EXHIBIT d.3

INVESTMENT ADVISORY AGREEMENT

THIS AGREEMENT is made by and between AELTUS INVESTMENT MANAGEMENT, INC. a
Connecticut corporation (the "Adviser") and AETNA GET FUND, a Massachusetts
business trust (the "Fund"), on behalf of its SERIES P ("Series"), as of the
date set forth above the parties' signatures.

W I T N E S S E T H

WHEREAS, the Fund is registered with the Securities and Exchange Commission (the
"Commission") as an open-end, diversified, management investment company under
the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Fund has established the Series; and

WHEREAS, the Adviser is registered with the Commission as an investment adviser
under the Investment Advisers Act of 1940 (the "Advisers Act"), and is in the
business of acting as an investment adviser; and

WHEREAS, the Fund, on behalf of the Series, and the Adviser desire to enter into
an agreement to provide for investment advisory and management services for the
Series on the terms and conditions hereinafter set forth;

NOW THEREFORE, the parties agree as follows:

I. APPOINTMENT AND OBLIGATIONS OF THE ADVISER

Subject to the terms and conditions of this Agreement and the policies and
control of the Fund's Board of Trustees (the "Board"), the Fund, on behalf of
the Series, hereby appoints the Adviser to serve as the investment adviser to
the Series, to provide the investment advisory services set forth below in
Section II. The Adviser agrees that, except as required to carry out its duties
under this Agreement or otherwise expressly authorized, it is acting as an
independent contractor and not as an agent of the Series and has no authority to
act for or represent the Series in any way.

II. DUTIES OF THE ADVISER

In carrying out the terms of this Agreement, the Adviser shall do the following:

1. supervise all aspects of the operations of the Series;

2. select the securities to be purchased, sold or exchanged by the
Series or otherwise represented in the Series' investment
portfolio, place trades for all such securities and regularly
report thereon to the Board;

3. formulate and implement continuing programs for the purchase and
sale of securities and regularly report thereon to the Board;

4. obtain and evaluate pertinent information about significant
developments and economic, statistical and financial data,
domestic, foreign or otherwise, whether affecting the economy
generally, the Series, securities held by or under consideration
for the Series, or the issuers of those securities;

5. provide economic research and securities analyses as the Adviser
considers necessary or advisable in connection with the Adviser's
performance of its duties hereunder;

6. obtain the services of, contract with, and provide instructions to
custodians and/or subcustodians of the Series' securities, transfer
agents, dividend paying agents, pricing services and other service
providers as are necessary to carry out the terms of this
Agreement; and

7. take any other actions which appear to the Adviser and the Board
necessary to carry into effect the purposes of this Agreement.

III. REPRESENTATIONS AND WARRANTIES

A. Representations and Warranties of the Adviser

The Adviser hereby represents and warrants to the Fund as follows:

1. Due Incorporation and Organization. The Adviser is duly
organized and is in good standing under the laws of the State
of Connecticut and is fully authorized to enter into this
Agreement and carry out its duties and obligations hereunder.

2. Registration. The Adviser is registered as an investment
adviser with the Commission under the Advisers Act. The
Adviser shall maintain such registration in effect at all
times during the term of this Agreement.

3. Best Efforts. The Adviser at all times shall provide its best
judgment and effort to the Series in carrying out its
obligations hereunder.

B. Representations and Warranties of the Series and the Fund

The Fund, on behalf of the Series, hereby represents and warrants to
the Adviser as follows:

1. Due Establishment and Organization. The Fund has been duly
established under the laws of the Commonwealth of Massachusetts
and it is authorized to enter into this Agreement and carry out
its obligations hereunder.

2. Registration. The Fund is registered as an investment company
with the Commission under the 1940 Act and shares of the Series
are registered or qualified for offer and sale to the public
under the Securities Act of 1933 and all applicable state
securities laws. Such registrations or qualifications will be
kept in effect during the term of this Agreement.

IV. DELEGATION OF RESPONSIBILITIES

Subject to the approval of the Board and the shareholders of the Series, the
Adviser may enter into a Subadvisory Agreement to engage a subadviser to the
Adviser with respect to the Series.

V. BROKER-DEALER RELATIONSHIPS

A. Series Trades

The Adviser shall place all orders for the purchase and sale of
portfolio securities for the Series with brokers or dealers selected by
the Adviser, which may include brokers or dealers affiliated with the
Adviser. The Adviser shall use its best efforts to seek to execute
portfolio transactions at prices that are advantageous to the Series
and at commission rates that are reasonable in relation to the benefits
received.

B. Selection of Broker-Dealers

In selecting broker-dealers qualified to execute a particular
transaction, brokers or dealers may be selected who also provide
brokerage or research services (as those terms are defined in Section
28(e) of the Securities Exchange Act of 1934) to the Adviser and/or the
other accounts over which the Adviser or its affiliates exercise
investment discretion. The Adviser is authorized to pay a broker or
dealer who provides such brokerage or research services a commission
for executing a portfolio transaction for the Series that is in excess
of the amount of commission another broker or dealer would have charged
for effecting that transaction if the Adviser determines in good faith
that such amount of commission is reasonable in relation to the value
of the brokerage or research services provided by such broker or dealer
and is paid in compliance with Section 28(e). This determination may be
viewed in terms of either that particular transaction or the overall
responsibilities that the Adviser and its affiliates have with respect
to accounts over which they exercise investment discretion. The Adviser
may consider the sale of shares of the Series and of other investment
companies advised by the Adviser as a factor in the selection of
brokers or dealers to effect transactions for the Series, subject to
the

Adviser's duty to seek best execution. The Adviser may also select
brokers or dealers to effect transactions for the Series that provide
payment for expenses of the Series. The Board shall periodically review
the commissions paid by the Series to determine if the commissions paid
over representative periods of time were reasonable in relation to the
benefits received.

VI. CONTROL BY THE BOARD

Any investment program undertaken by the Adviser pursuant to this Agreement, as
well as any other activities undertaken by the Adviser on behalf of the Series
pursuant thereto, shall at all times be subject to any directives of the Board.

VII. COMPLIANCE WITH APPLICABLE REQUIREMENTS

In carrying out its obligations under this Agreement, the Adviser shall at all
times conform to:

1. all applicable provisions of the 1940 Act;

2. the provisions of the current Registration Statement of the Fund;

3. the provisions of the Fund's Declaration of Trust, as amended;

4. the provisions of the Bylaws of the Fund, as amended; and

5. any other applicable provisions of state and federal law.

VIII. COMPENSATION

For the services to be rendered, the facilities furnished and the expenses
assumed by the Adviser, the Fund, on behalf of the Series, shall pay to the
Adviser an annual fee, payable monthly, equal to 0.25% of the average daily net
assets of the Series during the offering period and equal to 0.60% of the
average daily net assets of the Series during the guarantee period. Except as
hereinafter set forth, compensation under this Agreement shall be calculated and
accrued daily at the rate of 1/365 (1/366 in the event of a leap year) of 0.25%
of the daily net assets of the Series during the offering period and equal to
0.60% of the daily net assets of the Series during the guarantee period. If this
Agreement becomes effective subsequent to the first day of a month or terminates
before the last day of a month, compensation for that part of the month this
Agreement is in effect shall be prorated in a manner consistent with the
calculation of the fees set forth above. Subject to the provisions of Section X
hereof, payment of the Adviser's compensation for the preceding month shall be
made as promptly as possible.

IX. EXPENSES

The expenses in connection with the management of the Series shall be allocated
between the Series and the Adviser as follows:

A. Expenses of the Adviser

The Adviser shall pay:

1. the salaries, employment benefits and other related costs and
expenses of those of its personnel engaged in providing
investment advice to the Series, including without limitation,
office space, office equipment, telephone and postage costs; and

2. all fees and expenses of all trustees, officers and employees,
if any, of the Fund who are employees of the Adviser, including
any salaries and employment benefits payable to those persons.

B. Expenses of the Series

The Series shall pay:

1. investment advisory fees pursuant to this Agreement;

2. brokers' commissions, issue and transfer taxes or other
transaction fees payable in connection with any transactions in
the securities in the Series' investment portfolio or other
investment transactions incurred in managing the Series' assets,
including portions of commissions that may be paid to reflect
brokerage research services provided to the Adviser;

3. fees and expenses of the Series' independent accountants and
legal counsel and the independent trustees' legal counsel;

4. fees and expenses of any administrator, transfer agent,
custodian, dividend, accounting, pricing or disbursing agent of
the Series;

5. interest and taxes;

6. fees and expenses of any membership in the Investment Company
Institute or any similar organization in which the Board deems
it advisable for the Fund to maintain membership;

7. insurance premiums on property or personnel (including officers
and trustees) of the Fund;

8. all fees and expenses of the Fund's trustees, who are not
"interested persons" (as defined in the 0000 Xxx) of the Fund
or the Adviser;

9. expenses of preparing, printing and distributing proxies, proxy
statements, prospectuses and reports to shareholders of the
Series, except for those expenses paid by third parties in
connection with the distribution of Series shares and all costs
and expenses of shareholders' meetings;

10. all expenses incident to the payment of any dividend,
distribution, withdrawal or redemption, whether in shares of
the Series or in cash;

11. costs and expenses (other than those detailed in paragraph 9
above) of promoting the sale of shares in the Series,
including preparing prospectuses and reports to shareholders
of the Series, provided, nothing in this Agreement shall
prevent the charging of such costs to third parties involved
in the distribution and sale of Series shares;

12. fees payable by the Series to the Commission or to any state
securities regulator or other regulatory authority for the
registration of shares of the Series in any state or territory
of the United States or of the District of Columbia;

13. all costs attributable to investor services, administering
shareholder accounts and handling shareholder relations,
(including, without limitation, telephone and personnel
expenses), which costs may also be charged to third parties by
the Adviser; and

14. any other ordinary, routine expenses incurred in the management
of the Series' assets, and any nonrecurring or extraordinary
expenses, including organizational expenses, litigation
affecting the Series and any indemnification by the Fund of its
officers, trustees or agents.

Notwithstanding the above, the Adviser may waive a portion or all of the fees it
is entitled to receive.

In addition, the Adviser may reimburse the Fund, on behalf of a Series, for
expenses allocated to a Series.

The Adviser has agreed to waive fees and/or reimburse expenses so that the
Series' total annual operating expenses (excluding distribution fees) do not
exceed 0.75% of the average daily net assets.

X. ADDITIONAL SERVICES

Upon the request of the Board, the Adviser may perform certain accounting,
shareholder servicing or other administrative services on behalf of the Series
that are not required by this Agreement. Such services will be performed on
behalf of the Series and the Adviser may receive from the Series such
reimbursement for costs or reasonable compensation for such services as may be
agreed upon between the Adviser and the Board on a finding by the Board that the
provision of such services by the Adviser is in the best interests of the Series
and its shareholders. Payment or assumption by the Adviser of any Series expense
that the Adviser is not otherwise required to pay or assume under this Agreement
shall not relieve the Adviser of any of its obligations to the Series nor
obligate the Adviser to pay or assume any similar Series expense on any
subsequent occasions.

XI. NONEXCLUSIVITY

The services of the Adviser to the Series are not to be deemed to be exclusive,
and the Adviser shall be free to render investment advisory or other services to
others (including other investment companies) and to engage in other activities,
so long as its services under this Agreement are not impaired thereby. It is
understood and agreed that officers and directors of the Adviser may serve as
officers or trustees of the Fund, and that officers or trustees of the Fund may
serve as officers or directors of the Adviser to the extent permitted by law;
and that the officers and directors of the Adviser are not prohibited from
engaging in any other business activity or from rendering services to any other
person, or from serving as partners, officers, directors or trustees of any
other firm or trust, including other investment companies.

XII. TERM

This Agreement shall become effective on September 13, 2001, and shall remain in
force and effect through December 31, 2001, unless earlier terminated under the
provisions of Article XIV.

XIII. RENEWAL

Following the expiration of its initial term, the Agreement shall continue in
force and effect from year to year, provided that such continuance is
specifically approved at least annually:

1. a. by the Board, or

b. by the vote of a majority of the Series' outstanding voting
securities (as defined in Section 2(a)(42) of the 1940 Act),
and

2. by the affirmative vote of a majority of the trustees who are not
parties to this Agreement or interested persons of a party to this
Agreement (other than as a trustee of the Fund), by votes cast in
person at a meeting specifically called for such purpose.

XIV. TERMINATION

This Agreement may be terminated at any time, without the payment of any
penalty, by vote of the Board or by vote of a majority of the Series'
outstanding voting securities (as defined in Section 2(a)(42) of the 1940 Act),
or by the Adviser, on sixty (60) days' written notice to the other party. The
notice provided for herein may be waived by the party required to be notified.
This Agreement shall automatically terminate in the event of its "assignment"
(as defined in Section 2(a)(4) of the 1940 Act).

XV. LIABILITY

The Adviser shall be liable to the Fund and shall indemnify the Fund for any
losses incurred by the Fund, whether in the purchase, holding or sale of any
security or otherwise, to the extent that such losses resulted from an act or
omission on the part of the Adviser or its officers, directors or employees,
that is found to involve willful misfeasance, bad faith or negligence, or
reckless disregard by the Adviser of its duties under this Agreement, in
connection with the services rendered by the Adviser hereunder.

XVI. LIMITATION OF LIABILITY FOR CLAIMS

The Fund's Declaration of Trust ("Declaration"), a copy of which, together with
all amendments thereto, is on file in the Office of the Secretary of the
Commonwealth of Massachusetts, provides that the name "Aetna GET Fund" refers to
the trustees under the Declaration collectively as trustees and not as
individuals or personally, and that no shareholder of the Series, or trustee,
officer, employee or agent of the Fund, shall be subject to claims against or
obligations of the Fund or of the Series to any extent whatsoever, but that the
trust estate only shall be liable.

The Adviser is hereby expressly put on notice of the limitation of liability as
set forth in the Declaration and agrees that the obligations assumed by the Fund
on behalf of the Series pursuant to this Agreement shall be limited in all cases
to the Series and its assets, and the Adviser shall not seek satisfaction of any
such obligation from the shareholders or any shareholder of the Series or any
other series of the Fund, or from any trustee, officer, employee or agent of the
Fund. The Adviser understands that the rights and obligations of each series
under the Declaration are separate and distinct from those of any and all other
series.

XVII. NOTICES

Any notices under this Agreement shall be in writing, addressed and delivered,
mailed postage paid, or sent by other delivery service, or by facsimile
transmission to each party at such address as each party may designate for the
receipt of notice. Until further notice, such addresses shall be:

if to the Fund, on behalf of the Series:

00 Xxxxx Xxxxx Xxxxxx
Xxxxxxxx, Xxxxxxxxxxx 00000
Fax number 860/000-0000
Attention: President

if to the Adviser:

00 Xxxxx Xxxxx Xxxxxx
Xxxxxxxx, Xxxxxxxxxxx 00000
Fax number 860/000-0000
Attention: President or Chief Compliance Officer

XVIII. QUESTIONS OF INTERPRETATION

This Agreement shall be governed by the laws of the State of Connecticut. Any
question of interpretation of any term or provision of this Agreement having a
counterpart in or otherwise derived from a term or provision of the 1940 Act
shall be resolved by reference to such term or provision of the 1940 Act and to
interpretations thereof, if any, by the United States courts or, in the absence
of any controlling decision of any such court, by rules or orders of the
Commission issued pursuant to the 1940 Act, or contained in no-action and
interpretive positions taken by the Commission staff. In addition, where the
effect of a requirement of the 1940 Act reflected in the provisions of this
Agreement is revised by rule or order of the Commission, such provisions shall
be deemed to incorporate the effect of such rule or order.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
in duplicate by their respective officers on the 30th day of June, 2001.

Aeltus Investment Management, Inc.

Attest:

By: /s/ Xxxxxxx Xxxxxxx By: /s/ Xxxxx X. Xxxxxx
-------------------------------- ------------------------------------
Name: Xxxxxxx Xxxxxxx Name: Xxxxx X. Xxxxxx
----------------------------- ---------------------------------
Title: Secretary Title: Executive Vice President
----------------------------- ---------------------------------

Aetna GET Fund
on behalf of its Series P

Attest:

By: /s/ Xxxxx Xxxxxxx By: /s/ J. Xxxxx Xxx
-------------------------------- ------------------------------------
Name: Xxxxx Xxxxxxx Name: J. Xxxxx Xxx
----------------------------- ---------------------------------
Title: Assistant Secretary Title: President
----------------------------- ---------------------------------

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EXHIBIT d.3

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