PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.

Advisory Business

Type of Organization	Corporation
Fiscal Year End	DECEMBER
Legal Location	Minnesota, United States

Employees

Total Number of Employees	28
Investment Advisory/Research	15
Registered Broker-Dealer Representatives	0
Registered State Investment Advisers	16
Licensed Agents of an Insurance Company	0
No. of Firms/People that Solicit Clients	0

RAUM

Provides Management of Securities Portfolios	Yes

Type	Accounts	RAUM
Discretionary	1,772	$1.9B
Non-Discretionary	0	$0
Total	1,772	$1.9B

Clients

Type	Number	RAUM
Individuals	213	$57.1M
HNW Individuals	328	$1.1B
Banking or thrift institutions	0	$0
Investment companies	1	$0
Business development companies	0	$0
Pooled investment vehicles	2	$317.0M
Pension and profit sharing plans	<5	$93.2M
Charitable organizations	9	$67.9M
State or municipal gov entities	<5	$186.4M
Other investment advisers	<5	$0
Insurance companies	0	$0
Sovereign wealth funds and foreign official institutions	0	$0
Corporations or other businesses	6	$23.8M
Other	0	$0

Type	Number
No. of Non-RAUM Clients	0
No. of Non-U.S. Clients	0
No. of Financial Planning Clients	500

Services

Advisory Services	Financial planningPortfolio management for individuals and/or small businessesPortfolio management for investment companiesPortfolio management for pooled investment vehiclesPortfolio management for businesses or institutional clientsMODEL PORTFOLIO DEVELOPMENT AND DELIVERY
Compensation	% of AUMHourly chargesFixed feesPerformance-based feesA PERCENTAGE OF AUM ALLOCATED TO OUR MODEL PORTFOLIO

Identifiers

SEC RIA File Number	801-61205
SEC ERA File Number	801-61205
SEC CIK Numbers	1238990
SEC CRD Numbers	117962
Legal Entity Identifier	None

Principal Office

7701 FRANCE AVENUE SOUTH
#300
EDINA
MN
United States

Websites

Chief Compliance Officer

No. Employees, Historic

RAUM, Historic

No. Clients, Historic