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	2,505	14,305	SH		SOLE		14,305	0	0
A H BELO CORP	COM CL A	001282102	5,588	1,117,620	SH		SOLE		1,117,620	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	g1151c101	4,166	36,771	SH		SOLE		36,771	0	0
AGILYSYS INC	COM	00847j105	4,365	416,880	SH		SOLE		416,880	0	0
ALAMO GROUP INC	COM	011311107	7,127	108,030	SH		SOLE		108,030	0	0
ALCENTRA CAP CORP	COM	01374t102	2,950	242,789	SH		SOLE		242,789	0	0
ALPINE TOTAL DYNAMIC DIVID F	COM SH BEN INT N	021060207	1,871	257,781	SH		SOLE		257,781	0	0
AMERCO	COM	023586100	9,413	25,131	SH		SOLE		25,131	0	0
AMERIPRISE FINL INC	COM	03076c106	3,360	37,390	SH		SOLE		37,390	0	0
ANTHEM INC	COM	036752103	3,882	29,559	SH		SOLE		29,559	0	0
ARBOR RLTY TR INC	COM	038923108	10,368	1,441,992	SH		SOLE		1,441,992	0	0
ARC DOCUMENT SOLUTIONS INC	COM	00191g103	4,000	1,028,377	SH		SOLE		1,028,377	0	0
ASTRONOVA INC	COM	04638f108	810	53,200	SH		SOLE		53,200	0	0
ATLANTIC CAP BANCSHARES INC	COM	048269203	1,899	131,335	SH		SOLE		131,335	0	0
AWARE INC MASS	COM	05453N100	3,707	854,220	SH		SOLE		854,220	0	0
B RILEY FINL INC	COM	05580m108	3,241	338,340	SH		SOLE		338,340	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	5,111	35,301	SH		SOLE		35,301	0	0
BG STAFFING INC	COM	05544A109	1,939	102,490	SH		SOLE		102,490	0	0
BLACKROCK CAPITAL INVESTMENT	COM	092533108	6,841	879,310	SH		SOLE		879,310	0	0
BLACKROCK MUN 2030 TAR TERM	COM SHS BEN IN	09257p105	4,327	178,792	SH		SOLE		178,792	0	0
BLACKROCK RES & COMM STRAT T	SHS	09257a108	2,466	320,275	SH		SOLE		320,275	0	0
BLACKSTONE GSO STRATEGIC CR	COM SHS BEN IN	09257r101	7,282	506,033	SH		SOLE		506,033	0	0
BLACKSTONE MTG TR INC	COM CL A	09257w100	5,860	211,794	SH		SOLE		211,794	0	0
BLACKSTONE GSO FLTING RTE FU	COM	09256u105	8,352	525,612	SH		SOLE		525,612	0	0
BLOCK H & R INC	COM	093671105	2,399	104,284	SH		SOLE		104,284	0	0
BOEING CO	COM	097023105	4,079	31,409	SH		SOLE		31,409	0	0
BSB BANCORP INC MD	COM	05573h108	3,769	166,399	SH		SOLE		166,399	0	0
CALAMOS DYNAMIC CONV & INCOM	COM	12811v105	9,767	536,343	SH		SOLE		536,343	0	0
CALAVO GROWERS INC	COM	128246105	4,314	64,388	SH		SOLE		64,388	0	0
CALLAWAY GOLF CO	COM	131193104	12,608	1,234,889	SH		SOLE		1,234,889	0	0
CAPITAL SOUTHWEST CORP	COM	140501107	21,118	1,544,857	SH		SOLE		1,544,857	0	0
CARMIKE CINEMAS INC	COM	143436400	3,690	122,517	SH		SOLE		122,517	0	0
CECO ENVIRONMENTAL CORP	COM	125141101	7,470	854,688	SH		SOLE		854,688	0	0
CENTURYLINK INC	COM	156700106	6,015	207,340	SH		SOLE		207,340	0	0
CHEROKEE INC DEL NEW	COM	16444h102	3,429	308,605	SH		SOLE		308,605	0	0
CHIMERA INVT CORP	COM NEW	16934q208	7,027	447,554	SH		SOLE		447,554	0	0
CINTAS CORP	COM	172908105	4,020	40,963	SH		SOLE		40,963	0	0
CLAYMORE EXCHANGE TRD FD TR	GUGG S&P SPINOFF	18383m605	2,342	59,390	SH		SOLE		59,390	0	0
CLOUGH GLOBAL EQUITY FD	COM	18914c100	2,817	263,006	SH		SOLE		263,006	0	0
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914e106	2,887	309,440	SH		SOLE		309,440	0	0
COCA COLA CO	COM	191216100	2,538	56,000	SH		SOLE		56,000	0	0
COHEN & STEERS INFRASTRUCTUR	COM	19248a109	5,222	243,788	SH		SOLE		243,788	0	0
CORENERGY INFRASTRUCTURE TR	COM NEW	21870U502	14,193	491,942	SH		SOLE		491,942	0	0
CSW INDUSTRIALS INC	COM	126402106	5,552	170,253	SH		SOLE		170,253	0	0
CULP INC	COM	230215105	2,011	72,800	SH		SOLE		72,800	0	0
CVS HEALTH CORP	COM	126650100	5,236	54,686	SH		SOLE		54,686	0	0
DST SYS INC DEL	COM	233326107	3,494	30,007	SH		SOLE		30,007	0	0
DEERE & CO	COM	244199105	2,722	33,582	SH		SOLE		33,582	0	0
DELUXE CORP	COM	248019101	7,218	108,752	SH		SOLE		108,752	0	0
DEMAND MEDIA INC	COM NEW	24802n208	3,002	580,600	SH		SOLE		580,600	0	0
DESTINATION XL GROUP INC	COM	25065k104	8,453	1,849,745	SH		SOLE		1,849,745	0	0
DEUTSCHE HIGH INCOME OPPORT	COM	25158y102	2,803	206,085	SH		SOLE		206,085	0	0
DHI GROUP INC	COM	23331s100	1,795	288,082	SH		SOLE		288,082	0	0
DIGI INTL INC	COM	253798102	11,260	1,049,366	SH		SOLE		1,049,366	0	0
DIGIRAD CORP	COM	253827109	6,259	1,215,391	SH		SOLE		1,215,391	0	0
DLH HLDGS CORP	COM	23335Q100	906	179,500	SH		SOLE		179,500	0	0
DOUGLAS DYNAMICS INC	COM	25960r105	14,447	561,470	SH		SOLE		561,470	0	0
EASTERLY GOVT PPTYS INC	COM	27616p103	2,360	119,639	SH		SOLE		119,639	0	0
EATON VANCE TAX ADVT DIV INC	COM	27828g107	5,688	282,569	SH		SOLE		282,569	0	0
ECOLAB INC	COM	278865100	771	6,500	SH		SOLE		6,500	0	0
ENSTAR GROUP LIMITED	SHS	g3075p101	5,713	35,266	SH		SOLE		35,266	0	0
ENTEGRA FINL CORP	COM	29363j108	3,730	213,250	SH		SOLE		213,250	0	0
EXA CORP	COM	300614500	1,718	118,869	SH		SOLE		118,869	0	0
EXXON MOBIL CORP	COM	30231g102	4,593	49,000	SH		SOLE		49,000	0	0
FARMERS NATL BANC CORP	COM	309627107	1,382	157,000	SH		SOLE		157,000	0	0
FERRO CORP	COM	315405100	3,781	282,570	SH		SOLE		282,570	0	0
FIBROGEN INC	COM	31572q808	619	37,698	SH		SOLE		37,698	0	0
FIRST BANK WILLIAMSTOWN NJ	COM	31931U102	1,869	269,249	SH		SOLE		269,249	0	0
FIRST BUS FINL SVCS INC WIS	COM	319390100	9,740	414,988	SH		SOLE		414,988	0	0
FIRST FINANCIAL NORTHWEST IN	COM	32022k102	1,339	100,815	SH		SOLE		100,815	0	0
FIRST NORTHWEST BANCORP	COM	335834107	3,599	282,520	SH		SOLE		282,520	0	0
FISERV INC	COM	337738108	5,143	47,305	SH		SOLE		47,305	0	0
FLEXSTEEL INDS INC	COM	339382103	1,700	42,896	SH		SOLE		42,896	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	2,940	233,909	SH		SOLE		233,909	0	0
FRANKLIN COVEY CO	COM	353469109	8,299	541,327	SH		SOLE		541,327	0	0
GDL FUND	COM SH BEN IT	361570104	3,968	399,632	SH		SOLE		399,632	0	0
GENTHERM INC	COM	37253a103	4,873	142,277	SH		SOLE		142,277	0	0
GREEN BRICK PARTNERS INC	COM	392709101	3,417	470,000	SH		SOLE		470,000	0	0
RYDEX ETF TRUST	GUG S&P500 PU VA	78355w304	10,685	209,543	SH		SOLE		209,543	0	0
HACKETT GROUP INC	COM	404609109	7,987	575,861	SH		SOLE		575,861	0	0
HALLMARK FINL SVCS INC EC	COM NEW	40624q203	1,896	163,575	SH		SOLE		163,575	0	0
HARVEST CAP CR CORP	COM	41753f109	3,740	292,641	SH		SOLE		292,641	0	0
HERITAGE CRYSTAL CLEAN INC	COM	42726M106	1,556	127,456	SH		SOLE		127,456	0	0
HOOKER FURNITURE CORP	COM	439038100	2,198	102,290	SH		SOLE		102,290	0	0
HORACE MANN EDUCATORS CORP N	COM	440327104	9,459	279,939	SH		SOLE		279,939	0	0
HORMEL FOODS CORP	COM	440452100	4,083	111,548	SH		SOLE		111,548	0	0
INFORMATION SERVICES GROUP I	COM	45675y104	2,802	747,300	SH		SOLE		747,300	0	0
INTL FCSTONE INC	COM	46116v105	12,595	461,515	SH		SOLE		461,515	0	0
INVENTURE FOODS INC	COM	461212102	4,747	607,821	SH		SOLE		607,821	0	0
INVESCO LTD	SHS	g491bt108	2,964	116,046	SH		SOLE		116,046	0	0
ISHARES TR	1-3 YR TR BD ETF	464287457	9,390	110,054	SH		SOLE		110,054	0	0
ISHARES TR	S&P 500 GRWT ETF	464287309	12,727	109,167	SH		SOLE		109,167	0	0
ISHARES TR	S&P 500 VAL ETF	464287408	4,051	43,611	SH		SOLE		43,611	0	0
ITT INC	COM	45073v108	1,518	47,454	SH		SOLE		47,454	0	0
J & J SNACK FOODS CORP	COM	466032109	5,037	42,233	SH		SOLE		42,233	0	0
JOHNSON & JOHNSON	COM	478160104	5,182	42,721	SH		SOLE		42,721	0	0
JPMORGAN CHASE & CO	COM	46625h100	5,294	85,188	SH		SOLE		85,188	0	0
KIMBALL INTL INC	CL B	494274103	5,030	442,000	SH		SOLE		442,000	0	0
LANDAUER INC	COM	51476k103	11,009	267,460	SH		SOLE		267,460	0	0
LAWSON PRODS INC	COM	520776105	1,807	91,000	SH		SOLE		91,000	0	0
LENDINGTREE INC NEW	COM	52603b107	2,957	33,478	SH		SOLE		33,478	0	0
LITHIA MTRS INC	CL A	536797103	6,578	92,555	SH		SOLE		92,555	0	0
MACQUARIE INFRASTRUCTURE COR	COM	55608b105	7,182	96,986	SH		SOLE		96,986	0	0
MADDEN STEVEN LTD	COM	556269108	4,909	143,608	SH		SOLE		143,608	0	0
MADISON CVRED CALL & EQ STR	COM	557437100	9,560	1,248,003	SH		SOLE		1,248,003	0	0
MALIBU BOATS INC	COM CL A	56117j100	7,249	600,053	SH		SOLE		600,053	0	0
MCBC HLDGS INC	COM	55276f107	2,083	188,550	SH		SOLE		188,550	0	0
MESA LABS INC	COM	59064r109	2,609	21,210	SH		SOLE		21,210	0	0
MICROSOFT CORP	COM	594918104	5,192	101,475	SH		SOLE		101,475	0	0
MOCON INC	COM	607494101	2,735	193,150	SH		SOLE		193,150	0	0
MONOTYPE IMAGING HOLDINGS IN	COM	61022p100	8,207	333,194	SH		SOLE		333,194	0	0
MVC CAPITAL INC	COM	553829102	1,484	184,564	SH		SOLE		184,564	0	0
NATHANS FAMOUS INC NEW	COM	632347100	1,411	31,700	SH		SOLE		31,700	0	0
NATURAL GAS SERVICES GROUP	COM	63886q109	7,685	335,572	SH		SOLE		335,572	0	0
NAUTILUS INC	COM	63910b102	14,276	800,223	SH		SOLE		800,223	0	0
NCR CORP NEW	COM	62886e108	2,218	79,879	SH		SOLE		79,879	0	0
NEUBERGER BERMAN RE ES SEC F	COM	64190a103	8,325	1,465,610	SH		SOLE		1,465,610	0	0
NEW SR INVT GROUP INC	COM	648691103	8,023	751,173	SH		SOLE		751,173	0	0
NEWCASTLE INVT CORP NEW	COM PAR $0.01	65105m603	15,406	3,356,368	SH		SOLE		3,356,368	0	0
NOVANTA INC	COM	67000b104	4,602	303,758	SH		SOLE		303,758	0	0
NOVARTIS A G	SPONSORED ADR	66987v109	2,606	31,580	SH		SOLE		31,580	0	0
NUMEREX CORP PA	CL A	67053a102	1,272	169,800	SH		SOLE		169,800	0	0
NUVEEN INTER DURATION MN TMF	COM	670671106	4,774	336,645	SH		SOLE		336,645	0	0
NUVEEN MTG OPPORTUNITY TERM	COM	670735109	9,077	392,922	SH		SOLE		392,922	0	0
OFS CAP CORP	COM	67103b100	819	63,705	SH		SOLE		63,705	0	0
PANHANDLE OIL AND GAS INC	CL A	698477106	1,259	75,500	SH		SOLE		75,500	0	0
PENNANTPARK FLOATING RATE CA	COM	70806a106	11,376	917,383	SH		SOLE		917,383	0	0
PERCEPTRON INC	COM	71361f100	1,226	262,000	SH		SOLE		262,000	0	0
PFSWEB INC	COM NEW	717098206	1,862	196,000	SH		SOLE		196,000	0	0
PHOTRONICS INC	COM	719405102	4,198	471,173	SH		SOLE		471,173	0	0
PREMIER INC	CL A	74051n102	2,405	73,553	SH		SOLE		73,553	0	0
PROCTER & GAMBLE CO	COM	742718109	4,297	50,751	SH		SOLE		50,751	0	0
PSYCHEMEDICS CORP	COM NEW	744375205	1,310	95,360	SH		SOLE		95,360	0	0
PUTNAM PREMIER INCOME TR	SH BEN INT	746853100	7,244	1,541,331	SH		SOLE		1,541,331	0	0
PZENA INVESTMENT MGMT INC	CLASS A	74731q103	11,073	1,455,029	SH		SOLE		1,455,029	0	0
RED LION HOTELS CORP	COM	756764106	2,569	353,900	SH		SOLE		353,900	0	0
REDWOOD TR INC	COM	758075402	4,640	336,010	SH		SOLE		336,010	0	0
REIS INC	COM	75936p105	7,134	286,515	SH		SOLE		286,515	0	0
REPUBLIC SVCS INC	COM	760759100	4,139	80,676	SH		SOLE		80,676	0	0
RIGNET INC	COM	766582100	2,851	212,942	SH		SOLE		212,942	0	0
ROYCE GLOBAL VALUE TR INC	COM	78081t104	1,119	147,297	SH		SOLE		147,297	0	0
ROYCE MICRO-CAP TR INC	COM	780915104	4,434	604,140	SH		SOLE		604,140	0	0
ROYCE VALUE TR INC	COM	780910105	5,222	443,665	SH		SOLE		443,665	0	0
SALEM MEDIA GROUP INC	CL A	794093104	1,480	205,000	SH		SOLE		205,000	0	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	8,813	556,371	SH		SOLE		556,371	0	0
SILVERCREST ASSET MGMT GROUP	CL A	828359109	5,149	420,653	SH		SOLE		420,653	0	0
SIMULATIONS PLUS INC	COM	829214105	3,358	444,184	SH		SOLE		444,184	0	0
SOLAR CAP LTD	COM	83413u100	5,888	309,073	SH		SOLE		309,073	0	0
SP PLUS CORP	COM	78469c103	5,372	237,894	SH		SOLE		237,894	0	0
SPOK HLDGS INC	COM	84863t106	14,796	772,014	SH		SOLE		772,014	0	0
SS&C TECHNOLOGIES HLDGS INC	COM	78467j100	2,341	83,376	SH		SOLE		83,376	0	0
STONECASTLE FINL CORP	COM	861780104	10,896	594,088	SH		SOLE		594,088	0	0
SUPERIOR UNIFORM GP INC	COM	868358102	2,949	154,500	SH		SOLE		154,500	0	0
SUPREME INDS INC	CL A	868607102	5,266	384,400	SH		SOLE		384,400	0	0
SYNTEL INC	COM	87162h103	4,209	93,003	SH		SOLE		93,003	0	0
TANDY LEATHER FACTORY INC	COM	87538X105	1,614	227,000	SH		SOLE		227,000	0	0
TARGET CORP	COM	87612e106	4,168	59,694	SH		SOLE		59,694	0	0
TECHTARGET INC	COM	87874r100	7,685	948,765	SH		SOLE		948,765	0	0
THESTREET INC	COM	88368q103	2,090	1,849,488	SH		SOLE		1,849,488	0	0
TRANSACT TECHNOLOGIES INC	COM	892918103	807	100,600	SH		SOLE		100,600	0	0
TRANSCAT INC	COM	893529107	1,521	151,390	SH		SOLE		151,390	0	0
TRUEBLUE INC	COM	89785x101	6,486	342,820	SH		SOLE		342,820	0	0
U S PHYSICAL THERAPY INC	COM	90337l108	6,538	108,579	SH		SOLE		108,579	0	0
UFP TECHNOLOGIES INC	COM	902673102	4,032	178,900	SH		SOLE		178,900	0	0
UNITED FINL BANCORP INC NEW	COM	910304104	5,493	423,198	SH		SOLE		423,198	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	2,522	24,589	SH		SOLE		24,589	0	0
U S G CORP	COM NEW	903293405	2,817	104,501	SH		SOLE		104,501	0	0
VERIZON COMMUNICATIONS INC	COM	92343v104	4,381	78,464	SH		SOLE		78,464	0	0
WASTE MGMT INC DEL	COM	94106l109	5,190	78,320	SH		SOLE		78,320	0	0
WEST MARINE INC	COM	954235107	2,856	340,400	SH		SOLE		340,400	0	0
WESTWOOD HLDGS GROUP INC	COM	961765104	7,811	150,785	SH		SOLE		150,785	0	0