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
ANTHEM INC COM ISIN#US03675210	COMMON STOCK	036752103	4,198,929	30,113	SH		SOLE		30,113	0	0
DYAX CORP *EXCHANGEDFOR CUSIP2	COMMON STOCK	26746e103	15,048	400	SH		SOLE		400	0	0
EXA CORP COM ISIN#US3006145003	COMMON STOCK	300614500	1,650,361	142,150	SH		SOLE		142,150	0	0
GDL FUND COM SH BEN IT ISIN#US	COMMON STOCK	361570104	6,313,781	630,747	SH		SOLE		630,747	0	0
GROUPON INC COM USD0.0001	COMMON STOCK	399473107	614	200	SH		SOLE		200	0	0
GUGGENHEIM RUSSELL TOP50 MEGA	COMMON STOCK	78355w205	14,458	100	SH		SOLE		100	0	0
GUGGENHEIM S&P 500 PUREVALUE E	COMMON STOCK	78355w304	7,893,797	160,443	SH		SOLE		160,443	0	0
GUGGENHEIM SPINOFFETF	COMMON STOCK	18383m605	2,775,056	72,192	SH		SOLE		72,192	0	0
INVESCO LTD SHS ISIN#BMG491BT1	COMMON STOCK	g491bt108	3,919,856	117,081	SH		SOLE		117,081	0	0
ISHARES 1-3 YEAR TREASURYBOND	COMMON STOCK	464287457	130,336	1,545	SH		SOLE		1,545	0	0
ISHARES CORE U.S. AGGREGATEBON	COMMON STOCK	464287226	323,490	2,995	SH		SOLE		2,995	0	0
ISHARES DOW JONES US ETF	COMMON STOCK	464287846	2,549	25	SH		SOLE		25	0	0
ISHARES RUSSELL 2000ETF	INDEX UNIT	464287655	272,540	2,420	SH		SOLE		2,420	0	0
ISHARES RUSSELL MICROCAP INDEX	COMMON STOCK	464288869	14,420	200	SH		SOLE		200	0	0
ISHARES S&P 500 GROWTHETF	INDEX UNIT	464287309	13,008,627	112,337	SH		SOLE		112,337	0	0
ISHARES S&P 500 VALUEETF	INDEX UNIT	464287408	4,988,996	56,354	SH		SOLE		56,354	0	0
ISHARES TR MSCI KLD400SOC	COMMON STOCK	464288570	167,698	2,215	SH		SOLE		2,215	0	0
ITT CORPORATION COM USD1.00	COMMON STOCK	450911201	1,701,090	46,836	SH		SOLE		46,836	0	0
LRAD CORP COM ISIN#US50213V109	COMMON STOCK	50213v109	620,681	311,900	SH		SOLE		311,900	0	0
MESA LABORATORIES INCCOM NPV I	COMMON STOCK	59064r109	1,961,145	19,710	SH		SOLE		19,710	0	0
NOVARTIS A G SPONSOREDADR ISIN	COMMON STOCK	66987v109	2,769,557	32,189	SH		SOLE		32,189	0	0
OFS CAP CORP COM USD0.01	COMMON STOCK	67103b100	139,023	12,110	SH		SOLE		12,110	0	0
ORACLE CORP COM ISIN#US68389X1	COMMON STOCK	68389x105	13,516	370	SH		SOLE		370	0	0
PREMIER INC CL A ISIN#US74051N	COMMON STOCK	74051n102	70,893	2,010	SH		SOLE		2,010	0	0
REIS INC COM ISIN#US75936P1057	COMMON STOCK	75936p105	6,371,861	268,515	SH		SOLE		268,515	0	0
SALEM COMMUNICATIONS CORP.	COMMON STOCK	794093104	1,814,836	364,425	SH		SOLE		364,425	0	0
TARGET CORP COM ISIN#US87612E1	COMMON STOCK	87612e106	4,442,370	61,181	SH		SOLE		61,181	0	0
USG CORP COM NEW	COMMON STOCK	903293405	2,494,498	102,696	SH		SOLE		102,696	0	0
3M COMPANY	COMMON STOCK	88579y101	2,154,905	14,305	SH		SOLE		14,305	0	0
A H BELO CORP COM CL A	COMMON STOCK	001282102	4,997,625	999,525	SH		SOLE		999,525	0	0
ACCENTURE PLC CLS A USD0.00002	COMMON STOCK	g1151c101	3,876,862	37,099	SH		SOLE		37,099	0	0
ADAMIS PHARMACEUTICALSCORP COM	COMMON STOCK	00547w208	2,160	400	SH		SOLE		400	0	0
ADVANCED MICRO DEVICESINC COM	COMMON STOCK	007903107	2,870	1,000	SH		SOLE		1,000	0	0
AGILYSYS INC	COMMON STOCK	00847J105	1,588,410	159,000	SH		SOLE		159,000	0	0
ALAMO GROUP INC	COMMON STOCK	011311107	6,409,091	123,015	SH		SOLE		123,015	0	0
ALASKA AIR GROUP INC	COMMON STOCK	011659109	137,672	1,710	SH		SOLE		1,710	0	0
ALCENTRA CAP CORP COM	COMMON STOCK	01374t102	3,252,002	280,345	SH		SOLE		280,345	0	0
ALLEGION PLC COM USD0.01 ISIN#	COMMON STOCK	g0176j109	53,725	815	SH		SOLE		815	0	0
ALLY FINANCIAL INC COMUSD0.01	COMMON STOCK	02005n100	128,336	6,885	SH		SOLE		6,885	0	0
ALPINE TOTAL DYNAMIC DIVIDFD C	COMMON STOCK	021060207	2,130,572	277,418	SH		SOLE		277,418	0	0
ALTISOURCE RESIDENTIALCORP COM	COMMON STOCK	02153w100	38,709	3,119	SH		SOLE		3,119	0	0
ALTRIA GROUP INC	COMMON STOCK	02209s103	111,763	1,920	SH		SOLE		1,920	0	0
AMERCO COM	COMMON STOCK	023586100	9,906,301	25,433	SH		SOLE		25,433	0	0
AMERIPRISE FINL INC COM	COMMON STOCK	03076c106	4,028,414	37,854	SH		SOLE		37,854	0	0
AMTRUST FINL SVCS INCCOM	COMMON STOCK	032359309	2,463	40	SH		SOLE		40	0	0
APPLE INC	COMMON STOCK	037833100	14,736	140	SH		SOLE		140	0	0
APTOSE BIOSCIENCES INCCOM NPV	COMMON STOCK	03835t200	1,012	400	SH		SOLE		400	0	0
ARBOR RLTY TR INC	COMMON STOCK	038923108	9,782,128	1,368,130	SH		SOLE		1,368,130	0	0
ARC DOCUMENT SOLUTIONSINC COM	COMMON STOCK	00191g103	3,229,119	730,570	SH		SOLE		730,570	0	0
ARES CAPITAL CORP COMSTK USD0.	COMMON STOCK	04010l103	39,900	2,800	SH		SOLE		2,800	0	0
ASTRO MED INC NEW	COMMON STOCK	04638f108	745,620	51,600	SH		SOLE		51,600	0	0
ATLANTIC CAPITAL BANCSHARES IN	COMMON STOCK	048269203	1,422,006	94,927	SH		SOLE		94,927	0	0
AURINIA PHARMACEUTICALSINC COM	COMMON STOCK	05156v102	741	300	SH		SOLE		300	0	0
AWARE INC	COMMON STOCK	05453N100	2,564,003	786,504	SH		SOLE		786,504	0	0
BANCO SANTANDER SA ADREACH 1 R	COMMON STOCK	05964h105	974	200	SH		SOLE		200	0	0
BANK OF AMERICA CORP	COMMON STOCK	060505104	6,833	406	SH		SOLE		406	0	0
BENEFITFOCUS INC COM USD0.001	COMMON STOCK	08180d106	3,639	100	SH		SOLE		100	0	0
BLACKBERRY LTD NPV ISIN#CA0922	COMMON STOCK	09228f103	928	100	SH		SOLE		100	0	0
BLACKROCK CAPITAL INVESTMENTC	COMMON STOCK	092533108	8,182,251	870,452	SH		SOLE		870,452	0	0
BLACKROCK ENERGY & RESTR COM	COMMON STOCK	09250u101	5,325	425	SH		SOLE		425	0	0
BLACKROCK MUN TARGET TERMTR CO	COMMON STOCK	09257p105	4,177,272	193,661	SH		SOLE		193,661	0	0
BLACKROCK RES &COMM STRATTR SH	COMMON STOCK	09257a108	2,084,349	293,157	SH		SOLE		293,157	0	0
BLACKSTONE GSO STRATEGICCR FD	COMMON STOCK	09257r101	6,180,196	462,244	SH		SOLE		462,244	0	0
BLACKSTONE MORTGAGE TRU-CLA	Miscellaneous	09257w100	5,371,238	200,719	SH		SOLE		200,719	0	0
BLACKSTONE/GSO SR FLTNGRT TRM	COMMON STOCK	09256u105	7,386,221	497,389	SH		SOLE		497,389	0	0
BLOCK H & R INC	COMMON STOCK	093671105	3,514,019	105,494	SH		SOLE		105,494	0	0
BOEING CO	COMMON STOCK	097023105	4,642,527	32,108	SH		SOLE		32,108	0	0
BOOZ ALLEN HAMILTON HLDGCORP C	COMMON STOCK	099502106	74,040	2,400	SH		SOLE		2,400	0	0
BSB BANCORP INC MD COM ISIN#US	COMMON STOCK	05573h108	3,585,383	153,287	SH		SOLE		153,287	0	0
CABLE ONE INC COM	COMMON STOCK	12685j105	65,049	150	SH		SOLE		150	0	0
CALAMOS DYNAMIC CONV &INCOMECO	COMMON STOCK	12811v105	4,192,225	232,256	SH		SOLE		232,256	0	0
CALAVO GROWERS INC	COMMON STOCK	128246105	3,329,610	67,951	SH		SOLE		67,951	0	0
CALLAWAY GOLF CO DELAWARE	COMMON STOCK	131193104	11,740,249	1,246,311	SH		SOLE		1,246,311	0	0
CANADIAN SOLAR INC COMSTK NPV	COMMON STOCK	136635109	1,014	35	SH		SOLE		35	0	0
CAPITAL SOUTHWEST CORP	COMMON STOCK	140501107	11,064,997	797,190	SH		SOLE		797,190	0	0
CARDINAL FINL GROUP	COMMON STOCK	14149f109	2,275	100	SH		SOLE		100	0	0
CARMIKE CINEMAS INC	COMMON STOCK	143436400	8,933,119	389,412	SH		SOLE		389,412	0	0
CASCADE MICROTECH INC	COMMON STOCK	147322101	4,895,556	301,265	SH		SOLE		301,265	0	0
CECO ENVIRONMENTAL CORP	COMMON STOCK	125141101	4,431,262	576,987	SH		SOLE		576,987	0	0
CENTURYLINK INC	COMMON STOCK	156700106	2,602,984	103,457	SH		SOLE		103,457	0	0
CERUS CORP	COMMON STOCK	157085101	7,584	1,200	SH		SOLE		1,200	0	0
CHEROKEE INC DEL NEW COM ISIN#	COMMON STOCK	16444h102	4,935,311	286,105	SH		SOLE		286,105	0	0
CHIMERA INVT CORP COMNEW ISIN#	COMMON STOCK	16934q208	5,808,377	425,834	SH		SOLE		425,834	0	0
CINTAS CORP	COMMON STOCK	172908105	3,864,236	42,441	SH		SOLE		42,441	0	0
CLOUGH GLOBAL EQUITY FDCOM ISI	COMMON STOCK	18914c100	5,060,255	403,851	SH		SOLE		403,851	0	0
CLOUGH GLOBAL OPPORTUNITIESFD	COMMON STOCK	18914e106	4,584,376	439,116	SH		SOLE		439,116	0	0
COCA COLA CO	COMMON STOCK	191216100	2,405,760	56,000	SH		SOLE		56,000	0	0
COGENTIX MEDICAL, INC	COMMON STOCK	19243a104	230,698	181,652	SH		SOLE		181,652	0	0
COHEN &STEERS INFRASTRUCTURECO	COMMON STOCK	19248a109	4,717,848	247,267	SH		SOLE		247,267	0	0
COHEN &STEERS MLP INC&ENRGY CO	COMMON STOCK	19249b106	1,630,503	155,880	SH		SOLE		155,880	0	0
CORENERGY INFRASTRUCTURETR IN	COMMON STOCK	21870U502	6,609,615	445,392	SH		SOLE		445,392	0	0
CRYOLIFE INC COM ISIN#US228903	COMMON STOCK	228903100	2,156	200	SH		SOLE		200	0	0
CST BRANDS INC COM ISIN#US1264	COMMON STOCK	12646r105	97,459	2,490	SH		SOLE		2,490	0	0
CULP INC	COMMON STOCK	230215105	1,642,815	64,500	SH		SOLE		64,500	0	0
CVS HEALTH CORP COM	COMMON STOCK	126650100	5,451,262	55,756	SH		SOLE		55,756	0	0
D S T SYSTEMS INC	COMMON STOCK	233326107	3,515,295	30,820	SH		SOLE		30,820	0	0
DEERE & COMPANY	COMMON STOCK	244199105	2,573,849	33,747	SH		SOLE		33,747	0	0
DELUXE CORP	COMMON STOCK	248019101	4,092,682	75,040	SH		SOLE		75,040	0	0
DEMAND MEDIA INC	COMMON STOCK	24802N208	1,988,800	361,600	SH		SOLE		361,600	0	0
DESTINATION XL GROUP INCCOM IS	COMMON STOCK	25065k104	10,202,816	1,848,336	SH		SOLE		1,848,336	0	0
DEUTSCHE BANK AG LONDONETN 14/	COMMON STOCK	25153q658	21,326	1,375	SH		SOLE		1,375	0	0
DHI GROUP INC COM	COMMON STOCK	23331s100	4,811,744	524,727	SH		SOLE		524,727	0	0
DIGI INTL INC COM ISIN#US25379	COMMON STOCK	253798102	10,946,084	961,870	SH		SOLE		961,870	0	0
DIGIRAD CORP	COMMON STOCK	253827109	6,345,325	1,095,911	SH		SOLE		1,095,911	0	0
DISNEY WALT CO	COMMON STOCK	254687106	3,257	31	SH		SOLE		31	0	0
DLH HOLDINGS CORPORATION	COMMON STOCK	23335Q100	624,170	148,612	SH		SOLE		148,612	0	0
DOLBY LABORATORIES INCCOM ISIN	COMMON STOCK	25659t107	84,293	2,505	SH		SOLE		2,505	0	0
DOUGLAS DYNAMICS INC COMUSD0.0	COMMON STOCK	25960r105	10,594,204	502,810	SH		SOLE		502,810	0	0
DUKE ENERGY CORP NEW COMNEW IS	COMMON STOCK	26441c204	2,213	31	SH		SOLE		31	0	0
EATON VANCE ENHANCED EQT	COMMON STOCK	278274105	4,497,434	335,129	SH		SOLE		335,129	0	0
EATON VANCE TAX ADVT DIVINCM C	COMMON STOCK	27828g107	8,109,067	419,290	SH		SOLE		419,290	0	0
ECOLAB INC	COMMON STOCK	278865100	743,470	6,500	SH		SOLE		6,500	0	0
ENBRIDGE INC COM ISIN#CA29250N	COMMON STOCK	29250n105	4,978	150	SH		SOLE		150	0	0
ENERGY TRANSFER PARTNERSLP UT	COMMON STOCK	29273r109	70,833	2,100	SH		SOLE		2,100	0	0
ENSTAR GROUP LIMITED SHS ISIN#	COMMON STOCK	g3075p101	5,354,777	35,689	SH		SOLE		35,689	0	0
ENTEGRA FINL CORP COM ISIN#US2	COMMON STOCK	29363j108	3,795,426	196,066	SH		SOLE		196,066	0	0
EXXON MOBIL CORPORATION	COMMON STOCK	30231g102	3,860,381	49,524	SH		SOLE		49,524	0	0
FACEBOOK INC COM USD0.000006CL	COMMON STOCK	30303m102	31,398	300	SH		SOLE		300	0	0
FARMERS NATIONAL BANC CORP	COMMON STOCK	309627107	1,350,200	157,000	SH		SOLE		157,000	0	0
FASTENAL CO	COMMON STOCK	311900104	13,879	340	SH		SOLE		340	0	0
FIBROGEN INC COM	COMMON STOCK	31572q808	1,216,484	39,924	SH		SOLE		39,924	0	0
FIRST BANK	COMMON STOCK	31931U102	1,566,008	236,915	SH		SOLE		236,915	0	0
FIRST BUSINESS FINL SVCSWIS CO	COMMON STOCK	319390100	9,156,742	366,123	SH		SOLE		366,123	0	0
FIRST FINANCIAL NORTHWEST INC	COMMON STOCK	32022k102	1,407,377	100,815	SH		SOLE		100,815	0	0
FIRST NORTHWEST BANCORPCOM ISI	COMMON STOCK	335834107	3,691,027	260,850	SH		SOLE		260,850	0	0
FISERV INC	COMMON STOCK	337738108	5,959,350	65,158	SH		SOLE		65,158	0	0
FIVE STAR QUALITY CAREINC COM	COMMON STOCK	33832d106	774,031	243,406	SH		SOLE		243,406	0	0
FLEXSTEEL INDUSTRIES INC	COMMON STOCK	339382103	4,272,206	96,700	SH		SOLE		96,700	0	0
FORD MTR CO DEL COM	COMMON STOCK	345370860	3,270,946	232,147	SH		SOLE		232,147	0	0
FRANKLIN COVEY CO COM ISIN#US3	COMMON STOCK	353469109	13,617,505	813,471	SH		SOLE		813,471	0	0
FST TR NEW OPPORT MLP&ENE FD C	COMMON STOCK	33739m100	820,627	76,196	SH		SOLE		76,196	0	0
G S I GROUP INC NEW F	COMMON STOCK	36191c205	4,214,004	309,398	SH		SOLE		309,398	0	0
GABELLI GLB SML &MD CPVAL TR C	COMMON STOCK	36249w104	52,728	5,070	SH		SOLE		5,070	0	0
GALLAGHER ARTHUR J & CO	COMMON STOCK	363576109	8,543	209	SH		SOLE		209	0	0
GENTHERM INC COM	COMMON STOCK	37253a103	6,785,231	143,148	SH		SOLE		143,148	0	0
GLOBAL SOURCES LTD ORD ISIN#BM	COMMON STOCK	g39300101	1,560	200	SH		SOLE		200	0	0
GREEN BRICK PARTNERS INC	COMMON STOCK	392709101	1,879,200	261,000	SH		SOLE		261,000	0	0
HACKETT GROUP INC COM	COMMON STOCK	404609109	9,324,926	580,269	SH		SOLE		580,269	0	0
HALLMARK FINL SVCS INCCOM NEW	COMMON STOCK	40624q203	1,788,313	152,978	SH		SOLE		152,978	0	0
HARVEST CAPITAL CREDIT CORPORA	COMMON STOCK	41753f109	3,139,400	267,639	SH		SOLE		267,639	0	0
HOOKER FURNITURE CORPCOM ISIN#	COMMON STOCK	439038100	966,440	38,290	SH		SOLE		38,290	0	0
HORACE MANN EDUCATORSCORP NEW	COMMON STOCK	440327104	9,288,336	279,938	SH		SOLE		279,938	0	0
HORMEL FOODS CORP COM ISIN#US4	COMMON STOCK	440452100	5,837,742	73,821	SH		SOLE		73,821	0	0
HUTCHINSON TECH INC	COMMON STOCK	448407106	10,770	3,000	SH		SOLE		3,000	0	0
INCONTACT INC COM ISIN#US45336	COMMON STOCK	45336e109	2,643,343	277,080	SH		SOLE		277,080	0	0
INFORMATION SERVICES GROUP	COMMON STOCK	45675y104	1,922,582	531,100	SH		SOLE		531,100	0	0
INTL FCSTONE INC COM ISIN#US46	COMMON STOCK	46116v105	12,796,141	382,431	SH		SOLE		382,431	0	0
INVENTURE FOODS INC	COMMON STOCK	461212102	5,171,048	728,317	SH		SOLE		728,317	0	0
IRON MTN INC NEW COM ISIN#US46	COMMON STOCK	46284v101	14,423	534	SH		SOLE		534	0	0
ISHARES SILVER TR ISHARES	COMMON STOCK	46428q109	8,969	680	SH		SOLE		680	0	0
J & J SNACK FOODS CORP	COMMON STOCK	466032109	6,073,294	52,055	SH		SOLE		52,055	0	0
JETBLUE AWYS CORP	COMMON STOCK	477143101	4,530	200	SH		SOLE		200	0	0
JOHNSON & JOHNSON	COMMON STOCK	478160104	4,472,529	43,541	SH		SOLE		43,541	0	0
JPMORGAN CHASE & CO	COMMON STOCK	46625h100	5,699,952	86,324	SH		SOLE		86,324	0	0
KIMBALL INTERNATIONAL INC	COMMON STOCK	494274103	2,882,150	295,000	SH		SOLE		295,000	0	0
KIRKLANDS INC COM	COMMON STOCK	497498105	403,274	27,812	SH		SOLE		27,812	0	0
KRAFT HEINZ CO	COMMON STOCK	500754106	32,160	442	SH		SOLE		442	0	0
KRATOS DEFENSE &SEC SOLUTIONSC	COMMON STOCK	50077b207	820	200	SH		SOLE		200	0	0
LANDAUER INC COM ISIN#US51476K	COMMON STOCK	51476k103	8,666,519	263,260	SH		SOLE		263,260	0	0
LANNETT INC	COMMON STOCK	516012101	1,204	30	SH		SOLE		30	0	0
LAWSON PRODS INC	COMMON STOCK	520776105	1,267,905	54,300	SH		SOLE		54,300	0	0
LENDINGTREE INC NEW COM ISIN#U	COMMON STOCK	52603b107	2,940,437	32,935	SH		SOLE		32,935	0	0
LIFETIME BRANDS INC	COMMON STOCK	53222Q103	4,972	375	SH		SOLE		375	0	0
LITHIA MOTORS INC CL A	COMMON STOCK	536797103	9,924,426	93,039	SH		SOLE		93,039	0	0
LLOYDS BANKING GROUP PLCSPONSO	COMMON STOCK	539439109	1,308	300	SH		SOLE		300	0	0
MACQUARIE INFRASTRUCTURECORP C	COMMON STOCK	55608b105	3,889,276	53,571	SH		SOLE		53,571	0	0
MADDEN STEVEN LTD	COMMON STOCK	556269108	4,367,452	144,522	SH		SOLE		144,522	0	0
MADISON CVRED CALL &EQSTR FD C	COMMON STOCK	557437100	8,349,948	1,131,429	SH		SOLE		1,131,429	0	0
MAGELLAN HEALTH INC	COMMON STOCK	559079207	5,108,228	82,845	SH		SOLE		82,845	0	0
MALIBU BOATS INC COM CLA	COMMON STOCK	56117j100	9,431,821	576,165	SH		SOLE		576,165	0	0
MANULIFE FINANCIAL CORPCOM NPV	COMMON STOCK	56501r106	3,940	263	SH		SOLE		263	0	0
MARKEL CORP HLDG CO	COMMON STOCK	570535104	128,086	145	SH		SOLE		145	0	0
MARRIOTT INTL INCCL A	COMMON STOCK	571903202	14,099	210	SH		SOLE		210	0	0
MARRIOTT VACATIONS WRLDWDECP C	COMMON STOCK	57164y107	1,196	21	SH		SOLE		21	0	0
MCDONALDS CORP	COMMON STOCK	580135101	20,579	174	SH		SOLE		174	0	0
MEDTRONIC PLC USD0.0001 ISIN#I	COMMON STOCK	g5960l103	110,787	1,440	SH		SOLE		1,440	0	0
MICROSOFT CORP	COMMON STOCK	594918104	5,745,788	103,565	SH		SOLE		103,565	0	0
MOCON INC	COMMON STOCK	607494101	3,205,428	218,950	SH		SOLE		218,950	0	0
MONDELEZ INTL INC COM	COMMON STOCK	609207105	59,548	1,328	SH		SOLE		1,328	0	0
MONOTYPE IMAGING HLDGSINC	COMMON STOCK	61022p100	7,930,250	335,459	SH		SOLE		335,459	0	0
MVC CAPITAL INC COM ISIN#US553	COMMON STOCK	553829102	1,294,583	175,656	SH		SOLE		175,656	0	0
NATHANS FAMOUS INC	COMMON STOCK	632347100	1,634,452	31,700	SH		SOLE		31,700	0	0
NATURAL GAS SERVICE GP	COMMON STOCK	63886q109	7,655,038	343,275	SH		SOLE		343,275	0	0
NAUTILUS INC	COMMON STOCK	63910b102	13,812,788	826,124	SH		SOLE		826,124	0	0
NCR CORP	COMMON STOCK	62886e108	1,970,086	80,543	SH		SOLE		80,543	0	0
NEUBERGER BERMAN RE ESSEC FD C	COMMON STOCK	64190a103	7,386,023	1,474,256	SH		SOLE		1,474,256	0	0
NEW SR INVT GROUP INCCOM ISIN#	Miscellaneous	648691103	3,084,943	312,875	SH		SOLE		312,875	0	0
NEWCASTLE INVT CORP ISIN#US651	COMMON STOCK	65105m603	8,983,173	2,201,758	SH		SOLE		2,201,758	0	0
NORTHERN OIL & GAS INCNEV	COMMON STOCK	665531109	386	100	SH		SOLE		100	0	0
NUVEEN BUILD AMER BD FDCOM	COMMON STOCK	67074c103	9,345,727	465,193	SH		SOLE		465,193	0	0
NUVEEN INTER DURATIONMUN TERM	COMMON STOCK	670671106	5,648,945	439,265	SH		SOLE		439,265	0	0
NUVEEN MTG OPPORTUNITYTERM FD	COMMON STOCK	670735109	7,984,025	351,564	SH		SOLE		351,564	0	0
NUVEEN PFD & INCOME TERMFD COM	COMMON STOCK	67075a106	5,518,956	242,485	SH		SOLE		242,485	0	0
NXP SEMICONDUCTORS N V	COMMON STOCK	n6596x109	2,949	35	SH		SOLE		35	0	0
OHA INVESTMENT CORPORATION	COMMON STOCK	67091u102	1,056,400	278,000	SH		SOLE		278,000	0	0
OLD NATL BANCORP IND	COMMON STOCK	680033107	32,246	2,378	SH		SOLE		2,378	0	0
OLIN CORP NEW	COMMON STOCK	680665205	1,726	100	SH		SOLE		100	0	0
ORAMED PHARMACEUTICALSINC	COMMON STOCK	68403p203	6,840	800	SH		SOLE		800	0	0
ORTHOFIX INTL N.V. COMSTK USD0	COMMON STOCK	n6748l102	3,254	83	SH		SOLE		83	0	0
OTTER TAIL CORP FORMERLYOTTER	COMMON STOCK	689648103	2,672,206	100,346	SH		SOLE		100,346	0	0
OUTFRONT MEDIA INC COM ISIN#US	COMMON STOCK	69007j106	94,851	4,345	SH		SOLE		4,345	0	0
PARKERVISION INC COM ISIN#US70	COMMON STOCK	701354102	465	2,000	SH		SOLE		2,000	0	0
PBF ENERGY INC COM USD0.001	COMMON STOCK	69318g106	122,025	3,315	SH		SOLE		3,315	0	0
PENNANTPARK FLOATING RATECAP L	COMMON STOCK	70806a106	7,397,573	657,562	SH		SOLE		657,562	0	0
PENNEY J C CO INC	COMMON STOCK	708160106	7,992	1,200	SH		SOLE		1,200	0	0
PERCEPTRON INC	COMMON STOCK	71361f100	1,394,036	178,952	SH		SOLE		178,952	0	0
PERFORMANCE SPORTS GROUP LTD	COMMON STOCK	71377G100	1,877,937	195,009	SH		SOLE		195,009	0	0
PFSWEB INC	COMMON STOCK	717098206	2,045,043	158,900	SH		SOLE		158,900	0	0
PHILIP MORRIS INTL INCCOM	COMMON STOCK	718172109	168,787	1,920	SH		SOLE		1,920	0	0
PHOTRONICS INC COM ISIN#US7194	COMMON STOCK	719405102	5,124,826	411,633	SH		SOLE		411,633	0	0
PILGRIMS PRIDE CORP NEWCOM	COMMON STOCK	72147k108	8,836	400	SH		SOLE		400	0	0
POLARIS INDS INC	COMMON STOCK	731068102	41,262	480	SH		SOLE		480	0	0
POWERSHARES EXCHANGE TRADEDFD	COMMON STOCK	73936q843	158,236	7,415	SH		SOLE		7,415	0	0
POWERSHARES QQQ TR UNITSER 1	COMMON STOCK	73935a104	24,070	215	SH		SOLE		215	0	0
PRISM TECHNOLOGIES GROUP INC	COMMON STOCK	74273y100	369,241	362,001	SH		SOLE		362,001	0	0
PROCTER & GAMBLE CO	COMMON STOCK	742718109	4,178,420	52,618	SH		SOLE		52,618	0	0
PSYCHEMEDICS CORP COMNEW ISIN#	COMMON STOCK	744375205	1,962,090	193,500	SH		SOLE		193,500	0	0
PUTNAM PREMIER INCOMETR SH BEN	COMMON STOCK	746853100	7,351,954	1,485,243	SH		SOLE		1,485,243	0	0
PZENA INVT MGMT INC CLA	COMMON STOCK	74731q103	12,414,029	1,443,492	SH		SOLE		1,443,492	0	0
RED LION HOTELS	COMMON STOCK	756764106	2,327,320	332,000	SH		SOLE		332,000	0	0
REDWOOD TRUST INC	COMMON STOCK	758075402	3,776,206	286,076	SH		SOLE		286,076	0	0
REPUBLIC SERVICES INCCOM	COMMON STOCK	760759100	3,756,119	85,386	SH		SOLE		85,386	0	0
RIGNET INC COM	COMMON STOCK	766582100	2,509,876	121,309	SH		SOLE		121,309	0	0
RITE AID CORP COM ISIN#US76775	COMMON STOCK	767754104	3,136	400	SH		SOLE		400	0	0
ROUSE PPTYS INC COM	COMMON STOCK	779287101	4,804,629	329,988	SH		SOLE		329,988	0	0
ROYCE GLOBAL VALUE TRINC COM I	COMMON STOCK	78081t104	1,102,638	148,005	SH		SOLE		148,005	0	0
ROYCE MICRO-CAP TR INCCOM ISIN	COMMON STOCK	780915104	4,882,749	672,555	SH		SOLE		672,555	0	0
ROYCE VALUE TR INC COM ISIN#US	COMMON STOCK	780910105	3,369,497	286,278	SH		SOLE		286,278	0	0
S&W SEED CO COM	COMMON STOCK	785135104	844	200	SH		SOLE		200	0	0
SCRIPPS E W CO OHIO CLA NEW	COMMON STOCK	811054402	10,592,338	557,491	SH		SOLE		557,491	0	0
SHILOH INDUSTRIES INC	COMMON STOCK	824543102	678,040	126,500	SH		SOLE		126,500	0	0
SILVERCREST ASSET MGMTGROUP I	COMMON STOCK	828359109	4,206,682	353,800	SH		SOLE		353,800	0	0
SIMULATIONS PLUS INC COM ISIN#	COMMON STOCK	829214105	5,405,836	545,493	SH		SOLE		545,493	0	0
SIRIUS XM HLDGS INC COM ISIN#U	COMMON STOCK	82968b103	1,221	300	SH		SOLE		300	0	0
SOLAR CAPITAL LTD	COMMON STOCK	83413u100	4,606,755	280,387	SH		SOLE		280,387	0	0
SOURCE CAP INC COM ISIN#US8361	COMMON STOCK	836144105	32,381	489	SH		SOLE		489	0	0
SP PLUS CORP COM	COMMON STOCK	78469c103	5,848,993	244,728	SH		SOLE		244,728	0	0
SPDR S&P 500 ETF TRUSTUNIT SER	INDEX UNIT	78462f103	505,598	2,480	SH		SOLE		2,480	0	0
SPOK HLDGS INC COM ISIN#US8486	COMMON STOCK	84863t106	14,072,534	768,151	SH		SOLE		768,151	0	0
ST JUDE MEDICAL INC	COMMON STOCK	790849103	4,324	70	SH		SOLE		70	0	0
STERIS PLC GBP0.1	COMMON STOCK	g84720104	57,258	760	SH		SOLE		760	0	0
STONECASTLE FINL CORPCOM	COMMON STOCK	861780104	8,515,895	522,448	SH		SOLE		522,448	0	0
STRYKER CORP	COMMON STOCK	863667101	132,439	1,425	SH		SOLE		1,425	0	0
SUPERIOR UNIFORM GROUP	COMMON STOCK	868358102	2,127,594	125,300	SH		SOLE		125,300	0	0
SUPREME INDS INC CL A ISIN#US8	COMMON STOCK	868607102	3,650,783	532,961	SH		SOLE		532,961	0	0
SWIFT TRANSPORTATION COCOM USD	COMMON STOCK	87074u101	1,382	100	SH		SOLE		100	0	0
SYNTEL INC	COMMON STOCK	87162h103	4,221,942	93,303	SH		SOLE		93,303	0	0
TANDY LEATHER FACTORY INC	COMMON STOCK	87538X105	1,440,181	196,210	SH		SOLE		196,210	0	0
TECHTARGET INC COM ISIN#US8787	COMMON STOCK	87874r100	8,084,633	1,006,804	SH		SOLE		1,006,804	0	0
TEGNA INC COM	COMMON STOCK	87901j105	81,409	3,190	SH		SOLE		3,190	0	0
THESTREET INC	COMMON STOCK	88368q103	2,797,032	1,864,688	SH		SOLE		1,864,688	0	0
TRIBUNE MEDIA CO CL A	COMMON STOCK	896047503	93,316	2,760	SH		SOLE		2,760	0	0
TRUEBLUE INC	COMMON STOCK	89785x101	8,870,512	344,352	SH		SOLE		344,352	0	0
TUMI HLDGS INC COM ISIN#US8996	COMMON STOCK	89969q104	3,326	200	SH		SOLE		200	0	0
U S PHYSICAL THERAPYINC	COMMON STOCK	90337l108	6,959,725	129,652	SH		SOLE		129,652	0	0
UFP TECH INC	COMMON STOCK	902673102	4,169,310	175,034	SH		SOLE		175,034	0	0
UNITED FINL BANCORP INCNEW COM	COMMON STOCK	910304104	5,531,985	429,502	SH		SOLE		429,502	0	0
UNITED TECHNOLOGIES CORP	COMMON STOCK	913017109	2,373,710	24,708	SH		SOLE		24,708	0	0
UNITEDHEALTH GROUP	COMMON STOCK	91324p102	2,353	20	SH		SOLE		20	0	0
US BANCORP DEL COMNEW	COMMON STOCK	902973304	12,801	300	SH		SOLE		300	0	0
VALERO ENERGY CORP	COMMON STOCK	91913y100	2,263	32	SH		SOLE		32	0	0
VANGUARD INDEX FDS VANGUARDGRO	COMMON STOCK	922908736	357,151	3,357	SH		SOLE		3,357	0	0
VERIZON COMMUNICATIONS	COMMON STOCK	92343v104	2,445,442	52,909	SH		SOLE		52,909	0	0
WASTE MANAGEMENT INC	COMMON STOCK	94106l109	4,421,642	82,849	SH		SOLE		82,849	0	0
WEATHERFORD INTL PLC ORDSHS IS	COMMON STOCK	g48833100	1,678	200	SH		SOLE		200	0	0
WEST MARINE INC COM ISIN#US954	COMMON STOCK	954235107	2,471,439	291,100	SH		SOLE		291,100	0	0
WESTPORT INNOVATIONS INCCOM NE	COMMON STOCK	960908309	1,407	700	SH		SOLE		700	0	0
WESTWOOD HLDGS GROUP INCCOM IS	COMMON STOCK	961765104	8,057,662	154,687	SH		SOLE		154,687	0	0
WILLBROS GROUP INC DELCOM ISIN	COMMON STOCK	969203108	1,883	700	SH		SOLE		700	0	0
WSI INDUSTRIES INC	COMMON STOCK	92932q102	4,350	1,000	SH		SOLE		1,000	0	0
XENIA HOTELS &RESORTSINC COM I	Miscellaneous	984017103	40,517	2,643	SH		SOLE		2,643	0	0
XERIUM TECHNOLOGIES INCCOM USD	COMMON STOCK	98416j118	3,555	300	SH		SOLE		300	0	0
XEROX CORP	COMMON STOCK	984121103	3,189	300	SH		SOLE		300	0	0
TRANSCAT INC	COMMON STOCK	893529107	1,276,296	128,400	SH		SOLE		128,400	0	0