Quarterly Notice of Portfolio Holdings

0000894189-06-002816.txt : 20061124 0000894189-06-002816.hdr.sgml : 20061123 20061124155604 ACCESSION NUMBER: 0000894189-06-002816 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060930 FILED AS OF DATE: 20061124 DATE AS OF CHANGE: 20061124 EFFECTIVENESS DATE: 20061124 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: 061238086 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 November 24, 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: September 30, 2006

Item 1. Schedule of Investments.

Schedule of Investments
September 30, 2006
Bridges Investment Fund

	Shares		Cost		Value
COMMON STOCKS - 86.89%
Banks - 1.38%
First National of Nebraska, Inc.		225	$	387,969	$	1,102,500
Air Freight & Logistics - 3.49%
Expeditors International Washington, Inc.		14,000	$	261,879	$	624,120
FedEx Corp.		20,000		1,701,532		2,173,600
			$	1,969,411	$	2,797,720
Beverages - 2.04%
PepsiCo, Inc.		25,000	$	698,139	$	1,631,500
Biotechnology - 2.23%
Amgen, Inc. (a)		25,000	$	1,222,615	$	1,788,250
Capital Markets - 4.58%
The Goldman Sachs Group, Inc.		12,000	$	1,181,047	$	2,030,040
Legg Mason, Inc.		7,000		706,500		706,020
State Street Corp.		15,000		62,367		936,000
			$	1,949,914	$	3,672,060
Commercial Banks - 2.26%
Wells Fargo & Co.		50,000	$	1,122,293	$	1,809,000
Communications Equipment - 3.70%
Cisco Systems, Inc. (a)		50,000	$	546,887	$	1,150,000
QUALCOMM, Inc.		50,000		1,986,505		1,817,500
			$	2,533,392	$	2,967,500
Construction Materials - 1.17%
Vulcan Materials Co.		12,000	$	1,040,121	$	939,000
Consumer Finance - 6.59%
Capital One Financial Corp.		53,500	$	1,935,422	$	4,208,310
Nelnet, Inc. (a)		35,000		759,531		1,075,900
			$	2,694,953	$	5,284,210
Diversified Financial Services - 1.24%
Citigroup, Inc.		20,000	$	940,437	$	993,400
Energy Equipment & Services - 1.86%
Nabors Industries Ltd. (a)		50,000	$	1,745,323	$	1,487,500
Food & Staples Retailing - 1.54%
Wal-Mart Stores, Inc.		25,000	$	1,179,342	$	1,233,000
Health Care Equipment & Supplies - 5.77%
Medtronic, Inc.		40,000	$	2,078,529	$	1,857,600
Stryker Corp.		15,000		620,307		743,850
Zimmer Holdings, Inc. (a)		30,000		2,021,184		2,025,000
			$	4,720,020	$	4,626,450
Health Care Providers & Services - 4.72%
Express Scripts, Inc. (a)		10,000	$	521,574	$	754,900
Omnicare, Inc.		40,000		1,460,844		1,723,600
Wellpoint, Inc. (a)		17,000		1,188,129		1,309,850
			$	3,170,547	$	3,788,350
Hotels Restaurants & Leisure - 2.83%
Carnival Corp.		20,000	$	778,740	$	940,600
Harrah's Entertainment, Inc.		20,000		656,022		1,328,600
			$	1,434,762	$	2,269,200
Household Durables - 1.94%
DR Horton, Inc.		65,000	$	982,877	$	1,556,750
Insurance - 3.20%
American International Group, Inc.		22,000	$	1,304,817	$	1,457,720
Berkshire Hathaway, Inc. (a)		350		492,609		1,110,900
			$	1,794,426	$	2,568,620
Internet & Catalog Retail - 0.88%
eBay, Inc. (a)		25,000	$	418,062	$	709,000
IT Services - 3.27%
First Data Corp.		40,000	$	1,488,450	$	1,680,000
Fiserv, Inc. (a)		20,000		664,527		941,800
			$	2,152,977	$	2,621,800
Machinery - 0.78%
Illinois Tool Works, Inc.		14,000	$	694,668	$	628,600
Media - 2.00%
Comcast Corp. (a)		20,000	$	601,925	$	736,200
The McGraw-Hill Companies, Inc.		15,000		664,690		870,450
			$	1,266,615	$	1,606,650
Multiline Retail - 1.72%
Target Corp.		25,000	$	587,011	$	1,381,250
Oil & Gas - 7.24%
Anadarko Petroleum Corp.		40,000	$	1,349,605	$	1,753,200
Apache Corp.		15,000		956,067		948,000
Chesapeake Energy Corp.		40,000		1,261,878		1,159,200
ChevronTexaco Corp.		30,000		889,181		1,945,800
			$	4,456,731	$	5,806,200
Oil, Gas & Consumable Fuels - 1.23%
BP PLC ADR - ADR		15,000	$	368,832	$	983,700
Pharmaceuticals - 4.90%
Allergan, Inc.		10,000	$	782,197	$	1,126,100
Johnson & Johnson		30,000		1,197,391		1,948,200
Teva Pharmaceutical Industries, Ltd. - ADR		25,000		667,699		852,250
			$	2,647,287	$	3,926,550
Software - 1.84%
Fair Isaac Corp.		18,000	$	234,627	$	658,260
Microsoft Corp.		30,000		266,000		819,900
			$	500,627	$	1,478,160
Specialty Retail - 8.19%
Best Buy Co, Inc.		50,000	$	1,131,576	$	2,678,000
Home Depot, Inc.		45,000		1,266,175		1,632,150
Lowe's Cos, Inc.		45,000		1,263,491		1,262,700
O'Reilly Automotive, Inc. (a)		30,000		739,254		996,300
			$	4,400,496	$	6,569,150
Tobacco - 4.30%
Altria Group, Inc.		45,000	$	1,948,823	$	3,444,750
TOTAL COMMON STOCKS (Cost $49,031,670)			$	49,031,670	$	69,670,820
PREFERRED STOCKS - 0.63%
Real Estate - 0.32%
Equity Office Properties Trust		10,000	$	272,179	$	254,000
Real Estate Investment Trusts (REITs) - 0.31%
Harris Preferred Capital Corp.		10,000	$	250,000	$	251,100
TOTAL PREFERRED STOCKS (Cost $522,179)			$	522,179	$	505,100

		Principal
		Amount		Cost		Value
CORPORATE BONDS - 4.01%
Diversified Financial Services - 0.34%
MBNA Corporation Senior Note
7.500%, 03/15/2012	$	250,000	$	261,493	$	276,253
Consumer Finance - 0.43%
Ford Motor Credit Co.
7.875%, 06/15/2010		350,000	$	342,183	$	340,857
Diversified Telecommunication Services - 0.45%
Level 3 Communications, Inc.
11.500%, 03/01/2010		350,000	$	296,164	$	359,625
Electric Utilities - 0.36%
Duke Capital Corp.
8.000%, 10/01/2019		250,000	$	274,016	$	290,463
Food Products - 0.32%
Kraft Foods, Inc.
6.250%, 06/01/2012		250,000	$	259,648	$	260,016
Health Care Providers & Services - 0.33%
Cardinal Health, Inc.
6.750%, 02/15/2011		250,000	$	256,048	$	261,464
Hotels Restaurants & Leisure - 0.33%
Marriott International, Inc.
7.875%, 09/15/2009		250,000	$	250,030	$	266,420
Multi Utilities - 0.26%
MidAmerican Energy Holdings Co.
7.630%, 10/15/2007		200,000	$	200,000	$	204,268
Multiline Retail - 0.53%
Dillard Department Stores, Inc.
7.850%, 10/01/2012		150,000	$	150,648	$	154,875
JCPenney Co., Inc.
7.400%, 04/01/2037		250,000	$	263,411	$	270,891
			$	414,059	$	425,766
Semiconductor & Semiconductor Equipment - 0.34%
Applied Materials, Inc.
7.125%, 10/15/2017		250,000	$	255,259	$	271,970
Tobacco - 0.32%
R.J. Reynolds Holdings, Inc.
7.250%, 06/01/2012		250,000	$	257,330	$	257,148
TOTAL CORPORATE BONDS (Cost $3,066,230)			$	3,066,230	$	3,214,250
U.S. TREASURY OBLIGATIONS - 0.46%
United States Treasury Note/Bond - 0.46%
0.075%, 11/15/2016		300,000	$	305,646	$	367,500
TOTAL U.S. TREASURY OBLIGATIONS (Cost $305,646)			$	305,646	$	367,500
SHORT TERM INVESTMENTS - 8.05%
Prudential Funding Corp 5.20%
0.000%, 10/03/2006	$	3,000,000	$	2,999,158	$	2,999,158
Sht Trm Ppr Citigroup 5.24%
0.000%, 10/06/2006		3,000,000	$	2,997,878	$	2,997,878
			$	5,997,036	$	5,997,036
Variable Rate Demand Notes - 0.57%
SEI Daily Income Trust Treasury Fund
4.500%		458,995	$	458,995		458,995
TOTAL SHORT TERM INVESTMENTS (Cost $6,456,031)			$	6,456,031	$	6,456,031
Total Investments (Cost $59,381,756) - 100.04%					$	80,213,701
Liabilities in Excess of Other Assets - (0.04)%						-31,679
TOTAL NET ASSETS - 100.00%					$	80,182,022

Footnotes


Percentages are stated as a percent of net assets.

ADR	American Depository Receipt
(a)	Non Income Producing

The cost basis of investments for federal income tax purposes at Sepember 30, 2006, was as follows*:

Cost of investments	$	59,381,756
Gross unrealized appreciation		22,517,194
Gross unrealized depreciation		(1,685,249)
Net unrealized appreciation	$	20,831,945

*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 11/22/06

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 11/22/06

By (Signature and Title)* /s/ Brian Kirkpatrick

Brian Kirkpatrick, Executive Vice President

Date 11/22/06

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

Nancy K. Dodge, Chief Compliance Officer

Date 11/22/06

* 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: 11/22/06	/s/ Edson L. Bridges III
	Edson L. Bridges III President and Chief Executive and Investment Officer

CERTIFICATION

I, Brian Kirkpatrick, 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 11/22/06	/s/Brian Kirkpatrick
	Brian Kirkpatrick Executive Vice President

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: 11/22/06	/s/Nancy K. Dodge
	Nancy K. Dodge Chief Compliance Officer