Schedule 13G/A: CSS LLC/IL Discloses 693,261 Shares (4.9%) of JEQ

Rhea-AI Filing Summary

The Schedule 13G/A discloses that CSS LLC/IL beneficially owns 693,261 common shares of ABRDN Japan Equity Fund, Inc. (JEQ), equal to 4.9% of the class. CSS reports sole voting power and sole dispositive power over those shares, meaning it has exclusive authority to vote and to direct disposition of the position. The filing states the holding is within the 5% threshold and that the shares were not acquired to change or influence control of the issuer. The report lists no shared voting or dispositive arrangements, no group affiliation, and no subsidiary acquisition related to this stake.

Positive

• Clear disclosure of beneficial ownership of 693,261 shares, equal to 4.9% of the class
• Sole voting and dispositive power are reported, providing transparency about who controls voting and disposition
• Certification against control intent confirms the filer states the position was not acquired to change issuer control

Negative

• None.

Insights

Securities Analyst

TL;DR: CSS LLC/IL reports a 4.9% position (693,261 shares) with sole voting/dispositive power; disclosure is transparent and likely non-disruptive.

The filing provides clear, specific disclosure of beneficial ownership and control over this stake, which is material enough to require reporting but remains below the 5% threshold that often triggers heightened investor scrutiny. The explicit certification that the shares were not acquired to influence control reduces the likelihood of activist intent. For market impact, this is a routine institutional disclosure rather than a change in governance or control.

Corporate Governance Expert

TL;DR: Reported sole control and an explicit non-control certification indicate a passive stance; governance implications are minimal.

From a governance perspective, sole voting and dispositive power normally warrant attention, but the stated intent that the position was not acquired to affect control and the absence of group relationships or delegated powers suggest no immediate governance action. The filing enhances transparency about who controls voting for a near-5% holder, which is useful for board and proxy considerations even if it does not signal active engagement.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

ABRDN JAPAN EQUITY FUND, INC.

(Name of Issuer)

Common

(Title of Class of Securities)

00306J109

(CUSIP Number)

08/11/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 00306J109

1

Names of Reporting Persons

CSS LLC/IL

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 693,261.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 693,261.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

693,261.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ABRDN JAPAN EQUITY FUND, INC.
(b)	Address of issuer's principal executive offices: 1900 Market Street, suite 200, Philidelphia, PENNSYLVANIA 19103
Item 2.
(a)	Name of person filing: CSS LLC/IL
(b)	Address or principal business office or, if none, residence: 1 NORTH WACKER DRIVE SUITE 3075 CHICAGO, Illinois 60606
(c)	Citizenship: CSS LLC/IL - ILLINOIS
(d)	Title of class of securities: Common
(e)	CUSIP No.: 00306J109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 693,261
(b)	Percent of class: 4.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: CSS LLC/IL - 693,261
	(ii) Shared power to vote or to direct the vote: CSS LLC/IL - 0
	(iii) Sole power to dispose or to direct the disposition of: CSS LLC/IL - 693,261
	(iv) Shared power to dispose or to direct the disposition of: CSS LLC/IL - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

CSS LLC/IL

Signature:	Mitchell R. Bialek
Name/Title:	CCO
Date:	08/14/2025

FAQ

How many shares does CSS LLC/IL own in JEQ?

CSS LLC/IL beneficially owns 693,261 shares, representing 4.9% of the class.

Does CSS LLC/IL have voting power over its JEQ shares?

Yes. The filer reports sole voting power and sole dispositive power for the 693,261 shares.

Is CSS LLC/IL’s stake in JEQ considered a controlling position?

No. The filing classifies the holding as ownership of 5% or less and includes a certification that the shares were not acquired to change or influence control.

Are there any group affiliations or subsidiary acquisitions reported by CSS LLC/IL?

No. The filing indicates no group affiliation and no subsidiary acquisition related to this reported security.

Who signed the Schedule 13G/A for CSS LLC/IL?

The filing is signed by Mitchell R. Bialek, listed as CCO.