Form 4: Director Bill Maher Reports JEQ Fund Reorganization

Director Bill Maher reported the disposition of ABRDN Japan Equity Fund shares following its reorganization into abrdn Global Infrastructure Income Fund.

Summary

• Director Bill Maher reported changes in beneficial ownership of ABRDN Japan Equity Fund, Inc. (JEQ) common stock.
• The changes occurred due to the reorganization of ABRDN Japan Equity Fund, Inc. (Target Fund) into abrdn Global Infrastructure Income Fund (Acquiring Fund), effective October 10, 2025.
• Shareholders of the Target Fund received common shares of the Acquiring Fund, with a value equal to the aggregate Net Asset Value (NAV) of surrendered shares, less reorganization costs.
• Cash was distributed for any fractional shares.
• On October 10, 2025, the Target Fund's NAV per share was $7.9308, and the Acquiring Fund's NAV per share was $29.959.
• The conversion ratio for Target Fund common shares was 0.378399.
• Bill Maher surrendered a total of 954.4984 common shares of the Target Fund (364 direct, 295 indirect by spouse, and 590.4984 indirect by trust).
• In exchange, Bill Maher received 361 common shares of the Acquiring Fund.

Sentiment

Score: 5

Explanation: Neutral. This filing is a standard regulatory disclosure of a corporate reorganization and insider ownership change, not indicative of positive or negative performance or strategic shifts from the reporting person's perspective.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance.

Industry Context

This reorganization reflects a trend in the investment fund industry where specialized funds are merged into broader or more strategically aligned funds to achieve economies of scale, optimize management, or align with evolving investor preferences, such as shifting from a Japan-focused equity fund to a global infrastructure income fund.

Stakeholder Impact

• Shareholders of ABRDN Japan Equity Fund, Inc. received shares in abrdn Global Infrastructure Income Fund, changing their investment focus from Japan equity to global infrastructure income.
• The reorganization resulted in the termination of ABRDN Japan Equity Fund, Inc. as a standalone entity.

Key Dates

Keywords

ABRDN Japan Equity Fund, JEQ, abrdn Global Infrastructure Income Fund, Fund Reorganization, SEC Form 4, Beneficial Ownership, Director Transaction, Investment Fund, NAV, Conversion Ratio