Quarterly Notice of Portfolio Holdings

0000894189-05-003034.txt : 20051118 0000894189-05-003034.hdr.sgml : 20051118 20051118162334 ACCESSION NUMBER: 0000894189-05-003034 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050930 FILED AS OF DATE: 20051118 DATE AS OF CHANGE: 20051118 EFFECTIVENESS DATE: 20051118 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRIDGES INVESTMENT FUND INC CENTRAL INDEX KEY: 0000014170 IRS NUMBER: 476027880 STATE OF INCORPORATION: NE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-01209 FILM NUMBER: 051215515 BUSINESS ADDRESS: STREET 1: 8401 W DODGE RD STREET 2: SUITE 256 CITY: OMAHA STATE: NE ZIP: 68114 BUSINESS PHONE: 4023974700 MAIL ADDRESS: STREET 1: 8401 WEST DODGE ROAD STREET 2: SUITE 256 CITY: OMAHA STATE: NE ZIP: 68114 N-Q 1 bridges_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS Quarterly Notice of Portfolio Holdings

As filed with the Securities and Exchange Commission on November 18, 2005

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-1209

Bridges Investment Fund, Inc.

(Exact name of registrant as specified in charter)

8401 West Dodge Road, Suite 256

Omaha, Nebraska 68114

(Address of principal executive offices) (Zip code)

Edson L. Bridges III

8401 West Dodge Road, Suite 256

Omaha, Nebraska 68114

(Name and address of agent for service)

(402) 397-4700

Registrant's telephone number, including area code

Date of fiscal year end: December 31

Date of reporting period: September 30, 2005

Item 1. Schedule of Investments.

Schedule of Investments
September 30, 2005
Bridges Investment Fund
(Unaudited)	Number				Market
	of Shares		Cost		Value
COMMON STOCKS - 90.99%
Air Freight & Logistics - 2.19%
Expeditors International Washington, Inc.	12,000	$	444,176	$	681,360
FedEx Corp.	12,000		849,516		1,045,560
		$	1,293,692	$	1,726,920
Beverages - 1.80%
PepsiCo, Inc.	25,000	$	698,138	$	1,417,750
Biotechnology - 2.03%
Amgen, Inc. (a)	20,000	$	833,415	$	1,593,400
Capital Markets - 2.48%
The Goldman Sachs Group, Inc.	10,000	$	894,217	$	1,215,800
State Street Corp.	15,000		62,367		733,800
		$	956,584	$	1,949,600
Commercial Banks - 3.73%
Bank of America Corp.	35,000	$	1,457,874	$	1,473,500
Wells Fargo & Co.	25,000		1,122,293		1,464,250
		$	2,580,167	$	2,937,750
Commercial Services & Supplies - 1.33%
West Corp. (a)	28,000	$	608,951	$	1,046,920
Communications Equipment - 3.41%
Cisco Systems, Inc. (a)	50,000	$	546,887	$	896,500
QUALCOMM, Inc.	40,000		1,502,955		1,790,000
		$	2,049,842	$	2,686,500
Consumer Finance - 6.86%
Capital One Financial Corp.	53,500	$	1,935,422	$	4,254,320
Nelnet, Inc. (a)	30,000		600,289		1,140,300
		$	2,535,711	$	5,394,620
Diversified Financial Services - 2.02%
Citigroup, Inc.	35,000	$	1,654,719	$	1,593,200
Electronic Equipment & Instruments - 0.98%
Flextronics International Ltd. (a)	60,000	$	990,650	$	771,000
Energy Equipment & Services - 0.46%
Nabors Industries Ltd. (a)	5,000	$	348,250	$	359,150
Food & Staples Retailing - 1.91%
Sysco Corp.	20,000	$	629,518	$	627,400
Wal-Mart Stores, Inc.	20,000		999,292		876,400
		$	1,628,810	$	1,503,800
Health Care Equipment & Supplies - 2.60%
Medtronic, Inc.	20,000	$	1,004,886	$	1,072,400
Stryker Corp.	10,000		403,343		494,300
Zimmer Holdings, Inc. (a)	7,000		531,512		482,230
		$	1,939,741	$	2,048,930
Health Care Providers & Services - 4.61%
Express Scripts, Inc. (a)	10,000	$	521,574	$	622,000
Omnicare, Inc.	40,000		1,462,399		2,249,200
Wellpoint, Inc. (a)	10,000		658,343		758,200
		$	2,642,316	$	3,629,400
Hotels Restaurants & Leisure - 2.93%
Carnival Corp.	20,000	$	778,740	$	999,600
Harrah's Entertainment, Inc.	20,000		656,022		1,303,800
		$	1,434,762	$	2,303,400
Household Durables - 2.66%
Centex Corp.	10,000	$	238,696	$	645,800
DR Horton, Inc.	40,000		407,704		1,448,800
		$	646,400	$	2,094,600
Industrial Conglomerates - 1.49%
General Electric Co.	10,000	$	270,842	$	336,700
Tyco International Ltd.	30,000		959,486		835,500
		$	1,230,328	$	1,172,200
Insurance - 2.79%
American International Group, Inc.	20,000	$	1,165,497	$	1,239,200
Berkshire Hathaway, Inc. (a)	350		492,609		955,850
		$	1,658,106	$	2,195,050
Internet & Catalog Retail - 1.31%
eBay, Inc. (a)	25,000	$	418,062	$	1,030,000
IT Services - 3.71%
First Data Corp.	50,000	$	1,952,060	$	2,000,000
Fiserv, Inc. (a)	20,000		664,527		917,400
		$	2,616,587	$	2,917,400
Media - 2.71%
Comcast Corp. (a)	20,000	$	601,925	$	575,600
The McGraw-Hill Companies, Inc.	15,000		664,690		720,600
Omnicom Group	10,000		654,802		836,300
		$	1,921,417	$	2,132,500
Metals & Mining - 0.93%
Alcoa, Inc.	30,000	$	685,675	$	732,600
Multiline Retail - 1.32%
Target Corp.	20,000	$	316,811	$	1,038,600
National Commercial Banks - 1.34%
First National of Nebraska, Inc.	225	$	387,969	$	1,057,500
Oil & Gas - 5.26%
Anadarko Petroleum Corp.	15,000	$	839,967	$	1,436,250
Apache Corp.	5,000		274,667		376,100
Chesapeake Energy Corp.	10,000		332,740		382,500
ChevronTexaco Corp.	30,000		889,181		1,941,900
		$	2,336,555	$	4,136,750
Petroleum Refining - 1.35%
BP PLC ADR - ADR	15,000		$368,832	$	1,062,750
Pharmaceuticals - 5.91%
Allergan, Inc.	10,000	$	782,197	$	916,200
Johnson & Johnson	30,000		1,197,391		1,898,400
Pfizer, Inc.	40,000		1,195,434		998,800
Teva Pharmaceutical Industries, Ltd. - ADR	25,000		667,699		835,500
		$	3,842,721	$	4,648,900
Semiconductor & Semiconductor Equipment - 1.65%
Applied Materials, Inc.	40,000	$	662,576	$	678,400
Intel Corp.	25,000		483,548		616,250
		$	1,146,124	$	1,294,650
Software - 3.16%
Fair Isaac Corp.	18,000	$	234,627	$	806,400
Microsoft Corp.	30,000		266,000		771,900
Symantec Corp. (a)	40,000		891,307		906,400
		$	1,391,934	$	2,484,700
Specialty Retail - 7.96%
Best Buy Co, Inc.	52,500	$	965,001	$	2,285,325
Home Depot, Inc.	35,000		879,775		1,334,900
Lowe's Cos, Inc.	20,000		1,111,622		1,288,000
O'Reilly Automotive, Inc. (a)	25,000		587,889		704,500
Williams-Sonoma, Inc. (a)	17,000		638,005		651,950
		$	4,182,292	$	6,264,675
Textiles, Apparel & Luxury Goods - 1.04%
Nike, Inc.	10,000	$	829,360	$	816,800
Thrifts & Mortgage Finance - 1.44%
Freddie Mac	20,000	$	820,326	$	1,129,200
Tobacco - 5.62%
Altria Group, Inc.	60,000	$	2,695,023	$	4,422,600
TOTAL COMMON STOCKS (Cost $49,690,270)		$	49,690,270	$	71,593,815

PREFERRED STOCKS - 0.99%
Loan Brokers - 0.33%
Harris Preferred Capital Corp.	10,000	$	250,000	$	254,500
Real Estate - 0.66%
Equity Office Properties Trust	10,000	$	272,179	$	263,700
Public Storage, Inc.	10,000		270,038		255,600
		$	542,217	$	519,300
TOTAL PREFERRED STOCKS (Cost $792,217)		$	792,217	$	773,800

U.S. TREASURY OBLIGATIONS - 0.74%
United States Treasury Bonds - 0.74%
9.375%, 02/15/2006	200,000	$	202,689	$	204,172
7.500%, 11/15/2016	300,000		306,018		379,711

TOTAL U.S. TREASURY OBLIGATIONS (Cost $508,707)		$	508,707	$	583,883


	Principal				Market
	Amount		Cost		Value
CORPORATE BONDS - 4.07%
Department Stores - 0.20%
Dillard Dept Stores, Inc.
7.850%, 10/01/2012	150,000	$	150,731	$	156,750
Diversified Telecommunication Services - 0.36%
Level 3 Communications, Inc.
9.125%, 05/01/2008	350,000	$	282,854	$	285,250
Electric Services - 0.27%
Midamerican Energy Holdings Co.
7.630%, 10/15/2007	200,000	$	200,000	$	210,868
Food Products - 0.34%
Kraft Foods, Inc.
6.250%, 06/01/2012	250,000	$	261,067	$	266,952
Health Care Providers & Services - 0.34%
Cardinal Health, Inc.
6.750%, 02/15/2011	250,000	$	257,221	$	268,328
Hotels And Motels - 0.35%
Marriott International, Inc.
7.875%, 09/15/2009	250,000	$	250,039	$	276,317
Motor Vehicles And Passenger Car Bodies - 0.43%
Ford Motor Credit Co.
7.875%, 06/15/2010	350,000	$	340,458	$	340,588
Multiline Retail - 0.34%
JCPenney Co., Inc.
7.400%, 04/01/2037	250,000	$	263,536	$	270,313
National Commercial Banks - 0.36%
MBNA Corporation Senior Note
7.500%, 03/15/2012	250,000	$	263,199	$	284,236
Semiconductor & Semiconductor Equipment - 0.36%
Applied Materials, Inc.
7.125%, 10/15/2017	250,000	$	255,569	$	285,566
Tobacco - 0.33%
R.J. Reynolds Holdings, Inc.
7.250%, 06/01/2012	250,000	$	258,366	$	256,250
Trusts, Except Educational, Religious, And Charitable - 0.39%
Duke Capital Corp.
8.000%, 10/01/2019	250,000	$	275,130	$	303,554
TOTAL CORPORATE BONDS (Cost $3,058,170)		$	3,058,170	$	3,204,972

SHORT TERM INVESTMENTS - 3.16%
Commercial Paper - 2.73%
American Express
3.740%, 10/04/2005	550,000	$	549,835	$	549,835
Prudential Funding Corp.
3.670%, 10/07/2005	1,600,000		1,599,048		1,599,048
		$	2,148,883	$	2,148,883


Mutual Funds - 0.43%	Number of				Market
SEI Daily Income Trust Treasury Fund	Shares		Cost		Value
3.130%	340,043	$	340,043	$	340,043
TOTAL SHORT TERM INVESTMENTS (Cost $2,488,926)		$	2,488,926	$	2,488,926

Total Investments (Cost $56,538,290) - 99.95%				$	78,645,396
Other Assets in Excess of Liabilities - 0.05%					36,133
TOTAL NET ASSETS - 100.00%				$	78,681,529


Footnotes

Percentages are stated as a percent of net assets.


ADR	American Depository Receipt
(a)	Non Income Producing

For certain federal income tax information, as well as other information regarding securities valuation and other significant accounting policies, please refer to the footnotes to the Fund’s most recent semi-annual or annual report.

Item 2. Controls and Procedures.

(a)

The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Bridges Investment Fund, Inc.

By (Signature and Title) /s/Edson L Bridges III

Edson L. Bridges III, President and

Chief Executive and Investment Officer

Date November 18, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)* /s/Edson L. Bridges III

Edson L. Bridges III, President and

Chief Executive and Investment Officer

Date November 18, 2005

By (Signature and Title)* /s/Randall D. Greer

Randall D. Greer, Executive Vice President

and Chief Compliance Officer

Date November 18, 2005

By (Signature and Title)* /s/Nancy K. Dodge

Nancy K. Dodge, Treasurer

Date November 18, 2005

* Print the name and title of each signing officer under his or her signature.

EX-99.CERT 2 certs.htm OFFICER CERTIFICATIONS Officer Certifications

CERTIFICATION

I, Edson L. Bridges III, certify that:

1.	I have reviewed this report on Form N-Q of Bridges Investment Fund, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 18, 2005	/s/Edson L. Bridges III
	Edson L. Bridges III President and Chief Executive and Investment Officer

CERTIFICATION

I, Randall D. Greer, certify that:

1.	I have reviewed this report on Form N-Q of Bridges Investment Fund, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

(a)

(b)

(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 18, 2005	/s/Randall D. Greer
	Randall D. Greer Executive Vice President and Chief Compliance Officer

CERTIFICATION

I, Nancy K. Dodge, certify that:

1.	I have reviewed this report on Form N-Q of Bridges Investment Fund, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

(a)

(b)

(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 18, 2005	/s/Nancy K. Dodge
	Nancy K. Dodge Treasurer