N-Q

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, 2009

Date of reporting period:  September 30, 2009

Item 1. Schedule of Investments.

Bridges Investment Fund
Schedule of Investments
September 30, 2009 (Unaudited)
		Shares		Cost		Value
COMMON STOCKS - 89.96%
Air Freight & Logistics - 1.18%
FedEx Corp.		10,000	$	688,396	$	752,200
Beverages - 2.30%
PepsiCo, Inc.		25,000		786,066		1,466,500
Biotechnology - 1.83%
Gilead Sciences, Inc. (a)		25,000		1,056,276		1,164,500
Capital Markets - 3.60%
American Capital Ltd.		25,495		573,639		82,349
The Goldman Sachs Group, Inc.		5,000		642,416		921,750
State Street Corp.		9,750		269,977		512,850
T. Rowe Price Group, Inc.		17,000		822,247		776,900
				2,308,279		2,293,849
Chemicals - 2.78%
Monsanto Co.		5,000		409,232		387,000
Potash Corporation of Saskatchewan		9,000		733,651		813,060
Praxair, Inc.		7,000		499,570		571,830
				1,642,453		1,771,890
Commercial Banks - 2.64%
Wells Fargo & Co.		60,000		1,444,348		1,690,800
Commercial Services & Supplies - 1.37%
Strayer Education, Inc.		4,000		657,775		870,720
Communications Equipment - 6.73%
Cisco Systems, Inc. (a)		65,000		1,151,525		1,530,100
Nokia Corp. - ADR		10,000		121,700		146,200
QUALCOMM, Inc.		40,000		1,541,688		1,799,200
Research In Motion Ltd. (a)		12,000		965,653		810,600
				3,780,566		4,286,100
Computers & Peripherals - 4.36%
Apple Computer, Inc. (a)		15,000		1,735,708		2,780,550
Construction & Engineering - 2.26%
Fluor Corp.		22,000		850,944		1,118,700
Jacobs Engineering Group, Inc. (a)		7,000		303,116		321,650
				1,154,061		1,440,350
Consumer Finance - 2.92%
Capital One Financial Corp.		52,000		1,686,364		1,857,960
Depository Institutions - 0.90%
First National of Nebraska, Inc.		225		387,969		573,750
Diversified Financial Services - 2.17%
CME Group, Inc.		4,500		1,843,073		1,386,855
Electrical Equipment - 1.84%
Roper Industries, Inc.		23,000		1,164,214		1,172,540
Electronic Equipment & Instruments - 0.72%
Dolby Laboratories, Inc. (a)		12,000		458,854		458,280
Energy Equipment & Services - 2.33%
Smith International, Inc.		22,000		1,040,150		631,400
Transocean Ltd. (a)		10,000		1,084,177		855,300
				2,124,327		1,486,700
Health Care Equipment & Supplies - 2.92%
Alcon, Inc.		9,000		1,147,492		1,248,030
Stryker Corp.		13,500		668,133		613,305
				1,815,626		1,861,335
Health Care Providers & Services - 4.15%
Express Scripts, Inc. (a)		25,000		940,685		1,939,500
Wellpoint, Inc. (a)		15,000		1,078,726		710,400
				2,019,412		2,649,900
Household Products - 0.91%
Procter & Gamble Co.		10,000		551,197		579,200
Industrial Conglomerates - 1.29%
General Electric Co.		50,000		543,375		821,000
Insurance - 2.09%
Berkshire Hathaway, Inc. (a)		400		678,649		1,329,200
Internet & Catalog Retail - 1.37%
eBay, Inc. (a)		30,000		668,213		708,300
Priceline.com, Inc. (a)		1,000		151,417		165,820
				819,630		874,120
Internet Software & Services - 3.31%
Google, Inc. (a)		4,250		1,853,074		2,107,362
IT Services - 5.65%
Fiserv, Inc. (a)		10,000		500,139		482,000
Mastercard, Inc.		12,000		1,995,443		2,425,800
Visa, Inc.		10,000		606,648		691,100
				3,102,230		3,598,900
Life Science Tools & Services - 0.88%
Waters Corp. (a)		10,000		531,536		558,600
Machinery - 0.56%
Caterpillar, Inc.		7,000		253,901		359,310
Multiline Retail - 1.61%
Target Corp.		22,000		623,896		1,026,960
Oil & Gas - 7.32%
Apache Corp.		20,000		1,502,797		1,836,600
Chesapeake Energy Corp.		55,000		1,496,226		1,562,000
ChevronTexaco Corp.		18,000		593,236		1,267,740
				3,592,259		4,666,340
Pharmaceuticals - 4.93%
Abbott Laboratories		15,000		812,157		742,050
Allergan, Inc.		20,000		795,406		1,135,200
Teva Pharmaceutical Industries, Ltd. - ADR		25,000		736,908		1,264,000
				2,344,470		3,141,250
Road & Rail - 2.29%
Union Pacific Corp.		25,000		1,384,477		1,458,750
Semiconductor & Semiconductor Equipment - 0.78%
MEMC Electronic Materials, Inc. (a)		30,000		1,273,165		498,900
Software - 2.90%
Adobe Systems, Inc. (a)		15,000		343,530		495,600
Autodesk, Inc. (a)		35,000		1,341,351		833,000
Microsoft Corp.		20,000		381,116		517,800
				2,065,997		1,846,400
Specialty Retail - 4.42%
Best Buy, Inc.		50,000		1,195,560		1,876,000
Lowe's Cos, Inc.		45,000		1,244,690		942,300
				2,440,249		2,818,300
Tobacco - 2.65%
Altria Group, Inc.		40,000		641,205		712,400
Philip Morris International, Inc.		20,000		685,363		974,800
				1,326,568		1,687,200
TOTAL COMMON STOCKS (Cost $50,138,439)			$	50,138,439	$	57,336,571
		Principal
		Amount		Cost		Value
CORPORATE BONDS - 4.73%
Communications - 0.40%
Level 3 Financing, Inc.
12.250%, 03/15/2013	$	250,000	$	249,474	$	252,500
Consumer Finance - 0.56%
Ford Motor Credit Co.
7.875%, 06/15/2010		350,000		348,357		351,534
Depository Institutions - 0.38%
First National Bank Of Omaha
7.320%, 12/01/2010		250,000		252,368		245,182
Diversified Financial Services - 0.43%
MBNA Corporation Senior Note
7.500%, 03/15/2012		250,000		255,690		272,681
Electric Utilities - 0.46%
Duke Capital Corp.
8.000%, 10/01/2019		250,000		270,207		294,794
Health Care Providers & Services - 0.41%
Cardinal Health, Inc.
6.750%, 02/15/2011		250,000		252,089		263,741
Media - 0.34%
Comcast Corp.
6.500%, 01/15/2017		200,000		199,592		219,514
Multiline Retail - 0.56%
JCPenney Co., Inc.
7.400%, 04/01/2037		400,000		401,016		356,000
Semiconductors & Semiconductor Equipment - 0.44%
Applied Materials, Inc.
7.125%, 10/15/2017		250,000		254,212		277,889
Specialty Retail - 0.33%
Home Depot, Inc.
5.400%, 03/01/2016		200,000		181,716		209,098
Tobacco - 0.42%
Reynolds American, Inc.
7.250%, 06/01/2012		250,000		253,791		268,529
TOTAL CORPORATE BONDS (Cost $2,918,513)			$	2,918,513	$	3,011,462
		Shares		Cost		Value
SHORT TERM INVESTMENTS - 5.12%
Mutual Fund - 5.12%
SEI Daily Income Trust Treasury Fund		3,264,003	$	3,264,003	$	3,264,003
TOTAL SHORT TERM INVESTMENTS (Cost $3,264,003)			$	3,264,003	$	3,264,003
Total Investments (Cost $56,320,955) - 99.81%					$	63,612,036
Other Assets in Excess of Liabilities% - 0.19%						121,572
TOTAL NET ASSETS - 100.00%					$	63,733,608

Percentages are stated as a percent of net assets.
ADR	American Depository Receipt
(a)	Non-income producing security.
The cost basis of investments for federal income tax purposes at September 30, 2009 was as follows:1

Cost of investments	$       56,320,955
Gross unrealized appreciation	11,248,030
Gross unrealized depreciation	(3,956,949)
Net unrealized appreciation	$         7,291,081

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.
Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (SFAS 157) establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value.
SFAS 157 requires additional disclosures about the various inputs used to develop the measurements of fair value.  These inputs are summarized in the three broad levels listed below:
	● Level 1 - Quoted prices in active markets for identical securities.
	● Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment
	speeds, credit risk, etc.).
	● Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  The following
is a summary of the inputs used to value the Fund's net assets as of September 30, 2009:
Description		Level 1	Level 2	Level 3	Total
Equity
	Consumer Discretionary	4,881,800	$                   -	$                -	$       4,881,800
	Consumer Staples	3,732,900	-	-	3,732,900
	Energy	6,153,040	-	-	6,153,040
	Financials	9,132,414	-	-	9,132,414
	Health Care	9,375,585	-	-	9,375,585
	Industrials	6,004,150	-	-	6,004,150
	Information Technology	16,284,793	-	-	16,284,793
	Materials	1,771,889	-	-	1,771,889
Total Equity		57,336,571	-	-	57,336,571
Fixed Income
	Corporate Bonds	-	3,011,462	-	3,011,462
Total Fixed Income		-	3,011,462	-	3,011,462
Short-Term Investments		3,264,003	-	-	3,264,003
Total Investments in Securities		$ 60,600,574	$     3,011,462	$                -	$     63,612,036

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                                               

Edson L. Bridges III, President and

Chief Executive and Investment Officer

Date 11/19/09                                                                                                             

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                                               

Edson L. Bridges III, President and

Chief Executive and Investment Officer

Date 11/19/09                                                                                                             

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

Brian Kirkpatrick, Executive Vice President

Date 11/19/09                                                                                                           
60; 

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

Nancy K. Dodge, Treasurer and

Chief Compliance Officer

Date   11/19/09                                                                                                            

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

EX-99.CERT

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;

4.   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:          11/19/09	/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;

9.   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:

(e)        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;

(f)         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;

(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)        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

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:           11/19/09	/s/ Nancy K. Dodge
	Nancy K. Dodge Treasurer and Chief Compliance Officer