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
180 DEGREE CAP CORP	COM	68235B109	188	101,000	SH		SOLE		101,000	0	0
3M CO	COM	88579Y101	3,575	16,285	SH		SOLE		16,285	0	0
A H BELO CORP	COM CL A	001282102	5,738	1,114,142	SH		SOLE		1,114,142	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	5,467	35,613	SH		SOLE		35,613	0	0
ADDUS HOMECARE CORP	COM	006739106	13,787	283,390	SH		SOLE		283,390	0	0
AGILYSYS INC	COM	00847J105	4,914	412,210	SH		SOLE		412,210	0	0
ALAMO GROUP INC	COM	011311107	6,122	55,705	SH		SOLE		55,705	0	0
ALCENTRA CAP CORP	COM	01374T102	74	10,565	SH		SOLE		10,565	0	0
ALLIANZGI CON INCM 2024 TARG	COM	01883H102	7,349	797,103	SH		SOLE		797,103	0	0
ALLIED MOTION TECHNOLOGIES I	COM	019330109	3,941	99,153	SH		SOLE		99,153	0	0
AMERCO	COM	023586100	8,358	24,219	SH		SOLE		24,219	0	0
AMERIPRISE FINL INC	COM	03076C106	5,334	36,057	SH		SOLE		36,057	0	0
ANTHEM INC	COM	036752103	6,282	28,592	SH		SOLE		28,592	0	0
ARBOR RLTY TR INC	COM	038923108	9,976	1,131,024	SH		SOLE		1,131,024	0	0
ARC DOCUMENT SOLUTIONS INC	COM	00191G103	4,685	2,129,569	SH		SOLE		2,129,569	0	0
ARES CAP CORP	COM	04010L103	6,423	404,750	SH		SOLE		404,750	0	0
ASTRONOVA INC	COM	04638F108	5,533	356,960	SH		SOLE		356,960	0	0
ATLAS FINANCIAL HOLDINGS INC	SHS NEW	G06207115	2,039	197,000	SH		SOLE		197,000	0	0
AWARE INC MASS	COM	05453N100	3,212	773,925	SH		SOLE		773,925	0	0
B RILEY FINL INC	COM	05580M108	25,053	1,284,783	SH		SOLE		1,284,783	0	0
BAR HBR BANKSHARES	COM	066849100	13,864	500,139	SH		SOLE		500,139	0	0
BASSETT FURNITURE INDS INC	COM	070203104	1,760	58,000	SH		SOLE		58,000	0	0
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	299	1	SH		SOLE		1	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	7,024	35,213	SH		SOLE		35,213	0	0
BLACKROCK CAPITAL INVESTMENT	COM	092533108	5,546	919,765	SH		SOLE		919,765	0	0
BLACKROCK ENERGY & RES TR	COM	09250U101	6,993	528,968	SH		SOLE		528,968	0	0
BLACKROCK MUN 2030 TAR TERM	COM SHS BEN IN	09257P105	4,134	193,986	SH		SOLE		193,986	0	0
BLACKROCK RES & COMM STRAT T	SHS	09257A108	1,289	145,165	SH		SOLE		145,165	0	0
BLACKSTONE MTG TR INC	COM CL A	09257W100	3,715	118,227	SH		SOLE		118,227	0	0
BLUELINX HLDGS INC	COM NEW	09624H208	4,530	139,000	SH		SOLE		139,000	0	0
BOEING CO	COM	097023105	7,767	23,688	SH		SOLE		23,688	0	0
BOSTON SCIENTIFIC CORP	COM	101137107	312	11,411	SH		SOLE		11,411	0	0
BOULDER GROWTH & INCOME FD I	COM	101507101	4,356	404,044	SH		SOLE		404,044	0	0
BRUNSWICK CORP	COM	117043109	5,606	94,385	SH		SOLE		94,385	0	0
BSB BANCORP INC MD	COM	05573H108	6,070	198,362	SH		SOLE		198,362	0	0
CALLAWAY GOLF CO	COM	131193104	18,869	1,153,349	SH		SOLE		1,153,349	0	0
CANTEL MEDICAL CORP	COM	138098108	686	6,154	SH		SOLE		6,154	0	0
CAPITAL SOUTHWEST CORP	COM	140501107	31,855	1,871,615	SH		SOLE		1,871,615	0	0
CARBONITE INC	COM	141337105	9,346	324,504	SH		SOLE		324,504	0	0
CATCHMARK TIMBER TR INC	CL A	14912Y202	125	10,000	SH		SOLE		10,000	0	0
CELCUITY INC	COM	15102K100	218	13,223	SH		SOLE		13,223	0	0
CHIMERA INVT CORP	COM NEW	16934Q208	7,387	424,307	SH		SOLE		424,307	0	0
CINTAS CORP	COM	172908105	4,431	25,977	SH		SOLE		25,977	0	0
COLONY NORTHSTAR INC	CL A COM	19625W104	3,022	537,811	SH		SOLE		537,811	0	0
COLUMBUS MCKINNON CORP N Y	COM	199333105	4,172	116,400	SH		SOLE		116,400	0	0
COMMERCEHUB INC	COM SER C	20084V306	2,551	113,450	SH		SOLE		113,450	0	0
COMMERCIAL VEH GROUP INC	COM	202608105	1,217	157,000	SH		SOLE		157,000	0	0
CORE MOLDING TECHNOLOGIES IN	COM	218683100	6,540	366,783	SH		SOLE		366,783	0	0
CORENERGY INFRASTRUCTURE TR	COM NEW	21870U502	3,877	103,277	SH		SOLE		103,277	0	0
CSW INDUSTRIALS INC	COM	126402106	8,208	182,193	SH		SOLE		182,193	0	0
CULP INC	COM	230215105	2,129	69,676	SH		SOLE		69,676	0	0
CVS HEALTH CORP	COM	126650100	3,361	54,022	SH		SOLE		54,022	0	0
CYBEROPTICS CORP	COM	232517102	1,126	62,568	SH		SOLE		62,568	0	0
DEERE & CO	COM	244199105	4,444	28,610	SH		SOLE		28,610	0	0
DELUXE CORP	COM	248019101	13,585	183,559	SH		SOLE		183,559	0	0
DESTINATION XL GROUP INC	COM	25065K104	3,101	1,772,222	SH		SOLE		1,772,222	0	0
DIGI INTL INC	COM	253798102	12,530	1,216,495	SH		SOLE		1,216,495	0	0
DIGIRAD CORP	COM	253827109	1,282	826,824	SH		SOLE		826,824	0	0
DLH HLDGS CORP	COM	23335Q100	2,184	373,900	SH		SOLE		373,900	0	0
DOUGLAS DYNAMICS INC	COM	25960R105	13,574	313,119	SH		SOLE		313,119	0	0
DRIVE SHACK INC	COM	262077100	14,526	3,038,889	SH		SOLE		3,038,889	0	0
EASTERLY GOVT PPTYS INC	COM	27616P103	5,428	266,065	SH		SOLE		266,065	0	0
EATON VANCE TX ADV GLBL DIV	COM	27828S101	7,926	474,310	SH		SOLE		474,310	0	0
ENSTAR GROUP LIMITED	SHS	G3075P101	7,958	37,848	SH		SOLE		37,848	0	0
ENTEGRA FINL CORP	COM	29363J108	6,445	222,250	SH		SOLE		222,250	0	0
ETSY INC	COM	29786A106	10,786	384,398	SH		SOLE		384,398	0	0
EVOLUTION PETROLEUM CORP	COM	30049A107	2,842	353,000	SH		SOLE		353,000	0	0
EXXON MOBIL CORP	COM	30231G102	3,535	47,382	SH		SOLE		47,382	0	0
FARMER BROS CO	COM	307675108	10,300	341,061	SH		SOLE		341,061	0	0
FARMERS NATL BANC CORP	COM	309627107	3,065	221,271	SH		SOLE		221,271	0	0
FERRO CORP	COM	315405100	14,805	637,593	SH		SOLE		637,593	0	0
FIBROGEN INC	COM	31572Q808	416	9,000	SH		SOLE		9,000	0	0
FIRST BANK WILLIAMSTOWN NJ	COM	31931U102	5,038	349,860	SH		SOLE		349,860	0	0
FIRST NORTHWEST BANCORP	COM	335834107	5,057	299,420	SH		SOLE		299,420	0	0
FIRST TR DYNAMIC EUROPE EQT	COM SHS	33740D107	5,992	333,234	SH		SOLE		333,234	0	0
FIRST TR ENERGY INFRASTRCTR	COM	33738C103	4,395	292,981	SH		SOLE		292,981	0	0
FISERV INC	COM	337738108	6,394	89,662	SH		SOLE		89,662	0	0
FRANKLIN COVEY CO	COM	353469109	9,329	346,816	SH		SOLE		346,816	0	0
GENTHERM INC	COM	37253A103	5,192	152,926	SH		SOLE		152,926	0	0
GLADSTONE LD CORP	COM	376549101	3,664	303,310	SH		SOLE		303,310	0	0
GREEN BRICK PARTNERS INC	COM	392709101	16,751	1,536,766	SH		SOLE		1,536,766	0	0
RYDEX ETF TRUST	GUG S&P500 PU VA	78355W304	12,760	197,491	SH		SOLE		197,491	0	0
HACKETT GROUP INC	COM	404609109	12,894	802,882	SH		SOLE		802,882	0	0
HERITAGE CRYSTAL CLEAN INC	COM	42726M106	3,952	167,800	SH		SOLE		167,800	0	0
HOOKER FURNITURE CORP	COM	439038100	12,041	328,103	SH		SOLE		328,103	0	0
HORACE MANN EDUCATORS CORP N	COM	440327104	7,635	178,586	SH		SOLE		178,586	0	0
HORMEL FOODS CORP	COM	440452100	3,706	107,977	SH		SOLE		107,977	0	0
I D SYSTEMS INC	COM	449489103	2,280	366,546	SH		SOLE		366,546	0	0
IEC ELECTRS CORP NEW	COM	44949L105	1,987	442,200	SH		SOLE		442,200	0	0
INFORMATION SERVICES GROUP I	COM	45675Y104	4,209	1,007,000	SH		SOLE		1,007,000	0	0
INTL FCSTONE INC	COM	46116V105	23,221	544,066	SH		SOLE		544,066	0	0
INVESCO LTD	SHS	G491BT108	3,180	99,350	SH		SOLE		99,350	0	0
ISHARES TR	1 3 YR TREAS BD	464287457	7,970	95,380	SH		SOLE		95,380	0	0
ISHARES INC	CORE MSCI EMKT	46434G103	2,270	38,878	SH		SOLE		38,878	0	0
ISHARES TR	CORE MSCI EURO	46434V738	10,912	219,640	SH		SOLE		219,640	0	0
ISHARES TR	S&P 500 GRWT ETF	464287309	17,038	109,871	SH		SOLE		109,871	0	0
ISHARES TR	S&P 500 VAL ETF	464287408	5,322	48,671	SH		SOLE		48,671	0	0
J & J SNACK FOODS CORP	COM	466032109	4,915	35,989	SH		SOLE		35,989	0	0
JOHNSON & JOHNSON	COM	478160104	4,882	38,092	SH		SOLE		38,092	0	0
JPMORGAN CHASE & CO	COM	46625H100	7,885	71,702	SH		SOLE		71,702	0	0
KIMBALL ELECTRONICS INC	COM	49428J109	1,211	75,000	SH		SOLE		75,000	0	0
KIMBALL INTL INC	CL B	494274103	10,140	595,050	SH		SOLE		595,050	0	0
KINGSTONE COS INC	COM	496719105	2,849	169,600	SH		SOLE		169,600	0	0
LAMAR ADVERTISING CO NEW	CL A	512816109	3,964	62,269	SH		SOLE		62,269	0	0
LAWSON PRODS INC	COM	520776105	3,084	122,122	SH		SOLE		122,122	0	0
LEAF GROUP LTD	COM	52177G102	5,065	718,400	SH		SOLE		718,400	0	0
LENDINGTREE INC NEW	COM	52603B107	5,468	16,662	SH		SOLE		16,662	0	0
LITHIA MTRS INC	CL A	536797103	9,819	97,685	SH		SOLE		97,685	0	0
LSC COMMUNICATIONS INC	COM	50218P107	5,696	326,421	SH		SOLE		326,421	0	0
MACQUARIE INFRASTRUCTURE COR	COM	55608B105	5,741	155,443	SH		SOLE		155,443	0	0
MADDEN STEVEN LTD	COM	556269108	6,779	154,421	SH		SOLE		154,421	0	0
MADISON CVRED CALL & EQ STR	COM	557437100	6,993	963,196	SH		SOLE		963,196	0	0
MALIBU BOATS INC	COM CL A	56117J100	16,103	484,891	SH		SOLE		484,891	0	0
MCBC HLDGS INC	COM	55276F107	4,147	164,550	SH		SOLE		164,550	0	0
MICROSOFT CORP	COM	594918104	9,064	99,306	SH		SOLE		99,306	0	0
MVC CAPITAL INC	COM	553829102	4,985	502,029	SH		SOLE		502,029	0	0
NATHANS FAMOUS INC NEW	COM	632347100	1,663	22,500	SH		SOLE		22,500	0	0
NATIONAL CINEMEDIA INC	COM	635309107	586	112,920	SH		SOLE		112,920	0	0
NATURAL GAS SERVICES GROUP	COM	63886Q109	9,406	394,394	SH		SOLE		394,394	0	0
NAUTILUS INC	COM	63910B102	10,323	767,486	SH		SOLE		767,486	0	0
NCR CORP NEW	COM	62886E108	2,861	90,783	SH		SOLE		90,783	0	0
NEUBERGER BERMAN MLP INCOME	COM	64129H104	10,565	1,294,698	SH		SOLE		1,294,698	0	0
NORTHSTAR REALTY EUROPE CORP	COM	66706L101	8,239	632,794	SH		SOLE		632,794	0	0
NOVANTA INC	COM	67000B104	7,471	143,264	SH		SOLE		143,264	0	0
NOVARTIS A G	SPONSORED ADR	66987V109	2,456	30,377	SH		SOLE		30,377	0	0
NUVEEN BUILD AMER BD FD	COM	67074C103	10,507	505,388	SH		SOLE		505,388	0	0
NUVEEN INTER DURATION MN TMF	COM	670671106	4,860	386,906	SH		SOLE		386,906	0	0
NUVEEN MTG OPPORTUNITY TERM	COM	670735109	10,255	431,776	SH		SOLE		431,776	0	0
NUVEEN PFD & INCOME TERM FD	COM	67075A106	2,405	101,415	SH		SOLE		101,415	0	0
OAKTREE STRATEGIC INCOME COR	COM	67402D104	1,896	240,329	SH		SOLE		240,329	0	0
OFS CAP CORP	COM	67103B100	2,870	255,753	SH		SOLE		255,753	0	0
OUTFRONT MEDIA INC	COM	69007J106	6,621	353,334	SH		SOLE		353,334	0	0
PANHANDLE OIL AND GAS INC	CL A	698477106	2,839	147,110	SH		SOLE		147,110	0	0
PAR PACIFIC HOLDINGS INC	COM NEW	69888T207	8,058	469,298	SH		SOLE		469,298	0	0
PAYPAL HLDGS INC	COM	70450Y103	235	3,092	SH		SOLE		3,092	0	0
PCSB FINL CORP	COM	69324R104	2,769	132,000	SH		SOLE		132,000	0	0
PENNANTPARK FLOATING RATE CA	COM	70806A106	10,363	791,644	SH		SOLE		791,644	0	0
PERCEPTRON INC	COM	71361F100	4,310	492,540	SH		SOLE		492,540	0	0
PFSWEB INC	COM NEW	717098206	2,788	319,000	SH		SOLE		319,000	0	0
PRGX GLOBAL INC	COM NEW	69357C503	1,049	111,000	SH		SOLE		111,000	0	0
PROCTER AND GAMBLE CO	COM	742718109	3,269	41,235	SH		SOLE		41,235	0	0
PZENA INVESTMENT MGMT INC	CLASS A	74731Q103	19,041	1,710,747	SH		SOLE		1,710,747	0	0
REAVES UTIL INCOME FD	COM SH BEN INT	756158101	4,950	175,347	SH		SOLE		175,347	0	0
RED LION HOTELS CORP	COM	756764106	6,786	696,000	SH		SOLE		696,000	0	0
REIS INC	COM	75936P105	5,421	252,725	SH		SOLE		252,725	0	0
REPUBLIC SVCS INC	COM	760759100	4,717	71,214	SH		SOLE		71,214	0	0
RIGNET INC	COM	766582100	6,543	481,101	SH		SOLE		481,101	0	0
RIVERNORTH DOUBLELINE STRATE	COM	76882G107	6,283	352,789	SH		SOLE		352,789	0	0
ROYCE GLOBAL VALUE TR INC	COM	78081T104	1,692	154,217	SH		SOLE		154,217	0	0
ROYCE MICRO-CAP TR INC	COM	780915104	2,286	244,260	SH		SOLE		244,260	0	0
ROYCE VALUE TR INC	COM	780910105	2,957	190,036	SH		SOLE		190,036	0	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	5,664	472,378	SH		SOLE		472,378	0	0
SEASPAN CORP	SHS	Y75638109	6,038	903,856	SH		SOLE		903,856	0	0
SILVERCREST ASSET MGMT GROUP	CL A	828359109	8,284	545,000	SH		SOLE		545,000	0	0
SIMULATIONS PLUS INC	COM	829214105	5,734	388,765	SH		SOLE		388,765	0	0
SLEEP NUMBER CORP	COM	83125X103	5,394	153,453	SH		SOLE		153,453	0	0
SOLAR CAP LTD	COM	83413U100	6,518	320,902	SH		SOLE		320,902	0	0
SP PLUS CORP	COM	78469C103	8,024	225,402	SH		SOLE		225,402	0	0
SPOK HLDGS INC	COM	84863T106	13,555	906,673	SH		SOLE		906,673	0	0
SS&C TECHNOLOGIES HLDGS INC	COM	78467J100	5,612	104,631	SH		SOLE		104,631	0	0
STEWARDSHIP FINL CORP	COM	860326107	550	50,000	SH		SOLE		50,000	0	0
STONECASTLE FINL CORP	COM	861780104	9,194	422,716	SH		SOLE		422,716	0	0
STRYKER CORP	COM	863667101	238	1,482	SH		SOLE		1,482	0	0
SUPERIOR UNIFORM GP INC	COM	868358102	6,118	232,875	SH		SOLE		232,875	0	0
TARGET CORP	COM	87612E106	4,007	57,719	SH		SOLE		57,719	0	0
TCP CAP CORP	COM	87238Q103	151	10,587	SH		SOLE		10,587	0	0
TECHTARGET INC	COM	87874R100	15,528	781,084	SH		SOLE		781,084	0	0
TEKLA HEALTHCARE INVS	SH BEN INT	87911J103	4,716	219,044	SH		SOLE		219,044	0	0
THESTREET INC	COM	88368Q103	3,005	1,678,569	SH		SOLE		1,678,569	0	0
TRANSACT TECHNOLOGIES INC	COM	892918103	4,059	311,000	SH		SOLE		311,000	0	0
TRANSCAT INC	COM	893529107	5,437	347,400	SH		SOLE		347,400	0	0
UFP TECHNOLOGIES INC	COM	902673102	5,251	178,000	SH		SOLE		178,000	0	0
UNITED FINL BANCORP INC NEW	COM	910304104	6,164	380,522	SH		SOLE		380,522	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	4,380	34,808	SH		SOLE		34,808	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	8,177	38,211	SH		SOLE		38,211	0	0
U S PHYSICAL THERAPY INC	COM	90337L108	5,992	73,701	SH		SOLE		73,701	0	0
U S G CORP	COM NEW	903293405	3,932	97,284	SH		SOLE		97,284	0	0
VAREX IMAGING CORP	COM	92214X106	7,712	215,533	SH		SOLE		215,533	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	4,779	99,932	SH		SOLE		99,932	0	0
VOLT INFORMATION SCIENCES IN	COM	928703107	1,752	574,482	SH		SOLE		574,482	0	0
WASTE MGMT INC DEL	COM	94106L109	5,309	63,114	SH		SOLE		63,114	0	0
WESTERN ASSET HGH YLD DFNDFD	COM	95768B107	3,637	249,143	SH		SOLE		249,143	0	0
WESTWOOD HLDGS GROUP INC	COM	961765104	7,097	125,629	SH		SOLE		125,629	0	0