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 COMPANY	COMMON STOCK	88579y101	1,807	12,614	SH		SOLE		12,614	0	0
A H BELO CORP COMCL A	COMMON STOCK	001282102	6,673	563,082	SH		SOLE		563,082	0	0
ACCENTURE PLC CL A F	COMMON STOCK	g1151c101	2,567	31,756	SH		SOLE		31,756	0	0
ADT CORP COM	COMMON STOCK	00101j106	1,299	37,181	SH		SOLE		37,181	0	0
AGILYSYS INC	COMMON STOCK	00847J105	3,562	253,000	SH		SOLE		253,000	0	0
ALAMO GROUP INC	COMMON STOCK	011311107	3,709	68,562	SH		SOLE		68,562	0	0
ALTISOURCE PORT SOLU F	COMMON STOCK	l0175j104	6,619	57,764	SH		SOLE		57,764	0	0
ALTISOURCE RESIDENTIALCORP COM	COMMON STOCK	02153w100	3,426	131,622	SH		SOLE		131,622	0	0
AMERCO COM	COMMON STOCK	023586100	5,040	17,332	SH		SOLE		17,332	0	0
AMERIPRISE FINANCIAL INC	COMMON STOCK	03076c106	4,156	34,633	SH		SOLE		34,633	0	0
ARBOR RLTY TR INC	COMMON STOCK	038923108	3,386	487,123	SH		SOLE		487,123	0	0
ARES COMMERCIAL REAL ESTATECOM	COMMON STOCK	04013v108	4,164	335,552	SH		SOLE		335,552	0	0
ASCENT CAPITAL GROUP INC SERIE	COMMON STOCK	043632108	7,051	106,814	SH		SOLE		106,814	0	0
AWARE INC	COMMON STOCK	05453N100	1,748	266,434	SH		SOLE		266,434	0	0
AXCELIS TECHNOLOGIES INC	COMMON STOCK	054540109	998	499,000	SH		SOLE		499,000	0	0
BARRETT BUSINESS SVCS	COMMON STOCK	068463108	1,786	38,000	SH		SOLE		38,000	0	0
BLACKROCK KELSO CAPCORPORATION	COMMON STOCK	092533108	1,753	192,443	SH		SOLE		192,443	0	0
BLACKROCK MUN TARGET TERMTR CO	COMMON STOCK	09257p105	648	31,905	SH		SOLE		31,905	0	0
BLACKROCK RES & COMMDITIESSTRG	COMMON STOCK	09257a108	9,461	762,348	SH		SOLE		762,348	0	0
BLACKSTONE MTG TR INCCOM CL A	Miscellaneous	09257w100	3,368	116,144	SH		SOLE		116,144	0	0
BLOCK H & R INC	COMMON STOCK	093671105	3,019	90,075	SH		SOLE		90,075	0	0
BOEING CO	COMMON STOCK	097023105	4,080	32,065	SH		SOLE		32,065	0	0
BOLT TECHNOLOGY CORP	COMMON STOCK	097698104	2,087	113,750	SH		SOLE		113,750	0	0
BSB BANCORP INC MD COM	COMMON STOCK	05573h108	2,818	164,230	SH		SOLE		164,230	0	0
C V S CAREMARK CORP	COMMON STOCK	126650100	4,410	58,517	SH		SOLE		58,517	0	0
CALAMOS STRATEGIC TOTALRETURN	COMMON STOCK	128125101	5,622	468,112	SH		SOLE		468,112	0	0
CALAVO GROWERS INC	COMMON STOCK	128246105	3,742	110,619	SH		SOLE		110,619	0	0
CALLAWAY GOLF CO DELAWARE	COMMON STOCK	131193104	8,682	1,043,451	SH		SOLE		1,043,451	0	0
CARMIKE CINEMAS INC	COMMON STOCK	143436400	10,348	294,554	SH		SOLE		294,554	0	0
CASCADE MICROTECH INC	COMMON STOCK	147322101	4,071	298,380	SH		SOLE		298,380	0	0
CENTURYLINK INC	COMMON STOCK	156700106	6,540	180,650	SH		SOLE		180,650	0	0
CHEROKEE INC NEW	COMMON STOCK	16444h102	4,384	288,605	SH		SOLE		288,605	0	0
CIFC CORP	COMMON STOCK	12547r105	1,532	170,000	SH		SOLE		170,000	0	0
CINCINNATI BELL INC NEW	COMMON STOCK	171871106	3,820	971,887	SH		SOLE		971,887	0	0
CINEDIGM CORPORATION	COMMON STOCK	172406100	1,220	490,000	SH		SOLE		490,000	0	0
CINTAS CORP	COMMON STOCK	172908105	5,040	79,326	SH		SOLE		79,326	0	0
CLOUGH GLBL EQUITY	COMMON STOCK	18914c100	5,042	325,702	SH		SOLE		325,702	0	0
CLOUGH GLOBAL ALLOCATIONFD	COMMON STOCK	18913y103	202	13,000	SH		SOLE		13,000	0	0
CLOUGH GLOBAL OPPTY FD	COMMON STOCK	18914e106	5,403	415,581	SH		SOLE		415,581	0	0
COCA COLA CO	COMMON STOCK	191216100	2,372	56,000	SH		SOLE		56,000	0	0
COHEN & STEERS CLOSD END	COMMON STOCK	19248p106	4,084	302,096	SH		SOLE		302,096	0	0
COHEN & STEERS INFRASTRUCTURE	COMMON STOCK	19248a109	8,183	334,121	SH		SOLE		334,121	0	0
CORENERGY INFRASTRUCTURETR INC	COMMON STOCK	21870u205	5,211	703,289	SH		SOLE		703,289	0	0
COURIER CORP	COMMON STOCK	222660102	3,842	257,475	SH		SOLE		257,475	0	0
D S T SYSTEMS INC	COMMON STOCK	233326107	3,725	40,409	SH		SOLE		40,409	0	0
DATALINK CORP	COMMON STOCK	237934104	4,814	481,438	SH		SOLE		481,438	0	0
DATAWATCH CORP NEW	COMMON STOCK	237917208	3,157	211,040	SH		SOLE		211,040	0	0
DEERE & COMPANY	COMMON STOCK	244199105	2,719	30,029	SH		SOLE		30,029	0	0
DESTINATION XL GROUP INCCOM	COMMON STOCK	25065k104	10,100	1,832,946	SH		SOLE		1,832,946	0	0
DIAMOND HILL INVESTMENT GROUP	COMMON STOCK	25264R207	1,282	10,039	SH		SOLE		10,039	0	0
DICE HLDGS INC COM	COMMON STOCK	253017107	3,289	432,188	SH		SOLE		432,188	0	0
DOUGLAS DYNAMICS INC COMUSD0.0	COMMON STOCK	25960r105	8,387	475,967	SH		SOLE		475,967	0	0
EATON VANCE ENHANCED EQT	COMMON STOCK	278274105	5,057	367,773	SH		SOLE		367,773	0	0
EATON VANCE TAX ADVANTAGEDIVID	COMMON STOCK	27828g107	5,255	253,860	SH		SOLE		253,860	0	0
ECOLAB INC	COMMON STOCK	278865100	891	8,000	SH		SOLE		8,000	0	0
ELECTRO RENT CORP	COMMON STOCK	285218103	3,397	203,071	SH		SOLE		203,071	0	0
ENSTAR GROUP LIMITED COMSTK US	COMMON STOCK	g3075p101	5,807	38,523	SH		SOLE		38,523	0	0
EXXON MOBIL CORPORATION	COMMON STOCK	30231g102	3,141	31,195	SH		SOLE		31,195	0	0
FARMERS NATIONAL BANC CORP	COMMON STOCK	309627107	1,280	164,369	SH		SOLE		164,369	0	0
FIRST BUSINESS FINL SVCSWIS CO	COMMON STOCK	319390100	3,885	82,597	SH		SOLE		82,597	0	0
FISERV INC	COMMON STOCK	337738108	3,970	65,818	SH		SOLE		65,818	0	0
FIVE STAR QUALITY CAREINC	COMMON STOCK	33832d106	8,744	1,745,279	SH		SOLE		1,745,279	0	0
FLEXSTEEL INDUSTRIES INC	COMMON STOCK	339382103	2,801	84,000	SH		SOLE		84,000	0	0
FORD MTR CO DEL COM	COMMON STOCK	345370860	3,481	201,915	SH		SOLE		201,915	0	0
FRANKLIN COVEY CO	COMMON STOCK	353469109	13,381	664,730	SH		SOLE		664,730	0	0
G S I GROUP INC NEW F	COMMON STOCK	36191c205	4,748	372,972	SH		SOLE		372,972	0	0
GDL FUND	COMMON STOCK	361570104	7,151	658,472	SH		SOLE		658,472	0	0
GENTHERM INC COM	COMMON STOCK	37253a103	8,694	195,595	SH		SOLE		195,595	0	0
GUGGENHEIM SPINOFFETF	COMMON STOCK	18383m605	3,499	75,598	SH		SOLE		75,598	0	0
HACKETT GROUP INC COM	COMMON STOCK	404609109	5,888	986,281	SH		SOLE		986,281	0	0
HALLMARK FINL SVCS INCCOM NEW	COMMON STOCK	40624q203	1,662	154,575	SH		SOLE		154,575	0	0
HARVARD APPARATUS REGENERATIVE	COMMON STOCK	41690a106	2,478	237,162	SH		SOLE		237,162	0	0
HARVARD BIOSCIENCE INC	COMMON STOCK	416906105	2,082	457,551	SH		SOLE		457,551	0	0
HCI GROUP INC	COMMON STOCK	40416e103	3,183	78,400	SH		SOLE		78,400	0	0
HERITAGE FINANCIAL GROUP	COMMON STOCK	42726x102	1,192	60,100	SH		SOLE		60,100	0	0
HOME LOAN SERVICING SOLUTIONSL	COMMON STOCK	g6648d109	10,682	469,933	SH		SOLE		469,933	0	0
HONG KONG TELEVISION NETWORKLT	COMMON STOCK	43858g107	4,046	653,702	SH		SOLE		653,702	0	0
HOOKER FURNITURE CRP	COMMON STOCK	439038100	3,827	237,115	SH		SOLE		237,115	0	0
HORACE MANN EDUCATORSCORP NEW	COMMON STOCK	440327104	8,495	271,662	SH		SOLE		271,662	0	0
HORMEL FOODS CORP COM	COMMON STOCK	440452100	4,085	82,771	SH		SOLE		82,771	0	0
HOUSTONWIRE & CABLE CO COM	COMMON STOCK	44244k109	1,260	101,500	SH		SOLE		101,500	0	0
IMAGE SENSING SYSTEMSINC	COMMON STOCK	45244c104	752	228,000	SH		SOLE		228,000	0	0
INCONTACT INC	COMMON STOCK	45336E109	2,749	299,120	SH		SOLE		299,120	0	0
INTERNET PATENTS CORPCOM	COMMON STOCK	46063g101	882	284,500	SH		SOLE		284,500	0	0
INTL FCSTONE INC COM	COMMON STOCK	46116v105	10,730	538,649	SH		SOLE		538,649	0	0
INVENTURE FOODS INC	COMMON STOCK	461212102	4,414	391,700	SH		SOLE		391,700	0	0
INVESCO LTD F	COMMON STOCK	g491bt108	3,799	100,633	SH		SOLE		100,633	0	0
INVESTORS TITLE COMPANY	COMMON STOCK	461804106	1,786	26,500	SH		SOLE		26,500	0	0
ISHARES 1-3 YEAR TREASURYBOND	COMMON STOCK	464287457	363	4,295	SH		SOLE		4,295	0	0
ISHARES S&P 500 GROWTHETF	INDEX UNIT	464287309	15,775	149,963	SH		SOLE		149,963	0	0
ITT CORPORATION COM USD1.00	COMMON STOCK	450911201	1,782	37,038	SH		SOLE		37,038	0	0
J & J SNACK FOOD CORP	COMMON STOCK	466032109	7,210	76,600	SH		SOLE		76,600	0	0
JMP GROUP INC	COMMON STOCK	46629U107	2,147	283,581	SH		SOLE		283,581	0	0
JOHNSON & JOHNSON	COMMON STOCK	478160104	3,905	37,328	SH		SOLE		37,328	0	0
JOURNAL COMMUNICATIONSINC CLA	COMMON STOCK	481130102	10,787	1,216,133	SH		SOLE		1,216,133	0	0
JPMORGAN CHASE & CO	COMMON STOCK	46625h100	3,876	67,277	SH		SOLE		67,277	0	0
KIRKLANDS INC COM	COMMON STOCK	497498105	3,451	186,050	SH		SOLE		186,050	0	0
LIFETIME BRANDS INC	COMMON STOCK	53222Q103	1,098	69,875	SH		SOLE		69,875	0	0
LITHIA MOTORS INC CL A	COMMON STOCK	536797103	8,718	92,674	SH		SOLE		92,674	0	0
LRAD CORP	COMMON STOCK	50213V109	324	157,200	SH		SOLE		157,200	0	0
MACQUARIE INFRASTRUCTURECO LLC	COMMON STOCK	55608b105	5,222	83,719	SH		SOLE		83,719	0	0
MADDEN STEVEN LTD	COMMON STOCK	556269108	4,756	138,655	SH		SOLE		138,655	0	0
MADISON COVERED CALL &EQUITY S	COMMON STOCK	557437100	8,230	936,246	SH		SOLE		936,246	0	0
MAGELLAN HEALTH INC	COMMON STOCK	559079207	5,140	82,582	SH		SOLE		82,582	0	0
MCG CAPITAL CORP	COMMON STOCK	58047p107	3,203	817,076	SH		SOLE		817,076	0	0
MEDTRONIC INC	COMMON STOCK	585055106	1,145	17,964	SH		SOLE		17,964	0	0
MESA LABS INC	COMMON STOCK	59064r109	2,087	24,856	SH		SOLE		24,856	0	0
MICROFINANCIAL INC	COMMON STOCK	595072109	2,580	333,790	SH		SOLE		333,790	0	0
MICROSOFT CORP	COMMON STOCK	594918104	3,677	88,189	SH		SOLE		88,189	0	0
MOCON INC	COMMON STOCK	607494101	3,689	233,350	SH		SOLE		233,350	0	0
MONOTYPE IMAGING HLDGSINC	COMMON STOCK	61022p100	6,932	246,078	SH		SOLE		246,078	0	0
MOVE INC COM NEW	COMMON STOCK	62458m207	4,504	304,559	SH		SOLE		304,559	0	0
MVC CAP INC	COMMON STOCK	553829102	7,841	605,459	SH		SOLE		605,459	0	0
NATHANS FAMOUS INC	COMMON STOCK	632347100	1,857	34,261	SH		SOLE		34,261	0	0
NATIONAL AMERICAN UNIVERSITY H	COMMON STOCK	63245q105	791	256,709	SH		SOLE		256,709	0	0
NATURAL GAS SERVICE GP	COMMON STOCK	63886q109	12,116	366,496	SH		SOLE		366,496	0	0
NAUTILUS INC	COMMON STOCK	63910b102	13,044	1,176,180	SH		SOLE		1,176,180	0	0
NCR CORP	COMMON STOCK	62886e108	2,417	68,894	SH		SOLE		68,894	0	0
NEUBERGER BERMAN REALESTATE SE	COMMON STOCK	64190a103	4,724	944,843	SH		SOLE		944,843	0	0
NOVARTIS A G SPON ADR F SPONSO	COMMON STOCK	66987v109	2,657	29,347	SH		SOLE		29,347	0	0
NUVEEN BUILD AMER BD FDCOM	COMMON STOCK	67074c103	7,094	346,043	SH		SOLE		346,043	0	0
NUVEEN INTER DURATIONMUN TERM	COMMON STOCK	670671106	2,926	232,381	SH		SOLE		232,381	0	0
NUVEEN MTG OPPORTUNITYTERM FD	COMMON STOCK	670735109	2,989	121,492	SH		SOLE		121,492	0	0
NUVEEN PFD & INCOME TERMFD COM	COMMON STOCK	67075a106	4,768	203,081	SH		SOLE		203,081	0	0
OTTER TAIL CORP FORMERLYOTTER	COMMON STOCK	689648103	2,955	97,542	SH		SOLE		97,542	0	0
PHOTRONICS INC	COMMON STOCK	719405102	5,461	634,992	SH		SOLE		634,992	0	0
PROCTER & GAMBLE	COMMON STOCK	742718109	3,735	47,528	SH		SOLE		47,528	0	0
PSYCHEMEDICS CORP COMNEW	COMMON STOCK	744375205	2,740	193,500	SH		SOLE		193,500	0	0
PUTNAM PREMIER INC TRSH BEN IN	COMMON STOCK	746853100	4,960	893,745	SH		SOLE		893,745	0	0
PZENA INVESTMENT MGMT	COMMON STOCK	74731q103	15,017	1,345,650	SH		SOLE		1,345,650	0	0
REDWOOD TRUST INC REIT	COMMON STOCK	758075402	4,111	211,121	SH		SOLE		211,121	0	0
REIS INC	COMMON STOCK	75936p105	5,638	267,474	SH		SOLE		267,474	0	0
REPUBLIC SERVICES INCCOM	COMMON STOCK	760759100	2,739	72,139	SH		SOLE		72,139	0	0
RIGNET INC COM	COMMON STOCK	766582100	4,502	83,655	SH		SOLE		83,655	0	0
ROUSE PPTYS INC COM	COMMON STOCK	779287101	7,518	439,402	SH		SOLE		439,402	0	0
ROYCE MICRO CAP TRUSTINC FRMLY	COMMON STOCK	780915104	1,143	90,591	SH		SOLE		90,591	0	0
ROYCE VALUE TRUST INC	COMMON STOCK	780910105	2,278	142,363	SH		SOLE		142,363	0	0
SALEM COMMUNICATIONS CORP.	COMMON STOCK	794093104	4,210	445,000	SH		SOLE		445,000	0	0
SCRIPPS E W CO OHIO CLA NEW	COMMON STOCK	811054402	6,481	306,293	SH		SOLE		306,293	0	0
SELECT INCOME REIT COMUSD0.01	Miscellaneous	81618t100	5,419	182,841	SH		SOLE		182,841	0	0
SHILOH INDUSTRIES INC	COMMON STOCK	824543102	2,400	130,000	SH		SOLE		130,000	0	0
SILVERCREST ASSET MANAGEMENT G	COMMON STOCK	828359109	2,237	130,000	SH		SOLE		130,000	0	0
SIMULATIONS PLUS INC	COMMON STOCK	829214105	3,953	703,424	SH		SOLE		703,424	0	0
SOLAR CAPITAL LTD	COMMON STOCK	83413u100	4,070	191,278	SH		SOLE		191,278	0	0
SP PLUS CORP COM	COMMON STOCK	78469c103	4,066	190,102	SH		SOLE		190,102	0	0
STRATTEC SECURITY CORP	COMMON STOCK	863111100	1,201	18,620	SH		SOLE		18,620	0	0
SUPERIOR UNIFORM GROUP	COMMON STOCK	868358102	300	18,501	SH		SOLE		18,501	0	0
SUPREME INDUSTRIES INC.	COMMON STOCK	868607102	1,819	279,900	SH		SOLE		279,900	0	0
SYNERON MEDICAL LTD F	COMMON STOCK	m87245102	5,834	565,290	SH		SOLE		565,290	0	0
SYNTEL INC	COMMON STOCK	87162h103	3,936	45,785	SH		SOLE		45,785	0	0
T G C INDUSTRIES INC NEW	COMMON STOCK	872417308	6,336	1,162,554	SH		SOLE		1,162,554	0	0
TANDY LEATHER FACTORY INC	COMMON STOCK	87538X105	553	60,820	SH		SOLE		60,820	0	0
TARGET CORPORATION	COMMON STOCK	87612e106	3,392	58,541	SH		SOLE		58,541	0	0
TECHTARGET INC NEW	COMMON STOCK	87874R100	8,545	968,875	SH		SOLE		968,875	0	0
THESTREET INC	COMMON STOCK	88368q103	3,385	1,404,500	SH		SOLE		1,404,500	0	0
TRANSCAT INC	COMMON STOCK	893529107	626	61,000	SH		SOLE		61,000	0	0
TREE COM INC COM	COMMON STOCK	894675107	4,386	150,500	SH		SOLE		150,500	0	0
TRUEBLUE INC	COMMON STOCK	89785x101	7,323	265,604	SH		SOLE		265,604	0	0
U S PHYSICAL THERAPYINC	COMMON STOCK	90337l108	8,135	237,922	SH		SOLE		237,922	0	0
UFP TECH INC	COMMON STOCK	902673102	2,399	99,600	SH		SOLE		99,600	0	0
UNITED FINL BANCORP INCNEW COM	COMMON STOCK	910304104	7,996	590,086	SH		SOLE		590,086	0	0
UNITED INSURANCE HOLDINGS CORP	COMMON STOCK	910710102	1,087	63,000	SH		SOLE		63,000	0	0
UNITED TECHNOLOGIES CORP	COMMON STOCK	913017109	2,481	21,492	SH		SOLE		21,492	0	0
UROPLASTY INC COMNEW	COMMON STOCK	917277204	844	315,000	SH		SOLE		315,000	0	0
USA MOBILITY INC	COMMON STOCK	90341g103	8,957	581,652	SH		SOLE		581,652	0	0
USG CORP COM NEW	COMMON STOCK	903293405	2,836	94,120	SH		SOLE		94,120	0	0
VANGUARD INDEX FDS VANGUARDGRO	COMMON STOCK	922908736	356	3,597	SH		SOLE		3,597	0	0
VERIZON COMMUNICATIONS	COMMON STOCK	92343v104	2,185	44,646	SH		SOLE		44,646	0	0
WASTE MANAGEMENT INC DEL	COMMON STOCK	94106l109	3,164	70,730	SH		SOLE		70,730	0	0
WELLPOINT INC	COMMON STOCK	94973v107	2,996	27,837	SH		SOLE		27,837	0	0
WEST MARINE INC	COMMON STOCK	954235107	1,749	170,500	SH		SOLE		170,500	0	0
WESTWOOD HOLDINGS GROUP	COMMON STOCK	961765104	6,168	102,734	SH		SOLE		102,734	0	0
ZIX CORPORATION	COMMON STOCK	98974P100	2,053	600,217	SH		SOLE		600,217	0	0