BRIDGES INVESTMENT FUND, INC.
|
|||||||||||||
SCHEDULE OF INVESTMENTS
|
|||||||||||||
MARCH 31, 2016
|
|||||||||||||
(Unaudited)
|
|||||||||||||
Title of Security
|
Shares
|
Cost
|
Value
|
||||||||||
COMMON STOCKS - 85.01%
|
|||||||||||||
Administrative and Support Services - 1.19%
|
|||||||||||||
PayPal Holdings, Inc. (a)
|
35,000
|
$
|
871,561
|
$
|
1,351,000
|
||||||||
Ambulatory Health Care Services - 1.03%
|
|||||||||||||
DaVita Healthcare Partners, Inc. (a)
|
16,000
|
$
|
961,035
|
$
|
1,174,080
|
||||||||
Amusement, Gambling, and Recreation Industries - 2.88%
|
|||||||||||||
The Walt Disney Co.
|
33,000
|
$
|
1,706,859
|
$
|
3,277,230
|
||||||||
Beverage and Tobacco Product Manufacturing - 4.82%
|
|||||||||||||
Altria Group, Inc.
|
35,000
|
$
|
823,041
|
$
|
2,193,100
|
||||||||
PepsiCo, Inc.
|
13,000
|
632,331
|
1,332,240
|
||||||||||
Philip Morris International, Inc.
|
20,000
|
782,617
|
1,962,200
|
||||||||||
$
|
2,237,989
|
$
|
5,487,540
|
||||||||||
Broadcasting (except Internet) - 1.61%
|
|||||||||||||
Comcast Corp.
|
30,000
|
$
|
1,381,050
|
$
|
1,832,400
|
||||||||
Chemical Manufacturing - 8.69%
|
|||||||||||||
Allergan Plc (a)
|
15,000
|
$
|
2,160,149
|
$
|
4,020,449
|
||||||||
Ecolab, Inc.
|
15,000
|
1,436,988
|
1,672,800
|
||||||||||
Gilead Sciences, Inc.
|
20,000
|
1,781,107
|
1,837,200
|
||||||||||
Johnson & Johnson
|
10,000
|
866,300
|
1,082,000
|
||||||||||
Perrigo Co. Plc
|
10,000
|
1,469,667
|
1,279,300
|
||||||||||
$
|
7,714,211
|
$
|
9,891,749
|
||||||||||
Computer and Electronic Product Manufacturing - 8.50%
|
|||||||||||||
Apple, Inc.
|
70,000
|
$
|
1,181,978
|
$
|
7,629,300
|
||||||||
QUALCOMM, Inc.
|
40,000
|
1,687,005
|
2,045,600
|
||||||||||
$
|
2,868,983
|
$
|
9,674,900
|
||||||||||
Couriers and Messengers - 0.93%
|
|||||||||||||
United Parcel Service, Inc. - Class B
|
10,000
|
$
|
985,007
|
$
|
1,054,700
|
||||||||
Credit Intermediation and Related Activities - 6.67%
|
|||||||||||||
Capital One Financial Corp.
|
35,000
|
$
|
1,042,098
|
$
|
2,425,850
|
||||||||
JPMorgan Chase & Co.
|
30,000
|
1,721,192
|
1,776,600
|
||||||||||
Wells Fargo & Co.
|
70,000
|
1,821,948
|
3,385,200
|
||||||||||
$
|
4,585,238
|
$
|
7,587,650
|
||||||||||
Food Services and Drinking Places - 1.57%
|
|||||||||||||
Starbucks Corp.
|
30,000
|
$
|
561,001
|
$
|
1,791,000
|
||||||||
Health and Personal Care Stores - 3.02%
|
|||||||||||||
Express Scripts Holding Co. (a)
|
50,000
|
$
|
1,352,414
|
$
|
3,434,500
|
||||||||
Insurance Carriers and Related Activities - 2.49%
|
|||||||||||||
Berkshire Hathaway, Inc. - Class B(a)
|
20,000
|
$
|
678,649
|
$
|
2,837,600
|
||||||||
Machinery Manufacturing - 1.61%
|
|||||||||||||
Roper Technologies, Inc.
|
10,000
|
$
|
437,286
|
$
|
1,827,700
|
||||||||
Nonstore Retailers - 2.61%
|
|||||||||||||
Amazon.com, Inc. (a)
|
5,000
|
$
|
1,231,664
|
$
|
2,968,200
|
||||||||
Oil and Gas Extraction - 1.07%
|
|||||||||||||
Continental Resources, Inc. (a)
|
40,000
|
$
|
1,127,472
|
$
|
1,214,400
|
||||||||
Other Information Services - 6.81%
|
|||||||||||||
Alphabet, Inc. - Class A (a)
|
4,000
|
$
|
847,060
|
$
|
3,051,600
|
||||||||
Alphabet, Inc. - Class C (a)
|
4,010
|
844,083
|
2,987,250
|
||||||||||
Facebook, Inc. (a)
|
15,000
|
1,269,625
|
1,711,500
|
||||||||||
$
|
2,960,768
|
$
|
7,750,350
|
||||||||||
Petroleum and Coal Products Manufacturing - 1.68%
|
|||||||||||||
Chevron Corp.
|
20,000
|
$
|
1,010,364
|
$
|
1,908,000
|
||||||||
Professional, Scientific, and Technical Services - 18.62%
|
|||||||||||||
Biogen, Inc. (a)
|
5,000
|
$
|
1,343,342
|
$
|
1,301,600
|
||||||||
Celgene Corp. (a)
|
48,000
|
2,357,821
|
4,804,320
|
||||||||||
Cognizant Technology Solutions Corp. - Class A (a)
|
15,000
|
845,592
|
940,500
|
||||||||||
MasterCard, Inc.
|
75,000
|
1,337,065
|
7,087,500
|
||||||||||
Priceline Group, Inc. (a)
|
3,100
|
1,807,092
|
3,995,776
|
||||||||||
Visa, Inc. - Class A
|
40,000
|
745,136
|
3,059,200
|
||||||||||
$
|
8,436,048
|
$
|
21,188,896
|
||||||||||
Rail Transportation - 3.63%
|
|||||||||||||
Union Pacific Corp.
|
52,000
|
$
|
1,674,382
|
$
|
4,136,600
|
||||||||
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.66%
|
|||||||||||||
BlackRock, Inc.
|
9,000
|
$
|
2,079,708
|
$
|
3,065,130
|
||||||||
T. Rowe Price Group, Inc.
|
15,000
|
725,747
|
1,101,900
|
||||||||||
$
|
2,805,455
|
$
|
4,167,030
|
||||||||||
Transportation Equipment Manufacturing - 1.92%
|
|||||||||||||
Eaton Corp. Plc
|
35,000
|
$
|
1,816,695
|
$
|
2,189,600
|
||||||||
TOTAL COMMON STOCKS
|
$
|
47,404,131
|
$
|
96,745,125
|
EXCHANGE TRADED FUNDS - 10.38%
|
|||||||||||||
Funds, Trusts, and Other Financial Vehicles - 10.38%
|
|||||||||||||
iShares Core S&P Mid-Cap ETF
|
40,000
|
$
|
3,684,766
|
$
|
5,767,600
|
||||||||
iShares Core S&P Small-Cap ETF
|
35,000
|
2,407,647
|
3,939,950
|
||||||||||
iShares MSCI EAFE ETF
|
30,000
|
1,709,691
|
1,713,900
|
||||||||||
iShares NASDAQ Biotechnology ETF
|
1,500
|
$
|
448,725
|
$
|
391,215
|
||||||||
TOTAL EXCHANGE TRADED FUNDS
|
$
|
8,250,829
|
$
|
11,812,665
|
|||||||||
Principal
|
|||||||||||||
Amount
|
Cost
|
Value
|
|||||||||||
CORPORATE BONDS - 0.66%
|
|||||||||||||
Broadcasting (except Internet) - 0.18%
|
|||||||||||||
Comcast Corp.
|
|||||||||||||
6.500%, 01/15/2017
|
$
|
200,000
|
$
|
199,592
|
$
|
208,666
|
|||||||
Funds, Trusts, and Other Financial Vehicles - 0.24%
|
|||||||||||||
Spectra Energy Capital, LLC
|
|||||||||||||
8.000%, 10/01/2019
|
250,000
|
$
|
258,682
|
$
|
274,858
|
||||||||
Machinery Manufacturing - 0.24%
|
|||||||||||||
Applied Materials, Inc.
|
|||||||||||||
7.125%, 10/15/2017
|
250,000
|
$
|
251,010
|
$
|
268,636
|
||||||||
TOTAL CORPORATE BONDS
|
$
|
709,284
|
$
|
752,160
|
|||||||||
Shares
|
Cost
|
Value
|
|||||||||||
SHORT-TERM INVESTMENTS - 4.06%
|
|||||||||||||
Mutual Fund - 4.06%
|
|||||||||||||
SEI Daily Income Trust Treasury - Class A, 0.10% (b)
|
4,622,063
|
$
|
4,622,063
|
$
|
4,622,063
|
||||||||
TOTAL SHORT-TERM INVESTMENTS
|
$
|
4,622,063
|
$
|
4,622,063
|
|||||||||
TOTAL INVESTMENTS - 100.11%
|
$
|
60,986,307
|
$
|
113,932,013
|
|||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.11)%
|
(129,179
|
)
|
|||||||||||
TOTAL NET ASSETS - 100.00%
|
$
|
113,802,834
|
|||||||||||
Percentages are stated as a percent of net assets.
|
|||||||||||||
(a) Non Income Producing.
|
|||||||||||||
(b) Variable rate security; the rate shown is the effective date as of March 31, 2016.
|
Cost of Investments
|
$
|
60,986,307
|
||
Gross unrealized appreciation
|
53,235,325
|
|||
Gross unrealized depreciation
|
(289,619
|
)
|
||
Net unrealized appreciation
|
$
|
52,945,706
|
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 - Unadjusted quoted prices in active markets for identical investments.
|
|||||
• Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.
|
|||||
These inputs may include quoted prices for the identical instrument on an inactive market, prices of similar instruments, interest rates,
|
|||||
prepayment speeds, credit risk, yield curves, default rates and similar data.
|
|||||
• Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund's own
|
|||||
assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
|
|||||
The valuation techniques used by the Fund to measure fair value for the three months ended March 31, 2016 maximized the use of
|
|||||
observable inputs and minimized the use of unobservable inputs. During the three months ended March 31, 2016, no securities
|
|||||
held by the Fund were deemed as Level 3.
|
|||||
The following is a summary of the inputs used as of March 31, 2016, in valuing the Fund's investments carried at fair value:
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
Common Stock
|
$
|
96,745,125
|
$
|
-
|
$
|
-
|
$
|
96,745,125
|
||||||||
Exchange Traded Funds
|
11,812,665
|
-
|
-
|
11,812,665
|
||||||||||||
Corporate Bonds
|
-
|
752,160
|
-
|
752,160
|
||||||||||||
Short-Term Investments
|
4,622,063
|
-
|
-
|
4,622,063
|
||||||||||||
Total Investments in Securities
|
$
|
113,179,853
|
$
|
752,160
|
$
|
-
|
$
|
113,932,013
|
||||||||
There were no transfers between Levels 1 and 2 during the period ended March 31, 2016. Transfers between levels are recognized
|
||||||||||||||||
at the end of the reporting period. Refer to the Schedule of Investments for further information on the classification of investments.
|
(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: 5/17/16
|
/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):
|
(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: 5/17/16
|
/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:
|
(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: 5/17/16
|
/s/ Nancy K. Dodge
|
Nancy K. Dodge
Treasurer and Chief Compliance Officer
|