Report 
 
      
Registrant:   Bridges Investment Fund, Inc. — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end:  12/31/14

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  Yes
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      14170
SEC File #:   811-01209

Telephone #:  402-397-4700
 
 2.
Address:      8401 West Dodge Road, Suite 256
              Omaha, NE  68114
 
 3.
Is this the first Form N-SAR filed by the Registrant?  No
 
 4.
Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  No
 
Investment Adviser 
 
 8.1
Name:         Bridges Investment Management, Inc.
Role:         Adviser
SEC File #:   801-57056
Location:     Omaha, NE
 
Administrator 
 
10.1
Name:         US Bancorp Fund Services, LLC
SEC File #:   085-11357
Location:     Milwaukee, WI
 
Principal Underwriter 
 
11.1
Name:         Quasar Distributors, LLC
SEC File #:   008-52323
Location:     Milwaukee, WI
 
Shareholder Servicing/Transfer Agent 
 
12.1
Name:         US Bancorp Fund Services, LLC
SEC File #:   085-11357
Location:     Milwaukee, WI
 
Independent Public Accountant 
 
13.1
Name:         Cohen Fund Audit Services, Ltd.
Location:     Cleveland, OH
 
Custodian 
 
15.1
Name:         US Bank, N.A.
Role:         Custodian
Location:     Milwaukee, WI

Type of custody:  Section 17(f)(1) — Bank
 
18.
Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
Family of Investment Companies 
 
19.
Is the Registrant/Series part of a “family” of investment companies?  No
 
Brokerage Commissions Paid on Portfolio Transactions 
 
20.
The brokers who received the largest amount of gross brokerage
commissions during the period:
 
20.1
Broker:       Capital Institutional Services, Inc.
Commissions paid ($000s):  10
 
20.2
Broker:       Fintech Securities
Commissions paid ($000s):  7
 
20.3
Broker:       Trade Manage
Commissions paid ($000s):  4
 
21.
Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s):  21
 
Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.
At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
Considerations which Affected the Participation of Brokers or Dealers 
 
26.
Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ...............................  No
Receipt of investment research and statistical info ....................  Yes
Receipt of quotations for portfolio valuations .........................  No
Ability to execute portfolio transactions to obtain the best price
  and execution ........................................................  Yes
Receipt of telephone line and wire services ............................  No
Broker or Dealer which is an affiliated person .........................  No
An arrangement to return or credit part or all of commissions or
  profits thereon...
    To an Investment Adviser or Principal Underwriter, or to an
      affiliated person of either ......................................  No
    To the Registrant ..................................................  No
Other ..................................................................  No
 
Investment Company Type 
 
27.
Is the Registrant an “open-end” investment company?  Yes, Open-End
 
Sales and Repurchases 
 
28.
Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 273
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 198
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 60
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 208
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 857
      Reinvestment of dividends and distributions ................
 117
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 202
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 334
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 86
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 257
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 152
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 232
      Reinvestment of dividends and distributions ................
 3,892
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 399

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 2,013
      Reinvestment of dividends and distributions ................
 4,009
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 1,245

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  0
 
Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.
Was a front-end sales load deducted from any share sales during the
period?  No
 
34.
Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period?  No
 
Advisory Fee 
 
45.
Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.
Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.
Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.
Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.5%
    Step-fee rates:
      For 1st $000s:  0
        Annual rate:  0.0%
 
49.
Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.
Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.
Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  No
 
54.
Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................  Yes
Clerical and bookkeeping services ......................................  No
Accounting services ....................................................  No
Services of independent auditors .......................................  No
Services of outside counsel ............................................  Yes
Registration and filing fees ...........................................  Yes
Stationery, supplies and printing ......................................  No
Salaries & compensation of Registrant’s interested Directors ...........  Yes
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  Yes
Reports to current shareholders ........................................  No
Determination of offering and redemption prices ........................  No
Trading department .....................................................  Yes
Prospectus preparation and printing for current shareholders ...........  No
Other ..................................................................  No
 
Miscellaneous Info 
 
55.
Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.
During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  Yes
 
57.
Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
Classification and Asset Allocation 
 
58.
Is the Registrant/Series a Separate Account of an insurance company?  No
 
59.
Is the Registrant/Series a management investment company?  Yes
 
60.
Was the Registrant/Series a diversified investment company at any time
during the period?  Yes

Was the Registrant/Series a diversified investment company at the end of
the period?  Yes
 
61.
The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $1,000
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
66.
Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  Yes

Which best describes its primary investment objective:

    Aggressive capital appreciation?  No
               Capital appreciation?  Yes
    Growth?                           No
    Growth and income?                No
               Income?                No
    Total return?                     No
 
67.
Is the Registrant/Series a “balanced” Fund?  No
 
68.
Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.
Is the Registrant/Series an index Fund?  No
 
Investment Practices 
 
70.
Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes      No
Writing or investing in options on equities?             Yes      No
Writing or investing in options on debt securities?      No        –
Writing or investing in options on stock indices?        No        –
Writing or investing in interest rate futures?           Yes      No
Writing or investing in stock index futures?             Yes      No
Writing or investing in options on futures?              No        –
Writing or investing in options on stock index futures?  No        –
Writing or investing in other commodity futures?         No        –
Investments in restricted securities?                    No        –
Investments in shares of other investment companies?     Yes to both
Investments in securities of foreign issuers?            Yes to both
Currency exchange transactions?                          Yes      No
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  Yes      No
Margin purchases?                                        No        –
Short selling?                                           No        –
 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  16,508
Sales ($000s):      15,536

Monthly average Value of portfolio ($000s):  113,974

Percent turnover (lesser of Purchases or Sales, divided by Value):  14%
 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12

Income  ($000s)
Net interest income ..............................................
 63
Net dividend income ..............................................
 1,498
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 584
Administrator fees ...............................................
 124
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 43
Custodian fees ...................................................
 15
Postage ..........................................................
 –
Printing expenses ................................................
 12
Directors’ fees ..................................................
 45
Registration fees ................................................
 13
Taxes ............................................................
 1
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 51
Auditing fees ....................................................
 16
Legal fees .......................................................
 10
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 –
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 16
Total expenses ...................................................
 930

Expense reimbursements ($000s):   0

Net investment income ($000s):    631

Realized capital gains ($000s):   3,365
Realized capital losses ($000s):  0

Net unrealized appreciation during the period ($000s):  6,460
Net unrealized depreciation during the period ($000s):  0

Total income dividends for which the record date passed during the
period ($000s):  634

Total capital gains distributions for which the record date passed
during the period ($000s):  4,094
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.2650

Distribution of capital gains:  $1.7149
Other distributions:            $0.0000
 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 2
Repurchase agreements ............................................
 –
Short-term debt securities, other than repurchase agreements .....
 –
Long-term debt securities, including convertible debt ............
 1,018
Preferred, conv. preferred and adjustable-rate preferred stock ...
 –
Common stock .....................................................
 106,033
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 15,114
Receivables from portfolio instruments sold ......................
 –
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 157
All other assets .................................................
 15
Total assets .....................................................
 122,339

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 –
Amounts owed to affiliated persons ...............................
 146
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 91

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 122,102

Number of shares outstanding (000s):   2,464

Net Asset Value (NAV) per share (to nearest cent):  $49.56

Total number of shareholder accounts:  489

Total value of assets in segregated accounts ($000s):  0
 
75.
Monthly average net assets during the period ($000s):  116,013
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77B:  Accountant’s Report re: Internal Controls?  Yes
 
Subsidiaries 
 
78.
Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Ici Mutual Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  600
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  Yes

How many other investment companies or other entities are covered by the
bond (counting each Fund/Series as a separate investment company):  6
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  Yes

The amount of the deductible ($000s):  25
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      Nancy K. Dodge      
Name:   Nancy K. Dodge
Title:  Treasurer & CCO