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, 2011

Date of reporting period: March 31, 2011

Item 1. Schedule of Investments.

BRIDGES INVESTMENT FUND, INC.

SCHEDULE OF INVESTMENTS

MARCH 31, 2011

Title of Security		Shares	Cost		Value
COMMON STOCKS - 91.68%
Amusement, Gambling, and Recreation Industries - 0.54%
	The Walt Disney Co.	10,000	$	336,300	$	430,900
Beverage and Tobacco Product Manufacturing - 3.70%
	Altria Group, Inc.	25,000		478,400		650,750
	PepsiCo, Inc.	15,000		657,954		966,150
	Philip Morris International, Inc.	20,000		685,363		1,312,600
				1,821,717		2,929,500
Chemical Manufacturing - 5.36%
	Allergan, Inc.	15,000		593,458		1,065,300
	Perrigo Co.	12,000		891,115		954,240
	Praxair, Inc.	8,000		758,391		812,800
	Teva Pharmaceutical Industries, Ltd. - ADR	28,000		911,242		1,404,760
				3,154,206		4,237,100
Computer and Electronic Product Manufacturing - 12.43%
	Apple, Inc. (a)	12,000		1,380,552		4,181,400
	Cisco Systems, Inc. (a)	30,000		735,598		514,500
	Dolby Laboratories, Inc. (a)	11,000		422,815		541,310
	EMC Corp. (a)	30,000		776,088		796,500
	Hewlett-Packard Co.	20,000		841,957		819,400
	QUALCOMM, Inc.	40,000		1,541,688		2,193,200
	Waters Corp. (a)	9,000		472,047		782,100
				6,170,745		9,828,410
Couriers and Messengers - 2.12%
	FedEx Corp.	10,000		688,396		935,500
	United Parcel Service, Inc.	10,000		671,348		743,200
				1,359,744		1,678,700
Credit Intermediation and Related Activities - 10.47%
	Bank Of America Corporation	50,000		780,750		666,500
	Capital One Financial Corp.	45,000		1,362,267		2,338,200
	Credicorp Ltd.	7,000		647,997		734,510
	JPMorgan Chase & Co.	30,000		1,320,492		1,383,000
	Visa, Inc.	17,000		1,256,513		1,251,540
	Wells Fargo & Co.	60,000		1,444,347		1,902,000
				6,812,366		8,275,750
Data Processing, Hosting and Related Services - 1.08%
	Rackspace Hosting, Inc. (a)	20,000		478,448		857,000
Electrical Equipment, Appliance, and Component Manufacturing - 1.11%
	Emerson Electric Co.	15,000		820,875		876,450
Electronics and Appliance Stores - 0.91%
	Best Buy Co., Inc.	25,000		829,496		718,000
Food Services and Drinking Places - 1.44%
	McDonald's Corp.	15,000		974,095		1,141,350
General Merchandise Stores - 1.26%
	Target Corp.	20,000		614,615		1,000,200
Health and Personal Care Stores - 2.96%
	Express Scripts, Inc. (a)	42,000		850,874		2,335,620
Heavy and Civil Engineering Construction - 2.43%
	Chicago Bridge & Iron Co. - ADR	20,000		667,122		813,200
	Fluor Corp.	15,000		579,555		1,104,900
				1,246,677		1,918,100
Insurance Carriers and Related Activities - 2.78%
	Aflac, Inc.	10,000		569,975		527,800
	Berkshire Hathaway, Inc. (a)	20,000		678,649		1,672,600
				1,248,624		2,200,400
Leather and Allied Product Manufacturing - 0.48%
	Nike, Inc.	5,000		424,432		378,500
Machinery Manufacturing - 6.34%
	Caterpillar, Inc.	20,000		1,131,201		2,227,000
	General Electric Co.	55,000		697,938		1,102,750
	Roper Industries, Inc.	15,000		714,293		1,296,900
	Stanley Black & Decker, Inc.	5,000		360,606		383,000
				2,904,038		5,009,650

Management of Companies and Enterprises - 1.30%
	The Goldman Sachs Group, Inc.	6,500		908,626		1,030,055
Mining (except Oil and Gas) - 1.82%
	BHP Billiton Ltd. - ADR	15,000		1,122,662		1,438,200
Nonstore Retailers - 0.91%
	Amazon.com, Inc. (a)	4,000		583,033		720,520
Oil and Gas Extraction - 8.34%
	Anadarko Petroleum Corp.	24,000		1,598,009		1,966,080
	Apache Corp.	20,000		1,502,797		2,618,400
	Chesapeake Energy Corp.	60,000		1,649,240		2,011,200
				4,750,046		6,595,680
Other Information Services - 3.71%
	Google, Inc. (a)	5,000		2,233,768		2,931,050
Petroleum and Coal Products Manufacturing - 3.13%
	Chevron Corp.	23,000		1,061,445		2,470,890
Professional, Scientific, and Technical Services - 6.39%
	Celgene Corp. (a)	15,000		839,322		862,950
	Cognizant Technology Solutions Class A (a)	5,000		378,370		407,000
	Mastercard, Inc.	12,000		2,060,958		3,020,640
	priceline.com, Inc. (a)	1,500		648,071		759,660
				3,926,721		5,050,250
Publishing Industries (except Internet) - 0.84%
	Autodesk, Inc. (a)	15,000		602,959		661,650
Rail Transportation - 3.12%
	Union Pacific Corp.	25,000		1,460,063		2,458,250
Securities, Commodity Contracts, and Other Financial Investments
and Related Activities - 2.21%
	CME Group, Inc.	2,500		705,185		753,875
	T. Rowe Price Group, Inc.	15,000		725,747		996,300
				1,430,932		1,750,175
Support Activities for Mining - 0.94%
	Schlumberger Ltd.	8,000		715,331		746,080
Telecommunications - 1.30%
	DIRECTV (a)	22,000		780,297		1,029,600
Transportation Equipment Manufacturing - 1.05%
	Eaton Corp.	15,000		820,675		831,600
Water Transportation - 1.21%
	Carnival Corp.	25,000		951,168		959,000

	TOTAL COMMON STOCKS (Cost $51,394,978)		$	51,394,978	$	72,488,630

		Principal
		Amount	Cost		Value
CORPORATE BONDS - 2.84%
Beverage and Tobacco Product Manufacturing - 0.34%
	Reynolds American, Inc.
	7.250%, 06/01/2012	$ 250,000	$	251,740	$	266,728
Broadcasting (except Internet) - 0.29%
	Comcast Corp.
	6.500%, 01/15/2017	200,000		199,592		227,751
Building Material and Garden Equipment and Supplies Dealers - 0.28%
	Home Depot, Inc.
	5.400%, 03/01/2016	200,000		185,291		221,162
Credit Intermediation and Related Activities - 0.34%
	MBNA Corporation
	7.500%, 03/15/2012	250,000		252,315		265,383
Funds, Trusts, and Other Financial Vehicles - 0.38%
	Spectra Energy Capital, LLC
	8.000%, 10/01/2019	250,000		267,975		303,970
General Merchandise Stores - 0.48%
	JC Penney Corp., Inc.
	7.400%, 04/01/2037	400,000		400,952		380,999
Machinery Manufacturing - 0.37%
	Applied Materials, Inc.
	7.125%, 10/15/2017	250,000		253,589		294,461
Oil and Gas Extraction - 0.36%
	Anadarko Petroleum Corp.
	7.625%, 03/15/2014	250,000		242,183		285,394

	TOTAL CORPORATE BONDS (Cost $2,053,637)		$	2,053,637	$	2,245,848

		Shares	Cost		Value
EXCHANGE TRADED FUNDS - 4.67%
Funds, Trusts, and Other Financial Vehicles - 4.67%
	iShares S&P MidCap 400 Index Fund	21,000	$	1,909,405	$	2,073,540
	iShares S&P SmallCap 600 Index Fund	22,000		1,514,738		1,618,540
	TOTAL EXCHANGE TRADED FUNDS (Cost $3,424,143)		$	3,424,143	$	3,692,080

		Shares	Cost		Value
SHORT-TERM INVESTMENTS - 0.91%
Mutual Fund - 0.91%
	SEI Daily Income Trust Treasury Fund, 0.010%	717,632	$	717,632	$	717,632
	TOTAL SHORT-TERM INVESTMENTS (Cost $717,632)		$	717,632	$	717,632

TOTAL INVESTMENTS (Cost $57,590,390) - 100.10%					$	79,144,190
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.10)%						(76,518)
TOTAL NET ASSETS - 100.00%					$	79,067,672

ADR	American Depository Receipt
(a)	Non Income Producing.

The cost basis of investments for federal income tax purposes at March 31, 2011 was as follows:1

Cost of investments		$	57,590,390

Gross unrealized appreciation			22,136,233
Gross unrealized depreciation			(582,433	)
Net unrealized appreciation		$	21,553,800

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, 2011:

	Description	Level 1			Level 2		Level 3		Total

Equity
	Manufacturing	$	26,642,950		$	-	$	-	$	26,642,950
	Finance and Insurance		15,918,405			-		-		15,918,405
	Retail Trade		4,774,340			-		-		4,774,340
	Mining		8,779,960			-		-		8,779,960
	Information		5,479,300			-		-		5,479,300
	Professional, Scientific, and Technological Services		4,969,400			-		-		4,969,400
	Transportation and Warehousing		5,095,950			-		-		5,095,950
	Management of Companies		1,030,055			-		-		1,030,055
	Construction		1,918,100			-		-		1,918,100
	Arts, Entertainment and Recreation		1,572,250			-		-		1,572,250
Total Equity			76,180,710			-		-		76,180,710
Fixed Income
	Corporate Bonds		-			2,245,848		-		2,245,848
Total Fixed Income			-			2,245,848		-		2,245,848
Short-Term Investments			717,632			-		-		717,632
Total Investments in Securities		$	76,898,342		$	2,245,848	$	-	$	79,144,190

Transfers between levels are recognized at the end of the reporting period. As of March 31, 2011, there were no significant transfers into, or out of Level 1 or Level 2 since December 31, 2010.

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

Edson L. Bridges III, President and

Chief Executive and Investment Officer

Date 5/24/11

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 5/24/11

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

Brian Kirkpatrick, Executive Vice President

Date 5/24/11

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

Nancy K. Dodge, Treasurer and

Chief Compliance Officer

Date 5/24/11

* 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: 5/24/11	/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: 5/24/11	/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: 5/24/11	/s/ Nancy K. Dodge
	Nancy K. Dodge Treasurer and Chief Compliance Officer