abrdn Funds Reorganize: ASGI Acquires JEQ Shares

abrdn Global Infrastructure Income Fund acquired abrdn Japan Equity Fund in a reorganization, with JEQ shareholders receiving ASGI common shares with a net asset value equal to their JEQ holdings. The conversion ratio was 0.378399, and there are no changes to the Acquiring Fund's objective, strategies, structure, or policies as a result.

In a significant reorganization event, Abrdn Global Infrastructure Income Fund (NYSE: ASGI) has completed the transition of Abrdn Japan Equity Fund (NYSE: JEQ) after the market close on October 10, 2025 ABRDN GLOBAL INFRASTRUCTURE INCOME FUND (ASGI) ANNOUNCES CLOSING AND REORGANIZATION OF ABRDN JAPAN EQUITY FUND, INC. (JEQ)^[1]. Shareholders of JEQ have been converted into ASGI common shares, with the conversion ratio set at 0.378399 and an ASGI NAV per share of $20.9590 as of the reorganization date ABRDN GLOBAL INFRASTRUCTURE INCOME FUND (ASGI) ANNOUNCES CLOSING AND REORGANIZATION OF ABRDN JAPAN EQUITY FUND, INC. (JEQ)^[1].

The reorganization involved an asset-level exchange where JEQ common shareholders received ASGI shares with an aggregate net asset value (NAV) equivalent to their JEQ holdings. This transaction preserved the aggregate NAV for JEQ shareholders, ensuring no immediate dilution or loss in value ABRDN GLOBAL INFRASTRUCTURE INCOME FUND (ASGI) ANNOUNCES CLOSING AND REORGANIZATION OF ABRDN JAPAN EQUITY FUND, INC. (JEQ)^[1].

There are no proposed changes to ASGI's investment objective, strategies, structure, or policies following the reorganization. This minimizes the operational impact and reduces execution risk tied to strategy shifts ABRDN GLOBAL INFRASTRUCTURE INCOME FUND (ASGI) ANNOUNCES CLOSING AND REORGANIZATION OF ABRDN JAPAN EQUITY FUND, INC. (JEQ)^[1]. Key dependencies and risks include potential market-price versus NAV divergence for closed-end funds and any integration of portfolio holdings that could affect liquidity or tax attributes for former JEQ holders ABRDN GLOBAL INFRASTRUCTURE INCOME FUND (ASGI) ANNOUNCES CLOSING AND REORGANIZATION OF ABRDN JAPAN EQUITY FUND, INC. (JEQ)^[1].

Investors should watch for any post-closing disclosures of portfolio-level changes, realized tax events reported for the October 10, 2025 reorganization, and secondary-market price behavior of ASGI relative to NAV over the next few weeks as former JEQ shares trade as ASGI. Near-term effects are expected to center on trading dynamics and tax reporting rather than investment-policy changes ABRDN GLOBAL INFRASTRUCTURE INCOME FUND (ASGI) ANNOUNCES CLOSING AND REORGANIZATION OF ABRDN JAPAN EQUITY FUND, INC. (JEQ)^[1].