PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. Information

3601 W. 76TH STREET, EDINA, Minnesota, 55435, (952) 224-4350

Report Date: 12/31/2013

Position Statistics

Total Positions 214
New Positions 12
Increased Positions 99
Decreased Positions 91
Positions with Activity 190
Sold Out Positions 41
Total Mkt Value (in $ millions) 721

Institutional Holdings information is filed by major institutions on form 13-F with the Securities and Exchange Commission.

Sector Weighting

Basic Materials 0.72%
Capital Goods 4.94%
Conglomerates
Consumer Cyclical 7.66%
Consumer/Non-Cyclical 3.97%
Energy 2.93%
Financial 31.04%
Healthcare 5.94%
Services 29.74%
Technology 10.32%
Transportation 1%
Utilities 0.8%

99 INCREASED Positions as of 12/31/2013

Company Class Value of Shares ($1,000s) Change in Value ($1,000s) Change (%) ▲ Shares Held
ARES COML REAL ESTATE CORP COM 646 646 New 49,600
AXCELIS TECHNOLOGIES INC COM 973 973 New 499,000
BLACKROCK MUN TARGET TERM TR COM SHS BEN IN 609 609 New 31,245
HERITAGE FINL GROUP INC COM 1,012 1,012 New 53,038
HORACE MANN EDUCATORS CORP NEW COM 4,022 4,022 New 140,874
HUTCHINSON TECHNOLOGY INC COM 31 31 New 11,500
IMAGE SENSING SYS INC COM 296 296 New 61,107
MACQUARIE INFRASTR CO LLC MEMBERSHIP INT 2,837 2,837 New 51,542
NUVEEN INTER DURATION MN TMFD COM 2,726 2,726 New 226,996
NUVEEN PFD & INCOME TERM FD COM 4,489 4,489 New 194,817
STRATTEC SEC CORP COM 1,520 1,520 New 21,467
SUPREME INDS INC CL A 154 154 New 17,633
PZENA INVESTMENT MGMT INC CLASS A 16,416 31 .19 1,399,484
BSB BANCORP INC MD COM 2,818 6 .21 164,230
HALLMARK FINL SVCS INC EC COM NEW 2,087 5 .22 258,575
FIRST BUS FINL SVCS INC WIS COM 4,406 60 1.38 92,044
ZIX CORP COM 2,335 34 1.47 600,217
COHEN & STEERS CLOSED END OPPO COM 3,913 69 1.78 302,888
SOLAR CAP LTD COM 3,550 68 1.95 161,818
ALTISOURCE PORTFOLIO SOLNS SA REG SHS 7,665 153 2.04 65,495