet one or more of the following factors: (i) whose principal securities trading markets are in Asia Pacific countries; (ii) that derive at least 50% of their total revenue or profit from either goods produced or sold, investments made or services performed in Asia Pacific countries; (iii) that have at least 50% of their assets in Asia Pacific countries; or (iv) that are organized under the laws of, or with principal offices in, Asia Pacific countries.

Under normal market conditions, the Fund will seek to achieve its investment objective by investing at least 80% of its managed assets in dividend-producing equity securities of, or derivatives having economic characteristics similar to the equity securities of, Asia Pacific companies that are listed and traded principally on Asia Pacific exchanges. The Sub-Adviser seeks to construct a portfolio with a weighted average gross dividend yield that exceeds the dividend yield of the MSCI All Country Asia Pacific ex-Japan® Index (the “Index”).

The Fund will invest in equity securities and will select securities through a bottom-up process that is based upon quantitative analysis. The Sub-Adviser uses an internally developed quantitative computer model to create a target universe of global securities with above average dividend yields compared to the Index, which the Sub-Adviser believes exhibit stable dividend yields within each geographic region and industry sector. The model also seeks to exclude from the target universe securities issued by companies that the Sub-Adviser believes exhibit characteristics that indicate that they are at risk of reducing or eliminating the dividends paid on their securities. Once the Sub-Adviser creates this target universe, the Sub-Adviser seeks to identify the most attractive securities by ranking each security relative to other securities within its region or sector, as applicable, using proprietary multi-factor models.

The Sub-Adviser then uses optimization techniques to seek to achieve the portfolio’s target dividend yield, determine active weights, and neutralize region and sector exposures in order to create a portfolio that the Sub-Adviser believes will provide the potential for maximum total return.

For a period after May 6th until on or about May 20th, Voya IM will work to transition the Fund’s portfolio in accordance with the investment strategy described herein. During this time, the Fund may deviate from its stated investment objectives and strategies, and the Fund’s limitations on permissible investments and investment restrictions may not apply. Transition of the Fund’s investments may result in the realization of taxable capital gains and may have an adverse effect on the Fund’s performance during the period of the transition. In addition, these transactions will also result in transactional costs, which will be borne by the Adviser and the Fund.

Portfolio Management

Effective with the implementation of the changes discussed herein, Paul Zemsky CFA, Vincent Costa, CFA, Peg DiOrio, CFA and Steve Wetter, of Voya IM, will become the Fund’s portfolio managers, responsible for the day to day management of the Fund. Paul Zemsky serves as Portfolio Manager, and Chief Investment Officer of Voya IM’s Multi-Asset Strategies. Mr. Zemsky joined Voya IM in 2005 as head of derivative strategies. Vinnie Costa serves as Head of the global equities team and as portfolio manager for the U.S. and Global active quantitative strategies and the U.S. large cap value portfolios. Mr. Costa joined Voya IM in April 2006 as head of portfolio management for quantitative equity. Peg DiOrio and Steve Wetter serve as portfolio managers on the quantitative equity team and both joined the firm in 2012.

Revised Fee Arrangements

The Fund’s Board also approved a reduction in the Fund’s management fee and expense limitation arrangements. Set out below are the Fund’s current and new fee arrangements:

    Current Management Fee Rate     Management Fee Rate

effective May 6, 2019

1.15% of the Fund’s average

daily managed assets 1

    1.05% of the Fund’s average

daily managed assets

  Current Expense Limit     Expense Limit effective May 6, 2019 1.50%     1.30%    

1 Managed assets are defined as the Fund’s average daily gross asset value, minus the sum of the Fund’s accrued and unpaid dividends on any outstanding preferred shares and accrued liabilities (other than liabilities for the principal amount of any borrowings incurred, commercial paper or notes issued by the Fund and the liquidation preference of any outstanding preferred shares).

About Voya Investment Management

A leading, active asset management firm, Voya Investment Management manages, as of September 30, 2018, more than $210 billion for affiliated and external institutions as well as individual investors. With 40 years of history in asset management, Voya Investment Management has the experience and resources to provide clients with investment solutions with an emphasis on equities, fixed income, and multi-asset strategies and solutions. Voya Investment Management was named in 2015, 2016, 2017 and 2018 as a “Best Places to Work” by Pensions and Investments magazine. For more information, visit voyainvestments.com. Follow Voya Investment Management on Twitter @VoyaInvestments.

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