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Rhea-AI Summary

abrdn Japan Equity Fund (NYSE:JEQ) announced a $0.6944 per-share cash distribution payable October 7, 2025, with record and ex-date of September 29, 2025.

The distribution is estimated to consist of $0.2752 (40%) net investment income and $0.4192 (60%) return of capital. Fiscal year-to-date distributions total $0.9244 (with $0.5052 from net investment income and $0.4192 return of capital).

The distribution is final before JEQ's approved reorganization into abrdn Global Infrastructure Income Fund (NYSE:ASGI); shareholders of JEQ at market close October 10, 2025 will receive newly issued ASGI shares and be deemed ASGI shareholders at market open October 13, 2025.

Five-year NAV return is 5.49% and current fiscal-period annualized distribution rate on NAV is 2.79%.

Positive

• $0.6944 per-share cash distribution payable Oct 7, 2025
• Reorganization into ASGI with share exchange effective Oct 10–13, 2025
• Fiscal year-to-date distributions of $0.9244 per share
• Five-year NAV total return of 5.49%

Negative

• Current distribution is estimated 60% return of capital
• Distribution payment may reduce net assets and raise expense ratio

Insights

Fund Distribution Analyst

Final all-cash distribution and fund reorganization announced; shareholders to receive ASGI shares after October conversion.

abrdn Japan Equity Fund, Inc. (JEQ) will pay a final cash distribution of $0.6944 per share on October 7, 2025, with record and ex-date on September 29, 2025. The notice states the distribution is the last cash payout before JEQ reorganizes into abrdn Global Infrastructure Income Fund (ASGI), and shareholders of JEQ as of market close on October 10, 2025 will receive newly issued ASGI shares and be deemed ASGI shareholders at the open on October 13, 2025. The release also discloses the estimated composition of the distribution: $0.2752 from net investment income (~40%) and $0.4192 as return of capital (~60%), with fiscal year-to-date distributions of $0.9244 composed ~55% net investment income and ~45% return of capital.

The business mechanics are straightforward: a one-time cash distribution precedes a statutory reorganization that converts JEQ shares into ASGI shares at equivalent aggregate NAV. Key dependencies and risks are explicitly noted: the distribution composition is estimated and subject to final year-end tax characterization, and the payment and reorganization may reduce JEQ net assets and affect expense ratios or market pricing. Concrete items to watch in the near term include confirmation of the final tax characterization on the Form 1099-DIV after year-end, the successful completion of the reorganization on and after October 10, 2025, and any board actions altering the Distribution Policy; these items will be determinative over the next reporting cycle and the immediate post-conversion trading days.

PHILADELPHIA, Sept. 19, 2025 /PRNewswire/ -- abrdn Japan Equity Fund, Inc. (NYSE: JEQ), announced today that it will pay a $0.6944 per share cash distribution on October 7, 2025. This distribution represents the final allocation of long-term realized gains and net investment income. The distribution will be paid entirely in cash, with no option for dividend reinvestment. The details are as follows:

• Distribution Amount: $0.6944
• Record Date: September 29, 2025
• Ex-date: September 29, 2025
• Payment Date: October 7, 2025

This distribution will be the final distribution paid from JEQ before the Fund's approved reorganization into abrdn Global Infrastructure Income Fund (NYSE: ASGI). Any shareholders of JEQ as of market close on October 10, 2025, will receive newly issued common shares of ASGI with a value equal to the aggregate net asset value of the shares of JEQ and will be deemed shareholders of ASGI at the open of market trading hours on October 13, 2025.

At the end of each calendar year, a Form 1099-DIV will be sent to shareholders, which will state the amount and composition of the Fund's distributions and provide information with respect to their appropriate tax treatment for the prior calendar year. 

Under applicable U.S. tax rules, the amount and character of distributable income for the Fund's fiscal year can be finally determined only as of the end of the Fund's fiscal year. However, under Section 19 of the Investment Company Act of 1940, as amended (the "1940 Act") and related rules, the Fund may be required to indicate to shareholders the estimated source of certain distributions to shareholders.

The following tables set forth the estimated amounts of the sources of the distributions for purposes of Section 19 of the 1940 Act and the rules adopted thereunder. The tables include estimated amounts and percentages for the current distributions to be paid as well as for the cumulative distributions paid relating to fiscal year to date, from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital. The estimated compositions of the distributions may vary because the estimated composition may be impacted by future income, expenses and realized gains and losses on securities and currencies.

The Fund's estimated sources of the current distributions to be paid and for its current fiscal year to date are as follows:

Estimated Amounts of Current Distribution per Share
Fund	Distribution Amount	Net Investment Income		Net Realized Short-Term Gains*		Net Realized Long- Term Gains		Return of Capital
JEQ	$0.6944	$0.2752	40 %	-	-	$0.4192	60 %	-	-

 

Estimated Amounts of Fiscal Year to Date Cumulative Distributions per Share
Fund	Fiscal Year** to Date Distribution Amount	Net Investment Income		Net Realized Short-Term Gains*		Net Realized Long- Term Gains		Return of Capital
JEQ	$0.9244	$0.5052	55 %	-	-	$0.4192	45 %	-	-

* includes currency gains

**October 31st fiscal year end.

The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The final determination of the source of all distributions for the current year will only be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. After the end of each calendar year, a Form 1099-DIV will be sent to shareholders for the prior calendar year that will tell you how to report these distributions for federal income tax purposes.

The following table provides the Funds' total return performance based on net asset value (NAV) over various time periods compared to the Funds' annualized and cumulative distribution rates.

Fund Performance and Distribution Rate Information
Fund	Average Annual Total Return on NAV for the 5 Year Period Ending 08/31/2025¹	Current Fiscal Period's  Annualized Distribution Rate on NAV2, 3	Cumulative Total Return on NAV¹	Cumulative Distribution Rate on NAV²
JEQ	5.49 %	2.79 %	22.96 %	2.79 %

1 Return data is net of all fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund's dividend reinvestment plan.

2 Based on the Fund's NAV as of August 31, 2025.

3 Annualized Distribution Rate does not project for any future distributions, as the Fund the merger of the Fund will occur October 10, 2025.

Shareholders should not draw any conclusions about a Fund's investment performance from the amount of the Fund's current distributions or from the terms of the distribution policy (the "Distribution Policy").

While NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Funds may distribute any long-term capital gains more frequently than the limits provided in Section 19(b) under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Funds during the year may include net income, short-term capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain dividends, while generally taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned by the Funds, to be taxed at a lower rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made in any calendar year in excess of investment in company taxable income and net capital gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits, and then as a return of capital that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed the adjusted basis in the shares held, capital gain is recognized with a holding period based on the period the shares have been held at the date such amount is received.

The payment of distributions in accordance with the Distribution Policy may result in a decrease in the Fund's net assets. A decrease in the Fund's net assets may cause an increase in the Fund's annual operating expense ratio and a decrease in the Fund's market price per share to the extent the market price correlates closely to the Fund's net asset value per share. The Distribution Policy may also negatively affect the Fund's investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution. Each Fund's Board has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment, suspension or termination of the Distribution Policy may affect the Fund's market price per share. Investors should consult their tax advisor regarding federal, state, and local tax considerations that may be applicable in their particular circumstances.

At the end of each calendar year, a Form 1099-DIV will be sent to shareholders, which will state the amount and composition of each fund's distributions and provide information with respect to their appropriate tax treatment for the prior calendar year. 

Circular 230 disclosure:  To ensure compliance with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

Aberdeen Investments Global is the trade name of Aberdeen's investments business, herein referred to as "Aberdeen Investments" or "Aberdeen". In the United States, Aberdeen Investments refers to the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited, and abrdn Asia Limited.

Closed-end funds are traded on the secondary market through one of the stock exchanges. A Fund's investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. There is no assurance that a Fund will achieve its investment objective. Past performance does not guarantee future results.

Closed end funds | Aberdeen

 

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SOURCE Aberdeen Investments U.S. Closed End Funds

FAQ

What is JEQ's cash distribution amount and payment date for 2025?

JEQ will pay a $0.6944 per-share cash distribution on October 7, 2025.

What are the JEQ record and ex-dates for the October 2025 distribution (PRGO)?

The record date and ex-date are both September 29, 2025.

How is the October 2025 JEQ distribution composed by source?

The current distribution is estimated as $0.2752 (40%) net investment income and $0.4192 (60%) return of capital.

What happens to JEQ shareholders in the reorganization into ASGI (ticker ASGI)?

Shareholders of JEQ at market close October 10, 2025 will receive newly issued ASGI shares and be deemed ASGI shareholders at market open October 13, 2025.

What is JEQ's fiscal year-to-date distribution and composition for 2025?

Fiscal year-to-date distributions total $0.9244 per share, with $0.5052 from net investment income and $0.4192 return of capital.

What are JEQ's recent performance and distribution rates on NAV?

JEQ's five-year average annual total return on NAV is 5.49% and the current fiscal-period annualized distribution rate on NAV is 2.79%.