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
A H BELO CORP	COM CL A	001282102	6,614	571,200	SH		SOLE		571,200	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	g1151c101	2,516	31,566	SH		SOLE		31,566	0	0
ACTUATE CORP	COM	00508b102	3,989	662,659	SH		SOLE		662,659	0	0
THE ADT CORPORATION	COM	00101j106	1,109	37,020	SH		SOLE		37,020	0	0
AGILYSYS INC	COM	00847J105	3,126	233,300	SH		SOLE		233,300	0	0
ALAMO GROUP INC	COM	011311107	3,753	69,071	SH		SOLE		69,071	0	0
ALTISOURCE PORTFOLIO SOLNS S	REG SHS	l0175j104	7,048	57,934	SH		SOLE		57,934	0	0
ALTISOURCE RESIDENTIAL CORP	CL B	02153w100	4,122	130,607	SH		SOLE		130,607	0	0
AMERCO	COM	023586100	4,029	17,357	SH		SOLE		17,357	0	0
AMERIPRISE FINL INC	COM	03076c106	3,842	34,902	SH		SOLE		34,902	0	0
ARBOR RLTY TR INC	COM	038923108	3,422	494,438	SH		SOLE		494,438	0	0
ARES COML REAL ESTATE CORP	COM	04013v108	4,495	335,220	SH		SOLE		335,220	0	0
ASCENT CAP GROUP INC	COM SER A	043632108	8,128	107,587	SH		SOLE		107,587	0	0
AWARE INC MASS	COM	05453N100	1,262	218,000	SH		SOLE		218,000	0	0
AXCELIS TECHNOLOGIES INC	COM	054540109	1,073	499,000	SH		SOLE		499,000	0	0
BARRETT BUSINESS SERVICES IN	COM	068463108	2,264	38,000	SH		SOLE		38,000	0	0
BARRY R G CORP OHIO	COM	068798107	2,926	155,000	SH		SOLE		155,000	0	0
BLACKROCK INTL GRWTH & INC T	COM BENE INTER	092524107	6,690	830,050	SH		SOLE		830,050	0	0
BLACKROCK MUN TARGET TERM TR	COM SHS BEN IN	09257p105	609	31,905	SH		SOLE		31,905	0	0
BLACKROCK RES & COMM STRAT T	SHS	09257a108	8,641	751,365	SH		SOLE		751,365	0	0
BLACKSTONE MTG TR INC	COM CL A	09257w100	3,297	114,677	SH		SOLE		114,677	0	0
BLOCK H & R INC	COM	093671105	2,668	88,390	SH		SOLE		88,390	0	0
BOEING CO	COM	097023105	4,012	31,973	SH		SOLE		31,973	0	0
BOLT TECHNOLOGY CORP	COM	097698104	2,906	147,000	SH		SOLE		147,000	0	0
BSB BANCORP INC MD	COM	05573h108	2,823	164,230	SH		SOLE		164,230	0	0
CVS CAREMARK CORPORATION	COM	126650100	4,379	58,493	SH		SOLE		58,493	0	0
CALAMOS STRATEGIC TOTL RETN	COM SH BEN INT	128125101	5,201	467,730	SH		SOLE		467,730	0	0
CALAVO GROWERS INC	COM	128246105	4,006	112,585	SH		SOLE		112,585	0	0
CALLAWAY GOLF CO	COM	131193104	10,677	1,044,708	SH		SOLE		1,044,708	0	0
CARMIKE CINEMAS INC	COM	143436400	10,416	348,841	SH		SOLE		348,841	0	0
CASCADE MICROTECH INC	COM	147322101	2,845	281,715	SH		SOLE		281,715	0	0
CENTURYLINK INC	COM	156700106	5,971	181,836	SH		SOLE		181,836	0	0
CHEROKEE INC DEL NEW	COM	16444h102	3,870	277,805	SH		SOLE		277,805	0	0
CIFC CORP	COM	12547r105	1,384	170,000	SH		SOLE		170,000	0	0
CINCINNATI BELL INC NEW	COM	171871106	3,365	972,667	SH		SOLE		972,667	0	0
CINEDIGM CORP	COM	172406100	1,075	420,000	SH		SOLE		420,000	0	0
CINTAS CORP	COM	172908105	4,757	79,797	SH		SOLE		79,797	0	0
CLOUGH GLOBAL EQUITY FD	COM	18914c100	4,960	321,685	SH		SOLE		321,685	0	0
CLOUGH GLOBAL ALLOCATION FD	COM	18913y103	197	13,000	SH		SOLE		13,000	0	0
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914e106	4,829	378,886	SH		SOLE		378,886	0	0
COCA COLA CO	COM	191216100	2,172	56,180	SH		SOLE		56,180	0	0
COHEN & STEERS CLOSED END OP	COM	19248p106	3,807	296,292	SH		SOLE		296,292	0	0
COHEN & STEERS INFRASTRUCTUR	COM	19248a109	7,288	330,069	SH		SOLE		330,069	0	0
CORENERGY INFRASTRUCTURE TR	COM	21870u205	4,767	706,153	SH		SOLE		706,153	0	0
COURIER CORP	COM	222660102	3,360	218,205	SH		SOLE		218,205	0	0
DST SYS INC DEL	COM	233326107	3,822	40,319	SH		SOLE		40,319	0	0
DATALINK CORP	COM	237934104	6,721	482,509	SH		SOLE		482,509	0	0
DATAWATCH CORP	COM NEW	237917208	5,723	211,040	SH		SOLE		211,040	0	0
DEERE & CO	COM	244199105	2,736	30,132	SH		SOLE		30,132	0	0
DESTINATION XL GROUP INC	COM	25065k104	10,377	1,839,956	SH		SOLE		1,839,956	0	0
DIAMOND HILL INVESTMENT GROU	COM NEW	25264R207	1,569	11,935	SH		SOLE		11,935	0	0
DICE HLDGS INC	COM	253017107	3,031	406,257	SH		SOLE		406,257	0	0
DOUGLAS DYNAMICS INC	COM	25960r105	8,314	477,273	SH		SOLE		477,273	0	0
EATON VANCE ENHANCED EQ INC	COM	278274105	4,998	382,412	SH		SOLE		382,412	0	0
EATON VANCE TAX ADVT DIV INC	COM	27828g107	4,905	249,467	SH		SOLE		249,467	0	0
ECOLAB INC	COM	278865100	864	8,000	SH		SOLE		8,000	0	0
ELECTRO RENT CORP	COM	285218103	3,392	192,841	SH		SOLE		192,841	0	0
ENSTAR GROUP LIMITED	SHS	g3075p101	5,252	38,527	SH		SOLE		38,527	0	0
EXXON MOBIL CORP	COM	30231g102	3,043	31,150	SH		SOLE		31,150	0	0
FARMERS NATL BANC CORP	COM	309627107	1,262	164,369	SH		SOLE		164,369	0	0
FIRST BUS FINL SVCS INC WIS	COM	319390100	4,208	89,196	SH		SOLE		89,196	0	0
FISERV INC	COM	337738108	3,716	65,552	SH		SOLE		65,552	0	0
FIVE STAR QUALITY CARE INC	COM	33832d106	8,498	1,748,550	SH		SOLE		1,748,550	0	0
FLEXSTEEL INDS INC	COM	339382103	2,829	75,200	SH		SOLE		75,200	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	3,139	201,204	SH		SOLE		201,204	0	0
FRANKLIN COVEY CO	COM	353469109	13,504	683,050	SH		SOLE		683,050	0	0
GSI GROUP INC CDA NEW	COM NEW	36191c205	4,868	372,756	SH		SOLE		372,756	0	0
GABELLI DIVD & INCOME TR	COM	36242h104	3,800	172,977	SH		SOLE		172,977	0	0
GDL FUND	COM SH BEN IT	361570104	7,131	646,483	SH		SOLE		646,483	0	0
GENTHERM INC	COM	37253a103	6,865	197,720	SH		SOLE		197,720	0	0
HACKETT GROUP INC	COM	404609109	5,895	985,747	SH		SOLE		985,747	0	0
HALLMARK FINL SVCS INC EC	COM NEW	40624q203	2,149	258,575	SH		SOLE		258,575	0	0
HARVARD APPARATUS REGENER TE	COM	41690a106	2,151	237,162	SH		SOLE		237,162	0	0
HARVARD BIOSCIENCE INC	COM	416906105	2,169	457,551	SH		SOLE		457,551	0	0
HCI GROUP INC	COM	40416e103	2,854	78,400	SH		SOLE		78,400	0	0
HERITAGE FINL GROUP INC	COM	42726x102	1,179	60,000	SH		SOLE		60,000	0	0
HOME LN SERVICING SOLUTIONS	ORD SHS	g6648d109	10,053	465,419	SH		SOLE		465,419	0	0
HONG KONG TELEVISION NETWK L	SPONSORED ADR	43858g107	3,867	655,340	SH		SOLE		655,340	0	0
HOOKER FURNITURE CORP	COM	439038100	3,713	237,115	SH		SOLE		237,115	0	0
HORACE MANN EDUCATORS CORP N	COM	440327104	6,474	223,255	SH		SOLE		223,255	0	0
HORMEL FOODS CORP	COM	440452100	4,065	82,512	SH		SOLE		82,512	0	0
HOUSTON WIRE & CABLE CO	COM	44244k109	1,333	101,500	SH		SOLE		101,500	0	0
HUTCHINSON TECHNOLOGY INC	COM	448407106	31	11,000	SH		SOLE		11,000	0	0
IMAGE SENSING SYS INC	COM	45244c104	597	113,775	SH		SOLE		113,775	0	0
INCONTACT INC	COM	45336E109	2,872	299,120	SH		SOLE		299,120	0	0
INTERNET PATENTS CORP	COM	46063g101	966	292,634	SH		SOLE		292,634	0	0
INTL FCSTONE INC	COM	46116v105	10,189	541,689	SH		SOLE		541,689	0	0
INVENTURE FOODS INC	COM	461212102	5,476	391,700	SH		SOLE		391,700	0	0
INVESCO LTD	SHS	g491bt108	3,710	100,269	SH		SOLE		100,269	0	0
INVESTORS TITLE CO	COM	461804106	1,108	14,600	SH		SOLE		14,600	0	0
J & J SNACK FOODS CORP	COM	466032109	7,383	76,935	SH		SOLE		76,935	0	0
JMP GROUP INC	COM	46629U107	1,853	260,600	SH		SOLE		260,600	0	0
JOHNSON & JOHNSON	COM	478160104	3,657	37,229	SH		SOLE		37,229	0	0
JOURNAL COMMUNICATIONS INC	CL A	481130102	8,879	1,002,155	SH		SOLE		1,002,155	0	0
JPMORGAN CHASE & CO	COM	46625h100	4,082	67,233	SH		SOLE		67,233	0	0
KIRKLANDS INC	COM	497498105	2,867	155,050	SH		SOLE		155,050	0	0
LITHIA MTRS INC	CL A	536797103	8,984	135,175	SH		SOLE		135,175	0	0
MACQUARIE INFRASTR CO LLC	MEMBERSHIP INT	55608b105	4,712	82,285	SH		SOLE		82,285	0	0
MADDEN STEVEN LTD	COM	556269108	5,015	139,381	SH		SOLE		139,381	0	0
MADISON CVRED CALL & EQ STR	COM	557437100	8,311	1,004,972	SH		SOLE		1,004,972	0	0
MAGELLAN HEALTH SVCS INC	COM NEW	559079207	5,180	87,280	SH		SOLE		87,280	0	0
MCG CAPITAL CORP	COM	58047p107	1,427	376,519	SH		SOLE		376,519	0	0
MEDTRONIC INC	COM	585055106	1,118	18,164	SH		SOLE		18,164	0	0
MESA LABS INC	COM	59064r109	2,243	24,856	SH		SOLE		24,856	0	0
MICROFINANCIAL INC	COM	595072109	2,627	333,790	SH		SOLE		333,790	0	0
MICROSOFT CORP	COM	594918104	3,612	88,129	SH		SOLE		88,129	0	0
MOCON INC	COM	607494101	3,892	233,350	SH		SOLE		233,350	0	0
MONOTYPE IMAGING HOLDINGS IN	COM	61022p100	5,711	189,492	SH		SOLE		189,492	0	0
NATHANS FAMOUS INC NEW	COM	632347100	1,445	29,500	SH		SOLE		29,500	0	0
NATIONAL AMERN UNIV HLDGS IN	COM	63245q105	1,000	257,149	SH		SOLE		257,149	0	0
NATURAL GAS SERVICES GROUP	COM	63886q109	11,083	367,729	SH		SOLE		367,729	0	0
NAUTILUS INC	COM	63910b102	12,735	1,322,435	SH		SOLE		1,322,435	0	0
NCR CORP NEW	COM	62886e108	2,509	68,659	SH		SOLE		68,659	0	0
NEUBERGER BERMAN RE ES SEC F	COM	64190a103	4,377	927,253	SH		SOLE		927,253	0	0
NUVEEN BUILD AMER BD FD	COM	67074c103	6,687	340,808	SH		SOLE		340,808	0	0
NUVEEN INTER DURATION MN TMF	COM	670671106	2,771	231,716	SH		SOLE		231,716	0	0
NUVEEN PFD & INCOME TERM FD	COM	67075a106	4,606	202,021	SH		SOLE		202,021	0	0
OTTER TAIL CORP	COM	689648103	2,990	97,116	SH		SOLE		97,116	0	0
PHOTRONICS INC	COM	719405102	5,418	635,208	SH		SOLE		635,208	0	0
PROCTER & GAMBLE CO	COM	742718109	3,846	47,719	SH		SOLE		47,719	0	0
PSYCHEMEDICS CORP	COM NEW	744375205	2,811	164,106	SH		SOLE		164,106	0	0
PUTNAM PREMIER INCOME TR	SH BEN INT	746853100	4,916	888,941	SH		SOLE		888,941	0	0
PZENA INVESTMENT MGMT INC	CLASS A	74731q103	15,987	1,358,248	SH		SOLE		1,358,248	0	0
REDWOOD TR INC	COM	758075402	4,276	210,856	SH		SOLE		210,856	0	0
REIS INC	COM	75936p105	4,468	247,515	SH		SOLE		247,515	0	0
REPUBLIC SVCS INC	COM	760759100	2,452	71,778	SH		SOLE		71,778	0	0
RIGNET INC	COM	766582100	5,612	104,260	SH		SOLE		104,260	0	0
ROCKVILLE FINL INC NEW	COM	774188106	8,075	594,217	SH		SOLE		594,217	0	0
ROCKY BRANDS INC	COM	774515100	1,425	99,014	SH		SOLE		99,014	0	0
ROUSE PPTYS INC	COM	779287101	7,611	441,487	SH		SOLE		441,487	0	0
ROYCE GLOBAL VALUE TR INC	COM	78081t104	156	17,396	SH		SOLE		17,396	0	0
ROYCE MICRO-CAP TR INC	COM	780915104	1,109	90,592	SH		SOLE		90,592	0	0
ROYCE VALUE TR INC	COM	780910105	2,122	134,917	SH		SOLE		134,917	0	0
SALEM COMMUNICATIONS CORP DE	CL A	794093104	4,446	445,000	SH		SOLE		445,000	0	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	5,438	306,888	SH		SOLE		306,888	0	0
SELECT INCOME REIT	COM SH BEN INT	81618t100	5,520	182,364	SH		SOLE		182,364	0	0
SHILOH INDS INC	COM	824543102	2,074	116,900	SH		SOLE		116,900	0	0
SILVERCREST ASSET MGMT GROUP	CL A	828359109	1,862	101,801	SH		SOLE		101,801	0	0
SIMULATIONS PLUS INC	COM	829214105	4,685	703,424	SH		SOLE		703,424	0	0
SOLAR CAP LTD	COM	83413u100	3,613	165,906	SH		SOLE		165,906	0	0
SP PLUS CORP	COM	78469c103	4,331	164,882	SH		SOLE		164,882	0	0
STRATTEC SEC CORP	COM	863111100	1,345	18,620	SH		SOLE		18,620	0	0
SUPREME INDS INC	CL A	868607102	780	101,200	SH		SOLE		101,200	0	0
SYNERGETICS USA INC	COM	87160G107	1,491	488,980	SH		SOLE		488,980	0	0
SYNERON MEDICAL LTD	ORD SHS	m87245102	7,375	592,357	SH		SOLE		592,357	0	0
SYNTEL INC	COM	87162h103	4,163	46,305	SH		SOLE		46,305	0	0
TECHTARGET INC	COM	87874R100	4,153	576,006	SH		SOLE		576,006	0	0
THESTREET INC	COM	88368q103	1,861	710,185	SH		SOLE		710,185	0	0
TRANSCAT INC	COM	893529107	242	25,829	SH		SOLE		25,829	0	0
TREE COM INC	COM	894675107	4,672	150,500	SH		SOLE		150,500	0	0
TRUEBLUE INC	COM	89785x101	7,820	267,255	SH		SOLE		267,255	0	0
U S PHYSICAL THERAPY INC	COM	90337l108	7,911	228,845	SH		SOLE		228,845	0	0
UFP TECHNOLOGIES INC	COM	902673102	2,752	112,971	SH		SOLE		112,971	0	0
UNITED INS HLDGS CORP	COM	910710102	2,586	177,000	SH		SOLE		177,000	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	2,518	21,548	SH		SOLE		21,548	0	0
USA MOBILITY INC	COM	90341g103	10,646	585,921	SH		SOLE		585,921	0	0
VANGUARD INDEX FDS	GROWTH ETF	922908736	378	4,047	SH		SOLE		4,047	0	0
VERIZON COMMUNICATIONS INC	COM	92343v104	2,114	44,448	SH		SOLE		44,448	0	0
WASTE MGMT INC DEL	COM	94106l109	2,964	70,450	SH		SOLE		70,450	0	0
WELLPOINT INC	COM	94973v107	2,769	27,814	SH		SOLE		27,814	0	0
WEST MARINE INC	COM	954235107	1,939	170,500	SH		SOLE		170,500	0	0
WESTWOOD HLDGS GROUP INC	COM	961765104	6,487	103,479	SH		SOLE		103,479	0	0
XCEL ENERGY INC	COM	98389b100	2,305	75,913	SH		SOLE		75,913	0	0
EASTERN CO	COM	276317104	487	30,000	SH		SOLE		30,000	0	0
ISHARES	1-3 YR TR BD ETF	464287457	591	6,995	SH		SOLE		6,995	0	0
ITT CORP NEW	COM NEW	450911201	1,570	36,705	SH		SOLE		36,705	0	0
3M CO	COM	88579y101	1,721	12,689	SH		SOLE		12,689	0	0
TARGET CORP	COM	87612e106	2,271	37,535	SH		SOLE		37,535	0	0
NOVARTIS A G	SPONSORED ADR	66987v109	2,470	29,050	SH		SOLE		29,050	0	0
ZIX CORP	COM	98974P100	2,485	600,217	SH		SOLE		600,217	0	0
MOVE INC	COM NEW	62458m207	3,371	291,642	SH		SOLE		291,642	0	0
TGC INDS INC	COM NEW	872417308	6,919	1,162,829	SH		SOLE		1,162,829	0	0
ISHARES	S&P 500 GRWT ETF	464287309	15,229	152,530	SH		SOLE		152,530	0	0