-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, L6yOUpQCtzeFl0vBEPrkQi+OtYvk8ph3pq2QfI23USM6Z8shal4aByc5sx7nUzhn DiC5BowzV0Eug1MWCsA8aw== 0000894189-08-001624.txt : 20080528 0000894189-08-001624.hdr.sgml : 20080528 20080528172649 ACCESSION NUMBER: 0000894189-08-001624 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080528 DATE AS OF CHANGE: 20080528 EFFECTIVENESS DATE: 20080528 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRIDGES INVESTMENT FUND INC CENTRAL INDEX KEY: 0000014170 IRS NUMBER: 476027880 STATE OF INCORPORATION: NE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-01209 FILM NUMBER: 08864373 BUSINESS ADDRESS: STREET 1: 8401 W DODGE RD STREET 2: SUITE 256 CITY: OMAHA STATE: NE ZIP: 68114 BUSINESS PHONE: 4023974700 MAIL ADDRESS: STREET 1: 8401 WEST DODGE ROAD STREET 2: SUITE 256 CITY: OMAHA STATE: NE ZIP: 68114 0000014170 S000006176 Bridges Investment Fund, Inc. C000017015 Bridges Investment Fund, Inc. BRGIX N-Q 1 bridges_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS bridges_nq.htm

 
 

 
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)



8401 West Dodge Road, Suite 256
Omaha, Nebraska 68114
(Address of principal executive offices) (Zip code)



Edson L. Bridges III
8401 West Dodge Road, Suite 256
Omaha, Nebraska 68114
(Name and address of agent for service)



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



Date of fiscal year end: December 31


Date of reporting period:  March 31, 2008


 
Item 1. Schedule of Investments.
 
 
Schedule of Investments
               
March 31, 2008
             
Bridges Investment Fund
             
(Unaudited)
               
       
Shares
 
Cost
 
Value
COMMON STOCKS - 92.02%
             
Aerospace & Defense - 1.20%
           
Boeing Co.
     
11,500
$
1,060,893
$
855,255
Air Freight & Logistics - 1.96%
             
FedEx Corp.
     
15,000
$
1,136,870
$
1,390,050
Auto Components - 1.90%
             
Johnson Controls, Inc.
   
40,000
$
1,337,801
$
1,352,000
Beverages - 2.54%
             
PepsiCo, Inc.
   
25,000
$
698,139
$
1,805,000
Biotechnology - 2.18%
             
Gilead Sciences, Inc. (a)
   
30,000
$
1,230,532
$
1,545,900
Capital Markets - 6.83%
             
American Capital Strategies Ltd.
 
10,500
$
393,669
$
358,680
Franklin Resources, Inc.
   
7,500
 
918,585
 
727,425
The Goldman Sachs Group, Inc.
   
11,000
 
1,358,186
 
1,819,290
State Street Corp.
   
13,000
 
283,490
 
1,027,000
T. Rowe Price Group, Inc.
   
18,500
 
901,166
 
925,000
         
$
3,855,096
$
4,857,395
Chemicals - 0.36%
             
Praxair, Inc.
     
3,000
$
246,558
$
252,690
Commercial Banks - 2.25%
             
Wells Fargo & Co.
   
55,000
$
1,273,945
$
1,600,500
Commercial Services & Supplies - 0.86%
           
Strayer Education, Inc.
   
4,000
$
657,775
$
610,000
Communications Equipment - 7.13%
           
Cisco Systems, Inc. (a)
   
68,000
$
1,068,401
$
1,638,120
Harris Corp.
     
12,000
 
676,797
 
582,360
Nokia Corp. - ADR
   
25,000
 
894,963
 
795,750
QUALCOMM, Inc.
   
50,000
 
1,905,420
 
2,050,000
         
$
4,545,581
$
5,066,230
Computers & Peripherals - 2.22%
             
Apple Computer, Inc. (a)
   
11,000
$
1,337,575
$
1,578,500
Construction & Engineering - 0.41%
           
Jacobs Engineering Group, Inc. (a)
 
4,000
$
303,638
$
294,360
Consumer Electronics - 0.72%
             
Garmin Ltd.
     
9,500
$
542,506
$
513,095
Consumer Finance - 4.73%
             
American Express Co.
   
15,000
$
843,886
$
655,800
Capital One Financial Corp.
   
55,000
 
2,011,517
 
2,707,100
         
$
2,855,403
$
3,362,900
Depository Institutions - 1.75%
             
First National of Nebraska, Inc.
 
225
$
387,969
$
1,243,125
Diversified Financial Services - 2.25%
           
CME Group, Inc.
   
2,300
$
1,289,713
$
1,078,930
Moody's Corp.
     
15,000
 
692,220
 
522,450
         
$
1,981,933
$
1,601,380
Electrical Equipment - 1.42%
             
Roper Industries, Inc.
   
17,000
$
978,172
$
1,010,480
Energy Equipment & Services - 3.15%
           
Smith International, Inc.
   
18,000
$
907,371
$
1,156,140
Transocean, Inc. (a)
   
8,000
 
919,518
 
1,081,600
         
$
1,826,889
$
2,237,740
Health Care Equipment & Supplies - 3.86%
           
Stryker Corp.
     
13,500
$
668,133
$
878,175
Zimmer Holdings, Inc. (a)
   
24,000
 
1,567,173
 
1,868,640
         
$
2,235,306
$
2,746,815
Health Care Providers & Services - 3.56%
           
Express Scripts, Inc. (a)
   
27,000
$
983,657
$
1,736,640
Wellpoint, Inc. (a)
   
18,000
 
1,262,826
 
794,340
         
$
2,246,483
$
2,530,980
Household Durables - 1.00%
             
D.R. Horton, Inc.
   
45,000
$
486,082
$
708,750
Insurance - 3.12%
             
American International Group, Inc.
 
15,000
$
816,141
$
648,750
Berkshire Hathaway, Inc. (a)
   
350
 
492,609
 
1,565,515
         
$
1,308,750
$
2,214,265
Internet & Catalog Retail - 1.47%
             
eBay, Inc. (a)
     
35,000
$
740,676
$
1,044,400
Internet Software & Services - 1.43%
           
Google, Inc. (a)
   
2,300
$
1,213,698
$
1,013,081
IT Services - 3.17%
             
Mastercard, Inc.
   
8,000
$
1,349,632
$
1,783,920
Visa, Inc. (a)
     
7,500
 
474,857
 
467,700
         
$
1,824,489
$
2,251,620
Media - 0.65%
               
The McGraw-Hill Companies, Inc.
 
12,500
$
543,073
$
461,875
Multiline Retail - 1.85%
             
Target Corp.
     
26,000
$
642,457
$
1,317,680
Oil & Gas - 8.87%
             
Apache Corp.
   
20,000
$
1,394,516
$
2,416,400
Chesapeake Energy Corp.
   
38,000
 
1,192,074
 
1,753,700
Chevron Corp.
     
25,000
 
804,047
 
2,134,000
         
$
3,390,637
$
6,304,100
Oil, Gas & Consumable Fuels - 3.94%
           
Anadarko Petroleum Corp.
 
30,000
$
1,086,505
$
1,890,900
BP, PLC - ADR
     
15,000
 
368,832
 
909,750
         
$
1,455,337
$
2,800,650
Pharmaceuticals - 4.74%
             
Alcon, Inc.
     
6,700
$
944,605
$
953,075
Allergan, Inc.
     
21,500
 
873,728
 
1,212,385
Teva Pharmaceutical Industries, Ltd. - ADR
 
26,000
 
713,139
 
1,200,940
         
$
2,531,472
$
3,366,400
Road & Rail - 1.94%
             
Union Pacific Corp.
   
11,000
$
1,198,555
$
1,379,180
Semiconductor & Semiconductor Equipment - 1.30%
         
MEMC Electronic Materials, Inc. (a)
 
13,000
$
870,369
$
921,700
Software - 1.33%
               
Autodesk, Inc. (a)
   
30,000
$
1,228,557
$
944,400
Specialty Retail - 4.65%
             
Best Buy Co, Inc.
   
52,000
$
1,225,653
$
2,155,920
Lowe's Cos, Inc.
     
50,000
 
1,382,808
 
1,147,000
         
$
2,608,461
$
3,302,920
Tobacco - 1.28%
               
Altria Group, Inc.
   
12,500
$
182,118
$
277,500
Philip Morris Intl, Inc. (a)
   
12,500
 
408,388
 
632,250
         
$
590,506
$
909,750
TOTAL COMMON STOCKS (Cost $51,372,183)
   
$
51,372,183
$
65,395,166
       
Principal
       
       
Amount
 
Cost
 
Value
CORPORATE BONDS - 3.99%
             
Consumer Finance - 0.43%
             
Ford Motor Credit Co.
             
    7.875%, 06/15/2010
 
$
350,000
$
345,060
$
305,178
Depository Institutions - 0.39%
             
First National Bank Of Omaha
           
    7.320%, 12/01/2010
   
250,000
$
255,162
$
274,544
Diversifed Financial Services - 0.39%
           
MBNA Corporation Senior Note
           
    7.500%, 03/15/2012
   
250,000
$
258,717
$
277,474
Diversified Telecommunication Services - 0.72%
           
Level 3 Communications, Inc.
           
    11.500%, 03/01/2010
   
500,000
$
469,376
$
512,450
Electric Utilities - 0.40%
             
Duke Capital Corp.
             
    8.000%, 10/01/2019
   
250,000
$
272,194
$
282,633
Health Care Providers & Services - 0.37%
           
Cardinal Health, Inc.
             
    6.750%, 02/15/2011
   
250,000
$
254,151
$
265,019
Multiline Retail - 0.51%
             
Dillard Department Stores, Inc.
           
    7.850%, 10/01/2012
   
150,000
$
150,513
$
134,250
JCPenney Co., Inc.
             
    7.400%, 04/01/2037
   
250,000
 
263,206
 
231,075
         
$
413,719
$
365,325
Semiconductor & Semiconductor Equipment - 0.41%
         
Applied Materials, Inc.
             
    7.125%, 10/15/2017
   
250,000
$
254,752
$
289,539
Tobacco - 0.37%
               
Reynolds American, Inc.
             
    7.250%, 06/01/2012
   
250,000
$
255,644
$
264,452
TOTAL CORPORATE BONDS (Cost $2,778,775)
   
$
2,778,775
$
2,836,614
U.S. TREASURY OBLIGATIONS - 0.55%
           
United States Treasury Bond - 0.55%
           
    7.500%, 11/15/2016
   
300,000
$
305,036
$
391,875
TOTAL U.S. TREASURY OBLIGATIONS (Cost $305,036)
 
$
305,036
$
391,875
SHORT TERM INVESTMENTS - 4.70%
           
Commercial Paper - 4.01%
             
American Express Co.
             
    2.300% (b)
   
$
1,500,000
$
1,499,731
$
1,499,731
General Electric Capital Corp.
             
    2.100% (b)
     
350,000
 
350,000
 
350,000
Prudential Funding Corp.
             
    2.050% (b)
     
1,000,000
 
1,000,000
 
1,000,000
         
$
2,849,731
$
2,849,731
Mutual Funds - 0.69%
             
SEI Daily Income Trust Treasury Fund
           
4.77%
     
488,305
$
488,305
$
488,305
TOTAL SHORT TERM INVESTMENTS (Cost $3,338,036)
 
$
3,338,036
$
3,338,036
                 
Total Investments  (Cost $57,794,030) - 101.26%
   
$
57,794,030
$
71,961,691
Liabilities in Excess of Other Assets - (1.26)%
         
-895,685
TOTAL NET ASSETS - 100.00%
         
$
71,066,006
                 
 
Percentages are stated as a percent of net assets.
 
ADR
American Depository Receipt.
(a)
Non income producing.
(b)
Variable rate security.  The rate shown is as of March 31, 2008 and can change periodically.
   
The cost basis of investments for federal income tax purposes at March 31, 2008 was as follows:1
 
Cost of investments
$        57,794,030
 
     
Gross unrealized appreciation
      16,981,289
 
Gross unrealized depreciation
      (2,813,628)
 
Net unrealized appreciation
$       14,167,661
 
 
1Because tax adjustments are calculated annually, the above table does not reflect tax adjustments.  For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements section in the Fund's most recent semi-annual or annual report.
 
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable.
 
The following is a summary of the inputs used, as of March 31, 2008, involving the Fund's assets carried at value.  The
inputs of methology used for valuing securities may not be an indication of the risk associated with investing
 
in those securities.
           
               
Description
 
Level 1
Level 2
Level 3
 
Total
 
               
Invesments in Securities
 $   62,977,031
$     8,984,660
 $                  
 
 $   71,961,691
 
   
 
 
 
 
 
 
Other Financial Instruments*
 $                 
$                  
 $                 
 
 $                  
 
       
 
     
* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation / depreciation on the instrument.
 
 


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”)) 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 and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(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) 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 and
Chief Executive and Investment Officer

Date                      5/23/08                                                                                                       



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 and
Chief Executive and Investment Officer

Date                      5/23/08                                                                                                       

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

Date                      5/23/08                                                                                                       


By (Signature and Title)*                   /s/ Nancy K. Dodge                                               
Nancy K. Dodge, Treasurer and
Chief Compliance Officer

Date                      5/23/08                                                                                                       



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

EX-99.CERT 2 certs.htm OFFICER CERTIFICATIONS certs.htm

 
CERTIFICATION
 
I, Edson L. Bridges III, certify that:

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

3.  
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.  
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;

(d)       
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter 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:           5/23/08                
/s/ Edson L. Bridges III                                                        
 
Edson L. Bridges III
President and Chief Executive and Investment Officer
 
 
 

 
 
CERTIFICATION
 
I, Brian Kirkpatrick, certify that:

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

3.  
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.  
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;

(d)       
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter 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:           5/23/08                
/s/ Brian Kirkpatrick                                                             
 
Brian Kirkpatrick
Executive Vice President
 
 
 

 
 
CERTIFICATION
 
I, Nancy K. Dodge, certify that:

6.  
I have reviewed this report on Form N-Q 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;

8.  
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

9.  
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:

(e)       
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;

(f)        
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;

(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;

(h)       
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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:           5/23/08                 
/s/ Nancy K. Dodge                                                             
 
Nancy K. Dodge
Treasurer and Chief Compliance Officer
 

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