SCHEDULE OF INVESTMENTS
|
|||||||||||
SEPTEMBER 30, 2011
|
|||||||||||
(Unaudited)
|
|||||||||||
Title of Security
|
Shares
|
Cost
|
Value
|
||||||||
COMMON STOCKS - 90.70%
|
|||||||||||
Beverage and Tobacco Product Manufacturing - 4.25%
|
|||||||||||
Altria Group, Inc.
|
25,000 | $ | 478,400 | $ | 670,250 | ||||||
PepsiCo, Inc.
|
15,000 | 657,954 | 928,500 | ||||||||
Philip Morris International, Inc.
|
20,000 | 685,363 | 1,247,600 | ||||||||
1,821,717 | 2,846,350 | ||||||||||
Chemical Manufacturing - 6.26%
|
|||||||||||
Allergan, Inc.
|
15,000 | 593,458 | 1,235,700 | ||||||||
Perrigo Co.
|
12,000 | 891,115 | 1,165,320 | ||||||||
Praxair, Inc.
|
8,000 | 758,391 | 747,840 | ||||||||
Teva Pharmaceutical Industries, Ltd. - ADR
|
28,000 | 911,242 | 1,042,160 | ||||||||
3,154,206 | 4,191,020 | ||||||||||
Computer and Electronic Product Manufacturing - 13.74%
|
|||||||||||
Apple, Inc. (a)
|
12,000 | 1,380,552 | 4,574,160 | ||||||||
Cisco Systems, Inc.
|
30,000 | 735,598 | 464,700 | ||||||||
EMC Corp. (a)
|
40,000 | 1,001,202 | 839,600 | ||||||||
QUALCOMM, Inc.
|
40,000 | 1,541,688 | 1,945,200 | ||||||||
Verifone Systems, Inc. (a)
|
20,000 | 824,408 | 700,400 | ||||||||
Waters Corp. (a)
|
9,000 | 472,047 | 679,410 | ||||||||
5,955,495 | 9,203,470 | ||||||||||
Couriers and Messengers - 1.95%
|
|||||||||||
FedEx Corp.
|
10,000 | 688,396 | 676,800 | ||||||||
United Parcel Service, Inc.
|
10,000 | 671,348 | 631,500 | ||||||||
1,359,744 | 1,308,300 | ||||||||||
Credit Intermediation and Related Activities - 8.39%
|
|||||||||||
Capital One Financial Corp.
|
50,000 | 1,579,084 | 1,981,500 | ||||||||
JPMorgan Chase & Co.
|
30,000 | 1,320,492 | 903,600 | ||||||||
Visa, Inc.
|
15,000 | 1,067,701 | 1,285,800 | ||||||||
Wells Fargo & Co.
|
60,000 | 1,444,347 | 1,447,200 | ||||||||
5,411,624 | 5,618,100 | ||||||||||
Data Processing, Hosting and Related Services - 1.02%
|
|||||||||||
Rackspace Hosting, Inc. (a)
|
20,000 | 478,448 | 682,800 | ||||||||
Electrical Equipment, Appliance, and Component Manufacturing - 1.23%
|
|||||||||||
Emerson Electric Co.
|
20,000 | 1,043,018 | 826,200 | ||||||||
Food Services and Drinking Places - 3.06%
|
|||||||||||
McDonald's Corp.
|
17,000 | 1,145,875 | 1,492,940 | ||||||||
Starbucks Corp.
|
15,000 | 561,001 | 559,350 | ||||||||
1,706,876 | 2,052,290 | ||||||||||
General Merchandise Stores - 1.46%
|
|||||||||||
Target Corp.
|
20,000 | 614,615 | 980,800 | ||||||||
Health and Personal Care Stores - 2.32%
|
|||||||||||
Express Scripts, Inc. (a)
|
42,000 | 850,873 | 1,556,940 | ||||||||
Heavy and Civil Engineering Construction - 1.50%
|
|||||||||||
Chicago Bridge & Iron Co.
|
22,000 | 734,465 | 629,860 | ||||||||
Fluor Corp.
|
8,000 | 306,097 | 372,400 | ||||||||
1,040,562 | 1,002,260 | ||||||||||
Insurance Carriers and Related Activities - 2.12%
|
|||||||||||
Berkshire Hathaway, Inc. (a)
|
20,000 | 678,649 | 1,420,800 | ||||||||
Leather and Allied Product Manufacturing - 0.64%
|
|||||||||||
NIKE, Inc.
|
5,000 | 424,432 | 427,550 | ||||||||
Machinery Manufacturing - 5.00%
|
|||||||||||
Caterpillar, Inc.
|
20,000 | 1,131,202 | 1,476,800 | ||||||||
General Electric Co.
|
55,000 | 697,938 | 838,200 | ||||||||
Roper Industries, Inc.
|
15,000 | 714,293 | 1,033,650 | ||||||||
2,543,433 | 3,348,650 | ||||||||||
Management of Companies and Enterprises - 0.92%
|
|||||||||||
The Goldman Sachs Group, Inc.
|
6,500 | 908,626 | 614,575 | ||||||||
Mining (except Oil and Gas) - 1.49%
|
|||||||||||
BHP Billiton Ltd. - ADR
|
15,000 | 1,122,662 | 996,600 | ||||||||
Nonstore Retailers - 2.11%
|
|||||||||||
Amazon.com, Inc. (a)
|
4,500 | 681,078 | 973,035 | ||||||||
eBay, Inc. (a)
|
15,000 | 451,565 | 442,350 | ||||||||
1,132,643 | 1,415,385 | ||||||||||
Oil and Gas Extraction - 6.94%
|
|||||||||||
Anadarko Petroleum Corp.
|
24,000 | 1,598,009 | 1,513,200 | ||||||||
Apache Corp.
|
20,000 | 1,502,797 | 1,604,800 | ||||||||
Chesapeake Energy Corp.
|
60,000 | 1,649,240 | 1,533,000 | ||||||||
4,750,046 | 4,651,000 | ||||||||||
Other Information Services - 3.84%
|
|||||||||||
Google, Inc. (a)
|
5,000 | 2,233,768 | 2,571,900 | ||||||||
Petroleum and Coal Products Manufacturing - 3.18%
|
|||||||||||
Chevron Corp.
|
23,000 | 1,061,445 | 2,127,960 | ||||||||
Professional, Scientific, and Technical Services - 9.37%
|
|||||||||||
Accenture PLC
|
10,000 | 528,500 | 526,800 | ||||||||
Cognizant Technology Solutions Class A (a)
|
10,000 | 712,812 | 627,000 | ||||||||
Factset Research Systems, Inc.
|
6,000 | 547,286 | 533,820 | ||||||||
Mastercard, Inc.
|
12,000 | 2,060,959 | 3,805,920 | ||||||||
priceline.com, Inc. (a)
|
1,750 | 773,693 | 786,555 | ||||||||
4,623,250 | 6,280,095 | ||||||||||
Publishing Industries (except Internet) - 0.62%
|
|||||||||||
Autodesk, Inc. (a)
|
15,000 | 602,959 | 416,700 | ||||||||
Rail Transportation - 3.05%
|
|||||||||||
Union Pacific Corp.
|
25,000 | 1,460,063 | 2,041,750 | ||||||||
Securities, Commodity Contracts, and Other Financial
|
|||||||||||
Investments and Related Activities - 1.07%
|
|||||||||||
T. Rowe Price Group, Inc.
|
15,000 | 725,747 | 716,550 | ||||||||
Support Activities for Mining - 1.07%
|
|||||||||||
Schlumberger Ltd.
|
12,000 | 1,035,530 | 716,760 | ||||||||
Telecommunications - 1.39%
|
|||||||||||
DIRECTV (a)
|
22,000 | 780,297 | 929,500 | ||||||||
Transportation Equipment Manufacturing - 1.59%
|
|||||||||||
Eaton Corp.
|
30,000 | 1,480,761 | 1,065,000 | ||||||||
Water Transportation - 1.12%
|
|||||||||||
Carnival Corp.
|
25,000 | 951,169 | 757,500 | ||||||||
TOTAL COMMON STOCKS (Cost $49,952,658)
|
$ | 49,952,658 | $ | 60,766,805 | |||||||
Principal
|
|||||||||||
Amount
|
Cost
|
Value
|
|||||||||
CORPORATE BONDS - 3.36%
|
|||||||||||
Beverage and Tobacco Product Manufacturing - 0.39%
|
|||||||||||
Reynolds American, Inc.
|
|||||||||||
7.250%, 06/01/2012
|
250,000 | $ | 251,008 | $ | 259,875 | ||||||
Broadcasting (except Internet) - 0.35%
|
|||||||||||
Comcast Corp.
|
|||||||||||
6.500%, 01/15/2017
|
200,000 | 199,592 | 234,903 | ||||||||
Building Material and Garden Equipment and Supplies Dealers - 0.34%
|
|||||||||||
Home Depot, Inc.
|
|||||||||||
5.400%, 03/01/2016
|
200,000 | 186,563 | 226,297 | ||||||||
Credit Intermediation and Related Activities - 0.38%
|
|||||||||||
MBNA Corporation
|
|||||||||||
7.500%, 03/15/2012
|
250,000 | 251,124 | 253,915 | ||||||||
Funds, Trusts, and Other Financial Vehicles - 0.47%
|
|||||||||||
Spectra Energy Capital, LLC
|
|||||||||||
8.000%, 10/01/2019
|
250,000 | 267,178 | 314,142 | ||||||||
General Merchandise Stores - 0.55%
|
|||||||||||
JC Penney Corp., Inc.
|
|||||||||||
7.400%, 04/01/2037
|
400,000 | 400,931 | 370,000 | ||||||||
Machinery Manufacturing - 0.46%
|
|||||||||||
Applied Materials, Inc.
|
|||||||||||
7.125%, 10/15/2017
|
250,000 | 253,367 | 308,525 | ||||||||
Oil and Gas Extraction - 0.42%
|
|||||||||||
Anadarko Petroleum Corp.
|
|||||||||||
7.625%, 03/15/2014
|
250,000 | 243,366 | 281,030 | ||||||||
TOTAL CORPORATE BONDS (Cost $2,053,129)
|
$ | 2,053,129 | $ | 2,248,687 | |||||||
EXCHANGE TRADED FUNDS - 5.09%
|
Shares
|
Cost
|
Value
|
||||||||
Funds, Trusts, and Other Financial Vehicles - 5.09%
|
|||||||||||
iShares S&P MidCap 400 Index Fund
|
25,000 | $ | 2,239,546 | $ | 1,949,750 | ||||||
iShares S&P SmallCap 600 Index Fund
|
25,000 | 1,698,517 | 1,462,500 | ||||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $3,938,063)
|
$ | 3,938,063 | $ | 3,412,250 | |||||||
Shares
|
Cost
|
Value
|
|||||||||
SHORT-TERM INVESTMENT - 0.91%
|
|||||||||||
Mutual Fund - 0.91%
|
|||||||||||
SEI Daily Income Trust Treasury Fund, 0.010%
|
612,870 | $ | 612,870 | $ | 612,870 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $612,870)
|
$ | 612,870 | $ | 612,870 | |||||||
TOTAL INVESTMENTS (Cost $56,556,720) - 100.06%
|
$ | 67,040,612 | |||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.06)%
|
(43,496 | ) | |||||||||
TOTAL NET ASSETS - 100.00%
|
$ | 66,997,116 | |||||||||
ADR
|
American Depository Receipt
|
||||||||||
(a)
|
Non Income Producing
|
The cost basis of investments for federal income tax purposes at September 30, 2011 was as follows:1
|
||||
Cost of Investments
|
$ | 56,556,720 | ||
Gross unrealized appreciation
|
14,254,115 | |||
Gross unrealized depreciation
|
(3,770,223 | ) | ||
Net unrealized appreciation
|
$ | 10,483,892 | ||
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, 2011:
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||
Equity
|
||||||||||||||
Accomodation and Food Services
|
$ | 2,052,290 | $ |
-
|
$ | - | $ | 2,052,290 | ||||||
Construction
|
1,002,260 |
-
|
- | 1,002,260 | ||||||||||
Finance and Insurance
|
7,755,450 |
-
|
- | 7,755,450 | ||||||||||
Information
|
4,600,900 |
-
|
- | 4,600,900 | ||||||||||
Management of Companies
|
614,575 |
-
|
- | 614,575 | ||||||||||
Manufacturing
|
23,356,790 |
-
|
- | 23,356,790 | ||||||||||
Mining
|
6,364,360 |
-
|
- | 6,364,360 | ||||||||||
Professional, Scientific, and Technological Services
|
6,959,505 |
-
|
- | 6,959,505 | ||||||||||
Retail Trade
|
3,953,125 |
-
|
- | 3,953,125 | ||||||||||
Transportation and Warehousing
|
4,107,550 |
-
|
- | 4,107,550 | ||||||||||
Total Equity
|
60,766,805 |
-
|
- | 60,766,805 | ||||||||||
Exchange Traded Funds
|
||||||||||||||
Finance and Insurance
|
3,412,250 |
-
|
- | 3,412,250 | ||||||||||
Fixed Income
|
||||||||||||||
Corporate Bonds
|
- |
2,248,687
|
- | 2,248,687 | ||||||||||
Total Fixed Income
|
- |
2,248,687
|
- | 2,248,687 | ||||||||||
Short-Term Investments
|
612,870 |
-
|
- | 612,870 | ||||||||||
Total Investments in Securities
|
$ | 64,791,925 |
$ 2,248,687
|
$ | - | $ | 67,040,612 | |||||||
Transfers between levels are recognized at the end of the reporting period. As of September 30, 2011, there were no significant transfers into, or out of Level 1
|
||||||||||||||
or Level 2 since December 31, 2010.
|
(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.
|
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: 11/23/11
|
/s/ Edson L. Bridges III
|
Edson L. Bridges III
President and Chief Executive and Investment Officer
|
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):
|
|
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: 11/23/11
|
/s/ Brian Kirkpatrick
|
Brian Kirkpatrick
Executive Vice President
|
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:
|
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):
|
Date: 11/23/11___________________________________
|
/s/ Nancy K. Dodge
|
Nancy K. Dodge
Treasurer and Chief Compliance Officer
|