Quarterly Notice of Portfolio Holdings

0000894189-06-001217.txt : 20060522 0000894189-06-001217.hdr.sgml : 20060522 20060522145842 ACCESSION NUMBER: 0000894189-06-001217 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060331 FILED AS OF DATE: 20060522 DATE AS OF CHANGE: 20060522 EFFECTIVENESS DATE: 20060522 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: 06858199 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

0000014170 S000006176 Bridges Investment Fund, Inc.

C000017015 Bridges Investment Fund, Inc. BRGIX

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 May 22, 2006

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: March 31, 2006

Item 1. Schedule of Investments.

Bridges Investment Fund, Inc.
Schedule of Investments
March 31, 2006
(Unaudited)

			Number
Title of Security			of Shares		Cost		Value

COMMON STOCKS - 91.97%
Air Freight & Logistics - 3.28%
Expeditors International Washington, Inc.			12,000	$	444,176	$	1,036,680
FedEx Corp.			15,000		1,136,870		1,694,100
				$	1,581,046	$	2,730,780
Beverages - 1.74%
PepsiCo, Inc.			25,000	$	698,139	$	1,444,750
Biotechnology - 2.19%
Amgen, Inc. (a)			25,000	$	1,222,615	$	1,818,750
Capital Markets - 3.85%
The Goldman Sachs Group, Inc.			13,000	$	1,281,397	$	2,040,480
Legg Mason, Inc.			2,000		216,360		250,660
State Street Corp.			15,000		62,367		906,450
				$	1,560,124	$	3,197,590
Commercial Banks - 1.92%
Wells Fargo & Co.			25,000	$	1,122,293	$	1,596,750
Commercial Services & Supplies - 1.50%
West Corp. (a)			28,000	$	608,951	$	1,250,480
Communications Equipment - 4.04%
Cisco Systems, Inc. (a)			50,000	$	546,887	$	1,083,500
QUALCOMM, Inc.			45,000		1,727,620		2,277,450
				$	2,274,507	$	3,360,950
Computers & Peripherals - 0.35%
SanDisk Corp. (a)			5,000	$	265,632	$	287,600
Consumer Finance - 6.68%
Capital One Financial Corp.			53,500	$	1,935,422	$	4,307,820
Nelnet, Inc. (a)			30,000		600,289		1,249,500
				$	2,535,711	$	5,557,320
Depository Institutions - 1.28%
First National of Nebraska, Inc.			225	$	387,969	$	1,060,875
Diversified Financial Services - 1.14%
Citigroup, Inc.			20,000	$	940,437	$	944,600
Energy Equipment & Services - 2.15%
Nabors Industries Ltd. (a)			25,000	$	1,745,323	$	1,789,500
Food & Staples Retailing - 1.70%
Wal-Mart Stores, Inc.			30,000	$	1,442,592	$	1,417,200
Health Care Equipment & Supplies - 4.97%
Medtronic, Inc.			35,000	$	1,841,528	$	1,776,250
Stryker Corp.			15,000		620,307		665,100
Zimmer Holdings, Inc. (a)			25,000		1,734,289		1,690,000
				$	4,196,124	$	4,131,350
Health Care Providers & Services - 4.62%
Express Scripts, Inc. (a)			10,000	$	521,574	$	879,000
Omnicare, Inc.			30,000		1,012,731		1,649,700
Wellpoint, Inc. (a)			17,000		1,188,129		1,316,310
				$	2,722,434	$	3,845,010
Hotels Restaurants & Leisure - 3.02%
Carnival Corp.			20,000	$	778,740	$	947,400
Harrah's Entertainment, Inc.			20,000		656,022		1,559,200
				$	1,434,762	$	2,506,600
Household Durables - 2.34%
Centex Corp.			10,000	$	238,696	$	619,900
DR Horton, Inc.			40,000		407,704		1,328,800
				$	646,400	$	1,948,700
Insurance - 3.02%
American International Group, Inc.			22,000	$	1,304,817	$	1,453,980
Berkshire Hathaway, Inc. (a)			350		492,609		1,054,200
				$	1,797,426	$	2,508,180
Internet & Catalog Retail - 1.17%
eBay, Inc. (a)			25,000	$	418,062	$	976,500
IT Services - 3.28%
First Data Corp.			40,000	$	1,488,450	$	1,872,800
Fiserv, Inc. (a)			20,000		664,527		851,000
				$	2,152,977	$	2,723,800
Media - 1.67%
Comcast Corp. (a)			20,000	$	601,925	$	522,400
The McGraw-Hill Companies, Inc.			15,000		664,690		864,300
				$	1,266,615	$	1,386,700
Multiline Retail - 1.56%
Target Corp.			25,000	$	587,011	$	1,300,250
Oil & Gas - 7.03%
Anadarko Petroleum Corp.			20,000	$	1,349,605	$	2,020,200
Apache Corp.			15,000		956,067		982,650
Chesapeake Energy Corp.			35,000		1,103,417		1,099,350
ChevronTexaco Corp.			30,000		889,181		1,739,100
				$	4,298,270	$	5,841,300
Petroleum Refining - 1.24%
BP PLC - ADR			15,000	$	368,832	$	1,034,100
Pharmaceuticals - 4.68%
Allergan, Inc.			10,000	$	782,197	$	1,085,000
Johnson & Johnson			30,000		1,197,391		1,776,600
Teva Pharmaceutical Industries, Ltd. - ADR			25,000		667,699		1,029,500
				$	2,647,287	$	3,891,100
Semiconductor & Semiconductor Equipment - 2.32%
Applied Materials, Inc.			40,000	$	662,576	$	700,400
Broadcom Corp. (a)			10,500		363,637		453,180
Intel Corp.			25,000		483,548		483,750
Microsemi Corp. (a)			10,000		281,001		291,100
				$	1,790,762	$	1,928,430
Software - 3.26%
Fair Isaac Corp.			18,000	$	234,627	$	713,160
Microsoft Corp.			30,000		266,000		816,300
Symantec Corp. (a)			70,000		1,474,147		1,178,100
				$	1,974,774	$	2,707,560
Specialty Retail - 9.59%
Best Buy Co, Inc.			60,000	$	1,289,376	$	3,355,800
Home Depot, Inc.			40,000		1,088,425		1,692,000
Lowe's Cos, Inc.			20,000		1,111,622		1,288,800
O'Reilly Automotive, Inc. (a)			25,000		587,889		914,000
Williams-Sonoma, Inc. (a)			17,000		638,005		720,800
				$	4,715,317	$	7,971,400
Textiles, Apparel & Luxury Goods - 1.02%
Nike, Inc.			10,000	$	829,360	$	851,000
Thrifts & Mortgage Finance - 1.10%
Freddie Mac			15,000	$	759,742	$	915,000
Tobacco - 4.26%
Altria Group, Inc.			50,000	$	2,163,222	$	3,543,000
TOTAL COMMON STOCKS (Cost $51,154,716)				$	51,154,716	$	76,467,125
PREFERRED STOCKS - 0.91%
Non-depository Credit Institutions - 0.30%
Harris Preferred Capital Corp.			10,000	$	250,000	$	251,500
Real Estate - 0.61%
Equity Office Properties Trust			10,000	$	272,179	$	254,400
Public Storage, Inc.			10,000		270,038		252,300
				$	542,217	$	506,700
TOTAL PREFERRED STOCKS (Cost $792,217)				$	792,217	$	758,200

U.S. TREASURY OBLIGATIONS - 0.44%
United States Treasury Bonds - 0.44%
7.500% due 11/15/2016			300,000	$	305,835	$	362,508
TOTAL U.S. TREASURY OBLIGATIONS (Cost $305,835)				$	305,835	$	362,508
			Principal
			Amount		Cost		Value
CORPORATE BONDS - 3.82%
Depository Institutions - 0.33%
MBNA Corporation Senior Note 7.500% due 03/15/2012		$	250,000	$	262,356	$	274,924
Diversified Telecommunication Services - 0.41%
Level 3 Communications, Inc. 11.500% due 03/01/2010			350,000	$	290,598	$	340,375
(Acquired 01/13/2006, Cost $288,960) (b)
Electric Services - 0.25%
MidAmerican Energy Holdings Co. 7.630% due 10/15/2007			200,000	$	200,000	$	206,168
Electric Utilities - 0.35%
Duke Capital Corp. 8.000% due 10/01/2019			250,000	$	274,582	$	291,971
Food Products - 0.31%
Kraft Foods, Inc. 6.250% due 06/01/2012			250,000	$	260,368	$	257,531
General Merchandise Stores - 0.19%
Dillard Department Stores, Inc. 7.850% due 10/01/2012			150,000	$	150,690	$	154,125
Health Care Providers & Services - 0.32%
Cardinal Health, Inc. 6.750% due 02/15/2011			250,000	$	256,647	$	261,849
Hotels, Rooming Houses, Camps, And Other Lodging Places - 0.32%
Marriott International, Inc. 7.875% due 09/15/2009			250,000	$	250,034	$	267,505
Multiline Retail - 0.32%
JCPenney Co., Inc. 7.400% due 04/01/2037			250,000	$	263,475	$	269,552
Semiconductor & Semiconductor Equipment - 0.32%
Applied Materials, Inc. 7.125% due 10/15/2017			250,000	$	255,417	$	267,297
Tobacco - 0.31%
R.J. Reynolds Holdings, Inc. 7.250% due 06/01/2012			250,000	$	257,858	$	258,125
Transportation Equipment - 0.39%
Ford Motor Credit Co. 7.875% due 06/15/2010			350,000	$	341,301	$	328,113
TOTAL CORPORATE BONDS (Cost $3,063,326)				$	3,063,326	$	3,177,535

SHORT TERM INVESTMENTS - 2.48%
Commercial Paper - 1.68%
Prudential Funding Corp.
4.750% due 04/04/2006		$	600,000	$	599,770	$	599,770
General Electric Capital Corp.
4.620% due 04/07/2006			800,000		799,389		799,389
					1,399,159		1,399,159
Mutual Funds - 0.80%			Shares
SEI Daily Income Trust Treasury Fund 4.230%
			660,287	$	660,287	$	660,287
TOTAL SHORT TERM INVESTMENTS (Cost $2,059,446)				$	2,059,446	$	2,059,446
Total Investments (Cost $57,375,540) - 99.62%						$	82,824,814
Other Assets in Excess of Liabilities - 0.38%							316,283
TOTAL NET ASSETS - 100.00%						$	83,141,097


See accompanying Notes to the Financial Statements

ADR	American Depository Receipt
(a)	Non Income Producing
(b)	Restricted under Rule 144a of the Securities Act of 1933

Percentages are stated as a percent of net assets.

The cost basis of investments for federal income tax purposes at March 31, 2006, was as follows*:

Cost of investments	$57,375,540
Gross unrealized appreciation	26,777,959
Gross unrealized depreciation	(1,328,691)
Net unrealized appreciation	$25,449,268

*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in 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 5/19/06

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 5/19/06

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

Randall D. Greer, Executive Vice President

and Chief Compliance Officer

Date 5/19/06

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

Nancy K. Dodge, Treasurer

Date 5/19/06

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

EX-99.CERT 2 certs.htm CERTIFICATIONS Unassociated Document

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: 5/19/06	/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: 5/19/06	/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: 5/19/06	/s/ Nancy K. Dodge
	Nancy K. Dodge Treasurer