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
ACADIA HEALTHCARE COMPANY IN	COM	00404A109	12,783	258,871	SH		SOLE		202,530	0	56,341
ADVANCED DISP SVCS INC DEL	COM	00790X101	4,570	201,050	SH		SOLE		159,060	0	41,990
ADVANCED ENERGY INDS	COM	007973100	6,826	105,520	SH		SOLE		83,480	0	22,040
AFFILIATED MANAGERS GROUP	COM	008252108	5,199	31,346	SH		SOLE		24,836	0	6,510
AGCO CORP	COM	001084102	9,345	138,668	SH		SOLE		119,097	0	19,571
AIR TRANSPORT SERVICES GRP I	COM	00922R105	5,090	233,713	SH		SOLE		185,244	0	48,469
ALEXANDRIA REAL ESTATE EQ IN	COM	015271109	6,030	50,050	SH		SOLE		39,600	0	10,450
ALLEGHENY TECHNOLOGIES INC	COM	01741R102	13,737	807,565	SH		SOLE		634,255	0	173,310
ALLETE INC	COM NEW	018522300	13,295	185,475	SH		SOLE		138,900	0	46,575
ALLIANT ENERGY CORP	COM	018802108	10,163	252,994	SH		SOLE		202,161	0	50,833
ALLISON TRANSMISSION HLDGS I	COM	01973R101	6,262	166,945	SH		SOLE		134,000	0	32,945
ALMOST FAMILY INC	COM	020409108	3,773	61,195	SH		SOLE		43,125	0	18,070
AMEDISYS INC	COM	023436108	6,297	100,260	SH		SOLE		79,330	0	20,930
AMERICAN CAMPUS CMNTYS INC	COM	024835100	12,473	263,709	SH		SOLE		208,574	0	55,135
AMERICAN EQTY INVT LIFE HLD	COM	025676206	2,488	94,677	SH		SOLE		72,262	0	22,415
AMERICAN HOMES 4 RENT	CL A	02665T306	11,155	494,247	SH		SOLE		394,630	0	99,617
AMERISAFE INC	COM	03071H100	410	7,206	SH		SOLE		7,206	0	0
APPLE HOSPITALITY REIT INC	COM NEW	03784Y200	5,870	313,760	SH		SOLE		248,210	0	65,550
APPTIO INC	CL A	03835C108	409	23,550	SH		SOLE		23,550	0	0
ARDMORE SHIPPING CORP	COM	Y0207T100	538	66,020	SH		SOLE		66,020	0	0
ASTORIA FINL CORP	COM	046265104	14,221	705,780	SH		SOLE		532,180	0	173,600
ASURE SOFTWARE INC	COM	04649U102	243	16,620	SH		SOLE		16,620	0	0
BANK OF THE OZARKS INC	COM	063904106	9,572	204,220	SH		SOLE		163,544	0	40,676
BANNER CORP	COM NEW	06652V208	8,728	154,455	SH		SOLE		115,785	0	38,670
BEACON ROOFING SUPPLY INC	COM	073685109	6,257	127,690	SH		SOLE		98,400	0	29,290
BERRY GLOBAL GROUP INC	COM	08579W103	7,031	123,330	SH		SOLE		97,730	0	25,600
BIG LOTS INC	COM	089302103	4,582	94,865	SH		SOLE		77,840	0	17,025
BIOTELEMETRY INC	COM	090672106	6,649	198,760	SH		SOLE		159,550	0	39,210
BLUEROCK RESIDENTIAL GRW REI	COM CL A	09627J102	346	26,830	SH		SOLE		26,830	0	0
BOB EVANS FARMS INC	COM	096761101	1,597	22,232	SH		SOLE		22,171	0	61
BOINGO WIRELESS INC	COM	09739C102	434	28,990	SH		SOLE		28,990	0	0
BRINKS CO	COM	109696104	10,602	158,237	SH		SOLE		124,274	0	33,963
BROOKLINE BANCORP INC DEL	COM	11373M107	6,400	438,369	SH		SOLE		347,155	0	91,214
BWX TECHNOLOGIES INC	COM	05605H100	13,161	269,968	SH		SOLE		216,270	0	53,698
CABOT OIL & GAS CORP	COM	127097103	6,435	256,560	SH		SOLE		203,000	0	53,560
CAESARS ENTMT CORP	COM	127686103	7,628	635,650	SH		SOLE		502,860	0	132,790
CALLAWAY GOLF CO	COM	131193104	6,704	524,605	SH		SOLE		424,665	0	99,940
CALLON PETE CO DEL	COM	13123X102	13,177	1,241,957	SH		SOLE		988,972	0	252,985
CAMBREX CORP	COM	132011107	2,260	37,821	SH		SOLE		24,175	0	13,646
CAMDEN NATL CORP	COM	133034108	696	16,220	SH		SOLE		16,220	0	0
CARDIOVASCULAR SYS INC DEL	COM	141619106	6,537	202,835	SH		SOLE		166,665	0	36,170
CAROLINA FINL CORP NEW	COM	143873107	478	14,800	SH		SOLE		14,800	0	0
CARRIAGE SVCS INC	COM	143905107	375	13,900	SH		SOLE		13,900	0	0
CARROLS RESTAURANT GROUP INC	COM	14574X104	469	38,320	SH		SOLE		38,320	0	0
CASELLA WASTE SYS INC	CL A	147448104	6,925	421,998	SH		SOLE		336,503	0	85,495
CENTERSTATE BANKS INC	COM	15201P109	6,780	272,720	SH		SOLE		214,420	0	58,300
CHARLES RIV LABS INTL INC	COM	159864107	8,163	80,703	SH		SOLE		69,411	0	11,292
CHERRY HILL MTG INVT CORP	COM	164651101	459	24,862	SH		SOLE		24,862	0	0
CIRRUS LOGIC INC	COM	172755100	4,204	67,030	SH		SOLE		53,030	0	14,000
CIVISTA BANCSHARES INC	COM NO PAR	178867107	476	22,780	SH		SOLE		22,780	0	0
CLIFTON BANCORP INC	COM	186873105	609	36,840	SH		SOLE		36,840	0	0
COLUMBIA PPTY TR INC	COM NEW	198287203	1,830	81,774	SH		SOLE		81,774	0	0
COMMUNITY BANKERS TR CORP	COM	203612106	473	57,290	SH		SOLE		57,290	0	0
CONNECTONE BANCORP INC NEW	COM	20786W107	3,638	161,340	SH		SOLE		113,120	0	48,220
COWEN INC	CL A NEW	223622606	4,003	246,342	SH		SOLE		167,762	0	78,580
CYPRESS SEMICONDUCTOR CORP	COM	232806109	8,770	642,460	SH		SOLE		512,390	0	130,070
DICKS SPORTING GOODS INC	COM	253393102	7,796	195,724	SH		SOLE		153,210	0	42,514
DONNELLEY FINL SOLUTIONS INC	COM	25787G100	567	24,683	SH		SOLE		24,683	0	0
DUKE REALTY CORP	COM NEW	264411505	7,844	280,650	SH		SOLE		224,410	0	56,240
E TRADE FINANCIAL CORP	COM NEW	269246401	10,003	263,020	SH		SOLE		208,110	0	54,910
EAST WEST BANCORP INC	COM	27579R104	2,558	43,666	SH		SOLE		34,543	0	9,123
ELDORADO RESORTS INC	COM	28470R102	10,221	511,045	SH		SOLE		392,045	0	119,000
ENERGIZER HLDGS INC NEW	COM	29272W109	14,994	312,243	SH		SOLE		250,260	0	61,983
ENTRAVISION COMMUNICATIONS C	CL A	29382R107	447	67,780	SH		SOLE		67,780	0	0
EXTENDED STAY AMER INC	UNIT 99/99/9999B	30224P200	13,428	693,590	SH		SOLE		524,080	0	169,510
FARMERS CAP BK CORP	COM	309562106	549	14,230	SH		SOLE		14,230	0	0
FCB FINL HLDGS INC	CL A	30255G103	2,914	61,018	SH		SOLE		39,468	0	21,550
FIRST LONG IS CORP	COM	320734106	445	15,560	SH		SOLE		15,560	0	0
FIVE9 INC	COM	338307101	2,788	129,560	SH		SOLE		82,800	0	46,760
FLEXION THERAPEUTICS INC	COM	33938J106	390	19,310	SH		SOLE		19,310	0	0
FORMFACTOR INC	COM	346375108	7,311	589,571	SH		SOLE		476,696	0	112,875
FRANKLIN FINL NETWORK INC	COM	35352P104	6,800	164,842	SH		SOLE		135,599	0	29,243
GENESEE & WYO INC	CL A	371559105	19,533	285,610	SH		SOLE		225,229	0	60,381
GLOBUS MED INC	CL A	379577208	6,804	205,245	SH		SOLE		164,300	0	40,945
GOODYEAR TIRE & RUBR CO	COM	382550101	6,112	174,820	SH		SOLE		138,310	0	36,510
GRAMERCY PPTY TR	COM NEW	385002308	13,209	444,610	SH		SOLE		358,680	0	85,930
GREAT AJAX CORP	COM	38983D300	451	32,290	SH		SOLE		32,290	0	0
GREENLIGHT CAPITAL RE LTD	CLASS A	G4095J109	454	21,700	SH		SOLE		21,700	0	0
GTT COMMUNICATIONS INC	COM	362393100	2,178	68,830	SH		SOLE		43,990	0	24,840
HANCOCK HLDG CO	COM	410120109	14,497	295,865	SH		SOLE		233,010	0	62,855
HANOVER INS GROUP INC	COM	410867105	9,132	103,031	SH		SOLE		86,129	0	16,902
HESKA CORP	COM RESTRC NEW	42805E306	289	2,830	SH		SOLE		2,830	0	0
HIGHWOODS PPTYS INC	COM	431284108	9,033	178,122	SH		SOLE		138,907	0	39,215
HOSTESS BRANDS INC	CL A	44109J106	16,371	1,016,814	SH		SOLE		800,017	0	216,797
HOWARD HUGHES CORP	COM	44267D107	19,175	156,101	SH		SOLE		122,405	0	33,696
INNOSPEC INC	COM	45768S105	9,960	151,946	SH		SOLE		121,280	0	30,666
INSTEEL INDUSTRIES INC	COM	45774W108	4,163	126,260	SH		SOLE		102,570	0	23,690
INTERXION HOLDING N.V	SHS	N47279109	11,845	258,745	SH		SOLE		194,865	0	63,880
INVACARE CORP	COM	461203101	252	19,110	SH		SOLE		19,110	0	0
INVESTORS BANCORP INC NEW	COM	46146L101	18,918	1,416,033	SH		SOLE		1,124,620	0	291,413
JAZZ PHARMACEUTICALS PLC	SHS USD	G50871105	11,227	72,197	SH		SOLE		57,490	0	14,707
JERNIGAN CAP INC	COM	476405105	527	23,970	SH		SOLE		23,970	0	0
KAPSTONE PAPER & PACKAGING C	COM	48562P103	12,742	617,633	SH		SOLE		491,046	0	126,587
KERYX BIOPHARMACEUTICALS INC	COM	492515101	3,059	423,160	SH		SOLE		288,330	0	134,830
KINGSTONE COS INC	COM	496719105	312	20,400	SH		SOLE		20,400	0	0
KLX INC	COM	482539103	2,494	49,882	SH		SOLE		31,952	0	17,930
KRATON CORPORATION	COM	50077C106	3,049	88,520	SH		SOLE		88,282	0	238
LEGACY TEX FINL GROUP INC	COM	52471Y106	15,202	398,695	SH		SOLE		315,855	0	82,840
LINDBLAD EXPEDITIONS HLDGS I	COM	535219109	317	30,210	SH		SOLE		30,210	0	0
LSB INDS INC	COM	502160104	222	21,490	SH		SOLE		21,490	0	0
LYDALL INC DEL	COM	550819106	3,682	71,222	SH		SOLE		48,950	0	22,272
MARCUS CORP	COM	566330106	307	10,150	SH		SOLE		10,150	0	0
MASTEC INC	COM	576323109	6,495	143,850	SH		SOLE		113,790	0	30,060
MB FINANCIAL INC NEW	COM	55264U108	7,918	179,780	SH		SOLE		140,050	0	39,730
MCBC HLDGS INC	COM	55276F107	463	23,660	SH		SOLE		23,660	0	0
MERIDIAN BANCORP INC MD	COM	58958U103	5,580	330,185	SH		SOLE		239,490	0	90,695
MIDLAND STS BANCORP INC ILL	COM	597742105	445	13,279	SH		SOLE		13,279	0	0
MIDWESTONE FINL GROUP INC NE	COM	598511103	462	13,640	SH		SOLE		13,640	0	0
MKS INSTRUMENT INC	COM	55306N104	9,713	144,320	SH		SOLE		120,370	0	23,950
MODINE MFG CO	COM	607828100	4,861	293,698	SH		SOLE		236,924	0	56,774
MONMOUTH REAL ESTATE INVT CO	CL A	609720107	3,624	240,830	SH		SOLE		153,920	0	86,910
MRC GLOBAL INC	COM	55345K103	7,890	477,591	SH		SOLE		397,346	0	80,245
NATIONAL GEN HLDGS CORP	COM	636220303	2,168	102,771	SH		SOLE		66,363	0	36,408
NATURAL GAS SERVICES GROUP	COM	63886Q109	361	14,510	SH		SOLE		14,510	0	0
NCI BUILDING SYS INC	COM NEW	628852204	3,415	204,520	SH		SOLE		130,895	0	73,625
NEWPARK RES INC	COM PAR $.01NEW	651718504	427	58,060	SH		SOLE		58,060	0	0
NISOURCE INC	COM	65473P105	6,002	236,680	SH		SOLE		187,230	0	49,450
NORDSTROM INC	COM	655664100	6,171	129,015	SH		SOLE		102,840	0	26,175
NOVANTA INC	COM	67000B104	1,996	55,454	SH		SOLE		38,744	0	16,710
OLD LINE BANCSHARES INC	COM	67984M100	589	20,884	SH		SOLE		20,884	0	0
ON SEMICONDUCTOR CORP	COM	682189105	6,580	468,690	SH		SOLE		388,150	0	80,540
ORBOTECH LTD	ORD	M75253100	7,992	244,995	SH		SOLE		209,630	0	35,365
OSHKOSH CORP	COM	688239201	2,506	36,380	SH		SOLE		36,380	0	0
PACIFIC PREMIER BANCORP	COM	69478X105	4,837	131,090	SH		SOLE		102,085	0	29,005
PACWEST BANCORP DEL	COM	695263103	17,771	380,530	SH		SOLE		313,020	0	67,510
PARK OHIO HLDGS CORP	COM	700666100	2,425	63,660	SH		SOLE		45,846	0	17,814
PARTY CITY HOLDCO INC	COM	702149105	8,839	564,780	SH		SOLE		451,170	0	113,610
PERKINELMER INC	COM	714046109	9,806	143,915	SH		SOLE		115,230	0	28,685
PINNACLE FOODS INC DEL	COM	72348P104	1,006	16,940	SH		SOLE		16,940	0	0
PREMIER INC	CL A	74051N102	7,770	215,838	SH		SOLE		172,820	0	43,018
PRIMO WTR CORP	COM	74165N105	2,740	215,730	SH		SOLE		149,940	0	65,790
QORVO INC	COM	74736K101	5,297	83,660	SH		SOLE		66,190	0	17,470
REALOGY HLDGS CORP	COM	75605Y106	7,352	226,565	SH		SOLE		179,495	0	47,070
RED ROBIN GOURMET BURGERS IN	COM	75689M101	15,834	242,662	SH		SOLE		191,430	0	51,232
REV GROUP INC	COM	749527107	13,925	503,074	SH		SOLE		399,266	0	103,808
RING ENERGY INC	COM	76680V108	3,996	307,400	SH		SOLE		206,813	0	100,587
RPC INC	COM	749660106	5,547	274,450	SH		SOLE		217,150	0	57,300
SILICON MOTION TECHNOLOGY CO	SPONSORED ADR	82706C108	3,425	71,020	SH		SOLE		48,670	0	22,350
SJW GROUP	COM	784305104	2,371	48,220	SH		SOLE		30,810	0	17,410
SKYWEST INC	COM	830879102	11,330	322,800	SH		SOLE		254,440	0	68,360
SMARTFINANCIAL INC	COM NEW	83190L208	503	21,070	SH		SOLE		21,070	0	0
STERLING BANCORP DEL	COM	85917A100	20,142	866,342	SH		SOLE		682,038	0	184,304
STORE CAP CORP	COM	862121100	9,807	436,832	SH		SOLE		342,456	0	94,376
STUDENT TRANSN INC	COM	86388A108	3,156	520,309	SH		SOLE		363,044	0	157,265
SUPER MICRO COMPUTER INC	COM	86800U104	5,719	232,025	SH		SOLE		177,185	0	54,840
SYNOPSYS INC	COM	871607107	7,850	107,640	SH		SOLE		85,160	0	22,480
TAYLOR MORRISON HOME CORP	CL A	87724P106	3,795	158,074	SH		SOLE		120,538	0	37,536
TEXTAINER GROUP HOLDINGS LTD	SHS	G8766E109	538	37,070	SH		SOLE		37,070	0	0
TITAN INTL INC ILL	COM	88830M102	4,233	352,440	SH		SOLE		239,650	0	112,790
TIVITY HEALTH INC	COM	88870R102	9,586	240,555	SH		SOLE		190,285	0	50,270
TRITON INTL LTD	CL A	G9078F107	2,650	79,255	SH		SOLE		50,645	0	28,610
U S CONCRETE INC	COM NEW	90333L201	9,213	117,285	SH		SOLE		89,475	0	27,810
ULTRA CLEAN HLDGS INC	COM	90385V107	1,298	69,220	SH		SOLE		49,650	0	19,570
ULTRA PETROLEUM CORP	COM NEW	903914208	10,238	943,585	SH		SOLE		738,630	0	204,955
UNDER ARMOUR INC	CL C	904311206	5,286	262,200	SH		SOLE		207,420	0	54,780
UNITIL CORP	COM	913259107	7,799	161,428	SH		SOLE		124,283	0	37,145
UNIVEST CORP PA	COM	915271100	2,651	88,510	SH		SOLE		67,160	0	21,350
USA TECHNOLOGIES INC	COM NO PAR	90328S500	595	114,430	SH		SOLE		114,430	0	0
VAIL RESORTS INC	COM	91879Q109	5,874	28,960	SH		SOLE		22,910	0	6,050
VERITEX HLDGS INC	COM	923451108	520	19,750	SH		SOLE		19,750	0	0
VONAGE HLDGS CORP	COM	92886T201	609	93,099	SH		SOLE		93,099	0	0
VOYA FINL INC	COM	929089100	5,526	149,785	SH		SOLE		118,715	0	31,070
WATSCO INC	COM	942622200	12,804	83,033	SH		SOLE		66,340	0	16,693
WESTERN ALLIANCE BANCORP	COM	957638109	19,430	394,920	SH		SOLE		326,510	0	68,410
WESTERN NEW ENG BANCORP INC	COM	958892101	2,919	287,550	SH		SOLE		202,540	0	85,010
WABTEC CORP	COM	929740108	13,255	144,865	SH		SOLE		115,450	0	29,415
WINNEBAGO INDS INC	COM	974637100	5,064	144,685	SH		SOLE		117,095	0	27,590
WNS HOLDINGS LTD	SPON ADR	92932M101	4,798	139,636	SH		SOLE		105,927	0	33,709
WSFS FINL CORP	COM	929328102	3,103	68,430	SH		SOLE		43,740	0	24,690