EXHIBIT (g)(2)
FIRST AMERICAN INSURANCE PORTFOLIOS, INC.
COMPENSATION AGREEMENT DATED AS OF DECEMBER 8, 1999
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 Minneapolis,
Minnesota (hereinafter called the "Custodian"), entered into that Custodian
Agreement dated December 8, 1999 (the "Custodian Agreement"); and
WHEREAS, Article 13 of the Custodian Agreement provides that the
Custodian shall be paid compensation at such rates and at such times as may from
time to time be agreed on in writing by the parties thereto; and
WHEREAS, the Fund and the Custodian wish to make provision for the
compensation to be paid by the Fund to the Custodian with respect to the
respective series of the Fund.
NOW, THEREFORE, the Fund and the Custodian agrees as follows:
1. The compensation payable to the Custodian pursuant to the
Custodian Agreement with respect to Growth Equity Fund, Value
Equity Fund, Technology Fund, and Bond Fund, shall be payable
monthly at the annual rate, as a percentage of the respective
series' average daily net assets, of 0.03%.
2. This Compensation Agreement restates and supersedes all prior
compensation agreements, if any, pursuant to Article 12 of the
Custodian Agreement.
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.
FIRST AMERICAN INSURANCE PORTFOLIOS, INC.
By ______________________________________
Its _________________________________
U.S. BANK NATIONAL ASSOCIATION
By ______________________________________
Its _________________________________
