Semi-Annual

Shareholder Report

2017

8401 West Dodge Road - Suite 256 - Omaha, NE 68114

P: (402) 397-4700 F: (402) 397-8617 www.bridgesfund.com

(This Page Intentionally Left Blank.)

Contents of Report

Page 1	Shareholder Letter
Exhibit 1	Portfolio Transactions During the
Page 3	Period from January 1, 2017 through
	June 30, 2017
Exhibit 2	Selected Historical Financial Information
Pages 5-6
Pages 7-8	Expense Example
Page 9	Allocation of Portfolio Holdings
Pages 10-23	Financial Statements
Pages 24-30	Additional Disclosures

IMPORTANT NOTICES

Must be preceded or accompanied by a Prospectus.

Opinions expressed herein are those of Edson L. Bridges III and are subject to change. They are not guarantees and should not be considered investment advice.

The S&P 500 Index is a broadly based unmanaged composite of 500 stocks which is widely recognized as representative of price changes for the U.S. equity market in general. The Russell 1000 Growth Index is an unmanaged composite of stocks that measures the performance of the stocks of companies with higher price-to- book ratios and higher forecasted growth values from a universe of the 1,000 largest U.S. companies based on total market capitalization. You cannot invest directly in a specific index.

Cash flow is the net amount of cash and cash-equivalents moving into and out of a business. Positive cash flow indicates that a company’s liquid assets are increasing, enabling it to settle debts, reinvest in its business, return money to shareholders, pay expenses and provide a buffer against future financial challenges. Negative cash flow indicates that a company’s liquid assets are decreasing. Cash flow is used to assess the quality of a company’s income, that is, how liquid it is, which can indicate whether the company is positioned to remain solvent.

Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of Fund holdings, please refer to the Schedule of Investments in this report.

Mutual fund investing involves risk. Principal loss is possible. Small and medium capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. The Fund invests in foreign securities which involve political, economic and currency risks, greater volatility and differences in accounting methods.

The Bridges Investment Fund is distributed by Quasar Distributors, LLC.

Earnings growth is not representative of the fund’s future performance.

July 18, 2017

Dear Shareholder:

Bridges Investment Fund had a total return of 3.04% in the second quarter of 2017, which trailed the 3.09% total return for the S&P 500 and the 4.67% total return for the Russell 1000 Growth Index over the same period. For the twelve month period ended June 30, 2017, the Fund had a total return of 21.16% versus 17.90% for the S&P 500 and 20.42% for the Russell 1000 Growth Index. For the three year period ended June 30, 2017, the Fund had an average annual total return of 6.79% versus 9.61% for the S&P 500 and 11.11% for the Russell 1000 Growth Index. For the five year period ended June 30, 2017, the Fund had an average annual total return of 12.56% versus 14.63% for the S&P 500 and 15.30% for the Russell 1000 Growth Index. For the ten year period ended June 30, 2017, the Fund had an average annual total return of 6.77% versus 7.18% for the S&P 500 and 8.91% for the Russell 1000 Growth Index. The Fund’s expense ratio is 0.84%.

Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of the investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance stated above. Performance data current to the most recent month end may be obtained by calling 866-934-4700.

U.S. stocks built on first quarter gains, posting mid-single digit gains in the second quarter, resulting in solid total returns for the first half of the year. The S&P 500 had a total return of 9.34% during the first two quarters of 2017.

Stocks were buoyed by generally solid first quarter earnings results, and expectations of tax reform, health care reform, and deregulation, as well as continued corporate earnings momentum in the second quarter and the second half of 2017.

The Fund’s largest individual stock positions were positive contributors to performance in the first half of the year: Apple (+26%), MasterCard (+18%), Celgene (+12%), Priceline (+28%), and Amazon (+29%).

U.S. stocks remain close to our estimate of “fair value.” We believe U.S. stocks are currently priced to provide mid-to-high single digit returns from current levels over the next several years, albeit with increasing levels of interim volatility.

We currently estimate “fair value” for the S&P 500 at 2400-2450 for year-end 2017 (18.5x estimated earnings of $130-135), and 2675-2775 for year-end 2018 (18.5x estimated 2018 earnings of $145-150). Our fair value estimates imply flattish total returns for stocks in the second half of 2017, and 10-15% from current levels through the end of 2018.

In our view, the level, quality, and trajectory of corporate earnings remain the most important factor for equity investors for the second half of 2017 and into 2018. We expect increasing levels of equity market volatility, within the context of a generally positive stock market environment. We would not be surprised by either a 15-20% correction before year-end, or a 15-20% advance in stock prices, or both.

Shareholder Letter

July 18, 2017

We will continue to identify and own companies in the Fund that we believe are well-positioned to show solid earnings and cash flow progress, and grow shareholder value at attractive rates, in a challenging global economic environment.

	Sincerely,



	Edson L. Bridges III, CFA
	President and Chief Executive Officer

-2-

Exhibit 1

BRIDGES INVESTMENT FUND, INC.

PORTFOLIO TRANSACTIONS

DURING THE PERIOD FROM

JANUARY 1, 2017 THROUGH JUNE 30, 2017

(Unaudited)

	Bought or		Held After
Securities	Received		Transactions
Common Stock Unless	$1,000 Par		$1,000 Par
Described Otherwise	Value (M)		Value (M)
	or Shares		or Shares

Bioverativ, Inc.⁽¹⁾		1,750		1,750
Celgene Corp.		2,000		50,000
Comcast Corp. – Class A⁽²⁾		30,000		60,000
Facebook, Inc. – Class A		2,000		22,000
FedEx Corp.		1,000		8,000
Gilead Sciences, Inc.		7,000		20,000
The Goldman Sachs Group, Inc.		6,000		6,000
Home Depot, Inc.		5,000		10,000
iShares Core S&P Small-Cap ETF⁽³⁾		40,000		75,000
Thermo Fisher Scientific, Inc.		3,000		6,000
Visa, Inc. – Class A		5,000		45,000

⁽¹⁾	Received 1,750 Shares in a 1/2 Spinoff from Biogen, Inc. on 2/02/2017.
⁽²⁾	Received 30,000 Shares in a 2 for 1 Stock Split on 2/17/2017.
⁽³⁾	Received 35,000 Shares in a 2 for 1 Stock Split on 1/18/2017.

-3-

Exhibit 1

(Continued)

BRIDGES INVESTMENT FUND, INC.

PORTFOLIO TRANSACTIONS

DURING THE PERIOD FROM

JANUARY 1, 2017 THROUGH JUNE 30, 2017

(Unaudited)

	Sold or		Held After
Securities	Exchanged		Transactions
Common Stock Unless	$1,000 Par		$1,000 Par
Described Otherwise	Value (M)		Value (M)
	or Shares		or Shares

Altria Group, Inc.		10,000		15,000
Ameriprise Financial, Inc.		2,000		10,000
Apple, Inc.		3,000		67,000
Applied Materials, Inc.⁽¹⁾
7.125% due 10/15/2017		250,000		—
Bioverativ, Inc.		1,750		—
Comcast Corp.⁽²⁾
6.50% due 01-15-2017		200,000		—
DaVita HealthCare Partners, Inc.		10,000		—
Eaton Corp. Plc		10,000		20,000
Express Scripts Holding Co.		10,000		25,000
MasterCard, Inc. – Class A		5,000		70,000
Philip Morris International Inc.		8,000		7,000
T Rowe Price Group, Inc.		10,000		—
Union Pacific Corp		7,000		28,000
Visa, Inc. – Class A		5,000		40,000
Wells Fargo & Co.		5,000		65,000

⁽¹⁾	Called in Full on 5/04/2017.
⁽²⁾	Matured at Par on 1/15/2017.

-4-

Exhibit 2

BRIDGES INVESTMENT FUND, INC.

SELECTED HISTORICAL FINANCIAL INFORMATION

(Unaudited)

– – – – – – – – – – – Year End Statistics – – – – – – – – – – –

Valuation	Net		Shares		Net Asset		Dividend/		Capital
Date	Assets		Outstanding		Value/Share		Share		Gains/Share
07-01-63	$	109,000		10,900	$	10.00	$	—	$	—
12-31-63		159,187		15,510		10.13		.07		—
12-31-64		369,149		33,643		10.97		.28		—
12-31-65		621,241		51,607		12.04		.285		.028
12-31-66		651,282		59,365		10.97		.295		—
12-31-67		850,119		64,427		13.20		.295		—
12-31-68		1,103,734		74,502		14.81		.315		—
12-31-69		1,085,186		84,807		12.80		.36		—
12-31-70		1,054,162		90,941		11.59		.37		—
12-31-71		1,236,601		93,285		13.26		.37		—
12-31-72		1,272,570		93,673		13.59		.35		.08
12-31-73		1,025,521		100,282		10.23		.34		.07
12-31-74		757,545		106,909		7.09		.35		—
12-31-75		1,056,439		111,619		9.46		.35		—
12-31-76		1,402,661		124,264		11.29		.38		—
12-31-77		1,505,147		145,252		10.36		.428		.862
12-31-78		1,574,097		153,728		10.24		.481		.049
12-31-79		1,872,059		165,806		11.29		.474		.051
12-31-80		2,416,997		177,025		13.65		.55		.0525
12-31-81		2,315,441		185,009		12.52		.63		.0868
12-31-82		2,593,411		195,469		13.27		.78		.19123
12-31-83		3,345,988		229,238		14.60		.85		.25
12-31-84		3,727,899		278,241		13.40		.80		.50
12-31-85		4,962,325		318,589		15.58		.70		.68
12-31-86		6,701,786		407,265		16.46		.688		.86227
12-31-87		7,876,275		525,238		15.00		.656		1.03960
12-31-88		8,592,807		610,504		14.07		.85		1.10967
12-31-89		10,895,182		682,321		15.97		.67		.53769
12-31-90		11,283,448		744,734		15.15		.67		.40297
12-31-91		14,374,679		831,027		17.30		.66		.29292
12-31-92		17,006,789		971,502		17.51		.635		.15944
12-31-93		17,990,556		1,010,692		17.80		.6225		.17075
12-31-94		18,096,297		1,058,427		17.10		.59		.17874
12-31-95		24,052,746		1,116,620		21.54		.575		.19289
12-31-96		29,249,488		1,190,831		24.56		.55		.25730
12-31-97		36,647,535		1,262,818		29.02		.5075		.30571
12-31-98		48,433,113		1,413,731		34.26		.44		2.11648

-5-

Exhibit 2

(Continued)

BRIDGES INVESTMENT FUND, INC.

SELECTED HISTORICAL FINANCIAL INFORMATION

(Unaudited)

– – – – – – – – – – – Year End Statistics – – – – – – – – – – –

Valuation	Net		Shares		Net Asset		Dividend/		Capital
Date	Assets		Outstanding		Value/Share		Share		Gains/Share
12-31-99	$	69,735,684		1,508,154	$	46.24	$	.30	$	.91088
12-31-00		71,411,520		1,850,301		38.59		.40		.80880716
12-31-01		60,244,912		1,940,494		31.05		.26		—
12-31-02		45,854,541		1,989,769		23.05		.20		—
12-31-03		62,586,435		2,016,560		31.04		.24		—
12-31-04		74,281,648		2,230,038		33.31		.305		—
12-31-05		80,715,484		2,305,765		35.01		.2798		—
12-31-06		82,754,479		2,336,366		35.42		.2695		—
12-31-07		77,416,617		2,258,380		34.28		.2364		2.5735
12-31-08		49,448,417		2,257,410		21.91		.2603		—
12-31-09		67,435,343		2,303,377		29.28		.17		—
12-31-10		75,014,486		2,307,301		32.51		.126		—
12-31-11		73,779,028		2,266,478		32.55		.1586		—
12-31-12		83,361,384		2,256,216		36.95		.207		—
12-31-13		110,155,511		2,335,264		47.17		.2408		1.62945
12-31-14		122,102,388		2,463,893		49.56		.265		1.71490
12-31-15		116,368,311		2,378,851		48.92		.2725		.5244
12-31-16		122,877,447		2,381,534		51.60		.2929		.47505

– – – – – Current Six Months Compared to Same Six Months in Prior Year – – – – –

Valuation	Net		Shares		Net Asset		Dividend/		Capital
Date	Assets		Outstanding		Value/Share		Share		Gains/Share
06-30-16	$	112,770,732		2,374,188	$	47.50	$	.135	$	—
06-30-17		132,534,295		2,335,335		56.75	$	.094		—

-6-

BRIDGES INVESTMENT FUND, INC.

EXPENSE EXAMPLE

JUNE 30, 2017

(Unaudited)

As a shareholder of the Bridges Investment Fund, Inc., you incur ongoing costs, including management fees; services fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held the entire period (January 1, 2017 – June 30, 2017).

ACTUAL EXPENSES

The first line of the table below provides information about actual account values and actual expenses. Although the Fund charges no sales load or transactions fees, you will be assessed fees for outgoing wire transfers (including redemption requests), returned checks or stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Fund’s transfer agent. To the extent that the Fund invests in shares of other investment companies as part of its investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which a Fund invests in addition to the expenses of the Fund. Actual expenses of the underlying funds are expected to vary among the various underlying funds. These expenses are not included in the example below. The example includes, but is not limited to, management fees, shareholder servicing fees, fund accounting, custody and transfer agent fees. However, the example below does not include portfolio trading commissions and related expenses, interest expense or dividends on short positions taken by the Fund and other extraordinary expenses as determined under generally accepted accounting principles. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

-7-

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

			Expenses Paid
	Beginning	Ending	During Period*
	Account Value	Account Value	January 1, 2017 –
	January 1, 2017	June 30, 2017	June 30, 2017
Actual	$1,000	$1,101.70	$4.14
Hypothetical
(5% annualized return
before expenses)	$1,000	$1,020.85	$3.98

*	Expenses are equal to the Fund’s annualized expense ratio of 0.80%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

-8-

BRIDGES INVESTMENT FUND, INC.

ALLOCATION OF PORTFOLIO HOLDINGS

PERCENTAGE OF TOTAL INVESTMENTS

JUNE 30, 2017

(Unaudited)

COMPONENTS OF PORTFOLIO HOLDINGS

Common Stocks	$	117,481,359
Exchange Traded Funds		12,216,250
Corporate Bonds		278,547
Short-Term Investments		2,760,659
Total	$	132,736,815

-9-

BRIDGES INVESTMENT FUND, INC.

SCHEDULE OF INVESTMENTS

JUNE 30, 2017

(Unaudited)

Title of Security	Shares		Cost		Value

COMMON STOCKS – 88.64%

Administrative and Support Services – 1.42%
PayPal Holdings, Inc. (a)		35,000	$	871,561	$	1,878,450

Amusement, Gambling, and
Recreation Industries – 2.41%
The Walt Disney Co.		30,000	$	1,588,580	$	3,187,500

Beverage and Tobacco
Product Manufacturing – 2.59%
Altria Group, Inc.		15,000	$	451,341	$	1,117,050
PepsiCo, Inc.		13,000		632,331		1,501,370
Philip Morris International, Inc.		7,000		338,718		822,150
			$	1,422,390	$	3,440,570
Broadcasting (except Internet) – 1.76%
Comcast Corp.		60,000	$	1,381,050	$	2,335,200

Building Material and Garden
Equipment and Supplies Dealers – 1.57%
Home Depot, Inc.		10,000	$	1,294,810	$	1,534,000
Lowe’s Companies, Inc.		7,000		534,185		542,710
			$	1,828,995	$	2,076,710
Chemical Manufacturing – 6.32%
Allergan Plc		15,000	$	2,160,150	$	3,646,350
Ecolab, Inc.		15,000		1,436,988		1,991,250
Gilead Sciences, Inc.		20,000		1,555,426		1,415,600
Johnson & Johnson		10,000		866,300		1,322,900
			$	6,018,864	$	8,376,100
Computer and Electronic
Product Manufacturing – 9.53%
Apple, Inc.		67,000	$	1,138,677	$	9,649,340
QUALCOMM, Inc.		35,000		1,482,755		1,932,700
Thermo Fisher Scientific, Inc.		6,000		879,267		1,046,820
			$	3,500,699	$	12,628,860

See accompanying Notes to the Financial Statements.

Percentages are stated as a percent of net assets.

(a)	Non Income Producing.

-10-

BRIDGES INVESTMENT FUND, INC.

SCHEDULE OF INVESTMENTS

(Continued)

JUNE 30, 2017

(Unaudited)

Title of Security	Shares		Cost		Value

COMMON STOCKS (Continued)

Couriers and Messengers – 2.14%
FedEx Corp.		8,000	$	1,337,963	$	1,738,640
United Parcel Service, Inc. – Class B		10,000		985,007		1,105,900
			$	2,322,970	$	2,844,540
Credit Intermediation and
Related Activities – 7.93%
Ameriprise Financial, Inc.		10,000	$	971,393	$	1,272,900
Capital One Financial Corp.		35,000		1,042,098		2,891,700
JPMorgan Chase & Co.		30,000		1,721,192		2,742,000
Wells Fargo & Co.		65,000		1,722,622		3,601,650
			$	5,457,305	$	10,508,250
Data Processing, Hosting and
Related Services – 0.92%
Fiserv, Inc. (a)		10,000	$	971,166	$	1,223,400

Electrical Equipment, Appliance, and
Component Manufacturing – 1.17%
Eaton Corp. Plc		20,000	$	992,512	$	1,556,600

Food Services and Drinking Places – 1.32%
Starbucks Corp.		30,000	$	561,001	$	1,749,300

Health and Personal Care Stores – 1.20%
Express Scripts Holding Co. (a)		25,000	$	951,440	$	1,596,000

Insurance Carriers and Related Activities – 2.56%
Berkshire Hathaway, Inc. – Class B (a)		20,000	$	678,649	$	3,387,400

Machinery Manufacturing – 1.40%
Roper Technologies, Inc.		8,000	$	335,931	$	1,852,240

Management of Companies
and Enterprises – 1.00%
The Goldman Sachs Group, Inc.		6,000	$	1,383,687	$	1,331,400

Nonstore Retailers – 3.65%
Amazon.com, Inc. (a)		5,000	$	1,231,664	$	4,840,000

See accompanying Notes to the Financial Statements.

Percentages are stated as a percent of net assets.

(a)	Non Income Producing.

-11-

BRIDGES INVESTMENT FUND, INC.

SCHEDULE OF INVESTMENTS

(Continued)

JUNE 30, 2017

(Unaudited)

Title of Security	Shares		Cost		Value

COMMON STOCKS (Continued)

Oil and Gas Extraction – 2.85%
Apache Corp.		20,000	$	1,334,546	$	958,600
Continental Resources, Inc. (a)		45,000		1,294,799		1,454,850
EOG Resources, Inc.		15,000		1,564,500		1,357,800
			$	4,193,845	$	3,771,250
Other Information Services – 8.07%
Alphabet, Inc. – Class A (a)		4,000	$	847,060	$	3,718,720
Alphabet, Inc. – Class C (a)		4,010		844,083		3,644,007
Facebook, Inc. (a)		22,000		2,108,798		3,321,560
			$	3,799,941	$	10,684,287
Petroleum and Coal
Products Manufacturing – 1.73%
Chevron Corp.		22,000	$	1,206,019	$	2,295,260

Professional, Scientific, and
Technical Services – 21.04%
Amgen, Inc.		10,000	$	1,609,946	$	1,722,300
Biogen, Inc. (a)		3,500		756,617		949,760
Celgene Corp. (a)		50,000		2,585,088		6,493,500
Cognizant Technology
Solutions Corp. – Class A		10,000		545,270		664,000
MasterCard, Inc.		70,000		1,245,377		8,501,500
Priceline Group, Inc. (a)		3,100		1,807,093		5,798,612
Visa, Inc. – Class A		40,000		1,087,480		3,751,200
			$	9,636,871	$	27,880,872
Rail Transportation – 2.30%
Union Pacific Corp.		28,000	$	806,918	$	3,049,480

Securities, Commodity Contracts,
and Other Financial Investments
and Related Activities – 2.87%
BlackRock, Inc.		9,000	$	2,079,709	$	3,801,690

Telecommunications – 0.89%
Level 3 Communications, Inc. (a)		20,000	$	1,057,340	$	1,186,000
TOTAL COMMON STOCKS			$	54,279,107	$	117,481,359

See accompanying Notes to the Financial Statements.

Percentages are stated as a percent of net assets.

(a)	Non Income Producing.

-12-

BRIDGES INVESTMENT FUND, INC.

SCHEDULE OF INVESTMENTS

(Continued)

JUNE 30, 2017

(Unaudited)

Title of Security	Shares		Cost		Value

EXCHANGE TRADED FUNDS – 9.22%

Funds, Trusts, and Other Financial Vehicles – 9.22%
iShares Core S&P Mid-Cap ETF		40,000	$	3,684,766	$	6,958,000
iShares Core S&P Small-Cap ETF		75,000		2,746,435		5,258,250
TOTAL EXCHANGE TRADED FUNDS			$	6,431,201	$	12,216,250

	Principal
	Amount		Cost		Value
CORPORATE BONDS – 0.21%

Funds, Trusts, and Other Financial Vehicles – 0.21%
Spectra Energy Capital, LLC
8.000%, 10/01/2019		250,000	$	255,812	$	278,547
TOTAL CORPORATE BONDS			$	255,812	$	278,547

	Shares		Cost		Value
SHORT-TERM INVESTMENTS – 2.08%

Mutual Funds – 2.08%
SEI Daily Income Trust Treasury –
Class A, 0.774% (b)		2,760,659	$	2,760,659	$	2,760,659
TOTAL SHORT-TERM INVESTMENTS			$	2,760,659	$	2,760,659

TOTAL INVESTMENTS – 100.15%			$	63,726,779	$	132,736,815
LIABILITIES IN EXCESS
OF OTHER ASSETS – (0.15)%						(202,520	)
TOTAL NET ASSETS – 100.00%					$	132,534,295

See accompanying Notes to the Financial Statements.

Percentages are stated as a percent of net assets.

(a)	Non Income Producing.
(b)	Variable rate security; the rate shown is the effective rate as of June 30, 2017.

-13-

BRIDGES INVESTMENT FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES

JUNE 30, 2017

(Unaudited)

ASSETS:
Investments in securities, at fair value (cost: $63,726,779)	$	132,736,815
Receivables
Fund shares issued		2,926
Dividends and interest		43,192
Prepaid expenses		17,517

TOTAL ASSETS	$	132,800,450

LIABILITIES:
Payables
Distributions to shareholders	$	10,345
Payable for capital shares redeemed		2,200
Payable to Adviser		165,062
Accrued expenses		88,548

TOTAL LIABILITIES	$	266,155

TOTAL NET ASSETS	$	132,534,295

NET ASSETS CONSIST OF:
Capital Stock	$	58,562,886
Accumulated undistributed net investment income		8,027
Accumulated undistributed net realized gain on investments		4,953,346
Unrealized appreciation on investments		69,010,036

TOTAL NET ASSETS	$	132,534,295

SHARES OUTSTANDING
($0.0001 par value; 100,000,000 shares authorized)		2,335,335

NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE	$	56.75

See accompanying Notes to the Financial Statements.

-14-

BRIDGES INVESTMENT FUND, INC.

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2017

(Unaudited)

INVESTMENT INCOME:
Dividend income	$	712,633
Interest income		22,336

Total investment income	$	734,969

EXPENSES:
Advisory fees	$	325,500
Administration fees		63,602
Independent director’s expenses and fees		26,970
Fund accounting fees		25,995
Dividend disbursing and transfer agent fees		24,316
Other		16,556
Professional Services		13,575
Custody fees		8,004
Printing and supplies		6,742
Taxes and licenses		629

Total expenses	$	511,889

NET INVESTMENT INCOME	$	223,080

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments		3,985,997
Net change in unrealized appreciation of investments		8,232,479

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		12,218,476

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,441,556

See accompanying Notes to the Financial Statements.

-15-

BRIDGES INVESTMENT FUND, INC.

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended			Year Ended
	June 30, 2017			December 31,
	(Unaudited)			2016
OPERATIONS:
Net investment income	$	223,080		$	694,644
Net realized gain on investments		3,985,997			2,092,279
Capital gain distribution from
regulated investment company		—			494
Net increase in unrealized
appreciation on investments		8,232,479			5,399,700

Net increase in Net Assets
resulting from operations	$	12,441,556		$	8,187,117

Net equalization of debits/credits		—			(622	)

Distributions to shareholders:
From net investment income		(220,330	)		(695,169	)
From net realized gains		—			(1,125,424	)

Total distributions	$	(220,330	)	$	(1,820,593	)

Capital Share Transactions:
Net increase/(decrease) in Net Assets
from capital share transactions		(2,564,378	)		143,234

Total Increase in Net Assets	$	9,656,848		$	6,509,136

NET ASSETS:
Beginning of the Period	$	122,877,447		$	116,368,311
End of the Period (including undistributed
net investment income of $8,027
and $5,277, respectively)	$	132,534,295		$	122,877,447

See accompanying Notes to the Financial Statements.

-16-

BRIDGES INVESTMENT FUND, INC.

FINANCIAL HIGHLIGHTS

For a Fund share outstanding throughout the period

	For the Six
	Months Ended
	June 30, 2017			Years Ended December 31,
	(Unaudited)			2016			2015			2014			2013			2012

Net asset value, beginning of period	$	51.60		$	48.92		$	49.56		$	47.17		$	36.95		$	32.55

Income from investment operations:
Net investment income¹		0.09			0.29			0.27			0.26			0.24			0.21
Net realized and unrealized
gain/(loss) on investments		5.15			3.15			(0.12	)		4.11			11.85			4.40
Total from investment operations		5.24			3.44			0.15			4.37			12.09			4.61

Less dividends and distributions:
Dividends from net investment income		(0.09	)		(0.29	)		(0.27	)		(0.27	)		(0.24	)		(0.21	)
Dividends from net realized gain		—			(0.47	)		(0.52	)		(1.71	)		(1.63	)		—
Total distributions		(0.09	)		(0.76	)		(0.79	)		(1.98	)		(1.87	)		(0.21	)

Net asset value, end of period	$	56.75		$	51.60		$	48.92		$	49.56		$	47.17		$	36.95

Total return		10.17	%²		7.09	%		0.33	%		9.37	%		32.99	%		14.16	%

Supplemental data and ratios:
Net Assets, end of period
(in thousands)	$	132,534		$	122,877		$	116,368		$	122,102		$	110,156		$	83,361
Ratio of net expenses
to average net assets		0.80	%³		0.82	%		0.80	%		0.80	%		0.85	%		0.88	%
Ratio of net investment income
to average net assets		0.35	%³		0.60	%		0.54	%		0.55	%		0.57	%		0.58	%
Portfolio turnover rate		3.5	%²		10.7	%		13.2	%		13.6	%		12.0	%		17.0	%

See accompanying Notes to the Financial Statements.

¹	Net investment income per share is calculated using the ending balances prior to consideration or adjustment for permanent book-to-tax difference.
²	Not Annualized.
³	Annualized.

-17-

BRIDGES INVESTMENT FUND, INC.

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2017

(Unaudited)

(1)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Bridges Investment Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The primary investment objective of the Fund is long-term capital appreciation. In pursuit of that objective, the Fund invests primarily in common stocks. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

	A.	Investments –
		Security transactions are recorded on trade date. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. Discount and premium on fixed income securities is accreted or amortized into interest income using the effective interest method. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.
		The net realized gain (loss) from the sales of securities is determined for income tax and accounting purposes on the basis of the cost of specific securities.
		Securities owned are reflected in the accompanying Statement of Assets and Liabilities and the Schedule of Investments at fair value based on quoted market prices. Bonds and other fixed-income securities (other than repurchase agreements and demand notes) are valued using the bid price provided by an independent pricing service. Other securities traded on a national securities exchange are valued at the last reported sale price at the close of regular trading on each day the exchange is open for trading. Securities listed on the NASDAQ National Market System for which market quotations are readily available are valued using the NASDAQ Official Closing Price (“NOCP”). If no sales were reported on that day, quoted market price represents the closing bid price.
		Investments in registered open-end management investment companies will be valued based upon the Net Asset Values (“NAVs”) of such investments and are categorized as Level 1 of the fair value hierarchy.
		Securities for which prices are not readily available are valued by the Fund’s valuation committee (the “Valuation Committee”) at a fair value determined in good faith under procedures established by and under the general supervision of the Fund’s Board of Directors.
		The Valuation Committee concludes that a price determined under the Fund’s valuation procedures is not readily available if, among other things, the Valuation

-18-

		Committee believes that the value of the security might be materially affected by an intervening significant event. A significant event may be related to a single issuer, to an entire market sector, or to the entire market. These events may include, among other things: issuer–specific events including rating agency action, earnings announcements and corporate actions, significant fluctuations in domestic or foreign markets, natural disasters, armed conflicts, and government actions. In the event that the market quotations are not readily available, the fair value of such securities will be determined in good faith, taking into consideration: (i) fundamental analytical data relating to the investment; (ii) the nature and duration of restrictions on disposition of the securities; and (iii) an evaluation of the forces which influence the market in which these securities are purchased and sold. The members of the Valuation Committee shall continuously monitor for significant events that might necessitate the use of fair value procedures.
	B.	Federal Income Taxes –
		It is the Fund’s policy to comply with the requirements of the Internal Revenue Code applicable to Regulated Investment Companies (“RICs”) to distribute all of its taxable income to shareholders. Therefore, no Federal income tax provision for the Fund is required. Under applicable foreign tax law, a withholding tax may be imposed on interest, dividends, and capital gains earned on foreign securities.
		The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains or losses were recorded by the Fund. The Fund has reclassified the components of its capital accounts for the year ended December 31, 2016, by increasing accumulated undistributed net investment income by $622 and decreasing capital stock by $622.
		The Fund has not recorded any liability for material unrecognized tax benefits as of December 31, 2016. It is the Fund’s policy to recognize accrued interest and penalties related to uncertain benefits in income tax expense as appropriate.
	C.	Distribution To Shareholders –
		The Fund records and pays dividends to shareholders on a quarterly basis on the ex-dividend date. Distribution of net realized gains, if any, are recorded and made on an annual basis to shareholders on the ex-dividend date.
	D.	Equalization –
		Until July 1, 2016, the Fund used the accounting practice of equalization by which a portion of the proceeds from sales and costs of redemption of capital shares, equivalent on a per share basis to the amount of undistributed net investment income on the date of the transactions, was credited or charged to undistributed income. As a result, undistributed net investment income per share was unaffected by sales or redemption of capital shares. This practice was eliminated effective July 1, 2016.
	E.	Use of Estimates –
		The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of

-19-

		the financial statements and the reported amounts of increases and decreases in Net Assets from operations during the reporting period. Actual results could differ from those estimates.
		In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
	F.	Fair Value Measurements –
		GAAP defines fair value as the price that each Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data “inputs” and minimize the use of unobservable “inputs” and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is 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 for 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 six months ended June 30, 2017 maximized the use of observable inputs and minimized the use of unobservable inputs. During the six months ended June 30, 2017, no securities held by the Fund were deemed as Level 3.

-20-

The following is a summary of the inputs used as of June 30, 2017, in valuing the Fund’s investments carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments
Common Stock	$	117,481,359	$	—	$	—	$	117,481,359
Exchange Traded Funds		12,216,250		—		—		12,216,250
Corporate Bonds		—		278,547		—		278,547
Short-Term Investments		2,760,659		—		—		2,760,659
Total Investments
in Securities	$	132,458,268	$	278,547	$	—	$	132,736,815

There were no transfers between Levels 1 and 2 during the six months ended June 30, 2017. 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.

(2)	INVESTMENT ADVISORY CONTRACT AND
	OTHER TRANSACTIONS WITH AFFILIATES

	Under an Investment Advisory Contract, Bridges Investment Management, Inc. (the “Investment Adviser”) furnishes investment advisory services for the Fund. In return, the Fund has agreed to pay the Investment Adviser a management fee computed on a quarterly basis at the rate of 1/8 of 1% of the average month-end net asset value of the Fund during the quarter, equivalent to 1/2 of 1% per annum. Certain officers and directors of the Fund are also officers and directors of the Investment Adviser. These officers do not receive any compensation from the Fund other than that which is received indirectly through the Investment Adviser. For the six months ended June 30, 2017, the Fund incurred $325,500 in advisory fees.
	The contract between the Fund and the Investment Adviser provides that total expenses of the Fund in any year, exclusive of taxes, but including fees paid to the Investment Adviser, shall not exceed, in total, a maximum of 1 and 1/2% of the average month end net asset value of the Fund for the year. Amounts, if any, expended in excess of this limitation are reimbursed by the Investment Adviser as specifically identified in the Investment Advisory Contract. There were no amounts reimbursed during the six months ended June 30, 2017.
	The Fund has entered into a Board-approved contract with the Investment Adviser in which the Investment Adviser acts as primary administrator to the Fund at an annual rate of $42,000 and U.S. Bancorp Fund Services, LLC acts as sub-administrator to the Fund. These administrative expenses are shown as Administration fees on the Statement of Operations.
	Quasar Distributors, LLC (the “Distributor”), a registered broker-dealer, acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s shares. The Distributor is an affiliate of U.S. Bancorp Fund Services, LLC.

-21-

(3)	SECURITY TRANSACTIONS
	The cost of long-term investment purchases during the six months ended June 30, 2017 and 2016, was:

		2017	2016
	Non U.S. government securities	$4,414,710	$4,306,283

Net proceeds from sales of long-term investments during the six months ended June 30, 2017 and 2016, were:

		2017	2016
	Non U.S. government securities	$7,450,043	$3,766,508

	There were no long-term U.S. government transactions for the six months ended June 30, 2017 and 2016.

(4)	NET ASSET VALUE

	The net asset value per share represents the effective price for all subscriptions and redemptions.

(5)	CAPITAL STOCK

	Shares of capital stock issued and redeemed during the six months ended June 30, 2017 and 2016, were as follows:

	2017			2016
Shares sold		28,439			21,524
Shares issued to shareholders in
reinvestment of net investment income		3,424			5,848
		31,863			27,372
Shares redeemed		(78,062	)		(32,035	)
Net increase/(decrease)		(46,199	)		(4,663	)

Value of capital stock issued and redeemed during the six months ended June 30, 2017 and 2016, was as follows:

	2017			2016
Net proceeds from shares sold	$	1,564,072		$	1,007,155
Reinvestment of distributions		190,695			278,909
		1,754,767			1,286,064
Cost of shares redeemed		(4,319,145	)		(1,507,600	)
Net increase/(decrease)	$	(2,564,378	)	$	(221,536	)

(6)	DISTRIBUTIONS TO SHAREHOLDERS
	On March 31, 2017 and June 30, 2017, cash distributions were declared from net investment income accrued through March 31, 2017 and June 30 2017, respectively. These distributions were calculated as $0.06 and $0.034 per share. The dividends were paid on March 31, 2017 and June 30, 2017, to shareholders of record on March 30, 2017 and June 29, 2017.

-22-

(7)	FEDERAL INCOME TAX INFORMATION
	The tax character of distributions during the years ended December 31, 2016 and 2015 were as follows:

	Ordinary	Long-Term
	Income	Capital Gain
12/31/16	$695,169	$1,125,424
12/31/15	$649,468	$1,234,385

As of December 31, 2016, the components of the tax basis cost of investments and net unrealized appreciation were as follows:

Federal tax cost of investments	$	62,224,894
Unrealized appreciation	$	61,294,556
Unrealized depreciation		(516,999	)
Net unrealized appreciation	$	60,777,557

As of December 31, 2016, the components of distributable earnings on a tax basis were as follows:

Net unrealized appreciation	$	60,777,557
Undistributed ordinary income	$	5,277
Undistributed long term gains		967,349
Distributable earnings		972,626
Other accumulated loss		—
Total accumulated capital earnings	$	61,750,183

As of December 31, 2016, the Fund did not have any capital loss carryovers.

-23-

ADDITIONAL DISCLOSURES

(Unaudited)

Availability of Quarterly Portfolio Holdings Schedules

The Fund files its complete schedule of portfolio holdings with the SEC for the First and Third Quarters of each fiscal year on Form N-Q, which is available on the SEC’s website at http://www.sec.gov or can be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.) These reports can also be obtained from the Fund by sending an e-mail to fund@bridgesinv.com or calling 1-800-939-8401.

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities, and a report on how the Fund voted such proxies during the 12-month period ended June 30, 2017 can be obtained by request and without charge from the Fund by sending an e-mail to fund@bridgesinv.com or calling 1-800-939-8401, or from the SEC’s website at http://www.sec.gov.

-24-

Disclosure Regarding Fund Trustees and Officers

**Disinterested Persons

Also Known as Independent Directors**

Name, Age,
Position with
Fund and Term
of Office		Principal Occupation(s) and Directorships*
Daniel J. Brabec		Mr. Brabec has been a Director of Spectrum Financial Services, Inc.
Age: 58		in Omaha, Nebraska since February 1999 and has served as Vice
		President, Secretary, and Treasurer since 2000. He has directly
Director		managed real estate and commercial credit assets for a number of
(2015 – present)		affiliates of Spectrum Financial Services, Inc. since January 2009.
		Prior to that, he served as a Director of Great Western Bank, Omaha,
		Nebraska and was its Chief Executive Officer and President from 2001
		until its sale in 2008, and served as Controller for Great Western
		Bancorporation in an interim role from 1999 to 2001. He began his
		career in banking in 1985 joining Pioneer Bank, St Louis, Missouri
		after three years with Control Data Corporation and served as
		Executive Vice President, Security Officer and Director of Rushmore
		Bank and Trust, Rapid City, South Dakota from 1993 to 1999.
		Mr. Brabec has been determined to be an “audit committee financial
		expert” within the meaning of the Sarbanes Oxley Act of 2002 and the
		regulations related thereto by the Fund’s Board of Directors.

Nathan Phillips		Mr. Dodge is the President of N.P. Dodge Company since April 2014,
Dodge III		and prior to that position, served as the Executive Vice President. He
Age: 53		has worked at N.P. Dodge Company since October, 1993. Mr. Dodge
		is also a principal officer and director of a number of subsidiary and
Director		affiliated companies in the property management, insurance, and real
(2010 – present)		estate syndication fields. Mr. Dodge became a Director of Lauritzen
		Corp. in 2008 and of First State Bank of Loomis in 2003.

Adam M. Koslosky		Mr. Koslosky was elected the Vice Chairman on October 14, 2016. He
Age: 60		served as Vice Chairman of Magnolia Metal Corporation until 2015
		and previously served as President and Chief Executive Officer.
Director		Magnolia Metal Corporation is a bronze bearing manufacturer located
(2007 – present)		in Omaha, Nebraska. Mr. Koslosky commenced his career with
		Magnolia Metal Corporation in 1978. Mr. Koslosky also is a general
Vice Chairman		partner of Mack Investments, Ltd. and Tax Matter Partner and
(2016 – present)		Manager of TriStone Property Group, LLC, both privately held
		investment and development companies located in Omaha, Nebraska.
		He has been a Director of Nebraska Methodist Hospital Foundation
		since 1993. Mr. Koslosky has been determined to be an “audit
		committee financial expert” within the meaning of the Sarbanes Oxley
		Act of 2002 and the regulations related thereto by the Fund’s Board
		of Directors. Mr. Koslosky serves as the Chairman of the Fund’s
		Audit Committee.

-25-

Name, Age,
Position with
Fund and Term
of Office		Principal Occupation(s) and Directorships*
Robert Slezak		Mr. Slezak was elected Chairman on October 14, 2016, and prior to
Age: 59		that time, served as Vice Chairman commencing April 10, 2012.
		Mr. Slezak is currently an independent management consultant, and
		has been since November 1999. Prior to that, Mr. Slezak served as
Director		Vice President, Chief Financial Officer and Treasurer of the Ameritrade
(2008 – present)		Holding Corporation from January 1989 to November 1999 and as a
		director from October 1996 to September 2002. Mr. Slezak currently
Chairman		serves as a member of the board of directors of The Pegasus
(2016 – present)		Companies, Inc. (formerly, Xanadoo Company), a developer of solar
		power projects. Mr. Slezak has been determined to be an “audit
Vice Chairman		committee financial expert” within the meaning of the Sarbanes Oxley
(2012 – 2016)		Act of 2002 and the regulations related thereto by the Fund’s Board of
		Directors. Mr. Slezak has been designated as the Lead Independent
		Director of the Fund.

Kelly A. Walters		Kelly A. Walters is currently a partner with Kuehl Capital Holdings
Age: 56		LLC and the Chief Executive Officer of Quarter Circle Capital, an
		affiliate of Kuehl Capital Holdings. Prior to those positions, Mr.
Director		Walters was the President and Chief Executive Officer of Condor
(2013 – present)		Hospitality Trust, Inc. (formerly, Supertel Hospitality, Inc.), a
		NASDAQ listed hospitality real estate investment trust based in
		Norfolk, Nebraska (Condor), from April 2009 through February 2015.
		He is currently a member of the Condor Board of Directors and has
		been since April 2010. Prior to joining Condor, Mr. Walters was the
		Senior Vice President of Capital Markets at Investors Real Estate Trust
		from October 2006 to March 2009. Prior to IRET, Mr. Walters was a
		Senior Vice President and Chief Investment Officer of Magnum
		Resources, Inc., a privately held real estate investment and operating
		company, from 1996 to 2006. Prior to Magnum, Mr. Walters was a
		Deputy Manager of Brown Brothers Harriman from 1993 to 1996, an
		Investment Manager at Peter Kiewit Sons, Inc. from 1985 to 1993, and
		a stockbroker at Piper, Jaffrey and Hopwood from 1983 to 1985.

-26-

Name, Age,
Position with
Fund and Term
of Office		Principal Occupation(s) and Directorships*
Lyn Wallin		Ms. Wallin Ziegenbein is an attorney and currently serves as the
Ziegenbein		Executive Director Emerita of the Peter Kiewit Foundation, a private
Age: 64		foundation awarding charitable grants throughout Nebraska and
		portions of Iowa and Wyoming, since April 2013 and served as the
Director		Executive Director of the Peter Kiewit Foundation since March, 1983.
(2013 – present)		Ms. Wallin Ziegenbein has served on the Board of Directors of
		Assurity Life Insurance Company since 1984 and of Lamp Rynearson
		Engineering. Previously, Ms. Wallin Ziegenbein served on the Federal
		Reserve Bank of Kansas City’s Omaha Branch Board of Directors
		from 2006 to 2011. Ms. Wallin Ziegenbein’s prior experience also
		includes serving as a director of Norwest Bank Nebraska and Lincoln
		Telephone and Telegraph. Ms. Wallin Ziegenbein also served as an
		Assistant United States Attorney for Nebraska from 1978 to 1982.

*	Except as otherwise indicated, each individual has held the position shown or other positions in the same company for the last five years.

The address for all Fund Directors is, 8401 West Dodge Road, Suite 256, Omaha, Nebraska 68114

-27-

Interested Person Directors and Officers

The following Directors and Officers are interested persons of the Fund. The determination of an interested person is based on the definition in Section 2(a)(19) of the Investment Company Act of 1940 and Securities and Exchange Commission Release (Release No. IC-24083, dated October 14, 1999), providing additional guidance to investment companies about the types of professional and business relationships that may be considered to be material for purposes of Section 2(a)(19).

Name, Age,
Position with
Fund and Term
of Office		Principal Occupation(s) and Directorships*
Edson L.		Since December 2000, Mr. Bridges has been President, Chief
Bridges III, CFA		Executive Officer, and Director of Bridges Investment Management,
Age: 58		Inc. Since August of 1983, Mr. Bridges was a full-time member of the
		professional staff of Bridges Investment Counsel, Inc. where he has
President		served as Executive Vice President since 1993. Mr. Bridges is also a
(1997 – present)		Director of that firm. Mr. Bridges has been responsible for securities
		research and the investment management for an expanding base of
Chief Executive		discretionary management accounts, including the Fund, for more than
Officer		15 years. Mr. Bridges was elected President of Bridges Investment
(2004 – present)		Fund, Inc. on April 11, 1997, and he assumed the position of Portfolio
		Manager at the close of business on that date. Mr. Bridges became
Director		Chief Executive and Investment Officer of the Fund on April 13, 2004.
(1991 – present)		Mr. Bridges is Chairman and a director of Bridges Investor Services,
		Inc. and Chairman of the Board and a director of Provident Trust
		Company. Mr. Bridges served as a Director of Stratus Fund, Inc., an
		open-end, regulated investment company located in Lincoln, Nebraska
		from 1990 to 2016, and was previously Chairman of the Audit
		Committee of the Stratus Fund.

Robert W.		Mr. Bridges is an Executive Director, Portfolio Manager, and Co-Head
Bridges, CFA		of Behavioral Finance at Sterling Capital Management LLC. Sterling
Age: 51		Capital Management LLC, located in Charlotte, North Carolina, is an
		investment management company founded in 1970. Mr. Bridges
Director		commenced his career with Sterling Capital Management, LLC in
(2007 – present)		1996 and served in a variety of capacities including client service,
		systems integration, and compliance before assuming his current
		position in 2000. Mr. Bridges has been a Director of Bridges
		Investment Counsel, Inc. since December 2006, and a Director of
		Provident Trust Company since 2007. Prior to joining Sterling, Mr.
		Bridges served in accounting, research analysis and several other roles
		for Bridges Investment Counsel, Inc. for six years. Mr. Bridges earned
		his B.S. in Business from Wake Forest University, and became a CFA
		charter holder in 2003.

-28-

Additional Officers of the Fund

Name, Age,
Position with
Fund and Term
of Office		Principal Occupation(s) and Directorships*
Edson L.		Mr. Bridges was elected Chairman Emeritus on April 15, 2006. Mr.
Bridges II, CFA		Bridges had previously served as Chairman, Vice-Chairman, Chief
Age: 84		Executive Officer, and President of the Fund. Mr. Bridges was
		replaced by Edson L. Bridges III as Chief Executive Officer of the
Chairman Emeritus		Fund on April 13, 2004. Since December 2000, Mr. Bridges has
(2006 – present)		served as a director of Bridges Investment Management, Inc. In
		September, 1959, Mr. Bridges became associated with the predecessor
Vice-Chairman		firm to Bridges Investment Counsel, Inc. and is presently the
(2005 – 2006)		President, Director, CEO, and Chief Compliance Officer of Bridges
		Investment Counsel, Inc. Mr. Bridges is also President and Director of
Chairman		Bridges Investor Services, Inc., and is President, Director, and Chief
(1997-2005)		Executive Officer of Provident Trust Company, chartered to conduct
		business on March 11, 1992.
Chief Executive
Officer
(1997 – 2004)

President
(1970-1997)

Director
(1963 – 2007)

Nancy K. Dodge		Ms. Dodge has been an employee of Bridges Investment Management,
Age: 55		Inc. since 1994, where she serves as a Senior Vice President. After
Treasurer		joining Bridges Investment Counsel, Inc. in January of 1980, her
(1986-present)		career progressed through the accounting department of that Firm, to
Chief Compliance		her present position as Senior Vice President of Investor Support and
Officer		Fund Services. Ms. Dodge is the person primarily responsible for
(2006-present)		overseeing day to day operations for the Fund, and she is also the key
		person for handling relations with shareholders, the custodian bank,
		transfer agent, and the auditor. She was appointed Chief Compliance
		Officer of the Fund, as of November 21, 2006. Ms. Dodge is a Senior
		Vice President and Director of Bridges Investor Services, Inc., and a
		Senior Vice President and Trust Officer for Provident Trust Company.

-29-

Name, Age,
Position with
Fund and Term
of Office		Principal Occupation(s) and Directorships*
Brian		Mr. Kirkpatrick has been an employee of Bridges Investment
Kirkpatrick, CFA		Management since 1994. Mr. Kirkpatrick serves as a Senior Vice
Age: 45		President, Director of Research, Chief Compliance Officer, and
		Director of Bridges Investment Management. Having joined Bridges
Executive		Investment Counsel, Inc. on August 24, 1992, he is a Senior Vice
Vice President		President of Bridges Investment Counsel, and has been a full-time
(2006-present)		member of the professional staff of Bridges Investment Counsel, Inc.,
		responsible for securities research, and the investment management for
Vice President		an expanding base of discretionary management accounts, including
(2000-2006)		the Fund, for more than 15 years. Mr. Kirkpatrick was appointed Sub
		Portfolio Manager of the Fund on April 12, 2005.

Mary Ann Mason		Ms. Mason has been an employee of Bridges Investment Management
Age: 65		since 1994, where she currently serves as Senior Vice President,
		Corporate Secretary, and Treasurer. She joined Bridges Investment
Secretary		Counsel, Inc. in June 1981, and currently is Senior Vice President,
(1987-present)		Corporate Secretary and Treasurer of such entity, and the Secretary,
		Treasurer and Director of Bridges Investor Services, Inc. Ms. Mason
		also acts as Vice President, Secretary and Treasurer for Provident
		Trust Company.

Trinh Wu		Ms. Wu has been an employee of Bridges Investment Management and
Age: 60		has served Bridges Investment Counsel, Inc. since February 1, 1997.
Controller		Ms. Wu has functioned as the lead accountant for the day to day
(2001 – present)		operation of the Fund. Ms. Wu currently is the Senior Accountant of
		Bridges Investment Counsel, Inc. Prior to her employment at Bridges
		Investment Management, Inc., Ms. Wu performed operating and
		accounting activities for 17 years in the Estate and Trust Department
		of the predecessor institutions to U.S. Bank, N.A. Nebraska. Ms. Wu
		was elected to the position of Controller of the Fund at the October 16,
		2001 meeting of the Board of Directors. Ms. Wu is also Vice President,
		Accounting and Internal Audits, for Provident Trust Company.

*	Except as otherwise indicated, each individual has held the position shown or other positions in the same company for the last five years.

The address for all Fund Officers is, 8401 West Dodge Road, Suite 256, Omaha, Nebraska 68114

The Statement of Additional Information (SAI) includes additional information about Fund directors and is available at the Fund’s website, www.bridgesfund.com, or by calling 1-800-939-8401.

-30-

(This Page Intentionally Left Blank.)

BRIDGES INVESTMENT FUND, INC.

8401 West Dodge Road

Omaha, Nebraska 68114

Telephone 402-397-4700

Facsimile 402-397-8617

Directors


	Daniel J. Brabec	Adam M. Koslosky
	Edson L. Bridges III	Robert T. Slezak
	Robert W. Bridges	Kelly A. Walters
	Nathan Phillips Dodge III	Lyn Wallin Ziegenbein

Officers


	Robert T. Slezak	Chairman and Lead Independent Director
	Adam M. Koslosky	Vice Chairman
	Edson L. Bridges II	Chairman Emeritus
	Edson L. Bridges III	President and Chief Executive and
		Investment Officer
	Brian M. Kirkpatrick	Executive Vice President
	Mary Ann Mason	Secretary
	Nancy K. Dodge	Treasurer and Chief Compliance Officer
	Trinh Wu	Controller

Independent Registered Public Accounting Firm

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, Ohio 44115

Corporate Counsel	Counsel to Independent Directors

Baird, Holm, LLP	Husch Blackwell LLP
Attorneys at Law	13330 California Street
1500 Woodmen Tower	Suite 200
Omaha, Nebraska 68102	Omaha, Nebraska 68154

Distributor

Quasar Distributors, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a)

The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a)	(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Incorporated by reference to the Registrant’s Form N-CSR filed March 3, 2008.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c‑1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(b)	Certifications pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002. Furnished 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

By (Signature and Title)* /s/ Edson L. Bridges III

Edson L. Bridges III, President, CEO, CIO

Date 8/24/17

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 8/24/17

By (Signature and Title)* /s/ Brian M. Kirkpatrick

Brian M. Kirkpatrick, Executive Vice President

Date 8/24/17

By (Signature and Title)* /s/ Nancy K. Dodge

Nancy K. Dodge

Treasurer/Principal Financial Officer, CCO

Date 8/24/17

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

CERTIFICATIONS

I, Edson L. Bridges III, certify that:

1.	I have reviewed this report on Form N-CSR 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;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report 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: 8/24/17

/s/ Edson L. Bridges III

Edson L. Bridges III
President, CEO, CIO

CERTIFICATIONS

I, Brian M. Kirkpatrick, certify that:

6.	I have reviewed this report on Form N-CSR of Bridges Investment Fund, Inc.;

7.	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;

(e)

(f)

(g)	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; and

(h)

10.	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):

(c)	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

(d)	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: 8/24/17

/s/ Brian M. Kirkpatrick

Brian M. Kirkpatrick
Executive Vice President

CERTIFICATIONS

I, Nancy K. Dodge, certify that:

1.	I have reviewed this report on Form N-CSR 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;

(a)

(b)

(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; and

(d)

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: 8/24/17

/s/ Nancy K. Dodge
Nancy K. Dodge
Treasurer/Principal Financial Officer, CCO

/s/ Edson L. Bridges III Edson L. Bridges III President, CEO, CIO Bridges Investment Fund, Inc.	/s/ Brian M. Kirkpatrick Brian M. Kirkpatrick Executive Vice President Bridges Investment Fund, Inc.
Dated: 8/24/17	Dated: 8/24/17