N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21825

AARP FUNDS

(Exact name of registrant as specified in charter)

650 F. STREET NW

WASHINGTON, DC 20004

(Address of principal executive offices)(Zip code)

(Name and Address of Agent for Service)	Copy to:
RICHARD M. HISEY AARP FINANCIAL INCORPORATED 2 HIGHWOOD DRIVE, SUITE 202 TEWKBURY, MA 01876	MARC R. DUFFY AARP FUNDS 650 F. STREET NW WASHINGTON, DC 20004

Registrant’s telephone number, including area code: (202) 434-3650

Date of fiscal year end: June 30

Date of reporting period: September 30, 2009

Item 1. Schedule of Investments.

AARP Conservative Fund

AARP Moderate Fund

AARP Aggressive Fund

AARP Money Market Fund

AARP Income Fund

U.S. Stock Market Portfolio

International Stock Market Portfolio

U.S. Bond Market Portfolio

AARP Conservative Fund

Portfolio of investments

September 30, 2009 (unaudited)

Mutual funds: 100.2%

	Shares	Value
U.S. Bond Market Portfolio1 – 70.1%	1,495,244	$	15,520,638
U.S. Stock Market Portfolio1 – 22.6%	592,492		4,988,779
International Stock Market Portfolio1 – 7.5%	182,138		1,662,923
Total investments: 100.2% (Identified cost $20,708,605)2			22,172,340
Other assets and liabilities, net: (0.2)%			(44,244	)
Total net assets: 100.0%		$	22,128,096

¹ Affiliated issuer.

² At September 30, 2009, the cost of investments for federal tax purposes was $20,708,605. The net unrealized appreciation of investments for federal tax purposes was $1,463,735. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $1,463,735 and net unrealized depreciation from investments for those securities having an excess of cost over value of $0.

INVESTMENT VALUATION

The Fund is a “fund of funds” which invests substantially all of its assets in the underlying series (the “Underlying Portfolios”) of AARP Portfolios, a separately registered investment company.

For information on the Fund’s or Portfolios’ policies regarding valuation of investments and other significant accounting policies, please refer to the most recent semi-annual or annual financial statements.

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. In accordance with FAS 157, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy for measuring fair value and enhancing disclosure. The AARP Conservative Fund is a Registered Investment Company (“RIC”) as well as a Fund of Funds, which invests all of its investable assets in other RIC’s, (AARP U.S. Bond Market, U.S. Stock Market or International Stock Market Portfolios). In regards to FAS 157 treatment, investments in other RIC’s are widely considered to be treated as level 1 securities due to the availability of a daily valued and quoted price for those underlying Portfolios. However, in the case of the underlying AARP U.S. Bond Market, U.S. Stock Market and International Stock Market Portfolios, certain of those securities fall into Level 2 or Level 3 FAS 157 pricing hierarchy due to specific valuation circumstances, particularly matrix pricing of bond holdings and certain foreign equity securities that could be fair valued at any particular point in time. In the Portfolio’s of Investments for the AARP U.S. Bond Market, U.S. Stock Market and International Stock Market Portfolios, the Level 2 and 3 securities held as of September 30, 2009 will be separately identified. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of September 30, 2009 in valuing the Fund’s investments carried at value:

Valuation Inputs	Investments in Securities
Level 1 - Quoted Prices	$	22,172,340
Level 2 - Other Significant Observable Inputs		—
Level 3 - Significant Unobservable Inputs		—
Total	$	22,172,340

Affiliated Companies

The fund invests substantially all of its assets in the Portfolios, which are considered affiliated companies. As defined by the Investment Act of 1940, an affiliated company is one in which the fund owns 5% or more of the outstanding voting securities, or of a company which is under common ownership or control.

Affiliate	Purchase Cost		Sales Cost		Investment Income		Value 6/30/09		Value 9/30/09
U.S. Bond Market Portfolio	$	2,163,578	$	231,340	$	150,448	$	13,225,726	$	15,520,638
U.S. Stock Market Portfolio		491,113		440,592		17,443		4,244,540		4,988,779
International Stock Market Portfolio		215,943		241,488		8,214		1,411,278		1,662,923
TOTAL					$	176,105	$	18,881,544	$	22,172,340

Amounts reflected on the accompanying financial statements include the following amounts related to affiliated companies:

Investment in securities, at cost	$	20,708,605
Income distributions from underlying AARP portfolios	$	176,105
Realized gain (loss) on sales of underlying AARP portfolios	$	(158,341	)
Capital gain distributions from underlying AARP portfolios	$	—

2

AARP Moderate Fund

Portfolio of investments

September 30, 2009 (unaudited)

Mutual funds: 100.1%

	Shares	Value
U.S. Bond Market Portfolio1 – 45.1%	2,034,378	$	21,116,841
U.S. Stock Market Portfolio1 – 40.0%	2,229,279		18,770,532
International Stock Market Portfolio1 – 15.0%	770,969		7,038,951
Total investments: 100.1% (Identified cost $45,859,003)2			46,926,324
Other assets and liabilities, net: (0.1)%			(54,432	)
Total net assets: 100.0%		$	46,871,892

¹ Affiliated issuer.

² At September 30, 2009, the cost of investments for federal tax purposes was $45,859,003. The net unrealized appreciation of investments for federal tax purposes was $1,067,321. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $1,966,497 and net unrealized depreciation from investments for those securities having an excess of cost over value of $899,176.

INVESTMENT VALUATION

The Fund is a “fund of funds” which invests substantially all of its assets in the underlying series (the “Underlying Portfolios”) of AARP Portfolios, a separately registered investment company.

For information on the Fund’s or Portfolios’ policies regarding valuation of investments and other significant accounting policies, please refer to the most recent semi-annual or annual financial statements.

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. In accordance with FAS 157, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy for measuring fair value and enhancing disclosure. The AARP Conservative Fund is a Registered Investment Company (“RIC”) as well as a Fund of Funds, which invests all of its investable assets in other RIC’s, (AARP U.S. Bond Market, U.S. Stock Market or International Stock Market Portfolios). In regards to FAS 157 treatment, investments in other RIC’s are widely considered to be treated as level 1 securities due to the availability of a daily valued and quoted price for those underlying Portfolios. However, in the case of the underlying AARP U.S. Bond Market, U.S. Stock Market and International Stock Market Portfolios, certain of those securities fall into Level 2 or Level 3 FAS 157 pricing hierarchy due to specific valuation circumstances, particularly matrix pricing of bond holdings and certain foreign equity securities that could be fair valued at any particular point in time. In the Portfolio’s of Investments for the AARP U.S. Bond Market, U.S. Stock Market and International Stock Market Portfolios, the Level 2 and 3 securities held as of September 30, 2009 will be separately identified. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of September 30, 2009 in valuing the Fund’s investments carried at value:

Valuation Inputs	Investments in Securities
Level 1 - Quoted Prices	$	46,926,324
Level 2 - Other Significant Observable Inputs		—
Level 3 - Significant Unobservable Inputs		—
Total	$	46,926,324

Affiliated Companies

The fund invests substantially all of its assets in the Portfolios, which are considered affiliated companies. As defined by the Investment Act of 1940, an affiliated company is one in which the fund owns 5% or more of the outstanding voting securities, or of a company which is under common ownership or control.

Affiliate	Purchase Cost		Sales Cost		Investment Income		Value 6/30/09		Value 9/30/09
U.S. Bond Market Portfolio	$	3,328,225	$	280,825	$	200,307	$	17,582,800	$	21,116,841
U.S. Stock Market Portfolio		1,579,520		933,858		65,023		15,603,327		18,770,532
International Stock Market Portfolio		638,507		580,893		34,285		5,844,330		7,038,951
TOTAL					$	299,615	$	39,030,457	$	46,926,324

Amounts reflected on the accompanying financial statements include the following amounts related to affiliated companies:

Investment in securities, at cost	$	45,859,003
Income distributions from underlying AARP portfolios	$	299,615
Realized gain (loss) on sales of underlying AARP portfolios	$	(587,073	)
Capital gain distributions from underlying AARP portfolios	$	—

2

AARP Aggressive Fund

Portfolio of investments

September 30, 2009 (unaudited)

Mutual funds: 100.2%

	Shares	Value
U.S. Stock Market Portfolio1 – 60.1%	1,967,228	$	16,564,056
U.S. Bond Market Portfolio1 – 20.1%	531,922		5,521,354
International Stock Market Portfolio1 – 20.0%	604,748		5,521,352
Total investments: 100.2% (Identified cost $28,494,010)			27,606,762
Other assets and liabilities, net: (0.2)%			(51,259	)
Total net assets: 100.0%		$	27,555,503

¹ Affiliated issuer.

² At September 30, 2009, the cost of investments for federal tax purposes was $28,494,010. The net unrealized depreciation of investments for federal tax purposes was $887,248. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $715,204 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,602,452.

INVESTMENT VALUATION

The Fund is a “fund of funds” which invests substantially all of its assets in the underlying series (the “Underlying Portfolios”) of AARP Portfolios, a separately registered investment company.

For information on the Fund’s or Portfolios’ policies regarding valuation of investments and other significant accounting policies, please refer to the most recent semi-annual or annual financial statements.

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. In accordance with FAS 157, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy for measuring fair value and enhancing disclosure. The AARP Conservative Fund is a Registered Investment Company (“RIC”) as well as a Fund of Funds, which invests all of its investable assets in other RIC’s, (AARP U.S. Bond Market, U.S. Stock Market or International Stock Market Portfolios). In regards to FAS 157 treatment, investments in other RIC’s are widely considered to be treated as level 1 securities due to the availability of a daily valued and quoted price for those underlying Portfolios. However, in the case of the underlying AARP U.S. Bond Market, U.S. Stock Market and International Stock Market Portfolios, certain of those securities fall into Level 2 or Level 3 FAS 157 pricing hierarchy due to specific valuation circumstances, particularly matrix pricing of bond holdings and certain foreign equity securities that could be fair valued at any particular point in time. In the Portfolio’s of Investments for the AARP U.S. Bond Market, U.S. Stock Market and International Stock Market Portfolios, the Level 2 and 3 securities held as of September 30, 2009 will be separately identified. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of September 30, 2009 in valuing the Fund’s investments carried at value:

Valuation Inputs	Investments in Securities
Level 1 - Quoted Prices	$	27,606,762
Level 2 - Other Significant Observable Inputs		—
Level 3 - Significant Unobservable Inputs		—
Total	$	27,606,762

Affiliated Companies

The fund invests substantially all of its assets in the Portfolios, which are considered affiliated companies. As defined by the Investment Act of 1940, an affiliated company is one in which the fund owns 5% or more of the outstanding voting securities, or of a company which is under common ownership or control.

Affiliate	Purchase Cost		Sales Cost		Investment Income		Value 6/30/09		Value 9/30/09
U.S. Bond Market Portfolio	$	901,918	$	190,838	$	52,507	$	4,683,019	$	5,521,354
U.S. Stock Market Portfolio		952,366		628,827		56,954		13,990,809		16,564,056
International Stock Market Portfolio		427,253		465,431		26,726		4,657,894		5,521,352
TOTAL					$	136,187	$	23,331,722	$	27,606,762

Amounts reflected on the accompanying financial statements include the following amounts related to affiliated companies:

Investment in securities, at cost	$	28,494,010
Income distributions from underlying AARP portfolios	$	136,187
Realized gain (loss) on sales of underlying AARP portfolios	$	(450,805	)
Capital gain distributions from underlying AARP portfolios	$	—

See Notes to Financial Statements.

2

AARP Money Market Fund

Portfolio of investments

September 30, 2009 (unaudited)

Mutual funds: 100.3%

	Value
Investment in State Street Money Market Portfolio1 – 100.3%	$	48,990,249
Total investments: 100.3% (Identified cost $48,990,249)		48,990,249
Other assets and liabilities, net: (0.3)%		(159,944	)
Total net assets: 100.0%	$	48,830,305

¹ The investment portfolio of the State Street Money Market Portfolio is included below.

AARP Money Market Fund invests only in State Street Money Market Portfolio. At September 30, 2009, AARP Money Market Fund owned 0.35% of the State Street Money Market Portfolio.

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. In accordance with FAS 157, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy for measuring fair value and enhancing disclosure. The AARP Money Market Fund is a Registered Investment Company (“RIC”) as well as a Feeder into the State Street Money Market Master Portfolio. The AARP Money Market Fund invests all of its’ investable assets by purchasing shares directly into the State Street Money Market Portfolio, which is also a RIC. In regards to FAS 157 treatment, investments in other RIC’s are widely considered to be treated as Level 1 securities due to the availability of a daily valued and quoted price for that underlying Portfolio. However, in the case of the State Street Money Market Portfolio, certain of those securities fall into Level 2 or Level 3 FAS 157 pricing hierarchy due to specific valuation circumstances, particularly amortized cost valuation method used for evaluating short term money market instruments. The Level 2 and Level 3 securities held at a reporting period end will be separately identified in the Portfolio of Investments for the State Street Money Market Master Portfolio. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of September 30, 2009 in valuing the Fund’s investments carried at value:

Valuation Inputs	Investments in Securities
Level 1 - Quoted Prices	$	48,990,249
Level 2 - Other Significant Observable Inputs		—
Level 3 - Significant Unobservable Inputs		—
Total	$	48,990,249

AARP Income Fund

Portfolio of investments

September 30, 2009 (unaudited)

Mutual funds: 100.5%

	Shares	Value
U.S. Bond Market Portfolio1 – 95.2%	1,400,082	$	14,532,846
State Street Money Market Portfolio2 – 2.8%	428,756		428,756
SPDR Barclays Capital High Yield Bond ETF2 – 2.5%	10,076		387,825
Total investments: 100.5% (Identified cost $14,813,539)			15,349,427
Other assets and liabilities, net: (0.5)%			(74,317	)
Total net assets: 100.0%		$	15,275,110

¹ Affiliated issuer.

² Investment in non-controlled affiliate.

² At September 30, 2009, the cost of investments for federal tax purposes was $14,813,539. The net unrealized appreciation of investments for federal tax purposes was $535,888. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $535,888 and net unrealized depreciation from investments for those securities having an excess of cost over value of $0.

INVESTMENT VALUATION

The Fund is a “fund of funds” which invests substantially all of its assets in the underlying series (the “Underlying Portfolios”) of AARP Portfolios, a separately registered investment company.

For information on the Fund’s or Portfolios’ policies regarding valuation of investments and other significant accounting policies, please refer to the most recent semi-annual or annual financial statements.

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. In accordance with FAS 157, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy for measuring fair value and enhancing disclosure. The AARP Conservative Fund is a Registered Investment Company (“RIC”) as well as a Fund of Funds, which invests all of its investable assets in other RIC’s, (AARP U.S. Bond Market, U.S. Stock Market or International Stock Market Portfolios). In regards to FAS 157 treatment, investments in other RIC’s are widely considered to be treated as level 1 securities due to the availability of a daily valued and quoted price for those underlying Portfolios. However, in the case of the underlying AARP U.S. Bond Market, U.S. Stock Market and International Stock Market Portfolios, certain of those securities fall into Level 2 or Level 3 FAS 157 pricing hierarchy due to specific valuation circumstances, particularly matrix pricing of bond holdings and certain foreign equity securities that could be fair valued at any particular point in time. In the Portfolio’s of Investments for the AARP U.S. Bond Market, U.S. Stock Market and International Stock Market Portfolios, the Level 2 and 3 securities held as of September 30, 2009 will be separately identified. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of September 30, 2009 in valuing the Fund’s investments carried at value:

Valuation Inputs	Investments in Securities
Level 1 - Quoted Prices	$	15,349,427
Level 2 - Other Significant Observable Inputs		—
Level 3 - Significant Unobservable Inputs		—
Total	$	15,349,427

Affiliated Companies

The fund invests substantially all of its assets in the Portfolios, which are considered affiliated companies. As defined by the Investment Act of 1940, an affiliated company is one in which the fund owns 5% or more of the outstanding voting securities, or of a company which is under common ownership or control.

Affiliate	Purchase Cost		Sales Cost		Investment Income		Value 6/30/09		Value 9/30/09
U.S. Bond Market Portfolio	$	1,993,721	$	641,084	$	138,982	$	12,841,346	$	14,532,846

Amounts reflected on the accompanying financial statements include the following amounts related to affiliated companies:

Investment in securities, at cost	$	14,039,337
Income distributions from underlying AARP portfolios	$	138,982
Realized gain (loss) on sales of underlying AARP portfolios	$	2,094
Capital gain distributions from underlying AARP portfolios	$	—

See Notes to Financial Statements.

2

AARP Portfolios

U.S. Stock Market Portfolio

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - 99.2%
Consumer Discretionary - 10.8%
199 Cents Only Stores	200	$	2,690
Aaron Rents, Inc.	221		5,834
Abercrombie & Fitch Co.	396		13,020
1ACCO Brands Corp.	160		1,155
Advance Auto Parts, Inc.	452		17,755
1Aeropostale, Inc.	355		15,432
1AFC Enterprises, Inc.	100		842
1Amazon.com, Inc.	1,594		148,816
Ambassadors Group, Inc.	100		1,565
American Axle & Manufacturing Holdings, Inc.	200		1,416
American Eagle Outfitters, Inc.	884		14,904
American Greetings Corp.	200		4,460
Ameristar Casinos, Inc.	158		2,493
Andersons, Inc.	100		3,520
1AnnTaylor Stores Corp.	270		4,290
ArvinMeritor, Inc.	200		1,564
1Asbury Automotive Group, Inc.	100		1,268
1Ascent Media Corp.	50		1,280
1ATC Technology Corp.	100		1,976
Autoliv, Inc.	400		13,440
1AutoNation, Inc.	463		8,371
1AutoZone, Inc.	152		22,225
1Avis Budget Group, Inc.	488		6,520
1Bare Escentuals, Inc.	200		2,378
Barnes & Noble, Inc.	226		5,022
1Beacon Roofing Supply, Inc.	175		2,797
1Beazer Homes USA, Inc.	88		492
Bebe Stores, Inc.	100		736
1Bed Bath & Beyond, Inc.	1,179		44,260
Belo Corp.	250		1,353
Best Buy Co., Inc.	1,686		63,259
Big 5 Sporting Goods Corp.	100		1,510
1Big Lots, Inc.	370		9,257
1BJ’s Restaurants, Inc.	100		1,499
1BJ’s Wholesale Club, Inc.	253		9,164
Black & Decker Corp.	327		15,137
1Blockbuster, Inc.	300		321
1Blue Nile, Inc.	100		6,212
Blyth, Inc.	25		968
Bob Evans Farms, Inc.	190		5,521
1Borders Group, Inc.	100		311
BorgWarner, Inc.	560		16,946
1Boyd Gaming Corp.	158		1,727
1Brightpoint, Inc.	305		2,669
Brinker International, Inc.	485		7,629
1Brocade Communications Systems, Inc.	1,895		14,895
Brown Shoe Co., Inc.	130		1,043
Brunswick Corp.	299		3,582
Buckle, Inc.	150		5,121

1Buffalo Wild Wings, Inc.	100	4,161
Burger King Holdings, Inc.	400	7,036
1Cabela’s, Inc.	194	2,588
Cablevision Systems Corp.	1,147	27,241
1California Pizza Kitchen, Inc.	150	2,343
Callaway Golf Co.	220	1,674
1Carmax, Inc.	1,058	22,112
Carnival Corp.	2,000	66,560
1Carter’s, Inc.	260	6,942
Cato Corp.	100	2,029
CBS Corp.	2,857	34,427
1CEC Entertainment, Inc.	150	3,879
1Charming Shoppes, Inc.	550	2,701
1Cheesecake Factory, Inc.	270	5,000
1Chico’s FAS, Inc.	899	11,687
1Childrens Place Retail Stores, Inc.	130	3,895
1Chipotle Mexican Grill, Inc., Class A	77	7,473
1Chipotle Mexican Grill, Inc., Class B	97	8,072
Choice Hotels International, Inc.	200	6,212
Christopher & Banks Corp.	100	677
Churchill Downs, Inc.	100	3,850
Cinemark Holdings, Inc.	200	2,072
1Citi Trends, Inc.	100	2,847
CKE Restaurants, Inc.	200	2,098
1CKX, Inc.	200	1,342
1Clear Channel Outdoor Holdings, Inc.	100	700
Coach, Inc.	1,500	49,380
1Coldwater Creek, Inc.	175	1,435
1Collective Brands, Inc.	380	6,585
Columbia Sportswear Co.	55	2,264
Comcast Corp., Class A	9,200	155,388
Comcast Corp., Special Class A	3,700	59,496
Cooper Tire & Rubber Co.	210	3,692
1Copart, Inc.	300	9,963
Costco Wholesale Corp.	2,000	112,920
Cracker Barrel Old Country Store, Inc.	107	3,681
1CROCS, Inc.	302	2,008
1CTC Media, Inc.	200	3,144
D.R. Horton, Inc.	1,377	15,712
1Dana Holding Corp.	700	4,767
Darden Restaurants, Inc.	600	20,478
1Deckers Outdoor Corp.	73	6,194
1DG FastChannel, Inc.	100	2,094
1Dick’s Sporting Goods, Inc.	486	10,886
Dillard’s, Inc.	243	3,426
DineEquity, Inc.	30	743
1DIRECTV Group, Inc.	2,373	65,447
1Discovery Communications, Inc., Ser. A	600	17,334
1Discovery Communications, Inc., Ser. C	700	18,221
1DISH Network Corp.	1,009	19,433
1Dolan Media Co.	100	1,199
1Dolby Laboratories, Inc.	300	11,457
1Dollar Tree, Inc.	431	20,981
1Domino’s Pizza, Inc.	152	1,344
1DreamWorks Animation SKG, Inc.	360	12,805
1Dress Barn, Inc.	200	3,586
1DSW, Inc.	100	1,597

1

AARP Portfolios

U.S. Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Consumer Discretionary - (continued)
1DTS, Inc.	100	$	2,738
Eastman Kodak Co.	1,063		5,081
Ethan Allen Interiors, Inc.	150		2,475
1EW Scripps Co.	120		900
1Exide Technologies	200		1,594
1Expedia, Inc.	919		22,010
Family Dollar Stores, Inc.	584		15,418
Federal Signal Corp.	100		719
Finish Line, Inc.	93		945
Foot Locker, Inc.	604		7,218
1Ford Motor Co.	12,824		92,461
Fortune Brands, Inc.	700		30,086
1Fossil, Inc.	180		5,121
Fred’s, Inc.	100		1,273
1Fuel Systems Solutions, Inc.	100		3,599
1Furniture Brands International, Inc.	80		442
1GameStop Corp., Class A	732		19,376
Gannett Co., Inc.	1,150		14,386
Gap, Inc.	2,230		47,722
Garmin Ltd.	537		20,266
1Gaylord Entertainment Co.	194		3,899
1Genesco, Inc.	100		2,407
Gentex Corp.	573		8,108
1GeoEye, Inc.	100		2,680
1Goodyear Tire & Rubber Co.	1,100		18,733
Group 1 Automotive, Inc.	100		2,685
1GSI Commerce, Inc.	200		3,862
Guess?, Inc.	300		11,112
1Gymboree Corp.	124		5,999
1Hanesbrands, Inc.	459		9,823
Harley-Davidson, Inc.	1,100		25,300
Harman International Industries, Inc.	317		10,740
Harte-Hanks, Inc.	180		2,489
Hasbro, Inc.	613		17,011
1Helen of Troy Ltd.	100		1,943
1Hertz Global Holdings, Inc.	900		9,747
1hhgregg, Inc.	100		1,694
1Hibbett Sports, Inc.	160		2,917
HNI Corp.	208		4,909
Home Depot, Inc.	7,900		210,456
1Hot Topic, Inc.	200		1,498
1Hovnanian Enterprises, Inc.	96		369
1HSN, Inc.	136		2,214
1Insight Enterprises, Inc.	180		2,198
Interactive Data Corp.	170		4,456
Interface, Inc.	100		830
1Interline Brands, Inc.	100		1,685
International Game Technology	1,400		30,072
International Speedway Corp.	150		4,136
1Interpublic Group of Cos., Inc.	2,300		17,296
1Interval Leisure Group, Inc.	136		1,697
1inVentiv Health, Inc.	100		1,673

1J. Crew Group, Inc.	200	7,164
1Jack in the Box, Inc.	262	5,368
1Jakks Pacific, Inc.	100	1,432
JCPenney Co., Inc.	967	32,636
1Jo-Ann Stores, Inc.	100	2,683
John Wiley & Sons, Inc.	170	5,913
Johnson Controls, Inc.	2,800	71,568
Jones Apparel Group, Inc.	322	5,773
1Jos A. Bank Clothiers, Inc.	100	4,477
Journal Communications, Inc.	200	736
K-Swiss, Inc.	50	440
KB Home	374	6,212
Kimball International, Inc.	100	763
Knoll, Inc.	106	1,106
1Knology, Inc.	100	975
1Kohl’s Corp.	1,402	79,984
1Krispy Kreme Doughnuts, Inc.	200	714
La-Z-Boy, Inc.	200	1,730
1Lamar Advertising Co.	284	7,793
Lancaster Colony Corp.	110	5,640
1Landry’s Restaurants, Inc.	100	1,050
1Las Vegas Sands Corp.	1,488	25,058
Leggett & Platt, Inc.	800	15,520
Lennar Corp.	593	8,450
1Liberty Global, Inc.	585	13,139
1Liberty Media Corp. - Entertainment	2,300	71,553
1Liberty Media Holding Corp. - Capital	440	9,205
1Liberty Media Holding Corp. - Interactive	2,704	29,663
1Life Time Fitness, Inc.	200	5,610
Limited Brands, Inc.	1,387	23,565
1Lions Gate Entertainment Corp.	400	2,464
1Live Nation, Inc.	200	1,638
Liz Claiborne, Inc.	302	1,489
1LKQ Corp.	592	10,976
Lowe’s Cos., Inc.	6,800	142,392
1Lululemon Athletica, Inc.	200	4,550
1M&F Worldwide Corp.	50	1,012
Macy’s, Inc.	1,956	35,775
1Maidenform Brands, Inc.	100	1,606
Marcus Corp.	100	1,279
Marriott International, Inc.	1,424	39,288
1Marvel Entertainment, Inc.	300	14,886
Mattel, Inc.	1,726	31,862
Matthews International Corp.	200	7,076
McDonald’s Corp.	5,200	296,764
McGraw-Hill Cos., Inc.	1,432	36,000
MDC Holdings, Inc.	200	6,948
1Mediacom Communications Corp.	200	1,152
Men’s Wearhouse, Inc.	260	6,422
Meredith Corp.	189	5,659
1Meritage Homes Corp.	100	2,030
1MGM Mirage	1,282	15,435
Modine Manufacturing Co.	60	556
1Mohawk Industries, Inc.	288	13,735
Monro Muffler, Inc.	100	3,179
1Morgans Hotel Group Co.	100	542

2

AARP Portfolios

U.S. Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Consumer Discretionary - (continued)
Movado Group, Inc.	100	$	1,453
1Move, Inc.	300		810
National CineMedia, Inc.	200		3,394
National Presto Industries, Inc.	33		2,855
1NetFlix, Inc.	260		12,004
New York Times Co.	501		4,068
Newell Rubbermaid, Inc.	1,400		21,966
News Corp., Class A	8,500		101,915
News Corp., Class B	2,103		29,421
Nike, Inc.	1,760		113,872
Nordstrom, Inc.	800		24,432
NutriSystem, Inc.	111		1,694
1NVR, Inc.	23		14,660
1O’Charleys, Inc.	100		937
1O’Reilly Automotive, Inc.	655		23,672
1Office Depot, Inc.	1,291		8,546
1OfficeMax, Inc.	290		3,648
Omnicom Group, Inc.	1,482		54,745
Orient-Express Hotels Ltd.	400		4,604
1Overstock.com, Inc.	100		1,467
Oxford Industries, Inc.	42		827
1Pacific Sunwear of California, Inc.	190		979
1Panera Bread Co.	141		7,755
1Papa John’s International, Inc.	160		3,931
1Penn National Gaming, Inc.	290		8,021
Penske Automotive Group, Inc.	154		2,954
PEP Boys-Manny Moe & Jack	300		2,931
PetSmart, Inc.	582		12,658
1PF Chang’s China Bistro, Inc.	140		4,756
Phillips-Van Heusen, Corp.	208		8,900
1Pier 1 Imports, Inc.	300		1,161
1Pinnacle Entertainment, Inc.	170		1,732
Polaris Industries, Inc.	160		6,525
Polo Ralph Lauren Corp.	300		22,986
Pool Corp.	180		4,000
1Priceline.com, Inc.	171		28,355
Pulte Homes, Inc.	1,567		17,221
1Quiksilver, Inc.	350		963
RadioShack Corp.	640		10,605
1RC2 Corp.	100		1,425
1Red Robin Gourmet Burgers, Inc.	41		837
Regal Entertainment Group	480		5,914
Regis Corp.	260		4,030
1Rent-A-Center, Inc.	300		5,664
1Retail Ventures, Inc.	100		527
Ross Stores, Inc.	593		28,328
1Royal Caribbean Cruises Ltd.	685		16,495
1Ruby Tuesday, Inc.	200		1,684
1Rush Enterprises, Inc.	200		2,584
Ryland Group, Inc.	206		4,340
1Saks, Inc.	553		3,771
Sauer-Danfoss, Inc.	100		767

Scholastic Corp.	133	3,237
1School Specialty, Inc.	40	949
1Scientific Games Corp.	280	4,432
Scripps Networks Interactive, Inc.	460	16,997
1Sealy Corp.	100	320
1Sears Holdings Corp.	277	18,091
Sherwin-Williams Co.	472	28,396
1Shuffle Master, Inc.	260	2,449
Sinclair Broadcast Group, Inc.	200	716
1Sirius XM Radio, Inc.	19,100	12,129
1Skechers U.S.A., Inc.	100	1,714
1Smith & Wesson Holding Corp.	100	523
Snap-On, Inc.	229	7,960
Sonic Automotive, Inc.	100	1,050
1Sonic Corp.	236	2,610
Spartan Motors, Inc.	100	514
Speedway Motorsports, Inc.	100	1,439
Stage Stores, Inc.	90	1,166
1Standard-Pacific Corp.	308	1,137
Stanley Works	390	16,649
Staples, Inc.	3,282	76,208
1Starbucks Corp.	3,390	70,003
Starwood Hotels & Resorts Worldwide, Inc.	900	29,727
1Steak N Shake Co.	100	1,177
1Stein Mart, Inc.	100	1,271
1Steven Madden Ltd.	54	1,988
Sturm Ruger & Co., Inc.	100	1,294
Superior Industries International, Inc.	100	1,420
Talbots, Inc.	100	923
Target Corp.	3,300	154,044
1Tempur-Pedic International, Inc.	400	7,576
1Tenneco, Inc.	180	2,347
1Texas Roadhouse, Inc.	152	1,614
Thor Industries, Inc.	150	4,643
1Ticketmaster	136	1,590
Tiffany & Co.	600	23,118
Tim Hortons, Inc.	800	22,640
1Timberland Co.	170	2,366
Time Warner, Inc.	5,601	161,197
1Titan Machinery, Inc.	100	1,252
1Tivo, Inc.	500	5,180
TJX Cos., Inc.	1,911	70,994
1Toll Brothers, Inc.	619	12,095
Toro Co.	200	7,954
1Tractor Supply Co.	179	8,667
1True Religion Apparel, Inc.	100	2,593
1TRW Automotive Holdings Corp.	260	4,355
Tupperware Brands Corp.	280	11,178
1Tween Brands, Inc.	150	1,259
1Under Armour, Inc.	122	3,395
UniFirst Corp.	100	4,445
1United Rentals, Inc.	234	2,410
1Universal Electronics, Inc.	100	2,042
1Urban Outfitters, Inc.	626	18,886
V.F. Corp.	400	28,972
1Vail Resorts, Inc.	78	2,616

3

AARP Portfolios

U.S. Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Consumer Discretionary - (continued)
1Viacom, Inc.	2,500	$	70,100
Virgin Media, Inc.	1,369		19,056
1Volcom, Inc.	100		1,648
WABCO Holdings, Inc.	300		6,300
Wabtec Corp.	270		10,133
Wal-Mart Stores, Inc.	10,970		538,517
Walt Disney Co.	8,200		225,172
1Warnaco Group, Inc.	180		7,895
1Warner Music Group Corp.	80		442
Washington Post Co.	26		12,170
Wendy’s	1,668		7,890
1WESCO International, Inc.	200		5,760
1Wet Seal, Inc.	600		2,268
Whirlpool Corp.	408		28,544
Williams-Sonoma, Inc.	488		9,872
1Winnebago Industries, Inc.	40		588
1WMS Industries, Inc.	250		11,140
Wolverine World Wide, Inc.	200		4,968
World Wrestling Entertainment, Inc.	100		1,401
Wyndham Worldwide Corp.	800		13,056
1Wynn Resorts Ltd.	331		23,465
Yum! Brands, Inc.	2,200		74,272
1Zale Corp.	170		1,216
1Zumiez, Inc.	100		1,641
Total Consumer Discretionary			5,862,246
Consumer Staples - 8.6%
Alberto-Culver Co.	413		11,432
1Alliance One International, Inc.	300		1,344
Altria Group, Inc.	9,666		172,151
1American Dairy, Inc.	100		2,833
1American Italian Pasta Co.	100		2,718
Archer-Daniels-Midland Co.	2,700		78,894
Avon Products, Inc.	2,000		67,920
B&G Foods, Inc.	200		1,638
1Boston Beer Co., Inc.	100		3,708
Brown-Forman Corp.	400		19,288
Bunge Ltd.	638		39,945
Cal-Maine Foods, Inc.	100		2,677
Campbell Soup Co.	1,047		34,153
Casey’s General Stores, Inc.	280		8,786
1Central European Distribution Corp.	200		6,552
1Central Garden and Pet Co.	40		470
1Central Garden and Pet Co., Class A (Non-voting)	180		1,967
1Chattem, Inc.	94		6,243
1Chiquita Brands International, Inc.	178		2,876
Church & Dwight Co., Inc.	380		21,561
Clorox Co.	650		38,233
Coca-Cola Co.	9,700		520,890
Coca-Cola Enterprises, Inc.	1,400		29,974
Colgate-Palmolive Co.	2,318		176,817

ConAgra Foods, Inc.	2,071	44,899
1Constellation Brands, Inc.	910	13,787
Corn Products International, Inc.	351	10,011
CVS Corp.	6,789	242,639
1Dean Foods Co.	800	14,232
Del Monte Foods Co.	960	11,117
Diamond Foods, Inc.	100	3,172
1Dr Pepper Snapple Group, Inc.	1,200	34,500
1Elizabeth Arden, Inc.	100	1,177
Estee Lauder Cos., Inc.	500	18,540
Flowers Foods, Inc.	400	10,516
General Mills, Inc.	1,529	98,437
1Great Atlantic & Pacific Tea Co.	112	998
1Green Mountain Coffee Roasters, Inc.	150	11,076
H.J. Heinz Co.	1,449	57,598
1Hain Celestial Group, Inc.	180	3,451
1Hansen Natural Corp.	352	12,933
Herbalife Ltd.	250	8,185
Hershey Co.	697	27,085
Hormel Foods Corp.	389	13,817
Ingles Markets, Inc.	100	1,583
J&J Snack Foods Corp.	100	4,319
J.M. Smucker Co.	537	28,466
Kellogg Co.	1,299	63,950
Kimberly-Clark Corp.	1,935	114,126
Kraft Foods, Inc.	6,804	178,741
Kroger Co.	2,843	58,680
Lance, Inc.	100	2,582
Lorillard, Inc.	781	58,028
McCormick & Co., Inc.	533	18,090
Molson Coors Brewing Co.	676	32,908
Nash Finch Co.	100	2,734
1NBTY, Inc.	290	11,478
Nu Skin Enterprises, Inc.	300	5,559
1Pantry, Inc.	130	2,038
1Peet’s Coffee & Tea, Inc.	100	2,823
Pepsi Bottling Group, Inc.	660	24,050
PepsiAmericas, Inc.	300	8,568
PepsiCo, Inc.	7,300	428,218
PetMed Express, Inc.	100	1,885
Philip Morris International, Inc.	9,175	447,190
1Prestige Brands Holdings, Inc.	100	704
Procter & Gamble Co.	13,600	787,712
1Ralcorp Holdings, Inc.	263	15,378
1Rite Aid Corp.	2,350	3,854
Ruddick Corp.	200	5,324
Safeway, Inc.	2,005	39,539
1Sally Beauty Holdings, Inc.	490	3,484
Sanderson Farms, Inc.	100	3,764
Sara Lee Corp.	3,127	34,835
Schweitzer-Mauduit International, Inc.	100	5,436
Seaboard Corp.	1	1,300
Sensient Technologies Corp.	261	7,248
1Smart Balance, Inc.	400	2,456
1Smithfield Foods, Inc.	659	9,094
Spartan Stores, Inc.	100	1,413
1Steiner Leisure Ltd.	100	3,576

4

AARP Portfolios

U.S. Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Consumer Staples - (continued)
SUPERVALU, Inc.	964	$	14,518
SYSCO Corp.	2,700		67,095
1Tejon Ranch Co.	100		2,568
Terra Industries, Inc.	461		15,983
Tootsie Roll Industries, Inc.	109		2,592
1TreeHouse Foods, Inc.	200		7,134
Tyson Foods, Inc.	1,430		18,061
1Ulta Salon Cosmetics & Fragrance, Inc.	100		1,651
1United Natural Foods, Inc.	160		3,827
Universal Corp.	109		4,558
Vector Group Ltd.	221		3,435
Walgreen Co.	4,600		172,362
WD-40 Co.	100		2,840
Weis Markets, Inc.	100		3,195
1Whole Foods Market, Inc.	689		21,008
1Winn-Dixie Stores, Inc.	300		3,936
Total Consumer Staples			4,657,136
Energy - 10.4%
1Allis-Chalmers Energy, Inc.	200		872
Anadarko Petroleum Corp.	2,300		144,279
Apache Corp.	1,539		141,326
1Arena Resources, Inc.	200		7,100
Atlas America, Inc.	200		5,414
1ATP Oil & Gas Corp.	148		2,648
1Atwood Oceanics, Inc.	300		10,581
Baker Hughes, Inc.	1,449		61,814
1Basic Energy Services, Inc.	100		849
Berry Petroleum Co.	160		4,285
1Bill Barrett Corp.	240		7,870
BJ Services Co.	1,315		25,550
1BPZ Resources, Inc.	200		1,504
1Brigham Exploration Co.	200		1,816
1Bronco Drilling Co., Inc.	100		655
Cabot Oil & Gas Corp.	459		16,409
1Cameron International Corp.	1,000		37,820
CARBO Ceramics, Inc.	80		4,124
1Carrizo Oil & Gas, Inc.	100		2,449
Chesapeake Energy Corp.	2,721		77,276
Chevron Corp.	9,372		660,070
Cimarex Energy Co.	406		17,588
1Clayton Williams Energy, Inc.	35		1,054
1Clean Energy Fuels Corp.	100		1,441
1CNX Gas Corp.	100		3,070
1Complete Production Services, Inc.	200		2,260
1Comstock Resources, Inc.	260		10,421
1Concho Resources, Inc.	300		10,896
ConocoPhillips	6,561		296,295
1Contango Oil & Gas Co.	66		3,370
1Continental Resources, Inc.	200		7,834
Core Laboratories NV	110		11,340
Crosstex Energy, Inc.	119		628

1CVR Energy, Inc.	100	1,244
1Dawson Geophysical Co.	34	931
1Delta Petroleum Corp.	1,100	1,925
1Denbury Resources, Inc.	1,136	17,188
Devon Energy Corp.	1,943	130,822
Diamond Offshore Drilling, Inc.	300	28,656
1Dresser-Rand Group, Inc.	398	12,366
1Dril-Quip, Inc.	200	9,928
El Paso Corp.	3,145	32,456
1Encore Acquisition Co.	300	11,220
ENSCO International, Inc.	623	26,502
EOG Resources, Inc.	1,200	100,212
1EXCO Resources, Inc.	829	15,494
1Exterran Holdings, Inc.	231	5,484
Exxon Mobil Corp.	22,690	1,556,761
1FMC Technologies, Inc.	600	31,344
1Forest Oil Corp.	411	8,043
Frontier Oil Corp.	453	6,306
1Global Industries Ltd.	330	3,135
1GMX Resources, Inc.	100	1,571
1Goodrich Petroleum Corp.	90	2,323
Gulf Island Fabrication, Inc.	100	1,874
1GulfMark Offshore, Inc.	100	3,274
1Gulfport Energy Corp.	100	874
Halliburton Co.	4,200	113,904
1Harvest Natural Resources, Inc.	100	513
1Helix Energy Solutions Group, Inc.	397	5,947
Helmerich & Payne, Inc.	500	19,765
1Hercules Offshore, Inc.	300	1,473
Hess Corp.	1,360	72,706
Holly Corp.	211	5,406
1Hornbeck Offshore Services, Inc.	100	2,756
1ION Geophysical Corp.	300	1,056
1Key Energy Services, Inc.	700	6,090
Lufkin Industries, Inc.	56	2,978
Marathon Oil Corp.	3,280	104,632
1Mariner Energy, Inc	500	7,090
1Matrix Service Co.	100	1,087
1McMoRan Exploration Co.	200	1,510
Murphy Oil Corp.	899	51,755
1Nabors Industries Ltd.	1,300	27,170
1NATCO Group, Inc.	100	4,428
1National Oilwell Varco, Inc.	1,943	83,802
1Newfield Exploration Co.	591	25,153
1Newpark Resources, Inc.	300	963
Noble Corp.	1,197	45,438
Noble Energy, Inc.	806	53,164
Occidental Petroleum Corp.	3,747	293,765
1Oceaneering International, Inc.	280	15,890
1Oil States International, Inc.	183	6,429
1Oilsands Quest, Inc.	600	678
1Parker Drilling Co.	470	2,566
Patterson-UTI Energy, Inc.	777	11,733
Penn Virginia Corp.	160	3,666
1Petroleum Development Corp.	50	933
1PetroQuest Energy, Inc.	200	1,298
1Pioneer Drilling Co.	171	1,255

5

AARP Portfolios

U.S. Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Energy - (continued)
Pioneer Natural Resources Co.	550	$	19,960
1Plains Exploration & Production Co.	638		17,647
1Pride International, Inc.	800		24,352
1Quicksilver Resources, Inc.	500		7,095
Range Resources Corp.	752		37,119
1Rosetta Resources, Inc.	208		3,056
Rowan Cos., Inc.	499		11,512
RPC, Inc.	100		1,048
1SandRidge Energy, Inc.	566		7,335
Schlumberger Ltd.	5,600		333,760
1SEACOR Holdings, Inc.	80		6,530
1Seahawk Drilling, Inc.	53		1,648
Smith International, Inc.	1,062		30,479
St. Mary Land & Exploration Co.	316		10,257
1Stone Energy Corp.	156		2,544
Sunoco, Inc.	533		15,164
1Superior Energy Services	300		6,756
1Superior Well Services, Inc.	100		968
1Swift Energy Co.	140		3,315
1T-3 Energy Services, Inc.	58		1,143
1Tesco Corp.	200		1,596
Tesoro Corp.	605		9,063
1Tetra Technologies, Inc.	220		2,132
Tidewater, Inc.	256		12,055
1Transocean Ltd.	1,480		126,584
1Ultra Petroleum Corp.	753		36,867
1Unit Corp.	212		8,745
Vaalco Energy, Inc.	400		1,840
Valero Energy Corp.	2,600		50,414
1Venoco, Inc.	100		1,151
W&T Offshore, Inc.	113		1,323
1Warren Resources, Inc.	200		592
1Weatherford International Ltd.	3,200		66,336
1Western Refining, Inc.	100		645
1Whiting Petroleum Corp.	250		14,395
1Willbros Group, Inc.	200		3,046
Williams Cos., Inc.	2,744		49,035
XTO Energy, Inc.	2,600		107,432
Total Energy			5,602,779
Financials - 16.3%
1st Source Corp.	100		1,630
2Acadia Realty Trust	104		1,567
1ACE Ltd.	1,595		85,269
Advanta Corp.	81		45
1Affiliated Managers Group, Inc.	200		13,002
AFLAC, Inc.	2,194		93,772
2Alexander’s, Inc.	8		2,367
2Alexandria Real Estate Equities, Inc.	250		13,587
1Alleghany Corp.	26		6,735
Allied Capital Corp.	700		2,149
Allied World Assurance Holdings Ltd.	200		9,586

Allstate Corp.	2,400	73,488
2AMB Property Corp.	662	15,193
AMBAC Financial Group, Inc.	1,089	1,830
2American Campus Communities, Inc.	216	5,800
2American Capital Agency Corp.	100	2,845
American Capital Ltd.	1,068	3,450
American Equity Investment Life Holding Co.	200	1,404
American Express Co.	4,907	166,347
American Financial Group, Inc.	300	7,650
1American International Group, Inc.	550	24,260
American Physicians Capital, Inc.	33	960
1AmeriCredit Corp.	664	10,485
Ameriprise Financial, Inc.	1,242	45,122
1Amerisafe, Inc.	100	1,725
Amtrust Financial Services, Inc.	100	1,141
2Annaly Mortgage Management, Inc.	2,600	47,164
2Anworth Mortgage Asset Corp.	600	4,728
AON Corp.	1,200	48,828
2Apartment Investment & Management Co.	530	7,817
Apollo Investment Corp.	588	5,615
1Arch Capital Group Ltd.	205	13,846
Ares Capital Corp.	449	4,948
1Argo Group International Holdings Ltd.	145	4,884
Arrow Financial Corp.	103	2,811
Arthur J. Gallagher & Co.	433	10,552
1,2Ashford Hospitality Trust, Inc.	300	1,038
Aspen Insurance Holdings Ltd.	400	10,588
Associated Banc-Corp	500	5,710
Assurant, Inc.	550	17,633
Assured Guaranty Ltd.	590	11,458
Astoria Financial Corp.	340	3,754
2AvalonBay Communities, Inc.	400	29,092
Axis Capital Holdings Ltd.	658	19,858
BancorpSouth, Inc.	332	8,104
Bank Mutual Corp.	200	1,768
Bank of America Corp.	40,200	680,184
Bank of Hawaii Corp.	200	8,308
Bank of New York Mellon Corp.	5,578	161,706
Bank of the Ozarks, Inc.	100	2,653
Banner Corp.	21	57
BB&T Corp.	3,146	85,697
1Beneficial Mutual Bancorp, Inc.	200	1,826
1Berkshire Hathaway, Inc.	52	172,796
Berkshire Hills Bancorp, Inc.	76	1,667
2BioMed Realty Trust, Inc.	400	5,520
BlackRock Kelso Capital Corp.	231	1,714
BlackRock, Inc.	100	21,682
BOK Financial Corp.	96	4,447
Boston Private Financial Holdings, Inc.	160	1,042
2Boston Properties, Inc.	634	41,559
2Brandywine Realty Trust	700	7,728
2BRE Properties, Inc.	200	6,260
1Broadpoint Gleacher Securities, Inc.	400	3,336
Broadridge Financial Solutions, Inc.	644	12,944
Brookdale Senior Living, Inc.	204	3,699

6

AARP Portfolios

U.S. Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Financials - (continued)
Brookline Bancorp, Inc.	190	$	1,847
Brown & Brown, Inc.	524		10,040
Calamos Asset Management, Inc.	76		993
2Camden Property Trust	330		13,299
Capital City Bank Group, Inc.	100		1,420
Capital One Financial Corp.	2,100		75,033
CapitalSource, Inc.	1,200		5,208
Capitol Bancorp Ltd.	100		261
Capitol Federal Financial	160		5,267
2CapLease, Inc.	100		403
2Capstead Mortgage Corp.	200		2,782
Cash America International, Inc.	95		2,865
Cathay General Bancorp	200		1,618
1CB Richard Ellis Group, Inc.	1,100		12,914
1CBIZ, Inc.	200		1,492
2CBL & Associates Properties, Inc.	761		7,382
2Cedar Shopping Centers, Inc.	100		645
Central Pacific Financial Corp.	60		151
Charles Schwab Corp.	4,600		88,090
Chemical Financial Corp.	100		2,179
2Chimera Investment Corp.	2,800		10,696
Chubb Corp.	1,700		85,697
Cincinnati Financial Corp.	737		19,155
CIT Group, Inc.	1,528		1,849
Citigroup, Inc.	74,700		361,548
1Citizens Banking Corp.	207		157
1Citizens, Inc.	200		1,268
City Holding Co.	100		2,981
City National Corp.	252		9,810
CME Group, Inc.	278		85,677
1CNA Surety Corp.	100		1,620
Cohen & Steers, Inc.	100		2,400
2Colonial Properties Trust	163		1,586
Columbia Banking System, Inc.	100		1,655
Comerica, Inc.	682		20,235
Commerce Bancshares, Inc.	325		12,103
Community Bank System, Inc.	90		1,644
Community Trust Bancorp, Inc.	80		2,094
1CompuCredit Holdings Corp.	100		471
1Conseco, Inc.	699		3,677
2Corporate Office Properties Trust SBI MD	270		9,958
1Corrections Corp. of America	518		11,733
2Cousins Properties, Inc.	198		1,639
1Credit Acceptance Corp.	100		3,219
Cullen/Frost Bankers, Inc.	247		12,755
CVB Financial Corp.	337		2,558
Danvers Bancorp, Inc.	100		1,359
2DCT Industrial Trust, Inc.	900		4,599
Delphi Financial Group	175		3,960
2Developers Diversified Realty Corp.	480		4,435
1,2DiamondRock Hospitality Co.	400		3,240

2Digital Realty Trust, Inc.	400	18,284
Dime Community Bancshares	180	2,057
Discover Financial Services	2,549	41,370
2Douglas Emmett, Inc.	400	4,912
Duff & Phelps Corp.	100	1,916
2Duke Realty Corp.	1,051	12,623
1,2DuPont Fabros Technology, Inc.	100	1,333
1E*Trade Financial Corp.	5,500	9,625
East West Bancorp, Inc.	382	3,171
2EastGroup Properties, Inc.	80	3,058
Eaton Vance Corp.	474	13,267
2Education Realty Trust, Inc.	300	1,779
1eHealth, Inc.	200	2,904
Employers Holdings, Inc.	200	3,096
Endurance Specialty Holdings Ltd.	228	8,315
2Entertainment Properties Trust	200	6,828
2Equity Lifestyle Properties, Inc.	100	4,279
2Equity One, Inc.	290	4,544
2Equity Residential	1,300	39,910
Erie Indemnity Co.	108	4,046
2Essex Property Trust, Inc.	119	9,470
1Euronet Worldwide, Inc.	288	6,921
Evercore Partners, Inc.	100	2,922
Everest Re Group Ltd.	300	26,310
2Extra Space Storage, Inc.	300	3,165
1EZCORP, Inc.	100	1,366
1Fannie Mae	5,800	8,816
FBL Financial Group, Inc.	100	1,943
1FCStone Group, Inc.	100	482
2Federal Realty Investment Trust	290	17,797
Federated Investors, Inc.	421	11,102
2FelCor Lodging Trust, Inc.	140	634
Fidelity National Financial, Inc.	1,020	15,382
Fidelity National Information Services, Inc.	908	23,163
Fifth Street Finance Corp.	100	1,093
Fifth Third Bancorp	3,553	35,992
Financial Federal Corp.	75	1,851
First American Corp.	365	11,815
First BanCorp	420	2,781
First Busey Corp.	100	470
1First Cash Financial Services, Inc.	100	1,713
First Citizens BancShares, Inc.	24	3,818
First Commonwealth Financial Corp.	406	2,306
First Financial Bancorp	200	2,410
First Financial Bankshares, Inc.	100	4,946
First Financial Corp.	40	1,226
First Financial Holdings, Inc.	100	1,597
1First Horizon National Corp.	1,094	14,475
2First Industrial Realty Trust, Inc.	171	898
1First Marblehead Corp.	175	385
First Merchants Corp.	130	906
First Midwest Bancorp, Inc.	190	2,141
First Niagara Financial Group, Inc.	600	7,398
2First Potomac Realty Trust	100	1,156
FirstMerit Corp.	404	7,688
1Flagstar Bancorp, Inc.	100	103

7

AARP Portfolios

U.S. Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Financials - (continued)
Flagstone Reinsurance Holdings Ltd.	100	$	1,128
FNB Corp.	350		2,489
Forest City Enterprises, Inc.	545		7,287
1Forestar Real Estate Group, Inc.	200		3,436
1FPIC Insurance Group, Inc.	100		3,355
Franklin Resources, Inc.	800		80,480
2Franklin Street Properties Corp.	261		3,419
1Freddie Mac	2,435		4,383
Frontier Financial Corp.	120		131
Fulton Financial Corp.	725		5,336
GAMCO Investors, Inc.	60		2,742
Genworth Financial, Inc.	2,361		28,214
2Getty Realty Corp.	120		2,945
GFI Group, Inc.	256		1,851
Glacier Bancorp, Inc.	290		4,333
2Glimcher Realty Trust	100		367
Goldman Sachs Group, Inc.	2,221		409,441
1,2Gramercy Capital Corp.	136		330
Greenhill & Co., Inc.	87		7,793
1Greenlight Capital Re Ltd. Cl A	100		1,880
Hancock Holding Co.	160		6,011
1Hanmi Financial Corp.	100		164
Hanover Insurance Group, Inc.	216		8,927
Harleysville Group, Inc.	100		3,165
Harleysville National Corp.	100		533
Hartford Financial Services Group, Inc.	1,500		39,750
2Hatteras Financial Corp.	200		5,996
HCC Insurance Holdings, Inc.	524		14,331
2Health Care Property Investors, Inc.	1,393		40,035
2Health Care REIT, Inc.	536		22,308
2Healthcare Realty Trust, Inc.	275		5,811
1Heckmann Corp.	500		2,290
Hercules Technology Growth Capital, Inc.	309		3,034
2Highwoods Properties, Inc.	290		9,120
1Hilltop Holdings, Inc.	300		3,678
Home Bancshares, Inc.	100		2,192
2Home Properties, Inc.	160		6,894
Horace Mann Educators Corp.	120		1,676
2Hospitality Properties Trust	578		11,774
2Host Hotels & Resorts, Inc.	2,712		31,920
2HRPT Properties Trust	1,000		7,520
Hudson City Bancorp, Inc.	2,134		28,062
Huntington Bancshares, Inc.	3,438		16,193
IBERIABANK Corp.	60		2,734
Independent Bank Corp.	90		1,992
Infinity Property & Casualty Corp.	50		2,124
2Inland Real Estate Corp.	350		3,066
1Interactive Brokers Group, Inc.	200		3,974
1IntercontinentalExchange, Inc.	300		29,157
International Bancshares Corp.	200		3,262
Invesco Ltd. Com	1,900		43,244

1Investment Technology Group, Inc.	189	5,277
1Investors Bancorp, Inc.	200	2,122
2Investors Real Estate Trust	330	2,983
1,2iStar Financial, Inc.	469	1,426
Jackson Hewitt Tax Service, Inc.	60	306
Janus Capital Group, Inc.	800	11,344
1Jefferies Group, Inc.	456	12,417
Jones Lang LaSalle, Inc.	240	11,369
JPMorgan Chase & Co.	17,480	765,974
1KBW, Inc.	100	3,222
KeyCorp	3,700	24,050
2Kilroy Realty Corp.	226	6,269
2Kimco Realty Corp.	1,733	22,598
2Kite Realty Group Trust	100	417
1Knight Capital Group, Inc.	370	8,047
1LaBranche & Co., Inc.	300	1,020
2LaSalle Hotel Properties	359	7,058
Legg Mason, Inc.	668	20,728
1Leucadia National Corp.	900	22,248
2Lexington Corporate Properties Trust	252	1,285
2Liberty Property Trust	500	16,265
Lincoln National Corp.	1,405	36,404
Loews Corp.	1,614	55,279
2LTC Properties, Inc.	100	2,404
M&T Bank Corp.	413	25,738
2Macerich Co.	405	12,284
2Mack-Cali Realty Corp.	388	12,544
1Markel Corp.	39	12,863
Marsh & McLennan Cos., Inc.	2,445	60,465
Marshall & Ilsley Corp.	1,644	13,267
Max Capital Group, Ltd.	180	3,847
MB Financial, Inc.	300	6,291
1MBIA, Inc.	727	5,642
Meadowbrook Insurance Group, Inc.	400	2,960
2Medical Properties Trust, Inc.	300	2,343
Mercury General Corp.	100	3,618
MetLife, Inc.	3,846	146,417
1MF Global Ltd.	400	2,908
2MFA Mortgage Investments, Inc.	1,378	10,969
1MGIC Investment Corp.	490	3,631
2Mid-America Apartment Communities, Inc.	170	7,672
Montpelier Re Holdings Ltd.	410	6,691
Moody’s Corp.	900	18,414
Morgan Stanley	5,500	169,840
1Morningstar, Inc.	100	4,856
1MSCI, Inc.	500	14,810
1NASDAQ Stock Market, Inc.	674	14,188
1National Financial Partners Corp.	150	1,308
2National Health Investors, Inc.	100	3,165
National Penn Bancshares, Inc.	306	1,870
2National Retail Properties, Inc.	370	7,944
National Western Life Insurance Co.	10	1,760
2Nationwide Health Properties, Inc.	431	13,357
1Navigators Group, Inc.	100	5,500
NBT Bancorp, Inc.	185	4,170
1Nelnet, Inc.	200	2,488

8

AARP Portfolios

U.S. Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Financials - (continued)
New York Community Bancorp, Inc.	1,494	$	17,061
NewAlliance Bancshares, Inc.	400		4,280
Northern Trust Corp.	1,000		58,160
2NorthStar Realty Finance Corp.	108		379
Northwest Bancorp, Inc.	100		2,284
NYSE Euronext	1,261		36,430
1Ocwen Financial Corp.	400		4,528
Odyssey Re Holdings Corp.	137		8,879
Old National Bancorp	528		5,914
Old Republic International Corp.	1,038		12,643
2Omega Healthcare Investors, Inc.	349		5,591
OneBeacon Insurance Group Ltd.	100		1,374
optionsXpress Holdings, Inc.	200		3,456
Oriental Financial Group, Inc.	100		1,270
Pacific Capital Bancorp	200		288
PacWest Bancorp	150		2,857
Park National Corp.	60		3,500
2Parkway Properties, Inc.	45		887
PartnerRe Ltd.	250		19,235
2Pennsylvania Real Estate Investment Trust	160		1,218
People’s United Financial, Inc.	1,596		24,834
1Phoenix Cos., Inc.	380		1,235
1Pico Holdings, Inc.	100		3,335
1Pinnacle Financial Partners, Inc.	100		1,271
1Piper Jaffray Cos.	140		6,681
Platinum Underwriters Holdings Ltd.	280		10,035
2Plum Creek Timber Co., Inc.	750		22,980
PMI Group, Inc.	270		1,148
PNC Financial Services Group, Inc.	2,075		100,824
Popular, Inc.	948		2,683
1Portfolio Recovery Associates, Inc.	47		2,131
2Post Properties, Inc.	172		3,096
Presidential Life Corp.	100		1,036
Principal Financial Group, Inc.	1,453		39,798
PrivateBancorp, Inc.	200		4,892
1ProAssurance Corp.	150		7,828
1Progressive Corp.	3,000		49,740
2ProLogis	2,052		24,460
Prospect Capital Corp.	223		2,388
Prosperity Bancshares, Inc.	200		6,958
Protective Life Corp.	400		8,568
Provident Financial Services, Inc.	150		1,544
Provident New York Bancorp	230		2,197
Prudential Financial, Inc.	2,170		108,305
2PS Business Parks, Inc.	74		3,798
2Public Storage, Inc.	594		44,693
Radian Group, Inc.	286		3,026
2RAIT Investment Trust	100		294
2Ramco-Gershenson Properties Trust	35		312
Raymond James Financial, Inc.	418		9,731
2Realty Income Corp.	508		13,030

2Redwood Trust, Inc.	340	5,270
2Regency Centers Corp.	400	14,820
Regions Financial Corp.	4,945	30,708
Reinsurance Group of America, Inc.	400	17,840
RenaissanceRe Holdings Ltd.	300	16,428
Renasant Corp.	100	1,485
1Riskmetrics Group, Inc.	200	2,924
RLI Corp.	100	5,278
S&T Bancorp, Inc.	100	1,296
Safety Insurance Group, Inc.	100	3,292
Sandy Spring Bancorp, Inc.	90	1,465
2Saul Centers, Inc.	54	1,733
SCBT Financial Corp.	100	2,810
SEI Investments Co.	560	11,021
Selective Insurance Group	218	3,429
2Senior Housing Properties Trust	562	10,740
1Signature Bank	170	4,930
Simmons First National Corp.	100	2,881
2Simon Property Group, Inc.	1,288	89,426
2SL Green Realty Corp.	330	14,470
1SLM Corp.	2,100	18,312
South Financial Group, Inc.	207	304
Southside Bancshares, Inc.	100	2,252
2Sovran Self Storage, Inc.	70	2,130
1St. Joe Co.	405	11,794
StanCorp Financial Group, Inc.	200	8,074
State Auto Financial Corp.	100	1,793
3State Street Corp.	2,300	120,980
StellarOne Corp.	100	1,475
Sterling Bancshares, Inc.	450	3,289
1Sterling Financial Corp. (WA)	290	580
Stewart Information Services Corp.	40	495
1Stifel Financial Corp.	150	8,235
1,2Strategic Hotels & Resorts, Inc.	234	606
Student Loan Corp.	10	464
Suffolk Bancorp	100	2,961
2Sun Communities, Inc.	120	2,582
1,2Sunstone Hotel Investors, Inc.	214	1,519
SunTrust Banks, Inc.	2,131	48,054
Susquehanna Bancshares, Inc.	428	2,521
1SVB Financial Group	155	6,707
SWS Group, Inc.	100	1,440
SY Bancorp, Inc.	100	2,309
Synovus Financial Corp.	2,300	8,625
T. Rowe Price Group, Inc.	1,178	53,835
2Tanger Factory Outlet Centers, Inc.	190	7,095
2Taubman Centers, Inc.	210	7,577
TCF Financial Corp.	597	7,785
1TD Ameritrade Holding Corp.	1,197	23,485
1Texas Capital Bancshares, Inc.	100	1,684
TFS Financial Corp.	500	5,950
Tompkins Trustco, Inc.	45	1,967
Torchmark Corp.	361	15,678
Tower Group, Inc.	147	3,585
TowneBank	100	1,275
Transatlantic Holdings, Inc.	299	15,001
Travelers Cos., Inc.	2,700	132,921

9

AARP Portfolios

U.S. Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Financials - (continued)
Trico Bancshares	100	$	1,640
TrustCo Bank Corp. NY	240		1,500
Trustmark Corp.	200		3,810
2U-Store-It Trust	410		2,562
U.S. Bancorp	8,900		194,554
UCBH Holdings, Inc.	430		344
UMB Financial Corp.	180		7,279
Umpqua Holdings Corp.	490		5,194
Union Bankshares Corp.	90		1,121
1United America Indemnity Ltd.	190		1,404
United Bankshares, Inc.	180		3,526
1United Community Banks, Inc.	81		403
2United Dominion Realty Trust, Inc.	655		10,310
United Fire & Casualty Co.	100		1,790
Unitrin, Inc.	200		3,898
1Universal American Financial Corp.	100		942
2Universal Health Realty Income Trust	30		977
Univest Corp. of Pennsylvania	100		2,167
UnumProvident Corp.	1,500		32,160
2Urstadt Biddle Properties, Inc.	180		2,626
Validus Holdings Ltd.	472		12,178
Valley National Bancorp	525		6,452
2Ventas, Inc.	691		26,603
Visa, Inc.	2,150		148,586
2Vornado Realty Trust	737		47,470
W.R. Berkley Corp.	651		16,457
Waddell & Reed Financial, Inc.	420		11,949
Walter Industries, Inc.	287		17,237
2Walter Investment Management Corp.	111		1,778
Washington Federal, Inc.	530		8,936
2Washington Real Estate Investment Trust	305		8,784
Washington Trust Bancorp, Inc.	110		1,927
Webster Financial Corp.	224		2,793
2Weingarten Realty Investors	595		11,852
Wells Fargo & Co.	20,333		572,984
WesBanco, Inc.	100		1,546
Westamerica BanCorp.	150		7,800
1Western Alliance Bancorp	400		2,524
Western Union Co.	3,290		62,247
Westfield Financial, Inc.	200		1,694
White Mountains Insurance Group Ltd.	34		10,438
Whitney Holding Corp.	390		3,721
Willis Group Holdings Ltd.	747		21,080
Wilmington Trust Corp.	230		3,266
Wintrust Financial Corp.	150		4,194
1World Acceptance Corp.	45		1,134
XL Capital Ltd.	1,600		27,936
Zenith National Insurance Corp.	140		4,326
Zions BanCorp.	470		8,446
Total Financials			8,811,879

Health Care - 12.4%
1Abaxis, Inc.	100	2,675
Abbott Laboratories	7,200	356,184
1Abiomed, Inc.	100	971
1Abraxis Bioscience, Inc.	35	1,273
1Accuray, Inc.	195	1,268
1Acorda Therapeutics, Inc.	200	4,656
1Advisory Board Co.	40	1,006
Aetna, Inc.	2,160	60,113
1Affymetrix, Inc.	193	1,695
1Air Methods Corp.	100	3,257
1Albany Molecular Research, Inc.	100	866
1Alexion Pharmaceuticals, Inc.	354	15,767
1Align Technology, Inc.	200	2,844
1Alkermes, Inc.	510	4,687
Allergan, Inc.	1,440	81,734
1Allos Therapeutics, Inc.	300	2,175
1Alnylam Pharmaceuticals, Inc.	200	4,536
1AMAG Pharmaceuticals, Inc.	100	4,368
1Amedisys, Inc.	133	5,803
1American Medical Systems Holdings, Inc.	290	4,907
1American Oriental Bioengineering, Inc.	200	972
1AMERIGROUP Corp.	280	6,208
AmerisourceBergen Corp.	1,440	32,227
1Amgen, Inc.	4,700	283,081
1AMN Healthcare Services, Inc.	100	951
1AmSurg Corp.	100	2,123
1Amylin Pharmaceuticals, Inc.	726	9,939
1Arena Pharmaceuticals, Inc.	427	1,909
1Array Biopharma, Inc.	200	476
1Assisted Living Concepts, Inc.	40	829
1Auxilium Pharmaceuticals, Inc.	200	6,842
Baxter International, Inc.	2,800	159,628
Beckman Coulter, Inc.	300	20,682
Becton Dickinson & Co.	1,150	80,212
1Bio-Rad Laboratories, Inc.	70	6,432
1Bio-Reference Labs, Inc.	100	3,440
1Biogen Idec, Inc.	1,400	70,728
1BioMarin Pharmaceuticals, Inc.	452	8,172
1Boston Scientific Corp.	6,870	72,753
Bristol-Myers Squibb Co.	9,196	207,094
1Bruker BioSciences Corp.	200	2,134
C.R. Bard, Inc.	438	34,431
Cardinal Health, Inc.	1,713	45,908
1CareFusion Corp.	856	18,661
1Celera Corp.	260	1,620
1Celgene Corp.	2,200	122,980
1Centene Corp.	160	3,030
1Cephalon, Inc.	400	23,296
1Cepheid, Inc.	200	2,644
1Charles River Laboratories International, Inc.	338	12,499
Cigna Corp.	1,219	34,242
1Community Health Systems, Inc.	479	15,294
Computer Programs & Systems, Inc.	100	4,141
1Conceptus, Inc.	100	1,854

10

AARP Portfolios

U.S. Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Health Care - (continued)
1CONMED Corp.	100	$	1,917
Cooper Cos., Inc.	209		6,214
1Covance, Inc.	355		19,223
1Coventry Health Care, Inc.	700		13,972
Covidien PLC Common Stock	2,400		103,824
1Cross Country Healthcare, Inc.	100		931
1Cubist Pharmaceuticals, Inc.	270		5,454
1Cyberonics, Inc.	100		1,594
1Cypress Bioscience, Inc.	200		1,634
1DaVita, Inc.	466		26,394
1Dendreon Corp.	555		15,534
DENTSPLY International, Inc.	660		22,796
1Edwards Lifesciences Corp.	243		16,988
Eli Lilly & Co.	4,800		158,544
1Emergency Medical Services Corp.	100		4,650
1Emergent Biosolutions, Inc.	100		1,766
1Emeritus Corp.	100		2,195
1Endo Pharmaceuticals Holdings, Inc.	626		14,166
1Enzo Biochem, Inc.	100		708
1Enzon Pharmaceuticals, Inc.	300		2,475
1eResearchTechnology, Inc.	100		700
1ev3, Inc.	262		3,225
1Exelixis, Inc.	650		4,147
1Express Scripts, Inc.	1,220		94,648
1Facet Biotech Corp.	90		1,556
1Forest Laboratories, Inc.	1,386		40,804
1Gen-Probe, Inc.	300		12,432
1Genomic Health, Inc.	100		2,186
1Genoptix, Inc.	100		3,478
1Gentiva Health Services, Inc.	100		2,501
1Genzyme Corp.	1,252		71,026
1Geron Corp.	300		1,968
1Gilead Sciences, Inc.	4,200		195,636
1Haemonetics Corp.	100		5,612
1Halozyme Therapeutics, Inc.	400		2,844
1Hanger Orthopedic Group, Inc.	200		2,774
1Health Management Associates, Inc.	1,000		7,490
1Health Net, Inc.	500		7,700
1HealthExtras, Inc.	200		5,830
1HEALTHSOUTH Corp.	500		7,820
1HealthSpring, Inc.	200		2,450
1Healthways, Inc.	140		2,145
1Henry Schein, Inc.	464		25,478
Hill-Rom Holdings, Inc.	234		5,097
Hillenbrand, Inc.	234		4,767
1HLTH Corp.	400		5,844
1Hologic, Inc.	1,116		18,235
1Hospira, Inc.	777		34,654
1Human Genome Sciences, Inc.	670		12,609
1Humana, Inc.	815		30,399
1ICU Medical, Inc.	100		3,686
1Idexx Laboratories, Inc.	300		15,000

1Illumina, Inc.	540	22,950
1Immucor, Inc.	369	6,531
1Immunogen, Inc.	200	1,622
IMS Health, Inc.	832	12,771
1Incyte Corp.	300	2,025
1Inspire Pharmaceuticals, Inc.	400	2,088
1Integra LifeSciences Holdings Corp.	100	3,415
1InterMune, Inc.	200	3,186
1Intuitive Surgical, Inc.	177	46,418
Invacare Corp.	100	2,228
1Inverness Medical Innovations, Inc.	307	11,890
1IPC The Hospitalist Co., Inc.	100	3,145
1Isis Pharmaceuticals, Inc.	400	5,828
Johnson & Johnson	12,851	782,497
1Kendle International, Inc.	100	1,672
1Kensey Nash Corp.	100	2,895
1Kindred Healthcare, Inc.	100	1,623
1Kinetic Concepts, Inc.	228	8,431
1King Pharmaceuticals, Inc.	1,060	11,416
1KV Pharmaceutical Co.	100	307
1Laboratory Corp. of America Holdings	493	32,390
1LHC Group, Inc.	100	2,993
1Life Technologies Corp.	795	37,007
1LifePoint Hospitals, Inc.	214	5,791
1Ligand Pharmaceuticals, Inc.	700	1,617
1Lincare Holdings, Inc.	293	9,156
1Luminex Corp.	200	3,400
1Magellan Health Services, Inc.	160	4,970
1MannKind Corp.	400	3,940
1Martek Biosciences Corp.	160	3,614
1Masimo Corp.	200	5,240
MAXIMUS, Inc.	100	4,660
McKesson Corp.	1,300	77,415
Mead Johnson Nutrition Co.	200	9,022
1MedCath Corp.	100	877
1Medco Health Solutions, Inc.	2,230	123,341
1Medicines Co.	180	1,982
Medicis Pharmaceutical Corp.	270	5,765
1Medivation, Inc.	100	2,714
1Mednax, Inc. Com	200	10,984
Medtronic, Inc.	5,200	191,360
Merck & Co., Inc.	9,790	309,658
Meridian Bioscience, Inc.	150	3,752
1Merit Medical Systems, Inc.	100	1,733
1Millipore Corp.	300	21,099
Mine Safety Appliances Co.	140	3,851
1Molina Healthcare, Inc.	100	2,069
1Momenta Pharmaceuticals, Inc.	100	1,061
1MWI Veterinary Supply, Inc.	100	3,995
1Mylan Laboratories, Inc.	1,466	23,471
1Myriad Genetics, Inc.	418	11,453
1Myriad Pharmaceuticals W/I	104	609
National Healthcare Corp.	44	1,641
1Natus Medical, Inc.	100	1,543
1Nektar Therapeutics	310	3,019
1Neogen Corp.	100	3,229
1Neurocrine Biosciences, Inc.	40	122

11

AARP Portfolios

U.S. Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Health Care - (continued)
1NPS Pharmaceuticals, Inc.	300	$	1,206
1NuVasive, Inc.	200		8,352
1Odyssey HealthCare, Inc.	200		2,500
Omnicare, Inc.	500		11,260
1Omnicell, Inc.	100		1,114
1Onyx Pharmaceuticals, Inc.	250		7,493
1OraSure Technologies, Inc.	100		290
1Orthofix International NV	30		882
1Orthovita, Inc.	500		2,195
1OSI Pharmaceuticals, Inc.	227		8,013
1Osiris Therapeutics, Inc.	100		666
Owens & Minor, Inc.	260		11,765
1Palomar Medical Technologies, Inc.	35		567
1Par Pharmaceutical Cos., Inc.	150		3,227
1Parexel International Corp.	218		2,963
1Patterson Cos., Inc.	400		10,900
PDL BioPharma, Inc.	451		3,554
Perrigo Co.	400		13,596
Pfizer, Inc.	31,476		520,928
Pharmaceutical Product Development, Inc.	506		11,102
1Pharmasset, Inc.	100		2,114
1PharMerica Corp.	173		3,213
1Polypore International, Inc.	100		1,291
1Progenics Pharmaceuticals, Inc.	100		524
1PSS World Medical, Inc.	300		6,549
1Psychiatric Solutions, Inc.	300		8,028
Quest Diagnostics, Inc.	801		41,804
1Questcor Pharmaceuticals, Inc.	300		1,656
1Quidel Corp.	100		1,623
1Regeneron Pharmaceuticals, Inc.	290		5,597
1RehabCare Group, Inc.	100		2,169
1Res-Care, Inc.	100		1,421
1ResMed, Inc.	380		17,176
1Rigel Pharmaceuticals, Inc.	133		1,091
1RTI Biologics, Inc.	200		870
1Salix Pharmaceuticals Ltd.	280		5,953
1Sangamo Biosciences, Inc.	100		821
1Savient Pharmaceuticals, Inc.	200		3,040
Schering-Plough Corp.	7,600		214,700
1Seattle Genetics, Inc.	363		5,093
1Sepracor, Inc.	500		11,450
1Sequenom, Inc.	300		969
Service Corp. International	1,070		7,501
1Sirona Dental Systems, Inc.	100		2,975
1SonoSite, Inc.	100		2,646
1St Jude Medical, Inc.	1,600		62,416
STERIS Corp.	300		9,135
Stewart Enterprises, Inc.	300		1,569
Stryker Corp.	1,370		62,239
1Sun Healthcare Group, Inc.	189		1,633
1Sunrise Senior Living, Inc.	150		455

1SurModics, Inc.	100	2,460
1Symmetry Medical, Inc.	100	1,037
Techne Corp.	177	11,071
1Tenet Healthcare Corp.	2,447	14,388
1Theravance, Inc.	180	2,635
1Thoratec Corp.	270	8,173
1Triple-S Management Corp.	100	1,677
1United Therapeutics Corp.	218	10,680
UnitedHealth Group, Inc.	5,600	140,224
Universal Health Services, Inc.	211	13,067
1Valeant Pharmaceuticals International	411	11,533
1Varian Medical Systems, Inc.	633	26,668
1VCA Antech, Inc.	400	10,756
1Vertex Pharmaceuticals, Inc.	773	29,297
1Viropharma, Inc.	380	3,656
1Vivus, Inc.	400	4,180
1Volcano Corp.	200	3,364
1Warner Chilcott PLC	500	10,810
1Watson Pharmaceuticals, Inc.	467	17,111
1WebMD Health Corp.	100	3,312
1WellCare Health Plans, Inc.	206	5,078
1WellPoint, Inc.	2,300	108,928
West Pharmaceutical Services, Inc.	200	8,122
1Wright Medical Group, Inc.	200	3,572
Wyeth	6,200	301,196
1XenoPort, Inc.	100	2,123
1Zimmer Holdings, Inc.	1,051	56,176
1Zoll Medical Corp.	100	2,152
1ZymoGenetics, Inc.	100	604
Total Health Care		6,701,762
Industrials - 11.7%
3M Co.	3,100	228,780
A.O. Smith Corp.	100	3,810
AAON, Inc.	100	2,008
1AAR Corp.	156	3,423
ABM Industries, Inc.	190	3,998
Accenture PLC	2,817	104,990
Actuant Corp.	378	6,071
Acuity Brands, Inc.	200	6,442
Administaff, Inc.	130	3,415
Advance America Cash Advance Centers, Inc.	194	1,086
1Aecom Technology Corp.	400	10,856
1Aerovironment, Inc.	100	2,809
1AGCO Corp.	446	12,323
Aircastle Ltd.	100	967
1AirTran Holdings, Inc.	700	4,375
1Alaska Air Group, Inc.	204	5,465
Albany International Corp.	140	2,716
Alexander & Baldwin, Inc.	160	5,134
1Allegiant Travel Co.	100	3,809
1Alliance Data Systems Corp.	286	17,469
1Alliant Techsystems, Inc.	151	11,755
1Altisource Portfolio Solutions SA	33	477
1AMERCO, Inc.	37	1,697
1American Commercial Lines, Inc.	49	1,427
American Ecology Corp.	100	1,870

12

AARP Portfolios

U.S. Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Industrials - (continued)
1American Public Education, Inc.	100	$	3,474
American Science & Engineering, Inc.	50		3,402
1American Superconductor Corp.	200		6,708
Ametek, Inc.	470		16,408
1AMR Corp.	1,342		10,669
Apogee Enterprises, Inc.	100		1,502
1Apollo Group, Inc.	600		44,202
Applied Industrial Technologies, Inc.	200		4,232
Applied Signal Technology, Inc.	100		2,327
Arbitron, Inc.	100		2,076
1Argon ST, Inc.	100		1,905
Arkansas Best Corp.	140		4,192
1Armstrong World Industries, Inc.	100		3,446
1Astec Industries, Inc.	100		2,547
1Atlas Air Worldwide Holdings, Inc.	46		1,471
Avery Dennison Corp.	500		18,005
1AZZ, Inc.	100		4,017
Badger Meter, Inc.	100		3,869
Baldor Electric Co.	200		5,468
1Bally Technologies, Inc.	205		7,866
Barnes Group, Inc.	200		3,418
1BE Aerospace, Inc.	387		7,794
Belden CDT, Inc.	180		4,158
1Blount International, Inc.	100		947
Boeing Co.	3,261		176,583
Bowne & Co., Inc.	102		785
Brady Corp.	253		7,266
Briggs & Stratton Corp.	170		3,300
Brink’s Co.	182		4,898
1Brink’s Home Security Holdings, Inc.	182		5,604
1Bristow Group, Inc.	100		2,969
Bucyrus International, Inc.	390		13,892
Burlington Northern Santa Fe Corp.	1,600		127,728
C.H. Robinson Worldwide, Inc.	851		49,145
1Cal Dive International, Inc.	362		3,580
1Capella Education Co.	50		3,367
1Career Education Corp.	389		9,484
Carlisle Cos., Inc.	336		11,394
Cascade Corp.	37		989
Caterpillar, Inc.	2,776		142,492
CDI Corp.	100		1,405
1Cenveo, Inc.	211		1,460
1Ceradyne, Inc.	77		1,411
1Chart Industries, Inc.	100		2,159
Chemed Corp.	140		6,145
Cintas Corp.	613		18,580
CIRCOR International, Inc.	100		2,826
CLARCOR, Inc.	263		8,248
1Clean Harbors, Inc.	100		5,626
1Cogent, Inc.	260		2,626
1Coinstar, Inc.	170		5,607
1Colfax Corp.	100		1,063

1Columbus McKinnon Corp.	100	1,515
Comfort Systems USA, Inc.	200	2,318
Con-way, Inc.	200	7,664
1Consolidated Graphics, Inc.	55	1,372
1Continental Airlines, Inc.	600	9,864
1Convergys Corp.	570	5,666
Cooper Industries PLC	752	28,253
1Corinthian Colleges, Inc.	400	7,424
1Cornell Cos, Inc.	100	2,244
Corporate Executive Board Co.	134	3,337
1CoStar Group, Inc.	138	5,688
1Covanta Holding Corp.	542	9,214
1CRA International, Inc.	100	2,729
Crane Co.	170	4,388
1CSG Systems International, Inc.	170	2,722
CSX Corp.	1,800	75,348
Cubic Corp.	100	3,947
Cummins, Inc.	900	40,329
Curtiss-Wright Corp.	180	6,143
Danaher Corp.	1,231	82,871
1Darling International, Inc.	400	2,940
Deere & Co.	2,000	85,840
1Delta Air Lines, Inc.	3,600	32,256
Deluxe Corp.	210	3,591
DeVry, Inc.	270	14,936
1Dionex Corp.	70	4,548
1Dollar Financial Corp.	100	1,602
Donaldson Co., Inc.	359	12,432
Dover Corp.	900	34,884
1Drew Industries, Inc.	100	2,169
1DST Systems, Inc.	170	7,616
Dun & Bradstreet Corp.	244	18,378
1Dycom Industries, Inc.	170	2,091
Dynamic Materials Corp.	100	1,996
1DynCorp International, Inc.	100	1,800
Eagle Bulk Shipping, Inc.	187	959
Eaton Corp.	800	45,272
1EMCOR Group, Inc.	254	6,431
Emerson Electric Co.	3,500	140,280
Encore Wire Corp.	100	2,234
1Ener1, Inc.	300	2,076
1Energizer Holdings, Inc.	300	19,902
1Energy Conversion Devices, Inc.	200	2,316
EnergySolutions, Inc.	300	2,766
1EnerSys	300	6,636
Ennis, Inc.	100	1,613
1EnPro Industries, Inc.	100	2,286
Equifax, Inc.	550	16,027
1ESCO Technologies, Inc.	100	3,940
1Esterline Technologies Corp.	100	3,921
1Evergreen Solar, Inc.	400	768
Expeditors International Washington, Inc.	972	34,166
FactSet Research Systems, Inc.	215	14,242
Fastenal Co.	681	26,355
FedEx Corp.	1,400	105,308
1Fiserv, Inc.	751	36,198

13

AARP Portfolios

U.S. Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Industrials - (continued)
Flowserve Corp.	300	$	29,562
Fluor Corp.	892		45,358
1Force Protection, Inc.	300		1,638
Forward Air Corp.	150		3,473
1Foster Wheeler AG	658		20,997
Franklin Electric Co., Inc.	136		3,899
FreightCar America, Inc.	40		972
1FTI Consulting, Inc.	260		11,079
1Fuel Tech, Inc.	100		1,120
1FuelCell Energy, Inc.	200		854
G&K Services, Inc.	56		1,241
1Gardner Denver, Inc.	280		9,766
GATX Corp.	175		4,891
Genco Shipping & Trading Ltd.	100		2,078
1GenCorp, Inc.	100		536
1General Cable Corp.	226		8,848
General Dynamics Corp.	1,553		100,324
General Electric Co.	49,300		809,506
General Maritime Corp.	187		1,447
1Genesee & Wyoming, Inc.	200		6,064
1Genpact Ltd.	300		3,690
Genuine Parts Co.	729		27,746
1Geo Group, Inc.	224		4,518
1Global Cash Access Holdings, Inc.	100		731
Global Payments, Inc.	400		18,680
Goodrich Corp.	550		29,887
Gorman-Rupp Co.	100		2,491
Graco, Inc.	300		8,361
Granite Construction, Inc.	177		5,476
Great Lakes Dredge & Dock Corp.	400		2,792
1Griffon Corp.	163		1,641
H&R Block, Inc.	1,500		27,570
Harsco Corp.	380		13,456
1Hawaiian Holdings, Inc.	400		3,304
1Headwaters, Inc.	100		387
Healthcare Services Group	150		2,754
Heartland Express, Inc.	320		4,608
Heartland Payment Systems, Inc.	100		1,451
Heico Corp.	100		3,391
Heidrick & Struggles International, Inc.	100		2,326
Herman Miller, Inc.	248		4,194
1Hewitt Associates, Inc.	443		16,138
1Hexcel Corp.	336		3,844
1Hill International, Inc.	100		710
1HMS Holdings Corp.	104		3,976
Honeywell International, Inc.	3,300		122,595
Horizon Lines, Inc.	100		635
1HUB Group, Inc.	158		3,610
Hubbell, Inc.	216		9,072
1Huron Consulting Group, Inc.	80		2,066
1Iconix Brand Group, Inc.	400		4,988
IDEX Corp.	378		10,565

1II-VI, Inc.	100	2,544
Illinois Tool Works, Inc.	2,000	85,420
1Infinera Corp.	400	3,180
Ingersoll Rand PLC Common Stock	1,467	44,993
1Insituform Technologies, Inc.	200	3,828
1Intermec, Inc.	198	2,792
1IPG Photonics Corp.	200	3,040
1Iron Mountain, Inc.	882	23,514
1ITT Educational Services, Inc.	175	19,322
ITT Industries, Inc.	850	44,327
J.B. Hunt Transport Services, Inc.	375	12,049
1Jacobs Engineering Group, Inc.	640	29,408
1JetBlue Airways Corp.	1,050	6,279
John Bean Technologies Corp.	200	3,634
Joy Global, Inc.	527	25,791
Kaman Corp.	100	2,198
1Kansas City Southern	400	10,596
Kaydon Corp.	200	6,484
KBR, Inc.	780	18,166
Kelly Services, Inc.	100	1,230
1Kenexa Corp.	100	1,348
Kennametal, Inc.	368	9,056
1Kforce, Inc.	100	1,202
1Kirby Corp.	280	10,310
Knight Transportation, Inc.	280	4,698
Koppers Holdings, Inc.	100	2,965
1Korn/Ferry International	180	2,626
L-3 Communications Holdings, Inc.	535	42,971
1Ladish Co., Inc.	71	1,074
Landauer, Inc.	100	5,498
Landstar System, Inc.	300	11,418
1Layne Christensen Co.	100	3,205
1LB Foster Co.	100	3,058
Lennox International, Inc.	200	7,224
Lincoln Electric Holdings, Inc.	200	9,490
Lindsay Corp.	55	2,166
Lockheed Martin Corp.	1,544	120,556
Manitowoc Co., Inc.	735	6,960
Manpower, Inc.	400	22,684
1Marten Transport Ltd.	100	1,706
Masco Corp.	1,658	21,421
1MasTec, Inc.	200	2,430
Mastercard, Inc.	400	80,860
1McDermott International, Inc.	1,118	28,252
McGrath RentCorp	100	2,127
1Michael Baker Corp.	59	2,144
1Middleby Corp.	65	3,576
1Mobile Mini, Inc.	181	3,142
Molex, Inc.	280	5,261
1Monster Worldwide, Inc.	546	9,544
1Moog, Inc.	170	5,015
MSC Industrial Direct Co.	200	8,716
Mueller Industries, Inc.	160	3,819
Mueller Water Products, Inc.	943	5,168
1MYR Group, Inc.	100	2,109
NACCO Industries, Inc.	21	1,261
1Navigant Consulting, Inc.	170	2,295

14

AARP Portfolios

U.S. Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Industrials - (continued)
1Navistar International Corp.	300	$	11,226
1NCI Building Systems, Inc.	40		128
Nordson Corp.	150		8,414
Norfolk Southern Corp.	1,700		73,287
Northrop Grumman Corp.	1,400		72,450
1Old Dominion Freight Line	100		3,043
1Orbital Sciences Corp.	261		3,907
1Orion Marine Group, Inc.	100		2,054
Oshkosh Truck Corp.	435		13,455
Overseas Shipholding Group	100		3,737
1Owens Corning, Inc.	300		6,735
PACCAR, Inc.	1,600		60,336
Pacer International, Inc.	70		270
Pall Corp.	529		17,076
Parker Hannifin Corp.	730		37,843
Pentair, Inc.	389		11,483
1PHH Corp.	270		5,357
1PHI, Inc.	100		2,028
Pitney Bowes, Inc.	977		24,278
1Powell Industries, Inc.	100		3,839
1Pre-Paid Legal Services, Inc.	100		5,080
Precision Castparts Corp.	650		66,215
Quanex Building Products Corp.	145		2,082
1Quanta Services, Inc.	942		20,846
1Raser Technologies, Inc.	200		306
Raven Industries, Inc.	100		2,673
Raytheon Co.	1,900		91,143
Regal-Beloit Corp.	160		7,314
Reliance Steel & Aluminum Co.	273		11,619
1Republic Airways Holdings, Inc.	100		933
Republic Services, Inc.	1,750		46,497
1Resources Connection, Inc.	160		2,730
Reynolds American, Inc.	843		37,530
Robbins & Myers, Inc.	100		2,348
Robert Half International, Inc.	629		15,738
Rockwell Automation, Inc.	690		29,394
Rockwell Collins, Inc.	793		40,284
Rollins, Inc.	150		2,828
RR Donnelley & Sons Co.	948		20,154
1RSC Holdings, Inc.	200		1,454
Ryder System, Inc.	231		9,023
1Sanmina-SCI Corp.	253		2,176
1Shaw Group, Inc.	381		12,226
Simpson Manufacturing Co., Inc.	160		4,042
SkyWest, Inc.	242		4,012
Sotheby’s Holdings	300		5,169
Southwest Airlines Co.	3,575		34,320
1Spherion Corp.	200		1,242
1Spirit Aerosystems Holdings, Inc.	487		8,795
SPX Corp.	200		12,254
Steelcase, Inc.	130		807
1Stericycle, Inc.	400		19,380

Strayer Education, Inc.	59	12,843
Sun Hydraulics Corp.	100	2,106
1SunPower Corp.	290	8,668
1Sunpower Corp.	174	4,390
TAL International Group, Inc.	100	1,422
1TBS International Ltd.	100	870
1Team, Inc.	100	1,695
1Tecumseh Products Co.	100	1,133
Teleflex, Inc.	186	8,986
1TeleTech Holdings, Inc.	109	1,860
Tennant Co.	100	2,906
1Terex Corp.	554	11,484
1Tetra Tech, Inc.	300	7,959
Textron, Inc.	1,222	23,194
1Thomas & Betts Corp.	270	8,122
Timken Co.	390	9,138
Titan International, Inc.	148	1,317
Total System Services, Inc.	767	12,356
1TransDigm Group, Inc.	200	9,962
Tredegar Corp.	100	1,450
Trinity Industries, Inc.	300	5,157
Triumph Group, Inc.	45	2,160
1TrueBlue, Inc.	170	2,392
Tyco International Ltd.	2,187	75,408
1UAL Corp.	516	4,758
Union Pacific Corp.	2,345	136,831
United Parcel Service, Inc.	3,300	186,351
1United Stationers, Inc.	100	4,761
United Technologies Corp.	4,200	255,906
Universal Forest Products, Inc.	140	5,524
1Universal Technical Institute, Inc.	100	1,970
1URS Corp.	400	17,460
1US Airways Group, Inc.	420	1,974
1USG Corp.	256	4,398
UTi Worldwide, Inc.	400	5,792
1Valassis Communications, Inc.	200	3,576
Valmont Industries, Inc.	68	5,792
Viad Corp.	57	1,135
W.W. Grainger, Inc.	289	25,825
1Waste Connections, Inc.	330	9,524
Waste Management, Inc.	2,130	63,517
Watsco, Inc.	100	5,391
Watson Wyatt Worldwide, Inc.	170	7,405
Watts Water Technologies, Inc.	91	2,753
Weight Watchers International, Inc.	209	5,735
Werner Enterprises, Inc.	180	3,353
Woodward Governor Co.	300	7,278
World Fuel Services Corp.	140	6,730
1Wright Express Corp.	210	6,197
1YRC Worldwide, Inc.	200	890
Total Industrials		6,332,538
Information Technology - 17.7%
13Com Corp.	1,950	10,198
13PAR, Inc.	200	2,206
1ACI Worldwide, Inc.	200	3,026
1Acme Packet, Inc.	100	1,001
1Actel Corp.	100	1,217

15

AARP Portfolios

U.S. Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Information Technology - (continued)
1Activision Blizzard, Inc.	2,800	$	34,692
1Acxiom Corp.	400		3,784
1Adaptec, Inc.	600		2,004
1ADC Telecommunications, Inc.	498		4,153
1Adobe Systems, Inc.	2,400		79,296
ADTRAN, Inc.	280		6,874
1Advanced Energy Industries, Inc.	100		1,424
1Advanced Micro Devices, Inc.	3,052		17,274
1Advent Software, Inc.	100		4,025
1Affiliated Computer Services, Inc.	400		21,668
1Agilent Technologies, Inc.	1,700		47,311
1Akamai Technologies, Inc.	791		15,567
Allscripts Healthcare Solutions, Inc.	400		8,108
Altera Corp.	1,300		26,663
1American Reprographics Co.	104		990
1Amkor Technology, Inc.	336		2,312
Amphenol Corp.	800		30,144
1Anadigics, Inc.	200		942
Analog Devices, Inc.	1,298		35,799
Analogic Corp.	37		1,370
1Anixter International, Inc.	200		8,022
1Ansys, Inc.	443		16,599
1Apple Computer, Inc.	4,150		769,285
Applied Materials, Inc.	6,100		81,740
1Applied Micro Circuits Corp.	237		2,368
1ArcSight, Inc.	100		2,407
1Ariba, Inc.	300		3,480
1Arris Group, Inc.	642		8,352
1Arrow Electronics, Inc.	530		14,919
1Art Technology Group, Inc.	600		2,316
1AsiaInfo Holdings, Inc.	100		1,997
1athenahealth, Inc.	100		3,837
1Atheros Communications, Inc.	298		7,906
1Atmel Corp.	1,800		7,542
1ATMI, Inc.	100		1,815
1Autodesk, Inc.	1,047		24,919
Automatic Data Processing, Inc.	2,400		94,320
1Avid Technology, Inc.	150		2,114
1Avnet, Inc.	660		17,140
1Avocent Corp.	170		3,446
AVX Corp.	310		3,698
1Benchmark Electronics, Inc.	390		7,020
Black Box Corp.	130		3,262
Blackbaud, Inc.	194		4,501
1Blackboard, Inc.	200		7,556
1Blue Coat Systems, Inc.	200		4,518
1BMC Software, Inc.	840		31,525
1Broadcom Corp.	2,015		61,840
1Brooks Automation, Inc.	130		1,005
CA, Inc.	1,900		41,781
1Cabot Microelectronics Corp.	100		3,486
1CACI International, Inc.	110		5,200

1Cadence Design Systems, Inc.	1,100	8,074
1Cavium Networks, Inc.	200	4,294
1Cerner Corp.	327	24,460
1Checkpoint Systems, Inc.	160	2,630
1Ciber, Inc.	200	800
1Ciena Corp.	474	7,717
1Cirrus Logic, Inc.	300	1,668
1Cisco Systems, Inc.	26,795	630,754
1Citrix Systems, Inc.	870	34,130
1Cogent Communications Group, Inc.	100	1,130
Cognex Corp.	170	2,785
1Cognizant Technology Solutions Corp.	1,354	52,346
1Cogo Group, Inc.	100	612
1Coherent, Inc.	100	2,332
Cohu, Inc.	100	1,356
1CommScope, Inc.	400	11,972
1Commvault Systems, Inc.	200	4,150
1Computer Sciences Corp.	700	36,897
1Compuware Corp.	1,100	8,063
1comScore, Inc.	100	1,801
1Comtech Telecommunications Corp.	162	5,382
1Concur Technologies, Inc.	200	7,952
1Conexant Systems, Inc.	66	181
1Constant Contact, Inc.	100	1,925
Corning, Inc.	7,175	109,849
1Cree, Inc.	490	18,007
CTS Corp.	100	930
1Cybersource Corp.	400	6,668
1Cymer, Inc.	150	5,829
1Cypress Semiconductor Corp.	636	6,570
Daktronics, Inc.	100	857
1DealerTrack Holdings, Inc.	200	3,782
1Dell, Inc.	8,200	125,132
Diebold, Inc.	355	11,690
1Digital River, Inc.	189	7,620
1Diodes, Inc.	144	2,605
1DSP Group, Inc.	100	814
Earthlink, Inc.	390	3,280
1eBay, Inc.	5,100	120,411
1Ebix, Inc.	100	5,536
1Echelon Corp.	100	1,287
1Eclipsys Corp.	280	5,404
1Electro Scientific Industries, Inc.	100	1,339
1Electronic Arts, Inc.	1,500	28,575
1Electronics for Imaging, Inc.	170	1,916
1EMC Corp.	9,400	160,176
1Emulex Corp.	400	4,116
1Entegris, Inc.	600	2,970
1Epicor Software Corp.	100	637
1EPIQ Systems, Inc.	100	1,450
1Equinix, Inc.	200	18,400
1Exar Corp.	100	735
1Exponent, Inc.	100	2,817
1Extreme Networks	209	585
1F5 Networks, Inc.	416	16,486
Fair Isaac Corp.	178	3,825

16

AARP Portfolios

U.S. Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Information Technology - (continued)
1Fairchild Semiconductor International, Inc.	670	$	6,854
1FARO Technologies, Inc.	72		1,237
1FEI Co.	200		4,930
1First Solar, Inc.	209		31,948
1Flextronics International Ltd.	3,900		29,094
1Flir Systems, Inc.	680		19,020
1FormFactor, Inc.	260		6,219
1Forrester Research, Inc.	100		2,664
1Gartner, Inc.	210		3,837
1Google, Inc.	1,120		555,352
1Greatbatch, Inc.	100		2,247
1Harmonic, Inc.	300		2,004
Harris Corp.	595		22,372
Hewlett-Packard Co.	11,100		524,031
1Hittite Microwave Corp.	100		3,678
1IAC	441		8,904
1IHS, Inc.	261		13,345
Imation Corp.	100		927
1Informatica Corp.	420		9,484
1Infospace, Inc.	50		387
1Ingram Micro, Inc.	760		12,806
1Innerworkings, Inc.	100		494
1Integral Systems, Inc.	100		690
1Integrated Device Technology, Inc.	604		4,083
Intel Corp.	26,069		510,170
1InterDigital Communications, Inc.	200		4,632
1InterNAP Network Services Corp.	100		321
International Business Machines Corp.	6,138		734,166
1International Rectifier Corp.	280		5,457
1Internet Capital Group, Inc.	200		1,672
Intersil Corp.	670		10,258
1Intuit, Inc.	1,383		39,415
1Itron, Inc.	237		15,201
1Ixia	100		686
1j2 Global Communications, Inc.	160		3,682
Jabil Circuit, Inc.	908		12,176
Jack Henry & Associates, Inc.	346		8,121
1JDA Software Group, Inc.	100		2,194
1Juniper Networks, Inc.	2,400		64,848
1K12, Inc.	100		1,648
KLA-Tencor Corp.	773		27,720
1Knot, Inc.	100		1,092
1Kopin Corp.	300		1,440
1Kulicke & Soffa Industries, Inc.	200		1,206
1L-1 Identity Solutions, Inc.	300		2,097
1Lam Research Corp.	559		19,095
1Lattice Semiconductor Corp.	300		675
1Lawson Software, Inc.	400		2,496
Lender Processing Services, Inc.	454		17,329
1Lexmark International, Inc.	340		7,324
Linear Technology Corp.	1,004		27,741

1Littelfuse, Inc.	83	2,178
1LSI Logic Corp.	3,120	17,129
1Magma Design Automation, Inc.	100	209
1Manhattan Associates, Inc.	100	2,020
1ManTech International Corp.	100	4,716
1MarketAxess Holdings, Inc.	100	1,205
1Marvell Technology Group Ltd.	2,400	38,856
1Mattson Technology, Inc.	200	564
Maxim Integrated Products, Inc.	1,400	25,396
1Maxwell Technologies, Inc.	200	3,686
1McAfee, Inc.	780	34,156
1MedAssets, Inc.	100	2,257
1MEMC Electronic Materials, Inc.	1,029	17,112
1Mentor Graphics Corp.	300	2,793
1Metavante Technologies, Inc.	448	15,447
Methode Electronics, Inc.	100	867
1Mettler Toledo International, Inc.	157	14,223
Micrel, Inc.	208	1,695
Microchip Technology, Inc.	800	21,200
1Micron Technology, Inc.	4,000	32,800
1MICROS Systems, Inc.	384	11,593
1Microsemi Corp.	380	6,000
Microsoft Corp.	37,295	965,568
1MicroStrategy, Inc.	20	1,431
1MKS Instruments, Inc.	233	4,495
1ModusLink Global Solutions, Inc.	150	1,214
Molex, Inc.	291	6,076
1Monolithic Power Systems, Inc.	100	2,345
Motorola, Inc.	10,762	92,446
1MPS Group, Inc.	540	5,681
1MSC.Software Corp.	200	1,682
MTS Systems Corp.	100	2,921
National Instruments Corp.	300	8,289
National Semiconductor Corp.	999	14,256
1NCR Corp.	700	9,674
1Ness Technologies, Inc.	200	1,578
1NetApp, Inc.	1,571	41,914
1Netezza Corp.	100	1,124
1NetGear, Inc.	100	1,835
1Netlogic Microsystems, Inc.	100	4,500
1Netscout Systems, Inc.	200	2,702
1Newport Corp.	100	876
NIC, Inc.	200	1,778
1Novatel Wireless, Inc.	100	1,136
1Novell, Inc.	1,720	7,757
1Novellus Systems, Inc.	394	8,266
1Nuance Communications, Inc.	890	13,314
1NVIDIA Corp.	2,500	37,575
1Omniture, Inc.	400	8,576
1OmniVision Technologies, Inc.	180	2,930
1ON Semiconductor Corp.	1,930	15,922
1Oplink Communications, Inc.	100	1,452
Oracle Corp.	18,600	387,624
1OSI Systems, Inc.	100	1,829
1Palm, Inc.	800	13,944
1Parametric Technology Corp.	600	8,292
Park Electrochemical Corp.	100	2,465

17

AARP Portfolios

U.S. Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Information Technology - (continued)
Paychex, Inc.	1,521	$	44,185
Pegasystems, Inc.	100		3,453
1Perficient, Inc.	100		827
PerkinElmer, Inc.	537		10,332
1Perot Systems Corp.	420		12,474
1Phase Forward, Inc.	200		2,808
Plantronics, Inc.	260		6,971
1Plexus Corp.	170		4,478
1PMC-Sierra, Inc.	900		8,604
1Polycom, Inc.	430		11,502
1Powerwave Technologies, Inc.	330		528
1Progress Software Corp.	170		3,851
1QLogic Corp.	500		8,600
QUALCOMM, Inc.	7,756		348,865
Quality Systems, Inc.	149		9,174
1Quantum Corp.	800		1,008
1Quest Software, Inc.	300		5,055
1Rackspace Hosting, Inc.	200		3,412
1Rambus, Inc.	396		6,890
1RealNetworks, Inc.	180		670
1Red Hat, Inc.	909		25,125
1RF Micro Devices, Inc.	1,000		5,430
1RightNow Technologies, Inc.	100		1,444
1Riverbed Technology, Inc.	300		6,588
1Rofin-Sinar Technologies, Inc.	120		2,755
1Rogers Corp.	56		1,678
Roper Industries, Inc.	466		23,757
1Rovi Corp.	521		17,506
1Rudolph Technologies, Inc.	100		740
1S1 Corp.	200		1,236
1SAIC, Inc.	900		15,786
1salesforce.com, Inc.	550		31,311
1SanDisk Corp.	1,100		23,870
1Sapient Corp.	300		2,412
1ScanSource, Inc.	100		2,832
1Seachange International, Inc.	200		1,500
Seagate Technology	2,388		36,321
1Semtech Corp.	210		3,572
1ShoreTel, Inc.	300		2,343
1Shutterfly, Inc.	100		1,663
1Sigma Designs, Inc.	100		1,453
1Silicon Graphics International Corp.	110		738
1Silicon Image, Inc.	200		486
1Silicon Laboratories, Inc.	250		11,590
1Skyworks Solutions, Inc.	833		11,029
1Smith Micro Software, Inc.	100		1,236
1Sohu.com, Inc.	200		13,756
Solera Holdings, Inc.	300		9,333
1SonicWALL, Inc.	300		2,520
1Sonus Networks, Inc.	1,600		3,392
1Sourcefire, Inc.	100		2,147
1SPSS, Inc.	100		4,995

1SRA International, Inc.	150	3,239
1Standard Microsystems Corp.	100	2,321
1Stanley, Inc.	100	2,572
1STEC, Inc.	200	5,878
1Stratasys, Inc.	100	1,716
1SuccessFactors, Inc.	300	4,221
1Sun Microsystems, Inc.	3,400	30,906
1Supertex, Inc.	100	3,000
1Switch & Data Facilities Co., Inc.	100	1,361
1Sybase, Inc.	378	14,704
1Sycamore Networks, Inc.	1,060	3,201
1SYKES Enterprises, Inc.	200	4,164
1Symantec Corp.	3,800	62,586
1Synaptics, Inc.	150	3,780
1Synchronoss Technologies, Inc.	87	1,085
1SYNNEX Corp.	100	3,048
1Synopsys, Inc.	642	14,394
Syntel, Inc.	100	4,773
1Take-Two Interactive Software, Inc.	285	3,195
1Taleo Corp.	100	2,264
1Taser International, Inc.	200	944
1Tech Data Corp.	280	11,651
Technitrol, Inc.	100	921
1Tekelec	300	4,929
1TeleCommunication Systems, Inc.	240	2,006
1Teledyne Technologies, Inc.	150	5,398
1Tellabs, Inc.	1,593	11,024
1Teradata Corp.	826	22,732
1Teradyne, Inc.	700	6,475
1Tessera Technologies, Inc.	260	7,251
Texas Instruments, Inc.	5,900	139,771
1Thermo Electron Corp.	1,916	83,672
1THQ, Inc.	180	1,231
1TIBCO Software, Inc.	850	8,066
1TNS, Inc.	100	2,740
1TradeStation Group, Inc.	300	2,445
1Trident Microsystems, Inc.	180	466
1Trimble Navigation Ltd.	584	13,963
1Triquint Semiconductor, Inc.	600	4,632
1TTM Technologies, Inc.	200	2,294
Tyco Electronics Ltd.	2,099	46,766
1Tyler Technologies, Inc.	100	1,709
1Ultimate Software Group, Inc.	100	2,872
1Ultratech, Inc.	200	2,646
1Unisys Corp.	1,674	4,470
United Online, Inc.	300	2,412
1Universal Display Corp.	100	1,194
1UTStarcom, Inc.	180	376
1ValueClick, Inc.	312	4,115
1Varian Semiconductor Equipment Associates, Inc.	362	11,888
1Varian, Inc.	150	7,659
1Vasco Data Security International, Inc.	100	742
1Veeco Instruments, Inc.	100	2,332
1VeriFone Holdings, Inc.	260	4,131
1Verigy Ltd.	200	2,324
1VeriSign, Inc.	910	21,558

18

AARP Portfolios

U.S. Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Information Technology - (continued)
1Viasat, Inc.	100	$	2,658
1Vishay Intertechnology, Inc.	1,010		7,979
1VistaPrint NV	200		10,150
1VMware, Inc.	200		8,034
1Vocus, Inc.	100		2,089
1Volterra Semiconductor Corp.	200		3,674
1Waters Corp.	500		27,930
1Websense, Inc.	160		2,688
1Western Digital Corp.	1,003		36,640
Xerox Corp.	4,027		31,169
Xilinx, Inc.	1,288		30,165
1Yahoo!, Inc.	6,087		108,409
1Zebra Technologies Corp.	285		7,390
1Zoran Corp.	152		1,751
Total Information Technology			9,541,881
Materials - 4.0%
A.M. Castle & Co.	100		994
Air Products & Chemicals, Inc.	972		75,408
Airgas, Inc.	357		17,268
AK Steel Holding Corp.	590		11,641
Albemarle Corp.	300		10,380
Alcoa, Inc.	4,500		59,040
Allegheny Technologies, Inc.	400		13,996
1Allied Nevada Gold Corp.	300		2,937
1Alpha Natural Resources, Inc.	529		18,568
AMCOL International Corp.	100		2,289
American Vanguard Corp.	100		831
Ameron International Corp.	33		2,309
AptarGroup, Inc.	339		12,665
Arch Chemicals, Inc.	100		2,999
Arch Coal, Inc.	734		16,243
Ashland, Inc.	380		16,424
Balchem Corp.	100		2,630
Ball Corp.	436		21,451
Bemis Co.	530		13,732
1Brush Engineered Materials, Inc.	100		2,446
1Buckeye Technologies, Inc.	200		2,146
Cabot Corp.	335		7,742
1Calgon Carbon Corp.	194		2,877
Carpenter Technology Corp.	200		4,678
Celanese Corp.	648		16,200
1Century Aluminum Co.	200		1,870
CF Industries Holdings, Inc.	246		21,213
1Clearwater Paper Corp.	51		2,108
Cliffs Natural Resources, Inc.	640		20,710
1Coeur d’Alene Mines Corp.	262		5,371
Commercial Metals Co.	620		11,098
Compass Diversified Holdings	200		2,094
Compass Minerals International, Inc.	125		7,703
Consol Energy, Inc.	875		39,471
1Crown Holdings, Inc.	787		21,406

Cytec Industries, Inc.	238	7,728
Deltic Timber Corp.	100	4,577
Dow Chemical Co.	5,000	130,350
Eagle Materials, Inc.	234	6,688
Eastman Chemical Co.	356	19,060
Ecolab, Inc.	1,165	53,858
EI Du Pont de Nemours & Co.	4,200	134,988
Ferro Corp.	200	1,780
FMC Corp.	300	16,875
Freeport-McMoRan Copper & Gold, Inc.	1,900	130,359
1General Moly, Inc.	300	945
1GenTek, Inc.	100	3,804
Gibraltar Industries, Inc.	100	1,327
1GrafTech International Ltd.	600	8,820
1Graphic Packaging Holding Co.	300	693
Greif, Inc.	96	5,285
1Haynes International, Inc.	50	1,591
HB Fuller Co.	238	4,974
1Hecla Mining Co.	1,000	4,390
1Horsehead Holding Corp.	200	2,344
Huntsman Corp.	891	8,117
Innophos Holdings, Inc.	100	1,850
Innospec, Inc.	94	1,387
1International Coal Group, Inc.	400	1,612
International Flavors & Fragrances, Inc.	395	14,982
International Paper Co.	1,867	41,503
1Intrepid Potash, Inc.	200	4,718
1James River Coal Co.	100	1,911
Jarden Corp.	382	10,723
Kaiser Aluminum Corp.	50	1,818
1Louisiana-Pacific Corp.	730	4,869
1LSB Industries, Inc.	100	1,557
Lubrizol Corp.	326	23,296
Martin Marietta Materials, Inc.	187	17,217
Massey Energy Co.	400	11,156
MeadWestvaco Corp.	805	17,960
Minerals Technologies, Inc.	78	3,710
Monsanto Co.	2,600	201,240
Mosaic Co.	760	36,533
Myers Industries, Inc.	100	1,077
Neenah Paper, Inc.	100	1,177
NewMarket Corp.	60	5,582
Newmont Mining Corp.	2,200	96,844
1Northwest Pipe Co.	100	3,353
Nucor Corp.	1,456	68,447
Olin Corp.	300	5,232
Olympic Steel, Inc.	100	2,869
1OM Group, Inc.	106	3,221
1Owens-Illinois, Inc.	771	28,450
P.H. Glatfelter Co.	100	1,148
Packaging Corp. of America	500	10,200
1Pactiv Corp.	600	15,630
1Patriot Coal Corp.	400	4,704
Peabody Energy Corp.	1,263	47,009
1PolyOne Corp.	300	2,001
2Potlatch Corp.	181	5,150
PPG Industries, Inc.	790	45,986

19

AARP Portfolios

U.S. Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Materials - (continued)
Praxair, Inc.	1,400	$	114,366
Rayonier, Inc.	400		16,364
Rock-Tenn Co.	200		9,422
1Rockwood Holdings, Inc.	200		4,114
Royal Gold, Inc.	149		6,794
RPM International, Inc.	600		11,094
1RTI International Metals, Inc.	88		2,192
Schnitzer Steel Industries, Inc.	100		5,325
Schulman (A.), Inc.	100		1,993
Scotts Miracle-Gro Co.	206		8,848
Sealed Air Corp.	782		15,351
Sigma-Aldrich Corp.	594		32,064
Silgan Holdings, Inc.	100		5,273
1Solutia, Inc.	500		5,790
Sonoco Products Co.	430		11,842
Spartech Corp.	86		926
Steel Dynamics, Inc.	900		13,806
Stepan Co.	100		6,008
1Stillwater Mining Co.	100		672
1Symyx Technologies	60		397
Temple-Inland, Inc.	400		6,568
Texas Industries, Inc.	163		6,844
Titanium Metals Corp.	407		3,903
United States Steel Corp.	728		32,301
1USEC, Inc.	630		2,955
Valspar Corp.	466		12,820
Vulcan Materials Co.	600		32,442
Wausau Paper Corp.	100		1,000
Westlake Chemical Corp.	100		2,570
Weyerhaeuser Co.	980		35,917
Worthington Industries, Inc.	400		5,560
1WR Grace & Co.	300		6,522
Zep, Inc.	100		1,625
1Zoltek Cos., Inc.	100		1,050
Total Materials			2,190,331
Telecommunication Services - 3.1%
Alaska Communications Systems Group, Inc.	100		925
1American Tower Corp.	1,843		67,085
1Aruba Networks, Inc.	400		3,536
AT&T, Inc.	27,418		740,560
Atlantic Tele-Network, Inc.	100		5,342
1Cbeyond, Inc.	100		1,613
1Centennial Communications Corp.	373		2,977
CenturyTel, Inc.	1,379		46,334
1Cincinnati Bell, Inc.	740		2,590
Consolidated Communications Holdings, Inc.	100		1,601
1Crown Castle International Corp.	1,381		43,308
1EchoStar Corp.	141		2,603
1EMS Technologies, Inc.	100		2,082

Fairpoint Communications, Inc.	295	121
1Finisar Corp.	99	958
Frontier Communications Corp.	1,300	9,802
1General Communication, Inc.	100	686
1Global Crossing Ltd.	100	1,430
1Harris Stratex Networks, Inc.	447	3,129
1Hughes Communications, Inc.	100	3,034
1ICO Global Communications Holdings Ltd.	500	430
Iowa Telecommunications Services, Inc.	100	1,260
1iPCS, Inc.	45	783
1JDS Uniphase Corp.	797	5,667
1Leap Wireless International, Inc.	239	4,672
1Level 3 Communications, Inc.	7,454	10,361
1Liberty Global, Inc.	600	13,542
1Loral Space & Communications, Inc.	100	2,748
1MetroPCS Communications, Inc.	1,200	11,232
1NeuStar, Inc.	346	7,820
1Neutral Tandem, Inc.	100	2,276
1NII Holdings, Inc.	800	23,984
NTELOS Holdings Corp.	100	1,766
1PAETEC Holding Corp.	300	1,161
1Premiere Global Services, Inc.	200	1,662
Qwest Communications International, Inc.	7,131	27,169
1RCN Corp.	70	651
1SAVVIS, Inc.	100	1,582
1SBA Communications Corp.	490	13,245
Shenandoah Telecom Co.	100	1,795
1Sprint Nextel Corp.	12,900	50,955
1Starent Networks Corp.	200	5,084
1Syniverse Holdings, Inc.	300	5,250
Telephone & Data Systems, Inc.	223	6,915
Telephone & Data Systems, Inc. (Special Shares)	200	5,936
1TerreStar Corp.	400	916
Time Warner Cable, Inc.	1,646	70,926
1tw telecom, Inc.	648	8,716
1US Cellular Corp.	66	2,579
USA Mobility, Inc.	100	1,288
Verizon Communications, Inc.	13,208	399,806
1Vonage Holdings Corp.	200	278
Windstream Corp.	2,100	21,273
Total Telecommunication Services		1,653,444
Utilities - 4.2%
1AES Corp.	3,100	45,942
AGL Resources, Inc.	391	13,791
Allegheny Energy, Inc.	806	21,375
Allete, Inc.	100	3,357
Alliant Energy Corp.	527	14,677
Ameren Corp.	1,158	29,274
American Electric Power Co., Inc.	2,264	70,161
American States Water Co.	100	3,618
American Water Works Co., Inc.	700	13,958
Aqua America, Inc.	594	10,478
Atmos Energy Corp.	432	12,174
Avista Corp.	200	4,044

20

AARP Portfolios

U.S. Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Utilities - (continued)
Black Hills Corp.	150	$	3,776
California Water Service Group	100		3,894
1Calpine Corp.	1,600		18,432
CenterPoint Energy, Inc.	1,800		22,374
CH Energy Group, Inc.	70		3,102
Cleco Corp.	300		7,524
CMS Energy Corp.	1,100		14,740
Consolidated Edison, Inc.	1,274		52,158
Constellation Energy Group, Inc.	854		27,644
Dominion Resources, Inc.	2,700		93,150
DPL, Inc.	580		15,138
DTE Energy Co.	807		28,358
Duke Energy Corp.	6,072		95,573
1Dynegy, Inc.	1,836		4,682
Edison International	1,460		49,027
1El Paso Electric Co.	190		3,357
Empire District Electric Co.	150		2,714
1Enbridge Energy Management LLC	100		4,509
Energen Corp.	380		16,378
1EnerNOC, Inc.	100		3,316
Entergy Corp.	880		70,277
EQT Corp.	600		25,560
Exelon Corp.	3,057		151,688
FirstEnergy Corp.	1,430		65,380
FPL Group, Inc.	1,793		99,027
Great Plains Energy, Inc.	600		10,770
Hawaiian Electric Industries, Inc.	420		7,610
IDACORP, Inc.	175		5,038
Integrys Energy Group, Inc.	369		13,243
ITC Holdings Corp.	200		9,090
1Kinder Morgan Management LLC	376		17,804
Laclede Group, Inc.	120		3,859
Macquarie Infrastructure Co. LLC	168		1,514
MDU Resources Group, Inc.	808		16,847
MGE Energy, Inc.	100		3,648
1Mirant Corp.	800		13,144
Nalco Holding Co.	710		14,548
National Fuel Gas Co.	300		13,743
New Jersey Resources Corp.	240		8,714
Nicor, Inc.	269		9,843
NiSource, Inc.	1,254		17,418
Northeast Utilities	776		18,422
Northwest Natural Gas Co.	90		3,749
NorthWestern Corp.	170		4,153
1NRG Energy, Inc.	1,226		34,561
NSTAR	520		16,546
NV Energy, Inc.	986		11,428
OGE Energy Corp.	430		14,224
Oneok, Inc.	500		18,310
Ormat Technologies, Inc.	100		4,082
Otter Tail Corp.	190		4,547
Pepco Holdings, Inc.	967		14,389

1Perini Corp.		100		2,130
1Petrohawk Energy Corp.		1,400		33,894
PG&E Corp.		1,755		71,060
Piedmont Natural Gas Co.		300		7,182
Pinnacle West Capital Corp.		490		16,082
PNM Resources, Inc.		384		4,485
Portland General Electric Co.		300		5,916
PPL Corp.		1,700		51,578
Progress Energy, Inc.		1,287		50,270
Public Service Enterprise Group, Inc.		2,400		75,456
Questar Corp.		829		31,137
1RRI Energy, Inc.		1,674		11,952
SCANA Corp.		587		20,486
Sempra Energy		1,138		56,684
SJW Corp.		100		2,285
South Jersey Industries, Inc.		190		6,707
Southern Co.		3,681		116,577
Southern Union Co.		536		11,143
Southwest Gas Corp.		200		5,116
1Southwestern Energy Co.		1,608		68,630
Spectra Energy Corp.		3,000		56,820
TECO Energy, Inc.		949		13,362
UGI Corp.		451		11,302
UIL Holdings Corp.		100		2,639
UniSource Energy Corp.		160		4,920
Vectren Corp.		314		7,235
Westar Energy, Inc.		537		10,477
WGL Holdings, Inc.		200		6,628
Wisconsin Energy Corp.		605		27,328
Xcel Energy, Inc.		2,132		41,020
Total Utilities				2,266,372
Total Common Stocks - (Identified Cost $59,819,800)				53,620,368
Mutual Fund - 1.2%
AIM Prime Fund (At Net Asset Value)	$	647,227		647,227
	Par Amount
U.S. Treasury - 0.2%
4United States Treasury Bill, 0.130%, 12/10/2009 (At Amortized Cost)		80,000		79,981
Total Investments - 100.6% (Identified Cost $60,547,008)				54,347,576
Other Assets & - Liabilities - Net(0.6)%				(307,729	)
Total Net Assets100.0%			$	54,039,847

¹ Non-income producing security.

² Real Estate Investment Trust (REIT).

21

AARP Portfolios

U.S. Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

³ Investments in non-controlled affiliate. The Portfolio owns shares of State Street Corp. with a cost basis of $118,980 at September 30, 2009.

⁴ Pledged as collateral to ensure the Portfolio is able to satisfy the obligation of its outstanding long futures contracts.

⁵ At September 30, 2009, the cost of investments for federal tax purposes was $60,547,008. The net unrealized depreciation of investments for federal tax purposes was $6,199,432. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $4,048,538 and net unrealized depreciation from investments for those securities having an excess of cost over value of $10,247,970.

At September 30, 2009, the Fund had the following outstanding long futures contracts:

Description	Number of Contracts	Notional Value		Expiration Date	Unrealized Appreciation
Russell 2000 E Mini Index Futures	5	$	301,500	December 2009	$	6,073
S&P Mini 500 Index Futures	10	$	526,450	December 2009	$	7,827

Futures contracts are valued at the last sale at the market close or at the mean between the bid and asked price if last sale is not available.

Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.

For information on the Portfolio’s policies regarding valuation of investments and other significant accounting policies, please refer to the Portfolios most recent semi-annual or annual financial statements.

22

AARP Portfolios

U.S. Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

The Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. In accordance with FAS 157, fair value is defined as the price that the Portfolios would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy for measuring fair value and enhancing disclosure. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

• Level 1 - quoted prices in active markets for identical investments

• Level 2 - other significant observable inputs (including quoted prices for similar events, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of September 30, 2009 in valuing the Portfolio’s investments carried at value:

ASSETS VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	5,862,246	$	—	$	—	$	5,862,246
Consumer Staples		4,657,136		—		—		4,657,136
Energy		5,602,779		—		—		5,602,779
Financials		8,811,879		—		—		8,811,879
Health Care		6,701,762		—		—		6,701,762
Industrials		6,332,538		—		—		6,332,538
Information Technology		9,541,881		—		—		9,541,881
Materials		2,190,331		—		—		2,190,331
Telecommunication Services		1,653,444		—		—		1,653,444
Utilities		2,266,372		—		—		2,266,372
Total Common Stocks		53,620,368		—		—		53,620,368
Mutual Funds		647,227		—		—		647,227
U.S. Treasury		79,981		—		—		79,981
Total Investments		54,347,576		—		—		54,347,576
Futures		13,900		—		—		13,900
Total Financial Instruments	$	13,900	$	—	$	—	$	13,900

23

AARP Portfolios

International Stock Market Portfolio

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - 69.6%
Aerospace & Defense - 0.5%
BAE Systems PLC	7,277	$	40,663
Cobham PLC	2,413		8,452
European Aeronautic Defence and Space Co. NV	899		20,180
Finmeccanica SpA	840		14,844
Gamesa Corp. Tecnologica SA	390		8,735
1Rolls-Royce Group PLC	3,804		28,658
Safran SA	401		7,511
Singapore Technologies Engineering Ltd.	3,000		5,856
Smiths Group PLC	803		11,417
Thales SA	189		9,373
Total			155,689
Air Freight & Couriers - 0.3%
Deutsche Post AG	1,739		32,562
Hamburger Hafen und Logistik AG	54		2,432
TNT NV	816		21,892
Toll Holdings Ltd.	1,358		10,219
Yamato Holdings Co. Ltd.	1,000		16,479
Total			83,584
Airlines - 0.1%
1Air France-KLM	271		4,924
All Nippon Airways Co. Ltd.	1,000		2,882
1British Airways PLC	1,285		4,534
1Cathay Pacific Airways Ltd.	2,000		3,169
Deutsche Lufthansa AG	461		8,167
1Iberia Lineas Aereas de Espana SA	811		2,522
1Japan Airlines Corp.	2,000		2,949
Qantas Airways Ltd.	2,057		5,190
Singapore Airlines Ltd.	940		9,194
Total			43,531
Auto Components - 0.4%
Aisin Seiki Co. Ltd.	400		9,787
Bridgestone Corp.	1,300		23,399
Compagnie Generale des Etablissements Michelin	310		24,311
Denso Corp.	1,000		29,495
NGK Spark Plug Co. Ltd.	1,000		12,804
NOK Corp.	200		2,990
Nokian Renkaat, OYJ	230		5,360
Stanley Electric Co. Ltd.	300		6,100
Sumitomo Rubber Industries, Inc.	300		2,839
Toyoda Gosei Co. Ltd.	100		2,933
Toyota Boshoku Corp.	100		1,979
Toyota Industries Corp.	400		11,016
Total			133,013
Automobiles - 2.2%
Bayerische Motoren Werke AG	716		34,512
Daihatsu Motor Co. Ltd.	1,000		10,245
DaimlerChrysler AG	1,871		94,166

1Fiat SpA	1,687	21,692
1Fuji Heavy Industries Ltd.	1,000	3,899
Honda Motor Co. Ltd.	3,500	108,123
1Isuzu Motors Ltd.	3,000	6,368
1Mazda Motor Corp.	2,000	4,492
1Mitsubishi Motors Corp.	8,000	13,228
1Nissan Motor Co. Ltd.	5,100	34,587
1Peugeot SA	334	10,180
1Renault SA	398	18,552
Suzuki Motor Corp.	700	16,385
Toyota Motor Corp.	5,800	231,339
Volkswagen AG	186	30,564
Yamaha Motor Co. Ltd.	400	4,947
Total		643,279
Banks - 11.3%
77 Bank Ltd.	1,000	5,720
1Allied Irish Banks PLC	282	1,348
1Alpha Bank AE	784	14,451
Anglo Irish Bank Corp. PLC	1,621	—
1Aozora Bank Ltd.	1,000	1,452
Australia & New Zealand Banking Group Ltd.	4,856	104,480
Banca Carige SpA	1,495	4,461
Banca Intesa SpA (Certificates.-participating cumulative)	1,839	6,530
Banca Monte dei Paschi di Siena SpA	5,120	10,950
Banca Popolare di Milano SCRL	825	6,276
Banche Popolari Unite SCPA	1,265	19,412
Banco Bilbao Vizcaya Argentaria SA	7,498	133,047
Banco Comercial Portugues SA	4,792	7,087
Banco de Sabadell SA	1,952	14,435
Banco Espirito Santo SA	1,052	7,464
1Banco Popolare SCRL	1,389	13,319
Banco Popular Espanol SA	1,674	16,774
Banco Santander Central Hispano SA	17,064	274,583
Banco Santander SA	67	1,085
Bank of Cyprus Public Co. Ltd.	1,230	9,356
Bank of East Asia Ltd.	3,365	12,157
1Bank of Ireland	292	1,461
Bank of Kyoto Ltd.	1,000	9,217
Bank of Yokohama Ltd.	3,000	14,748
Bankinter SA	654	8,252
1Barclays PLC	23,365	138,338
Bendigo Bank Ltd.	583	4,834
BNP Paribas	1,774	141,692
BOC Hong Kong Holdings Ltd.	8,000	17,548
Chiba Bank Ltd.	2,000	12,424
1Commerzbank AG	1,426	18,075
Commonwealth Bank of Australia	3,211	146,586
Credit Agricole SA	1,829	38,207
Credit Suisse Group	2,371	131,386
1Danske Bank A/S	1,010	26,445
DBS Group Holdings Ltd.	3,500	32,990
Deutsche Bank AG	1,252	96,052
1Deutsche Postbank AG	176	6,223
1Dexia SA	1,144	10,543
1DnB NOR ASA	1,600	18,521

1

AARP Portfolios

International Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Banks - (continued)
1EFG Eurobank Ergasias SA	658	$	10,348
Erste Bank der Oesterreichischen Sparkassen AG	393		17,557
Fukuoka Financial Group, Inc.	2,000		8,335
Gunma Bank Ltd.	1,000		5,519
Hachijuni Bank Ltd.	1,000		5,586
Hang Seng Bank Ltd.	1,600		23,040
Hiroshima Bank Ltd.	1,000		4,145
HSBC Holdings PLC	36,607		419,422
1Intesa Sanpaolo SpA	16,195		71,606
Investec PLC	865		6,340
Iyo Bank Ltd.	1,000		9,050
Joyo Bank Ltd.	1,000		4,927
Julius Baer Holding AG	439		21,894
1KBC Groep NV	331		16,620
1Lloyds TSB Group PLC	33,690		55,905
Mediobanca SpA	1,068		14,592
Mitsubishi UFJ Financial Group, Inc.	19,600		105,549
Mizuho Financial Group, Inc.	26,200		52,104
National Australia Bank Ltd.	3,976		107,889
1National Bank of Greece SA	1,263		45,266
1Natixis	2,123		12,795
Nishi-Nippon City Bank Ltd.	1,000		2,536
Nordea Bank AB	7,068		71,108
OKO Bank PLC	312		3,560
Oversea-Chinese Banking Corp. Ltd.	5,173		28,823
1Piraeus Bank SA	649		12,029
Raiffeisen International Bank Holding AG	119		7,757
Resona Holdings, Inc.	1,100		14,195
1Royal Bank of Scotland Group PLC	34,726		29,424
Sapporo Hokuyo Holdings, Inc.	600		2,138
Seven Bank Ltd.	1		2,480
1Shinsei Bank Ltd.	2,000		3,084
Shizuoka Bank Ltd.	1,000		10,592
1Skandinaviska Enskilda Banken AB	3,310		22,295
Societe Generale	958		77,078
Standard Chartered PLC	4,250		104,869
Sumitomo Mitsui Financial Group, Inc.	1,900		66,443
Suncorp-Metway Ltd.	2,819		22,083
Suruga Bank Ltd.	1,000		9,486
Svenska Handelsbanken	1,050		26,785
1Swedbank AB	800		7,624
1UniCredito Italiano SpA	29,901		116,788
United Overseas Bank Ltd.	3,000		35,730
Westpac Banking Corp.	6,042		139,911
Wing Hang Bank Ltd.	510		5,034
Total			3,378,270
Beverages - 1.3%
1Anheuser-Busch InBev NV	640		3
Asahi Breweries Ltd.	800		14,676

Carlsberg A/S	260	18,826
Coca-Cola Amatil Ltd.	1,162	10,056
Coca-Cola West Holdings Co. Ltd.	100	1,963
Diageo PLC	5,184	79,636
Foster’s Group Ltd.	4,089	20,019
Fraser and Neave Ltd.	2,000	5,636
Heineken Holding NV	234	9,542
Heineken NV	510	23,504
InBev NV	1,493	68,153
Ito En Ltd.	100	1,857
Kirin Brewery Co. Ltd.	2,000	30,747
Lion Nathan Ltd.	667	6,737
Pernod-Ricard SA	419	33,264
SABMiller PLC	1,869	45,131
Sapporo Holdings Ltd.	1,000	5,117
Total		374,867
Biotechnology - 0.0%
Grifols SA	272	5,179
Building Products - 0.3%
Asahi Glass Co. Ltd.	2,000	16,200
Assa Abloy AB	680	11,041
Cie de Saint-Gobain	759	39,360
Geberit AG	82	12,581
JS Group Corp.	500	8,799
Nippon Sheet Glass Co. Ltd.	1,000	3,352
TOTO Ltd.	1,000	6,279
Total		97,612
Chemicals - 2.0%
Akzo Nobel NV	476	29,479
Asahi Kasei Corp.	3,000	15,318
BASF AG	1,943	102,920
Bayer AG	1,582	109,579
Daicel Chemical Industries, Ltd.	1,000	6,055
Dainippon Ink and Chemicals, Inc.	1,000	1,430
Denki Kagaku Kogyo K. K.	1,000	4,134
GEA Group AG	322	6,717
Givaudan SA	14	10,483
JSR Corp.	400	8,223
K+S AG	330	18,001
Kaneka Corp.	1,000	7,206
Kansai Paint Co. Ltd.	1,000	7,821
Koninklijke DSM NV	301	12,571
Kuraray Co. Ltd.	500	5,475
Lonza Group AG	98	10,672
Mitsubishi Chemical Holdings Corp.	2,500	10,418
Mitsubishi Gas Chemical Co., Inc.	1,000	5,452
Mitsubishi Rayon Co. Ltd.	1,000	3,441
Mitsui Chemicals, Inc.	1,000	3,575
Novozymes A/S	110	10,348
Nufarm Ltd.	326	3,264
Orica Ltd.	728	15,092
Shin-Etsu Chemical Co. Ltd.	900	55,505
Showa Denko K.K.	2,000	4,089
Solvay SA	122	12,662
Sumitomo Chemical Co. Ltd.	3,000	12,536

2

AARP Portfolios

International Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Chemicals - (continued)
Syngenta AG	203	$	46,581
Taiyo Nippon Sanso Corp.	1,000		11,943
Teijin Ltd.	2,000		6,257
Tokuyama Corp.	1,000		7,352
Toray Industries, Inc.	3,000		18,234
Tosoh Corp.	1,000		2,536
Ube Industries Ltd.	2,000		5,273
Wacker Chemie AG	33		5,146
Yara International ASA	350		11,010
Total			606,798
Commercial Services & Supplies - 0.5%
Adecco SA	257		13,647
Benesse Corp.	200		9,832
Bureau Veritas SA	86		4,851
Capita Group PLC	1,280		14,799
Dai Nippon Printing Co. Ltd.	1,000		13,809
Group 4 Securicor PLC	2,609		9,210
Hakuhodo DY Holdings, Inc.	50		2,732
Invensys PLC	1,783		8,305
Legrand SA	202		5,617
Mitsubishi UFJ Lease & Finance Co. Ltd.	120		3,633
PagesJaunes Groupe SA	249		3,228
1Randstad Holdings NV	220		9,499
Secom Co. Ltd.	400		20,200
Securitas AB	680		6,558
Serco Group PLC	988		7,984
SGS SA	10		13,444
Societe BIC SA	54		3,839
Toppan Printing Co. Ltd.	1,000		9,497
Total			160,684
Communications Equipment - 0.7%
1Alcatel SA	4,792		21,430
Nokia OYJ	8,020		117,907
Telefonaktiebolaget LM Ericsson	6,190		62,097
Total			201,434
Computers & Peripherals - 0.3%
1Elpida Memory, Inc.	200		2,630
Fujitsu Ltd.	4,000		26,233
1Logitech International SA	381		6,936
Mitsumi Electric Co. Ltd.	200		4,330
1NEC Corp.	4,000		12,603
1Toshiba Corp.	8,000		42,098
Total			94,830
Construction & Engineering - 0.6%
Acciona SA	60		8,163
Actividades de Construction y Servicios SA (ACS)	296		15,432
Alstom SA	419		30,567
Amec PLC	730		8,819

Balfour Beatty PLC	1,055	5,436
Eiffage SA	79	5,032
Fomento de Construcciones y Contratas SA	100	4,681
Grupo Ferrovial SA	131	6,265
HOCHTIEF AG	83	6,321
1Husqvarna AB, Series B	896	6,215
Italcementi SpA	146	1,232
JGC Corp.	1,000	20,513
Kajima Corp.	2,000	5,139
Kinden Corp.	1,000	8,391
Kurita Water Industries Ltd.	200	7,195
Leighton Holdings Ltd.	310	9,891
Obayashi Corp.	1,000	4,391
SembCorp Industries Ltd.	2,000	4,812
Shimizu Corp.	1,000	3,944
Skanska AB	1,080	15,834
Taisei Corp.	2,000	3,977
Total		182,250
Construction Materials - 0.5%
Boral Ltd.	1,272	6,833
Cimpor Cimentos de Portugal SGPS SA	466	3,848
CRH PLC	940	25,996
CRH PLC	498	13,827
CSR Ltd.	2,218	3,678
Fletcher Building Ltd.	1,118	6,750
1Holcim Ltd.	511	35,014
Imerys SA	67	3,843
Italcementi SpA	120	1,847
1James Hardie Industries NV	800	5,547
Lafarge SA	416	37,213
1Taiheiyo Cement Corp.	2,000	2,681
Titan Cement Co. SA	110	3,798
Total		150,875
Containers & Packaging - 0.1%
Amcor Ltd.	1,842	8,905
Rexam PLC	1,399	5,843
Toyo Seikan Kaisha Ltd.	300	5,788
Total		20,536
Distributors - 0.3%
ABC-Mart, Inc.	100	3,123
Li & Fung Ltd.	4,200	17,233
Metcash Ltd.	1,626	6,455
Olam International Ltd.	2,100	3,726
Reckitt Benckiser Group PLC	1,249	61,119
Total		91,656
Diversified Financials - 2.2%
3i Group PLC	2,046	9,449
Acom Co. Ltd.	100	1,544
Aeon Credit Service Co. Ltd.	100	1,010
Australian Stock Exchange Ltd.	361	11,210
Banco de Valencia SA	432	4,051
Bgp Holdings PLC Post Spin Shares	20,484	—
1Cattles PLC	24	3
Chinese Estates Holdings Ltd.	2,060	3,572

3

AARP Portfolios

International Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Diversified Financials - (continued)
Credit Saison Co. Ltd.	300	$	3,539
Criteria Caixacorp SA	1,788		9,181
Daiwa Securities Group, Inc.	3,000		15,519
Deutsche Boerse AG	422		34,477
Eurazeo	56		3,659
Exor SpA	175		3,238
Experian Group Ltd.	2,127		17,920
F&C Asset Management PLC	494		613
1Fortis NV	4,985		23,343
Groupe Bruxelles Lambert SA	168		15,512
GS Yuasa Corp.	1,000		9,161
Hokuhoku Financial Group, Inc.	2,000		4,692
Hong Kong Exchanges and Clearing Ltd.	2,000		36,258
ICAP PLC	1,044		7,062
1ING Groep NV	4,054		72,351
Investor AB	1,000		18,236
Jafco Co. Ltd.	100		3,067
Keppel Corp. Ltd.	3,000		17,247
London Stock Exchange Group PLC	301		4,123
Macquarie Group Ltd.	622		32,258
Man Group PLC	3,534		18,730
1Marfin Investment Group SA	1,304		5,608
Matsui Securities Co. Ltd.	200		1,636
Mediolanum SpA	422		2,935
Mitsui Trust Holdings, Inc.	2,000		7,441
1Mizuho Trust & Banking Co. Ltd.	3,000		3,184
Nomura Holdings, Inc.	5,200		32,128
ORIX Corp.	190		11,633
Pargesa Holding SA	57		4,916
Perpetual Ltd.	74		2,555
1Promise Co. Ltd.	100		547
Schroders PLC	261		4,565
Shinko Securities Co. Ltd.	1,000		3,653
Singapore Exchange Ltd.	2,000		11,953
Sony Financial Holdings, Inc.	2		5,763
Sumitomo Trust & Banking Co. Ltd.	3,000		15,988
Swire Pacific Ltd.	1,500		17,671
1UBS AG	7,526		137,588
Yamaguchi Financial Group, Inc.	1,000		10,402
Total			661,191
Diversified Telecommunication Services - 2.9%
Belgacom SA	351		13,668
BT Group PLC	16,753		34,851
Deutsche Telekom AG	5,896		80,471
Elisa OYJ	280		5,743
France Telecom SA	3,798		101,145
Hellenic Telecommunications Organization SA	560		9,257
Hutchison Telecommunications Hong Kong Holdings Ltd.	3,000		503

Hutchison Telecommunications International Ltd.	3,000	623
Iliad SA	32	3,604
1Millicom International Cellular SA	149	10,869
Mobistar SA	60	4,151
Nippon Telegraph & Telephone Corp.	1,100	51,126
PCCW Ltd.	8,000	2,096
Portugal Telecom SGPS SA	1,269	13,431
Prysmian SpA	217	4,070
Royal KPN NV	3,597	59,643
Singapore Telecommunications Ltd.	16,300	37,600
Swisscom AG	50	17,865
Tele2 AB	637	8,444
Telecom Corp. of New Zealand Ltd.	4,128	7,939
Telecom Italia SpA	21,715	38,087
Telecom Italia SpA (RNC-Participating Cumulative)	12,482	15,338
Telefonica SA	8,894	245,315
Telekom Austria AG	735	13,246
1Telenor ASA	1,700	19,679
TeliaSonera AB	4,670	30,652
Telstra Corp. Ltd.	9,519	27,459
Total		856,875
Electric Utilities - 2.6%
BKW FMB Energie AG	32	2,772
Cheung Kong Infrastructure Holdings Ltd.	1,000	3,587
Chubu Electric Power Co., Inc.	1,400	34,099
Chugoku Electric Power Co., Inc.	600	13,233
CLP Holdings Ltd.	4,500	30,658
1Contact Energy Ltd.	511	2,128
Drax Group PLC	739	5,576
E.ON AG	4,022	170,506
1EDP Renovaveis SA	435	4,782
Electric Power Development Co.	300	9,536
Electricite de France	486	28,822
Enel SpA	13,645	86,579
Energias de Portugal SA	3,801	17,404
Hokkaido Electric Power Co., Inc.	400	8,348
Hokuriku Electric Power Co.	400	10,212
HongKong Electric Holdings	3,000	16,490
Iberdrola Renovables	1,809	8,892
Iberdrola SA	7,723	75,750
International Power PLC	3,126	14,456
Kansai Electric Power Co., Inc.	1,600	38,791
Kyushu Electric Power Co., Inc.	800	18,189
1Public Power Corp.	210	4,673
Red Electrica de Espana	224	11,459
Scottish & Southern Energy PLC	1,983	37,222
Shikoku Electric Power Co., Inc.	400	12,245
Solarworld AG	167	4,055
Terna SpA	2,474	9,645
Tohoku Electric Power Co., Inc.	900	20,111
Tokyo Electric Power Co., Inc.	2,500	65,778

4

AARP Portfolios

International Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Electric Utilities - (continued)
Verbund - Oesterreichische Elektrizitatswirtschafts-AG	156	$	7,884
Total			773,882
Electrical Equipment - 1.5%
1ABB Ltd.	4,563		91,467
Fanuc Ltd.	400		35,976
1Fuji Electric Holdings Co. Ltd.	1,000		1,855
Furukawa Electric Co. Ltd.	1,000		4,078
Matsushita Electric Works Ltd.	1,000		11,988
1Mitsubishi Electric Corp.	4,000		30,389
Nitto Denko Corp.	300		9,217
Schneider Electric SA	482		48,835
Siemens AG	1,710		158,293
Sumitomo Electric Industries Ltd.	1,600		20,986
Ushio, Inc.	200		3,497
1Vestas Wind Systems A/S	470		33,963
Total			450,544
Electronic Equipment & Instruments - 0.7%
Citizen Watch Co. Ltd.	700		3,949
Hirose Electric Co. Ltd.	100		11,307
Hitachi Chemical Co. Ltd.	200		4,098
1Hitachi Ltd.	7,000		21,585
Hoya Corp.	900		21,317
Ibiden Co. Ltd.	300		11,195
Keyence Corp.	100		21,429
Kyocera Corp.	300		27,920
Mabuchi Motor Co. Ltd.	100		5,106
Nidec Corp.	200		16,290
Nippon Electric Glass Co. Ltd.	1,000		9,150
Omron Corp.	400		7,571
Rohm Co. Ltd.	200		14,033
Shimadzu Corp.	1,000		7,262
TDK Corp.	200		11,597
Yaskawa Electric Corp.	1,000		7,240
Yokogawa Electric Corp.	500		4,441
Total			205,490
Energy Equipment & Services - 0.3%
1Cie Generale de Geophysique-Veritas	284		6,624
Fugro NV	137		7,909
1Renewable Energy Corp. AS	525		4,606
Saipem SpA	563		16,950
SBM Offshore NV	318		6,759
1SeaDrill Ltd.	576		12,020
Technip SA	209		13,345
WorleyParsons Ltd.	340		8,911
Total			77,124
Food & Drug Retailing - 1.4%
Cadbury PLC	2,801		35,992
Carrefour SA	1,333		60,449

Casino Guichard Perrachon SA	115	9,118
Colruyt SA	34	7,988
Delhaize Group	208	14,435
FamilyMart Co. Ltd.	100	3,229
J Sainsbury PLC	2,260	11,753
Kesko OYJ	160	5,360
Koninklijke Ahold NV	2,579	31,011
Lawson, Inc.	100	4,659
1MEIJI Holdings Co. Ltd.	100	4,279
Seven & I Holdings Co. Ltd.	1,600	38,433
Tesco PLC	16,564	105,917
WM Morrison Supermarkets PLC	4,456	19,773
Woolworths Ltd.	2,537	65,462
Total		417,858
Food Products - 2.1%
Ajinomoto Co., Inc.	1,000	10,044
1Aryzta AG	172	6,962
Associated British Foods PLC	758	10,274
Coca Cola Hellenic Bottling Co. SA	350	9,313
1Genting International PLC	6,000	4,770
1Golden Agri-Resources Ltd.	13,384	4,085
Goodman Fielder Ltd.	2,884	4,249
Groupe DANONE	1,168	70,360
Incitec Pivot Ltd.	3,477	8,680
Kerry Group PLC	25	713
Kerry Group PLC	260	7,435
Kikkoman Corp.	1,000	12,491
Lindt & Spruengli AG	2	4,849
Nestle SA	7,643	325,268
Nippon Meat Packers, Inc.	1,000	12,893
Nisshin Seifun Group, Inc.	500	7,016
Nissin Food Products Co. Ltd.	100	3,855
Parmalat SpA	3,496	9,661
Suedzucker AG	163	3,302
Unilever NV	3,380	97,381
Wilmar International Ltd.	2,000	8,972
Yakult Honsha Co. Ltd.	200	5,352
Total		627,925
Gas Utilities - 0.5%
AGL Energy Ltd.	933	11,251
Centrica PLC	10,539	42,431
Enagas	373	7,792
Gas Natural SDG SA	458	10,117
Hong Kong & China Gas Co.	8,360	21,121
Osaka Gas Co. Ltd.	4,000	14,077
Snam Rete Gas SpA	3,353	16,309
Toho Gas Co. Ltd.	1,000	4,581
Tokyo Gas Co. Ltd.	5,000	20,837
Total		148,516
Health Care Equipment & Supplies - 0.7%
Air Liquide SA	520	59,143
Alfresa Holdings Corp.	100	4,089
BioMerieux	34	3,736
Cie Generale d’Optique Essilor International SA	411	23,415

5

AARP Portfolios

International Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Health Care Equipment & Supplies - (continued)
Cochlear Ltd.	113	$	6,655
Coloplast A/S	49		4,097
Getinge AB	433		7,260
1Luxottica Group SpA	283		7,328
Nobel Biocare Holding AG	235		7,768
Olympus Corp.	500		13,295
Phonak Holding AG	100		10,071
1Qiagen NV	433		9,185
Smith & Nephew PLC	1,833		16,440
Straumann Holding AG	15		3,878
Synthes, Inc.	123		14,805
Terumo Corp.	400		22,077
1William Demant Holding A/S	100		7,427
Total			220,669
Health Care Providers & Services - 0.1%
Celesio AG	173		4,768
Fresenius Medical Care AG & Co. KGaA	398		19,813
Fresenius SE	58		2,852
Mediceo Paltac Holdings Co. Ltd.	300		4,233
Sonic Healthcare Ltd.	826		10,354
Suzuken Co. Ltd.	100		3,463
Total			45,483
Hotels Restaurants & Leisure - 0.5%
Accor SA	315		17,529
Aristocrat Leisure Ltd.	764		3,538
1Autogrill SpA	172		2,078
Carnival PLC	333		11,361
City Developments Ltd.	1,000		7,325
Compass Group PLC	4,096		25,057
Crown Ltd.	943		7,429
Intercontinental Hotels Group PLC	520		6,761
Ladbrokes PLC	1,308		3,922
Lottomatica SpA	121		2,710
McDonald’s Holdings Co. Japan Ltd.	100		2,005
OPAP SA	460		11,857
Oriental Land Co. Ltd.	100		7,061
Shangri-La Asia Ltd.	2,000		3,768
Sky City Entertainment Group Ltd.	810		1,903
Sodexho Alliance SA	196		11,738
TABCORP Holdings Ltd.	1,180		7,422
Thomas Cook Group PLC	1,002		3,725
1TUI AG	428		4,414
TUI Travel PLC	1,127		4,591
UOL Group Ltd.	1,000		2,442
Whitbread PLC	364		7,083
Total			155,719
Household Durables - 0.9%
Casio Computer Co. Ltd.	400		3,276
Daito Trust Construction Co. Ltd.	200		8,759
Daiwa House Industry Co. Ltd.	1,000		10,502

1Electrolux AB	532	12,161
Koninklijke Philips Electronics NV	2,009	48,903
Makita Corp.	200	6,368
Matsushita Electric Industrial Co. Ltd.	4,100	60,603
RINNAI CORP	100	4,737
1Sanyo Electric Co. Ltd.	3,000	7,139
Sekisui Chemical Co. Ltd.	1,000	5,832
Sekisui House Ltd.	1,000	9,050
Sharp Corp.	2,000	22,301
Sony Corp.	2,100	62,293
Total		261,924
Household Products - 0.2%
Henkel KGaA	276	10,025
Kao Corp.	1,100	27,283
Uni-Charm Corp.	100	9,519
Total		46,827
Industrial Conglomerates - 0.5%
Aeon Mall Co. Ltd.	100	2,088
Brambles Ltd.	2,878	20,514
Burberry Group PLC	870	7,010
Hopewell Holdings Ltd.	1,000	3,142
Hutchison Whampoa Ltd.	5,000	36,032
Jeronimo Martins SGPS SA	479	4,194
Noble Group Ltd.	3,400	5,912
NWS Holdings Ltd.	2,128	4,135
Orkla ASA	1,718	16,186
1Pirelli & C SpA	5,630	3,014
Tomkins PLC	1,695	5,116
Wesfarmers Ltd.	322	7,542
Wesfarmers Ltd.-PPS	2,092	48,886
Total		163,771
Insurance - 3.1%
Admiral Group PLC	376	6,961
1Aegon NV	2,905	24,652
Aioi Insurance Co. Ltd.	1,000	5,117
Alleanza Assicurazioni SpA	825	7,440
Allianz AG	954	119,139
AMP Ltd.	4,267	24,542
Assicurazioni Generali SpA	2,220	60,826
Aviva PLC	5,751	41,238
AXA Asia Pacific Holdings Ltd.	2,252	8,681
AXA SA	3,247	87,873
Baloise Holding AG	109	10,399
CNP Assurances	77	7,843
Fondiaria-SAI SpA	141	2,964
Friends Provident Group PLC	4,940	6,577
1Hannover Rueckversicherung AG	128	5,866
Insurance Australia Group Ltd.	4,653	15,516
Irish Life & Permanent PLC	120	1,001
Legal & General Group PLC	12,307	17,291
Mapfre SA	1,393	6,229
Millea Holdings, Inc.	1,500	43,573
Mitsui Sumitomo Insurance Group Holdings, Inc.	900	24,887
Muenchener Rueckversicherungs AG	428	68,264

6

AARP Portfolios

International Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Insurance - (continued)
Nipponkoa Insurance Co. Ltd.	1,000	$	6,279
Old Mutual PLC	10,816		17,308
Prudential PLC	5,289		50,908
QBE Insurance Group Ltd.	2,195		46,588
Sampo OYJ	891		22,432
SCOR SE	355		9,701
Sompo Japan Insurance, Inc.	2,000		13,496
Standard Life PLC	4,715		16,523
1Swiss Life Holding	58		6,853
Swiss Reinsurance	743		33,496
T&D Holdings, Inc.	500		13,575
1Topdanmark A/S	50		7,555
TrygVesta A/S	53		4,051
1Unipol Gruppo Finanziario SpA	1,422		2,157
Wiener Staedtische Versicherung AG	82		4,678
Zurich Financial Services AG	307		72,930
Total			925,409
Internet & Catalog Retail - 0.0%
Dena Co. Ltd.	1		2,771
Rakuten, Inc.	13		8,685
Total			11,456
Internet Software & Services - 0.2%
SBI Holdings, Inc.	34		6,746
Softbank Corp.	1,600		35,270
1United Internet AG	267		4,027
Yahoo! Japan Corp.	31		10,564
Total			56,607
IT Consulting & Services - 0.2%
1Atos Origin SA	86		4,340
Cap Gemini SA	304		15,918
Computershare Ltd.	963		9,481
Indra Sistemas SA	200		4,985
Itochu Techno-Solutions Corp.	100		3,089
Nomura Research Institute Ltd.	200		4,771
NTT Data Corp.	3		9,640
Obic Co. Ltd.	10		1,697
Total			53,921
Leisure Equipment & Products - 0.2%
Fuji Photo Film Co. Ltd.	1,000		30,054
Konica Minolta Holdings, Inc.	1,000		9,508
Namco Bandai Holdings, Inc.	400		4,107
Sankyo Co. Ltd.	100		6,279
Shimano, Inc.	100		4,335
Tattersall’s Ltd.	2,323		5,205
Yamaha Corp.	300		3,560
Total			63,048
Machinery - 1.3%
Alfa Laval AB	800		9,378
Amada Co. Ltd.	1,000		6,748

Atlas Copco AB, Series A	1,393	17,927
Atlas Copco AB, Series B	816	9,297
Daikin Industries Ltd.	500	18,044
1HINO MOTORS, LTD.	1,000	3,810
Hitachi Construction Machinery Co. Ltd.	200	4,306
1Ishikawajima-Harima Heavy Industries Co. Ltd.	3,000	6,100
Japan Steel Works Ltd.	1,000	11,530
JTEKT Corp.	400	4,675
Kawasaki Heavy Industries Ltd.	3,000	7,642
Komatsu Ltd.	2,000	37,584
Kubota Corp.	2,000	16,692
Linde AG	312	33,811
MAN AG	225	18,564
Metso OYJ	290	8,158
Minebea Co. Ltd.	1,000	4,603
Mitsubishi Heavy Industries Ltd.	6,000	22,792
Mitsui Engineering & Shipbuilding Co. Ltd.	1,000	2,603
NGK Insulators Ltd.	1,000	23,239
NSK Ltd.	1,000	6,223
NTN Corp.	1,000	4,156
Sandvik AB	2,144	23,659
Scania AB	700	8,677
Schindler Holding AG	48	3,377
SembCorp Marine Ltd.	1,400	3,160
SMC Corp.	100	12,334
1Sumitomo Heavy Industries Ltd.	1,000	4,894
THK Co. Ltd.	200	3,928
Volvo AB, Series A	2,300	21,260
Volvo AB, Series B	914	8,187
Wartsila OYJ	200	8,011
Zardoya Otis SA	269	5,836
Total		381,205
Marine - 0.2%
A.P. Moller - Maersk A	1	6,681
A.P. Moller-Maersk Group A/S	2	13,755
Cosco Corp. Singapore Ltd.	2,000	1,703
Kamigumi Co. Ltd.	1,000	8,189
1Kawasaki Kisen Kaisha Ltd.	1,000	3,720
Mitsui OSK Lines Ltd.	2,000	11,888
Neptune Orient Lines Ltd.	1,000	1,263
Nippon Yusen Kabushiki Kaisha	2,000	7,754
Orient Overseas International Ltd.	1,000	5,110
Total		60,063
Media - 1.0%
British Sky Broadcasting PLC	2,372	21,692
Dentsu, Inc.	400	9,340
Eutelsat Communications	186	5,651
Fuji Television Network, Inc.	1	1,642
Gestevision Telecinco SA	184	2,320
1JC Decaux SA	134	2,901
John Fairfax Holdings Ltd.	4,676	7,074
Jupiter Telecommunications Co. Ltd.	6	5,819
Lagardere SCA	244	11,361
M6-Metropole Television	111	2,918

7

AARP Portfolios

International Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Media - (continued)
Mediaset SpA	1,585	$	11,083
Pearson PLC	1,683		20,764
Publicis Groupe	273		10,947
Reed Elsevier NV	1,358		15,316
Reed Elsevier PLC	2,486		18,630
Sanoma-WSOY OYJ	190		4,194
SES-FDR	587		13,310
Singapore Press Holdings Ltd.	3,000		8,219
Television Broadcasts Ltd.	1,000		4,336
Television Francaise 1 (TFI)	255		4,480
Thomson Reuters Corp.	372		12,488
Toho Co. Ltd.	200		3,399
Tokyo Broadcasting System, Inc.	100		1,706
Vivendi SA	2,423		74,948
Wolters Kluwer NV	593		12,661
WPP PLC	2,770		23,803
Total			311,002
Metals & Mining - 3.9%
Acerinox SA	291		6,253
1Alumina Ltd.	5,814		9,386
1Anglo American PLC	2,731		87,097
Antofagasta PLC	839		10,197
ArcelorMittal	1,804		67,426
BHP Billiton Ltd.	7,049		234,616
BHP Billiton PLC	4,651		127,118
BlueScope Steel Ltd.	3,648		9,429
Daido Steel Co. Ltd.	1,000		3,642
Dowa Mining Co. Ltd.	1,000		6,078
Energy Resources of Australia Ltd.	147		3,269
Eramet	11		3,816
Eurasian Natural Resources Corp.	510		7,153
1Fortescue Metals Group Ltd.	2,681		9,035
Fresnillo PLC	396		4,892
Husqvarna AB. Series B NPV	840		13,182
JFE Holdings, Inc.	1,000		34,412
Johnson Matthey PLC	458		10,173
Kazakhmys PLC	435		7,476
1Kobe Steel Ltd.	5,000		8,770
Kone OYJ	315		11,575
1Lonmin PLC	333		8,920
Maruichi Steel Tube Ltd.	100		2,005
1Mitsubishi Materials Corp.	2,000		5,542
1Mitsui Mining & Smelting Co. Ltd.	1,000		2,570
Newcrest Mining Ltd.	1,040		29,266
Nippon Steel Corp.	11,000		40,311
Nisshin Steel Co. Ltd.	2,000		3,575
OneSteel Ltd.	2,595		6,936
Outokumpu OYJ	200		3,762
1Oxiana Ltd.	6,416		6,452
Randgold Resources Ltd.	169		11,834
Rautaruukki OYJ	180		4,318

Rio Tinto Ltd.	907	47,399
Rio Tinto PLC	2,846	121,528
Salzgitter AG	80	7,665
Sims Group Ltd.	313	6,304
SSAB Svenskt Stal AB, Class A	312	4,829
SSAB Svenskt Stal AB, Class B	250	3,529
Sumitomo Metal Industries Ltd.	7,000	17,284
Sumitomo Metal Mining Co. Ltd.	1,000	16,468
Tenaris SA	977	17,408
The Umicore Group	271	8,111
ThyssenKrupp AG	684	23,544
Tokyo Steel Manufacturing Co. Ltd.	200	2,458
Vallourec Group	122	20,667
Vedanta Resources PLC	306	9,313
Voestalpine AG	254	9,062
1Xstrata PLC	3,944	58,221
Yamato Kogyo Co. Ltd.	100	2,827
Total		1,177,103
Multi-line Retail - 0.4%
Aeon Co. Ltd.	1,300	12,476
Compagnie Nationale a Portefeuille	84	4,569
Harvey Norman Holdings Ltd.	1,080	4,097
Home Retail Group	1,905	8,288
Isetan Mitsukoshi Holdings Ltd.	640	7,372
J Front Retailing Co. Ltd.	1,000	6,044
Lifestyle International Holdings Ltd.	1,500	2,303
Marks & Spencer Group PLC	3,512	20,350
Marui Co. Ltd.	500	3,592
Metro AG	241	13,626
Next PLC	404	11,585
PPR SA	157	20,117
Takashimaya Co. Ltd.	1,000	8,022
UNY Co. Ltd.	300	2,252
Total		124,693
Multi-Utilities - 0.4%
ACEA SpA	235	3,075
AEM SpA	2,665	5,236
RWE AG	881	81,798
SP AusNet	2,967	2,316
United Utilities Group PLC	1,414	10,331
Veolia Environnement	777	29,769
Total		132,525
Office Electronics - 0.4%
Brother Industries Ltd.	500	6,011
Canon Marketing Japan, Inc.	100	1,775
Canon, Inc.	2,200	89,224
Neopost SA	63	5,652
Ricoh Co. Ltd.	1,000	14,614
Total		117,276
Oil & Gas - 6.1%
Aeroports de Paris	65	5,847
1Arrow Energy Ltd.	1,243	4,693
BG Group PLC	7,078	123,116
BP PLC	39,409	348,734
1Cairn Energy PLC	278	12,398

8

AARP Portfolios

International Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Oil & Gas - (continued)
1Caltex Australia Ltd.	300	$	3,205
Cosmo Oil Co. Ltd.	1,000		2,793
ENI SpA	5,408		135,122
Fortum OYJ	909		23,297
Galp Energia SGPS SA	389		6,726
Gaz de France SA	2,504		111,153
Hellenic Petroleum SA	230		2,611
Idemitsu Kosan Co. Ltd.	100		8,279
Inpex Holdings, Inc.	2		17,116
Japan Petroleum Exploration Co.	100		5,117
1Lundin Petroleum AB	431		3,490
1Mongolia Energy Co. Ltd.	4,000		1,419
National Grid PLC	5,236		50,607
Neste Oil OYJ	277		5,114
Nippon Mining Holdings, Inc.	2,000		9,877
Nippon Oil Corp.	3,000		16,893
1Norsk Hydro ASA	1,402		9,325
OMV AG	341		13,753
Origin Energy Ltd.	1,941		27,944
1Paladin Energy Ltd.	1,236		4,907
Petrofac Ltd.	438		6,921
Repsol YPF SA	1,585		43,103
Royal Dutch Shell PLC	7,497		213,961
Royal Dutch Shell PLC, B shares	5,704		158,454
Santos Ltd.	1,820		24,404
Saras SpA	779		3,006
Showa Shell Sekiyu K.K.	400		4,384
Statoil ASA	2,318		52,101
TonenGeneral Sekiyu K.K.	1,000		9,798
Total SA	4,484		266,345
Tullow Oil PLC	1,644		29,675
Woodside Petroleum Ltd.	1,009		46,400
Total			1,812,088
Paper & Forest Products - 0.2%
Holmen AB	130		3,577
Nippon Paper Group, Inc.	200		5,787
OJI Paper Co. Ltd.	2,000		9,050
1Stora Enso OYJ	1,180		8,216
Svenska Cellulosa AB	1,180		15,981
UPM-Kymmene OYJ	1,080		12,955
Total			55,566
Personal Products - 0.5%
Beiersdorf AG	187		10,978
L’Oreal SA	494		49,104
Shiseido Co. Ltd.	1,000		17,485
Unilever PLC	2,660		75,681
Total			153,248
Pharmaceuticals - 4.6%
1Actelion Ltd.	205		12,713
Astellas Pharma, Inc.	900		37,104

AstraZeneca PLC	3,063	137,436
Chugai Pharmaceutical Co. Ltd.	500	10,374
CSL Ltd.	1,304	38,490
Daiichi Sankyo Co. Ltd.	1,400	28,984
Dainippon Sumitomo Pharma Co. Ltd.	300	3,281
Eisai Co. Ltd.	500	18,882
1Elan Corp. PLC	995	7,133
GlaxoSmithKline PLC	10,898	214,412
H Lundbeck A	100	2,073
Hisamitsu Pharmaceutical Co., Inc.	100	4,067
Ipsen SA	63	3,449
Kyowa Hakko Kogyo Co. Ltd.	591	7,508
Merck KGaA	134	13,320
Mitsubishi Tanabe Pharma Corp.	1,000	13,373
Novartis AG	4,472	223,460
Novo-Nordisk A/S	920	57,577
Ono Pharmaceutical Co. Ltd.	200	10,435
Orion OYJ	168	3,096
Roche Holding AG	1,476	238,259
Sanofi-Aventis	2,227	163,377
Santen Pharmaceutical Co. Ltd.	100	3,687
Shionogi & Co. Ltd.	1,000	23,742
Shire Ltd.	1,166	20,226
Takeda Pharmaceutical Co. Ltd.	1,600	66,857
Tsumura & Co.	100	3,620
UCB SA	207	8,733
Total		1,375,668
Real Estate - 2.0%
2Ascendas Real Estate Investment Trust	2,000	2,740
1Berkeley Group Holdings PLC	165	2,339
2British Land Co. PLC	1,903	14,471
2CapitaLand Ltd.	5,000	13,202
CapitaMall Trust	5,000	6,565
2CFS Retail Property Trust	3,294	5,841
Cheung Kong Holdings Ltd.	3,000	38,090
2Corio NV	102	7,032
2DB RREEF Trust	11,060	8,244
2Fonciere des Regions	45	5,239
2Gecina SA	33	3,934
2GPT Group	20,484	12,378
2Hammerson PLC	1,625	10,253
Hang Lung Group Ltd.	2,000	9,987
2Hang Lung Properties Ltd.	4,000	14,787
2Henderson Land Development Co. Ltd.	2,000	12,852
2Hysan Development Co. Ltd.	1,166	2,934
2ICADE EMGP	40	4,283
2Japan Prime Realty Investment Corp.	1	2,438
2Japan Real Estate Investment Corp.	1	8,201
2Japan Retail Fund Investment Corp.	1	5,441
2Kerry Properties Ltd.	1,558	8,423
2Klepierre SA	186	7,375
2Land Securities Group PLC	1,658	16,582
Lend Lease Corp. Ltd.	847	7,920
LEOPALACE21 Corp.	300	2,417
2Liberty International PLC	760	5,838

9

AARP Portfolios

International Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Real Estate - (continued)
2Link Real Estate Investment Trust (The Link REIT)	4,501	$	9,931
2Macquarie Goodman Group	5,235		3,071
2Macquarie Office Trust	4,298		1,137
2Mirvac Group	5,258		7,792
2Mitsubishi Estate Co. Ltd.	3,000		47,327
2Mitsui Fudosan Co. Ltd.	2,000		33,942
2New World Development Ltd.	5,479		11,665
2Nippon Building Fund, Inc.	1		8,949
Nomura Real Estate Holdings, Inc.	100		1,630
2Nomura Real Estate Office Fund, Inc.	1		6,670
2NTT Urban Development Corp.	2		1,841
Sacyr Vallehermoso SA	153		2,895
2Segro PLC	1,259		7,404
2Sino Land Co.	4,336		7,766
2Stockland Trust Group	5,172		18,615
2Sumitomo Realty & Development Co. Ltd.	1,000		18,357
Sun Hung Kai Properties Ltd.	3,000		44,284
2Tokyo Tatemono Co. Ltd.	1,000		4,905
2Tokyu Land Corp.	1,000		4,011
2Unibail Holding	177		36,754
Westfield Group	4,324		53,020
Wharf Holdings Ltd.	3,250		17,256
Wheelock & Co. Ltd.	2,000		6,555
Total			595,583
Road & Rail - 0.7%
Central Japan Railway Co.	3		21,619
ComfortDelgro Corp. Ltd.	4,000		4,571
1DSV A/S	400		7,129
East Japan Railway Co.	700		50,522
Firstgroup PLC	987		6,534
Hankyu Hanshin Holdings, Inc.	2,000		9,608
Keihin Electric Express Railway Co. Ltd.	1,000		8,502
Keio Corp.	1,000		6,849
Keisei Electric Railway Co. Ltd.	1,000		6,659
Kintetsu Corp.	3,000		11,631
MTR Corp.	3,201		11,111
Nippon Express Co. Ltd.	2,000		8,156
Odakyu Electric Railway Co. Ltd.	1,000		9,050
Tobu Railway Co. Ltd.	2,000		12,245
Tokyu Corp.	2,000		9,608
West Japan Railway Co.	3		11,396
Total			195,190
Semiconductor Equipment & Products - 0.5%
Advantest Corp.	300		8,346
ASM Pacific Technology	500		3,545
ASML Holding NV	898		26,404
1Infineon Technologies AG	2,290		12,914
Murata Manufacturing Co. Ltd.	400		19,038
1NEC Electronics Corp.	100		892

	Shares	Value
Nikon Corp.	1,000	18,345
Seiko Epson Corp.	300	4,511
Shinko Electric Industries	100	1,786
STMicroelectronics NV	1,411	13,291
Sumco Corp.	300	6,838
Tokyo Electron Ltd.	400	25,608
Total		141,518
Software - 0.6%
1Autonomy Corp. PLC	490	12,773
Dassault Systemes SA	137	7,634
Konami Corp.	200	4,089
Nintendo Co. Ltd.	200	51,394
Oracle Corp. Japan	100	4,469
Sage Group PLC	2,714	10,136
SAP AG	1,780	86,657
Square Enix Co. Ltd.	100	2,715
Total		179,867
Specialty Retail - 0.7%
Billabong International Ltd.	380	4,023
Compagnie Financiere Richemont SA	1,072	30,249
Esprit Holdings Ltd.	2,500	16,774
Fast Retailing Co. Ltd.	100	12,692
Hennes & Mauritz AB	1,080	60,595
Inditex SA	448	25,697
Kingfisher PLC	5,169	17,610
Nitori Co. Ltd.	50	4,273
Sega Sammy Holdings, Inc.	300	3,915
Shimamura Co. Ltd.	100	9,843
USS Co. Ltd.	50	2,989
Yamada Denki Co. Ltd.	180	12,227
Yue Yuen Industrial Holdings Ltd.	1,500	4,229
Total		205,116
Textiles & Apparel - 0.5%
Adidas AG	412	21,799
Asics Corp.	1,000	9,329
Christian Dior SA	132	13,034
Hermes International	115	16,966
LVMH Moet Hennessy Louis Vuitton SA	506	50,874
Puma AG Rudolf Dassler Sport	12	3,984
Swatch Group AG	64	15,056
Swatch Group AG-Registered Shares	98	4,448
Total		135,490
Tobacco - 0.8%
British American Tobacco PLC	4,147	130,265
Imperial Tobacco Group PLC	2,135	61,769
Japan Tobacco, Inc.	9	30,970
Swedish Match AB	500	10,032
Total		233,036
Trading Companies & Distributors - 0.7%
Bunzl PLC	714	7,249
Hitachi High-Technologies Corp.	100	2,097
Itochu Corp.	3,000	19,943
Marubeni Corp.	3,000	15,184

10

AARP Portfolios

International Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Trading Companies & Distributors - (continued)
Mitsubishi Corp.	2,800	$	56,810
Mitsui & Co. Ltd.	3,600		47,220
Sojitz Corp.	2,500		4,776
Sumitomo Corp.	2,300		23,770
Toyota Tsusho Corp.	400		6,051
1Wolseley PLC	623		15,024
Total			198,124
Transportation Infrastructure - 0.5%
Abertis Infraestructuras SA	581		13,182
1Asciano Group	5,608		8,187
Auckland International Airport Ltd.	1,654		2,224
Autostrade SpA	533		12,920
Brisa-Auto Estradas de Portugal SA	329		3,239
Cintra Concesiones de Infraestructuras de Transporte SA	456		5,306
Fraport AG Frankfurt Airport Services Worldwide	78		4,148
Hopewell Highway Infrastructure Ltd.	100		61
Koninklijke Boskalis Westminster NV	129		4,404
Kuehne & Nagel International AG	111		9,633
Macquarie Airports	1,511		3,786
Macquarie Infrastructure Group	4,918		6,399
Singapore Airport Terminal Services Ltd.	686		1,100
Societe Des Autoroutes Paris-Rhin-Rhone	45		3,428
Transurban Group	2,626		9,498
Vinci SA	873		49,372
Total			136,887
Water Utilities - 0.1%
Severn Trent PLC	496		7,703
Suez Environnement SA	564		12,879
Total			20,582
Wireless Telecommunication Services - 1.3%
Bouygues SA	463		23,536
Carphone Warehouse Group PLC	786		2,405
1Foxconn International Holdings Ltd.	4,000		2,658
HIKARI TSUSHIN, INC.	100		2,191
KDDI Corp.	6		33,920
NTT DoCoMo, Inc.	32		51,269
StarHub Ltd.	1,000		1,540
Vodafone Group PLC	114,705		257,338
Total			374,857
Total Common Stocks - (Identified Cost $22,560,914)			20,765,013
Preferred Stocks - 0.3%
Automobiles - 0.2%
Bayerische Motoren Werke AG	111		3,691
Porsche AG	182		14,310

Volkswagen AG	218		25,382
			43,383
Electrical Equipment - 0.0%
Schindler Holding AG	100		6,847
Health Care Providers & Services - 0.0%
Fresenius SE	167		9,769
Household Products - 0.1%
Henkel KGaA	369		15,881
Multi-Utilities - 0.0%
RWE AG	84		6,914
Total Preferred Stocks - (Identified Cost $81,131)			82,794
Rights - 0.0%
Rights/warrants - 0.0%
1BNP Paribas Ltd. Rights Exp 10/13/09	1,774		3,841
1Dowa Mining Co. Ltd. Rights Exp. 1/29/10	1,000		11
1Fortis Rights Exp. 7/4/14	5,010		—
1Genting Singapore PLC Rights Exp. 10/12/09	1,200		268
1Golden Agri-Resources Ltd. Warrants Exp. 7/24/12	777		72
1Mediobanca SpA Warrants Exp 3/18/11	1,018		72
1UBI BANCA SCPA Warrants Exp. 6/30/11	1,265		151
Total Rights - (Identified Cost $161)			4,415
Exchange-Traded Funds- 27.6%
iShares MSCI Canada Index Fund	82,505		2,102,227
iShares MSCI Emerging Markets Index Fund	157,700		6,136,107
Total Exchange-Traded Funds - (Identified Cost $5,688,233)			8,238,334
Mutual Fund - 1.1%
AIM Prime Fund (At Net Asset Value)	309,771		309,771
Total Investments - 98.6%3 (Identified Cost $28,640,210)			29,400,327
Other Assets & Liabilities - Net - 1.4%			423,704
Total Net Assets - 100.0%		$	29,824,031

¹ Non-income producing security.

² Real Estate Investment Trust (REIT).

11

AARP Portfolios

International Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

³ At September 30, 2009, the cost of investments for federal tax purposes was $28,640,210. The net unrealized appreciation of investments for federal tax purposes was $760,117. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $4,525,034 and net unrealized depreciation from investments for those securities having an excess of cost over value of $3,764,917.

At September 30, 2009, the Portfolio had the following outstanding long futures contracts:

Description	Number of Contracts	Notional Value		Expiration Date	Unrealized Appreciation/ Depreciation
DJEuro Stoxx 50 Index	5	$	208,968	December 2009	$	5,291
FTSE 100 Index	1	$	81,466	December 2009	$	2,347
Topix Index	1	$	101,670	December 2009	$	(3,084	)
MSCI EAFE Index	7	$	541,100	December 2009	$	229

Futures contracts are valued at the last sale at the market close or at the mean between the bid and asked price if the last sale is not available.

Unrealized appreciation/depreciation on open futures contracts is required to be treated as realized gain/loss for tax purposes.

At September 30, 2009, the Portfolio had outstanding foreign currency commitments as follows:

Settlement Date	Foreign currency units to receive	In exchange for	Contracts at value		Unrealized Appreciation/ Depreciation
Contracts Purchased
12/18/2009	200,000 EUR	293,126 USD	$	292,547	$	(579	)
12/18/2009	64,000 GBP	101,776 USD		102,389		613
12/18/2009	15,200,000 JPY	170,247 USD		169,911		(336	)
Net unrealized depreciation on foreign exchange contracts					$	(302	)

For information on the Portfolio’s policies regarding valuation of investments and other significant accounting policies, please refer to the Portfolios most recent semi-annual or annual financial statements.

The following table shows the percent of total long-term investments by geographic location as of September 30, 2009:

Japan	15.2	%
United Kingdom	14.3	%
France	7.2	%
Australia	5.7	%
Germany	5.6	%
Switzerland	5.3	%
Spain	3.3	%
Italy	2.6	%
Netherlands	1.9	%
Sweden	1.7	%
Hong Kong	1.4	%
United States	1.3	%
Finland	0.9	%
Singapore	0.9	%
Denmark	0.7	%
Belgium	0.7	%
Norway	0.4	%
Greece	0.4	%
Luxembourg	0.4	%
Bermuda	0.3	%
Austria	0.3	%
Portugal	0.2	%
Ireland	0.2	%
New Zealand	0.1	%
Other securities1	27.6	%
Other assets and liabilities	1.4	%
Total net assets	100.0	%

¹ Other securities include exchange-traded funds.

12

AARP Portfolios

International Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

The Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. In accordance with FAS 157, fair value is defined as the price that the Portfolios would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy for measuring fair value and enhancing disclosure. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

• Level 1 - quoted prices in active markets for identical investments

• Level 2 - other significant observable inputs (including quoted prices for similar events, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of September 30, 2009 in valuing the Portfolio’s investments carried at value:

ASSETS VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Aerospace & Defense	$	155,689	$	—	$	—	$	155,689
Air Freight & Couriers		83,584		—		—		83,584
Airlines		43,531		—		—		43,531
Auto Components		133,013		—		—		133,013
Automobiles		643,279		—		—		643,279
Banks		3,378,270		—		—		3,378,270
Beverages		374,867		—		—		374,867
Biotechnology		5,179		—		—		5,179
Building Products		97,612		—		—		97,612
Chemicals		606,798		—		—		606,798
Commercial Services & Supplies		160,684		—		—		160,684
Communications Equipment		201,434		—		—		201,434
Computers & Peripherals		94,830		—		—		94,830
Construction & Engineering		182,250		—		—		182,250
Construction Materials		150,875		—		—		150,875
Containers & Packaging		20,536		—		—		20,536
Distributors		91,656		—		—		91,656
Diversified Financials		661,188		3		—		661,191
Diversified Telecommunication Services		856,875		—		—		856,875
Electric Utilities		773,882		—		—		773,882
Electrical Equipment		450,544		—		—		450,544
Electronic Equipment & Instruments		205,490		—		—		205,490
Energy Equipment & Services		77,124		—		—		77,124
Food & Drug Retailing		417,858		—		—		417,858
Food Products		627,925		—		—		627,925
Gas Utilities		148,516		—		—		148,516
Health Care Equipment & Supplies		220,669		—		—		220,669
Health Care Providers & Services		45,483		—		—		45,483
Hotels Restaurants & Leisure		155,719		—		—		155,719
Household Durables		261,924		—		—		261,924
Household Products		46,827		—		—		46,827
Industrial Conglomerates		163,771		—		—		163,771
Insurance		925,409		—		—		925,409
Internet & Catalog Retail		11,456		—		—		11,456
Internet Software & Services		56,607		—		—		56,607

13

AARP Portfolios

International Stock Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

IT Consulting & Services		53,921			—		—		53,921
Leisure Equipment & Products		63,048			—		—		63,048
Machinery		381,205			—		—		381,205
Marine		60,063			—		—		60,063
Media		311,002			—		—		311,002
Metals & Mining		1,177,103			—		—		1,177,103
Multi-Line Retail		124,693			—		—		124,693
Multi-Utilities		132,525			—		—		132,525
Office Electronics		117,276			—		—		117,276
Oil & Gas		1,812,088			—		—		1,812,088
Paper & Forest Products		55,566			—		—		55,566
Personal Products		153,248			—		—		153,248
Pharmaceuticals		1,375,668			—		—		1,375,668
Real Estate		595,583			—		—		595,583
Road & Rail		195,190			—		—		195,190
Semiconductor Equipment & Products		141,518			—		—		141,518
Software		179,867			—		—		179,867
Specialty Retail		205,116			—		—		205,116
Textiles & Apparel		135,490			—		—		135,490
Tobacco		233,036			—		—		233,036
Trading Companies & Distributors		198,124			—		—		198,124
Transportation Infrastructure		136,887			—		—		136,887
Water Utilities		20,582			—		—		20,582
Wireless Telecommunication Services		374,857			—		—		374,857
Total Common Stocks		20,765,010			3		—		20,765,013
Preferred Stocks
Automobiles		43,383			—		—		43,383
Electrical Equipment		6,847			—		—		6,847
Health Care Providers & Services		9,769			—		—		9,769
Household Products		15,881			—		—		15,881
Multi-Utilities		6,914			—		—		6,914
Total Preferred Stocks		82,794			—		—		82,794
Rights
Rights		4,109			11		—		4,120
Total Rights		4,109			11		—		4,120
Warrants
Warrants		223			72		—		295
Total Warrants		223			72		—		295
Mutual Funds
Cash Equivalent		309,771			—		—		309,771
Exchange-Traded Funds		8,238,334			—		—		8,238,334
Total Mutual Funds		8,548,105			—		—		8,548,105
Total Investments		29,400,241			86		—		29,400,327
Futures		4,783			—		—		4,783
Foreign Exchange Contracts		(302	)						(302	)
Total Financial Instruments	$	4,481		$	—	$	—	$	4,481

14

AARP Portfolios

U.S. Bond Market Portfolio

September 30, 2009 (unaudited)

Portfolio of investments

	Par Amount		Value
Asset-Backed Securities - 0.4%
Capital Auto Receivables Asset Trust, 4.680%, 10/15/2012	$	25,000	$	26,006
Capital One Multi-Asset Execution Trust, 4.900%, 12/15/2017		25,000		24,410
Citibank Credit Card Issuance Trust, 4.900%, 12/12/2016		100,000		107,548
Citibank Credit Card Issuance Trust 2003-A10, 4.750%, 12/10/2015		15,000		16,082
Ford Credit Auto Owner Trust, 5.240%, 7/15/2012		50,000		52,771
PSE&G Transition Funding LLC, 6.750%, 6/15/2016		10,000		11,545
TXU Electric Delivery Transition Bond Co. LLC, 5.290%, 5/15/2018		50,000		54,743
Total Asset-Backed Securities - (Identified Cost $271,579)				293,105
Corporate Bonds - 19.5%
Consumer Discretionary - 1.7%
Altria Group, Inc., 8.500%, 11/10/2013		50,000		58,043
Anheuser-Busch Cos., Inc., 6.450%, 9/1/2037		25,000		27,324
CBS Corp., 7.875%, 7/30/2030		30,000		28,670
Clorox Co., 5.450%, 10/15/2012		50,000		53,621
Coca-Cola Co., 5.350%, 11/15/2017		25,000		27,344
Coca-Cola Enterprises, Inc., 6.750%, 9/15/2028		25,000		30,229
Comcast Corp., 5.900%, 3/15/2016		50,000		53,807
Comcast Corp., 6.450%, 3/15/2037		25,000		26,560
Comcast Corp., 6.950%, 8/15/2037		50,000		55,990
Costco Wholesale Corp., 5.500%, 3/15/2017		50,000		54,750
DaimlerChrysler North America Holdings, 8.500%, 1/18/2031		25,000		29,661
DaimlerChrysler North America Holdings Senior Note, 6.500%, 11/15/2013		50,000		53,916
Dr Pepper Snapple Group, Inc., 6.120%, 5/1/2013		100,000		109,230
FedEx Corp., 7.375%, 1/15/2014		10,000		11,287
Home Depot, Inc., 5.400%, 3/1/2016		50,000		52,345
Kohl’s Corp., 6.250%, 12/15/2017		25,000		27,368
Lowe’s Cos., Inc., 5.800%, 10/15/2036		25,000		26,139
News America Holdings, Inc., 9.250%, 2/1/2013		35,000		41,146
News America, Inc. Senior Note, 6.150%, 3/1/2037		25,000		24,541
Nordstrom, Inc., 6.750%, 6/1/2014		10,000		10,981
PepsiCo, Inc., 3.750%, 3/1/2014		50,000		52,113
Target Corp. Note, 5.875%, 3/1/2012		50,000		54,580
Time Warner Cable, Inc., 5.850%, 5/1/2017		50,000		52,798

Time Warner, Inc., 5.875%, 11/15/2016	25,000	26,549
Time Warner, Inc., 7.700%, 5/1/2032	50,000	56,700
United Parcel Service, Inc., 6.200%, 1/15/2038	25,000	29,322
Vanderbilt University, 5.250%, 4/1/2019	50,000	54,503
Wal-Mart Stores, Inc., 5.000%, 4/5/2012	100,000	108,266
Wal-Mart Stores, Inc., 5.250%, 9/1/2035	25,000	25,122
Total Consumer Discretionary		1,262,905
Consumer Staples - 0.7%
Archer-Daniels-Midland Co., 7.000%, 2/1/2031	25,000	29,236
Campbell Soup Co., 4.500%, 2/15/2019	20,000	20,561
ConAgra Foods, Inc., 7.000%, 10/1/2028	25,000	27,735
CVS Caremark Corp., 6.250%, 6/1/2027	25,000	26,645
General Mills, Inc., 6.000%, 2/15/2012	50,000	54,355
H.J. Heinz Finance Co., 6.000%, 3/15/2012	25,000	27,093
Hershey Co., 4.850%, 8/15/2015	25,000	26,381
Kraft Foods, Inc., 6.125%, 2/1/2018	25,000	26,535
Kraft Foods, Inc., 6.250%, 6/1/2012	50,000	54,406
Kroger Co., 5.500%, 2/1/2013	50,000	53,338
McDonald’s Corp., 6.300%, 3/1/2038	25,000	29,369
Procter & Gamble Co., 5.550%, 3/5/2037	25,000	27,019
1Ralcorp Holdings, Inc., 6.625%, 8/15/2039	25,000	26,417
Whirlpool Corp., 8.600%, 5/1/2014	10,000	11,197
Xerox Corp., 6.350%, 5/15/2018	50,000	52,066
Yum! Brands, Inc., 6.250%, 3/15/2018	50,000	53,957
Total Consumer Staples		546,310
Energy - 2.0%
Alberta Energy Co. Ltd., 8.125%, 9/15/2030	25,000	31,202
Anadarko Petroleum Corp., 5.950%, 9/15/2016	25,000	26,527
Apache Corp., 6.000%, 1/15/2037	25,000	27,915
Appalachian Power Co., 5.000%, 6/1/2017	10,000	10,009
Baker Hughes, Inc., 6.500%, 11/15/2013	25,000	28,469
Boardwalk Pipelines LLC, 5.500%, 2/1/2017	20,000	19,640
Canadian Natural Resources Ltd., 5.700%, 5/15/2017	25,000	26,609
Cisco Systems, Inc., 4.950%, 2/15/2019	50,000	52,658
ConocoPhillips, 4.400%, 5/15/2013	100,000	105,629
ConocoPhillips, 6.500%, 2/1/2039	25,000	28,920

1

AARP Portfolios

U.S. Bond Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Par Amount		Value
Corporate Bonds - (continued)
Energy - (continued)
ConocoPhillips Canada Funding Co., 5.950%, 10/15/2036	$	25,000	$	26,924
Diamond Offshore Drilling, Inc., 5.875%, 5/1/2019		40,000		43,156
DTE Energy Co., 7.625%, 5/15/2014		25,000		27,622
El Paso Natural Gas Co., 5.950%, 4/15/2017		50,000		51,904
EnCana Corp., 4.750%, 10/15/2013		25,000		26,227
Enterprise Products Operating LLC, 5.250%, 1/31/2020		50,000		50,063
Enterprise Products Operating LP, 6.875%, 3/1/2033		10,000		11,235
EOG Resources, Inc., 6.875%, 10/1/2018		25,000		29,484
FirstEnergy Corp., 6.450%, 11/15/2011		1,000		1,082
FirstEnergy Corp., 7.375%, 11/15/2031		20,000		22,483
1FirstEnergy Solutions Corp., 6.050%, 8/15/2021		20,000		20,711
General Electric Co., 5.000%, 2/1/2013		100,000		105,571
Hess Corp., 7.300%, 8/15/2031		25,000		28,184
KeySpan Corp., 8.000%, 11/15/2030		25,000		30,512
Kinder Morgan Energy Partners LP, 5.800%, 3/15/2035		50,000		47,302
Magellan Midstream Partners L, 6.550%, 7/15/2019		25,000		27,831
Marathon Oil Corp., 6.600%, 10/1/2037		25,000		26,580
Murphy Oil Corp., 6.375%, 5/1/2012		25,000		26,595
Ohio Power Co., 5.375%, 10/1/2021		15,000		15,253
Pemex Project Funding Master Trust, 6.625%, 6/15/2035		25,000		24,180
Petro-Canada, 7.000%, 11/15/2028		25,000		26,857
Plains All American Pipeline LP, 6.650%, 1/15/2037		25,000		26,417
Progress Energy, Inc., 6.850%, 4/15/2012		50,000		54,448
Progress Energy, Inc., 7.750%, 3/1/2031		25,000		31,383
Rowan Cos, Inc., 7.875%, 8/1/2019		15,000		16,156
San Diego Gas & Electric Co., 6.000%, 6/1/2039		20,000		22,992
Sempra Energy, 6.500%, 6/1/2016		30,000		33,209
Spectra Energy Capital LLC, 5.900%, 9/15/2013		50,000		53,026
Talisman Energy, Inc., 7.750%, 6/1/2019		5,000		5,889
Toledo Edison Co., 7.250%, 5/1/2020		15,000		17,699
TransCanada Pipelines Ltd., 9.875%, 1/1/2021		25,000		34,760
Transocean, Inc., 6.000%, 3/15/2018		25,000		26,750

Valero Energy Corp., 7.500%, 4/15/2032	25,000	24,932
Virginia Electric and Power Co., 5.000%, 6/30/2019	65,000	68,036
Williams Cos, Inc., 7.125%, 9/1/2011	50,000	53,040
XTO Energy, Inc., 6.100%, 4/1/2036	25,000	25,819
Total Energy		1,521,890
Financials - 8.8%
Allstate Corp., 5.950%, 4/1/2036	25,000	26,614
American Express Bank FSB, 3.150%, 12/9/2011	25,000	25,968
American Express Co., 7.000%, 3/19/2018	100,000	110,185
American International Group, Inc., 6.250%, 5/1/2036	25,000	16,251
Ameritech Capital Funding, 6.550%, 1/15/2028	20,000	19,908
Asian Development Bank, 2.750%, 5/21/2014	60,000	60,690
Bank of America Corp., 3.125%, 6/15/2012	50,000	52,038
Bank of America Corp., 4.750%, 8/15/2013	100,000	101,407
Bank of America Corp., 5.625%, 10/14/2016	50,000	50,580
Bank of America Corp., 7.625%, 6/1/2019	100,000	112,876
Bank of America NA, 5.300%, 3/15/2017	50,000	48,038
Bank of America NA, 6.000%, 10/15/2036	25,000	24,719
Bank of New York Mellon Corp., 4.300%, 5/15/2014	30,000	31,802
BB&T Corp., 3.375%, 9/25/2013	25,000	25,123
BB&T Corp., 5.250%, 11/1/2019	25,000	24,925
Bear Stearns Cos., Inc., 4.500%, 10/28/2010	50,000	51,698
Bear Stearns Cos., Inc., 5.300%, 10/30/2015	30,000	31,717
Bear Stearns Cos., Inc., 6.950%, 8/10/2012	150,000	167,087
Berkshire Hathaway Finance Corp., 4.000%, 4/15/2012	50,000	52,451
Berkshire Hathaway Finance Corp., 4.850%, 1/15/2015	10,000	10,773
BP Capital Markets PLC, 3.625%, 5/8/2014	50,000	51,570
Capital One Capital IV, 6.745%, 2/17/2037	25,000	19,375
Capital One Financial Corp., 7.375%, 5/23/2014	15,000	16,757
Chubb Corp., 6.000%, 11/15/2011	10,000	10,793
Cincinnati Financial Corp., 6.920%, 5/15/2028	10,000	9,364
Citibank NA, 1.250%, 9/22/2011	50,000	50,031
Citigroup Funding, Inc., 1.875%, 10/22/2012	100,000	100,268

2

AARP Portfolios

U.S. Bond Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Par Amount		Value
Corporate Bonds - (continued)
Financials - (continued)
Citigroup Funding, Inc., 2.250%, 12/10/2012	$	100,000	$	101,424
Citigroup, Inc., 2.875%, 12/9/2011		25,000		25,821
Citigroup, Inc., 5.500%, 2/15/2017		150,000		139,754
Citigroup, Inc., 5.850%, 12/11/2034		50,000		43,048
Citigroup, Inc., 6.125%, 8/25/2036		50,000		43,040
Citigroup, Inc., 6.125%, 5/15/2018		100,000		98,627
Citigroup, Inc., 8.125%, 7/15/2039		15,000		16,841
Citigroup, Inc. Global Senior Note, 6.500%, 1/18/2011		100,000		103,728
CNA Financial Corp., 6.000%, 8/15/2011		25,000		25,119
Corp. Andina De Fomento, 8.125%, 6/4/2019		15,000		17,479
Credit Suisse, 3.450%, 7/2/2012		50,000		51,059
Credit Suisse USA, Inc., 5.125%, 8/15/2015		100,000		105,705
Credit Suisse USA, Inc., 5.250%, 3/2/2011		50,000		52,339
Devon Financing Corp. ULC, 6.875%, 9/30/2011		50,000		54,422
Discover Financial Services, 6.450%, 6/12/2017		25,000		22,417
Fifth Third Bancorp, 8.250%, 3/1/2038		50,000		46,722
Financing Corp. (FICO), 9.650%, 11/2/2018		25,000		34,849
General Electric Capital Corp., 2.625%, 12/28/2012		100,000		102,534
General Electric Capital Corp., 3.000%, 12/9/2011		50,000		51,775
General Electric Capital Corp., 5.400%, 2/15/2017		50,000		49,922
General Electric Capital Corp., 5.875%, 1/14/2038		50,000		46,005
General Electric Capital Corp., 5.875%, 2/15/2012		150,000		159,805
General Electric Capital Corp., 6.750%, 3/15/2032		60,000		61,433
General Electric Insurance Solutions Corp., 7.000%, 2/15/2026		50,000		47,289
Goldman Sachs Group, Inc., 1.625%, 7/15/2011		50,000		50,521
Goldman Sachs Group, Inc., 3.250%, 6/15/2012		100,000		104,430
Goldman Sachs Group, Inc., 3.625%, 8/1/2012		35,000		35,955
Goldman Sachs Group, Inc., 5.125%, 1/15/2015		50,000		52,312
Goldman Sachs Group, Inc., 5.450%, 11/1/2012		100,000		107,173

Goldman Sachs Group, Inc., 5.950%, 1/15/2027	30,000	28,916
Goldman Sachs Group, Inc., 6.000%, 5/1/2014	30,000	32,659
Goldman Sachs Group, Inc., 6.125%, 2/15/2033	25,000	26,816
Goldman Sachs Group, Inc., 6.150%, 4/1/2018	50,000	52,683
Goldman Sachs Group, Inc., 6.345%, 2/15/2034	15,000	13,816
Goldman Sachs Group, Inc., 6.750%, 10/1/2037	25,000	25,883
Hartford Financial Services Group, Inc., 6.100%, 10/1/2041	25,000	20,711
Hospitality Properties Trust, 7.875%, 8/15/2014	25,000	25,073
HSBC Finance Corp., 4.750%, 7/15/2013	100,000	101,743
HSBC Finance Corp., 5.000%, 6/30/2015	25,000	25,127
HSBC Finance Corp., 6.375%, 11/27/2012	50,000	53,808
Inter-American Development Bank, 4.250%, 9/10/2018	50,000	52,290
Inter-American Development Bank, 5.000%, 4/5/2011	100,000	106,063
International Finance Corp., 3.000%, 4/22/2014	105,000	106,787
International Lease Finance Corp., 5.450%, 3/24/2011	100,000	92,214
International Lease Finance Corp., 5.650%, 6/1/2014	50,000	38,413
Jefferies Group, Inc., 8.500%, 7/15/2019	25,000	26,503
John Deere Capital Corp., 5.250%, 10/1/2012	50,000	54,108
JP Morgan Chase Capital XXV, 6.800%, 10/1/2037	50,000	50,476
JPMorgan Chase & Co., 3.125%, 12/1/2011	100,000	103,817
JPMorgan Chase & Co., 6.000%, 1/15/2018	25,000	26,877
JPMorgan Chase & Co., 6.625%, 3/15/2012	100,000	109,238
JPMorgan Chase Capital XV, 5.875%, 3/15/2035	25,000	22,290
JPMorgan Chase Capital XVIII, 6.950%, 8/17/2036	25,000	24,047
Keycorp, 6.500%, 5/14/2013	50,000	51,225
Kimco Realty Corp., 6.875%, 10/1/2019	25,000	25,615
Kreditanstalt fuer Wiederaufbau, 1.875%, 3/15/2011	100,000	101,446
Lazard Group, 6.850%, 6/15/2017	50,000	49,359
Liberty Property LP, 6.625%, 10/1/2017	50,000	46,484

3

AARP Portfolios

U.S. Bond Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Par Amount		Value
Corporate Bonds - (continued)
Financials - (continued)
Lincoln National Corp., 8.750%, 7/1/2019	$	15,000	$	17,378
Mack-Cali Realty Corp., 7.750%, 8/15/2019		25,000		25,804
Markel Corp., 7.125%, 9/30/2019		50,000		51,956
Marshall & Ilsley Corp., 5.350%, 4/1/2011		50,000		48,339
Merrill Lynch & Co., Inc., 6.150%, 4/25/2013		100,000		105,894
MetLife, Inc., 5.700%, 6/15/2035		10,000		10,320
MetLife, Inc., 6.125%, 12/1/2011		10,000		10,753
MetLife, Inc., 6.400%, 12/15/2036		25,000		21,500
Morgan Stanley, 3.250%, 12/1/2011		100,000		104,082
Morgan Stanley, 5.625%, 1/9/2012		100,000		106,016
Morgan Stanley, 5.950%, 12/28/2017		100,000		101,979
Morgan Stanley, 6.000%, 5/13/2014		100,000		106,568
Northern Trust Corp., 4.625%, 5/1/2014		15,000		15,977
PNC Bank NA, 4.875%, 9/21/2017		50,000		47,863
Principal Life Income Funding Trusts, 5.125%, 3/1/2011		100,000		101,504
ProLogis, 7.625%, 8/15/2014		25,000		25,575
Prudential Financial, Inc., 4.500%, 7/15/2013		50,000		50,395
Prudential Financial, Inc., 6.000%, 12/1/2017		50,000		50,756
Raymond James Financial, Inc., 8.600%, 8/15/2019		25,000		27,653
Realty Income Corp., 5.950%, 9/15/2016		25,000		24,003
Shell International Finance BV, 4.000%, 3/21/2014		100,000		105,149
Simon Property Group LP, 5.100%, 6/15/2015		25,000		24,946
Simon Property Group LP, 5.300%, 5/30/2013		50,000		51,161
SLM Corp., 5.400%, 10/25/2011		25,000		23,079
Sovereign Bank, 5.125%, 3/15/2013		25,000		25,020
Toll Brothers Finance Corp., 6.750%, 11/1/2019		25,000		24,968
Transatlantic Holdings, Inc., 5.750%, 12/14/2015		20,000		18,046
Travelers Cos., Inc., 5.500%, 12/1/2015		25,000		27,059
Travelers Cos., Inc., 5.750%, 12/15/2017		25,000		27,449
US Bancorp, 4.200%, 5/15/2014		50,000		52,304
Wachovia Bank NA, 4.875%, 2/1/2015		50,000		51,340
Wachovia Bank NA, 6.600%, 1/15/2038		25,000		27,534
Wachovia Corp., 5.625%, 10/15/2016		50,000		52,277
Wachovia Corp., 5.700%, 8/1/2013		50,000		53,412

Wells Fargo & Co., 3.000%, 12/9/2011	25,000	25,904
Wells Fargo & Co., 3.750%, 10/1/2014	100,000	99,612
Wells Fargo & Co., 5.250%, 10/23/2012	50,000	53,384
Wells Fargo & Co., 5.625%, 12/11/2017	25,000	26,303
Wells Fargo Bank NA, 5.750%, 5/16/2016	100,000	102,960
Western Union Co., 5.400%, 11/17/2011	50,000	53,291
Willis North America, Inc., 5.625%, 7/15/2015	25,000	24,591
Total Financials		6,653,147
Health Care - 1.2%
Abbott Laboratories, 5.600%, 5/15/2011	50,000	53,523
Aetna, Inc., 6.625%, 6/15/2036	35,000	36,474
AmerisourceBergen Corp., 5.875%, 9/15/2015	10,000	10,784
Amgen, Inc., 5.850%, 6/1/2017	25,000	27,539
Amgen, Inc., 6.375%, 6/1/2037	25,000	28,576
Baxter International, Inc., 4.625%, 3/15/2015	10,000	10,731
Baxter International, Inc., 5.900%, 9/1/2016	50,000	56,264
Bristol-Myers Squibb Co., 5.875%, 11/15/2036	25,000	27,768
Eli Lilly & Co., 5.200%, 3/15/2017	50,000	54,064
GlaxoSmithKline Capital, Inc., 5.650%, 5/15/2018	100,000	109,738
Hospira, Inc., 6.400%, 5/15/2015	5,000	5,566
Johnson & Johnson, 4.950%, 5/15/2033	10,000	9,965
McKesson Corp., 7.500%, 2/15/2019	50,000	59,808
Merck & Co., Inc., 5.000%, 6/30/2019	100,000	106,890
Pfizer, Inc., 5.350%, 3/15/2015	100,000	110,863
Schering-Plough Corp., 6.000%, 9/15/2017	25,000	27,934
Teva Pharmaceutical Finance LLC, 5.550%, 2/1/2016	10,000	10,723
Teva Pharmaceutical Finance LLC, 6.150%, 2/1/2036	10,000	10,789
UnitedHealth Group, Inc., 6.000%, 11/15/2017	25,000	26,165
Watson Pharmaceuticals, Inc., 5.000%, 8/15/2014	20,000	20,524
WellPoint, Inc., 6.375%, 1/15/2012	50,000	53,544
Wyeth, 5.500%, 2/15/2016	25,000	27,317
Wyeth, 7.250%, 3/1/2023	25,000	29,861
Total Health Care		915,410
Industrials - 1.7%
ACE INA Holdings, Inc., 5.900%, 6/15/2019	15,000	16,366
Air Products & Chemicals, Inc., 4.375%, 8/21/2019	25,000	25,583
Altria Group, Inc., 9.250%, 8/6/2019	100,000	122,403
Bemis Co., Inc., 5.650%, 8/1/2014	5,000	5,314

4

AARP Portfolios

U.S. Bond Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Par Amount		Value
Corporate Bonds - (continued)
Industrials - (continued)
Boeing Capital Corp. Ltd., 6.500%, 2/15/2012	$	50,000	$	55,095
Burlington Northern Santa Fe Corp., 5.900%, 7/1/2012		50,000		54,311
Cabot Corp., 5.000%, 10/1/2016		25,000		24,990
Canadian Pacific Railway Co., 5.950%, 5/15/2037		25,000		24,751
Caterpillar Financial Services Corp., 4.250%, 2/8/2013		50,000		51,542
Caterpillar Financial Services Corp., 5.125%, 10/12/2011		50,000		52,587
Caterpillar, Inc., 6.625%, 7/15/2028		10,000		10,953
Cooper US, Inc., 6.100%, 7/1/2017		25,000		27,665
CRH America, Inc., 5.625%, 9/30/2011		25,000		25,984
CSX Corp., 6.250%, 3/15/2018		25,000		27,157
Dover Corp., 5.450%, 3/15/2018		25,000		27,082
Dun & Bradstreet Corp., 5.500%, 3/15/2011		50,000		51,334
Emerson Electric Co., 5.375%, 10/15/2017		25,000		27,188
Honeywell International, Inc., 5.300%, 3/1/2018		50,000		53,914
Honeywell International, Inc., 5.700%, 3/15/2036		25,000		27,453
International Business Machines Corp., 6.500%, 1/15/2028		50,000		57,895
International Paper Co., 7.500%, 8/15/2021		40,000		42,467
Lockheed Martin Corp., 4.121%, 3/14/2013		25,000		26,128
Lockheed Martin Corp., 7.750%, 5/1/2026		25,000		32,254
Norfolk Southern Corp., 7.700%, 5/15/2017		10,000		11,836
Norfolk Southern Corp., 7.800%, 5/15/2027		15,000		18,810
Northrop Grumman Corp., 7.750%, 2/15/2031		15,000		19,839
Philip Morris International, Inc., 5.650%, 5/16/2018		50,000		53,312
Pitney Bowes, Inc., 5.750%, 9/15/2017		25,000		27,029
Potash Corp. of Saskatchewan, Inc., 5.250%, 5/15/2014		25,000		27,074
Procter & Gamble Co., 4.700%, 2/15/2019		50,000		52,355
RR Donnelley & Sons Co., 8.600%, 8/15/2016		25,000		26,367
Southwest Airlines Co., 5.250%, 10/1/2014		50,000		50,379
Tyco International Group SA, 6.000%, 11/15/2013		25,000		26,833

Union Pacific Corp., 6.125%, 2/15/2020	25,000	28,005
Waste Management, Inc., 6.375%, 11/15/2012	25,000	27,380
Total Industrials		1,239,635
Information Technology - 0.6%
Arrow Electronics, Inc., 6.000%, 4/1/2020	25,000	25,029
Electronic Data Systems Corp., 6.000%, 8/1/2013	25,000	27,919
General Dynamics Corp., 1.800%, 7/15/2011	15,000	15,086
Hewlett-Packard Co., 5.250%, 3/1/2012	25,000	26,974
Microsoft Corp., 2.950%, 6/1/2014	75,000	76,093
Oracle Corp., 6.500%, 4/15/2038	25,000	29,080
Oracle Corp. and Ozark Holding, Inc., 5.250%, 1/15/2016	50,000	54,466
Rockwell Collins, Inc., 5.250%, 7/15/2019	50,000	54,025
Science Applications International Corp., 6.250%, 7/1/2012	20,000	21,975
United Technologies Corp., 6.050%, 6/1/2036	25,000	28,861
Xerox Corp., 5.500%, 5/15/2012	50,000	52,460
Total Information Technology		411,968
Materials - 0.4%
Alcoa, Inc., 5.900%, 2/1/2027	25,000	21,315
Continental Airlines, Inc., 9.000%, 7/8/2016	50,000	52,000
Dow Chemical Co., 6.000%, 10/1/2012	50,000	53,289
EI Du Pont de Nemours & Co., 4.750%, 3/15/2015	25,000	26,828
EI Du Pont de Nemours & Co., 5.600%, 12/15/2036	25,000	26,539
Falconbridge Ltd., 5.500%, 6/15/2017	25,000	23,140
StatoilHydro ASA, 5.250%, 4/15/2019	20,000	21,661
Vale Overseas Ltd., 6.875%, 11/21/2036	50,000	51,852
Valspar Corp., 7.250%, 6/15/2019	25,000	27,202
Total Materials		303,826
Telecommunication Services - 1.1%
AT&T Wireless Services, Inc., 8.125%, 5/1/2012	50,000	57,084
AT&T, Inc., 6.150%, 9/15/2034	25,000	25,631
AT&T, Inc., 6.400%, 5/15/2038	50,000	53,258
AT&T, Inc., 6.800%, 5/15/2036	25,000	27,913
BellSouth Capital Funding Corp., 7.875%, 2/15/2030	25,000	30,052
BellSouth Corp., 5.200%, 9/15/2014	30,000	32,516
BellSouth Corp., 6.000%, 11/15/2034	10,000	10,164
EMBARQ Corp., 6.738%, 6/1/2013	50,000	54,264
Motorola, Inc., 6.000%, 11/15/2017	25,000	23,986
1Qwest Corp., 8.375%, 5/1/2016	30,000	31,200

5

AARP Portfolios

U.S. Bond Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Par Amount		Value
Corporate Bonds - (continued)
Telecommunication Services - (continued)
SBC Communications, Inc. Global Note, 6.250%, 3/15/2011	$	50,000	$	53,317
Verizon Communications, Inc., 5.500%, 2/15/2018		50,000		52,510
Verizon Communications, Inc., 5.550%, 2/15/2016		50,000		54,213
Verizon Global Funding Corp., 5.850%, 9/15/2035		10,000		10,101
Verizon Global Funding Corp., 7.750%, 12/1/2030		25,000		30,290
Verizon New England, Inc., 6.500%, 9/15/2011		30,000		32,272
1Verizon Wireless Capital LLC, 3.750%, 5/20/2011		50,000		51,607
1Verizon Wireless Capital LLC, 5.550%, 2/1/2014		100,000		108,172
Vodafone Group PLC, 4.150%, 6/10/2014		50,000		51,401
Total Telecommunication Services				789,951
Utilities - 1.3%
Arizona Public Service Co., 6.500%, 3/1/2012		10,000		10,648
Atlantic City Electric Co., 7.750%, 11/15/2018		15,000		18,253
Board of Trustees of The Leland Stanford Junior University, 3.625%, 5/1/2014		100,000		103,625
Carolina Power & Light Co., 5.125%, 9/15/2013		10,000		10,825
CenterPoint Energy Resources Corp., 6.000%, 5/15/2018		25,000		26,048
Cincinnati Gas & Electric, 5.700%, 9/15/2012		50,000		54,499
Columbus Southern Power Co., 6.600%, 3/1/2033		25,000		27,291
Commonwealth Edison Co., 5.900%, 3/15/2036		25,000		26,660
Commonwealth Edison Co., 6.150%, 9/15/2017		50,000		55,338
Consolidated Edison Co. of New York, 4.875%, 2/1/2013		50,000		53,169
Consolidated Edison Co. of New York, Inc., 6.300%, 8/15/2037		25,000		28,323
Constellation Energy Group, 7.000%, 4/1/2012		50,000		53,815
Dominion Resources, Inc., 5.150%, 7/15/2015		15,000		15,925
Dominion Resources, Inc., 6.000%, 11/30/2017		50,000		54,946
Entergy Gulf States La 10/24 Fixed 5.59, 5.590%, 10/1/2024		15,000		15,004

Exelon Corp., 5.625%, 6/15/2035	15,000	14,506
Florida Power & Light Co., 4.950%, 6/1/2035	25,000	25,020
Interstate Power & Light Co., 6.250%, 7/15/2039	15,000	16,699
MidAmerican Energy Co., 6.750%, 12/30/2031	10,000	11,845
MidAmerican Funding LLC, 6.927%, 3/1/2029	25,000	28,970
National Rural Utilities Cooperative Finance Corp., 7.250%, 3/1/2012	100,000	110,500
Nisource Finance Corp., 6.400%, 3/15/2018	25,000	24,994
Oneok, Inc., 5.200%, 6/15/2015	25,000	25,939
Pacific Gas & Electric Co., 6.050%, 3/1/2034	15,000	16,742
PPL Electric Utilities Corp., 6.250%, 5/15/2039	10,000	11,454
Public Service Co. of Colorado, 6.250%, 9/1/2037	10,000	11,661
Public Service Electric & Gas Co., 5.800%, 5/1/2037	25,000	27,480
Puget Sound Energy, Inc., 6.274%, 3/15/2037	25,000	27,258
TXU Electric Delivery Co., 7.000%, 5/1/2032	25,000	30,092
Virginia Electric and Power Co., 5.400%, 1/15/2016	50,000	53,323
Total Utilities		990,852
Total Corporate Bonds - (Identified Cost $14,058,816)		14,635,894
International Debt - 4.9%
Alcan, Inc., 5.200%, 1/15/2014	50,000	51,946
America Movil SA de CV, 5.750%, 1/15/2015	15,000	15,874
America Movil SAB de CV, 5.625%, 11/15/2017	50,000	51,943
ArcelorMittal, 6.125%, 6/1/2018	50,000	49,339
ArcelorMittal, 9.850%, 6/1/2019	100,000	118,473
Asian Development Bank, 5.593%, 7/16/2018	50,000	55,323
AstraZeneca PLC, 6.450%, 9/15/2037	25,000	29,519
Barclays Bank PLC, 5.000%, 9/22/2016	100,000	101,425
BHP Billiton Finance Ltd., 5.000%, 12/15/2010	25,000	25,878
BHP Billiton Finance Ltd., 5.125%, 3/29/2012	25,000	26,995
BP Capital Markets PLC, 3.875%, 3/10/2015	50,000	51,716
Brazilian Government International Bond, 6.000%, 1/17/2017	100,000	108,700

6

AARP Portfolios

U.S. Bond Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Par Amount		Value
International Debt - (continued)
Brazilian Government International Bond, 8.250%, 1/20/2034	$	50,000	$	66,175
British Telecommunications PLC, 9.125%, 12/15/2010		50,000		53,849
British Telecommunications PLC, 9.625%, 12/15/2030		25,000		32,109
Canadian National Railway Co., 6.200%, 6/1/2036		25,000		29,087
Deutsche Bank AG, 5.375%, 10/12/2012		100,000		108,250
Deutsche Telekom International Finance BV, 8.750%, 6/15/2030		25,000		32,463
Diageo Finance BV, 5.300%, 10/28/2015		50,000		54,185
Eksportfinans ASA, 5.000%, 2/14/2012		100,000		107,354
European Investment Bank, 4.625%, 5/15/2014		200,000		218,169
European Investment Bank, 4.875%, 2/16/2016		50,000		54,870
Export-Import Bank of Korea, 5.875%, 1/14/2015		100,000		105,664
Export-Import Bank Of Korea (KEXIM), 5.125%, 2/14/2011		25,000		25,799
France Telecom SA, 7.750%, 3/1/2011		100,000		108,314
HSBC Holdings PLC, 6.500%, 5/2/2036		25,000		27,173
International Bank for Reconstruction & Development, 7.625%, 1/19/2023		25,000		33,426
International Finance Corp., 3.500%, 5/15/2013		100,000		104,813
Israel Government International Bond, 5.125%, 3/26/2019		75,000		77,217
Israel Government International Bond, 5.500%, 11/9/2016		25,000		27,147
Italy Government International Bond, 4.500%, 1/21/2015		100,000		106,056
Italy Government International Bond, 5.625%, 6/15/2012		100,000		109,681
Italy, Republic of,, 6.875%, 9/27/2023		25,000		30,113
Japan Finance Corp., 2.000%, 6/24/2011		100,000		101,321
KfW Bankengruppe, 3.250%, 3/15/2013		100,000		103,869
KfW Bankengruppe, 4.875%, 1/17/2017		100,000		108,875
Koninklijke Philips Electronics NV, 6.875%, 3/11/2038		50,000		58,662
Kreditanstalt fuer Wiederaufbau, 0.00%, 4/18/2036		50,000		14,942
Landwirtschaftliche Rentenbank, 4.875%, 2/14/2011		100,000		105,893
Mexico Government International Bond, 6.625%, 3/3/2015		25,000		27,725

Mexico Government International Bond, 6.750%, 9/27/2034	20,000	22,100
Mexico Government International Bond, 8.125%, 12/30/2019	50,000	61,175
Mexico Government International Bond, 8.300%, 8/15/2031	50,000	64,250
Nexen, Inc., 5.875%, 3/10/2035	25,000	22,969
Nordic Investment Bank, 2.625%, 10/6/2014	50,000	49,889
Oesterreichische Kontrollbank AG, 4.875%, 2/16/2016	100,000	107,413
Potash Corp. of Saskatchewan, Inc., 3.750%, 9/30/2015	10,000	9,992
Potash Corp. of Saskatchewan, Inc., 4.875%, 3/30/2020	10,000	10,009
Province of British Columbia Canada, 6.500%, 1/15/2026	25,000	29,529
Province of Nova Scotia Canada, 5.125%, 1/26/2017	50,000	53,257
Province of Ontario Canada, 4.000%, 10/07/2019	25,000	25,033
Province of Ontario Canada, 5.000%, 10/18/2011	100,000	107,442
Province of Quebec Canada, 4.600%, 5/26/2015	50,000	53,599
Region of Lombardy Italy, 5.804%, 10/25/2032	50,000	52,279
Republic of Korea, 4.875%, 9/22/2014	25,000	26,124
Republic of Peru, 6.550%, 3/14/2037	25,000	27,250
Telecom Italia Capital SA, 6.375%, 11/15/2033	50,000	51,248
Telefonica Emisiones SAU, 5.984%, 6/20/2011	50,000	53,297
Telefonica Emisiones SAU, 6.221%, 7/3/2017	25,000	27,641
Thomson Corp. Note, 5.700%, 10/1/2014	50,000	54,887
Vodafone Group PLC, 6.150%, 2/27/2037	25,000	26,825
Vodafone Group PLC, 7.875%, 2/15/2030	25,000	31,239
Weatherford International Ltd., 5.500%, 2/15/2016	25,000	25,491
Total International Debt - (Identified Cost $3,498,367)		3,713,270
Mortgage-Backed Securities - 37.4%
Federal Home Loan Mortgage Corporation, GOLD 30 YR, 5.000% - 6.000%	700,000	729,313
Federal Home Loan Mortgage Corporation, GOLD 15 YR, 4.000% - 4.500%	250,000	256,953
Federal National Mortgage Association, 30 YR, 5.000%	150,000	154,945
Federal National Mortgage Association, 15 YR, 4.500%	250,000	258,906

7

AARP Portfolios

U.S. Bond Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Par Amount		Value
Mortgage-Backed Securities - (continued)
Government National Mortgage Association, 30 YR, 4.500% - 6.500%	$	925,000	$	959,012
Federal Home Loan Mortgage Corporation, 4.000% - 7.000%, 5/1/2020 - 7/1/2039		7,594,337		7,916,452
Federal National Mortgage Association, 4.000% - 7.000%, 6/1/2019 -10/1/2039		14,145,312		14,789,982
Government National Mortgage Association, 4.000% - 6.500%, 2/15/2036 - 9/15/2039		2,929,996		3,056,445
Total Mortgage-Backed Securities - (Identified Cost $26,920,416)				28,122,008
U.S. Treasury - 24.7%
U.S. Treasury Bonds - 4.0%
4.750%, 2/15/2037		200,000		223,219
6.125%, 8/15/2029		175,000		224,848
6.375%, 8/15/2027		150,000		195,000
6.750%, 8/15/2026		100,000		133,750
7.125%, 2/15/2023		100,000		134,125
7.250%, 5/15/2016		100,000		126,601
7.500%, 11/15/2016		250,000		322,363
8.000%, 11/15/2021		350,000		495,524
8.500%, 2/15/2020		280,000		402,063
8.875%, 8/15/2017		150,000		210,141
9.250%, 2/15/2016		135,000		186,036
4.500%, 8/15/2039		160,000		172,550
7.625%, 11/15/2022		100,000		139,156
Total				2,965,376
U.S. Treasury Notes - 20.7%
4.125%, 5/15/2015		200,000		216,625
0.875%, 5/31/2011		200,000		200,539
0.875%, 1/31/2011		300,000		301,348
0.875%, 2/28/2011		400,000		401,656
0.875%, 12/31/2010		400,000		401,844
1.000%, 7/31/2011		200,000		200,633
1.000%, 8/31/2011		200,000		200,414
1.125%, 12/15/2011		300,000		300,399
1.125%, 1/15/2012		200,000		200,063
1.250%, 11/30/2010		300,000		302,742
1.375%, 9/15/2012		200,000		199,750
1.375%, 5/15/2012		200,000		200,734
1.500%, 10/31/2010		500,000		505,743
1.750%, 11/15/2011		200,000		203,078
1.750%, 8/15/2012		400,000		404,250
1.750%, 3/31/2014		200,000		196,859
1.875%, 4/30/2014		100,000		98,844
1.875%, 2/28/2014		500,000		495,821

2.000%, 11/30/2013	300,000	300,516
2.375%, 9/30/2014	200,000	200,625
2.375%, 3/31/2016	200,000	194,734
2.625%, 6/30/2014	300,000	305,438
2.625%, 7/31/2014	200,000	203,406
2.625%, 4/30/2016	100,000	98,734
2.750%, 10/31/2013	400,000	412,938
2.750%, 2/15/2019	100,000	95,461
3.000%, 8/31/2016	200,000	201,250
3.000%, 9/30/2016	150,000	150,668
3.125%, 4/30/2013	350,000	367,582
3.250%, 5/31/2016	150,000	153,715
3.375%, 6/30/2013	350,000	370,590
3.625%, 12/31/2012	250,000	266,719
3.750%, 11/15/2018	500,000	517,540
3.875%, 5/15/2018	350,000	366,926
4.000%, 2/15/2015	150,000	161,672
4.000%, 8/15/2018	300,000	316,805
4.125%, 8/31/2012	200,000	215,766
4.250%, 11/15/2017	300,000	323,344
4.250%, 8/15/2015	200,000	217,875
4.250%, 5/15/2039	310,000	320,802
4.375%, 2/15/2038	300,000	316,125
4.500%, 3/31/2012	400,000	432,625
4.500%, 4/30/2012	550,000	596,063
4.500%, 11/30/2011	100,000	107,406
4.500%, 2/28/2011	200,000	211,000
4.500%, 9/30/2011	100,000	107,047
4.625%, 12/31/2011	500,000	539,258
4.625%, 2/15/2017	200,000	221,484
4.750%, 8/15/2017	300,000	334,383
4.875%, 8/15/2016	525,000	590,871
5.000%, 5/15/2037	150,000	173,883
5.125%, 5/15/2016	150,000	171,141
5.125%, 6/30/2011	250,000	268,858
5.375%, 2/15/2031	100,000	118,844
6.625%, 2/15/2027	225,000	298,406
8.125%, 8/15/2021	100,000	142,438
11.250%, 2/15/2015	100,000	144,055
Total		15,568,335
Total U.S. Treasury - (Identified Cost $18,063,518)		18,533,711
U.S. Government Agencies - 7.8%
Federal Farm Credit Bank, 3.000% - 5.375%, 7/18/2011 - 1/17/2017	375,000	401,708
Federal Home Loan Bank, 1.625% - 5.625%, 10/20/2010 - 7/15/2036	625,000	664,088
Federal Home Loan Banks, 0.750% - 2.250%, 3/18/2011 - 10/5/2012	725,000	734,870
Federal Home Loan Mortgage Corp., 1.500% - 6.750%, 1/7/2011 -7/15/2032	2,455,000	2,523,194
Federal National Mortgage Association, 1.250% -7.125%, 3/23/2011 - 7/15/2037	1,375,000	1,417,828

8

AARP Portfolios

U.S. Bond Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Par Amount		Value
U.S. Government Agencies - (continued)
Tennessee Valley Authority, 5.250% - 6.750%, 7/18/2017 - 9/15/2039	$	100,000	$	114,975
Total U.S. Government Agencies - (Identified Cost $5,725,153)				5,856,663
Commercial Mortgage-Backed Securities - 3.5%
Banc of America Commercial Mortgage, Inc., 5.118%, 7/11/2043		60,000		62,091
Banc of America Commercial Mortgage, Inc., 5.391%, 10/10/2045		20,000		18,800
Banc of America Commercial Mortgage, Inc., 5.837%, 6/10/2049		125,000		102,729
Bear Stearns Commercial Mortgage Securities, 4.740%, 3/13/2040		40,000		41,363
Bear Stearns Commercial Mortgage Securities, 4.750%, 2/13/2046		50,000		49,627
Bear Stearns Commercial Mortgage Securities, 5.405%, 12/11/2040		50,000		49,235
Chase Commercial Mortgage Securities Corp., 7.319%, 10/15/2032		21,816		22,559
Citigroup, 5.171%, 11/15/2044		35,675		35,979
Citigroup Commercial Mortgage Trust, 5.916%, 3/15/2049		25,000		6,978
Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.399%, 7/15/2044		50,000		42,613
Commercial Mortgage Pass Through Certificates, 5.347%, 12/10/2046		50,000		37,308
Commercial Mortgage Pass Through Certificates, 5.899%, 6/10/2046		50,000		47,526
Credit Suisse Mortgage Capital Certificates, 6.020%, 6/15/2038		100,000		85,083
CS First Boston Mortgage Securities Corp., 4.429%, 12/15/2036		127,786		130,448
CS First Boston Mortgage Securities Corp., 4.730%, 7/15/2037		20,000		16,985
CS First Boston Mortgage Securities Corp., 5.230%, 12/15/2040		50,000		48,121
CS First Boston Mortgage Securities Corp., 5.416%, 5/15/2036		35,000		35,710
CS First Boston Mortgage Securities Corp., 6.387%, 8/15/2036		24,413		25,555
CW Capital Cobalt Ltd., 5.484%, 4/15/2047		25,000		19,698
G.E. Capital Commercial Mortgage Corp., 5.189%, 7/10/2039		150,000		152,405
GMAC Commercial Mortgage Securities, Inc., 6.465%, 4/15/2034		23,477		24,341
Greenwich Capital Commercial Funding Corp., 4.799%, 8/10/2042		50,000		48,068
Greenwich Capital Commercial Funding Corp., 5.736%, 12/10/2049		125,000		112,866

GS Mortgage Securities Corp. II, 4.761%, 7/10/2039	15,000	13,707
GS Mortgage Securities Corp. II, 5.396%, 8/10/2038	100,000	97,106
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2003-CB7, Class A4, 4.879%, 1/12/2038	20,000	20,559
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP3 Class A4A, 4.936%, 8/15/2042	50,000	46,262
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP3, Class A3, 4.959%, 8/15/2042	35,000	34,775
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP4, Class A4, 5.038%, 3/15/2046	20,000	19,411
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP4, Class AM, 4.999%, 10/15/2042	15,000	12,780
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-CB15, Class A3, 5.819%, 6/12/2043	100,000	93,669
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP6, Class A4, 5.475%, 4/15/2043	100,000	93,776
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-CB18, Class A4, 5.440%, 6/12/2047	50,000	43,086
LB-UBS Commercial Mortgage Trust, 4.361%, 1/15/2029	50,000	46,855
LB-UBS Commercial Mortgage Trust, 5.018%, 2/15/2031	16,029	16,187
LB-UBS Commercial Mortgage Trust, 5.084%, 2/15/2031	25,000	25,101
LB-UBS Commercial Mortgage Trust, 5.139%, 2/15/2031	20,000	20,283
LB-UBS Commercial Mortgage Trust, 5.207%, 2/15/2031	20,000	18,704
LB-UBS Commercial Mortgage Trust, 5.430%, 2/15/2040	100,000	81,412
Merrill Lynch, 5.378%, 8/12/2048	150,000	112,314
Merrill Lynch Mortgage Trust, 5.405%, 11/12/2037	50,000	49,683
Morgan Stanley Capital I, 5.378%, 11/14/2042	25,000	25,100
Morgan Stanley Capital I, 5.514%, 11/12/2049	100,000	92,696
Morgan Stanley Capital I, 7.160%, 6/3/2030	150,000	150,008

9

AARP Portfolios

U.S. Bond Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

	Par Amount		Value
Commercial Mortgage-Backed Securities - (continued)
PG&E Energy Recovery Funding LLC, 5.030%, 3/25/2014	$	42,064	$	44,229
Wachovia Bank Commercial Mortgage Trust, 4.867%, 2/15/2035		100,000		103,042
Wachovia Bank Commercial Mortgage Trust, 5.203%, 1/15/2045		30,688		30,947
Wachovia Bank Commercial Mortgage Trust, 5.308%, 11/15/2048		75,000		67,703
Wachovia Bank Commercial Mortgage Trust, 5.416%, 1/15/2045		50,000		50,576
Total Commercial Mortgage-Backed Securities - (Identified Cost $2,788,710)				2,626,059
Municipal Bonds - 0.3%
Central Puget Sound Regional Transportation Authority, 5.491%, 11/1/2039		25,000		26,177
New Jersey State Turnpike Revenue, 7.414%, 1/1/2040		15,000		18,517
State of California, 5.950%, 4/1/2016		35,000		36,942
State of California, 7.500%, 4/1/2034		50,000		54,973
State of Connecticut, 5.850%, 3/15/2032		25,000		26,179
State of Illinois, 4.950%, 6/1/2023		25,000		24,622
State of Illinois Taxable, 5.100%, 6/1/2033		25,000		23,281
State of Utah, 4.554%, 7/1/2024		15,000		15,354
Total Municipal Bonds - (Identified Cost $214,828)				226,045
	Shares
Mutual Fund - 3.5%
AIM Prime Fund (At Net Asset Value)		2,676,086		2,676,086
Total Investments - 102.0% (Identified Cost $74,217,473)2				76,682,841
Other Assets & Liabilities - Net - (2.0)%				(1,487,053	)
Total Net Assets - 100.0%			$	75,195,788

¹ Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. This security may only be sold to qualified institutional investors and it is determined to be liquid under criteria established by the Portfolio’s Board of Trustees. At September 30, 2009, these securities amounted to $238,107 which represents 0.3% of the total net assets.

² At September 30, 2009, the cost of investments for federal tax purposes was $74,217,473. The net unrealized appreciation of investments for federal tax purposes was $2,465,368. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $2,849,734 and net unrealized depreciation from investments for those securities having an excess of cost over value of $384,366.

For information on the Portfolio’s policies regarding valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent semi-annual or annual financial statements.

The Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. In accordance with FAS 157, fair value is defined as the price that the Portfolio would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy for measuring fair value and enhancing disclosure. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

10

AARP Portfolios

U.S. Bond Market Portfolio (continued)

September 30, 2009 (unaudited)

Portfolio of investments

The following is a summary of the inputs used as of September 30, 2009 in valuing the Portfolio’s investments carried at value:

ASSETS VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset-Backed Securities	$	—	$	293,105	$	—	$	293,105
Corporate Bonds
Consumer Discretionary		—		1,262,905		—		1,262,905
Consumer Staples		—		546,310		—		546,310
Energy		—		1,521,890		—		1,521,890
Financials		—		6,653,147		—		6,653,147
Health Care		—		915,410		—		915,410
Industrials		—		1,239,635		—		1,239,635
Information Technology		—		411,968		—		411,968
Materials		—		303,826		—		303,826
Telecommunication Services		—		789,951		—		789,951
Utilities		—		990,852		—		990,852
Total Corporate Bonds		—		14,635,894		—		14,635,894
International Debt		58,459		3,654,811		—		3,713,270
Mortgage-Backed Securities		—		28,122,008		—		28,122,008
U.S. Treasury
U.S. Treasury Bonds		2,965,376		—		—		2,965,376
U.S. Treasury Notes		15,568,335		—		—		15,568,335
Total U.S. Treasury		18,533,711		—		—		18,533,711
U.S. Government Agencies		5,768,167		88,496		—		5,856,663
Commercial Mortgage-Backed Securities		—		2,626,059		—		2,626,059
Municipal Bonds		—		226,045		—		226,045
Mutual Fund		2,676,086		—		—		2,676,086
Total Investments	$	27,036,423		49,646,418		—	$	76,682,841

11

Item 2. Controls and Procedures.

(a) Within 90 days of the filing date of this Form N-Q, Richard M. Hisey, the registrant’s President and Principal Executive Officer and Jeffrey J. Gaboury Treasurer and Principal Financial Officer, reviewed the registrant’s disclosure controls and procedures as defined in Rule 30a-3(c) of the Investment Company Act of 1940 (the “Procedures”) and evaluated their effectiveness. Based on his review, Mr. Hisey and Mr. Gaboury determined that the Procedures adequately ensure that information required to be disclosed by the registrant in reports on Form N-Q filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods required by the Securities and Exchange Commission.

(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

The certifications required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AARP FUNDS
By:	/S/    RICHARD M. HISEY
	Richard M. Hisey
	President and Principal Executive Officer

Date: November 13, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/S/    RICHARD M. HISEY
	Richard M. Hisey
	President and Principal Executive Officer

Date: November 13, 2009

By:	/S/    JEFFREY J. GABOURY
	Jeffrey J. Gaboury
	Treasurer and Principal Financial Officer

Date: November 13, 2009

EX-99.CERT

I, Richard M. Hisey, President and Principal Executive Officer of AARP Funds, certify that:

1. I have reviewed this report on Form N-Q of AARP Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 13, 2009

By:	/s/ Richard M. Hisey
	Richard M. Hisey
	President and Principal Executive Officer

I, Jeffrey J. Gaboury, Treasurer and Principal Financial Officer of AARP Funds, certify that:

1. I have reviewed this report on Form N-Q of AARP Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 13, 2009

By:	/s/ Jeffrey J. Gaboury
	Jeffrey J. Gaboury
	Treasurer and Principal Financial Officer