BRIDGES INVESTMENT FUND, INC.
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||||||||||||
SCHEDULE OF INVESTMENTS
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||||||||||||
SEPTEMBER 30, 2019
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||||||||||||
(Unaudited)
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Title of Security
|
Shares
|
Cost
|
Value
|
|||||||||
COMMON STOCKS - 85.63%
|
||||||||||||
Administrative and Support Services - 5.39%
|
||||||||||||
Booking Holdings, Inc. (a)
|
2,700
|
$
|
1,768,506
|
$
|
5,299,047
|
|||||||
PayPal Holdings, Inc. (a)
|
35,000
|
871,561
|
3,625,650
|
|||||||||
TransUnion
|
10,000
|
827,801
|
811,100
|
|||||||||
$
|
3,467,868
|
$
|
9,735,797
|
|||||||||
Air Transportation - 0.96%
|
||||||||||||
Delta Air Lines, Inc. (a)
|
30,000
|
$
|
1,565,766
|
$
|
1,728,000
|
|||||||
Amusement, Gambling, and Recreation Industries - 2.17%
|
||||||||||||
The Walt Disney Co.
|
30,000
|
$
|
1,588,580
|
$
|
3,909,600
|
|||||||
Beverage and Tobacco Product Manufacturing - 0.99%
|
||||||||||||
PepsiCo, Inc.
|
13,000
|
$
|
632,331
|
$
|
1,782,300
|
|||||||
Broadcasting (except Internet) - 1.50%
|
||||||||||||
Comcast Corp. - Class A
|
60,000
|
$
|
1,381,050
|
$
|
2,704,800
|
|||||||
Building Material and Garden Equipment and Supplies Dealers - 2.02%
|
||||||||||||
Home Depot, Inc.
|
11,000
|
$
|
1,466,586
|
$
|
2,552,220
|
|||||||
Lowe's Companies, Inc.
|
10,000
|
812,074
|
1,099,600
|
|||||||||
$
|
2,278,660
|
$
|
3,651,820
|
|||||||||
Chemical Manufacturing - 3.43%
|
||||||||||||
Amgen, Inc. (a)
|
10,000
|
$
|
1,609,947
|
$
|
1,935,100
|
|||||||
Ecolab, Inc.
|
15,000
|
1,436,988
|
2,970,600
|
|||||||||
Johnson & Johnson
|
10,000
|
866,300
|
1,293,800
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|||||||||
$
|
3,913,235
|
$
|
6,199,500
|
|||||||||
Computer and Electronic Product Manufacturing - 14.44%
|
||||||||||||
Alphabet, Inc. - Class A (a)
|
4,000
|
$
|
847,059
|
$
|
4,884,560
|
|||||||
Alphabet, Inc. - Class C (a)
|
4,010
|
844,083
|
4,888,190
|
|||||||||
Apple, Inc. (a)
|
65,000
|
1,105,345
|
14,558,050
|
|||||||||
Thermo Fisher Scientific, Inc. (a)
|
6,000
|
879,267
|
1,747,620
|
|||||||||
$
|
3,675,754
|
$
|
26,078,420
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|||||||||
Credit Intermediation and Related Activities - 6.10%
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||||||||||||
Ameriprise Financial, Inc.
|
10,000
|
$
|
971,393
|
$
|
1,471,000
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|||||||
Capital One Financial Corp.
|
30,000
|
864,556
|
2,729,400
|
|||||||||
JPMorgan Chase & Co.
|
30,000
|
1,721,192
|
3,530,700
|
|||||||||
Wells Fargo & Co.
|
65,000
|
1,722,623
|
3,278,600
|
|||||||||
$
|
5,279,764
|
$
|
11,009,700
|
|||||||||
Data Processing, Hosting and Related Services - 1.15%
|
||||||||||||
Fiserv, Inc. (a)
|
20,000
|
$
|
971,166
|
$
|
2,071,800
|
|||||||
Electrical Equipment, Appliance, and Component Manufacturing - 0.92%
|
||||||||||||
Eaton Corp. Plc
|
20,000
|
$
|
863,312
|
$
|
1,663,000
|
|||||||
Food Services and Drinking Places - 1.47%
|
||||||||||||
Starbucks Corp. (a)
|
30,000
|
$
|
561,001
|
$
|
2,652,600
|
|||||||
Health and Personal Care Stores - 0.28%
|
||||||||||||
Ulta Beauty, Inc. (a)
|
2,000
|
$
|
648,215
|
$
|
501,300
|
|||||||
Insurance Carriers and Related Activities - 3.51%
|
||||||||||||
Berkshire Hathaway, Inc. - Class B (a)
|
20,000
|
$
|
678,649
|
$
|
4,160,400
|
|||||||
UnitedHealth Group, Inc.
|
10,000
|
2,439,168
|
2,173,200
|
|||||||||
$
|
3,117,817
|
$
|
6,333,600
|
|||||||||
Machinery Manufacturing - 1.58%
|
||||||||||||
Roper Technologies, Inc.
|
8,000
|
$
|
335,931
|
$
|
2,852,800
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|||||||
Nonstore Retailers - 4.81%
|
||||||||||||
Amazon.com, Inc. (a)
|
5,000
|
$
|
1,231,664
|
$
|
8,679,550
|
|||||||
Oil and Gas Extraction - 1.62%
|
||||||||||||
Continental Resources, Inc. (a)
|
47,000
|
$
|
1,375,415
|
$
|
1,447,130
|
|||||||
EOG Resources, Inc.
|
20,000
|
2,044,419
|
1,484,400
|
|||||||||
$
|
3,419,834
|
$
|
2,931,530
|
|||||||||
Other Information Services - 2.17%
|
||||||||||||
Facebook, Inc. - Class A (a)
|
22,000
|
$
|
2,108,799
|
$
|
3,917,760
|
|||||||
Petroleum and Coal Products Manufacturing - 1.45%
|
||||||||||||
Chevron Corp.
|
22,000
|
$
|
1,206,019
|
$
|
2,609,200
|
Professional, Scientific, and Technical Services - 13.62%
|
||||||||||||
IQVIA Holdings, Inc. (a)
|
10,000
|
$
|
1,144,668
|
$
|
1,493,800
|
|||||||
MasterCard, Inc. - Class A
|
57,000
|
983,398
|
15,479,490
|
|||||||||
salesforce.com, Inc. (a)
|
5,000
|
764,137
|
742,200
|
|||||||||
Visa, Inc. - Class A
|
40,000
|
1,087,480
|
6,880,400
|
|||||||||
$
|
3,979,683
|
$
|
24,595,890
|
|||||||||
Publishing Industries (except Internet) - 5.67%
|
||||||||||||
Adobe, Inc. (a)
|
6,000
|
$
|
1,567,424
|
$
|
1,657,500
|
|||||||
Autodesk, Inc. (a)
|
10,000
|
1,519,526
|
1,477,000
|
|||||||||
Microsoft Corp.
|
35,000
|
3,890,069
|
4,866,050
|
|||||||||
Palo Alto Networks, Inc. (a)
|
11,000
|
2,379,070
|
2,242,130
|
|||||||||
$
|
9,356,089
|
$
|
10,242,680
|
|||||||||
Rail Transportation - 2.51%
|
||||||||||||
Union Pacific Corp.
|
28,000
|
$
|
806,918
|
$
|
4,535,440
|
|||||||
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 5.62%
|
||||||||||||
BlackRock, Inc.
|
10,000
|
$
|
2,494,204
|
$
|
4,456,400
|
|||||||
S&P Global, Inc.
|
13,000
|
2,334,390
|
3,184,740
|
|||||||||
The Charles Schwab Corp.
|
60,000
|
2,486,456
|
2,509,800
|
|||||||||
$
|
7,315,050
|
$
|
10,150,940
|
|||||||||
Transportation Equipment Manufacturing - 0.84%
|
||||||||||||
Boeing Co.
|
4,000
|
$
|
1,343,458
|
$
|
1,521,880
|
|||||||
Truck Transportation - 1.41%
|
||||||||||||
Old Dominion Freight Line, Inc. (a)
|
15,000
|
$
|
2,058,036
|
$
|
2,549,550
|
|||||||
TOTAL COMMON STOCKS
|
$
|
63,106,000
|
$
|
154,609,457
|
||||||||
EXCHANGE TRADED FUNDS - 5.15%
|
||||||||||||
Funds, Trusts, and Other Financial Vehicles - 5.15%
|
||||||||||||
iShares Core S&P Mid-Cap ETF
|
28,000
|
$
|
2,616,677
|
$
|
5,410,440
|
|||||||
iShares Core S&P Small-Cap ETF
|
50,000
|
1,904,342
|
3,892,000
|
|||||||||
TOTAL EXCHANGE TRADED FUNDS
|
$
|
4,521,019
|
$
|
9,302,440
|
||||||||
SHORT-TERM INVESTMENTS - 9.41%
|
||||||||||||
Mutual Funds - 9.41%
|
||||||||||||
First American Treasury Obligations Fund - Class X, 1.869% (b)
|
16,993,724
|
$
|
16,993,724
|
$
|
16,993,724
|
|||||||
TOTAL SHORT-TERM INVESTMENTS
|
$
|
16,993,724
|
$
|
16,993,724
|
||||||||
TOTAL INVESTMENTS - 100.19%
|
$
|
84,620,743
|
$
|
180,905,621
|
||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.19)%
|
(338,689
|
)
|
||||||||||
TOTAL NET ASSETS - 100.00%
|
$
|
180,566,932
|
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 September 30, 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 nine months ended September 30, 2019 maximized the use of
|
|||
observable inputs and minimized the use of unobservable inputs. During the nine months ended September 30, 2019, no securities
|
|||
held by the Fund were deemed as Level 3.
|
The following is a summary of the inputs used as of September 30, 2019, in valuing the Fund's investments carried at fair value:
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
Common Stocks
|
$
|
154,609,457
|
$
|
-
|
$
|
-
|
$
|
154,609,457
|
||||||||
Exchange Traded Funds
|
9,302,440
|
-
|
-
|
9,302,440
|
||||||||||||
Short-Term Investments
|
16,993,724
|
-
|
-
|
16,993,724
|
||||||||||||
Total Investments in Securities
|
$
|
180,905,621
|
$
|
-
|
$
|
-
|
$
|
180,905,621
|
||||||||
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.
|
Date: November 22, 2019
|
/s/ Edson L. Bridges III |
Edson L. Bridges III - President, Chief Executive
Officer, Chief Investment Officer
|
Date: November 22, 2019
|
/s/ Brian Kirkpatrick |
Brian Kirkpatrick
Executive Vice President
|
Date: November 22, 2019
|
/s/ Nancy K. Dodge |
Nancy K. Dodge – Secretary, Treasurer, Chief
Compliance Officer, Principal Financial Officer
|