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
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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
ABM INDS INC	COM	000957100	10,882	382,222	SH		SOLE		239,529	0	142,693
ACADIA HEALTHCARE COMPANY IN	COM	00404A109	22,191	355,284	SH		SOLE		209,216	0	146,068
ADVISORY BRD CO	COM	00762W107	10,475	211,152	SH		SOLE		122,902	0	88,250
AFFILIATED MANAGERS GROUP	COM	008252108	13,006	81,411	SH		SOLE		53,161	0	28,250
AIR TRANSPORT SERVICES GRP I	COM	00922R105	2,058	204,150	SH		SOLE		37,900	0	166,250
ALLIANCE HEALTHCARE SRVCS IN	COM PAR $0.01	018606301	133	14,450	SH		SOLE		14,450	0	0
ALLIANT ENERGY CORP	COM	018802108	9,444	151,228	SH		SOLE		99,988	0	51,240
ALLIED WRLD ASSUR COM HLDG A	SHS	H01531104	19,351	520,322	SH		SOLE		311,175	0	209,147
AMERCO	COM	023586100	11,463	29,431	SH		SOLE		19,101	0	10,330
AMERICAN FINL GROUP INC OHIO	COM	025932104	8,209	113,886	SH		SOLE		72,986	0	40,900
AMERIS BANCORP	COM	03076K108	3,426	100,807	SH		SOLE		50,782	0	50,025
AMERISAFE INC	COM	03071H100	6,305	123,867	SH		SOLE		53,992	0	69,875
AMSURG CORP	COM	03232P405	8,704	114,532	SH		SOLE		66,808	0	47,724
ARGAN INC	COM	04010E109	1,356	41,858	SH		SOLE		10,575	0	31,283
ARRIS GROUP INC NEW	COM	04270V106	7,471	244,391	SH		SOLE		154,436	0	89,955
ASHLAND INC NEW	COM	044209104	9,905	96,450	SH		SOLE		63,735	0	32,715
ATLAS FINANCIAL HOLDINGS INC	SHS NEW	G06207115	498	25,050	SH		SOLE		25,050	0	0
ATMOS ENERGY CORP	COM	049560105	11,525	182,828	SH		SOLE		120,368	0	62,460
AXALTA COATING SYS LTD	COM	G0750C108	8,308	311,734	SH		SOLE		197,184	0	114,550
BANKUNITED INC	COM	06652K103	15,193	421,313	SH		SOLE		254,492	0	166,821
BANNER CORP	COM NEW	06652V208	250	5,450	SH		SOLE		5,450	0	0
BERKSHIRE HILLS BANCORP INC	COM	084680107	4,249	145,967	SH		SOLE		87,517	0	58,450
BLUEROCK RESIDENTIAL GRW REI	COM CL A	09627J102	502	42,400	SH		SOLE		42,400	0	0
BRIDGE BANCORP INC	COM	108035106	434	14,252	SH		SOLE		14,252	0	0
BRIGHT HORIZONS FAM SOL IN D	COM	109194100	7,148	107,001	SH		SOLE		45,418	0	61,583
BRUNSWICK CORP	COM	117043109	14,394	284,979	SH		SOLE		185,945	0	99,034
CALERES INC	COM	129500104	10,015	373,397	SH		SOLE		212,217	0	161,180
CALIFORNIA WTR SVC GROUP	COM	130788102	3,905	167,807	SH		SOLE		74,632	0	93,175
CALLIDUS SOFTWARE INC	COM	13123E500	3,728	200,750	SH		SOLE		99,650	0	101,100
CALLON PETE CO DEL	COM	13123X102	5,414	649,171	SH		SOLE		423,521	0	225,650
CAMDEN PPTY TR	SH BEN INT	133131102	6,965	90,739	SH		SOLE		58,374	0	32,365
CARRIAGE SVCS INC	COM	143905107	269	11,150	SH		SOLE		11,150	0	0
CASELLA WASTE SYS INC	CL A	147448104	385	64,450	SH		SOLE		64,450	0	0
CDW CORP	COM	12514G108	6,635	157,819	SH		SOLE		99,999	0	57,820
CHARLES RIV LABS INTL INC	COM	159864107	6,978	86,800	SH		SOLE		47,050	0	39,750
CHESAPEAKE UTILS CORP	COM	165303108	5,428	95,656	SH		SOLE		46,806	0	48,850
CIENA CORP	COM NEW	171779309	4,676	226,010	SH		SOLE		143,218	0	82,792
CLUBCORP HLDGS INC	COM	18948M108	2,808	153,683	SH		SOLE		66,424	0	87,259
CMS ENERGY CORP	COM	125896100	4,500	124,711	SH		SOLE		82,901	0	41,810
COBIZ FINANCIAL INC	COM	190897108	328	24,450	SH		SOLE		24,450	0	0
COGENT COMMUNICATIONS HLDGS	COM NEW	19239V302	2,366	68,200	SH		SOLE		4,650	0	63,550
COLUMBIA BKG SYS INC	COM	197236102	4,002	123,111	SH		SOLE		71,986	0	51,125
COMMSCOPE HLDG CO INC	COM	20337X109	6,177	238,573	SH		SOLE		150,818	0	87,755
CONTINENTAL BLDG PRODS INC	COM	211171103	3,054	174,900	SH		SOLE		94,150	0	80,750
CONVERGYS CORP	COM	212485106	4,109	165,100	SH		SOLE		74,900	0	90,200
CUBESMART	COM	229663109	14,519	474,173	SH		SOLE		339,103	0	135,070
DEL FRISCOS RESTAURANT GROUP	COM	245077102	164	10,250	SH		SOLE		10,250	0	0
DELEK US HLDGS INC	COM	246647101	4,659	189,390	SH		SOLE		98,485	0	90,905
DELUXE CORP	COM	248019101	13,222	242,423	SH		SOLE		143,523	0	98,900
DENNYS CORP	COM	24869P104	108	10,970	SH		SOLE		10,970	0	0
SCRIPPS E W CO OHIO	CL A NEW	811054402	6,484	341,253	SH		SOLE		217,403	0	123,850
EAGLE MATERIALS INC	COM	26969P108	5,983	99,001	SH		SOLE		62,731	0	36,270
EAST WEST BANCORP INC	COM	27579R104	12,420	298,840	SH		SOLE		191,626	0	107,214
EDUCATION RLTY TR INC	COM NEW	28140H203	3,782	99,830	SH		SOLE		52,675	0	47,155
ENERGEN CORP	COM	29265N108	4,394	107,193	SH		SOLE		67,819	0	39,374
ENTRAVISION COMMUNICATIONS C	CL A	29382R107	342	44,350	SH		SOLE		44,350	0	0
EPLUS INC	COM	294268107	1,578	16,925	SH		SOLE		3,450	0	13,475
EQUITY COMWLTH	COM SH BEN INT	294628102	1,733	62,500	SH		SOLE		4,250	0	58,250
EVERCORE PARTNERS INC	CLASS A	29977A105	1,727	31,938	SH		SOLE		2,187	0	29,751
EVINE LIVE INC	CL A	300487105	57	31,825	SH		SOLE		31,825	0	0
EXA CORP	COM	300614500	157	13,500	SH		SOLE		13,500	0	0
FABRINET	SHS	G3323l100	213	8,955	SH		SOLE		8,955	0	0
FCB FINL HLDGS INC	CL A	30255G103	4,214	117,744	SH		SOLE		53,144	0	64,600
FIRST REP BK SAN FRANCISCO C	COM	33616C100	6,866	103,935	SH		SOLE		67,274	0	36,661
FLY LEASING LTD	SPONSORED ADR	34407D109	208	15,250	SH		SOLE		15,250	0	0
FOOT LOCKER INC	COM	344849104	5,118	78,634	SH		SOLE		49,826	0	28,808
FORMFACTOR INC	COM	346375108	228	25,300	SH		SOLE		25,300	0	0
FRANKLIN FINL NETWORK INC	COM	35352P104	518	16,495	SH		SOLE		16,495	0	0
GAIAM INC	CL A	36268Q103	178	28,600	SH		SOLE		28,600	0	0
GEO GROUP INC NEW	COM	36162J106	9,126	315,671	SH		SOLE		174,726	0	140,945
GRAMERCY PPTY TR	COM	385002100	12,058	1,561,914	SH		SOLE		896,034	0	665,880
GRAPHIC PACKAGING HLDG CO	COM	388689101	10,321	804,451	SH		SOLE		492,336	0	312,115
GRAY TELEVISION INC	COM	389375106	3,323	203,850	SH		SOLE		91,375	0	112,475
HANOVER INS GROUP INC	COM	410867105	20,614	253,428	SH		SOLE		153,407	0	100,021
HEADWATERS INC	COM	42210P102	1,434	85,000	SH		SOLE		5,800	0	79,200
HESKA CORP	COM RESTRC NEW	42805E306	249	6,450	SH		SOLE		6,450	0	0
HOWARD HUGHES CORP	COM	44267D107	9,822	86,797	SH		SOLE		57,348	0	29,449
HUDSON TECHNOLOGIES INC	COM	444144109	159	53,375	SH		SOLE		53,375	0	0
IHS INC	CL A	451734107	11,376	96,060	SH		SOLE		63,235	0	32,825
INGRAM MICRO INC	CL A	457153104	14,772	486,236	SH		SOLE		293,012	0	193,224
INGREDION INC	COM	457187102	6,931	72,319	SH		SOLE		45,819	0	26,500
INSTEEL INDUSTRIES INC	COM	45774W108	1,849	88,394	SH		SOLE		12,931	0	75,463
J & J SNACK FOODS CORP	COM	466032109	5,014	42,975	SH		SOLE		20,450	0	22,525
JERNIGAN CAP INC	COM	476405105	391	26,150	SH		SOLE		26,150	0	0
SANFILIPPO JOHN B & SON INC	COM	800422107	4,664	86,317	SH		SOLE		34,106	0	52,211
JONES ENERGY INC	COM CL A	48019R108	83	21,450	SH		SOLE		21,450	0	0
KANSAS CITY SOUTHERN	COM NEW	485170302	6,511	87,195	SH		SOLE		57,495	0	29,700
KEARNY FINL CORP MD	COM	48716P108	3,931	310,250	SH		SOLE		154,750	0	155,500
KNOLL INC	COM NEW	498904200	4,780	254,229	SH		SOLE		105,740	0	148,489
LADDER CAP CORP	CL A	505743104	1,742	140,275	SH		SOLE		9,600	0	130,675
LAZARD LTD	SHS A	G54050102	14,012	311,317	SH		SOLE		197,245	0	114,072
LITHIA MTRS INC	CL A	536797103	12,329	115,580	SH		SOLE		73,215	0	42,365
LITTELFUSE INC	COM	537008104	13,377	125,008	SH		SOLE		72,852	0	52,156
MANPOWERGROUP INC	COM	56418H100	6,892	81,763	SH		SOLE		51,813	0	29,950
MARCUS CORP	COM	566330106	194	10,250	SH		SOLE		10,250	0	0
MARINEMAX INC	COM	567908108	1,776	96,400	SH		SOLE		6,550	0	89,850
MEMORIAL RESOURCE DEV CORP	COM	58605Q109	5,595	346,431	SH		SOLE		218,701	0	127,730
MERIDIAN BANCORP INC MD	COM	58958U103	1,676	118,884	SH		SOLE		8,085	0	110,799
MICROSEMI CORP	COM	595137100	18,353	563,148	SH		SOLE		344,998	0	218,150
MID-AMER APT CMNTYS INC	COM	59522J103	4,243	46,719	SH		SOLE		32,152	0	14,567
MITEL NETWORKS CORP	COM	60671Q104	100	13,030	SH		SOLE		13,030	0	0
MUELLER INDS INC	COM	624756102	9,051	333,986	SH		SOLE		191,066	0	142,920
NATIONAL GEN HLDGS CORP	COM	636220303	3,183	145,631	SH		SOLE		9,915	0	135,716
NETSCOUT SYS INC	COM	64115T104	14,202	462,598	SH		SOLE		274,052	0	188,546
NEW MEDIA INVT GROUP INC	COM	64704V106	552	28,382	SH		SOLE		28,382	0	0
NEW YORK REIT INC	COM	64976L109	10,468	910,236	SH		SOLE		576,736	0	333,500
NEXSTAR BROADCASTING GROUP I	CL A	65336K103	9,759	166,250	SH		SOLE		94,400	0	71,850
NISOURCE INC	COM	65473P105	11,771	603,342	SH		SOLE		384,867	0	218,475
NORTHWESTERN CORP	COM NEW	668074305	11,299	208,274	SH		SOLE		106,224	0	102,050
OMEGA HEALTHCARE INVS INC	COM	681936100	7,707	220,340	SH		SOLE		145,315	0	75,025
ONEMAIN HLDGS INC	COM	68268W103	7,655	184,279	SH		SOLE		116,749	0	67,530
ORION ENGINEERED CARBONS S A	COM	L72967109	195	15,495	SH		SOLE		15,495	0	0
PACWEST BANCORP DEL	COM	695263103	8,333	193,337	SH		SOLE		122,491	0	70,846
PARSLEY ENERGY INC	CL A	701877102	10,796	585,154	SH		SOLE		342,989	0	242,165
PERFICIENT INC	COM	71375U101	1,842	107,575	SH		SOLE		16,500	0	91,075
PHYSICIANS RLTY TR	COM	71943U104	3,966	235,250	SH		SOLE		132,275	0	102,975
PINNACLE FOODS INC DEL	COM	72348P104	7,629	179,678	SH		SOLE		120,143	0	59,535
PNM RES INC	COM	69349H107	16,674	545,436	SH		SOLE		334,911	0	210,525
PRESTIGE BRANDS HLDGS INC	COM	74112D101	6,559	127,413	SH		SOLE		57,300	0	70,113
PRIMO WTR CORP	COM	74165N105	284	35,500	SH		SOLE		35,500	0	0
PROASSURANCE CORP	COM	74267C106	19,795	407,889	SH		SOLE		246,368	0	161,521
RAYMOND JAMES FINANCIAL INC	COM	754730109	7,728	133,309	SH		SOLE		84,844	0	48,465
RENAISSANCERE HOLDINGS LTD	COM	G7496G103	7,119	62,893	SH		SOLE		39,846	0	23,047
RENASANT CORP	COM	75970E107	5,187	150,750	SH		SOLE		62,800	0	87,950
SALLY BEAUTY HLDGS INC	COM	79546E104	6,806	244,031	SH		SOLE		164,042	0	79,989
SEACOAST BKG CORP FLA	COM NEW	811707801	429	28,623	SH		SOLE		28,623	0	0
SERVICEMASTER GLOBAL HLDGS I	COM	81761R109	10,311	262,763	SH		SOLE		166,236	0	96,527
SIGNATURE BK NEW YORK N Y	COM	82669G104	11,049	72,044	SH		SOLE		46,521	0	25,523
SIGNET JEWELERS LIMITED	SHS	G81276100	9,380	75,836	SH		SOLE		49,063	0	26,773
SJW CORP	COM	784305104	243	8,200	SH		SOLE		8,200	0	0
SLM CORP	COM	78442P106	87	13,300	SH		SOLE		13,300	0	0
SOVRAN SELF STORAGE INC	COM	84610H108	22,331	208,095	SH		SOLE		121,742	0	86,353
SPECTRUM BRANDS HLDGS INC	COM	84763R101	8,693	85,394	SH		SOLE		53,433	0	31,961
SS&C TECHNOLOGIES HLDGS INC	COM	78467J100	13,440	196,867	SH		SOLE		128,692	0	68,175
STANDEX INTL CORP	COM	854231107	4,528	54,450	SH		SOLE		27,950	0	26,500
STERLING BANCORP DEL	COM	85917A100	2,974	183,376	SH		SOLE		72,626	0	110,750
STONEGATE BK FT LAUDERDALE F	COM	861811107	412	12,543	SH		SOLE		12,543	0	0
STUDENT TRANSN INC	COM	86388A108	174	46,796	SH		SOLE		46,796	0	0
SUMMIT HOTEL PPTYS	COM	866082100	1,547	129,475	SH		SOLE		8,800	0	120,675
SUMMIT MATLS INC	CL A	86614U100	11,148	556,269	SH		SOLE		326,021	0	230,249
SYNOVUS FINL CORP	COM NEW	87161C501	4,290	132,477	SH		SOLE		78,752	0	53,725
TEAM HEALTH HOLDINGS INC	COM	87817A107	5,000	113,924	SH		SOLE		72,186	0	41,738
TERRENO RLTY CORP	COM	88146M101	2,665	117,825	SH		SOLE		21,550	0	96,275
TFS FINL CORP	COM	87240R107	11,300	600,098	SH		SOLE		378,998	0	221,100
U S CONCRETE INC	COM NEW	90333L201	3,073	58,350	SH		SOLE		25,875	0	32,475
UNITIL CORP	COM	913259107	4,466	124,458	SH		SOLE		54,508	0	69,950
UNIVERSAL ELECTRS INC	COM	913483103	2,008	39,100	SH		SOLE		6,400	0	32,700
UNIVEST CORP PA	COM	915271100	431	20,650	SH		SOLE		20,650	0	0
VALIDUS HOLDINGS LTD	COM SHS	G9319H102	15,535	335,610	SH		SOLE		236,310	0	99,300
VCA INC	COM	918194101	10,382	188,771	SH		SOLE		123,944	0	64,827
VERITIV CORP	COM	923454102	223	6,150	SH		SOLE		6,150	0	0
WADDELL & REED FINL INC	CL A	930059100	1,352	47,175	SH		SOLE		3,200	0	43,975
WCI CMNTYS INC	COM PAR $0.01	92923C807	220	9,878	SH		SOLE		9,878	0	0
WEBSTER FINL CORP CONN	COM	947890109	5,223	140,450	SH		SOLE		83,850	0	56,600
WESTERN ALLIANCE BANCORP	COM	957638109	5,557	154,975	SH		SOLE		66,000	0	88,975
WESTMORELAND COAL CO	COM	960878106	111	18,900	SH		SOLE		18,900	0	0
WESTROCK CO	COM	96145D105	3,026	66,320	SH		SOLE		42,645	0	23,675
WHITE MTNS INS GROUP LTD	COM	G9618E107	8,538	11,747	SH		SOLE		7,453	0	4,294
WNS HOLDINGS LTD	SPON ADR	92932M101	5,386	172,675	SH		SOLE		74,475	0	98,200
YADKIN FINL CORP	COM	984305102	439	17,461	SH		SOLE		17,461	0	0