Exhibit (d)(7)(iv)

                                 AMENDMENT NO. 3
                      TO THE INVESTMENT ADVISORY AGREEMENT

        AMENDMENT NO. 3 to Investment Advisory Agreement ("Amendment No. 3"),
dated as of August 18, 2003, between The Equitable Life Assurance Society of the
United States, a New York corporation ("Equitable") and Fund Asset Management,
L.P., a Delaware limited partnership ("Adviser").

        Equitable and Adviser agree to modify and amend the Investment Advisory
Agreement, dated as of May 1, 2000, as amended by Amendment No. 1, dated May 21,
2001 and Amendment No. 2, dated December 6, 2001 (together the "Agreement")
between Equitable and Adviser as follows:

        1.      Equitable hereby terminates its appointment of the Adviser as
        the investment adviser for the allocated portion of the EQ/Balanced
        Portfolio.

        2.      Portfolio. Equitable hereby reaffirms its appointment of the
        Adviser as the investment adviser for the EQ/Mercury Basic Value Equity
        Portfolio on the terms and conditions set forth in the Agreement.

        3.      Appendix A. Appendix A to the Agreement, setting forth the
        Portfolio of the Trust for which the Adviser is appointed as the
        investment adviser and the fees payable to the Adviser with respect to
        the Portfolio for which the Adviser provides advisory services under the
        Agreement, is hereby replaced in its entirety by Appendix A attached
        hereto.

        4.      Ratification. Except as modified and amended hereby, the
        Agreement is hereby ratified and confirmed in full force and effect in
        accordance with its terms.

        IN WITNESS WHEREOF, the parties have executed and delivered this
Amendment No. 3 as of the date first above set forth.

THE EQUITABLE LIFE ASSURANCE        FUND ASSET MANAGEMENT, L.P., by
SOCIETY OF THE UNITED STATES        Princeton Services, Inc. its General Partner


By: /s/ Peter D. Noris              By: /s/ Daniel J. Dart
    ------------------------            ------------------------
    Peter D. Noris                      Name:  Daniel J. Dart
    Executive Vice President            Title: Managing Director



                                   APPENDIX A

                                 AMENDMENT NO. 3
                        TO INVESTMENT ADVISORY AGREEMENT

Portfolio                                 Advisory Fee Rate
---------                                 -----------------

EQ/Mercury Basic Value Equity Portfolio   .40% of the Portfolios' average daily
                                          net assets up to and including $100
                                          million; .375% of the Portfolios'
                                          average daily net assets over $100
                                          million and up to and including $300
                                          million; and .35% of the Portfolios'
                                          average daily net assets in excess of
                                          $300 million.