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	398	385,952	SH		SOLE		385,952	0	0
ALJ REGIONAL HLDGS INC	COM	001627108	479	308,804	SH		SOLE		308,804	0	0
ALLEGHENY TECHNOLOGIES INC	COM	01741R102	12,676	503,001	SH		SOLE		347,106	0	155,895
ALLIANT ENERGY CORP	COM	018802108	1,616	32,920	SH		SOLE		1,660	0	31,260
ALTRA INDL MOTION CORP	COM	02208R106	12,219	340,561	SH		SOLE		236,652	0	103,909
AMERESCO INC	CL A	02361E108	620	42,100	SH		SOLE		42,100	0	0
AMERICAN ASSETS TR INC	COM	024013104	10,876	230,823	SH		SOLE		155,845	0	74,978
AMERIS BANCORP	COM	03076K108	3,831	97,750	SH		SOLE		76,780	0	20,970
ANI PHARMACEUTICALS INC	COM	00182C103	356	4,330	SH		SOLE		4,330	0	0
ANTARES PHARMA INC	COM	036642106	365	111,050	SH		SOLE		111,050	0	0
AQUAVENTURE HLDGS LTD	SHS	G0443N107	5,119	256,349	SH		SOLE		210,654	0	45,695
ARCH CAP GROUP LTD	ORD	G0450A105	2,372	63,980	SH		SOLE		11,520	0	52,460
ARCH COAL INC	CL A	039380407	6,491	68,900	SH		SOLE		47,287	0	21,613
ARCOSA INC	COM	039653100	11,727	311,635	SH		SOLE		212,899	0	98,736
ARDMORE SHIPPING CORP	COM	Y0207T100	406	49,813	SH		SOLE		49,813	0	0
ARGO GROUP INTL HLDGS LTD	COM	G0464B107	1,415	19,103	SH		SOLE		958	0	18,145
ATLANTIC CAP BANCSHARES INC	COM	048269203	652	38,062	SH		SOLE		38,062	0	0
ATLANTIC UN BANKSHARES CORP	COM	04911A107	9,738	275,638	SH		SOLE		233,558	0	42,080
AVISTA CORP	COM	05379B107	12,453	279,209	SH		SOLE		187,044	0	92,165
BIOSPECIFICS TECHNOLOGIES CO	COM	090931106	449	7,526	SH		SOLE		7,526	0	0
BJS WHSL CLUB HLDGS INC	COM	05550J101	2,401	90,943	SH		SOLE		53,698	0	37,245
BLUELINX HLDGS INC	COM NEW	09624H208	547	27,597	SH		SOLE		27,597	0	0
BRIDGEWATER BANCSHARES INC	COM ACCD INV	108621103	704	61,044	SH		SOLE		61,044	0	0
BRINKS CO	COM	109696104	15,797	194,594	SH		SOLE		132,970	0	61,624
CAMDEN NATL CORP	COM	133034108	1,049	22,862	SH		SOLE		22,862	0	0
CARETRUST REIT INC	COM	14174T107	6,476	272,337	SH		SOLE		214,210	0	58,127
CAROLINA FINL CORP NEW	COM	143873107	720	20,530	SH		SOLE		20,530	0	0
CARROLS RESTAURANT GROUP INC	COM	14574X104	549	60,764	SH		SOLE		60,764	0	0
CENTERSTATE BK CORP	COM	15201P109	4,421	191,969	SH		SOLE		105,069	0	86,900
CENTURY CASINOS INC	COM	156492100	1,147	118,241	SH		SOLE		118,241	0	0
CHARAH SOLUTIONS INC	COM	15957P105	602	109,541	SH		SOLE		109,541	0	0
CHERRY HILL MTG INVT CORP	COM	164651101	676	42,272	SH		SOLE		42,272	0	0
CITY OFFICE REIT INC	COM	178587101	308	25,684	SH		SOLE		25,684	0	0
CIVISTA BANCSHARES INC	COM NO PAR	178867107	840	37,437	SH		SOLE		37,437	0	0
CLIPPER RLTY INC	COM	18885T306	789	70,546	SH		SOLE		70,546	0	0
COMMUNITY BANKERS TR CORP	COM	203612106	763	90,050	SH		SOLE		90,050	0	0
CONNECTONE BANCORP INC NEW	COM	20786W107	1,050	46,349	SH		SOLE		46,349	0	0
CONSTRUCTION PARTNERS INC	COM CL A	21044C107	467	31,072	SH		SOLE		31,072	0	0
COWEN INC	CL A NEW	223622606	10,202	593,513	SH		SOLE		513,848	0	79,665
CRYOLIFE INC	COM	228903100	6,816	227,738	SH		SOLE		145,499	0	82,239
DINE BRANDS GLOBAL INC	COM	254423106	7,673	80,375	SH		SOLE		44,555	0	35,820
DMC GLOBAL INC	COM	23291C103	451	7,114	SH		SOLE		7,114	0	0
DUCOMMUN INC DEL	COM	264147109	453	10,041	SH		SOLE		10,041	0	0
EAGLE BULK SHIPPING INC	SHS NEW	Y2187A143	367	70,076	SH		SOLE		70,076	0	0
EAGLE MATERIALS INC	COM	26969P108	13,588	146,585	SH		SOLE		101,420	0	45,165
ENERGY RECOVERY INC	COM	29270J100	799	76,635	SH		SOLE		76,635	0	0
ENOVA INTL INC	COM	29357K103	766	33,218	SH		SOLE		33,218	0	0
ENSIGN GROUP INC	COM	29358P101	11,756	206,535	SH		SOLE		139,382	0	67,153
EVERI HLDGS INC	COM	30034T103	726	60,870	SH		SOLE		60,870	0	0
EXANTAS CAP CORP	COM NEW	30068N105	1,275	112,732	SH		SOLE		112,732	0	0
EXTRACTION OIL AND GAS INC	COM	30227M105	7,051	1,628,500	SH		SOLE		1,140,145	0	488,355
FIRST BANCSHARES INC MS	COM	318916103	854	28,160	SH		SOLE		28,160	0	0
FIRST INTST BANCSYSTEM INC	COM CL A	32055Y201	11,851	299,201	SH		SOLE		202,160	0	97,041
FLY LEASING LTD	SPONSORED ADR	34407D109	2,991	171,795	SH		SOLE		171,465	0	330
FRONT YD RESIDENTIAL CORP	COM	35904G107	13,034	1,066,574	SH		SOLE		772,786	0	293,788
GENERAL FIN CORP DEL	COM	369822101	670	80,100	SH		SOLE		80,100	0	0
GETTY RLTY CORP NEW	COM	374297109	1,800	58,516	SH		SOLE		45,961	0	12,555
GLOBUS MED INC	CL A	379577208	4,145	98,002	SH		SOLE		67,987	0	30,015
GRANITE PT MTG TR INC	COM	38741L107	8,091	421,638	SH		SOLE		359,388	0	62,250
GREAT AJAX CORP	COM	38983D300	916	65,445	SH		SOLE		65,445	0	0
GREAT ELM CAP CORP	COM	390320109	529	60,751	SH		SOLE		60,751	0	0
GREAT ELM CAP GROUP INC	COM NEW	39036P209	1,273	296,035	SH		SOLE		296,035	0	0
GREEN BRICK PARTNERS INC	COM	392709101	712	85,658	SH		SOLE		85,658	0	0
GREENLIGHT CAPITAL RE LTD	CLASS A	G4095J109	382	45,037	SH		SOLE		45,037	0	0
HANCOCK WHITNEY CORPORATION	COM	410120109	8,028	200,393	SH		SOLE		172,326	0	28,067
HANGER INC	COM NEW	41043F208	609	31,794	SH		SOLE		31,794	0	0
HANOVER INS GROUP INC	COM	410867105	7,775	60,600	SH		SOLE		41,417	0	19,183
HARVARD BIOSCIENCE INC	COM	416906105	218	108,840	SH		SOLE		108,840	0	0
HEALTH INS INNOVATIONS INC	COM CL A	42225K106	290	11,185	SH		SOLE		11,185	0	0
HERCULES CAPITAL INC	COM	427096508	4,955	386,487	SH		SOLE		228,271	0	158,216
HERITAGE CRYSTAL CLEAN INC	COM	42726M106	703	26,716	SH		SOLE		26,716	0	0
HOWARD HUGHES CORP	COM	44267D107	13,097	105,758	SH		SOLE		72,268	0	33,490
I3 VERTICALS INC	COM CL A	46571Y107	736	25,000	SH		SOLE		25,000	0	0
IBERIABANK CORP	COM	450828108	8,974	118,308	SH		SOLE		100,925	0	17,383
ICHOR HOLDINGS	SHS	G4740B105	441	18,670	SH		SOLE		18,670	0	0
IDACORP INC	COM	451107106	11,356	113,078	SH		SOLE		78,174	0	34,904
IES HLDGS INC	COM	44951W106	797	42,276	SH		SOLE		42,276	0	0
INTEGRA LIFESCIENCES HLDGS C	COM NEW	457985208	1,183	21,177	SH		SOLE		3,302	0	17,875
INVACARE CORP	COM	461203101	422	81,259	SH		SOLE		81,259	0	0
INVESTORS BANCORP INC NEW	COM	46146L101	5,690	510,285	SH		SOLE		406,210	0	104,075
INVITATION HOMES INC	COM	46187W107	2,250	84,175	SH		SOLE		13,130	0	71,045
JAMES RIV GROUP LTD	COM	G5005R107	1,989	42,413	SH		SOLE		33,325	0	9,088
JERNIGAN CAP INC	COM	476405105	924	45,065	SH		SOLE		45,065	0	0
KADANT INC	COM	48282T104	5,165	56,874	SH		SOLE		45,165	0	11,709
KBR INC	COM	48242W106	13,169	528,022	SH		SOLE		360,093	0	167,929
KINGSTONE COS INC	COM	496719105	470	54,372	SH		SOLE		54,372	0	0
KIRBY CORP	COM	497266106	6,077	76,924	SH		SOLE		52,598	0	24,326
KNIGHT SWIFT TRANSN HLDGS IN	CL A	499049104	11,190	340,739	SH		SOLE		225,334	0	115,405
LADDER CAP CORP	CL A	505743104	11,157	671,683	SH		SOLE		446,458	0	225,225
LAUREATE EDUCATION INC	CL A	518613203	10,849	690,564	SH		SOLE		471,521	0	219,043
LCI INDS	COM	50189K103	3,575	39,725	SH		SOLE		31,204	0	8,521
LEGACY HOUSING CORP	COM	52472M101	658	52,841	SH		SOLE		52,841	0	0
LIBERTY PPTY TR	SH BEN INT	531172104	696	13,904	SH		SOLE		699	0	13,205
LINDBLAD EXPEDITIONS HLDGS I	COM	535219109	5,717	318,519	SH		SOLE		273,313	0	45,206
LIQTECH INTL INC	COM	53632A201	646	65,219	SH		SOLE		65,219	0	0
LONESTAR RES US INC	CL A VTG	54240F103	319	139,141	SH		SOLE		139,141	0	0
LUXFER HOLDINGS PLC	SHS	G5698W116	742	30,246	SH		SOLE		30,246	0	0
MADDEN STEVEN LTD	COM	556269108	6,586	194,001	SH		SOLE		130,293	0	63,708
MARLIN BUSINESS SVCS CORP	COM	571157106	746	29,915	SH		SOLE		29,915	0	0
MASTERCRAFT BOAT HLDGS INC	COM	57637H103	449	22,920	SH		SOLE		22,920	0	0
MCGRATH RENTCORP	COM	580589109	11,526	185,450	SH		SOLE		127,600	0	57,850
MEDICAL PPTYS TRUST INC	COM	58463J304	5,673	325,315	SH		SOLE		184,890	0	140,425
MERIDIAN BANCORP INC MD	COM	58958U103	16,344	913,581	SH		SOLE		635,624	0	277,957
MESA AIR GROUP INC	COM NEW	590479135	572	62,585	SH		SOLE		62,585	0	0
MGIC INVT CORP WIS	COM	552848103	11,762	895,130	SH		SOLE		610,725	0	284,405
MIDDLESEX WATER CO	COM	596680108	631	10,644	SH		SOLE		10,644	0	0
MIDLAND STS BANCORP INC ILL	COM	597742105	822	30,773	SH		SOLE		30,773	0	0
MIDWESTONE FINL GROUP INC NE	COM	598511103	676	24,171	SH		SOLE		24,171	0	0
MKS INSTRUMENT INC	COM	55306N104	6,765	86,849	SH		SOLE		59,553	0	27,296
MONOLITHIC PWR SYS INC	COM	609839105	6,862	50,539	SH		SOLE		34,458	0	16,081
MOOG INC	CL A	615394202	6,278	67,067	SH		SOLE		45,760	0	21,307
NATIONAL GEN HLDGS CORP	COM	636220303	8,417	366,920	SH		SOLE		312,360	0	54,560
NATURAL GAS SERVICES GROUP	COM	63886Q109	488	29,550	SH		SOLE		29,550	0	0
NEWPARK RES INC	COM PAR $.01NEW	651718504	7,359	991,733	SH		SOLE		734,201	0	257,532
NOMAD FOODS LTD	USD ORD SHS	G6564A105	10,717	501,755	SH		SOLE		342,816	0	158,939
NOODLES & CO	COM CL A	65540B105	586	74,360	SH		SOLE		74,360	0	0
NRC GROUP HLDGS CORP	COM	629375106	579	52,030	SH		SOLE		52,030	0	0
OAKTREE SPECIALTY LENDING CO	COM	67401P108	970	178,953	SH		SOLE		178,953	0	0
OGE ENERGY CORP	COM	670837103	5,700	133,930	SH		SOLE		73,300	0	60,630
OLD LINE BANCSHARES INC	COM	67984M100	748	28,105	SH		SOLE		28,105	0	0
OLIN CORP	COM PAR $1	680665205	2,494	113,820	SH		SOLE		67,365	0	46,455
PARSLEY ENERGY INC	CL A	701877102	12,552	660,290	SH		SOLE		457,095	0	203,195
PERFICIENT INC	COM	71375U101	11,661	339,783	SH		SOLE		249,173	0	90,610
PINNACLE FINL PARTNERS INC	COM	72346Q104	6,564	114,200	SH		SOLE		72,235	0	41,965
POSTAL REALTY TRUST INC	CL A	73757R102	1,051	66,741	SH		SOLE		66,431	0	310
PREFERRED APT CMNTYS INC	COM	74039L103	778	52,030	SH		SOLE		52,030	0	0
PROS HOLDINGS INC	COM	74346Y103	5,666	89,566	SH		SOLE		61,172	0	28,394
PROVIDENCE SVC CORP	COM	743815102	3,536	61,675	SH		SOLE		51,021	0	10,654
PURECYCLE CORP	COM NEW	746228303	812	76,646	SH		SOLE		76,646	0	0
QCR HOLDINGS INC	COM	74727A104	582	16,689	SH		SOLE		16,689	0	0
RADNET INC	COM	750491102	694	50,340	SH		SOLE		50,340	0	0
RADWARE LTD	ORD	M81873107	6,311	255,210	SH		SOLE		215,965	0	39,245
REALPAGE INC	COM	75606N109	1,262	21,440	SH		SOLE		1,082	0	20,358
RECRO PHARMA INC	COM	75629F109	790	77,687	SH		SOLE		77,687	0	0
RH	COM	74967X103	8,630	74,655	SH		SOLE		51,178	0	23,477
RUDOLPH TECHNOLOGIES INC	COM	781270103	722	26,140	SH		SOLE		26,140	0	0
RUSH ENTERPRISES INC	CL A	781846209	1,795	49,155	SH		SOLE		8,485	0	40,670
SAPIENS INTL CORP N V	SHS	G7T16G103	708	42,576	SH		SOLE		42,576	0	0
SEASPINE HLDGS CORP	COM	81255T108	551	41,597	SH		SOLE		41,597	0	0
SEAWORLD ENTMT INC	COM	81282V100	9,107	293,769	SH		SOLE		194,813	0	98,956
SIENTRA INC	COM	82621J105	689	111,780	SH		SOLE		111,780	0	0
SKYLINE CHAMPION CORPORATION	COM	830830105	1,228	44,854	SH		SOLE		35,236	0	9,618
SPARTAN MTRS INC	COM	846819100	356	32,457	SH		SOLE		32,457	0	0
STAG INDL INC	COM	85254J102	2,781	91,980	SH		SOLE		13,670	0	78,310
STERLING BANCORP DEL	COM	85917A100	2,705	127,107	SH		SOLE		74,201	0	52,906
STERLING CONSTRUCTION CO INC	COM	859241101	564	41,998	SH		SOLE		41,998	0	0
STORE CAP CORP	COM	862121100	636	19,163	SH		SOLE		963	0	18,200
SUMMIT HOTEL PPTYS INC	COM	866082100	8,946	779,965	SH		SOLE		546,075	0	233,890
SYNOVUS FINL CORP	COM NEW	87161C501	10,332	295,195	SH		SOLE		199,755	0	95,440
TARGET HOSPITALITY CORP	COM	87615L107	12,140	1,334,060	SH		SOLE		961,985	0	372,075
TECNOGLASS INC	SHS	G87264100	678	104,539	SH		SOLE		104,539	0	0
TEEKAY TANKERS LTD	CL A	Y8565N102	333	260,430	SH		SOLE		260,430	0	0
TRECORA RES	COM	894648104	609	63,615	SH		SOLE		63,615	0	0
TRONOX HOLDINGS PLC	SHS	G9087Q102	12,722	995,445	SH		SOLE		679,140	0	316,305
U S CONCRETE INC	COM NEW	90333L201	484	9,750	SH		SOLE		9,750	0	0
UNITED FINL BANCORP INC NEW	COM	910304104	318	22,410	SH		SOLE		22,410	0	0
UNITIL CORP	COM	913259107	7,519	125,555	SH		SOLE		105,367	0	20,188
UNIVERSAL STAINLESS & ALLOY	COM	913837100	418	26,150	SH		SOLE		26,150	0	0
VIRTUSA CORP	COM	92827P102	9,395	211,453	SH		SOLE		138,478	0	72,975
VOYA FINL INC	COM	929089100	5,003	90,472	SH		SOLE		55,647	0	34,825
WESCO AIRCRAFT HLDGS INC	COM	950814103	9,612	865,981	SH		SOLE		584,485	0	281,496
WINTRUST FINL CORP	COM	97650W108	12,119	165,645	SH		SOLE		109,430	0	56,215
WNS HOLDINGS LTD	SPON ADR	92932M101	8,038	135,774	SH		SOLE		92,748	0	43,026
WORLD FUEL SVCS CORP	COM	981475106	8,462	235,326	SH		SOLE		146,473	0	88,853
XENIA HOTELS & RESORTS INC	COM	984017103	9,518	456,505	SH		SOLE		327,100	0	129,405