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
ABRAXAS PETE CORP	COM	003830106	429	343,182	SH		SOLE		343,182	0	0
AGREE REALTY CORP	COM	008492100	5,129	73,966	SH		SOLE		42,962	0	31,004
AIR TRANSPORT SERVICES GRP I	COM	00922R105	603	26,157	SH		SOLE		26,157	0	0
ALJ REGIONAL HLDGS INC	COM	001627108	399	249,344	SH		SOLE		249,344	0	0
ALLEGHENY TECHNOLOGIES INC	COM	01741R102	9,256	361,996	SH		SOLE		256,276	0	105,720
ALTRA INDL MOTION CORP	COM	02208R106	9,017	290,396	SH		SOLE		203,092	0	87,304
AMERICAN ASSETS TR INC	COM	024013104	11,656	254,158	SH		SOLE		173,325	0	80,833
AMERICAN CAMPUS CMNTYS INC	COM	024835100	1,480	31,108	SH		SOLE		1,558	0	29,550
AMERICAN OUTDOOR BRANDS CORP	COM	02874P103	531	56,904	SH		SOLE		56,904	0	0
AMERIS BANCORP	COM	03076K108	4,931	143,540	SH		SOLE		111,810	0	31,730
ANI PHARMACEUTICALS INC	COM	00182C103	360	5,100	SH		SOLE		5,100	0	0
ANTARES PHARMA INC	COM	036642106	336	111,050	SH		SOLE		111,050	0	0
AQUAVENTURE HLDGS LTD	SHS	G0443N107	4,180	216,029	SH		SOLE		178,639	0	37,390
ARCOSA INC	COM	039653100	11,140	364,647	SH		SOLE		247,283	0	117,364
ARDMORE SHIPPING CORP	COM	Y0207T100	357	57,943	SH		SOLE		57,943	0	0
ARGO GROUP INTL HLDGS LTD	COM	G0464B107	1,350	19,103	SH		SOLE		958	0	18,145
ATLANTIC CAP BANCSHARES INC	COM	048269203	679	38,062	SH		SOLE		38,062	0	0
ATLAS AIR WORLDWIDE HLDGS IN	COM NEW	049164205	1,006	19,903	SH		SOLE		1,007	0	18,896
AVISTA CORP	COM	05379B107	6,153	151,479	SH		SOLE		87,954	0	63,525
BANDWIDTH INC	COM CL A	05988J103	652	9,733	SH		SOLE		9,733	0	0
BERRY GLOBAL GROUP INC	COM	08579W103	4,857	90,169	SH		SOLE		44,879	0	45,290
BIOSPECIFICS TECHNOLOGIES CO	COM	090931106	392	6,296	SH		SOLE		6,296	0	0
BJS WHSL CLUB HLDGS INC	COM	05550J101	5,242	191,308	SH		SOLE		113,656	0	77,652
BLUELINX HLDGS INC	COM NEW	09624H208	735	27,597	SH		SOLE		27,597	0	0
BRIDGEWATER BANCSHARES INC	COM ACCD INV	108621103	629	61,044	SH		SOLE		61,044	0	0
BRINKS CO	COM	109696104	21,344	283,039	SH		SOLE		191,340	0	91,699
BRUNSWICK CORP	COM	117043109	9,204	182,879	SH		SOLE		129,513	0	53,366
CALLON PETE CO DEL	COM	13123X102	5,023	665,239	SH		SOLE		339,960	0	325,279
CAMDEN NATL CORP	COM	133034108	954	22,862	SH		SOLE		22,862	0	0
CARETRUST REIT INC	COM	14174T107	6,179	263,367	SH		SOLE		205,240	0	58,127
CAROLINA FINL CORP NEW	COM	143873107	710	20,530	SH		SOLE		20,530	0	0
CARROLS RESTAURANT GROUP INC	COM	14574X104	3,955	396,726	SH		SOLE		272,612	0	124,114
CENTERSTATE BK CORP	COM	15201P109	2,179	91,509	SH		SOLE		4,609	0	86,900
CENTURY CASINOS INC	COM	156492100	1,071	118,241	SH		SOLE		118,241	0	0
CENTURY CMNTYS INC	COM	156504300	674	28,110	SH		SOLE		28,110	0	0
CHARAH SOLUTIONS INC	COM	15957P105	580	90,661	SH		SOLE		90,661	0	0
CHARLES RIV LABS INTL INC	COM	159864107	6,559	45,160	SH		SOLE		30,544	0	14,616
CHERRY HILL MTG INVT CORP	COM	164651101	849	49,292	SH		SOLE		49,292	0	0
CITY OFFICE REIT INC	COM	178587101	913	80,694	SH		SOLE		80,694	0	0
CIVISTA BANCSHARES INC	COM NO PAR	178867107	943	43,207	SH		SOLE		43,207	0	0
COLLEGIUM PHARMACEUTICAL INC	COM	19459J104	511	33,770	SH		SOLE		33,770	0	0
COMMUNITY BANKERS TR CORP	COM	203612106	659	90,050	SH		SOLE		90,050	0	0
CONNECTONE BANCORP INC NEW	COM	20786W107	913	46,349	SH		SOLE		46,349	0	0
CONSTRUCTION PARTNERS INC	COM CL A	21044C107	806	63,122	SH		SOLE		63,122	0	0
CORESITE RLTY CORP	COM	21870Q105	335	3,130	SH		SOLE		3,055	0	75
COWEN INC	CL A NEW	223622606	6,801	469,388	SH		SOLE		402,588	0	66,800
CRYOLIFE INC	COM	228903100	3,229	110,708	SH		SOLE		86,219	0	24,489
CYPRESS SEMICONDUCTOR CORP	COM	232806109	6,372	427,067	SH		SOLE		356,981	0	70,086
DENNYS CORP	COM	24869P104	8,827	481,044	SH		SOLE		311,394	0	169,650
DMC GLOBAL INC	COM	23291C103	596	12,000	SH		SOLE		12,000	0	0
DUCOMMUN INC DEL	COM	264147109	548	12,601	SH		SOLE		12,601	0	0
EAGLE BULK SHIPPING INC	SHS NEW	Y2187A143	326	70,076	SH		SOLE		70,076	0	0
EASTGROUP PPTY INC	COM	277276101	2,537	22,729	SH		SOLE		13,198	0	9,531
ENERGY RECOVERY INC	COM	29270J100	669	76,635	SH		SOLE		76,635	0	0
ENOVA INTL INC	COM	29357K103	604	26,468	SH		SOLE		26,468	0	0
EVERI HLDGS INC	COM	30034T103	1,099	104,480	SH		SOLE		104,480	0	0
EXANTAS CAP CORP	COM NEW	30068N105	1,198	112,732	SH		SOLE		112,732	0	0
EXELIXIS INC	COM	30161Q104	2,439	102,497	SH		SOLE		13,467	0	89,030
FIRST BANCSHARES INC MS	COM	318916103	870	28,160	SH		SOLE		28,160	0	0
FIRST INTST BANCSYSTEM INC	COM CL A	32055Y201	11,257	282,701	SH		SOLE		185,660	0	97,041
FLY LEASING LTD	SPONSORED ADR	34407D109	2,311	166,985	SH		SOLE		166,985	0	0
FRONT YD RESIDENTIAL CORP	COM	35904G107	3,981	429,400	SH		SOLE		356,250	0	73,150
GENERAL FIN CORP DEL	COM	369822101	654	70,150	SH		SOLE		70,150	0	0
GETTY RLTY CORP NEW	COM	374297109	6,362	198,626	SH		SOLE		164,856	0	33,770
GIBRALTAR INDS INC	COM	374689107	2,662	65,556	SH		SOLE		51,141	0	14,415
GLOBUS MED INC	CL A	379577208	8,122	164,387	SH		SOLE		110,012	0	54,375
GRANITE CONSTR INC	COM	387328107	6,721	155,754	SH		SOLE		131,189	0	24,565
GRANITE PT MTG TR INC	COM	38741L107	7,586	408,483	SH		SOLE		346,233	0	62,250
GREAT AJAX CORP	COM	38983D300	998	72,665	SH		SOLE		72,665	0	0
GREAT ELM CAP CORP	COM	390320109	488	59,027	SH		SOLE		59,027	0	0
GREAT ELM CAP GROUP INC	COM NEW	39036P209	1,046	246,035	SH		SOLE		246,035	0	0
GREEN BRICK PARTNERS INC	COM	392709101	750	85,658	SH		SOLE		85,658	0	0
GREENLIGHT CAPITAL RE LTD	CLASS A	G4095J109	622	57,227	SH		SOLE		57,227	0	0
HANCOCK WHITNEY CORPORATION	COM	410120109	7,528	186,348	SH		SOLE		158,321	0	28,027
HANGER INC	COM NEW	41043F208	606	31,794	SH		SOLE		31,794	0	0
HANOVER INS GROUP INC	COM	410867105	11,989	105,008	SH		SOLE		71,065	0	33,943
HARVARD BIOSCIENCE INC	COM	416906105	469	108,840	SH		SOLE		108,840	0	0
HEALTH INS INNOVATIONS INC	COM CL A	42225K106	300	11,185	SH		SOLE		11,185	0	0
HERCULES CAPITAL INC	COM	427096508	6,030	476,287	SH		SOLE		318,071	0	158,216
HERITAGE CRYSTAL CLEAN INC	COM	42726M106	733	26,716	SH		SOLE		26,716	0	0
HOWARD HUGHES CORP	COM	44267D107	13,907	126,425	SH		SOLE		85,705	0	40,720
IBERIABANK CORP	COM	450828108	7,916	110,388	SH		SOLE		93,030	0	17,358
IES HLDGS INC	COM	44951W106	751	42,276	SH		SOLE		42,276	0	0
INNOVATIVE INDL PPTYS INC	COM	45781V101	558	6,832	SH		SOLE		6,832	0	0
INTEGRA LIFESCIENCES HLDGS C	COM NEW	457985208	3,104	55,702	SH		SOLE		30,457	0	25,245
INVACARE CORP	COM	461203101	680	81,259	SH		SOLE		81,259	0	0
INVESTORS BANCORP INC NEW	COM	46146L101	4,565	385,235	SH		SOLE		303,570	0	81,665
JAMES RIV GROUP LTD	COM	G5005R107	5,289	131,956	SH		SOLE		78,333	0	53,623
JERNIGAN CAP INC	COM	476405105	948	45,065	SH		SOLE		45,065	0	0
KBR INC	COM	48242W106	6,989	366,097	SH		SOLE		310,748	0	55,349
KINGSTONE COS INC	COM	496719105	702	47,602	SH		SOLE		47,602	0	0
KIRBY CORP	COM	497266106	11,151	148,462	SH		SOLE		97,973	0	50,489
KNIGHT SWIFT TRANSN HLDGS IN	CL A	499049104	10,770	329,559	SH		SOLE		214,244	0	115,315
LADDER CAP CORP	CL A	505743104	11,189	657,390	SH		SOLE		432,165	0	225,225
LAUREATE EDUCATION INC	CL A	518613203	6,371	425,599	SH		SOLE		357,291	0	68,308
LEGACY HOUSING CORP	COM	52472M101	511	42,951	SH		SOLE		42,951	0	0
LIBERTY PPTY TR	SH BEN INT	531172104	1,304	26,929	SH		SOLE		1,359	0	25,570
LINDBLAD EXPEDITIONS HLDGS I	COM	535219109	6,452	423,094	SH		SOLE		370,363	0	52,731
LONESTAR RES US INC	CL A VTG	54240F103	503	125,421	SH		SOLE		125,421	0	0
LUXFER HOLDINGS PLC	SHS	G5698W116	845	33,846	SH		SOLE		33,846	0	0
MARLIN BUSINESS SVCS CORP	COM	571157106	643	29,915	SH		SOLE		29,915	0	0
MASTERCRAFT BOAT HLDGS INC	COM	57637H103	517	22,920	SH		SOLE		22,920	0	0
MCGRATH RENTCORP	COM	580589109	8,547	151,095	SH		SOLE		98,055	0	53,040
MEDICAL PPTYS TRUST INC	COM	58463J304	4,825	260,670	SH		SOLE		146,030	0	114,640
MERIDIAN BANCORP INC MD	COM	58958U103	14,594	930,166	SH		SOLE		645,349	0	284,817
MESA AIR GROUP INC	COM NEW	590479135	522	62,585	SH		SOLE		62,585	0	0
MGIC INVT CORP WIS	COM	552848103	11,530	874,120	SH		SOLE		589,830	0	284,290
MIDDLESEX WATER CO	COM	596680108	596	10,644	SH		SOLE		10,644	0	0
MIDLAND STS BANCORP INC ILL	COM	597742105	740	30,773	SH		SOLE		30,773	0	0
MIDWESTONE FINL GROUP INC NE	COM	598511103	659	24,171	SH		SOLE		24,171	0	0
MKS INSTRUMENT INC	COM	55306N104	10,209	109,710	SH		SOLE		74,749	0	34,961
MONMOUTH REAL ESTATE INVT CO	CL A	609720107	1,639	124,360	SH		SOLE		124,360	0	0
MOOG INC	CL A	615394202	9,722	111,817	SH		SOLE		77,795	0	34,022
NATIONAL GEN HLDGS CORP	COM	636220303	10,784	454,445	SH		SOLE		317,590	0	136,855
NATURAL GAS SERVICES GROUP	COM	63886Q109	512	29,550	SH		SOLE		29,550	0	0
NEWPARK RES INC	COM PAR $.01NEW	651718504	6,718	733,398	SH		SOLE		645,816	0	87,582
NOMAD FOODS LTD	USD ORD SHS	G6564A105	11,878	580,835	SH		SOLE		392,396	0	188,439
NOODLES & CO	COM CL A	65540B105	421	61,930	SH		SOLE		61,930	0	0
OAKTREE SPECIALTY LENDING CO	COM	67401P108	927	178,953	SH		SOLE		178,953	0	0
OGE ENERGY CORP	COM	670837103	2,585	59,955	SH		SOLE		9,990	0	49,965
OLD LINE BANCSHARES INC	COM	67984M100	701	28,105	SH		SOLE		28,105	0	0
OLIN CORP	COM PAR $1	680665205	9,168	396,215	SH		SOLE		266,375	0	129,840
ON SEMICONDUCTOR CORP	COM	682189105	622	30,248	SH		SOLE		1,518	0	28,730
ONEMAIN HLDGS INC	COM	68268W103	5,053	159,139	SH		SOLE		118,639	0	40,500
ONESPAWORLD HOLDINGS LIMITED	COM	P73684113	649	47,500	SH		SOLE		47,500	0	0
OSHKOSH CORP	COM	688239201	1,421	18,910	SH		SOLE		2,950	0	15,960
PACWEST BANCORP DEL	COM	695263103	2,449	65,122	SH		SOLE		37,945	0	27,177
PARK HOTELS RESORTS INC	COM	700517105	3,111	100,095	SH		SOLE		15,920	0	84,175
PARSLEY ENERGY INC	CL A	701877102	8,861	459,100	SH		SOLE		386,175	0	72,925
PDC ENERGY INC	COM	69327R101	6,899	169,594	SH		SOLE		114,784	0	54,810
PERFICIENT INC	COM	71375U101	4,651	169,798	SH		SOLE		138,818	0	30,980
PINNACLE FINL PARTNERS INC	COM	72346Q104	4,667	85,320	SH		SOLE		48,395	0	36,925
POPULAR INC	COM NEW	733174700	663	12,724	SH		SOLE		644	0	12,080
PORTLAND GEN ELEC CO	COM NEW	736508847	5,122	98,805	SH		SOLE		57,354	0	41,451
PREFERRED APT CMNTYS INC	COM	74039L103	752	50,730	SH		SOLE		50,730	0	0
PROPETRO HLDG CORP	COM	74347M108	8,019	355,765	SH		SOLE		238,395	0	117,370
PROS HOLDINGS INC	COM	74346Y103	9,487	224,601	SH		SOLE		151,912	0	72,689
PURECYCLE CORP	COM NEW	746228303	756	76,646	SH		SOLE		76,646	0	0
PVH CORP	COM	693656100	2,899	23,768	SH		SOLE		3,713	0	20,055
QCR HOLDINGS INC	COM	74727A104	566	16,689	SH		SOLE		16,689	0	0
RADWARE LTD	ORD	M81873107	6,511	249,160	SH		SOLE		209,915	0	39,245
REALPAGE INC	COM	75606N109	1,764	29,060	SH		SOLE		1,427	0	27,633
RECRO PHARMA INC	COM	75629F109	386	65,917	SH		SOLE		65,917	0	0
RUDOLPH TECHNOLOGIES INC	COM	781270103	596	26,140	SH		SOLE		26,140	0	0
SANTANDER CONSUMER USA HDG I	COM	80283M101	1,344	63,618	SH		SOLE		0	0	63,618
SAPIENS INTL CORP N V	SHS	G7T16G103	548	35,856	SH		SOLE		35,856	0	0
SEASPINE HLDGS CORP	COM	81255T108	653	43,297	SH		SOLE		43,297	0	0
SKYLINE CHAMPION CORPORATION	COM	830830105	9,736	512,425	SH		SOLE		350,095	0	162,330
SPARTAN MTRS INC	COM	846819100	287	32,457	SH		SOLE		32,457	0	0
STERLING BANCORP DEL	COM	85917A100	2,311	124,057	SH		SOLE		71,151	0	52,906
STERLING CONSTRUCTION CO INC	COM	859241101	526	41,998	SH		SOLE		41,998	0	0
MADDEN STEVEN LTD	COM	556269108	11,073	327,228	SH		SOLE		217,589	0	109,639
STORE CAP CORP	COM	862121100	3,187	95,138	SH		SOLE		15,913	0	79,225
SUMMIT HOTEL PPTYS INC	COM	866082100	8,167	715,800	SH		SOLE		482,050	0	233,750
SYNOVUS FINL CORP	COM NEW	87161C501	4,158	121,015	SH		SOLE		66,335	0	54,680
TARGET HOSPITALITY CORP	COM	87615L107	4,256	447,990	SH		SOLE		371,980	0	76,010
TECNOGLASS INC	SHS	G87264100	746	102,510	SH		SOLE		102,510	0	0
PROVIDENCE SVC CORP	COM	743815102	2,884	43,295	SH		SOLE		35,776	0	7,519
TRECORA RES	COM	894648104	578	63,615	SH		SOLE		63,615	0	0
TRIUMPH BANCORP INC	COM	89679E300	3,617	123,081	SH		SOLE		110,510	0	12,571
U S CONCRETE INC	COM NEW	90333L201	404	9,750	SH		SOLE		9,750	0	0
UNION BANKSHARES CORP NEW	COM	90539J109	8,704	269,223	SH		SOLE		227,143	0	42,080
UNITIL CORP	COM	913259107	12,878	237,731	SH		SOLE		168,096	0	69,635
UNIVERSAL STAINLESS & ALLOY	COM	913837100	287	17,310	SH		SOLE		17,310	0	0
UPLAND SOFTWARE INC	COM	91544A109	887	20,928	SH		SOLE		20,928	0	0
VIRTUSA CORP	COM	92827P102	6,992	130,813	SH		SOLE		84,363	0	46,450
VOYA FINL INC	COM	929089100	6,475	129,597	SH		SOLE		81,352	0	48,245
WINTRUST FINL CORP	COM	97650W108	4,518	67,095	SH		SOLE		38,325	0	28,770
WNS HOLDINGS LTD	SPON ADR	92932M101	7,091	133,114	SH		SOLE		90,088	0	43,026
WORLD FUEL SVCS CORP	COM	981475106	7,611	263,431	SH		SOLE		222,778	0	40,653
XENIA HOTELS & RESORTS INC	COM	984017103	10,813	493,535	SH		SOLE		334,485	0	159,050