Punch & Associates Investment Management 13F-HR/A Quarterly holdings report by institutional manager (amended)

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	7,480	1,017,620	SH		SOLE		1,017,620	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	g1151c101	4,557	37,299	SH		SOLE		37,299	0	0
ADDUS HOMECARE CORP	COM	006739106	2,739	104,700	SH		SOLE		104,700	0	0
AGILYSYS INC	COM	00847j105	4,636	416,880	SH		SOLE		416,880	0	0
ALAMO GROUP INC	COM	011311107	5,470	83,021	SH		SOLE		83,021	0	0
ALCENTRA CAP CORP	COM	01374t102	2,974	228,967	SH		SOLE		228,967	0	0
AMERCO	COM	023586100	8,282	25,543	SH		SOLE		25,543	0	0
AMERIPRISE FINL INC	COM	03076c106	3,776	37,845	SH		SOLE		37,845	0	0
ANTHEM INC	COM	036752103	3,763	30,026	SH		SOLE		30,026	0	0
ARBOR RLTY TR INC	COM	038923108	10,285	1,386,077	SH		SOLE		1,386,077	0	0
ARC DOCUMENT SOLUTIONS INC	COM	00191g103	3,873	1,035,575	SH		SOLE		1,035,575	0	0
ATLANTIC CAP BANCSHARES INC	COM	048269203	1,967	131,335	SH		SOLE		131,335	0	0
AWARE INC MASS	COM	05453N100	3,774	712,000	SH		SOLE		712,000	0	0
B RILEY FINL INC	COM	05580m108	5,082	380,411	SH		SOLE		380,411	0	0
BASSETT FURNITURE INDS INC	COM	070203104	674	29,000	SH		SOLE		29,000	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	5,162	35,730	SH		SOLE		35,730	0	0
BG STAFFING INC	COM	05544A109	1,533	99,000	SH		SOLE		99,000	0	0
BLACKROCK CAPITAL INVESTMENT	COM	092533108	7,384	891,794	SH		SOLE		891,794	0	0
BLACKROCK MUN 2030 TAR TERM	COM SHS BEN IN	09257p105	4,341	178,953	SH		SOLE		178,953	0	0
BLACKROCK RES & COMM STRAT T	SHS	09257a108	2,671	327,770	SH		SOLE		327,770	0	0
BLACKSTONE GSO STRATEGIC CR	COM SHS BEN IN	09257r101	7,679	514,649	SH		SOLE		514,649	0	0
BLACKSTONE MTG TR INC	COM CL A	09257w100	6,272	212,966	SH		SOLE		212,966	0	0
BLACKSTONE GSO FLTING RTE FU	COM	09256u105	4,730	280,694	SH		SOLE		280,694	0	0
BLOCK H & R INC	COM	093671105	2,375	102,577	SH		SOLE		102,577	0	0
BOEING CO	COM	097023105	4,195	31,841	SH		SOLE		31,841	0	0
BRUNSWICK CORP	COM	117043109	4,089	83,830	SH		SOLE		83,830	0	0
BSB BANCORP INC MD	COM	05573h108	3,899	166,399	SH		SOLE		166,399	0	0
CALAMOS DYNAMIC CONV & INCOM	COM	12811v105	10,008	538,931	SH		SOLE		538,931	0	0
CALAVO GROWERS INC	COM	128246105	3,362	51,386	SH		SOLE		51,386	0	0
CALLAWAY GOLF CO	COM	131193104	13,893	1,196,602	SH		SOLE		1,196,602	0	0
CAPITAL SOUTHWEST CORP	COM	140501107	23,670	1,610,202	SH		SOLE		1,610,202	0	0
CARBONITE INC	COM	141337105	4,316	280,985	SH		SOLE		280,985	0	0
CECO ENVIRONMENTAL CORP	COM	125141101	9,342	828,158	SH		SOLE		828,158	0	0
CENTURYLINK INC	COM	156700106	5,740	209,251	SH		SOLE		209,251	0	0
CHEROKEE INC DEL NEW	COM	16444h102	3,263	316,805	SH		SOLE		316,805	0	0
CHIMERA INVT CORP	COM NEW	16934q208	7,185	450,466	SH		SOLE		450,466	0	0
CINTAS CORP	COM	172908105	4,645	41,248	SH		SOLE		41,248	0	0
CLAYMORE EXCHANGE TRD FD TR	GUGG S&P SPINOFF	18383m605	2,523	58,836	SH		SOLE		58,836	0	0
COCA COLA CO	COM	191216100	2,370	56,000	SH		SOLE		56,000	0	0
COHEN & STEERS INFRASTRUCTUR	COM	19248a109	5,330	247,431	SH		SOLE		247,431	0	0
COMMERCEHUB INC	COM SER A	20084V108	1,580	100,000	SH		SOLE		100,000	0	0
CORE MOLDING TECHNOLOGIES IN	COM	218683100	1,707	101,000	SH		SOLE		101,000	0	0
CORENERGY INFRASTRUCTURE TR	COM NEW	21870U502	12,147	414,154	SH		SOLE		414,154	0	0
CSW INDUSTRIALS INC	COM	126402106	5,584	172,402	SH		SOLE		172,402	0	0
CULP INC	COM	230215105	2,167	72,800	SH		SOLE		72,800	0	0
CVS HEALTH CORP	COM	126650100	4,940	55,513	SH		SOLE		55,513	0	0
DST SYS INC DEL	COM	233326107	3,562	30,208	SH		SOLE		30,208	0	0
DEERE & CO	COM	244199105	2,916	34,165	SH		SOLE		34,165	0	0
DELUXE CORP	COM	248019101	7,310	109,402	SH		SOLE		109,402	0	0
DEMAND MEDIA INC	COM NEW	24802n208	3,304	580,600	SH		SOLE		580,600	0	0
DESTINATION XL GROUP INC	COM	25065k104	8,041	1,856,972	SH		SOLE		1,856,972	0	0
DEUTSCHE HIGH INCOME OPPORT	COM	25158y102	5,814	410,873	SH		SOLE		410,873	0	0
DIGI INTL INC	COM	253798102	12,146	1,065,435	SH		SOLE		1,065,435	0	0
DIGIRAD CORP	COM	253827109	6,208	1,217,269	SH		SOLE		1,217,269	0	0
DLH HLDGS CORP	COM	23335Q100	1,268	270,272	SH		SOLE		270,272	0	0
DOUGLAS DYNAMICS INC	COM	25960r105	16,045	502,354	SH		SOLE		502,354	0	0
EASTERLY GOVT PPTYS INC	COM	27616p103	2,350	123,156	SH		SOLE		123,156	0	0
EATON VANCE TAX ADVT DIV INC	COM	27828g107	3,671	182,165	SH		SOLE		182,165	0	0
ECOLAB INC	COM	278865100	791	6,500	SH		SOLE		6,500	0	0
ENSTAR GROUP LIMITED	SHS	g3075p101	5,849	35,561	SH		SOLE		35,561	0	0
ENTEGRA FINL CORP	COM	29363j108	4,839	263,250	SH		SOLE		263,250	0	0
EVOLUTION PETROLEUM CORP	COM	30049A107	1,570	250,000	SH		SOLE		250,000	0	0
EXA CORP	COM	300614500	1,761	109,750	SH		SOLE		109,750	0	0
EXXON MOBIL CORP	COM	30231g102	4,347	49,806	SH		SOLE		49,806	0	0
FARMERS NATL BANC CORP	COM	309627107	1,434	133,000	SH		SOLE		133,000	0	0
FERRO CORP	COM	315405100	7,415	536,895	SH		SOLE		536,895	0	0
FIBROGEN INC	COM	31572q808	780	37,698	SH		SOLE		37,698	0	0
FIRST BANK WILLIAMSTOWN NJ	COM	31931U102	2,256	269,249	SH		SOLE		269,249	0	0
FIRST BUS FINL SVCS INC WIS	COM	319390100	9,543	406,080	SH		SOLE		406,080	0	0
FIRST NORTHWEST BANCORP	COM	335834107	3,811	282,520	SH		SOLE		282,520	0	0
FISERV INC	COM	337738108	4,761	47,861	SH		SOLE		47,861	0	0
FLEXSTEEL INDS INC	COM	339382103	698	13,500	SH		SOLE		13,500	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	2,859	236,867	SH		SOLE		236,867	0	0
FRANKLIN COVEY CO	COM	353469109	7,809	438,485	SH		SOLE		438,485	0	0
GENTHERM INC	COM	37253a103	4,499	143,204	SH		SOLE		143,204	0	0
GREEN BRICK PARTNERS INC	COM	392709101	9,809	1,187,549	SH		SOLE		1,187,549	0	0
HACKETT GROUP INC	COM	404609109	9,674	585,579	SH		SOLE		585,579	0	0
HALLMARK FINL SVCS INC EC	COM NEW	40624q203	1,683	163,575	SH		SOLE		163,575	0	0
HARVEST CAP CR CORP	COM	41753f109	2,583	212,280	SH		SOLE		212,280	0	0
HERITAGE CRYSTAL CLEAN INC	COM	42726M106	1,693	127,456	SH		SOLE		127,456	0	0
HOOKER FURNITURE CORP	COM	439038100	3,016	123,145	SH		SOLE		123,145	0	0
HORACE MANN EDUCATORS CORP N	COM	440327104	6,576	179,419	SH		SOLE		179,419	0	0
HORMEL FOODS CORP	COM	440452100	4,288	113,050	SH		SOLE		113,050	0	0
INFORMATION SERVICES GROUP I	COM	45675y104	2,982	747,300	SH		SOLE		747,300	0	0
INTL FCSTONE INC	COM	46116v105	17,157	441,621	SH		SOLE		441,621	0	0
INVENTURE FOODS INC	COM	461212102	2,669	283,931	SH		SOLE		283,931	0	0
INVESCO LTD	SHS	g491bt108	3,681	117,707	SH		SOLE		117,707	0	0
ITT INC	COM	45073v108	1,726	48,145	SH		SOLE		48,145	0	0
J & J SNACK FOODS CORP	COM	466032109	4,116	34,555	SH		SOLE		34,555	0	0
JOHNSON & JOHNSON	COM	478160104	4,667	39,503	SH		SOLE		39,503	0	0
JPMORGAN CHASE & CO	COM	46625h100	5,752	86,372	SH		SOLE		86,372	0	0
KIMBALL INTL INC	CL B	494274103	5,753	444,600	SH		SOLE		444,600	0	0
LANDAUER INC	COM	51476k103	11,751	264,192	SH		SOLE		264,192	0	0
LAWSON PRODS INC	COM	520776105	1,631	92,000	SH		SOLE		92,000	0	0
LENDINGTREE INC NEW	COM	52603b107	3,280	33,846	SH		SOLE		33,846	0	0
LITHIA MTRS INC	CL A	536797103	8,902	93,200	SH		SOLE		93,200	0	0
MACQUARIE INFRASTRUCTURE COR	COM	55608b105	8,162	98,058	SH		SOLE		98,058	0	0
MADDEN STEVEN LTD	COM	556269108	4,997	144,577	SH		SOLE		144,577	0	0
MADISON CVRED CALL & EQ STR	COM	557437100	10,877	1,398,091	SH		SOLE		1,398,091	0	0
MALIBU BOATS INC	COM CL A	56117j100	8,957	601,120	SH		SOLE		601,120	0	0
MCBC HLDGS INC	COM	55276f107	2,149	188,550	SH		SOLE		188,550	0	0
MICROSOFT CORP	COM	594918104	5,932	102,981	SH		SOLE		102,981	0	0
MOCON INC	COM	607494101	2,905	185,060	SH		SOLE		185,060	0	0
MONOTYPE IMAGING HOLDINGS IN	COM	61022p100	7,422	335,671	SH		SOLE		335,671	0	0
MVC CAPITAL INC	COM	553829102	1,825	220,172	SH		SOLE		220,172	0	0
NATHANS FAMOUS INC NEW	COM	632347100	1,666	31,700	SH		SOLE		31,700	0	0
NATURAL GAS SERVICES GROUP	COM	63886q109	8,291	337,168	SH		SOLE		337,168	0	0
NAUTILUS INC	COM	63910b102	17,999	792,201	SH		SOLE		792,201	0	0
NCR CORP NEW	COM	62886e108	2,597	80,672	SH		SOLE		80,672	0	0
NEUBERGER BERMAN MLP INCOME	COM	64129h104	4,772	514,191	SH		SOLE		514,191	0	0
NEUBERGER BERMAN RE ES SEC F	COM	64190a103	8,468	1,488,240	SH		SOLE		1,488,240	0	0
NEW SR INVT GROUP INC	COM	648691103	8,799	762,518	SH		SOLE		762,518	0	0
NEWCASTLE INVT CORP NEW	COM PAR $0.01	65105m603	16,715	3,689,949	SH		SOLE		3,689,949	0	0
NORTHSTAR REALTY EUROPE CORP	COM	66706l101	4,232	386,470	SH		SOLE		386,470	0	0
NUMEREX CORP PA	CL A	67053a102	1,494	192,000	SH		SOLE		192,000	0	0
NUVEEN INTER DURATION MN TMF	COM	670671106	3,056	220,521	SH		SOLE		220,521	0	0
NUVEEN MTG OPPORTUNITY TERM	COM	670735109	9,708	401,469	SH		SOLE		401,469	0	0
OFS CAP CORP	COM	67103b100	1,244	95,500	SH		SOLE		95,500	0	0
OUTFRONT MEDIA INC	COM	69007j106	3,580	151,380	SH		SOLE		151,380	0	0
PANHANDLE OIL AND GAS INC	CL A	698477106	1,810	103,229	SH		SOLE		103,229	0	0
PENNANTPARK FLOATING RATE CA	COM	70806a106	12,258	926,552	SH		SOLE		926,552	0	0
PERCEPTRON INC	COM	71361f100	2,191	326,000	SH		SOLE		326,000	0	0
PFSWEB INC	COM NEW	717098206	1,750	196,000	SH		SOLE		196,000	0	0
PHOTRONICS INC	COM	719405102	4,891	474,423	SH		SOLE		474,423	0	0
PREMIER INC	CL A	74051n102	2,421	74,852	SH		SOLE		74,852	0	0
PROCTER AND GAMBLE CO	COM	742718109	4,627	51,551	SH		SOLE		51,551	0	0
PUTNAM PREMIER INCOME TR	SH BEN INT	746853100	7,561	1,546,269	SH		SOLE		1,546,269	0	0
PZENA INVESTMENT MGMT INC	CLASS A	74731q103	11,386	1,478,759	SH		SOLE		1,478,759	0	0
RED LION HOTELS CORP	COM	756764106	3,107	372,600	SH		SOLE		372,600	0	0
REDWOOD TR INC	COM	758075402	4,790	338,281	SH		SOLE		338,281	0	0
REIS INC	COM	75936p105	5,739	280,515	SH		SOLE		280,515	0	0
REPUBLIC SVCS INC	COM	760759100	4,123	81,718	SH		SOLE		81,718	0	0
RIGNET INC	COM	766582100	3,234	213,909	SH		SOLE		213,909	0	0
ROYCE GLOBAL VALUE TR INC	COM	78081t104	1,214	149,399	SH		SOLE		149,399	0	0
ROYCE MICRO-CAP TR INC	COM	780915104	4,473	572,760	SH		SOLE		572,760	0	0
ROYCE VALUE TR INC	COM	780910105	5,722	451,963	SH		SOLE		451,963	0	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	8,911	560,462	SH		SOLE		560,462	0	0
SILVERCREST ASSET MGMT GROUP	CL A	828359109	5,541	466,800	SH		SOLE		466,800	0	0
SIMULATIONS PLUS INC	COM	829214105	3,904	442,684	SH		SOLE		442,684	0	0
SOLAR CAP LTD	COM	83413u100	6,379	310,880	SH		SOLE		310,880	0	0
SP PLUS CORP	COM	78469c103	6,112	239,022	SH		SOLE		239,022	0	0
SPOK HLDGS INC	COM	84863t106	16,747	939,775	SH		SOLE		939,775	0	0
SS&C TECHNOLOGIES HLDGS INC	COM	78467j100	2,824	87,851	SH		SOLE		87,851	0	0
STONECASTLE FINL CORP	COM	861780104	11,177	598,640	SH		SOLE		598,640	0	0
SUPERIOR UNIFORM GP INC	COM	868358102	4,023	203,275	SH		SOLE		203,275	0	0
SUPREME INDS INC	CL A	868607102	6,898	357,400	SH		SOLE		357,400	0	0
SYNTEL INC	COM	87162h103	2,767	66,022	SH		SOLE		66,022	0	0
TANDY LEATHER FACTORY INC	COM	87538X105	1,316	172,496	SH		SOLE		172,496	0	0
TARGET CORP	COM	87612e106	4,165	60,643	SH		SOLE		60,643	0	0
TECHTARGET INC	COM	87874r100	7,782	965,544	SH		SOLE		965,544	0	0
THESTREET INC	COM	88368q103	1,976	1,796,766	SH		SOLE		1,796,766	0	0
TRANSACT TECHNOLOGIES INC	COM	892918103	1,429	191,000	SH		SOLE		191,000	0	0
TRANSCAT INC	COM	893529107	2,301	210,390	SH		SOLE		210,390	0	0
TRUEBLUE INC	COM	89785x101	7,818	345,017	SH		SOLE		345,017	0	0
U S PHYSICAL THERAPY INC	COM	90337l108	5,068	80,826	SH		SOLE		80,826	0	0
UFP TECHNOLOGIES INC	COM	902673102	4,741	178,900	SH		SOLE		178,900	0	0
UNITED FINL BANCORP INC NEW	COM	910304104	5,892	425,734	SH		SOLE		425,734	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	2,529	24,896	SH		SOLE		24,896	0	0
VERIZON COMMUNICATIONS INC	COM	92343v104	5,419	104,251	SH		SOLE		104,251	0	0
WASTE MGMT INC DEL	COM	94106l109	5,052	79,240	SH		SOLE		79,240	0	0
WEST MARINE INC	COM	954235107	2,815	340,400	SH		SOLE		340,400	0	0
WESTWOOD HLDGS GROUP INC	COM	961765104	8,275	155,810	SH		SOLE		155,810	0	0
RYDEX ETF TRUST	GUG S&P500 PU VA	78355w304	11,188	211,620	SH		SOLE		211,620	0	0
ISHARES TR	1-3 YR TR BD ETF	464287457	14,152	166,414	SH		SOLE		166,414	0	0
ISHARES INC	CORE MSCI EMKT	46434g103	1,087	23,830	SH		SOLE		23,830	0	0
ISHARES TR	S&P 500 GRWT ETF	464287309	13,490	110,884	SH		SOLE		110,884	0	0
ISHARES TR	S&P 500 VAL ETF	464287408	4,222	44,456	SH		SOLE		44,456	0	0
ISHARES TR	CORE MSCI EURO	46434v738	3,563	86,115	SH		SOLE		86,115	0	0
MESA LABS INC	COM	59064r109	2,426	21,210	SH		SOLE		21,210	0	0
NOVANTA INC	COM	67000b104	5,298	305,374	SH		SOLE		305,374	0	0
NOVARTIS A G	SPONSORED ADR	66987v109	2,531	32,056	SH		SOLE		32,056	0	0
U S G CORP	COM NEW	903293405	2,726	105,465	SH		SOLE		105,465	0	0
SALEM MEDIA GROUP INC	CL A	794093104	1,205	205,000	SH		SOLE		205,000	0	0
3M CO	COM	88579y101	2,848	16,162	SH		SOLE		16,162	0	0
ASTRONOVA INC	COM	04638f108	1,480	100,000	SH		SOLE		100,000	0	0