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: September 30, 2010

Item 1. Schedule of Investments.

Bridges Investment Fund
Schedule of Investments
September 30, 2010 (Unaudited)

				Shares		Cost		Value
COMMON STOCKS - 93.99%
Amusement, Gambling, and Recreation Industries - 0.47%
The Walt Disney Co.				10,000	$	336,300	$	331,100
Beverage and Tobacco Product Manufacturing - 5.89%
Altria Group, Inc.				55,000		952,205		1,321,100
PepsiCo, Inc.				25,000		786,066		1,661,000
Philip Morris International, Inc.				20,000		685,363		1,120,400
						2,423,635		4,102,500
Chemical Manufacturing - 6.88%
Abbott Laboratories				20,000		1,065,207		1,044,800
Allergan, Inc.				17,000		666,197		1,131,010
Gilead Sciences, Inc. (a)				15,000		645,684		534,150
The Procter & Gamble Co.				10,000		551,197		599,700
Teva Pharmaceutical Industries, Ltd. - ADR				28,000		911,243		1,477,000
						3,839,528		4,786,660
Computer and Electronic Product Manufacturing - 13.94%
Apple, Inc. (a)				12,000		1,380,553		3,405,000
Cisco Systems, Inc. (a)				65,000		1,151,525		1,423,500
Dolby Laboratories, Inc. (a)				11,000		422,815		624,910
Hewlett Packard Co.				25,000		1,081,125		1,051,750
QUALCOMM, Inc.				40,000		1,541,688		1,804,800
Research In Motion Ltd. (a)				14,000		907,859		681,660
Waters Corp. (a)				10,000		531,536		707,800
						7,017,100		9,699,420
Couriers and Messengers - 2.19%
FedEx Corp.				10,000		688,396		855,000
United Parcel Service, Inc.				10,000		671,348		666,900
						1,359,744		1,521,900
Credit Intermediation and Related Activities - 11.54%
Bank Of America Corporation				35,000		570,600		458,850
Capital One Financial Corp.				50,000		1,581,204		1,977,500
Credicorp Ltd.				7,000		601,886		797,300
First National of Nebraska, Inc. (a)				225		387,969		658,125
JPMorgan Chase & Co.				30,000		1,320,492		1,142,100
Visa, Inc.				20,000		1,435,163		1,485,200
Wells Fargo & Co.				60,000		1,444,348		1,507,800
						7,341,661		8,026,875
Data Processing, Hosting and Related Services - 0.75%
Rackspace Hosting, Inc. (a)				20,000		478,448		519,600
Electrical Equipment, Appliance, and Component Manufacturing - 0.76%
Emerson Electric Co.				10,000		529,050		526,600
Electronics and Appliance Stores - 2.93%
Best Buy Co., Inc.				50,000		1,195,560		2,041,500
Food Services and Drinking Places - 1.82%
McDonald's Corp.				17,000		1,098,785		1,266,670
General Merchandise Stores - 2.14%
Kohl's Corp. (a)				8,000		423,936		421,440
Target Corp.				20,000		614,615		1,068,800
						1,038,552		1,490,240
Health and Personal Care Stores - 3.50%
Express Scripts, Inc. (a)				50,000		940,685		2,435,000
Heavy and Civil Engineering Construction - 1.07%
Fluor Corp.				15,000		579,555		742,950
Insurance Carriers and Related Activities - 2.38%
Berkshire Hathaway, Inc. (a)				20,000		678,649		1,653,600
Leather and Allied Product Manufacturing - 0.34%
Nike, Inc.				3,000		243,912		240,420
Machinery Manufacturing - 5.00%
Caterpillar, Inc.				20,000		1,131,202		1,573,600
General Electric Co.				45,000		489,038		731,250
Roper Industries, Inc.				18,000		880,783		1,173,240
						2,501,023		3,478,090
Management of Companies and Enterprises - 1.35%
The Goldman Sachs Group, Inc.				6,500		908,626		939,770
Mining (except Oil and Gas) - 1.64%
BHP Billiton Ltd. - ADR				15,000		1,122,662		1,144,800
Miscellaneous Manufacturing - 0.97%
Stryker Corp.				13,500		668,133		675,675
Nonstore Retailers - 0.68%
Amazon.com, Inc. (a)				3,000		397,653		471,180
Oil and Gas Extraction - 6.24%
Anadarko Petroleum Corp.				20,000		1,268,113		1,141,000
Apache Corp.				20,000		1,502,797		1,955,200
Chesapeake Energy Corp.				55,000		1,496,226		1,245,750
						4,267,136		4,341,950
Other Information Services - 3.78%
Google, Inc. (a)				5,000		2,233,769		2,628,950
Petroleum and Coal Products Manufacturing - 2.33%
Chevron Corp.				20,000		736,350		1,621,000
Professional, Scientific, and Technical Services - 5.43%
Celgene Corp. (a)				15,000		839,322		864,150
Mastercard, Inc.				13,000		2,210,569		2,912,000
						3,049,891		3,776,150
Publishing Industries (except Internet) - 0.88%
Microsoft Corp.				25,000		502,516		612,250
Rail Transportation - 2.94%
Union Pacific Corp.				25,000		1,460,063		2,045,000
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.54%
American Capital Ltd. (a)				40,000		640,863		232,400
CME Group, Inc.				3,000		983,282		781,350
T. Rowe Price Group, Inc.				15,000		725,747		750,975
						2,349,892		1,764,725
Support Activities for Mining - 0.92%
Transocean Ltd. (a)				10,000		1,084,177		642,900
Telecommunications - 1.32%
DIRECTV (a)				22,000		780,297		915,860
Water Transportation - 1.37%
Carnival Corp.				25,000		951,168		955,250
TOTAL COMMON STOCKS (Cost $52,114,516)					$	52,114,516	$	65,398,585

				Principal
				Amount		Cost		Value
CORPORATE BONDS - 4.05%
Beverage and Tobacco Product Manufacturing - 0.39%
Reynolds American, Inc.
7.250%, 06/01/2012			$	250,000	$	252,445	$	270,346
Broadcasting (except Internet) - 0.34%
Comcast Corp.
6.500%, 01/15/2017				200,000		199,592		237,919
Building Material and Garden Equipment and Supplies Dealers - 0.33%
Home Depot, Inc.
5.400%, 03/01/2016				200,000		184,056		227,717
Credit Intermediation and Related Activities - 0.75%
First National Bank of Omaha
7.320%, 12/01/2010				250,000		250,346		250,418
MBNA Corporation
7.500%, 03/15/2012				250,000		253,480		269,506
						503,825		519,924
Funds, Trusts, and Other Financial Vehicles - 0.45%
Spectra Energy Capital, LLC
8.000%, 10/01/2019				250,000		268,744		316,434
General Merchandise Stores - 0.58%
JC Penney Corp., Inc.
7.400%, 04/01/2037				400,000		400,974		403,500
Machinery Manufacturing - 0.44%
Applied Materials, Inc.
7.125%, 10/15/2017				250,000		253,804		305,741
Merchant Wholesalers, Nondurable Goods - 0.37%
Cardinal Health, Inc.
6.750%, 02/15/2011				250,000		250,582		255,132
Oil and Gas Extraction - 0.40%
Anadarko Petroleum Corp.
7.625%, 03/15/2014				250,000		241,040		282,905
TOTAL CORPORATE BONDS (Cost $2,555,062)					$	2,555,062	$	2,819,618

				Shares		Cost		Value
SHORT TERM INVESTMENTS - 2.76%
Mutual Fund - 2.76%
SEI Daily Income Trust Treasury Fund, 0.010%				1,917,995	$	1,917,995	$	1,917,995
TOTAL SHORT TERM INVESTMENTS (Cost $1,917,995)					$	1,917,995	$	1,917,995

Total Investments (Cost $56,587,573) - 100.80%							$	70,136,198
Liabilities in Excess of Other Assets - (0.80)%								(557,345)
TOTAL NET ASSETS - 100.00%							$	69,578,853

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, 2010 was as follows:1

Cost of investments		$ 56,587,573

Gross unrealized appreciation		15,673,628
Gross unrealized depreciation		(2,125,003)
Net unrealized appreciation		$ 13,548,625

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 September 30, 2010:

	Description			Level 1		Level 2		Level 3		Total

	Equity
		Manufacturing	$	25,130,365	$	-	$	-	$	25,130,365
		Finance and Insurance		11,445,200		-		-		11,445,200
		Retail Trade		6,437,920		-		-		6,437,920
		Mining		6,129,650		-		-		6,129,650
		Information		4,676,660		-		-		4,676,660
		Professional, Scientific, and Technological Services		3,776,150		-		-		3,776,150
		Transportation and Warehousing		4,522,150		-		-		4,522,150
		Management of Companies		939,770		-		-		939,770
		Construction		742,950		-		-		742,950
		Arts, Entertainment and Recreation		331,100		-		-		331,100
		Accommodation and Food Services		1,266,670		-		-		1,266,670
	Total Equity			65,398,585		-		-		65,398,585
	Fixed Income
		Corporate Bonds		-		2,819,618		-		2,819,618
	Total Fixed Income			-		2,819,618		-		2,819,618
	Short-Term Investments			1,917,995		-		-		1,917,995
	Total Investments in Securities		$	67,316,580	$	2,819,618	$	-	$	70,136,198

Transfers between levels are recognized at the end of the reporting period. As of September 30, 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 11/22/2010

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 11/22/2010

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

Brian Kirkpatrick, Executive Vice President

Date 11/22/2010

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

Nancy K. Dodge, Treasurer and

Chief Compliance Officer

Date 11/22/2010

* 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: 11/22/2010	/s/ Edson L. Bridges
	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: 11/22/2010	/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) 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: 11/22/2010	/s/ Nancy K. Dodge
	Nancy K. Dodge Treasurer and Chief Compliance Officer