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
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

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	2,884	16,148	SH		SOLE		16,148	0	0
A H BELO CORP	COM CL A	001282102	6,470	1,018,824	SH		SOLE		1,018,824	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	g1151c101	4,391	37,492	SH		SOLE		37,492	0	0
ADDUS HOMECARE CORP	COM	006739106	4,337	123,751	SH		SOLE		123,751	0	0
AGILYSYS INC	COM	00847j105	4,232	408,480	SH		SOLE		408,480	0	0
ALAMO GROUP INC	COM	011311107	5,390	70,833	SH		SOLE		70,833	0	0
ALCENTRA CAP CORP	COM	01374t102	1,564	130,696	SH		SOLE		130,696	0	0
AMERCO	COM	023586100	9,474	25,633	SH		SOLE		25,633	0	0
AMERIPRISE FINL INC	COM	03076c106	4,204	37,898	SH		SOLE		37,898	0	0
ANTHEM INC	COM	036752103	4,327	30,099	SH		SOLE		30,099	0	0
ARBOR RLTY TR INC	COM	038923108	10,530	1,411,553	SH		SOLE		1,411,553	0	0
ARC DOCUMENT SOLUTIONS INC	COM	00191g103	5,087	1,001,413	SH		SOLE		1,001,413	0	0
ASTRONOVA INC	COM	04638f108	1,692	118,735	SH		SOLE		118,735	0	0
ATLANTIC CAP BANCSHARES INC	COM	048269203	2,407	126,660	SH		SOLE		126,660	0	0
AWARE INC MASS	COM	05453N100	3,989	654,000	SH		SOLE		654,000	0	0
B RILEY FINL INC	COM	05580m108	7,019	380,411	SH		SOLE		380,411	0	0
BASSETT FURNITURE INDS INC	COM	070203104	882	29,000	SH		SOLE		29,000	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	5,813	35,668	SH		SOLE		35,668	0	0
BG STAFFING INC	COM	05544a109	2,821	180,845	SH		SOLE		180,845	0	0
BLACKROCK CAPITAL INVESTMENT	COM	092533108	6,481	931,134	SH		SOLE		931,134	0	0
BLACKROCK MUN 2030 TAR TERM	COM SHS BEN IN	09257p105	3,990	182,753	SH		SOLE		182,753	0	0
BLACKROCK RES & COMM STRAT T	SHS	09257a108	1,132	136,899	SH		SOLE		136,899	0	0
BLACKSTONE GSO STRATEGIC CR	COM SHS BEN IN	09257r101	8,069	526,021	SH		SOLE		526,021	0	0
BLACKSTONE MTG TR INC	COM CL A	09257w100	6,545	217,651	SH		SOLE		217,651	0	0
BOEING CO	COM	097023105	4,964	31,883	SH		SOLE		31,883	0	0
BOULDER GROWTH & INCOME FD I	COM	101507101	1,206	134,900	SH		SOLE		134,900	0	0
BRUNSWICK CORP	COM	117043109	4,580	83,979	SH		SOLE		83,979	0	0
BSB BANCORP INC MD	COM	05573h108	4,613	159,350	SH		SOLE		159,350	0	0
CALAMOS DYNAMIC CONV & INCOM	COM	12811v105	10,153	579,181	SH		SOLE		579,181	0	0
CALAVO GROWERS INC	COM	128246105	3,182	51,832	SH		SOLE		51,832	0	0
CALLAWAY GOLF CO	COM	131193104	12,994	1,185,572	SH		SOLE		1,185,572	0	0
CAPITAL SOUTHWEST CORP	COM	140501107	27,266	1,688,318	SH		SOLE		1,688,318	0	0
CARBONITE INC	COM	141337105	5,349	326,180	SH		SOLE		326,180	0	0
CECO ENVIRONMENTAL CORP	COM	125141101	11,571	829,478	SH		SOLE		829,478	0	0
CENTURYLINK INC	COM	156700106	5,134	215,898	SH		SOLE		215,898	0	0
CHEROKEE INC DEL NEW	COM	16444h102	3,584	341,350	SH		SOLE		341,350	0	0
CHIMERA INVT CORP	COM NEW	16934q208	7,108	417,605	SH		SOLE		417,605	0	0
CINTAS CORP	COM	172908105	4,623	40,004	SH		SOLE		40,004	0	0
CLAYMORE EXCHANGE TRD FD TR	GUGG S&P SPINOFF	18383m605	2,892	66,594	SH		SOLE		66,594	0	0
COCA COLA CO	COM	191216100	2,322	56,012	SH		SOLE		56,012	0	0
COHEN & STEERS INFRASTRUCTUR	COM	19248a109	3,344	172,713	SH		SOLE		172,713	0	0
COLUMBUS MCKINNON CORP N Y	COM	199333105	828	30,609	SH		SOLE		30,609	0	0
COMMERCEHUB INC	COM SER A	20084V108	1,966	131,000	SH		SOLE		131,000	0	0
COMMERCEHUB INC	COM SER C	20084v306	4,023	267,660	SH		SOLE		267,660	0	0
CORE MOLDING TECHNOLOGIES IN	COM	218683100	1,916	112,000	SH		SOLE		112,000	0	0
CORENERGY INFRASTRUCTURE TR	COM NEW	21870U502	14,487	415,347	SH		SOLE		415,347	0	0
CSW INDUSTRIALS INC	COM	126402106	6,426	174,381	SH		SOLE		174,381	0	0
CULP INC	COM	230215105	2,705	72,800	SH		SOLE		72,800	0	0
CVS HEALTH CORP	COM	126650100	4,372	55,403	SH		SOLE		55,403	0	0
DST SYS INC DEL	COM	233326107	3,216	30,013	SH		SOLE		30,013	0	0
DEERE & CO	COM	244199105	3,526	34,221	SH		SOLE		34,221	0	0
DELUXE CORP	COM	248019101	7,914	110,522	SH		SOLE		110,522	0	0
DESTINATION XL GROUP INC	COM	25065k104	7,927	1,865,239	SH		SOLE		1,865,239	0	0
DEUTSCHE HIGH INCOME OPPORT	COM	25158y102	6,081	422,000	SH		SOLE		422,000	0	0
DIGI INTL INC	COM	253798102	19,722	1,434,350	SH		SOLE		1,434,350	0	0
DIGIRAD CORP	COM	253827109	6,248	1,249,556	SH		SOLE		1,249,556	0	0
DLH HLDGS CORP	COM	23335q100	1,846	310,700	SH		SOLE		310,700	0	0
DOUGLAS DYNAMICS INC	COM	25960r105	15,803	469,626	SH		SOLE		469,626	0	0
DRIVE SHACK INC	COM	262077100	9,448	2,512,777	SH		SOLE		2,512,777	0	0
EASTERLY GOVT PPTYS INC	COM	27616p103	3,863	192,975	SH		SOLE		192,975	0	0
EATON VANCE TAX ADVT DIV INC	COM	27828g107	3,429	166,936	SH		SOLE		166,936	0	0
EATON VANCE TX ADV GLBL DIV	COM	27828s101	3,356	238,514	SH		SOLE		238,514	0	0
ECOLAB INC	COM	278865100	762	6,501	SH		SOLE		6,501	0	0
ENSTAR GROUP LIMITED	SHS	g3075p101	7,072	35,772	SH		SOLE		35,772	0	0
ENTEGRA FINL CORP	COM	29363j108	5,875	285,214	SH		SOLE		285,214	0	0
ETSY INC	COM	29786a106	4,659	395,485	SH		SOLE		395,485	0	0
EVOLUTION PETROLEUM CORP	COM	30049A107	2,350	235,000	SH		SOLE		235,000	0	0
EXA CORP	COM	300614500	1,686	109,750	SH		SOLE		109,750	0	0
EXXON MOBIL CORP	COM	30231g102	4,496	49,806	SH		SOLE		49,806	0	0
FARMERS NATL BANC CORP	COM	309627107	1,747	123,000	SH		SOLE		123,000	0	0
FERRO CORP	COM	315405100	7,762	541,670	SH		SOLE		541,670	0	0
FIBROGEN INC	COM	31572q808	807	37,698	SH		SOLE		37,698	0	0
FIRST BANK WILLIAMSTOWN NJ	COM	31931U102	3,086	266,040	SH		SOLE		266,040	0	0
FIRST BUS FINL SVCS INC WIS	COM	319390100	7,393	311,696	SH		SOLE		311,696	0	0
FIRST NORTHWEST BANCORP	COM	335834107	4,407	282,520	SH		SOLE		282,520	0	0
FIRST TR DYNAMIC EUROPE EQT	COM SHS	33740d107	232	14,935	SH		SOLE		14,935	0	0
FISERV INC	COM	337738108	5,045	47,472	SH		SOLE		47,472	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	2,873	236,886	SH		SOLE		236,886	0	0
FRANKLIN COVEY CO	COM	353469109	8,284	411,135	SH		SOLE		411,135	0	0
GENTHERM INC	COM	37253a103	4,878	144,098	SH		SOLE		144,098	0	0
GREEN BRICK PARTNERS INC	COM	392709101	11,200	1,114,465	SH		SOLE		1,114,465	0	0
HACKETT GROUP INC	COM	404609109	11,220	635,313	SH		SOLE		635,313	0	0
HALLMARK FINL SVCS INC EC	COM NEW	40624q203	1,456	125,209	SH		SOLE		125,209	0	0
HARVEST CAP CR CORP	COM	41753f109	2,157	156,858	SH		SOLE		156,858	0	0
HERITAGE CRYSTAL CLEAN INC	COM	42726M106	2,001	127,456	SH		SOLE		127,456	0	0
HOOKER FURNITURE CORP	COM	439038100	5,892	155,245	SH		SOLE		155,245	0	0
HORACE MANN EDUCATORS CORP N	COM	440327104	7,746	180,976	SH		SOLE		180,976	0	0
HORMEL FOODS CORP	COM	440452100	3,966	113,933	SH		SOLE		113,933	0	0
IEC ELECTRS CORP NEW	COM	44949l105	453	126,770	SH		SOLE		126,770	0	0
INFORMATION SERVICES GROUP I	COM	45675y104	2,948	810,000	SH		SOLE		810,000	0	0
INTL FCSTONE INC	COM	46116v105	17,475	441,299	SH		SOLE		441,299	0	0
INVESCO LTD	SHS	g491bt108	3,576	117,851	SH		SOLE		117,851	0	0
ISHARES INC	CORE MSCI EMKT	46434g103	1,566	36,881	SH		SOLE		36,881	0	0
ISHARES TR	1-3 YR TR BD ETF	464287457	12,498	147,990	SH		SOLE		147,990	0	0
ISHARES TR	S&P 500 GRWT ETF	464287309	13,779	113,140	SH		SOLE		113,140	0	0
ISHARES TR	S&P 500 VAL ETF	464287408	4,647	45,833	SH		SOLE		45,833	0	0
ISHARES TR	CORE MSCI EURO	46434v738	5,322	130,803	SH		SOLE		130,803	0	0
ITT INC	COM	45073v108	1,859	48,191	SH		SOLE		48,191	0	0
J & J SNACK FOODS CORP	COM	466032109	4,657	34,900	SH		SOLE		34,900	0	0
JOHNSON & JOHNSON	COM	478160104	4,549	39,485	SH		SOLE		39,485	0	0
JPMORGAN CHASE & CO	COM	46625h100	6,585	76,313	SH		SOLE		76,313	0	0
KIMBALL INTL INC	CL B	494274103	6,437	366,600	SH		SOLE		366,600	0	0
LAKE SUNAPEE BK GROUP	COM	510866106	1,180	50,000	SH		SOLE		50,000	0	0
LANDAUER INC	COM	51476k103	12,774	265,571	SH		SOLE		265,571	0	0
LAWSON PRODS INC	COM	520776105	2,142	90,000	SH		SOLE		90,000	0	0
LEAF GROUP LTD	COM	52177g102	3,803	580,600	SH		SOLE		580,600	0	0
LENDINGTREE INC NEW	COM	52603b107	3,483	34,362	SH		SOLE		34,362	0	0
LITHIA MTRS INC	CL A	536797103	9,102	93,996	SH		SOLE		93,996	0	0
MACQUARIE INFRASTRUCTURE COR	COM	55608b105	8,197	100,331	SH		SOLE		100,331	0	0
MADDEN STEVEN LTD	COM	556269108	5,217	145,933	SH		SOLE		145,933	0	0
MADISON CVRED CALL & EQ STR	COM	557437100	10,923	1,418,557	SH		SOLE		1,418,557	0	0
MALIBU BOATS INC	COM CL A	56117j100	10,692	560,364	SH		SOLE		560,364	0	0
MCBC HLDGS INC	COM	55276f107	2,749	188,550	SH		SOLE		188,550	0	0
MESA LABS INC	COM	59064r109	2,604	21,210	SH		SOLE		21,210	0	0
MICROSOFT CORP	COM	594918104	6,431	103,486	SH		SOLE		103,486	0	0
MOCON INC	COM	607494101	5,226	268,010	SH		SOLE		268,010	0	0
MONOTYPE IMAGING HOLDINGS IN	COM	61022p100	4,859	244,793	SH		SOLE		244,793	0	0
MVC CAPITAL INC	COM	553829102	1,890	220,294	SH		SOLE		220,294	0	0
NATHANS FAMOUS INC NEW	COM	632347100	2,057	31,700	SH		SOLE		31,700	0	0
NATIONAL CINEMEDIA INC	COM	635309107	2,392	162,380	SH		SOLE		162,380	0	0
NATURAL GAS SERVICES GROUP	COM	63886q109	10,815	336,385	SH		SOLE		336,385	0	0
NAUTILUS INC	COM	63910b102	14,666	792,742	SH		SOLE		792,742	0	0
NCR CORP NEW	COM	62886e108	3,242	79,925	SH		SOLE		79,925	0	0
NEUBERGER BERMAN MLP INCOME	COM	64129h104	9,918	1,056,242	SH		SOLE		1,056,242	0	0
NEUBERGER BERMAN RE ES SEC F	COM	64190a103	73	13,586	SH		SOLE		13,586	0	0
NEW SR INVT GROUP INC	COM	648691103	7,628	779,162	SH		SOLE		779,162	0	0
NORTHSTAR REALTY EUROPE CORP	COM	66706l101	7,571	602,345	SH		SOLE		602,345	0	0
NOVANTA INC	COM	67000b104	6,434	306,373	SH		SOLE		306,373	0	0
NOVARTIS A G	SPONSORED ADR	66987v109	2,338	32,104	SH		SOLE		32,104	0	0
NUMEREX CORP PA	CL A	67053a102	2,049	276,845	SH		SOLE		276,845	0	0
NUVEEN BUILD AMER BD FD	COM	67074c103	2,549	123,537	SH		SOLE		123,537	0	0
NUVEEN INTER DURATION MN TMF	COM	670671106	3,234	254,436	SH		SOLE		254,436	0	0
NUVEEN MTG OPPORTUNITY TERM	COM	670735109	9,794	406,883	SH		SOLE		406,883	0	0
OFS CAP CORP	COM	67103b100	2,511	182,500	SH		SOLE		182,500	0	0
OUTFRONT MEDIA INC	COM	69007j106	5,612	225,653	SH		SOLE		225,653	0	0
PANHANDLE OIL AND GAS INC	CL A	698477106	2,329	98,885	SH		SOLE		98,885	0	0
PAR PACIFIC HOLDINGS INC	COM NEW	69888t207	5,033	346,150	SH		SOLE		346,150	0	0
PENNANTPARK FLOATING RATE CA	COM	70806a106	13,272	940,577	SH		SOLE		940,577	0	0
PERCEPTRON INC	COM	71361f100	2,495	375,733	SH		SOLE		375,733	0	0
PFSWEB INC	COM NEW	717098206	1,947	229,000	SH		SOLE		229,000	0	0
PHOTRONICS INC	COM	719405102	5,402	478,048	SH		SOLE		478,048	0	0
PREMIER INC	CL A	74051n102	2,280	75,115	SH		SOLE		75,115	0	0
PROCTER AND GAMBLE CO	COM	742718109	4,341	51,631	SH		SOLE		51,631	0	0
PUTNAM PREMIER INCOME TR	SH BEN INT	746853100	7,814	1,572,283	SH		SOLE		1,572,283	0	0
PZENA INVESTMENT MGMT INC	CLASS A	74731q103	16,462	1,481,763	SH		SOLE		1,481,763	0	0
RED LION HOTELS CORP	COM	756764106	5,199	622,600	SH		SOLE		622,600	0	0
REDWOOD TR INC	COM	758075402	3,546	233,144	SH		SOLE		233,144	0	0
REIS INC	COM	75936p105	5,752	258,515	SH		SOLE		258,515	0	0
REPUBLIC SVCS INC	COM	760759100	4,674	81,929	SH		SOLE		81,929	0	0
RIGNET INC	COM	766582100	5,006	216,238	SH		SOLE		216,238	0	0
ROYCE GLOBAL VALUE TR INC	COM	78081t104	1,229	152,900	SH		SOLE		152,900	0	0
ROYCE MICRO-CAP TR INC	COM	780915104	4,610	564,909	SH		SOLE		564,909	0	0
ROYCE VALUE TR INC	COM	780910105	6,203	463,261	SH		SOLE		463,261	0	0
RYDEX ETF TRUST	GUG S&P500 PU VA	78355w304	12,144	210,873	SH		SOLE		210,873	0	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	10,950	566,497	SH		SOLE		566,497	0	0
SILVERCREST ASSET MGMT GROUP	CL A	828359109	6,612	502,816	SH		SOLE		502,816	0	0
SIMULATIONS PLUS INC	COM	829214105	4,272	442,684	SH		SOLE		442,684	0	0
SOLAR CAP LTD	COM	83413u100	6,597	316,869	SH		SOLE		316,869	0	0
SP PLUS CORP	COM	78469c103	5,825	206,919	SH		SOLE		206,919	0	0
SPOK HLDGS INC	COM	84863t106	18,395	886,512	SH		SOLE		886,512	0	0
SS&C TECHNOLOGIES HLDGS INC	COM	78467j100	3,133	109,532	SH		SOLE		109,532	0	0
STONECASTLE FINL CORP	COM	861780104	11,311	605,204	SH		SOLE		605,204	0	0
SUPERIOR UNIFORM GP INC	COM	868358102	3,988	203,275	SH		SOLE		203,275	0	0
SUPREME INDS INC	CL A	868607102	5,611	357,400	SH		SOLE		357,400	0	0
TARGET CORP	COM	87612e106	4,387	60,739	SH		SOLE		60,739	0	0
TECHTARGET INC	COM	87874r100	8,286	971,443	SH		SOLE		971,443	0	0
THESTREET INC	COM	88368q103	1,648	1,938,866	SH		SOLE		1,938,866	0	0
TRANSACT TECHNOLOGIES INC	COM	892918103	1,921	291,000	SH		SOLE		291,000	0	0
TRANSCAT INC	COM	893529107	2,855	264,390	SH		SOLE		264,390	0	0
TRUEBLUE INC	COM	89785x101	8,099	328,559	SH		SOLE		328,559	0	0
U S G CORP	COM NEW	903293405	3,021	104,590	SH		SOLE		104,590	0	0
U S PHYSICAL THERAPY INC	COM	90337l108	5,656	80,570	SH		SOLE		80,570	0	0
UFP TECHNOLOGIES INC	COM	902673102	4,553	178,900	SH		SOLE		178,900	0	0
UNITED FINL BANCORP INC NEW	COM	910304104	5,223	287,612	SH		SOLE		287,612	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	2,739	24,982	SH		SOLE		24,982	0	0
VERIZON COMMUNICATIONS INC	COM	92343v104	5,561	104,173	SH		SOLE		104,173	0	0
VOLT INFORMATION SCIENCES IN	COM	928703107	1,713	250,000	SH		SOLE		250,000	0	0
WASTE MGMT INC DEL	COM	94106l109	5,614	79,167	SH		SOLE		79,167	0	0
WEST MARINE INC	COM	954235107	2,364	225,809	SH		SOLE		225,809	0	0
WESTWOOD HLDGS GROUP INC	COM	961765104	9,715	161,944	SH		SOLE		161,944	0	0