President

0001398344-15-002776.txt : 20150429 0001398344-15-002776.hdr.sgml : 20150429 20150429160826 ACCESSION NUMBER: 0001398344-15-002776 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150331 FILED AS OF DATE: 20150429 DATE AS OF CHANGE: 20150429 EFFECTIVENESS DATE: 20150429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. CENTRAL INDEX KEY: 0001238990 IRS NUMBER: 820566501 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-10972 FILM NUMBER: 15812805 BUSINESS ADDRESS: STREET 1: 3601 W. 76TH STREET STREET 2: SUITE 225 CITY: EDINA STATE: MN ZIP: 55435 BUSINESS PHONE: 9522244350 MAIL ADDRESS: STREET 1: 3601 W. 76TH STREET STREET 2: SUITE 225 CITY: EDINA STATE: MN ZIP: 55435 FORMER COMPANY: FORMER CONFORMED NAME: BRIDGEWATER CAPITAL ADVISORS INC DATE OF NAME CHANGE: 20030605 13F-HR 1 primary_doc.xml 13F-HR LIVE false false false 0001238990 XXXXXXXX 03-31-2015 03-31-2015 false PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.

3601 W. 76th Street Suite 225 Edina MN 55435

13F HOLDINGS REPORT 028-10972 N Howard D. Punch, Jr. President 952-224-4350 /s/ Howard D. Punch, Jr. Edina MN 04-29-2015 0 173 803342 INFORMATION TABLE 2 fp0014181_13fhr-table.xml 13F INFORMATION TABLE ACCENTURE PLC CLS A USD0.00002 COMMON STOCK g1151c101 2977 31778 SH SOLE 31778 0 0 ALCENTRA CAP CORP COM ISIN#US0 COMMON STOCK 01374t102 3107 233645 SH SOLE 233645 0 0 ALTISOURCE RESIDENTIALCORP COM COMMON STOCK 02153w100 4297 206001 SH SOLE 206001 0 0 AMERCO COM COMMON STOCK 023586100 7484 22650 SH SOLE 22650 0 0 AMERIPRISE FINL INC COM COMMON STOCK 03076c106 4421 33788 SH SOLE 33788 0 0 ARBOR RLTY TR INC COMMON STOCK 038923108 7488 1072812 SH SOLE 1072812 0 0 ARC DOCUMENT SOLUTIONSINC COM COMMON STOCK 00191g103 7455 807717 SH SOLE 807717 0 0 ARES COML REAL ESTATECORP COM COMMON STOCK 04013v108 3320 300418 SH SOLE 300418 0 0 ASCENT CAP GROUP INC COMSER A COMMON STOCK 043632108 4422 111070 SH SOLE 111070 0 0 AWARE INC COMMON STOCK 05453N100 2407 548291 SH SOLE 548291 0 0 BLACKROCK CAPITAL INVESTMENTC COMMON STOCK 092533108 6033 665941 SH SOLE 665941 0 0 BLACKROCK MUN TARGET TERMTR CO COMMON STOCK 09257p105 2903 138435 SH SOLE 138435 0 0 BLACKROCK RES &COMM STRATTR SH COMMON STOCK 09257a108 7366 770477 SH SOLE 770477 0 0 BLACKSTONE GSO STRATEGICCR FD COMMON STOCK 09257r101 5174 319780 SH SOLE 319780 0 0 BLACKSTONE MTG TR INCCOM CL A Miscellaneous 09257w100 5064 178488 SH SOLE 178488 0 0 BLACKSTONE/GSO SR FLTNGRT TRM COMMON STOCK 09256u105 4000 231872 SH SOLE 231872 0 0 BLOCK H & R INC COMMON STOCK 093671105 2883 89904 SH SOLE 89904 0 0 BOEING CO COMMON STOCK 097023105 4117 27434 SH SOLE 27434 0 0 BSB BANCORP INC MD COM ISIN#US COMMON STOCK 05573h108 3434 173602 SH SOLE 173602 0 0 CALAVO GROWERS INC COMMON STOCK 128246105 5301 103093 SH SOLE 103093 0 0 CALLAWAY GOLF CO DELAWARE COMMON STOCK 131193104 12364 1297387 SH SOLE 1297387 0 0 CARMIKE CINEMAS INC COMMON STOCK 143436400 13016 387389 SH SOLE 387389 0 0 CASCADE MICROTECH INC COMMON STOCK 147322101 4752 349900 SH SOLE 349900 0 0 CENTURYLINK INC COMMON STOCK 156700106 2861 82820 SH SOLE 82820 0 0 CHEROKEE INC DEL NEW COM ISIN# COMMON STOCK 16444h102 6120 314175 SH SOLE 314175 0 0 CIFC CORP COMMON STOCK 12547r105 1299 169800 SH SOLE 169800 0 0 CINTAS CORP COMMON STOCK 172908105 3041 37252 SH SOLE 37252 0 0 CLOUGH GLOBAL EQUITY FDCOM ISI COMMON STOCK 18914c100 5456 363027 SH SOLE 363027 0 0 CLOUGH GLOBAL OPPORTUNITIESFD COMMON STOCK 18914e106 5853 469762 SH SOLE 469762 0 0 COCA COLA CO COMMON STOCK 191216100 2271 56000 SH SOLE 56000 0 0 COHEN &STEERS CLOSED ENDOPPO C COMMON STOCK 19248p106 2779 215631 SH SOLE 215631 0 0 COHEN &STEERS INFRASTRUCTURECO COMMON STOCK 19248a109 7858 345863 SH SOLE 345863 0 0 CORENERGY INFRASTRUCTURETR INC COMMON STOCK 21870u205 8395 1211401 SH SOLE 1211401 0 0 COURIER CORP COM ISIN#US222660 COMMON STOCK 222660102 490 20000 SH SOLE 20000 0 0 CULP INC COMMON STOCK 230215105 1808 67600 SH SOLE 67600 0 0 CVS HEALTH CORP COM COMMON STOCK 126650100 4945 47914 SH SOLE 47914 0 0 D S T SYSTEMS INC COMMON STOCK 233326107 3144 28403 SH SOLE 28403 0 0 DATALINK CORP COM ISIN#US23793 COMMON STOCK 237934104 5877 488152 SH SOLE 488152 0 0 DATAWATCH CORP COM NEW ISIN#US COMMON STOCK 237917208 1340 197300 SH SOLE 197300 0 0 DEERE & COMPANY COMMON STOCK 244199105 2627 29960 SH SOLE 29960 0 0 DESTINATION XL GROUP INCCOM IS COMMON STOCK 25065k104 9536 1930270 SH SOLE 1930270 0 0 DIAMOND HILL INVESTMENT GROUP COMMON STOCK 25264R207 1344 8400 SH SOLE 8400 0 0 DICE HLDGS INC COM COMMON STOCK 253017107 5574 624887 SH SOLE 624887 0 0 DIGIRAD CORP COMMON STOCK 253827109 4870 1072739 SH SOLE 1072739 0 0 DOUGLAS DYNAMICS INC COMUSD0.0 COMMON STOCK 25960r105 9606 420594 SH SOLE 420594 0 0 EATON VANCE ENHANCED EQT COMMON STOCK 278274105 3427 249595 SH SOLE 249595 0 0 EATON VANCE TAX ADVT DIVINCM C COMMON STOCK 27828g107 5808 281789 SH SOLE 281789 0 0 ECOLAB INC COMMON STOCK 278865100 743 6500 SH SOLE 6500 0 0 ENSTAR GROUP LIMITED SHS ISIN# COMMON STOCK g3075p101 5754 40564 SH SOLE 40564 0 0 ENTEGRA FINL CORP COM ISIN#US2 COMMON STOCK 29363j108 1443 93066 SH SOLE 93066 0 0 EXXON MOBIL CORPORATION COMMON STOCK 30231g102 2685 31593 SH SOLE 31593 0 0 FARMERS NATIONAL BANC CORP COMMON STOCK 309627107 1286 157000 SH SOLE 157000 0 0 FIRST BANK COMMON STOCK 31931U102 1429 236915 SH SOLE 236915 0 0 FIRST BUSINESS FINL SVCSWIS CO COMMON STOCK 319390100 7347 169912 SH SOLE 169912 0 0 FIRST NORTHWEST BANCORPCOM ISI COMMON STOCK 335834107 568 45480 SH SOLE 45480 0 0 FIRST SECURITY GROUP INC COMMON STOCK 336312202 1075 448002 SH SOLE 448002 0 0 FISERV INC COMMON STOCK 337738108 4466 56247 SH SOLE 56247 0 0 FIVE STAR QUALITY CAREINC COM COMMON STOCK 33832d106 8537 1922824 SH SOLE 1922824 0 0 FLEXSTEEL INDUSTRIES INC COMMON STOCK 339382103 3030 96824 SH SOLE 96824 0 0 FORD MTR CO DEL COM COMMON STOCK 345370860 3268 202508 SH SOLE 202508 0 0 FRANKLIN COVEY CO COM ISIN#US3 COMMON STOCK 353469109 15421 800677 SH SOLE 800677 0 0 G S I GROUP INC NEW F COMMON STOCK 36191c205 4280 321357 SH SOLE 321357 0 0 GENTHERM INC COM COMMON STOCK 37253a103 9741 192862 SH SOLE 192862 0 0 GREEN BRICK PARTNERS INC COMMON STOCK 392709101 1197 144667 SH SOLE 144667 0 0 HACKETT GROUP INC COM COMMON STOCK 404609109 8588 960618 SH SOLE 960618 0 0 HALLMARK FINL SVCS INCCOM NEW COMMON STOCK 40624q203 1074 101339 SH SOLE 101339 0 0 HARVARD BIOSCIENCE INC COMMON STOCK 416906105 2099 360651 SH SOLE 360651 0 0 HARVEST CAPITAL CREDIT CORPORA COMMON STOCK 41753f109 2370 182593 SH SOLE 182593 0 0 HERITAGE FINANCIAL GROUP COMMON STOCK 42726x102 663 24347 SH SOLE 24347 0 0 HOME LOAN SERVICING SOLUTIONSL COMMON STOCK g6648d109 2935 177430 SH SOLE 177430 0 0 HOOKER FURNITURE CORPCOM ISIN# COMMON STOCK 439038100 2480 130178 SH SOLE 130178 0 0 HORACE MANN EDUCATORSCORP NEW COMMON STOCK 440327104 9719 284177 SH SOLE 284177 0 0 HORMEL FOODS CORP COM ISIN#US4 COMMON STOCK 440452100 3620 63679 SH SOLE 63679 0 0 HUTCHINSON TECH INC COMMON STOCK 448407106 27 10000 SH SOLE 10000 0 0 INCONTACT INC COM ISIN#US45336 COMMON STOCK 45336e109 3020 277080 SH SOLE 277080 0 0 INTERNET PATENTS CORPCOM ISIN# COMMON STOCK 46063g101 469 175634 SH SOLE 175634 0 0 INTL FCSTONE INC COM ISIN#US46 COMMON STOCK 46116v105 12573 422901 SH SOLE 422901 0 0 INVENTURE FOODS INC COMMON STOCK 461212102 7042 629345 SH SOLE 629345 0 0 INVESTORS TITLE COMPANY COMMON STOCK 461804106 1962 26500 SH SOLE 26500 0 0 J & J SNACK FOODS CORP COMMON STOCK 466032109 5600 52479 SH SOLE 52479 0 0 JOHNSON & JOHNSON COMMON STOCK 478160104 3742 37197 SH SOLE 37197 0 0 JOURNAL COMMUNICATIONSINC CLA COMMON STOCK 481130102 13956 941705 SH SOLE 941705 0 0 JPMORGAN CHASE & CO COMMON STOCK 46625h100 4533 74822 SH SOLE 74822 0 0 KIMBALL INTERNATIONAL INC COMMON STOCK 494274103 1310 125000 SH SOLE 125000 0 0 KIRKLANDS INC COM ISIN#US49749 COMMON STOCK 497498105 3136 132050 SH SOLE 132050 0 0 LENDINGTREE INC NEW COM ISIN#U COMMON STOCK 52603b107 10095 180227 SH SOLE 180227 0 0 LIFETIME BRANDS INC COMMON STOCK 53222Q103 1068 69875 SH SOLE 69875 0 0 LITHIA MOTORS INC CL A COMMON STOCK 536797103 9502 95587 SH SOLE 95587 0 0 MACQUARIE INFRASTRUCTURECO LLC COMMON STOCK 55608b105 7446 90490 SH SOLE 90490 0 0 MADDEN STEVEN LTD COMMON STOCK 556269108 5473 144035 SH SOLE 144035 0 0 MADISON CVRED CALL &EQSTR FD C COMMON STOCK 557437100 7262 884481 SH SOLE 884481 0 0 MAGELLAN HEALTH INC COMMON STOCK 559079207 6061 85583 SH SOLE 85583 0 0 MALIBU BOATS INC COMMON STOCK 56117j100 1564 67000 SH SOLE 67000 0 0 MCG CAPITAL CORP COMMON STOCK 58047p107 6100 1540498 SH SOLE 1540498 0 0 MICROSOFT CORP COMMON STOCK 594918104 3588 88252 SH SOLE 88252 0 0 MOCON INC COMMON STOCK 607494101 3640 218950 SH SOLE 218950 0 0 MONOTYPE IMAGING HLDGSINC COMMON STOCK 61022p100 8507 260616 SH SOLE 260616 0 0 MVC CAPITAL INC COM ISIN#US553 COMMON STOCK 553829102 6914 729377 SH SOLE 729377 0 0 NATHANS FAMOUS INC COMMON STOCK 632347100 1467 27100 SH SOLE 27100 0 0 NATURAL GAS SERVICE GP COMMON STOCK 63886q109 8233 428360 SH SOLE 428360 0 0 NAUTILUS INC COMMON STOCK 63910b102 15145 991787 SH SOLE 991787 0 0 NCR CORP COMMON STOCK 62886e108 2023 68550 SH SOLE 68550 0 0 NEUBERGER BERMAN RE ESSEC FD C COMMON STOCK 64190a103 4497 829738 SH SOLE 829738 0 0 NEW SR INVT GROUP INCCOM ISIN# Miscellaneous 648691103 4170 250776 SH SOLE 250776 0 0 NEWCASTLE INVT CORP ISIN#US651 COMMON STOCK 65105m603 5336 1100110 SH SOLE 1100110 0 0 NUVEEN BUILD AMER BD FDCOM COMMON STOCK 67074c103 7658 360524 SH SOLE 360524 0 0 NUVEEN INTER DURATIONMUN TERM COMMON STOCK 670671106 3203 247155 SH SOLE 247155 0 0 NUVEEN MTG OPPORTUNITYTERM FD COMMON STOCK 670735109 5596 240263 SH SOLE 240263 0 0 NUVEEN PFD & INCOME TERMFD COM COMMON STOCK 67075a106 5783 246806 SH SOLE 246806 0 0 OTTER TAIL CORP FORMERLYOTTER COMMON STOCK 689648103 2473 76874 SH SOLE 76874 0 0 PERCEPTRON INC COMMON STOCK 71361f100 1446 107000 SH SOLE 107000 0 0 PERFORMANCE SPORTS GROUP LTD COMMON STOCK 71377G100 3608 185000 SH SOLE 185000 0 0 PFSWEB INC COMMON STOCK 717098206 1154 105000 SH SOLE 105000 0 0 PHOTRONICS INC COM ISIN#US7194 COMMON STOCK 719405102 5511 648377 SH SOLE 648377 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