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
8X8 INC NEW	COM	282914100	9,655	454,360	SH		SOLE		361,180	0	93,180
AAC HLDGS INC	COM	000307108	598	78,420	SH		SOLE		78,420	0	0
ABERCROMBIE & FITCH CO	CL A	002896207	9,840	465,900	SH		SOLE		371,758	0	94,142
ABRAXAS PETE CORP	COM	003830106	714	306,605	SH		SOLE		304,745	0	1,860
ADVANCED DISP SVCS INC DEL	COM	00790X101	10,701	395,147	SH		SOLE		316,935	0	78,212
ADVANCED DRAIN SYS INC DEL	COM	00790R104	5,902	191,007	SH		SOLE		156,036	0	34,971
ADVERUM BIOTECHNOLOGIES INC	COM	00773U108	362	59,895	SH		SOLE		59,895	0	0
AFFILIATED MANAGERS GROUP	COM	008252108	8,079	59,088	SH		SOLE		47,290	0	11,798
AIR TRANSPORT SERVICES GRP I	COM	00922R105	6,916	322,122	SH		SOLE		269,506	0	52,616
ALJ REGIONAL HLDGS INC	COM	001627108	366	214,165	SH		SOLE		214,165	0	0
ALLEGHENY TECHNOLOGIES INC	COM	01741R102	1,528	51,695	SH		SOLE		36,875	0	14,820
ALLETE INC	COM NEW	018522300	3,106	41,410	SH		SOLE		41,410	0	0
ALTRA INDL MOTION CORP	COM	02208R106	1,886	45,675	SH		SOLE		32,585	0	13,090
AMERICAN ASSETS TR INC	COM	024013104	2,558	68,590	SH		SOLE		49,015	0	19,575
AMERICAN CAMPUS CMNTYS INC	COM	024835100	15,499	376,555	SH		SOLE		317,170	0	59,385
AMERICAN HOMES 4 RENT	CL A	02665T306	10,554	482,120	SH		SOLE		382,850	0	99,270
AMERICAN OUTDOOR BRANDS CORP	COM	02874P103	632	40,700	SH		SOLE		40,700	0	0
AMERIS BANCORP	COM	03076K108	7,386	161,620	SH		SOLE		134,510	0	27,110
APPTIO INC	CL A	03835C108	1,875	50,725	SH		SOLE		41,430	0	9,295
AQUAVENTURE HLDGS LTD	SHS	G0443N107	735	40,665	SH		SOLE		40,665	0	0
ARDMORE SHIPPING CORP	COM	Y0207T100	669	102,870	SH		SOLE		102,870	0	0
ASURE SOFTWARE INC	COM	04649U102	678	54,600	SH		SOLE		54,600	0	0
ATLANTIC CAP BANCSHARES INC	COM	048269203	586	35,000	SH		SOLE		35,000	0	0
ATLAS AIR WORLDWIDE HLDGS IN	COM NEW	049164205	2,363	37,059	SH		SOLE		26,429	0	10,630
BANDWIDTH INC	COM CL A	05988J103	823	15,355	SH		SOLE		15,355	0	0
BANK PRINCETON NEW JERSEY	COM	064520109	701	22,948	SH		SOLE		22,948	0	0
BIO RAD LABS INC	CL A	090572207	10,204	32,602	SH		SOLE		25,887	0	6,715
BJS WHSL CLUB HLDGS INC	COM	05550J101	20,683	772,343	SH		SOLE		622,059	0	150,284
BLUE HILLS BANCORP INC	COM	095573101	1,826	75,785	SH		SOLE		54,095	0	21,690
BLUELINX HLDGS INC	COM NEW	09624H208	562	17,847	SH		SOLE		17,847	0	0
BRANDYWINE RLTY TR	SH BEN INT NEW	105368203	18,568	1,181,150	SH		SOLE		957,505	0	223,645
BRIDGEWATER BANCSHARES INC	COM ACCD INV	108621103	669	51,360	SH		SOLE		51,360	0	0
BRINKS CO	COM	109696104	32,463	465,415	SH		SOLE		374,772	0	90,643
BRUNSWICK CORP	COM	117043109	16,282	242,945	SH		SOLE		202,780	0	40,165
BWX TECHNOLOGIES INC	COM	05605H100	6,763	108,145	SH		SOLE		85,962	0	22,183
CABOT CORP	COM	127055101	14,911	237,745	SH		SOLE		197,120	0	40,625
CACI INTL INC	CL A	127190304	21,599	117,291	SH		SOLE		94,269	0	23,022
CAI INTERNATIONAL INC	COM	12477X106	282	12,350	SH		SOLE		12,350	0	0
CAMBREX CORP	COM	132011107	6,172	90,240	SH		SOLE		74,325	0	15,915
CAMDEN NATL CORP	COM	133034108	1,033	23,780	SH		SOLE		23,780	0	0
CAROLINA FINL CORP NEW	COM	143873107	547	14,490	SH		SOLE		14,490	0	0
CARROLS RESTAURANT GROUP INC	COM	14574X104	7,971	545,970	SH		SOLE		459,005	0	86,965
CDW CORP	COM	12514G108	8,321	93,580	SH		SOLE		74,310	0	19,270
CENTERSTATE BK CORP	COM	15201P109	2,423	86,375	SH		SOLE		61,195	0	25,180
CENTURY CASINOS INC	COM	156492100	682	91,388	SH		SOLE		91,388	0	0
CHARAH SOLUTIONS INC	COM	15957P105	539	68,290	SH		SOLE		68,290	0	0
CHARLES RIV LABS INTL INC	COM	159864107	14,587	108,425	SH		SOLE		90,490	0	17,935
CHEMICAL FINL CORP	COM	163731102	17,301	323,989	SH		SOLE		264,157	0	59,832
CHERRY HILL MTG INVT CORP	COM	164651101	753	41,612	SH		SOLE		41,612	0	0
CIVISTA BANCSHARES INC	COM NO PAR	178867107	942	39,100	SH		SOLE		39,100	0	0
COLLEGIUM PHARMACEUTICAL INC	COM	19459J104	418	28,340	SH		SOLE		28,340	0	0
COMMUNITY BANKERS TR CORP	COM	203612106	498	56,640	SH		SOLE		56,640	0	0
CONNECTONE BANCORP INC NEW	COM	20786W107	8,541	359,605	SH		SOLE		299,895	0	59,710
CONSTRUCTION PARTNERS INC	COM CL A	21044C107	566	46,745	SH		SOLE		46,745	0	0
CORESITE RLTY CORP	COM	21870Q105	9,160	82,417	SH		SOLE		68,601	0	13,816
COWEN INC	CL A NEW	223622606	6,529	400,562	SH		SOLE		309,552	0	91,010
CRYOLIFE INC	COM	228903100	853	24,240	SH		SOLE		24,240	0	0
CRYOPORT INC	COM PAR $0.001	229050307	630	49,210	SH		SOLE		49,210	0	0
CYPRESS SEMICONDUCTOR CORP	COM	232806109	8,196	565,625	SH		SOLE		449,480	0	116,145
DASEKE INC	COM	23753F107	474	59,075	SH		SOLE		59,075	0	0
DELEK US HLDGS INC NEW	COM	24665A103	16,777	395,415	SH		SOLE		316,730	0	78,685
DUKE REALTY CORP	COM NEW	264411505	3,366	118,650	SH		SOLE		94,210	0	24,440
EAGLE BULK SHIPPING INC	SHS NEW	Y2187A143	680	121,080	SH		SOLE		121,080	0	0
ELDORADO RESORTS INC	COM	28470R102	4,870	100,210	SH		SOLE		78,955	0	21,255
EMERGENT BIOSOLUTIONS INC	COM	29089Q105	6,503	98,785	SH		SOLE		80,085	0	18,700
ENERGY RECOVERY INC	COM	29270J100	579	64,730	SH		SOLE		64,730	0	0
ENOVA INTL INC	COM	29357K103	530	18,420	SH		SOLE		18,420	0	0
EVERI HLDGS INC	COM	30034T103	2,419	263,795	SH		SOLE		263,795	0	0
EVOLENT HEALTH INC	CL A	30050B101	6,894	242,760	SH		SOLE		196,550	0	46,210
EXANTAS CAP CORP	COM NEW	30068N105	867	78,930	SH		SOLE		78,930	0	0
FERROGLOBE PLC	SHS	G33856108	4,380	536,054	SH		SOLE		424,510	0	111,544
FIRST BANCSHARES INC MS	COM	318916103	925	23,695	SH		SOLE		23,695	0	0
FIRST HORIZON NATL CORP	COM	320517105	7,450	431,634	SH		SOLE		343,011	0	88,623
FIRST INTST BANCSYSTEM INC	COM CL A	32055Y201	15,162	338,435	SH		SOLE		272,890	0	65,545
FLEXION THERAPEUTICS INC	COM	33938J106	450	24,050	SH		SOLE		24,050	0	0
FLY LEASING LTD	SPONSORED ADR	34407D109	1,014	71,890	SH		SOLE		71,890	0	0
GIBRALTAR INDS INC	COM	374689107	6,454	141,535	SH		SOLE		117,420	0	24,115
GODADDY INC	CL A	380237107	3,578	42,910	SH		SOLE		34,065	0	8,845
GOLDEN ENTMT INC	COM	381013101	16,967	706,680	SH		SOLE		580,435	0	126,245
GRANITE PT MTG TR INC	COM	38741L107	1,855	96,235	SH		SOLE		68,725	0	27,510
GRAPHIC PACKAGING HLDG CO	COM	388689101	10,085	719,815	SH		SOLE		576,340	0	143,475
GREAT AJAX CORP	COM	38983D300	798	58,650	SH		SOLE		58,650	0	0
GREAT ELM CAP GROUP INC	COM NEW	39036P209	733	225,520	SH		SOLE		225,520	0	0
GREEN BRICK PARTNERS INC	COM	392709101	802	79,382	SH		SOLE		79,382	0	0
GREENLIGHT CAPITAL RE LTD	CLASS A	G4095J109	503	40,580	SH		SOLE		40,580	0	0
GRIFFON CORP	COM	398433102	4,075	252,295	SH		SOLE		180,165	0	72,130
HANCOCK WHITNEY CORPORATION	COM	410120109	3,128	65,775	SH		SOLE		46,930	0	18,845
HANOVER INS GROUP INC	COM	410867105	29,165	236,404	SH		SOLE		190,392	0	46,012
HELMERICH & PAYNE INC	COM	423452101	4,709	68,480	SH		SOLE		54,420	0	14,060
HERCULES CAPITAL INC	COM	427096508	3,940	299,378	SH		SOLE		213,956	0	85,422
HEXCEL CORP NEW	COM	428291108	17,534	261,507	SH		SOLE		218,445	0	43,062
HOSTESS BRANDS INC	CL A	44109J106	4,683	423,006	SH		SOLE		327,631	0	95,375
HOWARD HUGHES CORP	COM	44267D107	16,716	134,568	SH		SOLE		107,693	0	26,875
IBERIABANK CORP	COM	450828108	4,137	50,855	SH		SOLE		36,270	0	14,585
IDACORP INC	COM	451107106	7,112	71,676	SH		SOLE		55,322	0	16,354
INTERXION HOLDING N.V	SHS	N47279109	12,232	181,748	SH		SOLE		146,580	0	35,168
INVACARE CORP	COM	461203101	5,602	385,029	SH		SOLE		326,595	0	58,434
IRIDIUM COMMUNICATIONS INC	COM	46269C102	1,436	63,835	SH		SOLE		45,545	0	18,290
ISHARES TR	RUS 2000 VAL ETF	464287630	2,201	16,552	SH		SOLE		16,552	0	0
JAMES RIV GROUP LTD	COM	G5005R107	17,814	417,981	SH		SOLE		337,070	0	80,911
JAZZ PHARMACEUTICALS PLC	SHS USD	G50871105	9,607	57,140	SH		SOLE		45,793	0	11,347
JEFFERIES FINL GROUP INC	COM	47233W109	17,805	810,800	SH		SOLE		676,120	0	134,680
JERNIGAN CAP INC	COM	476405105	900	46,650	SH		SOLE		46,650	0	0
KINGSTONE COS INC	COM	496719105	789	41,542	SH		SOLE		41,542	0	0
KIRBY CORP	COM	497266106	14,520	176,540	SH		SOLE		147,530	0	29,010
KRATON CORPORATION	COM	50077C106	540	11,450	SH		SOLE		11,450	0	0
LIBERTY PPTY TR	SH BEN INT	531172104	10,702	253,300	SH		SOLE		201,370	0	51,930
LILIS ENERGY INC	COM NEW	532403201	494	100,890	SH		SOLE		100,890	0	0
LINDBLAD EXPEDITIONS HLDGS I	COM	535219109	563	37,880	SH		SOLE		37,880	0	0
LONESTAR RES US INC	CL A VTG	54240F103	441	56,594	SH		SOLE		56,594	0	0
LUXFER HOLDINGS PLC	SHS	G5698W116	979	42,100	SH		SOLE		41,810	0	290
MANITEX INTL INC	COM	563420108	498	47,270	SH		SOLE		47,270	0	0
MARCUS CORP	COM	566330106	974	23,165	SH		SOLE		23,165	0	0
MARINEMAX INC	COM	567908108	3,037	142,916	SH		SOLE		109,386	0	33,530
MARLIN BUSINESS SVCS CORP	COM	571157106	726	25,170	SH		SOLE		25,170	0	0
MCBC HLDGS INC	COM	55276F107	1,279	35,655	SH		SOLE		26,015	0	9,640
MERIDIAN BANCORP INC MD	COM	58958U103	20,846	1,226,226	SH		SOLE		988,314	0	237,912
MERITOR INC	COM	59001K100	11,157	576,273	SH		SOLE		447,453	0	128,820
MESA AIR GROUP INC	COM NEW	590479135	2,471	178,309	SH		SOLE		137,107	0	41,202
MIDLAND STS BANCORP INC ILL	COM	597742105	836	26,049	SH		SOLE		26,049	0	0
MIDWESTONE FINL GROUP INC NE	COM	598511103	817	24,540	SH		SOLE		24,540	0	0
MILACRON HLDGS CORP	COM	59870L106	7,961	393,149	SH		SOLE		302,270	0	90,879
MITEK SYS INC	COM NEW	606710200	571	80,975	SH		SOLE		80,975	0	0
MODEL N INC	COM	607525102	584	36,860	SH		SOLE		36,860	0	0
MODINE MFG CO	COM	607828100	628	42,115	SH		SOLE		42,115	0	0
MONMOUTH REAL ESTATE INVT CO	CL A	609720107	3,440	205,715	SH		SOLE		146,800	0	58,915
NATIONAL GEN HLDGS CORP	COM	636220303	2,669	99,453	SH		SOLE		70,901	0	28,552
NATIONAL RETAIL PPTYS INC	COM	637417106	9,597	214,120	SH		SOLE		171,760	0	42,360
NATURAL GAS SERVICES GROUP	COM	63886Q109	581	27,520	SH		SOLE		27,520	0	0
NEWPARK RES INC	COM PAR $.01NEW	651718504	2,765	267,195	SH		SOLE		213,335	0	53,860
NOMAD FOODS LTD	USD ORD SHS	G6564A105	4,972	245,395	SH		SOLE		200,895	0	44,500
NOODLES & CO	COM CL A	65540B105	568	46,915	SH		SOLE		46,915	0	0
OAKTREE SPECIALTY LENDING CO	COM	67401P108	732	147,590	SH		SOLE		147,590	0	0
OLD LINE BANCSHARES INC	COM	67984M100	748	23,644	SH		SOLE		23,644	0	0
OLIN CORP	COM PAR $1	680665205	8,420	327,870	SH		SOLE		260,170	0	67,700
ONEMAIN HLDGS INC	COM	68268W103	14,572	433,555	SH		SOLE		362,085	0	71,470
ORION ENGINEERED CARBONS S A	COM	L72967109	2,406	74,940	SH		SOLE		53,500	0	21,440
PACIFIC PREMIER BANCORP	COM	69478X105	3,007	80,828	SH		SOLE		60,563	0	20,265
PACWEST BANCORP DEL	COM	695263103	12,134	254,644	SH		SOLE		203,900	0	50,744
PARK HOTELS RESORTS INC	COM	700517105	11,142	339,495	SH		SOLE		269,540	0	69,955
PARSLEY ENERGY INC	CL A	701877102	12,880	440,331	SH		SOLE		366,999	0	73,332
PDC ENERGY INC	COM	69327R101	4,452	90,926	SH		SOLE		70,154	0	20,772
PINNACLE FINL PARTNERS INC	COM	72346Q104	15,200	252,705	SH		SOLE		211,590	0	41,115
POPULAR INC	COM NEW	733174700	10,984	214,314	SH		SOLE		179,550	0	34,764
PORTLAND GEN ELEC CO	COM NEW	736508847	11,527	252,725	SH		SOLE		202,415	0	50,310
PREFERRED APT CMNTYS INC	COM	74039L103	1,046	59,515	SH		SOLE		59,515	0	0
PROS HOLDINGS INC	COM	74346Y103	7,566	216,045	SH		SOLE		177,270	0	38,775
PURECYCLE CORP	COM NEW	746228303	745	64,490	SH		SOLE		64,490	0	0
QCR HOLDINGS INC	COM	74727A104	593	14,525	SH		SOLE		14,525	0	0
REALPAGE INC	COM	75606N109	9,792	148,595	SH		SOLE		118,837	0	29,758
RECRO PHARMA INC	COM	75629F109	252	35,490	SH		SOLE		35,490	0	0
RENAISSANCERE HOLDINGS LTD	COM	G7496G103	13,630	102,038	SH		SOLE		81,661	0	20,377
REXNORD CORP NEW	COM	76169B102	11,840	384,405	SH		SOLE		316,760	0	67,645
RING ENERGY INC	COM	76680V108	5,419	546,834	SH		SOLE		460,822	0	86,012
ROCKET PHARMACEUTICALS INC	COM	77313F106	293	11,897	SH		SOLE		11,897	0	0
SANTANDER CONSUMER USA HDG I	COM	80283M101	11,983	597,960	SH		SOLE		498,756	0	99,204
SELECT MED HLDGS CORP	COM	81619Q105	7,449	404,810	SH		SOLE		321,665	0	83,145
SIGNET JEWELERS LIMITED	SHS	G81276100	19,704	298,863	SH		SOLE		241,104	0	57,759
SMARTFINANCIAL INC	COM NEW	83190L208	779	33,090	SH		SOLE		33,090	0	0
SPARTAN MTRS INC	COM	846819100	687	46,545	SH		SOLE		46,545	0	0
SPECTRUM BRANDS HLDGS INC NE	COM	84790A105	8,246	110,364	SH		SOLE		93,035	0	17,329
STAG INDL INC	COM	85254J102	11,563	420,475	SH		SOLE		338,195	0	82,280
STERLING CONSTRUCTION CO INC	COM	859241101	712	49,755	SH		SOLE		49,755	0	0
SUMMIT HOTEL PPTYS INC	COM	866082100	3,187	235,570	SH		SOLE		168,055	0	67,515
SUNSTONE HOTEL INVS INC NEW	COM	867892101	14,217	868,980	SH		SOLE		696,625	0	172,355
SYNEOS HEALTH INC	CL A	87166B102	8,968	173,970	SH		SOLE		139,420	0	34,550
TAILORED BRANDS INC	COM	87403A107	11,588	460,030	SH		SOLE		372,880	0	87,150
TEAM INC	COM	878155100	3,424	152,200	SH		SOLE		108,590	0	43,610
TEXTAINER GROUP HOLDINGS LTD	SHS	G8766E109	580	45,320	SH		SOLE		45,320	0	0
THOR INDS INC	COM	885160101	13,355	159,555	SH		SOLE		133,390	0	26,165
TITAN INTL INC ILL	COM	88830M102	327	44,130	SH		SOLE		44,130	0	0
TRECORA RES	COM	894648104	861	61,495	SH		SOLE		61,495	0	0
TRITON INTL LTD	CL A	G9078F107	5,647	169,730	SH		SOLE		135,050	0	34,680
TRIUMPH BANCORP INC	COM	89679E300	3,675	96,199	SH		SOLE		78,425	0	17,774
U S CONCRETE INC	COM NEW	90333L201	416	9,080	SH		SOLE		9,080	0	0
UNION BANKSHARES CORP NEW	COM	90539J109	3,756	97,494	SH		SOLE		79,509	0	17,985
UNITIL CORP	COM	913259107	7,431	145,996	SH		SOLE		119,940	0	26,056
UNIVERSAL STAINLESS & ALLOY	COM	913837100	687	26,940	SH		SOLE		26,940	0	0
UPLAND SOFTWARE INC	COM	91544A109	569	17,620	SH		SOLE		17,620	0	0
USA TECHNOLOGIES INC	COM NO PAR	90328S500	313	43,505	SH		SOLE		43,505	0	0
USA TRUCK INC	COM	902925106	321	15,850	SH		SOLE		15,850	0	0
VERITEX HLDGS INC	COM	923451108	771	27,270	SH		SOLE		27,270	0	0
VONAGE HLDGS CORP	COM	92886T201	8,864	625,955	SH		SOLE		519,995	0	105,960
VOYA FINL INC	COM	929089100	13,861	279,060	SH		SOLE		223,135	0	55,925
WESTERN NEW ENG BANCORP INC	COM	958892101	2,382	220,545	SH		SOLE		171,081	0	49,464
WHITING PETE CORP NEW	COM NEW	966387409	12,026	226,740	SH		SOLE		185,990	0	40,750
WILDHORSE RESOURCE DEV CORP	COM	96812T102	3,906	165,245	SH		SOLE		138,085	0	27,160
WINNEBAGO INDS INC	COM	974637100	3,453	104,163	SH		SOLE		74,328	0	29,835
WNS HOLDINGS LTD	SPON ADR	92932M101	14,208	279,957	SH		SOLE		226,250	0	53,707
WOLVERINE WORLD WIDE INC	COM	978097103	5,396	138,190	SH		SOLE		106,455	0	31,735
WORLD FUEL SVCS CORP	COM	981475106	4,315	155,885	SH		SOLE		129,505	0	26,380
WSFS FINL CORP	COM	929328102	3,016	63,960	SH		SOLE		45,640	0	18,320