Notes to Financial Statements (Unaudited)
(1) ORGANIZATION ................................ American Municipal Income Portfolio Inc. (the fund) is registered
under the Investment Company Act of 1940 (as amended) as a diversified, closed-end management investment
company. The fund invests in a diverse range of municipal securities rated investment grade or of comparable
quality when purchased. These securities may include municipal derivative securities, such as inverse floating rate
and inverse interest-only municipal securities. Fund shares are listed on the New York Stock Exchange under the
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ................................
INVESTMENTS IN SECURITIES
Portfolio securities for which market quotations are readily available are valued at current market value. If market
quotations or valuations are not available, or if such quotations or valuations are believed to be inaccurate,
unreliable or not reflective of market value, portfolio securities are valued according to procedures adopted by
the fund's board of directors in good faith at "fair value", that is, a price that the fund might reasonably expect to
receive for the security or other asset upon its current sale.
The current market value of certain fixed income securities is provided by an independent pricing service. Fixed
income securities for which prices are not available from an independent pricing service but where an active
market exists are valued using market quotations obtained from one or more dealers that make markets in the
securities or from a widely-used quotation system. Short-term securities with maturites of 60 days or less are
valued at amortized cost, which approximates market value.
Securities transactions are accounted for on the date securities are purchased or sold. Realized gains and losses
are calculated on the identified-cost basis. Interest income, including amortization of bond discount and premium,
is recorded on an accrual basis.