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
ACADIA HEALTHCARE COMPANY IN	COM	00404A109	16,079	368,775	SH		SOLE		290,115	0	78,660
ADTRAN INC	COM	00738A106	273	13,150	SH		SOLE		13,150	0	0
AEGEAN MARINE PETROLEUM NETW	SHS	Y0017S102	3,013	250,060	SH		SOLE		172,630	0	77,430
AFFILIATED MANAGERS GROUP	COM	008252108	5,139	31,346	SH		SOLE		24,836	0	6,510
AGCO CORP	COM	001084102	12,937	214,980	SH		SOLE		180,467	0	34,513
AIR TRANSPORT SERVICES GRP I	COM	00922R105	6,389	398,043	SH		SOLE		319,154	0	78,889
ALEXANDRIA REAL ESTATE EQ IN	COM	015271109	12,315	111,430	SH		SOLE		88,250	0	23,180
ALLIANT ENERGY CORP	COM	018802108	13,243	334,326	SH		SOLE		267,501	0	66,825
ALMOST FAMILY INC	COM	020409108	2,897	59,605	SH		SOLE		41,535	0	18,070
ALTRA INDL MOTION CORP	COM	02208R106	3,834	98,438	SH		SOLE		78,498	0	19,940
AMEDISYS INC	COM	023436108	8,984	175,850	SH		SOLE		139,350	0	36,500
AMERICAN CAMPUS CMNTYS INC	COM	024835100	11,142	234,129	SH		SOLE		184,924	0	49,205
AMERICAN EQTY INVT LIFE HLD	COM	025676206	4,509	190,812	SH		SOLE		145,937	0	44,875
AMERICAN HOMES 4 RENT	CL A	02665T306	13,599	592,300	SH		SOLE		492,630	0	99,670
AMERISAFE INC	COM	03071H100	2,638	40,642	SH		SOLE		28,267	0	12,375
AMTRUST FINL SVCS INC	COM	032359309	9,982	540,720	SH		SOLE		405,900	0	134,820
ARDMORE SHIPPING CORP	COM	Y0207T100	531	66,020	SH		SOLE		66,020	0	0
ASTORIA FINL CORP	COM	046265104	14,476	705,780	SH		SOLE		532,180	0	173,600
BANK OF THE OZARKS INC	COM	063904106	6,371	122,505	SH		SOLE		97,074	0	25,431
BANNER CORP	COM NEW	06652V208	9,884	177,635	SH		SOLE		138,965	0	38,670
BEACON ROOFING SUPPLY INC	COM	073685109	6,277	127,690	SH		SOLE		98,400	0	29,290
BERRY PLASTICS GROUP INC	COM	08579W103	5,990	123,330	SH		SOLE		97,730	0	25,600
BLUEROCK RESIDENTIAL GRW REI	COM CL A	09627J102	330	26,830	SH		SOLE		26,830	0	0
BOB EVANS FARMS INC	COM	096761101	3,514	54,175	SH		SOLE		54,011	0	164
BRINKS CO	COM	109696104	16,849	315,230	SH		SOLE		249,839	0	65,391
BROOKLINE BANCORP INC DEL	COM	11373M107	4,921	314,424	SH		SOLE		240,680	0	73,744
BUNGE LIMITED	COM	G16962105	12,057	152,115	SH		SOLE		121,640	0	30,475
BWX TECHNOLOGIES INC	COM	05605H100	13,025	273,640	SH		SOLE		219,900	0	53,740
CABOT OIL & GAS CORP	COM	127097103	8,866	370,800	SH		SOLE		297,670	0	73,130
CALLAWAY GOLF CO	COM	131193104	4,209	380,195	SH		SOLE		305,145	0	75,050
CALLIDUS SOFTWARE INC	COM	13123E500	6,070	284,305	SH		SOLE		226,152	0	58,153
CALLON PETE CO DEL	COM	13123X102	15,018	1,141,167	SH		SOLE		910,152	0	231,015
CAMBREX CORP	COM	132011107	4,238	76,991	SH		SOLE		52,530	0	24,461
CAMDEN NATL CORP	COM	133034108	714	16,220	SH		SOLE		16,220	0	0
CARDIOVASCULAR SYS INC DEL	COM	141619106	4,358	154,140	SH		SOLE		129,220	0	24,920
CAROLINA FINL CORP NEW	COM	143873107	444	14,800	SH		SOLE		14,800	0	0
CARRIAGE SVCS INC	COM	143905107	377	13,900	SH		SOLE		13,900	0	0
CARRIZO OIL & GAS INC	COM	144577103	12,413	433,120	SH		SOLE		344,730	0	88,390
CARROLS RESTAURANT GROUP INC	COM	14574X104	2,825	199,675	SH		SOLE		137,685	0	61,990
CASELLA WASTE SYS INC	CL A	147448104	6,783	480,723	SH		SOLE		395,753	0	84,970
CELADON GROUP INC	COM	150838100	175	26,750	SH		SOLE		26,750	0	0
CENTERSTATE BANKS INC	COM	15201P109	7,578	292,590	SH		SOLE		234,290	0	58,300
CHARLES RIV LABS INTL INC	COM	159864107	11,307	125,703	SH		SOLE		107,251	0	18,452
CHERRY HILL MTG INVT CORP	COM	164651101	391	22,862	SH		SOLE		22,862	0	0
CIENA CORP	COM NEW	171779309	4,168	176,532	SH		SOLE		132,323	0	44,209
CIVISTA BANCSHARES INC	COM NO PAR	178867107	367	16,550	SH		SOLE		16,550	0	0
CLIFTON BANCORP INC	COM	186873105	596	36,840	SH		SOLE		36,840	0	0
CLUBCORP HLDGS INC	COM	18948M108	4,302	268,035	SH		SOLE		218,325	0	49,710
COLUMBIA PPTY TR INC	COM NEW	198287203	4,792	215,362	SH		SOLE		174,415	0	40,947
CONNECTONE BANCORP INC NEW	COM	20786W107	544	22,450	SH		SOLE		22,450	0	0
COOPER COS INC	COM NEW	216648402	5,668	28,355	SH		SOLE		22,465	0	5,890
COWEN GROUP INC NEW	CL A NEW	223622606	428	28,622	SH		SOLE		28,622	0	0
DICKS SPORTING GOODS INC	COM	253393102	7,838	161,080	SH		SOLE		128,860	0	32,220
DONNELLEY FINL SOLUTIONS INC	COM	25787G100	364	18,890	SH		SOLE		18,890	0	0
EAST WEST BANCORP INC	COM	27579R104	6,145	119,066	SH		SOLE		94,333	0	24,733
EDUCATION RLTY TR INC	COM NEW	28140H203	9,255	226,559	SH		SOLE		178,099	0	48,460
ELDORADO RESORTS INC	COM	28470R102	2,257	119,265	SH		SOLE		82,065	0	37,200
ENCORE CAP GROUP INC	COM	292554102	324	10,520	SH		SOLE		10,520	0	0
ENERGIZER HLDGS INC NEW	COM	29272W109	11,962	214,570	SH		SOLE		181,830	0	32,740
ENTRAVISION COMMUNICATIONS C	CL A	29382R107	420	67,780	SH		SOLE		67,780	0	0
ENVISION HEALTHCARE CORP	COM	29414D100	7,594	123,839	SH		SOLE		103,204	0	20,635
EXAR CORP	COM	300645108	5,065	389,349	SH		SOLE		309,294	0	80,055
FABRINET	SHS	G3323l100	2,295	54,600	SH		SOLE		35,020	0	19,580
FARMERS CAP BK CORP	COM	309562106	383	9,480	SH		SOLE		9,480	0	0
FCB FINL HLDGS INC	CL A	30255G103	3,023	61,018	SH		SOLE		39,468	0	21,550
FIRST LONG IS CORP	COM	320734106	421	15,560	SH		SOLE		15,560	0	0
FIVE BELOW INC	COM	33829M101	2,339	54,005	SH		SOLE		34,570	0	19,435
FLEXION THERAPEUTICS INC	COM	33938J106	279	10,380	SH		SOLE		10,380	0	0
FORMFACTOR INC	COM	346375108	2,146	181,076	SH		SOLE		125,011	0	56,065
FRANKLIN FINL NETWORK INC	COM	35352P104	6,288	162,262	SH		SOLE		133,019	0	29,243
GENESEE & WYO INC	CL A	371559105	4,026	59,321	SH		SOLE		47,544	0	11,777
GMS INC	COM	36251C103	3,678	104,955	SH		SOLE		80,275	0	24,680
GOODYEAR TIRE & RUBR CO	COM	382550101	11,502	319,505	SH		SOLE		255,720	0	63,785
GRAY TELEVISION INC	COM	389375106	313	21,574	SH		SOLE		21,574	0	0
GREENLIGHT CAPITAL RE LTD	CLASS A	G4095J109	417	18,850	SH		SOLE		18,850	0	0
HAIN CELESTIAL GROUP INC	COM	405217100	8,858	238,128	SH		SOLE		187,476	0	50,652
HANOVER INS GROUP INC	COM	410867105	23,117	256,681	SH		SOLE		203,574	0	53,107
HESKA CORP	COM RESTRC NEW	42805E306	297	2,830	SH		SOLE		2,830	0	0
HIGHWOODS PPTYS INC	COM	431284108	17,441	354,996	SH		SOLE		286,172	0	68,824
HOSTESS BRANDS INC	CL A	44109J106	14,499	913,627	SH		SOLE		716,622	0	197,005
HOWARD HUGHES CORP	COM	44267D107	21,768	185,655	SH		SOLE		154,855	0	30,800
HUDSON PAC PPTYS INC	COM	444097109	7,670	221,415	SH		SOLE		175,465	0	45,950
ICU MED INC	COM	44930G107	8,524	55,824	SH		SOLE		42,058	0	13,766
IMAX CORP	COM	45245E109	17,347	510,220	SH		SOLE		408,150	0	102,070
IMPINJ INC	COM	453204109	219	7,244	SH		SOLE		7,244	0	0
INDEPENDENCE RLTY TR INC	COM	45378A106	318	33,920	SH		SOLE		33,920	0	0
INGEVITY CORP	COM	45688C107	1,806	29,682	SH		SOLE		22,712	0	6,970
INNOSPEC INC	COM	45768S105	9,927	153,310	SH		SOLE		122,630	0	30,680
INSTEEL INDUSTRIES INC	COM	45774W108	4,039	111,765	SH		SOLE		79,987	0	31,778
INVESTORS BANCORP INC NEW	COM	46146L101	17,378	1,208,475	SH		SOLE		962,530	0	245,945
ISHARES TR	RUS 2000 VAL ETF	464287630	757	6,405	SH		SOLE		6,405	0	0
JAZZ PHARMACEUTICALS PLC	SHS USD	G50871105	8,733	60,175	SH		SOLE		47,860	0	12,315
JERNIGAN CAP INC	COM	476405105	299	12,990	SH		SOLE		12,990	0	0
KAPSTONE PAPER & PACKAGING C	COM	48562P103	10,404	450,407	SH		SOLE		354,566	0	95,841
KENNAMETAL INC	COM	489170100	6,337	161,525	SH		SOLE		127,995	0	33,530
KINGSTONE COS INC	COM	496719105	325	20,400	SH		SOLE		20,400	0	0
KLX INC	COM	482539103	2,230	49,882	SH		SOLE		31,952	0	17,930
LSB INDS INC	COM	502160104	323	34,410	SH		SOLE		34,410	0	0
LYDALL INC DEL	COM	550819106	3,702	69,072	SH		SOLE		46,042	0	23,030
MARCUS CORP	COM	566330106	2,909	90,637	SH		SOLE		61,712	0	28,925
MARINEMAX INC	COM	567908108	2,868	132,488	SH		SOLE		101,193	0	31,295
MCBC HLDGS INC	COM	55276F107	488	30,150	SH		SOLE		30,150	0	0
MERIDIAN BANCORP INC MD	COM	58958U103	7,672	419,240	SH		SOLE		327,940	0	91,300
MICROSEMI CORP	COM	595137100	4,415	85,678	SH		SOLE		67,888	0	17,790
MIDLAND STS BANCORP INC ILL	COM	597742105	457	13,279	SH		SOLE		13,279	0	0
MIDWESTONE FINL GROUP INC NE	COM	598511103	343	10,000	SH		SOLE		10,000	0	0
MODINE MFG CO	COM	607828100	5,244	429,813	SH		SOLE		336,449	0	93,364
MRC GLOBAL INC	COM	55345K103	15,479	844,441	SH		SOLE		675,866	0	168,575
NATIONAL GEN HLDGS CORP	COM	636220303	2,442	102,771	SH		SOLE		66,363	0	36,408
NATURAL GAS SERVICES GROUP	COM	63886Q109	270	10,380	SH		SOLE		10,380	0	0
NCI BUILDING SYS INC	COM NEW	628852204	2,752	160,480	SH		SOLE		102,735	0	57,745
NEOGENOMICS INC	COM NEW	64049M209	295	37,330	SH		SOLE		37,330	0	0
NEW MTN FIN CORP	COM	647551100	353	23,670	SH		SOLE		23,670	0	0
NEWPARK RES INC	COM PAR $.01NEW	651718504	470	58,060	SH		SOLE		58,060	0	0
NISOURCE INC	COM	65473P105	14,392	604,960	SH		SOLE		484,470	0	120,490
NOVANTA INC	COM	67000B104	4,141	155,969	SH		SOLE		105,209	0	50,760
OLD LINE BANCSHARES INC	COM	67984M100	595	20,884	SH		SOLE		20,884	0	0
ON SEMICONDUCTOR CORP	COM	682189105	16,447	1,061,750	SH		SOLE		883,980	0	177,770
OSHKOSH CORP	COM	688239201	2,495	36,380	SH		SOLE		36,380	0	0
PACIFIC PREMIER BANCORP	COM	69478X105	5,490	142,410	SH		SOLE		113,405	0	29,005
PACWEST BANCORP DEL	COM	695263103	12,225	229,530	SH		SOLE		183,890	0	45,640
PARK STERLING CORP	COM	70086Y105	374	30,380	SH		SOLE		30,380	0	0
PARK OHIO HLDGS CORP	COM	700666100	513	14,270	SH		SOLE		14,270	0	0
PENN NATL GAMING INC	COM	707569109	5,834	316,558	SH		SOLE		251,776	0	64,782
PINNACLE FOODS INC DEL	COM	72348P104	9,490	163,983	SH		SOLE		131,183	0	32,800
PREMIER INC	CL A	74051N102	6,960	218,660	SH		SOLE		175,610	0	43,050
PRIMO WTR CORP	COM	74165N105	1,351	99,510	SH		SOLE		70,570	0	28,940
PRIVATEBANCORP INC	COM	742962103	2,554	43,020	SH		SOLE		25,935	0	17,085
PROASSURANCE CORP	COM	74267C106	13,936	231,307	SH		SOLE		184,924	0	46,383
PROSPERITY BANCSHARES INC	COM	743606105	1,147	16,448	SH		SOLE		11,313	0	5,135
RAYMOND JAMES FINANCIAL INC	COM	754730109	5,017	65,785	SH		SOLE		52,175	0	13,610
REALOGY HLDGS CORP	COM	75605Y106	6,749	226,565	SH		SOLE		179,495	0	47,070
RED ROBIN GOURMET BURGERS IN	COM	75689M101	4,726	80,860	SH		SOLE		55,660	0	25,200
RETAIL OPPORTUNITY INVTS COR	COM	76131N101	3,944	187,541	SH		SOLE		120,162	0	67,379
REV GROUP INC	COM	749527107	16,273	590,255	SH		SOLE		474,236	0	116,019
RING ENERGY INC	COM	76680V108	2,746	253,835	SH		SOLE		172,565	0	81,270
RPC INC	COM	749660106	7,608	415,530	SH		SOLE		329,210	0	86,320
SEACOAST BKG CORP FLA	COM NEW	811707801	448	18,693	SH		SOLE		18,693	0	0
SJW GROUP	COM	784305104	445	9,220	SH		SOLE		9,220	0	0
SKECHERS U S A INC	CL A	830566105	2,923	106,477	SH		SOLE		84,363	0	22,114
SKYWEST INC	COM	830879102	16,871	492,590	SH		SOLE		393,298	0	99,292
SLM CORP	COM	78442P106	7,881	651,351	SH		SOLE		542,993	0	108,358
SMARTFINANCIAL INC	COM NEW	83190L208	443	21,070	SH		SOLE		21,070	0	0
SNAP ON INC	COM	833034101	5,890	34,920	SH		SOLE		27,680	0	7,240
SPECTRUM BRANDS HLDGS INC	COM	84763R101	5,956	42,848	SH		SOLE		34,168	0	8,680
SRC ENERGY INC	COM	78470V108	1,304	154,472	SH		SOLE		99,037	0	55,435
SS&C TECHNOLOGIES HLDGS INC	COM	78467J100	3,307	93,424	SH		SOLE		74,031	0	19,393
STAG INDL INC	COM	85254J102	10,674	426,608	SH		SOLE		340,054	0	86,554
STERLING BANCORP DEL	COM	85917A100	20,666	871,973	SH		SOLE		687,608	0	184,365
STONEGATE BK FT LAUDERDALE F	COM	861811107	288	6,122	SH		SOLE		6,122	0	0
STORE CAP CORP	COM	862121100	19,769	827,861	SH		SOLE		651,941	0	175,920
STUDENT TRANSN INC	COM	86388A108	3,049	520,309	SH		SOLE		363,044	0	157,265
SUPER MICRO COMPUTER INC	COM	86800U104	2,364	93,260	SH		SOLE		59,750	0	33,510
TAYLOR MORRISON HOME CORP	CL A	87724P106	5,573	261,389	SH		SOLE		193,863	0	67,526
TEXAS CAPITAL BANCSHARES INC	COM	88224Q107	1,121	13,435	SH		SOLE		9,117	0	4,318
TIVITY HEALTH INC	COM	88870R102	8,084	277,805	SH		SOLE		222,120	0	55,685
TRITON INTL LTD	CL A	G9078F107	2,631	102,000	SH		SOLE		65,360	0	36,640
U S CONCRETE INC	COM NEW	90333L201	12,713	196,945	SH		SOLE		150,000	0	46,945
UNITIL CORP	COM	913259107	7,269	161,428	SH		SOLE		124,283	0	37,145
UNIVEST CORP PA	COM	915271100	761	29,390	SH		SOLE		29,390	0	0
USA TECHNOLOGIES INC	COM NO PAR	90328S500	428	100,590	SH		SOLE		100,590	0	0
VAIL RESORTS INC	COM	91879Q109	12,610	65,710	SH		SOLE		53,980	0	11,730
VERITEX HLDGS INC	COM	923451108	470	16,720	SH		SOLE		16,720	0	0
VERITIV CORP	COM	923454102	304	5,860	SH		SOLE		5,860	0	0
VONAGE HLDGS CORP	COM	92886T201	6,219	984,022	SH		SOLE		766,680	0	217,342
VOYA FINL INC	COM	929089100	5,686	149,785	SH		SOLE		118,715	0	31,070
WATSCO INC	COM	942622200	12,018	83,933	SH		SOLE		67,230	0	16,703
WESTERN ALLIANCE BANCORP	COM	957638109	6,406	130,485	SH		SOLE		104,670	0	25,815
WESTERN NEW ENG BANCORP INC	COM	958892101	440	41,940	SH		SOLE		41,940	0	0
WINTRUST FINL CORP	COM	97650W108	9,142	132,260	SH		SOLE		103,225	0	29,035
WNS HOLDINGS LTD	SPON ADR	92932M101	7,090	247,812	SH		SOLE		197,842	0	49,970
WSFS FINL CORP	COM	929328102	2,457	53,470	SH		SOLE		34,260	0	19,210