NINTH ADDENDUM TO MASTER CUSTODIAN AGREEMENT






THIS NINTH ADDENDUM ("Addendum") to that certain Master Custodian Agreement (the
"Agreement")  dated June 22,  2001,  as amended,  by and between The  Nottingham
Management  Company (the  "Administrator")  and Wachovia  Bank, NA (successor by
merger to First Union  National  Bank) (the  "Bank").  All defined terms in this
Addendum  shall have the same meaning as in the  Agreement  unless  specifically
stated  otherwise.  In the  event  there  are any  inconsistencies  between  the
Agreement and this Addendum, the provisions of this Addendum control:


1.   The  Administrator  and Bank  wish to add the  following  new  Trust to the
     Agreement and modify Exhibit A of the Agreement accordingly.

     a.   Exhibit A is hereby  modified and amended by the adding the  following
          Trust to Exhibit A:

                     "The Piedmont Investment Trust"


IN WITNESS WHEREOF,  the parties, in consideration of the mutual promises herein
and other good and  valuable  consideration,  have  caused  this  Addendum to be
executed by their duly  authorized  officers  effective  this 19th day of April,
2005.


THE NOTTINGHAM MANAGEMENT COMPANY      WACHOVIA BANK, NA


By: /s/ C. Frank Watson III            By: /s/ Paul J. Rucci
    ____________________________           ____________________________
      C. Frank Watson III                   Paul J. Rucci
Its:  President                        Its: Director