Fund swap gives ABRDN Asia-Pacific (FAX) director new share position

Rhea-AI Filing Summary

ABRDN Asia-Pacific Income Fund, Inc. director Porter Rahn K reported an “other” transaction involving fund reorganization rather than an open-market trade. On May 15, 2026, abrdn Global Income Fund, Inc. was reorganized into ABRDN Asia-Pacific Income Fund.

In this reorganization, the reporting person received 194 common shares of the acquiring fund in exchange for 1,098.303 common shares of the target fund, based on a conversion ratio of 0.176821. The target fund’s NAV per share was $2.7423 and the acquiring fund’s NAV per share was $15.509 as of that date. Following the transaction, the director directly holds 1,374.8062 shares of ABRDN Asia-Pacific Income Fund.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Porter Rahn K

Role null

Type	Security	Shares	Price	Value
Other	Common Stock	194	$0.00	--

Holdings After Transaction: Common Stock — 1,374.806 shares (Direct, null)

Footnotes (1)

1. Effective as of May 15, 2026, abrdn Global Income Fund, Inc. (the "Target Fund") was reorganized into the abrdn Asia-Pacific Income Fund, Inc. (the "Acquiring Fund," and such reorganization, the "Reorganization"). In the Reorganization, common shareholders of the Target Fund received common shares of the Acquiring Fund having a value equal to the aggregate NAV of the Target Fund common shares surrendered as determined at the close of business on May 15, 2026, less the costs of the Reorganization (although cash was distributed for any fractional shares). As of May 15, 2026, the Target Fund reported a NAV per share of $2.7423 and the Acquiring Fund reported a NAV per share of $15.509. The conversion ratio for the Target Fund's common shares was 0.176821. In the Reorganization, the Reporting Person received 194 common shares of the Acquiring Fund in exchange for their 1,098.303 common shares of the Target Fund.

Key Figures

Shares received: 194 shares Shares exchanged: 1,098.303 shares Conversion ratio: 0.176821 +4 more

7 metrics

Shares received 194 shares ABRDN Asia-Pacific shares issued in reorganization

Shares exchanged 1,098.303 shares abrdn Global Income Fund shares surrendered

Conversion ratio 0.176821 Target fund common shares to acquiring fund shares

Target fund NAV $2.7423 per share NAV per share as of May 15, 2026

Acquiring fund NAV $15.509 per share NAV per share as of May 15, 2026

Post-transaction holdings 1,374.8062 shares Director’s direct ABRDN Asia-Pacific holdings after transaction

Restructuring shares 194 shares Shares affected by J-code restructuring transaction

Key Terms

Reorganization, NAV per share, conversion ratio, common shareholders, +1 more

5 terms

Reorganization financial

"such reorganization, the "Reorganization")"

NAV per share financial

"the Target Fund reported a NAV per share of $2.7423"

conversion ratio financial

"The conversion ratio for the Target Fund's common shares was 0.176821."

The conversion ratio is the number of common shares an investor receives when a convertible security (like a bond or preferred share) or an exchangeable instrument is turned into ordinary stock. It matters because it tells investors how much ownership or dilution will occur — similar to knowing how many slices you get when you trade in a coupon — and directly affects the value you get from the convertible and the company’s future share count.

common shareholders financial

"common shareholders of the Target Fund received common shares of the Acquiring Fund"

aggregate NAV financial

"having a value equal to the aggregate NAV of the Target Fund common shares"

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Porter Rahn K

(Last) (First) (Middle)

C/O ABRDN

1900 MARKET STREET, SUITE 200

(Street)

PHILADELPHIA PENNSYLVANIA 19103

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
ABRDN ASIA-PACIFIC INCOME FUND, INC. [ FAX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/15/2026		J(1)(2)		194	A	(1)(2)	1,374.8062	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Effective as of May 15, 2026, abrdn Global Income Fund, Inc. (the "Target Fund") was reorganized into the abrdn Asia-Pacific Income Fund, Inc. (the "Acquiring Fund," and such reorganization, the "Reorganization"). In the Reorganization, common shareholders of the Target Fund received common shares of the Acquiring Fund having a value equal to the aggregate NAV of the Target Fund common shares surrendered as determined at the close of business on May 15, 2026, less the costs of the Reorganization (although cash was distributed for any fractional shares).

2. As of May 15, 2026, the Target Fund reported a NAV per share of $2.7423 and the Acquiring Fund reported a NAV per share of $15.509. The conversion ratio for the Target Fund's common shares was 0.176821. In the Reorganization, the Reporting Person received 194 common shares of the Acquiring Fund in exchange for their 1,098.303 common shares of the Target Fund.

Remarks:

Exhibit List: Exhibit 24 - Power of Attorney

	/s/ Robert Stieger, by POA from Reporting Person	05/19/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did ABRDN Asia-Pacific Income Fund (FAX) report?

ABRDN Asia-Pacific Income Fund reported an “other” insider transaction for director Porter Rahn K. The event reflects a fund reorganization, where shares of abrdn Global Income Fund were exchanged for ABRDN Asia-Pacific shares, rather than a traditional market purchase or sale.

How many ABRDN Asia-Pacific Income Fund (FAX) shares did the director receive?

The director received 194 common shares of ABRDN Asia-Pacific Income Fund. These shares came from exchanging 1,098.303 abrdn Global Income Fund shares, using a stated conversion ratio of 0.176821 as part of the completed fund reorganization.

What are the director’s holdings in ABRDN Asia-Pacific Income Fund (FAX) after the transaction?

After the reorganization transaction, the director directly holds 1,374.8062 ABRDN Asia-Pacific Income Fund common shares. This total reflects the newly issued 194 shares received in exchange for the former abrdn Global Income Fund position.

How was the share exchange between abrdn Global Income Fund and ABRDN Asia-Pacific Income Fund (FAX) determined?

The share exchange used each fund’s reported NAV per share as of May 15, 2026. abrdn Global Income Fund’s NAV was $2.7423 and ABRDN Asia-Pacific Income Fund’s NAV was $15.509, producing a 0.176821 conversion ratio for common shareholders.

Was cash involved in the ABRDN Asia-Pacific Income Fund (FAX) insider transaction?

The transaction was primarily a share-for-share exchange in a fund reorganization. Common shareholders received ABRDN Asia-Pacific shares equal in value to the target fund shares’ aggregate NAV, with cash distributed only for any fractional shares created in the process.