WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Aarp
Premium Money Fund Semiannual Report for the six months ended 3/31/2000 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> AARP Premium Money Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-01-1999
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 249,012,359
<INVESTMENTS-AT-VALUE> 249,012,359
<RECEIVABLES> 1,319,280
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 38
<TOTAL-ASSETS> 250,331,677
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,998,870
<TOTAL-LIABILITIES> 1,998,870
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 248,332,807
<SHARES-COMMON-STOCK> 248,332,807
<SHARES-COMMON-PRIOR> 166,162,835
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 248,332,807
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,259,305
<OTHER-INCOME> 0
<EXPENSES-NET> 524,051
<NET-INVESTMENT-INCOME> 5,735,254
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,735,254
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,735,254)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 218,409,970
<NUMBER-OF-SHARES-REDEEMED> (141,390,116)
<SHARES-REINVESTED> 5,150,118
<NET-CHANGE-IN-ASSETS> 82,169,972
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 397,550
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 715,821
<AVERAGE-NET-ASSETS> 209,205,146
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.50
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
