NPORT-EX 2 bridgesv2.htm

BRIDGES INVESTMENT FUND, INC.
 
SCHEDULE OF INVESTMENTS
 
MARCH 31, 2020
(unaudited)

Title of Security
  
Shares
    
Cost
    
Value
  
COMMON STOCKS - 98.03%
                  
Administrative and Support Services - 6.53%
                  
Alcon, Inc. (a)
    
30,000
    
$
1,710,029
    
$
1,524,600
  
Booking Holdings, Inc. (a)
    
2,300
      
1,591,673
      
3,094,236
  
PayPal Holdings, Inc. (a)
    
35,000
      
871,561
      
3,350,900
  
ServiceMaster Global Holdings, Inc. (a)
    
20,000
      
546,180
      
540,000
  
TransUnion
    
25,000
      
2,013,923
      
1,654,500
  
           
$
6,733,366
    
$
10,164,236
  
Air Transportation - 0.64%
                        
Delta Air Lines, Inc.
    
35,000
    
$
1,795,879
    
$
998,550
  
Amusement, Gambling, and Recreation Industries - 1.86%
                        
The Walt Disney Co.
    
30,000
    
$
1,588,580
    
$
2,898,000
  
Beverage and Tobacco Product Manufacturing - 1.00%
                        
PepsiCo, Inc.
    
13,000
    
$
632,331
    
$
1,561,300
  
Broadcasting (except Internet) - 0.88%
                        
Comcast Corp. - Class A
    
40,000
    
$
947,928
    
$
1,375,200
  
Building Material and Garden Equipment and Supplies Dealers - 2.22%
                        
Home Depot, Inc.
    
13,000
    
$
1,941,152
    
$
2,427,230
  
Lowe's Companies, Inc.
    
12,000
      
966,066
      
1,032,600
  
           
$
2,907,218
    
$
3,459,830
  
Chemical Manufacturing - 2.14%
                        
Amgen, Inc.
    
10,000
    
$
1,609,946
    
$
2,027,300
  
Johnson & Johnson
    
10,000
      
866,300
      
1,311,300
  
           
$
2,476,246
    
$
3,338,600
  
Computer and Electronic Product Manufacturing - 20.41%
                        
Alphabet, Inc. - Class A (a)
    
4,000
    
$
847,060
    
$
4,647,800
  
Alphabet, Inc. - Class C (a)
    
4,010
      
844,083
      
4,662,868
  
Apple, Inc.
    
55,000
      
932,215
      
13,985,950
  
Ecolab, Inc.
    
15,000
      
1,436,988
      
2,337,450
  
NVIDIA Corp.
    
10,000
      
2,316,829
      
2,636,000
  
Palo Alto Networks, Inc. (a)
    
11,000
      
2,379,070
      
1,803,560
  
Thermo Fisher Scientific, Inc.
    
6,000
      
879,267
      
1,701,600
  
           
$
9,635,512
    
$
31,775,228
  
Credit Intermediation and Related Activities - 4.74%
                        
Capital One Financial Corp.
    
20,000
    
$
542,706
    
$
1,008,400
  
JPMorgan Chase & Co.
    
30,000
      
1,721,192
      
2,700,900
  
SVB Financial Group (a)
    
12,000
      
2,426,971
      
1,812,960
  
Wells Fargo & Co.
    
65,000
      
1,722,623
      
1,865,500
  
           
$
6,413,492
    
$
7,387,760
  
Data Processing, Hosting and Related Services - 1.22%
                        
Fiserv, Inc. (a)
    
20,000
    
$
971,166
    
$
1,899,800
  
Electrical Equipment, Appliance, and Component Manufacturing - 1.00%
                        
Eaton Corp. Plc
    
20,000
    
$
863,312
    
$
1,553,800
  
Food Services and Drinking Places - 1.52%
                        
Casey's General Stores, Inc.
    
3,000
    
$
439,892
    
$
397,470
  
Starbucks Corp.
    
30,000
      
561,000
      
1,972,200
  
           
$
1,000,892
    
$
2,369,670
  
Health and Personal Care Stores - 1.13%
                        
Ulta Beauty, Inc. (a)
    
10,000
    
$
2,471,542
    
$
1,757,000
  
Insurance Carriers and Related Activities - 5.38%
                        
Berkshire Hathaway, Inc. - Class B (a)
    
20,000
    
$
678,649
    
$
3,656,600
  
The Progressive Corp.
    
20,000
      
1,409,657
      
1,476,800
  
UnitedHealth Group, Inc.
    
13,000
      
3,145,097
      
3,241,940
  
           
$
5,233,403
    
$
8,375,340
  
Machinery Manufacturing - 1.60%
                        
Roper Technologies, Inc.
    
8,000
    
$
335,931
    
$
2,494,480
  
Merchant Wholesalers, Durable Goods - 0.96%
                        
IAA, Inc.(a)
    
50,000
    
$
1,900,153
    
$
1,498,000
  
Miscellaneous Manufacturing - 0.36%
                        
Edwards Lifesciences Corp. (a)
    
3,000
    
$
508,713
    
$
565,860
  
Nonstore Retailers - 6.26%
                        
Amazon.com, Inc. (a)
    
5,000
    
$
1,231,664
    
$
9,748,600
  
Other Information Services - 2.36%
                        
Facebook, Inc. - Class A (a)
    
22,000
    
$
2,108,799
    
$
3,669,600
  
Petroleum and Coal Products Manufacturing - 0.70%
                        
Chevron Corp.
    
15,000
    
$
1,086,832
    
$
1,086,900
  
Professional, Scientific, and Technical Services - 12.67%
                        
MasterCard, Inc. - Class A
    
55,000
    
$
936,892
    
$
13,285,800
  
Visa, Inc. - Class A
    
40,000
      
1,087,480
      
6,444,800
  
           
$
2,024,372
    
$
19,730,600
  
Publishing Industries (except Internet) - 10.41%
                        
Adobe, Inc. (a)
    
12,000
    
$
3,463,758
    
$
3,818,880
  
Autodesk, Inc. (a)
    
13,000
      
1,985,801
      
2,029,300
  
Microsoft Corp.
    
52,000
      
6,470,467
      
8,200,920
  
salesforce.com, Inc. (a)
    
15,000
      
2,246,082
      
2,159,700
  
           
$
14,166,108
    
$
16,208,800
  
Rail Transportation - 2.54%
                        
Union Pacific Corp.
    
28,000
    
$
806,918
    
$
3,949,120
  
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 7.00%
                        
BlackRock, Inc.
    
10,000
    
$
2,494,205
    
$
4,399,700
  
Intercontinental Exchange, Inc.
    
16,000
      
1,399,966
      
1,292,000
  
S&P Global, Inc.
    
13,000
      
2,334,390
      
3,185,650
  
The Charles Schwab Corp.
    
60,000
      
2,486,456
      
2,017,200
  
           
$
8,715,017
    
$
10,894,550
  
Transportation Equipment Manufacturing - 0.48%
                        
Boeing Co.
    
5,000
    
$
1,708,680
    
$
745,700
  
Truck Transportation - 2.02%
                        
Old Dominion Freight Line, Inc.
    
24,000
    
$
2,220,361
    
$
3,150,240
  
                         
TOTAL COMMON STOCKS
          
$
80,484,415
    
$
152,656,764
  
                         
SHORT-TERM INVESTMENTS - 3.06%
                        
Mutual Funds - 3.06%
                        
First American Treasury Obligations Fund - Class X, 0.330% (b)
    
4,760,482
    
$
4,760,482
    
$
4,760,482
  
                         
TOTAL SHORT-TERM INVESTMENTS
          
$
4,760,482
    
$
4,760,482
  
                         
TOTAL INVESTMENTS - 101.09%
          
$
85,244,897
    
$
157,417,246
  
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.09)%
                    
(1,718,146
)
TOTAL NET ASSETS - 100.00%
                  
$
155,699,100
  

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 ,2020.
        
             
The accompanying notes are an integral part of the 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, 2020 maximized the use of observable inputs and minimized the use of unobservable inputs.  During the three months ended March 31, 2020, no securities held by the Fund were deemed as Level 3.

         
The following is a summary of the inputs used as of March 31, 2020, in valuing the Fund's investments carried at fair value:

Description
  
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Investments
                        
Common Stocks
  
$
152,656,764
    
$
-
    
$
-
    
$
152,656,764
  
Short-Term Investments
    
4,760,482
      
-
      
-
      
4,760,482
  
Total Investments in Securities
  
$
157,417,246
    
$
-
    
$
-
    
$
157,417,246
  
                                 
Refer to the Schedule of Investments for further information on the classification of investments.