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
A H BELO CORP COMCL A	COMMON STOCK	001282102	6,008	563,082	SH		SOLE		563,082	0	0
ACCENTURE PLC CL A F	COMMON STOCK	g1151c101	2,579	31,716	SH		SOLE		31,716	0	0
ADT CORP COM	COMMON STOCK	00101j106	1,310	36,941	SH		SOLE		36,941	0	0
AGILYSYS INC	COMMON STOCK	00847J105	2,968	253,000	SH		SOLE		253,000	0	0
ALAMO GROUP INC	COMMON STOCK	011311107	2,821	68,815	SH		SOLE		68,815	0	0
ALCENTRA CAPITAL CORPORATIONCO	COMMON STOCK	01374t102	1,283	96,615	SH		SOLE		96,615	0	0
ALTISOURCE PORT SOLU F	COMMON STOCK	l0175j104	5,861	58,144	SH		SOLE		58,144	0	0
ALTISOURCE RESIDENTIALCORP COM	COMMON STOCK	02153w100	4,864	202,660	SH		SOLE		202,660	0	0
AMERCO COM	COMMON STOCK	023586100	5,871	22,416	SH		SOLE		22,416	0	0
AMERIPRISE FINANCIAL INC	COMMON STOCK	03076c106	4,242	34,385	SH		SOLE		34,385	0	0
ARBOR RLTY TR INC	COMMON STOCK	038923108	5,414	803,305	SH		SOLE		803,305	0	0
ARES COMMERCIAL REAL ESTATECOM	COMMON STOCK	04013v108	3,951	338,015	SH		SOLE		338,015	0	0
AROTECH CORPORATION	COMMON STOCK	042682203	813	250,000	SH		SOLE		250,000	0	0
ASCENT CAPITAL GROUP INC SERIE	COMMON STOCK	043632108	6,471	107,485	SH		SOLE		107,485	0	0
AWARE INC	COMMON STOCK	05453N100	1,118	303,000	SH		SOLE		303,000	0	0
BARRETT BUS SVCS INC	COMMON STOCK	068463108	4,819	122,025	SH		SOLE		122,025	0	0
BLACKROCK KELSO CAPCORPORATION	COMMON STOCK	092533108	4,754	556,636	SH		SOLE		556,636	0	0
BLACKROCK MUN TARGET TERMTR CO	COMMON STOCK	09257p105	2,538	127,746	SH		SOLE		127,746	0	0
BLACKROCK RES & COMMDITIESSTRG	COMMON STOCK	09257a108	8,395	747,576	SH		SOLE		747,576	0	0
BLACKSTONE MTG TR INCCOM CL A	Miscellaneous	09257w100	4,702	173,519	SH		SOLE		173,519	0	0
BLOCK H & R INC	COMMON STOCK	093671105	2,781	89,675	SH		SOLE		89,675	0	0
BOEING CO	COMMON STOCK	097023105	4,067	31,931	SH		SOLE		31,931	0	0
BOLT TECHNOLOGY CORP	COMMON STOCK	097698104	2,416	110,110	SH		SOLE		110,110	0	0
BSB BANCORP INC MD COM	COMMON STOCK	05573h108	3,177	172,479	SH		SOLE		172,479	0	0
CALAMOS STRATEGIC TOTALRETURN	COMMON STOCK	128125101	3,036	259,491	SH		SOLE		259,491	0	0
CALAVO GROWERS INC	COMMON STOCK	128246105	4,249	94,135	SH		SOLE		94,135	0	0
CALLAWAY GOLF CO DELAWARE	COMMON STOCK	131193104	7,624	1,052,982	SH		SOLE		1,052,982	0	0
CARMIKE CINEMAS INC	COMMON STOCK	143436400	8,753	282,529	SH		SOLE		282,529	0	0
CASCADE MICROTECH INC	COMMON STOCK	147322101	2,983	294,480	SH		SOLE		294,480	0	0
CENTURYLINK INC	COMMON STOCK	156700106	5,074	124,091	SH		SOLE		124,091	0	0
CHEROKEE INC NEW	COMMON STOCK	16444h102	5,255	288,605	SH		SOLE		288,605	0	0
CHIMERA INVT CORP COM	COMMON STOCK	16934q109	1,525	501,520	SH		SOLE		501,520	0	0
CIFC CORP	COMMON STOCK	12547r105	1,539	170,000	SH		SOLE		170,000	0	0
CINCINNATI BELL INC NEW	COMMON STOCK	171871106	3,308	981,584	SH		SOLE		981,584	0	0
CINEDIGM CORPORATION	COMMON STOCK	172406100	760	490,000	SH		SOLE		490,000	0	0
CINTAS CORP	COMMON STOCK	172908105	3,771	53,423	SH		SOLE		53,423	0	0
CLOUGH GLBL EQUITY	COMMON STOCK	18914c100	4,617	322,195	SH		SOLE		322,195	0	0
CLOUGH GLOBAL OPPTY FD	COMMON STOCK	18914e106	5,045	422,910	SH		SOLE		422,910	0	0
COCA COLA CO	COMMON STOCK	191216100	2,389	56,000	SH		SOLE		56,000	0	0
COHEN & STEERS CLOSD END	COMMON STOCK	19248p106	3,785	290,521	SH		SOLE		290,521	0	0
COHEN & STEERS INFRASTRUCTURE	COMMON STOCK	19248a109	7,608	328,656	SH		SOLE		328,656	0	0
CORENERGY INFRASTRUCTURETR INC	COMMON STOCK	21870u205	5,409	723,118	SH		SOLE		723,118	0	0
COURIER CORP	COMMON STOCK	222660102	3,172	257,489	SH		SOLE		257,489	0	0
CULP INC	COMMON STOCK	230215105	797	43,900	SH		SOLE		43,900	0	0
CVS HEALTH CORP COM	COMMON STOCK	126650100	4,635	58,241	SH		SOLE		58,241	0	0
D S T SYSTEMS INC	COMMON STOCK	233326107	3,367	40,127	SH		SOLE		40,127	0	0
DATALINK CORP	COMMON STOCK	237934104	5,142	483,745	SH		SOLE		483,745	0	0
DATAWATCH CORP NEW	COMMON STOCK	237917208	2,163	211,040	SH		SOLE		211,040	0	0
DEERE & COMPANY	COMMON STOCK	244199105	2,456	29,953	SH		SOLE		29,953	0	0
DESTINATION XL GROUP INCCOM	COMMON STOCK	25065k104	8,684	1,839,832	SH		SOLE		1,839,832	0	0
DIAMOND HILL INVESTMENT GROUP	COMMON STOCK	25264R207	1,034	8,400	SH		SOLE		8,400	0	0
DICE HLDGS INC COM	COMMON STOCK	253017107	5,230	624,048	SH		SOLE		624,048	0	0
DIGIRAD CORPORATION	COMMON STOCK	253827109	1,106	281,324	SH		SOLE		281,324	0	0
DOUGLAS DYNAMICS INC COMUSD0.0	COMMON STOCK	25960r105	7,685	394,121	SH		SOLE		394,121	0	0
EATON VANCE ENHANCED EQT	COMMON STOCK	278274105	3,383	246,548	SH		SOLE		246,548	0	0
EATON VANCE TAX ADVANTAGEDIVID	COMMON STOCK	27828g107	5,109	253,044	SH		SOLE		253,044	0	0
ECOLAB INC	COMMON STOCK	278865100	919	8,000	SH		SOLE		8,000	0	0
ELECTRO RENT CORP	COMMON STOCK	285218103	2,664	193,429	SH		SOLE		193,429	0	0
ENSTAR GROUP LIMITED COMSTK US	COMMON STOCK	g3075p101	5,299	38,874	SH		SOLE		38,874	0	0
EXXON MOBIL CORPORATION	COMMON STOCK	30231g102	2,921	31,058	SH		SOLE		31,058	0	0
FARMERS NATIONAL BANC CORP	COMMON STOCK	309627107	559	70,000	SH		SOLE		70,000	0	0
FIRST BANK	COMMON STOCK	31931U102	1,086	176,627	SH		SOLE		176,627	0	0
FIRST BUSINESS FINL SVCSWIS CO	COMMON STOCK	319390100	3,626	82,598	SH		SOLE		82,598	0	0
FISERV INC	COMMON STOCK	337738108	4,235	65,528	SH		SOLE		65,528	0	0
FIVE STAR QUALITY CAREINC	COMMON STOCK	33832d106	6,598	1,750,194	SH		SOLE		1,750,194	0	0
FLEXSTEEL INDUSTRIES INC	COMMON STOCK	339382103	2,833	84,000	SH		SOLE		84,000	0	0
FORD MTR CO DEL COM	COMMON STOCK	345370860	2,973	200,986	SH		SOLE		200,986	0	0
FRANKLIN COVEY CO	COMMON STOCK	353469109	13,039	665,575	SH		SOLE		665,575	0	0
G S I GROUP INC NEW F	COMMON STOCK	36191c205	3,594	312,797	SH		SOLE		312,797	0	0
GDL FUND	COMMON STOCK	361570104	7,026	666,296	SH		SOLE		666,296	0	0
GENTHERM INC COM	COMMON STOCK	37253a103	8,011	189,705	SH		SOLE		189,705	0	0
HACKETT GROUP INC COM	COMMON STOCK	404609109	5,910	991,600	SH		SOLE		991,600	0	0
HALLMARK FINL SVCS INCCOM NEW	COMMON STOCK	40624q203	1,594	154,575	SH		SOLE		154,575	0	0
HARVARD APPARATUS REGENERATIVE	COMMON STOCK	41690a106	1,921	237,162	SH		SOLE		237,162	0	0
HARVARD BIOSCIENCE INC	COMMON STOCK	416906105	1,475	360,651	SH		SOLE		360,651	0	0
HCI GROUP INC	COMMON STOCK	40416e103	2,822	78,400	SH		SOLE		78,400	0	0
HERITAGE FINANCIAL GROUP	COMMON STOCK	42726x102	1,909	94,542	SH		SOLE		94,542	0	0
HOME LOAN SERVICING SOLUTIONSL	COMMON STOCK	g6648d109	10,358	488,796	SH		SOLE		488,796	0	0
HONG KONG TELEVISION NETWORKLT	COMMON STOCK	43858g107	3,846	657,380	SH		SOLE		657,380	0	0
HOOKER FURNITURE CRP	COMMON STOCK	439038100	3,334	219,179	SH		SOLE		219,179	0	0
HORACE MANN EDUCATORSCORP NEW	COMMON STOCK	440327104	7,816	274,140	SH		SOLE		274,140	0	0
HORMEL FOODS CORP COM	COMMON STOCK	440452100	4,238	82,464	SH		SOLE		82,464	0	0
HOUSTONWIRE & CABLE CO COM	COMMON STOCK	44244k109	1,216	101,500	SH		SOLE		101,500	0	0
HUTCHINSON TECH INC	COMMON STOCK	448407106	37	10,000	SH		SOLE		10,000	0	0
INCONTACT INC	COMMON STOCK	45336E109	2,601	299,120	SH		SOLE		299,120	0	0
INTERNET PATENTS CORPCOM	COMMON STOCK	46063g101	638	207,285	SH		SOLE		207,285	0	0
INTL FCSTONE INC COM	COMMON STOCK	46116v105	9,364	540,651	SH		SOLE		540,651	0	0
INVENTURE FOODS INC	COMMON STOCK	461212102	5,186	400,185	SH		SOLE		400,185	0	0
INVESCO LTD F	COMMON STOCK	g491bt108	3,960	100,316	SH		SOLE		100,316	0	0
INVESTORS TITLE COMPANY	COMMON STOCK	461804106	1,940	26,500	SH		SOLE		26,500	0	0
J & J SNACK FOOD CORP	COMMON STOCK	466032109	6,454	68,987	SH		SOLE		68,987	0	0
JMP GROUP INC	COMMON STOCK	46629U107	2,082	332,100	SH		SOLE		332,100	0	0
JOHNSON & JOHNSON	COMMON STOCK	478160104	3,969	37,239	SH		SOLE		37,239	0	0
JOURNAL COMMUNICATIONSINC CLA	COMMON STOCK	481130102	10,289	1,220,578	SH		SOLE		1,220,578	0	0
JPMORGAN CHASE & CO	COMMON STOCK	46625h100	4,032	66,929	SH		SOLE		66,929	0	0
KIRKLANDS INC COM	COMMON STOCK	497498105	2,997	186,050	SH		SOLE		186,050	0	0
LIFETIME BRANDS INC	COMMON STOCK	53222Q103	1,070	69,875	SH		SOLE		69,875	0	0
LITHIA MOTORS INC CL A	COMMON STOCK	536797103	7,056	93,220	SH		SOLE		93,220	0	0
LRAD CORP	COMMON STOCK	50213V109	550	203,000	SH		SOLE		203,000	0	0
MACQUARIE INFRASTRUCTURECO LLC	COMMON STOCK	55608b105	5,898	88,421	SH		SOLE		88,421	0	0
MADDEN STEVEN LTD	COMMON STOCK	556269108	4,491	139,357	SH		SOLE		139,357	0	0
MADISON COVERED CALL &EQUITY S	COMMON STOCK	557437100	6,363	757,455	SH		SOLE		757,455	0	0
MAGELLAN HEALTH INC	COMMON STOCK	559079207	4,553	83,186	SH		SOLE		83,186	0	0
MCG CAPITAL CORP	COMMON STOCK	58047p107	3,106	882,504	SH		SOLE		882,504	0	0
MESA LABS INC	COMMON STOCK	59064r109	1,436	24,856	SH		SOLE		24,856	0	0
MICROFINANCIAL INC	COMMON STOCK	595072109	2,690	333,790	SH		SOLE		333,790	0	0
MICROSOFT CORP	COMMON STOCK	594918104	4,078	87,973	SH		SOLE		87,973	0	0
MOCON INC	COMMON STOCK	607494101	3,475	233,350	SH		SOLE		233,350	0	0
MONOTYPE IMAGING HLDGSINC	COMMON STOCK	61022p100	7,014	247,659	SH		SOLE		247,659	0	0
MVC CAP INC	COMMON STOCK	553829102	8,951	831,913	SH		SOLE		831,913	0	0
NATHANS FAMOUS INC	COMMON STOCK	632347100	2,640	39,000	SH		SOLE		39,000	0	0
NATURAL GAS SERVICE GP	COMMON STOCK	63886q109	8,855	367,878	SH		SOLE		367,878	0	0
NAUTILUS INC	COMMON STOCK	63910b102	13,779	1,151,090	SH		SOLE		1,151,090	0	0
NCR CORP	COMMON STOCK	62886e108	2,296	68,714	SH		SOLE		68,714	0	0
NEUBERGER BERMAN REALESTATE SE	COMMON STOCK	64190a103	3,916	812,405	SH		SOLE		812,405	0	0
NUVEEN BUILD AMER BD FDCOM	COMMON STOCK	67074c103	7,237	354,928	SH		SOLE		354,928	0	0
NUVEEN INTER DURATIONMUN TERM	COMMON STOCK	670671106	3,058	245,217	SH		SOLE		245,217	0	0
NUVEEN MTG OPPORTUNITYTERM FD	COMMON STOCK	670735109	5,488	231,059	SH		SOLE		231,059	0	0
NUVEEN PFD & INCOME TERMFD COM	COMMON STOCK	67075a106	4,864	212,311	SH		SOLE		212,311	0	0
OTTER TAIL CORP FORMERLYOTTER	COMMON STOCK	689648103	3,214	120,498	SH		SOLE		120,498	0	0
PERFORMANCE SPORTS GROUP LTD	COMMON STOCK	71377G100	2,973	185,000	SH		SOLE		185,000	0	0
PHOTRONICS INC	COMMON STOCK	719405102	5,101	633,637	SH		SOLE		633,637	0	0
PROCTER & GAMBLE	COMMON STOCK	742718109	3,972	47,429	SH		SOLE		47,429	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	4,936	900,704	SH		SOLE		900,704	0	0
PZENA INVESTMENT MGMT	COMMON STOCK	74731q103	12,911	1,351,954	SH		SOLE		1,351,954	0	0
REDWOOD TRUST INC REIT	COMMON STOCK	758075402	3,598	217,028	SH		SOLE		217,028	0	0
REIS INC	COMMON STOCK	75936p105	5,650	239,515	SH		SOLE		239,515	0	0
REPUBLIC SERVICES INCCOM	COMMON STOCK	760759100	2,805	71,889	SH		SOLE		71,889	0	0
RIGNET INC COM	COMMON STOCK	766582100	3,412	84,345	SH		SOLE		84,345	0	0
ROUSE PPTYS INC COM	COMMON STOCK	779287101	7,158	442,701	SH		SOLE		442,701	0	0
ROYCE GLOBAL VALUE TRINC COM U	COMMON STOCK	78081t104	146	16,720	SH		SOLE		16,720	0	0
ROYCE MICRO CAP TRUSTINC FRMLY	COMMON STOCK	780915104	1,044	88,702	SH		SOLE		88,702	0	0
ROYCE VALUE TRUST INC	COMMON STOCK	780910105	2,079	143,384	SH		SOLE		143,384	0	0
SALEM COMMUNICATIONS CORP.	COMMON STOCK	794093104	3,360	441,474	SH		SOLE		441,474	0	0
SCRIPPS E W CO OHIO CLA NEW	COMMON STOCK	811054402	5,044	309,233	SH		SOLE		309,233	0	0
SHILOH INDUSTRIES INC	COMMON STOCK	824543102	2,798	164,500	SH		SOLE		164,500	0	0
SILVERCREST ASSET MGMTGROUP IN	COMMON STOCK	828359109	2,859	209,900	SH		SOLE		209,900	0	0
SIMULATIONS PLUS INC	COMMON STOCK	829214105	4,468	642,863	SH		SOLE		642,863	0	0
SOLAR CAPITAL LTD	COMMON STOCK	83413u100	3,793	203,054	SH		SOLE		203,054	0	0
SP PLUS CORP COM	COMMON STOCK	78469c103	3,630	191,457	SH		SOLE		191,457	0	0
SPOK HLDGS INC COM USD0.0001	COMMON STOCK	84863t106	7,613	585,147	SH		SOLE		585,147	0	0
SUPERIOR UNIFORM GROUP	COMMON STOCK	868358102	541	25,000	SH		SOLE		25,000	0	0
SUPREME INDUSTRIES INC.	COMMON STOCK	868607102	2,186	279,900	SH		SOLE		279,900	0	0
SYNERON MEDICAL LTD F	COMMON STOCK	m87245102	5,027	501,663	SH		SOLE		501,663	0	0
SYNTEL INC	COMMON STOCK	87162h103	4,055	46,110	SH		SOLE		46,110	0	0
TANDY LEATHER FACTORY INC	COMMON STOCK	87538X105	1,443	152,700	SH		SOLE		152,700	0	0
TECHTARGET INC NEW	COMMON STOCK	87874R100	8,348	971,800	SH		SOLE		971,800	0	0
THESTREET INC	COMMON STOCK	88368q103	3,283	1,465,700	SH		SOLE		1,465,700	0	0
TRANSCAT INC	COMMON STOCK	893529107	591	64,600	SH		SOLE		64,600	0	0
TREE COM INC COM	COMMON STOCK	894675107	8,716	242,855	SH		SOLE		242,855	0	0
TRUEBLUE INC	COMMON STOCK	89785x101	6,740	266,822	SH		SOLE		266,822	0	0
U S PHYSICAL THERAPYINC	COMMON STOCK	90337l108	8,652	244,486	SH		SOLE		244,486	0	0
UFP TECH INC	COMMON STOCK	902673102	2,189	99,600	SH		SOLE		99,600	0	0
UNITED FINL BANCORP INCNEW COM	COMMON STOCK	910304104	7,546	594,661	SH		SOLE		594,661	0	0
UNITED TECHNOLOGIES CORP	COMMON STOCK	913017109	2,265	21,452	SH		SOLE		21,452	0	0
UROPLASTY INC COMNEW	COMMON STOCK	917277204	908	363,000	SH		SOLE		363,000	0	0
VANGUARD INDEX FDS VANGUARDGRO	COMMON STOCK	922908736	359	3,597	SH		SOLE		3,597	0	0
VERIZON COMMUNICATIONS	COMMON STOCK	92343v104	2,227	44,558	SH		SOLE		44,558	0	0
WASTE MANAGEMENT INC DEL	COMMON STOCK	94106l109	3,346	70,394	SH		SOLE		70,394	0	0
WELLPOINT INC	COMMON STOCK	94973v107	3,348	27,985	SH		SOLE		27,985	0	0
WEST MARINE INC	COMMON STOCK	954235107	1,535	170,500	SH		SOLE		170,500	0	0
WESTWOOD HOLDINGS GROUP	COMMON STOCK	961765104	5,759	101,588	SH		SOLE		101,588	0	0
3M COMPANY	COMMON STOCK	88579y101	1,787	12,614	SH		SOLE		12,614	0	0
ISHARES 1-3 YEAR TREASURYBOND	COMMON STOCK	464287457	271	3,205	SH		SOLE		3,205	0	0
ISHARES S&P 500 GROWTHETF	INDEX UNIT	464287309	15,901	148,855	SH		SOLE		148,855	0	0
ITT CORPORATION COM USD1.00	COMMON STOCK	450911201	1,670	37,157	SH		SOLE		37,157	0	0
MOVE INC COM NEW	COMMON STOCK	62458m207	272	12,990	SH		SOLE		12,990	0	0
NOVARTIS A G SPON ADR F SPONSO	COMMON STOCK	66987v109	2,751	29,222	SH		SOLE		29,222	0	0
T G C INDUSTRIES INC NEW	COMMON STOCK	872417308	4,397	1,141,994	SH		SOLE		1,141,994	0	0
TARGET CORPORATION	COMMON STOCK	87612e106	3,659	58,375	SH		SOLE		58,375	0	0
USG CORP COM NEW	COMMON STOCK	903293405	2,581	93,884	SH		SOLE		93,884	0	0
ZIX CORPORATION	COMMON STOCK	98974P100	2,053	600,217	SH		SOLE		600,217	0	0
GUGGENHEIM SPINOFFETF	COMMON STOCK	18383m605	3,416	75,720	SH		SOLE		75,720	0	0