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	3,393	16,167	SH		SOLE		16,167	0	0
A H BELO CORP	COM CL A	001282102	5,058	1,099,620	SH		SOLE		1,099,620	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	4,939	36,565	SH		SOLE		36,565	0	0
ADDUS HOMECARE CORP	COM	006739106	6,178	175,000	SH		SOLE		175,000	0	0
AGILYSYS INC	COM	00847J105	5,120	428,480	SH		SOLE		428,480	0	0
ALAMO GROUP INC	COM	011311107	5,968	55,585	SH		SOLE		55,585	0	0
ALLERGAN PLC	SHS	G0177J108	4,031	19,668	SH		SOLE		19,668	0	0
ALLIED MOTION TECHNOLOGIES I	COM	019330109	2,513	99,153	SH		SOLE		99,153	0	0
AMERCO	COM	023586100	9,350	24,939	SH		SOLE		24,939	0	0
AMERIPRISE FINL INC	COM	03076C106	6,825	45,955	SH		SOLE		45,955	0	0
ANTHEM INC	COM	036752103	5,606	29,526	SH		SOLE		29,526	0	0
ARBOR RLTY TR INC	COM	038923108	9,421	1,148,857	SH		SOLE		1,148,857	0	0
ARC DOCUMENT SOLUTIONS INC	COM	00191G103	7,719	1,887,405	SH		SOLE		1,887,405	0	0
ARES CAP CORP	COM	04010L103	5,597	341,494	SH		SOLE		341,494	0	0
ASTRONOVA INC	COM	04638F108	4,540	349,220	SH		SOLE		349,220	0	0
ATLAS FINANCIAL HOLDINGS INC	SHS NEW	G06207115	1,679	88,820	SH		SOLE		88,820	0	0
AUTOBYTEL INC	COM NEW	05275N205	827	120,000	SH		SOLE		120,000	0	0
AWARE INC MASS	COM	05453N100	3,059	657,879	SH		SOLE		657,879	0	0
B RILEY FINL INC	COM	05580M108	19,133	1,122,155	SH		SOLE		1,122,155	0	0
BAR HBR BANKSHARES	COM	066849100	11,528	367,599	SH		SOLE		367,599	0	0
BASSETT FURNITURE INDS INC	COM	070203104	2,187	58,000	SH		SOLE		58,000	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	6,337	34,570	SH		SOLE		34,570	0	0
BG STAFFING INC	COM	05544A109	2,164	130,742	SH		SOLE		130,742	0	0
BLACKROCK CAPITAL INVESTMENT	COM	092533108	8,625	1,149,939	SH		SOLE		1,149,939	0	0
BLACKROCK MUN 2030 TAR TERM	COM SHS BEN IN	09257P105	4,504	198,692	SH		SOLE		198,692	0	0
BLACKROCK RES & COMM STRAT T	SHS	09257A108	1,314	147,825	SH		SOLE		147,825	0	0
BLACKSTONE GSO STRATEGIC CR	COM SHS BEN IN	09257R101	2,703	169,159	SH		SOLE		169,159	0	0
BOEING CO	COM	097023105	6,907	27,169	SH		SOLE		27,169	0	0
BOULDER GROWTH & INCOME FD I	COM	101507101	2,862	280,544	SH		SOLE		280,544	0	0
BRUNSWICK CORP	COM	117043109	5,434	97,089	SH		SOLE		97,089	0	0
BSB BANCORP INC MD	COM	05573H108	5,830	194,670	SH		SOLE		194,670	0	0
CALLAWAY GOLF CO	COM	131193104	17,624	1,221,361	SH		SOLE		1,221,361	0	0
CANTEL MEDICAL CORP	COM	138098108	335	3,555	SH		SOLE		3,555	0	0
CAPITAL SOUTHWEST CORP	COM	140501107	30,875	1,802,365	SH		SOLE		1,802,365	0	0
CARBONITE INC	COM	141337105	7,187	326,694	SH		SOLE		326,694	0	0
CATCHMARK TIMBER TR INC	CL A	14912Y202	1,874	148,619	SH		SOLE		148,619	0	0
CECO ENVIRONMENTAL CORP	COM	125141101	7,201	851,140	SH		SOLE		851,140	0	0
CENTURYLINK INC	COM	156700106	5,864	310,280	SH		SOLE		310,280	0	0
CHEROKEE INC DEL NEW	COM	16444H102	684	248,850	SH		SOLE		248,850	0	0
CHIMERA INVT CORP	COM NEW	16934Q208	7,759	410,104	SH		SOLE		410,104	0	0
CINTAS CORP	COM	172908105	4,693	32,529	SH		SOLE		32,529	0	0
COCA COLA CO	COM	191216100	2,521	56,000	SH		SOLE		56,000	0	0
COLUMBUS MCKINNON CORP N Y	COM	199333105	2,537	67,000	SH		SOLE		67,000	0	0
COMMERCEHUB INC	COM SER A	20084V108	3,566	158,000	SH		SOLE		158,000	0	0
COMMERCEHUB INC	COM SER C	20084V306	9,038	423,337	SH		SOLE		423,337	0	0
CORE MOLDING TECHNOLOGIES IN	COM	218683100	6,016	274,180	SH		SOLE		274,180	0	0
CORENERGY INFRASTRUCTURE TR	COM NEW	21870U502	6,379	180,456	SH		SOLE		180,456	0	0
CSW INDUSTRIALS INC	COM	126402106	8,091	182,426	SH		SOLE		182,426	0	0
CULP INC	COM	230215105	2,282	69,676	SH		SOLE		69,676	0	0
CVS HEALTH CORP	COM	126650100	4,498	55,315	SH		SOLE		55,315	0	0
CYBEROPTICS CORP	COM	232517102	1,507	92,710	SH		SOLE		92,710	0	0
DEERE & CO	COM	244199105	3,678	29,283	SH		SOLE		29,283	0	0
DELUXE CORP	COM	248019101	13,442	184,239	SH		SOLE		184,239	0	0
DESTINATION XL GROUP INC	COM	25065K104	1,800	947,523	SH		SOLE		947,523	0	0
DEUTSCHE HIGH INCOME OPPORT	COM	25158Y102	7,049	465,899	SH		SOLE		465,899	0	0
DICKS SPORTING GOODS INC	COM	253393102	2,462	91,159	SH		SOLE		91,159	0	0
DIGI INTL INC	COM	253798102	15,397	1,452,591	SH		SOLE		1,452,591	0	0
DIGIRAD CORP	COM	253827109	4,409	1,277,876	SH		SOLE		1,277,876	0	0
DLH HLDGS CORP	COM	23335Q100	2,423	373,900	SH		SOLE		373,900	0	0
DOUGLAS DYNAMICS INC	COM	25960R105	17,700	449,234	SH		SOLE		449,234	0	0
DRIVE SHACK INC	COM	262077100	11,064	3,064,778	SH		SOLE		3,064,778	0	0
DST SYS INC DEL	COM	233326107	3,183	58,001	SH		SOLE		58,001	0	0
EATON VANCE TX ADV GLBL DIV	COM	27828S101	6,182	359,411	SH		SOLE		359,411	0	0
ENSTAR GROUP LIMITED	SHS	G3075P101	8,403	37,794	SH		SOLE		37,794	0	0
ENTEGRA FINL CORP	COM	29363J108	6,829	273,706	SH		SOLE		273,706	0	0
ETSY INC	COM	29786A106	7,036	416,823	SH		SOLE		416,823	0	0
EVOLUTION PETROLEUM CORP	COM	30049A107	2,245	311,862	SH		SOLE		311,862	0	0
EXXON MOBIL CORP	COM	30231G102	3,976	48,494	SH		SOLE		48,494	0	0
FARMERS NATL BANC CORP	COM	309627107	3,330	221,271	SH		SOLE		221,271	0	0
FERRO CORP	COM	315405100	16,391	735,017	SH		SOLE		735,017	0	0
FIBROGEN INC	COM	31572Q808	1,080	20,081	SH		SOLE		20,081	0	0
FIRST BANK WILLIAMSTOWN NJ	COM	31931U102	4,562	343,000	SH		SOLE		343,000	0	0
FIRST NORTHWEST BANCORP	COM	335834107	4,831	282,520	SH		SOLE		282,520	0	0
FIRST TR DYNAMIC EUROPE EQT	COM SHS	33740D107	6,671	343,486	SH		SOLE		343,486	0	0
FIRST TR ENERGY INFRASTRCTR	COM	33738C103	1,196	63,735	SH		SOLE		63,735	0	0
FISERV INC	COM	337738108	6,007	46,581	SH		SOLE		46,581	0	0
FRANKLIN COVEY CO	COM	353469109	8,610	424,118	SH		SOLE		424,118	0	0
GENTHERM INC	COM	37253A103	5,677	152,816	SH		SOLE		152,816	0	0
GREEN BRICK PARTNERS INC	COM	392709101	14,044	1,418,568	SH		SOLE		1,418,568	0	0
HACKETT GROUP INC	COM	404609109	10,455	688,296	SH		SOLE		688,296	0	0
HERITAGE CRYSTAL CLEAN INC	COM	42726M106	3,802	174,800	SH		SOLE		174,800	0	0
HOOKER FURNITURE CORP	COM	439038100	13,932	291,777	SH		SOLE		291,777	0	0
HORACE MANN EDUCATORS CORP N	COM	440327104	7,249	184,231	SH		SOLE		184,231	0	0
HORMEL FOODS CORP	COM	440452100	3,589	111,683	SH		SOLE		111,683	0	0
HUTTIG BLDG PRODS INC	COM	448451104	1,038	147,000	SH		SOLE		147,000	0	0
I D SYSTEMS INC	COM	449489103	2,319	308,760	SH		SOLE		308,760	0	0
IEC ELECTRS CORP NEW	COM	44949L105	1,643	333,200	SH		SOLE		333,200	0	0
INFORMATION SERVICES GROUP I	COM	45675Y104	3,719	925,000	SH		SOLE		925,000	0	0
INTL FCSTONE INC	COM	46116V105	20,887	545,077	SH		SOLE		545,077	0	0
INVESCO LTD	SHS	G491BT108	3,564	101,703	SH		SOLE		101,703	0	0
ITT INC	COM	45073V108	2,072	46,802	SH		SOLE		46,802	0	0
J & J SNACK FOODS CORP	COM	466032109	4,808	36,622	SH		SOLE		36,622	0	0
JOHNSON & JOHNSON	COM	478160104	5,002	38,473	SH		SOLE		38,473	0	0
JPMORGAN CHASE & CO	COM	46625H100	7,153	74,889	SH		SOLE		74,889	0	0
KIMBALL INTL INC	CL B	494274103	5,903	298,600	SH		SOLE		298,600	0	0
KINGSTONE COS INC	COM	496719105	2,564	157,300	SH		SOLE		157,300	0	0
LANDAUER INC	COM	51476K103	2,635	39,156	SH		SOLE		39,156	0	0
LAWSON PRODS INC	COM	520776105	3,077	122,122	SH		SOLE		122,122	0	0
LEAF GROUP LTD	COM	52177G102	4,267	618,400	SH		SOLE		618,400	0	0
LENDINGTREE INC NEW	COM	52603B107	5,636	23,056	SH		SOLE		23,056	0	0
LITHIA MTRS INC	CL A	536797103	11,963	99,436	SH		SOLE		99,436	0	0
LSC COMMUNICATIONS INC	COM	50218P107	5,361	324,685	SH		SOLE		324,685	0	0
MACQUARIE INFRASTRUCTURE COR	COM	55608B105	9,258	128,268	SH		SOLE		128,268	0	0
MADDEN STEVEN LTD	COM	556269108	6,673	154,106	SH		SOLE		154,106	0	0
MADISON CVRED CALL & EQ STR	COM	557437100	8,004	1,019,617	SH		SOLE		1,019,617	0	0
MALIBU BOATS INC	COM CL A	56117J100	18,050	570,481	SH		SOLE		570,481	0	0
MCBC HLDGS INC	COM	55276F107	3,843	188,550	SH		SOLE		188,550	0	0
MICROSOFT CORP	COM	594918104	7,606	102,111	SH		SOLE		102,111	0	0
MVC CAPITAL INC	COM	553829102	4,638	463,386	SH		SOLE		463,386	0	0
NATHANS FAMOUS INC NEW	COM	632347100	1,937	26,200	SH		SOLE		26,200	0	0
NATIONAL CINEMEDIA INC	COM	635309107	3,403	487,512	SH		SOLE		487,512	0	0
NATURAL GAS SERVICES GROUP	COM	63886Q109	10,791	379,955	SH		SOLE		379,955	0	0
NAUTILUS INC	COM	63910B102	13,694	810,267	SH		SOLE		810,267	0	0
NCR CORP NEW	COM	62886E108	3,488	92,963	SH		SOLE		92,963	0	0
NEUBERGER BERMAN MLP INCOME	COM	64129H104	12,768	1,343,964	SH		SOLE		1,343,964	0	0
NEUBERGER BERMAN RE ES SEC F	COM	64190A103	5,867	1,045,818	SH		SOLE		1,045,818	0	0
NORTHSTAR REALTY EUROPE CORP	COM	66706L101	8,507	664,064	SH		SOLE		664,064	0	0
NOVANTA INC	COM	67000B104	7,158	164,184	SH		SOLE		164,184	0	0
NOVARTIS A G	SPONSORED ADR	66987V109	2,713	31,605	SH		SOLE		31,605	0	0
NUVEEN BUILD AMER BD FD	COM	67074C103	11,235	523,284	SH		SOLE		523,284	0	0
NUVEEN INTER DURATION MN TMF	COM	670671106	3,845	287,378	SH		SOLE		287,378	0	0
NUVEEN MTG OPPORTUNITY TERM	COM	670735109	12,615	497,424	SH		SOLE		497,424	0	0
OFS CAP CORP	COM	67103B100	3,605	273,740	SH		SOLE		273,740	0	0
OUTFRONT MEDIA INC	COM	69007J106	8,982	356,697	SH		SOLE		356,697	0	0
PANHANDLE OIL AND GAS INC	CL A	698477106	2,851	119,800	SH		SOLE		119,800	0	0
PAR PACIFIC HOLDINGS INC	COM NEW	69888T207	7,586	364,720	SH		SOLE		364,720	0	0
PCSB FINL CORP	COM	69324R104	2,490	132,000	SH		SOLE		132,000	0	0
PENNANTPARK FLOATING RATE CA	COM	70806A106	11,236	775,971	SH		SOLE		775,971	0	0
PERCEPTRON INC	COM	71361F100	3,810	482,900	SH		SOLE		482,900	0	0
PFSWEB INC	COM NEW	717098206	2,814	337,022	SH		SOLE		337,022	0	0
PHILIP MORRIS INTL INC	COM	718172109	213	1,920	SH		SOLE		1,920	0	0
PREMIER INC	CL A	74051N102	3,545	108,839	SH		SOLE		108,839	0	0
PROCTER AND GAMBLE CO	COM	742718109	3,887	42,728	SH		SOLE		42,728	0	0
PZENA INVESTMENT MGMT INC	CLASS A	74731Q103	18,681	1,715,411	SH		SOLE		1,715,411	0	0
RED LION HOTELS CORP	COM	756764106	5,873	679,000	SH		SOLE		679,000	0	0
REIS INC	COM	75936P105	4,647	258,175	SH		SOLE		258,175	0	0
REPUBLIC SVCS INC	COM	760759100	5,030	76,145	SH		SOLE		76,145	0	0
RIGNET INC	COM	766582100	4,813	279,822	SH		SOLE		279,822	0	0
ROYCE GLOBAL VALUE TR INC	COM	78081T104	1,700	164,217	SH		SOLE		164,217	0	0
ROYCE MICRO-CAP TR INC	COM	780915104	2,646	282,085	SH		SOLE		282,085	0	0
ROYCE VALUE TR INC	COM	780910105	5,973	378,262	SH		SOLE		378,262	0	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	9,010	471,479	SH		SOLE		471,479	0	0
SEASPAN CORP	SHS	Y75638109	4,536	639,822	SH		SOLE		639,822	0	0
SELECT COMFORT CORP	COM	81616X103	4,659	150,050	SH		SOLE		150,050	0	0
SILVERCREST ASSET MGMT GROUP	CL A	828359109	8,131	558,860	SH		SOLE		558,860	0	0
SIMULATIONS PLUS INC	COM	829214105	6,321	407,790	SH		SOLE		407,790	0	0
SOLAR CAP LTD	COM	83413U100	5,395	249,286	SH		SOLE		249,286	0	0
SP PLUS CORP	COM	78469C103	8,945	226,462	SH		SOLE		226,462	0	0
SPOK HLDGS INC	COM	84863T106	14,044	914,930	SH		SOLE		914,930	0	0
SS&C TECHNOLOGIES HLDGS INC	COM	78467J100	4,327	107,759	SH		SOLE		107,759	0	0
STEWARDSHIP FINL CORP	COM	860326107	143	14,600	SH		SOLE		14,600	0	0
STONECASTLE FINL CORP	COM	861780104	10,936	529,848	SH		SOLE		529,848	0	0
SUPERIOR UNIFORM GP INC	COM	868358102	6,027	263,175	SH		SOLE		263,175	0	0
TARGET CORP	COM	87612E106	3,504	59,380	SH		SOLE		59,380	0	0
TECHTARGET INC	COM	87874R100	11,050	925,420	SH		SOLE		925,420	0	0
THESTREET INC	COM	88368Q103	2,043	1,891,500	SH		SOLE		1,891,500	0	0
TRANSACT TECHNOLOGIES INC	COM	892918103	2,701	277,000	SH		SOLE		277,000	0	0
TRANSCAT INC	COM	893529107	4,365	322,158	SH		SOLE		322,158	0	0
UFP TECHNOLOGIES INC	COM	902673102	5,114	182,000	SH		SOLE		182,000	0	0
UNITED FINL BANCORP INC NEW	COM	910304104	6,946	379,762	SH		SOLE		379,762	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	2,840	24,469	SH		SOLE		24,469	0	0
U S PHYSICAL THERAPY INC	COM	90337L108	4,610	75,024	SH		SOLE		75,024	0	0
U S G CORP	COM NEW	903293405	3,264	99,958	SH		SOLE		99,958	0	0
VAREX IMAGING CORP	COM	92214X106	4,471	132,128	SH		SOLE		132,128	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	5,104	103,132	SH		SOLE		103,132	0	0
VOLT INFORMATION SCIENCES IN	COM	928703107	1,356	430,600	SH		SOLE		430,600	0	0
WASTE MGMT INC DEL	COM	94106L109	6,044	77,214	SH		SOLE		77,214	0	0
WESTWOOD HLDGS GROUP INC	COM	961765104	12,553	186,604	SH		SOLE		186,604	0	0
BLACKSTONE MTG TR INC	COM CL A	09257W100	6,797	219,111	SH		SOLE		219,111	0	0
COLONY NORTHSTAR INC	CL A COM	19625W104	6,395	509,151	SH		SOLE		509,151	0	0
EASTERLY GOVT PPTYS INC	COM	27616P103	5,634	272,578	SH		SOLE		272,578	0	0
LAMAR ADVERTISING CO NEW	CL A	512816109	4,454	65,000	SH		SOLE		65,000	0	0
NEW SR INVT GROUP INC	COM	648691103	7,821	854,721	SH		SOLE		854,721	0	0
RYDEX ETF TRUST	GUG S&P500 PU VA	78355W304	12,568	204,293	SH		SOLE		204,293	0	0
ISHARES TR	1 3 YR TREAS BD	464287457	11,798	139,705	SH		SOLE		139,705	0	0
ISHARES INC	CORE MSCI EMKT	46434G103	2,148	39,754	SH		SOLE		39,754	0	0
ISHARES TR	CORE MSCI EURO	46434V738	11,312	227,697	SH		SOLE		227,697	0	0
ISHARES TR	S&P 500 GRWT ETF	464287309	16,204	112,980	SH		SOLE		112,980	0	0
ISHARES TR	S&P 500 VAL ETF	464287408	5,395	49,991	SH		SOLE		49,991	0	0
MESA LABS INC	COM	59064R109	1,584	10,610	SH		SOLE		10,610	0	0