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: September 30, 2019


 
Item 1. Schedule of Investments.


BRIDGES INVESTMENT FUND, INC.
  
   
SCHEDULE OF INVESTMENTS
  
   
SEPTEMBER 30, 2019
  
(Unaudited)
  
                   
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
  
           
$
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
  
Credit Intermediation and Related Activities - 6.10%
                        
Ameriprise Financial, Inc.
    
10,000
    
$
971,393
    
$
1,471,000
  
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
  
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.
                                
 


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  November 22, 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  November 22, 2019                                                                                            


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

Date  November 22, 2019                                                                                             


By (Signature and Title)*  /s/ Nancy K. Dodge                                                            
Nancy K. Dodge, Secretary, Treasurer, CCO,
Principal Financial Officer
Date  November 22, 2019                                                                                              


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