Principal
  Mutual
  Funds



                   YOUR VOTE IS IMPORTANT. PLEASE VOTE TODAY.



October 30, 2002



Dear Shareholder:

We previously mailed to you proxy materials relating to the Special Meeting of
Shareholders of the Principal Partners Blue Chip Fund, scheduled for November
20, 2002 at 2:00 p.m. Central Time. Your vote for this important meeting has not
yet been received.

We encourage you to utilize one of the following options today for recording
your vote promptly:

     1.   Vote by Telephone.  You may cast your vote by telephone by calling the
          toll free number  listed on the enclosed  voting  instruction  form or
          proxy card.  Have the  14-digit  control  number  found on your voting
          instruction form ready when prompted.

     2.   Vote Through the  Internet.  You may cast your vote using the internet
          by logging onto the internet  address  located on the enclosed  voting
          instruction  form or proxy card and following the  instructions on the
          website.

You may also vote by mail. You may cast your vote by mail by signing, dating and
mailing the enclosed voting instruction form or proxy card in the
postage-prepaid return envelope provided.

For the reasons set forth in the proxy materials previously delivered to you,
the FUND'S Board of Directors unanimously recommends that you vote in favor of
the proposalS and believeS the proposAlS ARE in the best interest of FUND
sharEHolders.

If you have any questions  regarding anything  contained in this letter,  please
call D.F. King & Co., Inc., toll free at 1-800-659-6590.



                       NO MATTER HOW MANY SHARES YOU OWN,

                             YOUR VOTE IS IMPORTANT.

                               PLEASE VOTE TODAY.