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
ABM INDS INC	COM	000957100	8,231	301,400	SH		SOLE		142,575	0	158,825
ACADIA HEALTHCARE COMPANY IN	COM	00404A109	13,370	201,749	SH		SOLE		109,290	0	92,459
ADVISORY BRD CO	COM	00762W107	1,111	24,400	SH		SOLE		1,900	0	22,500
AIR TRANSPORT SERVICES GRP I	COM	00922R105	1,625	190,100	SH		SOLE		31,200	0	158,900
ALLIANCE HEALTHCARE SRVCS IN	COM PAR $0.01	018606301	141	14,450	SH		SOLE		14,450	0	0
ALLIANT ENERGY CORP	COM	018802108	8,858	151,450	SH		SOLE		99,950	0	51,500
ALLIED WRLD ASSUR COM HLDG A	SHS	H01531104	15,318	401,307	SH		SOLE		225,257	0	176,050
AMERICAN FINL GROUP INC OHIO	COM	025932104	7,546	109,500	SH		SOLE		68,600	0	40,900
AMERIS BANCORP	COM	03076K108	2,966	103,160	SH		SOLE		18,329	0	84,831
AMERISAFE INC	COM	03071H100	2,886	58,025	SH		SOLE		9,500	0	48,525
AMSURG CORP	COM	03232P405	9,030	116,201	SH		SOLE		62,136	0	54,065
APOLLO RESIDENTIAL MTG INC	COM	03763V102	241	19,050	SH		SOLE		19,050	0	0
ARC DOCUMENT SOLUTIONS INC	COM	00191G103	116	19,500	SH		SOLE		19,500	0	0
ARGAN INC	COM	04010E109	237	6,825	SH		SOLE		6,825	0	0
ARRIS GROUP INC NEW	COM	04270V106	6,107	235,148	SH		SOLE		145,193	0	89,955
GALLAGHER ARTHUR J & CO	COM	363576109	6,330	153,351	SH		SOLE		94,761	0	58,590
ASHLAND INC NEW	COM	044209104	9,380	93,225	SH		SOLE		60,400	0	32,825
ASTORIA FINL CORP	COM	046265104	1,160	72,050	SH		SOLE		5,450	0	66,600
ATLAS FINANCIAL HOLDINGS INC	SHS NEW	G06207115	281	15,200	SH		SOLE		15,200	0	0
ATMOS ENERGY CORP	COM	049560105	10,565	181,600	SH		SOLE		112,700	0	68,900
AXALTA COATING SYS LTD	COM	G0750C108	7,600	299,925	SH		SOLE		185,375	0	114,550
BANKUNITED INC	COM	06652K103	17,072	477,538	SH		SOLE		262,546	0	214,992
BANNER CORP	COM NEW	06652V208	260	5,450	SH		SOLE		5,450	0	0
BERKSHIRE HILLS BANCORP INC	COM	084680107	1,874	68,050	SH		SOLE		16,100	0	51,950
BIG LOTS INC	COM	089302103	2,223	46,400	SH		SOLE		3,550	0	42,850
BLUEROCK RESIDENT GR REIT IN	COM CL A	09627J102	317	26,450	SH		SOLE		26,450	0	0
BOISE CASCADE CO DEL	COM	09739D100	4,032	159,890	SH		SOLE		97,500	0	62,390
BRIGHT HORIZONS FAM SOL IN D	COM	109194100	1,314	20,461	SH		SOLE		16,136	0	4,325
BRUNSWICK CORP	COM	117043109	7,775	162,346	SH		SOLE		106,212	0	56,134
CALERES INC	COM	129500104	9,268	303,580	SH		SOLE		147,700	0	155,880
CALIFORNIA WTR SVC GROUP	COM	130788102	1,983	89,625	SH		SOLE		6,850	0	82,775
CALLIDUS SOFTWARE INC	COM	13123E500	1,798	105,850	SH		SOLE		15,350	0	90,500
CAMDEN PPTY TR	SH BEN INT	133131102	10,071	136,274	SH		SOLE		85,459	0	50,815
CARRIAGE SVCS INC	COM	143905107	241	11,150	SH		SOLE		11,150	0	0
CASELLA WASTE SYS INC	CL A	147448104	228	39,250	SH		SOLE		39,250	0	0
CBIZ INC	COM	124805102	240	24,425	SH		SOLE		24,425	0	0
CDW CORP	COM	12514G108	6,870	168,136	SH		SOLE		103,816	0	64,320
CHESAPEAKE UTILS CORP	COM	165303108	2,381	44,850	SH		SOLE		7,400	0	37,450
CHILDRENS PL INC	COM	168905107	1,445	25,050	SH		SOLE		1,900	0	23,150
CLUBCORP HLDGS INC	COM	18948M108	4,581	213,457	SH		SOLE		52,073	0	161,384
CMS ENERGY CORP	COM	125896100	17,397	492,544	SH		SOLE		314,409	0	178,135
COBIZ FINANCIAL INC	COM	190897108	318	24,450	SH		SOLE		24,450	0	0
COGENT COMMUNICATIONS HLDGS	COM NEW	19239V302	1,133	41,700	SH		SOLE		3,200	0	38,500
COLUMBIA BKG SYS INC	COM	197236102	2,134	68,375	SH		SOLE		5,200	0	63,175
COMMSCOPE HLDG CO INC	COM	20337X109	6,893	229,535	SH		SOLE		141,780	0	87,755
CONNECTONE BANCORP INC NEW	COM	20786W107	369	19,100	SH		SOLE		19,100	0	0
CONTINENTAL BLDG PRODS INC	COM	211171103	1,826	88,900	SH		SOLE		17,150	0	71,750
CONVERGYS CORP	COM	212485106	2,004	86,700	SH		SOLE		6,600	0	80,100
COOPER COS INC	COM NEW	216648402	6,606	44,374	SH		SOLE		27,378	0	16,996
DECKERS OUTDOOR CORP	COM	243537107	13,746	236,757	SH		SOLE		127,167	0	109,590
DELEK US HLDGS INC	COM	246647101	3,046	109,955	SH		SOLE		56,100	0	53,855
DESTINATION MATERNITY CORP	COM	25065D100	158	17,125	SH		SOLE		17,125	0	0
DIXIE GROUP INC	CL A	255519100	119	14,250	SH		SOLE		14,250	0	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	5,728	324,150	SH		SOLE		200,300	0	123,850
EAGLE MATERIALS INC	COM	26969P108	4,788	69,981	SH		SOLE		42,861	0	27,120
EAST WEST BANCORP INC	COM	27579R104	13,223	344,161	SH		SOLE		218,666	0	125,495
EDUCATION RLTY TR INC	COM NEW	28140H203	1,798	54,575	SH		SOLE		4,150	0	50,425
ELDORADO RESORTS INC	COM	28470R102	184	20,350	SH		SOLE		20,350	0	0
EMPLOYERS HOLDINGS INC	COM	292218104	1,944	87,225	SH		SOLE		6,600	0	80,625
ENERGEN CORP	COM	29265N108	5,142	103,137	SH		SOLE		63,763	0	39,374
ENERSYS	COM	29275Y102	6,874	128,290	SH		SOLE		66,944	0	61,346
ENTRAVISION COMMUNICATIONS C	CL A	29382R107	294	44,350	SH		SOLE		44,350	0	0
EPLUS INC	COM	294268107	1,275	16,125	SH		SOLE		2,950	0	13,175
EQUITY COMWLTH	COM SH BEN INT	294628102	1,859	68,250	SH		SOLE		5,200	0	63,050
EVERCORE PARTNERS INC	CLASS A	29977A105	1,439	28,638	SH		SOLE		2,187	0	26,451
EVINE LIVE INC	CL A	300487105	83	31,825	SH		SOLE		31,825	0	0
EXA CORP	COM	300614500	139	13,500	SH		SOLE		13,500	0	0
FEI CO	COM	30241L109	7,110	97,343	SH		SOLE		54,215	0	43,128
FIRST NBC BK HLDG CO	COM	32115D106	237	6,750	SH		SOLE		6,750	0	0
FIRST REP BK SAN FRANCISCO C	COM	33616C100	5,906	94,095	SH		SOLE		58,490	0	35,605
FOOT LOCKER INC	COM	344849104	11,162	155,093	SH		SOLE		96,666	0	58,427
FORMFACTOR INC	COM	346375108	172	25,300	SH		SOLE		25,300	0	0
FOX CHASE BANCORP INC NEW	COM	35137T108	271	15,600	SH		SOLE		15,600	0	0
FRANKLIN FINL NETWORK INC	COM	35352P104	267	11,925	SH		SOLE		11,925	0	0
FURMANITE CORPORATION	COM	361086101	1,238	203,700	SH		SOLE		39,900	0	163,800
G & K SVCS INC	CL A	361268105	1,084	16,275	SH		SOLE		1,250	0	15,025
GAIAM INC	CL A	36268Q103	140	22,750	SH		SOLE		22,750	0	0
GEO GROUP INC NEW	COM	36162J106	10,271	345,355	SH		SOLE		177,960	0	167,395
GRAMERCY PPTY TR INC	COM NEW	38489R605	10,622	511,420	SH		SOLE		264,015	0	247,405
GRAPHIC PACKAGING HLDG CO	COM	388689101	12,598	984,976	SH		SOLE		564,295	0	420,681
GRAY TELEVISION INC	COM	389375106	1,379	108,100	SH		SOLE		8,225	0	99,875
HAIN CELESTIAL GROUP INC	COM	405217100	8,818	170,897	SH		SOLE		109,997	0	60,900
HANOVER INS GROUP INC	COM	410867105	21,424	275,728	SH		SOLE		147,924	0	127,804
HEALTHSOUTH CORP	COM NEW	421924309	8,431	219,729	SH		SOLE		113,524	0	106,205
HFF INC	CL A	40418F108	1,700	50,350	SH		SOLE		3,825	0	46,525
HOWARD HUGHES CORP	COM	44267D107	12,732	110,961	SH		SOLE		71,012	0	39,949
HUDSON TECHNOLOGIES INC	COM	444144109	159	53,375	SH		SOLE		53,375	0	0
HURON CONSULTING GROUP INC	COM	447462102	5,191	83,012	SH		SOLE		42,441	0	40,571
IHS INC	CL A	451734107	10,768	92,825	SH		SOLE		59,900	0	32,925
INGRAM MICRO INC	CL A	457153104	11,368	417,321	SH		SOLE		231,736	0	185,585
INGREDION INC	COM	457187102	8,735	100,050	SH		SOLE		63,000	0	37,050
INSTEEL INDUSTRIES INC	COM	45774W108	1,106	68,775	SH		SOLE		16,525	0	52,250
IRIDIUM COMMUNICATIONS INC	COM	46269C102	261	42,400	SH		SOLE		42,400	0	0
J & J SNACK FOODS CORP	COM	466032109	2,464	21,675	SH		SOLE		1,650	0	20,025
JARDEN CORP	COM	471109108	6,295	128,787	SH		SOLE		79,479	0	49,308
JERNIGAN CAP INC	COM	476405105	227	13,000	SH		SOLE		13,000	0	0
SANFILIPPO JOHN B & SON INC	COM	800422107	1,943	37,900	SH		SOLE		2,850	0	35,050
JONES ENERGY INC	COM CL A	48019R108	103	21,450	SH		SOLE		21,450	0	0
KANSAS CITY SOUTHERN	COM NEW	485170302	9,945	109,430	SH		SOLE		70,400	0	39,030
KEARNY FINL CORP MD	COM	48716P108	1,714	149,450	SH		SOLE		11,350	0	138,100
KINDRED HEALTHCARE INC	COM	494580103	1,755	111,425	SH		SOLE		8,475	0	102,950
KNOLL INC	COM NEW	498904200	1,555	70,750	SH		SOLE		5,039	0	65,711
LADDER CAP CORP	CL A	505743104	1,798	125,575	SH		SOLE		9,600	0	115,975
LHC GROUP INC	COM	50187A107	224	5,000	SH		SOLE		5,000	0	0
LIFEPOINT HEALTH INC	COM	53219L109	1,518	21,417	SH		SOLE		1,650	0	19,767
LITHIA MTRS INC	CL A	536797103	10,372	95,939	SH		SOLE		59,224	0	36,715
LITTELFUSE INC	COM	537008104	12,222	134,090	SH		SOLE		73,195	0	60,895
MANPOWERGROUP INC	COM	56418H100	8,160	99,650	SH		SOLE		61,550	0	38,100
MARCUS CORP	COM	566330106	198	10,250	SH		SOLE		10,250	0	0
MARINEMAX INC	COM	567908108	1,883	133,250	SH		SOLE		22,950	0	110,300
MEMORIAL RESOURCE DEV CORP	COM	58605Q109	4,800	273,040	SH		SOLE		167,860	0	105,180
MERCER INTL INC	COM	588056101	119	11,850	SH		SOLE		11,850	0	0
MERIDIAN BANCORP INC MD	COM	58958U103	3,055	223,450	SH		SOLE		17,000	0	206,450
MICROSEMI CORP	COM	595137100	1,853	56,450	SH		SOLE		4,300	0	52,150
MID-AMER APT CMNTYS INC	COM	59522J103	10,418	127,250	SH		SOLE		82,300	0	44,950
MUELLER INDS INC	COM	624756102	9,878	333,956	SH		SOLE		170,313	0	163,643
NETSCOUT SYS INC	COM	64115T104	9,179	259,505	SH		SOLE		148,546	0	110,959
NEW MEDIA INVT GROUP INC	COM	64704V106	288	18,600	SH		SOLE		18,600	0	0
NEXSTAR BROADCASTING GROUP I	CL A	65336K103	8,213	173,450	SH		SOLE		107,700	0	65,750
NORTHWESTERN CORP	COM NEW	668074305	10,526	195,550	SH		SOLE		98,300	0	97,250
OMEGA HEALTHCARE INVS INC	COM	681936100	11,991	341,150	SH		SOLE		218,875	0	122,275
OXFORD INDS INC	COM	691497309	1,381	18,686	SH		SOLE		1,432	0	17,254
PACWEST BANCORP DEL	COM	695263103	7,247	169,294	SH		SOLE		109,357	0	59,937
PARSLEY ENERGY INC	CL A	701877102	5,725	379,903	SH		SOLE		192,138	0	187,765
PERFICIENT INC	COM	71375U101	1,501	97,275	SH		SOLE		16,500	0	80,775
PHYSICIANS RLTY TR	COM	71943U104	2,350	155,700	SH		SOLE		27,975	0	127,725
PINNACLE FOODS INC DEL	COM	72348P104	10,145	242,231	SH		SOLE		156,796	0	85,435
PNM RES INC	COM	69349H107	14,337	511,125	SH		SOLE		253,050	0	258,075
POLARIS INDS INC	COM	731068102	7,690	64,150	SH		SOLE		39,600	0	24,550
PRESTIGE BRANDS HLDGS INC	COM	74112D101	2,680	59,350	SH		SOLE		4,500	0	54,850
PRIMO WTR CORP	COM	74165N105	223	29,600	SH		SOLE		29,600	0	0
PROASSURANCE CORP	COM	74267C106	12,069	245,950	SH		SOLE		120,100	0	125,850
RAYMOND JAMES FINANCIAL INC	COM	754730109	6,373	128,415	SH		SOLE		79,950	0	48,465
RENAISSANCERE HOLDINGS LTD	COM	G7496G103	9,496	89,314	SH		SOLE		54,784	0	34,530
RENASANT CORP	COM	75970E107	2,497	76,000	SH		SOLE		12,100	0	63,900
RICE ENERGY INC	COM	762760106	6,213	384,450	SH		SOLE		219,450	0	165,000
SANTANDER CONSUMER USA HDG I	COM	80283M101	6,067	297,114	SH		SOLE		186,699	0	110,415
SEACOAST BKG CORP FLA	COM NEW	811707801	252	17,200	SH		SOLE		17,200	0	0
SERVICEMASTER GLOBAL HLDGS I	COM	81761R109	6,810	202,981	SH		SOLE		124,976	0	78,005
SIGNATURE BK NEW YORK N Y	COM	82669G104	4,836	35,157	SH		SOLE		21,360	0	13,797
SIGNET JEWELERS LIMITED	SHS	G81276100	8,797	64,624	SH		SOLE		41,911	0	22,713
SOVRAN SELF STORAGE INC	COM	84610H108	18,436	195,508	SH		SOLE		105,575	0	89,933
SPECTRUM BRANDS HLDGS INC	COM	84763R101	7,519	82,166	SH		SOLE		50,205	0	31,961
SS&C TECHNOLOGIES HLDGS INC	COM	78467J100	8,857	126,450	SH		SOLE		78,100	0	48,350
STANDEX INTL CORP	COM	854231107	2,988	39,650	SH		SOLE		5,500	0	34,150
STERLING BANCORP DEL	COM	85917A100	1,582	106,400	SH		SOLE		8,050	0	98,350
MADDEN STEVEN LTD	COM	556269108	2,673	72,990	SH		SOLE		22,215	0	50,775
STONEGATE BK FT LAUDERDALE F	COM	861811107	258	8,125	SH		SOLE		8,125	0	0
SUMMIT HOTEL PPTYS	COM	866082100	1,353	115,975	SH		SOLE		8,800	0	107,175
SYNCHRONOSS TECHNOLOGIES INC	COM	87157B103	1,768	53,900	SH		SOLE		3,775	0	50,125
SYNOVUS FINL CORP	COM NEW	87161C501	1,528	51,625	SH		SOLE		3,900	0	47,725
TEAM HEALTH HOLDINGS INC	COM	87817A107	6,256	115,789	SH		SOLE		72,574	0	43,215
TECHTARGET INC	COM	87874R100	161	18,900	SH		SOLE		18,900	0	0
TELEFLEX INC	COM	879369106	3,173	25,542	SH		SOLE		15,785	0	9,757
TERRENO RLTY CORP	COM	88146M101	2,019	102,775	SH		SOLE		17,300	0	85,475
TFS FINL CORP	COM	87240R107	9,959	577,350	SH		SOLE		356,250	0	221,100
U S CONCRETE INC	COM NEW	90333L201	1,723	36,050	SH		SOLE		7,175	0	28,875
U S PHYSICAL THERAPY INC	COM	90337L108	245	5,450	SH		SOLE		5,450	0	0
UNITIL CORP	COM	913259107	2,092	56,725	SH		SOLE		4,325	0	52,400
URBAN OUTFITTERS INC	COM	917047102	6,007	204,450	SH		SOLE		126,100	0	78,350
VALIDUS HOLDINGS LTD	COM SHS	G9319H102	10,517	233,359	SH		SOLE		150,469	0	82,890
VCA INC	COM	918194101	6,221	118,150	SH		SOLE		72,900	0	45,250
VERITIV CORP	COM	923454102	229	6,150	SH		SOLE		6,150	0	0
VOXX INTL CORP	CL A	91829F104	207	27,950	SH		SOLE		27,950	0	0
WADDELL & REED FINL INC	CL A	930059100	10,994	316,199	SH		SOLE		181,026	0	135,173
WALKER & DUNLOP INC	COM	93148P102	313	12,000	SH		SOLE		12,000	0	0
WESTERN ALLIANCE BANCORP	COM	957638109	1,490	48,525	SH		SOLE		3,700	0	44,825
WESTMORELAND COAL CO	COM	960878106	266	18,900	SH		SOLE		18,900	0	0
WESTROCK CO	COM	96145D105	3,280	63,754	SH		SOLE		40,079	0	23,675
WEX INC	COM	96208T104	6,118	70,450	SH		SOLE		43,650	0	26,800
WHITE MTNS INS GROUP LTD	COM	G9618E107	8,440	11,294	SH		SOLE		7,000	0	4,294
WNS HOLDINGS LTD	SPON ADR	92932M101	2,627	93,975	SH		SOLE		6,775	0	87,200
YADKIN FINL CORP	COM	984305102	301	14,000	SH		SOLE		14,000	0	0
YRC WORLDWIDE INC	COM PAR $.01	984249607	133	10,000	SH		SOLE		10,000	0	0