JEQ director reports conversion to abrdn Global Infrastructure shares

Rhea-AI Filing Summary

abrdn Japan Equity Fund, Inc. (JEQ) disclosed a Form 4 reflecting a fund reorganization effective October 10, 2025. JEQ was reorganized into the abrdn Global Infrastructure Income Fund, and common shareholders received acquiring fund shares equal in value to the aggregate NAV of JEQ shares surrendered, less reorganization costs; cash was paid for fractional shares.

As of October 10, 2025, JEQ reported a NAV per share of $7.9308 and the acquiring fund reported a NAV per share of $29.959. The conversion ratio for JEQ common shares was 0.378399. The reporting person exchanged 954.4984 JEQ shares for 361 acquiring fund shares, and JEQ holdings moved to zero following transactions coded “J.” The filing also lists related indirect dispositions by spouse and a revocable trust on the same date.

Insights

Closed-end fund governance analyst

Routine Form 4 documenting share-for-share reorganization.

This filing records a non-open-market conversion from JEQ into the abrdn Global Infrastructure Income Fund as part of a completed reorganization on October 10, 2025. The transaction uses disclosed NAVs—$7.9308 for JEQ and $29.959 for the acquiring fund—and a 0.378399 conversion ratio.

Because this is a fund reorganization entry with code J, it reflects administrative conversion rather than discretionary buying or selling. The filing shows 0 JEQ shares beneficially owned afterward. Any future impact depends on subsequent disclosures from the acquiring fund; the filing itself does not specify further actions.

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

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

1. Name and Address of Reporting Person^*

Maher Bill

(Last) (First) (Middle)

C/O ABRDN

1900 MARKET STREET, SUITE 200

(Street)

PHILADELPHIA PA 19103

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ABRDN JAPAN EQUITY FUND, INC. [ JEQ ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
10/10/2025

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

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

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

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	10/10/2025		J(1)		364	D	(1)	0	D
Common Stock	10/10/2025		J(1)		295	D	(1)	0	I	By Spouse
Common Stock	10/10/2025		J(1)		590.4984	D	(1)	0	I	By Self as Owner of Maher/Goldhammer Revocable Trust

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 October 10, 2025, abrdn Japan Equity Fund, Inc. (the "Target Fund") was reorganized into the abrdn Global Infrastructure Income Fund. (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 October 10, 2025, less the costs of the Reorganization (although cash was distributed for any fractional shares). As of October 10, 2025, the Target Fund reported a NAV per share of $7.9308 and the Acquiring Fund reported a NAV per share of $29.959. The conversion ratio for the Target Fund's common shares was 0.378399. In the Reorganization, the Reporting Person received 361 common shares of the Acquiring Fund in exchange for his 954.4984 common shares of the Target Fund.

	/s/ Lucia Sitar, by POA from Reporting Person	10/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did JEQ (abrdn Japan Equity Fund, Inc.) disclose in this Form 4?

It reported a reorganization on October 10, 2025, into the abrdn Global Infrastructure Income Fund, with JEQ shares converted into acquiring fund shares.

What conversion ratio applied to JEQ shares in the reorganization?

A conversion ratio of 0.378399 was used for JEQ common shares.

How many shares did the reporting person receive after the JEQ reorganization?

The reporting person received 361 shares of the acquiring fund in exchange for 954.4984 JEQ shares.

What were the NAVs used for the exchange on October 10, 2025?

JEQ reported a NAV per share of $7.9308 and the acquiring fund reported $29.959 per share.

What does transaction code “J” indicate in this context?

Code “J” reflects a transaction classified as “other,” here tied to the reorganization and share conversion.

What was the reporting person’s relationship to JEQ?

The reporting person is listed as a Director of JEQ.

Were indirect holdings affected in the JEQ Form 4?

Yes, indirect dispositions by spouse and by a revocable trust were recorded on October 10, 2025.