AARP Portfolios N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21839

AARP PORTFOLIOS

(Exact name of registrant as specified in charter)

650 F Street, NW

Washington, DC 20004-1604

(Address of principal executive offices)(Zip code)

(Name and Address of Agent for Service)	Copy to:
Richard Hisey AARP Financial Incorporated Two Highwood Drive, Suite 202 Tewksbury, MA 01876	Gary O. Cohen, Esq. Jorden Burt LLP 1025 Thomas Jefferson Street, NW Suite 400 East Washington, DC 20007-5208

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

Date of fiscal year end: June 30

Date of reporting period: December 31, 2009

Item 1. Report to Shareholders

Semi-Annual Report

December 31, 2009 (unaudited)

U.S. Bond Market Portfolio

U.S. Stock Market Portfolio

International Stock Market Portfolio

…

A NOTE ABOUT AARP PORTFOLIOS

The series, “Portfolios”, of AARP Portfolios seek to match the performance of market indexes for U.S. stocks, international stocks, and U.S. bonds. They serve as the underlying investments to AARP Funds’ asset allocation funds, which include AARP Conservative Fund, AARP Moderate Fund, AARP Aggressive Fund, and AARP Income Fund, collectively, “Funds”.

Shares of AARP Portfolios are not offered to the public for investment.

An investor should consider the investment objectives, risks, charges and expenses of AARP Funds carefully before investing. To get a prospectus containing this and other information, please call 1-800-958-6457. Read the prospectus carefully before you invest.

AARP Funds are distributed by ALPS Distributors, Inc.

Table of Contents

U.S. Bond Market Portfolio
Portfolio composition	1
Performance	1
U.S. Stock Market Portfolio
Portfolio composition	2
Performance	2
International Stock Market Portfolio
Portfolio composition	3
Performance	3
Country Allocation	3
Understanding Your Expenses	4

Financial Statements	72
Portfolio of investments	6
Statements of assets and liabilities	72
Statements of operations	73
Statements of changes in net assets	74
Financial highlights	76
Notes to Financial Statements	79
AARP Portfolios— Supplemental Information	93

An investor should consider the investment objectives, risks, charges and expenses of AARP Funds carefully before investing. To get a prospectus containing this and other information, please call 1-800-958-6457. Read the prospectus carefully before you invest.

AARP Funds are distributed by ALPS Distributors, Inc.

AARP Financial, Inc. is not affiliated with ALPS Distributors, Inc.

U.S. Bond Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 1

U.S. Bond Market Portfolio

Portfolio composition (As a percentage of net assets)
December 31, 2009 (unaudited)
Mortgage-backed securities	36.5%	Municipal bonds	0.5 %
U.S. Treasury	25.3%	Asset-backed securities	0.3 %
Corporate bonds	19.3%	Cash equivalents	4.2 %
U.S. Government Agencies	7.7%	Other assets and liabilities, net	(2.1)%
International debt	5.0%	Total net assets	100.0 %
Commercial mortgage-backed securities	3.3%
See Notes to Financial Statements.

Performance Discussion

The U.S. Bond Market Portfolio seeks to replicate the total return of the Barclays Capital Aggregate Bond Index. For the six months period ended December 31, 2009, the U.S. Bond Market Portfolio returned 3.69% versus the benchmark, the Barclays Capital Aggregate Bond Index, which returned 3.95%.

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. The performance of the Fund assumes the reinvestment of all dividends and distributions. The index above has been adjusted to reflect reinvestment of dividends on securities in the index. The adviser is waiving a portion of its advisory fee and other operating expenses. Had the fees not been waived or reimbursed, returns would have been lower. It is not possible to invest directly in an Index.

Sources: Barclays Capital, Inc., AARP Financial

Barclays Capital Aggregate Bond Index*

This index serves as the benchmark for the U.S. Bond Market Portfolio. The index includes a large variety of U.S. bonds that are investment grade and taxable, covering three major types of bonds: government and corporate bonds, mortgage-backed securities and asset-backed securities. The index is unmanaged and you cannot directly invest in it. In addition, indexes do not have expenses.

2 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Stock Market Portfolio

U.S. Stock Market Portfolio

Portfolio composition (As a percentage of net assets)
December 31, 2009 (unaudited)
Information technology	18.5%	Utilities	4.3 %
Financials	15.6%	Materials	4.2 %
Health care	12.2%	Telecommunication services	3.1 %
Industrials	11.8%	Cash equivalents	1.4 %
Consumer discretionary	11.1%	Other assets and liabilities, net	(0.9)%
Energy	10.2%	Total net assets	100.0 %
Consumer staples	8.5%
SeeNotes to Financial Statements.

MSCI U.S. Investable Market 2500 Index

This index serves as the benchmark for the U.S. Stock Market Portfolio. The index includes about 2,500 securities listed on the New York and American Stock Exchanges and the Nasdaq over-the-counter market. The stocks represent companies of all types and sizes. The index is unmanaged and you cannot directly invest in it. In addition, indexes do not have expenses.

Performance Discussion

The U.S. Stock Market Portfolio seeks to replicate the total return of the MSCI U.S. Investable Market 2500 Index. For the six month period ended December 31, 2009, the U.S. Stock Market Portfolio returned 23.13% versus the benchmark, the MSCI U.S. Investable Market 2500 Index, which returned 23.32%.

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. The performance of the Fund assumes the reinvestment of all dividends and distributions. The index above has been adjusted to reflect reinvestment of dividends on securities in the index. The adviser is waiving a portion of its advisory fee and other operating expenses. Had the fees not been waived or reimbursed, returns would have been lower. It is not possible to invest directly in an Index.

Sources: MSCI Barra., AARP Financial

International Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 3

International Stock Market Portfolio

Portfolio composition (As a percentage of net assets)
December 31, 2009 (unaudited)
Financials	17.4%	Telecommunication services	3.9%
Industrials	7.6%	Utilities	3.4%
Materials	7.4%	Information technology	3.4%
Consumer discretionary	7.3%	Exchange-traded funds	28.5%
Consumer staples	6.4%	Cash equivalents	1.6%
Energy	6.3%	Other assets and liabilities, net	1.3%
Health care	5.5%	Total net assets	100.0%
See Notes to Financial Statements.

Performance Discussion

The International Stock Market Portfolio seeks to replicate the total return of the MSCI ACWI ex U.S. Index. For the six month period ended December 31, 2009, the International Stock Market Portfolio returned 23.35% versus the benchmark, the MSCI ACWI ex U.S. Index, which returned 24.16%.

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. The performance of the Fund assumes the reinvestment of all dividends and distributions. The indexes above have been adjusted to reflect reinvestment of dividends on securities in the indexes. The adviser is waiving a portion of its advisory fee and other operating expenses. Had the fees not been waived or reimbursed, returns would have been lower. It is not possible to invest directly in an Index.

Sources: MSCI Barra., AARP Financial

Country allocation

	Percentage of Net Assets
United Kingdom	14.6%
Japan	14.5%
France	7.1%
Australia	5.7%
Germany	5.5%
Switzerland	5.2%
Spain	3.2%
Italy	2.3%
Netherlands	2.0%
Sweden	1.7%
United States	1.7%
Hong Kong	1.3%
Singapore	0.9%
Finland	0.8%
Belgium	0.7%
Denmark	0.6%
Norway	0.5%
Luxembourg	0.4%
Ireland	0.3%
Greece	0.3%
Bermuda	0.3%
Austria	0.2%
Portugal	0.2%
Cayman Islands	0.1%
New Zealand	0.1%
Other securities1	28.5%
Other assets and liabilities	1.3%
Total net assets	100.0%

¹ Other securities include exchange traded funds that invest in 22 emerging market countries as well as Canada.

MSCI ACWI ex-U.S. Index

This index is a free float adjusted market capitalization weighted index that is designed to mirror the equity market performance of developed and emerging markets. The MSCI ACWI ex-U.S. Index^® consisted of 44 country indices comprised of 22 developed and 22 emerging market indices.

4 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT Understanding Your Expenses

Understanding Your Expenses (unaudited)

As a shareholder of a Portfolio, you incur ongoing costs, including investment advisory fees, and other expenses of running a fund. It’s important to understand exactly how much you pay to purchase and own a fund and to compare the costs of owning different funds because these costs reduce your returns.

The example in the table on the next page is intended to help you to understand your ongoing costs in dollars of investing in an AARP Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2009 to December 31, 2009.

Actual expenses

The first line for each Portfolio in the table on the next page provides information about actual account values and actual expenses. You may use the information in the first line, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses paid during period” to estimate the expenses attributable to your investment during this period.

Hypothetical example for comparison purposes

The second line in the table on the next page labeled “Hypothetical”, helps you to compare the costs of an AARP Portfolio to other funds using a 5% return as required by the Securities and Exchange Commission for all mutual funds. It provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. You should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Portfolio with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Understanding Your Expenses AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 5

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning account value 7/1/09		Ending account value 12/31/09		Expenses paid during period1
U.S. Bond Market Portfolio
Actual	$	1,000	$	1,036.90	$	1.28
Hypothetical	$	1,000	$	1,023.95	$	1.28
(assuming a 5% return before expenses)
U.S. Stock Market Portfolio
Actual	$	1,000	$	1,231.30	$	1.41
Hypothetical	$	1,000	$	1,023.95	$	1.28
(assuming a 5% return before expenses)
International Stock Market Portfolio
Actual	$	1,000	$	1,233.50	$	1.69
Hypothetical	$	1,000	$	1,023.69	$	1.53
(assuming a 5% return before expenses)
1  Expenses reflect the Portfolio’s annualized net expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The annualized net expense ratios are as follows: U.S. Bond Market Portfolio 0.25%, U.S. Stock Market Portfolio 0.25% and International Stock Market Portfolio 0.30%.

6 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Bond Market Portfolio

U.S. Bond Market Portfolio

December 31, 2009 (unaudited)

Portfolio of investments
	Par Amount		Value
Asset-Backed Securities–0.3%
Capital One Multi-Asset
Execution Trust, 4.900%, 12/15/2017	$	25,000	$	23,826
Citibank Credit Card
Issuance Trust, 4.900%, 12/12/2016		100,000		106,576
Citibank Credit Card
Issuance Trust 2003-A10, 4.750%, 12/10/2015		15,000		15,974
Ford Credit Auto Owner
Trust, 5.240%, 7/15/2012		50,000		52,483
PSE&G Transition Funding
LLC, 6.750%, 6/15/2016		10,000		11,426
TXU Electric Delivery
Transition Bond Co. LLC, 5.290%, 5/15/2018		50,000		54,226
USAA Auto Owner Trust,
2.530%, 7/15/2015		10,000		9,951
Total Asset-Backed Securities–
(Identified Cost $256,581)				274,462
Corporate Bonds–19.3%
Consumer Discretionary–1.9%
Altria Group, Inc., 8.500%,
11/10/2013		50,000		57,830
Anheuser-Busch Cos.,
Inc., 6.450%, 9/1/2037		25,000		26,524
1Anheuser-Busch InBev
Worldwide, Inc., 3.000%, 10/15/2012		25,000		25,134
1Anheuser-Busch InBev
Worldwide, Inc., 4.125%, 1/15/2015		50,000		50,825
1Anheuser-Busch InBev
Worldwide, Inc., 5.375%, 1/15/2020		50,000		51,111
CBS Corp., 7.875%,
7/30/2030		30,000		32,441
Clorox Co., 5.450%,
10/15/2012		50,000		53,793

Coca-Cola Co., 5.350%,
11/15/2017	25,000	26,974
Coca-Cola Enterprises,
Inc., 6.750%, 9/15/2028	25,000	28,162
Comcast Corp., 5.900%,
3/15/2016	50,000	53,916
Comcast Corp., 6.450%,
3/15/2037	25,000	25,860
Comcast Corp., 6.950%,
8/15/2037	50,000	54,670
Costco Wholesale Corp.,
5.500%, 3/15/2017	50,000	53,444
DaimlerChrysler North
America Holdings, 8.500%, 1/18/2031	25,000	30,804
DaimlerChrysler North
America Holdings Senior Note, 6.500%, 11/15/2013	50,000	54,859
Dr Pepper Snapple Group,
Inc., 6.120%, 5/1/2013	100,000	109,525
FedEx Corp., 7.375%,
1/15/2014	10,000	11,356
Fortune Brands, Inc.,
3.000%, 6/1/2012	50,000	49,584
Home Depot, Inc., 5.400%,
3/1/2016	50,000	52,411
Kohl’s Corp., 6.250%,
12/15/2017	25,000	27,707
Lowe’s Cos., Inc., 5.800%,
10/15/2036	25,000	25,564
News America Holdings,
Inc., 9.250%, 2/1/2013	35,000	40,864
News America, Inc. Senior
Note, 6.150%, 3/1/2037	25,000	24,954
Nordstrom, Inc., 6.750%,
6/1/2014	10,000	11,179
PepsiCo, Inc., 3.750%,
3/1/2014	50,000	51,719
Target Corp. Note, 5.875%,
3/1/2012	50,000	54,203
Time Warner Cable, Inc.,
3.500%, 2/1/2015	25,000	24,727
Time Warner Cable, Inc.,
5.000%, 2/1/2020	35,000	34,007
Time Warner Cable, Inc.,
5.850%, 5/1/2017	50,000	52,612
Time Warner, Inc., 5.875%,
11/15/2016	25,000	27,026

U.S. Bond Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 7

Portfolio of investments
	Par Amount		Value
Corporate Bonds (continued)
Consumer Discretionary (continued)
Time Warner, Inc.,
7.700%, 5/1/2032	$	50,000	$	58,885
United Parcel Service, Inc.,
6.200%, 1/15/2038		25,000		27,813
Vanderbilt University,
5.250%, 4/1/2019		50,000		52,209
Wal-Mart Stores, Inc.,
5.000%, 4/5/2012		100,000		107,631
Wal-Mart Stores, Inc.,
5.250%, 9/1/2035		25,000		24,669
Total Consumer Discretionary				1,494,992
Consumer Staples–0.7%
Archer-Daniels-Midland
Co., 7.000%, 2/1/2031		25,000		28,570
Campbell Soup Co.,
4.500%, 2/15/2019		20,000		20,051
ConAgra Foods, Inc.,
7.000%, 10/1/2028		25,000		26,862
CVS Caremark Corp.,
6.250%, 6/1/2027		25,000		25,491
General Mills, Inc.,
6.000%, 2/15/2012		50,000		54,011
H.J. Heinz Finance Co.,
6.000%, 3/15/2012		25,000		26,831
Hershey Co., 4.850%,
8/15/2015		25,000		26,240
Kraft Foods, Inc., 6.125%,
2/1/2018		25,000		26,330
Kraft Foods, Inc., 6.250%,
6/1/2012		50,000		53,917
Kroger Co., 5.500%,
2/1/2013		50,000		53,435
McDonald’s Corp.,
6.300%, 3/1/2038		25,000		27,672
Procter & Gamble Co.,
5.550%, 3/5/2037		25,000		25,911
1Ralcorp Holdings, Inc.,
6.625%, 8/15/2039		25,000		24,459
Whirlpool Corp., 8.600%,
5/1/2014		10,000		11,333
Xerox Corp., 6.350%,
5/15/2018		50,000		52,241

Yum! Brands, Inc.,
6.250%, 3/15/2018	50,000	54,629
Total Consumer Staples		537,983
Energy–1.9%
Alberta Energy Co. Ltd.,
8.125%, 9/15/2030	25,000	30,212
Ameren Energy Generating
Co., 6.300%, 4/1/2020	25,000	24,594
Anadarko Petroleum Corp.,
5.950%, 9/15/2016	25,000	27,080
Apache Corp., 6.000%,
1/15/2037	25,000	26,693
Appalachian Power Co.,
5.000%, 6/1/2017	10,000	9,897
Baker Hughes, Inc.,
6.500%, 11/15/2013	25,000	28,244
Boardwalk Pipelines LLC,
5.500%, 2/1/2017	20,000	19,903
Canadian Natural
Resources Ltd., 5.700%, 5/15/2017	25,000	26,750
Cisco Systems, Inc.,
4.950%, 2/15/2019	50,000	51,344
ConocoPhillips, 4.400%,
5/15/2013	100,000	105,592
ConocoPhillips, 6.500%,
2/1/2039	25,000	27,842
ConocoPhillips Canada
Funding Co., 5.950%, 10/15/2036	25,000	25,283
Diamond Offshore Drilling,
Inc., 5.875%, 5/1/2019	40,000	42,686
DTE Energy Co., 7.625%,
5/15/2014	25,000	27,935
El Paso Natural Gas Co.,
5.950%, 4/15/2017	50,000	51,751
EnCana Corp., 4.750%,
10/15/2013	25,000	26,287
Enterprise Products
Operating LLC, 5.250%, 1/31/2020	50,000	49,557
Enterprise Products
Operating LP, 6.875%, 3/1/2033	10,000	10,612
EOG Resources, Inc.,
6.875%, 10/1/2018	25,000	28,822
FirstEnergy Corp.,
6.450%, 11/15/2011	1,000	1,073

8 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Bond Market Portfolio

U.S. Bond Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Par Amount		Value
Corporate Bonds (continued)
Energy (continued)
FirstEnergy Corp.,
7.375%, 11/15/2031	$	20,000	$	21,739
FirstEnergy Solutions
Corp., 6.050%, 8/15/2021		20,000		20,218
General Electric Co.,
5.000%, 2/1/2013		100,000		105,871
Hess Corp., 7.300%,
8/15/2031		25,000		28,491
KeySpan Corp., 8.000%,
11/15/2030		25,000		28,881
Kinder Morgan Energy
Partners LP, 5.800%, 3/15/2035		50,000		46,472
Magellan Midstream
Partners L, 6.550%, 7/15/2019		25,000		27,186
Marathon Oil Corp.,
6.600%, 10/1/2037		25,000		26,607
Murphy Oil Corp.,
6.375%, 5/1/2012		25,000		26,291
Ohio Power Co., 5.375%,
10/1/2021		15,000		15,073
Pemex Project Funding
Master Trust, 6.625%, 6/15/2035		25,000		23,835
Petro-Canada, 7.000%,
11/15/2028		25,000		26,953
Plains All American
Pipeline LP, 6.650%, 1/15/2037		25,000		25,587
Progress Energy, Inc.,
6.850%, 4/15/2012		50,000		54,303
Progress Energy, Inc.,
7.750%, 3/1/2031		25,000		29,476
Rowan Cos, Inc., 7.875%,
8/1/2019		15,000		16,717
San Diego Gas & Electric
Co., 6.000%, 6/1/2039		20,000		21,552
Sempra Energy, 6.500%,
6/1/2016		30,000		32,578

Spectra Energy Capital
LLC, 5.900%, 9/15/2013	50,000	53,369
Talisman Energy, Inc.,
7.750%, 6/1/2019	5,000	5,882
Toledo Edison Co.,
7.250%, 5/1/2020	15,000	17,149
TransCanada Pipelines
Ltd., 9.875%, 1/1/2021	25,000	33,637
Transocean, Inc., 6.000%,
3/15/2018	25,000	26,717
Valero Energy Corp.,
7.500%, 4/15/2032	25,000	25,780
Virginia Electric and Power
Co., 5.000%, 6/30/2019	65,000	66,388
Williams Cos, Inc.,
7.125%, 9/1/2011	50,000	53,456
XTO Energy, Inc., 6.100%,
4/1/2036	25,000	27,086
Total Energy		1,529,451
Financials–8.6%
American Express Bank
FSB, 3.150%, 12/9/2011	25,000	25,849
American Express Co.,
7.000%, 3/19/2018	100,000	110,301
American International
Group, Inc., 6.250%, 5/1/2036	25,000	18,613
Ameritech Capital Funding,
6.550%, 1/15/2028	20,000	19,369
Asian Development Bank,
2.750%, 5/21/2014	60,000	59,955
Bank of America Corp.,
3.125%, 6/15/2012	50,000	51,840
Bank of America Corp.,
4.750%, 8/15/2013	100,000	101,715
Bank of America Corp.,
5.625%, 10/14/2016	50,000	50,768
Bank of America Corp.,
7.625%, 6/1/2019	100,000	115,884
Bank of America NA,
5.300%, 3/15/2017	50,000	49,077
Bank of America NA,
6.000%, 10/15/2036	25,000	24,237
Bank of New York Mellon
Corp., 4.300%, 5/15/2014	30,000	31,605
BB&T Corp., 3.375%,
9/25/2013	25,000	25,219

U.S. Bond Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 9

Portfolio of investments
	Par Amount		Value
Corporate Bonds (continued)
Financials (continued)
BB&T Corp., 5.250%,
11/1/2019	$	25,000	$	24,139
Bear Stearns Cos., Inc.,
5.300%, 10/30/2015		30,000		31,769
Bear Stearns Cos., Inc.,
6.950%, 8/10/2012		150,000		167,692
Berkshire Hathaway
Finance Corp., 4.000%, 4/15/2012		50,000		52,427
Berkshire Hathaway
Finance Corp., 4.850%, 1/15/2015		10,000		10,718
BlackRock, Inc., 3.500%,
12/10/2014		25,000		24,714
BP Capital Markets PLC,
3.625%, 5/8/2014		50,000		51,201
Capital One Capital IV,
6.745%, 2/17/2037		25,000		21,000
Capital One Capital VI,
8.875%, 5/15/2040		40,000		42,900
Capital One Financial
Corp., 7.375%, 5/23/2014		15,000		17,000
Chubb Corp., 6.000%,
11/15/2011		10,000		10,748
Cincinnati Financial Corp.,
6.920%, 5/15/2028		10,000		9,688
Citibank NA, 1.250%,
9/22/2011		50,000		50,106
Citigroup Funding, Inc.,
1.875%, 10/22/2012		100,000		99,690
Citigroup Funding, Inc.,
2.250%, 12/10/2012		100,000		100,856
Citigroup, Inc., 2.875%,
12/9/2011		25,000		25,762
Citigroup, Inc., 5.500%,
2/15/2017		150,000		142,154
Citigroup, Inc., 5.850%,
12/11/2034		50,000		44,249
Citigroup, Inc., 6.125%,
8/25/2036		50,000		43,009
Citigroup, Inc., 6.125%,
5/15/2018		100,000		100,704

Citigroup, Inc., 8.125%,
7/15/2039	15,000	16,981
Citigroup, Inc. Global
Senior Note, 6.500%, 1/18/2011	100,000	104,598
CNA Financial Corp.,
6.000%, 8/15/2011	25,000	25,422
Corp. Andina De Fomento,
8.125%, 6/4/2019	15,000	17,391
Credit Suisse, 3.450%,
7/2/2012	50,000	51,461
Credit Suisse USA, Inc.,
5.125%, 8/15/2015	100,000	106,452
Credit Suisse USA, Inc.,
5.250%, 3/2/2011	50,000	52,396
Devon Financing Corp. ULC,
6.875%, 9/30/2011	50,000	54,338
Discover Financial Services,
6.450%, 6/12/2017	25,000	23,432
Fifth Third Bancorp, 8.250%,
3/1/2038	50,000	47,665
Financing Corp. (FICO),
9.650%, 11/2/2018	25,000	34,150
General Electric Capital
Corp., 2.625%, 12/28/2012	100,000	101,914
General Electric Capital
Corp., 3.000%, 12/9/2011	50,000	51,565
General Electric Capital
Corp., 5.400%, 2/15/2017	50,000	51,104
General Electric Capital
Corp., 5.875%, 1/14/2038	50,000	46,446
General Electric Capital
Corp., 5.875%, 2/15/2012	150,000	160,787
General Electric Capital
Corp., 6.750%, 3/15/2032	60,000	61,351
General Electric Insurance
Solutions Corp., 7.000%, 2/15/2026	50,000	48,969
Goldman Sachs Group, Inc.,
1.625%, 7/15/2011	50,000	50,466
Goldman Sachs Group, Inc.,
3.250%, 6/15/2012	100,000	103,954
Goldman Sachs Group, Inc.,
3.625%, 8/1/2012	35,000	36,083
Goldman Sachs Group, Inc.,
5.125%, 1/15/2015	50,000	52,596

10 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Bond Market Portfolio

U.S. Bond Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Par Amount		Value
Corporate Bonds (continued)
Financials (continued)
Goldman Sachs Group,
Inc., 5.450%, 11/1/2012	$	100,000	$	107,589
Goldman Sachs Group,
Inc., 5.950%, 1/15/2027		30,000		28,928
Goldman Sachs Group,
Inc., 6.000%, 5/1/2014		30,000		32,844
Goldman Sachs Group,
Inc., 6.125%, 2/15/2033		25,000		25,183
Goldman Sachs Group,
Inc., 6.150%, 4/1/2018		50,000		53,612
Goldman Sachs Group,
Inc., 6.345%, 2/15/2034		15,000		14,086
Goldman Sachs Group,
Inc., 6.750%, 10/1/2037		25,000		25,779
Hartford Financial Services
Group, Inc., 6.100%, 10/1/2041		25,000		20,040
Healthcare Realty Trust,
Inc., 6.500%, 1/17/2017		25,000		24,799
Hospitality Properties
Trust, 7.875%, 8/15/2014		25,000		25,834
HSBC Finance Corp.,
4.750%, 7/15/2013		100,000		104,209
HSBC Finance Corp.,
5.000%, 6/30/2015		25,000		25,856
HSBC Finance Corp.,
6.375%, 11/27/2012		50,000		54,488
Inter-American
Development Bank, 4.250%, 9/10/2018		50,000		51,135
Inter-American
Development Bank, 5.000%, 4/5/2011		100,000		105,228
International Finance
Corp., 3.000%, 4/22/2014		105,000		105,342
International Lease
Finance Corp., 5.650%, 6/1/2014		50,000		37,822
Jefferies Group, Inc.,
8.500%, 7/15/2019		25,000		27,373

John Deere Capital Corp.,
5.250%, 10/1/2012	50,000	54,031
JP Morgan Chase Capital
XXV, 6.800%, 10/1/2037	50,000	49,832
JPMorgan Chase Capital
XXVII, 7.000%, 11/1/2039	50,000	50,584
JPMorgan Chase & Co.,
3.125%, 12/1/2011	100,000	103,546
JPMorgan Chase & Co.,
6.000%, 1/15/2018	25,000	26,918
JPMorgan Chase & Co.,
6.625%, 3/15/2012	100,000	109,222
JPMorgan Chase Capital
XV, 5.875%, 3/15/2035	25,000	22,321
JPMorgan Chase Capital
XVIII, 6.950%, 8/17/2036	25,000	24,361
Keycorp, 6.500%, 5/14/2013	50,000	51,646
Kimco Realty Corp.,
6.875%, 10/1/2019	25,000	25,466
Kreditanstalt fuer
Wiederaufbau, 1.875%, 3/15/2011	100,000	101,126
Lazard Group, 6.850%,
6/15/2017	50,000	50,392
Liberty Property LP, 6.625%,
10/1/2017	50,000	48,560
Lincoln National Corp.,
8.750%, 7/1/2019	15,000	17,167
Mack-Cali Realty Corp.,
7.750%, 8/15/2019	25,000	25,913
Markel Corp., 7.125%,
9/30/2019	50,000	51,718
Marshall & Ilsley Corp.,
5.350%, 4/1/2011	50,000	49,652
Merrill Lynch & Co., Inc.,
6.150%, 4/25/2013	100,000	107,096
MetLife, Inc., 5.700%,
6/15/2035	10,000	9,909
MetLife, Inc., 6.125%,
12/1/2011	10,000	10,755
MetLife, Inc., 6.400%,
12/15/2036	25,000	22,250
Morgan Stanley, 3.250%,
12/1/2011	100,000	103,781
Morgan Stanley, 5.625%,
1/9/2012	100,000	105,582
Morgan Stanley, 5.950%,
12/28/2017	100,000	103,307

U.S. Bond Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 11

Portfolio of investments
	Par Amount		Value
Corporate Bonds (continued)
Financials (continued)
Morgan Stanley, 6.000%,
5/13/2014	$	100,000	$	107,623
Northern Trust Corp.,
4.625%, 5/1/2014		15,000		16,000
PACCAR Financial Corp.,
1.950%, 12/17/2012		25,000		24,759
PNC Bank NA, 4.875%,
9/21/2017		50,000		47,385
Principal Life Income
Funding Trusts, 5.125%, 3/1/2011		100,000		102,914
ProLogis, 7.625%,
8/15/2014		25,000		26,168
Private Export Funding
Corp., 4.300%, 12/15/2021		25,000		23,871
Protective Life Corp.,
8.450%, 10/15/2039		25,000		24,181
Prudential Financial, Inc.,
4.500%, 7/15/2013		50,000		50,606
Prudential Financial, Inc.,
6.000%, 12/1/2017		50,000		51,666
Raymond James Financial,
Inc., 8.600%, 8/15/2019		25,000		27,091
Realty Income Corp.,
5.950%, 9/15/2016		25,000		24,663
Regions Financial Corp.,
7.750%, 11/10/2014		50,000		49,360
Shell International Finance
BV, 4.000%, 3/21/2014		100,000		104,454
Simon Property Group LP,
5.100%, 6/15/2015		25,000		24,724
Simon Property Group LP,
5.300%, 5/30/2013		50,000		51,630
SLM Corp., 5.400%,
10/25/2011		25,000		24,989
Sovereign Bank, 5.125%,
3/15/2013		25,000		25,245
Toll Brothers Finance
Corp., 6.750%, 11/1/2019		25,000		24,528

Transatlantic Holdings,
Inc., 5.750%, 12/14/2015	20,000	19,637
Travelers Cos., Inc.,
5.500%, 12/1/2015	25,000	27,116
Travelers Cos., Inc.,
5.750%, 12/15/2017	25,000	26,547
US Bancorp, 4.200%,
5/15/2014	50,000	51,954
USB Capital XIII Trust,
6.625%, 12/15/2039	15,000	15,295
Wachovia Bank NA, 4.875%,
2/1/2015	50,000	51,121
Wachovia Bank NA, 6.600%,
1/15/2038	25,000	26,473
Wachovia Corp., 5.625%,
10/15/2016	50,000	51,196
Wachovia Corp., 5.700%,
8/1/2013	50,000	53,821
Wells Fargo & Co., 3.000%,
12/9/2011	25,000	25,821
Wells Fargo & Co., 3.750%,
10/1/2014	100,000	99,813
Wells Fargo & Co., 5.250%,
10/23/2012	50,000	53,414
Wells Fargo & Co., 5.625%,
12/11/2017	25,000	26,045
Wells Fargo Bank NA,
5.750%, 5/16/2016	100,000	103,806
Western Union Co., 5.400%,
11/17/2011	50,000	53,408
Willis North America, Inc.,
5.625%, 7/15/2015	25,000	24,512
Total Financials		6,791,597
Health Care–1.2%
Abbott Laboratories, 5.600%,
5/15/2011	50,000	53,049
Aetna, Inc., 6.625%,
6/15/2036	35,000	36,002
Aflac, Inc., 6.900%,
12/17/2039	15,000	14,824
Allstate Corp., 5.950%,
4/1/2036	25,000	25,364
AmerisourceBergen Corp.,
5.875%, 9/15/2015	10,000	10,912
Amgen, Inc., 5.850%,
6/1/2017	25,000	27,360

12 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Bond Market Portfolio

U.S. Bond Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Par Amount		Value
Corporate Bonds (continued)
Health Care (continued)
Amgen, Inc., 6.375%,
6/1/2037	$	25,000	$	27,380
Baxter International, Inc.,
4.625%, 3/15/2015		10,000		10,614
Baxter International, Inc.,
5.900%, 9/1/2016		50,000		55,162
Bristol-Myers Squibb Co.,
5.875%, 11/15/2036		25,000		26,072
Eli Lilly & Co., 5.200%,
3/15/2017		50,000		53,020
GlaxoSmithKline Capital,
Inc., 5.650%, 5/15/2018		100,000		108,040
Hospira, Inc., 6.400%,
5/15/2015		5,000		5,540
Johnson & Johnson,
4.950%, 5/15/2033		10,000		9,776
McKesson Corp., 7.500%,
2/15/2019		50,000		59,395
Merck & Co., Inc.,
5.000%, 6/30/2019		100,000		104,140
Pfizer, Inc., 5.350%,
3/15/2015		100,000		109,415
Schering-Plough Corp.,
6.000%, 9/15/2017		25,000		27,812
Teva Pharmaceutical
Finance LLC, 5.550%, 2/1/2016		10,000		10,569
Teva Pharmaceutical
Finance LLC, 6.150%, 2/1/2036		10,000		10,363
UnitedHealth Group, Inc.,
6.000%, 11/15/2017		25,000		25,850
Watson Pharmaceuticals,
Inc., 5.000%, 8/15/2014		20,000		20,440
WellPoint, Inc., 6.375%,
1/15/2012		50,000		53,879
Wyeth, 5.500%,
2/15/2016		25,000		26,907
Wyeth, 7.250%, 3/1/2023		25,000		28,412
Total Health Care				940,297

Industrials–1.8%
ACE INA Holdings, Inc.,
5.900%, 6/15/2019	15,000	16,167
Air Products & Chemicals,
Inc., 4.375%, 8/21/2019	25,000	24,824
Altria Group, Inc., 9.250%,
8/6/2019	100,000	122,066
Bemis Co., Inc., 5.650%,
8/1/2014	5,000	5,327
Boeing Capital Corp. Ltd.,
6.500%, 2/15/2012	50,000	54,711
Boston Properties LP,
5.875%, 10/15/2019	25,000	25,125
Burlington Northern Santa
Fe Corp., 5.900%, 7/1/2012	50,000	54,243
Cabot Corp., 5.000%,
10/1/2016	25,000	24,552
Canadian Pacific Railway
Co., 5.950%, 5/15/2037	25,000	23,813
Caterpillar Financial
Services Corp., 4.250%, 2/8/2013	50,000	52,102
Caterpillar Financial
Services Corp., 5.125%, 10/12/2011	50,000	53,092
Caterpillar, Inc., 6.625%,
7/15/2028	10,000	11,191
Cooper US, Inc., 6.100%,
7/1/2017	25,000	27,353
CRH America, Inc.,
5.625%, 9/30/2011	25,000	26,291
CSX Corp., 6.250%,
3/15/2018	25,000	26,964
Deere & Co., 4.375%,
10/16/2019	25,000	25,018
Deere & Co., 5.375%,
10/16/2029	25,000	25,028
Dover Corp., 5.450%,
3/15/2018	25,000	26,496
Dun & Bradstreet Corp.,
5.500%, 3/15/2011	50,000	52,098
Emerson Electric Co.,
5.375%, 10/15/2017	25,000	26,463
Honeywell International,
Inc., 5.300%, 3/1/2018	50,000	52,824
Honeywell International,
Inc., 5.700%, 3/15/2036	25,000	25,740

U.S. Bond Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 13

Portfolio of investments
	Par Amount		Value
Corporate Bonds (continued)
Industrials (continued)
International Business
Machines Corp., 2.100%, 5/6/2013	$	50,000	$	49,940
International Business
Machines Corp., 6.500%, 1/15/2028		50,000		54,617
International Paper Co.,
7.500%, 8/15/2021		40,000		44,908
Lockheed Martin Corp.,
4.121%, 3/14/2013		25,000		26,139
Lockheed Martin Corp.,
7.750%, 5/1/2026		25,000		29,855
Norfolk Southern Corp.,
7.700%, 5/15/2017		10,000		11,723
Norfolk Southern Corp.,
7.800%, 5/15/2027		15,000		18,077
Northrop Grumman Corp.,
7.750%, 2/15/2031		15,000		18,586
Philip Morris International,
Inc., 5.650%, 5/16/2018		50,000		52,667
Pitney Bowes, Inc.,
5.750%, 9/15/2017		25,000		26,828
Potash Corp. of
Saskatchewan, Inc., 5.250%, 5/15/2014		25,000		26,891
Procter & Gamble Co.,
4.700%, 2/15/2019		50,000		51,279
Raytheon Co., 4.400%,
2/15/2020		25,000		24,673
RR Donnelley & Sons Co.,
8.600%, 8/15/2016		25,000		27,250
Southwest Airlines Co.,
5.250%, 10/1/2014		50,000		50,696
Tyco International Finance
SA, 4.125%, 10/15/2014		25,000		25,583
Tyco International Group
SA, 6.000%, 11/15/2013		25,000		27,408
Union Pacific Corp.,
6.125%, 2/15/2020		25,000		27,114
Waste Management, Inc.,
6.375%, 11/15/2012		25,000		27,521
Total Industrials				1,403,243

Information Technology–0.5%
Arrow Electronics, Inc.,
6.000%, 4/1/2020	25,000	24,781
Electronic Data Systems
Corp., 6.000%, 8/1/2013	25,000	27,658
General Dynamics Corp.,
1.800%, 7/15/2011	15,000	15,173
Hewlett-Packard Co.,
5.250%, 3/1/2012	25,000	26,834
Microsoft Corp., 2.950%,
6/1/2014	75,000	75,881
Oracle Corp., 6.500%,
4/15/2038	25,000	27,545
Oracle Corp. and Ozark
Holding, Inc., 5.250%, 1/15/2016	50,000	54,063
Rockwell Collins, Inc.,
5.250%, 7/15/2019	50,000	51,839
Science Applications
International Corp., 6.250%, 7/1/2012	20,000	21,794
United Technologies Corp.,
6.050%, 6/1/2036	25,000	26,666
Xerox Corp., 5.500%,
5/15/2012	50,000	52,870
Total Information Technology		405,104
Materials–0.4%
Alcoa, Inc., 5.900%,
2/1/2027	25,000	22,595
Continental Airlines, Inc.,
9.000%, 7/8/2016	50,000	53,000
Dow Chemical Co.,
6.000%, 10/1/2012	50,000	53,819
EI du Pont de Nemours &
Co., 4.625%, 1/15/2020	25,000	24,524
EI Du Pont de Nemours &
Co., 4.750%, 3/15/2015	25,000	26,620
EI Du Pont de Nemours &
Co., 5.600%, 12/15/2036	25,000	24,947
Falconbridge Ltd.,
5.500%, 6/15/2017	25,000	24,972
StatoilHydro ASA,
5.250%, 4/15/2019	20,000	21,238
Vale Overseas Ltd.,
6.875%, 11/21/2036	50,000	50,083
Valspar Corp., 7.250%,
6/15/2019	25,000	27,482
Total Materials		329,280

14 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Bond Market Portfolio

U.S. Bond Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Par Amount		Value
Corporate Bonds (continued)
Telecommunication Services–0.9%
AT&T Wireless Services,
Inc., 8.125%, 5/1/2012	$	50,000	$	56,527
AT&T, Inc., 6.150%,
9/15/2034		25,000		24,790
AT&T, Inc., 6.400%,
5/15/2038		50,000		51,554
AT&T, Inc., 6.800%,
5/15/2036		25,000		26,709
BellSouth Capital Funding
Corp., 7.875%, 2/15/2030		25,000		28,622
BellSouth Corp., 5.200%,
9/15/2014		30,000		32,163
BellSouth Corp., 6.000%,
11/15/2034		10,000		9,789
Cellco Partnership,
3.750%, 5/20/2011		50,000		51,576
Cellco Partnership,
5.550%, 2/1/2014		100,000		108,627
Motorola, Inc., 6.000%,
11/15/2017		25,000		24,226
Quest Diagnostics, Inc.,
5.750%, 1/30/2040		10,000		9,739
Qwest Corp., 8.375%,
5/1/2016		30,000		32,325
SBC Communications, Inc.
Global Note, 6.250%, 3/15/2011		50,000		52,964
Verizon Communications,
Inc., 5.500%, 2/15/2018		50,000		52,264
Verizon Communications,
Inc., 5.550%, 2/15/2016		50,000		53,970
Verizon Global Funding
Corp., 5.850%, 9/15/2035		10,000		9,783
Verizon Global Funding
Corp., 7.750%, 12/1/2030		25,000		29,451
Verizon New England, Inc.,
6.500%, 9/15/2011		30,000		31,989
Vodafone Group PLC,
4.150%, 6/10/2014		50,000		51,491
Total Telecommunication Services				738,559

Utilities–1.4%
Arizona Public Service Co.,
6.500%, 3/1/2012	10,000	10,754
Atlantic City Electric Co.,
7.750%, 11/15/2018	15,000	17,841
Board of Trustees of The
Leland Stanford Junior
University, 3.625%,
5/1/2014	100,000	102,983
Carolina Power & Light
Co., 5.125%, 9/15/2013	10,000	10,712
CenterPoint Energy
Resources Corp., 6.000%, 5/15/2018	25,000	25,712
Cincinnati Gas & Electric,
5.700%, 9/15/2012	50,000	54,260
Columbus Southern Power
Co., 6.600%, 3/1/2033	25,000	26,326
Commonwealth Edison
Co., 5.900%, 3/15/2036	25,000	24,945
Commonwealth Edison
Co., 6.150%, 9/15/2017	50,000	54,234
Consolidated Edison Co.
of New York, 4.875%, 2/1/2013	50,000	53,319
Consolidated Edison Co.
of New York, Inc., 6.300%, 8/15/2037	25,000	27,013
Constellation Energy
Group, 7.000%, 4/1/2012	50,000	54,280
Dominion Resources, Inc.,
5.150%, 7/15/2015	15,000	15,895
Dominion Resources, Inc.,
6.000%, 11/30/2017	50,000	53,842
Entergy Gulf States La
10/24 Fixed 5.59, 5.590%, 10/1/2024	15,000	15,029
Exelon Corp., 5.625%,
6/15/2035	15,000	13,608
Florida Power & Light Co.,
4.950%, 6/1/2035	25,000	22,918
Georgia Power Co.,
4.250%, 12/1/2019	40,000	38,839
Interstate Power & Light
Co., 6.250%, 7/15/2039	15,000	15,803
MidAmerican Energy Co.,
6.750%, 12/30/2031	10,000	11,217

U.S. Bond Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 15

Portfolio of investments
	Par Amount		Value
Corporate Bonds (continued)
Utilities (continued)
MidAmerican Funding
LLC, 6.927%, 3/1/2029	$	25,000	$	27,191
National Rural Utilities
Cooperative Finance Corp., 7.250%, 3/1/2012		100,000		109,979
Nisource Finance Corp.,
6.400%, 3/15/2018		25,000		26,025
NSTAR, 4.500%,
11/15/2019		25,000		24,496
Oneok, Inc., 5.200%,
6/15/2015		25,000		25,753
Pacific Gas & Electric Co.,
5.400%, 1/15/2040		25,000		24,010
Pacific Gas & Electric Co.,
6.050%, 3/1/2034		15,000		15,711
PPL Electric Utilities Corp.,
6.250%, 5/15/2039		10,000		10,755
Public Service Co. of
Colorado, 6.250%, 9/1/2037	��	10,000		10,959
Public Service Electric &
Gas Co., 5.800%, 5/1/2037		25,000		25,814
Puget Sound Energy, Inc.,
6.274%, 3/15/2037		25,000		26,027
TXU Electric Delivery Co.,
7.000%, 5/1/2032		25,000		27,734
Virginia Electric and Power
Co., 5.400%, 1/15/2016		50,000		52,843
Wisconsin Electric Power
Co., 4.250%, 12/15/2019		25,000		24,468
Total Utilities				1,081,295
Total Corporate Bonds–
(Identified Cost $14,730,753)				15,251,801
International Debt–5.0%
Alcan, Inc., 5.200%,
1/15/2014		50,000		52,752
America Movil SA de CV,
5.750%, 1/15/2015		15,000		15,863

America Movil SAB de CV,
5.625%, 11/15/2017	50,000	52,017
ArcelorMittal, 6.125%,
6/1/2018	50,000	51,676
ArcelorMittal, 9.850%,
6/1/2019	100,000	129,552
Asian Development Bank,
5.593%, 7/16/2018	50,000	54,619
AstraZeneca PLC,
6.450%, 9/15/2037	25,000	28,254
Barclays Bank PLC,
5.000%, 9/22/2016	100,000	102,326
Barrick Australia Financ
10/39 Fixed 5.95, 5.950%, 10/15/2039	25,000	24,483
BHP Billiton Finance Ltd.,
5.125%, 3/29/2012	25,000	26,624
BP Capital Markets PLC,
3.875%, 3/10/2015	50,000	51,431
Brazilian Government
International Bond, 6.000%, 1/17/2017	100,000	108,500
Brazilian Government
International Bond, 8.250%, 1/20/2034	50,000	64,125
Brazilian Government
International Bond, 8.750%, 2/4/2025	50,000	65,000
British Telecommunications
PLC, 9.625%, 12/15/2030	25,000	31,937
Canadian National Railway
Co., 6.200%, 6/1/2036	25,000	27,325
Deutsche Bank AG,
5.375%, 10/12/2012	100,000	108,025
Deutsche Telekom
International Finance BV, 8.750%, 6/15/2030	25,000	32,239
Diageo Finance BV,
3.250%, 1/15/2015	25,000	24,862
Diageo Finance BV,
5.300%, 10/28/2015	50,000	54,014
Eksportfinans ASA,
5.000%, 2/14/2012	100,000	106,641
European Investment Bank,
4.625%, 5/15/2014	200,000	214,633
European Investment Bank,
4.875%, 2/16/2016	50,000	53,825
Export-Import Bank of
Korea, 5.875%, 1/14/2015	100,000	107,545

16 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Bond Market Portfolio

U.S. Bond Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Par Amount		Value
International Debt (continued)
Export-Import Bank Of
Korea (KEXIM), 5.125%, 2/14/2011	$	25,000	$	25,836
France Telecom SA,
7.750%, 3/1/2011		100,000		107,207
HSBC Holdings PLC,
6.500%, 5/2/2036		25,000		26,305
International Bank for
Reconstruction & Development, 7.625%, 1/19/2023		25,000		31,954
International Finance
Corp., 3.500%, 5/15/2013		100,000		104,150
Israel Government AID
Bond, 5.500%, 4/26/2024		25,000		26,746
Israel Government
International Bond, 5.125%, 3/26/2019		75,000		76,134
Israel Government
International Bond, 5.500%, 11/9/2016		25,000		26,861
Italy Government
International Bond, 4.500%, 1/21/2015		100,000		104,735
Italy Government
International Bond, 5.625%, 6/15/2012		100,000		108,815
Italy, Republic of,, 6.875%,
9/27/2023		25,000		28,362
Japan Finance Corp.,
2.000%, 6/24/2011		100,000		101,243
KfW Bankengruppe,
3.250%, 3/15/2013		100,000		103,030
KfW Bankengruppe,
4.875%, 1/17/2017		100,000		106,997
Koninklijke Philips
Electronics NV, 6.875%, 3/11/2038		50,000		56,908
Kreditanstalt fuer
Wiederaufbau, 0.00%, 4/18/2036		50,000		13,152

Landwirtschaftliche
Rentenbank, 4.875%, 2/14/2011	100,000	104,292
Mexico Government
International Bond, 6.625%, 3/3/2015	25,000	27,875
Mexico Government
International Bond, 6.750%, 9/27/2034	20,000	21,200
Mexico Government
International Bond, 8.125%, 12/30/2019	50,000	60,818
Mexico Government
International Bond, 8.300%, 8/15/2031	50,000	62,065
Nexen, Inc., 5.875%,
3/10/2035	25,000	23,677
Nordic Investment Bank,
2.625%, 10/6/2014	50,000	49,332
Oesterreichische
Kontrollbank AG, 4.875%, 2/16/2016	100,000	105,341
Petrobras International
Finance Co., 5.750%, 1/20/2020	50,000	51,114
Petrobras International
Finance Co., 6.875%, 1/20/2040	25,000	25,815
Petroleos Mexicanos,
8.000%, 5/3/2019	50,000	58,125
Potash Corp. of
Saskatchewan, Inc., 3.750%, 9/30/2015	10,000	9,965
Potash Corp. of
Saskatchewan, Inc., 4.875%, 3/30/2020	10,000	9,886
Province of British
Columbia Canada, 6.500%, 1/15/2026	25,000	28,457
Province of Nova Scotia
Canada, 5.125%, 1/26/2017	50,000	53,319
Province of Ontario
Canada, 4.000%, 10/7/2019	25,000	23,986
Province of Ontario
Canada, 5.000%, 10/18/2011	100,000	106,313

U.S. Bond Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 17

Portfolio of investments
	Par Amount		Value
International Debt (continued)
Province of Quebec
Canada, 4.600%, 5/26/2015	$	50,000	$	52,986
Region of Lombardy Italy,
5.804%, 10/25/2032		50,000		48,689
Republic of Korea,
4.875%, 9/22/2014		25,000		26,599
Republic of Peru, 6.550%,
3/14/2037		25,000		26,125
Republic of Poland,
5.250%, 1/15/2014		50,000		53,629
Telecom Italia Capital SA,
6.375%, 11/15/2033		50,000		49,445
Telefonica Emisiones SAU,
5.984%, 6/20/2011		50,000		52,901
Telefonica Emisiones SAU,
6.221%, 7/3/2017		25,000		27,597
Thomson Corp. Note,
5.700%, 10/1/2014		50,000		54,947
Vodafone Group PLC,
6.150%, 2/27/2037		25,000		26,131
Vodafone Group PLC,
7.875%, 2/15/2030		25,000		30,047
Weatherford International
Ltd., 5.500%, 2/15/2016		25,000		25,628
Total International Debt–
(Identified Cost $3,751,645)				3,933,007
Mortgage-Backed Securities–36.5%
Federal Home Loan
Mortgage Corporation, GOLD 30 YR, 4.500%–5.500%		600,000		605,328
Federal Home Loan
Mortgage Corporation, GOLD 15 YR, 4.000%–4.500%		350,000		355,453
Federal National Mortgage
Association, 30 YR, 4.000%–5.000%		200,000		199,188

Government National
Mortgage Association, 30 YR, 4.500%–6.000%	1,175,000	1,211,856
Federal Home Loan
Mortgage Corporation, 1.625%–7.000%, 2/25/2011–12/1/2039	8,380,571	8,691,179
Federal National Mortgage
Association, 4.000%–7.000%, 6/1/2019–10/1/2039	14,041,910	14,616,636
Government National
Mortgage Association, 4.000%–6.500%, 2/15/2036–12/15/2039	3,117,992	3,227,241
Total Mortgage-Backed
Securities–(Identified Cost $27,915,941)		28,906,881
U.S. Treasury–25.3%
U.S. Treasury Bonds–3.6%
4.750%, 2/15/2037	200,000	204,438
6.125%, 8/15/2029	125,000	150,117
6.375%, 8/15/2027	150,000	183,235
6.750%, 8/15/2026	100,000	126,203
7.125%, 2/15/2023	100,000	128,281
7.250%, 5/15/2016	100,000	123,820
7.500%, 11/15/2016	250,000	315,137
8.000%, 11/15/2021	350,000	476,711
8.500%, 2/15/2020	280,000	388,106
8.875%, 8/15/2017	150,000	204,516
9.250%, 2/15/2016	135,000	181,881
3.500%, 2/15/2039	75,000	61,453
4.500%, 8/15/2039	200,000	195,532
7.625%, 11/15/2022	100,000	133,422
Total		2,872,852
U.S. Treasury Notes–21.7%
4.125%, 5/15/2015	200,000	213,313
0.875%, 2/28/2011	400,000	401,094
0.875%, 1/31/2011	300,000	301,031
0.875%, 5/31/2011	200,000	200,305
0.875%, 4/30/2011	200,000	200,328
1.000%, 7/31/2011	400,000	400,734

18 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Bond Market Portfolio

U.S. Bond Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Par Amount		Value
U.S. Treasury (continued)
U.S. Treasury Notes (continued)
1.000%, 8/31/2011	$	200,000	$	200,164
1.000%, 10/31/2011		200,000		199,883
1.000%, 9/30/2011		400,000		400,016
1.000%, 12/31/2011		100,000		99,750
1.125%, 12/15/2011		300,000		300,200
1.125%, 1/15/2012		200,000		199,875
1.125%, 12/15/2012		200,000		196,859
1.375%, 5/15/2012		200,000		200,063
1.375%, 9/15/2012		200,000		199,125
1.375%, 2/15/2012		300,000		300,961
1.375%, 10/15/2012		200,000		198,938
1.375%, 11/15/2012		200,000		198,625
1.750%, 3/31/2014		200,000		195,313
1.750%, 11/15/2011		200,000		202,586
1.750%, 8/15/2012		400,000		402,719
1.875%, 2/28/2014		500,000		491,914
1.875%, 4/30/2014		100,000		97,977
2.000%, 11/30/2013		300,000		298,500
2.375%, 3/31/2016		200,000		191,406
2.375%, 9/30/2014		200,000		198,375
2.375%, 8/31/2014		200,000		198,594
2.375%, 10/31/2014		400,000		395,781
2.625%, 4/30/2016		100,000		96,930
2.625%, 6/30/2014		300,000		302,274
2.625%, 7/31/2014		200,000		201,063
2.625%, 12/31/2014		100,000		99,742
2.750%, 2/15/2019		300,000		276,281
2.750%, 10/31/2013		400,000		409,782
3.000%, 8/31/2016		200,000		196,766
3.000%, 9/30/2016		150,000		147,270
3.125%, 5/15/2019		100,000		94,734
3.125%, 10/31/2016		200,000		197,547
3.125%, 4/30/2013		350,000		364,766
3.250%, 5/31/2016		150,000		150,668

3.250%, 12/31/2016	100,000	99,188
3.375%, 6/30/2013	350,000	367,473
3.625%, 12/31/2012	250,000	264,434
3.625%, 8/15/2019	100,000	98,344
3.750%, 11/15/2018	500,000	500,117
3.875%, 5/15/2018	350,000	355,496
4.000%, 8/15/2018	300,000	306,492
4.000%, 2/15/2015	150,000	159,469
4.125%, 8/31/2012	200,000	213,875
4.250%, 11/15/2017	300,000	314,531
4.250%, 5/15/2039	310,000	290,916
4.250%, 8/15/2015	200,000	214,125
4.375%, 2/15/2038	300,000	288,094
4.500%, 3/31/2012	400,000	428,250
4.500%, 4/30/2012	550,000	589,832
4.500%, 11/30/2011	100,000	106,508
4.500%, 9/30/2011	100,000	106,055
4.500%, 2/28/2011	200,000	208,820
4.625%, 2/15/2017	200,000	216,016
4.625%, 12/31/2011	500,000	534,375
4.750%, 8/15/2017	300,000	325,617
4.750%, 3/31/2011	200,000	209,875
4.875%, 8/15/2016	100,000	110,000
5.000%, 5/15/2037	150,000	159,352
5.125%, 5/15/2016	150,000	167,344
5.125%, 6/30/2011	250,000	265,733
5.375%, 2/15/2031	100,000	110,531
6.625%, 2/15/2027	225,000	281,074
8.125%, 8/15/2021	100,000	137,188
11.250%, 2/15/2015	100,000	141,109
Total		17,192,485
Total U.S. Treasury–
(Identified Cost $20,042,989)		20,065,337
U.S. Government Agencies–7.7%
Federal Farm Credit Bank,
1.875%–5.375%, 7/18/2011–1/17/2017	425,000	446,091
Federal Home Loan Bank,
1.625%–5.625%, 7/27/2011–7/15/2036	525,000	554,274

U.S. Bond Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 19

Portfolio of investments
	Par Amount		Value
U.S. Government Agencies (continued)
Federal Home Loan Banks,
0.750%, 7/8/2011	$	100,000	$	99,727
Federal Home Loan Banks,
0.750%–2.250%, 3/18/2011–12/24/2012		725,000		732,367
Federal Home Loan
Mortgage Corp., 1.500% 6.750%, 1/7/2011–7/15/2032		2,380,000		2,430,426
Federal Home Loan
Mortgage Corp. 01/12 Fixed 1.25, 1.250%, 1/19/2012		100,000		99,536
Federal National Mortgage
Association, 1.000%–7.125%, 3/23/2011–7/15/2037		1,605,000		1,630,491
Tennessee Valley
Authority, 5.250%–6.750%, 7/18/2017–9/15/2039		100,000		109,267
Total U.S. Government
Agencies–(Identified Cost $6,024,328)				6,102,179
Commercial Mortgage-Backed Securities–3.3%
Banc of America
Commercial Mortgage, Inc., 5.118%, 7/11/2043		60,000		62,144
Banc of America
Commercial Mortgage, Inc., 5.219%, 10/10/2045		20,000		19,138
Banc of America
Commercial Mortgage, Inc., 5.658%, 6/10/2049		125,000		104,796
Bear Stearns Commercial
Mortgage Securities, 4.740%, 3/13/2040		40,000		40,754
Bear Stearns Commercial
Mortgage Securities, 4.750%, 2/13/2046		50,000		48,564
Bear Stearns Commercial
Mortgage Securities, 5.405%, 12/11/2040		50,000		49,083

Chase Commercial
Mortgage Securities Corp., 7.319%, 10/15/2032	21,295	21,810
Citigroup, 5.171%,
11/15/2044	33,946	34,849
Citigroup Commercial
Mortgage Trust, 5.725%, 3/15/2049	25,000	8,061
Citigroup/Deutsche Bank
Commercial Mortgage Trust, 5.224%, 7/15/2044	50,000	42,235
Commercial Mortgage
Pass Through Certificates, 5.347%, 12/10/2046	50,000	40,489
Commercial Mortgage
Pass Through Certificates, 5.706%, 6/10/2046	50,000	50,301
Credit Suisse Mortgage
Capital Certificates, 5.826%, 6/15/2038	100,000	86,188
CS First Boston Mortgage
Securities Corp., 4.429%, 12/15/2036	108,973	111,054
CS First Boston Mortgage
Securities Corp., 4.730%, 7/15/2037	20,000	16,871
CS First Boston Mortgage
Securities Corp., 5.230%, 12/15/2040	50,000	48,050
CS First Boston Mortgage
Securities Corp., 5.416%, 5/15/2036	35,000	34,712
CS First Boston Mortgage
Securities Corp., 6.387%, 8/15/2036	24,209	25,406
CW Capital Cobalt Ltd.,
5.484%, 4/15/2047	25,000	20,398
G.E. Capital Commercial
Mortgage Corp., 5.189%, 7/10/2039	150,000	149,889
GMAC Commercial
Mortgage Securities, Inc., 6.465%, 4/15/2034	23,334	24,181
Greenwich Capital
Commercial Funding Corp., 4.799%, 8/10/2042	50,000	48,343
Greenwich Capital
Commercial Funding Corp., 5.736%, 12/10/2049	125,000	111,252

20 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Bond Market Portfolio

U.S. Bond Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Par Amount		Value
Commercial Mortgage-Backed Securities (continued)
GS Mortgage Securities
Corp. II, 4.761%, 7/10/2039	$	15,000	$	13,612
GS Mortgage Securities
Corp. II, 5.396%, 8/10/2038		100,000		98,421
JPMorgan Chase
Commercial Mortgage Securities Corp., Series 2003-CB7, Class A4, 4.879%, 1/12/2038		20,000		20,107
JPMorgan Chase
Commercial Mortgage Securities Corp., Series 2005-LDP3 Class A4A, 4.936%, 8/15/2042		50,000		47,529
JPMorgan Chase
Commercial Mortgage Securities Corp., Series 2005-LDP3, Class A3, 4.959%, 8/15/2042		35,000		34,377
JPMorgan Chase
Commercial Mortgage Securities Corp., Series 2005-LDP4, Class A4, 5.038%, 3/15/2046		20,000		19,330
JPMorgan Chase
Commercial Mortgage Securities Corp., Series 2005-LDP4, Class AM, 4.999%, 10/15/2042		15,000		12,673
JPMorgan Chase
Commercial Mortgage Securities Corp., Series 2006-CB15, Class A3, 5.819%, 6/12/2043		100,000		99,134
JPMorgan Chase
Commercial Mortgage Securities Corp., Series 2006-LDP6, Class A4, 5.475%, 4/15/2043		100,000		96,403
JPMorgan Chase
Commercial Mortgage Securities Corp., Series 2007-CB18, Class A4, 5.440%, 6/12/2047		50,000		43,674

LB-UBS Commercial
Mortgage Trust, 4.361%, 1/15/2029	50,000	47,112
LB-UBS Commercial
Mortgage Trust, 5.018%, 2/15/2031	13,268	13,414
LB-UBS Commercial
Mortgage Trust, 5.084%, 2/15/2031	25,000	25,340
LB-UBS Commercial
Mortgage Trust, 5.139%, 2/15/2031	20,000	20,344
LB-UBS Commercial
Mortgage Trust, 5.207%, 2/15/2031	20,000	19,698
LB-UBS Commercial
Mortgage Trust, 5.430%, 2/15/2040	100,000	86,614
Merrill Lynch, 5.378%,
8/12/2048	150,000	118,018
Merrill Lynch Mortgage
Trust, 5.233%, 11/12/2037	50,000	49,573
Morgan Stanley Capital I,
5.207%, 11/14/2042	25,000	24,687
Morgan Stanley Capital I,
5.514%, 11/12/2049	100,000	95,412
Morgan Stanley Capital I,
6.936%, 6/3/2030	150,000	149,981
PG&E Energy Recovery
Funding LLC, 5.030%, 3/25/2014	37,811	39,615
Wachovia Bank
Commercial Mortgage Trust, 4.867%, 2/15/2035	100,000	102,990
Wachovia Bank
Commercial Mortgage Trust, 5.203%, 1/15/2045	23,569	23,772
Wachovia Bank
Commercial Mortgage Trust, 5.308%, 11/15/2048	75,000	70,519
Wachovia Bank
Commercial Mortgage Trust, 5.416%, 1/15/2045	50,000	50,928
Total Commercial
Mortgage-Backed Securities–(Identified Cost $2,753,323)		2,621,845

U.S. Bond Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 21

Portfolio of investments
	Par Amount		Value
Municipal Bonds–0.5%
American Municipal
Power-Ohio, Inc., 6.449%, 2/15/2044	$	25,000	$	24,261
Bay Area Toll Authority,
6.263%, 4/1/2049		25,000		23,905
Central Puget Sound
Regional Transportation Authority, 5.491%, 11/1/2039		25,000		23,976
Commonwealth of
Massachusetts, 5.456%, 12/1/2039		25,000		23,917
Illinois State Toll Highway
Authority, 5.851%, 12/1/2034		25,000		23,960
New Jersey State Turnpike
Revenue, 7.414%, 1/1/2040		15,000		16,811
New York State Urban
Development Corp., 5.770%, 3/15/2039		25,000		24,266
State of California,
4.850%, 10/1/2014		25,000		24,707
State of California,
5.950%, 4/1/2016		35,000		35,505
State of California,
7.300%, 10/1/2039		25,000		23,572
State of California,
7.500%, 4/1/2034		50,000		48,580
State of Connecticut,
5.850%, 3/15/2032		25,000		25,269
State of Illinois, 4.950%,
6/1/2023		25,000		23,468
State of Illinois Taxable,
5.100%, 6/1/2033		25,000		20,848
State of Utah, 4.554%,
7/1/2024		15,000		14,575
State of Washington,
5.481%, 8/1/2039		25,000		24,334
Total Municipal Bonds–
(Identified Cost $416,601)				401,954

	Shares	Value
Mutual Fund–4.2%
AIM Prime Fund
(At Net Asset Value)	3,330,186	$	3,330,186
Total Investments–102.1%
(Identified Cost $79,222,347)			80,887,652
Other Assets & Liabilities–Net–(2.1)%			(1,695,952	)
Total Net Assets–100.0%		$	79,191,700

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 December 31, 2009, these securities amounted to $151,529 which represents 0.2% of the total net assets.

22 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Stock Market Portfolio

U.S. Stock Market Portfolio

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks–99.5%
Consumer Discretionary–11.1%
199 Cents Only Stores	200	$	2,614
Aaron Rents, Inc.	221		6,128
Abercrombie & Fitch Co.	396		13,801
1ACCO Brands Corp.	160		1,165
Advance Auto Parts, Inc.	452		18,297
1Aeropostale, Inc.	355		12,088
1AFC Enterprises, Inc.	100		816
1Amazon.com, Inc.	1,642		220,882
Ambassadors Group, Inc.	100		1,329
1American Axle & Manufacturing
Holdings, Inc.	200		1,604
American Eagle Outfitters, Inc.	884		15,010
American Greetings Corp.	200		4,358
Ameristar Casinos, Inc.	158		2,406
Andersons, Inc.	100		2,582
1AnnTaylor Stores Corp.	270		3,683
1ArvinMeritor, Inc.	200		2,236
1Asbury Automotive Group, Inc.	100		1,153
1Ascent Media Corp.	50		1,277
1ATC Technology Corp.	100		2,385
Autoliv, Inc.	400		17,344
1AutoNation, Inc.	563		10,781
1AutoZone, Inc.	152		24,027
1Avis Budget Group, Inc.	488		6,403
1Bare Escentuals, Inc.	400		4,892
Barnes & Noble, Inc.	226		4,310
1Beacon Roofing Supply, Inc.	175		2,800
1Beazer Homes USA, Inc.	88		426
Bebe Stores, Inc.	100		627
1Bed Bath & Beyond, Inc.	1,279		49,408
Belo Corp.	250		1,360
Best Buy Co., Inc.	1,686		66,530
Big 5 Sporting Goods Corp.	100		1,718
1Big Lots, Inc.	370		10,723
1BJ’s Restaurants, Inc.	100		1,882

1BJ’s Wholesale Club, Inc.	253	8,276
Black & Decker Corp.	327	21,199
1Blockbuster, Inc.	300	201
1Blue Nile, Inc.	100	6,333
Blyth, Inc.	25	843
Bob Evans Farms, Inc.	190	5,500
1Borders Group, Inc.	100	118
BorgWarner, Inc.	560	18,603
1Boyd Gaming Corp.	158	1,322
1Brightpoint, Inc.	305	2,242
Brinker International, Inc.	485	7,236
1Brocade Communications
Systems, Inc.	1,895	14,459
Brown Shoe Co., Inc.	130	1,283
Brunswick Corp.	299	3,800
Buckle, Inc.	150	4,392
1Buffalo Wild Wings, Inc.	100	4,027
Burger King Holdings, Inc.	400	7,528
1Cabela’s, Inc.	194	2,766
Cablevision Systems Corp.	1,147	29,616
1California Pizza Kitchen, Inc.	150	2,017
Callaway Golf Co.	220	1,659
1Carmax, Inc.	1,058	25,656
1Carnival Corp.	2,100	66,549
1Carter’s, Inc.	260	6,825
Cato Corp.	100	2,006
CBS Corp.	2,857	40,141
1CEC Entertainment, Inc.	150	4,788
1Charming Shoppes, Inc.	550	3,558
1Cheesecake Factory, Inc.	270	5,829
1Chico’s FAS, Inc.	899	12,631
1Childrens Place Retail Stores, Inc.	130	4,291
1Chipotle Mexican Grill, Inc.,
Class A	174	15,340
Choice Hotels International, Inc.	200	6,332
Christopher & Banks Corp.	100	762
Churchill Downs, Inc.	100	3,735
Cinemark Holdings, Inc.	200	2,874
1Citi Trends, Inc.	100	2,762

U.S. Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 23

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Consumer Discretionary (continued)
CKE Restaurants, Inc.	200	$	1,692
1CKX, Inc.	200		1,054
1Clear Channel Outdoor
Holdings, Inc.	100		1,039
Coach, Inc.	1,500		54,795
1Coldwater Creek, Inc.	175		781
1Collective Brands, Inc.	380		8,653
Columbia Sportswear Co.	55		2,147
Comcast Corp., Class A	9,400		158,484
Comcast Corp., Special
Class A	3,900		62,439
Cooper Tire & Rubber Co.	210		4,210
1Copart, Inc.	300		10,989
Costco Wholesale Corp.	2,100		124,257
Cracker Barrel Old Country
Store, Inc.	107		4,065
1CROCS, Inc.	302		1,736
1CTC Media, Inc.	200		2,980
D.R. Horton, Inc.	1,377		14,968
1Dana Holding Corp.	700		7,588
Darden Restaurants, Inc.	600		21,042
1Deckers Outdoor Corp.	73		7,426
1Denny’s Corp.	400		876
1DG FastChannel, Inc.	100		2,793
1Dick’s Sporting Goods, Inc.	486		12,087
Dillard’s, Inc.	243		4,483
1DineEquity, Inc.	30		729
1DIRECTV, Class A	4,273		142,505
1Discovery Communications,
Inc., Ser. A	600		18,402
1Discovery Communications,
Inc., Ser. C	700		18,564
DISH Network Corp.	1,009		20,957
1Dolan Media Co.	100		1,021
1Dolby Laboratories, Inc.	300		14,319
1Dollar Tree, Inc.	431		20,817

1Domino’s Pizza, Inc.	152	1,274
1DreamWorks Animation SKG,
Inc.	360	14,382
1Dress Barn, Inc.	270	6,237
1DSW, Inc.	100	2,588
1DTS, Inc.	100	3,421
1Eastman Kodak Co.	1,063	4,486
Ethan Allen Interiors, Inc.	150	2,013
1EW Scripps Co.	120	835
1Exide Technologies	200	1,422
1Expedia, Inc.	919	23,627
Family Dollar Stores, Inc.	684	19,036
1Federal Mogul Corp.	100	1,730
Federal Signal Corp.	100	602
Finish Line, Inc.	293	3,677
Foot Locker, Inc.	604	6,729
1Ford Motor Co.	13,624	136,240
Fortune Brands, Inc.	700	30,240
1Fossil, Inc.	180	6,041
Fred’s, Inc.	100	1,020
1Fuel Systems Solutions, Inc.	100	4,124
1Fuqi International, Inc.	100	1,795
1Furniture Brands International,
Inc.	80	437
1GameStop Corp., Class A	732	16,060
Gannett Co., Inc.	1,150	17,077
Gap, Inc.	2,330	48,813
Garmin Ltd.	537	16,486
1Gaylord Entertainment Co.	194	3,831
1Genesco, Inc.	100	2,746
Gentex Corp.	573	10,228
1GeoEye, Inc.	100	2,788
1Goodyear Tire & Rubber Co.	1,100	15,510
1Grand Canyon Education, Inc.	100	1,901
1Group 1 Automotive, Inc.	100	2,835
1GSI Commerce, Inc.	200	5,078
Guess?, Inc.	300	12,690
1Gymboree Corp.	124	5,393
1Hanesbrands, Inc.	459	11,066
Harley-Davidson, Inc.	1,100	27,720

24 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Stock Market Portfolio

U.S. Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Consumer Discretionary (continued)
Harman International Industries,
Inc.	317	$	11,184
Harte-Hanks, Inc.	180		1,940
Hasbro, Inc.	613		19,653
1Helen of Troy Ltd.	100		2,446
1Hertz Global Holdings, Inc.	900		10,728
1hhgregg, Inc.	100		2,203
1Hibbett Sports, Inc.	160		3,518
HNI Corp.	208		5,747
Home Depot, Inc.	8,100		234,333
1Hot Topic, Inc.	200		1,272
1Hovnanian Enterprises, Inc.	96		369
1HSN, Inc.	136		2,746
1Hyatt Hotels Corp., Class A	200		5,962
1Insight Enterprises, Inc.	180		2,056
Interactive Data Corp.	170		4,301
Interface, Inc.	100		831
1Interline Brands, Inc.	100		1,727
International Game Technology	1,400		26,278
International Speedway Corp.	150		4,267
1Interpublic Group of Cos., Inc.	2,300		16,974
1Interval Leisure Group, Inc.	136		1,696
1inVentiv Health, Inc.	100		1,617
1J. Crew Group, Inc.	300		13,422
1Jack in the Box, Inc.	262		5,154
1Jakks Pacific, Inc.	100		1,212
JCPenney Co., Inc.	967		25,732
1Jo-Ann Stores, Inc.	100		3,624
John Wiley & Sons, Inc.	170		7,120
Johnson Controls, Inc.	3,200		87,168
Jones Apparel Group, Inc.	422		6,777
1Jos A. Bank Clothiers, Inc.	100		4,219
Journal Communications, Inc.	200		778
1K-Swiss, Inc.	50		497
KB Home	374		5,116

Kimball International, Inc.	100	852
Knoll, Inc.	106	1,095
1Knology, Inc.	100	1,095
1Kohl’s Corp.	1,402	75,610
1Krispy Kreme Doughnuts, Inc.	200	590
1La-Z-Boy, Inc.	200	1,906
1Lamar Advertising Co.	384	11,939
Lancaster Colony Corp.	110	5,467
1Landry’s Restaurants, Inc.	100	2,129
1Las Vegas Sands Corp.	1,488	22,231
Leggett & Platt, Inc.	800	16,320
Lennar Corp.	593	7,573
1Liberty Global, Inc.	585	12,782
1Liberty Media Corp.–Starz,
Series A	240	11,076
1Liberty Media Holding Corp.–
Capital	440	10,507
1Liberty Media Holding Corp.–
Interactive	2,704	29,311
1Life Time Fitness, Inc.	200	4,986
Limited Brands, Inc.	1,387	26,686
1Lincoln Educational Services
Corp.	100	2,167
1Lions Gate Entertainment Corp.	400	2,324
1Live Nation, Inc.	200	1,702
1Liz Claiborne, Inc.	302	1,700
1LKQ Corp.	592	11,597
Lowe’s Cos., Inc.	7,100	166,069
1Lululemon Athletica, Inc.	200	6,020
1Lumber Liquidators, Inc.	100	2,680
1M&F Worldwide Corp.	50	1,975
1M/I Homes, Inc.	100	1,039
Macy’s, Inc.	1,956	32,783
1Maidenform Brands, Inc.	100	1,669
Marcus Corp.	100	1,282
Marriott International, Inc.	1,428	38,913
1Marvel Entertainment, Inc.	300	16,224
Mattel, Inc.	1,726	34,485
Matthews International Corp.	200	7,086
McDonald’s Corp.	5,200	324,688

U.S. Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 25

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Consumer Discretionary (continued)
McGraw-Hill Cos., Inc.	1,532	$	51,337
MDC Holdings, Inc.	200		6,208
1Mediacom Communications
Corp.	200		894
Men’s Wearhouse, Inc.	260		5,476
Meredith Corp.	189		5,831
1Meritage Homes Corp.	100		1,933
1MGM Mirage	1,282		11,692
1Modine Manufacturing Co.	260		3,078
1Mohawk Industries, Inc.	288		13,709
Monro Muffler, Inc.	100		3,344
1Morgans Hotel Group Co.	100		453
Movado Group, Inc.	100		972
1Move, Inc.	300		498
National CineMedia, Inc.	200		3,314
National Presto Industries, Inc.	33		3,605
1NetFlix, Inc.	260		14,336
1New York Times Co.	501		6,192
Newell Rubbermaid, Inc.	1,400		21,014
News Corp., Class A	8,700		119,103
News Corp., Class B	2,103		33,480
Nike, Inc.	1,760		116,283
Nordstrom, Inc.	800		30,064
NutriSystem, Inc.	111		3,460
1NVR, Inc.	23		16,346
1O’Reilly Automotive, Inc.	655		24,969
1Office Depot, Inc.	1,291		8,327
1OfficeMax, Inc.	290		3,680
Omnicom Group, Inc.	1,482		58,020
1Orient-Express Hotels Ltd.	400		4,056
1Overstock.com, Inc.	100		1,356
Oxford Industries, Inc.	42		869
1Pacific Sunwear of California,
Inc.	190		756
1Panera Bread Co.	141		9,443

1Papa John’s International, Inc.	160	3,738
1Penn National Gaming, Inc.	290	7,882
1Penske Automotive Group, Inc.	154	2,338
PEP Boys-Manny Moe & Jack	300	2,538
PetSmart, Inc.	582	15,534
1PF Chang’s China Bistro, Inc.	140	5,307
Phillips-Van Heusen, Corp.	308	12,529
1Pier 1 Imports, Inc.	300	1,527
1Pinnacle Entertainment, Inc.	170	1,527
Polaris Industries, Inc.	160	6,981
Polo Ralph Lauren Corp.	300	24,294
Pool Corp.	180	3,434
1Priceline.com, Inc.	194	42,389
1Pulte Homes, Inc.	1,567	15,670
1Quiksilver, Inc.	350	707
RadioShack Corp.	640	12,480
1RC2 Corp.	100	1,475
1Red Robin Gourmet Burgers,
Inc.	41	734
Regal Entertainment Group	480	6,931
Regis Corp.	260	4,048
1Rent-A-Center, Inc.	300	5,316
1Retail Ventures, Inc.	100	889
Ross Stores, Inc.	593	25,327
1Royal Caribbean Cruises Ltd.	685	17,317
1Ruby Tuesday, Inc.	200	1,440
1Rush Enterprises, Inc.	200	2,378
Ryland Group, Inc.	206	4,058
1Saks, Inc.	553	3,628
1Sauer-Danfoss, Inc.	100	1,201
Scholastic Corp.	133	3,967
1School Specialty, Inc.	40	936
1Scientific Games Corp.	280	4,074
Scripps Networks Interactive,
Inc.	460	19,090
1Sealy Corp.	100	316
1Sears Holdings Corp.	277	23,116
Sherwin-Williams Co.	472	29,099
1Shuffle Master, Inc.	260	2,142
1Sinclair Broadcast Group, Inc.	200	806

26 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Stock Market Portfolio

U.S. Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Consumer Discretionary (continued)
1Sirius XM Radio, Inc.	19,100	$	11,460
1Skechers U.S.A., Inc.	100		2,941
1Smith & Wesson Holding Corp.	100		409
Snap-On, Inc.	329		13,904
1Sonic Automotive, Inc.	100		1,039
1Sonic Corp.	236		2,377
Spartan Motors, Inc.	100		563
Speedway Motorsports, Inc.	100		1,762
Stage Stores, Inc.	90		1,112
1Standard-Pacific Corp.	308		1,152
Stanley Works	390		20,089
Staples, Inc.	3,382		83,163
1Starbucks Corp.	3,490		80,479
Starwood Hotels & Resorts
Worldwide, Inc.	900		32,913
1Steak N Shake Co.	5		1,621
1Stein Mart, Inc.	100		1,066
1Steven Madden Ltd.	54		2,227
Sturm Ruger & Co., Inc.	100		970
Superior Industries
International, Inc.	100		1,530
1Talbots, Inc.	100		891
Target Corp.	3,400		164,458
1Tempur-Pedic International, Inc.	400		9,452
1Tenneco, Inc.	180		3,191
1Texas Roadhouse, Inc.	152		1,707
Thor Industries, Inc.	150		4,710
1Ticketmaster	136		1,662
Tiffany & Co.	600		25,800
1Timberland Co.	170		3,048
Time Warner, Inc.	5,701		166,127
1Titan Machinery, Inc.	100		1,154
1Tivo, Inc.	500		5,090
TJX Cos., Inc.	2,011		73,502
1Toll Brothers, Inc.	619		11,643

Toro Co.	200	8,362
1Tractor Supply Co.	179	9,480
1True Religion Apparel, Inc.	100	1,849
1TRW Automotive Holdings Corp.	360	8,597
Tupperware Brands Corp.	280	13,040
1Under Armour, Inc.	122	3,327
UniFirst Corp.	100	4,811
1United Rentals, Inc.	234	2,296
1Universal Electronics, Inc.	100	2,322
1Urban Outfitters, Inc.	626	21,904
V.F. Corp.	400	29,296
1Vail Resorts, Inc.	178	6,728
1Viacom, Inc.	2,600	77,298
Virgin Media, Inc.	1,369	23,040
1Volcom, Inc.	100	1,674
WABCO Holdings, Inc.	300	7,737
Wabtec Corp.	270	11,027
Wal-Mart Stores, Inc.	11,070	591,691
Walt Disney Co.	8,400	270,900
1Warnaco Group, Inc.	280	11,813
1Warner Music Group Corp.	80	453
Washington Post Co.	26	11,430
Wendy’s	1,668	7,823
1WESCO International, Inc.	200	5,402
1Wet Seal, Inc.	600	2,070
Whirlpool Corp.	308	24,843
Williams-Sonoma, Inc.	488	10,141
1Winnebago Industries, Inc.	40	488
1WMS Industries, Inc.	250	10,000
Wolverine World Wide, Inc.	200	5,444
World Wrestling Entertainment,
Inc.	100	1,533
Wyndham Worldwide Corp.	800	16,136
Wynn Resorts Ltd.	331	19,274
Yum! Brands, Inc.	2,200	76,934
1Zale Corp.	170	462
1Zumiez, Inc.	100	1,272
Total Consumer Discretionary		6,439,215

U.S. Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 27

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Consumer Staples–8.5%
Alberto-Culver Co.	413	$	12,097
1Alliance One International, Inc.	300		1,464
Altria Group, Inc.	9,866		193,670
1American Dairy, Inc.	100		2,168
1American Italian Pasta Co.	100		3,479
Archer-Daniels-Midland Co.	2,800		87,668
Avon Products, Inc.	2,000		63,000
B&G Foods, Inc.	200		1,836
1Boston Beer Co., Inc.	100		4,660
Brown-Forman Corp.	400		21,428
Bunge Ltd.	638		40,724
Cal-Maine Foods, Inc.	100		3,408
Campbell Soup Co.	1,047		35,389
Casey’s General Stores, Inc.	280		8,938
1Central European Distribution
Corp.	300		8,523
1Central Garden and Pet Co.	40		428
1Central Garden and Pet Co.,
Class A (Non-voting)	180		1,789
1Chattem, Inc.	94		8,770
1Chiquita Brands International,
Inc.	178		3,211
Church & Dwight Co., Inc.	380		22,971
Clorox Co.	650		39,650
Coca-Cola Co.	9,900		564,300
Coca-Cola Enterprises, Inc.	1,400		29,680
Colgate-Palmolive Co.	2,358		193,710
ConAgra Foods, Inc.	2,071		47,737
1Constellation Brands, Inc.	910		14,496
Corn Products International,
Inc.	351		10,260
CVS Corp.	6,889		221,895
1Dean Foods Co.	800		14,432
Del Monte Foods Co.	960		10,886
Diamond Foods, Inc.	100		3,554
Dr Pepper Snapple Group, Inc.	1,200		33,960

1Elizabeth Arden, Inc.	100	1,444
Estee Lauder Cos., Inc.	500	24,180
Flowers Foods, Inc.	400	9,504
1Fresh Del Monte Produce, Inc.	200	4,420
General Mills, Inc.	1,529	108,268
1Great Atlantic & Pacific Tea Co.	112	1,320
1Green Mountain Coffee
Roasters, Inc.	150	12,220
H.J. Heinz Co.	1,549	66,235
1Hain Celestial Group, Inc.	180	3,062
1Hansen Natural Corp.	352	13,517
Herbalife Ltd.	350	14,199
Hershey Co.	797	28,525
Hormel Foods Corp.	389	14,957
Ingles Markets, Inc.	100	1,513
J&J Snack Foods Corp.	100	3,996
J.M. Smucker Co.	537	33,160
Kellogg Co.	1,299	69,107
Kimberly-Clark Corp.	1,935	123,279
1Kraft Foods, Inc.	7,004	190,369
Kroger Co.	2,943	60,420
Lance, Inc.	100	2,630
Lorillard, Inc.	781	62,660
McCormick & Co., Inc.	533	19,257
Molson Coors Brewing Co.	776	35,044
Nash Finch Co.	100	3,709
1NBTY, Inc.	290	12,627
Nu Skin Enterprises, Inc.	300	8,061
1Pantry, Inc.	130	1,767
1Peet’s Coffee & Tea, Inc.	100	3,333
Pepsi Bottling Group, Inc.	760	28,500
PepsiAmericas, Inc.	300	8,778
PepsiCo, Inc.	7,400	449,920
PetMed Express, Inc.	100	1,763
Philip Morris International, Inc.	9,175	442,143
1Prestige Brands Holdings, Inc.	100	786
Pricesmart, Inc.	100	2,044
Procter & Gamble Co.	13,800	836,694
1Ralcorp Holdings, Inc.	263	15,704

28 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Stock Market Portfolio

U.S. Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Consumer Staples (continued)
1Rite Aid Corp.	2,350	$	3,549
Ruddick Corp.	200		5,146
Safeway, Inc.	2,005		42,686
1Sally Beauty Holdings, Inc.	490		3,748
Sanderson Farms, Inc.	100		4,216
Sara Lee Corp.	3,127		38,087
Schweitzer-Mauduit
International, Inc.	100		7,035
Seaboard Corp.	1		1,349
Sensient Technologies Corp.	261		6,864
1Smart Balance, Inc.	400		2,400
1Smithfield Foods, Inc.	659		10,010
Spartan Stores, Inc.	100		1,429
1Steiner Leisure Ltd.	100		3,976
SUPERVALU, Inc.	964		12,252
SYSCO Corp.	2,800		78,232
1Tejon Ranch Co.	100		2,922
Terra Industries, Inc.	461		14,840
Tootsie Roll Industries, Inc.	109		2,984
1TreeHouse Foods, Inc.	200		7,772
Tyson Foods, Inc.	1,430		17,546
1Ulta Salon Cosmetics &
Fragrance, Inc.	100		1,816
1United Natural Foods, Inc.	160		4,278
Universal Corp.	109		4,971
Vector Group Ltd.	220		3,080
Walgreen Co.	4,700		172,584
WD-40 Co.	100		3,236
Weis Markets, Inc.	100		3,636
1Whole Foods Market, Inc.	689		18,913
1Winn-Dixie Stores, Inc.	300		3,012
1Zhongpin, Inc.	100		1,561
Total Consumer Staples			4,913,426
Energy–10.2%
1Allis-Chalmers Energy, Inc.	200		754

Anadarko Petroleum Corp.	2,300	143,566
Apache Corp.	1,591	164,143
1Arena Resources, Inc.	200	8,624
Atlas Energy, Inc.	400	12,068
1ATP Oil & Gas Corp.	148	2,705
1Atwood Oceanics, Inc.	300	10,755
Baker Hughes, Inc.	1,449	58,656
1Basic Energy Services, Inc.	100	890
Berry Petroleum Co.	160	4,664
1Bill Barrett Corp.	240	7,466
BJ Services Co.	1,315	24,459
1BPZ Resources, Inc.	200	1,900
1Brigham Exploration Co.	600	8,130
1Bronco Drilling Co., Inc.	100	507
Cabot Oil & Gas Corp.	459	20,008
1Cameron International Corp.	1,118	46,732
CARBO Ceramics, Inc.	80	5,454
1Carrizo Oil & Gas, Inc.	100	2,649
Chesapeake Energy Corp.	2,821	73,007
Chevron Corp.	9,448	727,402
Cimarex Energy Co.	406	21,506
1Clayton Williams Energy, Inc.	35	1,226
1Clean Energy Fuels Corp.	100	1,541
1CNX Gas Corp.	100	2,952
1Complete Production Services,
Inc.	200	2,600
1Comstock Resources, Inc.	260	10,548
1Concho Resources, Inc.	300	13,470
ConocoPhillips	6,648	339,513
1Contango Oil & Gas Co.	66	3,103
1Continental Resources, Inc.	200	8,578
Core Laboratories NV	110	12,993
Crosstex Energy, Inc.	119	720
1CVR Energy, Inc.	100	686
1Dawson Geophysical Co.	34	786
1Delta Petroleum Corp.	1,100	1,144
1Denbury Resources, Inc.	1,136	16,813
Devon Energy Corp.	2,043	150,160
Diamond Offshore Drilling, Inc.	342	33,660

U.S. Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 29

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Energy (continued)
1Dresser-Rand Group, Inc.	398	$	12,581
1Dril-Quip, Inc.	200		11,296
El Paso Corp.	3,345		32,881
1Encore Acquisition Co.	300		14,406
Energy XXI (Bermuda) Ltd.	600		1,386
EOG Resources, Inc.	1,200		116,760
EXCO Resources, Inc.	829		17,600
1Exterran Holdings, Inc.	231		4,955
Exxon Mobil Corp.	22,720		1,549,277
1FMC Technologies, Inc.	600		34,704
1Forest Oil Corp.	511		11,370
Frontier Oil Corp.	453		5,454
1Global Industries Ltd.	330		2,353
1GMX Resources, Inc.	100		1,374
1Goodrich Petroleum Corp.	90		2,192
1Gran Tierra Energy, Inc.	1,000		5,730
Gulf Island Fabrication, Inc.	100		2,103
1GulfMark Offshore, Inc.	100		2,831
1Gulfport Energy Corp.	100		1,145
Halliburton Co.	4,300		129,387
1Harvest Natural Resources, Inc.	100		529
1Helix Energy Solutions Group,
Inc.	397		4,665
Helmerich & Payne, Inc.	500		19,940
1Hercules Offshore, Inc.	300		1,434
Hess Corp.	1,360		82,280
Holly Corp.	211		5,408
1Hornbeck Offshore Services,
Inc.	100		2,328
1ION Geophysical Corp.	300		1,776
1Key Energy Services, Inc.	700		6,153
Lufkin Industries, Inc.	56		4,099
Marathon Oil Corp.	3,380		105,524
1Mariner Energy, Inc	500		5,805
1Matrix Service Co.	100		1,065

1McMoRan Exploration Co.	200	1,604
Murphy Oil Corp.	899	48,726
1Nabors Industries Ltd.	1,300	28,457
National Oilwell Varco, Inc.	2,043	90,076
1Newfield Exploration Co.	691	33,327
1Newpark Resources, Inc.	300	1,269
Noble Corp.	1,297	52,788
Noble Energy, Inc.	806	57,403
Occidental Petroleum Corp.	3,827	311,326
1Oceaneering International, Inc.	280	16,386
1Oil States International, Inc.	283	11,119
1Oilsands Quest, Inc.	600	690
1Parker Drilling Co.	470	2,326
Patterson-UTI Energy, Inc.	777	11,927
Penn Virginia Corp.	160	3,406
1Petroleum Development Corp.	50	911
1PetroQuest Energy, Inc.	200	1,226
1Pioneer Drilling Co.	171	1,351
Pioneer Natural Resources Co.	550	26,493
1Plains Exploration & Production
Co.	638	17,647
1Pride International, Inc.	800	25,528
1Quicksilver Resources, Inc.	500	7,505
Range Resources Corp.	752	37,487
1Rosetta Resources, Inc.	208	4,145
1Rowan Cos., Inc.	499	11,297
RPC, Inc.	100	1,040
1SandRidge Energy, Inc.	566	5,337
Schlumberger Ltd.	5,700	371,013
1SEACOR Holdings, Inc.	80	6,100
1Seahawk Drilling, Inc.	53	1,195
Smith International, Inc.	1,262	34,289
St. Mary Land & Exploration
Co.	316	10,820
1Stone Energy Corp.	156	2,816
Sunoco, Inc.	533	13,911
1Superior Energy Services	400	9,716
1Superior Well Services, Inc.	100	1,426
1Swift Energy Co.	140	3,354

30 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Stock Market Portfolio

U.S. Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Energy (continued)
1T-3 Energy Services, Inc.	58	$	1,479
1Tesco Corp.	200		2,582
Tesoro Corp.	605		8,198
1Tetra Technologies, Inc.	220		2,438
Tidewater, Inc.	256		12,275
1Transocean Ltd.	1,480		122,544
1Ultra Petroleum Corp.	753		37,545
1Unit Corp.	212		9,010
Vaalco Energy, Inc.	400		1,820
Valero Energy Corp.	2,600		43,550
1Venoco, Inc.	100		1,304
W&T Offshore, Inc.	113		1,322
1Warren Resources, Inc.	200		490
1Weatherford International Ltd.	3,500		62,685
1Western Refining, Inc.	100		471
1Whiting Petroleum Corp.	250		17,862
1Willbros Group, Inc.	200		3,374
Williams Cos., Inc.	2,744		57,844
XTO Energy, Inc.	2,600		120,978
Total Energy			5,920,537
Financials–15.6%
1st Source Corp.	100		1,609
2Acadia Realty Trust	104		1,754
1ACE Ltd.	1,595		80,388
1Affiliated Managers Group, Inc.	200		13,470
AFLAC, Inc.	2,194		101,472
1,2Alexander’s, Inc	8		2,435
2Alexandria Real Estate Equities,
Inc.	250		16,072
1Alleghany Corp.	26		7,176
1Allied Capital Corp.	700		2,527
Allied World Assurance
Holdings Ltd.	200		9,214
Allstate Corp.	2,400		72,096
2AMB Property Corp.	662		16,914

1AMBAC Financial Group, Inc.	1,089	904
2American Campus Communities,
Inc.	216	6,070
2American Capital Agency Corp.	100	2,654
1American Capital Ltd.	1,068	2,606
American Equity Investment Life
Holding Co.	200	1,488
American Express Co.	5,107	206,936
American Financial Group, Inc.	300	7,485
1American International Group,
Inc.	550	16,489
American National Insurance Co.	48	5,733
American Physicians Capital, Inc.	33	1,001
1AmeriCredit Corp.	664	12,643
Ameriprise Financial, Inc.	1,242	48,214
1Amerisafe, Inc.	100	1,797
Amtrust Financial Services, Inc.	100	1,182
2Annaly Mortgage Management,
Inc.	2,600	45,110
2Anworth Mortgage Asset Corp.	600	4,200
AON Corp.	1,200	46,008
2Apartment Investment &
Management Co.	530	8,438
Apollo Investment Corp.	905	8,625
1Arch Capital Group Ltd.	205	14,668
Ares Capital Corp.	464	5,777
1Argo Group International
Holdings Ltd.	145	4,225
Arrow Financial Corp.	103	2,575
Arthur J. Gallagher & Co.	433	9,747
1,2Ashford Hospitality Trust, Inc.	300	1,392
Aspen Insurance Holdings Ltd.	400	10,180
Associated Banc-Corp	500	5,505
Assurant, Inc.	550	16,214
Assured Guaranty Ltd.	590	12,838
Astoria Financial Corp.	340	4,226
2AvalonBay Communities, Inc.	400	32,844
Axis Capital Holdings Ltd.	658	18,694
BancorpSouth, Inc.	332	7,789
Bank Mutual Corp.	200	1,384
Bank of America Corp.	41,000	617,460

U.S. Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 31

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Financials (continued)
Bank of Hawaii Corp.	200	$	9,412
Bank of New York Mellon Corp.	5,678		158,814
Bank of the Ozarks, Inc.	100		2,927
BB&T Corp.	3,246		82,351
1Beneficial Mutual Bancorp, Inc.	200		1,968
1Berkshire Hathaway, Inc.	53		174,158
Berkshire Hills Bancorp, Inc.	76		1,572
2BioMed Realty Trust, Inc.	400		6,312
BlackRock Kelso Capital Corp.	236		2,011
BlackRock, Inc.	100		23,220
BOK Financial Corp.	96		4,562
Boston Private Financial
Holdings, Inc.	160		923
2Boston Properties, Inc.	634		42,522
2Brandywine Realty Trust	700		7,980
2BRE Properties, Inc.	200		6,616
1Broadpoint Gleacher
Securities, Inc.	400		1,784
Broadridge Financial Solutions,
Inc.	644		14,529
1Brookdale Senior Living, Inc.	404		7,349
Brookline Bancorp, Inc.	190		1,883
Brown & Brown, Inc.	524		9,416
Calamos Asset Management,
Inc.	76		876
2Camden Property Trust	330		13,982
Capital City Bank Group, Inc.	100		1,384
Capital One Financial Corp.	2,200		84,348
CapitalSource, Inc.	1,200		4,764
Capitol Federal Financial	160		5,034
2CapLease, Inc.	100		438
2Capstead Mortgage Corp.	200		2,730
Cash America International, Inc.	95		3,321
Cathay General Bancorp	200		1,510
1CB Richard Ellis Group, Inc.	1,100		14,927
1CBIZ, Inc.	200		1,540

2CBL & Associates Properties,
Inc.	761	7,359
2Cedar Shopping Centers, Inc.	100	680
Charles Schwab Corp.	4,800	90,336
Chemical Financial Corp.	100	2,358
2Chimera Investment Corp.	2,800	10,864
Chubb Corp.	1,700	83,606
Cincinnati Financial Corp.	737	19,339
Citigroup, Inc.	100,600	332,986
1Citizens, Inc.	200	1,306
City Holding Co.	100	3,233
City National Corp.	252	11,491
CME Group, Inc.	278	93,394
1CNA Surety Corp.	100	1,489
Cohen & Steers, Inc.	100	2,284
2Colonial Properties Trust	163	1,912
Columbia Banking System, Inc.	100	1,618
Comerica, Inc.	682	20,167
Commerce Bancshares, Inc.	341	13,204
Community Bank System, Inc.	90	1,738
Community Trust Bancorp, Inc.	80	1,956
CompuCredit Holdings Corp.	100	333
1Conseco, Inc.	699	3,495
2Corporate Office Properties
Trust SBI MD	270	9,890
1Corrections Corp. of America	518	12,717
2Cousins Properties, Inc.	200	1,526
1Credit Acceptance Corp.	100	4,210
Cullen/Frost Bankers, Inc.	247	12,350
CVB Financial Corp.	337	2,912
Danvers Bancorp, Inc.	100	1,299
2DCT Industrial Trust, Inc.	900	4,518
Delphi Financial Group	175	3,915
2Developers Diversified Realty
Corp.	780	7,223
2DiamondRock Hospitality Co.	400	3,388
2Digital Realty Trust, Inc.	400	20,112
Dime Community Bancshares	180	2,110
Discover Financial Services	2,549	37,496
2Douglas Emmett, Inc.	400	5,700

32 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Stock Market Portfolio

U.S. Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Financials (continued)
Duff & Phelps Corp.	100	$	1,826
2Duke Realty Corp.	1,051		12,791
2DuPont Fabros Technology,
Inc.	100		1,799
1E*Trade Financial Corp.	5,500		9,625
East West Bancorp, Inc.	382		6,036
2EastGroup Properties, Inc.	80		3,062
Eaton Vance Corp.	574		17,455
2Education Realty Trust, Inc.	300		1,452
1eHealth, Inc.	200		3,286
Employers Holdings, Inc.	200		3,068
Endurance Specialty Holdings
Ltd.	228		8,488
2Entertainment Properties Trust	200		7,054
2Equity Lifestyle Properties, Inc.	200		10,094
2Equity One, Inc.	290		4,689
2Equity Residential	1,300		43,914
Erie Indemnity Co.	108		4,214
2Essex Property Trust, Inc.	119		9,954
1Euronet Worldwide, Inc.	288		6,322
Evercore Partners, Inc.	100		3,040
Everest Re Group Ltd.	300		25,704
2Extra Space Storage, Inc.	300		3,465
1EZCORP, Inc.	100		1,721
1Fannie Mae	5,800		6,844
FBL Financial Group, Inc.	100		1,852
1FBR Capital Markets Corp.	200		1,236
2Federal Realty Investment Trust	290		19,639
Federated Investors, Inc.	421		11,577
1,2FelCor Lodging Trust, Inc.	140		504
Fidelity National Financial, Inc.	1,020		13,729
Fidelity National Information
Services, Inc.	1,512		35,441
Fifth Street Finance Corp.	102		1,095
Fifth Third Bancorp	3,553		34,642
Financial Federal Corp.	75		2,063

First American Corp.	465	15,396
First BanCorp	420	2,133
First Busey Corp.	100	389
1First Cash Financial Services,
Inc.	100	2,219
First Citizens BancShares, Inc.	24	3,936
First Commonwealth Financial
Corp.	406	1,888
First Financial Bancorp	200	2,912
First Financial Bankshares, Inc.	100	5,423
First Financial Corp.	40	1,221
First Financial Holdings, Inc.	100	1,299
1First Horizon National Corp.	1,110	14,879
1,2First Industrial Realty Trust, Inc.	171	894
1First Marblehead Corp.	175	373
First Merchants Corp.	130	772
First Midwest Bancorp, Inc.	190	2,069
First Niagara Financial Group,
Inc.	900	12,519
2First Potomac Realty Trust	100	1,257
FirstMerit Corp.	404	8,137
Flagstone Reinsurance Holdings
Ltd.	100	1,094
Flushing Financial Corp.	100	1,126
FNB Corp.	350	2,377
1Forest City Enterprises, Inc.	545	6,420
1Forestar Real Estate Group, Inc.	200	4,396
1FPIC Insurance Group, Inc.	100	3,862
Franklin Resources, Inc.	769	81,014
2Franklin Street Properties Corp.	261	3,813
1Freddie Mac	2,435	3,579
1Frontier Financial Corp.	12	42
Fulton Financial Corp.	725	6,322
GAMCO Investors, Inc.	60	2,897
1Genworth Financial, Inc.	2,361	26,797
2Getty Realty Corp.	120	2,824
GFI Group, Inc.	256	1,170
Glacier Bancorp, Inc.	290	3,979
1GLG Partners, Inc.	600	1,932
2Glimcher Realty Trust	100	270

U.S. Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 33

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Financials (continued)
Goldman Sachs Group, Inc.	2,313	$	390,527
1,2Gramercy Capital Corp.	136		352
Greenhill & Co., Inc.	87		6,981
1Greenlight Capital Re Ltd. Cl A	100		2,357
Hancock Holding Co.	160		7,006
Hanover Insurance Group, Inc.	216		9,597
Harleysville Group, Inc.	100		3,179
Harleysville National Corp.	100		644
Hartford Financial Services
Group, Inc.	1,800		41,868
2Hatteras Financial Corp.	200		5,592
HCC Insurance Holdings, Inc.	524		14,656
2Health Care Property Investors,
Inc.	1,393		42,542
2Health Care REIT, Inc.	536		23,756
2Healthcare Realty Trust, Inc.	275		5,902
1Heckmann Corp.	500		2,495
Hercules Technology Growth
Capital, Inc.	317		3,294
2Highwoods Properties, Inc.	290		9,671
1Hilltop Holdings, Inc.	300		3,492
Home Bancshares, Inc.	100		2,407
2Home Properties, Inc.	160		7,634
Horace Mann Educators Corp.	120		1,500
2Hospitality Properties Trust	578		13,704
1,2Host Hotels & Resorts, Inc.	2,776		32,396
2HRPT Properties Trust	1,000		6,470
Hudson City Bancorp, Inc.	2,134		29,300
Huntington Bancshares, Inc.	3,438		12,549
IBERIABANK Corp.	60		3,229
Independent Bank Corp.	90		1,880
Infinity Property & Casualty
Corp.	50		2,032
2Inland Real Estate Corp.	350		2,853
1Interactive Brokers Group, Inc.	200		3,544
1IntercontinentalExchange, Inc.	300		33,690

1International Assets Holding
Corp.	29	422
International Bancshares Corp.	200	3,786
Invesco Ltd. Com	1,900	44,631
1Investment Technology Group,
Inc.	189	3,723
1Investors Bancorp, Inc.	200	2,188
1,2Investors Real Estate Trust	330	2,970
2iStar Financial, Inc.	469	1,201
1Jackson Hewitt Tax Service, Inc.	60	264
Janus Capital Group, Inc.	800	10,760
1Jefferies Group, Inc.	456	10,821
Jones Lang LaSalle, Inc.	240	14,496
JPMorgan Chase & Co.	18,625	776,104
1KBW, Inc.	100	2,736
KeyCorp	4,400	24,420
2Kilroy Realty Corp.	226	6,931
2Kimco Realty Corp.	2,033	27,506
2Kite Realty Group Trust	100	407
1Knight Capital Group, Inc.	370	5,698
1LaBranche & Co., Inc.	300	852
2LaSalle Hotel Properties	359	7,622
Legg Mason, Inc.	668	20,147
1Leucadia National Corp.	900	21,411
2Lexington Corporate Properties
Trust	261	1,587
2Liberty Property Trust	500	16,005
Lincoln National Corp.	1,405	34,956
Loews Corp.	1,714	62,304
2LTC Properties, Inc.	100	2,675
M&T Bank Corp.	413	27,626
2Macerich Co.	413	14,847
2Mack-Cali Realty Corp.	388	13,413
Maiden Holdings Ltd.	300	2,196
1Markel Corp.	39	13,260
Marsh & McLennan Cos., Inc.	2,445	53,986
Marshall & Ilsley Corp.	2,444	13,320
Max Capital Group, Ltd.	180	4,014
MB Financial, Inc.	300	5,916
1MBIA, Inc.	727	2,893

34 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Stock Market Portfolio

U.S. Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Financials (continued)
Meadowbrook Insurance
Group, Inc.	400	$	2,960
2Medical Properties Trust, Inc.	300		3,000
Mercury General Corp.	100		3,926
MetLife, Inc.	3,846		135,956
1MF Global Ltd.	400		2,780
2MFA Mortgage Investments,
Inc.	1,378		10,128
1MGIC Investment Corp.	490		2,832
2Mid-America Apartment
Communities, Inc.	170		8,208
Montpelier Re Holdings Ltd.	410		7,101
Moody’s Corp.	900		24,120
Morgan Stanley	5,800		171,680
1Morningstar, Inc.	100		4,834
1MSCI, Inc.	500		15,900
1Nara Bancorp, Inc.	300		3,402
1NASDAQ Stock Market, Inc.	674		13,359
1National Financial Partners
Corp.	150		1,214
2National Health Investors, Inc.	100		3,699
National Penn Bancshares, Inc.	306		1,772
2National Retail Properties, Inc.	370		7,851
National Western Life Insurance
Co.	10		1,736
2Nationwide Health Properties,
Inc.	531		18,681
1Navigators Group, Inc.	100		4,711
NBT Bancorp, Inc.	185		3,768
Nelnet, Inc.	200		3,446
New York Community Bancorp,
Inc.	1,994		28,933
NewAlliance Bancshares, Inc.	400		4,804
Northern Trust Corp.	1,000		52,400
Northfield Bancorp, Inc.	100		1,352
2NorthStar Realty Finance Corp.	108		370
1Northwest Bancshares, Inc.	225		2,547
NYSE Euronext	1,261		31,903

1Ocwen Financial Corp.	400	3,828
Old National Bancorp	528	6,563
Old Republic International Corp.	1,038	10,422
2 Omega Healthcare Investors,
Inc.	349	6,788
OneBeacon Insurance Group
Ltd.	100	1,378
optionsXpress Holdings, Inc.	200	3,090
Oriental Financial Group, Inc.	100	1,080
PacWest Bancorp	150	3,023
Park National Corp.	60	3,533
2Parkway Properties, Inc.	45	937
PartnerRe Ltd.	250	18,665
2 Pennsylvania Real Estate Investment
Trust	160	1,354
People’s United Financial, Inc.	1,596	26,653
1Phoenix Cos., Inc.	380	1,056
1Pico Holdings, Inc.	100	3,273
1Pinnacle Financial Partners, Inc.	100	1,422
1Piper Jaffray Cos.	140	7,085
Platinum Underwriters Holdings
Ltd.	280	10,721
2Plum Creek Timber Co., Inc.	750	28,320
1PMI Group, Inc.	270	680
PNC Financial Services Group,
Inc.	2,175	114,818
Popular, Inc.	3,048	6,888
1Portfolio Recovery Associates,
Inc.	47	2,109
2Post Properties, Inc.	172	3,371
Presidential Life Corp.	100	915
Principal Financial Group, Inc.	1,453	34,930
PrivateBancorp, Inc.	200	1,794
1ProAssurance Corp.	150	8,057
1Progressive Corp.	3,000	53,970
2ProLogis	2,052	28,092
Prospect Capital Corp.	231	2,728
Prosperity Bancshares, Inc.	200	8,094
Protective Life Corp.	400	6,620
Provident Financial Services, Inc.	150	1,598
Provident New York Bancorp	230	1,941

U.S. Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 35

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Financials (continued)
Prudential Financial, Inc.	2,170	$	107,979
2PS Business Parks, Inc.	74		3,704
2Public Storage, Inc.	594		48,381
Radian Group, Inc.	286		2,091
1,2RAIT Investment Trust	100		131
2Ramco-Gershenson Properties
Trust	35		334
Raymond James Financial, Inc.	418		9,936
2Realty Income Corp.	508		13,162
2Redwood Trust, Inc.	340		4,916
2Regency Centers Corp.	400		14,024
Regions Financial Corp.	5,784		30,597
Reinsurance Group of America,
Inc.	400		19,060
RenaissanceRe Holdings Ltd.	300		15,945
Renasant Corp.	100		1,360
1Riskmetrics Group, Inc.	200		3,182
RLI Corp.	100		5,325
S&T Bancorp, Inc.	100		1,701
Safety Insurance Group, Inc.	100		3,623
Sandy Spring Bancorp, Inc.	90		800
2Saul Centers, Inc.	54		1,769
SCBT Financial Corp.	100		2,769
SEI Investments Co.	560		9,811
Selective Insurance Group	218		3,586
2Senior Housing Properties Trust	562		12,291
1Signature Bank	170		5,423
Simmons First National Corp.	100		2,780
2Simon Property Group, Inc.	1,358		108,368
2SL Green Realty Corp.	330		16,579
1SLM Corp.	2,100		23,667
South Financial Group, Inc.	207		133
Southside Bancshares, Inc.	100		1,962
2Sovran Self Storage, Inc.	170		6,074
1St. Joe Co.	405		11,700

StanCorp Financial Group, Inc.	200	8,004
State Auto Financial Corp.	100	1,850
3State Street Corp.	2,400	104,496
StellarOne Corp.	100	996
Sterling Bancshares, Inc.	450	2,309
Stewart Information Services
Corp.	40	451
1Stifel Financial Corp.	150	8,886
1,2Strategic Hotels & Resorts, Inc.	234	435
Student Loan Corp.	10	466
Suffolk Bancorp	100	2,970
2Sun Communities, Inc.	120	2,370
1,2Sunstone Hotel Investors, Inc.	614	5,452
SunTrust Banks, Inc.	2,431	49,325
Susquehanna Bancshares, Inc.	428	2,521
1SVB Financial Group	155	6,462
SWS Group, Inc.	100	1,210
SY Bancorp, Inc.	100	2,135
Synovus Financial Corp.	2,300	4,715
T. Rowe Price Group, Inc.	1,278	68,053
2Tanger Factory Outlet Centers,
Inc.	190	7,408
2Taubman Centers, Inc.	210	7,541
TCF Financial Corp.	597	8,131
1TD Ameritrade Holding Corp.	1,197	23,198
1Teton Advisors, Inc. Class B	1	–
1Texas Capital Bancshares, Inc.	100	1,396
TFS Financial Corp.	500	6,070
Tompkins Trustco, Inc.	45	1,823
Torchmark Corp.	361	15,866
Tower Group, Inc.	147	3,441
TowneBank	100	1,168
Transatlantic Holdings, Inc.	299	15,581
Travelers Cos., Inc.	2,700	134,622
Trico Bancshares	100	1,665
TrustCo Bank Corp. NY	240	1,512
Trustmark Corp.	200	4,508
2U-Store-It Trust	410	3,001
U.S. Bancorp	9,100	204,841
UMB Financial Corp.	180	7,083

36 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Stock Market Portfolio

U.S. Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Financials (continued)
Umpqua Holdings Corp.	490	$	6,571
Union Bankshares Corp.	90		1,115
1United America Indemnity Ltd.	190		1,505
United Bankshares, Inc.	180		3,595
1United Community Banks, Inc.	80		271
2United Dominion Realty Trust,
Inc.	655		10,768
United Fire & Casualty Co.	100		1,823
Unitrin, Inc.	200		4,410
1Universal American Financial
Corp.	100		1,170
2Universal Health Realty Income
Trust	30		961
Univest Corp. of Pennsylvania	100		1,753
UnumProvident Corp.	1,600		31,232
2Urstadt Biddle Properties, Inc.	180		2,749
Validus Holdings Ltd.	472		12,716
Valley National Bancorp	725		10,244
2Ventas, Inc.	791		34,598
Visa, Inc.	2,199		192,325
2Vornado Realty Trust	743		51,965
W.R. Berkley Corp.	651		16,041
Waddell & Reed Financial, Inc.	420		12,827
Walter Industries, Inc.	287		21,614
2Walter Investment Management
Corp.	111		1,591
Washington Federal, Inc.	530		10,250
2Washington Real Estate
Investment Trust	305		8,403
Washington Trust Bancorp, Inc.	110		1,714
Webster Financial Corp.	224		2,659
2Weingarten Realty Investors	595		11,775
Wells Fargo & Co.	23,016		621,202
WesBanco, Inc.	100		1,234
Westamerica BanCorp.	150		8,306
1Western Alliance Bancorp	400		1,512

Western Union Co.	3,290	62,016
Westfield Financial, Inc.	200	1,650
White Mountains Insurance
Group Ltd.	34	11,310
Whitney Holding Corp.	390	3,553
Willis Group Holdings Ltd.	747	19,706
Wilmington Trust Corp.	230	2,838
Wintrust Financial Corp.	150	4,619
1World Acceptance Corp.	45	1,612
XL Capital Ltd.	1,600	29,328
Zenith National Insurance Corp.	140	4,166
Zions BanCorp.	470	6,030
Total Financials		9,028,429
Health Care–12.2%
1Abaxis, Inc.	100	2,555
Abbott Laboratories	7,292	393,695
1Abiomed, Inc.	100	874
1Abraxis Bioscience, Inc.	35	1,419
1Accuray, Inc.	195	1,094
1Acorda Therapeutics, Inc.	200	5,044
1Advisory Board Co.	40	1,226
Aetna, Inc.	2,060	65,302
1Affymax, Inc.	100	2,474
1Affymetrix, Inc.	193	1,127
1Air Methods Corp.	100	3,362
1Albany Molecular Research, Inc.	100	908
1Alexion Pharmaceuticals, Inc.	454	22,164
1Align Technology, Inc.	200	3,564
1Alkermes, Inc.	510	4,799
Allergan, Inc.	1,440	90,734
1Allos Therapeutics, Inc.	300	1,971
1Alnylam Pharmaceuticals, Inc.	200	3,524
1AMAG Pharmaceuticals, Inc.	100	3,803
1Amedisys, Inc.	133	6,458
1American Medical Systems
Holdings, Inc.	290	5,594
1American Oriental
Bioengineering, Inc.	200	930
1AMERIGROUP Corp.	280	7,549
AmerisourceBergen Corp.	1,440	37,541

U.S. Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 37

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Health Care (continued)
1Amgen, Inc.	4,796	$	271,310
1AMN Healthcare Services, Inc.	100		906
1AmSurg Corp.	100		2,202
1Amylin Pharmaceuticals, Inc.	726		10,302
1Angiodynamics, Inc.	100		1,608
1Arena Pharmaceuticals, Inc.	427		1,516
1Assisted Living Concepts, Inc.	40		1,055
1Auxilium Pharmaceuticals, Inc.	200		5,996
Baxter International, Inc.	2,900		170,172
Beckman Coulter, Inc.	300		19,632
Becton Dickinson & Co.	1,150		90,689
1Bio-Rad Laboratories, Inc.	70		6,752
1Bio-Reference Labs, Inc.	100		3,919
1Biogen Idec, Inc.	1,400		74,900
1BioMarin Pharmaceuticals, Inc.	452		8,502
1Boston Scientific Corp.	7,170		64,530
Bristol-Myers Squibb Co.	8,066		203,666
1Bruker BioSciences Corp.	200		2,412
C.R. Bard, Inc.	438		34,120
1Cadence Pharmaceuticals, Inc.	100		967
Cardinal Health, Inc.	1,713		55,227
1CareFusion Corp.	856		21,409
1Celera Corp.	260		1,797
1Celgene Corp.	2,200		122,496
1Cell Therapeutics, Inc.	2,700		3,078
1Centene Corp.	160		3,387
1Cephalon, Inc.	400		24,964
1Cepheid, Inc.	200		2,496
1Charles River Laboratories
International, Inc.	338		11,387
Cigna Corp.	1,319		46,521
1Clinical Data, Inc.	100		1,826
1Community Health Systems, Inc.	479		17,052
Computer Programs & Systems,
Inc.	100		4,605

1Conceptus, Inc.	100	1,876
1CONMED Corp.	100	2,280
Cooper Cos., Inc.	209	7,967
1Covance, Inc.	355	19,372
1Coventry Health Care, Inc.	700	17,003
Covidien PLC Common Stock	2,400	114,936
1Cross Country Healthcare, Inc.	100	991
1Cubist Pharmaceuticals, Inc.	270	5,122
1Cyberonics, Inc.	100	2,044
1Cypress Bioscience, Inc.	200	1,152
1DaVita, Inc.	466	27,373
1Dendreon Corp.	555	14,585
DENTSPLY International, Inc.	660	23,212
1Dexcom, Inc.	200	1,616
1Edwards Lifesciences Corp.	243	21,105
Eli Lilly & Co.	4,900	174,979
1Emergency Medical Services
Corp.	100	5,415
1Emergent Biosolutions, Inc.	100	1,359
1Emeritus Corp.	100	1,875
1Endo Pharmaceuticals Holdings,
Inc.	626	12,839
1Enzo Biochem, Inc.	100	538
1Enzon Pharmaceuticals, Inc.	300	3,159
1eResearchTechnology, Inc.	100	601
1ev3, Inc.	262	3,495
1Exelixis, Inc.	650	4,791
1Express Scripts, Inc.	1,220	105,469
1Facet Biotech Corp.	90	1,582
1Forest Laboratories, Inc.	1,486	47,715
1Gen-Probe, Inc.	300	12,870
1Genomic Health, Inc.	100	1,956
1Genoptix, Inc.	100	3,553
1Gentiva Health Services, Inc.	100	2,701
1Genzyme Corp.	1,252	61,361
1Geron Corp.	300	1,665
1Gilead Sciences, Inc.	4,300	186,104
1Haemonetics Corp.	100	5,515
1Halozyme Therapeutics, Inc.	400	2,348
1Hanger Orthopedic Group, Inc.	200	2,766

38 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Stock Market Portfolio

U.S. Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Health Care (continued)
1Health Management Associates,
Inc.	1,000	$	7,270
1Health Net, Inc.	500		11,645
1HealthExtras, Inc.	200		7,294
1HEALTHSOUTH Corp.	500		9,385
1HealthSpring, Inc.	200		3,522
1Healthways, Inc.	140		2,568
1Henry Schein, Inc.	464		24,406
Hill-Rom Holdings, Inc.	234		5,614
Hillenbrand, Inc.	234		4,409
1Hologic, Inc.	1,316		19,082
1Hospira, Inc.	777		39,627
1Human Genome Sciences, Inc.	870		26,622
1Humana, Inc.	815		35,770
1ICU Medical, Inc.	100		3,644
1Idexx Laboratories, Inc.	300		16,032
1Illumina, Inc.	540		16,551
1Immucor, Inc.	369		7,469
1Immunogen, Inc.	200		1,572
1Impax Laboratories, Inc.	200		2,720
IMS Health, Inc.	832		17,522
1Incyte Corp.	600		5,466
1Inspire Pharmaceuticals, Inc.	400		2,208
1Insulet Corp.	200		2,856
1Integra LifeSciences Holdings
Corp.	100		3,678
1InterMune, Inc.	200		2,608
1Intuitive Surgical, Inc.	177		53,688
Invacare Corp.	100		2,494
1Inverness Medical Innovations,
Inc.	407		16,895
1IPC The Hospitalist Co., Inc.	100		3,325
1Isis Pharmaceuticals, Inc.	400		4,440
Johnson & Johnson	13,051		840,615
1Kendle International, Inc.	100		1,831

1Kensey Nash Corp.	100	2,550
1Kindred Healthcare, Inc.	100	1,846
1Kinetic Concepts, Inc.	228	8,584
1King Pharmaceuticals, Inc.	1,060	13,006
1KV Pharmaceutical Co.	100	367
1Laboratory Corp. of America
Holdings	493	36,896
1LHC Group, Inc.	100	3,361
1Life Technologies Corp.	895	46,746
1LifePoint Hospitals, Inc.	214	6,957
1Ligand Pharmaceuticals, Inc.	700	1,519
1Lincare Holdings, Inc.	393	14,588
1Luminex Corp.	200	2,986
1Magellan Health Services, Inc.	160	6,517
1MannKind Corp.	400	3,504
1Martek Biosciences Corp.	160	3,030
1Masimo Corp.	200	6,084
MAXIMUS, Inc.	100	5,000
McKesson Corp.	1,300	81,250
Mead Johnson Nutrition Co.	913	39,898
1MedCath Corp.	100	791
1Medco Health Solutions, Inc.	2,230	142,519
1Medicines Co.	180	1,501
Medicis Pharmaceutical Corp.	270	7,303
1Medivation, Inc.	100	3,765
1Mednax, Inc. Com	200	12,022
Medtronic, Inc.	5,300	233,094
Merck & Co., Inc.	14,529	530,890
Meridian Bioscience, Inc.	150	3,233
1Merit Medical Systems, Inc.	100	1,929
1Micromet, Inc.	200	1,332
1Millipore Corp.	300	21,705
Mine Safety Appliances Co.	140	3,714
1Molina Healthcare, Inc.	100	2,287
1Momenta Pharmaceuticals, Inc.	100	1,261
1MWI Veterinary Supply, Inc.	100	3,770
1Mylan Laboratories, Inc.	1,466	27,018
1Myriad Genetics, Inc.	418	10,910
1Myriad Pharmaceuticals W/I	104	523

U.S. Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 39

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Health Care (continued)
National Healthcare Corp.	44	$	1,589
1Natus Medical, Inc.	100		1,479
1Nektar Therapeutics	310		2,889
1Neogen Corp.	150		3,542
1NPS Pharmaceuticals, Inc.	300		1,020
1NuVasive, Inc.	200		6,396
1Odyssey HealthCare, Inc.	200		3,116
Omnicare, Inc.	600		14,508
1Omnicell, Inc.	100		1,169
1Onyx Pharmaceuticals, Inc.	250		7,335
1OraSure Technologies, Inc.	100		508
1Orthofix International NV	30		929
1Orthovita, Inc.	500		1,755
1OSI Pharmaceuticals, Inc.	327		10,147
1Osiris Therapeutics, Inc.	100		714
Owens & Minor, Inc.	260		11,162
1Palomar Medical Technologies,
Inc.	35		353
1Par Pharmaceutical Cos., Inc.	150		4,059
1Parexel International Corp.	218		3,074
1Patterson Cos., Inc.	400		11,192
PDL BioPharma, Inc.	451		3,094
Perrigo Co.	400		15,936
Pfizer, Inc.	38,183		694,549
Pharmaceutical Product
Development, Inc.	506		11,861
1Pharmasset, Inc.	100		2,070
1PharMerica Corp.	173		2,747
1Polypore International, Inc.	100		1,190
1Progenics Pharmaceuticals, Inc.	100		444
1Protalix BioTherapeutics, Inc.	200		1,324
1PSS World Medical, Inc.	300		6,771
1Psychiatric Solutions, Inc.	300		6,342
Quest Diagnostics, Inc.	801		48,364
1Questcor Pharmaceuticals, Inc.	300		1,425

1Quidel Corp.	100	1,378
1Regeneron Pharmaceuticals, Inc.	290	7,012
1RehabCare Group, Inc.	100	3,043
1Res-Care, Inc.	100	1,120
1ResMed, Inc.	380	19,863
1Rigel Pharmaceuticals, Inc.	133	1,265
1RTI Biologics, Inc.	200	768
1Salix Pharmaceuticals Ltd.	280	7,112
1Sangamo Biosciences, Inc.	100	592
1Savient Pharmaceuticals, Inc.	400	5,444
1Seattle Genetics, Inc.	363	3,688
1Sequenom, Inc.	300	1,242
Service Corp. International	1,070	8,763
1Sirona Dental Systems, Inc.	200	6,348
1SonoSite, Inc.	100	2,363
1St Jude Medical, Inc.	1,700	62,526
STERIS Corp.	300	8,391
Stewart Enterprises, Inc.	300	1,545
Stryker Corp.	1,470	74,044
1Sun Healthcare Group, Inc.	189	1,733
1Sunrise Senior Living, Inc.	150	483
1SurModics, Inc.	100	2,266
1Symmetry Medical, Inc.	100	806
1Targacept, Inc.	100	2,092
Techne Corp.	177	12,135
1Tenet Healthcare Corp.	2,447	13,189
1Theravance, Inc.	180	2,353
1Thoratec Corp.	270	7,268
1Triple-S Management Corp.	100	1,760
1United Therapeutics Corp.	218	11,478
UnitedHealth Group, Inc.	5,500	167,640
Universal Health Services, Inc.	422	12,871
1Valeant Pharmaceuticals
International	411	13,066
1Varian Medical Systems, Inc.	633	29,656
1VCA Antech, Inc.	400	9,968
1Vertex Pharmaceuticals, Inc.	873	37,408
1Viropharma, Inc.	380	3,188
1Vivus, Inc.	400	3,676

40 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Stock Market Portfolio

U.S. Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Health Care (continued)
1Volcano Corp.	200	$	3,476
1Warner Chilcott PLC	500		14,235
1Watson Pharmaceuticals, Inc.	467		18,498
1WebMD Health Corp.	177		6,813
1WellCare Health Plans, Inc.	206		7,573
1WellPoint, Inc.	2,300		134,067
West Pharmaceutical Services,
Inc.	200		7,840
1Wright Medical Group, Inc.	200		3,790
1XenoPort, Inc.	100		1,856
1Zimmer Holdings, Inc.	1,051		62,125
1Zoll Medical Corp.	100		2,672
1ZymoGenetics, Inc.	100		639
Total Health Care			7,057,666
Industrials–11.8%
3M Co.	3,100		256,277
A.O. Smith Corp.	100		4,339
AAON, Inc.	100		1,949
1AAR Corp.	156		3,585
ABM Industries, Inc.	190		3,925
Accenture PLC	2,917		121,055
Actuant Corp.	378		7,004
Acuity Brands, Inc.	200		7,128
Administaff, Inc.	130		3,067
Advance America Cash Advance
Centers, Inc.	194		1,079
1Aecom Technology Corp.	400		11,000
1Aerovironment, Inc.	100		2,908
1AGCO Corp.	446		14,424
Aircastle Ltd.	100		985
1AirTran Holdings, Inc.	700		3,654
1Alaska Air Group, Inc.	204		7,050
Albany International Corp.	140		3,144
Alexander & Baldwin, Inc.	160		5,477
1Allegiant Travel Co.	100		4,717

1Alliance Data Systems Corp.	286	18,473
1Alliant Techsystems, Inc.	151	13,329
1Altisource Portfolio Solutions SA	33	693
1AMERCO, Inc.	37	1,840
1American Commercial Lines, Inc.	49	898
American Ecology Corp.	100	1,704
1American Public Education, Inc.	100	3,436
American Science &
Engineering, Inc.	50	3,792
1American Superconductor Corp.	200	8,180
Ametek, Inc.	570	21,797
1AMR Corp.	1,342	10,374
Apogee Enterprises, Inc.	100	1,400
1Apollo Group, Inc.	600	36,348
Applied Industrial Technologies,
Inc.	200	4,414
Applied Signal Technology, Inc.	100	1,929
Arbitron, Inc.	100	2,342
1Argon ST, Inc.	100	2,172
Arkansas Best Corp.	140	4,120
1Armstrong World Industries, Inc.	100	3,893
1Astec Industries, Inc.	100	2,694
1Atlas Air Worldwide Holdings,
Inc.	146	5,439
Avery Dennison Corp.	500	18,245
1AZZ, Inc.	100	3,270
Badger Meter, Inc.	100	3,982
Baldor Electric Co.	200	5,618
1Bally Technologies, Inc.	305	12,593
Barnes Group, Inc.	200	3,380
1BE Aerospace, Inc.	387	9,095
Belden CDT, Inc.	180	3,946
1Blount International, Inc.	100	1,010
Boeing Co.	3,261	176,518
Bowne & Co., Inc.	102	681
Brady Corp.	253	7,593
Briggs & Stratton Corp.	170	3,181
Brink’s Co.	182	4,430
1Brink’s Home Security Holdings,
Inc.	182	5,940

U.S. Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 41

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Industrials (continued)
1Bristow Group, Inc.	100	$	3,845
Bucyrus International, Inc.	390		21,984
Burlington Northern Santa Fe
Corp.	1,600		157,792
C.H. Robinson Worldwide, Inc.	851		49,979
1Cal Dive International, Inc.	362		2,737
1Capella Education Co.	50		3,765
1Career Education Corp.	389		9,068
Carlisle Cos., Inc.	336		11,511
Cascade Corp.	37		1,017
Caterpillar, Inc.	2,976		169,602
CDI Corp.	100		1,295
1Cenveo, Inc.	211		1,846
1Ceradyne, Inc.	77		1,479
1Chart Industries, Inc.	100		1,655
Chemed Corp.	140		6,716
Cintas Corp.	613		15,969
CIRCOR International, Inc.	100		2,518
CLARCOR, Inc.	263		8,532
1Clean Harbors, Inc.	100		5,961
1Cogent, Inc.	260		2,701
1Coinstar, Inc.	170		4,723
1Colfax Corp.	100		1,204
1Columbus McKinnon Corp.	100		1,366
Comfort Systems USA, Inc.	200		2,468
Con-way, Inc.	200		6,982
1Consolidated Graphics, Inc.	55		1,926
1Continental Airlines, Inc.	600		10,752
1Convergys Corp.	570		6,128
Cooper Industries PLC	852		36,329
1Corinthian Colleges, Inc.	400		5,508
1Cornell Cos, Inc.	100		2,270
Corporate Executive Board Co.	134		3,058
1CoStar Group, Inc.	138		5,764

1Covanta Holding Corp.	542	9,805
1CRA International, Inc.	100	2,665
Crane Co.	270	8,267
1CSG Systems International, Inc.	170	3,245
CSX Corp.	1,900	92,131
Cubic Corp.	100	3,730
Cummins, Inc.	900	41,274
Curtiss-Wright Corp.	180	5,638
Danaher Corp.	1,294	97,309
1Darling International, Inc.	400	3,352
Deere & Co.	2,000	108,180
1Delta Air Lines, Inc.	3,600	40,968
Deluxe Corp.	210	3,106
DeVry, Inc.	270	15,317
1DigitalGlobe, Inc.	100	2,420
1Dionex Corp.	70	5,171
1Dollar Financial Corp.	100	2,366
1Dollar Thrifty Automotive Group,
Inc.	100	2,561
Donaldson Co., Inc.	359	15,272
Dover Corp.	900	37,449
1Drew Industries, Inc.	100	2,065
1DST Systems, Inc.	170	7,404
Dun & Bradstreet Corp.	244	20,586
1Dycom Industries, Inc.	170	1,365
Dynamic Materials Corp.	100	2,005
1DynCorp International, Inc.	100	1,435
1Eagle Bulk Shipping, Inc.	187	926
Eaton Corp.	800	50,896
1EMCOR Group, Inc.	254	6,833
Emerson Electric Co.	3,600	153,360
Encore Wire Corp.	100	2,107
1Ener1, Inc.	300	1,902
1Energizer Holdings, Inc.	300	18,384
1Energy Conversion Devices, Inc.	200	2,114
EnergySolutions, Inc.	300	2,547
1EnerSys	300	6,561
Ennis, Inc.	100	1,679
1EnPro Industries, Inc.	100	2,641

42 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Stock Market Portfolio

U.S. Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Industrials (continued)
Equifax, Inc.	550	$	16,990
ESCO Technologies, Inc.	100		3,585
1Esterline Technologies Corp.	200		8,154
1Evergreen Solar, Inc.	400		604
Expeditors International
Washington, Inc.	972		33,758
FactSet Research Systems, Inc.	215		14,162
Fastenal Co.	681		28,357
FedEx Corp.	1,400		116,830
1Fiserv, Inc.	751		36,408
Flowserve Corp.	300		28,359
Fluor Corp.	892		40,176
1Force Protection, Inc.	300		1,563
Forward Air Corp.	150		3,758
1Foster Wheeler AG	658		19,372
Franklin Electric Co., Inc.	136		3,955
FreightCar America, Inc.	40		793
1FTI Consulting, Inc.	260		12,262
1Fuel Tech, Inc.	100		817
1FuelCell Energy, Inc.	200		752
G&K Services, Inc.	56		1,407
Gardner Denver, Inc.	280		11,914
GATX Corp.	175		5,031
1Genco Shipping & Trading Ltd.	100		2,238
1GenCorp, Inc.	100		700
1General Cable Corp.	226		6,649
General Dynamics Corp.	1,553		105,868
General Electric Co.	50,500		764,065
General Maritime Corp.	187		1,307
1Genesee & Wyoming, Inc.	200		6,528
1Genpact Ltd.	300		4,470
Genuine Parts Co.	729		27,673
1Geo Group, Inc.	224		4,901
1Global Cash Access Holdings,
Inc.	100		749

Global Payments, Inc.	400	21,544
Goodrich Corp.	550	35,337
Gorman-Rupp Co.	100	2,764
Graco, Inc.	300	8,571
Granite Construction, Inc.	177	5,958
Great Lakes Dredge & Dock
Corp.	400	2,592
1Griffon Corp.	163	1,992
1H&E Equipment Services, Inc.	100	1,049
H&R Block, Inc.	1,600	36,192
1Harbin Electric, Inc.	100	2,054
Harsco Corp.	380	12,247
1Hawaiian Holdings, Inc.	400	2,800
1Headwaters, Inc.	100	652
Healthcare Services Group	150	3,219
Heartland Express, Inc.	320	4,886
Heartland Payment Systems, Inc.	100	1,313
Heico Corp.	100	3,596
Heidrick & Struggles
International, Inc.	100	3,124
Herman Miller, Inc.	248	3,963
1Hewitt Associates, Inc.	443	18,721
1Hexcel Corp.	336	4,361
1Hill International, Inc.	100	624
1HMS Holdings Corp.	104	5,064
Honeywell International, Inc.	3,400	133,280
Horizon Lines, Inc.	100	557
1HUB Group, Inc.	158	4,239
Hubbell, Inc.	216	10,217
1Huron Consulting Group, Inc.	80	1,843
1ICF International, Inc.	100	2,680
1Iconix Brand Group, Inc.	400	5,060
IDEX Corp.	378	11,775
1II-VI, Inc.	100	3,180
Illinois Tool Works, Inc.	2,000	95,980
1Infinera Corp.	400	3,548
Ingersoll Rand PLC Common
Stock	1,567	56,005
1Insituform Technologies, Inc.	200	4,544
1Intermec, Inc.	198	2,546

U.S. Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 43

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Industrials (continued)
1IPG Photonics Corp.	200	$	3,348
1Iron Mountain, Inc.	882		20,074
1ITT Educational Services, Inc.	175		16,793
ITT Industries, Inc.	850		42,279
J.B. Hunt Transport Services,
Inc.	375		12,101
1Jacobs Engineering Group, Inc.	640		24,070
1JetBlue Airways Corp.	1,050		5,723
John Bean Technologies Corp.	200		3,402
Joy Global, Inc.	527		27,188
Kaman Corp.	100		2,309
1Kansas City Southern	400		13,316
Kaydon Corp.	200		7,152
KBR, Inc.	780		14,820
1Kelly Services, Inc.	100		1,193
1Kenexa Corp.	100		1,305
Kennametal, Inc.	368		9,539
1Kforce, Inc.	100		1,250
1Kirby Corp.	280		9,752
Knight Transportation, Inc.	280		5,401
Koppers Holdings, Inc.	100		3,044
1Korn/Ferry International	180		2,970
L-3 Communications Holdings,
Inc.	535		46,518
1Ladish Co., Inc.	71		1,071
Landauer, Inc.	100		6,140
Landstar System, Inc.	300		11,631
1Layne Christensen Co.	100		2,871
1LB Foster Co.	100		2,981
Lennox International, Inc.	200		7,808
Lincoln Electric Holdings, Inc.	200		10,692
Lindsay Corp.	55		2,192
Lockheed Martin Corp.	1,544		116,340
Manitowoc Co., Inc.	735		7,328
Manpower, Inc.	400		21,832

1Marten Transport Ltd.	100	1,795
Masco Corp.	1,658	22,897
1MasTec, Inc.	200	2,500
Mastercard, Inc.	469	120,055
1McDermott International, Inc.	1,118	26,843
McGrath RentCorp	100	2,236
1Michael Baker Corp.	59	2,443
1Middleby Corp.	65	3,186
1Mobile Mini, Inc.	181	2,550
Molex, Inc.	280	5,356
1Monster Worldwide, Inc.	546	9,500
1Moog, Inc.	170	4,969
MSC Industrial Direct Co.	200	9,400
Mueller Industries, Inc.	160	3,974
Mueller Water Products, Inc.	943	4,904
1MYR Group, Inc.	100	1,808
NACCO Industries, Inc.	21	1,046
1Navigant Consulting, Inc.	170	2,526
1Navistar International Corp.	300	11,595
Nordson Corp.	150	9,177
Norfolk Southern Corp.	1,800	94,356
Northrop Grumman Corp.	1,400	78,190
1Old Dominion Freight Line	100	3,070
1Orbital Sciences Corp.	261	3,983
1Orion Marine Group, Inc.	100	2,106
Oshkosh Truck Corp.	435	16,108
Overseas Shipholding Group	100	4,395
1Owens Corning, Inc.	400	10,256
PACCAR, Inc.	1,700	61,659
1Pacer International, Inc.	70	221
Pall Corp.	529	19,150
Parker Hannifin Corp.	730	39,332
Pentair, Inc.	489	15,795
1PHH Corp.	270	4,350
1PHI, Inc.	100	2,070
Pitney Bowes, Inc.	977	22,237
1Powell Industries, Inc.	100	3,153
Precision Castparts Corp.	650	71,727
Quanex Building Products Corp.	145	2,461

44 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Stock Market Portfolio

U.S. Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Industrials (continued)
1Quanta Services, Inc.	942	$	19,631
1Raser Technologies, Inc.	200		248
Raven Industries, Inc.	100		3,177
Raytheon Co.	1,900		97,888
1RBC Bearings, Inc.	100		2,433
Regal-Beloit Corp.	160		8,310
Reliance Steel & Aluminum Co.	373		16,121
1Republic Airways Holdings, Inc.	100		739
Republic Services, Inc.	1,850		52,373
1Resources Connection, Inc.	160		3,395
Reynolds American, Inc.	843		44,654
Robbins & Myers, Inc.	100		2,352
Robert Half International, Inc.	629		16,813
Rockwell Automation, Inc.	690		32,416
Rockwell Collins, Inc.	793		43,900
Rollins, Inc.	150		2,892
RR Donnelley & Sons Co.	948		21,112
1RSC Holdings, Inc.	200		1,408
Ryder System, Inc.	231		9,510
1Sanmina-SCI Corp.	253		2,791
1Shaw Group, Inc.	381		10,954
Simpson Manufacturing Co., Inc.	160		4,302
SkyWest, Inc.	242		4,095
Sotheby’s Holdings	300		6,744
Southwest Airlines Co.	3,575		40,862
1Spherion Corp.	200		1,124
1Spirit Aerosystems Holdings, Inc.	487		9,672
SPX Corp.	200		10,940
Steelcase, Inc.	130		827
1Stericycle, Inc.	400		22,068
Strayer Education, Inc.	59		12,537
Sun Hydraulics Corp.	100		2,625
1SunPower Corp.	290		6,867
1Sunpower Corp.	174		3,645

TAL International Group, Inc.	100	1,323
1TBS International Ltd.	100	735
1Team, Inc.	100	1,881
1Tecumseh Products Co.	100	1,169
Teleflex, Inc.	186	10,024
1TeleTech Holdings, Inc.	109	2,183
Tennant Co.	100	2,619
1Terex Corp.	554	10,975
1Tetra Tech, Inc.	300	8,151
Textron, Inc.	1,222	22,986
1Thomas & Betts Corp.	270	9,663
Timken Co.	390	9,247
Titan International, Inc.	148	1,200
Total System Services, Inc.	767	13,246
TransDigm Group, Inc.	200	9,498
Tredegar Corp.	100	1,582
Trinity Industries, Inc.	300	5,232
Triumph Group, Inc.	145	6,996
1TrueBlue, Inc.	170	2,518
1Tyco International Ltd.	2,287	81,600
1UAL Corp.	916	11,826
Union Pacific Corp.	2,345	149,845
United Parcel Service, Inc.	3,300	189,321
1United Stationers, Inc.	100	5,685
United Technologies Corp.	4,200	291,522
Universal Forest Products, Inc.	140	5,153
1Universal Technical Institute,
Inc.	100	2,020
1URS Corp.	400	17,808
1US Airways Group, Inc.	420	2,033
1USG Corp.	256	3,597
UTi Worldwide, Inc.	400	5,728
1Valassis Communications, Inc.	200	3,652
Valmont Industries, Inc.	68	5,335
1Verisk Analytics, Inc., Class A	400	12,112
Viad Corp.	57	1,176
W.W. Grainger, Inc.	289	27,984
1Waste Connections, Inc.	430	14,336
Waste Management, Inc.	2,230	75,396

U.S. Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 45

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Industrials (continued)
Watsco, Inc.	100	$	4,898
Watson Wyatt Worldwide, Inc.	170		8,078
Watts Water Technologies, Inc.	91		2,814
Weight Watchers International,
Inc.	209		6,094
Werner Enterprises, Inc.	180		3,562
Woodward Governor Co.	300		7,731
World Fuel Services Corp.	280		7,501
1Wright Express Corp.	210		6,691
1YRC Worldwide, Inc.	200		168
Total Industrials			6,819,365
Information Technology–18.5%
13Com Corp.	1,950		14,625
13PAR, Inc.	200		2,370
1ACI Worldwide, Inc.	200		3,430
1Acme Packet, Inc.	100		1,100
1Actel Corp.	100		1,188
1Activision Blizzard, Inc.	2,800		31,108
1Acxiom Corp.	400		5,368
1Adaptec, Inc.	600		2,010
1ADC Telecommunications, Inc.	498		3,093
1Adobe Systems, Inc.	2,500		91,950
ADTRAN, Inc.	280		6,314
1Advanced Energy Industries,
Inc.	100		1,508
1Advanced Micro Devices, Inc.	3,052		29,543
1Advent Software, Inc.	100		4,073
1Affiliated Computer Services,
Inc.	400		23,876
1Agilent Technologies, Inc.	1,700		52,819
1Akamai Technologies, Inc.	791		20,036
1Allscripts Healthcare Solutions,
Inc.	400		8,092
Altera Corp.	1,400		31,682
1American Reprographics Co.	104		729

1Amkor Technology, Inc.	336	2,406
Amphenol Corp.	800	36,944
1Anadigics, Inc.	200	844
Analog Devices, Inc.	1,398	44,149
Analogic Corp.	37	1,425
1Anixter International, Inc.	200	9,420
1Ansys, Inc.	443	19,253
1AOL, Inc.	500	11,640
1Apple Computer, Inc.	4,260	898,264
Applied Materials, Inc.	6,300	87,822
1Applied Micro Circuits Corp.	237	1,770
1ArcSight, Inc.	100	2,558
1Ariba, Inc.	300	3,756
1Arris Group, Inc.	642	7,338
1Arrow Electronics, Inc.	530	15,693
1Art Technology Group, Inc.	600	2,706
1AsiaInfo Holdings, Inc.	100	3,047
1athenahealth, Inc.	100	4,524
1Atheros Communications, Inc.	298	10,204
1Atmel Corp.	1,800	8,298
1ATMI, Inc.	100	1,862
1Autodesk, Inc.	1,047	26,604
Automatic Data Processing, Inc.	2,400	102,768
1Avid Technology, Inc.	150	1,914
1Avnet, Inc.	760	22,922
AVX Corp.	310	3,928
1Benchmark Electronics, Inc.	390	7,375
Black Box Corp.	130	3,684
Blackbaud, Inc.	194	4,584
1Blackboard, Inc.	200	9,078
1Blue Coat Systems, Inc.	200	5,708
1BMC Software, Inc.	940	37,694
1Bottomline Technologies, Inc.	100	1,757
1Broadcom Corp.	2,015	63,372
1Brooks Automation, Inc.	130	1,115
CA, Inc.	2,000	44,920
1Cabot Microelectronics Corp.	100	3,296
1CACI International, Inc.	110	5,373

46 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Stock Market Portfolio

U.S. Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Information Technology (continued)
1Cadence Design Systems, Inc.	1,100	$	6,589
1Cavium Networks, Inc.	200		4,766
1Cerner Corp.	327		26,958
1Checkpoint Systems, Inc.	160		2,440
1China Security & Surveillance
Technology, Inc.	200		1,528
1Ciber, Inc.	200		690
1Ciena Corp.	474		5,138
1Cirrus Logic, Inc.	300		2,046
1Cisco Systems, Inc.	27,278		653,035
1Citrix Systems, Inc.	870		36,201
1Cogent Communications
Group, Inc.	100		986
Cognex Corp.	170		3,012
1Cognizant Technology Solutions
Corp.	1,354		61,336
1Cogo Group, Inc.	100		737
1Coherent, Inc.	100		2,973
Cohu, Inc.	100		1,395
1CommScope, Inc.	400		10,612
1Commvault Systems, Inc.	200		4,738
1Compellent Technologies, Inc.	100		2,268
1Computer Sciences Corp.	700		40,271
1Compuware Corp.	1,100		7,953
1comScore, Inc.	100		1,755
1Comtech Telecommunications
Corp.	162		5,678
1Concur Technologies, Inc.	200		8,550
1Conexant Systems, Inc.	66		153
1Constant Contact, Inc.	100		1,600
Corning, Inc.	7,375		142,411
1Cree, Inc.	490		27,621
CTS Corp.	100		962
1Cybersource Corp.	400		8,044
1Cymer, Inc.	150		5,757
1Cypress Semiconductor Corp.	636		6,716

Daktronics, Inc.	100	921
1DealerTrack Holdings, Inc.	200	3,758
1Dell, Inc.	8,400	120,624
Diebold, Inc.	355	10,100
1Digital River, Inc.	189	5,101
1Diodes, Inc.	144	2,945
.1DSP Group, Inc.	100	563
Earthlink, Inc.	390	3,241
1eBay, Inc.	5,200	122,408
1Echelon Corp.	100	1,156
1Eclipsys Corp.	280	5,186
1Electro Scientific Industries, Inc.	100	1,082
1Electronic Arts, Inc.	1,500	26,625
1Electronics for Imaging, Inc.	170	2,212
1EMC Corp.	9,700	169,459
1Emulex Corp.	400	4,360
1Entegris, Inc.	600	3,168
1Epicor Software Corp.	100	762
1EPIQ Systems, Inc.	100	1,399
1Equinix, Inc.	200	21,230
1Exar Corp.	100	711
1Exponent, Inc.	100	2,784
1Extreme Networks	209	600
1F5 Networks, Inc.	416	22,040
Fair Isaac Corp.	178	3,793
1Fairchild Semiconductor
International, Inc.	670	6,693
1FARO Technologies, Inc.	72	1,544
1FEI Co.	200	4,672
1First Solar, Inc.	209	28,299
1Flextronics International Ltd.	3,900	28,509
1Flir Systems, Inc.	680	22,250
1FormFactor, Inc.	260	5,658
1Forrester Research, Inc.	100	2,595
1Gartner, Inc.	310	5,592
1Google, Inc.	1,150	712,977
1Greatbatch, Inc.	100	1,923
1Harmonic, Inc.	300	1,899
Harris Corp.	595	28,292

U.S. Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 47

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Information Technology (continued)
Hewlett-Packard Co.	11,300	$	582,063
1Hittite Microwave Corp.	100		4,075
1i2 Technologies, Inc.	100		1,912
1IAC	441		9,032
1IHS, Inc.	261		14,305
1Imation Corp.	100		872
1Informatica Corp.	420		10,861
1Infospace, Inc.	50		429
1Ingram Micro, Inc.	760		13,262
1Innerworkings, Inc.	100		590
1Integral Systems, Inc.	100		866
1Integrated Device Technology,
Inc.	604		3,908
Intel Corp.	26,669		544,048
1Interactive Intelligence, Inc.	100		1,844
1InterDigital Communications,
Inc.	200		5,308
1InterNAP Network Services
Corp.	100		470
International Business Machines
Corp.	6,175		808,307
1International Rectifier Corp.	280		6,194
1Internet Capital Group, Inc.	200		1,330
Intersil Corp.	670		10,278
1Intuit, Inc.	1,483		45,543
1Itron, Inc.	237		16,014
1Ixia	100		744
1j2 Global Communications, Inc.	160		3,256
Jabil Circuit, Inc.	908		15,772
Jack Henry & Associates, Inc.	346		8,000
1JDA Software Group, Inc.	100		2,547
1Juniper Networks, Inc.	2,500		66,675
1K12, Inc.	100		2,027
KLA-Tencor Corp.	773		27,952
1Knot, Inc.	100		1,007
1Kopin Corp.	300		1,254

1Kulicke & Soffa Industries, Inc.	200	1,078
1L-1 Identity Solutions, Inc.	300	2,247
1Lam Research Corp.	659	25,839
1Lattice Semiconductor Corp.	300	810
1Lawson Software, Inc.	400	2,660
Lender Processing Services, Inc.	454	18,460
1Lexmark International, Inc.	340	8,833
Linear Technology Corp.	1,104	33,716
1Littelfuse, Inc.	83	2,668
1LoopNet, Inc.	100	994
1LSI Logic Corp.	3,120	18,751
1Magma Design Automation, Inc.	100	231
1Manhattan Associates, Inc.	100	2,403
1ManTech International Corp.	100	4,828
MarketAxess Holdings, Inc.	100	1,390
1Marvell Technology Group Ltd.	2,600	53,950
1Mattson Technology, Inc.	200	716
Maxim Integrated Products, Inc.	1,400	28,420
1Maxwell Technologies, Inc.	200	3,568
1McAfee, Inc.	780	31,645
1MedAssets, Inc.	100	2,121
1MEMC Electronic Materials, Inc.	1,029	14,015
1Mentor Graphics Corp.	300	2,649
1MercadoLibre, Inc.	100	5,187
Methode Electronics, Inc.	100	868
1Mettler Toledo International, Inc.	157	16,483
Micrel, Inc.	208	1,706
Microchip Technology, Inc.	900	26,154
1Micron Technology, Inc.	4,000	42,240
1MICROS Systems, Inc.	384	11,916
1Microsemi Corp.	380	6,745
Microsoft Corp.	38,060	1,160,449
1MicroStrategy, Inc.	20	1,880
1MKS Instruments, Inc.	233	4,057
1ModusLink Global Solutions,
Inc.	150	1,412
Molex, Inc.	291	6,271
1Monolithic Power Systems, Inc.	100	2,397
1Motorola, Inc.	11,062	85,841

48 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Stock Market Portfolio

U.S. Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Information Technology (continued)
1MPS Group, Inc.	540	$	7,420
MTS Systems Corp.	100		2,874
National Instruments Corp.	300		8,835
National Semiconductor Corp.	999		15,345
1NCR Corp.	700		7,791
1Ness Technologies, Inc.	200		980
1Net 1 UEPS Technologies, Inc.	200		3,884
1NetApp, Inc.	1,571		54,027
1Netezza Corp.	100		970
1NetGear, Inc.	100		2,169
1Netlogic Microsystems, Inc.	100		4,626
1Netscout Systems, Inc.	200		2,928
1NetSuite, Inc.	100		1,598
1Newport Corp.	100		919
NIC, Inc.	200		1,828
1Novatel Wireless, Inc.	100		797
1Novell, Inc.	1,720		7,138
1Novellus Systems, Inc.	494		11,530
1Nuance Communications, Inc.	890		13,831
1NVIDIA Corp.	2,500		46,700
1OmniVision Technologies, Inc.	180		2,615
1ON Semiconductor Corp.	1,930		17,003
1Oplink Communications, Inc.	100		1,639
Oracle Corp.	19,100		468,714
1OSI Systems, Inc.	100		2,728
1Palm, Inc.	800		8,032
1Parametric Technology Corp.	600		9,804
Park Electrochemical Corp.	100		2,764
Paychex, Inc.	1,521		46,603
Pegasystems, Inc.	100		3,400
1Perficient, Inc.	100		843
1Pericom Semiconductor Corp.	100		1,153
PerkinElmer, Inc.	537		11,057
1Phase Forward, Inc.	200		3,070

Plantronics, Inc.	260	6,755
1Plexus Corp.	170	4,845
1PMC-Sierra, Inc.	900	7,794
1Polycom, Inc.	430	10,737
Power Integrations, Inc.	100	3,636
1Powerwave Technologies, Inc.	330	416
1Progress Software Corp.	170	4,966
1QLogic Corp.	500	9,435
QUALCOMM, Inc.	7,856	363,419
Quality Systems, Inc.	49	3,077
1Quantum Corp.	800	2,344
1Quest Software, Inc.	300	5,520
1Rackspace Hosting, Inc.	200	4,170
1Radiant Systems, Inc.	100	1,040
1Rambus, Inc.	396	9,662
1RealNetworks, Inc.	180	668
1Red Hat, Inc.	909	28,088
1RF Micro Devices, Inc.	1,000	4,770
1RightNow Technologies, Inc.	100	1,737
1Riverbed Technology, Inc.	300	6,891
1Rofin-Sinar Technologies, Inc.	120	2,833
1Rogers Corp.	56	1,697
Roper Industries, Inc.	466	24,404
1Rovi Corp.	521	16,604
1Rudolph Technologies, Inc.	100	672
1S1 Corp.	200	1,304
1SAIC, Inc.	1,000	18,940
1salesforce.com, Inc.	550	40,573
1SanDisk Corp.	1,100	31,889
1Sapient Corp.	500	4,135
1ScanSource, Inc.	100	2,670
1Seachange International, Inc.	200	1,314
Seagate Technology	2,388	43,438
1Semtech Corp.	210	3,572
1ShoreTel, Inc.	300	1,734
1Shutterfly, Inc.	100	1,781
1Sigma Designs, Inc.	100	1,070
1Silicon Graphics International
Corp.	110	771

U.S. Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 49

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Information Technology (continued)
1Silicon Image, Inc.	200	$	516
1Silicon Laboratories, Inc.	250		12,085
1Skyworks Solutions, Inc.	833		11,820
1Smith Micro Software, Inc.	100		914
1Sohu.com, Inc.	200		11,456
1Solarwinds, Inc.	100		2,301
Solera Holdings, Inc.	300		10,803
1SonicWALL, Inc.	300		2,283
1Sonus Networks, Inc.	1,600		3,376
1Sourcefire, Inc.	100		2,675
1SRA International, Inc.	150		2,865
1Standard Microsystems Corp.	100		2,078
1Stanley, Inc.	100		2,741
1STEC, Inc.	200		3,268
1Stratasys, Inc.	100		1,728
1SuccessFactors, Inc.	300		4,974
1Sun Microsystems, Inc.	3,400		31,858
1Supertex, Inc.	100		2,980
1Switch & Data Facilities Co.,
Inc.	100		2,021
1Sybase, Inc.	378		16,405
Sycamore Networks, Inc.	106		2,216
1SYKES Enterprises, Inc.	200		5,094
1Symantec Corp.	4,000		71,560
1Synaptics, Inc.	150		4,598
1Synchronoss Technologies, Inc.	87		1,375
1SYNNEX Corp.	100		3,066
1Synopsys, Inc.	642		14,304
Syntel, Inc.	100		3,803
1Take-Two Interactive Software,
Inc.	285		2,864
1Taleo Corp.	100		2,352
1Taser International, Inc.	200		876
1Tech Data Corp.	280		13,065
Technitrol, Inc.	100		438

1Tekelec	300	4,584
1TeleCommunication Systems,
Inc.	240	2,323
1Teledyne Technologies, Inc.	150	5,754
1Tellabs, Inc.	1,593	9,048
1Teradata Corp.	826	25,961
1Teradyne, Inc.	700	7,511
1Terremark Worldwide, Inc.	200	1,368
1Tessera Technologies, Inc.	260	6,050
Texas Instruments, Inc.	6,000	156,360
1Thermo Electron Corp.	1,916	91,374
1THQ, Inc.	180	907
1TIBCO Software, Inc.	850	8,185
1TNS, Inc.	100	2,569
1TradeStation Group, Inc.	300	2,367
1Trident Microsystems, Inc.	180	335
1Trimble Navigation Ltd.	584	14,717
1Triquint Semiconductor, Inc.	600	3,600
1TTM Technologies, Inc.	200	2,306
Tyco Electronics Ltd.	2,199	53,985
1Tyler Technologies, Inc.	100	1,991
1Ultimate Software Group, Inc.	100	2,937
1Ultratech, Inc.	200	2,972
1Unisys Corp.	167	6,440
United Online, Inc.	300	2,157
1Universal Display Corp.	100	1,236
1UTStarcom, Inc.	180	394
1ValueClick, Inc.	312	3,157
1Varian Semiconductor
Equipment Associates, Inc.	362	12,989
1Varian, Inc.	150	7,731
1Vasco Data Security
International, Inc.	100	627
1Veeco Instruments, Inc.	200	6,608
1VeriFone Holdings, Inc.	260	4,259
1Verigy Ltd.	200	2,574
1VeriSign, Inc.	910	22,058
1Viasat, Inc.	100	3,178
1Vishay Intertechnology, Inc.	1,010	8,433
1VistaPrint NV	200	11,332

50 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Stock Market Portfolio

U.S. Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Information Technology (continued)
1VMware, Inc.	300	$	12,714
1Vocus, Inc.	100		1,800
1Volterra Semiconductor Corp.	200		3,824
1Waters Corp.	500		30,980
1Websense, Inc.	160		2,794
1Western Digital Corp.	1,103		48,697
Xerox Corp.	4,027		34,068
Xilinx, Inc.	1,288		32,277
1Yahoo!, Inc.	6,287		105,496
1Zebra Technologies Corp.	285		8,083
1Zoran Corp.	152		1,680
Total Information Technology			10,665,856
Materials–4.2%
A.M. Castle & Co.	100		1,369
Air Products & Chemicals, Inc.	972		78,790
Airgas, Inc.	357		16,993
AK Steel Holding Corp.	590		12,597
Albemarle Corp.	400		14,548
Alcoa, Inc.	4,700		75,764
Allegheny Technologies, Inc.	400		17,908
1Allied Nevada Gold Corp.	300		4,524
1Alpha Natural Resources, Inc.	629		27,286
AMCOL International Corp.	100		2,842
American Vanguard Corp.	100		830
Ameron International Corp.	33		2,094
AptarGroup, Inc.	339		12,116
Arch Chemicals, Inc.	100		3,088
Arch Coal, Inc.	734		16,331
Ashland, Inc.	380		15,056
Balchem Corp.	100		3,351
Ball Corp.	436		22,541
Bemis Co.	530		15,714
1Brush Engineered Materials,
Inc.	100		1,854

1Buckeye Technologies, Inc.	200	1,952
Cabot Corp.	335	8,787
1Calgon Carbon Corp.	194	2,697
Carpenter Technology Corp.	200	5,390
Celanese Corp.	648	20,801
1Century Aluminum Co.	200	3,238
CF Industries Holdings, Inc.	246	22,332
1Clearwater Paper Corp.	51	2,803
Cliffs Natural Resources, Inc.	640	29,498
1Coeur d’Alene Mines Corp.	462	8,344
Commercial Metals Co.	620	9,703
Compass Diversified Holdings	200	2,552
Compass Minerals
International, Inc.	125	8,399
Consol Energy, Inc.	875	43,575
1Crown Holdings, Inc.	787	20,131
Cytec Industries, Inc.	238	8,668
Deltic Timber Corp.	100	4,618
1Domtar Corp.	200	11,082
Dow Chemical Co.	5,400	149,202
Eagle Materials, Inc.	234	6,096
Eastman Chemical Co.	356	21,445
Ecolab, Inc.	1,165	51,936
EI Du Pont de Nemours & Co.	4,300	144,781
Ferro Corp.	200	1,648
FMC Corp.	300	16,728
1Freeport-McMoRan Copper &
Gold, Inc.	1,900	152,551
1General Moly, Inc.	300	624
1Gibraltar Industries, Inc.	100	1,573
1GrafTech International Ltd.	600	9,330
1Graphic Packaging Holding Co.	300	1,041
Greif, Inc.	96	5,182
Haynes International, Inc.	50	1,649
HB Fuller Co.	238	5,415
1Hecla Mining Co.	1,000	6,180
1Horsehead Holding Corp.	200	2,550
Huntsman Corp.	891	10,059
Innophos Holdings, Inc.	100	2,299
Innospec, Inc.	94	948

U.S. Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 51

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Materials (continued)
1International Coal Group, Inc.	400	$	1,544
International Flavors &
Fragrances, Inc.	395		16,250
International Paper Co.	1,967		52,676
1Intrepid Potash, Inc.	200		5,834
1James River Coal Co.	100		1,853
Jarden Corp.	382		11,808
Kaiser Aluminum Corp.	50		2,081
1Louisiana-Pacific Corp.	730		5,095
1LSB Industries, Inc.	100		1,410
Lubrizol Corp.	326		23,782
Martin Marietta Materials, Inc.	187		16,720
Massey Energy Co.	400		16,804
MeadWestvaco Corp.	805		23,047
Minerals Technologies, Inc.	78		4,249
Monsanto Co.	2,582		211,078
Mosaic Co.	760		45,395
Myers Industries, Inc.	100		910
Neenah Paper, Inc.	100		1,395
NewMarket Corp.	60		6,886
Newmont Mining Corp.	2,300		108,813
1Northwest Pipe Co.	100		2,686
Nucor Corp.	1,456		67,922
Olin Corp.	300		5,256
Olympic Steel, Inc.	100		3,258
1OM Group, Inc.	106		3,327
1Owens-Illinois, Inc.	771		25,343
P.H. Glatfelter Co.	100		1,215
Packaging Corp. of America	500		11,505
1Pactiv Corp.	600		14,484
1Patriot Coal Corp.	400		6,184
Peabody Energy Corp.	1,263		57,100
1PolyOne Corp.	300		2,241
2Potlatch Corp.	181		5,770
PPG Industries, Inc.	790		46,247

Praxair, Inc.	1,457	117,012
2Rayonier, Inc.	400	16,864
Rock-Tenn Co.	200	10,082
1Rockwood Holdings, Inc.	200	4,712
Royal Gold, Inc.	149	7,018
RPM International, Inc.	600	12,198
1RTI International Metals, Inc.	88	2,215
Schnitzer Steel Industries, Inc.	100	4,770
Schulman (A.), Inc.	100	2,018
Scotts Miracle-Gro Co.	206	8,098
Sealed Air Corp.	782	17,095
Sigma-Aldrich Corp.	594	30,015
Silgan Holdings, Inc.	100	5,788
1Solutia, Inc.	500	6,350
Sonoco Products Co.	430	12,578
Spartech Corp.	86	882
Steel Dynamics, Inc.	900	15,948
1Stillwater Mining Co.	100	948
1Symyx Technologies	60	330
Temple-Inland, Inc.	400	8,444
Texas Industries, Inc.	163	5,703
1Titanium Metals Corp.	707	8,852
United States Steel Corp.	728	40,127
1USEC, Inc.	630	2,426
Valspar Corp.	466	12,647
Vulcan Materials Co.	600	31,602
Wausau Paper Corp.	100	1,160
Westlake Chemical Corp.	100	2,493
Weyerhaeuser Co.	980	42,277
Worthington Industries, Inc.	400	5,228
1WR Grace & Co.	300	7,605
Zep, Inc.	100	1,732
1Zoltek Cos., Inc.	100	950
Total Materials		2,407,738
Telecommunication Services–3.1%
1AboveNet, Inc.	100	6,504
Alaska Communications Systems
Group, Inc.	100	798
1American Tower Corp.	1,843	79,636

52 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Stock Market Portfolio

U.S. Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Telecommunication Services (continued)
1Aruba Networks, Inc.	400	$	4,264
AT&T, Inc.	27,894		781,869
Atlantic Tele-Network, Inc.	100		5,501
1Cbeyond, Inc.	100		1,575
CenturyTel, Inc.	1,379		49,934
1Cincinnati Bell, Inc.	740		2,553
Consolidated Communications
Holdings, Inc.	100		1,750
1Crown Castle International Corp.	1,381		53,914
1EchoStar Corp.	141		2,840
1EMS Technologies, Inc.	100		1,450
1Finisar Corp.	99		883
Frontier Communications Corp.	1,300		10,153
1General Communication, Inc.	100		638
1Global Crossing Ltd.	100		1,425
1Harris Stratex Networks, Inc.	447		3,089
1Hughes Communications, Inc.	100		2,603
1ICO Global Communications
Holdings Ltd.	500		540
Iowa Telecommunications
Services, Inc.	100		1,676
1JDS Uniphase Corp.	1,197		9,875
1Leap Wireless International, Inc.	239		4,194
1Level 3 Communications, Inc.	7,454		11,405
1Liberty Global, Inc.	600		13,146
1Loral Space & Communications,
Inc.	100		3,161
1MetroPCS Communications, Inc.	1,200		9,156
1NeuStar, Inc.	346		7,972
1Neutral Tandem, Inc.	100		2,275
1NII Holdings, Inc.	800		26,864
NTELOS Holdings Corp.	100		1,782
1PAETEC Holding Corp.	300		1,245
1Premiere Global Services, Inc.	200		1,650
Qwest Communications
International, Inc.	7,131		30,022

1RCN Corp.	70	759
1SAVVIS, Inc.	100	1,405
1SBA Communications Corp.	490	16,738
Shenandoah Telecom Co.	100	2,035
1Sprint Nextel Corp.	13,700	50,142
1Syniverse Holdings, Inc.	300	5,244
Telephone & Data Systems, Inc.	223	7,564
Telephone & Data Systems, Inc.
(Special Shares)	200	6,040
1TerreStar Corp.	400	376
Time Warner Cable, Inc.	1,646	68,128
1tw telecom, Inc.	648	11,107
1US Cellular Corp.	66	2,799
USA Mobility, Inc.	100	1,101
Verizon Communications, Inc.	13,508	447,520
1Vonage Holdings Corp.	200	280
Windstream Corp.	2,100	23,079
Total Telecommunication Services		1,780,659
Utilities–4.3%
1AES Corp.	3,100	41,261
AGL Resources, Inc.	391	14,260
Allegheny Energy, Inc.	806	18,925
Allete, Inc.	100	3,268
Alliant Energy Corp.	527	15,947
Ameren Corp.	1,158	32,366
American Electric Power Co.,
Inc.	2,264	78,765
American States Water Co.	100	3,541
American Water Works Co., Inc.	900	20,169
Aqua America, Inc.	594	10,401
Atmos Energy Corp.	432	12,701
Avista Corp.	200	4,318
Black Hills Corp.	150	3,994
California Water Service Group	100	3,682
1Calpine Corp.	1,600	17,600
CenterPoint Energy, Inc.	1,800	26,118
CH Energy Group, Inc.	70	2,976
Cleco Corp.	300	8,199
CMS Energy Corp.	1,100	17,226

U.S. Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 53

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Utilities (continued)
Consolidated Edison, Inc.	1,274	$	57,878
Constellation Energy Group, Inc.	854		30,035
Dominion Resources, Inc.	2,800		108,976
DPL, Inc.	580		16,008
DTE Energy Co.	807		35,177
Duke Energy Corp.	6,072		104,499
1Dynegy, Inc.	1,836		3,323
Edison International	1,460		50,779
1El Paso Electric Co.	190		3,853
Empire District Electric Co.	150		2,809
1Enbridge Energy Management
LLC	102		5,418
Energen Corp.	380		17,784
1EnerNOC, Inc.	100		3,039
Entergy Corp.	935		76,520
EQT Corp.	600		26,352
Exelon Corp.	3,157		154,283
FirstEnergy Corp.	1,430		66,423
FPL Group, Inc.	1,893		99,988
Great Plains Energy, Inc.	600		11,634
Hawaiian Electric Industries, Inc.	420		8,778
IDACORP, Inc.	175		5,591
Integrys Energy Group, Inc.	369		15,494
ITC Holdings Corp.	300		15,627
1Kinder Morgan Management
LLC	384		20,982
Laclede Group, Inc.	120		4,052
1Macquarie Infrastructure Co.
LLC	168		2,063
MDU Resources Group, Inc.	808		19,069
MGE Energy, Inc.	100		3,574
1Mirant Corp.	800		12,216
Nalco Holding Co.	710		18,112
National Fuel Gas Co.	400		20,000
New Jersey Resources Corp.	240		8,976

Nicor, Inc.	269	11,325
NiSource, Inc.	1,254	19,287
Northeast Utilities	776	20,013
Northwest Natural Gas Co.	190	8,558
NorthWestern Corp.	170	4,423
1NRG Energy, Inc.	1,226	28,946
NSTAR	520	19,136
NV Energy, Inc.	1,186	14,683
OGE Energy Corp.	430	15,863
Oneok, Inc.	500	22,285
Ormat Technologies, Inc.	100	3,784
Otter Tail Corp.	190	4,712
Pepco Holdings, Inc.	967	16,294
1Perini Corp.	100	1,808
1Petrohawk Energy Corp.	1,400	33,586
PG&E Corp.	1,755	78,361
Piedmont Natural Gas Co.	300	8,025
Pinnacle West Capital Corp.	490	17,924
PNM Resources, Inc.	384	4,858
Portland General Electric Co.	300	6,123
PPL Corp.	1,800	58,158
Progress Energy, Inc.	1,387	56,881
Public Service Enterprise Group,
Inc.	2,400	79,800
Questar Corp.	829	34,462
1RRI Energy, Inc.	1,674	9,575
SCANA Corp.	587	22,118
Sempra Energy	1,138	63,705
SJW Corp.	100	2,257
South Jersey Industries, Inc.	190	7,254
Southern Co.	3,781	125,983
Southern Union Co.	536	12,167
Southwest Gas Corp.	200	5,706
1Southwestern Energy Co.	1,608	77,506
Spectra Energy Corp.	3,100	63,581
TECO Energy, Inc.	949	15,393
UGI Corp.	551	13,329
UIL Holdings Corp.	100	2,808
UniSource Energy Corp.	160	5,150

54 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT U.S. Stock Market Portfolio

U.S. Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares		Value
Common Stocks (continued)
Utilities (continued)
Vectren Corp.		314	$	7,750
Westar Energy, Inc.		537		11,664
WGL Holdings, Inc.		200		6,708
Wisconsin Energy Corp.		605		30,147
Xcel Energy, Inc.		2,132		45,241
Total Utilities				2,462,366
Total Common Stocks–
(Identified Cost $60,287,512)				57,495,257
Mutual Fund–1.3%
AIM Prime Fund
(At Net Asset Value)		759,579		759,579
	Par Amount
U.S. Treasury–0.1%
4United States Treasury Bill,
0.020%, 3/11/2010
(At Amortized Cost)	$	80,000		79,997
Total Investments–100.9%
(Identified Cost $61,127,088)				58,334,833
Other Assets & Liabilities–Net–(0.9)%				(522,867	)
Total Net Assets–100.0%			$	57,811,966

¹ Non-income producing security.

² Real Estate Investment Trust (REIT).

³ Investments in non-controlled affiliate. The Portfolio owns shares of State Street Corp. with a cost basis of $122,944 at December 31, 2009.

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

At December 31, 2009, the Portfolio had the following outstanding long futures contracts:
Description	Number of Contracts	Notional Value		Expiration Date	Unrealized Appreciation
S&P Mini 500 Index Futures	10	$	555,350	March 2010	$	3,703
Russell 2000 E Mini Index Futures	5	$	311,950	March 2010	$	14,701
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.

See Notes to Financial Statements.

International Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 55

International Stock Market Portfolio

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks–68.3%
Aerospace & Defense–0.5%
BAE Systems PLC	7,508	$	43,298
Cobham PLC	2,413		9,734
European Aeronautic Defence
and Space Co. NV	899		17,956
Finmeccanica SpA	840		13,395
Gamesa Corp. Tecnologica SA	390		6,537
1Rolls-Royce Group PLC	3,804		29,707
Safran SA	401		7,801
Singapore Technologies
Engineering Ltd.	3,000		6,901
Smiths Group PLC	803		13,149
Thales SA	189		9,684
Total			158,162
Air Freight & Couriers–0.2%
Deutsche Post AG	1,739		33,457
TNT NV	771		23,597
Toll Holdings Ltd.	1,380		10,747
Yamato Holdings Co. Ltd.	800		11,067
Total			78,868
Airlines–0.1%
1Air France-KLM	271		4,225
All Nippon Airways Co. Ltd.	2,000		5,423
1British Airways PLC	1,285		3,836
1Cathay Pacific Airways Ltd.	2,000		3,757
Deutsche Lufthansa AG	461		7,739
1Iberia Lineas Aereas de
Espana SA	811		2,197
1Japan Airlines Corp.	2,000		1,439
Qantas Airways Ltd.	2,057		5,464
Singapore Airlines Ltd.	940		9,933
Total			44,013
Auto Components–0.4%
Aisin Seiki Co. Ltd.	400		11,438
Bridgestone Corp.	1,300		22,792

Compagnie Generale des
Etablissements Michelin	310	23,776
Denso Corp.	1,000	29,985
NGK Spark Plug Co. Ltd.	1,000	11,263
NOK Corp.	200	2,761
Nokian Renkaat, OYJ	230	5,580
Stanley Electric Co. Ltd.	300	6,036
Sumitomo Rubber Industries,
Inc.	300	2,584
Toyoda Gosei Co. Ltd.	100	3,011
Toyota Boshoku Corp.	100	2,223
Toyota Industries Corp.	400	11,882
Total		133,331
Automobiles–2.2%
Bayerische Motoren Werke AG	716	32,547
Daihatsu Motor Co. Ltd.	1,000	9,957
DaimlerChrysler AG	1,910	102,035
1Fiat SpA	1,687	24,550
1Fuji Heavy Industries Ltd.	1,000	4,855
Honda Motor Co. Ltd.	3,500	118,399
1Isuzu Motors Ltd.	3,000	5,607
1Mazda Motor Corp.	3,000	6,863
1Mitsubishi Motors Corp.	8,000	11,029
1Nissan Motor Co. Ltd.	5,300	46,344
1Peugeot SA	334	11,188
1Renault SA	398	20,264
Suzuki Motor Corp.	700	17,197
Toyota Motor Corp.	6,200	260,624
Volkswagen AG	95	10,508
1Yamaha Motor Co. Ltd.	400	5,026
Total		686,993
Banks–10.5%
77 Bank Ltd.	1,000	5,295
1Alpha Bank AE	974	11,267
Anglo Irish Bank Corp. PLC	1,621	–
1Aozora Bank Ltd.	1,000	1,057
Australia & New Zealand
Banking Group Ltd.	5,254	106,831
Banca Carige SpA	1,495	3,978

56 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT International Stock Market Portfolio

International Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Banks (continued)
Banca Intesa SpA
(Certificates.–participating cumulative)	1,839	$	6,141
Banca Monte dei Paschi di
Siena SpA	5,120		8,964
Banca Popolare di Milano
SCRL	825		5,852
Banche Popolari Unite SCPA	1,265		18,118
Banco Bilbao Vizcaya
Argentaria SA	7,498		135,807
Banco Comercial Portugues SA	4,792		5,751
Banco de Sabadell SA	1,952		10,841
Banco Espirito Santo SA	1,052		6,837
1Banco Popolare SCRL	1,389		10,396
Banco Popular Espanol SA	1,674		12,221
Banco Santander Central
Hispano SA	17,163		281,957
Banco Santander SA	67		1,108
Bank of Cyprus Public Co. Ltd.	1,253		8,733
Bank of East Asia Ltd.	3,398		13,384
Bank of Kyoto Ltd.	1,000		8,074
Bank of Yokohama Ltd.	3,000		13,593
Bankinter SA	654		6,647
Barclays PLC	24,043		106,025
Bendigo Bank Ltd.	583		5,108
BNP Paribas	2,004		158,126
BOC Hong Kong Holdings Ltd.	8,000		18,073
Chiba Bank Ltd.	2,000		11,941
1Commerzbank AG	1,426		11,955
Commonwealth Bank of
Australia	3,222		157,016
Credit Agricole SA	1,978		34,480
Credit Suisse Group	2,371		116,645
1Danske Bank A/S	910		20,717
DBS Group Holdings Ltd.	3,500		38,085
Deutsche Bank AG	1,252		88,235
1Deutsche Postbank AG	176		5,750

1Dexia SA	1,144	7,196
1DnB NOR ASA	2,155	23,376
1EFG Eurobank Ergasias SA	658	7,297
Erste Bank der
Oesterreichischen Sparkassen AG	408	15,122
Fukuoka Financial Group, Inc.	2,000	6,944
Gunma Bank Ltd.	1,000	5,080
Hachijuni Bank Ltd.	1,000	5,820
Hang Seng Bank Ltd.	1,600	23,516
Hiroshima Bank Ltd.	1,000	3,834
HSBC Holdings PLC	36,782	420,067
1Intesa Sanpaolo SpA	16,195	72,556
Investec PLC	865	5,934
Iyo Bank Ltd.	1,000	8,098
Joyo Bank Ltd.	1,000	3,995
Julius Baer Group Ltd.	439	15,315
Julius Baer Holding AG	439	5,336
1KBC Groep NV	331	14,333
1Lloyds TSB Group PLC	80,904	64,995
1Mediobanca SpA	1,068	12,670
Mitsubishi UFJ Financial Group,
Inc.	22,000	107,768
Mizuho Financial Group, Inc.	28,700	51,378
National Australia Bank Ltd.	4,397	106,928
1National Bank of Greece SA	1,263	32,202
1Natixis	1,823	9,074
Nishi-Nippon City Bank Ltd.	1,000	2,444
Nordea Bank AB	7,068	71,597
OKO Bank PLC	312	3,376
Oversea-Chinese Banking
Corp. Ltd.	5,276	33,989
1Piraeus Bank SA	649	7,405
Raiffeisen International Bank
Holding AG	119	6,735
Resona Holdings, Inc.	1,100	11,113
1Royal Bank of Scotland Group
PLC	34,726	16,300
Sapporo Hokuyo Holdings, Inc.	600	2,172
Seven Bank Ltd.	1	1,987
1Shinsei Bank Ltd.	2,000	2,169

International Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 57

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Banks (continued)
Shizuoka Bank Ltd.	1,000	$	8,670
1Skandinaviska Enskilda Banken
AB	3,310		20,349
Societe Generale	1,318		91,186
Standard Chartered PLC	4,264		106,858
Sumitomo Mitsui Financial
Group, Inc.	1,900		54,194
Suncorp-Metway Ltd.	2,699		20,828
Suruga Bank Ltd.	1,000		8,678
Svenska Handelsbanken	1,050		30,028
1Swedbank AB	1,300		12,931
1UniCredito Italiano SpA	29,901		99,452
United Overseas Bank Ltd.	3,000		41,782
Westpac Banking Corp.	6,395		143,858
Wing Hang Bank Ltd.	510		4,739
Total			3,286,682
Beverages–1.3%
1Anheuser-Busch InBev NV	640		5
Asahi Breweries Ltd.	800		14,678
Carlsberg A/S	260		19,185
Coca-Cola Amatil Ltd.	1,184		12,193
Coca-Cola West Holdings Co.
Ltd.	100		1,760
Diageo PLC	5,295		92,407
Foster’s Group Ltd.	4,200		20,655
Fraser and Neave Ltd.	2,000		5,948
Heineken Holding NV	234		9,803
Heineken NV	510		24,163
InBev NV	1,529		78,986
Ito En Ltd.	100		1,501
Kirin Brewery Co. Ltd.	2,000		31,900
Pernod-Ricard SA	427		36,648
SABMiller PLC	2,002		58,749
Sapporo Holdings Ltd.	1,000		5,449
Total			414,030

Biotechnology–0.0%
Grifols SA	272	4,739
Building Products–0.3%
Asahi Glass Co. Ltd.	2,000	18,745
Assa Abloy AB	680	13,021
Cie de Saint-Gobain	807	43,313
Geberit AG	82	14,509
JS Group Corp.	500	8,607
Nippon Sheet Glass Co. Ltd.	1,000	2,862
TOTO Ltd.	1,000	6,329
Total		107,386
Chemicals–2.2%
Akzo Nobel NV	476	31,371
Asahi Kasei Corp.	3,000	14,998
BASF AG	1,943	120,505
Bayer AG	1,732	138,416
Daicel Chemical Industries, Ltd.	1,000	5,842
Denki Kagaku Kogyo K. K.	1,000	4,474
GEA Group AG	322	7,168
Givaudan SA	17	13,514
JSR Corp.	400	8,112
K+S AG	382	21,956
Kaneka Corp.	1,000	6,347
Kansai Paint Co. Ltd.	1,000	8,307
Koninklijke DSM NV	327	16,032
Kuraray Co. Ltd.	1,000	11,711
Lonza Group AG	98	6,865
Mitsubishi Chemical Holdings
Corp.	2,500	10,540
Mitsubishi Gas Chemical Co., Inc.	1,000	5,025
Mitsubishi Rayon Co. Ltd.	1,000	4,003
Mitsui Chemicals, Inc.	2,000	5,146
Novozymes A/S	110	11,405
Nufarm Ltd.	326	3,183
Orica Ltd.	744	17,234
Shin-Etsu Chemical Co. Ltd.	900	50,754
Showa Denko K.K.	3,000	5,986
Solvay SA	122	13,151

58 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT International Stock Market Portfolio

International Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Chemicals (continued)
Sumitomo Chemical Co. Ltd.	3,000	$	13,100
Syngenta AG	203		56,821
Taiyo Nippon Sanso Corp.	1,000		10,611
Teijin Ltd.	2,000		6,432
Tokuyama Corp.	1,000		5,575
Toray Industries, Inc.	3,000		16,172
Tosoh Corp.	1,000		2,754
Ube Industries Ltd.	2,000		5,479
Wacker Chemie AG	33		5,755
Yara International ASA	350		15,836
Total			680,580
Commercial Services & Supplies–0.5%
Adecco SA	257		14,173
Benesse Corp.	200		8,368
Bureau Veritas SA	86		4,454
Capita Group PLC	1,280		15,450
Dai Nippon Printing Co. Ltd.	1,000		12,615
Group 4 Securicor PLC	2,609		10,911
Hakuhodo DY Holdings, Inc.	50		2,416
Invensys PLC	1,783		8,549
Legrand SA	202		5,632
Mitsubishi UFJ Lease & Finance
Co. Ltd.	120		3,601
Nissha Printing Co. Ltd.	100		4,921
PagesJaunes Groupe SA	249		2,772
1Randstad Holdings NV	220		10,877
Secom Co. Ltd.	500		23,661
Securitas AB	680		6,636
Serco Group PLC	988		8,406
SGS SA	12		15,608
Societe BIC SA	54		3,737
Toppan Printing Co. Ltd.	1,000		8,094
Total			170,881

Communications Equipment–0.5%
1Alcatel SA	4,792	16,047
Nokia OYJ	7,920	101,665
Telefonaktiebolaget LM
Ericsson	6,190	56,932
Total		174,644
Computers & Peripherals–0.3%
1Elpida Memory, Inc.	400	6,528
Fujitsu Ltd.	4,000	25,736
1Logitech International SA	381	6,547
Mitsumi Electric Co. Ltd.	200	3,521
1NEC Corp.	6,000	15,463
1Toshiba Corp.	9,000	49,659
Total		107,454
Construction & Engineering–0.5%
Acciona SA	60	7,792
Actividades de Construction y
Servicios SA (ACS)	296	14,715
Alstom SA	419	29,108
Amec PLC	730	9,273
Balfour Beatty PLC	1,548	6,437
Eiffage SA	79	4,463
Fomento de Construcciones y
Contratas SA	100	4,194
HOCHTIEF AG	83	6,342
1Husqvarna AB, Series B	896	6,614
Italcementi SpA	55	400
Kajima Corp.	2,000	4,017
Kinden Corp.	1,000	8,426
Kurita Water Industries Ltd.	200	6,252
Leighton Holdings Ltd.	310	10,468
Obayashi Corp.	1,000	3,405
SembCorp Industries Ltd.	2,000	5,227
Shimizu Corp.	1,000	3,587
Skanska AB	1,080	18,377
Taisei Corp.	2,000	3,426
Total		152,523

International Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 59

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Construction Materials–0.5%
Boral Ltd.	1,272	$	6,717
Cimpor Cimentos de Portugal
SGPS SA	466		4,293
CRH PLC	950		25,731
CRH PLC	503		13,748
CSR Ltd.	2,606		4,189
Fletcher Building Ltd.	1,137		6,556
HeidelbergCement AG	303		20,840
1Holcim Ltd.	511		39,567
Imerys SA	67		3,984
Italcementi SpA	120		1,639
1James Hardie Industries NV	800		6,028
Lafarge SA	416		34,207
1Taiheiyo Cement Corp.	2,000		2,277
Titan Cement Co. SA	110		3,186
Total			172,962
Containers & Packaging–0.1%
Amcor Ltd.	2,646		14,732
Rexam PLC	1,942		9,080
Toyo Seikan Kaisha Ltd.	300		4,541
Total			28,353
Distributors–0.3%
ABC-Mart, Inc.	100		2,780
Li & Fung Ltd.	4,200		17,204
Metcash Ltd.	1,626		6,504
Olam International Ltd.	2,129		3,990
Reckitt Benckiser Group PLC	1,266		68,638
Total			99,116
Diversified Financials–2.1%
3i Group PLC	2,046		9,256
Acom Co. Ltd.	100		1,518
Aeon Credit Service Co. Ltd.	100		961
Australian Stock Exchange Ltd.	361		11,236
Banco de Valencia SA	432		3,288

Bgp Holdings PLC Post Spin
Shares	20,484	–
1Cattles PLC	24	–
Chinese Estates Holdings Ltd.	2,060	3,502
Credit Saison Co. Ltd.	300	3,360
Criteria Caixacorp SA	1,788	8,448
Daiwa Securities Group, Inc.	4,000	20,063
Deutsche Boerse AG	422	35,082
Eurazeo	56	3,907
Exor SpA	175	3,384
Experian Group Ltd.	2,127	21,042
1Fortis NV	4,669	17,296
Groupe Bruxelles Lambert SA	168	15,809
GS Yuasa Corp.	1,000	7,343
Hokuhoku Financial Group, Inc.	3,000	6,107
Hong Kong Exchanges and
Clearing Ltd.	2,000	35,603
ICAP PLC	1,044	7,240
1ING Groep NV	7,528	72,767
Investor AB	1,000	18,485
Jafco Co. Ltd.	100	2,405
Keppel Corp. Ltd.	3,000	17,470
London Stock Exchange Group
PLC	301	3,485
Macquarie Group Ltd.	709	30,336
Man Group PLC	3,534	17,396
1Marfin Investment Group SA	1,304	3,709
Matsui Securities Co. Ltd.	200	1,391
Mediolanum SpA	422	2,620
Mitsui Trust Holdings, Inc.	2,000	6,678
1Mizuho Trust & Banking Co.
Ltd.	3,000	2,783
Nomura Holdings, Inc.	7,600	56,036
ORIX Corp.	230	15,649
Pargesa Holding SA	57	4,986
1Resolution Ltd.	5,061	7,312
Schroders PLC	261	5,575
1Senshu Ikeda Holdings, Inc.	1,100	4,003
Shinko Securities Co. Ltd.	1,000	2,995
Singapore Exchange Ltd.	2,000	11,799

60 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT International Stock Market Portfolio

International Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Diversified Financials (continued)
Sony Financial Holdings, Inc.	2	$	5,219
Sumitomo Trust & Banking Co.
Ltd.	3,000		14,591
Swire Pacific Ltd.	1,500		18,140
1UBS AG	7,546		115,792
Yamaguchi Financial Group,
Inc.	1,000		9,258
Total			665,325
Diversified Telecommunication Services–2.8%
Belgacom SA	318		11,469
BT Group PLC	16,753		36,300
Deutsche Telekom AG	5,896		87,069
Elisa OYJ	280		6,396
France Telecom SA	3,926		98,012
Hellenic Telecommunications
Organization SA	560		8,198
Iliad SA	32		3,812
Inmarsat PLC	916		10,189
Millicom International Cellular
SA	149		11,047
Mobistar SA	60		4,103
Nippon Telegraph & Telephone
Corp.	1,100		43,290
PCCW Ltd.	8,000		1,936
Portugal Telecom SGPS SA	1,269		15,425
Prysmian SpA	217		3,798
Royal KPN NV	3,597		61,005
Singapore Telecommunications
Ltd.	17,300		38,127
Swisscom AG	50		19,046
Tele2 AB	637		9,758
Telecom Corp. of New Zealand
Ltd.	4,232		7,654
Telecom Italia SpA	20,973		32,524
Telecom Italia SpA (RNC–
Participating Cumulative)	12,482		13,774
Telefonica SA	8,946		249,313

Telekom Austria AG	735	10,493
1Telenor ASA	1,700	23,828
TeliaSonera AB	4,670	33,714
Telstra Corp. Ltd.	9,519	29,154
Total		869,434
Electric Utilities–2.4%
BKW FMB Energie AG	32	2,486
Cheung Kong Infrastructure
Holdings Ltd.	1,000	3,795
Chubu Electric Power Co., Inc.	1,400	33,379
Chugoku Electric Power Co.,
Inc.	600	11,448
CLP Holdings Ltd.	4,500	30,404
1Contact Energy Ltd.	511	2,273
Drax Group PLC	739	4,951
E.ON AG	4,019	167,766
1EDP Renovaveis SA	435	4,112
Electric Power Development
Co.	300	8,511
Electricite de France	493	29,333
Enel SpA	13,965	81,085
Energias de Portugal SA	3,801	16,822
Hokkaido Electric Power Co.,
Inc.	400	7,263
Hokuriku Electric Power Co.	400	8,708
HongKong Electric Holdings	3,000	16,280
Iberdrola Renovables	1,809	8,618
Iberdrola SA	7,723	73,511
International Power PLC	3,126	15,478
Kansai Electric Power Co., Inc.	1,600	36,083
Kyushu Electric Power Co., Inc.	800	16,460
1Public Power Corp.	210	3,876
Red Electrica de Espana	224	12,413
Scottish & Southern Energy
PLC	1,983	37,083
Shikoku Electric Power Co.,
Inc.	400	10,323
Solarworld AG	167	3,659
Terna SpA	2,474	10,644
Tohoku Electric Power Co., Inc.	900	17,798
Tokyo Electric Power Co., Inc.	2,600	65,202

International Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 61

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Electric Utilities (continued)
Verbund–Oesterreichische
Elektrizitatswirtschafts-AG	156	$	6,613
Total			746,377
Electrical Equipment–1.5%
1ABB Ltd.	4,676		89,331
Fanuc Ltd.	400		37,212
1Fuji Electric Holdings Co. Ltd.	1,000		1,727
Furukawa Electric Co. Ltd.	1,000		4,164
Matsushita Electric Works Ltd.	1,000		12,028
1Mitsubishi Electric Corp.	4,000		29,546
Nitto Denko Corp.	400		14,261
Schneider Electric SA	501		58,036
Siemens AG	1,740		159,581
Sumitomo Electric Industries
Ltd.	1,600		19,841
Ushio, Inc.	200		3,331
1Vestas Wind Systems A/S	470		28,755
Total			457,813
Electronic Equipment & Instruments–0.7%
Citizen Watch Co. Ltd.	700		3,985
Hirose Electric Co. Ltd.	100		10,428
Hitachi Chemical Co. Ltd.	200		4,028
1Hitachi Ltd.	7,000		21,450
Hoya Corp.	900		23,871
Ibiden Co. Ltd.	300		10,689
Keyence Corp.	100		20,626
Kyocera Corp.	300		26,471
Mabuchi Motor Co. Ltd.	100		4,919
Nidec Corp.	200		18,399
Nippon Electric Glass Co. Ltd.	1,000		13,648
Omron Corp.	400		7,139
Rohm Co. Ltd.	200		12,994
Shimadzu Corp.	1,000		6,633
TDK Corp.	300		18,302
Yaskawa Electric Corp.	1,000		8,332

Yokogawa Electric Corp.	500	4,377
Total		216,291
Energy Equipment & Services–0.3%
1Cie Generale de
Geophysique-Veritas	284	6,057
Fugro NV	137	7,823
1Renewable Energy Corp. AS	525	4,013
Saipem SpA	563	19,339
SBM Offshore NV	318	6,222
SeaDrill Ltd.	576	14,579
Technip SA	209	14,644
WorleyParsons Ltd.	340	8,802
Total		81,479
Food & Drug Retailing–1.4%
Cadbury PLC	2,821	36,327
Carrefour SA	1,333	64,083
Casino Guichard Perrachon SA	115	10,305
Colruyt SA	34	8,197
Delhaize Group	208	15,930
FamilyMart Co. Ltd.	100	2,948
J Sainsbury PLC	2,612	13,590
Kesko OYJ	160	5,277
Koninklijke Ahold NV	2,579	34,212
Lawson, Inc.	100	4,408
1MEIJI Holdings Co. Ltd.	100	3,763
Seven & I Holdings Co. Ltd.	1,600	32,491
Tesco PLC	16,832	115,732
WM Morrison Supermarkets
PLC	4,472	19,952
Woolworths Ltd.	2,585	64,710
Total		431,925
Food Products–2.2%
Ajinomoto Co., Inc.	1,000	9,419
Aryzta AG	172	6,408
Associated British Foods PLC	758	10,066
Coca Cola Hellenic Bottling
Co. SA	350	7,973
1Genting International PLC	10,000	9,166
1Golden Agri-Resources Ltd.	13,384	4,823
Goodman Fielder Ltd.	2,884	4,195

62 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT International Stock Market Portfolio

International Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Food Products (continued)
Groupe DANONE	1,168	$	71,123
Incitec Pivot Ltd.	3,503		11,095
Kerry Group PLC	260		7,663
Kerry Group PLC	25		787
Kikkoman Corp.	1,000		12,223
Lindt & Spruengli AG	2		4,291
Nestle SA	7,356		356,978
Nippon Meat Packers, Inc.	1,000		11,495
Nisshin Seifun Group, Inc.	500		6,719
Nissin Food Products Co. Ltd.	100		3,260
Parmalat SpA	3,496		9,795
Suedzucker AG	163		3,384
Unilever NV	3,483		113,483
Wilmar International Ltd.	3,000		13,625
Yakult Honsha Co. Ltd.	200		6,024
Total			683,995
Gas Utilities–0.5%
AGL Energy Ltd.	952		11,968
Centrica PLC	10,870		49,127
Enagas	373		8,254
Gas Natural SDG SA	458		9,858
Hong Kong & China Gas Co.	8,360		20,871
Osaka Gas Co. Ltd.	4,000		13,483
Snam Rete Gas SpA	3,353		16,672
Toho Gas Co. Ltd.	1,000		5,306
Tokyo Gas Co. Ltd.	5,000		19,942
Total			155,481
Health Care Equipment & Supplies–0.8%
Air Liquide SA	532		62,793
Alfresa Holdings Corp.	100		3,961
BioMerieux	34		3,954
Cie Generale d’Optique Essilor
International SA	411		24,466
Cochlear Ltd.	113		6,973

Coloplast A/S	49	4,453
Getinge AB	433	8,217
Luxottica Group SpA	283	7,330
Nobel Biocare Holding AG	235	7,856
Olympus Corp.	500	16,073
Phonak Holding AG	100	12,079
1Qiagen NV	433	9,671
Smith & Nephew PLC	1,833	18,835
Straumann Holding AG	15	4,223
Synthes, Inc.	123	16,091
Sysmex Corp.	100	5,222
Terumo Corp.	400	23,950
1William Demant Holding A/S	100	7,535
Total		243,682
Health Care Providers & Services–0.1%
Celesio AG	173	4,395
Fresenius Medical Care AG &
Co. KGaA	398	21,071
Fresenius SE	58	3,610
Mediceo Paltac Holdings Co.
Ltd.	300	3,706
Sonic Healthcare Ltd.	826	11,369
Suzuken Co. Ltd.	100	3,276
Total		47,427
Hotels Restaurants & Leisure–0.5%
Accor SA	315	17,110
Aristocrat Leisure Ltd.	764	2,725
1Autogrill SpA	172	2,163
1Carnival PLC	333	11,380
City Developments Ltd.	1,000	8,164
Compass Group PLC	3,860	27,589
Crown Ltd.	943	6,747
Intercontinental Hotels Group
PLC	520	7,447
Ladbrokes PLC	32	70
McDonald’s Holdings Co.
Japan Ltd.	100	1,909
OPAP SA	460	10,069
Oriental Land Co. Ltd.	100	6,569
1Sands China Ltd.	4,257	5,194

International Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 63

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Hotels Restaurants & Leisure (continued)
Shangri-La Asia Ltd.	2,000	$	3,741
Sky City Entertainment Group
Ltd.	810		1,932
Sodexho Alliance SA	196		11,193
TABCORP Holdings Ltd.	1,180		7,313
Thomas Cook Group PLC	1,801		6,693
1TUI AG	289		2,411
TUI Travel PLC	1,127		4,642
UOL Group Ltd.	1,000		2,872
Whitbread PLC	364		8,192
Total			156,125
Household Durables–0.9%
Casio Computer Co. Ltd.	400		3,182
Daito Trust Construction Co.
Ltd.	200		9,436
Daiwa House Industry Co. Ltd.	1,000		10,705
1Electrolux AB	532		12,486
Koninklijke Philips Electronics
NV	2,063		61,079
Makita Corp.	200		6,808
Matsushita Electric Industrial
Co. Ltd.	4,100		58,661
RINNAI CORP	100		4,812
1Sanyo Electric Co. Ltd.	3,000		5,510
Sekisui Chemical Co. Ltd.	1,000		6,186
Sekisui House Ltd.	1,000		8,974
Sharp Corp.	2,000		25,178
Sony Corp.	2,100		60,901
Total			273,918
Household Products–0.1%
Henkel KGaA	276		12,325
Kao Corp.	1,100		25,692
Uni-Charm Corp.	100		9,366
Total			47,383

Industrial Conglomerates–0.6%
Aeon Mall Co. Ltd.	200	3,872
Brambles Ltd.	2,878	17,424
Burberry Group PLC	870	8,347
Hopewell Holdings Ltd.	1,000	3,222
Hutchison Whampoa Ltd.	5,000	34,223
Jeronimo Martins SGPS SA	479	4,764
Noble Group Ltd.	3,400	7,796
NWS Holdings Ltd.	2,128	3,924
Orkla ASA	1,718	16,750
1Pirelli & C SpA	5,630	3,360
Tomkins PLC	1,695	5,237
Wesfarmers Ltd.	322	8,947
Wesfarmers Ltd.–PPS	2,148	59,684
Total		177,550
Insurance–2.9%
Admiral Group PLC	376	7,178
1Aegon NV	3,355	21,379
Aioi Insurance Co. Ltd.	1,000	4,783
Allianz AG	954	118,735
AMP Ltd.	4,364	26,267
Assicurazioni Generali SpA	2,492	66,806
Aviva PLC	5,751	36,448
AXA Asia Pacific Holdings Ltd.	2,252	13,242
AXA SA	3,831	90,595
Baloise Holding AG	109	9,069
CNP Assurances	77	7,454
Fondiaria-SAI SpA	141	2,229
1Hannover Rueckversicherung
AG	128	6,008
Insurance Australia Group Ltd.	4,653	16,656
Legal & General Group PLC	12,307	15,849
Mapfre SA	1,423	5,945
Millea Holdings, Inc.	1,500	40,735
Mitsui Sumitomo Insurance
Group Holdings, Inc.	900	22,853
Muenchener
Rueckversicherungs AG	428	66,713
Nipponkoa Insurance Co. Ltd.	1,000	5,659

64 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT International Stock Market Portfolio

International Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Insurance (continued)
1Old Mutual PLC	10,816	$	18,900
Prudential PLC	5,289		53,918
QBE Insurance Group Ltd.	2,095		47,788
Sampo OYJ	891		21,622
SCOR SE	355		8,866
Sompo Japan Insurance, Inc.	2,000		12,734
Standard Life PLC	4,819		16,734
1Swiss Life Holding	58		7,339
Swiss Reinsurance	743		35,558
T&D Holdings, Inc.	500		10,196
1Topdanmark A/S	50		6,769
TrygVesta A/S	53		3,498
1Unipol Gruppo Finanziario SpA	1,422		1,941
Wiener Staedtische
Versicherung AG	82		4,210
Zurich Financial Services AG	307		66,676
Total			901,352
Internet & Catalog Retail–0.1%
Dena Co. Ltd.	1		5,882
1Rakuten, Inc.	15		11,407
Total			17,289
Internet Software & Services–0.2%
SBI Holdings, Inc.	34		6,046
Softbank Corp.	1,600		37,415
1United Internet AG	267		3,530
Yahoo! Japan Corp.	31		9,271
Total			56,262
IT Consulting & Services–0.2%
1Atos Origin SA	86		3,915
Cap Gemini SA	304		13,768
Computershare Ltd.	963		9,814
Indra Sistemas SA	200		4,704
Itochu Techno-Solutions Corp.	100		2,678
Nomura Research Institute Ltd.	200		3,919

NTT Data Corp.	3	9,269
Obic Co. Ltd.	10	1,632
Total		49,699
Leisure Equipment & Products–0.2%
Fuji Photo Film Co. Ltd.	1,000	29,889
Konica Minolta Holdings, Inc.	1,000	10,261
Namco Bandai Holdings, Inc.	400	3,808
Sankyo Co. Ltd.	100	4,984
Shimano, Inc.	100	4,004
Tattersall’s Ltd.	2,424	5,285
Yamaha Corp.	300	3,571
Total		61,802
Machinery–1.3%
Alfa Laval AB	800	11,011
Amada Co. Ltd.	1,000	6,209
Atlas Copco AB, Series A	1,393	20,356
Atlas Copco AB, Series B	816	10,585
Daikin Industries Ltd.	500	19,523
1HINO MOTORS, LTD.	1,000	3,468
Hitachi Construction Machinery
Co. Ltd.	200	5,216
1Ishikawajima-Harima Heavy
Industries Co. Ltd.	3,000	4,758
Japan Steel Works Ltd.	1,000	12,581
JTEKT Corp.	400	5,114
Kawasaki Heavy Industries Ltd.	3,000	7,566
Komatsu Ltd.	2,000	41,716
Kubota Corp.	2,000	18,401
Linde AG	312	37,550
MAN AG	225	17,522
Metso OYJ	290	10,195
Minebea Co. Ltd.	1,000	5,412
Mitsubishi Heavy Industries Ltd.	6,000	21,080
Mitsui Engineering &
Shipbuilding Co. Ltd.	2,000	4,786
NGK Insulators Ltd.	1,000	21,769
NSK Ltd.	1,000	7,343
NTN Corp.	1,000	4,494
Sandvik AB	2,144	25,698
Scania AB	700	8,978

International Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 65

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Machinery (continued)
Schindler Holding AG	48	$	3,635
SembCorp Marine Ltd.	1,400		3,651
SMC Corp.	100		11,308
1Sumitomo Heavy Industries Ltd.	1,000		5,050
THK Co. Ltd.	200		3,534
Volvo AB, Series A	2,300		19,594
Volvo AB, Series B	914		7,737
Wartsila OYJ	200		7,994
Yangzijiang Shipbuilding
Holdings Ltd.	3,000		2,567
Zardoya Otis SA	269		5,243
Total			401,644
Marine–0.2%
A.P. Moller-Maersk A	1		6,740
A.P. Moller-Maersk Group A/S	3		20,976
Cosco Corp. Singapore Ltd.	2,000		1,681
Kamigumi Co. Ltd.	1,000		7,270
1Kawasaki Kisen Kaisha Ltd.	1,000		2,835
1Koninklijke Vopak NV	66		5,214
Mitsui OSK Lines Ltd.	2,000		10,504
Neptune Orient Lines Ltd.	1,000		1,165
Nippon Yusen Kabushiki Kaisha	3,000		9,183
Orient Overseas International
Ltd.	1,000		4,654
Total			70,222
Media–1.0%
British Sky Broadcasting PLC	2,372		21,383
Dentsu, Inc.	300		6,907
Eutelsat Communications	186		5,967
Fuji Television Network, Inc.	1		1,380
Gestevision Telecinco SA	184		2,685
1JC Decaux SA	134		3,249
John Fairfax Holdings Ltd.	4,676		7,208
Jupiter Telecommunications Co.
Ltd.	6		5,947

Lagardere SCA	244	9,845
M6-Metropole Television	111	2,840
Mediaset SpA	1,585	12,949
Pearson PLC	1,683	24,211
Publicis Groupe	273	11,074
Reed Elsevier NV	1,562	19,164
Reed Elsevier PLC	2,486	20,429
Sanoma-WSOY OYJ	190	4,263
SES-FDR	587	13,161
Singapore Press Holdings Ltd.	3,000	7,803
Television Broadcasts Ltd.	1,000	4,792
Television Francaise 1 (TFI)	255	4,709
Toho Co. Ltd.	200	3,242
Vivendi SA	2,568	75,804
Wolters Kluwer NV	593	12,996
WPP PLC	2,619	25,592
Total		307,600
Metals & Mining–4.4%
Acerinox SA	291	6,019
1Alumina Ltd.	5,814	9,541
1Anglo American PLC	2,786	120,661
Antofagasta PLC	839	13,313
ArcelorMittal	1,804	81,812
BHP Billiton Ltd.	7,120	272,485
BHP Billiton PLC	4,651	148,671
BlueScope Steel Ltd.	3,648	10,060
Daido Steel Co. Ltd.	1,000	3,694
Dowa Mining Co. Ltd.	1,000	5,553
Energy Resources of Australia
Ltd.	147	3,142
Eramet	11	3,425
Eurasian Natural Resources
Corp.	510	7,527
1Fortescue Metals Group Ltd.	2,681	10,552
Fresnillo PLC	396	4,996
Husqvarna AB. Series B NPV	840	14,427
JFE Holdings, Inc.	1,000	39,399
Johnson Matthey PLC	458	11,320
1Kazakhmys PLC	435	9,108

66 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT International Stock Market Portfolio

International Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Metals & Mining (continued)
1Kobe Steel Ltd.	5,000	$	9,060
Kone OYJ	315		13,462
1Lonmin PLC	333		10,346
Maruichi Steel Tube Ltd.	100		1,999
1Mitsubishi Materials Corp.	2,000		4,900
1Mitsui Mining & Smelting Co.
Ltd.	1,000		2,589
Newcrest Mining Ltd.	1,044		32,700
Nippon Steel Corp.	11,000		44,494
Nisshin Steel Co. Ltd.	2,000		3,538
OneSteel Ltd.	2,627		7,810
Outokumpu OYJ	200		3,760
1Oxiana Ltd.	6,416		6,705
Randgold Resources Ltd.	194		15,425
Rautaruukki OYJ	180		4,132
Rio Tinto Ltd.	907		59,976
Rio Tinto PLC	2,899		156,357
Salzgitter AG	80		7,819
Sims Group Ltd.	314		6,143
SSAB Svenskt Stal AB,
Class A	312		5,275
SSAB Svenskt Stal AB,
Class B	250		3,864
Sumitomo Metal Industries Ltd.	7,000		18,671
Sumitomo Metal Mining Co.
Ltd.	1,000		14,749
Tenaris SA	977		20,887
The Umicore Group	271		9,023
ThyssenKrupp AG	684		25,758
Tokyo Steel Manufacturing Co.
Ltd.	200		2,251
Vallourec Group	112		20,369
Vedanta Resources PLC	306		12,656
Voestalpine AG	254		9,261
1Xstrata PLC	4,045		71,298
Yamato Kogyo Co. Ltd.	100		3,237
Total			1,384,219

Multi-line Retail–0.4%
Aeon Co. Ltd.	1,300	10,516
Compagnie Nationale a
Portefeuille	84	4,479
Harvey Norman Holdings Ltd.	1,080	4,053
Home Retail Group	1,905	8,690
Isetan Mitsukoshi Holdings Ltd.	640	5,770
J Front Retailing Co. Ltd.	1,000	4,408
Lifestyle International Holdings
Ltd.	1,500	2,782
Marks & Spencer Group PLC	3,299	21,417
Marui Co. Ltd.	500	3,066
Metro AG	241	14,688
Next PLC	404	13,479
PPR SA	157	18,811
Takashimaya Co. Ltd.	1,000	6,328
UNY Co. Ltd.	300	2,098
Total		120,585
Multi-Utilities–0.4%
AEM SpA	2,665	5,578
RWE AG	881	85,604
SP AusNet	3,111	2,546
United Utilities Group PLC	1,414	11,259
Veolia Environnement	846	27,815
Total		132,802
Office Electronics–0.4%
Brother Industries Ltd.	500	5,715
Canon Marketing Japan, Inc.	100	1,469
Canon, Inc.	2,300	97,280
Neopost SA	63	5,204
Ricoh Co. Ltd.	1,000	14,111
Total		123,779
Oil & Gas–6.1%
Aeroports de Paris	65	5,228
1Arrow Energy Ltd.	1,243	4,599
BG Group PLC	7,078	126,841
BP PLC	39,809	385,274
1Cairn Energy PLC	2,780	14,826
1Caltex Australia Ltd.	300	2,488

International Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 67

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Oil & Gas (continued)
Cosmo Oil Co. Ltd.	1,000	$	2,094
ENI SpA	5,506		140,163
Fortum OYJ	909		24,623
Galp Energia SGPS SA	389		6,696
Gaz de France SA	2,637		114,391
Hellenic Petroleum SA	230		2,556
Idemitsu Kosan Co. Ltd.	100		5,795
Inpex Holdings, Inc.	2		15,018
Japan Petroleum Exploration Co.	100		4,393
1Lundin Petroleum AB	431		3,391
1Mongolia Energy Co. Ltd.	7,000		3,552
National Grid PLC	5,219		57,090
Neste Oil OYJ	277		4,912
Nippon Mining Holdings, Inc.	2,000		8,567
Nippon Oil Corp.	3,000		13,896
1Norsk Hydro ASA	1,402		11,646
OMV AG	341		14,931
Origin Energy Ltd.	1,827		27,412
1Paladin Energy Ltd.	1,236		4,584
Petrofac Ltd.	438		7,299
Repsol YPF SA	1,531		40,872
Royal Dutch Shell PLC	7,490		226,304
Royal Dutch Shell PLC, B
shares	5,699		166,188
Santos Ltd.	1,712		21,544
Showa Shell Sekiyu K.K.	400		3,256
Statoil ASA	2,418		60,269
TonenGeneral Sekiyu K.K.	1,000		8,337
Total SA	4,481		287,119
Tullow Oil PLC	1,644		34,308
Woodside Petroleum Ltd.	1,137		47,758
Total			1,908,220
Paper & Forest Products–0.2%
Holmen AB	130		3,316
Nippon Paper Group, Inc.	200		5,107

OJI Paper Co. Ltd.	2,000	8,335
1Stora Enso OYJ	1,180	8,270
Svenska Cellulosa AB	1,180	15,761
UPM-Kymmene OYJ	1,080	12,843
Total		53,632
Personal Products–0.5%
Beiersdorf AG	187	12,289
L’Oreal SA	508	56,395
Shiseido Co. Ltd.	700	13,423
Unilever PLC	2,753	88,184
Total		170,291
Pharmaceuticals–4.6%
1Actelion Ltd.	205	10,937
Astellas Pharma, Inc.	1,000	37,267
AstraZeneca PLC	3,074	144,541
Chugai Pharmaceutical Co. Ltd.	500	9,320
CSL Ltd.	1,261	36,663
Daiichi Sankyo Co. Ltd.	1,400	29,307
Dainippon Sumitomo Pharma
Co. Ltd.	300	3,134
Eisai Co. Ltd.	500	18,337
1Elan Corp. PLC	995	6,136
GlaxoSmithKline PLC	11,007	233,329
H Lundbeck A	100	1,820
Hisamitsu Pharmaceutical Co.,
Inc.	100	3,228
Ipsen SA	63	3,499
Kyowa Hakko Kogyo Co. Ltd.	591	6,220
Merck KGaA	134	12,524
Mitsubishi Tanabe Pharma
Corp.	1,000	12,442
Novartis AG	4,477	243,646
Novo-Nordisk A/S	920	58,857
Ono Pharmaceutical Co. Ltd.	200	8,550
Orion OYJ	168	3,617
Roche Holding AG	1,484	252,172
Sanofi-Aventis	2,224	174,314
Santen Pharmaceutical Co. Ltd.	200	6,398
Shionogi & Co. Ltd.	600	12,982
Shire Ltd.	1,166	22,818

68 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT International Stock Market Portfolio

International Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Pharmaceuticals (continued)
Takeda Pharmaceutical Co.
Ltd.	1,600	$	65,721
Tsumura & Co.	100		3,222
UCB SA	207		8,667
Total			1,429,668
Real Estate–1.9%
2Ascendas Real Estate
Investment Trust	3,000		4,702
2British Land Co. PLC	1,930		14,805
2CapitaLand Ltd.	5,000		14,821
CapitaMall Trust	5,000		6,345
1CapitaMalls Asia Ltd.	3,000		5,428
2CFS Retail Property Trust	3,294		5,575
Cheung Kong Holdings Ltd.	3,000		38,622
2Corio NV	102		6,966
2DB RREEF Trust	11,060		8,346
2Fonciere des Regions	45		4,602
2Gecina SA	33		3,571
2GPT Group	17,888		9,601
2Hammerson PLC	1,653		11,233
Hang Lung Group Ltd.	2,000		9,881
2Hang Lung Properties Ltd.	4,000		15,627
2Henderson Land Development
Co. Ltd.	2,000		14,952
2Hysan Development Co. Ltd.	1,166		3,301
2ICADE EMGP	40		3,804
1IMMOEAST Immobilien
Anlagen AG	875		4,796
2Japan Prime Realty Investment
Corp.	1		2,072
2Japan Real Estate Investment
Corp.	1		7,344
2Japan Retail Fund Investment
Corp.	1		4,478
2Kerry Properties Ltd.	1,558		7,866
2Klepierre SA	186		7,566
2Land Securities Group PLC	1,658		18,183

Lend Lease Corp. Ltd.	847	7,714
2Liberty International PLC	1,105	9,107
2Link Real Estate Investment
Trust (The Link REIT)	4,501	11,407
2Macquarie Goodman Group	13,342	7,504
2Mirvac Group	5,258	7,310
2Mitsubishi Estate Co. Ltd.	3,000	47,607
2Mitsui Fudosan Co. Ltd.	2,000	33,602
2New World Development Ltd.	5,479	11,182
2Nippon Building Fund, Inc.	1	7,580
Nomura Real Estate Holdings,
Inc.	200	2,954
2Nomura Real Estate Office
Fund, Inc.	1	5,423
2NTT Urban Development Corp.	2	1,327
1Sacyr Vallehermoso SA	153	1,744
2Segro PLC	1,630	9,004
2Sino Land Co.	4,425	8,587
2Stockland Trust Group	4,770	16,752
2Sumitomo Realty &
Development Co. Ltd.	1,000	18,765
Sun Hung Kai Properties Ltd.	3,000	44,512
2Tokyo Tatemono Co. Ltd.	1,000	3,802
2Tokyu Land Corp.	1,000	3,673
2Unibail Holding	185	40,721
Westfield Group	4,324	48,193
Wharf Holdings Ltd.	3,250	18,583
Wheelock & Co. Ltd.	2,000	6,137
Total		607,677
Road & Rail–0.6%
Central Japan Railway Co.	3	20,022
ComfortDelgro Corp. Ltd.	4,000	4,655
1DSV A/S	400	7,175
East Japan Railway Co.	700	44,191
Firstgroup PLC	987	6,738
Hankyu Hanshin Holdings, Inc.	2,000	8,884
Keihin Electric Express Railway
Co. Ltd.	1,000	7,329
Keio Corp.	1,000	6,028
Keisei Electric Railway Co. Ltd.	1,000	5,467

International Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 69

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Road & Rail (continued)
Kintetsu Corp.	3,000	$	9,939
MTR Corp.	3,217		11,030
Nippon Express Co. Ltd.	2,000		8,184
Odakyu Electric Railway Co. Ltd.	1,000		7,667
Tobu Railway Co. Ltd.	2,000		10,430
Tokyu Corp.	2,000		7,964
West Japan Railway Co.	4		13,396
Total			179,099
Semiconductor Equipment & Products–0.4%
Advantest Corp.	300		7,798
ASM Pacific Technology	500		4,699
ASML Holding NV	898		30,540
1Infineon Technologies AG	2,290		12,641
Murata Manufacturing Co. Ltd.	500		24,700
Nikon Corp.	700		13,812
Seiko Epson Corp.	300		4,816
Shinko Electric Industries	100		1,442
STMicroelectronics NV	1,411		12,793
Sumco Corp.	200		3,520
Tokyo Electron Ltd.	400		25,590
Total			142,351
Software–0.6%
1Autonomy Corp. PLC	490		11,956
Dassault Systemes SA	137		7,797
Konami Corp.	200		3,568
Nintendo Co. Ltd.	200		47,436
Oracle Corp. Japan	100		4,145
Sage Group PLC	2,714		9,642
SAP AG	1,820		85,829
Square Enix Co. Ltd.	100		2,099
1Trend Micro, Inc.	200		7,605
Total			180,077
Specialty Retail–0.7%
Billabong International Ltd.	385		3,741

Compagnie Financiere
Richemont SA	1,072	35,830
Esprit Holdings Ltd.	2,561	16,854
Fast Retailing Co. Ltd.	100	18,673
Hennes & Mauritz AB	1,080	59,761
Inditex SA	448	27,757
Kingfisher PLC	5,209	19,108
Nitori Co. Ltd.	100	7,444
Sega Sammy Holdings, Inc.	400	4,770
Shimamura Co. Ltd.	100	9,518
USS Co. Ltd.	50	3,038
Yamada Denki Co. Ltd.	180	12,102
Yue Yuen Industrial Holdings
Ltd.	1,500	4,351
Total		222,947
Textiles & Apparel–0.4%
Adidas AG	412	22,242
Asics Corp.	1,000	8,957
Christian Dior SA	132	13,566
Hermes International	115	15,295
LVMH Moet Hennessy Louis
Vuitton SA	520	58,381
Puma AG Rudolf Dassler Sport	12	3,974
Swatch Group AG	64	16,091
Swatch Group AG-Registered
Shares	98	4,681
Total		143,187
Tobacco–0.8%
British American Tobacco PLC	4,223	137,094
Imperial Tobacco Group PLC	2,135	67,333
Japan Tobacco, Inc.	10	33,758
Swedish Match AB	500	10,929
Total		249,114
Trading Companies & Distributors–0.7%
Bunzl PLC	721	7,822
Hitachi High-Technologies
Corp.	100	1,966
Itochu Corp.	3,000	22,071
Marubeni Corp.	4,000	21,786
Mitsubishi Corp.	2,700	67,162

70 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT International Stock Market Portfolio

International Stock Market Portfolio (continued)

December 31, 2009 (unaudited)

Portfolio of investments
	Shares	Value
Common Stocks (continued)
Trading Companies & Distributors (continued)
Mitsui & Co. Ltd.	3,600	$	50,990
Sojitz Corp.	2,500		4,698
Sumitomo Corp.	2,300		23,161
Toyota Tsusho Corp.	400		5,902
1Wolseley PLC	623		12,472
Total			218,030
Transportation Infrastructure–0.5%
Abertis Infraestructuras SA	581		13,109
1Asciano Group	5,608		9,048
Auckland International Airport
Ltd.	1,654		2,416
Autostrade SpA	533		13,853
Brisa-Auto Estradas de
Portugal SA	329		3,361
Cintra Concesiones de
Infraestructuras de Transporte SA	980		11,444
Fraport AG Frankfurt Airport
Services Worldwide	78		4,057
Koninklijke Boskalis
Westminster NV	129		4,967
Kuehne & Nagel International AG	111		10,726
Macquarie Airports	1,648		4,447
Macquarie Infrastructure Group	4,918		5,857
1Societe Des Autoroutes
Paris-Rhin-Rhone	45		3,447
Transurban Group	2,626		13,001
Vinci SA	932		52,196
Total			151,929
Water Utilities–0.1%
Severn Trent PLC	496		8,671
Suez Environnement SA	564		13,028
Total			21,699
Wireless Telecommunication Services–1.2%
Bouygues SA	463		24,144
Carphone Warehouse Group
PLC	786		2,371

1Foxconn International Holdings
Ltd.	4,000	4,594
KDDI Corp.	6	31,656
NTT DoCoMo, Inc.	32	44,598
StarHub Ltd.	1,000	1,524
Vodafone Group PLC	111,545	258,489
Total		367,376
Total Common Stocks–
(Identified Cost $22,821,253)		21,427,474
Preferred Stocks–0.3%
Automobiles–0.1%
Volkswagen AG	218	20,490
Porsche AG	182	11,430
Bayerische Motoren Werke AG	111	3,650
Total		35,570
Electrical Equipment–0.0%
Schindler Holding AG	100	7,663
Health Care Providers & Services–0.1%
Fresenius SE	167	11,934
Household Products–0.1%
Henkel KGaA	369	19,209
Multi-Utilities–0.0%
RWE AG	84	7,494
Total Preferred Stocks–
(Identified Cost $81,131)		81,870
Rights/Warrants–0.0%
Rights/warrants–0.0%
1Dowa Mining Co. Ltd. Rights
Exp. 1/29/10	1,000	11
1Fonciere Des Regions
Warrants Exp. 12/31/10	45	38
1Fortis Rights Exp. 7/4/14	5,010	–
1Mediobanca SpA Warrants
Exp. 3/18/11	1,018	158
Total Rights/Warrants–
(Identified Cost $14)		207
Exchange-Traded Funds–28.5%
iShares MSCI Canada Index
Fund	84,505	2,225,017

International Stock Market Portfolio AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 71

Portfolio of investments
	Shares	Value
Exchange-Traded Funds (continued)
iShares MSCI Emerging
Markets Index Fund	161,700	$	6,710,550
Total Exchange-Traded Funds–
(Identifed Cost $5,895,643)			8,935,567
Mutual Fund – 1.6%
AIM Prime Fund
(At Net Asset Value)	511,130		511,130
Total Investments–98.7%
(Identified Cost $29,309,171)			30,956,248
Other Assets & Liabilities–Net–1.3%			393,090
Total Net Assets–100.0%		$	31,349,338

¹ Non-income producing security.

² Real Estate Investment Trust (REIT).

At December 31, 2009, the Portfolio had the following outstanding long futures contracts:
Description	Number of Contracts	Notional Value		Expiration Date	Unrealized Appreciation
DJEuro Stoxx 50 Index	5	$	213,003	March 2010	$	6,134
FTSE 100 Index	1	$	86,661	March 2010	$	1,364
Topix Index	1	$	97,164	March 2010	$	1,133
MSCI EAFE Index	7	$	549,080	March 2010	$	2,084
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.

See Notes to Financial Statements.

72 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT Financial Statements

Financial Statements

Statements of assets and liabilities
December 31, 2009 (unaudited)
	U.S. Bond Market Portfolio			U.S. Stock Market Portfolio			International Stock Market Portfolio
Assets:
Investments in securities, at value (identified cost of $79,222,347, $61,127,088 and $29,309,171, respectively)	$	80,887,652		$	58,334,833		$	30,956,248
Cash denominated in foreign currency (identified cost $381,236)		–			–			378,190
Margin deposits at broker (identified cost $117,264)		–			–			119,201
Dividend and interest receivable		613,551			76,075			38,402
Receivable from adviser		15,033			7,580			13,799
Receivable for investments sold		1,086,987			–			6,106
Receivable for futures daily variation margin		–			–			10,756
Receivable for fund shares sold		863,746			–			–
Total assets	$	83,466,969		$	58,418,488		$	31,522,702
Liabilities:
Payable for investments purchased		4,221,257			–			78
Payable for fund shares redeemed		11,322			557,240			112,863
Payable for futures daily variation margin		–			9,100			–
Payable for open foreign exchange contracts		–			–			15,805
Accrued portfolio accounting fees (Note 6)		7,548			8,884			13,450
Accrued administration fees (Note 6)		2,331			1,715			927
Accrued transfer and dividend disbursing agent fees and expenses (Note 6)		667			667			667
Accrued audit fees		10,518			10,518			11,018
Accrued insurance fees		7,961			4,627			2,441
Accrued printing and postage expenses		3,963			3,963			3,963
Accrued legal fees		1,471			1,471			1,471
Accrued miscellaneous expense		8,231			8,337			10,681
Total liabilities		4,275,269			606,522			173,364
Net assets	$	79,191,700		$	57,811,966		$	31,349,338
Net assets consist of:
Paid-in capital	$	77,519,208		$	64,375,290		$	32,816,870
Net unrealized appreciation (depreciation) of investments, futures contracts and translation of assets and liabilities in foreign currency		1,665,305			(2,773,851	)		1,629,979
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions		10,927			(3,942,489	)		(3,040,605	)
Undistributed (distributions in excess of) net investment income		(3,740	)		153,016			(56,906	)
Net assets	$	79,191,700		$	57,811,966		$	31,349,338
Shares of beneficial interest outstanding		7,718,746			6,498,790			3,350,947
Net asset value per share	$	10.26		$	8.90		$	9.36
See Notes to Financial Statements.

Financial Statements AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 73

Statements of operations
Six months ended December 31, 2009 (unaudited)
	U.S. Bond Market Portfolio			U.S. Stock Market Portfolio			International Stock Market Portfolio
Investment income:
Dividends (net of taxes withheld of $0, $29 and $12,004, respectively)	$	–		$	534,937		$	274,008
Interest		1,535,831			5,352			119
Total investment income	$	1,535,831		$	540,289		$	274,127
Expenses:
Investment adviser fee (Note 6)		18,523			13,426			7,346
Administration fees (Note 6)		12,966			9,398			5,142
Transfer and dividend disbursing agent fees and expenses (Note 6)		2,000			2,000			2,000
Trustees’ fees		10,000			10,000			10,000
Audit fees		11,345			11,345			11,845
Legal fees		18,208			18,208			18,208
Portfolio accounting fees (Note 6)		54,412			42,523			64,136
Printing and postage expenses		4,381			4,381			4,381
Insurance expense		7,961			4,627			2,442
Miscellaneous		5,197			5,305			6,819
Total expenses	$	144,993		$	121,213		$	132,319
Waivers and reimbursements (Note 6):
Waiver of investment adviser fee		(18,523	)		(13,426	)		(7,346	)
Reimbursement of expenses by investment adviser		(33,853	)		(40,656	)		(80,889	)
Total waivers and reimbursements	$	(52,376	)	$	(54,082	)	$	(88,235	)
Net expenses		92,617			67,131			44,084
Net investment income		1,443,214			473,158			230,043
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments and foreign currency transactions		150,782			(860,593	)		(306,343	)
Net realized gain on futures contracts		–			124,709			123,240
Net change in unrealized appreciation (depreciation) of investments, translation of assets and liabilities in foreign currency and futures contracts		914,939			11,052,185			5,806,787
Net realized and unrealized gain (loss) on investments, translation of assets and liabilities in foreign currency and futures contracts		1,065,721			10,316,301			5,623,684
Change in net assets resulting from operations	$	2,508,935		$	10,789,459		$	5,853,727
See Notes to Financial Statements.

74 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT Financial Statements

Financial Statements (continued)

Statements of changes in net assets
	U.S. Bond Market Portfolio
	Six months ended 12/31/09 (unaudited)			Year ended 6/30/09
Increase (decrease) in net assets
Operations:
Net investment income	$	1,443,214		$	2,785,452
Net realized gain (loss) on investments, foreign currency transactions and futures contracts		150,782			104,785
Net change in unrealized appreciation (depreciation) of investments, translation of assets and liabilities in foreign currency and futures contracts		914,939			678,208
Change in net assets resulting from operations		2,508,935			3,568,445
Distributions to shareholders:
From net investment income		(1,480,526	)		(2,797,073	)
From net realized gains on investments		(196,480	)		(57,686	)
Change in net assets resulting from distributions to shareholders		(1,677,006	)		(2,854,759	)
Share transactions:
Proceeds from sales of shares		13,616,269			21,521,478
Net asset value of shares issued on reinvestment of dividends		1,677,006			2,854,760
Cost of shares redeemed		(3,142,694	)		(22,989,283	)
Change in net assets resulting from share transactions		12,150,581			1,386,955
Change in net assets		12,982,510			2,100,641
Net assets:
Beginning of period	$	66,209,190		$	64,108,549
End of period	$	79,191,700		$	66,209,190
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(3,740	)	$	33,572
See Notes to Financial Statements.

Financial Statements AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 75

U.S. Stock Market Portfolio						International Stock Market Portfolio
Six months ended 12/31/09 (unaudited)			Year ended 6/30/09			Six months ended 12/31/09 (unaudited)			Year ended 6/30/09
$	473,158		$	959,118		$	230,043		$	656,475
	(735,884	)		(2,964,812	)		(183,103	)		(2,746,124	)
	11,052,185			(11,289,643	)		5,806,787			(5,333,094	)
	10,789,459			(13,295,337	)		5,853,727			(7,422,743	)
	(325,997	)		(928,191	)		(288,523	)		(686,045	)
	–			(154,427	)		–			(15,298	)
	(325,997	)		(1,082,618	)		(288,523	)		(701,343	)
	5,651,365			14,611,660			2,430,924			8,816,114
	325,997			1,082,618			288,523			701,342
	(4,239,331	)		(7,446,130	)		(1,883,579	)		(3,666,812	)
	1,738,031			8,248,148			835,868			5,850,644
	12,201,493			(6,129,807	)		6,401,072			(2,273,442	)
$	45,610,473		$	51,740,280		$	24,948,266		$	27,221,708
$	57,811,966		$	45,610,473		$	31,349,338		$	24,948,266
$	153,016		$	5,855		$	(56,906	)	$	1,574

76 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT Financial Statements

Financial Statements (continued)

Financial highlights
(For a share outstanding throughout the period)
	U.S. Bond Market Portfolio
	Six months ended 12/31/09 (unaudited)			Year ended 6/30/09			Year ended 6/30/08			Year ended 6/30/07			Year ended 6/30/061
Net asset value, beginning of period	$	10.12		$	9.98		$	9.77		$	9.70		$	10.00
Income from investment operations:
Net investment income (loss)		0.20			0.44			0.48			0.49			0.19
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions		0.18			0.15			0.22			0.07			(0.30	)
Total from investment operations		0.38			0.59			0.70			0.56			(0.11	)
Less distributions:
From net investment income		(0.21	)		(0.44	)		(0.49	)		(0.49	)		(0.19	)
From net realized gains on investments		(0.03	)		(0.01	)		–			–			–
Total distributions		(0.24	)		(0.45	)		(0.49	)		(0.49	)		(0.19	)
Net asset value, end of period	$	10.26		$	10.12		$	9.98		$	9.77		$	9.70
Total return2,3		3.69	%		6.12	%		7.20	%		5.78	%		(1.05	)%
Ratios to average net assets:
Net expenses		0.25	%4		0.25	%		0.25	%		0.25	%		0.25	%4
Net investment income		3.90	%4		4.46	%		4.82	%		4.99	%		4.71	%4
Expense waiver/reimbursement5		(0.14	)%4		(0.18	)%		(0.18	)%		(0.40	)%		(0.92	)%4
Supplemental data:
Net assets, end of period (000 omitted)	$	79,192		$	66,209		$	64,109		$	47,760		$	27,968
Portfolio turnover		34	%		88	%		62	%		91	%		112	%
1  For the period from December 30, 2005 (inception date) to June 30, 2006. 2  Total returns for periods of less than one year are not annualized. 3  Total returns reflect waivers and/or expense reimbursements. Without these waivers and/or reimbursements, total return would have been lower. 4  Computed on an annualized basis. 5  This expense decrease is reflected in both the net expense and net investment income (loss) ratios shown above. See Notes to Financial Statements.

Financial Statements AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 77

Financial highlights
(For a share outstanding throughout the period)
	U.S. Stock Market Portfolio
	Six months ended 12/31/09 (unaudited)			Year ended 6/30/09			Year ended 6/30/08			Year ended 6/30/07			Year ended 6/30/061
Net asset value, beginning of period	$	7.27		$	10.15		$	11.91		$	10.08		$	10.00
Income from investment operations:
Net investment income (loss)		0.07			0.16			0.18			0.18			0.07
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions		1.61			(2.85	)		(1.63	)		1.84			0.08
Total from investment operations		1.68			(2.69	)		(1.45	)		2.02			0.15
Less distributions:
From net investment income		(0.05	)		(0.16	)		(0.18	)		(0.17	)		(0.07	)
From net realized gains on investments		–			(0.03	)		(0.13	)		(0.02	)		–
Total distributions		(0.05	)		(0.19	)		(0.31	)		(0.19	)		(0.07	)
Net asset value, end of period	$	8.90		$	7.27		$	10.15		$	11.91		$	10.08
Total return2,3		23.13	%		(26.49	)%		(12.35	)%		20.23	%		1.52	%
Ratios to average net assets:
Net expenses		0.25	%4		0.25	%		0.25	%		0.25	%		0.25	%4
Net investment income		1.76	%4		2.24	%		1.70	%		1.67	%		1.69	%4
Expense waiver/reimbursement5		(0.20	)%4		(0.35	)%		(0.25	)%		(0.53	)%		(1.34	)%4
Supplemental data:
Net assets, end of period (000 omitted)	$	57,812		$	45,610		$	51,740		$	45,587		$	25,669
Portfolio turnover		6	%		14	%		10	%		5	%		1	%
1  For the period from December 30, 2005 (inception date) to June 30, 2006. 2  Total returns for periods of less than one year are not annualized. 3  Total returns reflect waivers and/or expense reimbursements. Without these waivers and/or reimbursements, total return would have been lower. 4  Computed on an annualized basis. 5  This expense decrease is reflected in both the net expense and net investment income (loss) ratios shown above. See Notes to Financial Statements.

78 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT Financial Statements

Financial Statements (continued)

Financial highlights
(For a share outstanding throughout the period)
	International Stock Market Portfolio
	Six months ended 12/31/09 (unaudited)			Year ended 6/30/09			Year ended 6/30/08			Year ended 6/30/07			Year ended 6/30/061
Net asset value, beginning of period	$	7.66		$	11.08		$	13.00		$	10.53		$	10.00
Income from investment operations:
Net investment income (loss)		0.07			0.22			0.40			0.31			0.20
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions		1.72			(3.40	)		(1.75	)		2.54			0.50
Total from investment operations		1.79			(3.18	)		(1.35	)		2.85			0.70
Less distributions:
From net investment income		(0.09	)		(0.23	)		(0.39	)		(0.34	)		(0.17	)
From net realized gains on investments		–			(0.01	)		(0.18	)		(0.04	)		–
Total distributions		(0.09	)		(0.24	)		(0.57	)		(0.38	)		(0.17	)
Net asset value, end of period	$	9.36		$	7.66		$	11.08		$	13.00		$	10.53
Total return2,3		23.35	%		(28.75	)%		(10.62	)%		27.41	%		7.10	%
Ratios to average net assets:
Net expenses		0.30	%4		0.30	%		0.30	%		0.30	%		0.30	%4
Net investment income		1.57	%4		3.00	%		2.86	%		2.72	%		4.03	%4
Expense waiver/reimbursement5		(0.60	)%4		(1.01	)%		(0.75	)%		(0.90	)%		(1.59	)%4
Supplemental data:
Net assets, end of period (000 omitted)	$	31,349		$	24,948		$	27,222		$	27,279		$	18,673
Portfolio turnover		4	%		25	%		12	%		4	%		3	%
1  For the period from December 30, 2005 (inception date) to June 30, 2006. 2  Total returns for periods of less than one year are not annualized. 3  Total returns reflect waivers and/or expense reimbursements. Without these waivers and/or reimbursements, total return would have been lower. 4  Computed on an annualized basis. 5  This expense decrease is reflected in both the net expense and net investment income (loss) ratios shown above. See Notes to Financial Statements.

Notes to Financial Statements AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 79

Notes to Financial Statements

(unaudited)

1. Organization

The U.S. Bond Market Portfolio, U.S. Stock Market Portfolio and International Stock Market Portfolio (the “Portfolios”) are each a series of AARP Portfolios (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Portfolios inception date was December 30, 2005.

The investment objective of the U.S. Bond Market Portfolio is to seek to produce the returns provided by the Barclays Capital Aggregate Bond Index^® as closely as possible, before deduction of expenses of the Portfolio. The investment objective of the U.S. Stock Market Portfolio is to seek to produce the returns provided by the Morgan Stanley Capital International (“MSCI”) U.S. Investable Market 2500 Index^® as closely as possible, before deduction of expenses of the Portfolio. The investment objective of the International Stock Market Portfolio is to seek to produce the returns provided by the MSCI All Country World Index, excluding the U.S. Index^® as closely as possible, before deduction of expenses of the Portfolio.

The Portfolios are used as investment vehicles for the AARP Funds and are not available to the public. Accordingly, the only shareholders in the Portfolios are AARP Funds and AARP, which provided a $45 million (value of $49.1 million at December 31, 2009) initial investment for the Portfolios. The initial investment was provided to facilitate the efficient operation of the Portfolios; without this funding, it is anticipated that the Portfolios’ operation could be adversely impacted.

AARP Financial Inc. (AFI) and AARP Services, Inc. (ASI) are exploring strategic options for the AARP Funds (Funds) with a view of expanding the range of financial services and products available to Fund shareholders and other AARP members. Such options could include a revised operating structure for the Funds with a continued connection to AARP or the merger of the Funds into other funds with no connection to AARP. No recommendation has been made to the Funds’ Board of Trustees. If and when any such recommendation is made, the Funds’ Trustees would make an independent evaluation of the recommendation. No changes in the daily operations of the Funds are expected while AFI and ASI are evaluating strategic options. One or more of the Funds’ officers could change during that time.

2. Significant accounting policies

The financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”), which require management to make estimates and assumptions that affect the amounts reported herein. Actual results could differ from those estimates. The following is a summary of significant accounting policies consistently followed by the Portfolios in the preparation of their financial statements.

80 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements (continued)

(unaudited)

INVESTMENT VALUATION

Securities are valued as of the close of trading on the New York Stock Exchange (generally 4:00 p.m. Eastern Time) on the valuation date. An independent pricing service generally provides these prices. Stock holdings are valued at the latest quoted sales price or official closing price taken from the primary market in which the stock trades. If a security does not trade during the day, it is valued at the average of the latest quotes for buying and selling the security, the bid and ask prices. Bond holdings are generally valued as reported by an independent pricing service at what is called an “evaluated average price,” which considers such factors as comparable bond prices, yields, maturities and ratings. Short-term investments with a maturity at issuance, or a remaining maturity at the time of purchase, of 60 days or less are generally valued at amortized cost, which approximates market value. Other open-end regulated investment companies are valued at their net asset value. Foreign securities quoted in foreign currencies are translated into U.S. dollars based upon exchange rates prevailing at the close of trading and as provided by an independent source.

Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the Portfolios’ pricing time but after the close of the securities’ primary markets (e.g. foreign securities), are valued by methods deemed by the Board of Trustees of AARP Portfolios to represent fair value. An investments valuation may differ depending on the method used and factors considered in determining value pursuant to the Portfolios fair value procedures. The Investment Manager monitors intervening events that may affect the value of securities held in each Portfolio and, in accordance with procedures adopted by the Portfolio’s Trustees, will adjust the prices of securities traded in foreign markets, as appropriate, to reflect the impact of events occurring. The International Stock Market Portfolio may use a fair valuation model to value international equity securities in determining net asset value in order to adjust for events which may occur between the close of foreign exchanges and the close of trading on the New York Stock Exchange.

The Portfolios adopted Fair Value Measurements effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. 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. There is 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 Portfolio’s own assumptions in determining the fair value of investments)

Notes to Financial Statements AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 81

The following is a summary of the inputs used as of December 31, 2009 in valuing the Portfolios’ investments carried at value:

U.S. Bond Market Portfolio (unaudited)

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	$	–	$	274,462	$	–	$	274,462
Corporate Bonds
Consumer Discretionary		–		1,494,992		–		1,494,992
Consumer Staples		–		537,983		–		537,983
Energy		–		1,529,451		–		1,529,451
Financials		–		6,791,597		–		6,791,597
Health Care		–		940,297		–		940,297
Industrials		–		1,403,243		–		1,403,243
Information Technology		–		405,104		–		405,104
Materials		–		329,280		–		329,280
Telecommunication Services		–		738,559		–		738,559
Utilities		–		1,081,295		–		1,081,295
Total Corporate Bonds		–		15,251,801		–		15,251,801
International Debt		–		3,933,007		–		3,933,007
Mortgage-Backed Securities		–		28,906,881		–		28,906,881
U.S. Treasury
U.S. Treasury Bonds		2,872,852		–		–		2,872,852
U.S. Treasury Notes		17,192,485		–		–		17,192,485
Total U.S. Treasury		20,065,337		–		–		20,065,337
U.S. Government Agencies		6,042,980		59,199		–		6,102,179
Commercial Mortgage-Backed Securities		–		2,621,845		–		2,621,845
Municipal Bonds		–		401,954		–		401,954
Mutual Fund		3,330,186		–		–		3,330,186
Total Investments	$	29,438,503	$	51,449,149	$	–	$	80,887,652

U.S. Stock Market Portfolio (unaudited)

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	$	6,439,215	$	–	$	–	$	6,439,215
Consumer Staples		4,913,426		–		–		4,913,426
Energy		5,920,537		–		–		5,920,537
Financials		9,028,429		–		–		9,028,429
Health Care		7,057,666		–		–		7,057,666
Industrials		6,819,365		–		–		6,819,365
Information Technology		10,665,856		–		–		10,665,856

82 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements (continued)

(unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Materials	$	2,407,738	$	–	$	–	$	2,407,738
Telecommunication Services		1,780,659		–		–		1,780,659
Utilities		2,462,366		–		–		2,462,366
Total Common Stocks		57,495,257		–		–		57,495,257
Mutual Funds		759,579		–		–		759,579
U.S. Treasury		79,997		–		–		79,997
Total Investments		58,334,833		–		–		58,334,833
Futures		18,404		–		–		18,404
Total Financial Instruments	$	18,404	$	–	$	–	$	18,404

International Stock Market Portfolio (unaudited)

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	$	–	$	158,162	$	–	$	158,162
Air Freight & Couriers		–		78,868		–		78,868
Airlines		–		44,013		–		44,013
Auto Components		–		133,331		–		133,331
Automobiles		–		686,993		–		686,993
Banks		–		3,286,682		–		3,286,682
Beverages		–		414,030		–		414,030
Biotechnology		–		4,739		–		4,739
Building Products		–		107,386		–		107,386
Chemicals		–		680,580		–		680,580
Commercial Services & Supplies		–		170,881		–		170,881
Communications Equipment		–		174,644		–		174,644
Computers & Peripherals		–		107,454		–		107,454
Construction & Engineering		–		152,523		–		152,523
Construction Materials		–		172,962		–		172,962
Containers & Packaging		–		28,353		–		28,353
Distributors		–		99,116		–		99,116
Diversified Financials		–		665,325		–		665,325
Diversified Telecommunication Services		–		869,434		–		869,434
Electric Utilities		–		746,377		–		746,377
Electrical Equipment		–		457,813		–		457,813
Electronic Equipment & Instruments		–		216,291		–		216,291
Energy Equipment & Services		–		81,479		–		81,479
Food & Drug Retailing		–		431,925		–		431,925
Food Products		–		683,995		–		683,995
Gas Utilities		–		155,481		–		155,481
Health Care Equipment & Supplies		–		243,682		–		243,682
Health Care Providers & Services		–		47,427		–		47,427

Notes to Financial Statements AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 83

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Hotels Restaurants & Leisure	$	5,194	$	150,931	$	–	$	156,125
Household Durables		–		273,918		–		273,918
Household Products		–		47,383		–		47,383
Industrial Conglomerates		–		177,550		–		177,550
Insurance		–		901,352		–		901,352
Internet & Catalog Retail		–		17,289		–		17,289
Internet Software & Services		–		56,262		–		56,262
IT Consulting & Services		–		49,699		–		49,699
Leisure Equipment & Products		–		61,802		–		61,802
Machinery		–		401,644		–		401,644
Marine		–		70,222		–		70,222
Media		–		307,600		–		307,600
Metals & Mining		–		1,384,219		–		1,384,219
Multi-Line Retail		–		120,585		–		120,585
Multi-Utilities		–		132,802		–		132,802
Office Electronics		–		123,779		–		123,779
Oil & Gas		–		1,908,220		–		1,908,220
Paper & Forest Products		–		53,632		–		53,632
Personal Products		–		170,291		–		170,291
Pharmaceuticals		2,318		1,427,350		–		1,429,668
Real Estate		5,428		602,249		–		607,677
Road & Rail		–		179,099		–		179,099
Semiconductor Equipment & Products		–		142,351		–		142,351
Software		–		180,077		–		180,077
Specialty Retail		–		222,947		–		222,947
Textiles & Apparel		–		143,187		–		143,187
Tobacco		–		249,114		–		249,114
Trading Companies & Distributors		–		218,030		–		218,030
Transportation Infrastructure		–		151,929		–		151,929
Water Utilities		–		21,699		–		21,699
Wireless Telecommunication Services		–		367,376		–		367,376
Total Common Stocks		12,940		21,414,534		–		21,427,474
Preferred Stocks
Automobiles		–		35,570		–		35,570
Electrical Equipment		–		7,663		–		7,663
Health Care Providers & Services		–		11,934		–		11,934
Household Products		–		19,209		–		19,209
Multi-Utilities		–		7,494		–		7,494
Total Preferred Stocks		–		81,870		–		81,870
Rights		–		11		–		11
Warrants		196		–		–		196
Mutual Funds
Cash Equivalent		511,130		–		–		511,130
Exchange-Traded Funds		8,935,567		–		–		8,935,567
Total Mutual Funds		9,446,697		–		–		9,446,697
Total Investments		9,459,833		21,496,415		–		30,956,248

84 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements (continued)

(unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Futures	$	10,715		$	–	$	–	$	10,715
Foreign Exchange Contracts		(15,805	)		–		–		(15,805	)
Total Financial Instruments	$	(5,090	)	$	–	$	–	$	(5,090	)

REPURCHASE AGREEMENTS

The Portfolios may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the custodian, on behalf of a Portfolio, takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligation, including interest. Generally, in the event of a counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. However, in the event of a counterparty default, retention of the collateral may be subject to legal proceedings. As of December 31, 2009, there were no repurchase agreements held in the Portfolios.

SECURITIES TRANSACTIONS, INCOME AND EXPENSES

Securities transactions are recorded on a trade date basis. Interest income is recorded daily on an accrual basis and includes amortization of premium and accretion of discount on investments. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities may be recorded after the ex-dividend date based on when the Portfolio was notified of the dividend. Realized gains and losses from securities transactions are recorded on the basis of identified cost. Expenses are accrued daily. Many expenses are directly attributable to one Portfolio and therefore are charged accordingly. Expenses that are not directly attributable to one or more Portfolios are allocated among applicable Portfolios on an equitable and consistent basis considering such things as the nature and type of expenses and the relative net assets of the Portfolios.

FUTURES CONTRACTS

The U.S. Stock Market Portfolio and the International Stock Market Portfolio purchase and sell stock index futures contracts to fulfill their investment objectives when direct investment would otherwise not be practical, such as when cash positions are small. Upon entering into a stock index futures contract with a broker, the Portfolio is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued at the daily quoted

Notes to Financial Statements AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 85

settlement price or at the mean between the bid and asked price if the last sale is not available. Unrealized gains or losses are recorded in a “variation margin” account. Daily, the U.S. Stock Market Portfolio receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. The International Stock Market Portfolio payable for daily variation margin on the Asset and Liabilities page reflects the cumulative unrealized gain/loss position on current future transactions. When a contract is closed, the Portfolio recognizes a realized gain or loss. Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with the changes in the value of the underlying securities. For the six months ended December 31, 2009, U.S. Stock Market Portfolio and International Stock Market Portfolio had realized net gains on futures contracts of $124,709 and $123,240, respectively.

FOREIGN EXCHANGE CONTRACTS

The International Stock Market Portfolio enters into foreign currency commitments for the delayed delivery of securities or foreign currency exchange transactions. The Portfolio enters into foreign currency contract transactions to protect assets against adverse changes in foreign currency exchange rates or exchange control regulations. Purchased contracts are used to acquire exposure to foreign currencies; whereas, contracts to sell are used to hedge the Portfolio’s securities against currency fluctuations. Risks may arise upon entering into these transactions from the potential inability of counterparties to meet the terms of their commitments and from unanticipated movements in security prices or foreign exchange rates. The foreign currency transactions are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the settlement date.

At December 31, 2009, the Portfolio had outstanding foreign currency commitments as follows:

Settlement Date	Foreign currency units to receive	In exchange for	Contracts at value		Unrealized Depreciation
Contracts Purchased
3/31/2010	200,000 EUR	293,031 USD	$	286,637	$	(6,394	)
3/31/2010	64,000 GBP	104,277 USD		103,391		(886	)
3/31/2010	15,200,000 JPY	171,884 USD		163,359		(8,525	)
Unrealized depreciation on foreign exchange contracts					$	(15,805	)

86 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements (continued)

(unaudited)

FOREIGN CURRENCY TRANSLATION

The accounting records of the International Stock Market Portfolio are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies (FCs) are translated into U.S. dollars based on the rates of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities and income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Portfolio does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at fiscal year end, resulting from changes in the exchange rate.

RESTRICTED SECURITIES

Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Portfolio or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Portfolios’ Board of Trustees. The Portfolios will not incur any registration costs upon such resales. The Portfolios’ restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in accordance with procedures established by and under the general supervision of the Portfolios’ Board of Trustees.

Notes to Financial Statements AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 87

Additional Disclosure Related to Derivative Instruments

Fair Value of Derivative Instruments as of December 31, 2009 (unaudited)

U.S. Stock Market Portfolio

	Asset			Liability
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Derivatives not accounted for as hedging instruments under ASC Topic 815
Equity contracts	Receivable for daily variation margin	$	–	Payable for daily variation margin	$	(18,404	)*

International Stock Market Portfolio

	Asset				Liability
	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Derivatives not accounted for as hedging instruments under ASC Topic 815
Equity contracts	Receivable for daily variation margin	$	10,715	*	Payable for daily variation margin	$	–
Foreign exchange contracts	Receivable for foreign exchange contracts	$	–		Payable for foreign exchange contracts	$	(15,805	)

* Includes cumulative appreciation/depreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. The current day’s variation margin is reported within the receivables or payables of the Statement of Asset and Liabilities. The fair value margin reflects all current open futures cumulative gain/loss on open futures positions.

The Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended December 31, 2009

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

U.S. Stock Market Portfolio	Futures
Equity contracts	$	124,709

AARP International Stock Market Portfolio	Forward Currency Commitments		Futures		Total
Equity contracts	$	–	$	123,240	$	123,240
Foreign exchange contracts	$	8,964	$	–	$	8,964
Total	$	8,964	$	123,240	$	132,204

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

U.S. Stock Market Portfolio	Futures
Equity contracts	$	38,030

International Stock Market Portfolio	Forward Currency Commitments			Futures		Total
Equity contracts	$	—		$	34,545	$	34,545
Foreign exchange contracts	$	(16,102	)	$	—	$	(16,102	)
Total	$	(16,102	)	$	34,545	$	18,443

The derivative activity at year end is an indication of the volume of derivative activity throughout the year.

88 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements (continued)

(unaudited)

FEDERAL TAXES

The Portfolios intend to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute substantially all of their investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders; therefore, no federal income or excise tax provision is required.

Management has analyzed the Portfolios’ tax position taken on federal income tax returns for all open years and has concluded that as of December 31, 2009, no provision for income taxes would be required in the Portfolios’ financial statements. As of December 31, 2009, tax years 2006 through 2009 remain subject to examination by the Portfolios’ major tax jurisdictions, which include the United States of America and the state of Delaware.

CUSTODIAN FEES

Custodian fees are included in “Portfolio accounting fees” in the Statements of Operations and may include interest expense incurred by the Portfolios on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Portfolios pay interest to their custodian on such cash overdrafts to the extent they are not offset by positive cash balances maintained by the Portfolios at a rate equal to the Federal Funds Rate plus 2.00%. For the six months ended December 31, 2009, the U.S. Bond Market Portfolio paid $24 in overdraft fees, the U.S. Stock Market Portfolio paid $8 in overdraft fees and the International Stock Market Portfolio paid $0 in overdraft fees.

INDEMNIFICATIONS

The Portfolios’ organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Portfolios. In the normal course of business, the Portfolios may also enter into contracts that provide general indemnifications. The Portfolios’ maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Portfolios. The risk of material loss from such claims is considered remote.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from generally accepted accounting principles. Income

Notes to Financial Statements AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 89

distributions, if any, are declared and paid quarterly by the U.S. Stock Market Portfolio and International Stock Market Portfolio, and are paid monthly by the U.S. Bond Market Portfolio. Capital gains distributions, if any, are declared and paid annually by the Portfolios.

SUBSEQUENT EVENTS

The Portfolios have evaluated the need for disclosures and/or adjustments resulting from subsequent events through February 28, 2010, the date the financials were issued. This evaluation did not uncover in any subsequent events that necessitated disclosures and/or adjustments.

3. Capital share transactions

The Portfolios have authorized an unlimited number of $0.001 par value shares of beneficial interest. Transactions in shares of beneficial interest are as follows:

	Six Months Ended December 31, 2009		Year Ended June 30, 2009
U.S. Bond Market Portfolio
Shares sold	1,319,506		2,150,676
Dividends and/or distributions reinvested	162,592		286,366
Shares redeemed	(304,146	)	(2,319,527	)
Net increase	1,177,952		117,515
U.S. Stock Market Portfolio
Shares sold	688,731		2,035,070
Dividends and/or distributions reinvested	37,535		151,069
Shares redeemed	(504,506	)	(1,005,288	)
Net increase	221,760		1,180,851
International Stock Market Portfolio
Shares sold	274,829		1,214,155
Dividends and/or distributions reinvested	31,147		91,817
Shares redeemed	(212,056	)	(505,129	)
Net increase	93,920		800,843

4. Purchases and sales of securities

The aggregate cost of purchases and proceeds from sales of securities for the six months ended December 31, 2009, excluding U.S. Government and short-term obligations were as follows:

Portfolio Name	Purchases		Sales
U.S. Bond Market Portfolio	$	4,166,622	$	972,997
U.S. Stock Market Portfolio	$	5,433,142	$	3,008,662
International Stock Market Portfolio	$	1,835,642	$	1,253,190

90 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements (continued)

(unaudited)

The aggregate cost of purchases and proceeds from sales of U.S. government securities for U.S. Bond Market Portfolio, for the six months ended December 31, 2009 was $31,495,275 and $21,121,494, respectively.

5. Federal income tax information

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of December 31, 2009, are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Portfolio name	Federal tax cost of securities		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation)
U.S. Bond Market Portfolio	$	79,222,347	$	2,300,056	$	(634,751	)	$	1,665,305
U.S. Stock Market Portfolio	$	61,127,088	$	6,350,163	$	(9,142,418	)	$	(2,792,255	)
International Stock Market Portfolio	$	29,309,171	$	5,501,920	$	(3,854,843	)	$	1,647,077

At June 30, 2009, the Portfolios had capital loss carryforwards which will reduce the Portfolios’ taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Portfolios of any liability for federal tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:

Portfolio Name	2017
U.S. Stock Market Portfolio	$	150,887
International Stock Market Portfolio	$	163,356

Notes to Financial Statements AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 91

6. Fees and other transactions with affiliates

MANAGEMENT AND SUB-ADVISER FEES

The Trust has an investment advisory agreement with AARP Financial Incorporated (“AARP Financial”) which delegates to AARP Financial the responsibility to manage the investment activities of the Portfolios, including the overall investment program of the Portfolios. AARP Financial is also responsible for overseeing the Portfolios’ sub-adviser, SSgA Funds Management, Inc. (“SSgA FM”), which manages the day-to-day investments of the Portfolios’ assets. Each Portfolio pays to AARP Financial an annual fee of 0.05% of its average daily net assets. AARP Financial pays SSgA FM for its sub-advisory services out of these fees. For the six months ended December 31, 2009, the effective management fee rates are as shown below:

Portfolio name	Effective management fee percentage (prior to waiver/reimbursement at AARP Funds level)		Effective management fee percentage (after waiver/reimbursement at AARP Funds level)
U.S. Bond Market Portfolio	0.05	%	0.00	%
U.S. Stock Market Portfolio	0.05	%	0.00	%
International Stock Market Portfolio	0.05	%	0.00	%

For the six months ended December 31, 2009, AARP Financial contractually waived/reimbursed the following fees.

Portfolio name	Management fee waiver		Reimbursement of other operating expenses
U.S. Bond Market Portfolio	$	18,523	$	33,853
U.S. Stock Market Portfolio	$	13,426	$	40,656
International Stock Market Portfolio	$	7,346	$	80,889

Had AARP Financial not waived/reimbursed these fees, returns for the Portfolios would have been lower.

ADMINISTRATION FEES

As the Portfolios’ administrator, AARP Financial provides the Portfolios with general administrative duties associated with the day-to-day operations of the Portfolios and monitors and coordinates the activities of the other service providers to the Portfolios. For its administrative services, AARP Financial is entitled to receive an annual fee of .035% of each Portfolio’s average daily net assets.

92 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements (continued)

(unaudited)

SUB-ADMINISTRATION AND CUSTODIAN FEES

State Street Bank and Trust Company (“State Street”) acts as the sub-administrator, custodian and fund accounting agent for the Portfolios. State Street is a subsidiary of State Street Corporation and an affiliate of SSgA FM. Under the terms of the sub-administration agreement, AARP Financial pays to State Street an annual fee at the rate of 0.0175% of the first $6 billion of the Portfolios’ average daily net assets and then a decreasing rate for average daily net assets above that level. Under the terms of the custody agreement, (which includes fund accounting services) each Portfolio pays to State Street an annual fee at the rate of 0.0075% of the first $2 billion of the Portfolio’s average daily net assets and 0.0025% of the Portfolio’s average daily net assets over $2 billion, plus out of pocket expenses.

Each Portfolio pays to State Street an annual fee at the rate of $4,000 for transfer agency services. State Street has in turn delegated transfer agency services to its affiliate, Boston Financial Data Services, Inc.

TRUSTEE COMPENSATION

The Trust is supervised by a Board of Trustees, (the “Board”). The Board represents the interests of the Portfolios and their shareholders. The Board meets periodically throughout the year to oversee the Portfolios’ activities. The Board consists of four “Independent Trustees” and one Trustee who is affiliated with the Investment Adviser to the Portfolios (“Interested Trustee”). The Interested Trustee and Officers of the Trust do not receive any compensation from the Portfolios for their service on the Board. The compensation of the Independent Trustees consists of an annual retainer paid quarterly. Compensation paid by the Portfolios to the Independent Trustees is included in the Portfolios’ Statements of Operations. The aggregate compensation paid to the Trustees for both the AARP Funds and Portfolios was $80,000, $50,000 and $30,000 respectively, for the six months ended December 31, 2009.

AARP Portfolios–Supplemental Information AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 93

AARP Portfolios—

Supplemental Information

Proxy voting policies, procedures and record

Both a description of the policies and procedures that AARP Financial uses to determine how to vote proxies on behalf of the AARP Portfolios relating to portfolio securities and information regarding how AARP Financial voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available on our web site at www.aarpfunds.com and, without charge, upon request, by calling us at 1-800-958-6457. Such information for the AARP Portfolios is also available on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

Shareholder statements and reports

When we send financial reports, prospectuses and other regulatory materials to shareholders, we attempt to reduce the volume of mail you receive by sending one copy of these documents to two or more account holders who share the same address. However, if you wish to receive individual copies of materials, please contact us at 1-800-958-6457. Once we have received your instructions, we will begin sending individual copies for each account within 30 days.

Statement regarding availability of quarterly portfolio schedule

The Portfolios will file complete schedules of investments with the SEC for the quarters ended September 30 and March 31 of each fiscal year (commencing with the quarter ended March 31, 2006) on Form N-Q which will be available on the SEC’s website at www.sec.gov. Additionally, the Portfolios’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. For information on the Public Reference Room, call 1-800-SEC-0330.

Basis for Board Approval of Continuation of Investment Advisory Contracts

The Board, at a meeting on November 11, 2009, approved the continuance of the Trust’s Investment Advisory Agreement with AARP Financial and Investment Sub-Advisory Agreement with SSgA FM (collectively “Agreements”). In approving the Agreements, the Board evaluated, among other things, written and oral information provided by AARP Financial and SSgA FM in response to requests of outside counsel to the Trust and the independent Trustees of the Trust on behalf of the Board.

The Board determined, in its business judgment, that the advisory fee rate and the sub-advisory fee rate were each fair and reasonable in light of the services provided and in the best interest of the Portfolios and the shareholders of each and approved the continuance of the Agreements. The Board did so based on various factors bearing on the

94 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT AARP Portfolios–Supplemental Information

AARP Portfolios—

Supplemental Information

(continued)

nature, scope, quality, cost and profitability of the services to be provided by the Adviser and the Sub-Adviser and on various conclusions reached regarding those factors.

Special Facts and Circumstances

The Board members, including the independent members, considered the following special facts and circumstances relating to the Funds and Portfolios in evaluating the continuance of the respective advisory contracts:

• AARP created the Funds (together with the underlying AARP Portfolios) based on principles developed and recommended by a high-level, independent Economic Security Solutions Group, which principles include low fees, index-based investment management, automatic rebalancing and limited choices;

• AARP created the Funds to encourage investors to save for retirement by allowing accounts to be opened with very low minimums;

• each Fund invests exclusively (or in the case of the AARP Income Fund, principally) in shares of other mutual funds, such as index funds or a master fund;

• each Fund has a low level of assets, and has not reached a “break-even point;”

• AFI has agreed to cap the expenses of each Fund and each Portfolio, with the result that AFI has waived the investment advisory fee payable by each Fund, paid the investment sub-advisory fee payable to the investment sub-adviser by each Fund and each Portfolio other than the AARP Money Market Fund, and reimbursed a significant portion of the operating expenses of each Fund;

• AFI is reviewing the operations of the Trusts in order to determine the best course of action for AARP and its members consistent with the best interest of shareholders of the Trusts;

• the Funds and Portfolios had high gross expenses due to their relatively small assets bases and not due to high fees; and

• each Fund and Portfolio, by virtue of its relationship with AARP, has been able to establish arrangements with experienced mutual fund service providers,

AARP Portfolios–Supplemental Information AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 95

Services, Fees and Benefits

The Board members, including the independent members, considered the following factors, and reached the following conclusions, relating to the Funds and Portfolios in evaluating the continuance of the advisory agreements:

• the nature and scope of the advisory services that AFI provided to the Trusts and the investment sub-advisory services that SSgA FM provided to the Trusts, concluding that the nature and scope of the services were adequate and satisfactory;

• the quality of the services that AFI and SSgA FM provided to the Trusts (as evaluated by each Fund’s and each Portfolio’s investment performance and expenses), on both absolute and comparative bases, over current and historical periods, including comparisons with a benchmark index and certain industry peer data from an independent source, concluding that the quality of the services was adequate and satisfactory;

• data regarding the investment advisory fee rate and investment sub-advisory fee rate (and expenses) for each Fund and each Portfolio, on both an absolute and comparative basis, concluding that the investment advisory and investment sub-advisory fees (as well as other expenses) of each Fund and each Portfolio are within the range paid by funds deemed to be comparable by an independent source;

• advice received from AFI that, while the investment advisory fee rate for each Fund and each Portfolio does not have break-points, (i) the Funds and Portfolios had not yet attained asset levels that would result in economies of scale, (ii) the investment sub-advisory agreement with SSgA FM for the Funds and Portfolios provides for break-points, and (iii) AFI would be willing to consider break-points based on greater asset levels of the Funds and Portfolios, concluding that neither AFI nor SSgA FM was currently in a position to realize economies of scale that could be passed on to Trusts shareholders;

• the fact that AFI or AARP may derive benefits by having the Trusts available for marketing in connection with other investment or retirement programs that may be subject to fees and charges payable to AFI or AARP, concluding that such benefits were consistent with the mission of AARP, at best would be difficult to quantify, and did not appear to be inconsistent with the best interests of each Fund and each Portfolio; and

96 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT AARP Portfolios–Supplemental Information

AARP Portfolios—

Supplemental Information

(continued)

• information about the processes and procedures of SSgA FM regarding such matters, among others, as code of ethics, trading practices (e.g., brokerage allocation, soft dollars, use of affiliated brokers, trades between Portfolios, bunching, and allocation of investment opportunities), regulatory compliance, disaster recovery planning, and SSgA FM’s D&O/E&O insurance policies, and information set out in the Form ADV filed with the SEC by SSgA FM and the most recent Form 10K filed by SSgA FM’s parent, State Street Corporation, concluding that there was no information that appeared inconsistent with the continuance of the investment sub-advisory arrangement with SSgA FM.

Investment Performance

The Board members considered the investment performance of each Fund on an absolute basis and risk adjusted basis for the 12 months ended September 30, 2009. The investment performance of the Portfolios was reviewed on an absolute basis since risk-adjusted metrics for the Portfolios (as well as the Money Market Fund) were not available. The Board also considered the investment performance of each Fund and each Portfolio, as compared to: (i) its benchmark index (“benchmark”) on an absolute basis and (ii) comparable funds or peers. The Board considered the fact that each Fund’s and each Portfolio’s investment performance was net of expenses, while a benchmark does not reflect any expenses. The Board also considered the fact that the AARP Aggressive Fund, AARP Moderate Fund, AARP Conservative Fund and the AARP Income Fund, unlike their respective peers, invest in index funds, rather than actively managed funds.

AARP Aggressive Fund. The Fund underperformed its benchmark, but outperformed both its Morningstar peer group median and its Lipper Growth peer group median on a total return basis for the 12 months ended September 30, 2009. The Board noted that the Fund also outperformed its Morningstar peer group on a certain risk adjusted basis (Sharpe ratio) for this period.

AARP Moderate Fund. The Fund nearly matched its benchmark and outperformed both its Morningstar peer group median and its Lipper Moderate Allocation peer group median on a total return basis for the 12 months ended September 30, 2009. The Board noted that the Fund also outperformed its Morningstar peer group median on a certain risk adjusted basis (Sharpe ratio) for this period.

AARP Conservative Fund. The Fund nearly matched its benchmark and outperformed its Morningstar peer group median on a total return

AARP Portfolios–Supplemental Information AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 97

basis for the 12 months ended September 30, 2009. However, the Fund slightly underperformed its Lipper Conservative Allocation peer group median on a total return basis for the 12 months ended September 30, 2009. The Board noted that the Fund also outperformed its Morningstar peer group median on a certain risk adjusted basis (Sharpe ratio) for this period.

AARP Income Fund. The Fund slightly underperformed its benchmark, but matched its Morningstar peer group median on a total return basis for the 12 months ended September 30, 2009. The Fund underperformed its Lipper Investment Grade Bond peer group median on a total return basis for the 12 months ended September 30, 2009. The Board noted that the Fund also outperformed its Morningstar peer group median on a certain risk adjusted basis (Sharpe ratio) for this period.

AARP Money Market Fund. The Fund outperformed its Morningstar peer group median and its Lipper Taxable Money Market peer group on a yield basis for the 12 months ended September 30, 2009. The Board noted that risk adjusted performance measures (Sharpe ratio) were not available for the Fund.

U.S. Stock Market Portfolio. The Portfolio nearly matched its benchmark and outperformed its Morningstar peer group median on a total return basis for the 12 months ended September 30, 2009. The Board noted that risk adjusted performance measures (Sharpe ratio) were not available for the Portfolio.

International Stock Market Portfolio. The Portfolio underperformed its benchmark, but outperformed its Morningstar peer group median on a total return basis for the 12 months ended September 30, 2009. The Board noted that risk adjusted performance measures (Sharpe ratio) were not available for the Portfolio.

U.S. Bond Market Portfolio. The Portfolio slightly underperformed its benchmark, but outperformed its Morningstar peer group median on a total return basis for the 12 months ended September 30, 2009. However, the Portfolio underperformed its Lipper Intermediate Investment Grade peer group median for the 12 months ended September 30, 2009. The Board noted that risk adjusted performance measures (Sharpe ratio) were not available for the Portfolio.

Board Consideration

In connection with their deliberation, the Board and the independent Trustees received legal advice from outside counsel to the Trust and the independent Trustees of the Trust regarding the standards and methodology of evaluation articulated by the SEC and the

98 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT AARP Portfolios–Supplemental Information

AARP Portfolios—

Supplemental Information

(continued)

courts, and followed by the industry, for mutual funds selling shares to the public and to other mutual funds.

The foregoing discussion of the material factors considered and conclusions reached by the Trustees is not intended to be all-inclusive. The Trustees reviewed a variety of factors and considered a significant amount of information, including information received on an ongoing basis at meetings of the Board and the Board’s committees throughout the year. In addition, the Operations Committee and the Investment Committee met in person without management, on November 11, 2009 to discuss the proposed continuance of the Agreements. In view of the broad scope and variety of these factors and information, the Board did not find it practicable to, and did not, make specific assessments of, quantify, or otherwise assign relative weights to the specific factors considered in reaching the Board’s conclusions and determinations to continue the Investment Advisory Agreements and Investment Sub-advisory Agreements. The approval determinations were made on the basis of each Trustee’s business judgment after consideration of all of the factors taken as a whole, though individual Trustees may have given different weights to different factors and assigned various degrees of materiality to various conclusions.

About the Portfolios’ Board of Trustees and Officers AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 99

About the Portfolios’ Board of Trustees

and Officers (unaudited)

The Board of Trustees (“Board”) of the AARP Portfolios oversee the operation and management of the Portfolios.

The Board is comprised of four trustees who are independent, meaning that they are not “interested persons” of AARP Portfolios for purposes of the Investment Company Act. Put simply, this means that they do not have material affiliations with AARP Portfolios, AARP Financial or SSgA FM apart from the personal investments they may have made in AARP Funds as private individuals.

Our independent board members bring distinguished backgrounds in business, academia and public service to their task of working with AARP Portfolios officers to establish policies and oversee the activities of the Portfolios.

The table below includes information about the trustees and officers of the Trust, including their:

• business addresses;

• ages;

• principal occupations during the past five years; and

• other directorships of publicly traded companies or funds.

Shareholders may communicate with the Board and officers by sending written correspondence to AARP Funds c/o the Funds’ Secretary, 650 F Street NW, Washington, D.C. 20004.

Trustees and officers

Name, Address and Age	Position(s) with the Trust and Term of Office(1)	Principal Occupation(s) During Past 5 Years	Number of Funds and Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee
Independent trustees
PETER C. CLAPMAN c/o AARP Financial Incorporated 650 F Street, N.W., Washington, DC 20004 Age: 74	Chairman of the Board and Trustee since 2005	Consultant, governance advisory services (July 2005–present); Director, National Association of Corporate Directors (non-profit private director education) (January 2005–present); Head of U.S. operations, Governance for Owners (governance services and consulting) (June 2005–present); Member, NASDAQ Listing Council (2005–present); Senior Vice President and Chief Counsel, TIAA-CREF (financial services, pension and investment products) (1972–July 2005).	8	Director, iPass, Inc. (February 2007–present).

100 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT About the Portfolios’ Board of Trustees and Officers

About the Portfolios’ Board of Trustees

and Officers (unaudited) (continued)

Name, Address and Age	Position(s) with the Trust and Term of Office(1)	Principal Occupation(s) During Past 5 Years	Number of Funds and Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee
RICHARD M. REILLY c/o AARP Financial Incorporated 650 F Street, N.W., Washington, DC 20004 Age: 72	Trustee since 2006	Self-Employed Consultant (November 2002–present); Trustee, International Foundation for Retirement Education (InFRE) (September 2006–present); Senior Vice President, Allmerica Financial Corp. (financial services holding company) (November 2001–November 2002); President, Allmerica Financial Services (investments/insurance) (1995–November 2001).	8	None.
ELLEN B. SAFIR, CFA c/o AARP Financial Incorporated 650 F Street, N.W., Washington, DC 20004 Age: 65	Trustee since 2006	Chief Executive Officer, New Century Advisors, LLC (registered investment adviser) (2002–present); President, CFA Society of Washington, DC (July 2007–June 2008); Member, Investment Committee, United States Holocaust Memorial Museum (June 1997–present); Managing Director, Fixed Income and Currencies, Howard Hughes Medical Institute (medical research) (1986–2002).	8	None.
LYNN E. TURNER c/o AARP Financial Incorporated 650 F Street, N.W., Washington, DC 20004 Age: 58	Trustee since 2005	Trustee, Colorado Public Employees Retirement Association (COPERA) (August 2007–present); Managing Director/Senior Advisor, LECG (forensic accounting) (May 2009–present); Managing Director/Senior Advisor, Kroll Inc. (forensic accounting) (July 2003–March 2009); Managing Director of Research, Glass Lewis & Co. LLC (financial and proxy research) (July 2003–June 2007); Professor, Colorado State University (August 2001–June 2003); Chief Accountant, Securities and Exchange Commission (July 1998–August 2001).	8	Director, Guidance Software, Inc. (April 2007–February 2008); Director, Sun Microsystems, Inc. (November 2003–October 2006).

About the Portfolios’ Board of Trustees and Officers AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT 101

Name, Address and Age	Position(s) with the Trust and Term of Office(1)	Principal Occupation(s) During Past 5 Years	Number of Funds and Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee
Interested trustee
ROBERT R. HAGANS, JR.(3) c/o AARP Financial Incorporated 650 F Street, N.W., Washington, DC 20004 Age: 55	Trustee since 2008	Chief Financial Officer, AARP (2001–present); Director, AARP Financial Inc. (2007–2008); Director, Boys and Girls Club of America (2008–present).	8	Treasurer and Director, Industrial Bank, NA (2000–present)

⁽¹⁾ Each trustee may serve until his/her death, resignation, removal, retirement or declaration of incompetence by a court of appropriate jurisdiction.

⁽²⁾ The “Fund Complex” consists of the five AARP Funds and the three series of the AARP Portfolios, which are not offered to the public for investment.

⁽³⁾ Mr. Hagans is considered an interested trustee due to his position as Chief Financial Officer of AARP.

Name, Address and Age	Position(s) with the Trust and Term of Office	Principal Occupation(s) During Past 5 Years
Officers
RICHARD M. HISEY, CFA AARP Financial Incorporated Two Highwood Drive, 2nd Floor, Tewksbury MA 01876 Age: 51	President	President, AARP Financial Inc. (May 2008–present); Chief Investment Officer, AARP Financial Inc. (April 2006–present); Executive Vice President and Chief Investment Officer, Cole Management, Incorporated (venture capital firm) (2005–2006); Senior Vice President, MFS Investment Management and Treasurer and Chief Financial Officer, MFS Group of Mutual Funds (2002–2005); Senior Vice President, The Bank of New York (2000–2002).
JEFFREY J. GABOURY AARP Financial Incorporated Two Highwood Drive, 2nd Floor, Tewksbury MA 01876 Age: 41	Treasurer	Assistant Treasurer, AARP Financial Inc. (May 2008–November 2008); Deputy Treasurer, Lord, Abbett & Co. LLC (June 2006–April 2008); Treasurer and Chief Financial Officer of the New York Life Investment Management Group of Mutual Funds (December 2004–December 2005); Director of Compliance, Investors Bank & Trust Company (August 1996–November 2004).
SUSAN KIRKPATRICK AARP Financial Incorporated Two Highwood Drive, 2nd Floor, Tewksbury, MA 01876 Age: 44	Chief Compliance Officer	Chief Compliance Officer, AARP Financial Inc. (November 2007–present); Director of Compliance, AARP Financial Inc. (December 2005–November 2007); Chief Compliance Officer, Grail Partners (investment banking) (March 2005–December 2005); Director, Devonshire Financial Group (consulting) (September 2004–December 2005); NewRiver, Inc. (electronic delivery of compliance documents) (July 1999–September 2004).

102 AARP PORTFOLIOS 2009 SEMI-ANNUAL REPORT About the Portfolios’ Board of Trustees and Officers

About the Portfolios’ Board of Trustees

and Officers (unaudited) (continued)

Name, Address and Age	Position(s) with the Trust and Term of Office	Principal Occupation(s) During Past 5 Years
MARC DUFFY AARP Financial Incorporated 650 F Street, N.W., Washington, DC 20004 Age: 52	Secretary	Associate General Counsel, AARP Financial Inc. (August 2006–present); Assistant General Counsel, E*TRADE Financial Corporation (January 2004-August 2006); Assistant General Counsel, Legg Mason Wood Walker, Incorporated (September 1999–January 2004).
JULIE TEDESCO State Street Bank and Trust Company 4 Copley Place, 5th Floor, Boston, MA 02116 Age: 52	Assistant Secretary	Senior Vice President and Senior Managing Counsel, State Street Bank and Trust Company (2000–present).

Additional information about AARP Portfolios’ trustees is provided in the Statement of Additional Information and is available without charge, upon request, by calling 1-800-958-6457.

AARP Portfolios

P.O. Box 909

Tewksbury, MA 01876-0909

^©2009 AARP Portfolios

ARP-SR-002-0210

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Schedule of Investments is included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

The Board of Trustees has adopted procedures by which shareholders may recommend nominees to the Board. There have been no amendments to such procedures during the reporting period for Form N-CSR.

Item 11. Controls and Procedures

(a) The Registrant’s principal executive and principal financial officers have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective, as of a date within 90 days of the filing date of this Form N-CSR based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits

(a)(1)	Not applicable.
(a)(2)	The certifications required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are attached hereto. (Ex-99.CERT)
(a)(3)	Not applicable.
(b)	The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act are attached hereto. (Ex-99.906CERT)

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 PORTFOLIOS
By:	/S/    RICHARD M. HISEY
	Richard M. Hisey
	President (principal executive officer) of AARP Portfolios

Date: February 26, 2010

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 (principal executive officer) of AARP Portfolios

Date: February 26, 2010

By:	/S/    JEFFREY J. GABOURY
	Jeffrey J. Gaboury
	Treasurer (principal financial officer) of AARP Portfolios

Date: February 26, 2010