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
3M CO	COM	88579Y101	3,089	16,147	SH		SOLE		16,147	0	0
A H BELO CORP	COM CL A	001282102	6,467	1,051,620	SH		SOLE		1,051,620	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	4,516	37,675	SH		SOLE		37,675	0	0
ADDUS HOMECARE CORP	COM	006739106	4,536	141,746	SH		SOLE		141,746	0	0
AGILYSYS INC	COM	00847J105	4,049	428,480	SH		SOLE		428,480	0	0
ALAMO GROUP INC	COM	011311107	4,780	62,733	SH		SOLE		62,733	0	0
ALLIED MOTION TECHNOLOGIES I	COM	019330109	1,993	99,153	SH		SOLE		99,153	0	0
AMERCO	COM	023586100	9,822	25,767	SH		SOLE		25,767	0	0
AMERIPRISE FINL INC	COM	03076C106	4,959	38,244	SH		SOLE		38,244	0	0
ANTHEM INC	COM	036752103	5,009	30,286	SH		SOLE		30,286	0	0
ARBOR RLTY TR INC	COM	038923108	10,087	1,203,702	SH		SOLE		1,203,702	0	0
ARC DOCUMENT SOLUTIONS INC	COM	00191G103	4,438	1,286,394	SH		SOLE		1,286,394	0	0
ASTRONOVA INC	COM	04638F108	2,139	140,236	SH		SOLE		140,236	0	0
ATLANTIC CAP BANCSHARES INC	COM	048269203	2,236	118,000	SH		SOLE		118,000	0	0
AWARE INC MASS	COM	05453N100	3,092	657,879	SH		SOLE		657,879	0	0
B RILEY FINL INC	COM	05580M108	5,766	384,402	SH		SOLE		384,402	0	0
BAR HBR BANKSHARES	COM	066849100	6,244	188,741	SH		SOLE		188,741	0	0
BASSETT FURNITURE INDS INC	COM	070203104	1,533	57,000	SH		SOLE		57,000	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	5,962	35,768	SH		SOLE		35,768	0	0
BG STAFFING INC	COM	05544A109	2,588	180,845	SH		SOLE		180,845	0	0
BLACKROCK CAPITAL INVESTMENT	COM	092533108	7,271	963,061	SH		SOLE		963,061	0	0
BLACKROCK MUN 2030 TAR TERM	COM SHS BEN IN	09257P105	4,209	186,006	SH		SOLE		186,006	0	0
BLACKROCK RES & COMM STRAT T	SHS	09257A108	1,258	146,224	SH		SOLE		146,224	0	0
BLACKSTONE GSO STRATEGIC CR	COM SHS BEN IN	09257R101	6,765	427,113	SH		SOLE		427,113	0	0
BLACKSTONE MTG TR INC	COM CL A	09257W100	6,236	201,407	SH		SOLE		201,407	0	0
BOEING CO	COM	097023105	5,676	32,094	SH		SOLE		32,094	0	0
BOULDER GROWTH & INCOME FD I	COM	101507101	2,556	274,869	SH		SOLE		274,869	0	0
BRUNSWICK CORP	COM	117043109	5,178	84,614	SH		SOLE		84,614	0	0
BSB BANCORP INC MD	COM	05573H108	4,423	156,550	SH		SOLE		156,550	0	0
CALAMOS DYNAMIC CONV & INCOM	COM	12811V105	11,280	587,213	SH		SOLE		587,213	0	0
CALAVO GROWERS INC	COM	128246105	3,180	52,482	SH		SOLE		52,482	0	0
CALLAWAY GOLF CO	COM	131193104	13,393	1,209,808	SH		SOLE		1,209,808	0	0
CAPITAL SOUTHWEST CORP	COM	140501107	28,837	1,705,319	SH		SOLE		1,705,319	0	0
CARBONITE INC	COM	141337105	6,744	332,205	SH		SOLE		332,205	0	0
CATCHMARK TIMBER TR INC	CL A	14912Y202	1,285	111,525	SH		SOLE		111,525	0	0
CECO ENVIRONMENTAL CORP	COM	125141101	8,802	837,488	SH		SOLE		837,488	0	0
CENTURYLINK INC	COM	156700106	5,201	220,658	SH		SOLE		220,658	0	0
CHEROKEE INC DEL NEW	COM	16444H102	2,635	306,350	SH		SOLE		306,350	0	0
CHIMERA INVT CORP	COM NEW	16934Q208	7,561	374,677	SH		SOLE		374,677	0	0
CINTAS CORP	COM	172908105	4,182	33,046	SH		SOLE		33,046	0	0
COCA COLA CO	COM	191216100	2,377	56,000	SH		SOLE		56,000	0	0
COHEN & STEERS INFRASTRUCTUR	COM	19248A109	3,756	174,296	SH		SOLE		174,296	0	0
COLUMBUS MCKINNON CORP N Y	COM	199333105	760	30,609	SH		SOLE		30,609	0	0
COMMERCEHUB INC	COM SER A	20084V108	2,446	158,000	SH		SOLE		158,000	0	0
COMMERCEHUB INC	COM SER C	20084V306	6,378	410,660	SH		SOLE		410,660	0	0
CORE MOLDING TECHNOLOGIES IN	COM	218683100	3,898	218,600	SH		SOLE		218,600	0	0
CORENERGY INFRASTRUCTURE TR	COM NEW	21870U502	6,761	200,143	SH		SOLE		200,143	0	0
CSW INDUSTRIALS INC	COM	126402106	6,509	177,349	SH		SOLE		177,349	0	0
CULP INC	COM	230215105	2,174	69,676	SH		SOLE		69,676	0	0
CVS HEALTH CORP	COM	126650100	4,442	56,583	SH		SOLE		56,583	0	0
DEERE & CO	COM	244199105	3,746	34,410	SH		SOLE		34,410	0	0
DELUXE CORP	COM	248019101	8,568	118,713	SH		SOLE		118,713	0	0
DESTINATION XL GROUP INC	COM	25065K104	5,102	1,790,347	SH		SOLE		1,790,347	0	0
DEUTSCHE HIGH INCOME OPPORT	COM	25158Y102	6,295	429,675	SH		SOLE		429,675	0	0
DICKS SPORTING GOODS INC	COM	253393102	1,984	40,770	SH		SOLE		40,770	0	0
DIGI INTL INC	COM	253798102	17,571	1,476,570	SH		SOLE		1,476,570	0	0
DIGIRAD CORP	COM	253827109	6,623	1,249,622	SH		SOLE		1,249,622	0	0
DLH HLDGS CORP	COM	23335Q100	2,019	373,900	SH		SOLE		373,900	0	0
DOUGLAS DYNAMICS INC	COM	25960R105	14,193	463,069	SH		SOLE		463,069	0	0
DRIVE SHACK INC	COM	262077100	10,014	2,412,947	SH		SOLE		2,412,947	0	0
DST SYS INC DEL	COM	233326107	3,661	29,885	SH		SOLE		29,885	0	0
EASTERLY GOVT PPTYS INC	COM	27616P103	4,936	249,412	SH		SOLE		249,412	0	0
EATON VANCE TX ADV GLBL DIV	COM	27828S101	5,798	370,035	SH		SOLE		370,035	0	0
ECOLAB INC	COM	278865100	815	6,500	SH		SOLE		6,500	0	0
ENSTAR GROUP LIMITED	SHS	G3075P101	6,982	36,500	SH		SOLE		36,500	0	0
ENTEGRA FINL CORP	COM	29363J108	6,745	285,214	SH		SOLE		285,214	0	0
ETSY INC	COM	29786A106	4,298	404,290	SH		SOLE		404,290	0	0
EVOLUTION PETROLEUM CORP	COM	30049A107	2,000	250,000	SH		SOLE		250,000	0	0
EXA CORP	COM	300614500	1,394	109,750	SH		SOLE		109,750	0	0
EXXON MOBIL CORP	COM	30231G102	4,124	50,288	SH		SOLE		50,288	0	0
FARMERS NATL BANC CORP	COM	309627107	1,875	130,628	SH		SOLE		130,628	0	0
FERRO CORP	COM	315405100	10,840	713,640	SH		SOLE		713,640	0	0
FIBROGEN INC	COM	31572Q808	855	34,698	SH		SOLE		34,698	0	0
FIRST BANK WILLIAMSTOWN NJ	COM	31931U102	3,103	259,700	SH		SOLE		259,700	0	0
FIRST BUS FINL SVCS INC WIS	COM	319390100	5,437	209,432	SH		SOLE		209,432	0	0
FIRST NORTHWEST BANCORP	COM	335834107	4,379	282,520	SH		SOLE		282,520	0	0
FIRST TR DYNAMIC EUROPE EQT	COM SHS	33740D107	5,573	322,879	SH		SOLE		322,879	0	0
FISERV INC	COM	337738108	5,513	47,813	SH		SOLE		47,813	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	2,778	238,678	SH		SOLE		238,678	0	0
FRANKLIN COVEY CO	COM	353469109	8,357	413,705	SH		SOLE		413,705	0	0
GENTHERM INC	COM	37253A103	5,801	147,788	SH		SOLE		147,788	0	0
GREEN BRICK PARTNERS INC	COM	392709101	12,475	1,253,780	SH		SOLE		1,253,780	0	0
HACKETT GROUP INC	COM	404609109	13,304	682,609	SH		SOLE		682,609	0	0
HALLMARK FINL SVCS INC EC	COM NEW	40624Q203	1,007	91,116	SH		SOLE		91,116	0	0
HERITAGE CRYSTAL CLEAN INC	COM	42726M106	2,710	197,798	SH		SOLE		197,798	0	0
HOOKER FURNITURE CORP	COM	439038100	6,261	201,645	SH		SOLE		201,645	0	0
HORACE MANN EDUCATORS CORP N	COM	440327104	7,561	184,186	SH		SOLE		184,186	0	0
HORMEL FOODS CORP	COM	440452100	3,965	114,494	SH		SOLE		114,494	0	0
IEC ELECTRS CORP NEW	COM	44949L105	1,049	273,200	SH		SOLE		273,200	0	0
INFORMATION SERVICES GROUP I	COM	45675Y104	2,650	841,261	SH		SOLE		841,261	0	0
INTL FCSTONE INC	COM	46116V105	20,178	531,556	SH		SOLE		531,556	0	0
INVESCO LTD	SHS	G491BT108	3,637	118,752	SH		SOLE		118,752	0	0
ITT INC	COM	45073V108	2,001	48,788	SH		SOLE		48,788	0	0
J & J SNACK FOODS CORP	COM	466032109	4,813	35,505	SH		SOLE		35,505	0	0
JOHNSON & JOHNSON	COM	478160104	4,949	39,732	SH		SOLE		39,732	0	0
JPMORGAN CHASE & CO	COM	46625H100	6,752	76,865	SH		SOLE		76,865	0	0
KIMBALL INTL INC	CL B	494274103	5,884	356,600	SH		SOLE		356,600	0	0
KINGSTONE COS INC	COM	496719105	2,393	150,000	SH		SOLE		150,000	0	0
LANDAUER INC	COM	51476K103	13,048	267,641	SH		SOLE		267,641	0	0
LAWSON PRODS INC	COM	520776105	2,021	90,000	SH		SOLE		90,000	0	0
LEAF GROUP LTD	COM	52177G102	4,419	589,205	SH		SOLE		589,205	0	0
LENDINGTREE INC NEW	COM	52603B107	4,371	34,867	SH		SOLE		34,867	0	0
LITHIA MTRS INC	CL A	536797103	8,232	96,114	SH		SOLE		96,114	0	0
LSC COMMUNICATIONS INC	COM	50218P107	5,719	227,300	SH		SOLE		227,300	0	0
MACQUARIE INFRASTRUCTURE COR	COM	55608B105	8,239	102,242	SH		SOLE		102,242	0	0
MADDEN STEVEN LTD	COM	556269108	5,731	148,662	SH		SOLE		148,662	0	0
MADISON CVRED CALL & EQ STR	COM	557437100	10,686	1,330,706	SH		SOLE		1,330,706	0	0
MALIBU BOATS INC	COM CL A	56117J100	12,630	562,599	SH		SOLE		562,599	0	0
MCBC HLDGS INC	COM	55276F107	3,049	188,550	SH		SOLE		188,550	0	0
MICROSOFT CORP	COM	594918104	6,859	104,151	SH		SOLE		104,151	0	0
MOCON INC	COM	607494101	5,119	233,763	SH		SOLE		233,763	0	0
MONOTYPE IMAGING HOLDINGS IN	COM	61022P100	5,046	251,055	SH		SOLE		251,055	0	0
MVC CAPITAL INC	COM	553829102	2,006	223,158	SH		SOLE		223,158	0	0
NATHANS FAMOUS INC NEW	COM	632347100	1,901	30,348	SH		SOLE		30,348	0	0
NATIONAL CINEMEDIA INC	COM	635309107	3,777	299,040	SH		SOLE		299,040	0	0
NATURAL GAS SERVICES GROUP	COM	63886Q109	9,604	368,685	SH		SOLE		368,685	0	0
NAUTILUS INC	COM	63910B102	14,572	798,442	SH		SOLE		798,442	0	0
NCR CORP NEW	COM	62886E108	3,694	80,873	SH		SOLE		80,873	0	0
NEUBERGER BERMAN MLP INCOME	COM	64129H104	10,897	1,075,704	SH		SOLE		1,075,704	0	0
NEUBERGER BERMAN RE ES SEC F	COM	64190A103	5,152	968,468	SH		SOLE		968,468	0	0
NEW SR INVT GROUP INC	COM	648691103	8,066	790,812	SH		SOLE		790,812	0	0
NORTHSTAR REALTY EUROPE CORP	COM	66706L101	7,101	612,675	SH		SOLE		612,675	0	0
NOVANTA INC	COM	67000B104	5,149	193,946	SH		SOLE		193,946	0	0
NOVARTIS A G	SPONSORED ADR	66987V109	2,402	32,340	SH		SOLE		32,340	0	0
NUMEREX CORP PA	CL A	67053A102	1,547	324,245	SH		SOLE		324,245	0	0
NUVEEN BUILD AMER BD FD	COM	67074C103	7,513	359,455	SH		SOLE		359,455	0	0
NUVEEN INTER DURATION MN TMF	COM	670671106	3,349	258,214	SH		SOLE		258,214	0	0
NUVEEN MTG OPPORTUNITY TERM	COM	670735109	11,410	460,632	SH		SOLE		460,632	0	0
OFS CAP CORP	COM	67103B100	2,971	209,378	SH		SOLE		209,378	0	0
OUTFRONT MEDIA INC	COM	69007J106	6,049	227,832	SH		SOLE		227,832	0	0
PANHANDLE OIL AND GAS INC	CL A	698477106	2,266	118,020	SH		SOLE		118,020	0	0
PAR PACIFIC HOLDINGS INC	COM NEW	69888T207	5,849	354,670	SH		SOLE		354,670	0	0
PENNANTPARK FLOATING RATE CA	COM	70806A106	10,522	754,836	SH		SOLE		754,836	0	0
PERCEPTRON INC	COM	71361F100	3,384	405,800	SH		SOLE		405,800	0	0
PFSWEB INC	COM NEW	717098206	1,457	223,188	SH		SOLE		223,188	0	0
PHILIP MORRIS INTL INC	COM	718172109	217	1,920	SH		SOLE		1,920	0	0
PHOTRONICS INC	COM	719405102	5,198	485,791	SH		SOLE		485,791	0	0
PREMIER INC	CL A	74051N102	2,404	75,540	SH		SOLE		75,540	0	0
PROCTER AND GAMBLE CO	COM	742718109	4,685	52,144	SH		SOLE		52,144	0	0
PUTNAM PREMIER INCOME TR	SH BEN INT	746853100	4,883	926,621	SH		SOLE		926,621	0	0
PZENA INVESTMENT MGMT INC	CLASS A	74731Q103	16,167	1,642,999	SH		SOLE		1,642,999	0	0
RED LION HOTELS CORP	COM	756764106	4,389	622,600	SH		SOLE		622,600	0	0
REDWOOD TR INC	COM	758075402	3,949	237,723	SH		SOLE		237,723	0	0
REIS INC	COM	75936P105	4,627	258,515	SH		SOLE		258,515	0	0
REPUBLIC SVCS INC	COM	760759100	5,134	81,746	SH		SOLE		81,746	0	0
RIGNET INC	COM	766582100	4,742	221,058	SH		SOLE		221,058	0	0
ROYCE GLOBAL VALUE TR INC	COM	78081T104	1,409	160,328	SH		SOLE		160,328	0	0
ROYCE MICRO-CAP TR INC	COM	780915104	3,456	411,940	SH		SOLE		411,940	0	0
ROYCE VALUE TR INC	COM	780910105	5,404	386,010	SH		SOLE		386,010	0	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	11,160	476,094	SH		SOLE		476,094	0	0
SILVERCREST ASSET MGMT GROUP	CL A	828359109	7,562	568,552	SH		SOLE		568,552	0	0
SIMULATIONS PLUS INC	COM	829214105	5,187	441,484	SH		SOLE		441,484	0	0
SOLAR CAP LTD	COM	83413U100	5,176	228,933	SH		SOLE		228,933	0	0
SP PLUS CORP	COM	78469C103	6,673	197,723	SH		SOLE		197,723	0	0
SPOK HLDGS INC	COM	84863T106	17,063	898,062	SH		SOLE		898,062	0	0
SS&C TECHNOLOGIES HLDGS INC	COM	78467J100	3,909	110,417	SH		SOLE		110,417	0	0
STONECASTLE FINL CORP	COM	861780104	11,771	583,932	SH		SOLE		583,932	0	0
SUPERIOR UNIFORM GP INC	COM	868358102	4,895	263,175	SH		SOLE		263,175	0	0
SUPREME INDS INC	CL A	868607102	4,069	200,830	SH		SOLE		200,830	0	0
TARGET CORP	COM	87612E106	3,375	61,156	SH		SOLE		61,156	0	0
TECHTARGET INC	COM	87874R100	8,878	983,147	SH		SOLE		983,147	0	0
THESTREET INC	COM	88368Q103	1,474	1,938,866	SH		SOLE		1,938,866	0	0
TRANSACT TECHNOLOGIES INC	COM	892918103	2,244	277,000	SH		SOLE		277,000	0	0
TRANSCAT INC	COM	893529107	3,421	269,350	SH		SOLE		269,350	0	0
TRUEBLUE INC	COM	89785X101	4,900	179,147	SH		SOLE		179,147	0	0
UFP TECHNOLOGIES INC	COM	902673102	4,634	178,900	SH		SOLE		178,900	0	0
UNITED FINL BANCORP INC NEW	COM	910304104	4,965	291,898	SH		SOLE		291,898	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	2,823	25,157	SH		SOLE		25,157	0	0
U S PHYSICAL THERAPY INC	COM	90337L108	4,740	72,585	SH		SOLE		72,585	0	0
U S G CORP	COM NEW	903293405	3,329	104,695	SH		SOLE		104,695	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	5,108	104,788	SH		SOLE		104,788	0	0
VOLT INFORMATION SCIENCES IN	COM	928703107	2,324	336,800	SH		SOLE		336,800	0	0
WASTE MGMT INC DEL	COM	94106L109	5,807	79,635	SH		SOLE		79,635	0	0
WEST MARINE INC	COM	954235107	2,154	225,809	SH		SOLE		225,809	0	0
WESTWOOD HLDGS GROUP INC	COM	961765104	9,867	184,736	SH		SOLE		184,736	0	0
RYDEX ETF TRUST	GUG S&P500 PU VA	78355W304	12,440	211,352	SH		SOLE		211,352	0	0
ISHARES TR	1-3 YR TR BD ETF	464287457	11,974	141,666	SH		SOLE		141,666	0	0
ISHARES INC	CORE MSCI EMKT	46434G103	1,872	39,179	SH		SOLE		39,179	0	0
ISHARES TR	CORE MSCI EURO	46434V738	9,481	215,615	SH		SOLE		215,615	0	0
ISHARES TR	S&P 500 GRWT ETF	464287309	15,107	114,865	SH		SOLE		114,865	0	0
ISHARES TR	S&P 500 VAL ETF	464287408	5,076	48,791	SH		SOLE		48,791	0	0
MESA LABS INC	COM	59064R109	2,296	18,714	SH		SOLE		18,714	0	0