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
1347 PPTY INS HLDGS INC	COM	68244P107	263	37,000	SH		SOLE		37,000	0	0
180 DEGREE CAP CORP	COM	68235B109	929	401,989	SH		SOLE		401,989	0	0
3M CO	COM	88579Y101	3,389	17,227	SH		SOLE		17,227	0	0
A H BELO CORP	COM CL A	001282102	5,486	1,167,142	SH		SOLE		1,167,142	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	5,736	35,064	SH		SOLE		35,064	0	0
ADDUS HOMECARE CORP	COM	006739106	14,083	245,988	SH		SOLE		245,988	0	0
AGILYSYS INC	COM	00847J105	7,949	512,833	SH		SOLE		512,833	0	0
ALAMO GROUP INC	COM	011311107	6,419	71,034	SH		SOLE		71,034	0	0
ALCENTRA CAP CORP	COM	01374T102	300	46,900	SH		SOLE		46,900	0	0
ALLIANZGI CON INCM 2024 TARG	COM	01883H102	8,046	869,804	SH		SOLE		869,804	0	0
ALLIED MOTION TECHNOLOGIES I	COM	019330109	4,228	88,300	SH		SOLE		88,300	0	0
AMERCO	COM	023586100	8,509	23,891	SH		SOLE		23,891	0	0
AMERIPRISE FINL INC	COM	03076C106	4,952	35,399	SH		SOLE		35,399	0	0
ANTHEM INC	COM	036752103	6,704	28,165	SH		SOLE		28,165	0	0
ARBOR RLTY TR INC	COM	038923108	10,506	1,007,331	SH		SOLE		1,007,331	0	0
ARC DOCUMENT SOLUTIONS INC	COM	00191G103	4,016	2,268,921	SH		SOLE		2,268,921	0	0
ARES CAP CORP	COM	04010L103	6,772	411,646	SH		SOLE		411,646	0	0
ASTRONOVA INC	COM	04638F108	6,955	368,960	SH		SOLE		368,960	0	0
ASV HLDGS INC	COM	00215L104	134	23,125	SH		SOLE		23,125	0	0
ATLAS FINANCIAL HOLDINGS INC	SHS NEW	G06207115	2,949	337,000	SH		SOLE		337,000	0	0
AWARE INC MASS	COM	05453N100	3,363	830,425	SH		SOLE		830,425	0	0
B RILEY FINL INC	COM	05580M108	28,383	1,258,690	SH		SOLE		1,258,690	0	0
BAR HBR BANKSHARES	COM	066849100	14,808	488,860	SH		SOLE		488,860	0	0
BASSETT FURNITURE INDS INC	COM	070203104	1,322	48,000	SH		SOLE		48,000	0	0
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	282	1	SH		SOLE		1	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	6,604	35,382	SH		SOLE		35,382	0	0
BLACKROCK CAPITAL INVESTMENT	COM	092533108	4,384	751,965	SH		SOLE		751,965	0	0
BLACKROCK ENERGY & RES TR	COM	09250U101	7,945	522,019	SH		SOLE		522,019	0	0
BLACKROCK MUN 2030 TAR TERM	COM SHS BEN IN	09257P105	4,279	198,454	SH		SOLE		198,454	0	0
BLACKROCK RES & COMM STRAT T	SHS	09257A108	1,314	141,475	SH		SOLE		141,475	0	0
BLACKSTONE MTG TR INC	COM CL A	09257W100	3,033	96,510	SH		SOLE		96,510	0	0
BLUELINX HLDGS INC	COM NEW	09624H208	5,217	139,000	SH		SOLE		139,000	0	0
BOEING CO	COM	097023105	7,808	23,273	SH		SOLE		23,273	0	0
BOSTON SCIENTIFIC CORP	COM	101137107	373	11,411	SH		SOLE		11,411	0	0
BOULDER GROWTH & INCOME FD I	COM	101507101	4,040	393,032	SH		SOLE		393,032	0	0
BRIDGEWATER BANCSHARES INC	COM ACCD INV	108621103	254	20,000	SH		SOLE		20,000	0	0
BRIDGFORD FOODS CORP	COM	108763103	231	17,000	SH		SOLE		17,000	0	0
BRUNSWICK CORP	COM	117043109	5,971	92,604	SH		SOLE		92,604	0	0
BSB BANCORP INC MD	COM	05573H108	6,824	198,362	SH		SOLE		198,362	0	0
CALLAWAY GOLF CO	COM	131193104	18,014	949,608	SH		SOLE		949,608	0	0
CAPITAL SOUTHWEST CORP	COM	140501107	33,298	1,838,667	SH		SOLE		1,838,667	0	0
CARBONITE INC	COM	141337105	9,942	284,884	SH		SOLE		284,884	0	0
CATCHMARK TIMBER TR INC	CL A	14912Y202	127	10,000	SH		SOLE		10,000	0	0
CELCUITY INC	COM	15102K100	1,969	79,337	SH		SOLE		79,337	0	0
CHIMERA INVT CORP	COM NEW	16934Q208	7,878	430,954	SH		SOLE		430,954	0	0
CINTAS CORP	COM	172908105	4,704	25,420	SH		SOLE		25,420	0	0
COLONY CAP INC NEW	CL A COM	19626G108	3,982	638,139	SH		SOLE		638,139	0	0
COLUMBUS MCKINNON CORP N Y	COM	199333105	14,772	340,676	SH		SOLE		340,676	0	0
COMMERCIAL VEH GROUP INC	COM	202608105	1,901	259,000	SH		SOLE		259,000	0	0
CORE MOLDING TECHNOLOGIES IN	COM	218683100	5,580	390,783	SH		SOLE		390,783	0	0
CORENERGY INFRASTRUCTURE TR	COM NEW	21870U502	3,304	87,884	SH		SOLE		87,884	0	0
CSW INDUSTRIALS INC	COM	126402106	9,243	174,895	SH		SOLE		174,895	0	0
CVS HEALTH CORP	COM	126650100	3,450	53,612	SH		SOLE		53,612	0	0
CYBEROPTICS CORP	COM	232517102	1,705	97,968	SH		SOLE		97,968	0	0
DAWSON GEOPHYSICAL CO NEW	COM	239360100	395	50,000	SH		SOLE		50,000	0	0
DEERE & CO	COM	244199105	3,908	27,955	SH		SOLE		27,955	0	0
DELUXE CORP	COM	248019101	11,686	176,493	SH		SOLE		176,493	0	0
DESTINATION XL GROUP INC	COM	25065K104	2,892	1,285,555	SH		SOLE		1,285,555	0	0
DHI GROUP INC	COM	23331S100	127	54,000	SH		SOLE		54,000	0	0
DIAMOND HILL INVESTMENT GROU	COM NEW	25264R207	1,205	6,200	SH		SOLE		6,200	0	0
DIGI INTL INC	COM	253798102	15,676	1,187,561	SH		SOLE		1,187,561	0	0
DIGIRAD CORP	COM	253827109	1,251	806,898	SH		SOLE		806,898	0	0
DLH HLDGS CORP	COM	23335Q100	2,433	443,900	SH		SOLE		443,900	0	0
DOUGLAS DYNAMICS INC	COM	25960R105	12,548	261,410	SH		SOLE		261,410	0	0
DRIVE SHACK INC	COM	262077100	22,256	2,882,930	SH		SOLE		2,882,930	0	0
EASTERLY GOVT PPTYS INC	COM	27616P103	5,829	294,991	SH		SOLE		294,991	0	0
EATON VANCE TX ADV GLBL DIV	COM	27828S101	7,965	468,525	SH		SOLE		468,525	0	0
ENSTAR GROUP LIMITED	SHS	G3075P101	7,542	36,383	SH		SOLE		36,383	0	0
ENTEGRA FINL CORP	COM	29363J108	6,512	222,250	SH		SOLE		222,250	0	0
ETSY INC	COM	29786A106	15,641	370,735	SH		SOLE		370,735	0	0
EVOLUTION PETROLEUM CORP	COM	30049A107	2,630	267,000	SH		SOLE		267,000	0	0
EXXON MOBIL CORP	COM	30231G102	4,009	48,460	SH		SOLE		48,460	0	0
FARMER BROS CO	COM	307675108	10,914	357,257	SH		SOLE		357,257	0	0
FARMERS NATL BANC CORP	COM	309627107	3,529	221,271	SH		SOLE		221,271	0	0
FERRO CORP	COM	315405100	12,698	609,014	SH		SOLE		609,014	0	0
FIBROGEN INC	COM	31572Q808	563	9,000	SH		SOLE		9,000	0	0
FIRST BANK WILLIAMSTOWN NJ	COM	31931U102	4,863	349,860	SH		SOLE		349,860	0	0
FIRST NORTHWEST BANCORP	COM	335834107	4,469	279,856	SH		SOLE		279,856	0	0
FIRST TR DYNAMIC EUROPE EQT	COM SHS	33740D107	6,455	399,939	SH		SOLE		399,939	0	0
FIRST TR ENERGY INFRASTRCTR	COM	33738C103	4,870	295,871	SH		SOLE		295,871	0	0
FISERV INC	COM	337738108	6,523	88,037	SH		SOLE		88,037	0	0
FRANKLIN COVEY CO	COM	353469109	8,841	360,142	SH		SOLE		360,142	0	0
GENTHERM INC	COM	37253A103	5,769	146,783	SH		SOLE		146,783	0	0
GLADSTONE LD CORP	COM	376549101	3,885	306,632	SH		SOLE		306,632	0	0
GREEN BRICK PARTNERS INC	COM	392709101	17,016	1,736,290	SH		SOLE		1,736,290	0	0
HACKETT GROUP INC	COM	404609109	14,306	890,242	SH		SOLE		890,242	0	0
HARVEST CAP CR CORP	COM	41753F109	222	21,000	SH		SOLE		21,000	0	0
HERITAGE CRYSTAL CLEAN INC	COM	42726M106	3,373	167,800	SH		SOLE		167,800	0	0
HOOKER FURNITURE CORP	COM	439038100	15,163	323,301	SH		SOLE		323,301	0	0
HORMEL FOODS CORP	COM	440452100	3,948	106,099	SH		SOLE		106,099	0	0
HOUSTON WIRE & CABLE CO	COM	44244K109	1,726	203,000	SH		SOLE		203,000	0	0
I D SYSTEMS INC	COM	449489103	2,578	416,546	SH		SOLE		416,546	0	0
IEC ELECTRS CORP NEW	COM	44949L105	2,401	411,846	SH		SOLE		411,846	0	0
INFORMATION SERVICES GROUP I	COM	45675Y104	4,129	1,007,000	SH		SOLE		1,007,000	0	0
INTEL CORP	COM	458140100	840	16,900	SH		SOLE		16,900	0	0
INTL FCSTONE INC	COM	46116V105	27,404	529,951	SH		SOLE		529,951	0	0
INVESCO EXCHANGE TRADED FD T	S&P500 PUR VAL	46137V258	12,772	194,311	SH		SOLE		194,311	0	0
INVESCO LTD	SHS	G491BT108	2,618	98,556	SH		SOLE		98,556	0	0
ISHARES TR	1 3 YR TREAS BD	464287457	9,081	108,924	SH		SOLE		108,924	0	0
ISHARES INC	CORE MSCI EMKT	46434G103	2,668	50,809	SH		SOLE		50,809	0	0
ISHARES TR	CORE MSCI EURO	46434V738	10,275	215,945	SH		SOLE		215,945	0	0
ISHARES TR	S&P 100 ETF	464287101	257	2,152	SH		SOLE		2,152	0	0
ISHARES TR	S&P 500 GRWT ETF	464287309	17,543	107,885	SH		SOLE		107,885	0	0
ISHARES TR	S&P 500 VAL ETF	464287408	5,188	47,105	SH		SOLE		47,105	0	0
ISSUER DIRECT CORPORATION	COM NEW	46520M204	278	14,000	SH		SOLE		14,000	0	0
J & J SNACK FOODS CORP	COM	466032109	5,269	34,557	SH		SOLE		34,557	0	0
JOHNSON & JOHNSON	COM	478160104	5,237	43,160	SH		SOLE		43,160	0	0
JOINT CORP	COM	47973J102	409	50,000	SH		SOLE		50,000	0	0
JPMORGAN CHASE & CO	COM	46625H100	7,660	73,509	SH		SOLE		73,509	0	0
KIMBALL ELECTRONICS INC	COM	49428J109	1,976	108,000	SH		SOLE		108,000	0	0
KIMBALL INTL INC	CL B	494274103	10,882	673,393	SH		SOLE		673,393	0	0
KINGSTONE COS INC	COM	496719105	2,866	169,600	SH		SOLE		169,600	0	0
LAMAR ADVERTISING CO NEW	CL A	512816109	4,317	63,200	SH		SOLE		63,200	0	0
LAWSON PRODS INC	COM	520776105	3,237	132,935	SH		SOLE		132,935	0	0
LAZYDAYS HLDGS INC	COM	52110H100	267	30,000	SH		SOLE		30,000	0	0
LEAF GROUP LTD	COM	52177G102	7,374	679,600	SH		SOLE		679,600	0	0
LENDINGTREE INC NEW	COM	52603B107	3,425	16,018	SH		SOLE		16,018	0	0
LITHIA MTRS INC	CL A	536797103	8,892	94,027	SH		SOLE		94,027	0	0
LSC COMMUNICATIONS INC	COM	50218P107	5,046	322,229	SH		SOLE		322,229	0	0
MACQUARIE INFRASTRUCTURE COR	COM	55608B105	6,505	154,148	SH		SOLE		154,148	0	0
MADDEN STEVEN LTD	COM	556269108	6,019	113,351	SH		SOLE		113,351	0	0
MADISON CVRED CALL & EQ STR	COM	557437100	7,226	969,939	SH		SOLE		969,939	0	0
MALIBU BOATS INC	COM CL A	56117J100	18,307	436,504	SH		SOLE		436,504	0	0
MCBC HLDGS INC	COM	55276F107	5,013	173,170	SH		SOLE		173,170	0	0
MCDONALDS CORP	COM	580135101	272	1,735	SH		SOLE		1,735	0	0
MERIDIAN BK PAOLI PA	COM	58958P104	264	14,500	SH		SOLE		14,500	0	0
MICROSOFT CORP	COM	594918104	9,574	97,092	SH		SOLE		97,092	0	0
MVC CAPITAL INC	COM	553829102	6,293	662,447	SH		SOLE		662,447	0	0
NATHANS FAMOUS INC NEW	COM	632347100	2,117	22,500	SH		SOLE		22,500	0	0
NATURAL GAS SERVICES GROUP	COM	63886Q109	9,339	395,716	SH		SOLE		395,716	0	0
NAUTILUS INC	COM	63910B102	11,812	752,342	SH		SOLE		752,342	0	0
NCR CORP NEW	COM	62886E108	2,691	89,759	SH		SOLE		89,759	0	0
NEUBERGER BERMAN MLP INCOME	COM	64129H104	12,103	1,380,069	SH		SOLE		1,380,069	0	0
NORTHSTAR REALTY EUROPE CORP	COM	66706L101	7,656	528,360	SH		SOLE		528,360	0	0
NOVANTA INC	COM	67000B104	8,415	135,078	SH		SOLE		135,078	0	0
NUVEEN BUILD AMER BD FD	COM	67074C103	10,556	512,189	SH		SOLE		512,189	0	0
NUVEEN INTER DURATION MN TMF	COM	670671106	4,929	396,248	SH		SOLE		396,248	0	0
NUVEEN MTG OPPORTUNITY TERM	COM	670735109	10,324	439,143	SH		SOLE		439,143	0	0
NUVEEN PFD & INCOME TERM FD	COM	67075A106	3,430	148,312	SH		SOLE		148,312	0	0
OAKTREE STRATEGIC INCOME COR	COM	67402D104	2,043	240,351	SH		SOLE		240,351	0	0
OFS CAP CORP	COM	67103B100	1,870	163,155	SH		SOLE		163,155	0	0
ORACLE CORP	COM	68389X105	3,755	85,225	SH		SOLE		85,225	0	0
OUTFRONT MEDIA INC	COM	69007J106	6,879	353,654	SH		SOLE		353,654	0	0
PANHANDLE OIL AND GAS INC	CL A	698477106	3,507	183,610	SH		SOLE		183,610	0	0
PAR PACIFIC HOLDINGS INC	COM NEW	69888T207	7,837	450,909	SH		SOLE		450,909	0	0
PAYPAL HLDGS INC	COM	70450Y103	245	2,942	SH		SOLE		2,942	0	0
PC-TEL INC	COM	69325Q105	179	28,700	SH		SOLE		28,700	0	0
PCSB FINL CORP	COM	69324R104	3,836	193,079	SH		SOLE		193,079	0	0
PENNANTPARK FLOATING RATE CA	COM	70806A106	7,699	563,602	SH		SOLE		563,602	0	0
PERCEPTRON INC	COM	71361F100	5,530	524,140	SH		SOLE		524,140	0	0
PFIZER INC	COM	717081103	606	16,699	SH		SOLE		16,699	0	0
PFSWEB INC	COM NEW	717098206	3,101	319,000	SH		SOLE		319,000	0	0
PRGX GLOBAL INC	COM NEW	69357C503	2,406	248,000	SH		SOLE		248,000	0	0
PROCTER AND GAMBLE CO	COM	742718109	225	2,877	SH		SOLE		2,877	0	0
PZENA INVESTMENT MGMT INC	CLASS A	74731Q103	15,798	1,715,323	SH		SOLE		1,715,323	0	0
REAVES UTIL INCOME FD	COM SH BEN INT	756158101	5,121	177,136	SH		SOLE		177,136	0	0
RED LION HOTELS CORP	COM	756764106	8,108	696,000	SH		SOLE		696,000	0	0
REIS INC	COM	75936P105	5,509	252,725	SH		SOLE		252,725	0	0
REPUBLIC SVCS INC	COM	760759100	4,841	70,809	SH		SOLE		70,809	0	0
RIGNET INC	COM	766582100	5,156	500,535	SH		SOLE		500,535	0	0
RING ENERGY INC	COM	76680V108	3,944	312,495	SH		SOLE		312,495	0	0
RIVERNORTH DOUBLELINE STRATE	COM	76882G107	6,381	360,725	SH		SOLE		360,725	0	0
ROYCE GLOBAL VALUE TR INC	COM	78081T104	1,592	151,460	SH		SOLE		151,460	0	0
ROYCE MICRO-CAP TR INC	COM	780915104	2,459	246,168	SH		SOLE		246,168	0	0
ROYCE VALUE TR INC	COM	780910105	2,926	185,218	SH		SOLE		185,218	0	0
SB FINL GROUP INC	COM	78408D105	447	22,001	SH		SOLE		22,001	0	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	6,082	454,187	SH		SOLE		454,187	0	0
SEASPAN CORP	SHS	Y75638109	9,360	919,471	SH		SOLE		919,471	0	0
SELECT ENERGY SVCS INC	CL A COM	81617J301	6,215	427,770	SH		SOLE		427,770	0	0
SILVERCREST ASSET MGMT GROUP	CL A	828359109	8,832	541,834	SH		SOLE		541,834	0	0
SIMULATIONS PLUS INC	COM	829214105	7,177	322,554	SH		SOLE		322,554	0	0
SLEEP NUMBER CORP	COM	83125X103	4,283	147,577	SH		SOLE		147,577	0	0
SOLAR CAP LTD	COM	83413U100	6,688	327,211	SH		SOLE		327,211	0	0
SP PLUS CORP	COM	78469C103	8,054	216,513	SH		SOLE		216,513	0	0
SPOK HLDGS INC	COM	84863T106	11,691	776,838	SH		SOLE		776,838	0	0
SS&C TECHNOLOGIES HLDGS INC	COM	78467J100	5,366	103,399	SH		SOLE		103,399	0	0
STEWARDSHIP FINL CORP	COM	860326107	1,328	114,000	SH		SOLE		114,000	0	0
STONECASTLE FINL CORP	COM	861780104	8,860	387,074	SH		SOLE		387,074	0	0
STRYKER CORP	COM	863667101	228	1,351	SH		SOLE		1,351	0	0
SUPERIOR DRILLING PRODS INC	COM	868153107	248	128,000	SH		SOLE		128,000	0	0
SUPERIOR GRP OF COMPANIES IN	COM	868358102	5,507	265,927	SH		SOLE		265,927	0	0
TARGET CORP	COM	87612E106	4,757	62,491	SH		SOLE		62,491	0	0
TCP CAP CORP	COM	87238Q103	2,540	175,804	SH		SOLE		175,804	0	0
TECHTARGET INC	COM	87874R100	19,884	700,156	SH		SOLE		700,156	0	0
TEKLA HEALTHCARE INVS	SH BEN INT	87911J103	6,853	318,727	SH		SOLE		318,727	0	0
TEKLA WORLD HEALTHCARE FD	BEN INT SHS	87911L108	143	11,090	SH		SOLE		11,090	0	0
THESTREET INC	COM	88368Q103	3,773	1,730,569	SH		SOLE		1,730,569	0	0
TORCHMARK CORP	COM	891027104	359	4,410	SH		SOLE		4,410	0	0
TRANSACT TECHNOLOGIES INC	COM	892918103	4,263	341,000	SH		SOLE		341,000	0	0
TRANSCAT INC	COM	893529107	6,859	362,900	SH		SOLE		362,900	0	0
UFP TECHNOLOGIES INC	COM	902673102	5,491	178,000	SH		SOLE		178,000	0	0
UNITED FINL BANCORP INC NEW	COM	910304104	5,138	293,245	SH		SOLE		293,245	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	4,330	34,629	SH		SOLE		34,629	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	9,375	38,211	SH		SOLE		38,211	0	0
US BANCORP DEL	COM NEW	902973304	765	15,284	SH		SOLE		15,284	0	0
U S PHYSICAL THERAPY INC	COM	90337L108	6,802	70,858	SH		SOLE		70,858	0	0
U S G CORP	COM NEW	903293405	4,132	95,824	SH		SOLE		95,824	0	0
VAREX IMAGING CORP	COM	92214X106	7,699	207,581	SH		SOLE		207,581	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	4,995	99,276	SH		SOLE		99,276	0	0
VOLT INFORMATION SCIENCES IN	COM	928703107	2,191	644,482	SH		SOLE		644,482	0	0
WASTE MGMT INC DEL	COM	94106L109	5,094	62,630	SH		SOLE		62,630	0	0
WELLS FARGO CO NEW	COM	949746101	643	11,590	SH		SOLE		11,590	0	0
WESTERN ASSET HGH YLD DFNDFD	COM	95768B107	3,707	254,111	SH		SOLE		254,111	0	0
WESTWOOD HLDGS GROUP INC	COM	961765104	6,442	108,193	SH		SOLE		108,193	0	0