N-Q 1 bridges_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS


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)



1125 South 103rd Street, Suite 580
Omaha, NE 68124
(Address of principal executive offices) (Zip code)



Edson L. Bridges III
1125 South 103rd Street, Suite 580
Omaha, NE 68124
(Name and address of agent for service)



(402) 397-4700
Registrant's telephone number, including area code



Date of fiscal year end: December 31, 2019

Date of reporting period: March 31, 2019

 
Item 1. Schedule of Investments.

BRIDGES INVESTMENT FUND, INC.

SCHEDULE OF INVESTMENTS

MARCH 31, 2019
(Unaudited)

 
   
Title of Security
  
Shares
    
Cost
    
Value
  
COMMON STOCKS - 85.24%
                  
Administrative and Support Services - 4.82%
                  
Booking Holdings, Inc. (a)
    
2,700
    
$
1,768,506
    
$
4,711,257
  
PayPal Holdings, Inc. (a)
    
35,000
      
871,561
      
3,634,400
  
             
$
2,640,067
    
$
8,345,657
  
Amusement, Gambling, and Recreation Industries - 1.93%
                        
The Walt Disney Co.
    
30,000
    
$
1,588,580
    
$
3,330,900
  
Beverage and Tobacco Product Manufacturing - 1.78%
                        
Altria Group, Inc.
    
15,000
    
$
451,341
    
$
861,450
  
PepsiCo, Inc.
    
13,000
      
632,331
      
1,593,150
  
Philip Morris International, Inc.
    
7,000
      
338,718
      
618,730
  
             
$
1,422,390
    
$
3,073,330
  
Broadcasting (except Internet) - 1.39%
                        
Comcast Corp. - Class A
    
60,000
    
$
1,381,050
    
$
2,398,800
  
Building Material and Garden Equipment and Supplies Dealers - 1.79%
                        
Home Depot, Inc.
    
11,000
    
$
1,466,587
    
$
2,110,790
  
Lowe's Companies, Inc.
    
9,000
      
718,941
      
985,230
  
             
$
2,185,528
    
$
3,096,020
  
Chemical Manufacturing - 4.25%
                        
Allergan Plc
    
15,000
    
$
2,160,150
    
$
2,196,150
  
Ecolab, Inc.
    
15,000
      
1,436,988
      
2,648,100
  
Gilead Sciences, Inc.
    
17,000
      
1,306,096
      
1,105,170
  
Johnson & Johnson
    
10,000
      
866,300
      
1,397,900
  
             
$
5,769,534
    
$
7,347,320
  
Computer and Electronic Product Manufacturing - 14.67%
                        
Alphabet, Inc. - Class A (a)
    
4,000
    
$
847,059
    
$
4,707,560
  
Alphabet, Inc. - Class C (a)
    
4,010
      
844,083
      
4,704,973
  
Apple, Inc.
    
65,000
      
1,105,345
      
12,346,749
  
QUALCOMM, Inc.
    
35,000
      
1,399,408
      
1,996,050
  
Thermo Fisher Scientific, Inc.
    
6,000
      
879,267
      
1,642,320
  
             
$
5,075,162
    
$
25,397,652
  
Couriers and Messengers - 1.05%
                        
FedEx Corp.
    
10,000
    
$
1,659,664
    
$
1,814,100
  
Credit Intermediation and Related Activities - 5.72%
                        
Ameriprise Financial, Inc.
    
10,000
    
$
971,393
    
$
1,281,000
  
Capital One Financial Corp.
    
30,000
      
864,556
      
2,450,700
  
JPMorgan Chase & Co.
    
30,000
      
1,721,192
      
3,036,900
  
Wells Fargo & Co.
    
65,000
      
1,722,622
      
3,140,800
  
             
$
5,279,763
    
$
9,909,400
  
Data Processing, Hosting and Related Services - 1.02%
                        
Fiserv, Inc. (a)
    
20,000
    
$
971,166
    
$
1,765,600
  
Electrical Equipment, Appliance, and Component Manufacturing - 0.93%
                        
Eaton Corp. Plc
    
20,000
    
$
877,512
    
$
1,611,200
  
Food Services and Drinking Places - 1.29%
                        
Starbucks Corp.
    
30,000
    
$
561,001
    
$
2,230,200
  
Insurance Carriers and Related Activities - 4.03%
                        
Berkshire Hathaway, Inc. - Class B (a)
    
20,000
    
$
678,649
    
$
4,017,800
  
Cigna Corp.
    
6,085
      
813,159
      
978,590
  
UnitedHealth Group, Inc.
    
8,000
      
1,948,207
      
1,978,080
  
             
$
3,440,015
    
$
6,974,470
  
Machinery Manufacturing - 1.58%
                        
Roper Technologies, Inc.
    
8,000
    
$
335,931
    
$
2,735,760
  
Mining (except Oil and Gas) - 0.93%
                        
Martin Marietta Materials, Inc.
    
8,000
    
$
1,469,187
    
$
1,609,440
  
Nonstore Retailers - 5.15%
                        
Amazon.com, Inc. (a)
    
5,000
    
$
1,231,664
    
$
8,903,750
  
Oil and Gas Extraction - 2.32%
                        
Continental Resources, Inc. (a)
    
47,000
    
$
1,375,415
    
$
2,104,190
  
EOG Resources, Inc.
    
20,000
      
2,044,419
      
1,903,600
  
             
$
3,419,834
    
$
4,007,790
  
Other Information Services - 2.12%
                        
Facebook, Inc. - Class A (a)
    
22,000
    
$
2,108,799
    
$
3,667,180
  
Petroleum and Coal Products Manufacturing - 1.57%
                        
Chevron Corp.
    
22,000
    
$
1,206,019
    
$
2,709,960
  

Professional, Scientific, and Technical Services - 15.77%
                        
Amgen, Inc.
    
10,000
    
$
1,609,946
    
$
1,899,800
  
Biogen, Inc. (a)
    
3,500
      
756,617
      
827,330
  
Celgene Corp. (a)
    
32,000
      
1,501,655
      
3,018,880
  
Cognizant Technology Solutions Corp. - Class A
    
10,000
      
545,270
      
724,500
  
IQVIA Holdings, Inc. (a)
    
8,000
      
855,439
      
1,150,800
  
MasterCard, Inc. - Class A
    
57,000
      
983,398
      
13,420,650
  
Visa, Inc. - Class A
    
40,000
      
1,087,480
      
6,247,600
  
             
$
7,339,805
    
$
27,289,560
  
Publishing Industries (except Internet) - 2.32%
                        
Adobe Systems, Inc. (a)
    
4,000
    
$
1,024,050
    
$
1,065,960
  
Microsoft Corp.
    
25,000
      
2,700,132
      
2,948,500
  
             
$
3,724,182
    
$
4,014,460
  
Rail Transportation - 2.71%
                        
Union Pacific Corp.
    
28,000
    
$
806,918
    
$
4,681,600
  
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.93%
                        
BlackRock, Inc.
    
9,500
    
$
2,275,270
    
$
4,060,015
  
S&P Global, Inc.
    
13,000
      
2,334,390
      
2,737,150
  
             
$
4,609,660
    
$
6,797,165
  
Support Activities for Transportation - 0.62%
                        
XPO Logistics, Inc. (a)
    
20,000
    
$
1,785,818
    
$
1,074,800
  
Transportation Equipment Manufacturing - 0.55%
                        
Boeing Co.
    
2,500
    
$
754,671
    
$
953,550
  
Truck Transportation - 1.00%
                        
Old Dominion Freight Line, Inc.
    
12,000
    
$
1,611,257
    
$
1,732,680
  
                           
TOTAL COMMON STOCKS
          
$
63,255,177
    
$
147,472,344
  
                           
EXCHANGE TRADED FUNDS - 7.72%
                        
Funds, Trusts, and Other Financial Vehicles - 7.72%
                        
iShares Core S&P Mid-Cap ETF
    
40,000
    
$
3,684,766
    
$
7,576,000
  
iShares Core S&P Small-Cap ETF
    
75,000
      
2,746,435
      
5,786,250
  
             
$
6,431,201
    
$
13,362,250
  
                           
TOTAL EXCHANGE TRADED FUNDS
         
$
6,431,201
    
$
13,362,250
  
                           
SHORT-TERM INVESTMENTS - 6.50%
                        
Mutual Funds - 6.50%
                        
SEI Daily Income Trust Treasury - Class F, 2.092% (b)
    
11,241,677
    
$
11,241,677
    
$
11,241,677
  
                           
TOTAL SHORT-TERM INVESTMENTS
         
$
11,241,677
    
$
11,241,677
  
                           
TOTAL INVESTMENTS - 99.46%
          
$
80,928,055
    
$
172,076,271
  
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.54%
                    
927,952
  
TOTAL NET ASSETS - 100.00%
                  
$
173,004,223
  
                           
Percentages are stated as a percent of net assets.
          
(a)
Non Income Producing.
                        
(b)
The rate shown is the annualized seven day yield as of March 31, 2019.
                        
                           
The accompanying notes are an integral part of this Schedule of Investments.
  

 
Notes to Schedule of Investments
        
             
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, 2019 maximized the use of
      
observable inputs and minimized the use of unobservable inputs.  During the three months ended March 31, 2019, no securities
      
held by the Fund were deemed as Level 3.
          
             
The following is a summary of the inputs used as of March 31, 2019, in valuing the Fund's investments carried at fair value:
      

                         
Description
  
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Investments
                        
Common Stocks
  
$
147,472,344
    
$
-
    
$
-
    
$
147,472,344
  
Exchange Traded Funds
    
13,362,250
      
-
      
-
      
13,362,250
  
Short-Term Investments
    
11,241,677
      
-
      
-
      
11,241,677
  
Total Investments in Securities
  
$
172,076,271
    
$
-
    
$
-
    
$
172,076,271
  
                                 
Refer to the Schedule of Investments for further information on the classification of investments.
                                

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, CEO, CIO

Date  May 28, 2019



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, CEO, CIO

Date  May 28, 2019


By (Signature and Title)*  /s/ Brian Kirkpatrick                                     
                                           Brian Kirkpatrick, Executive Vice President

Date  May 28, 2019


By (Signature and Title)*  /s/ Nancy K. Dodge                                      
                                           Nancy K. Dodge, Secretary, Treasurer, CCO,
                                           Principal Financial Officer

Date  May 28, 2019


* Print the name and title of each signing officer under his or her signature.