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	250	21,810	SH		SOLE		21,810	0	0
AAR CORP	COM	000361105	8,002	181,400	SH		SOLE		151,015	0	30,385
ABRAXAS PETE CORP	COM	003830106	389	175,065	SH		SOLE		175,065	0	0
ADDUS HOMECARE CORP	COM	006739106	423	8,690	SH		SOLE		8,690	0	0
ADVANCED DISP SVCS INC DEL	COM	00790X101	16,632	746,492	SH		SOLE		607,725	0	138,767
ADVANCED DRAIN SYS INC DEL	COM	00790R104	2,571	99,275	SH		SOLE		70,854	0	28,421
ADVERUM BIOTECHNOLOGIES INC	COM	00773U108	214	36,915	SH		SOLE		36,915	0	0
AIR TRANSPORT SERVICES GRP I	COM	00922R105	4,343	186,252	SH		SOLE		158,706	0	27,546
ALEXANDRIA REAL ESTATE EQ IN	COM	015271109	6,251	50,050	SH		SOLE		39,600	0	10,450
ALJ REGIONAL HLDGS INC	COM	001627108	351	167,090	SH		SOLE		167,090	0	0
ALLEGHENY TECHNOLOGIES INC	COM	01741R102	10,295	434,775	SH		SOLE		349,455	0	85,320
ALLETE INC	COM NEW	018522300	5,319	73,620	SH		SOLE		58,140	0	15,480
ALLSCRIPTS HEALTHCARE SOLUTN	COM	01988P108	4,530	366,780	SH		SOLE		289,920	0	76,860
AMERICAN CAMPUS CMNTYS INC	COM	024835100	9,318	241,285	SH		SOLE		192,390	0	48,895
AMERICAN HOMES 4 RENT	CL A	02665T306	10,033	499,632	SH		SOLE		399,900	0	99,732
AMERIS BANCORP	COM	03076K108	3,486	65,905	SH		SOLE		47,065	0	18,840
APPLE HOSPITALITY REIT INC	COM NEW	03784Y200	9,654	549,450	SH		SOLE		433,930	0	115,520
APPTIO INC	CL A	03835C108	4,863	171,605	SH		SOLE		149,915	0	21,690
ARDMORE SHIPPING CORP	COM	Y0207T100	782	102,870	SH		SOLE		102,870	0	0
ASPEN INSURANCE HOLDINGS LTD	SHS	G05384105	24,761	552,075	SH		SOLE		445,595	0	106,480
ASURE SOFTWARE INC	COM	04649U102	668	54,600	SH		SOLE		54,600	0	0
ATLANTIC CAP BANCSHARES INC	COM	048269203	542	29,950	SH		SOLE		29,950	0	0
ATLAS AIR WORLDWIDE HLDGS IN	COM NEW	049164205	4,861	80,420	SH		SOLE		59,434	0	20,986
BANK PRINCETON NEW JERSEY	COM	064520109	668	19,368	SH		SOLE		19,368	0	0
BANK OF THE OZARKS	COM	063904106	9,913	205,369	SH		SOLE		163,149	0	42,220
BEACON ROOFING SUPPLY INC	COM	073685109	12,826	241,672	SH		SOLE		187,151	0	54,521
BIO RAD LABS INC	CL A	090572207	17,861	71,423	SH		SOLE		59,449	0	11,974
BLUELINX HLDGS INC	COM NEW	09624H208	833	25,570	SH		SOLE		25,570	0	0
BOINGO WIRELESS INC	COM	09739C102	5,348	215,912	SH		SOLE		182,890	0	33,022
BRIDGEWATER BANCSHARES INC	COM ACCD INV	108621103	610	46,710	SH		SOLE		46,710	0	0
BRINKS CO	COM	109696104	14,089	197,467	SH		SOLE		160,971	0	36,496
BRUNSWICK CORP	COM	117043109	7,906	133,120	SH		SOLE		105,230	0	27,890
BWX TECHNOLOGIES INC	COM	05605H100	6,708	105,595	SH		SOLE		83,412	0	22,183
CAESARS ENTMT CORP	COM	127686103	5,903	524,720	SH		SOLE		414,770	0	109,950
CALLAWAY GOLF CO	COM	131193104	4,312	263,540	SH		SOLE		215,550	0	47,990
CALLON PETE CO DEL	COM	13123X102	10,005	755,677	SH		SOLE		608,242	0	147,435
CAMDEN NATL CORP	COM	133034108	1,058	23,780	SH		SOLE		23,780	0	0
CAROLINA FINL CORP NEW	COM	143873107	569	14,490	SH		SOLE		14,490	0	0
CARPENTER TECHNOLOGY CORP	COM	144285103	3,488	79,050	SH		SOLE		64,495	0	14,555
CARROLS RESTAURANT GROUP INC	COM	14574X104	760	67,900	SH		SOLE		67,900	0	0
CENTERSTATE BK CORP	COM	15201P109	5,859	220,840	SH		SOLE		177,485	0	43,355
CHEMICAL FINL CORP	COM	163731102	11,849	216,690	SH		SOLE		166,370	0	50,320
CHERRY HILL MTG INVT CORP	COM	164651101	554	31,612	SH		SOLE		31,612	0	0
CIVISTA BANCSHARES INC	COM NO PAR	178867107	811	35,490	SH		SOLE		35,490	0	0
CIVITAS SOLUTIONS INC	COM	17887R102	404	26,260	SH		SOLE		26,260	0	0
COHERENT INC	COM	192479103	4,179	22,300	SH		SOLE		17,900	0	4,400
COLLEGIUM PHARMACEUTICAL INC	COM	19459J104	571	22,340	SH		SOLE		22,340	0	0
COMMUNITY BANKERS TR CORP	COM	203612106	610	67,790	SH		SOLE		67,790	0	0
CONNECTONE BANCORP INC NEW	COM	20786W107	7,777	270,038	SH		SOLE		225,978	0	44,060
CONSTELLIUM NV	CL A	N22035104	9,739	897,596	SH		SOLE		721,826	0	175,770
CORESITE RLTY CORP	COM	21870Q105	5,795	57,795	SH		SOLE		48,790	0	9,005
COWEN INC	CL A NEW	223622606	4,351	329,632	SH		SOLE		252,037	0	77,595
CRYOLIFE INC	COM	228903100	710	35,420	SH		SOLE		35,420	0	0
CRYOPORT INC	COM PAR $0.001	229050307	247	28,730	SH		SOLE		28,730	0	0
DASEKE INC	COM	23753F107	1,836	187,570	SH		SOLE		187,570	0	0
DEPOMED INC	COM	249908104	225	34,190	SH		SOLE		34,190	0	0
DSW INC	CL A	23334L102	3,421	152,300	SH		SOLE		108,810	0	43,490
DUKE REALTY CORP	COM NEW	264411505	12,292	464,201	SH		SOLE		370,594	0	93,607
ELDORADO RESORTS INC	COM	28470R102	5,148	156,010	SH		SOLE		122,495	0	33,515
EMERGENT BIOSOLUTIONS INC	COM	29089Q105	3,451	65,555	SH		SOLE		46,855	0	18,700
ENERGEN CORP	COM	29265N108	10,739	170,840	SH		SOLE		141,510	0	29,330
ENERGY RECOVERY INC	COM	29270J100	560	68,110	SH		SOLE		68,110	0	0
ENOVA INTL INC	COM	29357K103	509	23,080	SH		SOLE		23,080	0	0
ENSIGN GROUP INC	COM	29358P101	3,559	135,305	SH		SOLE		111,395	0	23,910
ENVISION HEALTHCARE CORP	COM	29414D100	6,262	162,955	SH		SOLE		128,810	0	34,145
EVEREST RE GROUP LTD	COM	G3223R108	10,387	40,445	SH		SOLE		31,940	0	8,505
EVERI HLDGS INC	COM	30034T103	592	90,070	SH		SOLE		90,070	0	0
EXTENDED STAY AMER INC	UNIT 99/99/9999B	30224P200	9,607	485,925	SH		SOLE		373,625	0	112,300
FARMERS CAP BK CORP	COM	309562106	842	21,080	SH		SOLE		21,080	0	0
FERROGLOBE PLC	SHS	G33856108	4,048	377,220	SH		SOLE		298,175	0	79,045
FIRST HORIZON NATL CORP	COM	320517105	12,045	639,670	SH		SOLE		537,395	0	102,275
FIRST INTST BANCSYSTEM INC	COM CL A	32055Y201	2,422	61,230	SH		SOLE		43,780	0	17,450
FIVE9 INC	COM	338307101	2,889	96,975	SH		SOLE		69,290	0	27,685
FLEXION THERAPEUTICS INC	COM	33938J106	473	21,100	SH		SOLE		21,100	0	0
FLY LEASING LTD	SPONSORED ADR	34407D109	957	71,890	SH		SOLE		71,890	0	0
FORMFACTOR INC	COM	346375108	4,991	365,670	SH		SOLE		303,689	0	61,981
FRANKLIN FINL NETWORK INC	COM	35352P104	263	8,065	SH		SOLE		8,065	0	0
GENESCO INC	COM	371532102	4,636	114,190	SH		SOLE		94,055	0	20,135
GODADDY INC	CL A	380237107	6,814	110,940	SH		SOLE		88,670	0	22,270
GRAMERCY PPTY TR	COM NEW	385002308	14,211	654,000	SH		SOLE		529,805	0	124,195
GRANITE PT MTG TR INC	COM	38741L107	4,328	261,665	SH		SOLE		199,125	0	62,540
GRAPHIC PACKAGING HLDG CO	COM	388689101	17,552	1,143,435	SH		SOLE		958,820	0	184,615
GREAT AJAX CORP	COM	38983D300	685	50,540	SH		SOLE		50,540	0	0
GREAT ELM CAP GROUP INC	COM NEW	39036P209	533	133,200	SH		SOLE		133,200	0	0
GREENLIGHT CAPITAL RE LTD	CLASS A	G4095J109	543	33,810	SH		SOLE		33,810	0	0
HANCOCK HLDG CO	COM	410120109	2,697	52,165	SH		SOLE		42,630	0	9,535
HELMERICH & PAYNE INC	COM	423452101	10,167	152,745	SH		SOLE		121,660	0	31,085
HEXCEL CORP NEW	COM	428291108	12,034	186,315	SH		SOLE		156,675	0	29,640
HOSTESS BRANDS INC	CL A	44109J106	18,052	1,220,577	SH		SOLE		981,227	0	239,350
HOWARD HUGHES CORP	COM	44267D107	21,550	154,888	SH		SOLE		124,783	0	30,105
IBERIABANK CORP	COM	450828108	2,948	37,800	SH		SOLE		27,020	0	10,780
IDACORP INC	COM	451107106	13,475	152,655	SH		SOLE		118,765	0	33,890
INDEPENDENT BK GROUP INC	COM	45384B106	5,975	84,513	SH		SOLE		74,560	0	9,953
INSTRUCTURE INC	COM	45781U103	2,009	47,660	SH		SOLE		34,050	0	13,610
INTERNAP CORP	COM PAR	45885A409	449	40,815	SH		SOLE		40,815	0	0
INTERXION HOLDING N.V	SHS	N47279109	11,150	179,523	SH		SOLE		144,355	0	35,168
INVACARE CORP	COM	461203101	6,003	345,024	SH		SOLE		286,953	0	58,071
ISHARES TR	RUS 2000 VAL ETF	464287630	1,522	12,490	SH		SOLE		12,490	0	0
JAMES RIV GROUP LTD	COM	G5005R107	18,495	521,416	SH		SOLE		420,455	0	100,961
JERNIGAN CAP INC	COM	476405105	676	37,350	SH		SOLE		37,350	0	0
KINGSTONE COS INC	COM	496719105	726	43,237	SH		SOLE		43,237	0	0
KIRBY CORP	COM	497266106	12,124	157,560	SH		SOLE		125,330	0	32,230
KLX INC	COM	482539103	5,558	78,221	SH		SOLE		64,921	0	13,300
KRATON CORPORATION	COM	50077C106	546	11,450	SH		SOLE		11,450	0	0
LEGACY TEX FINL GROUP INC	COM	52471Y106	14,863	347,095	SH		SOLE		282,170	0	64,925
LILIS ENERGY INC	COM NEW	532403201	453	114,100	SH		SOLE		114,100	0	0
LINDBLAD EXPEDITIONS HLDGS I	COM	535219109	872	84,950	SH		SOLE		84,950	0	0
MAGELLAN HEALTH INC	COM NEW	559079207	2,841	26,524	SH		SOLE		18,934	0	7,590
MANITEX INTL INC	COM	563420108	540	47,270	SH		SOLE		47,270	0	0
MARCUS CORP	COM	566330106	719	23,705	SH		SOLE		23,705	0	0
MARINEMAX INC	COM	567908108	5,890	302,805	SH		SOLE		263,522	0	39,283
MARLIN BUSINESS SVCS CORP	COM	571157106	797	28,100	SH		SOLE		28,100	0	0
MASTEC INC	COM	576323109	6,265	133,160	SH		SOLE		105,250	0	27,910
MCBC HLDGS INC	COM	55276F107	929	36,860	SH		SOLE		36,860	0	0
MERIDIAN BANCORP INC MD	COM	58958U103	4,191	208,013	SH		SOLE		170,519	0	37,494
MERITOR INC	COM	59001K100	12,891	626,973	SH		SOLE		505,991	0	120,982
MGIC INVT CORP WIS	COM	552848103	10,410	800,760	SH		SOLE		621,820	0	178,940
MIDLAND STS BANCORP INC ILL	COM	597742105	1,035	32,779	SH		SOLE		32,779	0	0
MIDWESTONE FINL GROUP INC NE	COM	598511103	817	24,540	SH		SOLE		24,540	0	0
MILACRON HLDGS CORP	COM	59870L106	14,498	719,850	SH		SOLE		554,105	0	165,745
MITEK SYS INC	COM NEW	606710200	445	60,075	SH		SOLE		60,075	0	0
MODINE MFG CO	COM	607828100	534	25,240	SH		SOLE		25,240	0	0
MONMOUTH REAL ESTATE INVT CO	CL A	609720107	3,104	206,415	SH		SOLE		147,500	0	58,915
MSC INDL DIRECT INC	CL A	553530106	3,814	41,585	SH		SOLE		32,870	0	8,715
NATIONAL GEN HLDGS CORP	COM	636220303	3,151	129,618	SH		SOLE		92,496	0	37,122
NATURAL GAS SERVICES GROUP	COM	63886Q109	2,381	99,851	SH		SOLE		79,181	0	20,670
NEWPARK RES INC	COM PAR $.01NEW	651718504	733	90,460	SH		SOLE		90,460	0	0
NISOURCE INC	COM	65473P105	9,053	378,635	SH		SOLE		301,540	0	77,095
NOMAD FOODS LTD	USD ORD SHS	G6564A105	6,044	383,974	SH		SOLE		324,939	0	59,035
OAKTREE SPECIALTY LENDING CO	COM	67401P108	460	109,220	SH		SOLE		109,220	0	0
OLD LINE BANCSHARES INC	COM	67984M100	780	23,644	SH		SOLE		23,644	0	0
OLIN CORP	COM PAR $1	680665205	7,539	248,060	SH		SOLE		196,340	0	51,720
ON SEMICONDUCTOR CORP	COM	682189105	7,303	298,550	SH		SOLE		236,180	0	62,370
ONEMAIN HLDGS INC	COM	68268W103	5,707	190,615	SH		SOLE		150,555	0	40,060
ORTHOPEDIATRICS CORP	COM	68752L100	466	30,930	SH		SOLE		30,930	0	0
PACIFIC PREMIER BANCORP	COM	69478X105	4,530	112,688	SH		SOLE		82,568	0	30,120
PACWEST BANCORP DEL	COM	695263103	6,777	136,824	SH		SOLE		108,910	0	27,914
PARK OHIO HLDGS CORP	COM	700666100	1,987	51,138	SH		SOLE		43,609	0	7,529
PAYLOCITY HLDG CORP	COM	70438V106	6,960	135,860	SH		SOLE		107,390	0	28,470
PDC ENERGY INC	COM	69327R101	15,275	311,540	SH		SOLE		251,510	0	60,030
PETIQ INC	COM CL A	71639T106	559	21,020	SH		SOLE		21,020	0	0
PINNACLE WEST CAP CORP	COM	723484101	11,904	149,170	SH		SOLE		119,160	0	30,010
PJT PARTNERS INC	COM CL A	69343T107	3,200	63,874	SH		SOLE		45,670	0	18,204
PNM RES INC	COM	69349H107	1,707	44,636	SH		SOLE		31,924	0	12,712
POPULAR INC	COM NEW	733174700	7,710	185,240	SH		SOLE		147,700	0	37,540
PORTLAND GEN ELEC CO	COM NEW	736508847	6,401	158,010	SH		SOLE		124,800	0	33,210
PRIMO WTR CORP	COM	74165N105	1,929	164,703	SH		SOLE		132,673	0	32,030
PURECYCLE CORP	COM NEW	746228303	609	64,490	SH		SOLE		64,490	0	0
QCR HOLDINGS INC	COM	74727A104	527	11,740	SH		SOLE		11,740	0	0
REALPAGE INC	COM	75606N109	8,504	165,126	SH		SOLE		139,446	0	25,680
RED ROBIN GOURMET BURGERS IN	COM	75689M101	12,121	208,989	SH		SOLE		169,793	0	39,196
REV GROUP INC	COM	749527107	5,877	283,095	SH		SOLE		217,673	0	65,422
REXNORD CORP NEW	COM	76169B102	12,121	408,380	SH		SOLE		340,660	0	67,720
RING ENERGY INC	COM	76680V108	3,937	274,389	SH		SOLE		214,357	0	60,032
ROCKET PHARMACEUTICALS INC	COM	77313F106	281	14,982	SH		SOLE		14,982	0	0
RSP PERMIAN INC	COM	74978Q105	8,253	176,040	SH		SOLE		146,430	0	29,610
SANTANDER CONSUMER USA HDG I	COM	80283M101	17,183	1,054,185	SH		SOLE		879,320	0	174,865
SELECT MED HLDGS CORP	COM	81619Q105	9,779	566,900	SH		SOLE		447,815	0	119,085
SHOE CARNIVAL INC	COM	824889109	3,278	137,720	SH		SOLE		103,840	0	33,880
SIENTRA INC	COM	82621J105	258	26,720	SH		SOLE		26,720	0	0
SLM CORP	COM	78442P106	15,704	1,400,905	SH		SOLE		1,184,390	0	216,515
SMART & FINAL STORES INC	COM	83190B101	377	67,930	SH		SOLE		67,930	0	0
SMARTFINANCIAL INC	COM NEW	83190L208	780	33,090	SH		SOLE		33,090	0	0
SPARTAN MTRS INC	COM	846819100	537	31,195	SH		SOLE		31,195	0	0
SPECTRUM BRANDS HLDGS INC	COM	84763R101	18,802	181,310	SH		SOLE		151,046	0	30,264
STAG INDL INC	COM	85254J102	14,005	585,480	SH		SOLE		476,615	0	108,865
MADDEN STEVEN LTD	COM	556269108	14,718	335,271	SH		SOLE		283,168	0	52,103
SUMMIT HOTEL PPTYS INC	COM	866082100	4,880	358,527	SH		SOLE		303,587	0	54,940
SVB FINL GROUP	COM	78486Q101	5,519	22,995	SH		SOLE		18,160	0	4,835
TAILORED BRANDS INC	COM	87403A107	2,851	113,755	SH		SOLE		90,630	0	23,125
TAUBMAN CTRS INC	COM	876664103	15,093	265,205	SH		SOLE		219,647	0	45,558
TAYLOR MORRISON HOME CORP	CL A	87724P106	3,531	151,676	SH		SOLE		123,804	0	27,872
TEXTAINER GROUP HOLDINGS LTD	SHS	G8766E109	5,022	296,264	SH		SOLE		250,471	0	45,793
TITAN INTL INC ILL	COM	88830M102	556	44,130	SH		SOLE		44,130	0	0
TIVITY HEALTH INC	COM	88870R102	19,881	501,410	SH		SOLE		404,311	0	97,099
TOWER SEMICONDUCTOR LTD	SHS NEW	M87915274	14,358	533,570	SH		SOLE		428,970	0	104,600
TRECORA RES	COM	894648104	942	69,235	SH		SOLE		69,235	0	0
TRITON INTL LTD	CL A	G9078F107	9,855	322,045	SH		SOLE		256,310	0	65,735
U S CONCRETE INC	COM NEW	90333L201	1,779	29,457	SH		SOLE		23,122	0	6,335
ULTRA CLEAN HLDGS INC	COM	90385V107	5,410	281,015	SH		SOLE		237,095	0	43,920
UNION BANKSHARES CORP NEW	COM	90539J109	5,983	162,977	SH		SOLE		133,217	0	29,760
UNITIL CORP	COM	913259107	8,711	187,686	SH		SOLE		156,148	0	31,538
USA TECHNOLOGIES INC	COM NO PAR	90328S500	749	83,225	SH		SOLE		83,225	0	0
USA TRUCK INC	COM	902925106	399	15,660	SH		SOLE		15,660	0	0
VERITEX HLDGS INC	COM	923451108	982	35,490	SH		SOLE		35,490	0	0
VOYA FINL INC	COM	929089100	7,564	149,785	SH		SOLE		118,715	0	31,070
WESCO AIRCRAFT HLDGS INC	COM	950814103	1,743	170,010	SH		SOLE		121,460	0	48,550
WESCO INTL INC	COM	95082P105	14,993	241,620	SH		SOLE		204,450	0	37,170
WESTERN ALLIANCE BANCORP	COM	957638109	8,666	149,130	SH		SOLE		124,180	0	24,950
WESTERN NEW ENG BANCORP INC	COM	958892101	2,865	269,030	SH		SOLE		205,900	0	63,130
WINNEBAGO INDS INC	COM	974637100	6,445	171,418	SH		SOLE		141,398	0	30,020
WNS HOLDINGS LTD	SPON ADR	92932M101	2,925	64,532	SH		SOLE		46,097	0	18,435
WSFS FINL CORP	COM	929328102	3,075	64,195	SH		SOLE		45,875	0	18,320