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	4,650	943,200	SH		SOLE		943,200	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	g1151c101	3,227	32,845	SH		SOLE		32,845	0	0
AGILYSYS INC	COM	00847J105	1,768	159,000	SH		SOLE		159,000	0	0
ALAMO GROUP INC	COM	011311107	5,285	113,050	SH		SOLE		113,050	0	0
ALCENTRA CAP CORP	COM	01374t102	2,948	254,345	SH		SOLE		254,345	0	0
ALPINE TOTAL DYNAMIC DIVID F	COM SH BEN INT N	021060207	1,992	265,562	SH		SOLE		265,562	0	0
ALTISOURCE RESIDENTIAL CORP	CL B	02153w100	2,991	214,885	SH		SOLE		214,885	0	0
AMERCO	COM	023586100	8,923	22,677	SH		SOLE		22,677	0	0
AMERIPRISE FINL INC	COM	03076c106	3,703	33,936	SH		SOLE		33,936	0	0
ARBOR RLTY TR INC	COM	038923108	7,606	1,195,852	SH		SOLE		1,195,852	0	0
ARC DOCUMENT SOLUTIONS INC	COM	00191g103	5,419	910,722	SH		SOLE		910,722	0	0
ASCENT CAP GROUP INC	COM SER A	043632108	722	26,357	SH		SOLE		26,357	0	0
AWARE INC MASS	COM	05453N100	2,213	660,600	SH		SOLE		660,600	0	0
BLACKROCK CAPITAL INVESTMENT	COM	092533108	6,348	716,452	SH		SOLE		716,452	0	0
BLACKROCK MUN TARGET TERM TR	COM SHS BEN IN	09257p105	3,065	150,374	SH		SOLE		150,374	0	0
BLACKROCK RES & COMM STRAT T	SHS	09257a108	5,524	777,964	SH		SOLE		777,964	0	0
BLACKSTONE GSO STRATEGIC CR	COM SHS BEN IN	09257r101	5,501	387,142	SH		SOLE		387,142	0	0
BLACKSTONE MTG TR INC	COM CL A	09257w100	5,270	192,056	SH		SOLE		192,056	0	0
BLACKSTONE GSO FLTING RTE FU	COM	09256u105	6,182	389,794	SH		SOLE		389,794	0	0
BLOCK H & R INC	COM	093671105	3,357	92,732	SH		SOLE		92,732	0	0
BOEING CO	COM	097023105	3,726	28,456	SH		SOLE		28,456	0	0
BSB BANCORP INC MD	COM	05573h108	3,052	144,389	SH		SOLE		144,389	0	0
CALAVO GROWERS INC	COM	128246105	2,785	62,384	SH		SOLE		62,384	0	0
CALLAWAY GOLF CO	COM	131193104	9,956	1,192,362	SH		SOLE		1,192,362	0	0
CARMIKE CINEMAS INC	COM	143436400	7,207	358,759	SH		SOLE		358,759	0	0
CASCADE MICROTECH INC	COM	147322101	4,540	321,051	SH		SOLE		321,051	0	0
CECO ENVIRONMENTAL CORP	COM	125141101	4,033	492,441	SH		SOLE		492,441	0	0
CENTURYLINK INC	COM	156700106	2,182	86,875	SH		SOLE		86,875	0	0
CHEROKEE INC DEL NEW	COM	16444h102	4,440	286,105	SH		SOLE		286,105	0	0
CHIMERA INVT CORP	COM NEW	16934q208	4,750	355,272	SH		SOLE		355,272	0	0
CIFC CORP	COM	12547r105	940	131,402	SH		SOLE		131,402	0	0
CINTAS CORP	COM	172908105	3,237	37,746	SH		SOLE		37,746	0	0
CLOUGH GLOBAL EQUITY FD	COM	18914c100	4,516	356,700	SH		SOLE		356,700	0	0
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914e106	4,980	465,395	SH		SOLE		465,395	0	0
COCA COLA CO	COM	191216100	2,247	56,000	SH		SOLE		56,000	0	0
COGENTIX MED INC	COM	19243a104	308	248,752	SH		SOLE		248,752	0	0
COHEN & STEERS INFRASTRUCTUR	COM	19248a109	3,593	188,426	SH		SOLE		188,426	0	0
CORENERGY INFRASTRUCTURE TR	COM	21870u205	9,668	2,187,232	SH		SOLE		2,187,232	0	0
CULP INC	COM	230215105	1,980	61,725	SH		SOLE		61,725	0	0
CVS HEALTH CORP	COM	126650100	4,748	49,209	SH		SOLE		49,209	0	0
DST SYS INC DEL	COM	233326107	2,940	27,965	SH		SOLE		27,965	0	0
DEERE & CO	COM	244199105	2,212	29,892	SH		SOLE		29,892	0	0
DEMAND MEDIA INC	COM NEW	24802N208	1,466	351,600	SH		SOLE		351,600	0	0
DESTINATION XL GROUP INC	COM	25065k104	10,031	1,726,441	SH		SOLE		1,726,441	0	0
DHI GROUP INC	COM	23331s100	3,541	484,447	SH		SOLE		484,447	0	0
DIGI INTL INC	COM	253798102	8,202	695,654	SH		SOLE		695,654	0	0
DIGIRAD CORP	COM	253827109	4,491	1,200,788	SH		SOLE		1,200,788	0	0
DLH HLDGS CORP	COM	23335Q100	267	94,074	SH		SOLE		94,074	0	0
DOUGLAS DYNAMICS INC	COM	25960r105	9,220	464,269	SH		SOLE		464,269	0	0
EATON VANCE ENHANCED EQ INC	COM	278274105	3,455	290,570	SH		SOLE		290,570	0	0
EATON VANCE TAX ADVT DIV INC	COM	27828g107	6,872	373,861	SH		SOLE		373,861	0	0
ECOLAB INC	COM	278865100	713	6,500	SH		SOLE		6,500	0	0
ENSTAR GROUP LIMITED	SHS	g3075p101	4,935	32,897	SH		SOLE		32,897	0	0
ENTEGRA FINL CORP	COM	29363j108	3,026	174,500	SH		SOLE		174,500	0	0
EXXON MOBIL CORP	COM	30231g102	3,228	43,421	SH		SOLE		43,421	0	0
FARMERS NATL BANC CORP	COM	309627107	1,291	157,000	SH		SOLE		157,000	0	0
FIBROGEN INC	COM	31572q808	875	39,924	SH		SOLE		39,924	0	0
FIRST BANK WILLIAMSTOWN NJ	COM	31931U102	1,471	236,915	SH		SOLE		236,915	0	0
FIRST BUS FINL SVCS INC WIS	COM	319390100	8,555	363,749	SH		SOLE		363,749	0	0
FIRST FINANCIAL NORTHWEST IN	COM	32022k102	1,149	95,033	SH		SOLE		95,033	0	0
FIRST NORTHWEST BANCORP	COM	335834107	3,229	260,850	SH		SOLE		260,850	0	0
FIRST SEC GROUP INC	COM NEW	336312202	1,403	563,500	SH		SOLE		563,500	0	0
FISERV INC	COM	337738108	5,037	58,152	SH		SOLE		58,152	0	0
FIVE STAR QUALITY CARE INC	COM	33832d106	2,993	968,583	SH		SOLE		968,583	0	0
FLEXSTEEL INDS INC	COM	339382103	3,181	101,799	SH		SOLE		101,799	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	2,849	209,965	SH		SOLE		209,965	0	0
FRANKLIN COVEY CO	COM	353469109	12,123	754,827	SH		SOLE		754,827	0	0
FST TR NEW OPPORT MLP & ENE	COM	33739m100	2,314	186,347	SH		SOLE		186,347	0	0
GSI GROUP INC CDA NEW	COM NEW	36191c205	3,646	286,403	SH		SOLE		286,403	0	0
GENTHERM INC	COM	37253a103	5,916	131,709	SH		SOLE		131,709	0	0
GREEN BRICK PARTNERS INC	COM	392709101	1,852	171,000	SH		SOLE		171,000	0	0
HACKETT GROUP INC	COM	404609109	7,883	573,316	SH		SOLE		573,316	0	0
HALLMARK FINL SVCS INC EC	COM NEW	40624q203	1,652	143,819	SH		SOLE		143,819	0	0
HARVARD BIOSCIENCE INC	COM	416906105	1,363	360,651	SH		SOLE		360,651	0	0
HARVEST CAP CR CORP	COM	41753f109	2,692	226,000	SH		SOLE		226,000	0	0
HOOKER FURNITURE CORP	COM	439038100	1,678	71,290	SH		SOLE		71,290	0	0
HORACE MANN EDUCATORS CORP N	COM	440327104	8,565	257,835	SH		SOLE		257,835	0	0
HORMEL FOODS CORP	COM	440452100	4,167	65,823	SH		SOLE		65,823	0	0
HUTCHINSON TECHNOLOGY INC	COM	448407106	20	12,500	SH		SOLE		12,500	0	0
INCONTACT INC	COM	45336e109	2,081	277,080	SH		SOLE		277,080	0	0
INFORMATION SERVICES GROUP I	COM	45675y104	1,525	390,000	SH		SOLE		390,000	0	0
INTL FCSTONE INC	COM	46116v105	9,176	371,646	SH		SOLE		371,646	0	0
INVENTURE FOODS INC	COM	461212102	6,177	695,595	SH		SOLE		695,595	0	0
INVESTORS TITLE CO	COM	461804106	1,037	14,498	SH		SOLE		14,498	0	0
J & J SNACK FOODS CORP	COM	466032109	5,424	47,719	SH		SOLE		47,719	0	0
JOHNSON & JOHNSON	COM	478160104	3,594	38,504	SH		SOLE		38,504	0	0
JPMORGAN CHASE & CO	COM	46625h100	4,694	76,991	SH		SOLE		76,991	0	0
KIMBALL INTL INC	CL B	494274103	2,469	261,000	SH		SOLE		261,000	0	0
KIRKLANDS INC	COM	497498105	2,538	117,850	SH		SOLE		117,850	0	0
LANDAUER INC	COM	51476k103	3,672	99,260	SH		SOLE		99,260	0	0
LAWSON PRODS INC	COM	520776105	1,061	49,000	SH		SOLE		49,000	0	0
LENDINGTREE INC NEW	COM	52603b107	2,817	30,284	SH		SOLE		30,284	0	0
LIFETIME BRANDS INC	COM	53222Q103	1,117	79,875	SH		SOLE		79,875	0	0
LITHIA MTRS INC	CL A	536797103	9,314	86,153	SH		SOLE		86,153	0	0
MACQUARIE INFRASTRUCTURE COR	COM	55608b105	3,280	43,927	SH		SOLE		43,927	0	0
MADDEN STEVEN LTD	COM	556269108	4,836	132,066	SH		SOLE		132,066	0	0
MADISON CVRED CALL & EQ STR	COM	557437100	6,694	945,545	SH		SOLE		945,545	0	0
MAGELLAN HEALTH INC	COM NEW	559079207	4,310	77,754	SH		SOLE		77,754	0	0
MALIBU BOATS INC	COM CL A	56117j100	7,737	553,425	SH		SOLE		553,425	0	0
MICROSOFT CORP	COM	594918104	4,066	91,865	SH		SOLE		91,865	0	0
MOCON INC	COM	607494101	2,956	218,950	SH		SOLE		218,950	0	0
MONOTYPE IMAGING HOLDINGS IN	COM	61022p100	6,742	309,001	SH		SOLE		309,001	0	0
MVC CAPITAL INC	COM	553829102	5,849	712,474	SH		SOLE		712,474	0	0
NATHANS FAMOUS INC NEW	COM	632347100	1,205	31,700	SH		SOLE		31,700	0	0
NATURAL GAS SERVICES GROUP	COM	63886q109	6,238	323,234	SH		SOLE		323,234	0	0
NAUTILUS INC	COM	63910b102	11,981	798,751	SH		SOLE		798,751	0	0
NCR CORP NEW	COM	62886e108	1,611	70,829	SH		SOLE		70,829	0	0
NEUBERGER BERMAN RE ES SEC F	COM	64190a103	4,454	966,124	SH		SOLE		966,124	0	0
NEW SR INVT GROUP INC	COM	648691103	2,797	267,370	SH		SOLE		267,370	0	0
NEWCASTLE INVT CORP NEW	COM PAR $0.01	65105m603	7,749	1,765,062	SH		SOLE		1,765,062	0	0
NUVEEN BUILD AMER BD FD	COM	67074c103	7,601	386,796	SH		SOLE		386,796	0	0
NUVEEN INTER DURATION MN TMF	COM	670671106	3,352	270,325	SH		SOLE		270,325	0	0
NUVEEN MTG OPPORTUNITY TERM	COM	670735109	6,450	287,930	SH		SOLE		287,930	0	0
NUVEEN PFD & INCOME TERM FD	COM	67075a106	5,790	264,277	SH		SOLE		264,277	0	0
OHA INVT CORP	COM	67091u102	911	215,334	SH		SOLE		215,334	0	0
OTTER TAIL CORP	COM	689648103	2,157	82,788	SH		SOLE		82,788	0	0
PENNANTPARK FLOATING RATE CA	COM	70806a106	6,218	520,792	SH		SOLE		520,792	0	0
PERCEPTRON INC	COM	71361f100	1,685	222,000	SH		SOLE		222,000	0	0
PERFORMANCE SPORTS GROUP LTD	COM	71377G100	2,483	185,000	SH		SOLE		185,000	0	0
PFSWEB INC	COM NEW	717098206	1,792	126,000	SH		SOLE		126,000	0	0
PHOTRONICS INC	COM	719405102	4,266	470,883	SH		SOLE		470,883	0	0
PRISM TECHNOLOGIES GROUP INC	COM	74273y100	914	326,273	SH		SOLE		326,273	0	0
PROCTER & GAMBLE CO	COM	742718109	3,381	46,998	SH		SOLE		46,998	0	0
PSYCHEMEDICS CORP	COM NEW	744375205	1,945	193,500	SH		SOLE		193,500	0	0
PUTNAM PREMIER INCOME TR	SH BEN INT	746853100	6,274	1,282,990	SH		SOLE		1,282,990	0	0
PZENA INVESTMENT MGMT INC	CLASS A	74731q103	12,282	1,379,980	SH		SOLE		1,379,980	0	0
RED LION HOTELS CORP	COM	756764106	1,785	210,000	SH		SOLE		210,000	0	0
REDWOOD TR INC	COM	758075402	3,294	238,021	SH		SOLE		238,021	0	0
REPUBLIC SVCS INC	COM	760759100	3,107	75,406	SH		SOLE		75,406	0	0
RIGNET INC	COM	766582100	2,886	113,174	SH		SOLE		113,174	0	0
ROUSE PPTYS INC	COM	779287101	4,739	304,188	SH		SOLE		304,188	0	0
ROYCE GLOBAL VALUE TR INC	COM	78081t104	1,047	149,411	SH		SOLE		149,411	0	0
ROYCE MICRO-CAP TR INC	COM	780915104	3,950	510,350	SH		SOLE		510,350	0	0
ROYCE VALUE TR INC	COM	780910105	1,866	162,258	SH		SOLE		162,258	0	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	9,090	514,420	SH		SOLE		514,420	0	0
SHILOH INDS INC	COM	824543102	2,159	266,500	SH		SOLE		266,500	0	0
SILVERCREST ASSET MGMT GROUP	CL A	828359109	3,608	333,800	SH		SOLE		333,800	0	0
SIMULATIONS PLUS INC	COM	829214105	5,253	556,485	SH		SOLE		556,485	0	0
SOLAR CAP LTD	COM	83413u100	3,701	233,938	SH		SOLE		233,938	0	0
SP PLUS CORP	COM	78469c103	5,208	224,983	SH		SOLE		224,983	0	0
SPOK HLDGS INC	COM	84863t106	11,709	711,352	SH		SOLE		711,352	0	0
STONECASTLE FINL CORP	COM	861780104	7,395	439,682	SH		SOLE		439,682	0	0
SUPERIOR UNIFORM GP INC	COM	868358102	2,324	129,600	SH		SOLE		129,600	0	0
SUPREME INDS INC	CL A	868607102	3,751	450,284	SH		SOLE		450,284	0	0
SYNERON MEDICAL LTD	ORD SHS	m87245102	3,455	483,211	SH		SOLE		483,211	0	0
SYNTEL INC	COM	87162h103	3,852	85,018	SH		SOLE		85,018	0	0
TANDY LEATHER FACTORY INC	COM	87538X105	1,419	196,210	SH		SOLE		196,210	0	0
TECHTARGET INC	COM	87874r100	8,006	939,650	SH		SOLE		939,650	0	0
THESTREET INC	COM	88368q103	3,031	1,814,850	SH		SOLE		1,814,850	0	0
TRANSCAT INC	COM	893529107	1,189	122,000	SH		SOLE		122,000	0	0
TRUEBLUE INC	COM	89785x101	7,144	317,934	SH		SOLE		317,934	0	0
U S PHYSICAL THERAPY INC	COM	90337l108	5,410	120,519	SH		SOLE		120,519	0	0
UFP TECHNOLOGIES INC	COM	902673102	3,679	161,000	SH		SOLE		161,000	0	0
UNITED FINL BANCORP INC NEW	COM	910304104	7,297	559,194	SH		SOLE		559,194	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	1,970	22,132	SH		SOLE		22,132	0	0
VANGUARD INDEX FDS	GROWTH ETF	922908736	361	3,597	SH		SOLE		3,597	0	0
VERIZON COMMUNICATIONS INC	COM	92343v104	1,988	45,697	SH		SOLE		45,697	0	0
WASTE MGMT INC DEL	COM	94106l109	3,634	72,955	SH		SOLE		72,955	0	0
WEST MARINE INC	COM	954235107	2,468	281,100	SH		SOLE		281,100	0	0
WESTWOOD HLDGS GROUP INC	COM	961765104	7,806	143,627	SH		SOLE		143,627	0	0
3M CO	COM	88579y101	2,039	14,385	SH		SOLE		14,385	0	0
ANTHEM INC	COM	036752103	3,680	26,284	SH		SOLE		26,284	0	0
GDL FUND	COM SH BEN IT	361570104	5,331	543,977	SH		SOLE		543,977	0	0
RYDEX ETF TRUST	GUG S&P500 PU VA	78355w304	9,057	189,517	SH		SOLE		189,517	0	0
CLAYMORE EXCHANGE TRD FD TR	GUGG SPINOFF ETF	18383m605	2,837	74,413	SH		SOLE		74,413	0	0
INVESCO LTD	SHS	g491bt108	3,241	103,766	SH		SOLE		103,766	0	0
ISHARES TR	1-3 YR TR BD ETF	464287457	218	2,560	SH		SOLE		2,560	0	0
ISHARES TR	CORE S&P500 ETF	464287200	341	1,771	SH		SOLE		1,771	0	0
ISHARES TR	S&P 500 GRWT ETF	464287309	11,351	105,296	SH		SOLE		105,296	0	0
ISHARES TR	S&P 500 VAL ETF	464287408	2,068	24,610	SH		SOLE		24,610	0	0
ITT CORP NEW	COM NEW	450911201	1,355	40,539	SH		SOLE		40,539	0	0
LRAD CORP	COM	50213v109	983	588,900	SH		SOLE		588,900	0	0
MESA LABS INC	COM	59064r109	2,196	19,710	SH		SOLE		19,710	0	0
NOVARTIS A G	SPONSORED ADR	66987v109	2,585	28,126	SH		SOLE		28,126	0	0
REIS INC	COM	75936p105	5,697	251,515	SH		SOLE		251,515	0	0
SALEM MEDIA GROUP INC	CL A	794093104	2,315	378,226	SH		SOLE		378,226	0	0
TARGET CORP	COM	87612e106	4,179	53,130	SH		SOLE		53,130	0	0
U S G CORP	COM NEW	903293405	2,591	97,351	SH		SOLE		97,351	0	0
EXA CORP	COM	300614500	1,706	165,150	SH		SOLE		165,150	0	0
RENASANT CORP	COM	75970E107	206	6,271	SH		SOLE		6,271	0	0
VANGUARD TOTAL BOND MRKT INDEX	MUTUAL FUNDS	921937603	91	8,398	SH		SOLE		8,398	0	0