Fund director shifts into 322 ABRDN Asia-Pacific (FAX) shares via reorg

Rhea-AI Filing Summary

ABRDN Asia-Pacific Income Fund director Peter Gerald Malone reported a restructuring-related share exchange. On the fund’s reorganization effective as of May 15, 2026, he received 322 common shares of abrdn Asia-Pacific Income Fund in exchange for 1,822 common shares of abrdn Global Income Fund.

The exchange reflected net asset values, with the Target Fund reporting NAV per share of $2.7423 and the Acquiring Fund reporting NAV per share of $15.509, using a 0.176821 conversion ratio. Following this non-cash transaction, Malone directly holds 1,272 common shares of the Acquiring Fund.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider MALONE PETER GERALD

Role null

Type	Security	Shares	Price	Value
Other	Common Stock	322	$0.00	--

Holdings After Transaction: Common Stock — 1,272 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Shares received: 322 common shares Shares surrendered: 1,822 common shares Post-transaction holdings: 1,272 common shares +3 more

6 metrics

Shares received 322 common shares ABRDN Asia-Pacific Income Fund shares received in reorganization on May 15, 2026

Shares surrendered 1,822 common shares abrdn Global Income Fund shares exchanged in the reorganization

Post-transaction holdings 1,272 common shares ABRDN Asia-Pacific Income Fund shares held directly after the transaction

Target Fund NAV $2.7423 per share NAV per share of abrdn Global Income Fund as of May 15, 2026

Acquiring Fund NAV $15.509 per share NAV per share of ABRDN Asia-Pacific Income Fund as of May 15, 2026

Conversion ratio 0.176821 Ratio used to convert abrdn Global Income Fund shares into ABRDN Asia-Pacific Income Fund shares

Key Terms

Reorganization, NAV per share, conversion ratio, common shareholders

4 terms

Reorganization financial

"such reorganization, the "Reorganization")"

NAV per share financial

"reported a NAV per share of $2.7423"

NAV per share is the value of a fund or company's assets minus its liabilities, divided by the number of shares outstanding — think of it as the price of one slice of a pie made from all the holdings. Investors use it to judge whether a share’s market price is fair: if the market price is lower than NAV per share, shares may be trading at a discount; if higher, at a premium.

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"

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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^*

MALONE PETER GERALD

(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)		322	A	(1)	1,272	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). 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 322 common shares of the Acquiring Fund in exchange for their 1,822 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 for Peter Gerald Malone?

Peter Gerald Malone reported an other-type restructuring transaction. He received 322 common shares of ABRDN Asia-Pacific Income Fund in exchange for 1,822 common shares of abrdn Global Income Fund as part of a fund reorganization effective May 15, 2026.

How many ABRDN Asia-Pacific Income Fund (FAX) shares does Peter Gerald Malone hold after the transaction?

After the restructuring, Peter Gerald Malone directly holds 1,272 common shares of ABRDN Asia-Pacific Income Fund. This position reflects the 322 shares he received in the reorganization, replacing his prior 1,822 common shares of abrdn Global Income Fund.

What were the NAV per share values used in the ABRDN fund reorganization?

The reorganization used each fund’s net asset value per share. As of May 15, 2026, abrdn Global Income Fund reported NAV per share of $2.7423, while ABRDN Asia-Pacific Income Fund reported NAV per share of $15.509 to determine the exchange ratio.

What conversion ratio applied in the ABRDN Global Income Fund into ABRDN Asia-Pacific Income Fund reorganization?

The conversion ratio for the Target Fund’s common shares was 0.176821. Common shareholders of abrdn Global Income Fund received ABRDN Asia-Pacific Income Fund shares based on this ratio, with cash distributed for any fractional shares created in the exchange.

Was Peter Gerald Malone’s ABRDN (FAX) transaction an open-market buy or sell?

The transaction was not an open-market buy or sell. It was classified as code J, an other-type acquisition or disposition, reflecting the exchange of fund shares in a reorganization rather than a purchase or sale on the market.

How did common shareholders participate in the ABRDN fund reorganization?

Common shareholders of abrdn Global Income Fund received ABRDN Asia-Pacific Income Fund shares. They obtained new shares equal in value to the aggregate NAV of their surrendered Target Fund shares, less reorganization costs, with cash paid for any fractional shares created.