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	651	69,500	SH		SOLE		69,500	0	0
AAR CORP	COM	000361105	4,147	89,205	SH		SOLE		73,460	0	15,745
ABERCROMBIE & FITCH CO	CL A	002896207	10,846	443,040	SH		SOLE		357,905	0	85,135
ABRAXAS PETE CORP	COM	003830106	630	217,865	SH		SOLE		217,865	0	0
ADDUS HOMECARE CORP	COM	006739106	498	8,690	SH		SOLE		8,690	0	0
ADVANCED DISP SVCS INC DEL	COM	00790X101	19,246	776,682	SH		SOLE		628,525	0	148,157
ADVANCED DRAIN SYS INC DEL	COM	00790R104	6,509	228,002	SH		SOLE		182,496	0	45,506
ADVERUM BIOTECHNOLOGIES INC	COM	00773U108	243	45,915	SH		SOLE		45,915	0	0
AIR TRANSPORT SERVICES GRP I	COM	00922R105	6,653	294,527	SH		SOLE		241,911	0	52,616
ALJ REGIONAL HLDGS INC	COM	001627108	317	167,090	SH		SOLE		167,090	0	0
ALLEGHENY TECHNOLOGIES INC	COM	01741R102	1,286	51,195	SH		SOLE		36,375	0	14,820
ALLETE INC	COM NEW	018522300	6,793	87,750	SH		SOLE		78,110	0	9,640
AMERICAN CAMPUS CMNTYS INC	COM	024835100	15,975	372,545	SH		SOLE		313,160	0	59,385
AMERICAN HOMES 4 RENT	CL A	02665T306	11,082	499,632	SH		SOLE		399,900	0	99,732
AMERICAN OUTDOOR BRANDS CORP	COM	02874P103	281	23,320	SH		SOLE		23,320	0	0
AMERIS BANCORP	COM	03076K108	3,733	69,965	SH		SOLE		49,695	0	20,270
APPLE HOSPITALITY REIT INC	COM NEW	03784Y200	9,824	549,450	SH		SOLE		433,930	0	115,520
APPTIO INC	CL A	03835C108	8,106	223,915	SH		SOLE		187,415	0	36,500
ARDMORE SHIPPING CORP	COM	Y0207T100	844	102,870	SH		SOLE		102,870	0	0
ASPEN INSURANCE HOLDINGS LTD	SHS	G05384105	19,471	478,410	SH		SOLE		384,780	0	93,630
ASURE SOFTWARE INC	COM	04649U102	871	54,600	SH		SOLE		54,600	0	0
ATLANTIC CAP BANCSHARES INC	COM	048269203	599	30,460	SH		SOLE		30,460	0	0
ATLAS AIR WORLDWIDE HLDGS IN	COM NEW	049164205	2,854	39,804	SH		SOLE		29,109	0	10,695
BANK OF THE OZARKS	COM	063904106	6,216	138,015	SH		SOLE		109,301	0	28,714
BANK PRINCETON NEW JERSEY	COM	064520109	763	22,948	SH		SOLE		22,948	0	0
BEACON ROOFING SUPPLY INC	COM	073685109	6,021	141,268	SH		SOLE		113,599	0	27,669
BIO RAD LABS INC	CL A	090572207	14,154	49,053	SH		SOLE		40,844	0	8,209
BJS WHSL CLUB HLDGS INC	COM	05550J101	15,372	650,000	SH		SOLE		526,499	0	123,501
BLUELINX HLDGS INC	COM NEW	09624H208	641	17,067	SH		SOLE		17,067	0	0
BOINGO WIRELESS INC	COM	09739C102	428	18,931	SH		SOLE		18,931	0	0
BRANDYWINE RLTY TR	SH BEN INT NEW	105368203	14,051	832,415	SH		SOLE		674,275	0	158,140
BRIDGEWATER BANCSHARES INC	COM ACCD INV	108621103	653	51,360	SH		SOLE		51,360	0	0
BRINKS CO	COM	109696104	35,155	440,810	SH		SOLE		354,532	0	86,278
BRUNSWICK CORP	COM	117043109	13,916	215,815	SH		SOLE		180,800	0	35,015
BWX TECHNOLOGIES INC	COM	05605H100	6,581	105,595	SH		SOLE		83,412	0	22,183
CABOT CORP	COM	127055101	11,496	186,110	SH		SOLE		154,650	0	31,460
CAESARS ENTMT CORP	COM	127686103	5,615	524,720	SH		SOLE		414,770	0	109,950
CAMDEN NATL CORP	COM	133034108	1,087	23,780	SH		SOLE		23,780	0	0
CAROLINA FINL CORP NEW	COM	143873107	622	14,490	SH		SOLE		14,490	0	0
CARROLS RESTAURANT GROUP INC	COM	14574X104	4,762	320,640	SH		SOLE		247,560	0	73,080
CENTERSTATE BK CORP	COM	15201P109	6,526	218,840	SH		SOLE		175,485	0	43,355
CENTURY CASINOS INC	COM	156492100	582	66,540	SH		SOLE		66,540	0	0
CHEMICAL FINL CORP	COM	163731102	17,758	318,985	SH		SOLE		259,185	0	59,800
CHERRY HILL MTG INVT CORP	COM	164651101	743	41,612	SH		SOLE		41,612	0	0
CIVISTA BANCSHARES INC	COM NO PAR	178867107	860	35,490	SH		SOLE		35,490	0	0
COHERENT INC	COM	192479103	3,258	20,830	SH		SOLE		16,460	0	4,370
COLLEGIUM PHARMACEUTICAL INC	COM	19459J104	533	22,340	SH		SOLE		22,340	0	0
COMMUNITY BANKERS TR CORP	COM	203612106	507	56,640	SH		SOLE		56,640	0	0
CONNECTONE BANCORP INC NEW	COM	20786W107	8,030	322,510	SH		SOLE		271,620	0	50,890
CONSTELLIUM NV	CL A	N22035104	8,186	794,766	SH		SOLE		639,136	0	155,630
CONSTRUCTION PARTNERS INC	COM CL A	21044C107	616	46,745	SH		SOLE		46,745	0	0
CORESITE RLTY CORP	COM	21870Q105	8,761	79,052	SH		SOLE		65,296	0	13,756
COWEN INC	CL A NEW	223622606	4,516	326,052	SH		SOLE		248,457	0	77,595
CRYOLIFE INC	COM	228903100	2,864	102,854	SH		SOLE		81,967	0	20,887
CRYOPORT INC	COM PAR $0.001	229050307	634	40,180	SH		SOLE		40,180	0	0
CYPRESS SEMICONDUCTOR CORP	COM	232806109	9,093	583,620	SH		SOLE		492,550	0	91,070
DASEKE INC	COM	23753F107	1,863	187,570	SH		SOLE		187,570	0	0
DEPOMED INC	COM	249908104	228	34,190	SH		SOLE		34,190	0	0
DUKE REALTY CORP	COM NEW	264411505	13,476	464,201	SH		SOLE		370,594	0	93,607
EAGLE BULK SHIPPING INC	SHS NEW	Y2187A143	659	121,080	SH		SOLE		121,080	0	0
ELDORADO RESORTS INC	COM	28470R102	6,077	155,430	SH		SOLE		121,915	0	33,515
EMERGENT BIOSOLUTIONS INC	COM	29089Q105	3,266	64,685	SH		SOLE		45,985	0	18,700
ENERGEN CORP	COM	29265N108	12,946	177,780	SH		SOLE		148,029	0	29,751
ENERGY RECOVERY INC	COM	29270J100	550	68,110	SH		SOLE		68,110	0	0
ENOVA INTL INC	COM	29357K103	673	18,420	SH		SOLE		18,420	0	0
EVERI HLDGS INC	COM	30034T103	2,295	318,695	SH		SOLE		318,695	0	0
EXANTAS CAP CORP	COM NEW	30068N105	581	57,090	SH		SOLE		57,090	0	0
EXTENDED STAY AMER INC	UNIT 99/99/9999B	30224P200	10,462	484,145	SH		SOLE		371,845	0	112,300
EXTRACTION OIL AND GAS INC	COM	30227M105	3,786	257,750	SH		SOLE		208,900	0	48,850
FERROGLOBE PLC	SHS	G33856108	4,783	558,125	SH		SOLE		446,115	0	112,010
FIRST BANCSHARES INC MS	COM	318916103	771	21,450	SH		SOLE		21,450	0	0
FIRST HORIZON NATL CORP	COM	320517105	13,909	779,630	SH		SOLE		654,979	0	124,651
FIRST INTST BANCSYSTEM INC	COM CL A	32055Y201	3,444	81,620	SH		SOLE		57,990	0	23,630
FIVE9 INC	COM	338307101	1,918	55,478	SH		SOLE		40,592	0	14,886
FLEXION THERAPEUTICS INC	COM	33938J106	537	20,790	SH		SOLE		20,790	0	0
FLY LEASING LTD	SPONSORED ADR	34407D109	1,013	71,890	SH		SOLE		71,890	0	0
GODADDY INC	CL A	380237107	10,921	154,686	SH		SOLE		123,970	0	30,716
GRANITE PT MTG TR INC	COM	38741L107	3,960	215,780	SH		SOLE		153,240	0	62,540
GRAPHIC PACKAGING HLDG CO	COM	388689101	12,443	857,580	SH		SOLE		714,105	0	143,475
GREAT AJAX CORP	COM	38983D300	767	58,650	SH		SOLE		58,650	0	0
GREAT ELM CAP GROUP INC	COM NEW	39036P209	582	161,690	SH		SOLE		161,690	0	0
GREEN BRICK PARTNERS INC	COM	392709101	778	79,382	SH		SOLE		79,382	0	0
GREENLIGHT CAPITAL RE LTD	CLASS A	G4095J109	480	33,810	SH		SOLE		33,810	0	0
HANCOCK WHITNEY CORPORATION	COM	410120109	1,542	33,065	SH		SOLE		23,530	0	9,535
HEALTH INS INNOVATIONS INC	COM CL A	42225K106	603	18,640	SH		SOLE		18,640	0	0
HELMERICH & PAYNE INC	COM	423452101	9,739	152,745	SH		SOLE		121,660	0	31,085
HERCULES CAPITAL INC	COM	427096508	2,861	226,183	SH		SOLE		161,141	0	65,042
HEXCEL CORP NEW	COM	428291108	14,399	216,915	SH		SOLE		181,185	0	35,730
HIGHPOINT RES CORP	COM	43114K108	2,278	374,660	SH		SOLE		266,210	0	108,450
HOSTESS BRANDS INC	CL A	44109J106	14,650	1,077,234	SH		SOLE		862,294	0	214,940
HOWARD HUGHES CORP	COM	44267D107	20,459	154,408	SH		SOLE		124,303	0	30,105
IBERIABANK CORP	COM	450828108	3,817	50,360	SH		SOLE		35,775	0	14,585
IDACORP INC	COM	451107106	16,414	177,945	SH		SOLE		138,295	0	39,650
INDEPENDENT BK GROUP INC	COM	45384B106	4,241	63,490	SH		SOLE		53,600	0	9,890
INSTRUCTURE INC	COM	45781U103	3,835	90,120	SH		SOLE		64,020	0	26,100
INTERNAP CORP	COM PAR	45885A409	486	46,665	SH		SOLE		46,665	0	0
INTERXION HOLDING N.V	SHS	N47279109	11,171	178,963	SH		SOLE		143,795	0	35,168
INVACARE CORP	COM	461203101	6,585	354,059	SH		SOLE		296,085	0	57,974
IRIDIUM COMMUNICATIONS INC	COM	46269C102	2,574	159,905	SH		SOLE		113,640	0	46,265
ISHARES TR	RUS 2000 VAL ETF	464287630	2,640	20,010	SH		SOLE		20,010	0	0
JAMES RIV GROUP LTD	COM	G5005R107	16,223	412,906	SH		SOLE		331,995	0	80,911
JAZZ PHARMACEUTICALS PLC	SHS USD	G50871105	9,831	57,055	SH		SOLE		45,693	0	11,362
JEFFERIES FINL GROUP INC	COM	47233W109	11,315	497,575	SH		SOLE		397,830	0	99,745
JERNIGAN CAP INC	COM	476405105	889	46,650	SH		SOLE		46,650	0	0
KINGSTONE COS INC	COM	496719105	731	43,237	SH		SOLE		43,237	0	0
KIRBY CORP	COM	497266106	8,719	104,300	SH		SOLE		83,250	0	21,050
KRATON CORPORATION	COM	50077C106	528	11,450	SH		SOLE		11,450	0	0
LIBERTY PPTY TR	SH BEN INT	531172104	11,069	249,700	SH		SOLE		197,770	0	51,930
LILIS ENERGY INC	COM NEW	532403201	585	112,580	SH		SOLE		112,580	0	0
LINDBLAD EXPEDITIONS HLDGS I	COM	535219109	853	64,360	SH		SOLE		64,360	0	0
LONESTAR RES US INC	CL A VTG	54240F103	342	40,524	SH		SOLE		40,524	0	0
MANITEX INTL INC	COM	563420108	590	47,270	SH		SOLE		47,270	0	0
MARCUS CORP	COM	566330106	889	27,365	SH		SOLE		27,365	0	0
MARLIN BUSINESS SVCS CORP	COM	571157106	660	22,120	SH		SOLE		22,120	0	0
MCBC HLDGS INC	COM	55276F107	807	27,890	SH		SOLE		27,890	0	0
MERIDIAN BANCORP INC MD	COM	58958U103	14,331	748,374	SH		SOLE		605,221	0	143,153
MERITOR INC	COM	59001K100	12,546	609,934	SH		SOLE		480,577	0	129,357
MIDLAND STS BANCORP INC ILL	COM	597742105	1,123	32,779	SH		SOLE		32,779	0	0
MIDWESTONE FINL GROUP INC NE	COM	598511103	829	24,540	SH		SOLE		24,540	0	0
MILACRON HLDGS CORP	COM	59870L106	11,049	583,669	SH		SOLE		449,320	0	134,349
MITEK SYS INC	COM NEW	606710200	898	100,920	SH		SOLE		100,335	0	585
MODEL N INC	COM	607525102	580	31,200	SH		SOLE		31,200	0	0
MODINE MFG CO	COM	607828100	558	30,580	SH		SOLE		30,580	0	0
MONMOUTH REAL ESTATE INVT CO	CL A	609720107	3,367	203,685	SH		SOLE		144,770	0	58,915
NATERA INC	COM	632307104	357	18,990	SH		SOLE		18,990	0	0
NATIONAL GEN HLDGS CORP	COM	636220303	2,593	98,478	SH		SOLE		69,926	0	28,552
NATURAL GAS SERVICES GROUP	COM	63886Q109	649	27,520	SH		SOLE		27,520	0	0
NEWPARK RES INC	COM PAR $.01NEW	651718504	2,879	265,370	SH		SOLE		211,510	0	53,860
NISOURCE INC	COM	65473P105	12,230	465,375	SH		SOLE		371,920	0	93,455
NOMAD FOODS LTD	USD ORD SHS	G6564A105	4,680	243,870	SH		SOLE		199,370	0	44,500
OAKTREE SPECIALTY LENDING CO	COM	67401P108	591	123,740	SH		SOLE		123,740	0	0
OLD LINE BANCSHARES INC	COM	67984M100	825	23,644	SH		SOLE		23,644	0	0
OLIN CORP	COM PAR $1	680665205	7,124	248,060	SH		SOLE		196,340	0	51,720
ON SEMICONDUCTOR CORP	COM	682189105	3,676	165,330	SH		SOLE		130,945	0	34,385
ONEMAIN HLDGS INC	COM	68268W103	11,759	353,225	SH		SOLE		292,355	0	60,870
ORION ENGINEERED CARBONS S A	COM	L72967109	3,920	127,065	SH		SOLE		93,905	0	33,160
ORTHOPEDIATRICS CORP	COM	68752L100	491	18,430	SH		SOLE		18,430	0	0
PACIFIC PREMIER BANCORP	COM	69478X105	3,668	96,153	SH		SOLE		71,583	0	24,570
PACWEST BANCORP DEL	COM	695263103	10,195	206,289	SH		SOLE		165,205	0	41,084
PARK OHIO HLDGS CORP	COM	700666100	1,517	40,668	SH		SOLE		35,469	0	5,199
PARSLEY ENERGY INC	CL A	701877102	8,996	297,106	SH		SOLE		237,469	0	59,637
PDC ENERGY INC	COM	69327R101	19,209	317,770	SH		SOLE		254,740	0	63,030
PINNACLE FINL PARTNERS INC	COM	72346Q104	12,144	197,945	SH		SOLE		164,650	0	33,295
PINNACLE WEST CAP CORP	COM	723484101	16,848	209,130	SH		SOLE		167,155	0	41,975
PJT PARTNERS INC	COM CL A	69343T107	3,365	63,029	SH		SOLE		44,825	0	18,204
POPULAR INC	COM NEW	733174700	14,925	330,130	SH		SOLE		276,685	0	53,445
PROS HOLDINGS INC	COM	74346Y103	3,545	96,945	SH		SOLE		68,885	0	28,060
PURECYCLE CORP	COM NEW	746228303	616	64,490	SH		SOLE		64,490	0	0
QCR HOLDINGS INC	COM	74727A104	689	14,525	SH		SOLE		14,525	0	0
REALPAGE INC	COM	75606N109	11,386	206,646	SH		SOLE		171,163	0	35,483
RECRO PHARMA INC	COM	75629F109	178	35,490	SH		SOLE		35,490	0	0
RED ROBIN GOURMET BURGERS IN	COM	75689M101	9,710	208,362	SH		SOLE		169,166	0	39,196
REXNORD CORP NEW	COM	76169B102	12,587	433,150	SH		SOLE		365,430	0	67,720
RING ENERGY INC	COM	76680V108	5,957	472,044	SH		SOLE		400,702	0	71,342
ROCKET PHARMACEUTICALS INC	COM	77313F106	294	14,982	SH		SOLE		14,982	0	0
SANTANDER CONSUMER USA HDG I	COM	80283M101	16,085	842,605	SH		SOLE		701,621	0	140,984
SELECT MED HLDGS CORP	COM	81619Q105	10,289	566,900	SH		SOLE		447,815	0	119,085
SIENTRA INC	COM	82621J105	4,657	238,696	SH		SOLE		204,538	0	34,158
SIGNET JEWELERS LIMITED	SHS	G81276100	12,385	222,160	SH		SOLE		180,095	0	42,065
SLM CORP	COM	78442P106	16,040	1,400,905	SH		SOLE		1,184,390	0	216,515
SMARTFINANCIAL INC	COM NEW	83190L208	852	33,090	SH		SOLE		33,090	0	0
SPARTAN MTRS INC	COM	846819100	591	39,155	SH		SOLE		39,155	0	0
SPECTRUM BRANDS HLDGS INC	COM	84763R101	6,774	82,989	SH		SOLE		65,735	0	17,254
STAG INDL INC	COM	85254J102	22,394	822,410	SH		SOLE		663,505	0	158,905
MADDEN STEVEN LTD	COM	556269108	6,876	129,491	SH		SOLE		103,330	0	26,161
SUMMIT HOTEL PPTYS INC	COM	866082100	5,716	399,437	SH		SOLE		331,922	0	67,515
TAUBMAN CTRS INC	COM	876664103	7,531	128,170	SH		SOLE		102,272	0	25,898
TAYLOR MORRISON HOME CORP	CL A	87724P106	1,195	57,501	SH		SOLE		40,859	0	16,642
TEXTAINER GROUP HOLDINGS LTD	SHS	G8766E109	3,233	203,309	SH		SOLE		157,516	0	45,793
THOR INDS INC	COM	885160101	9,789	100,515	SH		SOLE		80,370	0	20,145
TITAN INTL INC ILL	COM	88830M102	474	44,130	SH		SOLE		44,130	0	0
TIVITY HEALTH INC	COM	88870R102	18,097	514,115	SH		SOLE		413,851	0	100,264
TOWER SEMICONDUCTOR LTD	SHS NEW	M87915274	1,052	47,790	SH		SOLE		33,955	0	13,835
TRECORA RES	COM	894648104	1,028	69,235	SH		SOLE		69,235	0	0
TRITON INTL LTD	CL A	G9078F107	7,037	229,525	SH		SOLE		183,150	0	46,375
TRIUMPH BANCORP INC	COM	89679E300	6,863	168,410	SH		SOLE		138,540	0	29,870
U S CONCRETE INC	COM NEW	90333L201	4,325	82,377	SH		SOLE		70,527	0	11,850
ULTRA CLEAN HLDGS INC	COM	90385V107	1,263	76,105	SH		SOLE		58,685	0	17,420
UNION BANKSHARES CORP NEW	COM	90539J109	6,284	161,629	SH		SOLE		131,869	0	29,760
UNITIL CORP	COM	913259107	7,406	145,106	SH		SOLE		119,050	0	26,056
UNIVERSAL STAINLESS & ALLOY	COM	913837100	532	22,480	SH		SOLE		22,480	0	0
USA TECHNOLOGIES INC	COM NO PAR	90328S500	881	62,925	SH		SOLE		62,925	0	0
USA TRUCK INC	COM	902925106	488	20,791	SH		SOLE		20,791	0	0
VERITEX HLDGS INC	COM	923451108	1,103	35,490	SH		SOLE		35,490	0	0
VOYA FINL INC	COM	929089100	7,040	149,785	SH		SOLE		118,715	0	31,070
WESTERN ALLIANCE BANCORP	COM	957638109	8,442	149,130	SH		SOLE		124,180	0	24,950
WESTERN NEW ENG BANCORP INC	COM	958892101	2,927	266,120	SH		SOLE		202,990	0	63,130
WINNEBAGO INDS INC	COM	974637100	6,903	170,028	SH		SOLE		140,008	0	30,020
WNS HOLDINGS LTD	SPON ADR	92932M101	4,230	81,067	SH		SOLE		57,602	0	23,465
WOLVERINE WORLD WIDE INC	COM	978097103	17,715	509,491	SH		SOLE		412,681	0	96,810
WSFS FINL CORP	COM	929328102	3,376	63,345	SH		SOLE		45,025	0	18,320