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
ACCENTURE PLC CLS A USD0.00002	COMMON STOCK	g1151c101	2,977	31,778	SH		SOLE		31,778	0	0
ALCENTRA CAP CORP COM ISIN#US0	COMMON STOCK	01374t102	3,107	233,645	SH		SOLE		233,645	0	0
ALTISOURCE RESIDENTIALCORP COM	COMMON STOCK	02153w100	4,297	206,001	SH		SOLE		206,001	0	0
AMERCO COM	COMMON STOCK	023586100	7,484	22,650	SH		SOLE		22,650	0	0
AMERIPRISE FINL INC COM	COMMON STOCK	03076c106	4,421	33,788	SH		SOLE		33,788	0	0
ARBOR RLTY TR INC	COMMON STOCK	038923108	7,488	1,072,812	SH		SOLE		1,072,812	0	0
ARC DOCUMENT SOLUTIONSINC COM	COMMON STOCK	00191g103	7,455	807,717	SH		SOLE		807,717	0	0
ARES COML REAL ESTATECORP COM	COMMON STOCK	04013v108	3,320	300,418	SH		SOLE		300,418	0	0
ASCENT CAP GROUP INC COMSER A	COMMON STOCK	043632108	4,422	111,070	SH		SOLE		111,070	0	0
AWARE INC	COMMON STOCK	05453N100	2,407	548,291	SH		SOLE		548,291	0	0
BLACKROCK CAPITAL INVESTMENTC	COMMON STOCK	092533108	6,033	665,941	SH		SOLE		665,941	0	0
BLACKROCK MUN TARGET TERMTR CO	COMMON STOCK	09257p105	2,903	138,435	SH		SOLE		138,435	0	0
BLACKROCK RES &COMM STRATTR SH	COMMON STOCK	09257a108	7,366	770,477	SH		SOLE		770,477	0	0
BLACKSTONE GSO STRATEGICCR FD	COMMON STOCK	09257r101	5,174	319,780	SH		SOLE		319,780	0	0
BLACKSTONE MTG TR INCCOM CL A	Miscellaneous	09257w100	5,064	178,488	SH		SOLE		178,488	0	0
BLACKSTONE/GSO SR FLTNGRT TRM	COMMON STOCK	09256u105	4,000	231,872	SH		SOLE		231,872	0	0
BLOCK H & R INC	COMMON STOCK	093671105	2,883	89,904	SH		SOLE		89,904	0	0
BOEING CO	COMMON STOCK	097023105	4,117	27,434	SH		SOLE		27,434	0	0
BSB BANCORP INC MD COM ISIN#US	COMMON STOCK	05573h108	3,434	173,602	SH		SOLE		173,602	0	0
CALAVO GROWERS INC	COMMON STOCK	128246105	5,301	103,093	SH		SOLE		103,093	0	0
CALLAWAY GOLF CO DELAWARE	COMMON STOCK	131193104	12,364	1,297,387	SH		SOLE		1,297,387	0	0
CARMIKE CINEMAS INC	COMMON STOCK	143436400	13,016	387,389	SH		SOLE		387,389	0	0
CASCADE MICROTECH INC	COMMON STOCK	147322101	4,752	349,900	SH		SOLE		349,900	0	0
CENTURYLINK INC	COMMON STOCK	156700106	2,861	82,820	SH		SOLE		82,820	0	0
CHEROKEE INC DEL NEW COM ISIN#	COMMON STOCK	16444h102	6,120	314,175	SH		SOLE		314,175	0	0
CIFC CORP	COMMON STOCK	12547r105	1,299	169,800	SH		SOLE		169,800	0	0
CINTAS CORP	COMMON STOCK	172908105	3,041	37,252	SH		SOLE		37,252	0	0
CLOUGH GLOBAL EQUITY FDCOM ISI	COMMON STOCK	18914c100	5,456	363,027	SH		SOLE		363,027	0	0
CLOUGH GLOBAL OPPORTUNITIESFD	COMMON STOCK	18914e106	5,853	469,762	SH		SOLE		469,762	0	0
COCA COLA CO	COMMON STOCK	191216100	2,271	56,000	SH		SOLE		56,000	0	0
COHEN &STEERS CLOSED ENDOPPO C	COMMON STOCK	19248p106	2,779	215,631	SH		SOLE		215,631	0	0
COHEN &STEERS INFRASTRUCTURECO	COMMON STOCK	19248a109	7,858	345,863	SH		SOLE		345,863	0	0
CORENERGY INFRASTRUCTURETR INC	COMMON STOCK	21870u205	8,395	1,211,401	SH		SOLE		1,211,401	0	0
COURIER CORP COM ISIN#US222660	COMMON STOCK	222660102	490	20,000	SH		SOLE		20,000	0	0
CULP INC	COMMON STOCK	230215105	1,808	67,600	SH		SOLE		67,600	0	0
CVS HEALTH CORP COM	COMMON STOCK	126650100	4,945	47,914	SH		SOLE		47,914	0	0
D S T SYSTEMS INC	COMMON STOCK	233326107	3,144	28,403	SH		SOLE		28,403	0	0
DATALINK CORP COM ISIN#US23793	COMMON STOCK	237934104	5,877	488,152	SH		SOLE		488,152	0	0
DATAWATCH CORP COM NEW ISIN#US	COMMON STOCK	237917208	1,340	197,300	SH		SOLE		197,300	0	0
DEERE & COMPANY	COMMON STOCK	244199105	2,627	29,960	SH		SOLE		29,960	0	0
DESTINATION XL GROUP INCCOM IS	COMMON STOCK	25065k104	9,536	1,930,270	SH		SOLE		1,930,270	0	0
DIAMOND HILL INVESTMENT GROUP	COMMON STOCK	25264R207	1,344	8,400	SH		SOLE		8,400	0	0
DICE HLDGS INC COM	COMMON STOCK	253017107	5,574	624,887	SH		SOLE		624,887	0	0
DIGIRAD CORP	COMMON STOCK	253827109	4,870	1,072,739	SH		SOLE		1,072,739	0	0
DOUGLAS DYNAMICS INC COMUSD0.0	COMMON STOCK	25960r105	9,606	420,594	SH		SOLE		420,594	0	0
EATON VANCE ENHANCED EQT	COMMON STOCK	278274105	3,427	249,595	SH		SOLE		249,595	0	0
EATON VANCE TAX ADVT DIVINCM C	COMMON STOCK	27828g107	5,808	281,789	SH		SOLE		281,789	0	0
ECOLAB INC	COMMON STOCK	278865100	743	6,500	SH		SOLE		6,500	0	0
ENSTAR GROUP LIMITED SHS ISIN#	COMMON STOCK	g3075p101	5,754	40,564	SH		SOLE		40,564	0	0
ENTEGRA FINL CORP COM ISIN#US2	COMMON STOCK	29363j108	1,443	93,066	SH		SOLE		93,066	0	0
EXXON MOBIL CORPORATION	COMMON STOCK	30231g102	2,685	31,593	SH		SOLE		31,593	0	0
FARMERS NATIONAL BANC CORP	COMMON STOCK	309627107	1,286	157,000	SH		SOLE		157,000	0	0
FIRST BANK	COMMON STOCK	31931U102	1,429	236,915	SH		SOLE		236,915	0	0
FIRST BUSINESS FINL SVCSWIS CO	COMMON STOCK	319390100	7,347	169,912	SH		SOLE		169,912	0	0
FIRST NORTHWEST BANCORPCOM ISI	COMMON STOCK	335834107	568	45,480	SH		SOLE		45,480	0	0
FIRST SECURITY GROUP INC	COMMON STOCK	336312202	1,075	448,002	SH		SOLE		448,002	0	0
FISERV INC	COMMON STOCK	337738108	4,466	56,247	SH		SOLE		56,247	0	0
FIVE STAR QUALITY CAREINC COM	COMMON STOCK	33832d106	8,537	1,922,824	SH		SOLE		1,922,824	0	0
FLEXSTEEL INDUSTRIES INC	COMMON STOCK	339382103	3,030	96,824	SH		SOLE		96,824	0	0
FORD MTR CO DEL COM	COMMON STOCK	345370860	3,268	202,508	SH		SOLE		202,508	0	0
FRANKLIN COVEY CO COM ISIN#US3	COMMON STOCK	353469109	15,421	800,677	SH		SOLE		800,677	0	0
G S I GROUP INC NEW F	COMMON STOCK	36191c205	4,280	321,357	SH		SOLE		321,357	0	0
GENTHERM INC COM	COMMON STOCK	37253a103	9,741	192,862	SH		SOLE		192,862	0	0
GREEN BRICK PARTNERS INC	COMMON STOCK	392709101	1,197	144,667	SH		SOLE		144,667	0	0
HACKETT GROUP INC COM	COMMON STOCK	404609109	8,588	960,618	SH		SOLE		960,618	0	0
HALLMARK FINL SVCS INCCOM NEW	COMMON STOCK	40624q203	1,074	101,339	SH		SOLE		101,339	0	0
HARVARD BIOSCIENCE INC	COMMON STOCK	416906105	2,099	360,651	SH		SOLE		360,651	0	0
HARVEST CAPITAL CREDIT CORPORA	COMMON STOCK	41753f109	2,370	182,593	SH		SOLE		182,593	0	0
HERITAGE FINANCIAL GROUP	COMMON STOCK	42726x102	663	24,347	SH		SOLE		24,347	0	0
HOME LOAN SERVICING SOLUTIONSL	COMMON STOCK	g6648d109	2,935	177,430	SH		SOLE		177,430	0	0
HOOKER FURNITURE CORPCOM ISIN#	COMMON STOCK	439038100	2,480	130,178	SH		SOLE		130,178	0	0
HORACE MANN EDUCATORSCORP NEW	COMMON STOCK	440327104	9,719	284,177	SH		SOLE		284,177	0	0
HORMEL FOODS CORP COM ISIN#US4	COMMON STOCK	440452100	3,620	63,679	SH		SOLE		63,679	0	0
HUTCHINSON TECH INC	COMMON STOCK	448407106	27	10,000	SH		SOLE		10,000	0	0
INCONTACT INC COM ISIN#US45336	COMMON STOCK	45336e109	3,020	277,080	SH		SOLE		277,080	0	0
INTERNET PATENTS CORPCOM ISIN#	COMMON STOCK	46063g101	469	175,634	SH		SOLE		175,634	0	0
INTL FCSTONE INC COM ISIN#US46	COMMON STOCK	46116v105	12,573	422,901	SH		SOLE		422,901	0	0
INVENTURE FOODS INC	COMMON STOCK	461212102	7,042	629,345	SH		SOLE		629,345	0	0
INVESTORS TITLE COMPANY	COMMON STOCK	461804106	1,962	26,500	SH		SOLE		26,500	0	0
J & J SNACK FOODS CORP	COMMON STOCK	466032109	5,600	52,479	SH		SOLE		52,479	0	0
JOHNSON & JOHNSON	COMMON STOCK	478160104	3,742	37,197	SH		SOLE		37,197	0	0
JOURNAL COMMUNICATIONSINC CLA	COMMON STOCK	481130102	13,956	941,705	SH		SOLE		941,705	0	0
JPMORGAN CHASE & CO	COMMON STOCK	46625h100	4,533	74,822	SH		SOLE		74,822	0	0
KIMBALL INTERNATIONAL INC	COMMON STOCK	494274103	1,310	125,000	SH		SOLE		125,000	0	0
KIRKLANDS INC COM ISIN#US49749	COMMON STOCK	497498105	3,136	132,050	SH		SOLE		132,050	0	0
LENDINGTREE INC NEW COM ISIN#U	COMMON STOCK	52603b107	10,095	180,227	SH		SOLE		180,227	0	0
LIFETIME BRANDS INC	COMMON STOCK	53222Q103	1,068	69,875	SH		SOLE		69,875	0	0
LITHIA MOTORS INC CL A	COMMON STOCK	536797103	9,502	95,587	SH		SOLE		95,587	0	0
MACQUARIE INFRASTRUCTURECO LLC	COMMON STOCK	55608b105	7,446	90,490	SH		SOLE		90,490	0	0
MADDEN STEVEN LTD	COMMON STOCK	556269108	5,473	144,035	SH		SOLE		144,035	0	0
MADISON CVRED CALL &EQSTR FD C	COMMON STOCK	557437100	7,262	884,481	SH		SOLE		884,481	0	0
MAGELLAN HEALTH INC	COMMON STOCK	559079207	6,061	85,583	SH		SOLE		85,583	0	0
MALIBU BOATS INC	COMMON STOCK	56117j100	1,564	67,000	SH		SOLE		67,000	0	0
MCG CAPITAL CORP	COMMON STOCK	58047p107	6,100	1,540,498	SH		SOLE		1,540,498	0	0
MICROSOFT CORP	COMMON STOCK	594918104	3,588	88,252	SH		SOLE		88,252	0	0
MOCON INC	COMMON STOCK	607494101	3,640	218,950	SH		SOLE		218,950	0	0
MONOTYPE IMAGING HLDGSINC	COMMON STOCK	61022p100	8,507	260,616	SH		SOLE		260,616	0	0
MVC CAPITAL INC COM ISIN#US553	COMMON STOCK	553829102	6,914	729,377	SH		SOLE		729,377	0	0
NATHANS FAMOUS INC	COMMON STOCK	632347100	1,467	27,100	SH		SOLE		27,100	0	0
NATURAL GAS SERVICE GP	COMMON STOCK	63886q109	8,233	428,360	SH		SOLE		428,360	0	0
NAUTILUS INC	COMMON STOCK	63910b102	15,145	991,787	SH		SOLE		991,787	0	0
NCR CORP	COMMON STOCK	62886e108	2,023	68,550	SH		SOLE		68,550	0	0
NEUBERGER BERMAN RE ESSEC FD C	COMMON STOCK	64190a103	4,497	829,738	SH		SOLE		829,738	0	0
NEW SR INVT GROUP INCCOM ISIN#	Miscellaneous	648691103	4,170	250,776	SH		SOLE		250,776	0	0
NEWCASTLE INVT CORP ISIN#US651	COMMON STOCK	65105m603	5,336	1,100,110	SH		SOLE		1,100,110	0	0
NUVEEN BUILD AMER BD FDCOM	COMMON STOCK	67074c103	7,658	360,524	SH		SOLE		360,524	0	0
NUVEEN INTER DURATIONMUN TERM	COMMON STOCK	670671106	3,203	247,155	SH		SOLE		247,155	0	0
NUVEEN MTG OPPORTUNITYTERM FD	COMMON STOCK	670735109	5,596	240,263	SH		SOLE		240,263	0	0
NUVEEN PFD & INCOME TERMFD COM	COMMON STOCK	67075a106	5,783	246,806	SH		SOLE		246,806	0	0
OTTER TAIL CORP FORMERLYOTTER	COMMON STOCK	689648103	2,473	76,874	SH		SOLE		76,874	0	0
PERCEPTRON INC	COMMON STOCK	71361f100	1,446	107,000	SH		SOLE		107,000	0	0
PERFORMANCE SPORTS GROUP LTD	COMMON STOCK	71377G100	3,608	185,000	SH		SOLE		185,000	0	0
PFSWEB INC	COMMON STOCK	717098206	1,154	105,000	SH		SOLE		105,000	0	0
PHOTRONICS INC COM ISIN#US7194	COMMON STOCK	719405102	5,511	648,377	SH		SOLE		648,377	0	0
PROCTER & GAMBLE	COMMON STOCK	742718109	3,817	46,589	SH		SOLE		46,589	0	0
PSYCHEMEDICS CORP COMNEW ISIN#	COMMON STOCK	744375205	3,210	193,500	SH		SOLE		193,500	0	0
PUTNAM PREMIER INCOMETR SH BEN	COMMON STOCK	746853100	4,920	933,663	SH		SOLE		933,663	0	0
PZENA INVT MGMT INC CLA	COMMON STOCK	74731q103	15,736	1,716,029	SH		SOLE		1,716,029	0	0
REDWOOD TRUST INC	COMMON STOCK	758075402	3,959	221,529	SH		SOLE		221,529	0	0
REPUBLIC SERVICES INCCOM	COMMON STOCK	760759100	2,949	72,703	SH		SOLE		72,703	0	0
RIGNET INC COM	COMMON STOCK	766582100	2,511	87,835	SH		SOLE		87,835	0	0
ROUSE PPTYS INC COM	COMMON STOCK	779287101	6,415	338,347	SH		SOLE		338,347	0	0
ROYCE GLOBAL VALUE TRINC COM I	COMMON STOCK	78081t104	761	94,489	SH		SOLE		94,489	0	0
ROYCE MICRO-CAP TR INCCOM ISIN	COMMON STOCK	780915104	1,149	117,334	SH		SOLE		117,334	0	0
ROYCE VALUE TR INC COM ISIN#US	COMMON STOCK	780910105	2,326	162,419	SH		SOLE		162,419	0	0
SCRIPPS E W CO OHIO CLA NEW	COMMON STOCK	811054402	7,599	267,209	SH		SOLE		267,209	0	0
SHILOH INDUSTRIES INC	COMMON STOCK	824543102	2,310	164,500	SH		SOLE		164,500	0	0
SILVERCREST ASSET MGMTGROUP I	COMMON STOCK	828359109	3,366	236,200	SH		SOLE		236,200	0	0
SIMULATIONS PLUS INC COM ISIN#	COMMON STOCK	829214105	4,149	675,763	SH		SOLE		675,763	0	0
SOLAR CAPITAL LTD	COMMON STOCK	83413u100	4,238	209,374	SH		SOLE		209,374	0	0
SP PLUS CORP COM	COMMON STOCK	78469c103	5,451	249,483	SH		SOLE		249,483	0	0
SPOK HLDGS INC COM ISIN#US8486	COMMON STOCK	84863t106	11,487	599,199	SH		SOLE		599,199	0	0
STONECASTLE FINL CORPCOM ISIN#	COMMON STOCK	861780104	3,513	195,528	SH		SOLE		195,528	0	0
SUPERIOR UNIFORM GROUP	COMMON STOCK	868358102	1,282	67,600	SH		SOLE		67,600	0	0
SUPREME INDUSTRIES INC.	COMMON STOCK	868607102	3,150	405,965	SH		SOLE		405,965	0	0
SYNERON MEDICAL LTD ORDSHS ISI	COMMON STOCK	m87245102	6,544	528,587	SH		SOLE		528,587	0	0
SYNTEL INC	COMMON STOCK	87162h103	4,919	95,090	SH		SOLE		95,090	0	0
TANDY LEATHER FACTORY INC	COMMON STOCK	87538X105	1,738	196,210	SH		SOLE		196,210	0	0
TECHTARGET INC COM ISIN#US8787	COMMON STOCK	87874r100	11,368	985,917	SH		SOLE		985,917	0	0
THESTREET INC	COMMON STOCK	88368q103	3,267	1,814,850	SH		SOLE		1,814,850	0	0
TRANSCAT INC	COMMON STOCK	893529107	749	76,700	SH		SOLE		76,700	0	0
TRUEBLUE INC	COMMON STOCK	89785x101	7,855	322,603	SH		SOLE		322,603	0	0
U S PHYSICAL THERAPYINC	COMMON STOCK	90337l108	10,289	216,602	SH		SOLE		216,602	0	0
UFP TECH INC	COMMON STOCK	902673102	2,456	107,824	SH		SOLE		107,824	0	0
UNITED FINL BANCORP INCNEW COM	COMMON STOCK	910304104	7,615	612,669	SH		SOLE		612,669	0	0
UNITED TECHNOLOGIES CORP	COMMON STOCK	913017109	2,516	21,469	SH		SOLE		21,469	0	0
UROPLASTY INC COMNEW	COMMON STOCK	917277204	634	520,000	SH		SOLE		520,000	0	0
VANGUARD INDEX FDS VANGUARDGRO	COMMON STOCK	922908736	376	3,597	SH		SOLE		3,597	0	0
VERIZON COMMUNICATIONS	COMMON STOCK	92343v104	2,163	44,483	SH		SOLE		44,483	0	0
WASTE MANAGEMENT INC	COMMON STOCK	94106l109	3,829	70,606	SH		SOLE		70,606	0	0
WEST MARINE INC COM ISIN#US954	COMMON STOCK	954235107	1,581	170,500	SH		SOLE		170,500	0	0
WESTWOOD HLDGS GROUP INCCOM IS	COMMON STOCK	961765104	7,773	128,904	SH		SOLE		128,904	0	0
AGILYSYS INC	COMMON STOCK	00847J105	2,706	275,000	SH		SOLE		275,000	0	0
ALAMO GROUP INC	COMMON STOCK	011311107	7,880	124,821	SH		SOLE		124,821	0	0
3M COMPANY	COMMON STOCK	88579y101	2,328	14,114	SH		SOLE		14,114	0	0
A H BELO CORP COM CL A ISIN#US	COMMON STOCK	001282102	6,651	808,200	SH		SOLE		808,200	0	0
ANTHEM INC COM ISIN#US03675210	COMMON STOCK	036752103	3,928	25,438	SH		SOLE		25,438	0	0
EXA CORP COM ISIN#US3006145003	COMMON STOCK	300614500	1,962	165,150	SH		SOLE		165,150	0	0
GDL FUND COM SH BEN IT ISIN#US	COMMON STOCK	361570104	5,045	488,335	SH		SOLE		488,335	0	0
GUGGENHEIM S&P 500 PUREVALUE E	COMMON STOCK	78355w304	7,096	131,439	SH		SOLE		131,439	0	0
GUGGENHEIM SPINOFFETF	COMMON STOCK	18383m605	3,634	76,491	SH		SOLE		76,491	0	0
INVESCO LTD SHS ISIN#BMG491BT1	COMMON STOCK	g491bt108	3,982	100,336	SH		SOLE		100,336	0	0
ISHARES 1-3 YEAR TREASURYBOND	COMMON STOCK	464287457	250	2,950	SH		SOLE		2,950	0	0
ISHARES S&P 500 GROWTHETF	INDEX UNIT	464287309	14,687	128,890	SH		SOLE		128,890	0	0
ITT CORPORATION COM USD1.00	COMMON STOCK	450911201	1,545	38,701	SH		SOLE		38,701	0	0
LRAD CORP COM ISIN#US50213V109	COMMON STOCK	50213v109	1,384	588,900	SH		SOLE		588,900	0	0
MESA LABORATORIES INCCOM NPV I	COMMON STOCK	59064r109	1,795	24,856	SH		SOLE		24,856	0	0
NOVARTIS A G SPONSOREDADR ISIN	COMMON STOCK	66987v109	2,676	27,134	SH		SOLE		27,134	0	0
REIS INC COM ISIN#US75936P1057	COMMON STOCK	75936p105	6,141	239,515	SH		SOLE		239,515	0	0
SALEM COMMUNICATIONS CORP.	COMMON STOCK	794093104	2,732	443,496	SH		SOLE		443,496	0	0
TARGET CORP COM ISIN#US87612E1	COMMON STOCK	87612e106	4,809	58,598	SH		SOLE		58,598	0	0
USG CORP COM NEW	COMMON STOCK	903293405	2,508	93,927	SH		SOLE		93,927	0	0
ZIX CORPORATION	COMMON STOCK	98974P100	1,808	460,000	SH		SOLE		460,000	0	0