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 CO	COM	88579y101	2,384	14,305	SH		SOLE		14,305	0	0
A H BELO CORP	COM CL A	001282102	5,134	1,067,388	SH		SOLE		1,067,388	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	g1151c101	4,180	36,223	SH		SOLE		36,223	0	0
AGILYSYS INC	COM	00847J105	2,604	255,000	SH		SOLE		255,000	0	0
ALAMO GROUP INC	COM	011311107	6,735	120,889	SH		SOLE		120,889	0	0
ALCENTRA CAP CORP	COM	01374t102	3,297	283,478	SH		SOLE		283,478	0	0
ALPINE TOTAL DYNAMIC DIVID F	COM SH BEN INT N	021060207	1,885	251,307	SH		SOLE		251,307	0	0
AMERCO	COM	023586100	8,865	24,809	SH		SOLE		24,809	0	0
AMERIPRISE FINL INC	COM	03076c106	3,468	36,887	SH		SOLE		36,887	0	0
ANTHEM INC	COM	036752103	4,050	29,137	SH		SOLE		29,137	0	0
ARBOR RLTY TR INC	COM	038923108	9,277	1,370,379	SH		SOLE		1,370,379	0	0
ARC DOCUMENT SOLUTIONS INC	COM	00191g103	4,562	1,013,829	SH		SOLE		1,013,829	0	0
ASTRO-MED INC NEW	COM	04638f108	730	52,700	SH		SOLE		52,700	0	0
ATLANTIC CAP BANCSHARES INC	COM	048269203	1,831	131,335	SH		SOLE		131,335	0	0
AWARE INC MASS	COM	05453N100	3,183	853,220	SH		SOLE		853,220	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	4,948	34,877	SH		SOLE		34,877	0	0
BLACKROCK CAPITAL INVESTMENT	COM	092533108	8,179	869,171	SH		SOLE		869,171	0	0
BLACKROCK MUN 2030 TAR TERM	COM SHS BEN IN	09257p105	3,850	167,850	SH		SOLE		167,850	0	0
BLACKROCK RES & COMM STRAT T	SHS	09257a108	2,241	310,786	SH		SOLE		310,786	0	0
BLACKSTONE GSO STRATEGIC CR	COM SHS BEN IN	09257r101	6,571	482,069	SH		SOLE		482,069	0	0
BLACKSTONE MTG TR INC	COM CL A	09257w100	5,418	201,713	SH		SOLE		201,713	0	0
BLACKSTONE GSO FLTING RTE FU	COM	09256u105	7,668	501,147	SH		SOLE		501,147	0	0
BLOCK H & R INC	COM	093671105	2,721	102,993	SH		SOLE		102,993	0	0
BOEING CO	COM	097023105	3,932	30,976	SH		SOLE		30,976	0	0
BSB BANCORP INC MD	COM	05573h108	3,449	153,498	SH		SOLE		153,498	0	0
CALAMOS DYNAMIC CONV & INCOM	COM	12811v105	8,167	472,603	SH		SOLE		472,603	0	0
CALAVO GROWERS INC	COM	128246105	3,858	67,611	SH		SOLE		67,611	0	0
CALLAWAY GOLF CO	COM	131193104	11,289	1,237,835	SH		SOLE		1,237,835	0	0
CAPITAL SOUTHWEST CORP	COM	140501107	16,529	1,191,701	SH		SOLE		1,191,701	0	0
CARMIKE CINEMAS INC	COM	143436400	9,410	313,257	SH		SOLE		313,257	0	0
CECO ENVIRONMENTAL CORP	COM	125141101	4,694	755,934	SH		SOLE		755,934	0	0
CENTURYLINK INC	COM	156700106	6,233	195,022	SH		SOLE		195,022	0	0
CHEROKEE INC DEL NEW	COM	16444h102	5,396	303,320	SH		SOLE		303,320	0	0
CHIMERA INVT CORP	COM NEW	16934q208	5,993	440,975	SH		SOLE		440,975	0	0
CINTAS CORP	COM	172908105	3,679	40,967	SH		SOLE		40,967	0	0
CLOUGH GLOBAL EQUITY FD	COM	18914c100	4,335	398,422	SH		SOLE		398,422	0	0
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914e106	4,173	435,647	SH		SOLE		435,647	0	0
COCA COLA CO	COM	191216100	2,598	56,000	SH		SOLE		56,000	0	0
COHEN & STEERS INFRASTRUCTUR	COM	19248a109	4,771	240,837	SH		SOLE		240,837	0	0
CORENERGY INFRASTRUCTURE TR	COM NEW	21870U502	9,428	468,831	SH		SOLE		468,831	0	0
CSW INDUSTRIALS INC	COM	126402106	3,968	125,955	SH		SOLE		125,955	0	0
CULP INC	COM	230215105	1,786	68,100	SH		SOLE		68,100	0	0
CVS HEALTH CORP	COM	126650100	5,585	53,845	SH		SOLE		53,845	0	0
DST SYS INC DEL	COM	233326107	3,352	29,728	SH		SOLE		29,728	0	0
DEERE & CO	COM	244199105	2,549	33,113	SH		SOLE		33,113	0	0
DELUXE CORP	COM	248019101	6,813	109,031	SH		SOLE		109,031	0	0
DEMAND MEDIA INC	COM NEW	24802N208	1,958	391,600	SH		SOLE		391,600	0	0
DESTINATION XL GROUP INC	COM	25065k104	9,521	1,841,564	SH		SOLE		1,841,564	0	0
DHI GROUP INC	COM	23331s100	4,145	513,672	SH		SOLE		513,672	0	0
DIGI INTL INC	COM	253798102	9,912	1,051,072	SH		SOLE		1,051,072	0	0
DIGIRAD CORP	COM	253827109	5,774	1,164,022	SH		SOLE		1,164,022	0	0
DLH HLDGS CORP	COM	23335Q100	668	174,000	SH		SOLE		174,000	0	0
DOUGLAS DYNAMICS INC	COM	25960r105	13,148	573,903	SH		SOLE		573,903	0	0
EATON VANCE ENHANCED EQ INC	COM	278274105	1,534	122,388	SH		SOLE		122,388	0	0
EATON VANCE TAX ADVT DIV INC	COM	27828g107	7,693	400,866	SH		SOLE		400,866	0	0
ECOLAB INC	COM	278865100	725	6,500	SH		SOLE		6,500	0	0
ENSTAR GROUP LIMITED	SHS	g3075p101	5,735	35,272	SH		SOLE		35,272	0	0
ENTEGRA FINL CORP	COM	29363j108	3,489	200,866	SH		SOLE		200,866	0	0
EXA CORP	COM	300614500	1,621	125,150	SH		SOLE		125,150	0	0
EXXON MOBIL CORP	COM	30231g102	4,041	48,342	SH		SOLE		48,342	0	0
FARMERS NATL BANC CORP	COM	309627107	1,399	157,000	SH		SOLE		157,000	0	0
FIBROGEN INC	COM	31572q808	803	37,698	SH		SOLE		37,698	0	0
FIRST BANK WILLIAMSTOWN NJ	COM	31931U102	1,644	236,915	SH		SOLE		236,915	0	0
FIRST BUS FINL SVCS INC WIS	COM	319390100	8,831	385,115	SH		SOLE		385,115	0	0
FIRST FINANCIAL NORTHWEST IN	COM	32022k102	1,328	100,815	SH		SOLE		100,815	0	0
FIRST NORTHWEST BANCORP	COM	335834107	3,640	282,850	SH		SOLE		282,850	0	0
FISERV INC	COM	337738108	6,293	61,345	SH		SOLE		61,345	0	0
FLEXSTEEL INDS INC	COM	339382103	2,892	66,200	SH		SOLE		66,200	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	3,110	230,361	SH		SOLE		230,361	0	0
FRANKLIN COVEY CO	COM	353469109	10,301	585,620	SH		SOLE		585,620	0	0
GSI GROUP INC CDA NEW	COM NEW	36191c205	4,335	306,179	SH		SOLE		306,179	0	0
GDL FUND	COM SH BEN IT	361570104	6,755	673,490	SH		SOLE		673,490	0	0
GENTHERM INC	COM	37253a103	5,896	141,769	SH		SOLE		141,769	0	0
GREEN BRICK PARTNERS INC	COM	392709101	2,274	299,592	SH		SOLE		299,592	0	0
RYDEX ETF TRUST	GUG S&P500 PU VA	78355w304	10,469	207,150	SH		SOLE		207,150	0	0
CLAYMORE EXCHANGE TRD FD TR	GUGG SPINOFF ETF	18383m605	2,747	71,190	SH		SOLE		71,190	0	0
HACKETT GROUP INC	COM	404609109	8,716	576,427	SH		SOLE		576,427	0	0
HALLMARK FINL SVCS INC EC	COM NEW	40624q203	1,759	152,978	SH		SOLE		152,978	0	0
HARVEST CAP CR CORP	COM	41753f109	3,437	282,451	SH		SOLE		282,451	0	0
HOOKER FURNITURE CORP	COM	439038100	2,575	78,390	SH		SOLE		78,390	0	0
HORACE MANN EDUCATORS CORP N	COM	440327104	8,847	279,178	SH		SOLE		279,178	0	0
HORMEL FOODS CORP	COM	440452100	4,721	109,186	SH		SOLE		109,186	0	0
INCONTACT INC	COM	45336e109	2,463	277,080	SH		SOLE		277,080	0	0
INFORMATION SERVICES GROUP I	COM	45675y104	2,131	542,282	SH		SOLE		542,282	0	0
INTL FCSTONE INC	COM	46116v105	10,797	403,912	SH		SOLE		403,912	0	0
INVENTURE FOODS INC	COM	461212102	4,140	732,660	SH		SOLE		732,660	0	0
INVESCO LTD	SHS	g491bt108	3,512	114,125	SH		SOLE		114,125	0	0
ISHARES TR	1-3 YR TR BD ETF	464287457	8,158	95,945	SH		SOLE		95,945	0	0
ISHARES TR	S&P 500 GRWT ETF	464287309	12,476	107,650	SH		SOLE		107,650	0	0
ISHARES TR	S&P 500 VAL ETF	464287408	2,049	22,781	SH		SOLE		22,781	0	0
ITT CORP NEW	COM NEW	450911201	1,716	46,518	SH		SOLE		46,518	0	0
J & J SNACK FOODS CORP	COM	466032109	5,607	51,780	SH		SOLE		51,780	0	0
JOHNSON & JOHNSON	COM	478160104	4,567	42,208	SH		SOLE		42,208	0	0
JPMORGAN CHASE & CO	COM	46625h100	4,978	84,059	SH		SOLE		84,059	0	0
KIMBALL INTL INC	CL B	494274103	4,608	406,000	SH		SOLE		406,000	0	0
LANDAUER INC	COM	51476k103	8,891	268,856	SH		SOLE		268,856	0	0
LAWSON PRODS INC	COM	520776105	1,551	79,200	SH		SOLE		79,200	0	0
LENDINGTREE INC NEW	COM	52603b107	3,247	33,203	SH		SOLE		33,203	0	0
LITHIA MTRS INC	CL A	536797103	8,058	92,275	SH		SOLE		92,275	0	0
LRAD CORP	COM	50213v109	486	292,478	SH		SOLE		292,478	0	0
MACQUARIE INFRASTRUCTURE COR	COM	55608b105	6,218	92,201	SH		SOLE		92,201	0	0
MADDEN STEVEN LTD	COM	556269108	5,325	143,761	SH		SOLE		143,761	0	0
MADISON CVRED CALL & EQ STR	COM	557437100	8,560	1,145,938	SH		SOLE		1,145,938	0	0
MALIBU BOATS INC	COM CL A	56117j100	9,831	599,460	SH		SOLE		599,460	0	0
MESA LABS INC	COM	59064r109	2,044	21,210	SH		SOLE		21,210	0	0
MICROSOFT CORP	COM	594918104	5,525	100,027	SH		SOLE		100,027	0	0
MOCON INC	COM	607494101	3,032	218,950	SH		SOLE		218,950	0	0
MONOTYPE IMAGING HOLDINGS IN	COM	61022p100	7,947	332,228	SH		SOLE		332,228	0	0
MVC CAPITAL INC	COM	553829102	1,318	176,628	SH		SOLE		176,628	0	0
NATHANS FAMOUS INC NEW	COM	632347100	1,382	31,700	SH		SOLE		31,700	0	0
NATURAL GAS SERVICES GROUP	COM	63886q109	7,391	341,692	SH		SOLE		341,692	0	0
NAUTILUS INC	COM	63910b102	15,435	798,913	SH		SOLE		798,913	0	0
NCR CORP NEW	COM	62886e108	2,364	78,980	SH		SOLE		78,980	0	0
NEUBERGER BERMAN RE ES SEC F	COM	64190a103	7,615	1,496,144	SH		SOLE		1,496,144	0	0
NEW SR INVT GROUP INC	COM	648691103	5,431	527,290	SH		SOLE		527,290	0	0
NEWCASTLE INVT CORP NEW	COM PAR $0.01	65105m603	13,118	3,029,660	SH		SOLE		3,029,660	0	0
NOVARTIS A G	SPONSORED ADR	66987v109	2,250	31,065	SH		SOLE		31,065	0	0
NUVEEN BUILD AMER BD FD	COM	67074c103	5,025	232,734	SH		SOLE		232,734	0	0
NUVEEN INTER DURATION MN TMF	COM	670671106	5,041	378,422	SH		SOLE		378,422	0	0
NUVEEN MTG OPPORTUNITY TERM	COM	670735109	8,014	356,508	SH		SOLE		356,508	0	0
OFS CAP CORP	COM	67103b100	157	12,110	SH		SOLE		12,110	0	0
PENNANTPARK FLOATING RATE CA	COM	70806a106	8,129	694,790	SH		SOLE		694,790	0	0
PERCEPTRON INC	COM	71361f100	1,111	229,000	SH		SOLE		229,000	0	0
PERFORMANCE SPORTS GROUP LTD	COM	71377G100	1,310	411,823	SH		SOLE		411,823	0	0
PFSWEB INC	COM NEW	717098206	2,085	158,900	SH		SOLE		158,900	0	0
PHOTRONICS INC	COM	719405102	4,270	410,145	SH		SOLE		410,145	0	0
PREMIER INC	CL A	74051n102	2,426	72,725	SH		SOLE		72,725	0	0
PRISM TECHNOLOGIES GROUP INC	COM	74273y100	107	355,335	SH		SOLE		355,335	0	0
PROCTER & GAMBLE CO	COM	742718109	4,114	49,987	SH		SOLE		49,987	0	0
PSYCHEMEDICS CORP	COM NEW	744375205	2,034	147,908	SH		SOLE		147,908	0	0
PUTNAM PREMIER INCOME TR	SH BEN INT	746853100	7,080	1,493,698	SH		SOLE		1,493,698	0	0
PZENA INVESTMENT MGMT INC	CLASS A	74731q103	11,049	1,463,484	SH		SOLE		1,463,484	0	0
RED LION HOTELS CORP	COM	756764106	2,799	332,000	SH		SOLE		332,000	0	0
REDWOOD TR INC	COM	758075402	3,753	286,931	SH		SOLE		286,931	0	0
REIS INC	COM	75936p105	6,663	282,915	SH		SOLE		282,915	0	0
REPUBLIC SVCS INC	COM	760759100	3,938	82,640	SH		SOLE		82,640	0	0
RIGNET INC	COM	766582100	1,693	123,766	SH		SOLE		123,766	0	0
ROYCE GLOBAL VALUE TR INC	COM	78081t104	1,065	144,479	SH		SOLE		144,479	0	0
ROYCE MICRO-CAP TR INC	COM	780915104	5,015	716,377	SH		SOLE		716,377	0	0
ROYCE VALUE TR INC	COM	780910105	4,020	343,317	SH		SOLE		343,317	0	0
SALEM MEDIA GROUP INC	CL A	794093104	2,099	364,425	SH		SOLE		364,425	0	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	8,637	554,011	SH		SOLE		554,011	0	0
SILVERCREST ASSET MGMT GROUP	CL A	828359109	4,617	362,400	SH		SOLE		362,400	0	0
SIMULATIONS PLUS INC	COM	829214105	3,931	445,184	SH		SOLE		445,184	0	0
SOLAR CAP LTD	COM	83413u100	4,936	285,641	SH		SOLE		285,641	0	0
SP PLUS CORP	COM	78469c103	5,850	243,134	SH		SOLE		243,134	0	0
SPOK HLDGS INC	COM	84863t106	13,504	771,225	SH		SOLE		771,225	0	0
STONECASTLE FINL CORP	COM	861780104	9,401	543,103	SH		SOLE		543,103	0	0
SUPERIOR UNIFORM GP INC	COM	868358102	2,620	147,000	SH		SOLE		147,000	0	0
SUPREME INDS INC	CL A	868607102	4,711	532,961	SH		SOLE		532,961	0	0
SYNTEL INC	COM	87162h103	4,628	92,690	SH		SOLE		92,690	0	0
TANDY LEATHER FACTORY INC	COM	87538X105	1,578	227,000	SH		SOLE		227,000	0	0
TARGET CORP	COM	87612e106	4,884	59,360	SH		SOLE		59,360	0	0
TECHTARGET INC	COM	87874r100	7,450	1,004,039	SH		SOLE		1,004,039	0	0
THESTREET INC	COM	88368q103	2,312	1,864,688	SH		SOLE		1,864,688	0	0
TRANSCAT INC	COM	893529107	1,379	136,000	SH		SOLE		136,000	0	0
TRUEBLUE INC	COM	89785x101	8,929	341,435	SH		SOLE		341,435	0	0
U S PHYSICAL THERAPY INC	COM	90337l108	6,408	128,861	SH		SOLE		128,861	0	0
UFP TECHNOLOGIES INC	COM	902673102	3,984	178,900	SH		SOLE		178,900	0	0
UNITED FINL BANCORP INC NEW	COM	910304104	5,352	425,075	SH		SOLE		425,075	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	2,427	24,243	SH		SOLE		24,243	0	0
U S G CORP	COM NEW	903293405	2,587	104,281	SH		SOLE		104,281	0	0
VERIZON COMMUNICATIONS INC	COM	92343v104	2,765	51,133	SH		SOLE		51,133	0	0
WASTE MGMT INC DEL	COM	94106l109	4,739	80,320	SH		SOLE		80,320	0	0
WEST MARINE INC	COM	954235107	2,646	291,100	SH		SOLE		291,100	0	0
WESTWOOD HLDGS GROUP INC	COM	961765104	8,702	148,377	SH		SOLE		148,377	0	0