Bridges Investment Fund NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-01209

Bridges Investment Fund, Inc.
(Exact name of registrant as specified in charter)

P.O. Box 542021

Omaha, NE 68154
(Address of principal executive offices) (Zip code)

Edson A. Bridges III

P.O. Box 542021

Omaha, NE 68154
(Name and address of agent for service)

(402) 397-4700

Registrant's telephone number, including area code

Date of fiscal year end: December 31, 2020

Date of reporting period: June 30, 2020

Item 1. Reports to Stockholders.

Semi-Annual

Shareholder Report

2020

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission (the “SEC”), paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund (defined herein) or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website (www.bridgesfund.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-866-934-4700 or by sending an e-mail request to fund@bridgesinv.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-866-934-4700 or by send an e-mail request to fund@bridgesinv.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary.

P.O. Box 542021 - Omaha, NE 68154

P: (402) 397-4700 F: (402) 397-1555 www.bridgesfund.com

(This Page Intentionally Left Blank.)

Contents of Report

Page 1	Shareholder Letter
Exhibit 1	Portfolio Transactions During the
Pages 4-5	Period from January 1, 2020 through
	June 30, 2020
Exhibit 2	Selected Historical Financial Information
Pages 6-7
Pages 8-9	Expense Example
Page 10	Allocation of Portfolio Holdings
Pages 11-24	Financial Statements
Pages 25-31	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.

Fund holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security. Current and future portfolio holdings are subject to risk. Please refer to the Schedule of Investments for complete fund holdings.

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. You cannot invest directly in a specific index.

Free Cash Flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. Free cash flow (FCF) represents the cash that a company is able to generate after laying out the money required to maintain or expand its asset base.

The Price-to-Earnings Ratio or P/E ratio is a ratio for valuing a company that measures its current share price relative to its per-share earnings.

Earnings growth for a Fund holding does not guarantee a corresponding increase in market value of the holding or the Fund.

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.

While the fund is no-load, management fees and other expenses still apply.

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

July 6, 2020

Dear Shareholder:

Bridges Investment Fund had a total return of 26.30% in the second quarter of 2020, which bettered the 20.54% advance in the S&P 500 over the same period. For the twelve-month period ended June 30, 2020, the Fund had a total return of 13.90% versus a 7.51% total return for the S&P 500. For the three-year period ended June 30, 2020, the Fund had an average annual total return of 13.04% versus 10.73% for the S&P 500. For the five-year period ended June 30, 2020, the Fund had an average annual total return of 10.69% versus 10.73% for the S&P 500. For the ten-year period ended June 30, 2020, the Fund had an average annual total return of 13.24% versus 13.99% for the S&P 500. The Fund’s expense ratio is 0.80%.

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.

During the first quarter of 2020, the U.S. stock market experienced an unprecedented decline due to the onset of the COVID-19 virus, and the economic impact of efforts to mitigate the spread of the virus across the globe, which brought the U.S. economy to a full stop in a matter of several weeks. The S&P 500 declined 34% in the 23 trading days between February 19 and March 23, the largest decline in its history over such a short period of time.

The monetary and fiscal policy responses to the resulting recession, which saw unemployment spike to over 20% in the U.S., were both fast and more importantly, massive.

U.S. equities bottomed on March 23, with the S&P 500 briefly trading below 2,200, after having set an all-time high on February 19 just short of 3,400.

Stocks performed very well during the second quarter, recovering much of the ground that was given up in late February and into mid-March.

The S&P 500 closed the second quarter at 3,100, 40% above the March 23 low, up 20% for the quarter, and about 9% below the February 19 all-time high.

The speed and magnitude of the March 23-June 30 stock market advance surprised many investors and market commentators, especially given 1) the virus continued to spread rapidly in the U.S. during June, as many states began to reopen their economies, and 2) many economic datapoints, while showing signs of improvement, still remain deep in recessionary territory.

The wide gap between recessionary economic conditions and worsening data around the growth of the virus on the one hand, and the strong performance of stocks in the second quarter on the other hand, has raised questions around the sustainability of the stock market’s recovery.

Shareholder Letter

July 6, 2020

We believe that there are several reasons why stocks have recovered quickly from the March low, and why stocks may continue to work higher on balance over time:

	1.	The huge monetary stimulus implemented in March has created excess liquidity, some of which has found its way into equities;

	2.	Interest rates remain at very low levels, which support higher than normal valuations for stocks;

	3.	Investors, in a very low interest rate environment, have become more willing to look past corporate earnings for 2020 (and possibly 2021), given the sharp decline in corporate profitability due to the recession, and given the difficulty in forecasting the timing, shape, and magnitude of an eventual economic recovery.

Despite the sharp rally in the stock market over the past several months, there remain significant risks to the outlook over the next year or two.

First, the virus continues grow in the U.S., with daily cases rising sharply in some states. It is uncertain if or when a vaccine may be developed, and it is possible that the virus’ growth could accelerate in the fall when schools reopen.

Second, the U.S. economy, while showing improvement from March data, still remains firmly in recession territory, and the pace of economic improvement will be affected by the virus.

Third, even if the virus is contained by the development of effective treatments, consumer sentiment may be slow to recover, particularly if large segments of the population are uncomfortable abandoning social distancing behavior, which could negatively impact important economic sectors such as travel, entertainment, and hospitality.

Finally, the sharp increase in social unrest in recent months could impact the outcomes in the November elections; significant post-election changes could include tax increases to pay for the large fiscal rescue/stimulus programs implemented in March, and/or sharp increases in wealth transfer payments for social programs.

We raised some cash in the Fund in the second quarter as the stock market rallied sharply, and as some of the Fund’s largest positions moved closer to, or somewhat above, our estimate of fair value.

During the quarter, we trimmed Apple, Booking Holdings, Capital One, and Mastercard. We added to our positions in Edwards Lifesciences and ServiceMaster. The net effect of these trades was to increase cash by about $3 million.

The Fund had 15 equity positions that had total returns in excess of 30% (versus the S&P 500’s 20% gain) during the second quarter, and eight positions returned more than 40%. The Fund had nine positions that returned less than 10% during the quarter; six of the nine were financial services companies, a sector that has been negatively impacted by persistently low interest rates in recent years. Amazon, Apple, MasterCard, Microsoft and Paypal were strong net contributors to the Fund’s positive performance during the quarter; Berkshire Hathaway, Delta Air Lines, Charles Schwab and Wells Fargo were notable laggards.

Shareholder Letter

July 6, 2020

We remain constructive on the longer-term outlook for U.S. equities, given our expectation that 1) an effective vaccine to combat the virus will eventually be developed, and 2) economic conditions and in turn corporate profitability will recover, but we expect continued high levels of stock price volatility over the second half of 2020 and into 2021, given the risks and uncertainties outlined above.

Our focus remains on identifying high quality businesses with structural advantages, particularly companies that may benefit from the significant changes that are accelerating as the economy seeks to cope with the virus. We believe that companies with strong balance sheets, a demonstrated ability to generate excess free cash flow, and that have large and growing market opportunities, should perform well on balance over the next several years in what we expect will be a challenging economic and capital markets environment.

We hope that all of our shareholders remain safe and healthy during this difficult period of time.

	Sincerely,


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

Exhibit 1

BRIDGES INVESTMENT FUND, INC.

PORTFOLIO TRANSACTIONS

DURING THE PERIOD FROM

JANUARY 1, 2020 THROUGH JUNE 30, 2020

(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

Adobe, Inc.		4,000		12,000
Alcon, Inc.		5,000		30,000
Autodesk, Inc.		1,000		13,000
Casey’s General Stores, Inc.		3,000		3,000
Continential Resources, Inc.		40,000		—
Delta Air Lines, Inc.		5,000		35,000
Edward Lifesciences Corp.⁽¹⁾		12,000		12,000
Home Depot, Inc.		2,000		13,000
IAA, Inc.		20,000		50,000
Intercontiential Exchange, Inc.		16,000		16,000
Lowes Companies, Inc.		2,000		12,000
Microsoft Corp.		5,000		52,000
NVIDIA Corp.		10,000		10,000
Old Dominion Freight Line, Inc.⁽²⁾		9,000		24,000
salesforce.com, Inc.		7,000		15,000
ServiceMaster Global Holdings, Inc.		30,000		30,000
SVB Financial Group		7,000		12,000
TransUnion		8,000		25,000
Ulta Beauty, Inc.		10,000		10,000
UnitedHealth Group, Inc.		3,000		13,000

⁽¹⁾	Received 6,000 Shares in a 3 for 1 Stock Split on 06/01/2020
⁽²⁾	Received 8,000 Shares in a 3 for 2 Stock Split on 03/25/2020

Exhibit 1

(Continued)

BRIDGES INVESTMENT FUND, INC.

PORTFOLIO TRANSACTIONS

DURING THE PERIOD FROM

JANUARY 1, 2020 THROUGH JUNE 30, 2020

(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

Ameriprise Financial, Inc.		10,000		—
Apple, Inc.		15,000		50,000
Booking Holdings, Inc.		700		2,000
Capital One Financial Group		20,000		10,000
Chevron Corp.		7,000		15,000
Comcast Corp.		20,000		40,000
Continential Resources, Inc.		80,000		—
IQVIA Holdings, Inc.		2,400		—
iShares Core S&P Mid-Cap ETF⁽³⁾		28,000		—
iShares Core S&P Small-Cap ETF⁽³⁾		50,000		—
Mastercard, Inc.		4,000		53,000
The Estee Lauder Companies, Inc.		10,000		—

⁽³⁾	Exchange Traded Fund

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

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
	12-31-17		144,610,324		2,387,530		60.57		.2033		2.11478
	12-31-18		151,571,438		2,640,626		57.40		.2798		.6652
	12-31-19		195,797,767		2,681,440		73.02		.2876943		2.43694

– – – – – 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
	06-30-19	$	180,336,911		2,645,716	$	68.16	$	.15	$	—
	06-30-20		197,167,617		2,635,141		74.82		.08		—

BRIDGES INVESTMENT FUND, INC.

EXPENSE EXAMPLE

JUNE 30, 2020

(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, 2020 – June 30, 2020).

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. Bank Global Fund Services, 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.

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.

	Beginning	Ending	During Period*
	Account Value	Account Value	January 1, 2020 –
	January 1, 2020	June 30, 2020	June 30, 2020
Actual	$1,000.00	$1,026.00	$3.86
Hypothetical
(5% annualized return
before expenses)	$1,000.00	$1,021.06	$3.85

*	Expenses are equal to the Fund’s annualized expense ratio of 0.77%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.

BRIDGES INVESTMENT FUND, INC.

ALLOCATION OF PORTFOLIO HOLDINGS

PERCENTAGE OF TOTAL INVESTMENTS

JUNE 30, 2020

(Unaudited)

COMPONENTS OF PORTFOLIO HOLDINGS

Common Stocks	$	190,710,746
Short-Term Investments		6,761,475
Total	$	197,472,221

BRIDGES INVESTMENT FUND, INC.

SCHEDULE OF INVESTMENTS

JUNE 30, 2020

(Unaudited)

Title of Security	Shares		Cost		Value

COMMON STOCKS - 96.72%
Administrative and Support Services - 7.23%
Alcon, Inc. (a)		30,000	$	1,710,029	$	1,719,600
Booking Holdings, Inc. (a)		2,000		1,459,049		3,184,680
PayPal Holdings, Inc. (a)		35,000		871,561		6,098,050
ServiceMaster Global Holdings, Inc. (a)		30,000		905,892		1,070,700
TransUnion		25,000		2,013,923		2,176,000
			$	6,960,454	$	14,249,030
Air Transportation - 0.50%
Delta Air Lines, Inc.		35,000	$	1,795,879	$	981,750

Amusement, Gambling, and
Recreation Industries - 1.70%
The Walt Disney Co.		30,000	$	1,588,580	$	3,345,300

Beverage and Tobacco
Product Manufacturing - 0.87%
PepsiCo, Inc.		13,000	$	632,331	$	1,719,380

Broadcasting (except Internet) - 0.79%
Comcast Corp. - Class A		40,000	$	947,928	$	1,559,200

Building Material and Garden
Equipment and Supplies Dealers - 2.47%
Home Depot, Inc.		13,000	$	1,941,152	$	3,256,630
Lowe’s Companies, Inc.		12,000		966,066		1,621,440
			$	2,907,218	$	4,878,070
Chemical Manufacturing - 1.91%
Amgen, Inc.		10,000	$	1,609,946	$	2,358,600
Johnson & Johnson		10,000		866,300		1,406,300
			$	2,476,246	$	3,764,900
Computer and Electronic
Product Manufacturing - 20.83%
Alphabet, Inc. - Class A (a)		4,000	$	847,060	$	5,672,200
Alphabet, Inc. - Class C (a)		4,010		844,083		5,668,576
Apple, Inc.		50,000		846,242		18,240,000

See accompanying Notes to the Financial Statements.

Percentages are stated as a percent of net assets.

(a)	Non-income producing.

BRIDGES INVESTMENT FUND, INC.

SCHEDULE OF INVESTMENTS

(Continued)

JUNE 30, 2020

(Unaudited)

Title of Security	Shares		Cost		Value
COMMON STOCKS (Continued)

Computer and Electronic
Product Manufacturing (Continued)
Ecolab, Inc.		15,000	$	1,436,988	$	2,984,250
NVIDIA Corp.		10,000		2,316,829		3,799,100
Palo Alto Networks, Inc. (a)		11,000		2,379,071		2,526,370
Thermo Fisher Scientific, Inc.		6,000		879,267		2,174,040
			$	9,549,540	$	41,064,536
Credit Intermediation and
Related Activities - 3.90%
Capital One Financial Corp.		10,000	$	290,590	$	625,900
JPMorgan Chase & Co.		30,000		1,721,192		2,821,800
SVB Financial Group (a)		12,000		2,426,971		2,586,360
Wells Fargo & Co.		65,000		1,722,623		1,664,000
			$	6,161,376	$	7,698,060
Data Processing, Hosting and
Related Services - 0.99%
Fiserv, Inc. (a)		20,000	$	971,166	$	1,952,400

Electrical Equipment, Appliance, and
Component Manufacturing - 0.89%
Eaton Corp. Plc		20,000	$	834,912	$	1,749,600

Food Services and Drinking Places - 1.35%
Casey’s General Stores, Inc.		3,000	$	439,892	$	448,560
Starbucks Corp.		30,000		561,000		2,207,700
			$	1,000,892	$	2,656,260
Health and Personal Care Stores - 1.03%
Ulta Beauty, Inc. (a)		10,000	$	2,471,542	$	2,034,200

Insurance Carriers and
Related Activities - 4.57%
Berkshire Hathaway, Inc. - Class B (a)		20,000	$	678,649	$	3,570,200
The Progressive Corp.		20,000		1,409,657		1,602,200

See accompanying Notes to the Financial Statements.

Percentages are stated as a percent of net assets.

(a)	Non-income producing.

BRIDGES INVESTMENT FUND, INC.

SCHEDULE OF INVESTMENTS

(Continued)

JUNE 30, 2020

(Unaudited)

Title of Security	Shares		Cost		Value
COMMON STOCKS (Continued)

Insurance Carriers and
Related Activities (Continued)
UnitedHealth Group, Inc.		13,000	$	3,145,097	$	3,834,350
			$	5,233,403	$	9,006,750
Machinery Manufacturing - 1.57%
Roper Technologies, Inc.		8,000	$	335,931	$	3,106,080

Merchant Wholesalers,
Durable Goods - 0.98%
IAA, Inc. (a)		50,000	$	1,900,153	$	1,928,500

Miscellaneous Manufacturing - 0.42%
Edwards Lifesciences Corp. (a)		12,000	$	714,536	$	829,320

Nonstore Retailers - 7.00%
Amazon.com, Inc. (a)		5,000	$	1,231,664	$	13,794,100

Other Information Services - 2.53%
Facebook, Inc. - Class A (a)		22,000	$	2,108,799	$	4,995,540

Petroleum and Coal
Products Manufacturing - 0.68%
Chevron Corp.		15,000	$	1,086,832	$	1,338,450

Professional, Scientific, and
Technical Services - 11.87%
MasterCard, Inc. - Class A		53,000	$	890,386	$	15,672,100
Visa, Inc. - Class A		40,000		1,087,480		7,726,800
			$	1,977,866	$	23,398,900
Publishing Industries (except Internet) - 11.02%
Adobe, Inc. (a)		12,000	$	3,463,758	$	5,223,720
Autodesk, Inc. (a)		13,000		1,985,801		3,109,470
Microsoft Corp.		52,000		6,470,467		10,582,520
salesforce.com, Inc. (a)		15,000		2,246,082		2,809,950
			$	14,166,108	$	21,725,660

See accompanying Notes to the Financial Statements.

Percentages are stated as a percent of net assets.

(a)	Non-income producing.

BRIDGES INVESTMENT FUND, INC.

SCHEDULE OF INVESTMENTS

(Continued)

JUNE 30, 2020

(Unaudited)

Title of Security	Shares		Cost		Value
COMMON STOCKS (Continued)

Rail Transportation - 2.40%
Union Pacific Corp.		28,000	$	806,918	$	4,733,960

Securities, Commodity Contracts,
and Other Financial Investments
and Related Activities - 6.70%
BlackRock, Inc.		10,000	$	2,494,204	$	5,440,900
Intercontinental Exchange, Inc.		16,000		1,399,966		1,465,600
S&P Global, Inc.		13,000		2,334,390		4,283,240
The Charles Schwab Corp.		60,000		2,486,456		2,024,400
			$	8,715,016	$	13,214,140
Transportation Equipment
Manufacturing - 0.46%
Boeing Co.		5,000	$	1,708,680	$	916,500

Truck Transportation - 2.06%
Old Dominion Freight Line, Inc.		24,000	$	2,220,361	$	4,070,160
TOTAL COMMON STOCKS			$	80,504,331	$	190,710,746

SHORT-TERM INVESTMENT - 3.43%

Mutual Funds - 3.43%
First American Government Obligations
Fund - Class X, 0.084% (b)			$	6,761,475	$	6,761,475
TOTAL SHORT-TERM INVESTMENT			$	6,761,475	$	6,761,475

TOTAL INVESTMENTS - 100.15%			$	87,265,806	$	197,472,221
LIABILITIES IN EXCESS
OF OTHER ASSETS - (0.15)%						(304,604	)
TOTAL NET ASSETS - 100.00%					$	197,167,617

See accompanying Notes to the Financial Statements.

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 June 30, 2020.

BRIDGES INVESTMENT FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES

JUNE 30, 2020

(Unaudited)

ASSETS:
Investments in securities, at fair value (cost: $87,265,806)	$	197,472,221
Receivables
Dividends and interest		17,968
Prepaid expenses		11,304

TOTAL ASSETS:	$	197,501,493

LIABILITIES:
Payables
Distributions to shareholders	$	17,166
Payable for capital shares redeemed		1,000
Payable to Adviser		236,898
Accrued expenses		78,812

TOTAL LIABILITIES:	$	333,876

TOTAL NET ASSETS	$	197,167,617

NET ASSETS CONSIST OF:
Capital Stock	$	77,249,198
Total distributable earnings		119,918,419

TOTAL NET ASSETS	$	197,167,617

SHARES OUTSTANDING
($0.0001 par value; 100,000,000 shares authorized)		2,635,141

NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	74.82

See accompanying Notes to the Financial Statements.

BRIDGES INVESTMENT FUND, INC.

STATEMENT OF OPERATIONS

FOR THE PERIOD ENDED June 30, 2020

(Unaudited)

INVESTMENT INCOME:
Dividend income	$	905,747
Interest income		19,169

Total investment income	$	924,916

EXPENSES:
Advisory fees	$	459,451
Administration fees		84,153
Dividend disbursing and transfer agent fees		39,435
Fund accounting fees		30,302
Other		28,978
Independent director’s expenses and fees		25,844
Professional services		21,297
Custody fees		8,916
Printing and supplies		5,884

Total expenses	$	704,260

NET INVESTMENT INCOME:	$	220,656

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments		9,703,289
Net change in unrealized appreciation of investments		(5,264,318	)

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:		4,438,971

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,659,627

See accompanying Notes to the Financial Statements.

BRIDGES INVESTMENT FUND, INC.

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended			Year Ended
	June 30, 2020			December 31,
	(Unaudited)			2019
OPERATIONS:
Net investment income	$	220,656		$	754,366
Net realized gain on investments		9,703,289			4,967,492
Net change in unrealized
appreciation/(depreciation) of investments		(5,264,318	)		42,875,413

Net increase in net assets
resulting from operations	$	4,659,627		$	48,597,271

Distributions to shareholders:
Distributions to shareholders		(211,941	)		(7,188,706	)

Total distributions	$	(211,941	)	$	(7,188,706	)

Capital Share Transactions:
Net increase/(decrease) in net assets
from capital share transactions		(3,077,836	)		2,817,764
Total Increase in net assets	$	1,369,850		$	44,226,329

NET ASSETS:
Beginning of the Period	$	195,797,767		$	151,571,438
End of the Period	$	197,167,617		$	195,797,767

See accompanying Notes to the Financial Statements.

BRIDGES INVESTMENT FUND, INC.

FINANCIAL HIGHLIGHTS

For a Fund share outstanding throughout the period

	For the Six
	Months Ended
	June 30, 2020			Years Ended December 31,
	(Unaudited)			2019			2018			2017			2016			2015
Net asset value,
beginning of period	$	73.02		$	57.40		$	60.57		$	51.60		$	48.92		$	49.56

Income from
investment operations:
Net investment income⁽¹⁾		0.08			0.28			0.29			0.20			0.29			0.27
Net realized and
unrealized gain/
(loss) on investments		1.80			18.06			(2.51	)		11.08			3.15			(0.12	)
Total from investment
operations		1.88			18.34			(2.22	)		11.28			3.44			0.15

Less dividends
and distributions:
Dividends from net
investment income		(0.08	)		(0.29	)		(0.28	)		(0.20	)		(0.29	)		(0.27	)
Dividends from
net realized gain		—			(2.43	)		(0.67	)		(2.11	)		(0.47	)		(0.52	)
Total distributions		(0.08	)		(2.72	)		(0.95	)		(2.31	)		(0.76	)		(0.79	)
Net asset value,
end of period	$	74.82		$	73.02		$	57.40		$	60.57		$	51.60		$	48.92

Total return		2.60	%⁽²⁾		32.13	%		(3.76	)%		21.98	%		7.09	%		0.33	%

Supplemental data and ratios:
Net assets, end of period
(in thousands)	$	197,161		$	195,798		$	151,571		$	144,610		$	122,877		$	116,368
Ratio of net expenses
to average net assets		0.77	%⁽³⁾		0.79	%		0.77	%		0.79	%		0.82	%		0.80	%
Ratio of net investment
income to average
net assets		0.24	%⁽³⁾		0.42	%		0.40	%		0.35	%		0.60	%		0.54	%
Portfolio turnover rate		9.3	%⁽²⁾		16.9	%		2.8	%		4.7	%		10.7	%		13.2	%

See accompanying Notes to the Financial Statements.

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

BRIDGES INVESTMENT FUND, INC.

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2020

(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 market quotations or a matrix method 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 “Board”).

		The Valuation Committee concludes that a price determined under the Fund’s valuation procedures is not readily available if, among other things, the Valuation 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, 2019, by increasing total distributable earnings by $1,865 and decreasing capital stock by $1,865.

		The Fund has not recorded any liability for material unrecognized tax benefits as of December 31, 2019. 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.	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 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.

	E.	Fair Value Measurements –
		GAAP defines fair value as the price that a 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, 2020, maximized the use of observable inputs and minimized the use of unobservable inputs. During the six months ended June 30, 2020, no securities held by the Fund were deemed Level 3.

The following is a summary of the inputs used as of June 30, 2020, in valuing the Fund’s investments carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments
Common Stocks	$	190,710,746	$	—	$	—	$	190,710,746
Short-Term Investments		6,761,475		—		—		6,761,475
Total Investments
in Securities	$	197,472,221	$	—	$	—	$	197,472,221

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 NAV 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, 2020, the Fund incurred $459,451 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 NAV 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, 2020.

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, through quarterly payments of $10,500, and U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, acts as sub-administrator to the Fund. These administrative expenses are shown as Administration fees on the Statement of Operations. As of June 30, 2020, $10,500 was due to the Investment Adviser for its services as primary administrator. This liability is included in the Accrued expenses on the Statement of Assets and Liabilities.

Quasar Distributors, LLC (the “Distributor”) acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s shares. Effective March 31, 2020, Foreside Financial Group, LLC (“Foreside”) acquired Quasar Distributors, LLC (“Quasar”), the Fund’s distributor, from U.S. Bancorp. As a result of the acquisition, Quasar became a wholly-owned broker-dealer subsidiary of Foreside and is no longer affiliated with U.S. Bancorp. The Board of Trustees of the Fund has approved a new Distribution Agreement to enable Quasar to continue serving as the Fund’s distributor.

(3)	SECURITY TRANSACTIONS

The cost of long-term investment purchases during the six months ended June 30, 2020 and 2019, was:

		2020	2019
	Non U.S. government securities	$16,794,448	$13,972,657

Net proceeds from sales of long-term investments during the six months ended June 30, 2020 and 2019, were:

		2020	2019
	Non U.S. government securities	$20,452,220	$13,620,539

There were no long-term U.S. government transactions for the six months ended June 30, 2020 and 2019.

(4)	NET ASSET VALUE

The NAV 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, 2020 and 2019, were as follows:

	2020			2019
Shares sold		86,651			91,330
Shares issued to shareholders in
reinvestment of net investment income		1,933			4,372
		88,584			95,702
Shares redeemed		(134,883	)		(90,612	)
Net increase/decrease		(46,299	)		5,090

Value of capital stock issued and redeemed during the six months ended June 30, 2020 and 2019, were as follows:

	2020			2019
Net proceeds from shares sold	$	5,694,713		$	5,759,033
Reinvestment of distributions		119,156			289,213
		5,813,869			6,048,246
Cost of shares redeemed		(8,891,705	)		(5,779,137	)
Net increase/decrease	$	(3,077,836	)	$	269,109

(6)	DISTRIBUTIONS TO SHAREHOLDERS

On March 31, 2020 and June 30, 2020, the Fund declared and paid ordinary income distributions to shareholders of record on March 30, 2020 and June 29, 2020, respectively. These distributions were calculated at $0.065 and $0.015 per share, respectively.

(7)	FEDERAL INCOME TAX INFORMATION

The tax character of distributions during the years ended December 31, 2019 and 2018 were as follows:

	Ordinary	Long-Term
	Income	Capital Gain
12/31/19	$763,189	$6,425,517
12/31/18	$720,658	$1,732,953

As of December 31, 2019, the components of the tax basis cost of investments and net unrealized appreciation were as follows:

Federal tax cost of investments	$	80,621,028
Unrealized appreciation	$	115,713,315
Unrealized depreciation		(242,582	)
Net unrealized appreciation	$	115,470,733

As of December 31, 2019, the components of distributable earnings on a tax basis were as follows:

Net unrealized appreciation	$	115,470,733
Undistributed ordinary income	$	—
Undistributed long term gains		—
Accumulated gain		—
Other accumulated gain/(loss)		—
Total distributable earnings	$	115,470,733

As of December 31, 2019, the Fund did not have any capital loss carryovers.

(8)	SUBSEQUENT EVENTS

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, and has concluded that there are no subsequent events of note through the date of issuance.

ADDITIONAL DISCLOSURES

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 Part F of Form N-PORT, 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, 2020 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.

Disclosure Regarding Fund Directors and Officers (Unaudited)

**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 is a Director of Spectrum Financial Services, Inc. in
Age: 61		Omaha, Nebraska since February 1999 and serves as Senior Vice
		President of Spectrum. He has directly managed real estate
Director		and commercial credit assets for a number of affiliates of
(2015 – present)		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 NP Dodge Company since April
Dodge III		2014, and prior to that position, served as the Executive Vice
Age: 57		President. He has worked at NP Dodge Company since
		October, 1993. Mr. Dodge is also a principal officer and
Director		director of a number of subsidiary and affiliated companies in
(2010 – present)		the property management, insurance, and real estate
		syndication fields. Mr. Dodge became a Director of Lauritzen
		Corp. in 2008 and of First State Bank of Loomis in 2003.

Jeffrey C. Royal		Mr. Royal is the President of Dundee Bank, a community bank
Age: 44		located in Omaha, Nebraska. He has served in that position
		since January 2006. Prior to joining Dundee Bank, he was
Director		Second Vice President of First National Bank of Omaha.
(2018 – present)		Mr. Royal became a Director of Nicholas Financial, Inc. in 2017,
		a publicly traded company, a Director of Boston Omaha
		Corporation in 2019, a publicly traded company, and also
		serves as the Chairperson and a director of Mackey Banco, Inc.
		(the holding company for Dundee Bank) and as a director of
		Brunswick State Bank, Tri-Valley Bank, and Eagle State Bank.

Name, Age,
Position with
Fund and Term
of Office		Principal Occupation(s) and Directorships*
Robert Slezak		Mr. Slezak was elected Chairperson on October 14, 2016, and
Age: 62		prior to that time, served as Vice Chairperson commencing
		April 10, 2012. Mr. Slezak is currently a private investor, and
Director		has been since November 1999. Prior to that, Mr. Slezak served
(2008 – present)		as Vice President, Chief Financial Officer and Treasurer of the
		Ameritrade Holding Corporation from January 1989 to
Chairperson		November 1999 and as a director from October 1996 to
(2016 – present)		September 2002. Mr. Slezak currently serves as a member of
		the board of directors of The Pegasus Companies, Inc.
Vice Chairperson		(formerly, Xanadoo Company), a developer of solar power
(2012 – 2016)		projects. Mr. Slezak 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. 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
Age: 59		Holdings LLC and the Chief Executive Officer of Quarter Circle
		Capital, an affiliate of Kuehl Capital Holdings. Prior to those
Director		positions, Mr. Walters was the President and Chief Executive
(2013 – present)		Officer of Condor 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. 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, Jaffray and Hopwood from 1983 to 1985.
		Mr. Walters 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.

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
Ziegenbein		the Executive Director Emerita of the Peter Kiewit Foundation,
Age: 68		a private foundation awarding charitable grants throughout
		Nebraska and portions of Iowa and Wyoming, since January
Director		2014, and served as the Executive Director of the Peter Kiewit
(2013 – present)		Foundation from March 1984 to December 2013. Commencing
		in 2017, Ms. Wallin Ziegenbein also serves as the Manager of
		Future Forward, LLC, an Omaha based investor group, and New
		North Makerhood, Inc., a nonprofit organization, together
		these entities are developing property in downtown Omaha,
		Nebraska for the purpose of creating an “arts and trades”
		district. Since 2015, she has been a private philanthropy
		consultant. Ms. Wallin Ziegenbein has served on the Board of
		Directors of Assurity Life Insurance Company since 1984 and
		served on the Board of Lamp Rynearson Engineering until
		December 31, 2017. 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, P.O. Box 542021, Omaha, Nebraska 68154.

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
Age: 62		Management, Inc. Since August of 1983, Mr. Bridges was a full-
		time member of the professional staff of Bridges Investment
President		Counsel, Inc. where he has served as Executive Vice President
(1997 – present)		since 1993. Mr. Bridges is also a Director of that firm.
		Mr. Bridges has been responsible for securities research and
Chief Executive		the investment management for an expanding base of
Officer		discretionary management accounts, including the Fund, for
(2004 - present)		more than 15 years. Mr. Bridges was elected President of
		Bridges Investment Fund, Inc. on April 11, 1997, and he
Director		assumed the position of Portfolio Manager at the close of
(1991 – present)		business on that date. Mr. Bridges became Chief Executive and
		Investment Officer of the Fund on April 13, 2004. Mr. Bridges is
		Chairperson, and a director of Bridges Investor Services, Inc.,
		Chairperson of the Board and a director of Bridges Trust
		Company, and since 2017, a director of Bridges Holding
		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
		Chairperson of the Audit Committee of the Stratus Fund.

Robert W.		Mr. Bridges is an Executive Director, Portfolio Manager, and
Bridges, CFA		Co-Head of Behavioral Finance at Sterling Capital Management
Age: 54		LLC. Sterling Capital Management LLC, located in Charlotte,
		North Carolina, is an investment management company
Director		founded in 1970. Mr. Bridges began his service with
(2007 – present)		Sterling Capital Management, LLC in 1996 and served in various
		roles including client service, systems integration, and
		compliance before joining the equity research team in 2000.
		Mr. Bridges also served various Bridges entities in the following
		positions: a Director of Bridges Investment Counsel, Inc. since
		December 2006, a Director of Bridges Trust Company since
		2007, and a Director of Bridges Holding Company since 2017.
		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.

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 Chairperson Emeritus on April 15,
Bridges II, CFA		2006. Mr. Bridges had previously served as Chairperson,
Age: 88		Vice-Chairperson, Chief Executive Officer, and President of the
		Fund. Mr. Bridges was replaced by Edson L. Bridges III as Chief
Chairperson		Executive Officer of the Fund on April 13, 2004. Mr. Bridges
Emeritus		currently is the Continuity and Research Officer for Bridges
(2006 – present)		Investment Management and served as a director from 2000 –
		2017. In September, 1959, Mr. Bridges became associated with
Vice-Chairperson		the predecessor firm to Bridges Investment Counsel, Inc. (BIC)
(2005 – 2006)		and is presently the President, Director, CEO, and Chief
		Compliance Officer of Bridges Investment Counsel, Inc. BIC
Chairperson		voluntarily withdrew its registration as an SEC registered
(1997-2005)		investment advisor as of December 26, 2017, which
		registration commenced January 1946. Mr. Bridges is also
Chief Executive		President and Director of Bridges Investor Services, Inc. During
Officer		his tenure, Mr. Bridges also served as President, Director, and
(1997 - 2004)		Chief Executive Officer of Provident Trust Company (n/k/a
		Bridges Trust Company), originally chartered to conduct
President		business on March 11, 1992 and is currently the Continuity and
(1970-1997)		Research Officer for Bridges Trust Company.

Director
(1963 – 2007)

Nancy K. Dodge		Ms. Dodge has been an employee of Bridges Investment
Age: 59		Management, Inc. since 1994, where she serves as a Vice
		President. After joining Bridges Investment Counsel, Inc. in
Treasurer		January of 1980, her career progressed through the accounting
(1986 – present)		department of that Firm, to her present position as Vice
		President. Ms. Dodge is the person primarily responsible for
Chief Compliance		overseeing day to day operations for the Fund, and she is also
Officer		the key person for handling relations with shareholders, the
(2006 – present)		custodian bank, transfer agent, and the independent
		registered public accounting firm. She was appointed Chief
Secretary		Compliance Officer of the Fund, as of November 21, 2006, and
(2017 – present)		Secretary of the Fund as of October 1, 2017. Ms. Dodge is a
		Vice President for Bridges Trust Company.

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 and has been a full-time member of
Age: 49		the professional staff of Bridges Investment Management, Inc.,
		responsible for securities research, and the investment
Executive		management for an expanding base of discretionary
Vice President		management accounts, including the Fund, for more than
(2006 – present)		20 years. Mr. Kirkpatrick serves as a Senior Vice President,
		Chief Compliance Officer, and Director of Bridges Investment
Vice President		Management and Senior Vice President for Bridges Trust
(2000 – 2006)		Company.Having joined Bridges Investment Counsel, Inc. on
		August 24, 1992, he served as a Senior Vice President until
		2017. Mr. Kirkpatrick was appointed Sub Portfolio Manager
		of the Fund on April 12, 2005.

*	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, P.O. Box 542021; Omaha, Nebraska 68154.

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.

BRIDGES INVESTMENT FUND, INC.

P.O. Box 542021

Omaha, Nebraska 68154

Telephone 402-397-4700

Facsimile 402-397-1555

Directors

	Daniel J. Brabec	Jeffrey C. Royal
	Edson L. Bridges III	Robert T. Slezak
	Robert W. Bridges	Kelly A. Walters
	Nathan Phillips Dodge III	Lyn Wallin Ziegenbein

Officers

	Robert T. Slezak	Chairperson and Lead Independent Director
	Lyn Wallin Ziegenbein	Vice Chairperson
	Edson L. Bridges II	Chairperson Emeritus
	Edson L. Bridges III	President and Chief Executive and
		Investment Officer
	Brian M. Kirkpatrick	Executive Vice President
	Nancy K. Dodge	Secretary, Treasurer and Chief Compliance
		Officer

Independent Registered Public Accounting Firm

Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, Wisconsin 53202

	Corporate Counsel	Counsel to Independent Directors
	Baird Holm LLP	Husch Blackwell LLP
	Attorneys at Law	13330 California Street
	1700 Farnam Street	Suite 200
	Suite 1500	Omaha, Nebraska 68154
	Omaha, Nebraska 68102

	Distributor Quasar Distributors, LLC 111 East Kilbourn Avenue Suite 2200 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. 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 September 1, 2020

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 September 1, 2020

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

Brian M. Kirkpatrick, Executive Vice President

Date September 1, 2020

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

Nancy K. Dodge, Secretary, Treasurer, CCO,

Principal Financial Officer

Date September 1, 2020

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

Bridges Investment Fund N-CSRSCertified semi-annual shareholder report (management investment company)