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
Expires:	Oct 31, 2018
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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	260	49,500	SH		SOLE		49,500	0	0
180 DEGREE CAP CORP	COM	68235B109	989	531,810	SH		SOLE		531,810	0	0
3M CO	COM	88579Y101	3,632	17,482	SH		SOLE		17,482	0	0
A H BELO CORP	COM CL A	001282102	4,381	1,177,767	SH		SOLE		1,177,767	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	6,607	37,535	SH		SOLE		37,535	0	0
ADDUS HOMECARE CORP	COM	006739106	12,893	202,752	SH		SOLE		202,752	0	0
AGILYSYS INC	COM	00847J105	9,491	448,310	SH		SOLE		448,310	0	0
AIRGAIN INC	COM	00938A104	413	32,200	SH		SOLE		32,200	0	0
ALAMO GROUP INC	COM	011311107	7,275	72,795	SH		SOLE		72,795	0	0
ALCENTRA CAP CORP	COM	01374T102	159	21,165	SH		SOLE		21,165	0	0
ALLIANZGI CON INCM 2024 TARG	COM	01883H102	9,157	1,017,393	SH		SOLE		1,017,393	0	0
ALLIED MOTION TECHNOLOGIES I	COM	019330109	3,815	110,970	SH		SOLE		110,970	0	0
AMERCO	COM	023586100	7,040	18,950	SH		SOLE		18,950	0	0
AMERIPRISE FINL INC	COM	03076C106	4,929	38,479	SH		SOLE		38,479	0	0
ANTHEM INC	COM	036752103	8,639	30,104	SH		SOLE		30,104	0	0
ARBOR RLTY TR INC	COM	038923108	4,784	368,868	SH		SOLE		368,868	0	0
ARC DOCUMENT SOLUTIONS INC	COM	00191G103	7,247	3,249,590	SH		SOLE		3,249,590	0	0
ARES CAP CORP	COM	04010L103	8,770	511,680	SH		SOLE		511,680	0	0
ASTRONOVA INC	COM	04638F108	8,456	414,720	SH		SOLE		414,720	0	0
ATLAS FINANCIAL HOLDINGS INC	SHS NEW	G06207115	1,474	599,000	SH		SOLE		599,000	0	0
AWARE INC MASS	COM	05453N100	3,222	889,925	SH		SOLE		889,925	0	0
B RILEY FINL INC	COM	05580M108	25,378	1,520,576	SH		SOLE		1,520,576	0	0
BAR HBR BANKSHARES	COM	066849100	12,450	481,237	SH		SOLE		481,237	0	0
BARINGS BDC INC	COM	06759L103	17,062	1,739,254	SH		SOLE		1,739,254	0	0
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	301	1	SH		SOLE		1	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	7,596	37,813	SH		SOLE		37,813	0	0
BLACKROCK 2022 GBL INCM OPP	COM	09258P104	3,670	405,099	SH		SOLE		405,099	0	0
BLACKROCK CAPITAL INVESTMENT	COM	092533108	792	132,259	SH		SOLE		132,259	0	0
BLACKROCK ENERGY & RES TR	COM	09250U101	3,472	286,723	SH		SOLE		286,723	0	0
BLACKROCK MUN 2030 TAR TERM	COM SHS BEN IN	09257P105	3,395	152,653	SH		SOLE		152,653	0	0
BLACKROCK RES & COMM STRAT T	SHS	09257A108	1,153	141,146	SH		SOLE		141,146	0	0
BLUELINX HLDGS INC	COM NEW	09624H208	9,286	348,555	SH		SOLE		348,555	0	0
BOEING CO	COM	097023105	9,363	24,549	SH		SOLE		24,549	0	0
BOSTON SCIENTIFIC CORP	COM	101137107	438	11,411	SH		SOLE		11,411	0	0
BOULDER GROWTH & INCOME FD I	COM	101507101	10,802	1,002,086	SH		SOLE		1,002,086	0	0
BRIDGEWATER BANCSHARES INC	COM ACCD INV	108621103	206	20,000	SH		SOLE		20,000	0	0
BRIDGFORD FOODS CORP	COM	108763103	724	30,400	SH		SOLE		30,400	0	0
BRUNSWICK CORP	COM	117043109	4,990	99,136	SH		SOLE		99,136	0	0
CALLAWAY GOLF CO	COM	131193104	15,457	970,306	SH		SOLE		970,306	0	0
CANTERBURY PARK HOLDING CORP	COM	13811E101	290	20,000	SH		SOLE		20,000	0	0
CAPITAL SOUTHWEST CORP	COM	140501107	31,480	1,496,177	SH		SOLE		1,496,177	0	0
CAPITALA FIN CORP	COM	14054R106	3,073	386,045	SH		SOLE		386,045	0	0
CARBONITE INC	COM	141337105	9,133	368,133	SH		SOLE		368,133	0	0
CARTER BK & TR MARTINSVILLE	COM	146102108	1,800	93,809	SH		SOLE		93,809	0	0
CELCUITY INC	COM	15102K100	1,674	76,412	SH		SOLE		76,412	0	0
CHIMERA INVT CORP	COM NEW	16934Q208	8,115	433,036	SH		SOLE		433,036	0	0
CINTAS CORP	COM	172908105	5,509	27,256	SH		SOLE		27,256	0	0
COLUMBUS MCKINNON CORP N Y	COM	199333105	12,838	373,737	SH		SOLE		373,737	0	0
COMMERCIAL VEH GROUP INC	COM	202608105	2,608	340,000	SH		SOLE		340,000	0	0
CSW INDUSTRIALS INC	COM	126402106	8,784	153,324	SH		SOLE		153,324	0	0
CVS HEALTH CORP	COM	126650100	3,138	58,184	SH		SOLE		58,184	0	0
CYBEROPTICS CORP	COM	232517102	1,976	115,568	SH		SOLE		115,568	0	0
DAWSON GEOPHYSICAL CO NEW	COM	239360100	1,055	359,900	SH		SOLE		359,900	0	0
DEERE & CO	COM	244199105	4,824	30,182	SH		SOLE		30,182	0	0
DELAWARE INV MN MUN INC FD I	COM	24610V103	266	21,015	SH		SOLE		21,015	0	0
DELUXE CORP	COM	248019101	7,787	178,116	SH		SOLE		178,116	0	0
DESTINATION XL GROUP INC	COM	25065K104	3,808	1,554,284	SH		SOLE		1,554,284	0	0
DHI GROUP INC	COM	23331S100	1,551	638,100	SH		SOLE		638,100	0	0
DIAMOND HILL INVESTMENT GROU	COM NEW	25264R207	1,904	13,600	SH		SOLE		13,600	0	0
DIGI INTL INC	COM	253798102	15,274	1,205,549	SH		SOLE		1,205,549	0	0
DISNEY WALT CO	COM DISNEY	254687106	6,247	56,260	SH		SOLE		56,260	0	0
DLH HLDGS CORP	COM	23335Q100	3,384	528,690	SH		SOLE		528,690	0	0
DOUGLAS DYNAMICS INC	COM	25960R105	10,192	267,724	SH		SOLE		267,724	0	0
DRIVE SHACK INC	COM	262077100	13,123	2,922,614	SH		SOLE		2,922,614	0	0
EASTERLY GOVT PPTYS INC	COM	27616P103	5,394	299,518	SH		SOLE		299,518	0	0
EATON VANCE TX ADV GLBL DIV	COM	27828S101	6,734	433,354	SH		SOLE		433,354	0	0
ECOLAB INC	COM	278865100	909	5,147	SH		SOLE		5,147	0	0
EDUCATIONAL DEV CORP	COM	281479105	285	37,700	SH		SOLE		37,700	0	0
ELECTROMED INC	COM	285409108	417	81,000	SH		SOLE		81,000	0	0
ENSTAR GROUP LIMITED	SHS	G3075P101	6,465	37,155	SH		SOLE		37,155	0	0
ENTEGRA FINL CORP	COM	29363J108	4,990	222,250	SH		SOLE		222,250	0	0
ETSY INC	COM	29786A106	15,256	226,959	SH		SOLE		226,959	0	0
EVOLUTION PETROLEUM CORP	COM	30049A107	3,322	492,093	SH		SOLE		492,093	0	0
EXXON MOBIL CORP	COM	30231G102	4,165	51,546	SH		SOLE		51,546	0	0
FARMER BROS CO	COM	307675108	7,269	363,262	SH		SOLE		363,262	0	0
FARMERS NATL BANC CORP	COM	309627107	3,051	221,271	SH		SOLE		221,271	0	0
FERRO CORP	COM	315405100	12,207	644,836	SH		SOLE		644,836	0	0
FIBROGEN INC	COM	31572Q808	489	9,000	SH		SOLE		9,000	0	0
FIRST BANK WILLIAMSTOWN NJ	COM	31931U102	3,795	329,123	SH		SOLE		329,123	0	0
FIRST TR DYNAMIC EUROPE EQT	COM SHS	33740D107	8,847	616,933	SH		SOLE		616,933	0	0
FIRST TR ENERGY INFRASTRCTR	COM	33738C103	6,580	415,143	SH		SOLE		415,143	0	0
FISERV INC	COM	337738108	8,115	91,919	SH		SOLE		91,919	0	0
FRANKLIN COVEY CO	COM	353469109	9,238	365,135	SH		SOLE		365,135	0	0
GENTHERM INC	COM	37253A103	5,528	149,985	SH		SOLE		149,985	0	0
GLADSTONE LD CORP	COM	376549101	4,339	343,040	SH		SOLE		343,040	0	0
GREAT ELM CAP CORP	COM	390320109	3,936	476,495	SH		SOLE		476,495	0	0
GREAT ELM CAP GROUP INC	COM NEW	39036P209	684	161,000	SH		SOLE		161,000	0	0
GREEN BRICK PARTNERS INC	COM	392709101	15,397	1,759,627	SH		SOLE		1,759,627	0	0
HACKETT GROUP INC	COM	404609109	14,455	914,899	SH		SOLE		914,899	0	0
HERITAGE CRYSTAL CLEAN INC	COM	42726M106	4,606	167,800	SH		SOLE		167,800	0	0
HOOKER FURNITURE CORP	COM	439038100	11,515	399,421	SH		SOLE		399,421	0	0
HORMEL FOODS CORP	COM	440452100	5,070	113,279	SH		SOLE		113,279	0	0
HOUSTON WIRE & CABLE CO	COM	44244K109	2,149	339,500	SH		SOLE		339,500	0	0
HUNT COS FIN TR INC	COM	44558T100	611	175,000	SH		SOLE		175,000	0	0
HURCO COMPANIES INC	COM	447324104	1,880	46,617	SH		SOLE		46,617	0	0
I D SYSTEMS INC	COM	449489103	4,074	687,046	SH		SOLE		687,046	0	0
IEC ELECTRS CORP NEW	COM	44949L105	3,639	531,200	SH		SOLE		531,200	0	0
INFORMATION SERVICES GROUP I	COM	45675Y104	3,495	937,000	SH		SOLE		937,000	0	0
INTEL CORP	COM	458140100	896	16,684	SH		SOLE		16,684	0	0
INTL FCSTONE INC	COM	46116V105	23,192	598,340	SH		SOLE		598,340	0	0
INVESCO EXCHANGE TRADED FD T	S&P500 PUR VAL	46137V258	13,140	208,374	SH		SOLE		208,374	0	0
INVESCO QQQ TR	UNIT SER 1	46090E103	208	1,159	SH		SOLE		1,159	0	0
ISSUER DIRECT CORPORATION	COM NEW	46520M204	334	27,000	SH		SOLE		27,000	0	0
JAPAN SMALLER CAPTLZTN FD IN	COM	47109U104	163	18,540	SH		SOLE		18,540	0	0
JOHNSON & JOHNSON	COM	478160104	6,273	44,875	SH		SOLE		44,875	0	0
JOINT CORP	COM	47973J102	756	48,000	SH		SOLE		48,000	0	0
JPMORGAN CHASE & CO	COM	46625H100	7,912	78,158	SH		SOLE		78,158	0	0
KIMBALL ELECTRONICS INC	COM	49428J109	2,919	188,450	SH		SOLE		188,450	0	0
KIMBALL INTL INC	CL B	494274103	11,302	799,257	SH		SOLE		799,257	0	0
KIMBERLY CLARK CORP	COM	494368103	205	1,655	SH		SOLE		1,655	0	0
KINGSTONE COS INC	COM	496719105	2,955	200,500	SH		SOLE		200,500	0	0
LAMAR ADVERTISING CO NEW	CL A	512816109	5,087	64,181	SH		SOLE		64,181	0	0
LAWSON PRODS INC	COM	520776105	3,873	123,504	SH		SOLE		123,504	0	0
LAZYDAYS HLDGS INC	COM	52110H100	137	30,000	SH		SOLE		30,000	0	0
LEAF GROUP LTD	COM	52177G102	5,712	712,208	SH		SOLE		712,208	0	0
LENDINGTREE INC NEW	COM	52603B107	5,804	16,510	SH		SOLE		16,510	0	0
LITHIA MTRS INC	CL A	536797103	8,997	96,998	SH		SOLE		96,998	0	0
LUNA INNOVATIONS	COM	550351100	417	100,000	SH		SOLE		100,000	0	0
MACQUARIE INFRASTRUCTURE COR	COM	55608B105	5,759	139,704	SH		SOLE		139,704	0	0
MADDEN STEVEN LTD	COM	556269108	5,879	173,725	SH		SOLE		173,725	0	0
MALIBU BOATS INC	COM CL A	56117J100	17,027	430,183	SH		SOLE		430,183	0	0
MASTERCRAFT BOAT HLDGS INC	COM	57637H103	7,329	324,725	SH		SOLE		324,725	0	0
MCDONALDS CORP	COM	580135101	359	1,892	SH		SOLE		1,892	0	0
MICROSOFT CORP	COM	594918104	12,263	103,978	SH		SOLE		103,978	0	0
MVC CAPITAL INC	COM	553829102	7,196	793,405	SH		SOLE		793,405	0	0
NATHANS FAMOUS INC NEW	COM	632347100	1,539	22,500	SH		SOLE		22,500	0	0
NATURAL GAS SERVICES GROUP	COM	63886Q109	7,590	438,501	SH		SOLE		438,501	0	0
NAUTILUS INC	COM	63910B102	5,184	932,359	SH		SOLE		932,359	0	0
NEUBERGER BERMAN MLP INCOME	COM	64129H104	14,189	1,782,588	SH		SOLE		1,782,588	0	0
NORTHERN TECH INTL CORP	COM	665809109	3,210	120,000	SH		SOLE		120,000	0	0
NORTHSTAR REALTY EUROPE CORP	COM	66706L101	7,834	451,281	SH		SOLE		451,281	0	0
NOVANTA INC	COM	67000B104	7,776	91,773	SH		SOLE		91,773	0	0
NUVEEN TAXABLE MUNICPL INCM	COM	67074C103	5,088	247,938	SH		SOLE		247,938	0	0
NUVEEN CR OPPORTUNITIES 2022	COM	67075U102	3,147	326,471	SH		SOLE		326,471	0	0
NUVEEN INTER DURATION MN TMF	COM	670671106	5,461	415,249	SH		SOLE		415,249	0	0
NUVEEN MTG OPPORTUNITY TERM	COM	670735109	9,225	396,278	SH		SOLE		396,278	0	0
NUVEEN PFD & INCOME TERM FD	COM	67075A106	7,863	349,794	SH		SOLE		349,794	0	0
OAKTREE STRATEGIC INCOME COR	COM	67402D104	1,981	244,549	SH		SOLE		244,549	0	0
ORACLE CORP	COM	68389X105	4,992	92,940	SH		SOLE		92,940	0	0
OUTFRONT MEDIA INC	COM	69007J106	6,846	292,547	SH		SOLE		292,547	0	0
PANHANDLE OIL AND GAS INC	CL A	698477106	3,495	222,610	SH		SOLE		222,610	0	0
PAR PACIFIC HOLDINGS INC	COM NEW	69888T207	11,716	657,848	SH		SOLE		657,848	0	0
PAYPAL HLDGS INC	COM	70450Y103	348	3,348	SH		SOLE		3,348	0	0
PCSB FINL CORP	COM	69324R104	4,084	208,695	SH		SOLE		208,695	0	0
PENNANTPARK FLOATING RATE CA	COM	70806A106	7,165	559,365	SH		SOLE		559,365	0	0
PERCEPTRON INC	COM	71361F100	4,392	585,644	SH		SOLE		585,644	0	0
PFIZER INC	COM	717081103	715	16,842	SH		SOLE		16,842	0	0
PRGX GLOBAL INC	COM NEW	69357C503	3,533	446,070	SH		SOLE		446,070	0	0
PROCTER AND GAMBLE CO	COM	742718109	303	2,916	SH		SOLE		2,916	0	0
PSYCHEMEDICS CORP	COM NEW	744375205	239	17,000	SH		SOLE		17,000	0	0
PZENA INVESTMENT MGMT INC	CLASS A	74731Q103	14,412	1,781,489	SH		SOLE		1,781,489	0	0
REAVES UTIL INCOME FD	COM SH BEN INT	756158101	6,545	194,336	SH		SOLE		194,336	0	0
RED LION HOTELS CORP	COM	756764106	5,323	658,775	SH		SOLE		658,775	0	0
REPUBLIC SVCS INC	COM	760759100	6,315	78,565	SH		SOLE		78,565	0	0
RIGNET INC	COM	766582100	4,966	508,260	SH		SOLE		508,260	0	0
RIVERNORTH DOUBLELINE STRATE	COM	76882G107	9,722	592,805	SH		SOLE		592,805	0	0
ROYCE MICRO-CAP TR INC	COM	780915104	3,169	380,401	SH		SOLE		380,401	0	0
ROYCE VALUE TR INC	COM	780910105	3,267	237,400	SH		SOLE		237,400	0	0
SB FINL GROUP INC	COM	78408D105	1,766	98,000	SH		SOLE		98,000	0	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	9,800	466,661	SH		SOLE		466,661	0	0
SEASPAN CORP	SHS	Y75638109	8,395	964,970	SH		SOLE		964,970	0	0
SELECT ENERGY SVCS INC	CL A COM	81617J301	5,246	436,480	SH		SOLE		436,480	0	0
SILVERCREST ASSET MGMT GROUP	CL A	828359109	6,669	467,978	SH		SOLE		467,978	0	0
SIMULATIONS PLUS INC	COM	829214105	5,879	278,475	SH		SOLE		278,475	0	0
SLEEP NUMBER CORP	COM	83125X103	7,053	150,067	SH		SOLE		150,067	0	0
SOLAR CAP LTD	COM	83413U100	6,866	329,446	SH		SOLE		329,446	0	0
SPIRIT RLTY CAP INC NEW	NOTE 3.750% 5/1	84860WAB8	499	5,000	SH		SOLE		5,000	0	0
SPOK HLDGS INC	COM	84863T106	10,053	738,107	SH		SOLE		738,107	0	0
SS&C TECHNOLOGIES HLDGS INC	COM	78467J100	7,177	112,689	SH		SOLE		112,689	0	0
STEWARDSHIP FINL CORP	COM	860326107	1,221	132,000	SH		SOLE		132,000	0	0
STONECASTLE FINL CORP	COM	861780104	9,055	422,637	SH		SOLE		422,637	0	0
STRYKER CORP	COM	863667101	253	1,279	SH		SOLE		1,279	0	0
SUPERIOR DRILLING PRODS INC	COM	868153107	510	386,200	SH		SOLE		386,200	0	0
SUPERIOR GRP OF COMPANIES IN	COM	868358102	5,122	308,176	SH		SOLE		308,176	0	0
SYNACOR INC	COM	871561106	251	160,000	SH		SOLE		160,000	0	0
TARGET CORP	COM	87612E106	5,423	67,565	SH		SOLE		67,565	0	0
TECHTARGET INC	COM	87874R100	12,932	794,811	SH		SOLE		794,811	0	0
TEKLA HEALTHCARE INVS	SH BEN INT	87911J103	7,318	356,299	SH		SOLE		356,299	0	0
THESTREET INC	COM	88368Q103	5,215	2,238,000	SH		SOLE		2,238,000	0	0
TORCHMARK CORP	COM	891027104	367	4,475	SH		SOLE		4,475	0	0
TRANSACT TECHNOLOGIES INC	COM	892918103	3,324	363,700	SH		SOLE		363,700	0	0
TRANSCAT INC	COM	893529107	7,822	340,398	SH		SOLE		340,398	0	0
UFP TECHNOLOGIES INC	COM	902673102	6,657	178,000	SH		SOLE		178,000	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	4,881	37,872	SH		SOLE		37,872	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	9,481	38,344	SH		SOLE		38,344	0	0
US BANCORP DEL	COM NEW	902973304	746	15,483	SH		SOLE		15,483	0	0
U S PHYSICAL THERAPY INC	COM	90337L108	5,955	56,700	SH		SOLE		56,700	0	0
VAREX IMAGING CORP	COM	92214X106	7,173	211,728	SH		SOLE		211,728	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	6,419	108,557	SH		SOLE		108,557	0	0
VOLT INFORMATION SCIENCES IN	COM	928703107	3,692	785,500	SH		SOLE		785,500	0	0
WASTE MGMT INC DEL	COM	94106L109	7,082	68,157	SH		SOLE		68,157	0	0
WELLS FARGO CO NEW	COM	949746101	537	11,115	SH		SOLE		11,115	0	0
WESTERN ASSET HGH YLD DFNDFD	COM	95768B107	3,809	257,855	SH		SOLE		257,855	0	0
WEYERHAEUSER CO	COM	962166104	2,681	101,801	SH		SOLE		101,801	0	0
BLACKROCK TCP CAP CORP	COM	09259E108	3,757	264,918	SH		SOLE		264,918	0	0
AMERICAN RLTY CAP PPTYS INC	NOTE 3.750%12/1	02917TAB0	11	11,000	PRN		SOLE		11,000	0	0
PROSPECT CAPITAL CORPORATION	NOTE 4.950% 7/1	74348TAR3	13	13,000	PRN		SOLE		13,000	0	0
MERIDIAN CORPORATION	COM	58958P104	388	21,500	SH		SOLE		21,500	0	0
FIDELITY	MSCI ENERGY IDX	316092402	2,352	130,068	SH		SOLE		130,068	0	0
ISHARES TR	1 3 YR TREAS BD	464287457	10,563	125,571	SH		SOLE		125,571	0	0
ISHARES INC	CORE MSCI EMKT	46434G103	3,618	69,977	SH		SOLE		69,977	0	0
ISHARES TR	CORE MSCI EURO	46434V738	10,418	227,116	SH		SOLE		227,116	0	0
ISHARES TR	S&P 100 ETF	464287101	270	2,152	SH		SOLE		2,152	0	0
ISHARES TR	S&P 500 GRWT ETF	464287309	19,541	113,373	SH		SOLE		113,373	0	0
ISHARES TR	S&P 500 VAL ETF	464287408	5,255	46,613	SH		SOLE		46,613	0	0