Exhibit 23(g)(ii)
                                                       April 2, 2001


OLD DOMINION INVESTORS' TRUST

     Re:  Custodian Services Fees
          -----------------------

Dear Sir/Madam:

     This letter constitutes our agreement with respect to compensation to be
paid to PFPC Trust Company ("PFPC Trust") under the terms of a Custodian
Services Agreement dated April 2, 2001 between PFPC Trust and Old Dominion
Investors' Trust ("you" or the "Fund"), as amended from time to time (the
"Agreement") for services provided on behalf of each of the Fund's portfolios
(the "Portfolios"). Pursuant to Paragraph 12 of the Agreement, and in
consideration of the services to be provided to each Portfolio, you will pay
PFPC Trust certain fees and reimburse PFPC Trust for its out-of-pocket expenses
as follows:

Asset Based Fees:

     The following fee will be calculated daily based upon each Portfolio's
total gross assets of each Portfolio and payable monthly, in the following
amount:

    .02% on the average gross assets.

Transaction Charges:

     A transaction includes buys, sells, calls, puts, maturities, free
deliveries, free receipts, exercised or expired options, opened or closed short
sales and the movement for each piece of underlying collateral for a repurchase
agreement, etc.

    Fed Book entry                 $10.00
    DTC Book entry                 $10.00
    PTC Book entry                 $15.00
    Physical certificate           $17.00
    Options contract               $22.50
    Futures margin variation       $10.00
    Short sale                     $15.00
    Trade revision/cancellation    $15.00
    Holdings charge                $ 2.00 per security, per month


Minimum Monthly Fees:

     The minimum monthly fee will be $1,000 per Portfolio investing in domestic
securities, excluding transaction charges, holdings charges and out-of-pocket
expenses.


Out-of-Pocket Expenses:

     PFPC Trust's out-of-pocket expenses, include, but are not limited to,
global sub-custody costs, data warehouse access fees, federal express delivery,
deconversion costs, check processing fees, segregated accounts and federal
reserve wire fees.

Miscellaneous:

     With respect to any daily net overdrawn cash balances for a Portfolio, a
monthly charge shall be assessed based on 125% of the average federal funds rate
for that month.

     PFPC Trust will sweep any net excess cash balances daily into an investment
vehicle or other instrument designated in writing by the Fund (from which PFPC
Trust may receive compensation), so long as the vehicle or instrument is
acceptable to PFPC Trust. PFPC Trust will credit the Fund with such sweep
earnings on a monthly basis. PFPC Trust will be paid by the Fund a fee of .25%
of assets swept.

     PFPC Trust shall be entitled to deduct its fees and charges from the
applicable Portfolio's account monthly when due, provided that PFPC Trust shall
promptly account for such fees and charges to the Fund. Adjustments to such fees
and charges (if any) will be made in the next monthly payment period.

     The fee for the period from the day of the year this fee letter is entered
into until the end of that year shall be prorated according to the proportion
which such period bears to the full annual period.

     If the foregoing accurately sets forth our agreement and you intend to be
legally bound thereby, please execute a copy of this letter and return it to us.


                                   Very truly yours,

                                   PFPC TRUST COMPANY

                                   By:  /s/ Edward A. Smith, III
                                     ----------------------------
                                        Edward A. Smith, III
                                        Vice President
Agreed and Accepted:

OLD DOMINION INVESTORS' TRUST

By:  /s/ Cabell B. Birdsong
    -------------------------
     Cabell B. Birdsong
     Secretary and Treasurer