UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21839

AARP PORTFOLIOS

(Exact name of registrant as specified in charter)

650 F. STREET NW

WASHINGTON, DC 20004

(Address of principal executive offices) (Zip code)

(Name and Address of Agent for Service)	Copy to:
LARRY C. RENFRO AARP PORTFOLIOS 650 F. STREET NW WASHINGTON, DC 20004	MARC R. DUFFY AARP FUNDS 650 F. STREET NW WASHINGTON, DC 20004

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

Date of fiscal year end: June 30

Date of reporting period: March 31, 2008

Item 1. Schedule of Investments.

U.S. Stock Market Portfolio

International Stock Market Portfolio

U.S. Bond Market Portfolio

AARP Portfolios

U.S. Stock Market Portfolio

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - 98.5%
Consumer Discretionary - 10.3%
199 Cents Only Stores	200	$	1,978
Aaron Rents, Inc.	121		2,606
Abercrombie & Fitch Co.	296		21,649
1ACCO Brands Corp.	160		2,171
Advance Auto Parts, Inc.	408		13,892
1Aeropostale, Inc.	255		6,913
1AFC Enterprises, Inc.	100		899
1Aftermarket Technology Corp.	100		1,944
1A.H. Belo Corp.	50		572
1Amazon.com, Inc.	1,125		80,212
Ambassadors Group, Inc.	100		1,889
American Axle & Manufacturing Holdings, Inc.	200		4,100
American Eagle Outfitters, Inc.	684		11,977
American Greetings Corp.	200		3,710
Ameristar Casinos, Inc.	158		2,884
Andersons, Inc.	100		4,461
1AnnTaylor Stores Corp.	169		4,086
ArvinMeritor, Inc.	200		2,502
Asbury Automotive Group, Inc.	100		1,376
Autoliv, Inc.	300		15,060
1AutoNation, Inc.	463		6,931
1AutoZone, Inc.	159		18,099
1Avis Budget Group, Inc.	288		3,059
1Bare Escentuals, Inc.	200		4,684
Barnes & Noble, Inc.	226		6,927
1Beacon Roofing Supply, Inc.	75		750
Beazer Homes USA, Inc.	88		832
Bebe Stores, Inc.	100		1,075
1Bed Bath & Beyond, Inc.	979		28,880
Belo Corp.	250		2,643
Best Buy Co., Inc.	1,286		53,318
Big 5 Sporting Goods Corp.	100		877
1Big Lots, Inc.	370		8,251
1BJ’s Wholesale Club, Inc.	253		9,030
Black & Decker Corp.	227		15,005
1Blockbuster, Inc.	300		978
1Blue Nile, Inc.	100		5,415
Blyth, Inc.	100		1,972
Bob Evans Farms, Inc.	90		2,483
Borders Group, Inc.	100		587
BorgWarner, Inc.	460		19,794
Boyd Gaming Corp.	158		3,160
1Brightpoint, Inc.	105		878
Brinker International, Inc.	385		7,142
1Brocade Communications Systems, Inc.	1,495		10,914
Brown Shoe Co., Inc.	130		1,959
Brunswick Corp.	299		4,775
Buckle, Inc.	100		4,473
Building Material Holding Corp.	40		175
Burger King Holdings, Inc.	287		7,938
1Cabela’s, Inc.	94		1,331
1Cablevision Systems Corp.	847		18,151
1California Pizza Kitchen, Inc.	150		1,967
Callaway Golf Co.	220		3,230
1Carmax, Inc.	758		14,720
Carnival Corp.	1,553		62,865
1Carter’s, Inc.	160		2,584
Cato Corp.	100		1,494
CBRL Group, Inc.	107		3,827
CBS Corp.	2,257		49,835
1CEC Entertainment, Inc.	150		4,332
Centex Corp.	435		10,531
1Champion Enterprises, Inc.	210		2,106
1Charlotte Russe Holding, Inc.	100		1,734
1Charming Shoppes, Inc.	250		1,208
1Charter Communications, Inc.	1,200		1,022
1Cheesecake Factory	270		5,883
1Chico’s FAS, Inc.	499		3,548
1Childrens Place Retail Stores, Inc.	130		3,193
1Chipotle Mexican Grill, Inc., Class A	42		4,764
1Chipotle Mexican Grill, Inc., Class B	60		5,825
Choice Hotels International, Inc.	100		3,411
Christopher & Banks Corp.	100		999
Churchill Downs, Inc.	100		4,724
Cinemark Holdings, Inc.	200		2,558
Circuit City Stores, Inc.	500		1,990
Citadel Broadcasting Corp.	395		656
CKE Restaurants, Inc.	200		2,244
1CKX, Inc.	200		1,904
Clear Channel Communications, Inc.	1,713		50,054
1Coach, Inc.	1,293		38,984
1Coldwater Creek, Inc.	175		884
1Collective Brands, Inc.	180		2,182
Columbia Sportswear Co.	55		2,422
Comcast Corp., Class A	7,108		137,469
Comcast Corp., Special Class A	3,560		67,533
Cooper Tire & Rubber Co.	210		3,144
1Copart, Inc.	300		11,628
Costco Wholesale Corp.	1,566		101,743
1Cox Radio, Inc.	100		1,188
1CROCS, Inc.	302		5,276
1CSK Auto Corp.	100		931
1CTC Media, Inc.	100		2,775
Darden Restaurants, Inc.	500		16,275
1Deckers Outdoor Corp.	37		3,989
1Dick’s Sporting Goods, Inc.	286		7,659
Dillard’s, Inc.	143		2,461
1DIRECTV Group, Inc.	2,576		63,859
1DISH Network Corp.	709		20,370
1Dolby Laboratories, Inc.	200		7,252
1Dollar Tree, Inc.	731		20,168
Domino’s Pizza, Inc.	152		2,050
D.R. Horton, Inc.	977		15,388

1

AARP Portfolios

U.S. Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Consumer Discretionary - (continued)
1DreamWorks Animation SKG, Inc.	260	$	6,703
1Dress Barn, Inc.	80		1,035
1DSW, Inc.	100		1,295
1DTS, Inc.	100		2,400
Eastman Kodak Co.	1,063		18,783
Entercom Communications Corp.	60		596
1Entravision Communications Corp.	200		1,332
Ethan Allen Interiors, Inc.	150		4,265
E.W. Scripps Co.	360		15,124
1Exide Technologies	400		5,240
1Expedia, Inc.	719		15,739
Family Dollar Stores, Inc.	484		9,438
Federal Signal Corp.	100		1,396
Finish Line, Inc.	80		381
1Fleetwood Enterprises, Inc.	200		920
Foot Locker, Inc.	604		7,109
1Ford Motor Co.	6,172		35,304
Fortune Brands, Inc.	600		41,700
1 Fossil, Inc.	180		5,497
Fred’s, Inc.	100		1,025
Furniture Brands International, Inc.	80		936
1GameStop Corp., Class A	532		27,510
Gannett Co., Inc.	850		24,692
Gap, Inc.	2,030		39,950
Garmin Ltd.	437		23,602
GateHouse Media, Inc.	100		584
1Gaylord Entertainment Co.	194		5,876
1Gemstar-TV Guide International, Inc.	1,116		5,245
General Motors Corp.	1,619		30,842
1Genesco, Inc.	40		924
Gentex Corp.	573		9,827
1Getty Images, Inc.	201		6,432
1Goodyear Tire & Rubber Co.	680		17,544
Group 1 Automotive, Inc.	100		2,348
1GSI Commerce, Inc.	100		1,315
Guess?, Inc.	156		6,313
1Gymboree Corp.	124		4,945
1Hanesbrands, Inc.	359		10,483
Harley-Davidson, Inc.	928		34,800
Harman International Industries, Inc.	217		9,448
Harte-Hanks, Inc.	180		2,461
Hasbro, Inc.	513		14,313
Hearst-Argyle Television, Inc.	87		1,795
1Helen of Troy Ltd.	100		1,677
1Hertz Global Holdings, Inc.	400		4,824
1Hibbett Sports, Inc.	60		926
HNI Corp.	108		2,904
Home Depot, Inc.	6,074		169,890
1Hot Topic, Inc.	200		862
1Hovnanian Enterprises, Inc.	96		1,018
Idearc, Inc.	600		2,184
IHOP Corp.	30		1,437
1Insight Enterprises, Inc.	180		3,150
Interactive Data Corp.	170		4,840
Interface, Inc.	100		1,405
1Interline Brands, Inc.	100		1,855
International Game Technology	1,100		44,231
International Speedway Corp.	150		6,180
1Interpublic Group of Cos., Inc.	1,560		13,120
1inVentiv Health, Inc.	100		2,881
1J. Crew Group, Inc.	200		8,834
1Jack in the Box, Inc.	262		7,040
1Jakks Pacific, Inc.	100		2,757
JCPenney Co., Inc.	767		28,924
1Jo-Ann Stores, Inc.	100		1,473
John Wiley & Sons, Inc.	170		6,749
Johnson Controls, Inc.	2,146		72,535
Jones Apparel Group, Inc.	322		4,321
1Jos A. Bank Clothiers, Inc.	100		2,050
Journal Communications, Inc.	200		1,476
K-Swiss, Inc.	50		791
KB Home	274		6,776
Kimball International, Inc.	100		1,072
Knoll, Inc.	106		1,223
1Knology, Inc.	100		1,295
1Kohl’s Corp.	1,102		47,265
1Krispy Kreme Doughnuts, Inc.	200		610
La-Z-Boy, Inc.	200		1,668
1Lamar Advertising Co.	284		10,204
Lancaster Colony Corp.	60		2,398
Landry’s Restaurants, Inc.	100		1,628
1Las Vegas Sands Corp.	388		28,572
1Lear Corp.	240		6,218
Lee Enterprises, Inc.	80		801
Leggett & Platt, Inc.	544		8,296
Lennar Corp.	393		7,392
1Liberty Global, Inc.	685		22,249
1Liberty Media Corp.—Entertainment	1,760		39,846
1Liberty Media Holding Corp.—Capital	440		6,926
1Liberty Media Holding Corp.—Interactive	2,004		32,345
1Life Time Fitness, Inc.	100		3,121
Limited Brands, Inc.	1,187		20,298
1Lions Gate Entertainment Corp.	400		3,900
1Live Nation, Inc.	151		1,832
Liz Claiborne, Inc.	302		5,481
1LKQ Corp.	392		8,808
1LodgeNet Entertainment Corp.	100		609
Lowe’s Cos., Inc.	5,295		121,467
1M&F Worldwide Corp.	50		1,870
1Macrovision Corp.	190		2,565

2

AARP Portfolios

U.S. Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Consumer Discretionary - (continued)
Macy’s, Inc.	1,556	$	35,881
Marcus Corp.	100		1,920
Marriott International, Inc.	1,215		41,747
1Marvel Entertainment, Inc.	200		5,358
Mattel, Inc.	1,426		28,377
Matthews International Corp.	160		7,720
McClatchy Co.	116		1,241
McDonald’s Corp.	4,320		240,926
McGraw-Hill Cos., Inc.	1,232		45,522
MDC Holdings, Inc.	100		4,379
Media General, Inc.	40		561
1Mediacom Communications Corp.	200		866
Men’s Wearhouse, Inc.	160		3,723
Meredith Corp.	189		7,229
1Meritage Homes Corp.	30		580
1MGM Mirage	382		22,450
Modine Manufacturing Co.	60		869
1Mohawk Industries, Inc.	188		13,463
1Morgans Hotel Group Co.	100		1,482
Movado Group, Inc.	100		1,949
1Move, Inc.	300		924
National CineMedia, Inc.	200		4,496
1Nautilus, Inc.	100		329
1NetFlix, Inc.	160		5,544
New York Times Co.	501		9,459
Newell Rubbermaid, Inc.	958		21,909
News Corp., Class A	6,460		121,125
News Corp., Class B	1,503		28,617
Nike, Inc.	1,312		89,216
Nordstrom, Inc.	731		23,831
1NutriSystem, Inc.	111		1,673
1NVR, Inc.	16		9,560
O’Charleys, Inc.	100		1,152
1O’Reilly Automotive, Inc.	413		11,779
1Office Depot, Inc.	991		10,951
OfficeMax, Inc.	290		5,551
Omnicom Group, Inc.	1,182		52,221
Orient-Express Hotels Ltd.	216		9,323
Oxford Industries, Inc.	42		946
1Pacific Sunwear of California, Inc.	190		2,396
1Panera Bread Co.	173		7,247
1Papa John’s International, Inc.	60		1,453
1Penn National Gaming, Inc.	290		12,682
Penske Automotive Group, Inc.	154		2,997
PEP Boys-Manny Moe & Jack	100		996
PetSmart, Inc.	482		9,852
1PF Chang’s China Bistro, Inc.	40		1,138
Phillips-Van Heusen, Corp.	208		7,887
1Pier 1 Imports, Inc.	300		1,884
1Pinnacle Entertainment, Inc.	170		2,176
Polaris Industries, Inc.	160		6,562
Polo Ralph Lauren Corp.	276		16,088
Pool Corp.	180		3,400
1Priceline.com, Inc.	127		15,349
Pulte Homes, Inc.	848		12,338
1Quiksilver, Inc.	350		3,434
1Radio One, Inc.	300		456
RadioShack Corp.	440		7,150
1RC2 Corp.	100		2,097
1Red Robin Gourmet Burgers, Inc.	41		1,540
Regal Entertainment Group	180		3,472
Regis Corp.	160		4,398
1Rent-A-Center, Inc.	200		3,670
1Retail Ventures, Inc.	100		485
1R.H. Donnelley Corp.	283		1,432
Ross Stores, Inc.	493		14,770
Royal Caribbean Cruises Ltd.	485		15,956
Ruby Tuesday, Inc.	200		1,500
Ryland Group, Inc.	206		6,775
1Saks, Inc.	553		6,896
1Scholastic Corp.	133		4,026
1School Specialty, Inc.	40		1,262
1Scientific Games Corp.	180		3,800
Sealy Corp.	100		760
1Sears Holdings Corp.	277		28,279
1Select Comfort Corp.	175		630
Sherwin-Williams Co.	421		21,488
1Shuffle Master, Inc.	60		321
Sinclair Broadcast Group, Inc.	200		1,782
1Sirius Satellite Radio, Inc.	4,825		13,800
1Six Flags, Inc.	300		492
1Skechers U.S.A., Inc.	100		2,021
1Smith & Wesson Holding Corp.	100		502
Snap-On, Inc.	229		11,645
Sonic Automotive, Inc.	100		2,055
1Sonic Corp.	236		5,201
Speedway Motorsports, Inc.	100		2,507
Stage Stores, Inc.	90		1,458
Standard-Pacific Corp.	183		889
Stanley Works	290		13,810
Staples, Inc.	2,482		54,877
1Starbucks Corp.	2,690		47,075
Starwood Hotels & Resorts Worldwide, Inc.	689		35,656
1Steak N Shake Co.	100		787
1Steven Madden Ltd.	54		925
Superior Industries International, Inc.	100		2,075
Talbots, Inc.	100		1,078
Target Corp.	2,855		144,691
Tempur-Pedic International, Inc.	200		2,200
1Tenneco, Inc.	180		5,029
1Texas Roadhouse, Inc.	152		1,490
Thor Industries, Inc.	150		4,466
Tiffany & Co.	500		20,920
Tim Hortons, Inc.	700		23,835

3

AARP Portfolios

U.S. Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Consumer Discretionary - (continued)
1Timberland Co.	170	$	2,334
Time Warner, Inc.	13,073		183,283
1Tivo, Inc.	300		2,628
TJX Cos., Inc.	1,611		53,276
1Toll Brothers, Inc.	422		9,909
Toro Co.	200		8,278
1Tractor Supply Co.	179		7,074
Triarc Cos., Inc. Class A	150		945
Triarc Cos., Inc. Class B	200		1,382
1TRW Automotive Holdings Corp.	160		3,739
Tupperware Brands Corp.	280		10,830
1Tween Brands, Inc.	150		3,711
1Under Armour, Inc.	122		4,465
UniFirst Corp.	100		3,709
1United Rentals, Inc.	302		5,690
1Universal Electronics, Inc.	100		2,421
1Urban Outfitters, Inc.	426		13,355
1Vail Resorts, Inc.	78		3,767
V.F. Corp.	336		26,043
1Viacom, Inc.	2,100		83,202
Virgin Media, Inc.	1,069		15,041
1Visteon Corp.	210		790
WABCO Holdings, Inc.	191		8,713
Wabtec Corp.	170		6,402
Wal-Mart Stores, Inc.	8,631		454,681
Walt Disney Co.	6,540		205,225
1Warnaco Group, Inc.	180		7,099
Warner Music Group Corp.	80		398
Washington Post Co.	21		13,891
1WCI Communities, Inc.	50		168
Wendy’s International, Inc.	322		7,425
1WESCO International, Inc.	214		7,809
1Westwood One, Inc.	130		273
Whirlpool Corp.	308		26,728
Williams-Sonoma, Inc.	288		6,981
Winnebago Industries, Inc.	40		676
1WMS Industries, Inc.	150		5,396
Wolverine World Wide, Inc.	200		5,802
Wyndham Worldwide Corp.	577		11,932
Wynn Resorts Ltd.	231		23,248
1XM Satellite Radio Holdings, Inc.	1,212		14,083
Yum! Brands, Inc.	1,839		68,429
1Zale Corp.	170		3,359
1Zumiez, Inc.	100		1,569
Total Consumer Discretionary			5,322,057
Consumer Staples - 8.4%
Alberto-Culver Co.	313		8,579
1Alliance One International, Inc.	300		1,812
Altria Group, Inc.	7,564		167,921
Anheuser-Busch Cos., Inc.	2,630		124,793
Archer-Daniels-Midland Co.	2,087		85,901
Avon Products, Inc.	1,516		59,943
1Boston Beer Co., Inc.	100		4,754
Brown-Forman Corp.	200		13,244
Bunge Ltd.	438		38,053
Campbell Soup Co.	847		28,756
Casey’s General Stores, Inc.	180		4,068
1Central European Distribution Corp.	100		5,819
1Central Garden and Pet Co.	40		184
1Central Garden and Pet Co., Class A (Non-voting)	80		355
1Chattem, Inc.	51		3,383
1Chiquita Brands International, Inc.	178		4,114
Church & Dwight Co., Inc.	232		12,584
Clorox Co.	513		29,056
Coca-Cola Co.	7,470		454,699
Coca-Cola Enterprises, Inc.	911		22,046
Colgate-Palmolive Co.	1,836		143,043
ConAgra Foods, Inc.	1,771		42,415
1Constellation Brands, Inc.	610		10,779
Corn Products International, Inc.	251		9,322
CVS Corp.	5,311		215,149
Dean Foods Co.	469		9,422
Del Monte Foods Co.	760		7,243
1Elizabeth Arden, Inc.	100		1,995
Estee Lauder Cos., Inc.	430		19,715
Flowers Foods, Inc.	255		6,311
General Mills, Inc.	1,229		73,593
1Great Atlantic & Pacific Tea Co.	112		2,937
1Green Mountain Coffee Roasters, Inc.	100		3,165
H.J. Heinz Co.	1,149		53,969
1Hain Celestial Group, Inc.	180		5,310
1Hansen Natural Corp.	252		8,896
Herbalife Ltd.	150		7,125
Hershey Co.	597		22,489
Hormel Foods Corp.	289		12,040
Ingles Markets, Inc.	100		2,459
J&J Snack Foods Corp.	100		2,747
J.M. Smucker Co.	228		11,539
Kellogg Co.	999		52,507
Kimberly-Clark Corp.	1,535		99,084
Kraft Foods, Inc.	5,567		172,633
Kroger Co.	2,343		59,512
Lance, Inc.	100		1,960
Loews Corp.—Carolina Group	396		28,730
Longs Drug Stores Corp.	140		5,944
McCormick & Co., Inc.	433		16,008
Molson Coors Brewing Co.	476		25,023
Nash Finch Co.	100		3,398
1NBTY, Inc.	190		5,691
Nu Skin Enterprises, Inc.	300		5,406
1Pantry, Inc.	30		632
Pepsi Bottling Group, Inc.	460		15,599

4

AARP Portfolios

U.S. Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Consumer Staples - (continued)
PepsiAmericas, Inc.	200	$	5,106
PepsiCo, Inc.	5,782		417,460
1Performance Food Group Co.	170		5,556
1Philip Morris International, Inc.	7,564		382,587
Pilgrim’s Pride Corp.	152		3,075
1Prestige Brands Holdings, Inc.	100		818
Procter & Gamble Co.	11,149		781,210
1Ralcorp Holdings, Inc.	98		5,699
Reddy Ice Holdings, Inc.	100		1,303
1Rite Aid Corp.	2,350		6,909
Ruddick Corp.	100		3,686
Safeway, Inc.	1,605		47,107
1Sally Beauty Holdings, Inc.	190		1,311
Sanderson Farms, Inc.	100		3,801
Sara Lee Corp.	2,527		35,327
Seaboard Corp.	1		1,565
Sensient Technologies Corp.	161		4,748
1Smithfield Foods, Inc.	359		9,248
1Steiner Leisure Ltd.	100		3,300
SUPERVALU, Inc.	764		22,905
SYSCO Corp.	2,179		63,235
1Tejon Ranch Co.	100		3,732
1Terra Industries, Inc.	361		12,826
Tootsie Roll Industries, Inc.	106		2,673
1TreeHouse Foods, Inc.	100		2,286
Tyson Foods, Inc.	930		14,834
1United Natural Foods, Inc.	160		2,994
Universal Corp.	109		7,143
UST, Inc.	539		29,386
Vector Group Ltd.	105		1,847
Walgreen Co.	3,571		136,019
WD-40 Co.	100		3,325
Whole Foods Market, Inc.	489		16,122
1Winn-Dixie Stores, Inc.	300		5,388
Wm. Wrigley Jr. Co.	715		44,931
Total Consumer Staples			4,323,316
Energy - 11.8%
1Allis-Chalmers Energy, Inc.	100		1,379
Anadarko Petroleum Corp.	1,680		105,890
Apache Corp.	1,198		144,742
1Arena Resources, Inc.	100		3,871
Atlas America, Inc.	67		4,049
1ATP Oil & Gas Corp.	148		4,843
1Atwood Oceanics, Inc.	88		8,071
Baker Hughes, Inc.	1,149		78,706
1Basic Energy Services, Inc.	100		2,208
Berry Petroleum Co.	160		7,438
1Bill Barrett Corp.	140		6,615
BJ Services Co.	1,015		28,938
1BPZ Resources, Inc.	200		4,346
Cabot Oil & Gas Corp.	359		18,252
1Cameron International Corp.	800		33,312
CARBO Ceramics, Inc.	30		1,203
1Carrizo Oil & Gas, Inc.	100		5,927
1Cheniere Energy, Inc.	160		3,168
Chesapeake Energy Corp.	1,627		75,086
Chevron Corp.	7,581		647,114
Cimarex Energy Co.	306		16,750
1CNX Gas Corp.	100		3,228
1Complete Production Services, Inc.	100		2,294
1Comstock Resources, Inc.	160		6,448
ConocoPhillips	5,458		415,954
1Contango Oil & Gas Co.	66		4,264
1Continental Resources, Inc.	200		6,378
1Core Laboratories NV	78		9,305
Crosstex Energy, Inc.	119		4,040
1Dawson Geophysical Co.	34		2,295
1Delta Petroleum Corp.	200		4,508
1Denbury Resources, Inc.	836		23,868
Devon Energy Corp.	1,521		158,686
Diamond Offshore Drilling, Inc.	253		29,449
1Dresser-Rand Group, Inc.	305		9,379
1Dril-Quip, Inc.	180		8,365
El Paso Corp.	2,545		42,349
1Encore Acquisition Co.	160		6,445
1Energy Partners Ltd.	87		824
ENSCO International, Inc.	523		32,750
EOG Resources, Inc.	887		106,440
Equitable Resources, Inc.	415		24,444
1Evergreen Energy, Inc.	90		139
1EXCO Resources, Inc.	329		6,087
1Exterran Holdings, Inc.	231		14,909
Exxon Mobil Corp.	19,707		1,666,818
1Flotek Industries, Inc.	100		1,459
1FMC Technologies, Inc.	500		28,445
1Forest Oil Corp.	261		12,779
Frontier Oil Corp.	353		9,623
General Maritime Corp.	40		944
1Global Industries Ltd.	330		5,310
1Goodrich Petroleum Corp.	90		2,707
1Grant Prideco, Inc.	450		22,149
1Grey Wolf, Inc.	540		3,661
1GulfMark Offshore, Inc.	100		5,472
Halliburton Co.	3,175		124,873
1Harvest Natural Resources, Inc.	100		1,206
1Helix Energy Solutions Group, Inc.	297		9,356
Helmerich & Payne, Inc.	400		18,748
1Hercules Offshore, Inc.	262		6,581
Hess Corp.	1,037		91,443
Holly Corp.	211		9,160
1Hornbeck Offshore Services, Inc.	100		4,567
1ION Geophysical Corp.	200		2,760
Lufkin Industries, Inc.	56		3,574
Marathon Oil Corp.	2,550		116,280
1Mariner Energy Inc	300		8,103

5

AARP Portfolios

U.S. Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Energy - (continued)
1Matrix Service Co.	100	$	1,718
1McMoRan Exploration Co.	200		3,458
Murphy Oil Corp.	651		53,473
1Nabors Industries Ltd.	1,002		33,838
1NATCO Group, Inc.	100		4,675
1National Oilwell Varco, Inc.	1,300		75,894
1Newfield Exploration Co.	491		25,949
1Newpark Resources, Inc.	300		1,530
Noble Corp.	997		49,521
Noble Energy, Inc.	622		45,282
Occidental Petroleum Corp.	2,979		217,973
1Oceaneering International, Inc.	180		11,340
1Oil States International, Inc.	183		8,200
1Oilsands Quest, Inc.	600		2,364
1Pacific Ethanol, Inc.	100		440
1Parallel Petroleum Corp.	82		1,605
1Parker Drilling Co.	270		1,744
Patterson-UTI Energy, Inc.	577		15,106
Penn Virginia Corp.	160		7,054
1Petroleum Development Corp.	50		3,464
1PetroQuest Energy, Inc.	200		3,468
1Pioneer Drilling Co.	171		2,724
Pioneer Natural Resources Co.	450		22,104
1Plains Exploration & Production Co.	438		23,275
1Pride International, Inc.	559		19,537
1Quicksilver Resources, Inc.	400		14,612
Range Resources Corp.	552		35,024
1Rosetta Resources, Inc.	208		4,091
Rowan Cos., Inc.	399		16,431
RPC, Inc.	100		1,519
Schlumberger Ltd.	4,296		373,752
1SEACOR Holdings, Inc.	80		6,829
Smith International, Inc.	700		44,961
St. Mary Land & Exploration Co.	216		8,316
1Stone Energy Corp.	140		7,323
Sunoco, Inc.	433		22,720
1Superior Energy Services	300		11,886
1Swift Energy Co.	140		6,299
1T-3 Energy Services, Inc.	58		2,468
Tesoro Corp.	505		15,150
1Tetra Technologies, Inc.	220		3,485
Tidewater, Inc.	247		13,612
1Transocean, Inc.	1,122		151,694
1Trico Marine Services, Inc.	100		3,897
1Ultra Petroleum Corp.	553		42,857
1Unit Corp.	212		12,010
1US BioEnergy Corp.	200		1,180
Valero Energy Corp.	1,984		97,434
W&T Offshore, Inc.	113		3,854
1W-H Energy Services, Inc.	160		11,016
1Warren Resources, Inc.	200		2,374
1Weatherford International Ltd.	1,227		88,921
Western Refining, Inc.	100		1,347
1Whiting Petroleum Corp.	150		9,698
1Willbros Group, Inc.	100		3,060
Williams Cos., Inc.	2,144		70,709
XTO Energy, Inc.	1,743		107,822
Total Energy			6,112,861
Financials - 17.0%
2Acadia Realty Trust	100		2,415
ACE Ltd.	1,195		65,797
Advanta Corp.	81		569
1Affiliated Managers Group, Inc.	102		9,255
AFLAC, Inc.	1,758		114,182
1,2Alexander’s, Inc.	8		2,836
2Alexandria Real Estate Equities, Inc.	106		9,828
Alfa Corp.	100		2,198
1Alleghany Corp.	19		6,618
Allied Capital Corp.	550		10,136
Allied World Assurance Holdings Ltd.	200		7,940
Allstate Corp.	1,932		92,852
2AMB Property Corp.	344		18,720
AMBAC Financial Group, Inc.	1,089		6,262
AMCORE Financial, Inc.	110		2,239
2American Campus Communities, Inc.	100		2,736
American Capital Strategies Ltd.	702		23,980
American Equity Investment Life Holding Co.	200		1,856
American Express Co.	3,757		164,256
American Financial Group, Inc.	218		5,572
2American Financial Realty Trust	300		2,382
American International Group, Inc.	7,800		337,350
1AmeriCredit Corp.	364		3,665
Ameriprise Financial, Inc.	842		43,658
Amtrust Financial Services, Inc.	100		1,621
Anchor BanCorp Wisconsin, Inc.	100		1,897
Annaly Mortgage Management, Inc.	1,570		24,052
2Anthracite Capital, Inc.	200		1,320
2Anworth Mortgage Asset Corp.	200		1,226
AON Corp.	964		38,753
2Apartment Investment & Management Co.	333		11,904
Apollo Investment Corp.	476		7,535
2Arbor Realty Trust, Inc.	130		1,960
1Arch Capital Group Ltd.	205		14,077
1Ares Capital Corp.	333		4,190
1Argo Group International Holdings Ltd.	145		5,150
Arthur J. Gallagher & Co.	333		7,865
2Ashford Hospitality Trust, Inc.	300		1,704
Aspen Insurance Holdings Ltd.	300		7,914

6

AARP Portfolios

U.S. Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Financials - (continued)
Associated Banc-Corp	400	$	10,652
Assurant, Inc.	350		21,301
Assured Guaranty Ltd.	190		4,511
Astoria Financial Corp.	340		9,234
2AvalonBay Communities, Inc.	290		27,991
Axis Capital Holdings Ltd.	458		15,563
BancorpSouth, Inc.	232		5,373
Bank Mutual Corp.	200		2,148
Bank of America Corp.	16,036		607,925
Bank of Hawaii Corp.	200		9,912
Bank of New York Mellon Corp.	4,148		173,096
BankAtlantic Bancorp, Inc.	200		782
1Bankrate, Inc.	100		4,989
BankUnited Financial Corp.	126		631
Banner Corp.	21		484
BB&T Corp.	1,935		62,036
Bear Stearns Cos., Inc.	353		3,703
1Berkshire Hathaway, Inc.	35		156,551
2BioMed Realty Trust, Inc.	210		5,017
BOK Financial Corp.	96		5,014
Boston Private Financial Holdings, Inc.	160		1,694
2Boston Properties, Inc.	434		39,958
2Brandywine Realty Trust	240		4,070
2BRE Properties, Inc.	200		9,112
Broadridge Financial Solutions, Inc.	444		7,814
Brookdale Senior Living, Inc.	104		2,486
Brookline Bancorp, Inc.	190		2,181
Brown & Brown, Inc.	424		7,369
Calamos Asset Management, Inc.	76		1,237
2Camden Property Trust	230		11,546
Capital One Financial Corp.	1,488		73,239
2Capital Trust, Inc.	10		270
CapitalSource, Inc.	446		4,313
Capitol Bancorp Ltd.	100		2,114
Capitol Federal Financial	60		2,249
2CapLease, Inc.	100		777
Cascade Bancorp	100		956
Cash America International, Inc.	95		3,458
Cathay General Bancorp	100		2,073
1CB Richard Ellis Group, Inc.	821		17,766
1CBIZ, Inc.	200		1,624
2CBL & Associates Properties, Inc.	234		5,506
2Cedar Shopping Centers, Inc.	100		1,168
1Centennial Bank Holdings, Inc.	100		628
Central Pacific Financial Corp.	60		1,131
Charles Schwab Corp.	3,583		67,468
Chemical Financial Corp.	100		2,384
Chubb Corp.	1,398		69,173
Cincinnati Financial Corp.	537		20,427
CIT Group, Inc.	628		7,442
Citigroup, Inc.	18,560		397,555
Citizens Banking Corp.	207		2,573
City Holding Co.	100		3,990
City National Corp.	152		7,518
CME Group, Inc.	177		83,031
Cohen & Steers, Inc.	100		2,649
Colonial BancGroup, Inc.	434		4,179
2Colonial Properties Trust	163		3,920
Columbia Banking System, Inc.	100		2,238
Comerica, Inc.	577		20,241
Commerce Bancshares, Inc.	215		9,026
Commerce Group, Inc.	200		7,212
Community Bank System, Inc.	90		2,210
Community Trust Bancorp, Inc.	80		2,344
1CompuCredit Corp.	100		887
1Conseco, Inc.	699		7,130
2Corporate Office Properties Trust SBI MD	170		5,714
1Corrections Corp. of America	418		11,503
Corus Bankshares, Inc.	60		584
Countrywide Financial Corp.	1,906		10,483
2Cousins Properties, Inc.	90		2,224
Crystal River Capital, Inc.	100		893
Cullen/Frost Bankers, Inc.	202		10,714
CVB Financial Corp.	137		1,426
DCT Industrial Trust, Inc.	600		5,976
2Deerfield Capital Corp.	136		192
Delphi Financial Group	175		5,115
2Developers Diversified Realty Corp.	430		18,008
2DiamondRock Hospitality Co.	400		5,068
2Digital Realty Trust, Inc.	200		7,100
Dime Community Bancshares	180		3,146
Discover Financial Services	1,597		26,143
Douglas Emmett, Inc.	300		6,618
Downey Financial Corp.	30		551
2Duke Realty Corp.	551		12,568
1E*Trade Financial Corp.	1,209		4,667
East West Bancorp, Inc.	182		3,231
2EastGroup Properties, Inc.	80		3,717
Eaton Vance Corp.	374		11,411
Employers Holdings, Inc.	200		3,708
Endurance Specialty Holdings Ltd.	228		8,345
1Enstar Group Ltd.	31		3,449
2Entertainment Properties Trust	160		7,893
2Equity Lifestyle Properties, Inc.	150		7,406
2Equity One, Inc.	90		2,157
2Equity Residential	1,000		41,490
Erie Indemnity Co.	108		5,529
2Essex Property Trust, Inc.	76		8,662
1Euronet Worldwide, Inc.	88		1,695
Everest Re Group Ltd.	209		18,712
2 Extra Space Storage, Inc.	180		2,914

7

AARP Portfolios

U.S. Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Financials - (continued)
1EZCORP, Inc.	100	$	1,231
Fannie Mae	3,517		92,567
FBL Financial Group, Inc.	100		2,849
1FCStone Group, Inc.	100		2,770
2Federal Realty Investment Trust	190		14,810
Federated Investors, Inc.	321		12,570
2FelCor Lodging Trust, Inc.	140		1,684
Fidelity National Financial, Inc.	749		13,729
Fidelity National Information Services, Inc.	708		27,003
Fifth Third Bancorp	1,679		35,125
Financial Federal Corp.	75		1,636
First American Corp.	265		8,994
First BanCorp	320		3,251
First Busey Corp.	100		2,112
1First Cash Financial Services, Inc.	100		1,033
First Charter Corp.	100		2,671
First Citizens BancShares, Inc.	10		1,394
First Commonwealth Financial Corp.	206		2,388
First Community Bancorp, Inc.	150		4,028
First Financial Bankshares, Inc.	100		4,098
First Financial Corp.	40		1,231
First Financial Holdings, Inc.	100		2,346
First Horizon National Corp.	432		6,052
2First Industrial Realty Trust, Inc.	171		5,282
First Marblehead Corp.	175		1,306
First Merchants Corp.	130		3,710
First Midwest Bancorp, Inc.	190		5,276
First Niagara Financial Group, Inc.	300		4,077
2First Potomac Realty Trust	100		1,537
1FirstFed Financial Corp.	30		815
FirstMerit Corp.	219		4,525
Flagstar Bancorp, Inc.	100		722
Flagstone Reinsurance Holdings Ltd.	100		1,210
FNB Corp.	150		2,342
Forest City Enterprises, Inc.	245		9,016
1Forestar Real Estate Group, Inc.	200		4,982
Franklin Resources, Inc.	621		60,231
2Franklin Street Properties Corp.	261		3,738
Freddie Mac	2,335		59,122
1Fremont General Corp.	80		38
2Friedman, Billings, Ramsey Group, Inc.	200		340
Frontier Financial Corp.	120		2,122
Fulton Financial Corp.	525		6,452
1FX Real Estate and Entertainment, Inc.	40		235
GAMCO Investors, Inc.	60		3,022
2General Growth Properties, Inc.	846		32,292
Genworth Financial, Inc.	1,561		35,341
2Getty Realty Corp.	120		1,912
GFI Group, Inc.	64		3,667
Glacier Bancorp, Inc.	190		3,642
2Glimcher Realty Trust	100		1,196
2GMH Communities Trust	170		1,476
Goldman Sachs Group, Inc.	1,280		211,699
2Gramercy Capital Corp.	100		2,093
Greenhill & Co., Inc.	56		3,895
1Guaranty Financial Group, Inc.	200		2,124
Hancock Holding Co.	60		2,521
Hanmi Financial Corp.	100		739
Hanover Insurance Group, Inc.	216		8,886
Harleysville Group, Inc.	100		3,609
Harleysville National Corp.	100		1,442
Hartford Financial Services Group, Inc.	1,180		89,409
HCC Insurance Holdings, Inc.	430		9,757
2Health Care Property Investors, Inc.	793		26,811
2Health Care REIT, Inc.	336		15,164
2Healthcare Realty Trust, Inc.	175		4,576
1HealthExtras, Inc.	70		1,739
2Highwoods Properties, Inc.	190		5,903
Hilb, Rogal & Hobbs Co.	150		4,721
1Hilltop Holdings, Inc.	100		1,040
2Home Properties, Inc.	160		7,678
Horace Mann Educators Corp.	120		2,098
2Hospitality Properties Trust	378		12,860
2Host Hotels & Resorts, Inc.	1,812		28,847
2HRPT Properties Trust	604		4,065
Hudson City Bancorp, Inc.	1,734		30,657
Huntington Bancshares, Inc.	1,238		13,308
IBERIABANK Corp.	60		2,655
2IMPAC Mortgage Holdings, Inc.	200		254
Independent Bank Corp.	90		2,660
IndyMac Bancorp, Inc.	236		1,171
Infinity Property & Casualty Corp.	50		2,080
2Inland Real Estate Corp.	150		2,282
Integra Bank Corp.	33		535
1Interactive Brokers Group, Inc.	200		5,134
1IntercontinentalExchange, Inc.	190		24,795
International Bancshares Corp.	200		4,516
Invesco Ltd. Com	1,400		34,104
1Investment Technology Group, Inc.	189		8,728
1Investors Bancorp, Inc.	200		3,070
2Investors Real Estate Trust	94		919
IPC Holdings Ltd.	180		5,040
2iStar Financial, Inc.	469		6,580
Jackson Hewitt Tax Service, Inc.	60		688
Janus Capital Group, Inc.	600		13,962
Jefferies Group, Inc.	356		5,742

8

AARP Portfolios

U.S. Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Financials - (continued)
Jones Lang LaSalle, Inc.	140	$	10,828
JPMorgan Chase & Co.	12,063		518,106
1KBW, Inc.	100		2,205
KeyCorp	1,413		31,015
2Kilroy Realty Corp.	126		6,188
2Kimco Realty Corp.	870		34,078
2Kite Realty Group Trust	100		1,400
1Knight Capital Group, Inc.	270		4,385
LandAmerica Financial Group, Inc.	30		1,184
2LaSalle Hotel Properties	159		4,568
Legg Mason, Inc.	468		26,199
Lehman Brothers Holdings, Inc.	1,594		59,998
Leucadia National Corp.	610		27,584
2Lexington Corporate Properties Trust	230		3,314
2Liberty Property Trust	300		9,333
Lincoln National Corp.	1,005		52,260
Loews Corp.	1,530		61,537
2LTC Properties, Inc.	100		2,571
M&T Bank Corp.	258		20,764
2Macerich Co.	291		20,449
2Mack-Cali Realty Corp.	288		10,284
2Maguire Properties, Inc.	80		1,145
1Markel Corp.	32		14,079
Marsh & McLennan Cos., Inc.	1,845		44,926
Marshall & Ilsley Corp.	844		19,581
Max Capital Group, Ltd.	180		4,714
MB Financial, Inc.	100		3,078
MBIA, Inc.	727		8,884
MCG Capital Corp.	200		1,818
2Medical Properties Trust, Inc.	100		1,132
Mercury General Corp.	156		6,912
Merrill Lynch & Co., Inc.	2,891		117,779
MetLife, Inc.	2,649		159,629
2 MFA Mortgage Investments, Inc.	360		2,268
MGIC Investment Corp.	290		3,054
2Mid-America Apartment Communities, Inc.	70		3,489
Midland Co.	100		6,493
Montpelier Re Holdings Ltd.	310		4,976
Moody’s Corp.	777		27,063
Morgan Stanley	3,422		156,385
1Morningstar, Inc.	100		6,135
Municipal Mortgage & Equity LLC	100		515
1NASDAQ Stock Market, Inc.	474		18,325
National City Corp.	2,192		21,810
National Financial Partners Corp.	150		3,371
2National Health Investors, Inc.	100		3,125
National Penn Bancshares, Inc.	306		5,566
2National Retail Properties, Inc.	270		5,954
Nationwide Financial Services	227		10,733
2Nationwide Health Properties, Inc.	331		11,171
1Navigators Group, Inc.	100		5,440
NBT Bancorp, Inc.	85		1,887
New York Community Bancorp, Inc.	1,094		19,933
NewAlliance Bancshares, Inc.	300		3,678
2Newcastle Investment Corp.	100		826
Northern Trust Corp.	718		47,725
2NorthStar Realty Finance Corp.	100		817
Northwest Bancorp, Inc.	100		2,733
Nymex Holdings, Inc.	300		27,189
NYSE Euronext	461		28,448
1Ocwen Financial Corp.	100		444
Odyssey Re Holdings Corp.	100		3,675
Old National Bancorp	228		4,104
Old Republic International Corp.	838		10,819
Omega Healthcare Investors, Inc.	249		4,323
OneBeacon Insurance Group Ltd.	100		1,902
optionsXpress Holdings, Inc.	100		2,071
Pacific Capital Bancorp	100		2,150
Park National Corp.	20		1,417
2Parkway Properties, Inc.	45		1,663
PartnerRe Ltd.	190		14,497
2Pennsylvania Real Estate Investment Trust	160		3,902
People’s United Financial, Inc.	1,296		22,434
PFF Bancorp, Inc.	54		449
1Philadelphia Consolidated Holding Co.	187		6,021
Phoenix Cos., Inc.	280		3,419
1Pico Holdings, Inc.	100		3,023
1Piper Jaffray Cos.	40		1,358
Platinum Underwriters Holdings Ltd.	180		5,843
2Plum Creek Timber Co., Inc.	584		23,769
PMI Group, Inc.	270		1,571
PNC Financial Services Group, Inc.	1,222		80,127
Popular, Inc.	948		11,054
Portfolio Recovery Associates, Inc.	47		2,016
2Post Properties, Inc.	172		6,643
Principal Financial Group, Inc.	953		53,101
PrivateBancorp, Inc.	44		1,385
1ProAssurance Corp.	150		8,075
Progressive Corp.	2,400		38,568
2ProLogis	952		56,035
Prosperity Bancshares, Inc.	99		2,837
Protective Life Corp.	300		12,168
Provident Bankshares Corp.	80		859

9

AARP Portfolios

U.S. Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Financials - (continued)
Provident Financial Services, Inc.	150	$	2,121
Provident New York Bancorp	230		3,105
Prudential Financial, Inc.	1,627		127,313
2PS Business Parks, Inc.	74		3,841
2Public Storage, Inc.	454		40,233
Radian Group, Inc.	286		1,879
2RAIT Investment Trust	100		694
2Ramco-Gershenson Properties Trust	35		739
Raymond James Financial, Inc.	318		7,308
2Realty Income Corp.	308		7,891
2Redwood Trust, Inc.	140		5,089
2Regency Centers Corp.	301		19,493
Regions Financial Corp.	2,445		48,289
Reinsurance Group of America, Inc.	166		9,037
RenaissanceRe Holdings Ltd.	302		15,677
Renasant Corp.	100		2,250
RLI Corp.	40		1,983
S&T Bancorp, Inc.	100		3,217
SAFECO Corp.	395		17,333
Safety Insurance Group, Inc.	100		3,413
Sandy Spring Bancorp, Inc.	90		2,477
2Saul Centers, Inc.	54		2,713
Security Capital Assurance Ltd.	100		52
SEI Investments Co.	560		13,826
Selective Insurance Group	218		5,206
2Senior Housing Properties Trust	362		8,579
1Signature Bank	70		1,785
2Simon Property Group, Inc.	800		74,328
2SL Green Realty Corp.	196		15,968
1SLM Corp.	1,876		28,797
South Financial Group, Inc.	207		3,076
Sovereign Bancorp, Inc.	1,304		12,153
2Sovran Self Storage, Inc.	70		2,990
St. Joe Co.	305		13,094
StanCorp Financial Group, Inc.	237		11,307
3State Street Corp.	1,420		112,180
Sterling Bancorp	120		1,864
Sterling Bancshares, Inc.	150		1,491
1Sterling Financial Corp. (PA)	100		1,745
Sterling Financial Corp. (WA)	90		1,405
Stewart Information Services Corp.	40		1,120
1Stifel Financial Corp.	100		4,490
2Strategic Hotels & Resorts, Inc.	234		3,072
Student Loan Corp.	10		989
2Sun Communities, Inc.	120		2,460
2Sunstone Hotel Investors, Inc.	190		3,042
SunTrust Banks, Inc.	1,231		67,877
Susquehanna Bancshares, Inc.	428		8,718
1SVB Financial Group	155		6,764
SWS Group, Inc.	100		1,223
Synovus Financial Corp.	1,022		11,303
T. Rowe Price Group, Inc.	908		45,400
2Tanger Factory Outlet Centers, Inc.	90		3,462
2Taubman Centers, Inc.	210		10,941
TCF Financial Corp.	397		7,114
1TD Ameritrade Holding Corp.	989		16,328
1Texas Capital Bancshares, Inc.	100		1,688
TFS Financial Corp.	500		6,015
2Thornburg Mortgage, Inc.	522		553
Tompkins Trustco, Inc.	77		3,788
Torchmark Corp.	361		21,700
Tower Group, Inc.	100		2,517
Transatlantic Holdings, Inc.	99		6,569
Travelers Cos., Inc.	2,325		111,251
1Triad Guaranty, Inc.	26		130
TrustCo Bank Corp. NY	240		2,134
Trustmark Corp.	100		2,228
2U-Store-It Trust	110		1,246
UCBH Holdings, Inc.	430		3,337
UMB Financial Corp.	80		3,296
Umpqua Holdings Corp.	190		2,947
Union Bankshares Corp.	90		1,743
UnionBanCal Corp.	236		11,583
1United America Indemnity Ltd.	100		1,926
United Bankshares, Inc.	180		4,797
United Community Banks, Inc.	80		1,358
United Dominion Realty Trust, Inc.	504		12,358
United Fire & Casualty Co.	100		3,740
Unitrin, Inc.	200		7,068
1Universal American Financial Corp.	100		1,060
2Universal Health Realty Income Trust	30		999
UnumProvident Corp.	1,253		27,579
2Urstadt Biddle Properties, Inc.	180		2,831
U.S. Bancorp	6,210		200,956
Valley National Bancorp	369		7,088
2Ventas, Inc.	491		22,051
2Vornado Realty Trust	498		42,933
W Holding Co., Inc.	200		238
Wachovia Corp.	7,111		191,997
Waddell & Reed Financial, Inc.	320		10,282
Walter Industries, Inc.	187		11,712
Washington Federal, Inc.	330		7,537
Washington Mutual, Inc.	3,130		32,239
2Washington Real Estate Investment Trust	200		6,684
Washington Trust Bancorp, Inc.	110		2,730
Webster Financial Corp.	224		6,243
2Weingarten Realty Investors	295		10,160
Wells Fargo & Co.	11,450		333,195
WesBanco, Inc.	100		2,471

10

AARP Portfolios

U.S. Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Financials - (continued)
West Coast Bancorp	110	$	1,605
Westamerica BanCorp.	151		7,943
Western Union Co.	2,690		57,216
White Mountains Insurance Group Ltd.	28		13,440
Whitney Holding Corp.	190		4,710
Willis Group Holdings Ltd.	500		16,805
Wilmington Trust Corp.	230		7,153
Wintrust Financial Corp.	50		1,748
1World Acceptance Corp.	45		1,433
W.R. Berkley Corp.	551		15,257
XL Capital Ltd.	600		17,730
Zenith National Insurance Corp.	140		5,020
Zions BanCorp.	370		16,853
Total Financials			8,763,357
Health Care - 11.3%
1Abaxis, Inc.	100		2,317
Abbott Laboratories	5,554		306,303
1Abraxis Bioscience, Inc.	35		2,068
1Accuray, Inc.	195		1,523
1Acorda Therapeutics, Inc.	100		1,795
1Advanced Medical Optics, Inc.	239		4,852
1Advisory Board Co.	40		2,198
Aetna, Inc.	1,793		75,467
1Affymetrix, Inc.	193		3,360
1Air Methods Corp.	100		4,837
1Alexion Pharmaceuticals, Inc.	127		7,531
1Align Technology, Inc.	200		2,222
1Alkermes, Inc.	310		3,683
Allergan, Inc.	1,140		64,285
1Alnylam Pharmaceuticals, Inc.	100		2,440
1Alpharma, Inc.	150		3,932
1AMAG Pharmaceuticals, Inc.	100		4,043
1Amedisys, Inc.	133		5,232
1American Medical Systems Holdings, Inc.	190		2,696
1American Oriental Bioengineering, Inc.	200		1,620
1AMERIGROUP Corp.	180		4,919
AmerisourceBergen Corp.	620		25,408
1Amgen, Inc.	3,978		166,201
1AMN Healthcare Services, Inc.	100		1,542
1AmSurg Corp.	100		2,368
1Amylin Pharmaceuticals, Inc.	526		15,364
1APP Pharmaceuticals, Inc.	140		1,691
Applera Corp. - Applied Biosystems Group	600		19,716
1Applera Corp. - Celera Genomics Group	260		3,822
1Apria Healthcare Group, Inc.	170		3,358
1Arena Pharmaceuticals, Inc.	120		821
1ArthroCare Corp.	140		4,669
1Assisted Living Concepts, Inc.	200		1,178
1AtheroGenics, Inc.	70		56
1Auxilium Pharmaceuticals, Inc.	100		2,674
1Barr Pharmaceuticals, Inc.	418		20,194
Baxter International, Inc.	2,283		132,003
Beckman Coulter, Inc.	220		14,201
Becton Dickinson & Co.	900		77,265
1Bio-Rad Laboratories, Inc.	70		6,226
1Biogen Idec, Inc.	1,057		65,206
1BioMarin Pharmaceuticals, Inc.	352		12,450
1Boston Scientific Corp.	4,770		61,390
Bristol-Myers Squibb Co.	7,121		151,677
1Bruker BioSciences Corp.	200		3,078
Cardinal Health, Inc.	1,313		68,946
1Celgene Corp.	1,555		95,286
1Centene Corp.	160		2,230
1Cephalon, Inc.	248		15,971
1Cepheid, Inc.	200		4,878
1Charles River Laboratories International, Inc.	238		14,028
Cigna Corp.	1,019		41,341
1Community Health Systems, Inc.	379		12,723
1Conceptus, Inc.	100		1,856
1CONMED Corp.	100		2,564
Cooper Cos., Inc.	209		7,196
1Covance, Inc.	255		21,157
1Coventry Health Care, Inc.	525		21,184
Covidien Ltd.	1,790		79,207
C.R. Bard, Inc.	350		33,740
1Cross Country Healthcare, Inc.	100		1,237
1Cubist Pharmaceuticals, Inc.	170		3,131
1CV Therapeutics, Inc.	70		499
Datascope Corp.	62		2,569
1DaVita, Inc.	418		19,964
1Dendreon Corp.	255		1,229
DENTSPLY International, Inc.	560		21,616
1Edwards Lifesciences Corp.	243		10,826
Eli Lilly & Co.	3,663		188,974
1Emeritus Corp.	100		2,086
1Endo Pharmaceuticals Holdings, Inc.	426		10,198
1Enzo Biochem, Inc.	100		909
1eResearchTechnology, Inc.	100		1,242
1ev3, Inc.	262		2,133
1Exelixis, Inc.	250		1,738
1Express Scripts, Inc.	777		49,977
1Forest Laboratories, Inc.	1,086		43,451
1Gen-Probe, Inc.	166		8,001
1Genentech, Inc.	1,707		138,574
1Gentiva Health Services, Inc.	100		2,176
1Genzyme Corp.	974		72,602
1Geron Corp.	300		1,464
1Gilead Sciences, Inc.	3,407		175,563
1Haemonetics Corp.	140		8,341
1Halozyme Therapeutics, Inc.	100		636

11

AARP Portfolios

U.S. Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Health Care - (continued)
1Health Management Associates, Inc.	599	$	3,169
1Health Net, Inc.	400		12,320
1HEALTHSOUTH Corp.	200		3,558
1HealthSpring, Inc.	100		1,408
1Healthways, Inc.	140		4,948
1Henry Schein, Inc.	364		20,894
Hillenbrand Industries, Inc.	234		11,185
1HLTH Corp.	617		5,886
1Hologic, Inc.	458		25,465
1Hospira, Inc.	577		24,678
1Human Genome Sciences, Inc.	470		2,768
1Humana, Inc.	615		27,589
1ICU Medical, Inc.	100		2,877
1Idexx Laboratories, Inc.	192		9,458
1Illumina, Inc.	220		16,698
1ImClone Systems, Inc.	260		11,029
1Immucor, Inc.	269		5,740
IMS Health, Inc.	632		13,278
1Incyte Corp.	300		3,153
1Integra LifeSciences Holdings Corp.	100		4,347
1InterMune, Inc.	100		1,458
1Intuitive Surgical, Inc.	139		45,085
Invacare Corp.	50		1,114
1Inverness Medical Innovations, Inc.	207		6,231
1Invitrogen Corp.	152		12,991
1Isis Pharmaceuticals, Inc.	300		4,233
Johnson & Johnson	10,275		666,539
1Kendle International, Inc.	100		4,492
1Keryx Biopharmaceuticals, Inc.	100		60
1Kindred Healthcare, Inc.	60		1,312
1Kinetic Concepts, Inc.	228		10,540
1King Pharmaceuticals, Inc.	860		7,482
1KV Pharmaceutical Co.	100		2,496
1Laboratory Corp. of America Holdings	420		30,946
LCA-Vision, Inc.	30		375
1LifeCell Corp.	120		5,044
1LifePoint Hospitals, Inc.	214		5,879
Ligand Pharmaceuticals, Inc.	100		400
1Lincare Holdings, Inc.	293		8,236
1Luminex Corp.	100		1,965
1Magellan Health Services, Inc.	160		6,350
1MannKind Corp.	100		597
1Martek Biosciences Corp.	160		4,891
1Matria Healthcare, Inc.	40		892
MAXIMUS, Inc.	100		3,671
McKesson Corp.	1,100		57,607
1Medarex, Inc.	350		3,098
1MedCath Corp.	100		1,820
1Medco Health Solutions, Inc.	1,930		84,515
1Medicines Co.	180		3,636
Medicis Pharmaceutical Corp.	170		3,347
1Medivation, Inc.	100		1,423
Medtronic, Inc.	4,153		200,881
Mentor Corp.	178		4,578
Merck & Co., Inc.	7,820		296,769
Meridian Bioscience, Inc.	150		5,015
1Millennium Pharmaceuticals, Inc.	1,060		16,388
1Millipore Corp.	191		12,875
Mine Safety Appliances Co.	140		5,767
Mylan Laboratories, Inc.	1,066		12,366
1Myriad Genetics, Inc.	170		6,849
1Nektar Therapeutics	310		2,151
1Neurocrine Biosciences, Inc.	40		216
1Noven Pharmaceuticals, Inc.	100		898
1NuVasive, Inc.	100		3,451
1Nuvelo, Inc.	200		142
Omnicare, Inc.	365		6,628
1Omnicell, Inc.	100		2,010
1Onyx Pharmaceuticals, Inc.	250		7,257
1OraSure Technologies, Inc.	100		731
1Orthofix International NV	30		1,193
1OSI Pharmaceuticals, Inc.	227		8,488
Owens & Minor, Inc.	160		6,294
1Palomar Medical Technologies, Inc.	35		529
1Par Pharmaceutical Cos., Inc.	150		2,609
1Parexel International Corp.	218		5,690
1Patterson Cos., Inc.	404		14,665
1PDL BioPharma, Inc.	451		4,776
1Pediatrix Medical Group, Inc.	160		10,784
Perrigo Co.	300		11,319
Pfizer, Inc.	24,525		513,308
Pharmaceutical Product Development, Inc.	406		17,011
1PharmaNet Development Group, Inc.	100		2,523
1PharMerica Corp.	64		1,060
1Progenics Pharmaceuticals, Inc.	100		653
1PSS World Medical, Inc.	200		3,332
1Psychiatric Solutions, Inc.	160		5,427
Quest Diagnostics, Inc.	601		27,207
1Quidel Corp.	100		1,606
1Regeneron Pharmaceuticals, Inc.	190		3,646
1Res-Care, Inc.	100		1,715
1ResMed, Inc.	280		11,810
1Rigel Pharmaceuticals, Inc.	33		616
1Salix Pharmaceuticals Ltd.	80		502
1Savient Pharmaceuticals, Inc.	200		4,000
Schering-Plough Corp.	5,834		84,068
1Sciele Pharma, Inc.	100		1,950
1Seattle Genetics, Inc.	263		2,393
1Sepracor, Inc.	339		6,617
Service Corp. International	870		8,822
1Sirona Dental Systems, Inc.	100		2,697

12

AARP Portfolios

U.S. Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Health Care - (continued)
1SonoSite, Inc.	100	$	2,843
1St Jude Medical, Inc.	1,208		52,174
STERIS Corp.	190		5,098
Stewart Enterprises, Inc.	300		1,926
Stryker Corp.	1,023		66,546
1Sun Healthcare Group, Inc.	189		2,483
1Sunrise Senior Living, Inc.	150		3,342
1SurModics, Inc.	100		4,188
1Symmetry Medical, Inc.	100		1,660
1Techne Corp.	139		9,363
1Telik, Inc.	90		220
1Tenet Healthcare Corp.	1,747		9,888
1Theravance, Inc.	180		1,895
1Thoratec Corp.	170		2,429
1United Therapeutics Corp.	78		6,763
UnitedHealth Group, Inc.	4,622		158,812
Universal Health Services, Inc.	211		11,329
1Valeant Pharmaceuticals International	411		5,273
1Varian Medical Systems, Inc.	433		20,282
1VCA Antech, Inc.	300		8,205
1Vertex Pharmaceuticals, Inc.	473		11,300
1Viropharma, Inc.	180		1,609
1Warner Chilcott Ltd.	300		5,400
1Watson Pharmaceuticals, Inc.	367		10,760
1WellCare Health Plans, Inc.	106		4,129
1WellPoint, Inc.	2,090		92,232
West Pharmaceutical Services, Inc.	100		4,423
1Wright Medical Group, Inc.	100		2,414
Wyeth	4,816		201,116
1XenoPort, Inc.	100		4,047
1Zimmer Holdings, Inc.	851		66,259
1Zoll Medical Corp.	100		2,659
1ZymoGenetics, Inc.	100		980
Total Health Care			5,824,826
Industrials - 13.0%
3M Co.	2,440		193,126
1AAR Corp.	156		4,254
ABM Industries, Inc.	190		4,264
1ABX Air, Inc.	200		588
Actuant Corp.	178		5,377
Acuity Brands, Inc.	205		8,805
Administaff, Inc.	130		3,069
Advance America Cash Advance Centers, Inc.	194		1,465
1AGCO Corp.	346		20,718
Aircastle Ltd.	100		1,125
1AirTran Holdings, Inc.	200		1,320
1Alaska Air Group, Inc.	104		2,040
Albany International Corp.	140		5,060
Alexander & Baldwin, Inc.	160		6,893
1Alliance Data Systems Corp.	286		13,588
1Alliant Techsystems, Inc.	122		12,631
1Allied Waste Industries, Inc.	1,164		12,583
1AMERCO, Inc.	37		2,112
1American Commercial Lines, Inc.	198		3,128
American Science & Engineering, Inc.	100		5,463
1American Superconductor Corp.	200		4,638
Ametek, Inc.	370		16,247
1AMR Corp.	942		8,497
A.O. Smith Corp.	100		3,287
Apogee Enterprises, Inc.	100		1,540
1Apollo Group, Inc.	495		21,384
Applied Industrial Technologies, Inc.	90		2,690
Arbitron, Inc.	150		6,474
Arkansas Best Corp.	140		4,460
Armstrong World Industries, Inc.	100		3,566
1Astec Industries, Inc.	100		3,876
1Atlas Air Worldwide Holdings, Inc.	46		2,530
Avery Dennison Corp.	400		19,700
1Badger Meter, Inc.	100		4,320
Baldor Electric Co.	111		3,108
1Bally Technologies, Inc.	205		7,040
Barnes Group, Inc.	101		2,318
1BE Aerospace, Inc.	387		13,526
Belden CDT, Inc.	180		6,358
1Blount International, Inc.	100		1,237
Boeing Co.	2,650		197,080
Bowne & Co., Inc.	100		1,525
Brady Corp.	160		5,349
Briggs & Stratton Corp.	170		3,043
1Bright Horizons Family Solutions, Inc.	150		6,456
Brink’s Co.	182		12,227
1Bristow Group, Inc.	100		5,367
Bucyrus International, Inc.	145		14,739
Burlington Northern Santa Fe Corp.	1,250		115,275
1Cal Dive International, Inc.	62		644
1Career Education Corp.	289		3,676
Carlisle Cos., Inc.	236		7,892
Cascade Corp.	37		1,824
Caterpillar, Inc.	2,289		179,206
1Cenveo, Inc.	211		2,207
1Ceradyne, Inc.	77		2,461
C.H. Robinson Worldwide, Inc.	569		30,954
1Chart Industries, Inc.	100		3,384
Chemed Corp.	140		5,908
1ChoicePoint, Inc.	271		12,900
Cintas Corp.	513		14,641
CIRCOR International, Inc.	100		4,625

13

AARP Portfolios

U.S. Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Industrials - (continued)
CLARCOR, Inc.	182	$	6,470
1Clean Harbors, Inc.	100		6,500
1Cogent, Inc.	60		566
1Coinstar, Inc.	70		1,970
1Columbus McKinnon Corp.	100		3,098
Comfort Systems USA, Inc.	200		2,602
Con-way, Inc.	217		10,737
1Consolidated Graphics, Inc.	55		3,083
1Continental Airlines, Inc.	300		5,769
1Convergys Corp.	370		5,572
Cooper Industries Ltd.	652		26,178
1Corinthian Colleges, Inc.	230		1,663
Corporate Executive Board Co.	134		5,424
1CoStar Group, Inc.	38		1,634
1Covanta Holding Corp.	442		12,155
1CRA International, Inc.	100		3,214
Crane Co.	170		6,859
1CSG Systems International, Inc.	170		1,933
CSX Corp.	1,540		86,348
Cubic Corp.	100		2,843
Cummins, Inc.	666		31,182
Curtiss-Wright Corp.	180		7,466
Danaher Corp.	931		70,784
1Darling International, Inc.	400		5,180
Deere & Co.	1,600		128,704
1Delta Air Lines, Inc.	1,000		8,600
Deluxe Corp.	210		4,034
DeVry, Inc.	229		9,581
1Dionex Corp.	70		5,389
1Discovery Holding Co.	919		19,501
1Dollar Financial Corp.	100		2,300
1Dollar Thrifty Automotive Group	40		546
1Domtar Corp.	1,881		12,847
Donaldson Co., Inc.	259		10,433
Dover Corp.	764		31,920
1Drew Industries, Inc.	100		2,446
DRS Technologies, Inc.	152		8,859
1DST Systems, Inc.	170		11,176
Dun & Bradstreet Corp.	200		16,276
1Dycom Industries, Inc.	170		2,042
Dynamic Materials Corp.	100		4,320
1DynCorp International, Inc.	100		1,668
Eagle Bulk Shipping, Inc.	187		4,817
Eaton Corp.	517		41,189
1EMCOR Group, Inc.	254		5,641
Emerson Electric Co.	2,812		144,706
Encore Wire Corp.	100		1,821
1Energizer Holdings, Inc.	200		18,096
1Energy Conversion Devices, Inc.	100		2,990
1EnerSys	100		2,392
Ennis, Inc.	100		1,678
1EnPro Industries, Inc.	100		3,119
Equifax, Inc.	450		15,516
1ESCO Technologies, Inc.	140		5,561
1Esterline Technologies Corp.	150		7,555
1Evergreen Solar, Inc.	400		3,708
Expeditors International Washington, Inc.	772		34,879
FactSet Research Systems, Inc.	166		8,942
Fastenal Co.	481		22,092
FedEx Corp.	1,060		98,230
1Fiserv, Inc.	545		26,209
Flowserve Corp.	198		20,667
Fluor Corp.	321		45,312
1Force Protection, Inc.	300		603
Forward Air Corp.	150		5,316
1Foster Wheeler Ltd.	558		31,594
Franklin Electric Co., Inc.	36		1,230
FreightCar America, Inc.	40		1,372
1FTI Consulting, Inc.	160		11,366
1FuelCell Energy, Inc.	200		1,330
G&K Services, Inc.	56		1,994
1Gardner Denver, Inc.	180		6,678
GATX Corp.	175		6,837
Genco Shipping & Trading Ltd.	100		5,643
1GenCorp, Inc.	100		1,029
1General Cable Corp.	226		13,350
General Dynamics Corp.	1,253		104,463
General Electric Co.	36,372		1,346,128
1Genesee & Wyoming, Inc.	175		6,020
Genuine Parts Co.	629		25,298
1Geo Group, Inc.	224		6,371
1Global Cash Access Holdings, Inc.	100		586
Global Payments, Inc.	336		13,897
Goodrich Corp.	404		23,234
Graco, Inc.	190		6,889
Granite Construction, Inc.	177		5,790
1Griffon Corp.	100		860
1GSI Group, Inc.	100		778
H&R Block, Inc.	1,123		23,313
Harsco Corp.	280		15,506
1Headwaters, Inc.	50		660
Healthcare Services Group	150		3,096
Heartland Express, Inc.	320		4,563
Heartland Payment Systems, Inc.	100		2,301
Heico Corp.	100		3,923
Heidrick & Struggles International, Inc.	100		3,253
Herman Miller, Inc.	248		6,093
1Hewitt Associates, Inc.	343		13,641

14

AARP Portfolios

U.S. Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Industrials - (continued)
1Hexcel Corp.	336	$	6,421
1HMS Holdings Corp.	104		2,969
Honeywell International, Inc.	2,547		143,702
Horizon Lines, Inc.	100		1,861
1HUB Group, Inc.	158		5,197
Hubbell, Inc.	216		9,437
1Huron Consulting Group, Inc.	33		1,371
1Iconix Brand Group, Inc.	200		3,470
IDEX Corp.	278		8,532
1II-VI, Inc.	100		3,798
Illinois Tool Works, Inc.	1,656		79,869
1Infinera Corp.	200		2,400
Ingersoll-Rand Co. Ltd.	1,012		45,115
1Insituform Technologies, Inc.	100		1,383
1Intermec, Inc.	198		4,394
1Iron Mountain, Inc.	682		18,032
1ITT Educational Services, Inc.	137		6,292
ITT Industries, Inc.	595		30,827
1Jacobs Engineering Group, Inc.	440		32,380
J.B. Hunt Transport Services, Inc.	375		11,786
1JetBlue Airways Corp.	350		2,030
Joy Global, Inc.	427		27,823
Kaman Corp.	100		2,829
1Kansas City Southern	300		12,033
Kaydon Corp.	70		3,074
KBR, Inc.	580		16,083
Kelly Services, Inc.	100		2,056
1Kenexa Corp.	100		1,848
Kennametal, Inc.	268		7,887
1Kforce, Inc.	100		884
1Kirby Corp.	180		10,260
Knight Transportation, Inc.	180		2,963
Koppers Holdings, Inc.	100		4,431
1Korn/Ferry International	180		3,042
L-3 Communications Holdings, Inc.	456		49,859
1Ladish Co., Inc.	71		2,556
Landauer, Inc.	100		5,062
Landstar System, Inc.	258		13,457
1Layne Christensen Co.	100		3,502
Lennox International, Inc.	200		7,194
Lincoln Electric Holdings, Inc.	208		13,414
Lindsay Corp.	55		5,636
Lockheed Martin Corp.	1,280		127,104
Manitowoc Co., Inc.	435		17,748
Manpower, Inc.	334		18,791
Masco Corp.	1,358		26,929
1MasTec, Inc.	200		1,642
Mastercard, Inc.	259		57,754
1McDermott International, Inc.	818		44,843
McGrath RentCorp	100		2,411
1Middleby Corp.	65		4,055
1Mobile Mini, Inc.	81		1,539
Molex, Inc.	280		6,121
MoneyGram International, Inc.	210		391
1Monster Worldwide, Inc.	446		10,798
1Moog, Inc.	170		7,176
MSC Industrial Direct Co.	224		9,464
Mueller Industries, Inc.	160		4,616
Mueller Water Products, Inc.	100		818
NACCO Industries, Inc.	21		1,700
1Navigant Consulting, Inc.	170		3,227
1NCI Building Systems, Inc.	40		968
1Net 1 UEPS Technologies, Inc.	100		2,255
Nordson Corp.	150		8,077
Norfolk Southern Corp.	1,377		74,799
Northrop Grumman Corp.	1,210		94,150
1Old Dominion Freight Line	60		1,910
1Orbital Sciences Corp.	261		6,290
Oshkosh Truck Corp.	235		8,526
Overseas Shipholding Group	85		5,953
1Owens Corning, Inc.	200		3,626
PACCAR, Inc.	1,248		56,160
Pacer International, Inc.	70		1,150
Pall Corp.	429		15,045
Parker Hannifin Corp.	590		40,869
Pentair, Inc.	389		12,409
1Perini Corp.	100		3,623
1PHH Corp.	170		2,963
Pitney Bowes, Inc.	777		27,211
1Pre-Paid Legal Services, Inc.	100		4,241
Precision Castparts Corp.	488		49,815
1Quanta Services, Inc.	642		14,875
Quintana Maritime Ltd.	200		4,736
1Raser Technologies, Inc.	200		1,718
Raven Industries, Inc.	100		3,030
Raytheon Co.	1,517		98,013
1RBC Bearings, Inc.	100		3,713
Regal-Beloit Corp.	160		5,861
Reliance Steel & Aluminum Co.	273		16,342
1Republic Airways Holdings, Inc.	100		2,166
Republic Services, Inc.	657		19,211
Resources Connection, Inc.	160		2,859
Reynolds American, Inc.	643		37,956
Robbins & Myers, Inc.	100		3,265
Robert Half International, Inc.	529		13,616
Rockwell Automation, Inc.	490		28,136
Rockwell Collins, Inc.	593		33,890
Rollins, Inc.	150		2,654
RR Donnelley & Sons Co.	748		22,672
Ryder System, Inc.	231		14,070
1Shaw Group, Inc.	281		13,246
Simpson Manufacturing Co., Inc.	160		4,349
SkyWest, Inc.	242		5,111
Sotheby’s Holdings	180		5,204
Southwest Airlines Co.	2,675		33,170

15

AARP Portfolios

U.S. Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Industrials - (continued)
1Spherion Corp.	200	$	1,224
1Spirit Aerosystems Holdings, Inc.	387		8,584
SPX Corp.	200		20,980
Steelcase, Inc.	130		1,438
1Stericycle, Inc.	282		14,523
Strayer Education, Inc.	46		7,015
1SunPower Corp.	123		9,165
1Superior Essex, Inc.	100		2,812
1Team, Inc.	100		2,730
Teleflex, Inc.	140		6,679
1TeleTech Holdings, Inc.	109		2,448
Tennant Co.	100		3,981
1Terex Corp.	354		22,125
1Tetra Tech, Inc.	200		3,902
Textron, Inc.	922		51,097
1Thomas & Betts Corp.	170		6,183
Timken Co.	290		8,619
Titan International, Inc.	119		3,643
Total System Services, Inc.	566		13,397
1TransDigm Group, Inc.	100		3,705
Tredegar Corp.	100		1,821
Trinity Industries, Inc.	262		6,982
Triumph Group, Inc.	45		2,562
1TrueBlue, Inc.	370		4,973
Tyco Electronics Ltd.	1,751		60,094
Tyco International Ltd.	1,791		78,894
UAL Corp.	416		8,956
Union Pacific Corp.	900		112,842
United Parcel Service, Inc.	2,448		178,753
1United Stationers, Inc.	100		4,770
United Technologies Corp.	3,376		232,336
Universal Forest Products, Inc.	40		1,288
1Universal Technical Institute, Inc.	100		1,173
1URS Corp.	260		8,499
1US Airways Group, Inc.	220		1,960
1USG Corp.	256		9,426
UTi Worldwide, Inc.	184		3,695
1Valassis Communications, Inc.	60		651
Valmont Industries, Inc.	68		5,977
Viad Corp.	57		2,053
1VistaPrint Ltd.	126		4,404
Wabash National Corp.	100		899
1Waste Connections, Inc.	230		7,070
Waste Management, Inc.	1,830		61,415
Watsco, Inc.	140		5,799
Watson Wyatt Worldwide, Inc.	170		9,647
Watts Water Technologies, Inc.	91		2,551
Weight Watchers International, Inc.	109		5,050
Werner Enterprises, Inc.	180		3,341
Woodward Governor Co.	320		8,550
World Fuel Services Corp.	140		3,930
1Wright Express Corp.	110		3,380
W.W. Grainger, Inc.	247		18,868
1YRC Worldwide, Inc.	136		1,784
Total Industrials			6,718,617
Information Technology - 15.1%
13Com Corp.	1,050		2,404
Accenture Ltd.	2,217		77,972
1ACI Worldwide, Inc.	60		1,195
1Activision, Inc.	1,000		27,310
Acxiom Corp.	200		2,374
1ADC Telecommunications, Inc.	498		6,016
1Adobe Systems, Inc.	2,114		75,237
ADTRAN, Inc.	180		3,330
1Advanced Energy Industries, Inc.	100		1,326
1Advanced Micro Devices, Inc.	2,152		12,675
1Advent Software, Inc.	100		4,262
1Affiliated Computer Services, Inc.	372		18,641
1Agilent Technologies, Inc.	1,416		42,239
1Akamai Technologies, Inc.	591		16,643
1Allscripts Healthcare Solutions, Inc.	100		1,032
Altera Corp.	1,293		23,830
1American Reprographics Co.	104		1,543
1Amkor Technology, Inc.	336		3,595
Amphenol Corp.	616		22,946
1Anadigics, Inc.	200		1,312
Analog Devices, Inc.	1,098		32,413
Analogic Corp.	37		2,462
1Anixter International, Inc.	181		11,591
1Ansys, Inc.	300		10,356
1Apple Computer, Inc.	3,145		451,307
Applied Materials, Inc.	4,970		96,965
1Applied Micro Circuits Corp.	237		1,702
1Ariba, Inc.	200		1,932
1Arris Group, Inc.	642		3,735
1Arrow Electronics, Inc.	430		14,469
1Atheros Communications, Inc.	198		4,126
1Atmel Corp.	1,450		5,046
1ATMI, Inc.	70		1,948
1Autodesk, Inc.	847		26,664
Automatic Data Processing, Inc.	1,877		79,566
1Avid Technology, Inc.	150		3,651
1Avnet, Inc.	560		18,329
1Avocent Corp.	170		2,873
AVX Corp.	110		1,409
1Axcelis Technologies, Inc.	400		2,240
1BEA Systems, Inc.	1,380		26,427
1BearingPoint, Inc.	540		907
1Benchmark Electronics, Inc.	190		3,410
Black Box Corp.	30		925
Blackbaud, Inc.	194		4,710
1Blackboard, Inc.	100		3,333
1Blue Coat Systems, Inc.	100		2,204

16

AARP Portfolios

U.S. Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Information Technology - (continued)
1BMC Software, Inc.	740	$	24,065
1Borland Software Corp.	200		404
1Broadcom Corp.	1,715		33,048
1Brooks Automation, Inc.	130		1,264
CA, Inc.	1,443		32,467
1Cabot Microelectronics Corp.	100		3,215
1CACI International, Inc.	165		7,516
1Cadence Design Systems, Inc.	838		8,950
1Cerner Corp.	227		8,463
1Checkpoint Systems, Inc.	160		4,296
1Ciber, Inc.	200		980
1Ciena Corp.	274		8,447
1Cirrus Logic, Inc.	300		2,016
1Cisco Systems, Inc.	21,787		524,849
1Citrix Systems, Inc.	670		19,651
1CMGI, Inc.	150		1,989
1CNET Networks, Inc.	380		2,698
1Cogent Communications Group, Inc.	100		1,831
Cognex Corp.	170		3,711
1Cognizant Technology Solutions Corp.	1,054		30,387
Cohu, Inc.	100		1,625
1CommScope, Inc.	297		10,337
1Commvault Systems, Inc.	100		1,240
1Computer Sciences Corp.	604		24,637
1Compuware Corp.	892		6,547
1Comtech Group, Inc.	100		1,079
1Comtech Telecommunications Corp.	62		2,418
1Concur Technologies, Inc.	200		6,210
1Conexant Systems, Inc.	660		383
Corning, Inc.	5,675		136,427
1Cree, Inc.	290		8,108
CTS Corp.	100		1,070
1Cymer, Inc.	150		3,906
1Cypress Semiconductor Corp.	536		12,655
Daktronics, Inc.	100		1,791
1Data Domain, Inc.	100		2,380
1DealerTrack Holdings, Inc.	100		2,022
1Dell, Inc.	7,611		151,611
Diebold, Inc.	255		9,575
1Digital River, Inc.	189		5,853
1Diodes, Inc.	144		3,162
1DSP Group, Inc.	100		1,274
1Earthlink, Inc.	390		2,944
1eBay, Inc.	3,904		116,495
1Echelon Corp.	100		1,350
1Eclipsys Corp.	180		3,530
1Electro Scientific Industries, Inc.	100		1,648
1Electronic Arts, Inc.	1,122		56,010
Electronic Data Systems Corp.	1,867		31,086
1Electronics for Imaging, Inc.	170		2,536
1EMC Corp.	7,560		108,410
1Emulex Corp.	400		6,496
1Entegris, Inc.	190		1,366
1Epicor Software Corp.	100		1,120
1Equinix, Inc.	110		7,314
1Exar Corp.	100		823
1Extreme Networks	300		930
1F5 Networks, Inc.	316		5,742
Fair Isaac Corp.	178		3,831
1Fairchild Semiconductor International, Inc.	370		4,410
1FARO Technologies, Inc.	72		2,245
1FEI Co.	100		2,183
1Finisar Corp.	792		1,014
1First Solar, Inc.	142		32,822
1Flextronics International Ltd.	2,928		27,494
1Flir Systems, Inc.	480		14,443
1FormFactor, Inc.	160		3,056
1Foundry Networks, Inc.	419		4,852
1Gartner, Inc.	210		4,061
1Google, Inc.	846		372,638
1Greatbatch, Inc.	100		1,841
1Harmonic, Inc.	300		2,280
Harris Corp.	495		24,022
Hewlett-Packard Co.	9,260		422,812
1Hittite Microwave Corp.	100		3,742
1Hutchinson Technology, Inc.	100		1,591
1IAC	683		14,179
1IHS, Inc.	161		10,354
IKON Office Solutions, Inc.	310		2,356
Imation Corp.	100		2,274
1Informatica Corp.	320		5,459
InfoSpace, Inc.	50		579
1Ingram Micro, Inc.	560		8,865
1Innerworkings, Inc.	100		1,403
1Integrated Device Technology, Inc.	604		5,394
Intel Corp.	21,002		444,822
1InterDigital Communications, Inc.	114		2,258
1InterNAP Network Services Corp.	100		496
International Business Machines Corp.	4,948		569,713
1International Rectifier Corp.	280		6,020
Intersil Corp.	470		12,065
1Interwoven, Inc.	100		1,068
1Intuit, Inc.	1,083		29,252
1INVESTools, Inc.	100		1,099
1Itron, Inc.	100		9,023
1j2 Global Communications, Inc.	160		3,571
Jabil Circuit, Inc.	608		5,752
Jack Henry & Associates, Inc.	246		6,069
1JDA Software Group, Inc.	100		1,825
1Juniper Networks, Inc.	1,761		44,025

17

AARP Portfolios

U.S. Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Information Technology - (continued)
1Kemet Corp.	279	$	1,127
KLA-Tencor Corp.	673		24,968
1Knot, Inc.	100		1,175
1Kulicke & Soffa Industries, Inc.	200		956
1L-1 Identity Solutions, Inc.	100		1,330
1Lam Research Corp.	459		17,543
1Lattice Semiconductor Corp.	300		852
1Lawson Software, Inc.	400		3,012
1Lexmark International, Inc.	340		10,445
Linear Technology Corp.	804		24,675
1Littelfuse, Inc.	83		2,903
1LSI Logic Corp.	2,520		12,474
1Magma Design Automation, Inc.	100		957
1Manhattan Associates, Inc.	100		2,293
1ManTech International Corp.	100		4,536
1MarketAxess Holdings, Inc.	100		994
1Marvell Technology Group Ltd.	1,704		18,540
1Mattson Technology, Inc.	200		1,218
1McAfee, Inc.	580		19,192
1MEMC Electronic Materials, Inc.	829		58,776
1Mentor Graphics Corp.	300		2,649
1Metavante Technologies, Inc.	248		4,958
Methode Electronics, Inc.	100		1,169
1Mettler Toledo International, Inc.	120		11,654
Micrel, Inc.	208		1,928
Microchip Technology, Inc.	801		26,217
1Micron Technology, Inc.	2,796		16,692
1MICROS Systems, Inc.	284		9,559
1Microsemi Corp.	280		6,384
Microsoft Corp.	30,326		860,652
1MicroStrategy, Inc.	20		1,480
1MKS Instruments, Inc.	133		2,846
Molex, Inc.	191		4,424
1Monolithic Power Systems, Inc.	100		1,763
Motorola, Inc.	8,062		74,977
1MPS Group, Inc.	240		2,837
1MSC.Software Corp.	200		2,598
MTS Systems Corp.	100		3,226
National Instruments Corp.	170		4,444
National Semiconductor Corp.	999		18,302
1NAVTEQ Corp.	359		24,412
1NCR Corp.	585		13,356
1NetApp, Inc.	1,271		25,484
1NetGear, Inc.	100		1,995
1Newport Corp.	100		1,117
1Novatel Wireless, Inc.	100		968
1Novell, Inc.	1,220		7,674
1Novellus Systems, Inc.	394		8,294
1Nuance Communications, Inc.	490		8,531
1NVIDIA Corp.	1,860		36,809
1Omniture, Inc.	200		4,642
1OmniVision Technologies, Inc.	180		3,028
1ON Semiconductor Corp.	1,530		8,690
Openwave Systems, Inc.	110		270
1Oracle Corp.	14,726		288,041
Palm, Inc.	220		1,100
1Parametric Technology Corp.	352		5,625
Park Electrochemical Corp.	100		2,585
Paychex, Inc.	1,221		41,831
1Perficient, Inc.	100		794
PerkinElmer, Inc.	437		10,597
1Perot Systems Corp.	420		6,317
1Phase Forward, Inc.	200		3,416
1Photronics, Inc.	100		955
Plantronics, Inc.	160		3,090
1Plexus Corp.	170		4,768
1PMC-Sierra, Inc.	540		3,078
1Polycom, Inc.	330		7,438
1Powerwave Technologies, Inc.	330		842
1Progress Software Corp.	170		5,086
1QLogic Corp.	419		6,432
QUALCOMM, Inc.	5,909		242,269
Quality Systems, Inc.	49		1,464
1Quantum Corp.	800		1,712
1Quest Software, Inc.	200		2,614
1Rackable Systems, Inc.	110		1,003
1Rambus, Inc.	296		6,900
1RealNetworks, Inc.	180		1,031
1Red Hat, Inc.	709		13,039
1RF Micro Devices, Inc.	1,000		2,660
1Riverbed Technology, Inc.	100		1,486
1Rofin-Sinar Technologies, Inc.	120		5,388
1Rogers Corp.	56		1,871
Roper Industries, Inc.	366		21,755
1Rudolph Technologies, Inc.	100		977
1S1 Corp.	200		1,422
1SAIC, Inc.	369		6,860
1salesforce.com, Inc.	314		18,171
1SanDisk Corp.	774		17,469
1Sanmina-SCI Corp.	1,520		2,462
1Sapient Corp.	300		2,088
1ScanSource, Inc.	100		3,619
Seagate Technology	1,888		39,535
1Secure Computing Corp.	200		1,290
1Semtech Corp.	210		3,009
1Sigma Designs, Inc.	100		2,267
1Silicon Image, Inc.	200		1,002
1Silicon Laboratories, Inc.	150		4,731
1Sina Corp.	200		7,050
1SiRFTechnology Holdings, Inc.	150		764
1Skyworks Solutions, Inc.	480		3,494
1Sohu.com, Inc.	100		4,513
1Solera Holdings, Inc.	200		4,872
1SonicWALL, Inc.	300		2,451
1Sonus Networks, Inc.	700		2,408
1Spansion, Inc.	200		550

18

AARP Portfolios

U.S. Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Information Technology - (continued)
1SPSS, Inc.	100	$	3,878
1SRA International, Inc.	150		3,646
1Standard Microsystems Corp.	100		2,918
1Sun Microsystems, Inc.	3,321		51,575
1Sybase, Inc.	302		7,943
1Sycamore Networks, Inc.	360		1,318
1SYKES Enterprises, Inc.	100		1,759
1Symantec Corp.	3,217		53,467
1Synaptics, Inc.	100		2,388
1Synchronoss Technologies, Inc.	87		1,743
1Synopsys, Inc.	542		12,309
Syntel, Inc.	100		2,665
1Take-Two Interactive Software, Inc.	285		7,273
1Taleo Corp.	100		1,940
1Taser International, Inc.	200		1,880
1Tech Data Corp.	180		5,904
Technitrol, Inc.	100		2,313
1Tekelec	300		3,735
1Teledyne Technologies, Inc.	150		7,050
1Tellabs, Inc.	1,593		8,682
1Teradata Corp.	685		15,111
1Teradyne, Inc.	510		6,334
1Tessera Technologies, Inc.	160		3,328
Texas Instruments, Inc.	5,013		141,718
1Thermo Electron Corp.	1,516		86,169
1THQ, Inc.	180		3,924
1TIBCO Software, Inc.	650		4,641
1TNS, Inc.	100		2,064
1Trident Microsystems, Inc.	180		927
1Trimble Navigation Ltd.	384		10,979
1Triquint Semiconductor, Inc.	600		3,036
1Trizetto Group	100		1,669
1TTM Technologies, Inc.	200		2,264
1Tyler Technologies, Inc.	100		1,398
1Ultimate Software Group, Inc.	100		3,006
1Unisys Corp.	1,074		4,758
United Online, Inc.	110		1,162
1Universal Display Corp.	100		1,432
1UTStarcom, Inc.	180		511
1ValueClick, Inc.	312		5,382
1Varian Semiconductor Equipment Associates, Inc.	262		7,375
1Varian, Inc.	150		8,688
1Vasco Data Security International, Inc.	100		1,368
1Veeco Instruments, Inc.	100		1,663
1VeriFone Holdings, Inc.	260		4,126
1Verigy Ltd.	200		3,768
1VeriSign, Inc.	810		26,924
1Viasat, Inc.	100		2,172
1Vignette Corp.	100		1,321
1Vishay Intertechnology, Inc.	510		4,621
1Waters Corp.	340		18,938
1Websense, Inc.	160		3,000
1Western Digital Corp.	803		21,713
1Wind River Systems, Inc.	110		851
Xerox Corp.	3,327		49,805
Xilinx, Inc.	1,088		25,840
1Yahoo!, Inc.	4,287		124,023
1Zebra Technologies Corp.	285		9,496
1Zoran Corp.	152		2,076
Total Information Technology			7,780,350
Materials - 4.3%
AbitibiBowater, Inc.	193		2,492
Air Products & Chemicals, Inc.	818		75,256
Airgas, Inc.	257		11,686
AK Steel Holding Corp.	390		21,224
Albemarle Corp.	300		10,956
Alcoa, Inc.	3,024		109,045
Allegheny Technologies, Inc.	390		27,830
1Alpha Natural Resources, Inc.	258		11,208
A.M. Castle & Co.	100		2,700
AMCOL International Corp.	100		3,123
Ameron International Corp.	33		3,086
1Apex Silver Mines Ltd.	119		1,442
AptarGroup, Inc.	239		9,304
Arch Chemicals, Inc.	100		3,726
Arch Coal, Inc.	534		23,229
Ashland, Inc.	242		11,447
1Aventine Renewable Energy Holdings, Inc.	100		520
Ball Corp.	336		15,436
Bemis Co.	330		8,392
1Brush Engineered Materials, Inc.	100		2,567
1Buckeye Technologies, Inc.	200		2,232
Cabot Corp.	235		6,580
1Calgon Carbon Corp.	194		2,920
Cambrex Corp.	100		693
Carpenter Technology Corp.	200		11,194
Celanese Corp.	548		21,399
1Century Aluminum Co.	175		11,592
CF Industries Holdings, Inc.	170		17,615
Chemtura Corp.	930		6,826
Cleveland-Cliffs, Inc.	146		17,494
1Coeur d’Alene Mines Corp.	1,620		6,545
Commercial Metals Co.	420		12,587
Compass Minerals International, Inc.	125		7,373
Consol Energy, Inc.	675		46,703
1Crown Holdings, Inc.	587		14,769
Cytec Industries, Inc.	138		7,431
Deltic Timber Corp.	100		5,642
Dow Chemical Co.	3,402		125,364
Eagle Materials, Inc.	134		4,764
Eastman Chemical Co.	290		18,110
Ecolab, Inc.	665		28,881
EI Du Pont de Nemours & Co.	3,237		151,362

19

AARP Portfolios

U.S. Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Materials - (continued)
Ferro Corp.	100	$	1,486
FMC Corp.	264		14,649
Foundation Coal Holdings, Inc.	150		7,550
Freeport-McMoRan Copper & Gold, Inc.	1,360		130,859
1General Moly, Inc.	300		2,397
Georgia Gulf Corp.	50		347
Gibraltar Industries, Inc.	100		1,173
1GrafTech International Ltd.	300		4,863
1Graphic Packaging Holding Co.	300		876
Greif, Inc.	96		6,521
1Haynes International, Inc.	50		2,744
HB Fuller Co.	238		4,858
1Hecla Mining Co.	500		5,580
Hercules, Inc.	419		7,664
Huntsman Corp.	591		13,918
Innospec, Inc.	94		1,993
1International Coal Group, Inc.	400		2,540
International Flavors & Fragrances, Inc.	295		12,995
International Paper Co.	1,467		39,902
1Jarden Corp.	282		6,131
Kaiser Aluminum Corp.	50		3,465
Louisiana-Pacific Corp.	330		3,029
Lubrizol Corp.	275		15,265
Martin Marietta Materials, Inc.	143		15,182
Massey Energy Co.	261		9,527
MeadWestvaco Corp.	705		19,190
Minerals Technologies, Inc.	78		4,898
Monsanto Co.	1,964		218,986
1Mosaic Co.	560		57,456
Myers Industries, Inc.	100		1,313
Neenah Paper, Inc.	100		2,578
NewMarket Corp.	60		4,527
Newmont Mining Corp.	1,566		70,940
Nucor Corp.	1,073		72,685
Olin Corp.	210		4,150
1OM Group, Inc.	106		5,781
1Owens-Illinois, Inc.	571		32,222
P.H. Glatfelter Co.	100		1,511
Packaging Corp. of America	326		7,280
1Pactiv Corp.	426		11,165
1Patriot Coal Corp.	80		3,758
Peabody Energy Corp.	963		49,113
1PolyOne Corp.	300		1,911
Potlatch Corp.	181		7,470
PPG Industries, Inc.	590		35,701
Praxair, Inc.	1,140		96,022
Quanex Corp.	145		7,502
Rayonier, Inc.	300		13,032
Rock-Tenn Co.	100		2,997
1Rockwood Holdings, Inc.	100		3,277
Rohm & Haas Co.	492		26,607
Royal Gold, Inc.	100		3,017
RPM International, Inc.	374		7,832
1RTI International Metals, Inc.	88		3,978
Schnitzer Steel Industries, Inc.	100		7,102
Schulman (A.), Inc.	100		2,053
Scotts Miracle-Gro Co.	206		6,679
Sealed Air Corp.	582		14,696
Sigma-Aldrich Corp.	494		29,467
Silgan Holdings, Inc.	140		6,948
1Smurfit-Stone Container Corp.	838		6,453
Sonoco Products Co.	330		9,448
Spartech Corp.	86		727
Steel Dynamics, Inc.	636		21,013
1Stillwater Mining Co.	100		1,547
1Symyx Technologies	60		450
Temple-Inland, Inc.	400		5,088
Texas Industries, Inc.	63		3,787
Titanium Metals Corp.	307		4,620
UAP Holding Corp.	159		6,096
United States Steel Corp.	428		54,300
1USEC, Inc.	230		851
Valspar Corp.	366		7,261
Vulcan Materials Co.	367		24,369
Wausau Paper Corp.	100		826
Westlake Chemical Corp.	100		1,305
Weyerhaeuser Co.	729		47,414
Worthington Industries, Inc.	200		3,374
1WR Grace & Co.	205		4,678
Zep, Inc.	52		843
1Zoltek Cos., Inc.	100		2,652
Total Materials			2,249,205
Telecommunication Services - 3.2%
Alaska Communications Systems Group, Inc.	100		1,224
1American Tower Corp.	1,462		57,325
AT&T, Inc.	21,872		837,698
1Cbeyond, Inc.	100		1,879
1Centennial Communications Corp.	373		2,204
CenturyTel, Inc.	340		11,302
1Cincinnati Bell, Inc.	740		3,152
Citizens Communications Co.	1,098		11,518
Consolidated Communications Holdings, Inc.	100		1,513
1Crown Castle International Corp.	981		33,835
1EchoStar Corp.	140		4,142
Embarq Corp.	542		21,734
Fairpoint Communications, Inc.	100		902
1General Communication, Inc.	100		614
1Global Crossing Ltd.	100		1,516
1Harris Stratex Networks, Inc.	300		3,009
1IDT Corp.	230		768

20

AARP Portfolios

U.S. Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Telecommunication Services - (continued)
1IDT Corp., Class B	200	$	774
Iowa Telecommunications Services, Inc.	100		1,773
iPCS, Inc.	45		1,051
1JDS Uniphase Corp.	797		10,672
1Leap Wireless International, Inc.	239		11,137
1Level 3 Communications, Inc.	5,454		11,562
1Liberty Global, Inc.	609		20,755
1Loral Space & Communications, Inc.	100		2,384
1MetroPCS Communications, Inc.	600		10,200
1NeuStar, Inc.	246		6,514
1NII Holdings, Inc.	600		19,068
NTELOS Holdings Corp.	100		2,420
1Premiere Global Services, Inc.	200		2,868
Qwest Communications International, Inc.	5,631		25,508
1RCN Corp.	70		783
1Rural Cellular Corp.	66		2,919
1SAVVIS, Inc.	100		1,627
1SBA Communications Corp.	290		8,651
Shenandoah Telecom Co.	100		1,484
Sprint Nextel Corp.	10,007		66,947
1Starent Networks Corp.	100		1,350
1Syniverse Holdings, Inc.	200		3,332
Telephone & Data Systems, Inc.	223		8,757
Telephone & Data Systems, Inc. (Special Shares)	200		7,460
1TerreStar Corp.	400		1,952
Time Warner Cable, Inc.	600		14,988
1Time Warner Telecom, Inc.	448		6,940
1US Cellular Corp.	66		3,630
1USA Mobility, Inc.	100		714
Verizon Communications, Inc.	10,383		378,460
1Vonage Holdings Corp.	200		370
Windstream Corp.	1,625		19,419
Total Telecommunication Services			1,650,804
Utilities - 4.1%
1AES Corp.	2,357		39,291
AGL Resources, Inc.	291		9,987
Allegheny Energy, Inc.	606		30,603
Allete, Inc.	150		5,793
Alliant Energy Corp.	427		14,949
Ameren Corp.	758		33,382
American Electric Power Co., Inc.	1,429		59,489
American States Water Co.	100		3,600
Aqua America, Inc.	494		9,277
1Aquila, Inc.	1,070		3,435
Atmos Energy Corp.	332		8,466
Avista Corp.	130		2,543
Black Hills Corp.	150		5,367
California Water Service Group	100		3,815
CenterPoint Energy, Inc.	1,057		15,083
CH Energy Group, Inc.	70		2,723
Cleco Corp.	200		4,436
CMS Energy Corp.	710		9,613
Consolidated Edison, Inc.	1,010		40,097
Constellation Energy Group, Inc.	654		57,729
Dominion Resources, Inc.	2,100		85,764
DPL, Inc.	380		9,743
DTE Energy Co.	607		23,606
Duke Energy Corp.	4,600		82,110
1Dynegy, Inc.	1,836		14,486
Edison International	1,102		54,020
El Paso Electric Co.	190		4,060
Empire District Electric Co.	150		3,038
1Enbridge Energy Management LLC	89		4,328
Energen Corp.	280		17,444
Energy East Corp.	587		14,158
Entergy Corp.	700		76,356
Exelon Corp.	2,420		196,673
FirstEnergy Corp.	1,130		77,541
FPL Group, Inc.	1,396		87,585
Great Plains Energy, Inc.	276		6,803
Hawaiian Electric Industries, Inc.	321		7,662
IDACORP, Inc.	175		5,619
Integrys Energy Group, Inc.	269		12,546
ITC Holdings Corp.	200		10,412
1Kinder Morgan Management LLC	238		12,131
Laclede Group, Inc.	120		4,276
Macquarie Infrastructure Co. LLC	168		4,894
MDU Resources Group, Inc.	608		14,926
MGE Energy, Inc.	100		3,406
1Mirant Corp.	920		33,479
Mueller Water Products, Inc.	243		1,915
Nalco Holding Co.	510		10,787
National Fuel Gas Co.	313		14,777
New Jersey Resources Corp.	240		7,452
Nicor, Inc.	169		5,663
NiSource, Inc.	954		16,447
Northeast Utilities	576		14,135
Northwest Natural Gas Co.	90		3,910
NorthWestern Corp.	170		4,143
1NRG Energy, Inc.	826		32,206
NSTAR	420		12,781
OGE Energy Corp.	330		10,286
Oneok, Inc.	400		17,852
Ormat Technologies, Inc.	100		4,301
Otter Tail Corp.	90		3,185
Pepco Holdings, Inc.	667		16,488

21

AARP Portfolios

U.S. Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares		Value
Common Stocks - (continued)
Utilities - (continued)
1Petrohawk Energy Corp.		724	$	14,603
PG&E Corp.		1,255		46,209
Piedmont Natural Gas Co.		219		5,751
Pinnacle West Capital Corp.		390		13,681
PNM Resources, Inc.		184		2,294
Portland General Electric Co.		200		4,510
PPL Corp.		1,325		60,844
Progress Energy, Inc.		887		36,988
Public Service Enterprise Group, Inc.		1,800		72,342
Puget Energy, Inc.		440		11,383
Questar Corp.		629		35,576
1Reliant Energy, Inc.		1,174		27,765
SCANA Corp.		387		14,156
Sempra Energy		938		49,977
Sierra Pacific Resources		786		9,927
SJW Corp.		100		2,859
South Jersey Industries, Inc.		90		3,160
Southern Co.		2,739		97,536
Southern Union Co.		336		7,819
Southwest Gas Corp.		100		2,796
1Southwestern Energy Co.		1,242		41,843
Spectra Energy Corp.		2,300		52,325
TECO Energy, Inc.		749		11,947
Trane, Inc.		674		30,937
UGI Corp.		351		8,747
UIL Holdings Corp.		100		3,013
UniSource Energy Corp.		160		3,562
Vectren Corp.		314		8,425
1VeraSun Energy Corp.		200		1,470
Westar Energy, Inc.		337		7,674
WGL Holdings, Inc.		200		6,412
Wisconsin Energy Corp.		405		17,816
Xcel Energy, Inc.		1,532		30,563
Total Utilities				2,147,982
Total Common Stocks - (Identified Cost $52,485,115)				50,893,375
Rights—0.00%1
Ares Capital Corp. Rights Exp. 4/21/08		44		25
FX Real Estate and Entertainment, Inc. Exp. 4/18/08		20		1
MCG Capital Corp. Exp. 4/18/08		28		30
Total Rights - (Identified Cost $0)				56
	Shares or Par Amount		Value
Mutual Fund - 1.1%
AIM Prime Fund (At Net Asset Value)		583,035		583,035
U.S. Treasury - 0.1%
4 United States Treasury Bill, 1.565%, 6/12/2008       (At Amortized Cost)	$	35,000		34,890
Total Investments – 99.7% (Identified Cost $53,103,040)5				51,511,356
Other Assets & Liabilities - Net – 0.3%				157,647
Total Net Assets - 100.0%			$	51,669,003

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 $89,708 at March 31, 2008.

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

5 At March 31, 2008, the cost of investments for federal tax purposes was $53,103,040. The net unrealized depreciation of investments for federal tax purposes was $1,591,684. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $4,757,533 and net unrealized depreciation from investments for those securities having an excess of cost over value of $6,349,217.

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

At March 31, 2008, the Fund had the following outstanding long futures contracts:

Description	Number of Contracts	Notional Value		Expiration Date	Unrealized Appreciation
S & P Mini 500 Index Futures	6	$	397,200	June 2008	$	9,377
Russell 2000 E Mini Index Futures	3	$	207,000	June 2008	$	8,003

22

AARP Portfolios

U.S. Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

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.

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

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

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

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

The following is a summary of the inputs used as of March 31, 2008 in valuing the Portfolio’s investments carried at value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 - Quoted Prices	$	51,511,356	$	17,380
Level 2 - Other Significant Observable Inputs		—		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	51,511,356	$	17,380

* Other financial instruments include futures, forwards and swap contracts.

23

AARP Portfolios

International Stock Market Portfolio

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks – 95.8%
Aerospace & Defense - 0.8%
BAE Systems PLC	7,371	$	71,019
BBA Aviation PLC	714		2,134
Cobham PLC	2,413		9,582
European Aeronautic Defence and Space Co. NV	683		16,202
Finmeccanica SpA	654		22,263
Gamesa Corp. Tecnologica SA	360		16,442
Meggitt PLC	1,398		7,654
Rolls-Royce Group PLC	3,757		30,063
1Rolls-Royce Group PLC Class B	336,627		668
Safran SA	331		6,785
Singapore Technologies Engineering Ltd.	3,000		7,353
Smiths Group PLC	794		14,819
Thales SA	189		12,250
Zodiac SA	70		3,437
Total			220,671
Air Freight & Couriers - 0.4%
Deutsche Post AG	1,680		51,376
Singapore Post Ltd.	3,000		2,502
TNT NV	835		31,051
Toll Holdings Ltd.	1,060		9,699
Yamato Holdings Co. Ltd.	1,000		14,620
Total			109,248
Airlines - 0.2%
Air France-KLM	242		6,823
All Nippon Airways Co. Ltd.	1,000		4,396
1British Airways PLC	1,285		5,977
Cathay Pacific Airways Ltd.	3,000		5,883
Deutsche Lufthansa AG	461		12,480
Iberia Lineas Aereas de Espana SA	811		3,538
1Japan Airlines Corp.	2,000		5,187
Qantas Airways Ltd.	1,889		6,779
Singapore Airlines Ltd.	940		10,633
Total			61,696
Auto Components - 0.7%
Aisin Seiki Co. Ltd.	400		14,901
Bridgestone Corp.	1,300		22,092
Compagnie Generale des Etablissements Michelin	313		32,707
Continental AG	317		32,359
Denso Corp.	1,000		32,245
GKN PLC	1,370		8,276
NOK Corp.	200		4,086
Nokian Renkaat, OYJ	230		9,815
Stanley Electric Co. Ltd.	300		7,300
Sumitomo Rubber Industries, Inc.	300		2,295
Tokai Rika Co. Ltd.	100		2,609
Toyoda Gosei Co. Ltd.	100		3,755
Toyota Boshoku Corp.	100		2,989
Toyota Industries Corp.	400		14,180
Trelleborg AB	200		3,990
Valeo SA	130		5,161
Total			198,760
Automobiles - 3.1%
Bayerische Motoren Werke AG	333		18,414
DaimlerChrysler AG	1,995		170,730
Fiat SpA	1,466		33,942
Fuji Heavy Industries Ltd.	1,000		4,176
Honda Motor Co. Ltd.	3,300		94,017
Isuzu Motors Ltd.	2,000		9,974
Mazda Motor Corp.	1,000		3,535
1Mitsubishi Motors Corp.	4,000		6,569
Nissan Motor Co. Ltd.	4,700		38,782
Peugeot SA	334		25,923
Renault SA	398		44,093
Suzuki Motor Corp.	400		10,074
Toyota Motor Corp.	5,700		283,687
Volkswagen AG	353		102,449
Yamaha Motor Co. Ltd.	400		7,346
Total			853,711
Banks - 14.5%
77 Bank Ltd.	1,000		5,588
Alliance & Leicester PLC	390		4,015
Allied Irish Banks PLC	1,906		40,625
Alpha Bank AE	844		28,011
Anglo Irish Bank Corp. PLC	768		10,256
Aozora Bank Ltd.	1,000		2,964
Australia & New Zealand Banking Group Ltd.	3,983		82,016
Banca Carige SpA	612		2,411
Banca Intesa SpA (Certificates.-participating cumulative)	2,167		14,281
Banca Monte dei Paschi di Siena SpA	2,082		9,230
Banca Popolare di Milano SCRL	825		9,068
Banche Popolari Unite SCPA	1,280		32,832
Banco Bilbao Vizcaya Argentaria SA	7,990		176,152
Banco Comercial Portugues SA	3,636		11,837
Banco de Sabadell SA	986		10,830
Banco Espirito Santo SA	451		7,848
1Banco Popolare SCRL	1,389		23,027
Banco Popular Espanol SA	1,764		32,060
Banco Santander Central Hispano SA	13,322		265,703
Bank of East Asia Ltd.	2,949		14,854
Bank of Ireland	2,142		31,870
Bank of Kyoto Ltd.	1,000		12,137
Bank of Yokohama Ltd.	2,000		13,559
Bankinter SA	280		4,447
Barclays PLC	14,591		131,239
Bendigo Bank Ltd.	531		5,770
BNP Paribas	1,733		174,984
BOC Hong Kong Holdings Ltd.	8,000		19,305
Chiba Bank Ltd.	2,000		13,559

1

AARP Portfolios

International Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Banks - (continued)
Commerzbank AG	1,352	$	42,307
Commonwealth Bank of Australia	2,776		105,984
Credit Agricole SA	1,428		44,234
Credit Suisse Group	2,232		113,709
Danske Bank A/S	1,010		37,299
DBS Group Holdings Ltd.	2,000		26,105
Deutsche Bank AG	1,083		122,720
Deutsche Postbank AG	166		15,864
Dexia SA	1,144		32,634
DnB NOR ASA	1,600		24,319
EFG Eurobank Ergasias SA	629		19,126
EFG International	103		3,529
Erste Bank der Oesterreichischen Sparkassen AG	413		26,794
Fukuoka Financial Group, Inc.	2,000		10,395
Gunma Bank Ltd.	1,000		7,140
Hachijuni Bank Ltd.	1,000		6,339
Hang Seng Bank Ltd.	1,600		28,927
HBOS PLC	8,022		89,197
Hiroshima Bank Ltd.	1,000		4,817
HSBC Holdings PLC	25,194		415,199
Intesa Sanpaolo SpA	16,341		115,310
Investec PLC	865		5,814
Joyo Bank Ltd.	1,000		5,047
Julius Baer Holding AG	214		15,787
1Jyske Bank A/S	126		8,465
KBC Groep NV	339		44,007
Lloyds TSB Group PLC	12,056		107,959
Mediobanca SpA	1,077		22,110
Mitsubishi UFJ Financial Group, Inc.	18,500		159,323
Mizuho Financial Group, Inc.	19		69,447
National Australia Bank Ltd.	3,462		95,314
National Bank of Greece SA	869		45,898
Natixis	369		5,942
Nishi-Nippon City Bank Ltd.	1,000		2,624
Nordea Bank AB	4,560		73,934
OKO Bank PLC	200		3,771
Oversea-Chinese Banking Corp. Ltd.	5,000		29,368
Piraeus Bank SA	700		21,550
Raiffeisen International Bank Holding AG	73		9,962
Resona Holdings, Inc.	12		19,948
Royal Bank of Scotland Group PLC	21,348		142,952
Sapporo Hokuyo Holdings, Inc.	1		6,960
Shizuoka Bank Ltd.	1,000		11,787
Skandinaviska Enskilda Banken AB	910		23,825
Societe Generale	802		78,609
St George Bank Ltd.	536		12,584
Standard Chartered PLC	1,398		47,799
Sumitomo Mitsui Financial Group, Inc.	14		91,969
Suncorp-Metway Ltd.	1,935		22,741
Svenska Handelsbanken	1,050		30,584
Swedbank AB	400		11,213
Sydbank A/S	140		5,096
UniCredito Italiano SpA	19,919		133,475
United Overseas Bank Ltd.	3,000		41,637
Westpac Banking Corp.	3,987		86,467
Wing Hang Bank Ltd.	510		7,772
Total			3,984,166
Beverages - 1.5%
Asahi Breweries Ltd.	800		16,463
C&C Group PLC	15		94
Carlsberg A/S	80		10,241
Coca-Cola Amatil Ltd.	997		7,739
Coca-Cola West Holdings Co. Ltd.	100		2,403
Diageo PLC	5,638		113,736
Foster’s Group Ltd.	4,161		19,454
Fraser and Neave Ltd.	2,000		7,034
Heineken Holding NV	111		5,587
Heineken NV	520		30,234
InBev NV	400		35,237
Ito En Ltd.	100		1,767
Kirin Brewery Co. Ltd.	2,000		37,753
Lion Nathan Ltd.	498		3,979
Pernod-Ricard SA	366		37,690
SABMiller PLC	1,892		41,474
Sapporo Holdings Ltd.	1,000		8,161
Scottish & Newcastle PLC	1,670		26,195
Total			405,241
Biotechnology - 0.0%
Zeltia SA	290		2,122
Building Products - 0.5%
Asahi Glass Co. Ltd.	2,000		22,011
Assa Abloy AB	680		12,336
Cie de Saint-Gobain	603		49,221
Geberit AG	88		13,126
JS Group Corp.	600		8,995
Kingspan Group PLC	232		3,098
Nippon Sheet Glass Co. Ltd.	1,000		4,416
TOTO Ltd.	1,000		9,443
Uponor OYJ	100		2,355
Wienerberger AG	171		9,105
Total			134,106
Chemicals - 2.7%
Akzo Nobel NV	588		47,226
Asahi Kasei Corp.	3,000		15,622
BASF AG	1,046		141,026
Bayer AG	1,532		122,899
Ciba Specialty Chemicals AG	140		5,110
Daicel Chemical Industries, Ltd.	1,000		5,127
Dainippon Ink and Chemicals, Inc.	1,000		3,104
Denki Kagaku Kogyo K. K.	1,000		3,144

2

AARP Portfolios

International Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Chemicals - (continued)
1GEA Group AG	322	$	10,839
Givaudan SA	13		12,872
JSR Corp.	400		9,033
K+S AG	75		24,573
Kaneka Corp.	1,000		6,239
Kansai Paint Co. Ltd.	1,000		6,489
Koninklijke DSM NV	282		13,615
Kuraray Co. Ltd.	1,000		11,897
Lonza Group AG	98		13,007
Mitsubishi Chemical Holdings Corp.	2,500		16,498
Mitsubishi Gas Chemical Co., Inc.	1,000		7,100
Mitsubishi Rayon Co. Ltd.	1,000		3,195
Mitsui Chemicals, Inc.	1,000		6,609
Novozymes A/S	110		10,304
Orica Ltd.	617		16,412
Shin-Etsu Chemical Co. Ltd.	900		46,415
Showa Denko K.K.	2,000		6,730
Solvay SA	131		16,732
Sumitomo Chemical Co. Ltd.	3,000		19,167
Syngenta AG	218		63,934
Taiyo Nippon Sanso Corp.	1,000		7,991
Teijin Ltd.	2,000		8,412
Tokuyama Corp.	1,000		7,240
Toray Industries, Inc.	3,000		19,437
Tosoh Corp.	1,000		3,435
Ube Industries Ltd.	2,000		6,469
Wacker Chemie AG	18		3,692
Yara International ASA	350		20,267
Total			741,861
Commercial Services & Supplies - 0.9%
ABC Learning Centres Ltd.	619		791
Adecco SA	263		15,201
Aggreko PLC	258		3,307
Benesse Corp.	200		9,413
Buhrmann NV	299		3,483
Capita Group PLC	1,261		16,988
Cargotec Corp.	65		3,194
Dai Nippon Printing Co. Ltd.	1,000		15,882
De La Rue PLC	294		5,175
Downer EDI Ltd.	630		3,601
Group 4 Securicor PLC	2,237		10,116
Hakuhodo DY Holdings, Inc.	50		2,969
Hays PLC	2,836		6,434
1Invensys PLC	1,783		7,966
Legrand SA	112		3,517
Mitsubishi UFJ Lease & Finance Co. Ltd.	70		2,433
Pacific Brands Ltd.	1,151		2,123
PagesJaunes Groupe SA	300		5,348
Randstad Holdings NV	100		4,689
Rentokil Initial PLC	3,795		7,328
Secom Co. Ltd.	400		19,387
Securitas AB	680		8,987
Securitas Systems, Series B	480		1,398
Serco Group PLC	978		8,811
SGS SA	10		14,392
Societe BIC SA	70		4,321
1TGS Nopec Geophysical Co. ASA	200		2,914
Toppan Printing Co. Ltd.	1,000		11,576
Vedior NV	382		11,108
WPP Group PLC	2,438		29,093
Total			241,945
Communications Equipment - 1.3%
Alcatel SA	4,902		28,044
1GN Store Nord A/S	390		1,951
Nokia OYJ	8,420		266,672
Telefonaktiebolaget LM Ericsson	30,950		60,759
Total			357,426
Computers & Peripherals - 0.4%
1Elpida Memory, Inc.	200		6,649
Fujitsu Ltd.	4,000		26,117
1Logitech International SA	329		8,336
Mitsumi Electric Co. Ltd.	200		6,309
NEC Corp.	4,000		15,221
Toshiba Corp.	6,000		40,016
Wincor Nixdorf AG	32		2,564
Total			105,212
Construction & Engineering - 0.9%
Acciona SA	60		16,087
Actividades de Construction y Servicios SA (ACS)	430		24,512
Aker Kvaerner ASA	285		6,500
Alstom SA	219		47,527
Amec PLC	730		10,487
Balfour Beatty PLC	846		7,912
Bilfinger Berger AG	78		6,726
Boart Longyear Group	2,691		4,497
Eiffage SA	43		4,186
FLSmidth & Co. A/S	100		9,908
Fomento de Construcciones y Contratas SA	100		6,590
Grupo Ferrovial SA	131		9,521
Hellenic Technodomiki Tev SA	210		2,569
HOCHTIEF AG	83		7,608
Husqvarna AB, Series B	548		6,597
Italcementi SpA	146		2,117
Kajima Corp.	2,000		5,648
Kurita Water Industries Ltd.	200		7,350
Leighton Holdings Ltd.	276		10,787
Nishimatsu Construction Co. Ltd.	1,000		2,143
Obayashi Corp.	1,000		4,186
SembCorp Industries Ltd.	2,000		5,903
Shimizu Corp.	1,000		4,586
Skanska AB	580		11,621
Taisei Corp.	2,000		5,087

3

AARP Portfolios

International Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Construction & Engineering - (continued)
YIT OYJ	240	$	6,816
Total			237,471
Construction Materials - 0.7%
Biffa PLC	352		2,438
Boral Ltd.	1,512		8,643
Cimpor Cimentos de Portugal SGPS SA	466		4,227
CRH PLC	1,175		44,681
CSR Ltd.	2,030		5,932
Fletcher Building Ltd.	1,040		6,858
HeidelbergCement AG	28		4,827
Holcim Ltd.	440		46,250
Imerys SA	70		6,426
Italcementi SpA	120		2,433
James Hardie Industries NV	800		4,566
Lafarge SA	308		53,622
1RHI AG	58		2,337
Sumitomo Osaka Cement Co. Ltd.	1,000		2,313
Taiheiyo Cement Corp.	2,000		4,807
Titan Cement Co. SA	140		5,956
Total			206,316
Containers & Packaging - 0.1%
Amcor Ltd.	1,838		12,000
Billerud AB	100		1,137
Mayr Melnhof Karton AG	16		1,616
Rexam PLC	1,263		10,696
1Smurfit Kappa Group PLC	276		3,328
Toyo Seikan Kaisha Ltd.	300		5,687
Total			34,464
Distributors - 0.3%
D’ieteren SA	6		2,136
Li & Fung Ltd.	4,200		15,489
Olam International Ltd.	1,000		1,559
Reckitt Benckiser Group PLC	1,275		70,656
Total			89,840
Diversified Financials - 3.4%
3i Group PLC	837		13,794
Acom Co. Ltd.	100		2,649
Aeon Credit Service Co. Ltd.	100		1,334
Aiful Corp.	100		1,603
Australian Stock Exchange Ltd.	378		12,909
Babcock & Brown International Property Ltd.	453		6,089
Banco BPI SA	511		2,706
Cattles PLC	365		1,678
Challenger Financial Services Group Ltd.	662		1,100
Chinese Estates Holdings Ltd.	2,000		3,099
Close Brothers Group PLC	133		1,629
Credit Saison Co. Ltd.	300		8,352
D. Carnegie & Co. AB	100		1,684
Daiwa Securities Group, Inc.	3,000		25,956
Deutsche Boerse AG	428		69,014
E*Trade Securities Co. Ltd.	3		2,605
Eurazeo	29		3,712
Experian Group Ltd.	2,098		15,288
Fortis NV	4,415		111,360
1Fortis NV-Strip VVPR	1,664		26
Groupe Bruxelles Lambert SA	177		21,620
Hellenic Exchanges SA Holding Clearing Settlement and Registry	130		3,090
Hokuhoku Financial Group, Inc.	2,000		6,009
Hong Kong Exchanges and Clearing Ltd.	2,000		34,334
Hypo Real Estate Holding AG	406		10,562
ICAP PLC	1,044		11,795
IFIL - Investments SpA	427		3,448
ING Groep NV	4,010		150,323
1Investor AB	400		9,008
1Jafco Co. Ltd.	100		3,325
KBC Ancora	37		3,810
Keppel Corp. Ltd.	2,000		14,358
London Stock Exchange Group PLC	301		7,220
Macquarie Group Ltd.	571		27,541
Man Group PLC	3,400		37,434
Matsui Securities Co. Ltd.	300		1,694
Mediolanum SpA	660		4,047
Mitsui Trust Holdings, Inc.	2,000		12,077
Mizuho Trust & Banking Co. Ltd.	2,000		2,864
Nomura Holdings, Inc.	3,800		56,699
ORIX Corp.	190		25,876
Pargesa Holding SA	28		3,124
Perpetual Ltd.	100		4,917
Promise Co. Ltd.	150		4,304
Schroders PLC	261		4,861
Shinko Securities Co. Ltd.	1,000		2,904
Singapore Exchange Ltd.	2,000		10,877
Sony Financial Holdings, Inc.	2		8,071
Sumitomo Trust & Banking Co. Ltd.	3,000		20,609
Swire Pacific Ltd.	1,500		16,923
Takefuji Corp.	200		4,226
Tullett Prebon PLC	182		1,721
UBS AG	4,418		128,499
Total			944,757
Diversified Telecommunication Services - 3.8%
Belgacom SA	349		15,471
BT Group PLC	17,426		75,169
Deutsche Telekom AG	6,046		100,806
Elisa OYJ	280		7,001
France Telecom SA	3,893		131,048
Hellenic Telecommunications Organization SA	640		18,186

4

AARP Portfolios

International Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Diversified Telecommunications Services - (continued)
Hutchison Telecommunications International Ltd.	3,000	$	4,279
1Millicom International Cellular SA	66		6,290
Mobistar SA	60		5,443
Nippon Telegraph & Telephone Corp.	11		47,366
PCCW Ltd.	10,000		6,245
Portugal Telecom SGPS SA	1,678		19,518
1Prysmian SpA	272		5,812
Royal KPN NV	3,915		66,204
Singapore Telecommunications Ltd.	17,300		49,050
Swisscom AG	50		17,145
Tele2 AB	637		12,039
Telecom Corp. of New Zealand Ltd.	3,667		10,778
Telecom Italia SpA	23,058		48,284
Telecom Italia SpA (RNC-Participating Cumulative)	12,482		20,693
Telefonica SA	9,148		263,127
Telekom Austria AG	735		15,205
1Telenor ASA	1,900		36,425
TeliaSonera AB	4,670		37,505
Telstra Corp. Ltd.	6,256		25,136
Total			1,044,225
Electric Utilities - 3.5%
British Energy Group PLC	2,146		27,803
Cheung Kong Infrastructure Holdings Ltd.	1,000		4,009
Chubu Electric Power Co., Inc.	1,400		34,909
Chugoku Electric Power Co., Inc.	300		6,669
CLP Holdings Ltd.	3,000		24,690
Contact Energy Ltd.	489		3,071
E.ON AG	1,326		245,731
Electric Power Development Co.	300		10,785
Electricite de France	202		17,593
Enel SpA	9,298		98,747
Energias de Portugal SA	4,253		25,810
Hokkaido Electric Power Co., Inc.	400		9,273
Hokuriku Electric Power Co.	200		4,707
HongKong Electric Holdings	3,000		18,947
1Iberdrola Renovables	1,809		12,608
Iberdrola SA	7,423		115,201
International Power PLC	3,112		24,593
Kansai Electric Power Co., Inc.	1,600		39,736
Kyushu Electric Power Co., Inc.	800		19,507
Public Power Corp.	210		9,193
Red Electrica de Espana	218		13,361
Scottish & Southern Energy PLC	1,823		50,820
Shikoku Electric Power Co., Inc.	200		5,938
Solarworld AG	167		7,963
Terna SpA	2,692		11,498
Tohoku Electric Power Co., Inc.	900		21,946
Tokyo Electric Power Co., Inc.	2,600		69,387
Union Fenosa SA	235		15,810
Verbund - Oesterreichische Elektrizitatswirtschafts-AG	156		11,117
Total			961,422
Electrical Equipment - 2.1%
ABB Ltd.	4,643		124,749
Bekaert SA	26		3,787
Fanuc Ltd.	400		37,973
Fuji Electric Holdings Co. Ltd.	1,000		4,056
Fujikura Ltd.	1,000		4,506
Furukawa Electric Co. Ltd.	1,000		3,225
Matsushita Electric Works Ltd.	1,000		10,265
Mitsubishi Electric Corp.	4,000		34,528
Nitto Denko Corp.	300		12,648
Schneider Electric SA	459		59,454
Siemens AG	1,814		196,809
Sumitomo Electric Industries Ltd.	1,500		18,957
Ushio, Inc.	200		3,749
1Vestas Wind Systems A/S	470		51,398
Total			566,104
Electronic Equipment & Instruments – 0.9%
Alps Electric Co. Ltd.	300		2,947
Barco NV	23		1,649
Citizen Watch Co. Ltd.	700		5,909
Cookson Group PLC	214		2,821
Hirose Electric Co. Ltd.	100		11,206
Hitachi Chemical Co. Ltd.	200		3,753
Hitachi Ltd.	7,000		41,428
Hoya Corp.	900		21,090
Ibiden Co. Ltd.	300		11,776
Keyence Corp.	100		22,952
Kingboard Chemical Holdings Ltd.	2,000		7,080
Kudelski SA	80		1,176
Kyocera Corp.	300		25,145
Mabuchi Motor Co. Ltd.	100		4,817
Neuf Cegetel	75		4,181
Nidec Corp.	200		12,277
Nippon Electric Glass Co. Ltd.	1,000		15,432
1Oki Electric Industry Co. Ltd.	1,000		1,923
Omron Corp.	400		8,191
Premier Farnell PLC	756		2,676
Rohm Co. Ltd.	200		12,357
Tandberg ASA	200		2,993
TDK Corp.	300		17,695
Venture Corp. Ltd.	1,000		7,643
Yaskawa Electric Corp.	1,000		9,483
Yokogawa Electric Corp.	300	$	2,998
Total			261,598
Energy Equipment & Services - 0.4%
Acergy SA	380		8,201

5

AARP Portfolios

International Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Energy Equipment & Services - (continued)
1Cie Generale de Geophysique-Veritas	52	$	12,958
Fugro NV	111		8,629
1Renewable Energy Corp. AS	323		9,019
Saipem SpA	267		10,819
SBM Offshore NV	303		9,783
SeaDrill Ltd.	485		13,017
Technip SA	201		15,670
WorleyParsons Ltd.	340		10,392
Total			98,488
Food & Drug Retailing - 1.7%
Axfood AB	50		1,781
Carrefour SA	1,281		98,937
Casino Guichard Perrachon SA	98		11,762
Colruyt SA	40		10,304
Delhaize Group	209		16,462
FamilyMart Co. Ltd.	100		3,575
J Sainsbury PLC	3,339		22,740
1Kesko OYJ	160		8,281
1Koninklijke Ahold NV	2,612		38,803
Lawson, Inc.	100		4,416
Seven & I Holdings Co. Ltd.	1,700		42,560
Tesco PLC	16,788		126,334
WM Morrison Supermarkets PLC	2,432		13,243
Woolworths Ltd.	2,603		68,931
Total			468,129
Food Products – 2.9%
Ajinomoto Co., Inc.	1,000		10,114
Associated British Foods PLC	359		6,237
Cadbury Schweppes PLC	4,540		49,895
Coca Cola Hellenic Bottling Co. SA	350		16,318
Danisco A	90		6,581
1East Asiatic Co. Ltd. A/S	25		2,188
Futuris Corp. Ltd.	1,368		2,367
1Genting International PLC	6,000		2,610
Goodman Fielder Ltd.	2,138		3,514
Greencore Group PLC	375		2,252
Groupe DANONE	916		81,995
House Foods Corp.	200		2,970
Iaws Group PLC	128		3,006
Kerry Group PLC	260		8,156
1Lighthouse Caledonia ASA	40		33
Lindt & Spruengli AG	2		6,652
Meiji Dairies Corp.	1,000		6,008
Nestle SA	837		418,605
Nisshin Seifun Group, Inc.	500		5,327
Nissin Food Products Co. Ltd.	200		6,729
Parmalat SpA	3,496		13,454
Suedzucker AG	141		3,131
Tate & Lyle PLC	1,060		11,365
Tingyi Cayman Islands Holding Corp.	4,000		5,243
Unilever NV	3,661		123,065
Wilmar International Ltd.	1,000		3,031
Yakult Honsha Co. Ltd.	200		6,189
Total			807,035
Gas Utilities - 0.5%
AGL Energy Ltd.	823		8,297
Centrica PLC	7,941		47,026
Gas Natural SDG SA	220		13,622
Hong Kong & China Gas Co.	7,600		22,852
Osaka Gas Co. Ltd.	4,000		15,942
Snam Rete Gas SpA	1,750		11,139
Tokyo Gas Co. Ltd.	5,000		20,178
Total			139,056
Health Care Equipment & Supplies - 1.0%
Air Liquide SA	521		79,515
Alfresa Holdings Corp.	100		7,841
Ansell Ltd.	332		3,526
Cie Generale d’Optique Essilor International SA	431		28,193
Cochlear Ltd.	130		6,493
Coloplast A/S	44		4,024
Elekta AB	148		2,554
Fisher & Paykel Healthcare Corp.	865		1,992
Getinge AB	390		10,112
Luxottica Group SpA	258		6,512
Nobel Biocare Holding AG	47		10,942
Olympus Corp.	1,000		30,242
Omega Pharma SA	39		1,810
Phonak Holding AG	100		9,181
1Qiagen NV	181		3,747
Smith & Nephew PLC	1,851		24,496
SSL International PLC	398		3,584
Straumann Holding AG	20		5,714
Synthes, Inc.	128		17,918
Terumo Corp.	400		20,829
1William Demant Holding A/S	100		8,000
Total			287,225
Health Care Providers & Services - 0.2%
Celesio AG	190		9,417
Fresenius Medical Care AG & Co. KGaA	396		19,933
Mediceo Paltac Holdings Co. Ltd.	300		5,425
Parkway Holdings Ltd.	1,000		2,320
Sonic Healthcare Ltd.	671		8,425
Suzuken Co. Ltd.	100		4,106
Total			49,626
Hotels Restaurants & Leisure - 0.9%
Accor SA	414		30,267
Aristocrat Leisure Ltd.	730		6,399
Autogrill SpA	172		2,570
1BetandWin.com Interactive Entertainment AG	47		1,547
Carnival PLC	333		13,230

6

AARP Portfolios

International Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Hotels Restaurants & Leisure - (continued)
City Developments Ltd.	1,000	$	7,991
Compass Group PLC	4,139		26,483
1Crown Ltd.	943		9,042
Enterprise Inns PLC	1,100		8,764
Intercontinental Hotels Group PLC	658		9,929
Kuoni Reisen Holding	5		2,779
Ladbrokes PLC	1,187		7,336
Lottomatica SpA	146		4,548
OPAP SA	490		17,486
Oriental Land Co. Ltd.	100		5,858
Paddy Power PLC	101		3,673
Punch Taverns PLC	502		5,372
Rank Group PLC	701		1,228
Shangri-La Asia Ltd.	2,000		5,397
Sky City Entertainment Group Ltd.	761		2,207
Sodexho Alliance SA	183		11,262
TABCORP Holdings Ltd.	1,154		14,911
Thomas Cook Group PLC	1,002		5,770
1TUI AG	428		10,992
TUI Travel PLC	1,275		6,525
UOL Group Ltd.	1,000		2,799
Whitbread PLC	394		9,130
William Hill PLC	740		5,521
Total			239,016
Household Durables - 1.5%
Bang & Olufsen A/S	25		1,563
Barratt Developments PLC	540		4,434
Bovis Homes Group PLC	229		2,755
Casio Computer Co. Ltd.	400		5,844
Daito Trust Construction Co. Ltd.	200		10,294
Daiwa House Industry Co. Ltd.	1,000		9,884
Electrolux AB	532		8,733
Fisher & Paykel Appliances Holdings Ltd.	749		1,383
1Galiform PLC	1,214		1,910
Haseko Corp.	1,500		2,208
Koninklijke Philips Electronics NV	2,442		93,512
Makita Corp.	200		6,269
Matsushita Electric Industrial Co. Ltd.	4,000		86,521
Nobia AB	300		2,589
Persimmon PLC	606		9,205
Pioneer Corp.	300		2,974
Rinnai Corp.	100		3,265
1Sanyo Electric Co. Ltd.	4,000		8,412
Sekisui Chemical Co. Ltd.	1,000		6,038
Sekisui House Ltd.	1,000		9,233
Sharp Corp.	2,000		33,928
Sony Corp.	2,100		83,487
Taylor Woodrow PLC	2,218		8,257
Thomson	510		3,546
Total			406,244
Household Products - 0.2%
Henkel KGaA	207		8,793
Kao Corp.	1,000		28,290
Uni-Charm Corp.	100		7,300
Total			44,383
Industrial Conglomerates - 0.8%
Aeon Mall Co. Ltd.	100		2,769
Brambles Ltd.	3,066		27,941
Burberry Group PLC	870		7,782
Davis Service Group PLC	334		3,276
DCC PLC	136		3,213
FKI PLC	1,246		1,726
1Fosun International	3,500		2,361
Hopewell Holdings Ltd.	1,000		3,797
Hutchison Whampoa Ltd.	5,000		47,222
Intertek Group PLC	158		3,238
IVG Immobilien AG	169		4,733
Jeronimo Martins SGPS SA	453		3,644
Macquarie Communications Infrastructure Group	895		3,432
Melco International Development Ltd.	2,000		2,745
Noble Group Ltd.	2,000		3,191
NWS Holdings Ltd.	1,000		3,392
Orkla ASA	1,719		21,801
1Pirelli & C SpA	5,630		4,934
Rheinmetall AG	72		5,086
1Sonae Capital SGPS SA	186		406
Sonae SGPS SA	1,493		2,749
Tomkins PLC	1,695		6,016
Wendel SA	33		4,147
Wesfarmers Ltd.	322		11,838
Wesfarmers Ltd.-PPS	1,157		42,250
Total			223,689
Insurance - 4.7%
Aegon NV	3,155		46,471
Aioi Insurance Co. Ltd.	1,000		5,518
Alleanza Assicurazioni SpA	825		10,789
Allianz AG	957		189,781
AMP Ltd.	3,873		27,763
Assicurazioni Generali SpA	2,254		101,452
Aviva PLC	5,457		66,907
AXA Asia Pacific Holdings Ltd.	1,613		8,101
AXA SA	3,361		122,117
CNP Assurances	83		10,242
Fondiaria-SAI SpA	141		5,847
Friends Provident PLC	3,972		9,748
Insurance Australia Group Ltd.	3,438		11,490
Irish Life & Permanent PLC	505		9,881
Legal & General Group PLC	13,524		33,942
Mapfre SA	1,300		6,533
Millea Holdings, Inc.	1,600		58,963

7

AARP Portfolios

International Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Insurance - (continued)
Mitsui Sumitomo Insurance Co. Ltd.	3,000	$	30,252
MLP AG	125		1,782
Muenchener Rueckversicherungs AG	443		86,731
Nipponkoa Insurance Co. Ltd.	1,000		7,611
Old Mutual PLC	10,816		23,731
Prudential PLC	5,172		68,342
QBE Insurance Group Ltd.	1,855		37,621
Resolution PLC	1,434		19,490
Sampo OYJ	923		25,017
SCOR SE	355		8,483
Sompo Japan Insurance, Inc.	2,000		17,625
Standard Life PLC	4,445		21,733
Storebrand ASA	909		7,167
Swiss Life Holding	71		19,749
Swiss Reinsurance	740		64,696
T&D Holdings, Inc.	400		20,909
1Topdanmark A/S	50		8,424
TrygVesta A/S	53		4,661
Unipol Gruppo Finanziario SpA	781		2,429
Wiener Staedtische Versicherung AG	53		4,065
Zurich Financial Services AG	313		98,655
Total			1,304,718
Internet & Catalog Retail - 0.0%
Rakuten, Inc.	15		8,968
Internet Software & Services - 0.2%
SBI Holdings, Inc.	21		5,043
Softbank Corp.	1,600		28,952
Tencent Holdings Ltd.	2,000		11,372
Yahoo! Japan Corp.	30		15,562
Total			60,929
IT Consulting & Services - 0.2%
1Atos Origin SA	138		7,690
Cap Gemini SA	268		15,277
Computershare Ltd.	1,089		8,701
CSK Holdings Corp.	100		2,303
Indra Sistemas SA	228		6,573
Itochu Techno-Solutions Corp.	100		3,014
LogicaCMG PLC	2,993		6,285
Nomura Research Institute Ltd.	200		5,217
NTT Data Corp.	3		13,098
Obic Co. Ltd.	20		3,541
Tietoenator OYJ	140		3,461
Total			75,160
Leisure Equipment & Products - 0.3%
AGFA-Gevaert NV	240		1,878
Amer Sports OYJ	150		3,022
Fuji Photo Film Co. Ltd.	1,000		35,349
Konica Minolta Holdings, Inc.	1,000		13,559
Namco Bandai Holdings, Inc.	400		5,408
Sankyo Co. Ltd.	100		5,928
Shimano, Inc.	100		4,586
Tattersall’s Ltd.	2,237		7,109
Yamaha Corp.	300		5,726
Total			82,565
Machinery - 1.9%
Alfa Laval AB	200		12,156
Amada Co. Ltd.	1,000		7,551
Andritz AG	73		4,011
Atlas Copco AB, Series A	1,373		23,463
Atlas Copco AB, Series B	816		12,811
1Charter PLC	168		2,835
Daikin Industries Ltd.	600		25,776
EBARA Corp.	1,000		3,044
Glory Ltd.	100		2,123
Heidelberger Druckmaschinen	110		2,957
Hino Motors Ltd.	1,000		6,589
Hitachi Construction Machinery Co. Ltd.	200		4,997
IMI PLC	700		6,320
Ishikawajima-Harima Heavy Industries Co. Ltd.	2,000		3,865
Japan Steel Works Ltd.	1,000		17,014
JTEKT Corp.	400		6,513
Kawasaki Heavy Industries Ltd.	3,000		6,669
KCI Konecranes OYJ	100		3,856
Komatsu Ltd.	1,900		52,609
Komori Corp.	100		2,073
Kubota Corp.	2,000		12,397
Linde AG	262		37,055
MAN AG	245		32,579
Metso OYJ	290		15,674
Minebea Co. Ltd.	1,000		5,808
Mitsubishi Heavy Industries Ltd.	7,000		29,862
Mitsui Engineering & Shipbuilding Co. Ltd.	2,000		5,348
NGK Insulators Ltd.	1,000		17,665
NSK Ltd.	1,000		7,561
NTN Corp.	1,000		6,810
Rieter Holding AG	8		3,064
Sandvik AB	2,015		35,028
Scania AB	800		16,803
SembCorp Marine Ltd.	1,400		3,878
SMC Corp.	100		10,525
Sulzer AG	7		9,263
Sumitomo Heavy Industries Ltd.	1,000		6,449
THK Co. Ltd.	200		3,439
Tomra Systems ASA	400		3,028
Volvo AB, Series A	2,300		34,852
Volvo AB, Series B	1,000		14,900
Wartsila OYJ	100		6,756
Zardoya Otis SA	214		5,952
Total			531,928

8

AARP Portfolios

International Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Marine - 0.5%
A.P. Moller-Maersk A	1	$	11,084
A.P. Moller-Maersk Group A/S	2		22,338
Compagnie Maritime Belge SA	36		2,425
Cosco Corp. Singapore Ltd.	2,000		5,351
Dampskibsselskabet Torm A/S	50		1,484
Euronav NV	60		2,281
Frontline Ltd.	60		2,749
Kamigumi Co. Ltd.	1,000		7,891
Kawasaki Kisen Kaisha Ltd.	1,000		9,704
Mitsui OSK Lines Ltd.	2,000		24,134
Neptune Orient Lines Ltd.	1,000		2,357
Nippon Yusen Kabushiki Kaisha	2,000		18,746
Orient Overseas International Ltd.	1,000		5,872
Pacific Basin Shipping Ltd.	3,000		4,934
Shun Tak Holdings Ltd.	2,000		2,647
Total			123,997
Media - 1.5%
Antena 3 de Television SA	186		2,557
Arnoldo Mondadori Editore SpA	253		2,139
Asatsu-DK, Inc.	100		3,555
British Sky Broadcasting PLC	2,425		26,795
Daily Mail & General Trust PLC	671		5,759
Dentsu, Inc.	4		9,093
Eniro AB	150		1,091
Gestevision Telecinco SA	184		3,748
ITV PLC	7,996		10,050
JC Decaux SA	134		3,943
John Fairfax Holdings Ltd.	2,824		8,948
Lagardere SCA	267		19,984
M6-Metropole Television	111		2,473
Mediaset SpA	1,514		14,021
Modern Times Group AB	100		6,970
Pearson PLC	1,645		22,259
1Premiere AG	138		2,981
Promotora de Informaciones SA	138		2,081
Publicis Groupe	264		10,097
Publishing & Broadcasting Ltd.	943		3,212
Reed Elsevier NV	1,356		25,888
Reed Elsevier PLC	2,256		28,713
Reuters Group PLC	2,666		30,702
Sanoma-WSOY OYJ	130		3,608
Schibsted ASA	100		2,989
Seat Pagine Gialle SpA	9,350		1,620
SES-FDR	304		6,424
Singapore Press Holdings Ltd.	3,000		10,007
Sky Network Television Ltd.	379		1,430
1Sogecable SA	83		3,643
Television Broadcasts Ltd.	1,000		5,461
Television Francaise 1 (TFI)	200		4,403
Toho Co. Ltd.	300		7,030
Tokyo Broadcasting System, Inc.	100		2,383
Trinity Mirror PLC	610		3,573
United Business Media PLC	465		4,976
Vivendi SA	2,486		97,240
Wolters Kluwer NV	617		16,353
Yell Group PLC	1,556		4,758
Total			422,957
Metals & Mining - 6.0%
Acerinox SA	291		8,076
Alumina Ltd.	2,284		11,888
Anglo American PLC	2,827		169,966
Antofagasta PLC	397		5,526
ArcelorMittal NPV	1,931		158,355
BHP Billiton Ltd.	7,148		233,739
BHP Billiton PLC	4,792		142,246
BlueScope Steel Ltd.	1,431		12,897
Boliden AB	500		5,325
Daido Steel Co. Ltd.	1,000		5,157
Dowa Mining Co. Ltd.	1,000		5,918
1Fortescue Metals Group Ltd.	2,681		15,937
Hoganas AB	100		2,378
Husqvarna AB. Series B NPV	840		16,901
Iluka Resources Ltd.	553		2,348
JFE Holdings, Inc.	1,200		53,114
Johnson Matthey PLC	458		18,233
Kazakhmys PLC	212		6,722
Kobe Steel Ltd.	6,000		17,064
Kone OYJ	342		14,048
Lonmin PLC	157		9,573
Mitsubishi Materials Corp.	2,000		8,672
Mitsui Mining & Smelting Co. Ltd.	1,000		3,124
Newcrest Mining Ltd.	932		28,400
Nippon Light Metal Co. Ltd.	1,000		1,502
Nippon Steel Corp.	12,000		60,685
Nisshin Steel Co. Ltd.	2,000		6,910
OneSteel Ltd.	1,467		8,560
Outokumpu OYJ	200		9,106
Oxiana Ltd.	2,788		8,096
1Rautaruukki OYJ	180		8,696
Rio Tinto Ltd.	612		68,459
Rio Tinto PLC	2,124		220,692
Salzgitter AG	91		15,847
SSAB Svenskt Stal AB Class A	312		8,773
SSAB Svenskt Stal AB Class B	250		6,419
Sumitomo Metal Industries Ltd.	9,000		34,068
Sumitomo Metal Mining Co. Ltd.	1,000		18,576
The Umicore Group	250		13,023
ThyssenKrupp AG	776		44,444
Toho Titanium Co. Ltd.	100		2,564
Tokyo Steel Manufacturing Co. Ltd.	200		2,708
Vallourec Group	99		24,059
Vedanta Resources PLC	145		6,034
Viohalco SA	210		2,177
Voestalpine AG	233		16,202
Xstrata PLC	1,357		95,031
Yamato Kogyo Co. Ltd.	100		4,026

9

AARP Portfolios

International Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Metals & Mining - (continued)
Zinifex Ltd.	965	$	8,794
Total			1,651,058
Multi-line Retail - 0.6%
Aeon Co. Ltd.	1,300		15,466
Compagnie Nationale a Portefeuille	40		3,050
Harvey Norman Holdings Ltd.	1,080		3,856
Home Retail Group	1,862		9,659
Isetan Co. Ltd.	300		3,479
J Front Retailing Co. Ltd.	1,000		6,369
1KarstadtQuelle AG	108		2,163
Lifestyle International Holdings Ltd.	1,500		3,161
Marks & Spencer Group PLC	3,608		27,742
Marui Co. Ltd.	500		5,312
Metro AG	336		27,177
Mitsukoshi Ltd.	1,000		3,895
Next PLC	442		9,996
Parkson Retail Group Ltd.	500		4,189
PPR SA	169		25,066
Takashimaya Co. Ltd.	1,000		11,226
Total			161,806
Multi-Utilities - 1.3%
AEM SpA	1,048		3,855
RWE AG	950		116,898
Suez SA	2,213		145,388
United Utilities PLC	1,919		26,310
Veolia Environnement	752		52,482
Total			344,933
Office Electronics - 0.5%
Brother Industries Ltd.	300		3,080
Canon Marketing Japan, Inc.	200		3,765
Canon, Inc.	2,300		105,718
Neopost SA	60		6,741
OCE N.V.	141		2,402
Ricoh Co. Ltd.	1,000		16,403
Total			138,109
Oil & Gas – 7.7%
Aeroports de Paris	65		7,411
BG Group PLC	7,179		166,347
BP PLC	40,809		414,865
Caltex Australia Ltd.	300		3,564
Cosmo Oil Co. Ltd.	1,000		3,134
1DET Norske Oljeselskap	1,500		2,681
ENI SpA	5,549		189,424
Fortum OYJ	923		37,649
Gaz de France SA	410		24,778
Hellenic Petroleum SA	230		3,031
Inpex Holdings, Inc.	2		22,231
Japan Petroleum Exploration Co.	100		6,609
1Lundin Petroleum AB	410		5,574
Motor Oil Hellas Corinth Refineries SA	101		2,133
National Grid PLC	5,617		77,122
Neste Oil OYJ	277		9,692
Nippon Mining Holdings, Inc.	2,000		10,575
Nippon Oil Corp.	3,000		18,686
Norsk Hydro ASA	1,425		20,790
1Ocean RIG ASA	394		3,021
OMV AG	360		23,816
Origin Energy Ltd.	1,928		16,127
1Paladin Resources Ltd.	1,110		5,159
Petroleum Geo-Services ASA	340		8,424
ProSafe ASA	350		5,506
Repsol YPF SA	1,661		57,383
Royal Dutch Shell PLC	7,625		262,979
Royal Dutch Shell PLC, B shares	5,879		197,975
Santos Ltd.	1,144		15,147
Showa Shell Sekiyu K.K.	400		4,038
Statoil ASA	2,718		81,555
TonenGeneral Sekiyu K.K.	1,000		8,542
Total SA	4,584		340,784
Tullow Oil PLC	1,448		18,990
Woodside Petroleum Ltd.	1,026		51,061
Total			2,126,803
Paper & Forest Products - 0.3%
Holmen AB	130		4,498
Lee & Man Paper Manufacturing Ltd.	2,000		3,202
Mondi PLC	700		5,810
Nippon Paper Group, Inc.	2		4,727
OJI Paper Co. Ltd.	2,000		8,992
PaperlinX Ltd.	842		2,114
1Sonae Industria SGPS SA	159		1,106
Stora Enso OYJ	1,180		13,632
Svenska Cellulosa AB	1,180		21,506
UPM-Kymmene OYJ	1,153		20,500
Total			86,087
Personal Products - 0.8%
Beiersdorf AG	187		15,749
L’Oreal SA	540		68,649
Oriflame Cosmetics SA	50		3,321
Shiseido Co. Ltd.	1,000		26,387
Unilever PLC	2,816		94,996
Total			209,102
Pharmaceuticals - 5.4%
1Actelion Ltd.	193		10,533
Altana AG	110		2,323
Astellas Pharma, Inc.	1,100		42,520
AstraZeneca PLC	3,162		118,283
Chugai Pharmaceutical Co. Ltd.	500		5,643
CSL Ltd.	1,156		38,962
Daiichi Sankyo Co. Ltd.	1,500		44,237
Eisai Co. Ltd.	500		17,024

10

AARP Portfolios

International Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Pharmaceuticals - (continued)
1Elan Corp. PLC	995	$	20,524
GlaxoSmithKline PLC	11,681		247,239
H. Lundbeck A	100		2,501
Kyowa Hakko Kogyo Co. Ltd.	591		5,634
Merck KGaA	142		17,520
Mitsubishi Tanabe Pharma Corp.	1,000		11,626
Novartis AG	4,940		253,410
Novo-Nordisk A/S	1,020		69,824
Ono Pharmaceutical Co. Ltd.	100		4,827
Orion OYJ	168		3,643
Roche Holding AG	1,496		281,786
Sanofi-Aventis	2,177		163,494
Santen Pharmaceutical Co. Ltd.	200		4,656
Shionogi & Co. Ltd.	1,000		17,044
Shire PLC	561		10,844
Takeda Pharmaceutical Co. Ltd.	1,800		89,946
UCB SA	224		7,790
Total			1,491,833
Real Estate - 2.8%
Allgreen Properties Ltd.	2,000		1,784
2Ascendas Real Estate Investment Trust	2,000		3,452
1Berkeley Group Holdings PLC	230		5,087
2British Land Co. PLC	1,099		20,021
2Brixton PLC	245		1,605
2CapitaCommercial Trust	2,000		3,220
2CapitaLand Ltd.	3,000		13,814
2CapitaMall Trust	2,000		5,003
2Castellum AB	300		3,662
2CFS Retail Property Trust	2,971		5,891
Cheung Kong Holdings Ltd.	3,000		42,596
2Cofinimmo	13		2,814
2Commonwealth Property Office Fund	3,017		3,664
2Corio NV	80		7,017
2DB RREEF Trust	5,539		8,523
Fabege AB	200		2,138
2Gecina SA	21		3,136
2GPT Group	4,458		13,230
2Great Portland Estates PLC	308		3,238
2Hammerson PLC	631		13,957
Hang Lung Group Ltd.	1,000		4,722
2Hang Lung Properties Ltd.	4,000		14,160
2Henderson Land Development Co. Ltd.	2,000		14,199
2Hysan Development Co. Ltd.	1,089		3,037
2ICADE EMGP	40		5,959
IMMOEAST Immobilien Anlagen AG	848		8,175
2IMMOFINANZ Immobilien Anlagen AG	920		9,974
2ING Industrial Fund	1,582		3,077
2Japan Prime Realty Investment Corp.	1		3,295
2Japan Real Estate Investment Corp.	1		11,616
2Japan Retail Fund Investment Corp.	1		6,299
2Keppel Land Ltd.	1,000		4,025
2Kerry Properties Ltd.	1,527		9,222
2Kiwi Income Property Trust	1,438		1,367
2Klepierre SA	138		8,477
2Kungsleden AB	233		2,893
2Land Securities Group PLC	988		29,602
Lend Lease Corp. Ltd.	768		9,292
LEOPALACE21 Corp.	300		4,840
2Liberty International PLC	579		11,215
2Link Real Estate Investment Trust (The Link REIT)	4,657		10,340
2Macquarie Goodman Group	2,947		11,598
2Macquarie Office Trust	4,146		3,445
2Mirvac Group	1,962		7,202
2Mitsubishi Estate Co. Ltd.	3,000		72,702
2Mitsui Fudosan Co. Ltd.	2,000		39,636
2New World Development Ltd.	5,178		12,549
2Nippon Building Fund, Inc.	1		12,618
Nomura Real Estate Holdings, Inc.	100		1,662
2Nomura Real Estate Office Fund, Inc.	1		8,091
2NTT Urban Development Corp.	2		2,864
1PSP Swiss Property AG	79		5,338
Sacyr Vallehermoso SA	197		6,850
2Segro PLC	849		8,564
Shui On Land Ltd.	3,500		3,283
2Sino Land Co.	2,087		4,505
2Stockland	90		510
2Stockland Trust Group	3,236		20,655
2Sumitomo Realty & Development Co. Ltd.	1,000		17,595
Sun Hung Kai Properties Ltd.	3,000		46,451
2Tokyo Tatemono Co. Ltd.	1,000		6,569
2Tokyu Land Corp.	1,000		6,259
2Unibail Holding	141		36,325
Urban Corp.	300		1,274
2Wereldhave NV	41		5,063
2Westfield Group	3,861		62,695
Wharf Holdings Ltd.	3,250		15,326
Wheelock & Co. Ltd.	1,000		2,769
2Wing Tai Holdings Ltd.	1,000		1,588
Yanlord Land Group Ltd.	1,000		1,545
Total			765,169
Road & Rail - 0.9%
Arriva PLC	200		2,724
Central Japan Railway Co.	3		30,943
ComfortDelgro Corp. Ltd.	3,000		3,959
DSV A/S	400		8,753

11

AARP Portfolios

International Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Road & Rail - (continued)
East Japan Railway Co.	7	$	58,111
Firstgroup PLC	908		10,159
Hankyu Hanshin Holdings, Inc.	3,000		12,948
Keihin Electric Express Railway Co. Ltd.	1,000		6,790
Keio Corp.	1,000		5,558
Keisei Electric Railway Co. Ltd.	1,000		5,358
Kintetsu Corp.	3,000		10,695
MTR Corp.	3,111		10,673
National Express Group PLC	290		5,787
Nippon Express Co. Ltd.	2,000		11,476
Odakyu Electric Railway Co. Ltd.	1,000		7,390
SMRT Corp. Ltd.	2,000		2,640
Stagecoach Group PLC	990		4,757
Tobu Railway Co. Ltd.	2,000		10,655
Tokyu Corp.	2,000		10,174
West Japan Railway Co.	4		17,545
Total			237,095
Semiconductor Equipment & Products - 0.6%
Advantest Corp.	300		7,766
ARM Holdings PLC	2,746		4,798
ASM Pacific Technology	500		3,607
1ASML Holding NV	891		21,939
1CSR PLC	254		1,644
1Infineon Technologies AG	1,665		11,710
Murata Manufacturing Co. Ltd.	500		24,785
Nikon Corp.	1,000		26,587
1OC Oerlikon Corp. AG	11		3,875
1Q-Cells AG	96		9,537
Seiko Epson Corp.	300		8,066
Shinko Electric Industries	100		1,127
STMicroelectronics NV	1,392		14,827
Sumco Corp.	200		4,356
Tokyo Electron Ltd.	400		24,274
Total			168,898
Software - 0.9%
Dassault Systemes SA	112		6,510
Konami Corp.	200		7,511
Misys PLC	1,060		2,915
Nintendo Co. Ltd.	200		102,944
Oracle Corp. Japan	100		4,626
Sage Group PLC	2,714		10,136
SAP AG	1,896		94,328
Square Enix Co. Ltd.	100		3,485
1TomTom NV	140		5,797
Total			238,252
Specialty Retail - 1.0%
Aoyama Trading Co. Ltd.	100		2,153
Belle International Holdings Ltd.	4,000		4,143
Billabong International Ltd.	277		3,288
Compagnie Financiere Richemont AG	1,091		61,243
Douglas Holding AG	63		3,432
DSG International PLC	3,489		4,399
Esprit Holdings Ltd.	2,000		24,016
Fast Retailing Co. Ltd.	100		8,802
Hennes & Mauritz AB	1,030		63,297
Inchcape PLC	997		7,958
Inditex SA	442		24,582
Kesa Electricals PLC	1,280		5,229
Kingfisher PLC	5,075		13,301
Nitori Co. Ltd.	50		2,824
Sega Sammy Holdings, Inc.	300		3,170
Shimachu Co. Ltd.	100		2,999
Shimamura Co. Ltd.	100		8,552
Signet Group PLC	3,331		4,084
Travis Perkins PLC	240		5,108
USS Co. Ltd.	50		3,455
Yamada Denki Co. Ltd.	180		15,502
Yue Yuen Industrial Holdings Ltd.	1,000		3,135
Total			274,672
Textiles & Apparel - 0.5%
Adidas AG	423		28,151
Bulgari SpA	400		4,627
Christian Dior SA	55		6,094
Fiberweb PLC	212		255
Folli - Follie SA	50		1,674
Hermes International	153		19,126
LVMH Moet Hennessy Louis Vuitton SA	513		57,158
Puma AG Rudolf Dassler Sport	12		4,626
Swatch Group AG	64		17,125
Swatch Group AG-Registered Shares	98		5,037
Total			143,873
Tobacco - 0.9%
British American Tobacco PLC	3,271		122,815
Imperial Tobacco Group PLC	1,424		65,540
Japan Tobacco, Inc.	10		49,970
Swedish Match AB	500		10,902
Total			249,227
Trading Companies & Distributors - 1.1%
Bunzl PLC	675		9,509
Electrocomponents PLC	910		3,284
Hitachi High-Technologies Corp.	100		1,651
Itochu Corp.	3,000		29,561
Marubeni Corp.	3,000		21,811
Mitsubishi Corp.	2,900		87,412
Mitsui & Co. Ltd.	4,000		80,913
Sojitz Corp.	2,500		8,262
Sumitomo Corp.	2,200		28,927
Toyota Tsusho Corp.	400		8,472
Wolseley PLC	1,385		14,575
Total			294,377

12

AARP Portfolios

International Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Shares	Value
Common Stocks - (continued)
Transportation Infrastructure - 0.6%
Abertis Infraestructuras SA	537	$	17,517
Asciano Group	945		3,452
Auckland International Airport Ltd.	1,654		2,964
Autostrade SpA	520		15,738
Brisa-Auto Estradas de Portugal SA	560		8,009
Cintra Concesiones de Infraestructuras de Transporte SA	561		8,307
Flughafen Wien AG	25		3,016
Fraport AG Frankfurt Airport Services Worldwide	40		2,890
Kuehne & Nagel International AG	100		10,013
Macquarie Airports	1,447		4,268
Macquarie Infrastructure Group	5,490		13,937
Societe Des Autoroutes Paris-Rhin-Rhone	60		7,263
Transurban Group	2,309		13,705
Vinci SA	880		63,682
Total			174,761
Water Utilities - 0.1%
Severn Trent PLC	496		13,975
Wireless Telecommunication Services - 1.7%
Bouygues SA	474		30,144
Carphone Warehouse Group PLC	786		4,448
1Foxconn International Holdings Ltd.	4,000		5,397
Hikari Tsushin, Inc.	100		2,944
KDDI Corp.	5		30,493
NTT DoCoMo, Inc.	34		51,412
PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA	418		4,961
Telstra Corp. Ltd.	2,957		7,587
Vodafone Group PLC	114,311		342,498
Total			479,884
Total Common Stocks - (Identified Cost $24,422,311)			26,386,389
Preferred Stocks - 0.4%
Automobiles - 0.2%
Porsche AG	180		32,936
Volkswagen AG	204		33,933
Bayerische Motoren Werke AG	48		2,117
Total			68,986
Diversified Financials - 0.0%
1Istituto Finanziario Industriale SpA	133		3,666
Electrical Equipment–0.0%
Schindler Holding AG	100		7,498
Health Care Providers & Services – 0.2%
Fresenius SE	78		6,503
Household Products - 0.1%
Henkel KGaA	367		16,983
Insurance–0.0%
Unipol SpA	1,787		5,137
Media–0.3%
ProSiebenSat.1 Media AG	140		3,031
Multi-Utilities-0.0%
RWE AG	84		7,977
Real Estate -0.0%
1Meinl European Land Ltd.	571		6,506
Total Preferred Stocks - (Identified Cost $93,703)			126,287
Rights – 0.0%
Dowa Mining Co. Ltd. Rights Exp. 1/29/10	1,000		10
Iluka Resources Rights Exp. 4/9/08	316		346
Total Rights - (Identified Cost $0)			356
Mutual Fund - 0.3%
AIM Prime Fund (At Net Asset Value)	74,871		74,871
Total Investments – 96.5%3 (Identified Cost $24,590,885)			26,587,903
Other Assets & Liabilities - Net - 3.5%			952,835
TOTAL NET ASSETS - 100%		$	27,540,738

¹ Non-income producing security.

² Real Estate Investment Trust (REIT)

³ At March 31, 2008, the cost of investments for federal tax purposes was $24,590,885. The net unrealized appreciation of investments for federal tax purposes was $1,997,018. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $4,251,924 and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,254,906.

13

AARP Portfolios

International Stock Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

At March 31, 2008, the Portfolio had the following outstanding long futures contracts:

Description	Number of Contracts	Notional Value		Expiration Date	Unrealized Appreciation
DJEuro Stoxx 50 Index	5	$	280,442	June 2008	$	(408	)
FTSE 100 Index	1	$	113,345	June 2008	$	4,329
Topix Index	1	$	121,720	June 2008	$	1,307
MSCI EAFE Index	2	$	205,300	June 2008	$	9,456

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.

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

The following table shows the percent of total long-term investments by geographic location as of March 31, 2008:

United Kingdom	20.8	%
Japan	19.3	%
France	9.7	%
Germany	8.9	%
Switzerland	7.0	%
Australia	6.1	%
Spain	4.2	%
Italy	3.7	%
Netherlands	2.9	%
Sweden	2.3	%
Finland	1.8	%
Hong Kong	1.6	%
Belgium	1.3	%
Singapore	1.1	%
Denmark	1.0	%
Norway	0.9	%
Greece	0.7	%
Ireland	0.7	%
Luxembourg	0.7	%
Austria	0.6	%
Bermuda	0.3	%
Portugal	0.3	%
United States	0.3	%
Cayman Islands	0.2	%
New Zealand	0.1	%
Other assets and liabilities	3.5	%
Total net assets	100.0	%

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

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

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

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

The following is a summary of the inputs used as of March 31, 2008 in valuing the Portfolio’s investments carried at value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 - Quoted Prices	$	26,550,267	$	21,308
Level 2 - Other Significant Observable Inputs		37,636		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	26,587,903	$	21,308

* Other financial instruments include futures, forwards and swap contracts.

14

AARP Portfolios

U.S. Bond Market Portfolio

March 31, 2008 (unaudited)

Portfolio of investments

	Par Amount		Value
Asset-Backed Securities - 0.5%
Capital One Multi-Asset Execution Trust, 4.900%, 12/15/2017	$	25,000	$	21,070
Citibank Credit Card Issuance Trust 2003-A10, 4.750%, 12/10/2015		15,000		15,091
Countrywide Asset-Backed Certificates, 4.454%, 10/25/2035		20,000		19,625
Countrywide Asset-Backed Certificates, 5.810%, 11/25/2036		50,000		36,574
Detroit Edison Securitization Funding LLC, 6.190%, 3/1/2013		25,000		26,205
Ford Credit Auto Owner Trust, 5.240%, 7/15/2012		50,000		51,232
Honda Auto Receivables Owner Trust, 4.930%, 3/18/2011		50,000		50,834
PSE&G Transition Funding LLC, 6.750%, 6/15/2016		10,000		11,089
Residential Asset Securities Corp., 3.870%, 5/25/2033		21,609		19,779
TXU Electric Delivery Transition Bond Co. LLC, 5.290%, 5/15/2018		50,000		50,486
Total Asset-Backed Securities - (Identified Cost $316,662)				301,985
Corporate Bonds - 17.5%
Consumer Discretionary - 1.9%
Anheuser-Busch Cos., Inc., 6.450%, 9/1/2037		25,000		27,073
CBS Corp., 7.875%, 7/30/2030		30,000		29,288
Clorox Co., 5.450%, 10/15/2012		50,000		51,524
Coca-Cola Co., 5.350%, 11/15/2017		25,000		26,136
Coca-Cola Enterprises, Inc., 6.750%, 9/15/2028		25,000		27,551
Comcast Corp., 5.900%, 3/15/2016		50,000		49,670
Comcast Corp., 6.450%, 3/15/2037		25,000		23,633
Comcast Corp., 6.950%, 8/15/2037		50,000		50,257
Costco Wholesale Corp., 5.500%, 3/15/2017		50,000		51,767
COX Communications, Inc., 4.625%, 1/15/2010		50,000		50,045
DaimlerChrysler North America Holdings, 7.200%, 9/1/2009		50,000		51,736
DaimlerChrysler North America Holdings, 8.500%, 1/18/2031		25,000		28,655
DaimlerChrysler North America Holdings Senior Note, 6.500%, 11/15/2013		50,000		52,766
Home Depot, Inc., 5.400%, 3/1/2016		50,000		47,071
Kohl’s Corp., 6.250%, 12/15/2017		25,000		23,848
Lowe’s Cos., Inc., 5.800%, 10/15/2036		25,000		22,786
May Department Stores Co., 6.700%, 7/15/2034		25,000		20,848
News America Holdings, Inc., 9.250%, 2/1/2013		60,000		69,696
News America, Inc. Senior Note, 6.150%, 3/1/2037		25,000		23,693
Target Corp. Note, 5.875%, 3/1/2012		50,000		52,562
Time Warner Cable, Inc., 5.850%, 5/1/2017		50,000		47,943
Time Warner, Inc., 5.875%, 11/15/2016		25,000		23,813
Time Warner, Inc., 7.700%, 5/1/2032		50,000		52,788
Viacom, Inc. Senior Note, 5.750%, 4/30/2011		100,000		101,135
Wal-Mart Stores, Inc., 4.125%, 7/1/2010		50,000		51,424
Wal-Mart Stores, Inc., 5.000%, 4/5/2012		100,000		105,170
Wal-Mart Stores, Inc., 5.250%, 9/1/2035		25,000		22,201
Total				1,185,079
Consumer Staples - 0.9%
Archer-Daniels-Midland Co., 7.000%, 2/1/2031		25,000		27,053
ConAgra Foods, Inc., 7.000%, 10/1/2028		25,000		25,396
CVS Caremark Corp., 6.250%, 6/1/2027		25,000		24,983
General Mills, Inc., 6.000%, 2/15/2012		50,000		52,484
H.J. Heinz Finance Co., 6.000%, 3/15/2012		25,000		26,218
Hershey Co., 4.850%, 8/15/2015		25,000		24,538
Kraft Foods, Inc., 6.125%, 2/1/2018		25,000		25,030
Kraft Foods, Inc., 6.250%, 6/1/2012		50,000		52,118

1

AARP Portfolios

U.S. Bond Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Par Amount		Value
Corporate Bonds - (continued)
Consumer Staples - (continued)
Kroger Co., 5.500%, 2/1/2013	$	50,000	$	51,761
McDonald’s Corp., 6.300%, 3/1/2038		50,000		51,329
Procter & Gamble Co., 5.550%, 3/5/2037		25,000		25,053
Procter & Gamble Co. Global Note, 6.875%, 9/15/2009		100,000		105,692
Yum! Brands, Inc., 6.250%, 3/15/2018		50,000		50,347
Total				542,002
Energy - 1.4%
Alberta Energy Co. Ltd., 8.125%, 9/15/2030		25,000		29,735
Anadarko Petroleum Corp., 5.950%, 9/15/2016		25,000		25,897
Apache Corp., 6.000%, 1/15/2037		50,000		50,648
Appalachian Power Co., 5.000%, 6/1/2017		10,000		9,299
Boardwalk Pipelines LLC, 5.500%, 2/1/2017		20,000		19,649
Canadian Natural Resources Ltd., 5.700%, 5/15/2017		25,000		25,326
ConocoPhillips Canada Funding Co., 5.625%, 10/15/2016		50,000		52,485
ConocoPhillips Canada Funding Co., 5.950%, 10/15/2036		25,000		25,502
EnCana Corp., 4.750%, 10/15/2013		25,000		24,297
Enterprise Products Operating LP, 4.625%, 10/15/2009		50,000		50,629
Enterprise Products Operating LP, 6.875%, 3/1/2033		10,000		9,964
FirstEnergy Corp., 6.450%, 11/15/2011		25,000		26,190
FirstEnergy Corp., 7.375%, 11/15/2031		20,000		21,819
Hess Corp., 7.300%, 8/15/2031		25,000		28,250
KeySpan Corp., 8.000%, 11/15/2030		25,000		28,891
Kinder Morgan Energy Partners LP, 5.000%, 12/15/2013		25,000		24,680
Kinder Morgan Energy Partners LP, 6.000%, 2/1/2017		25,000		24,921
Marathon Oil Corp., 6.600%, 10/1/2037		25,000		24,919
Murphy Oil Corp., 6.375%, 5/1/2012		25,000		26,117
Pemex Project Funding Master Trust, 6.625%, 6/15/2035		25,000		25,903
Petro-Canada, 7.000%, 11/15/2028		25,000		25,525
Plains All American Pipeline LP, 6.650%, 1/15/2037		25,000		23,756
Progress Energy, Inc., 7.750%, 3/1/2031		25,000		29,403
Public Service Electric & Gas Co., 5.800%, 5/1/2037		25,000		24,288
TransCanada Pipelines Ltd., 6.200%, 10/15/2037		20,000		19,348
TransCanada Pipelines Ltd., 9.875%, 1/1/2021		25,000		33,797
Transocean, Inc., 6.000%, 3/15/2018		25,000		25,764
Valero Energy Corp., 7.500%, 4/15/2032		25,000		26,100
Williams Cos., Inc., 7.125%, 9/1/2011		50,000		53,375
XTO Energy, Inc., 6.100%, 4/1/2036		25,000		24,817
Total				841,294
Financials - 7.7%
Allstate Corp., 5.950%, 4/1/2036		25,000		22,427
American General Finance Corp., 5.400%, 12/1/2015		20,000		18,235
American International Group, Inc., 6.250%, 5/1/2036		25,000		23,719
Ameritech Capital Funding, 6.550%, 1/15/2028		20,000		19,503
BAC Capital Trust XI, 6.625%, 5/23/2036		25,000		23,681
Bank of America Corp., 5.625%, 10/14/2016		50,000		51,072
Bank of America Corp., 7.800%, 2/15/2010		50,000		53,473
Bank of America NA, 5.300%, 3/15/2017		50,000		49,750
Bank of America NA, 6.000%, 10/15/2036		25,000		23,996
BB&T Corp., 5.250%, 11/1/2019		25,000		22,856
Bear Stearns Cos., Inc., 4.500%, 10/28/2010		50,000		47,149

2

AARP Portfolios

U.S. Bond Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Par Amount		Value
Corporate Bonds - (continued)
Financials - (continued)
Bear Stearns Cos., Inc., 5.300%, 10/30/2015	$	30,000	$	28,205
Berkshire Hathaway Finance Corp., 4.850%, 1/15/2015		10,000		10,438
Capital One Capital IV, 6.745%, 2/17/2037		25,000		17,895
Chubb Corp., 6.000%, 11/15/2011		10,000		10,137
Cincinnati Financial Corp., 6.920%, 5/15/2028		10,000		10,244
CIT Group, Inc., 5.000%, 2/1/2015		25,000		19,610
Citigroup, Inc., 4.125%, 2/22/2010		100,000		99,087
Citigroup, Inc., 5.000%, 9/15/2014		100,000		94,370
Citigroup, Inc., 5.850%, 12/11/2034		50,000		43,603
Citigroup, Inc. Global Senior Note, 6.500%, 1/18/2011		100,000		103,766
CNA Financial Corp., 6.000%, 8/15/2011		25,000		25,691
Countrywide Financial Corp., 4.500%, 6/15/2010		50,000		44,553
Countrywide Financial Corp., 5.800%, 6/7/2012		25,000		22,670
Credit Suisse USA, 6.000%, 2/15/2018		50,000		49,973
Credit Suisse USA, Inc., 5.125%, 8/15/2015		100,000		98,914
Credit Suisse USA, Inc., 5.250%, 3/2/2011		50,000		51,492
Devon Financing Corp. ULC, 6.875%, 9/30/2011		50,000		54,617
Discover Financial Services, 6.450%, 6/12/2017		25,000		21,550
Duke Capital LLC, 5.500%, 3/1/2014		15,000		15,224
Fifth Third Bancorp, 8.250%, 3/1/2038		50,000		51,092
Financing Corp. (FICO), 9.650%, 11/2/2018		25,000		36,634
General Electric Capital Corp., 5.400%, 2/15/2017		50,000		50,861
General Electric Capital Corp., 5.875%, 1/14/2038		50,000		48,359
General Electric Capital Corp., 5.875%, 2/15/2012		150,000		159,209
General Electric Capital Corp., 6.750%, 3/15/2032		60,000		64,282
General Electric Insurance Solutions Corp., 7.000%, 2/15/2026		50,000		51,801
Genworth Financial, Inc., 4.750%, 6/15/2009		10,000		10,050
Goldman Sachs Group, Inc., 5.125%, 1/15/2015		50,000		48,673
Goldman Sachs Group, Inc., 5.450%, 11/1/2012		100,000		101,382
Goldman Sachs Group, Inc., 5.950%, 1/15/2027		30,000		26,861
Goldman Sachs Group, Inc., 6.125%, 2/15/2033		25,000		22,833
Goldman Sachs Group, Inc., 6.345%, 2/15/2034		15,000		13,026
Goldman Sachs Group, Inc., 6.750%, 10/1/2037		25,000		23,329
Goldman Sachs Group, Inc., 6.875%, 1/15/2011		50,000		53,408
Goldman Sachs Group, Inc., 7.800%, 1/28/2010		10,000		10,715
HSBC Finance Corp., 4.750%, 7/15/2013		100,000		98,420
HSBC Finance Corp., 5.000%, 6/30/2015		25,000		23,566
HSBC Finance Corp., 6.375%, 11/27/2012		100,000		101,383
Inter-American Development Bank, 5.000%, 4/5/2011		100,000		106,471
International Lease Finance Corp., 5.450%, 3/24/2011		100,000		99,974
International Lease Finance Corp., 5.650%, 6/1/2014		50,000		48,076
iStar Financial, Inc., 5.650%, 9/15/2011		25,000		19,014
JPMorgan Chase Capital XV, 5.875%, 3/15/2035		25,000		21,322
JPMorgan Chase Capital XVIII, 6.950%, 8/17/2036		25,000		23,095
JP Morgan Chase Capital XXV, 6.800%, 10/1/2037		50,000		45,821
JPMorgan Chase & Co., 6.000%, 1/15/2018		25,000		26,119
JPMorgan Chase & Co., 6.625%, 3/15/2012		100,000		106,408
JPMorgan Chase & Co., 7.000%, 11/15/2009		100,000		104,525
Lazard Group, 6.850%, 6/15/2017		50,000		46,899
Lehman Brothers Holdings, Inc., 5.500%, 4/4/2016		50,000		46,958
Lehman Brothers Holdings, Inc., 6.750%, 12/28/2017		25,000		24,075
Lehman Brothers Holdings, Inc., 6.875%, 7/17/2037		25,000		21,739
Lehman Brothers Holdings, Inc., 7.875%, 8/15/2010		25,000		25,611

3

AARP Portfolios

U.S. Bond Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Par Amount		Value
Corporate Bonds - (continued)
Financials - (continued)
Liberty Property LP, 6.625%, 10/1/2017	$	50,000	$	47,569
Marsh & McLennan Cos., Inc., 7.125%, 6/15/2009		25,000		25,457
Marshall & Ilsley Corp., 5.350%, 4/1/2011		50,000		50,308
Merrill Lynch & Co., Inc., 4.500%, 11/4/2010		100,000		98,922
Merrill Lynch & Co., Inc., 5.000%, 2/3/2014		50,000		47,122
Merrill Lynch & Co., Inc., 5.700%, 5/2/2017		50,000		47,579
MetLife, Inc., 5.000%, 6/15/2015		50,000		49,212
MetLife, Inc., 5.700%, 6/15/2035		10,000		8,925
MetLife, Inc., 6.125%, 12/1/2011		10,000		10,739
MetLife, Inc., 6.400%, 12/15/2036		25,000		19,923
Morgan Stanley, 5.375%, 10/15/2015		100,000		95,037
Morgan Stanley, 5.625%, 1/9/2012		100,000		100,832
PNC Bank NA, 4.875%, 9/21/2017		50,000		44,944
PNC Funding Corp., 5.625%, 2/1/2017		50,000		47,720
Principal Life Income Funding Trusts, 5.125%, 3/1/2011		100,000		104,504
ProLogis, 5.500%, 4/1/2012		50,000		50,168
Prudential Financial, Inc., 4.500%, 7/15/2013		50,000		49,141
Prudential Financial, Inc., 6.000%, 12/1/2017		50,000		50,487
Realty Income Corp., 5.950%, 9/15/2016		25,000		22,994
Simon Property Group LP, 5.100%, 6/15/2015		25,000		23,001
SLM Corp., 5.400%, 10/25/2011		25,000		20,208
Sovereign Bank, 5.125%, 3/15/2013		25,000		22,732
Transatlantic Holdings, Inc., 5.750%, 12/14/2015		20,000		20,921
Travelers Cos., Inc., 5.500%, 12/1/2015		25,000		24,926
Travelers Cos., Inc., 5.750%, 12/15/2017		25,000		25,327
Unilever Capital Corp., 7.125%, 11/1/2010		50,000		54,855
Vornado Realty LP, 5.600%, 2/15/2011		25,000		24,548
Wachovia Bank NA, 4.875%, 2/1/2015		50,000		47,294
Wachovia Bank NA, 6.600%, 1/15/2038		25,000		23,235
Wachovia Corp., 5.625%, 10/15/2016		50,000		47,781
Wachovia Corp., 5.700%, 8/1/2013		50,000		50,060
Washington Mutual Bank, 5.500%, 1/15/2013		100,000		79,579
Wells Fargo Bank NA, 5.750%, 5/16/2016		100,000		103,256
Wells Fargo & Co., 5.250%, 10/23/2012		50,000		51,906
Wells Fargo & Co., 5.625%, 12/11/2017		25,000		25,619
Western Union Co., 5.400%, 11/17/2011		50,000		51,259
Western Union Co., 5.930%, 10/1/2016		35,000		34,804
Willis North America, Inc., 5.625%, 7/15/2015		25,000		24,909
Total				4,667,694
Health Care - 1.0%
Abbott Laboratories, 5.600%, 5/15/2011		50,000		53,122
Aetna, Inc., 6.625%, 6/15/2036		35,000		34,098
AmerisourceBergen Corp., 5.875%, 9/15/2015		10,000		9,870
Amgen, Inc., 5.850%, 6/1/2017		25,000		25,024
Amgen, Inc., 6.375%, 6/1/2037		25,000		23,793
Baxter International, Inc., 4.625%, 3/15/2015		10,000		9,820
Baxter International, Inc., 5.900%, 9/1/2016		50,000		52,863
Bristol-Myers Squibb Co., 5.875%, 11/15/2036		25,000		24,258
Eli Lilly & Co., 5.200%, 3/15/2017		50,000		51,500
Johnson & Johnson, 4.950%, 5/15/2033		10,000		9,313
Schering-Plough Corp., 6.000%, 9/15/2017		50,000		50,339
Teva Pharmaceutical Finance LLC, 5.550%, 2/1/2016		10,000		10,084
Teva Pharmaceutical Finance LLC, 6.150%, 2/1/2036		10,000		9,780
UnitedHealth Group, Inc., 5.250%, 3/15/2011		50,000		51,041

4

AARP Portfolios

U.S. Bond Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Par Amount		Value
Corporate Bonds - (continued)
Health Care - (continued)
UnitedHealth Group, Inc., 6.000%, 11/15/2017	$	25,000	$	24,454
WellPoint, Inc., 6.375%, 1/15/2012		90,000		95,856
Wyeth, 5.500%, 2/15/2016		25,000		25,532
Wyeth, 7.250%, 3/1/2023		25,000		28,489
Total				589,236
Industrials - 1.5%
Boeing Capital Corp. Ltd., 6.500%, 2/15/2012		50,000		54,309
Burlington Northern Santa Fe Corp., 5.900%, 7/1/2012		50,000		52,388
Canadian Pacific Railway Co., 5.950%, 5/15/2037		25,000		20,797
Caterpillar Financial Services Corp., 4.250%, 2/8/2013		50,000		49,990
Caterpillar Financial Services Corp., 5.125%, 10/12/2011		50,000		51,653
Caterpillar, Inc., 6.625%, 7/15/2028		10,000		10,919
Cooper US, Inc., 6.100%, 7/1/2017		25,000		26,435
CSX Corp., 6.250%, 3/15/2018		25,000		24,717
Dover Corp., 5.450%, 3/15/2018		25,000		25,296
Dun & Bradstreet Corp., 5.500%, 3/15/2011		50,000		52,027
Emerson Electric Co., 5.375%, 10/15/2017		25,000		25,828
FedEx Corp., 5.500%, 8/15/2009		20,000		20,487
Honeywell International, Inc., 5.300%, 3/1/2018		50,000		51,335
Honeywell International, Inc., 5.400%, 3/15/2016		25,000		26,104
Honeywell International, Inc., 5.700%, 3/15/2036		25,000		24,604
Honeywell International, Inc., 7.500%, 3/1/2010		50,000		53,914
International Business Machines Corp., 6.500%, 1/15/2028		50,000		52,718
Lockheed Martin Corp., 4.121%, 3/14/2013		25,000		25,064
Lockheed Martin Corp., 7.750%, 5/1/2026		25,000		30,496
Norfolk Southern Corp., 7.700%, 5/15/2017		10,000		11,589
Norfolk Southern Corp., 7.800%, 5/15/2027		15,000		17,465
Northrop Grumman Corp., 7.750%, 2/15/2031		15,000		18,557
Pitney Bowes, Inc., 5.750%, 9/15/2017		25,000		25,483
Southwest Airlines Co., 5.250%, 10/1/2014		50,000		48,487
1Tyco Electronics Group SA, 6.000%, 10/1/2012		50,000		51,297
Tyco International Group SA, 6.000%, 11/15/2013		25,000		25,134
Waste Management, Inc., 6.375%, 11/15/2012		25,000		25,988
Total				903,081
Information Technology - 0.5%
Cisco Systems, Inc., 5.250%, 2/22/2011		100,000		104,458
Electronic Data Systems Corp., 6.500%, 8/1/2013		25,000		24,807
Hewlett-Packard Co., 5.250%, 3/1/2012		25,000		26,148
Oracle Corp. and Ozark Holding, Inc., 5.250%, 1/15/2016		50,000		50,054
Science Applications International Corp., 6.250%, 7/1/2012		20,000		22,030
United Technologies Corp., 6.050%, 6/1/2036		25,000		25,913
Xerox Corp., 5.500%, 5/15/2012		50,000		50,467
Total				303,877
Materials - 0.4%
Alcoa, Inc., 5.900%, 2/1/2027		25,000		22,591
Alcoa, Inc., 7.375%, 8/1/2010		25,000		26,738
Dow Chemical Co., 6.000%, 10/1/2012		50,000		52,719
EI Du Pont de Nemours & Co., 5.600%, 12/15/2036		25,000		23,555
Falconbridge Ltd., 5.500%, 6/15/2017		25,000		23,393
Vale Overseas Ltd., 6.875%, 11/21/2036		50,000		49,036
Weyerhaeuser Co., 7.375%, 3/15/2032		50,000		49,556
Total				247,588
Telecommunication Services - 1.0%
AT&T Wireless Services, Inc., 8.125%, 5/1/2012		50,000		56,003
AT&T, Inc., 6.150%, 9/15/2034		25,000		24,090

5

AARP Portfolios

U.S. Bond Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Par Amount		Value
Corporate Bonds - (continued)
Telecommunication Services - (continued)
AT&T, Inc., 6.300%, 1/15/2038	$	25,000	$	24,253
AT&T, Inc., 6.800%, 5/15/2036		25,000		25,770
BellSouth Capital Funding Corp., 7.875%, 2/15/2030		25,000		27,704
BellSouth Corp., 5.200%, 9/15/2014		30,000		29,991
BellSouth Corp., 6.000%, 11/15/2034		10,000		9,420
EMBARQ Corp., 6.738%, 6/1/2013		50,000		48,402
Motorola, Inc., 6.000%, 11/15/2017		25,000		21,454
SBC Communications, Inc. Global Note, 6.250%, 3/15/2011		50,000		52,386
Sprint Capital Corp., 7.625%, 1/30/2011		100,000		92,557
Sprint Nextel Corp., 6.000%, 12/1/2016		25,000		19,468
Verizon Communications, Inc., 5.500%, 2/15/2018		50,000		48,790
Verizon Communications, Inc., 5.550%, 2/15/2016		50,000		49,823
Verizon Global Funding Corp., 5.850%, 9/15/2035		10,000		9,139
Verizon Global Funding Corp., 7.750%, 12/1/2030		25,000		27,238
Verizon New England, Inc., 6.500%, 9/15/2011		30,000		31,367
Total				597,855
Utilities - 1.2%
Arizona Public Service Co., 6.500%, 3/1/2012		10,000		10,421
Carolina Power & Light Co., 5.125%, 9/15/2013		10,000		10,499
Cincinnati Gas & Electric, 5.700%, 9/15/2012		50,000		52,614
Columbus Southern Power Co., 6.600%, 3/1/2033		25,000		24,496
Commonwealth Edison Co., 5.900%, 3/15/2036		25,000		22,609
Consolidated Edison Co. of New York, 4.875%, 2/1/2013		50,000		51,144
Consolidated Edison Co. of New York, Inc., 6.300%, 8/15/2037		25,000		24,971
Constellation Energy Group, 7.000%, 4/1/2012		50,000		53,222
Dominion Resources, Inc., 5.150%, 7/15/2015		15,000		14,727
Dominion Resources, Inc., 6.000%, 11/30/2017		50,000		52,059
El Paso Natural Gas Co., 5.950%, 4/15/2017		50,000		49,293
Exelon Corp., 4.450%, 6/15/2010		25,000		25,270
Exelon Corp., 5.625%, 6/15/2035		15,000		13,233
Florida Power & Light Co., 4.950%, 6/1/2035		25,000		21,808
MidAmerican Energy Co., 6.750%, 12/30/2031		10,000		10,476
MidAmerican Funding LLC, 6.927%, 3/1/2029		25,000		26,640
National Rural Utilities Cooperative Finance Corp., 7.250%, 3/1/2012		100,000		108,848
Nisource Finance Corp., 6.400%, 3/15/2018		25,000		25,082
Oneok, Inc., 5.200%, 6/15/2015		25,000		24,477
Pacific Gas & Electric Co., 6.050%, 3/1/2034		15,000		14,752
Public Service Co. of Colorado, 6.250%, 9/1/2037		10,000		10,445
Puget Sound Energy, Inc., 6.274%, 3/15/2037		25,000		23,774
Sempra Energy, 7.950%, 3/1/2010		25,000		26,869
TXU Electric Delivery Co., 7.000%, 5/1/2032		25,000		23,593
Virginia Electric and Power Co., 5.400%, 1/15/2016		50,000		50,613
Total				771,935
Total Corporate Bonds - (Identified Cost $10,769,293)				10,649,641
International Debt - 4.5%
Abbey National PLC, 7.950%, 10/26/2029		25,000		26,841
Alcan, Inc., 5.200%, 1/15/2014		50,000		50,223
America Movil SAB de CV, 5.625%, 11/15/2017		50,000		49,681
America Movil SA de CV, 5.750%, 1/15/2015		15,000		15,250
AstraZeneca PLC, 6.450%, 9/15/2037		25,000		26,916
BHP Billiton Finance Ltd., 5.000%, 12/15/2010		25,000		25,734

6

AARP Portfolios

U.S. Bond Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Par Amount		Value
International Debt - (continued)
BHP Billiton Finance Ltd., 5.125%, 3/29/2012	$	25,000	$	25,437
British Telecommunications PLC, 8.625%, 12/15/2010		50,000		55,021
British Telecommunications PLC, 9.125%, 12/15/2030		25,000		31,133
Canadian National Railway Co., 6.200%, 6/1/2036		25,000		24,165
Deutsche Bank AG, 5.375%, 10/12/2012		100,000		104,615
Deutsche Bank AG, 6.000%, 9/1/2017		50,000		52,149
Deutsche Telekom International Finance BV, 8.250%, 6/15/2030		25,000		30,073
Diageo Finance BV, 5.300%, 10/28/2015		50,000		50,296
Eksportfinans ASA, 5.000%, 2/14/2012		100,000		106,553
European Investment Bank, 4.125%, 9/15/2010		50,000		52,170
European Investment Bank, 4.625%, 5/15/2014		200,000		212,365
European Investment Bank, 4.875%, 2/16/2016		50,000		53,677
Export-Import Bank Of Korea (KEXIM), 5.125%, 2/14/2011		25,000		25,514
France Telecom SA, 7.750%, 3/1/2011		100,000		108,505
HSBC Holdings PLC, 6.500%, 5/2/2036		25,000		24,262
HSBC Holdings PLC, 7.500%, 7/15/2009		50,000		51,784
Hydro Quebec, 6.300%, 5/11/2011		25,000		27,349
International Bank for Reconstruction & Development, 7.625%, 1/19/2023		25,000		34,125
Israel Government International Bond, 5.500%, 11/9/2016		25,000		26,301
Italy Government International Bond, 4.500%, 1/21/2015		100,000		105,857
Italy Government International Bond, 5.625%, 6/15/2012		100,000		110,103
Italy, Republic of,, 6.875%, 9/27/2023		25,000		31,066
KfW Bankengruppe, 3.250%, 3/15/2013		100,000		100,696
KfW Bankengruppe, 4.875%, 1/17/2017		100,000		107,152
Landwirtschaftliche Rentenbank, 4.875%, 2/14/2011		100,000		106,862
Mexico Government International Bond, 6.625%, 3/3/2015		25,000		28,000
Mexico Government International Bond, 6.750%, 9/27/2034		20,000		22,360
Mexico Government International Bond, 8.300%, 8/15/2031		50,000		65,875
Nexen, Inc., 5.875%, 3/10/2035		25,000		22,823
Oesterreichische Kontrollbank AG, 4.875%, 2/16/2016		100,000		107,143
Province of Nova Scotia Canada, 5.125%, 1/26/2017		50,000		54,199
Province of Ontario Canada, 5.000%, 10/18/2011		100,000		107,085
Province of Quebec Canada, 4.600%, 5/26/2015		50,000		52,529
Province of Quebec Canada, 7.500%, 9/15/2029		10,000		13,447
Region of Lombardy Italy, 5.804%, 10/25/2032		50,000		55,967
Republic of Korea, 4.875%, 9/22/2014		25,000		25,559
Royal Bank of Canada, 3.875%, 5/4/2009		30,000		30,374
Royal Bank of Scotland Group PLC, 7.648%, 8/31/2049		25,000		23,924
Telecom Italia Capital SA, 6.375%, 11/15/2033		50,000		43,847
Telefonica Emisiones SAU, 5.984%, 6/20/2011		50,000		51,525
Telefonica Emisiones SAU, 6.221%, 7/3/2017		25,000		25,200
Thomson Corp. Note, 5.700%, 10/1/2014		75,000		74,260
Vodafone Group PLC, 6.150%, 2/27/2037		25,000		23,378
Vodafone Group PLC, 7.875%, 2/15/2030		25,000		27,553
Weatherford International Ltd., 5.500%, 2/15/2016		25,000		24,691
Total International Debt - (Identified Cost $2,636,541)				2,731,614

7

AARP Portfolios

U.S. Bond Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

	Par Amount		Value
Mortgage-Backed Securities - 38.6%
Federal Home Loan Mortgage Corporation GOLD 15 YR, 4.500%	$	225,000	$	223,664
Federal Home Loan Mortgage Corporation GOLD 30 YR, 5.500% - 6.500%		700,000		713,297
Federal Home Loan Mortgage Corporation, 4.500% - 7.000%, 5/1/2020 - 8/1/2037		5,962,365		6,025,824
Federal National Mortgage Association, 4.000% - 7.000%, 6/1/2019 - 12/1/2037		14,020,032		14,216,145
Government National Mortgage Association 30 YR, 5.000% - 6.500%		775,000		797,332
Government National Mortgage Association, 4.500% - 6.500%, 4/15/2036 - 8/15/2037		1,474,200		1,501,917
Total Mortgage-Backed Securities - (Identified Cost $22,927,971)				23,478,179
U.S. Treasury - 22.4%
U.S. Treasury Bonds - 5.8%
4.500%, 2/15/2036		125,000		129,170
4.375%, 2/15/2038		25,000		25,305
4.750%, 2/15/2037		115,000		123,724
5.000%, 5/15/2037		100,000		111,898
5.250%, 2/15/2029		65,000		73,282
6.125%, 11/15/2027		75,000		93,129
6.125%, 8/15/2029		75,000		93,932
6.250%, 8/15/2023		200,000		246,234
6.250%, 5/15/2030		75,000		95,895
6.375%, 8/15/2027		170,000		216,378
6.625%, 2/15/2027		25,000		32,537
6.750%, 8/15/2026		160,000		209,938
6.875%, 8/15/2025		200,000		263,813
7.125%, 2/15/2023		140,000		185,555
7.250%, 5/15/2016		100,000		128,562
7.500%, 11/15/2016		50,000		65,328
8.000%, 11/15/2021		270,000		380,911
8.500%, 2/15/2020		130,000		186,540
8.750%, 5/15/2017		215,000		302,999
8.750%, 8/15/2020		80,000		117,500
8.875%, 8/15/2017		150,000		213,727
9.250%, 2/15/2016		135,000		192,586
Total				3,488,943
U.S. Treasury Notes - 16.6%
2.500%, 3/31/2013		125,000		125,239
3.125%, 11/30/2009		100,000		102,461
3.500%, 8/15/2009		250,000		256,739
3.625%, 7/15/2009		400,000		410,719
3.625%, 1/15/2010		380,000		393,508
3.625%, 12/31/2012		250,000		263,496
3.875%, 5/15/2009		400,000		410,406
4.000%, 9/30/2009		250,000		259,082
4.000%, 4/15/2010		200,000		209,531
4.000%, 2/15/2015		500,000		537,813
4.125%, 8/31/2012		200,000		214,609
4.250%, 1/15/2011		650,000		694,942
4.250%, 9/30/2012		675,000		729,686
4.250%, 8/15/2014		100,000		109,328
4.250%, 11/15/2017		50,000		53,363
4.500%, 2/28/2011		100,000		107,789
4.500%, 9/30/2011		100,000		108,406
4.500%, 3/31/2012		400,000		434,532
4.500%, 4/30/2012		250,000		271,699
4.625%, 12/31/2011		500,000		546,094
4.625%, 2/29/2012		150,000		163,676
4.625%, 7/31/2012		100,000		109,344
4.625%, 2/15/2017		825,000		906,404
4.750%, 3/31/2011		200,000		217,063
4.750%, 5/31/2012		100,000		109,719
4.750%, 5/15/2014		100,000		112,289
4.750%, 8/15/2017		200,000		221,344
4.875%, 8/15/2009		500,000		522,579
4.875%, 4/30/2011		250,000		272,461
4.875%, 5/31/2011		100,000		109,172
4.875%, 6/30/2012		175,000		192,897
4.875%, 8/15/2016		150,000		168,070
5.125%, 6/30/2011		250,000		275,332
5.125%, 5/15/2016		150,000		170,930
6.000%, 8/15/2009		300,000		318,328
Total				10,109,050
Total U.S. Treasury - (Identified Cost $12,747,193)				13,597,993
U.S. Government Agencies - 9.5%
Federal Farm Credit Bank, 4.750% - 5,375%, 8/3/2009 - 1/17/2017		325,000		345,896
Federal Home Loan Bank of Chicago, 5.625%, 6/13/2016		50,000		54,914
Federal Home Loan Bank System, 4.250% - 5.500%, 4/24/2009 – 7/15/2036		1,525,000		1,584,965
Federal Home Loan Mortgage Corp., 2.875% - 6.750%, 4/30/2010 – 7/15/2032		1,705,000		1,784,024

8

AARP Portfolios

U.S. Bond Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

Federal National Mortgage Association, 2.500% - 7.250%, 4/9/2010 - 7/15/2037		1,810,000		1,927,562
	Par Amount		Value
U.S. Government Agencies - (continued)
Tennessee Valley Authority, 5.500% - 6.750%, 7/18/2017 - 1/15/2038	$	75,000	$	89,093
Total U.S. Government Agencies - (Identified Cost $5,541,287)				5,786,454
Commercial Mortgage-Backed Securities - 5.5%
Banc of America Commercial Mortgage, Inc., 5.118%, 7/11/2043		60,000		59,076
Banc of America Commercial Mortgage, Inc., 5.228%, 10/10/2045		20,000		19,684
Banc of America Commercial Mortgage, Inc., 5.356%, 10/10/2045		100,000		98,048
Banc of America Commercial Mortgage, Inc., 5.659%, 6/10/2049		125,000		123,660
Bear Stearns Commercial Mortgage Securities, 4.740%, 3/13/2040		40,000		38,202
Bear Stearns Commercial Mortgage Securities, 4.978%, 7/11/2042		200,000		198,655
Bear Stearns Commercial Mortgage Securities, 5.405%, 12/11/2040		50,000		50,290
Bear Stearns Commercial Mortgage Securities, 7.080%, 7/15/2031		46,672		47,368
Chase Commercial Mortgage Securities Corp., 7.319%, 10/15/2032		24,923		25,825
Citigroup Commercial Mortgage Trust, 5.723%, 3/15/2049		25,000		18,111
Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.225%, 7/15/2044		50,000		48,006
Commercial Mortgage Pass Through Certificates, 5.347%, 12/10/2046		50,000		44,986
Commercial Mortgage Pass Through Certificates, 5.706%, 6/10/2046		50,000		49,418
Credit Suisse Mortgage Capital Certificates, 5.827%, 6/15/2038		100,000		101,695
CS First Boston Mortgage Securities Corp., 4.429%, 12/15/2036		250,000		246,530
CS First Boston Mortgage Securities Corp., 4.730%, 7/15/2037		20,000		18,704
CS First Boston Mortgage Securities Corp., 5.230%, 12/15/2040		50,000		49,698
CS First Boston Mortgage Securities Corp., 5.416%, 5/15/2036		35,000		35,476
CS First Boston Mortgage Securities Corp., 6.387%, 8/15/2036		25,000		25,600
CS First Boston Mortgage Securities Corp., 6.480%, 5/17/2040		1,108		1,108
CW Capital Cobalt Ltd., 5.484%, 4/15/2047		25,000		24,338
G.E. Capital Commercial Mortgage Corp., 5.189%, 7/10/2039		150,000		151,189
GMAC Commercial Mortgage Securities, Inc., 6.465%, 4/15/2034		24,825		25,430
GMAC Commercial Mortgage Securities, Inc., 6.957%, 9/15/2035		20,000		20,707
Greenwich Capital Commercial Funding Corp., 5.224%, 4/10/2037		100,000		99,591
Greenwich Capital Commercial Funding Corp., 5.736%, 12/10/2049		125,000		123,672
GS Mortgage Securities Corp. II, 4.761%, 7/10/2039		15,000		14,587
GS Mortgage Securities Corp. II, 5.396%, 8/10/2038		100,000		101,581
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2003-CB7, Class A4, 4.879%, 1/12/2038		20,000		19,570
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP3 Class A4A, 4.936%, 8/15/2042		50,000		48,932
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP3, Class A3, 4.959%, 8/15/2042		35,000		33,858

9

AARP Portfolios

U.S. Bond Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP4, Class A4, 5.038%, 3/15/2046		20,000		19,807
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP4, Class AM, 5.000%, 10/15/2042		15,000		14,196
	Par Amount		Value
Commercial Mortgage-Backed Securities - (continued)
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-CB15, Class A3, 5.819%, 6/12/2043	$	100,000	$	99,186
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP6, Class A4, 5.475%, 4/15/2043		100,000		99,087
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-CB18, Class A4, 5.440%, 6/12/2047		50,000		48,664
LB-UBS Commercial Mortgage Trust, 4.361%, 1/15/2029		50,000		47,502
LB-UBS Commercial Mortgage Trust, 5.018%, 2/15/2031		32,407		32,268
LB-UBS Commercial Mortgage Trust, 5.084%, 2/15/2031		25,000		24,671
LB-UBS Commercial Mortgage Trust, 5.139%, 2/15/2031		20,000		19,072
LB-UBS Commercial Mortgage Trust, 5.207%, 2/15/2031		20,000		19,329
LB-UBS Commercial Mortgage Trust, 5.430%, 2/15/2040		100,000		97,293
Merrill Lynch, 5.378%, 8/12/2048		100,000		96,953
Merrill Lynch Mortgage Trust, 5.244%, 11/12/2037		50,000		50,051
Morgan Stanley Capital I, 5.223%, 11/14/2042		25,000		25,273
Morgan Stanley Capital I, 5.514%, 11/12/2049		100,000		98,103
Morgan Stanley Capital I, 6.648%, 6/3/2030		150,000		150,297
PG&E Energy Recovery Funding LLC, 5.030%, 3/25/2014		50,000		51,684
Salomon Brothers Mortgage Securities VII, 7.455%, 7/18/2033		21,723		22,419
Wachovia Bank Commercial Mortgage Trust, 4.516%, 5/15/2044		15,000		14,739
Wachovia Bank Commercial Mortgage Trust, 4.867%, 2/15/2035		100,000		98,222
Wachovia Bank Commercial Mortgage Trust, 5.203%, 1/15/2045		68,123		67,886
Wachovia Bank Commercial Mortgage Trust, 5.308%, 11/15/2048		75,000		72,868
Wachovia Bank Commercial Mortgage Trust, 5.416%, 1/15/2045		50,000		49,584
Wachovia Bank Commercial Mortgage Trust, 5.515%, 1/15/2045		50,000		41,168
Total Commercial Mortgage-Backed Securities - (Identified Cost $3,362,925)				3,323,917
Municipal Bonds - 0.1%
State of Illinois, 4.950%, 6/1/2023		25,000		25,270
State of Illinois Taxable, 5.100%, 6/1/2033		25,000		25,000
Total Municipal Bonds - (Identified Cost $48,586)				50,270
Commercial Paper - 2.1%
Lexington Parker Capital Co. LLC, 3.450%, 4/14/2008		700,000		699,128
Mont Blanc Capital Corp, 2.780%, 4/21/2008		600,000		599,073
Total Commercial Paper-(Identified Cost $1,298,201)				1,298,201
Mutual Fund - 2.5%
AIM Prime Fund (At Net Asset Value)		1,538,577		1,538,577
Total Investments - 103.2% (Identified Cost $61,187,236)2				62,756,831
Other Assets & Liabilities-Net- (3.2)%				(1,984,469	)
Total Net Assets - 100.0%			$	60,772,362

10

AARP Portfolios

U.S. Bond Market Portfolio (continued)

March 31, 2008 (unaudited)

Portfolio of investments

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 is determined to be liquid under criteria established by the Portfolio’s Board of Trustees. At March 31, 2008, these securities amounted to $51,291 which represents 0.1% of total net assets.

² At March 31, 2008, the cost of investments for federal tax purposes was $61,187,236. The net unrealized appreciation of investments for federal tax purposes was $1,569,595. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $1,936,401 and net unrealized depreciation from investments for those securities having an excess of cost over value of $366,806.

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

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

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

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

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

The following is a summary of the inputs used as of March 31, 2008 in valuing the Portfolio’s investments carried at value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 - Quoted Prices	$	20,923,024	$	—
Level 2 - Other Significant Observable Inputs		41,833,807		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	62,756,831	$	—

* Other financial instruments include futures, forwards and swap contracts.

11

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

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

SIGNATURES

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

AARP PORTFOLIOS
By:	/s/ Larry Renfro
	Larry Renfro
	President and Principal Executive Officer

Date: May 1, 2008

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/ Larry Renfro
	Larry Renfro
	President and Principal Executive Officer

Date: May 1, 2008

By:	/s/ Richard Hisey
	Richard Hisey
	Treasurer and Principal Financial Officer

Date: May 1, 2008