March 15, 2005



Principal Investors Fund, Inc.
Des Moines, Iowa  50392

Re       Registration Statement on Form N-14 relating to the High Quality
         Intermediate-Term Bond Fund
         Pursuant to Securities Act of 1933
         Registration No. 333-_____

I am familiar with the organization of Principal Investors Fund, Inc. (the
"Fund") under the laws of the State of Maryland and have reviewed the
above-referenced Registration Statement (the "Registration Statement") filed
with the Securities and Exchange Commission relating to the offer and sale of a
number of shares of the Corporation's Common Stock, par value $.01 per share
(the "Shares") in connection with the Combination described in the Registration
Statement. Based upon such investigation as I have deemed necessary, I am of the
following opinion:

1.   The Fund has been duly incorporated and is validly existing as a
     corporation in good standing under the laws of the State of Maryland.

2.   The Fund has authority to issue the number of shares of common stock
     necessary to complete the Combination and the shares, when issued in
     accordance with the terms described in the Registration Statement, will be
     legally issued, fully paid and non-assessable.

I hereby consent to the filing of this opinion as an exhibit to the Registration
Statement.

Very truly yours

/s/ Michael D. Roughton

Michael D. Roughton
Counsel

MDR/ka