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	3,607	17,326	SH		SOLE		17,326	0	0
A H BELO CORP	COM CL A	001282102	5,861	1,065,620	SH		SOLE		1,065,620	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	4,567	36,922	SH		SOLE		36,922	0	0
ADDUS HOMECARE CORP	COM	006739106	6,131	164,800	SH		SOLE		164,800	0	0
AGILYSYS INC	COM	00847J105	4,336	428,480	SH		SOLE		428,480	0	0
ALAMO GROUP INC	COM	011311107	5,701	62,780	SH		SOLE		62,780	0	0
ALLERGAN PLC	SHS	G0177J108	4,804	19,763	SH		SOLE		19,763	0	0
ALLIED MOTION TECHNOLOGIES I	COM	019330109	2,699	99,153	SH		SOLE		99,153	0	0
AMERCO	COM	023586100	9,217	25,178	SH		SOLE		25,178	0	0
AMERIPRISE FINL INC	COM	03076C106	5,906	46,399	SH		SOLE		46,399	0	0
ANTHEM INC	COM	036752103	5,609	29,813	SH		SOLE		29,813	0	0
ARBOR RLTY TR INC	COM	038923108	9,291	1,113,990	SH		SOLE		1,113,990	0	0
ARC DOCUMENT SOLUTIONS INC	COM	00191G103	7,257	1,744,414	SH		SOLE		1,744,414	0	0
ARES CAP CORP	COM	04010L103	5,454	332,986	SH		SOLE		332,986	0	0
ASTRONOVA INC	COM	04638F108	3,326	257,860	SH		SOLE		257,860	0	0
AUTOBYTEL INC	COM NEW	05275N205	1,513	120,000	SH		SOLE		120,000	0	0
AWARE INC MASS	COM	05453N100	3,388	657,879	SH		SOLE		657,879	0	0
B RILEY FINL INC	COM	05580M108	13,628	734,673	SH		SOLE		734,673	0	0
BAR HBR BANKSHARES	COM	066849100	8,110	263,126	SH		SOLE		263,126	0	0
BASSETT FURNITURE INDS INC	COM	070203104	2,011	53,000	SH		SOLE		53,000	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	5,945	35,098	SH		SOLE		35,098	0	0
BG STAFFING INC	COM	05544A109	2,272	130,742	SH		SOLE		130,742	0	0
BLACKROCK CAPITAL INVESTMENT	COM	092533108	8,458	1,129,189	SH		SOLE		1,129,189	0	0
BLACKROCK MUN 2030 TAR TERM	COM SHS BEN IN	09257P105	4,550	196,612	SH		SOLE		196,612	0	0
BLACKROCK RES & COMM STRAT T	SHS	09257A108	1,178	147,007	SH		SOLE		147,007	0	0
BLACKSTONE GSO STRATEGIC CR	COM SHS BEN IN	09257R101	5,094	319,959	SH		SOLE		319,959	0	0
BLACKSTONE MTG TR INC	COM CL A	09257W100	6,779	214,514	SH		SOLE		214,514	0	0
BOEING CO	COM	097023105	5,613	28,383	SH		SOLE		28,383	0	0
BOULDER GROWTH & INCOME FD I	COM	101507101	2,712	279,330	SH		SOLE		279,330	0	0
BRUNSWICK CORP	COM	117043109	6,124	97,618	SH		SOLE		97,618	0	0
BSB BANCORP INC MD	COM	05573H108	4,363	149,150	SH		SOLE		149,150	0	0
CALAMOS DYNAMIC CONV & INCOM	COM	12811V105	5,398	269,745	SH		SOLE		269,745	0	0
CALLAWAY GOLF CO	COM	131193104	15,482	1,211,412	SH		SOLE		1,211,412	0	0
CANTEL MEDICAL CORP	COM	138098108	212	2,725	SH		SOLE		2,725	0	0
CAPITAL SOUTHWEST CORP	COM	140501107	28,700	1,784,841	SH		SOLE		1,784,841	0	0
CARBONITE INC	COM	141337105	6,933	318,015	SH		SOLE		318,015	0	0
CATCHMARK TIMBER TR INC	CL A	14912Y202	1,630	143,375	SH		SOLE		143,375	0	0
CECO ENVIRONMENTAL CORP	COM	125141101	7,688	837,483	SH		SOLE		837,483	0	0
CENTURYLINK INC	COM	156700106	5,482	229,567	SH		SOLE		229,567	0	0
CHEROKEE INC DEL NEW	COM	16444H102	2,183	314,050	SH		SOLE		314,050	0	0
CHIMERA INVT CORP	COM NEW	16934Q208	7,427	398,651	SH		SOLE		398,651	0	0
CINTAS CORP	COM	172908105	4,121	32,696	SH		SOLE		32,696	0	0
COCA COLA CO	COM	191216100	2,512	56,000	SH		SOLE		56,000	0	0
COLONY NORTHSTAR INC	CL A COM	19625W104	5,696	404,285	SH		SOLE		404,285	0	0
COLUMBUS MCKINNON CORP N Y	COM	199333105	1,703	67,000	SH		SOLE		67,000	0	0
COMMERCEHUB INC	COM SER A	20084V108	2,752	158,000	SH		SOLE		158,000	0	0
COMMERCEHUB INC	COM SER C	20084V306	7,166	410,895	SH		SOLE		410,895	0	0
CORE MOLDING TECHNOLOGIES IN	COM	218683100	4,795	221,901	SH		SOLE		221,901	0	0
CORENERGY INFRASTRUCTURE TR	COM NEW	21870U502	5,950	177,133	SH		SOLE		177,133	0	0
CSW INDUSTRIALS INC	COM	126402106	6,836	176,863	SH		SOLE		176,863	0	0
CULP INC	COM	230215105	2,264	69,676	SH		SOLE		69,676	0	0
CVS HEALTH CORP	COM	126650100	4,485	55,743	SH		SOLE		55,743	0	0
CYBEROPTICS CORP	COM	232517102	1,536	74,400	SH		SOLE		74,400	0	0
DEERE & CO	COM	244199105	3,640	29,456	SH		SOLE		29,456	0	0
DELUXE CORP	COM	248019101	10,363	149,716	SH		SOLE		149,716	0	0
DESTINATION XL GROUP INC	COM	25065K104	4,090	1,740,556	SH		SOLE		1,740,556	0	0
DEUTSCHE HIGH INCOME OPPORT	COM	25158Y102	6,780	455,665	SH		SOLE		455,665	0	0
DICKS SPORTING GOODS INC	COM	253393102	3,638	91,329	SH		SOLE		91,329	0	0
DIGI INTL INC	COM	253798102	15,048	1,482,574	SH		SOLE		1,482,574	0	0
DIGIRAD CORP	COM	253827109	5,175	1,277,781	SH		SOLE		1,277,781	0	0
DLH HLDGS CORP	COM	23335Q100	2,015	373,900	SH		SOLE		373,900	0	0
DOUGLAS DYNAMICS INC	COM	25960R105	15,541	472,377	SH		SOLE		472,377	0	0
DRIVE SHACK INC	COM	262077100	7,768	2,466,122	SH		SOLE		2,466,122	0	0
DST SYS INC DEL	COM	233326107	3,601	58,368	SH		SOLE		58,368	0	0
EASTERLY GOVT PPTYS INC	COM	27616P103	5,580	266,334	SH		SOLE		266,334	0	0
EATON VANCE TX ADV GLBL DIV	COM	27828S101	6,189	362,556	SH		SOLE		362,556	0	0
ECOLAB INC	COM	278865100	863	6,500	SH		SOLE		6,500	0	0
ENSTAR GROUP LIMITED	SHS	G3075P101	7,255	36,520	SH		SOLE		36,520	0	0
ENTEGRA FINL CORP	COM	29363J108	6,271	275,670	SH		SOLE		275,670	0	0
ETSY INC	COM	29786A106	6,072	404,790	SH		SOLE		404,790	0	0
EVOLUTION PETROLEUM CORP	COM	30049A107	2,414	298,000	SH		SOLE		298,000	0	0
EXA CORP	COM	300614500	409	29,656	SH		SOLE		29,656	0	0
EXXON MOBIL CORP	COM	30231G102	3,943	48,839	SH		SOLE		48,839	0	0
FARMERS NATL BANC CORP	COM	309627107	2,174	149,920	SH		SOLE		149,920	0	0
FERRO CORP	COM	315405100	13,065	714,334	SH		SOLE		714,334	0	0
FIBROGEN INC	COM	31572Q808	1,024	31,698	SH		SOLE		31,698	0	0
FIRST BANK WILLIAMSTOWN NJ	COM	31931U102	3,996	343,000	SH		SOLE		343,000	0	0
FIRST NORTHWEST BANCORP	COM	335834107	4,455	282,520	SH		SOLE		282,520	0	0
FIRST TR DYNAMIC EUROPE EQT	COM SHS	33740D107	6,319	335,933	SH		SOLE		335,933	0	0
FISERV INC	COM	337738108	5,758	47,068	SH		SOLE		47,068	0	0
FRANKLIN COVEY CO	COM	353469109	7,986	413,779	SH		SOLE		413,779	0	0
GENTHERM INC	COM	37253A103	5,743	148,013	SH		SOLE		148,013	0	0
GREEN BRICK PARTNERS INC	COM	392709101	14,544	1,270,210	SH		SOLE		1,270,210	0	0
HACKETT GROUP INC	COM	404609109	10,267	662,361	SH		SOLE		662,361	0	0
HERITAGE CRYSTAL CLEAN INC	COM	42726M106	3,480	218,866	SH		SOLE		218,866	0	0
HOOKER FURNITURE CORP	COM	439038100	11,879	288,685	SH		SOLE		288,685	0	0
HORACE MANN EDUCATORS CORP N	COM	440327104	6,907	182,733	SH		SOLE		182,733	0	0
HORMEL FOODS CORP	COM	440452100	3,834	112,412	SH		SOLE		112,412	0	0
I D SYSTEMS INC	COM	449489103	837	136,605	SH		SOLE		136,605	0	0
IEC ELECTRS CORP NEW	COM	44949L105	1,156	321,200	SH		SOLE		321,200	0	0
INFORMATION SERVICES GROUP I	COM	45675Y104	3,678	895,000	SH		SOLE		895,000	0	0
INTL FCSTONE INC	COM	46116V105	20,164	534,011	SH		SOLE		534,011	0	0
INVESCO LTD	SHS	G491BT108	4,126	117,257	SH		SOLE		117,257	0	0
ITT INC	COM	45073V108	1,902	47,335	SH		SOLE		47,335	0	0
J & J SNACK FOODS CORP	COM	466032109	4,690	35,515	SH		SOLE		35,515	0	0
JOHNSON & JOHNSON	COM	478160104	5,159	38,998	SH		SOLE		38,998	0	0
JPMORGAN CHASE & CO	COM	46625H100	6,910	75,597	SH		SOLE		75,597	0	0
KIMBALL INTL INC	CL B	494274103	4,937	295,800	SH		SOLE		295,800	0	0
KINGSTONE COS INC	COM	496719105	2,295	150,000	SH		SOLE		150,000	0	0
LANDAUER INC	COM	51476K103	14,265	272,761	SH		SOLE		272,761	0	0
LAWSON PRODS INC	COM	520776105	2,437	110,000	SH		SOLE		110,000	0	0
LEAF GROUP LTD	COM	52177G102	4,738	607,400	SH		SOLE		607,400	0	0
LENDINGTREE INC NEW	COM	52603B107	5,215	30,287	SH		SOLE		30,287	0	0
LITHIA MTRS INC	CL A	536797103	9,074	96,297	SH		SOLE		96,297	0	0
LSC COMMUNICATIONS INC	COM	50218P107	6,728	314,407	SH		SOLE		314,407	0	0
MACQUARIE INFRASTRUCTURE COR	COM	55608B105	8,481	108,180	SH		SOLE		108,180	0	0
MADDEN STEVEN LTD	COM	556269108	5,948	148,876	SH		SOLE		148,876	0	0
MADISON CVRED CALL & EQ STR	COM	557437100	10,933	1,396,331	SH		SOLE		1,396,331	0	0
MALIBU BOATS INC	COM CL A	56117J100	14,548	562,354	SH		SOLE		562,354	0	0
MCBC HLDGS INC	COM	55276F107	3,686	188,550	SH		SOLE		188,550	0	0
MICROSOFT CORP	COM	594918104	7,093	102,905	SH		SOLE		102,905	0	0
MONOTYPE IMAGING HOLDINGS IN	COM	61022P100	4,594	251,012	SH		SOLE		251,012	0	0
MVC CAPITAL INC	COM	553829102	2,418	245,237	SH		SOLE		245,237	0	0
NATHANS FAMOUS INC NEW	COM	632347100	1,651	26,200	SH		SOLE		26,200	0	0
NATIONAL CINEMEDIA INC	COM	635309107	3,532	476,000	SH		SOLE		476,000	0	0
NATURAL GAS SERVICES GROUP	COM	63886Q109	9,268	372,960	SH		SOLE		372,960	0	0
NAUTILUS INC	COM	63910B102	15,290	798,439	SH		SOLE		798,439	0	0
NCR CORP NEW	COM	62886E108	3,816	93,438	SH		SOLE		93,438	0	0
NEUBERGER BERMAN MLP INCOME	COM	64129H104	12,617	1,311,544	SH		SOLE		1,311,544	0	0
NEUBERGER BERMAN RE ES SEC F	COM	64190A103	5,547	1,027,222	SH		SOLE		1,027,222	0	0
NEW SR INVT GROUP INC	COM	648691103	8,411	836,943	SH		SOLE		836,943	0	0
NORTHSTAR REALTY EUROPE CORP	COM	66706L101	8,248	650,496	SH		SOLE		650,496	0	0
NOVANTA INC	COM	67000B104	5,893	163,695	SH		SOLE		163,695	0	0
NOVARTIS A G	SPONSORED ADR	66987V109	2,656	31,816	SH		SOLE		31,816	0	0
NUMEREX CORP PA	CL A	67053A102	1,591	322,745	SH		SOLE		322,745	0	0
NUVEEN BUILD AMER BD FD	COM	67074C103	8,066	384,279	SH		SOLE		384,279	0	0
NUVEEN INTER DURATION MN TMF	COM	670671106	3,795	284,454	SH		SOLE		284,454	0	0
NUVEEN MTG OPPORTUNITY TERM	COM	670735109	12,417	484,834	SH		SOLE		484,834	0	0
OFS CAP CORP	COM	67103B100	3,502	244,750	SH		SOLE		244,750	0	0
OUTFRONT MEDIA INC	COM	69007J106	6,824	295,141	SH		SOLE		295,141	0	0
PANHANDLE OIL AND GAS INC	CL A	698477106	2,767	119,800	SH		SOLE		119,800	0	0
PAR PACIFIC HOLDINGS INC	COM NEW	69888T207	6,390	354,205	SH		SOLE		354,205	0	0
PCSB FINL CORP	COM	69324R104	1,737	101,799	SH		SOLE		101,799	0	0
PENNANTPARK FLOATING RATE CA	COM	70806A106	10,779	763,910	SH		SOLE		763,910	0	0
PERCEPTRON INC	COM	71361F100	3,298	453,000	SH		SOLE		453,000	0	0
PFSWEB INC	COM NEW	717098206	2,108	255,188	SH		SOLE		255,188	0	0
PHILIP MORRIS INTL INC	COM	718172109	226	1,920	SH		SOLE		1,920	0	0
PREMIER INC	CL A	74051N102	2,671	74,190	SH		SOLE		74,190	0	0
PROCTER AND GAMBLE CO	COM	742718109	3,742	42,941	SH		SOLE		42,941	0	0
PZENA INVESTMENT MGMT INC	CLASS A	74731Q103	17,133	1,686,280	SH		SOLE		1,686,280	0	0
RED LION HOTELS CORP	COM	756764106	4,991	679,000	SH		SOLE		679,000	0	0
REIS INC	COM	75936P105	5,493	258,515	SH		SOLE		258,515	0	0
REPUBLIC SVCS INC	COM	760759100	5,133	80,538	SH		SOLE		80,538	0	0
RIGNET INC	COM	766582100	3,548	221,064	SH		SOLE		221,064	0	0
ROYCE GLOBAL VALUE TR INC	COM	78081T104	1,587	165,120	SH		SOLE		165,120	0	0
ROYCE MICRO-CAP TR INC	COM	780915104	2,746	317,412	SH		SOLE		317,412	0	0
ROYCE VALUE TR INC	COM	780910105	5,684	389,610	SH		SOLE		389,610	0	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	8,439	473,809	SH		SOLE		473,809	0	0
SEASPAN CORP	SHS	Y75638109	3,404	476,765	SH		SOLE		476,765	0	0
SILVERCREST ASSET MGMT GROUP	CL A	828359109	7,517	558,860	SH		SOLE		558,860	0	0
SIMULATIONS PLUS INC	COM	829214105	5,248	424,900	SH		SOLE		424,900	0	0
SOLAR CAP LTD	COM	83413U100	5,353	244,774	SH		SOLE		244,774	0	0
SP PLUS CORP	COM	78469C103	6,722	220,023	SH		SOLE		220,023	0	0
SPOK HLDGS INC	COM	84863T106	15,895	898,042	SH		SOLE		898,042	0	0
SS&C TECHNOLOGIES HLDGS INC	COM	78467J100	4,170	108,564	SH		SOLE		108,564	0	0
STONECASTLE FINL CORP	COM	861780104	11,183	548,201	SH		SOLE		548,201	0	0
SUPERIOR UNIFORM GP INC	COM	868358102	5,882	263,175	SH		SOLE		263,175	0	0
SUPREME INDS INC	CL A	868607102	3,304	200,830	SH		SOLE		200,830	0	0
TARGET CORP	COM	87612E106	3,127	59,801	SH		SOLE		59,801	0	0
TECHTARGET INC	COM	87874R100	10,317	994,882	SH		SOLE		994,882	0	0
THESTREET INC	COM	88368Q103	1,609	1,938,866	SH		SOLE		1,938,866	0	0
TRANSACT TECHNOLOGIES INC	COM	892918103	2,341	277,000	SH		SOLE		277,000	0	0
TRANSCAT INC	COM	893529107	3,823	314,658	SH		SOLE		314,658	0	0
TRUEBLUE INC	COM	89785X101	4,755	179,422	SH		SOLE		179,422	0	0
UFP TECHNOLOGIES INC	COM	902673102	5,434	192,000	SH		SOLE		192,000	0	0
UNITED FINL BANCORP INC NEW	COM	910304104	4,873	291,968	SH		SOLE		291,968	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	3,034	24,849	SH		SOLE		24,849	0	0
U S PHYSICAL THERAPY INC	COM	90337L108	4,393	72,724	SH		SOLE		72,724	0	0
U S G CORP	COM NEW	903293405	2,925	100,800	SH		SOLE		100,800	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	4,652	104,174	SH		SOLE		104,174	0	0
VOLT INFORMATION SCIENCES IN	COM	928703107	1,942	491,636	SH		SOLE		491,636	0	0
WASTE MGMT INC DEL	COM	94106L109	5,727	78,075	SH		SOLE		78,075	0	0
WEST MARINE INC	COM	954235107	1,582	123,100	SH		SOLE		123,100	0	0
WESTWOOD HLDGS GROUP INC	COM	961765104	10,478	184,830	SH		SOLE		184,830	0	0
RYDEX ETF TRUST	GUG S&P500 PU VA	78355W304	12,284	206,211	SH		SOLE		206,211	0	0
ISHARES TR	1-3 YR TR BD ETF	464287457	10,476	123,989	SH		SOLE		123,989	0	0
ISHARES INC	CORE MSCI EMKT	46434G103	1,984	39,643	SH		SOLE		39,643	0	0
ISHARES TR	CORE MSCI EURO	46434V738	10,058	214,602	SH		SOLE		214,602	0	0
ISHARES TR	S&P 500 GRWT ETF	464287309	15,526	113,454	SH		SOLE		113,454	0	0
ISHARES TR	S&P 500 VAL ETF	464287408	5,209	49,628	SH		SOLE		49,628	0	0
MESA LABS INC	COM	59064R109	1,521	10,610	SH		SOLE		10,610	0	0