Anthony S. Clark - Oct 10, 2025 Form 4 Insider Report for ABRDN JAPAN EQUITY FUND, INC. (JEQ)

Role: Director
Signature: /s/ Lucia Sitar, by POA from Reporting Person
Stock symbol: JEQ
Transactions as of: Oct 10, 2025
Transactions value $: $0
Form type: 4
Date filed: 10/14/2025, 04:28 PM
Previous filing: Sep 5, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Clark Anthony S.	Director	C/O ABRDN, 1900 MARKET STREET, SUITE 200, PHILADELPHIA	/s/ Lucia Sitar, by POA from Reporting Person	2025-10-14	0001652951

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	JEQ	Common Stock	Other		-364	-100%		0	Oct 10, 2025	Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	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 137 common shares of the Acquiring Fund in exchange for his 364 common shares of the Target Fund.

Content

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 137 common shares of the Acquiring Fund in exchange for his 364 common shares of the Target Fund.