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, 2010

Date of reporting period: March 31, 2010

Item 1. Schedule of Investments.

Bridges Investment Fund
Schedule of Investments
March 31, 2010 (Unaudited)

		Shares		Cost		Value
COMMON STOCKS - 91.86%
Beverage and Tobacco Product Manufacturing - 5.19%
Altria Group, Inc.		50,000	$	845,505	$	1,026,000
PepsiCo, Inc.		25,000		786,066		1,654,000
Philip Morris International, Inc.		20,000		685,363		1,043,200
				2,316,934		3,723,200
Building Material and Garden Equipment and Supplies Dealers - 1.52%
Lowe's Cos, Inc.		45,000		1,244,690		1,090,800
Chemical Manufacturing - 8.38%
Abbott Labs		15,000		812,157		790,200
Allergan, Inc.		17,000		666,197		1,110,440
Gilead Sciences, Inc. (a)		25,000		1,045,602		1,137,000
Praxair, Inc.		7,000		499,570		581,000
Procter & Gamble Co.		10,000		551,197		632,700
Teva Pharmaceutical Industries, Ltd. - ADR		28,000		911,243		1,766,240
				4,485,966		6,017,580
Computer and Electronic Product Manufacturing - 13.07%
Apple Computer, Inc. (a)		12,000		1,380,553		2,819,160
Cisco Systems, Inc. (a)		65,000		1,151,525		1,691,950
Dolby Laboratories, Inc. (a)		15,000		578,574		880,050
Hewlett Packard Co.		10,000		478,336		531,500
QUALCOMM, Inc.		40,000		1,541,688		1,679,600
Research In Motion Ltd. (a)		15,000		1,170,698		1,109,250
Waters Corp. (a)		10,000		531,536		675,400
				6,832,910		9,386,910
Couriers and Messengers - 1.30%
FedEx Corp.		10,000		688,396		934,000
Credit Intermediation and Related Activities - 10.42%
Bank Of America Corporation		15,000		244,399		267,750
Capital One Financial Corp.		50,000		1,581,204		2,070,500
Credicorp Ltd.		3,000		233,198		264,540
First National Bank of Nebraska, Inc. (a)		225		387,969		632,250
JPMorgan Chase & Co.		20,000		894,392		895,000
State Street Corp.		9,750		269,977		440,115
Visa, Inc.		11,500		733,383		1,046,845
Wells Fargo & Co.		60,000		1,444,348		1,867,200
				5,788,870		7,484,200
Educational Services - 1.69%
Strayer Education, Inc.		5,000		862,676		1,217,600
Electronics and Appliance Stores - 2.96%
Best Buy, Inc.		50,000		1,195,560		2,127,000
Food Services and Drinking Places - 0.93%
McDonalds Corp.		10,000		623,446		667,200
General Merchandise Stores - 2.07%
Kohl's Corp. (a)		6,000		313,269		328,680
Target Corp.		22,000		623,896		1,157,200
				937,165		1,485,880
Health and Personal Care Stores - 3.54%
Express Scripts, Inc. (a)		25,000		940,685		2,544,000
Heavy and Civil Engineering Construction - 1.42%
Fluor Corp.		22,000		850,944		1,023,220
Insurance Carriers and Related Activities - 2.26%
Berkshire Hathaway, Inc. (a)		20,000		678,649		1,625,400
Machinery Manufacturing - 3.75%
Caterpillar, Inc.		10,000		416,359		628,500
General Electric Co.		50,000		543,375		910,000
Roper Industries, Inc.		20,000		991,777		1,156,800
				1,951,511		2,695,300
Management of Companies and Enterprises - 1.54%
The Goldman Sachs Group, Inc.		6,500		908,626		1,109,095
Mining (except Oil and Gas) - 2.05%
BHP Billiton Ltd. - ADR		5,000		348,714		401,600
Potash Corporation of Saskatchewan, Inc.		9,000		733,651		1,074,150
				1,082,365		1,475,750
Miscellaneous Manufacturing - 2.65%
Alcon, Inc.		7,000		850,902		1,130,920
Stryker Corp.		13,500		668,133		772,470
				1,519,035		1,903,390
Motion Picture and Sound Recording Industries - 0.26%
Netflix, Inc. (a)		2,500		128,231		184,350
Non-Store Retailers - 1.13%
eBay, Inc. (a)		30,000		668,213		808,500
Oil and Gas Extraction - 5.65%
Anadarko Petroleum Corp.		10,000		656,129		728,300
Apache Corp.		20,000		1,502,797		2,030,000
Chesapeake Energy Corp.		55,000		1,496,226		1,300,200
				3,655,152		4,058,500
Other Information Services - 3.35%
Google, Inc. (a)		4,250		1,853,074		2,409,792
Petroleum and Coal Products Manufacturing - 1.90%
Chevron Corp.		18,000		593,236		1,364,940
Professional, Scientific, and Technical Services - 5.29%
Celgene Corp. (a)		6,000		360,535		371,760
Mastercard, Inc.		12,500		2,104,782		3,175,000
Priceline.com, Inc. (a)		1,000		151,417		255,000
				2,616,734		3,801,760
Publishing Industries (except Internet) - 2.99%
Adobe Systems, Inc. (a)		15,000		343,530		530,550
Autodesk, Inc. (a)		35,000		1,341,351		1,029,700
Microsoft Corp.		20,000		381,116		585,400
				2,065,997		2,145,650
Rail Transportation - 2.04%
Union Pacific Corp.		20,000		1,072,652		1,466,000
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.31%
American Capital Ltd.		35,000		614,130		177,800
CME Group, Inc.		4,000		1,529,794		1,264,440
T. Rowe Price Group, Inc.		17,000		822,247		933,810
				2,966,171		2,376,050
Support Activities for Mining - 1.20%
Transocean Ltd. (a)		10,000		1,084,177		863,800
TOTAL COMMON STOCKS (Cost $49,612,065)			$	49,612,065	$	65,989,867

		Principal
		Amount		Cost		Value
CORPORATE BONDS - 3.95%
Beverage and Tobacco Product Manufacturing - 0.39%
Reynolds American, Inc.
7.250%, 06/01/2012	$	250,000	$	253,130	$	273,117
Broadcasting (except Internet) - 0.31%
Comcast Corp.
6.500%, 01/15/2017		200,000		199,592		222,342
Building Material and Garden Equipment and Supplies Dealers - 0.30%
Home Depot, Inc.
5.400%, 03/01/2016		200,000		182,868		216,120
Credit Intermediation and Related Activities - 1.22%
First National Bank of Omaha
7.320%, 12/01/2010		250,000		251,375		252,127
Ford Motor Credit Co.
7.875%, 06/15/2010		350,000		349,514		353,255
MBNA Corp.
7.500%, 03/15/2012		250,000		254,598		272,131
				855,487		877,513
Funds, Trusts, and Other Financial Vehicles - 0.41%
Spectra Energy Capital LLC
8.000%, 10/01/2019		250,000		269,488		294,696
General Merchandise Stores - 0.56%
JCPenney Co., Inc.
7.400%, 04/01/2037		400,000		400,995		400,000
Machinery Manufacturing - 0.40%
Applied Materials, Inc.
7.125%, 10/15/2017		250,000		254,012		290,042
Merchant Wholesalers, Nondurable Goods - 0.36%
Cardinal Health, Inc.
6.750%, 02/15/2011		250,000		251,352		261,291
TOTAL CORPORATE BONDS (Cost $2,666,924)			$	2,666,924	$	2,835,121

		Shares		Cost		Value
SHORT TERM INVESTMENTS - 4.23%
Mutual Fund - 4.23%
SEI Daily Income Treasury Fund, 0.010%		3,045,437	$	3,045,437	$	3,045,437
TOTAL SHORT TERM INVESTMENTS (Cost $3,045,437)			$	3,045,437	$	3,045,437

Total Investments (Cost $55,324,426) - 100.04%					$	71,870,425
Liabilities in Excess of Other Assets - (0.04)%						(31,072)
TOTAL NET ASSETS - 100.00%					$	71,839,353

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 March 31, 2010 was as follows:1

Cost of investments		$ 55,342,426

Gross unrealized appreciation		18,214,026
Gross unrealized depreciation		(1,668,027)
Net unrealized appreciation		$ 16,545,999

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.

Financial Accounting Standards Board ("FASB") accounting standards codification "Fair Value Measurements and Disclosures"
Topic 820 ("ASC 820"), establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value.
ASC 820 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 March 31, 2010:

Description		Level 1	Level 2	Level 3	Total

Equity
	Manufacturing	$ 25,091,320	$ -	$ -	$ 25,091,320
	Finance and Insurance	11,485,650	-	-	11,485,650
	Retail Trade	8,056,180	-	-	8,056,180
	Mining	6,398,050	-	-	6,398,050
	Information	4,739,792	-	-	4,739,792
	Professional, Scientific, and Technological Services	3,801,760	-	-	3,801,760
	Transportation and Warehousing	2,400,000	-	-	2,400,000
	Educational Services	1,217,600	-	-	1,217,600
	Management of Companies	1,109,095	-	-	1,109,095
	Construction	1,023,220	-	-	1,023,220
	Accomodation and Food Services	667,200	-	-	667,200
Total Equity		65,989,867	-	-	65,989,867
Fixed Income
	Corporate Bonds	-	2,835,121	-	2,835,121
Total Fixed Income		-	2,835,121	-	2,835,121
Short-Term Investments		3,045,437	-	-	3,045,437
Total Investments in Securities		$ 69,035,304	$ 2,835,121	$ -	$ 71,870,425

Transfers between levels are recognized at the end of the reporting period. As of March 31, 2010, there were no significant
transfers into, or out of Level 1 or Level 2 since December 31, 2009.

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”)) (17 CFR 270.30a-3(c)) 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 (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).

(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) (17 CFR 270.30a-3(d)) 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 5/25/10 0;

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 5/25/10 60;

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

Brian Kirkpatrick, Executive Vice President

Date 5/25/10 60;

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

Nancy K. Dodge, Treasurer and

Chief Compliance Officer

Date 5/25/10 60;

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

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: 5/25/10	/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):

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

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: 5/25/10	/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;

(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: 5/25/10	/s/ Nancy K. Dodge
	Nancy K. Dodge Treasurer and Chief Compliance Officer