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	3,089	16,147	SH		SOLE		0	0	16,147
A H BELO CORP	COM CL A	001282102	6,467	1,051,620	SH		SOLE		0	0	1,051,620
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	4,516	37,675	SH		SOLE		0	0	37,675
ADDUS HOMECARE CORP	COM	006739106	4,536	141,746	SH		SOLE		0	0	141,746
AGILYSYS INC	COM	00847J105	4,049	428,480	SH		SOLE		0	0	428,480
ALAMO GROUP INC	COM	011311107	4,780	62,733	SH		SOLE		0	0	62,733
ALLIED MOTION TECHNOLOGIES I	COM	019330109	1,993	99,153	SH		SOLE		0	0	99,153
AMERCO	COM	023586100	9,822	25,767	SH		SOLE		0	0	25,767
AMERIPRISE FINL INC	COM	03076C106	4,959	38,244	SH		SOLE		0	0	38,244
ANTHEM INC	COM	036752103	5,009	30,286	SH		SOLE		0	0	30,286
ARBOR RLTY TR INC	COM	038923108	10,087	1,203,702	SH		SOLE		0	0	1,203,702
ARC DOCUMENT SOLUTIONS INC	COM	00191G103	4,438	1,286,394	SH		SOLE		0	0	1,286,394
ASTRONOVA INC	COM	04638F108	2,139	140,236	SH		SOLE		0	0	140,236
ATLANTIC CAP BANCSHARES INC	COM	048269203	2,236	118,000	SH		SOLE		0	0	118,000
AWARE INC MASS	COM	05453N100	3,092	657,879	SH		SOLE		0	0	657,879
B RILEY FINL INC	COM	05580M108	5,766	384,402	SH		SOLE		0	0	384,402
BAR HBR BANKSHARES	COM	066849100	6,244	188,741	SH		SOLE		0	0	188,741
BASSETT FURNITURE INDS INC	COM	070203104	1,533	57,000	SH		SOLE		0	0	57,000
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	5,962	35,768	SH		SOLE		0	0	35,768
BG STAFFING INC	COM	05544A109	2,588	180,845	SH		SOLE		0	0	180,845
BLACKROCK CAPITAL INVESTMENT	COM	092533108	7,271	963,061	SH		SOLE		0	0	963,061
BLACKROCK MUN 2030 TAR TERM	COM SHS BEN IN	09257P105	4,209	186,006	SH		SOLE		0	0	186,006
BLACKROCK RES & COMM STRAT T	SHS	09257A108	1,258	146,224	SH		SOLE		0	0	146,224
BLACKSTONE GSO STRATEGIC CR	COM SHS BEN IN	09257R101	6,765	427,113	SH		SOLE		0	0	427,113
BLACKSTONE MTG TR INC	COM CL A	09257W100	6,236	201,407	SH		SOLE		0	0	201,407
BOEING CO	COM	097023105	5,676	32,094	SH		SOLE		0	0	32,094
BOULDER GROWTH & INCOME FD I	COM	101507101	2,556	274,869	SH		SOLE		0	0	274,869
BRUNSWICK CORP	COM	117043109	5,178	84,614	SH		SOLE		0	0	84,614
BSB BANCORP INC MD	COM	05573H108	4,423	156,550	SH		SOLE		0	0	156,550
CALAMOS DYNAMIC CONV & INCOM	COM	12811V105	11,280	587,213	SH		SOLE		0	0	587,213
CALAVO GROWERS INC	COM	128246105	3,180	52,482	SH		SOLE		0	0	52,482
CALLAWAY GOLF CO	COM	131193104	13,393	1,209,808	SH		SOLE		0	0	1,209,808
CAPITAL SOUTHWEST CORP	COM	140501107	28,837	1,705,319	SH		SOLE		0	0	1,705,319
CARBONITE INC	COM	141337105	6,744	332,205	SH		SOLE		0	0	332,205
CATCHMARK TIMBER TR INC	CL A	14912Y202	1,285	111,525	SH		SOLE		0	0	111,525
CECO ENVIRONMENTAL CORP	COM	125141101	8,802	837,488	SH		SOLE		0	0	837,488
CENTURYLINK INC	COM	156700106	5,201	220,658	SH		SOLE		0	0	220,658
CHEROKEE INC DEL NEW	COM	16444H102	2,635	306,350	SH		SOLE		0	0	306,350
CHIMERA INVT CORP	COM NEW	16934Q208	7,561	374,677	SH		SOLE		0	0	374,677
CINTAS CORP	COM	172908105	4,182	33,046	SH		SOLE		0	0	33,046
COCA COLA CO	COM	191216100	2,377	56,000	SH		SOLE		0	0	56,000
COHEN & STEERS INFRASTRUCTUR	COM	19248A109	3,756	174,296	SH		SOLE		0	0	174,296
COLUMBUS MCKINNON CORP N Y	COM	199333105	760	30,609	SH		SOLE		0	0	30,609
COMMERCEHUB INC	COM SER A	20084V108	2,446	158,000	SH		SOLE		0	0	158,000
COMMERCEHUB INC	COM SER C	20084V306	6,378	410,660	SH		SOLE		0	0	410,660
CORE MOLDING TECHNOLOGIES IN	COM	218683100	3,898	218,600	SH		SOLE		0	0	218,600
CORENERGY INFRASTRUCTURE TR	COM NEW	21870U502	6,761	200,143	SH		SOLE		0	0	200,143
CSW INDUSTRIALS INC	COM	126402106	6,509	177,349	SH		SOLE		0	0	177,349
CULP INC	COM	230215105	2,174	69,676	SH		SOLE		0	0	69,676
CVS HEALTH CORP	COM	126650100	4,442	56,583	SH		SOLE		0	0	56,583
DEERE & CO	COM	244199105	3,746	34,410	SH		SOLE		0	0	34,410
DELUXE CORP	COM	248019101	8,568	118,713	SH		SOLE		0	0	118,713
DESTINATION XL GROUP INC	COM	25065K104	5,102	1,790,347	SH		SOLE		0	0	1,790,347
DEUTSCHE HIGH INCOME OPPORT	COM	25158Y102	6,295	429,675	SH		SOLE		0	0	429,675
DICKS SPORTING GOODS INC	COM	253393102	1,984	40,770	SH		SOLE		0	0	40,770
DIGI INTL INC	COM	253798102	17,571	1,476,570	SH		SOLE		0	0	1,476,570
DIGIRAD CORP	COM	253827109	6,623	1,249,622	SH		SOLE		0	0	1,249,622
DLH HLDGS CORP	COM	23335Q100	2,019	373,900	SH		SOLE		0	0	373,900
DOUGLAS DYNAMICS INC	COM	25960R105	14,193	463,069	SH		SOLE		0	0	463,069
DRIVE SHACK INC	COM	262077100	10,014	2,412,947	SH		SOLE		0	0	2,412,947
DST SYS INC DEL	COM	233326107	3,661	29,885	SH		SOLE		0	0	29,885
EASTERLY GOVT PPTYS INC	COM	27616P103	4,936	249,412	SH		SOLE		0	0	249,412
EATON VANCE TX ADV GLBL DIV	COM	27828S101	5,798	370,035	SH		SOLE		0	0	370,035
ECOLAB INC	COM	278865100	815	6,500	SH		SOLE		0	0	6,500
ENSTAR GROUP LIMITED	SHS	G3075P101	6,982	36,500	SH		SOLE		0	0	36,500
ENTEGRA FINL CORP	COM	29363J108	6,745	285,214	SH		SOLE		0	0	285,214
ETSY INC	COM	29786A106	4,298	404,290	SH		SOLE		0	0	404,290
EVOLUTION PETROLEUM CORP	COM	30049A107	2,000	250,000	SH		SOLE		0	0	250,000
EXA CORP	COM	300614500	1,394	109,750	SH		SOLE		0	0	109,750
EXXON MOBIL CORP	COM	30231G102	4,124	50,288	SH		SOLE		0	0	50,288
FARMERS NATL BANC CORP	COM	309627107	1,875	130,628	SH		SOLE		0	0	130,628
FERRO CORP	COM	315405100	10,840	713,640	SH		SOLE		0	0	713,640
FIBROGEN INC	COM	31572Q808	855	34,698	SH		SOLE		0	0	34,698
FIRST BANK WILLIAMSTOWN NJ	COM	31931U102	3,103	259,700	SH		SOLE		0	0	259,700
FIRST BUS FINL SVCS INC WIS	COM	319390100	5,437	209,432	SH		SOLE		0	0	209,432
FIRST NORTHWEST BANCORP	COM	335834107	4,379	282,520	SH		SOLE		0	0	282,520
FIRST TR DYNAMIC EUROPE EQT	COM SHS	33740D107	5,573	322,879	SH		SOLE		0	0	322,879
FISERV INC	COM	337738108	5,513	47,813	SH		SOLE		0	0	47,813
FORD MTR CO DEL	COM PAR $0.01	345370860	2,778	238,678	SH		SOLE		0	0	238,678
FRANKLIN COVEY CO	COM	353469109	8,357	413,705	SH		SOLE		0	0	413,705
GENTHERM INC	COM	37253A103	5,801	147,788	SH		SOLE		0	0	147,788
GREEN BRICK PARTNERS INC	COM	392709101	12,475	1,253,780	SH		SOLE		0	0	1,253,780
HACKETT GROUP INC	COM	404609109	13,304	682,609	SH		SOLE		0	0	682,609
HALLMARK FINL SVCS INC EC	COM NEW	40624Q203	1,007	91,116	SH		SOLE		0	0	91,116
HERITAGE CRYSTAL CLEAN INC	COM	42726M106	2,710	197,798	SH		SOLE		0	0	197,798
HOOKER FURNITURE CORP	COM	439038100	6,261	201,645	SH		SOLE		0	0	201,645
HORACE MANN EDUCATORS CORP N	COM	440327104	7,561	184,186	SH		SOLE		0	0	184,186
HORMEL FOODS CORP	COM	440452100	3,965	114,494	SH		SOLE		0	0	114,494
IEC ELECTRS CORP NEW	COM	44949L105	1,049	273,200	SH		SOLE		0	0	273,200
INFORMATION SERVICES GROUP I	COM	45675Y104	2,650	841,261	SH		SOLE		0	0	841,261
INTL FCSTONE INC	COM	46116V105	20,178	531,556	SH		SOLE		0	0	531,556
INVESCO LTD	SHS	G491BT108	3,637	118,752	SH		SOLE		0	0	118,752
ITT INC	COM	45073V108	2,001	48,788	SH		SOLE		0	0	48,788
J & J SNACK FOODS CORP	COM	466032109	4,813	35,505	SH		SOLE		0	0	35,505
JOHNSON & JOHNSON	COM	478160104	4,949	39,732	SH		SOLE		0	0	39,732
JPMORGAN CHASE & CO	COM	46625H100	6,752	76,865	SH		SOLE		0	0	76,865
KIMBALL INTL INC	CL B	494274103	5,884	356,600	SH		SOLE		0	0	356,600
KINGSTONE COS INC	COM	496719105	2,393	150,000	SH		SOLE		0	0	150,000
LANDAUER INC	COM	51476K103	13,048	267,641	SH		SOLE		0	0	267,641
LAWSON PRODS INC	COM	520776105	2,021	90,000	SH		SOLE		0	0	90,000
LEAF GROUP LTD	COM	52177G102	4,419	589,205	SH		SOLE		0	0	589,205
LENDINGTREE INC NEW	COM	52603B107	4,371	34,867	SH		SOLE		0	0	34,867
LITHIA MTRS INC	CL A	536797103	8,232	96,114	SH		SOLE		0	0	96,114
LSC COMMUNICATIONS INC	COM	50218P107	5,719	227,300	SH		SOLE		0	0	227,300
MACQUARIE INFRASTRUCTURE COR	COM	55608B105	8,239	102,242	SH		SOLE		0	0	102,242
MADDEN STEVEN LTD	COM	556269108	5,731	148,662	SH		SOLE		0	0	148,662
MADISON CVRED CALL & EQ STR	COM	557437100	10,686	1,330,706	SH		SOLE		0	0	1,330,706
MALIBU BOATS INC	COM CL A	56117J100	12,630	562,599	SH		SOLE		0	0	562,599
MCBC HLDGS INC	COM	55276F107	3,049	188,550	SH		SOLE		0	0	188,550
MICROSOFT CORP	COM	594918104	6,859	104,151	SH		SOLE		0	0	104,151
MOCON INC	COM	607494101	5,119	233,763	SH		SOLE		0	0	233,763
MONOTYPE IMAGING HOLDINGS IN	COM	61022P100	5,046	251,055	SH		SOLE		0	0	251,055
MVC CAPITAL INC	COM	553829102	2,006	223,158	SH		SOLE		0	0	223,158
NATHANS FAMOUS INC NEW	COM	632347100	1,901	30,348	SH		SOLE		0	0	30,348
NATIONAL CINEMEDIA INC	COM	635309107	3,777	299,040	SH		SOLE		0	0	299,040
NATURAL GAS SERVICES GROUP	COM	63886Q109	9,604	368,685	SH		SOLE		0	0	368,685
NAUTILUS INC	COM	63910B102	14,572	798,442	SH		SOLE		0	0	798,442
NCR CORP NEW	COM	62886E108	3,694	80,873	SH		SOLE		0	0	80,873
NEUBERGER BERMAN MLP INCOME	COM	64129H104	10,897	1,075,704	SH		SOLE		0	0	1,075,704
NEUBERGER BERMAN RE ES SEC F	COM	64190A103	5,152	968,468	SH		SOLE		0	0	968,468
NEW SR INVT GROUP INC	COM	648691103	8,066	790,812	SH		SOLE		0	0	790,812
NORTHSTAR REALTY EUROPE CORP	COM	66706L101	7,101	612,675	SH		SOLE		0	0	612,675
NOVANTA INC	COM	67000B104	5,149	193,946	SH		SOLE		0	0	193,946
NOVARTIS A G	SPONSORED ADR	66987V109	2,402	32,340	SH		SOLE		0	0	32,340
NUMEREX CORP PA	CL A	67053A102	1,547	324,245	SH		SOLE		0	0	324,245
NUVEEN BUILD AMER BD FD	COM	67074C103	7,513	359,455	SH		SOLE		0	0	359,455
NUVEEN INTER DURATION MN TMF	COM	670671106	3,349	258,214	SH		SOLE		0	0	258,214
NUVEEN MTG OPPORTUNITY TERM	COM	670735109	11,410	460,632	SH		SOLE		0	0	460,632
OFS CAP CORP	COM	67103B100	2,971	209,378	SH		SOLE		0	0	209,378
OUTFRONT MEDIA INC	COM	69007J106	6,049	227,832	SH		SOLE		0	0	227,832
PANHANDLE OIL AND GAS INC	CL A	698477106	2,266	118,020	SH		SOLE		0	0	118,020
PAR PACIFIC HOLDINGS INC	COM NEW	69888T207	5,849	354,670	SH		SOLE		0	0	354,670
PENNANTPARK FLOATING RATE CA	COM	70806A106	10,522	754,836	SH		SOLE		0	0	754,836
PERCEPTRON INC	COM	71361F100	3,384	405,800	SH		SOLE		0	0	405,800
PFSWEB INC	COM NEW	717098206	1,457	223,188	SH		SOLE		0	0	223,188
PHILIP MORRIS INTL INC	COM	718172109	217	1,920	SH		SOLE		0	0	1,920
PHOTRONICS INC	COM	719405102	5,198	485,791	SH		SOLE		0	0	485,791
PREMIER INC	CL A	74051N102	2,404	75,540	SH		SOLE		0	0	75,540
PROCTER AND GAMBLE CO	COM	742718109	4,685	52,144	SH		SOLE		0	0	52,144
PUTNAM PREMIER INCOME TR	SH BEN INT	746853100	4,883	926,621	SH		SOLE		0	0	926,621
PZENA INVESTMENT MGMT INC	CLASS A	74731Q103	16,167	1,642,999	SH		SOLE		0	0	1,642,999
RED LION HOTELS CORP	COM	756764106	4,389	622,600	SH		SOLE		0	0	622,600
REDWOOD TR INC	COM	758075402	3,949	237,723	SH		SOLE		0	0	237,723
REIS INC	COM	75936P105	4,627	258,515	SH		SOLE		0	0	258,515
REPUBLIC SVCS INC	COM	760759100	5,134	81,746	SH		SOLE		0	0	81,746
RIGNET INC	COM	766582100	4,742	221,058	SH		SOLE		0	0	221,058
ROYCE GLOBAL VALUE TR INC	COM	78081T104	1,409	160,328	SH		SOLE		0	0	160,328
ROYCE MICRO-CAP TR INC	COM	780915104	3,456	411,940	SH		SOLE		0	0	411,940
ROYCE VALUE TR INC	COM	780910105	5,404	386,010	SH		SOLE		0	0	386,010
SCRIPPS E W CO OHIO	CL A NEW	811054402	11,160	476,094	SH		SOLE		0	0	476,094
SILVERCREST ASSET MGMT GROUP	CL A	828359109	7,562	568,552	SH		SOLE		0	0	568,552
SIMULATIONS PLUS INC	COM	829214105	5,187	441,484	SH		SOLE		0	0	441,484
SOLAR CAP LTD	COM	83413U100	5,176	228,933	SH		SOLE		0	0	228,933
SP PLUS CORP	COM	78469C103	6,673	197,723	SH		SOLE		0	0	197,723
SPOK HLDGS INC	COM	84863T106	17,063	898,062	SH		SOLE		0	0	898,062
SS&C TECHNOLOGIES HLDGS INC	COM	78467J100	3,909	110,417	SH		SOLE		0	0	110,417
STONECASTLE FINL CORP	COM	861780104	11,771	583,932	SH		SOLE		0	0	583,932
SUPERIOR UNIFORM GP INC	COM	868358102	4,895	263,175	SH		SOLE		0	0	263,175
SUPREME INDS INC	CL A	868607102	4,069	200,830	SH		SOLE		0	0	200,830
TARGET CORP	COM	87612E106	3,375	61,156	SH		SOLE		0	0	61,156
TECHTARGET INC	COM	87874R100	8,878	983,147	SH		SOLE		0	0	983,147
THESTREET INC	COM	88368Q103	1,474	1,938,866	SH		SOLE		0	0	1,938,866
TRANSACT TECHNOLOGIES INC	COM	892918103	2,244	277,000	SH		SOLE		0	0	277,000
TRANSCAT INC	COM	893529107	3,421	269,350	SH		SOLE		0	0	269,350
TRUEBLUE INC	COM	89785X101	4,900	179,147	SH		SOLE		0	0	179,147
UFP TECHNOLOGIES INC	COM	902673102	4,634	178,900	SH		SOLE		0	0	178,900
UNITED FINL BANCORP INC NEW	COM	910304104	4,965	291,898	SH		SOLE		0	0	291,898
UNITED TECHNOLOGIES CORP	COM	913017109	2,823	25,157	SH		SOLE		0	0	25,157
U S PHYSICAL THERAPY INC	COM	90337L108	4,740	72,585	SH		SOLE		0	0	72,585
U S G CORP	COM NEW	903293405	3,329	104,695	SH		SOLE		0	0	104,695
VERIZON COMMUNICATIONS INC	COM	92343V104	5,108	104,788	SH		SOLE		0	0	104,788
VOLT INFORMATION SCIENCES IN	COM	928703107	2,324	336,800	SH		SOLE		0	0	336,800
WASTE MGMT INC DEL	COM	94106L109	5,807	79,635	SH		SOLE		0	0	79,635
WEST MARINE INC	COM	954235107	2,154	225,809	SH		SOLE		0	0	225,809
WESTWOOD HLDGS GROUP INC	COM	961765104	9,867	184,736	SH		SOLE		0	0	184,736
RYDEX ETF TRUST	GUG S&P500 PU VA	78355W304	12,440	211,352	SH		SOLE		0	0	211,352
ISHARES TR	1-3 YR TR BD ETF	464287457	11,974	141,666	SH		SOLE		0	0	141,666
ISHARES INC	CORE MSCI EMKT	46434G103	1,872	39,179	SH		SOLE		0	0	39,179
ISHARES TR	CORE MSCI EURO	46434V738	9,481	215,615	SH		SOLE		0	0	215,615
ISHARES TR	S&P 500 GRWT ETF	464287309	15,107	114,865	SH		SOLE		0	0	114,865
ISHARES TR	S&P 500 VAL ETF	464287408	5,076	48,791	SH		SOLE		0	0	48,791
MESA LABS INC	COM	59064R109	2,296	18,714	SH		SOLE		0	0	18,714