The main purpose of this paper is to examine general patterns of the impacts of HIV/AIDS on rural livelihood assets and to propose a set of indicators to measure these impacts. A related objective is to identify indicators for evaluating the effectiveness of mitigation efforts. The paper builds on previous work done by FAO on the linkages between the HIV/AIDS epidemic, agriculture, food security and rural development. The paper was developed by C. Shannon Stokes while a Visiting Scientist at FAO (presently Professor of Rural Sociology, Pennsylvania State University), in close collaboration with staff of the FAO Population and Development Service. We hope the paper will stimulate innovative thinking and inspire new interventions to effectively counteract the impacts of HIV/AIDS on rural livelihoods.