Monarch Partners Asset 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
Estimated average burden
hours per response:		23.8

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
AAC HLDGS INC	COM	000307108	307	7,050	SH		SOLE		7,050	0	0
ABM INDS INC	COM	000957100	2,771	84,300	SH		SOLE		6,075	0	78,225
ACADIA HEALTHCARE COMPANY IN	COM	00404A109	13,239	169,016	SH		SOLE		94,482	0	74,534
THE ADT CORPORATION	COM	00101J106	5,217	155,392	SH		SOLE		110,317	0	45,075
ADVISORY BRD CO	COM	00762W107	1,342	24,550	SH		SOLE		1,900	0	22,650
AIR TRANSPORT SERVICES GRP I	COM	00922R105	2,618	249,550	SH		SOLE		37,300	0	212,250
ALEXANDER & BALDWIN INC NEW	COM	014491104	4,393	111,505	SH		SOLE		26,590	0	84,915
ALLIED WRLD ASSUR COM HLDG A	SHS	H01531104	7,270	168,214	SH		SOLE		118,584	0	49,630
AMERICAN CAMPUS CMNTYS INC	COM	024835100	4,755	126,166	SH		SOLE		86,817	0	39,349
AMERICAN FINL GROUP INC OHIO	COM	025932104	5,504	84,630	SH		SOLE		60,100	0	24,530
AMERIS BANCORP	COM	03076K108	2,646	104,635	SH		SOLE		19,254	0	85,381
AMERISAFE INC	COM	03071H100	2,688	57,125	SH		SOLE		8,300	0	48,825
AMSURG CORP	COM	03232P405	8,473	121,133	SH		SOLE		70,918	0	50,215
APOLLO RESIDENTIAL MTG INC	COM	03763V102	217	14,750	SH		SOLE		14,750	0	0
ARC DOCUMENT SOLUTIONS INC	COM	00191G103	115	15,100	SH		SOLE		15,100	0	0
ARGAN INC	COM	04010E109	211	5,225	SH		SOLE		5,225	0	0
ARRIS GROUP INC NEW	COM	04270V106	9,545	311,942	SH		SOLE		233,036	0	78,906
GALLAGHER ARTHUR J & CO	COM	363576109	12,283	259,676	SH		SOLE		182,161	0	77,515
ASTORIA FINL CORP	COM	046265104	2,150	155,900	SH		SOLE		11,800	0	144,100
BANKUNITED INC	COM	06652K103	10,284	286,210	SH		SOLE		208,718	0	77,492
BANNER CORP	COM NEW	06652V208	204	4,250	SH		SOLE		4,250	0	0
BERKSHIRE HILLS BANCORP INC	COM	084680107	2,995	105,150	SH		SOLE		15,900	0	89,250
BIG LOTS INC	COM	089302103	1,525	33,900	SH		SOLE		2,500	0	31,400
BLUEROCK RESIDENT GR REIT IN	COM CL A	09627J102	190	15,000	SH		SOLE		15,000	0	0
BOISE CASCADE CO DEL	COM	09739D100	4,568	124,540	SH		SOLE		85,400	0	39,140
BOOT BARN HLDGS INC	COM	099406100	2,135	66,725	SH		SOLE		4,736	0	61,989
BRUNSWICK CORP	COM	117043109	6,341	124,673	SH		SOLE		92,764	0	31,909
CALERES INC	COM	129500104	8,793	276,680	SH		SOLE		131,850	0	144,830
CALIFORNIA WTR SVC GROUP	COM	130788102	1,487	65,075	SH		SOLE		4,950	0	60,125
CALLIDUS SOFTWARE INC	COM	13123E500	1,667	107,000	SH		SOLE		15,950	0	91,050
CAMDEN PPTY TR	SH BEN INT	133131102	6,718	90,439	SH		SOLE		63,709	0	26,730
CBIZ INC	COM	124805102	161	16,725	SH		SOLE		16,725	0	0
CDW CORP	COM	12514G108	6,023	175,686	SH		SOLE		120,666	0	55,020
CHATHAM LODGING TR	COM	16208T102	6,900	260,674	SH		SOLE		151,491	0	109,183
CHILDRENS PL INC	COM	168905107	1,648	25,200	SH		SOLE		1,900	0	23,300
CLEARWATER PAPER CORP	COM	18538R103	1,355	23,650	SH		SOLE		1,650	0	22,000
CLUBCORP HLDGS INC	COM	18948M108	1,404	58,799	SH		SOLE		4,415	0	54,384
CMS ENERGY CORP	COM	125896100	7,859	246,839	SH		SOLE		167,609	0	79,230
COBIZ FINANCIAL INC	COM	190897108	248	18,950	SH		SOLE		18,950	0	0
COGENT COMMUNICATIONS HLDGS	COM NEW	19239V302	1,519	44,900	SH		SOLE		3,200	0	41,700
COLUMBIA BKG SYS INC	COM	197236102	1,690	51,950	SH		SOLE		3,900	0	48,050
COMMSCOPE HLDG CO INC	COM	20337X109	8,301	272,060	SH		SOLE		188,130	0	83,930
COMMUNITY HEALTH SYS INC NEW	COM	203668108	12,489	198,330	SH		SOLE		141,945	0	56,385
CONNECTONE BANCORP INC NEW	COM	20786W107	319	14,800	SH		SOLE		14,800	0	0
CONSTANT CONTACT INC	COM	210313102	906	31,500	SH		SOLE		2,400	0	29,100
COVANTA HLDG CORP	COM	22282E102	5,241	247,321	SH		SOLE		175,226	0	72,095
DECKERS OUTDOOR CORP	COM	243537107	9,589	133,240	SH		SOLE		73,500	0	59,740
DELEK US HLDGS INC	COM	246647101	3,329	90,405	SH		SOLE		49,300	0	41,105
DESTINATION MATERNITY CORP	COM	25065D100	154	13,225	SH		SOLE		13,225	0	0
DIXIE GROUP INC	CL A	255519100	152	14,500	SH		SOLE		14,500	0	0
EAGLE BANCORP INC MD	COM	268948106	1,151	26,174	SH		SOLE		6,825	0	19,349
EAGLE MATERIALS INC	COM	26969P108	4,147	54,331	SH		SOLE		37,461	0	16,870
EAST WEST BANCORP INC	COM	27579R104	12,116	270,335	SH		SOLE		192,790	0	77,545
ELDORADO RESORTS INC	COM	28470R102	147	18,825	SH		SOLE		18,825	0	0
EMPLOYERS HOLDINGS INC	COM	292218104	2,142	94,025	SH		SOLE		6,600	0	87,425
ENERSYS	COM	29275Y102	7,385	105,070	SH		SOLE		59,044	0	46,026
ENPRO INDS INC	COM	29355X107	1,511	26,400	SH		SOLE		2,000	0	24,400
ENTRAVISION COMMUNICATIONS C	CL A	29382R107	230	27,950	SH		SOLE		27,950	0	0
EPLUS INC	COM	294268107	1,267	16,525	SH		SOLE		3,350	0	13,175
EVERCORE PARTNERS INC	CLASS A	29977A105	1,942	35,998	SH		SOLE		2,537	0	33,461
EVINE LIVE INC	CL A	300487105	66	24,625	SH		SOLE		24,625	0	0
EXA CORP	COM	300614500	146	13,050	SH		SOLE		13,050	0	0
FEI CO	COM	30241L109	7,871	94,906	SH		SOLE		56,106	0	38,800
FERRO CORP	COM	315405100	1,761	104,925	SH		SOLE		8,000	0	96,925
FIRST NBC BK HLDG CO	COM	32115D106	1,836	50,988	SH		SOLE		10,998	0	39,990
FIRST REP BK SAN FRANCISCO C	COM	33616C100	4,588	72,795	SH		SOLE		51,190	0	21,605
FOOT LOCKER INC	COM	344849104	6,061	90,455	SH		SOLE		63,166	0	27,289
FORMFACTOR INC	COM	346375108	136	14,750	SH		SOLE		14,750	0	0
FOX CHASE BANCORP INC NEW	COM	35137T108	205	12,100	SH		SOLE		12,100	0	0
FREIGHTCAR AMER INC	COM	357023100	257	12,325	SH		SOLE		7,425	0	4,900
FURMANITE CORPORATION	COM	361086101	1,768	217,750	SH		SOLE		33,900	0	183,850
G & K SVCS INC	CL A	361268105	1,132	16,375	SH		SOLE		1,250	0	15,125
G-III APPAREL GROUP LTD	COM	36237H101	12,553	178,433	SH		SOLE		133,673	0	44,760
GAIAM INC	CL A	36268Q103	143	21,850	SH		SOLE		21,850	0	0
GEO GROUP INC NEW	COM	36162J106	8,340	244,155	SH		SOLE		146,160	0	97,995
GP STRATEGIES CORP	COM	36225V104	1,568	47,185	SH		SOLE		8,359	0	38,826
GRAMERCY PPTY TR INC	COM NEW	38489R605	1,607	68,770	SH		SOLE		11,615	0	57,155
GRAPHIC PACKAGING HLDG CO	COM	388689101	11,961	858,632	SH		SOLE		497,326	0	361,306
GRAY TELEVISION INC	COM	389375106	2,498	159,300	SH		SOLE		11,300	0	148,000
HAIN CELESTIAL GROUP INC	COM	405217100	1,205	18,300	SH		SOLE		14,750	0	3,550
HANOVER INS GROUP INC	COM	410867105	19,299	260,688	SH		SOLE		149,279	0	111,409
HEALTHSOUTH CORP	COM NEW	421924309	8,145	176,830	SH		SOLE		99,724	0	77,106
HELEN OF TROY CORP LTD	COM	G4388N106	860	8,825	SH		SOLE		650	0	8,175
HERITAGE OAKS BANCORP	COM	42724R107	205	26,100	SH		SOLE		26,100	0	0
HFF INC	CL A	40418F108	1,479	35,450	SH		SOLE		2,725	0	32,725
HOWARD HUGHES CORP	COM	44267D107	13,986	97,435	SH		SOLE		69,436	0	27,999
HUDSON TECHNOLOGIES INC	COM	444144109	144	41,275	SH		SOLE		41,275	0	0
HURON CONSULTING GROUP INC	COM	447462102	4,784	68,262	SH		SOLE		37,341	0	30,921
ICONIX BRAND GROUP INC	COM	451055107	2,568	102,825	SH		SOLE		7,300	0	95,525
INFOBLOX INC	COM	45672H104	1,942	74,100	SH		SOLE		5,250	0	68,850
INGRAM MICRO INC	CL A	457153104	10,449	417,462	SH		SOLE		252,002	0	165,460
INNERWORKINGS INC	COM	45773Y105	123	18,400	SH		SOLE		18,400	0	0
INSTEEL INDUSTRIES INC	COM	45774W108	1,240	66,325	SH		SOLE		13,725	0	52,600
IRIDIUM COMMUNICATIONS INC	COM	46269C102	202	22,200	SH		SOLE		22,200	0	0
ITC HLDGS CORP	COM	465685105	4,827	149,991	SH		SOLE		104,871	0	45,120
JARDEN CORP	COM	471109108	5,587	107,960	SH		SOLE		75,929	0	32,031
JERNIGAN CAP INC	COM	476405105	313	15,400	SH		SOLE		10,000	0	5,400
KEARNY FINL CORP MD	COM	48716P108	1,678	150,350	SH		SOLE		11,350	0	139,000
KNOLL INC	COM NEW	498904200	2,901	115,900	SH		SOLE		8,189	0	107,711
KRISPY KREME DOUGHNUTS INC	COM	501014104	1,802	93,550	SH		SOLE		6,400	0	87,150
LADDER CAP CORP	CL A	505743104	2,192	126,325	SH		SOLE		9,600	0	116,725
LAZARD LTD	SHS A	G54050102	9,648	171,552	SH		SOLE		119,587	0	51,965
LHC GROUP INC	COM	50187A107	233	6,100	SH		SOLE		6,100	0	0
LIFEPOINT HEALTH INC	COM	53219L109	1,875	21,567	SH		SOLE		1,650	0	19,917
LITHIA MTRS INC	CL A	536797103	5,887	52,024	SH		SOLE		36,474	0	15,550
MATTEL INC	COM	577081102	5,974	232,542	SH		SOLE		166,517	0	66,025
MEMORIAL RESOURCE DEV CORP	COM	58605Q109	4,067	214,390	SH		SOLE		147,060	0	67,330
MERCER INTL INC	COM	588056101	1,372	100,325	SH		SOLE		21,123	0	79,202
MERIDIAN BANCORP INC MD	COM	58958U103	3,015	224,800	SH		SOLE		17,000	0	207,800
MGM RESORTS INTERNATIONAL	COM	552953101	9,089	498,016	SH		SOLE		360,669	0	137,347
MICROSEMI CORP	COM	595137100	1,528	43,725	SH		SOLE		3,100	0	40,625
MUELLER INDS INC	COM	624756102	9,347	269,206	SH		SOLE		150,013	0	119,193
NETSCOUT SYS INC	COM	64115T104	11,515	314,019	SH		SOLE		188,735	0	125,284
NEW SR INVT GROUP INC	COM	648691103	1,745	130,488	SH		SOLE		9,907	0	120,581
ON SEMICONDUCTOR CORP	COM	682189105	8,030	686,893	SH		SOLE		474,047	0	212,846
OXFORD INDS INC	COM	691497309	3,061	35,000	SH		SOLE		2,407	0	32,593
PACWEST BANCORP DEL	COM	695263103	9,559	204,422	SH		SOLE		146,260	0	58,162
PARSLEY ENERGY INC	CL A	701877102	3,065	175,953	SH		SOLE		105,138	0	70,815
PATTERN ENERGY GROUP INC	CL A	70338P100	10,487	369,538	SH		SOLE		203,487	0	166,051
PEBBLEBROOK HOTEL TR	COM	70509V100	6,267	146,152	SH		SOLE		103,204	0	42,948
PERFICIENT INC	COM	71375U101	1,959	101,825	SH		SOLE		20,550	0	81,275
PHYSICIANS RLTY TR	COM	71943U104	3,099	201,790	SH		SOLE		66,315	0	135,475
PIER 1 IMPORTS INC	COM	720279108	7,238	573,087	SH		SOLE		314,447	0	258,640
PINNACLE FOODS INC DEL	COM	72348P104	15,037	330,196	SH		SOLE		236,961	0	93,235
PLEXUS CORP	COM	729132100	3,022	68,875	SH		SOLE		22,650	0	46,225
PNM RES INC	COM	69349H107	766	31,150	SH		SOLE		2,350	0	28,800
PRESTIGE BRANDS HLDGS INC	COM	74112D101	2,994	64,750	SH		SOLE		4,500	0	60,250
PRIVATEBANCORP INC	COM	742962103	1,278	32,100	SH		SOLE		2,250	0	29,850
QUANTA SVCS INC	COM	74762E102	4,139	143,609	SH		SOLE		97,892	0	45,717
DONNELLEY R R & SONS CO	COM	257867101	4,998	286,746	SH		SOLE		201,786	0	84,960
RAYMOND JAMES FINANCIAL INC	COM	754730109	7,428	124,675	SH		SOLE		87,800	0	36,875
REGAL ENTMT GROUP	CL A	758766109	7,278	348,070	SH		SOLE		245,150	0	102,920
RENAISSANCERE HOLDINGS LTD	COM	G7496G103	8,110	79,889	SH		SOLE		56,334	0	23,555
RENASANT CORP	COM	75970E107	2,438	74,800	SH		SOLE		10,500	0	64,300
RICE ENERGY INC	COM	762760106	4,198	201,525	SH		SOLE		114,500	0	87,025
RLJ LODGING TR	COM	74965L101	8,272	277,758	SH		SOLE		196,498	0	81,260
ROCK-TENN CO	CL A	772739207	11,877	197,288	SH		SOLE		127,688	0	69,600
SANTANDER CONSUMER USA HDG I	COM	80283M101	6,233	243,764	SH		SOLE		174,724	0	69,040
SEACOAST BKG CORP FLA	COM NEW	811707801	210	13,300	SH		SOLE		13,300	0	0
SERVICEMASTER GLOBAL HLDGS I	COM	81761R109	5,716	158,031	SH		SOLE		109,676	0	48,355
SIGNATURE BK NEW YORK N Y	COM	82669G104	4,005	27,357	SH		SOLE		18,660	0	8,697
SIGNET JEWELERS LIMITED	SHS	G81276100	6,307	49,183	SH		SOLE		35,325	0	13,858
SM ENERGY CO	COM	78454L100	2,954	64,056	SH		SOLE		38,501	0	25,555
SOLARWINDS INC	COM	83416B109	9,387	203,495	SH		SOLE		117,225	0	86,270
SPECTRUM BRANDS HLDGS INC	COM	84763R101	6,390	62,651	SH		SOLE		44,005	0	18,646
SPORTSMANS WHSE HLDGS INC	COM	84920Y106	121	10,600	SH		SOLE		10,600	0	0
STAG INDL INC	COM	85254J102	9,723	486,162	SH		SOLE		266,599	0	219,563
STANDEX INTL CORP	COM	854231107	2,442	30,550	SH		SOLE		2,300	0	28,250
STERLING BANCORP DEL	COM	85917A100	2,263	153,950	SH		SOLE		11,650	0	142,300
MADDEN STEVEN LTD	COM	556269108	2,995	70,000	SH		SOLE		19,700	0	50,300
SUMMIT HOTEL PPTYS	COM	866082100	2,347	180,425	SH		SOLE		13,750	0	166,675
SYNCHRONOSS TECHNOLOGIES INC	COM	87157B103	2,780	60,800	SH		SOLE		4,225	0	56,575
SYNOVUS FINL CORP	COM NEW	87161C501	3,118	101,175	SH		SOLE		32,100	0	69,075
TEAM HEALTH HOLDINGS INC	COM	87817A107	9,121	139,620	SH		SOLE		98,380	0	41,240
TECHTARGET INC	COM	87874R100	272	30,500	SH		SOLE		17,900	0	12,600
TELEFLEX INC	COM	879369106	12,196	90,042	SH		SOLE		66,560	0	23,482
TERRENO RLTY CORP	COM	88146M101	1,990	101,025	SH		SOLE		15,000	0	86,025
TEXAS CAPITAL BANCSHARES INC	COM	88224Q107	7,467	119,970	SH		SOLE		66,000	0	53,970
TFS FINL CORP	COM	87240R107	7,395	439,650	SH		SOLE		312,150	0	127,500
TRINITY INDS INC	COM	896522109	4,842	183,216	SH		SOLE		126,316	0	56,900
TUESDAY MORNING CORP	COM NEW	899035505	130	11,550	SH		SOLE		11,550	0	0
TWO HBRS INVT CORP	COM	90187B101	3,678	377,570	SH		SOLE		376,170	0	1,400
U S CONCRETE INC	COM NEW	90333L201	2,190	57,800	SH		SOLE		7,800	0	50,000
U S PHYSICAL THERAPY INC	COM	90337L108	233	4,250	SH		SOLE		4,250	0	0
U S SILICA HLDGS INC	COM	90346E103	3,382	115,177	SH		SOLE		81,217	0	33,960
VALIDUS HOLDINGS LTD	COM SHS	G9319H102	5,536	125,840	SH		SOLE		88,750	0	37,090
VECTREN CORP	COM	92240G101	6,185	160,734	SH		SOLE		112,944	0	47,790
VERIFONE SYS INC	COM	92342Y109	4,631	136,365	SH		SOLE		94,101	0	42,264
VOXX INTL CORP	CL A	91829F104	178	21,550	SH		SOLE		21,550	0	0
WADDELL & REED FINL INC	CL A	930059100	9,379	198,248	SH		SOLE		108,100	0	90,148
WALKER & DUNLOP INC	COM	93148P102	249	9,300	SH		SOLE		9,300	0	0
WESTERN ALLIANCE BANCORP	COM	957638109	3,723	110,275	SH		SOLE		30,600	0	79,675
WESTMORELAND COAL CO	COM	960878106	303	14,600	SH		SOLE		14,600	0	0
WNS HOLDINGS LTD	SPON ADR	92932M101	1,617	60,450	SH		SOLE		4,600	0	55,850
YADKIN FINL CORP	COM	984305102	226	10,800	SH		SOLE		10,800	0	0
YRC WORLDWIDE INC	COM PAR $.01	984249607	140	10,750	SH		SOLE		10,750	0	0