Exhibit (d)(4)(d)

FOURTH AMENDMENT

TO

INVESTMENT ADVISORY AGREEMENT

AMENDMENT, dated May 9, 2022 between ABRDN FUNDS (formerly, Aberdeen Funds) (the “Trust”) and ABRDN INC. (formerly, Aberdeen Standard Investments Inc.) (the “Adviser”) to that certain Investment Advisory Agreement dated May 4, 2018 (the “Agreement”). All capitalized terms used but not defined herein shall have the meanings given to them in the Agreement.

WHEREAS, the Trust and the Adviser desire to amend Exhibit A to the Agreement to add a new series of the Trust and the relevant advisory fee rates for abrdn EM SMA Completion Fund, and to update the names of the parties;

NOW THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

1. Exhibit A. Exhibit A is hereby deleted in its entirety and replaced as set forth in Attachment 1 hereto.

2. Ratification of Agreement. Except as expressly amended and provided herein, all of the terms, conditions and provisions of the Agreement are hereby ratified and confirmed to be of full force and effect, and shall continue in full force and effect.

3. Counterparts. This Amendment shall become binding when any one or more counterparts hereof individually or taken together, shall bear the original or facsimile signature of each of the parties hereto. This Amendment may be executed in any number of counterparts, each of which shall be an original against any party whose signature appears thereon, but all of which together shall constitute but one and the same instrument.

4. Governing Law. This Amendment shall be governed by and construed to be in accordance with the laws of the State of Delaware without reference to choice of law principles thereof and in accordance with the Investment Company Act of 1940, as amended (the “1940 Act”). In the case of any conflict, the 1940 Act shall control.

IN WITNESS THEREOF, the parties hereto have executed this Amendment by their duly authorized representatives as of the day and year first written above.

ABRDN FUNDS
By:	/s/ Lucia Sitar
Name: Lucia Sitar
Title: Vice President
ABRDN INC.
By:	/s/ Lucia Sitar
Name: Lucia Sitar
Title: Vice President

EXHIBIT A
INVESTMENT ADVISORY AGREEMENT
BETWEEN
abrdn INC. AND ABrdN FUNDS

Fund	Investment Advisory Fee
abrdn Dynamic Dividend Fund	1.00% of the average daily net assets of the Fund on the first $250 million in assets and 0.95% of the average daily net assets of the Fund in excess of $250 million
abrdn Global Infrastructure Fund	0.85% of the average daily net assets of the Fund on the first $250 million of assets, 0.80% of the average daily net assets of the Fund on the next $500 million in assets, 0.75% of the average daily net assets of the Fund on the next $250 million in assets, and 0.65% of the average daily net assets of the Fund in excess of $1 billion
abrdn International Real Estate Equity Fund	1.00% of the average daily net assets
abrdn Realty Income & Growth Fund	1.00% of the average daily net assets of the Fund on the first $250 million of assets, 0.95% of the average daily net assets of the Fund on the next $500 million in assets, 0.90% of the average daily net assets of the Fund on the next $250 million in assets, and 0.80% of the average daily net assets of the Fund in excess of $1 billion
abrdn Short Duration High Yield Municipal Fund	0.65% of the average daily net assets of the Fund on the first $250 million in assets and 0.60% of the average daily net assets of the Fund in excess of $250 million
abrdn Ultra Short Municipal Income Fund	0.50% of the average daily net assets of the Fund on the first $2.5 billion in assets and 0.45% of the average daily net assets of the Fund in excess of $2.5 billion
abrdn International Sustainable Leaders Fund	0.75% of the first $500 million in average daily net assets, 0.73% on the next $1.5 billion of average daily net assets and 0.70% on average daily net assets over $2 billion
abrdn Global Equity Impact Fund	0.75% of the first $500 million in average daily net assets, 0.73% on the next $1.5 billion of average daily net assets and 0.70% on average daily net assets over $2 billion
abrdn Global High Income Fund	0.65% of the first $5 billion in average daily net assets, 0.63% on the next $2.5 billion of average daily net assets, 0.60% on the next $2.5 billion of average daily net assets and 0.59% on average daily net assets over $10 billion
abrdn EM SMA Completion Fund	0.00% on all assets