Punch & Associates Investment Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
3M CO	COM	88579y101	1,610	13,479	SH		SOLE		13,479	0	0
A H BELO CORP	COM CL A	001282102	4,783	609,357	SH		SOLE		609,357	0	0
ACCELRYS INC	COM	00430u103	2,953	300,104	SH		SOLE		300,104	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	g1151c101	2,382	32,351	SH		SOLE		32,351	0	0
ACTUATE CORP	COM	00508b102	6,963	947,338	SH		SOLE		947,338	0	0
AGILYSYS INC	COM	00847J105	1,396	117,095	SH		SOLE		117,095	0	0
ALAMO GROUP INC	COM	011311107	3,025	61,854	SH		SOLE		61,854	0	0
ALERE INC	COM	01449j105	420	13,750	SH		SOLE		13,750	0	0
ALLEGIANT TRAVEL CO	COM	01748x102	240	2,281	SH		SOLE		2,281	0	0
ALTISOURCE PORTFOLIO SOLNS S	REG SHS	l0175j104	8,987	64,185	SH		SOLE		64,185	0	0
ALTISOURCE RESIDENTIAL CORP	CL B	02153w100	2,842	123,676	SH		SOLE		123,676	0	0
AMERCO	COM	023586100	3,278	17,803	SH		SOLE		17,803	0	0
AMERIPRISE FINL INC	COM	03076c106	4,141	45,464	SH		SOLE		45,464	0	0
ARBOR RLTY TR INC	COM	038923108	3,352	494,438	SH		SOLE		494,438	0	0
ASCENT CAP GROUP INC	COM SER A	043632108	7,848	97,345	SH		SOLE		97,345	0	0
ASTEX PHARMACEUTICALS INC	COM	04624b103	122	14,330	SH		SOLE		14,330	0	0
AVIAT NETWORKS INC	COM	05366y102	75	29,260	SH		SOLE		29,260	0	0
AWARE INC MASS	COM	05453N100	1,052	192,583	SH		SOLE		192,583	0	0
BALCHEM CORP	COM	057665200	373	7,210	SH		SOLE		7,210	0	0
BARRETT BUSINESS SERVICES IN	COM	068463108	942	14,000	SH		SOLE		14,000	0	0
BARRY R G CORP OHIO	COM	068798107	2,931	155,000	SH		SOLE		155,000	0	0
BEBE STORES INC	COM	075571109	139	22,830	SH		SOLE		22,830	0	0
BLACKROCK INTL GRWTH & INC T	COM BENE INTER	092524107	6,195	804,501	SH		SOLE		804,501	0	0
BLACKROCK RES & COMM STRAT T	SHS	09257a108	3,905	337,242	SH		SOLE		337,242	0	0
BLACKSTONE MTG TR INC	COM CL A	09257w100	2,634	104,555	SH		SOLE		104,555	0	0
BOEING CO	COM	097023105	4,079	34,715	SH		SOLE		34,715	0	0
BOLT TECHNOLOGY CORP	COM	097698104	2,653	147,000	SH		SOLE		147,000	0	0
BSB BANCORP INC MD	COM	05573h108	2,296	163,880	SH		SOLE		163,880	0	0
CALAMOS STRATEGIC TOTL RETN	COM SH BEN INT	128125101	4,166	416,598	SH		SOLE		416,598	0	0
CALAVO GROWERS INC	COM	128246105	2,997	99,115	SH		SOLE		99,115	0	0
CALLAWAY GOLF CO	COM	131193104	4,716	662,314	SH		SOLE		662,314	0	0
CARLISLE COS INC	COM	142339100	337	4,790	SH		SOLE		4,790	0	0
CARMIKE CINEMAS INC	COM	143436400	9,128	413,390	SH		SOLE		413,390	0	0
CASCADE MICROTECH INC	COM	147322101	695	77,470	SH		SOLE		77,470	0	0
CENTURYLINK INC	COM	156700106	5,233	166,759	SH		SOLE		166,759	0	0
CHEMTURA CORP	COM NEW	163893209	331	14,390	SH		SOLE		14,390	0	0
CHEROKEE INC DEL NEW	COM	16444h102	2,921	224,500	SH		SOLE		224,500	0	0
CHIMERA INVT CORP	COM	16934q109	55	18,210	SH		SOLE		18,210	0	0
CHINA MOBILE LIMITED	SPONSORED ADR	16941m109	1,966	34,834	SH		SOLE		34,834	0	0
CIFC CORP	COM	12547r105	1,005	127,329	SH		SOLE		127,329	0	0
CINCINNATI BELL INC NEW	COM	171871106	2,363	868,637	SH		SOLE		868,637	0	0
CINTAS CORP	COM	172908105	4,237	82,759	SH		SOLE		82,759	0	0
CLOUGH GLOBAL ALLOCATION FD	COM	18913y103	198	13,000	SH		SOLE		13,000	0	0
CLOUGH GLOBAL EQUITY FD	COM	18914c100	4,720	314,125	SH		SOLE		314,125	0	0
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914e106	4,244	329,792	SH		SOLE		329,792	0	0
COCA COLA CO	COM	191216100	2,128	56,180	SH		SOLE		56,180	0	0
COHEN & STEERS CLOSED END OP	COM	19248p106	3,672	297,584	SH		SOLE		297,584	0	0
COHEN & STEERS INFRASTRUCTUR	COM	19248a109	6,364	322,369	SH		SOLE		322,369	0	0
CORENERGY INFRASTRUCTURE TR	COM	21870u205	3,916	559,436	SH		SOLE		559,436	0	0
COURIER CORP	COM	222660102	2,594	164,000	SH		SOLE		164,000	0	0
CVS CAREMARK CORPORATION	COM	126650100	3,407	60,042	SH		SOLE		60,042	0	0
DARLING INTL INC	COM	237266101	351	16,580	SH		SOLE		16,580	0	0
DATALINK CORP	COM	237934104	6,501	480,850	SH		SOLE		480,850	0	0
DATAWATCH CORP	COM NEW	237917208	6,286	225,300	SH		SOLE		225,300	0	0
DAWSON GEOPHYSICAL CO	COM	239359102	2,652	81,668	SH		SOLE		81,668	0	0
DEERE & CO	COM	244199105	2,344	28,799	SH		SOLE		28,799	0	0
DESTINATION XL GROUP INC	COM	25065k104	11,166	1,725,788	SH		SOLE		1,725,788	0	0
DIAMOND HILL INVESTMENT GROU	COM NEW	25264R207	1,294	12,100	SH		SOLE		12,100	0	0
DICE HLDGS INC	COM	253017107	2,492	292,815	SH		SOLE		292,815	0	0
DOUGLAS DYNAMICS INC	COM	25960r105	5,401	366,661	SH		SOLE		366,661	0	0
DST SYS INC DEL	COM	233326107	3,140	41,634	SH		SOLE		41,634	0	0
DSW INC	CL A	23334l102	5,684	66,625	SH		SOLE		66,625	0	0
EARTHSTONE ENERGY INC	COM NEW	27032d205	485	28,500	SH		SOLE		28,500	0	0
EASTERN CO	COM	276317104	485	30,000	SH		SOLE		30,000	0	0
EATON VANCE ENHANCED EQ INC	COM	278274105	4,329	358,991	SH		SOLE		358,991	0	0
EATON VANCE TAX ADVT DIV INC	COM	27828g107	3,676	204,104	SH		SOLE		204,104	0	0
ECOLAB INC	COM	278865100	790	8,000	SH		SOLE		8,000	0	0
ELECTRO RENT CORP	COM	285218103	3,035	167,297	SH		SOLE		167,297	0	0
ELLIE MAE INC	COM	28849p100	3,508	109,600	SH		SOLE		109,600	0	0
ENSTAR GROUP LIMITED	SHS	g3075p101	4,599	33,667	SH		SOLE		33,667	0	0
ENTROPIC COMMUNICATIONS INC	COM	29384r105	117	26,870	SH		SOLE		26,870	0	0
ESTERLINE TECHNOLOGIES CORP	COM	297425100	209	2,620	SH		SOLE		2,620	0	0
EXXON MOBIL CORP	COM	30231g102	2,730	31,727	SH		SOLE		31,727	0	0
FARMERS NATL BANC CORP	COM	309627107	1,037	164,369	SH		SOLE		164,369	0	0
FIRST BUS FINL SVCS INC WIS	COM	319390100	2,964	90,794	SH		SOLE		90,794	0	0
FIRST NIAGARA FINL GP INC	COM	33582v108	183	17,620	SH		SOLE		17,620	0	0
FISERV INC	COM	337738108	3,415	33,794	SH		SOLE		33,794	0	0
FIVE STAR QUALITY CARE INC	COM	33832d106	8,530	1,649,960	SH		SOLE		1,649,960	0	0
FLEXSTEEL INDS INC	COM	339382103	2,582	103,404	SH		SOLE		103,404	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	3,478	206,177	SH		SOLE		206,177	0	0
FRANKLIN COVEY CO	COM	353469109	11,525	642,069	SH		SOLE		642,069	0	0
GABELLI DIVD & INCOME TR	COM	36242h104	6,607	332,334	SH		SOLE		332,334	0	0
GDL FUND	COM SH BEN IT	361570104	6,527	578,660	SH		SOLE		578,660	0	0
GENTHERM INC	COM	37253a103	3,389	177,540	SH		SOLE		177,540	0	0
GILDAN ACTIVEWEAR INC	COM	375916103	278	5,990	SH		SOLE		5,990	0	0
GOODRICH PETE CORP	COM NEW	382410405	265	10,930	SH		SOLE		10,930	0	0
GREAT LAKES DREDGE & DOCK CO	COM	390607109	259	34,897	SH		SOLE		34,897	0	0
GSI GROUP INC CDA NEW	COM NEW	36191c205	3,193	334,728	SH		SOLE		334,728	0	0
HACKETT GROUP INC	COM	404609109	6,612	927,334	SH		SOLE		927,334	0	0
HALLMARK FINL SVCS INC EC	COM NEW	40624q203	2,288	258,000	SH		SOLE		258,000	0	0
HANGER INC	COM NEW	41043f208	4,578	135,593	SH		SOLE		135,593	0	0
HARMAN INTL INDS INC	COM	413086109	289	4,360	SH		SOLE		4,360	0	0
HARVARD BIOSCIENCE INC	COM	416906105	2,407	457,551	SH		SOLE		457,551	0	0
HCI GROUP INC	COM	40416e103	3,610	88,400	SH		SOLE		88,400	0	0
HOME LN SERVICING SOLUTIONS	ORD SHS	g6648d109	9,046	410,972	SH		SOLE		410,972	0	0
HONG KONG TELEVISION NETWK L	SPONSORED ADR	43858g107	3,433	557,330	SH		SOLE		557,330	0	0
HOOKER FURNITURE CORP	COM	439038100	3,840	256,870	SH		SOLE		256,870	0	0
HORMEL FOODS CORP	COM	440452100	3,554	84,376	SH		SOLE		84,376	0	0
HOUSTON WIRE & CABLE CO	COM	44244k109	1,365	101,500	SH		SOLE		101,500	0	0
HURON CONSULTING GROUP INC	COM	447462102	298	5,660	SH		SOLE		5,660	0	0
ICONIX BRAND GROUP INC	COM	451055107	250	7,510	SH		SOLE		7,510	0	0
INCONTACT INC	COM	45336E109	2,468	299,120	SH		SOLE		299,120	0	0
INNOPHOS HOLDINGS INC	COM	45774n108	234	4,440	SH		SOLE		4,440	0	0
INNOSPEC INC	COM	45768s105	398	8,540	SH		SOLE		8,540	0	0
INTERNET PATENTS CORP	COM	46063g101	968	302,539	SH		SOLE		302,539	0	0
INTL FCSTONE INC	COM	46116v105	10,281	502,756	SH		SOLE		502,756	0	0
INVENTURE FOODS INC	COM	461212102	4,113	391,700	SH		SOLE		391,700	0	0
INVESCO LTD	SHS	g491bt108	3,294	103,267	SH		SOLE		103,267	0	0
INVESTORS TITLE CO	COM	461804106	969	12,900	SH		SOLE		12,900	0	0
ISHARES	1-3 YR TR BD ETF	464287457	738	8,735	SH		SOLE		8,735	0	0
ISHARES	S&P 500 GRWT ETF	464287309	13,487	150,932	SH		SOLE		150,932	0	0
ITT CORP NEW	COM NEW	450911201	1,788	49,739	SH		SOLE		49,739	0	0
J & J SNACK FOODS CORP	COM	466032109	6,336	78,493	SH		SOLE		78,493	0	0
JAMBA INC	COM NEW	47023a309	1,943	145,240	SH		SOLE		145,240	0	0
JMP GROUP INC	COM	46629U107	2,281	368,574	SH		SOLE		368,574	0	0
JOHNSON & JOHNSON	COM	478160104	3,297	38,027	SH		SOLE		38,027	0	0
JOURNAL COMMUNICATIONS INC	CL A	481130102	6,833	799,226	SH		SOLE		799,226	0	0
JPMORGAN CHASE & CO	COM	46625h100	3,561	68,885	SH		SOLE		68,885	0	0
KIRKLANDS INC	COM	497498105	1,225	66,450	SH		SOLE		66,450	0	0
LITHIA MTRS INC	CL A	536797103	8,891	121,859	SH		SOLE		121,859	0	0
LSB INDS INC	COM	502160104	357	10,660	SH		SOLE		10,660	0	0
MADDEN STEVEN LTD	COM	556269108	4,714	87,572	SH		SOLE		87,572	0	0
MADISON CVRED CALL & EQ STR	COM	557437100	7,371	929,558	SH		SOLE		929,558	0	0
MAGELLAN HEALTH SVCS INC	COM NEW	559079207	4,694	78,278	SH		SOLE		78,278	0	0
MARKETAXESS HLDGS INC	COM	57060d108	251	4,180	SH		SOLE		4,180	0	0
MATERIAL SCIENCES CORP	COM	576674105	4,328	461,421	SH		SOLE		461,421	0	0
MEDTRONIC INC	COM	585055106	967	18,164	SH		SOLE		18,164	0	0
MESA LABS INC	COM	59064r109	2,423	35,841	SH		SOLE		35,841	0	0
MICROFINANCIAL INC	COM	595072109	2,630	333,790	SH		SOLE		333,790	0	0
MICROSOFT CORP	COM	594918104	3,005	90,295	SH		SOLE		90,295	0	0
MOCON INC	COM	607494101	2,155	157,500	SH		SOLE		157,500	0	0
MONOTYPE IMAGING HOLDINGS IN	COM	61022p100	4,827	168,433	SH		SOLE		168,433	0	0
MOVE INC	COM NEW	62458m207	4,475	263,868	SH		SOLE		263,868	0	0
NATHANS FAMOUS INC NEW	COM	632347100	1,557	29,500	SH		SOLE		29,500	0	0
NATIONAL AMERN UNIV HLDGS IN	COM	63245q105	882	257,149	SH		SOLE		257,149	0	0
NATURAL GAS SERVICES GROUP	COM	63886q109	9,332	347,940	SH		SOLE		347,940	0	0
NAUTILUS INC	COM	63910b102	8,317	1,151,895	SH		SOLE		1,151,895	0	0
NCR CORP NEW	COM	62886e108	2,781	70,199	SH		SOLE		70,199	0	0
NEUBERGER BERMAN RE ES SEC F	COM	64190a103	3,457	764,817	SH		SOLE		764,817	0	0
NOVARTIS A G	SPONSORED ADR	66987v109	2,289	29,835	SH		SOLE		29,835	0	0
NUVEEN BUILD AMER BD FD	COM	67074c103	4,136	228,870	SH		SOLE		228,870	0	0
OFFICIAL PMTS HLDGS INC	COM	67623r106	2,819	338,771	SH		SOLE		338,771	0	0
OMNICELL INC	COM	68213n109	251	10,600	SH		SOLE		10,600	0	0
OSI SYSTEMS INC	COM	671044105	703	9,450	SH		SOLE		9,450	0	0
OTTER TAIL CORP	COM	689648103	2,528	91,603	SH		SOLE		91,603	0	0
PETROQUEST ENERGY INC	COM	716748108	86	21,502	SH		SOLE		21,502	0	0
PHOTRONICS INC	COM	719405102	3,970	506,434	SH		SOLE		506,434	0	0
PILGRIMS PRIDE CORP NEW	COM	72147k108	301	17,920	SH		SOLE		17,920	0	0
PROCTER & GAMBLE CO	COM	742718109	3,691	48,824	SH		SOLE		48,824	0	0
PSYCHEMEDICS CORP	COM NEW	744375205	2,612	197,100	SH		SOLE		197,100	0	0
PTC INC	COM	69370c100	202	7,110	SH		SOLE		7,110	0	0
PUTNAM PREMIER INCOME TR	SH BEN INT	746853100	4,356	828,135	SH		SOLE		828,135	0	0
PZENA INVESTMENT MGMT INC	CLASS A	74731q103	9,470	1,396,828	SH		SOLE		1,396,828	0	0
REDWOOD TR INC	COM	758075402	3,906	198,358	SH		SOLE		198,358	0	0
REIS INC	COM	75936p105	3,699	229,000	SH		SOLE		229,000	0	0
REPUBLIC SVCS INC	COM	760759100	2,458	73,692	SH		SOLE		73,692	0	0
RIGNET INC	COM	766582100	6,101	168,670	SH		SOLE		168,670	0	0
ROCKVILLE FINL INC NEW	COM	774188106	6,438	495,251	SH		SOLE		495,251	0	0
ROCKY BRANDS INC	COM	774515100	2,004	115,086	SH		SOLE		115,086	0	0
ROSETTA RESOURCES INC	COM	777779307	223	4,100	SH		SOLE		4,100	0	0
ROUSE PPTYS INC	COM	779287101	4,957	240,874	SH		SOLE		240,874	0	0
ROYCE MICRO-CAP TR INC	COM	780915104	1,018	86,903	SH		SOLE		86,903	0	0
ROYCE VALUE TR INC	COM	780910105	2,005	124,455	SH		SOLE		124,455	0	0
RUE21 INC	COM	781295100	225	5,580	SH		SOLE		5,580	0	0
SALEM COMMUNICATIONS CORP DE	CL A	794093104	3,685	445,000	SH		SOLE		445,000	0	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	5,103	278,103	SH		SOLE		278,103	0	0
SELECT INCOME REIT	COM SH BEN INT	81618t100	4,479	173,608	SH		SOLE		173,608	0	0
SHILOH INDS INC	COM	824543102	1,372	104,743	SH		SOLE		104,743	0	0
SILGAN HOLDINGS INC	COM	827048109	222	4,730	SH		SOLE		4,730	0	0
SIMULATIONS PLUS INC	COM	829214105	3,511	729,963	SH		SOLE		729,963	0	0
SKECHERS U S A INC	CL A	830566105	246	7,910	SH		SOLE		7,910	0	0
SOLAR CAP LTD	COM	83413u100	3,521	158,727	SH		SOLE		158,727	0	0
STANDARD PARKING CORP	COM	853790103	3,993	148,497	SH		SOLE		148,497	0	0
STONERIDGE INC	COM	86183p102	159	14,670	SH		SOLE		14,670	0	0
SURMODICS INC	COM	868873100	204	8,570	SH		SOLE		8,570	0	0
SYNERGETICS USA INC	COM	87160G107	5,328	1,171,081	SH		SOLE		1,171,081	0	0
SYNERON MEDICAL LTD	ORD SHS	m87245102	4,940	573,108	SH		SOLE		573,108	0	0
SYNTEL INC	COM	87162h103	4,303	53,721	SH		SOLE		53,721	0	0
TARGET CORP	COM	87612e106	2,465	38,521	SH		SOLE		38,521	0	0
TECHTARGET INC	COM	87874R100	2,749	551,994	SH		SOLE		551,994	0	0
TGC INDS INC	COM NEW	872417308	8,439	1,069,570	SH		SOLE		1,069,570	0	0
THE ADT CORPORATION	COM	00101j106	1,547	38,046	SH		SOLE		38,046	0	0
TRACTOR SUPPLY CO	COM	892356106	300	4,460	SH		SOLE		4,460	0	0
TREE COM INC	COM	894675107	3,965	151,000	SH		SOLE		151,000	0	0
TRUEBLUE INC	COM	89785x101	5,789	241,108	SH		SOLE		241,108	0	0
U S PHYSICAL THERAPY INC	COM	90337l108	6,233	200,534	SH		SOLE		200,534	0	0
UFP TECHNOLOGIES INC	COM	902673102	2,572	112,971	SH		SOLE		112,971	0	0
UNITED INS HLDGS CORP	COM	910710102	2,340	265,000	SH		SOLE		265,000	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	2,376	22,034	SH		SOLE		22,034	0	0
UNIVERSAL ELECTRS INC	COM	913483103	360	9,980	SH		SOLE		9,980	0	0
USA MOBILITY INC	COM	90341g103	7,582	535,417	SH		SOLE		535,417	0	0
VANGUARD INDEX FDS	GROWTH ETF	922908736	342	4,047	SH		SOLE		4,047	0	0
VERIZON COMMUNICATIONS INC	COM	92343v104	2,122	45,470	SH		SOLE		45,470	0	0
WASTE MGMT INC DEL	COM	94106l109	2,992	72,560	SH		SOLE		72,560	0	0
WELLPOINT INC	COM	94973v107	2,392	28,607	SH		SOLE		28,607	0	0
WENDYS CO	COM	95058w100	195	22,860	SH		SOLE		22,860	0	0
WEST MARINE INC	COM	954235107	902	74,438	SH		SOLE		74,438	0	0
WESTERN UN CO	COM	959802109	2,234	119,735	SH		SOLE		119,735	0	0
WESTWOOD HLDGS GROUP INC	COM	961765104	4,914	102,269	SH		SOLE		102,269	0	0
WOODWARD INC	COM	980745103	252	6,130	SH		SOLE		6,130	0	0
WORLD FUEL SVCS CORP	COM	981475106	358	9,600	SH		SOLE		9,600	0	0
WRIGHT MED GROUP INC	COM	98235t107	241	9,280	SH		SOLE		9,280	0	0
XCEL ENERGY INC	COM	98389b100	2,556	92,558	SH		SOLE		92,558	0	0
ZIX CORP	COM	98974P100	2,898	591,500	SH		SOLE		591,500	0	0