EXHIBIT (9)(b)
FIRST AMERICAN INSURANCE PORTFOLIOS, INC.
COMPENSATION AGREEMENT DATED AS OF OCTOBER 1, 2001
PURSUANT TO CUSTODIAN AGREEMENT
WHEREAS, First American Insurance Portfolios, Inc., a Minnesota
corporation (hereinafter called the "Fund"), and U.S. Bank National Association,
a national banking association organized and existing under the laws of the
United States of America with its principal place of business at St. Xxxx,
Minnesota (hereinunder called the "Custodian"), previously entered into that
Custodian Agreement dated December 8, 1999 (the "Custodian Agreement"), and
entered into a Compensation Agreement pursuant to such Custodian Agreement (the
"Compensation Agreement"); and
WHEREAS, the Fund and the Custodian desire to amend paragraph 1 of the
Compensation Agreement to include two new series to be added to the Fund in
addition to the existing series as previously identified in the Compensation
Agreement.
NOW, THEREFORE, the Fund and the Custodian agrees as follows:
1. Effective October 1, 2001, paragraph 1 of the Compensation Agreement
is amended to read in its entirety as follows:
"The compensation payable to the Custodian pursuant to the
Custodian Agreement with respect to Large Cap Growth
Portfolio, International Portfolio, Technology Portfolio,
Mid Cap Growth Portfolio, Small Cap Growth Portfolio,
Equity Income Portfolio and Corporate Bond Portfolio,
shall be payable monthly at the annual rate, as a
percentage of the respective series' average daily net
assets, of 0.01%.
2. Confirmation of Agreement. The Compensation Agreement, as amended
herein, is hereby ratified and confirmed.
IN WITNESS WHEREOF, the Fund and the Custodian have caused this
instrument to be executed in duplicate as of the date first above written by
their duly authorized officers.
Dated: October 1, 2001 FIRST AMERICAN INSURANCE
PORTFOLIOS, INC.
By ____________________________________
Its ___________________________________
U.S. BANK NATIONAL ASSOCIATION
By ____________________________________
Its ___________________________________