Monitor the shareholder vote on September 28, 2026. If approved, IAE and IHD shares will convert to MM EME Fund shares, providing liquidity at NAV. The conversion is tax-free, but pre-closing distributions may trigger taxable events.
Price Chart
Executive Summary
Voya IM is proposing to merge two closed-end funds (IAE and IHD) into an open-end fund (MM EME Fund) to provide shareholders with liquidity at NAV while maintaining emerging markets exposure. A shareholder meeting is scheduled for September 28, 2026, with a target closing date of October 16, 2026. The filing is a routine M&A communication with no changes to deal terms or new financial data.
Key Financial Metrics
Key Facts
- Board approved mergers of IAE Fund and IHD Fund into MM EME Fund on June 2, 2026.
- Shareholder meeting set for on or about September 28, 2026.
- Closing date targeted for on or about October 16, 2026.
- Shareholders of IAE and IHD will receive Class W shares of MM EME Fund.
- Reorganization intended to be tax-free under Section 368(a) of the Code.
- IAE Fund had no capital loss carryforward as of May 21, 2026; IHD Fund had ~$21M; MM EME Fund had ~$11M.
Financial Impact
Shareholders will experience a decrease in contractual management fee rate; IHD shareholders will see a decrease in contractual expense limit. Pro forma expenses assume reorganization occurred on October 31, 2025.
Risk Factors
- Shareholder vote may not approve the reorganization.
- Pre-closing portfolio transitions may generate taxable distributions.
- Post-reorganization, capital loss carryforwards benefit all shareholders, not just pre-reorganization holders.
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 425 Filing (Primary) | 0000895430-26-000028 |
| Document: 0000895430-26-000028-index-headers.html | 0000895430-26-000028 |
| Document: 0000895430-26-000028-index.html | 0000895430-26-000028 |
| Document: 0000895430-26-000028.txt | 0000895430-26-000028 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | SC 13D/A | $7.01 | awaiting T+20 | — | — |
Oct 19, 2026 8d ago | 25-NSE | $7.01 | awaiting T+20 | — | — |
Aug 24, 2026 9w ago | 425 | $8.73 $8.91 | ▲ +2.06% | ▲ +2.05% | — |
Jun 2, 2026 21w ago | 425 | $9.15 $8.73 | ▼ −4.59% | ▼ −3.59% | — |
US Market Status
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