THIRD ADDENDUM TO MASTER CUSTODIAN AGREEMENT






THIS THIRD 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:

               "CM Advisers Family of Funds"


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 7th day of May, 2003.


THE NOTTINGHAM MANAGEMENT COMPANY               WACHOVIA BANK, NA

By: /s/ C. Frank Watson III                     By: /s/ Ellen Krause
    ________________________                        _________________
Its:  President                                 Its: Vice President