bridges_nq.htm

0000894189-08-003646.txt : 20081121 0000894189-08-003646.hdr.sgml : 20081121 20081121131625 ACCESSION NUMBER: 0000894189-08-003646 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080930 FILED AS OF DATE: 20081121 DATE AS OF CHANGE: 20081121 EFFECTIVENESS DATE: 20081121 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: 081206467 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 OFFICER CERTIFICATIONS 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 811-01209

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, 2008

Item 1. Schedule of Investments.

Bridges Investment Fund
Schedule of Investments
September 30, 2008 (Unaudited)
					Shares		Cost		Value
COMMON STOCKS - 87.34%
Aerospace & Defense - 1.04%
Boeing Co.					11,500	$	1,060,893	$	659,525
Air Freight & Logistics - 1.85%
FedEx Corp.					15,000		1,136,870		1,185,600
Auto Components - 1.89%
Johnson Controls, Inc.					40,000		1,337,801		1,213,200
Beverages - 2.78%
PepsiCo, Inc.					25,000		698,139		1,781,750
Biotechnology - 2.14%
Gilead Sciences, Inc. (a)					30,000		1,230,532		1,367,400
Capital Markets - 4.85%
American Capital Strategies Ltd.					15,000		490,946		382,650
Franklin Resources, Inc.					7,500		918,585		660,975
The Goldman Sachs Group, Inc.					4,000		487,066		512,000
State Street Corp.					9,750		269,977		554,580
T. Rowe Price Group, Inc.					18,500		901,166		993,635
							3,067,740		3,103,840
Chemicals - 0.34%
Praxair, Inc.					3,000		246,558		215,220
Commercial Banks - 2.99%
Wells Fargo & Co.					51,039		1,247,568		1,915,493
Commercial Services & Supplies - 1.57%
Ritchie Brothers Auctioneers, Inc.					8,622		207,424		201,410
Strayer Education, Inc.					4,000		657,775		801,040
							865,199		1,002,450
Communications Equipment - 7.14%
Cisco Systems, Inc. (a)					68,000		1,068,401		1,534,080
Nokia Corp. - ADR					35,000		1,169,661		652,750
QUALCOMM, Inc.					50,000		1,905,420		2,148,500
Research In Motion Ltd. (a)					3,500		446,264		239,050
							4,589,746		4,574,380
Computers & Peripherals - 1.95%
Apple Computer, Inc. (a)					11,000		1,337,575		1,250,260
Construction & Engineering - 0.34%
Jacobs Engineering Group, Inc. (a)					4,000		303,638		217,240
Consumer Finance - 5.49%
American Express Co.					20,000		1,029,299		708,600
Capital One Financial Corp.					55,000		2,011,517		2,805,000
							3,040,816		3,513,600
Depository Institutions - 1.58%
First National of Nebraska, Inc.					225		387,969		1,012,500
Diversified Financial Services - 1.45%
CME Group, Inc.					2,500		1,358,052		928,775
Electrical Equipment - 1.51%
Roper Industries, Inc.					17,000		978,172		968,320
Energy Equipment & Services - 3.02%
Smith International, Inc.					18,000		907,371		1,055,520
Transocean, Inc. (a)					8,000		919,518		878,720
							1,826,888		1,934,240
Health Care Equipment & Supplies - 3.00%
Alcon, Inc.					6,700		944,605		1,082,117
Stryker Corp.					13,500		668,133		841,050
							1,612,738		1,923,167
Health Care Providers & Services - 4.43%
Express Scripts, Inc. (a)					27,000		983,657		1,993,140
Wellpoint, Inc. (a)					18,000		1,262,826		841,860
							2,246,484		2,835,000
Household Durables - 0.92%
D.R. Horton, Inc.					45,000		486,083		585,900
Insurance - 2.40%
Berkshire Hathaway, Inc. (a)					350		492,609		1,538,250
Internet & Catalog Retail - 1.22%
eBay, Inc. (a)					35,000		740,676		783,300
Internet Software & Services - 1.56%
Google, Inc. (a)					2,500		1,311,203		1,001,300
IT Services - 3.67%
Fiserv, Inc. (a)					10,000		500,139		473,200
Mastercard, Inc.					8,000		1,389,942		1,418,640
Visa, Inc.					7,500		474,857		460,425
							2,364,937		2,352,265
Life Science Tools & Services - 0.36%
Waters Corp. (a)					4,000		237,953		232,720
Media - 0.62%
The McGraw-Hill Companies, Inc.					12,500		543,073		395,125
Multiline Retail - 1.99%
Target Corp.					26,000		642,457		1,275,300
Oil & Gas - 7.69%
Apache Corp.					17,000		1,229,716		1,772,760
Chesapeake Energy Corp.					35,000		1,099,255		1,255,100
ChevronTexaco Corp.					23,000		678,370		1,897,040
							3,007,341		4,924,900
Oil, Gas & Consumable Fuels - 3.06%
Anadarko Petroleum Corp.					30,000		1,086,505		1,455,300
BP, PLC - ADR					10,000		207,372		501,700
							1,293,877		1,957,000
Pharmaceuticals - 3.59%
Allergan, Inc.					21,500		873,729		1,107,250
Teva Pharmaceutical Industries, Ltd. - ADR					26,000		713,139		1,190,540
							1,586,868		2,297,790
Road & Rail - 2.44%
Union Pacific Corp.					22,000		1,198,555		1,565,520
Semiconductor & Semiconductor Equipment - 0.66%
MEMC Electronic Materials, Inc. (a)					15,000		960,126		423,900
Software - 1.57%
Autodesk, Inc. (a)					30,000		1,228,557		1,006,500
Specialty Retail - 4.90%
Best Buy Co, Inc.					52,000		1,225,654		1,950,000
Lowe's Cos, Inc.					50,000		1,382,808		1,184,500
							2,608,462		3,134,500
Tobacco - 1.33%
Altria Group, Inc.					12,500		182,119		248,000
Philip Morris International, Inc.					12,500		408,388		601,250
							590,507		849,250

TOTAL COMMON STOCKS (Cost $47,866,660)						$	47,866,660	$	55,925,481

					Principal
					Amount		Cost		Value
CORPORATE BONDS - 4.15%
Consumer Finance - 0.42%
Ford Motor Credit Co.
7.875%, 06/15/2010				$	350,000	$	346,103	$	267,164
Depository Institutions - 0.42%
First National Bank of Omaha
7.320%, 12/01/2010					250,000		254,259		267,000
Diversifed Financial Services - 0.39%
MBNA Corporation Senior Note
7.500%, 03/15/2012					250,000		257,736		249,608
Diversified Telecommunication Services - 0.78%
Level 3 Communications, Inc.
11.500%, 03/01/2010					500,000		475,420		504,950
Electric Utilities - 0.41%
Duke Capital Corp.
8.000%, 10/01/2019					250,000		271,545		259,435
Health Care Providers & Services - 0.40%
Cardinal Health, Inc.
6.750%, 02/15/2011					250,000		253,477		256,504
Multiline Retail - 0.52%
JCPenney Co., Inc.
7.400%, 04/01/2037					400,000		401,002		334,673
Semiconductors & Semiconductor Equipment - 0.41%
Applied Materials, Inc.
7.125%, 10/15/2017					250,000		254,571		261,722
Tobacco - 0.40%
Reynolds American, Inc.
7.250%, 06/01/2012					250,000		255,045		256,684
TOTAL CORPORATE BONDS (Cost $2,769,157)						$	2,769,157	$	2,657,740

U.S. TREASURY OBLIGATIONS - 0.59%
U.S. Treasury Obligations - 0.59%
United States Treasury Bonds
7.500%, 11/15/2016					300,000	$	304,819	$	377,016
TOTAL U.S. TREASURY OBLIGATIONS (Cost $304,819)						$	304,819	$	377,016

SHORT TERM INVESTMENTS - 8.03%
Commercial Paper - 7.11%
American Express Corp.
2.500%, 10/03/2008					2,250,000	$	2,249,706	$	2,249,706
General Electric Capital Corp.
2.250%, 10/07/2008					2,300,000		2,299,194		2,299,194
							4,548,900		4,548,900
Mutual Fund - 0.92%
SEI Daily Income Trust Treasury Fund					592,355		592,355		592,355
TOTAL SHORT TERM INVESTMENTS (Cost $5,141,255)						$	5,141,255	$	5,141,255

Total Investments (Cost $56,081,891) - 100.11%								$	64,101,492
Liabilities in Excess of Other Assets - (0.11)%									(69,609)
TOTAL NET ASSETS - 100.00%								$	64,031,883

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, 2008 was as follows:1

Cost of investments		$ 56,081,891

Gross unrealized appreciation		12,694,807
Gross unrealized depreciation		(4,675,206)
Net unrealized appreciation		$ 8,019,601

1Because 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.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable.




The following is a summary of the inputs used, as of September 30, 2008, involving the Fund's assets carried at value. The
inputs of methology used for valuing securities may not be an indication of the risk associated with investing in those securities.


Description		Level 1	Level 2	Level 3	Total

Invesments in Securities		$ 56,517,836	$ 7,583,656	$ —	$ 64,101,492

Other Financial Instruments*		$ —	$ —	$ —	$ —

* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation / depreciation on the instrument.

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 11/21/08

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 11/21/08

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

Brian Kirkpatrick, Executive Vice President

Date 11/21/08

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

Nancy K. Dodge, Treasurer and

Chief Compliance Officer

Date 11/21/08

* 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: 11/21/08	/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: 11/21/08	/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: 11/21/08	/s/ Nancy K. Dodge
	Nancy K. Dodge Treasurer and Chief Compliance Officer