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
Expires:	Oct 31, 2018
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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	1,780	12,689	SH		SOLE		12,689	0	0
A H BELO CORP	COM CL A	001282102	5,436	727,700	SH		SOLE		727,700	0	0
ACCELRYS INC	COM	00430u103	3,287	344,575	SH		SOLE		344,575	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	g1151c101	2,616	31,821	SH		SOLE		31,821	0	0
ACTUATE CORP	COM	00508b102	7,795	1,011,005	SH		SOLE		1,011,005	0	0
AGILYSYS INC	COM	00847J105	3,248	233,300	SH		SOLE		233,300	0	0
ALAMO GROUP INC	COM	011311107	4,323	71,235	SH		SOLE		71,235	0	0
ALTISOURCE PORTFOLIO SOLNS S	REG SHS	l0175j104	10,390	65,495	SH		SOLE		65,495	0	0
ALTISOURCE RESIDENTIAL CORP	CL B	02153w100	3,838	127,468	SH		SOLE		127,468	0	0
AMERCO	COM	023586100	4,181	17,581	SH		SOLE		17,581	0	0
AMERIPRISE FINL INC	COM	03076c106	4,990	43,371	SH		SOLE		43,371	0	0
ARBOR RLTY TR INC	COM	038923108	3,293	494,438	SH		SOLE		494,438	0	0
ARES COML REAL ESTATE CORP	COM	04013V108	650	49,600	SH		SOLE		49,600	0	0
ASCENT CAP GROUP INC	COM SER A	043632108	9,549	111,605	SH		SOLE		111,605	0	0
AWARE INC MASS	COM	05453N100	1,332	218,000	SH		SOLE		218,000	0	0
AXCELIS TECHNOLOGIES INC	COM	054540109	1,218	499,000	SH		SOLE		499,000	0	0
BARRETT BUSINESS SERVICES IN	COM	068463108	1,298	14,000	SH		SOLE		14,000	0	0
BARRY R G CORP OHIO	COM	068798107	2,992	155,000	SH		SOLE		155,000	0	0
BLACKROCK INTL GRWTH & INC T	COM BENE INTER	092524107	6,714	825,809	SH		SOLE		825,809	0	0
BLACKROCK MUN TARGET TERM TR	COM SHS BEN IN	09257p105	535	31,245	SH		SOLE		31,245	0	0
BLACKROCK RES & COMM STRAT T	SHS	09257a108	4,886	421,588	SH		SOLE		421,588	0	0
BLACKSTONE MTG TR INC	COM CL A	09257w100	3,031	111,707	SH		SOLE		111,707	0	0
BOEING CO	COM	097023105	4,554	33,365	SH		SOLE		33,365	0	0
BOLT TECHNOLOGY CORP	COM	097698104	3,235	147,000	SH		SOLE		147,000	0	0
BSB BANCORP INC MD	COM	05573h108	2,478	164,230	SH		SOLE		164,230	0	0
CALAMOS STRATEGIC TOTL RETN	COM SH BEN INT	128125101	4,769	437,933	SH		SOLE		437,933	0	0
CALAVO GROWERS INC	COM	128246105	3,455	114,181	SH		SOLE		114,181	0	0
CALLAWAY GOLF CO	COM	131193104	9,112	1,080,875	SH		SOLE		1,080,875	0	0
CARMIKE CINEMAS INC	COM	143436400	12,165	436,950	SH		SOLE		436,950	0	0
CASCADE MICROTECH INC	COM	147322101	1,873	200,951	SH		SOLE		200,951	0	0
CENTURYLINK INC	COM	156700106	5,618	176,377	SH		SOLE		176,377	0	0
CHEROKEE INC DEL NEW	COM	16444h102	3,834	277,805	SH		SOLE		277,805	0	0
CHINA MOBILE LIMITED	SPONSORED ADR	16941m109	1,786	34,148	SH		SOLE		34,148	0	0
CIFC CORP	COM	12547r105	1,323	170,000	SH		SOLE		170,000	0	0
CINCINNATI BELL INC NEW	COM	171871106	3,567	1,001,845	SH		SOLE		1,001,845	0	0
CINTAS CORP	COM	172908105	4,864	81,619	SH		SOLE		81,619	0	0
CLOUGH GLOBAL ALLOCATION FD	COM	18913y103	200	13,000	SH		SOLE		13,000	0	0
CLOUGH GLOBAL EQUITY FD	COM	18914c100	5,071	322,770	SH		SOLE		322,770	0	0
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914e106	4,703	359,861	SH		SOLE		359,861	0	0
COCA COLA CO	COM	191216100	2,321	56,180	SH		SOLE		56,180	0	0
COHEN & STEERS CLOSED END OP	COM	19248p106	3,807	302,888	SH		SOLE		302,888	0	0
COHEN & STEERS INFRASTRUCTUR	COM	19248a109	6,795	329,850	SH		SOLE		329,850	0	0
CORENERGY INFRASTRUCTURE TR	COM	21870u205	4,508	633,108	SH		SOLE		633,108	0	0
COURIER CORP	COM	222660102	2,967	164,000	SH		SOLE		164,000	0	0
CVS CAREMARK CORPORATION	COM	126650100	4,234	59,153	SH		SOLE		59,153	0	0
DATALINK CORP	COM	237934104	5,622	515,780	SH		SOLE		515,780	0	0
DATAWATCH CORP	COM NEW	237917208	7,177	211,040	SH		SOLE		211,040	0	0
DAWSON GEOPHYSICAL CO	COM	239359102	3,169	93,710	SH		SOLE		93,710	0	0
DEERE & CO	COM	244199105	2,788	30,527	SH		SOLE		30,527	0	0
DESTINATION XL GROUP INC	COM	25065k104	12,224	1,869,130	SH		SOLE		1,869,130	0	0
DIAMOND HILL INVESTMENT GROU	COM NEW	25264R207	1,432	12,100	SH		SOLE		12,100	0	0
DICE HLDGS INC	COM	253017107	2,469	340,530	SH		SOLE		340,530	0	0
DOUGLAS DYNAMICS INC	COM	25960r105	6,875	408,760	SH		SOLE		408,760	0	0
DST SYS INC DEL	COM	233326107	3,706	40,843	SH		SOLE		40,843	0	0
DSW INC	CL A	23334l102	4,857	113,674	SH		SOLE		113,674	0	0
EASTERN CO	COM	276317104	478	30,000	SH		SOLE		30,000	0	0
EATON VANCE ENHANCED EQ INC	COM	278274105	4,843	372,543	SH		SOLE		372,543	0	0
EATON VANCE TAX ADVT DIV INC	COM	27828g107	4,791	251,896	SH		SOLE		251,896	0	0
ECOLAB INC	COM	278865100	834	8,000	SH		SOLE		8,000	0	0
ELECTRO RENT CORP	COM	285218103	3,026	163,372	SH		SOLE		163,372	0	0
ELLIE MAE INC	COM	28849p100	2,652	98,700	SH		SOLE		98,700	0	0
ENSTAR GROUP LIMITED	SHS	g3075p101	5,531	39,817	SH		SOLE		39,817	0	0
EXXON MOBIL CORP	COM	30231g102	3,167	31,298	SH		SOLE		31,298	0	0
FARMERS NATL BANC CORP	COM	309627107	1,077	164,369	SH		SOLE		164,369	0	0
FIRST BUS FINL SVCS INC WIS	COM	319390100	3,464	92,044	SH		SOLE		92,044	0	0
FISERV INC	COM	337738108	3,899	66,037	SH		SOLE		66,037	0	0
FIVE STAR QUALITY CARE INC	COM	33832d106	9,759	1,777,685	SH		SOLE		1,777,685	0	0
FLEXSTEEL INDS INC	COM	339382103	3,178	103,404	SH		SOLE		103,404	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	3,130	202,872	SH		SOLE		202,872	0	0
FRANKLIN COVEY CO	COM	353469109	13,819	695,120	SH		SOLE		695,120	0	0
GABELLI DIVD & INCOME TR	COM	36242h104	6,136	276,770	SH		SOLE		276,770	0	0
GDL FUND	COM SH BEN IT	361570104	6,543	593,771	SH		SOLE		593,771	0	0
GENTHERM INC	COM	37253a103	5,492	204,840	SH		SOLE		204,840	0	0
GSI GROUP INC CDA NEW	COM NEW	36191c205	4,309	383,322	SH		SOLE		383,322	0	0
HACKETT GROUP INC	COM	404609109	6,219	1,001,430	SH		SOLE		1,001,430	0	0
HALLMARK FINL SVCS INC EC	COM NEW	40624q203	2,297	258,575	SH		SOLE		258,575	0	0
HARVARD APPARATUS REGENER TE	COM	41690a106	543	114,387	SH		SOLE		114,387	0	0
HARVARD BIOSCIENCE INC	COM	416906105	2,150	457,551	SH		SOLE		457,551	0	0
HCI GROUP INC	COM	40416e103	4,194	78,400	SH		SOLE		78,400	0	0
HERITAGE FINL GROUP INC	COM	42726x102	1,021	53,038	SH		SOLE		53,038	0	0
HOME LN SERVICING SOLUTIONS	ORD SHS	g6648d109	9,784	425,932	SH		SOLE		425,932	0	0
HONG KONG TELEVISION NETWK L	SPONSORED ADR	43858g107	5,808	643,847	SH		SOLE		643,847	0	0
HOOKER FURNITURE CORP	COM	439038100	3,955	237,115	SH		SOLE		237,115	0	0
HORACE MANN EDUCATORS CORP N	COM	440327104	4,443	140,874	SH		SOLE		140,874	0	0
HORMEL FOODS CORP	COM	440452100	3,750	83,009	SH		SOLE		83,009	0	0
HOUSTON WIRE & CABLE CO	COM	44244k109	1,358	101,500	SH		SOLE		101,500	0	0
HUTCHINSON TECHNOLOGY INC	COM	448407106	37	11,500	SH		SOLE		11,500	0	0
IMAGE SENSING SYS INC	COM	45244c104	302	61,107	SH		SOLE		61,107	0	0
INCONTACT INC	COM	45336E109	2,336	299,120	SH		SOLE		299,120	0	0
INTERNET PATENTS CORP	COM	46063g101	944	302,539	SH		SOLE		302,539	0	0
INTL FCSTONE INC	COM	46116v105	10,256	554,637	SH		SOLE		554,637	0	0
INVENTURE FOODS INC	COM	461212102	5,194	391,700	SH		SOLE		391,700	0	0
INVESCO LTD	SHS	g491bt108	3,679	101,059	SH		SOLE		101,059	0	0
INVESTORS TITLE CO	COM	461804106	1,182	14,600	SH		SOLE		14,600	0	0
ISHARES	S&P 500 GRWT ETF	464287309	14,808	149,952	SH		SOLE		149,952	0	0
ISHARES	1-3 YR TR BD ETF	464287457	582	6,895	SH		SOLE		6,895	0	0
ITT CORP NEW	COM NEW	450911201	1,605	36,959	SH		SOLE		36,959	0	0
J & J SNACK FOODS CORP	COM	466032109	8,008	90,394	SH		SOLE		90,394	0	0
JMP GROUP INC	COM	46629U107	2,377	321,264	SH		SOLE		321,264	0	0
JOHNSON & JOHNSON	COM	478160104	3,440	37,556	SH		SOLE		37,556	0	0
JOURNAL COMMUNICATIONS INC	CL A	481130102	7,861	844,371	SH		SOLE		844,371	0	0
JPMORGAN CHASE & CO	COM	46625h100	3,967	67,829	SH		SOLE		67,829	0	0
KIRKLANDS INC	COM	497498105	2,087	88,150	SH		SOLE		88,150	0	0
LITHIA MTRS INC	CL A	536797103	9,706	139,812	SH		SOLE		139,812	0	0
MACQUARIE INFRASTR CO LLC	MEMBERSHIP INT	55608b105	2,805	51,542	SH		SOLE		51,542	0	0
MADDEN STEVEN LTD	COM	556269108	5,370	146,751	SH		SOLE		146,751	0	0
MADISON CVRED CALL & EQ STR	COM	557437100	7,982	977,010	SH		SOLE		977,010	0	0
MAGELLAN HEALTH SVCS INC	COM NEW	559079207	5,387	89,915	SH		SOLE		89,915	0	0
MATERIAL SCIENCES CORP	COM	576674105	5,449	461,421	SH		SOLE		461,421	0	0
MEDTRONIC INC	COM	585055106	1,042	18,164	SH		SOLE		18,164	0	0
MESA LABS INC	COM	59064r109	2,275	28,956	SH		SOLE		28,956	0	0
MICROFINANCIAL INC	COM	595072109	2,854	333,790	SH		SOLE		333,790	0	0
MICROSOFT CORP	COM	594918104	3,330	89,010	SH		SOLE		89,010	0	0
MOCON INC	COM	607494101	3,687	233,350	SH		SOLE		233,350	0	0
MONOTYPE IMAGING HOLDINGS IN	COM	61022p100	6,206	194,788	SH		SOLE		194,788	0	0
MOVE INC	COM NEW	62458m207	4,838	302,556	SH		SOLE		302,556	0	0
NATHANS FAMOUS INC NEW	COM	632347100	1,487	29,500	SH		SOLE		29,500	0	0
NATIONAL AMERN UNIV HLDGS IN	COM	63245q105	900	257,149	SH		SOLE		257,149	0	0
NATURAL GAS SERVICES GROUP	COM	63886q109	10,903	395,456	SH		SOLE		395,456	0	0
NAUTILUS INC	COM	63910b102	11,293	1,339,675	SH		SOLE		1,339,675	0	0
NCR CORP NEW	COM	62886e108	2,363	69,364	SH		SOLE		69,364	0	0
NEUBERGER BERMAN RE ES SEC F	COM	64190a103	3,905	899,810	SH		SOLE		899,810	0	0
NOVARTIS A G	SPONSORED ADR	66987v109	2,360	29,357	SH		SOLE		29,357	0	0
NUVEEN BUILD AMER BD FD	COM	67074c103	6,104	331,040	SH		SOLE		331,040	0	0
NUVEEN INTER DURATION MN TMF	COM	670671106	2,613	226,996	SH		SOLE		226,996	0	0
NUVEEN PFD & INCOME TERM FD	COM	67075a106	4,300	194,817	SH		SOLE		194,817	0	0
OTTER TAIL CORP	COM	689648103	2,769	94,595	SH		SOLE		94,595	0	0
PHOTRONICS INC	COM	719405102	5,182	573,853	SH		SOLE		573,853	0	0
PROCTER & GAMBLE CO	COM	742718109	3,922	48,180	SH		SOLE		48,180	0	0
PSYCHEMEDICS CORP	COM NEW	744375205	2,757	187,694	SH		SOLE		187,694	0	0
PUTNAM PREMIER INCOME TR	SH BEN INT	746853100	4,715	866,651	SH		SOLE		866,651	0	0
PZENA INVESTMENT MGMT INC	CLASS A	74731q103	16,458	1,399,484	SH		SOLE		1,399,484	0	0
REDWOOD TR INC	COM	758075402	3,985	205,708	SH		SOLE		205,708	0	0
REIS INC	COM	75936p105	4,760	247,515	SH		SOLE		247,515	0	0
REPUBLIC SVCS INC	COM	760759100	2,413	72,693	SH		SOLE		72,693	0	0
RIGNET INC	COM	766582100	6,653	138,810	SH		SOLE		138,810	0	0
ROCKVILLE FINL INC NEW	COM	774188106	8,700	612,240	SH		SOLE		612,240	0	0
ROCKY BRANDS INC	COM	774515100	1,755	120,436	SH		SOLE		120,436	0	0
ROUSE PPTYS INC	COM	779287101	9,016	406,294	SH		SOLE		406,294	0	0
ROYCE GLOBAL VALUE TR INC	COM	78081t104	156	17,594	SH		SOLE		17,594	0	0
ROYCE MICRO-CAP TR INC	COM	780915104	1,185	93,982	SH		SOLE		93,982	0	0
ROYCE VALUE TR INC	COM	780910105	2,073	129,508	SH		SOLE		129,508	0	0
SALEM COMMUNICATIONS CORP DE	CL A	794093104	3,872	445,000	SH		SOLE		445,000	0	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	6,922	318,713	SH		SOLE		318,713	0	0
SELECT INCOME REIT	COM SH BEN INT	81618t100	4,776	178,617	SH		SOLE		178,617	0	0
SHILOH INDS INC	COM	824543102	1,839	94,300	SH		SOLE		94,300	0	0
SIMULATIONS PLUS INC	COM	829214105	3,540	701,024	SH		SOLE		701,024	0	0
SOLAR CAP LTD	COM	83413u100	3,649	161,818	SH		SOLE		161,818	0	0
SP PLUS CORP	COM	78469c103	4,438	170,432	SH		SOLE		170,432	0	0
STRATTEC SEC CORP	COM	863111100	959	21,467	SH		SOLE		21,467	0	0
SUPREME INDS INC	CL A	868607102	103	17,633	SH		SOLE		17,633	0	0
SYNERGETICS USA INC	COM	87160G107	3,180	878,356	SH		SOLE		878,356	0	0
SYNERON MEDICAL LTD	ORD SHS	m87245102	7,694	625,567	SH		SOLE		625,567	0	0
SYNTEL INC	COM	87162h103	4,351	47,845	SH		SOLE		47,845	0	0
TARGET CORP	COM	87612e106	2,406	38,029	SH		SOLE		38,029	0	0
TECHTARGET INC	COM	87874R100	4,016	585,384	SH		SOLE		585,384	0	0
TGC INDS INC	COM NEW	872417308	8,635	1,182,904	SH		SOLE		1,182,904	0	0
THE ADT CORPORATION	COM	00101j106	1,513	37,384	SH		SOLE		37,384	0	0
TREE COM INC	COM	894675107	4,942	150,500	SH		SOLE		150,500	0	0
TRUEBLUE INC	COM	89785x101	7,107	275,683	SH		SOLE		275,683	0	0
U S PHYSICAL THERAPY INC	COM	90337l108	7,884	223,592	SH		SOLE		223,592	0	0
UFP TECHNOLOGIES INC	COM	902673102	2,849	112,971	SH		SOLE		112,971	0	0
UNITED INS HLDGS CORP	COM	910710102	2,915	207,000	SH		SOLE		207,000	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	2,470	21,705	SH		SOLE		21,705	0	0
USA MOBILITY INC	COM	90341g103	8,511	596,001	SH		SOLE		596,001	0	0
VANGUARD INDEX FDS	GROWTH ETF	922908736	377	4,047	SH		SOLE		4,047	0	0
VERIZON COMMUNICATIONS INC	COM	92343v104	2,207	44,905	SH		SOLE		44,905	0	0
WASTE MGMT INC DEL	COM	94106l109	3,193	71,162	SH		SOLE		71,162	0	0
WELLPOINT INC	COM	94973v107	2,597	28,109	SH		SOLE		28,109	0	0
WEST MARINE INC	COM	954235107	2,003	140,787	SH		SOLE		140,787	0	0
WESTERN UN CO	COM	959802109	2,041	118,342	SH		SOLE		118,342	0	0
WESTWOOD HLDGS GROUP INC	COM	961765104	7,118	114,975	SH		SOLE		114,975	0	0
XCEL ENERGY INC	COM	98389b100	2,665	95,400	SH		SOLE		95,400	0	0
ZIX CORP	COM	98974P100	2,737	600,217	SH		SOLE		600,217	0	0