American Municipal Income Portfolio Inc. (the fund) is a diversified, closed-end management investment company. The investment objective is to provide high current income exempt from regular federal income tax, consistent with preservation of capital. It invests primarily in a range of municipal securities that, at the time of purchase, are rated investment-grade or are unrated and deemed to be of comparable quality by FAF Advisors, Inc. (FAF Advisors). The fund may invest up to 20% of its total assets in municipal securities that, at the time of purchase, are rated lower than investment-grade or are unrated and deemed to be of comparable quality by FAF Advisors. The fund's investments may include municipal-derivative securities, such as inverse floating-rate and inverse interest-only municipal securities. The fund's investments also may include repurchase agreements, futures contracts, options on futures contracts, options, and interest-rate swaps, caps, and floors