Dispersion-strengthened powder metallurgy aluminum alloys are being developed for structural applications up to 616 K (650°F). This research is being conducted under Air Force Wright Aeronautical Laboratories/Materials Laboratory Contract No. F33615-81-C-5096. The Lockheed-California Co. is the prime contractor with the Aluminum Company of America (Alcoa) and Pratt and Whitney Aircraft participating as subcontractors. The current alloy development has been directed towards the goal of producing high-strength/high-stiffness alloys with properties competitive to those of Ti-6Al-4V on a density-compensated basis. Alcoa has been developing the Al-Fe-Ce alloy system and Pratt and Whitney the Al-Fe-Mo alloy system. The second iteration of alloy development is presented. Mechanical property behavior of each rectangular extruded alloy was evaluated. The testing included room-temperature and elevated-temperature tension, fracture toughness, creep, and elevated-temperature stability tests. The Al-Fe-Ce alloys met or exceeded most of the program goals, while the Al-Fe-Mo alloys nearly achieved all of the goals. Achievement of the target properties provides a 15% weight savings for airframe structures and up to 35% weight savings for engine components.