bridges_nq.htm

0000894189-07-003169.txt : 20071106 0000894189-07-003169.hdr.sgml : 20071106 20071106152712 ACCESSION NUMBER: 0000894189-07-003169 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070930 FILED AS OF DATE: 20071106 DATE AS OF CHANGE: 20071106 EFFECTIVENESS DATE: 20071106 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: 071217728 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 bridges_nq.htm

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, 2007

Item 1. Schedule of Investments.

Bridges Investment Fund
Schedule of Investments
September 30, 2007
(Unaudited)
	Shares		Cost		Value
COMMON STOCKS - 95.38%
Aerospace & Defense - 1.42%
Boeing Co.		11,000	$	1,018,518	$	1,154,890
Air Freight & Logistics - 1.93%
FedEx Corp.		15,000	$	1,136,870	$	1,571,250
Auto Components - 1.74%
Johnson Controls, Inc.		12,000	$	1,180,159	$	1,417,320
Beverages - 2.25%
PepsiCo, Inc.		25,000	$	698,139	$	1,831,500
Biotechnology - 2.50%
Amgen, Inc. (a)		20,000	$	1,120,428	$	1,131,400
Gilead Sciences, Inc. (a)		22,000		868,378		899,140
			$	1,988,806	$	2,030,540
Capital Markets - 7.47%
American Capital Strategies Ltd.		10,000	$	375,304	$	427,300
Franklin Resources, Inc.		6,000		771,539		765,000
The Goldman Sachs Group, Inc.		15,000		2,056,100		3,251,100
State Street Corp.		10,000		41,578		681,600
T. Rowe Price Group, Inc.		17,000		824,908		946,730
			$	4,069,429	$	6,071,730
Commercial Banks - 2.19%
Wells Fargo & Co.		50,000	$	1,122,293	$	1,781,000
Commercial Services & Supplies - 0.42%
Strayer Education, Inc.		2,000	$	331,801	$	337,260
Communications Equipment - 6.58%
Cisco Systems, Inc. (a)		65,000	$	996,011	$	2,152,150
Harris Corp.		15,000		861,332		866,850
QUALCOMM, Inc.		55,000		2,164,305		2,324,300
			$	4,021,648	$	5,343,300
Computers & Peripherals - 1.89%
Apple Computer, Inc. (a)		10,000	$	1,034,885	$	1,535,400
Consumer Finance - 5.69%
American Express Co.		18,000	$	1,126,296	$	1,068,660
Capital One Financial Corp.		53,500		1,935,422		3,554,005
			$	3,061,718	$	4,622,665
Depository Institutions - 1.50%
First National of Nebraska, Inc.		225	$	387,969	$	1,215,000
Diversified Financial Services - 3.47%
Citigroup, Inc.		20,000	$	940,437	$	933,400
CME Group, Inc.		1,500		824,608		881,025
Moody's Corp.		20,000		977,740		1,008,000
			$	2,742,785	$	2,822,425
Electrical Equipment - 1.21%
Roper Industries, Inc.		15,000	$	863,440	$	982,500
Energy Equipment & Services - 2.70%
Smith International, Inc.		18,000	$	907,371	$	1,285,200
Transocean, Inc. (a)		8,000		869,599		904,400
			$	1,776,970	$	2,189,600
Health Care Equipment & Supplies - 4.17%
Medtronic, Inc.		12,000	$	592,080	$	676,920
Stryker Corp.		10,000		427,888		687,600
Zimmer Holdings, Inc. (a)		25,000		1,640,486		2,024,750
			$	2,660,454	$	3,389,270
Health Care Providers & Services - 3.71%
Express Scripts, Inc. (a)		30,000	$	1,048,045	$	1,674,600
Wellpoint, Inc. (a)		17,000		1,188,129		1,341,640
			$	2,236,174	$	3,016,240
Household Durables - 1.10%
D.R. Horton, Inc.		70,000	$	1,113,342	$	896,700
Industrial Conglomerates - 0.76%
General Electric Co.		15,000	$	601,830	$	621,000
Insurance - 3.53%
American International Group, Inc.		22,000	$	1,304,817	$	1,488,300
Berkshire Hathaway, Inc. (a)		350		492,609		1,383,200
			$	1,797,426	$	2,871,500
Internet & Catalog Retail - 1.68%
eBay, Inc. (a)		35,000	$	740,676	$	1,365,700
Internet Software & Services - 1.40%
Google, Inc. (a)		2,000	$	1,078,110	$	1,134,540
IT Services - 1.22%
Cognizant Technology Solutions Corp. (a)		5,000	$	361,724	$	398,850
Mastercard ,Inc.		4,000		598,441		591,880
			$	960,165	$	990,730
Machinery - 2.12%
Caterpillar, Inc.		22,000	$	1,769,564	$	1,725,460
Media - 0.75%
The McGraw-Hill Companies, Inc.		12,000	$	521,174	$	610,920
Metals & Mining - 1.62%
Allegheny Technologies, Inc.		12,000	$	1,314,231	$	1,319,400
Multiline Retail - 2.31%
Kohl's Corp. (a)		5,000	$	292,833	$	286,650
Target Corp.		25,000		587,011		1,589,250
			$	879,844	$	1,875,900
Oil & Gas - 6.62%
Apache Corp.		20,000	$	1,394,516	$	1,801,200
Chesapeake Energy Corp.		35,000		1,072,974		1,234,100
ChevronTexaco Corp.		25,000		804,047		2,339,500
			$	3,271,537	$	5,374,800
Oil, Gas & Consumable Fuels - 3.93%
Anadarko Petroleum Corp.		40,000	$	1,349,605	$	2,150,000
BP, PLC - ADR		15,000		368,832		1,040,250
			$	1,718,437	$	3,190,250
Pharmaceuticals - 3.84%
Alcon, Inc.		5,000	$	690,022	$	719,600
Allergan, Inc.		20,000		782,197		1,289,400
Teva Pharmaceutical Industries, Ltd. - ADR		25,000		667,699		1,111,750
			$	2,139,918	$	3,120,750
Road & Rail - 1.39%
Union Pacific Corp.		10,000	$	1,072,652	$	1,130,600
Search, Detection, Navigation, And Guidance - 1.76%
Garmin Ltd.		12,000	$	674,344	$	1,432,800
Semiconductor & Semiconductor Equipment - 0.73%
MEMC Electronic Materials, Inc. (a)		10,000	$	633,499	$	588,600
Software - 2.18%
Adobe Systems, Inc. (a)		12,000	$	515,373	$	523,920
Autodesk, Inc. (a)		25,000		1,058,249		1,249,250
			$	1,573,622	$	1,773,170
Specialty Retail - 6.74%
Best Buy Co, Inc.		60,000	$	1,650,230	$	2,761,200
Home Depot, Inc.		25,000		703,391		811,000
Lowe's Cos, Inc.		50,000		1,428,541		1,401,000
O'Reilly Automotive, Inc. (a)		15,000		402,909		501,150
			$	4,185,071	$	5,474,350
Tobacco - 0.86%
Altria Group, Inc.		10,000	$	410,754	$	695,300
TOTAL COMMON STOCKS (Cost $56,788,254)			$	56,788,254	$	77,504,360
PREFERRED STOCKS - 0.31%
Real Estate Investment Trusts (REITs) - 0.31%
Harris Preferred Capital Corp.		10,000	$	250,000	$	249,100
TOTAL PREFERRED STOCKS (Cost $250,000)			$	250,000	$	249,100

	Principal
	Amount		Cost		Value
CORPORATE BONDS - 3.55%
Diversified Financial Services - 0.33%
MBNA Corporation Senior Note
7.500%, 03/15/2012		250,000	$	259,675	$	270,788
Consumer Finance - 0.42%
Ford Motor Credit Co.
7.875%, 06/15/2010		350,000	$	344,061	$	342,133
Depository Institutions - 0.32%
First National Bank Of Omaha
7.320%, 12/01/2010		250,000	$	256,036	$	261,425
Diversified Telecommunication Services - 0.64%
Level 3 Communications, Inc.
11.500%, 03/01/2010		500,000	$	463,856	$	521,500
Electric Utilities - 0.34%
Duke Capital Corp.
8.000%, 10/01/2019		250,000	$	272,822	$	277,579
Health Care Providers & Services - 0.32%
Cardinal Health, Inc.
6.750%, 02/15/2011		250,000	$	254,801	$	260,771
Multiline Retail - 0.51%
Dillard Department Stores, Inc.
7.850%, 10/01/2012		150,000	$	150,560	$	146,438
JCPenney Co., Inc.
7.400%, 04/01/2037		250,000		263,277		263,702
			$	413,837	$	410,140
Semiconductor & Semiconductor Equipment - 0.34%
Applied Materials, Inc.
7.125%, 10/15/2017		250,000	$	254,926	$	273,482
Tobacco - 0.33%
Reynolds American, Inc.
7.250%, 06/01/2012		250,000	$	256,225	$	265,147
TOTAL CORPORATE BONDS (Cost $2,776,239)			$	2,776,239	$	2,882,965
U.S. TREASURY OBLIGATIONS - 0.45%
United States Treasury Note/Bond - 0.45%
7.500%, 11/15/2016		300,000	$	305,247	$	364,430
TOTAL U.S. TREASURY OBLIGATIONS (Cost $305,247)			$	305,247	$	364,430
SHORT TERM INVESTMENTS - 0.40%
Mutual Funds - 0.40%
SEI Daily Income Trust Treasury Fund
4.77%		327,799	$	327,799	$	327,799
TOTAL SHORT TERM INVESTMENTS (Cost $327,799)			$	327,799	$	327,799
Total Investments (Cost $60,447,539) - 100.09%					$	81,328,654
Liabilities in Excess of Other Assets - (0.09)%						-71,148
TOTAL NET ASSETS - 100.00%					$	81,257,506

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 September 30, 2007 was as follows:**

	Cost of investments	$60,447,539
	Gross unrealized appreciation	22,033,970
	Gross unrealized depreciation	(1,152,855)
	Net unrealized appreciation	$20,881,115

*	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 Rule 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 1940 Act) that occurred during the Registrant's last fiscal quarter that have materially affected, or are 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 1940 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 11/5/07 &# 160;

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 11/5/07

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

Brian Kirkpatrick, Executive Vice President

Date 11/5/07

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

Nancy K. Dodge, Treasurer and

Chief Compliance Officer

Date 11/5/07

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

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

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;

(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: 11/5/07	/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;

(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: 11/5/07	/s/ Brian Kirkpatrick
	Brian Kirkpatrick Executive Vice President

CERTIFICATION

I, Nancy K. Dodge, certify that:

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

7.	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;

8.	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;

(e)

(f)

(g)	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;

(h)

10.	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):

(c)	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

(d)	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: 11/5/07	/s/ Nancy K. Dodge
	Nancy K. Dodge Treasurer and Chief Compliance Officer