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, 2012

Date of reporting period: March 31, 2012

Item 1. Schedule of Investments.

BRIDGES INVESTMENT FUND, INC.

SCHEDULE OF INVESTMENTS

MARCH 31, 2012
(Unaudited)

Title of Security		Shares		Cost		Value
COMMON STOCKS - 88.69%
Amusement, Gambling, and Recreation Industries - 1.04%
	The Walt Disney Co.		20,000	$	803,830	$	875,600
Beverage and Tobacco Product Manufacturing - 4.22%
	Altria Group, Inc.		25,000		478,400		771,750
	PepsiCo, Inc.		15,000		657,954		995,250
	Philip Morris International, Inc.		20,000		685,363		1,772,200
					1,821,717		3,539,200
Chemical Manufacturing - 2.83%
	Allergan, Inc.		10,000		412,855		954,300
	Perrigo Co.		6,000		460,237		619,860
	Praxair, Inc.		7,000		663,592		802,480
					1,536,684		2,376,640
Clothing and Clothing Accessories Stores - 0.99%
	Tiffany & Co.		12,000		800,941		829,560
Computer and Electronic Product Manufacturing - 16.21%
	Apple, Inc. (a)		11,000		1,283,012		6,594,170
	EMC Corp. (a)		65,000		1,595,462		1,942,200
	QUALCOMM, Inc.		43,000		1,744,377		2,924,860
	VeriFone Systems, Inc. (a)		25,000		1,003,604		1,296,750
	Waters Corp. (a)		9,000		472,047		833,940
					6,098,502		13,591,920
Couriers and Messengers - 2.06%
	FedEx Corp.		10,000		688,396		919,600
	United Parcel Service, Inc.		10,000		671,348		807,200
					1,359,744		1,726,800
Credit Intermediation and Related Activities - 5.77%
	Capital One Financial Corp.		50,000		1,579,084		2,787,000
	Wells Fargo & Co.		60,000		1,444,348		2,048,400
					3,023,432		4,835,400
Data Processing, Hosting and Related Services - 0.90%
	Rackspace Hosting, Inc. (a)		13,000		310,991		751,270
Food Services and Drinking Places - 2.52%
	McDonald's Corp.		13,000		896,496		1,275,300
	Starbucks Corp.		15,000		561,001		838,350
					1,457,497		2,113,650
Health and Personal Care Stores - 2.71%
	Express Scripts, Inc. (a)		42,000		850,873		2,275,560
Heavy and Civil Engineering Construction - 1.55%
	Chicago Bridge & Iron Co.		30,000		1,025,126		1,295,700
Insurance Carriers and Related Activities - 1.94%
	Berkshire Hathaway, Inc. - Class B (a)		20,000		678,649		1,623,000
Leather and Allied Product Manufacturing - 0.65%
	NIKE, Inc.		5,000		424,432		542,200
Machinery Manufacturing - 5.78%
	Caterpillar, Inc.		23,000		1,379,092		2,449,960
	General Electric Co.		60,000		793,288		1,204,200
	Roper Industries, Inc.		12,000		547,802		1,189,920
					2,720,182		4,844,080
Mining (except Oil and Gas) - 1.30%
	BHP Billiton Ltd. - ADR		15,000		1,122,662		1,086,000

Nonstore Retailers - 1.63%
	Amazon.com, Inc. (a)		4,000		623,113		810,040
	eBay, Inc. (a)		15,000		451,565		553,350
					1,074,678		1,363,390
Oil and Gas Extraction - 5.92%
	Anadarko Petroleum Corp.		20,000		1,335,558		1,566,800
	Apache Corp.		20,000		1,502,797		2,008,800
	Chesapeake Energy Corp.		60,000		1,649,239		1,390,200
					4,487,594		4,965,800
Other Information Services - 3.75%
	Baidu, Inc. - ADR (a)		4,000		531,297		583,080
	Google, Inc.(a)		4,000		1,691,413		2,564,960
					2,222,710		3,148,040
Petroleum and Coal Products Manufacturing - 2.94%
	Chevron Corp.		23,000		1,061,445		2,466,520
Professional, Scientific, and Technical Services - 12.08%
	Accenture PLC		15,000		810,790		967,500
	Celgene Corp. (a)		10,000		748,690		775,200
	Cognizant Technology Solutions Corp. (a)		10,000		712,812		769,500
	Mastercard, Inc.		10,700		1,866,465		4,499,778
	priceline.com, Inc. (a)		2,200		1,030,286		1,578,500
	Visa, Inc.		13,000		939,190		1,534,000
					6,108,233		10,124,478
Publishing Industries (except Internet) - 1.15%
	Microsoft Corp.		30,000		921,971		967,500
Rail Transportation - 3.20%
	Union Pacific Corp.		25,000		1,460,063		2,687,000
Securities, Commodity Contracts, and Other Financial
Investments and Related Activities - 1.17%
	T. Rowe Price Group, Inc.		15,000		725,747		979,500
Support Activities for Mining - 1.67%
	Schlumberger Ltd.		20,000		1,613,272		1,398,600
Telecommunications - 1.76%
	DIRECTV (a)		30,000		1,126,172		1,480,200
Transportation Equipment Manufacturing - 2.95%
	Eaton Corp.		40,000		1,806,537		1,993,200
	Johnson Controls, Inc.		15,000		472,950		487,200
					2,279,487		2,480,400

	TOTAL COMMON STOCKS (Cost $47,116,634)			$	47,116,634	$	74,368,008

		Principal
		Amount		Cost		Value
CORPORATE BONDS - 2.41%
Beverage and Tobacco Product Manufacturing - 0.30%
	Reynolds American, Inc.
	7.250%, 06/01/2012		250,000	$	250,254	$	252,320
Broadcasting (except Internet) - 0.29%
	Comcast Corp.
	6.500%, 01/15/2017		200,000		199,592		239,296
Building Material and Garden Equipment and Supplies Dealers - 0.28%
	Home Depot, Inc.
	5.400%, 03/01/2016		200,000		187,890		230,799
Funds, Trusts, and Other Financial Vehicles - 0.38%
	Spectra Energy Capital, LLC
	8.000%, 10/01/2019		250,000		266,355		315,886
General Merchandise Stores - 0.46%
	JC Penney Corp., Inc.

	7.400%, 04/01/2037		400,000		400,908		390,500
Machinery Manufacturing - 0.37%
	Applied Materials, Inc.
	7.125%, 10/15/2017		250,000		253,137		311,246
Oil and Gas Extraction - 0.33%
	Anadarko Petroleum Corp.
	7.625%, 03/15/2014		250,000		244,612		278,772

	TOTAL CORPORATE BONDS (Cost $1,802,748)			$	1,802,748	$	2,018,819

EXCHANGE TRADED FUNDS - 7.31%
Funds, Trusts, and Other Financial Vehicles - 7.31%
	iShares MSCI Emerging Markets Index Fund		20,000	$	827,798	$	858,800
	iShares S&P MidCap 400 Index Fund		30,000		2,641,547		2,976,600
	iShares S&P SmallCap 600 Index Fund		30,000		2,002,666		2,289,300

	TOTAL EXCHANGE TRADED FUNDS (Cost $5,472,011)			$	5,472,011	$	6,124,700

		Shares		Cost		Value
SHORT-TERM INVESTMENTS - 0.85%
Mutual Fund - 0.85%
	SEI Daily Income Trust Treasury Fund, 0.010%		712,057	$	712,057	$	712,057

	TOTAL SHORT-TERM INVESTMENTS (Cost $712,057)			$	712,057	$	712,057

TOTAL INVESTMENTS (Cost $55,103,450) - 99.26%						$	83,223,584
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.74%							617,052
TOTAL NET ASSETS - 100.00%						$	83,840,636


ADR	American Depository Receipt
(a)	Non Income Producing


The cost basis of investments for federal income tax purposes at March 31, 2012 was as follows:1

Cost of Investments	$	55,103,450

Gross unrealized appreciation		28,640,916
Gross unrealized depreciation		(520,782	)
Net unrealized appreciation	$	28,120,134

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, 2012:

	Description		Level 1	Level 2		Level 3		Total

Equity
	Accomodation and Food Services	$	2,113,650	$	-	$	-	$	2,113,650
	Arts and Entertainment and Recreation		875,600		-		-		875,600
	Construction		1,295,700		-		-		1,295,700
	Finance and Insurance		8,971,900		-		-		8,971,900
	Information		6,347,010		-		-		6,347,010
	Manufacturing		29,782,220		-		-		29,782,220
	Mining		7,450,400		-		-		7,450,400
	Professional, Scientific, and Technological Services		8,649,218		-		-		8,649,218
	Retail Trade		4,468,510		-		-		4,468,510
	Transportation and Warehousing		4,413,800		-		-		4,413,800
Total Equity			74,368,008		-		-		74,368,008
Exchange Traded Funds
	Finance and Insurance		6,124,700		-		-		6,124,700
Fixed Income
	Corporate Bonds		-		2,018,819		-		2,018,819
Total Fixed Income			-		2,018,819		-		2,018,819
Short-Term Investments			712,057		-		-		712,057
Total Investments in Securities		$	81,204,765	$	2,018,819	$	-	$	83,223,584

There were no significant transfers between Levels 1 and 2 during the period ended March 31, 2012. Transfers between levels are recognized
at the end of the reporting period.

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.