Principal Investors Fund, Inc.

                                            POWER OF ATTORNEY

The member of the board of  directors  whose  signature  appears  below,  hereby
constitutes and appoints Michael J. Beer, David J. Brown, Jill R. Brown,  Ernest
H. Gillum,  Michael D.  Roughton and James F. Sager,  and each of them,  his/her
true and  lawful  attorneys  and  agents,  with  full  power  and  authority  of
substitution  and  resubstitution,  to do any and all  acts  and  things  and to
execute any and all instruments which said attorneys and agents, or any of them,
may deem  necessary or  advisable  or which may be required to enable  Principal
Investors Fund, Inc. ("PIF") to comply with the Investment  Company Act of 1940,
as  amended,  and the  Securities  Act of 1933,  as amended  (collectively,  the
"Acts"),  and any rules,  regulations  or  requirements  of the  Securities  and
Exchange  Commission  in  respect  thereof,  in  connection  with the filing and
effectiveness  of the  following  registration  statements  and  any  amendments
thereto  including  specifically,  but without  limiting the  generality  of the
foregoing,  the  power  and  authority  to sign in the name and on behalf of the
undersigned as a director  and/or  officer of PIF any and all such  registration
statements  and amendments  filed with the  Securities  and Exchange  Commission
under the Acts, and any other instruments or documents related thereto,  and the
undersigned  does hereby ratify and confirm all that said  attorneys and agents,
or any of them, shall do or cause to be done by virtue hereof:

A  registration  statement  on Form N-14  relating to PIF Equity  Income Fund I,
Disciplined  LargeCap Blend Fund, High Yield Fund II, Income Fund,  MidCap Stock
Fund,  Money Market Fund,  Real Estate  Securities  Fund,  SmallCap  Value Fund,
Tax-Exempt  Bond Fund I,  Mortgage  Securities  Fund,  West Coast  Equity  Fund,
California  Insured  Intermediate  Municipal  Fund,  California  Municipal Fund,
LargeCap Growth Fund,  Diversified  International Fund,  Short-Term Income Fund,
SmallCap  Growth  Fund,  SAM  Balanced  Portfolio,   SAM  Conservative  Balanced
Portfolio,  SAM Conservative Growth Portfolio, SAM Flexible Income Portfolio and
SAM Strategic  Growth  Portfolio,  to be filed with the  Securities and Exchange
Commission in September 2006 or as soon thereafter as practicable.

A registration statement on Form N-14 relating to PIF Equity Income Fund, Equity
Income Fund I, Tax-Exempt Bond Fund and Tax-Exempt Bond Fund I, to be filed with
the Securities and Exchange  Commission in September 2006 or as soon  thereafter
as practicable.

A registration  statement on Form N-14 relating to PIF Partners  LargeCap Growth
Fund and LargeCap  Growth Fund II, to be filed with the  Securities and Exchange
Commission in September 2006 or as soon thereafter as practicable.

Post-effective amendments to PIF's registration statement on Form N-1A (File No.
33-59474).

Date:    September 13, 2006

/s/ Elizabeth Ballentine____                       /s/ Fritz S. Hirsch_________
Elizabeth Ballentine                               Fritz S. Hirsch

/s/ Ralph C. Eucher_________                       /s/ William C. Kimball______
Ralph C. Eucher                                    William C. Kimball

/s/ Richard W. Gilbert                             /s/ Barbara A. Lukavsky_____
Richard W. Gilbert                                 Barbara A. Lukavsky

/s/ Mark A. Grimmett________                       /s/ Larry D. Zimpleman____
Mark A. Grimmett                                   Larry D. Zimpleman