Abstract: An adjustable punch body assembly and method of adjusting a punch body assembly that includes a punch body that has a driver engagement end and an opposite cutting end, and a longitudinal inner bore the extends between the driver engagement and cutting ends. The driver engagement end includes a first adjustable engagement. A driver is configured to adjustably couple to the punch body. The driver includes a base that has a second adjustable engagement corresponding to the first adjustable engagement of the punch body to establish an axial position of the driver with respect to the punch body on a longitudinal axis thereof. A stem extends from the base for mating with a punch head. A locking mechanism is provided at the driver engagement end of the punch body for locking the axial position of the driver.