[SCHEDULE 13G] abrdn Japan Equity Fund, Inc. SEC Filing

Rhea-AI Filing Summary

Truist Financial Corporation (TFC) has filed a Form 144 indicating a planned sale under Rule 144. An unidentified insider intends to dispose of 12,540 common shares through Truist Investment Services on or about 07/21/2025 via the NYSE. The estimated aggregate market value is $566,500. The shares originate from recent stock-award grants (8,046 on 05/15/2025, 2,742 on 03/15/2025, 1,752 on 02/15/2025). The filing lists 1,289,435 shares outstanding for the referenced class, so the proposed sale represents roughly 1.0 % of that figure. No prior sales were reported in the past three months and no adverse information about the issuer is asserted by the filer.

Positive

• Transparent disclosure via timely Form 144 filing provides investors advance notice of insider activity.
• Small scale: 12,540 shares equal roughly 1 % of the outstanding amount listed, limiting dilution risk.

Negative

• Insider selling introduces $566,500 of potential share supply, which some investors may interpret cautiously.

Insights

Corporate Governance Analyst

TL;DR: Insider plans to sell 12,540 TFC shares (~$566k); routine Form 144, modest relative to class size—neutral impact.

The filing discloses an upcoming Rule 144 sale, signalling regulatory compliance and transparency. The dollar amount (≈$0.57 M) and share count are immaterial relative to the 1.29 M shares cited for this class, limiting dilution concerns. No pattern of recent disposals is shown, and the shares stem from standard equity compensation awards. Because the filer affirms no undisclosed adverse information, I view this as neutral to share-price fundamentals; it primarily informs investors of potential incremental supply.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

ABRDN JAPAN EQUITY FUND, INC.

(Name of Issuer)

Common

(Title of Class of Securities)

00306J109

(CUSIP Number)

07/14/2025

(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 736,731.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 736,731.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

736,731.00

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)

5.21 %

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: 736,731
(b)	Percent of class: 5.21 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: CSS LLC/IL - 736,731
	(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 - 736,731
	(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.
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:	07/21/2025

FAQ

What did Truist Financial (TFC) file?

A Form 144 notice of proposed sale under Rule 144.

How many TFC shares are being sold?

12,540 common shares are slated for sale.

What is the estimated value of the sale?

The aggregate market value is $566,500.

When is the planned sale date?

Approximately 07/21/2025.

Where will the shares be sold?

Through the NYSE using Truist Investment Services as broker.

How were the shares acquired?

They were received via stock-award grants on 05/15/2025, 03/15/2025 and 02/15/2025.