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	240	472,592	SH		SOLE		472,592	0	0
ACUITY BRANDS INC	COM	00508Y102	10,308	76,476	SH		SOLE		52,284	0	24,192
AEROJET ROCKETDYNE HLDGS INC	COM	007800105	8,642	171,100	SH		SOLE		102,865	0	68,235
ALJ REGIONAL HLDGS INC	COM	001627108	496	356,764	SH		SOLE		356,764	0	0
ALLETE INC	COM NEW	018522300	10,459	119,655	SH		SOLE		83,373	0	36,282
ALLIANT ENERGY CORP	COM	018802108	2,381	44,150	SH		SOLE		0	0	44,150
AMERESCO INC	CL A	02361E108	971	60,420	SH		SOLE		60,420	0	0
AMERICAN ASSETS TR INC	COM	024013104	8,274	177,028	SH		SOLE		124,705	0	52,323
AMERIS BANCORP	COM	03076K108	3,803	94,520	SH		SOLE		73,550	0	20,970
ANI PHARMACEUTICALS INC	COM	00182C103	358	4,910	SH		SOLE		4,910	0	0
ANTARES PHARMA INC	COM	036642106	561	167,820	SH		SOLE		167,820	0	0
AQUAVENTURE HLDGS LTD	SHS	G0443N107	11,967	615,927	SH		SOLE		450,982	0	164,945
ARCH CAP GROUP LTD	ORD	G0450A105	3,359	80,010	SH		SOLE		10,720	0	69,290
ARCH COAL INC	CL A	039380407	9,696	130,675	SH		SOLE		86,302	0	44,373
ARCOSA INC	COM	039653100	12,405	362,617	SH		SOLE		240,172	0	122,445
ARDMORE SHIPPING CORP	COM	Y0207T100	378	56,513	SH		SOLE		56,513	0	0
ARGO GROUP INTL HLDGS LTD	COM	G0464B107	1,176	16,745	SH		SOLE		0	0	16,745
ATLANTIC CAP BANCSHARES INC	COM	048269203	695	40,092	SH		SOLE		40,092	0	0
ATLANTIC UN BANKSHARES CORP	COM	04911A107	4,812	129,208	SH		SOLE		108,988	0	20,220
AVISTA CORP	COM	05379B107	7,717	159,318	SH		SOLE		118,603	0	40,715
BANC OF CALIFORNIA INC	COM	05990K106	508	35,910	SH		SOLE		35,910	0	0
BANNER CORP	COM NEW	06652V208	8,699	154,870	SH		SOLE		129,800	0	25,070
BIOSPECIFICS TECHNOLOGIES CO	COM	090931106	457	8,536	SH		SOLE		8,536	0	0
BLUELINX HLDGS INC	COM NEW	09624H208	846	26,157	SH		SOLE		26,157	0	0
BRIDGEWATER BANCSHARES INC	COM ACCD INV	108621103	827	69,254	SH		SOLE		69,254	0	0
BRINKS CO	COM	109696104	17,435	210,190	SH		SOLE		143,995	0	66,195
CALERES INC	COM	129500104	7,935	338,965	SH		SOLE		288,578	0	50,387
CAMDEN NATL CORP	COM	133034108	1,123	25,932	SH		SOLE		25,932	0	0
CAMDEN PPTY TR	SH BEN INT	133131102	2,295	20,670	SH		SOLE		2,750	0	17,920
CARETRUST REIT INC	COM	14174T107	6,303	268,137	SH		SOLE		233,340	0	34,797
CAROLINA FINL CORP NEW	COM	143873107	828	23,290	SH		SOLE		23,290	0	0
CARROLS RESTAURANT GROUP INC	COM	14574X104	658	79,374	SH		SOLE		79,374	0	0
CARTERS INC	COM	146229109	9,245	101,360	SH		SOLE		71,115	0	30,245
CASTLE BIOSCIENCES INC	COM	14843C105	300	16,590	SH		SOLE		16,590	0	0
CENTERSTATE BK CORP	COM	15201P109	3,633	151,480	SH		SOLE		100,460	0	51,020
CENTURY CASINOS INC	COM	156492100	1,036	134,011	SH		SOLE		134,011	0	0
CHARLES RIV LABS INTL INC	COM	159864107	6,320	47,745	SH		SOLE		26,590	0	21,155
CHERRY HILL MTG INVT CORP	COM	164651101	683	52,152	SH		SOLE		52,152	0	0
CIVISTA BANCSHARES INC	COM NO PAR	178867107	923	42,467	SH		SOLE		42,467	0	0
CLIPPER RLTY INC	COM	18885T306	1,089	106,822	SH		SOLE		106,822	0	0
COMMUNITY BANKERS TR CORP	COM	203612106	816	94,860	SH		SOLE		94,860	0	0
CONNECTONE BANCORP INC NEW	COM	20786W107	1,167	52,589	SH		SOLE		52,589	0	0
CONSTRUCTION PARTNERS INC	COM CL A	21044C107	393	25,247	SH		SOLE		25,247	0	0
COWEN INC	CL A NEW	223622606	10,113	657,098	SH		SOLE		565,808	0	91,290
CRAFT BREW ALLIANCE INC	COM	224122101	253	30,850	SH		SOLE		30,850	0	0
CROCS INC	COM	227046109	6,178	222,545	SH		SOLE		152,695	0	69,850
CRYOLIFE INC	COM	228903100	7,003	257,928	SH		SOLE		217,044	0	40,884
DMC GLOBAL INC	COM	23291C103	4,335	98,565	SH		SOLE		80,915	0	17,650
DUCOMMUN INC DEL	COM	264147109	660	15,561	SH		SOLE		15,561	0	0
EAGLE BULK SHIPPING INC	SHS NEW	Y2187A143	447	102,176	SH		SOLE		102,176	0	0
ENERGY RECOVERY INC	COM	29270J100	748	80,725	SH		SOLE		80,725	0	0
ENOVA INTL INC	COM	29357K103	4,985	240,263	SH		SOLE		198,974	0	41,289
ENSIGN GROUP INC	COM	29358P101	9,636	203,155	SH		SOLE		139,332	0	63,823
ENTEGRIS INC	COM	29362U104	1,753	37,250	SH		SOLE		28,990	0	8,260
EVERI HLDGS INC	COM	30034T103	698	82,540	SH		SOLE		82,540	0	0
EVOQUA WATER TECHNOLOGIES CO	COM	30057T105	4,126	242,437	SH		SOLE		202,659	0	39,778
EXANTAS CAP CORP	COM NEW	30068N105	1,395	122,732	SH		SOLE		122,732	0	0
FIRST BANCSHARES INC MS	COM	318916103	1,032	31,940	SH		SOLE		31,940	0	0
FIRST INTST BANCSYSTEM INC	COM CL A	32055Y201	10,037	249,429	SH		SOLE		185,093	0	64,336
FLIR SYS INC	COM	302445101	1,749	33,255	SH		SOLE		4,410	0	28,845
FLY LEASING LTD	SPONSORED ADR	34407D109	2,774	135,250	SH		SOLE		135,250	0	0
FRONT YD RESIDENTIAL CORP	COM	35904G107	12,977	1,122,614	SH		SOLE		842,466	0	280,148
GENERAL FIN CORP DEL	COM	369822101	701	79,300	SH		SOLE		79,300	0	0
GRANITE PT MTG TR INC	COM	38741L107	3,175	169,408	SH		SOLE		131,843	0	37,565
GRAPHIC PACKAGING HLDG CO	COM	388689101	11,938	809,355	SH		SOLE		538,450	0	270,905
GREAT AJAX CORP	COM	38983D300	1,151	74,275	SH		SOLE		74,275	0	0
GREAT ELM CAP CORP	COM	390320109	626	76,316	SH		SOLE		76,316	0	0
GREAT ELM CAP GROUP INC	COM NEW	39036P209	1,288	350,975	SH		SOLE		350,975	0	0
GREEN BRICK PARTNERS INC	COM	392709101	1,040	97,178	SH		SOLE		97,178	0	0
GREENLIGHT CAPITAL RE LTD	CLASS A	G4095J109	535	50,967	SH		SOLE		50,967	0	0
HANCOCK WHITNEY CORPORATION	COM	410120109	4,199	109,653	SH		SOLE		98,946	0	10,707
HANGER INC	COM NEW	41043F208	4,199	206,024	SH		SOLE		169,699	0	36,325
HANOVER INS GROUP INC	COM	410867105	7,858	57,976	SH		SOLE		39,752	0	18,224
HARVARD BIOSCIENCE INC	COM	416906105	380	123,470	SH		SOLE		123,470	0	0
HEALTH INS INNOVATIONS INC	COM CL A	42225K106	358	14,345	SH		SOLE		14,345	0	0
HERCULES CAPITAL INC	COM	427096508	7,101	531,082	SH		SOLE		418,010	0	113,072
HERITAGE CRYSTAL CLEAN INC	COM	42726M106	763	28,776	SH		SOLE		28,776	0	0
HEXCEL CORP NEW	COM	428291108	2,449	29,820	SH		SOLE		3,560	0	26,260
HILLENBRAND INC	COM	431571108	12,015	389,100	SH		SOLE		271,805	0	117,295
HOWARD HUGHES CORP	COM	44267D107	17,560	135,493	SH		SOLE		92,783	0	42,710
HUNTSMAN CORP	COM	447011107	11,715	503,640	SH		SOLE		340,040	0	163,600
I3 VERTICALS INC	COM CL A	46571Y107	589	29,290	SH		SOLE		29,290	0	0
IBERIABANK CORP	COM	450828108	8,813	116,663	SH		SOLE		99,385	0	17,278
ICHOR HOLDINGS	SHS	G4740B105	476	19,670	SH		SOLE		19,670	0	0
IES HLDGS INC	COM	44951W106	988	47,966	SH		SOLE		47,966	0	0
INTEGRA LIFESCIENCES HLDGS C	COM NEW	457985208	1,138	18,940	SH		SOLE		2,505	0	16,435
INVACARE CORP	COM	461203101	635	84,619	SH		SOLE		84,619	0	0
INVESTORS BANCORP INC NEW	COM	46146L101	5,301	466,600	SH		SOLE		363,210	0	103,390
INVITATION HOMES INC	COM	46187W107	2,739	92,505	SH		SOLE		12,240	0	80,265
JAGGED PEAK ENERGY INC	COM	47009K107	2,899	399,360	SH		SOLE		340,932	0	58,428
JERNIGAN CAP INC	COM	476405105	984	51,125	SH		SOLE		51,125	0	0
KADANT INC	COM	48282T104	4,370	49,779	SH		SOLE		25,410	0	24,369
KBR INC	COM	48242W106	9,601	391,247	SH		SOLE		294,408	0	96,839
KINGSTONE COS INC	COM	496719105	526	61,682	SH		SOLE		61,682	0	0
LADDER CAP CORP	CL A	505743104	11,004	637,153	SH		SOLE		447,439	0	189,714
LAUREATE EDUCATION INC	CL A	518613203	10,654	642,774	SH		SOLE		425,471	0	217,303
LCI INDS	COM	50189K103	6,875	74,855	SH		SOLE		54,064	0	20,791
LEGACY HOUSING CORP	COM	52472M101	1,116	68,881	SH		SOLE		68,881	0	0
LEIDOS HLDGS INC	COM	525327102	2,094	24,380	SH		SOLE		0	0	24,380
LINDBLAD EXPEDITIONS HLDGS I	COM	535219109	3,554	212,064	SH		SOLE		182,991	0	29,073
LIQTECH INTL INC	COM	53632A201	718	90,869	SH		SOLE		90,869	0	0
LIVENT CORP	COM	53814L108	2,114	316,030	SH		SOLE		245,960	0	70,070
LONESTAR RES US INC	CL A VTG	54240F103	525	192,951	SH		SOLE		192,951	0	0
LUXFER HOLDINGS PLC	SHS	G5698W116	396	25,426	SH		SOLE		25,426	0	0
MADDEN STEVEN LTD	COM	556269108	6,629	185,211	SH		SOLE		124,602	0	60,609
MANTECH INTL CORP	CL A	564563104	5,269	73,785	SH		SOLE		62,535	0	11,250
MARLIN BUSINESS SVCS CORP	COM	571157106	855	33,945	SH		SOLE		33,945	0	0
MCGRATH RENTCORP	COM	580589109	7,378	106,025	SH		SOLE		75,040	0	30,985
MEDICAL PPTYS TRUST INC	COM	58463J304	2,190	111,975	SH		SOLE		19,350	0	92,625
MERIDIAN BANCORP INC MD	COM	58958U103	13,509	720,495	SH		SOLE		506,106	0	214,389
MGIC INVT CORP WIS	COM	552848103	3,777	300,225	SH		SOLE		211,165	0	89,060
MIDLAND STS BANCORP INC ILL	COM	597742105	909	34,903	SH		SOLE		34,903	0	0
MIDWESTONE FINL GROUP INC NE	COM	598511103	837	27,421	SH		SOLE		27,421	0	0
NATIONAL GEN HLDGS CORP	COM	636220303	8,619	374,410	SH		SOLE		319,850	0	54,560
NEWPARK RES INC	COM PAR $.01NEW	651718504	3,651	479,073	SH		SOLE		417,921	0	61,152
NOMAD FOODS LTD	USD ORD SHS	G6564A105	11,670	569,264	SH		SOLE		389,615	0	179,649
NOODLES & CO	COM CL A	65540B105	477	84,360	SH		SOLE		84,360	0	0
NVENT ELECTRIC PLC	SHS	G6700G107	1,567	71,110	SH		SOLE		8,055	0	63,055
OAKTREE SPECIALTY LENDING CO	COM	67401P108	976	188,513	SH		SOLE		188,513	0	0
OLD SECOND BANCORP INC ILL	COM	680277100	830	67,955	SH		SOLE		67,955	0	0
ON SEMICONDUCTOR CORP	COM	682189105	2,302	119,815	SH		SOLE		15,902	0	103,913
ORBCOMM INC	COM	68555P100	665	139,690	SH		SOLE		139,690	0	0
PERFICIENT INC	COM	71375U101	7,527	195,098	SH		SOLE		138,528	0	56,570
PJT PARTNERS INC	COM CL A	69343T107	3,529	86,700	SH		SOLE		67,475	0	19,225
PNM RES INC	COM	69349H107	7,249	139,185	SH		SOLE		81,790	0	57,395
POST HLDGS INC	COM	737446104	2,065	19,510	SH		SOLE		2,490	0	17,020
POSTAL REALTY TRUST INC	CL A	73757R102	1,167	73,701	SH		SOLE		73,701	0	0
PREFERRED APT CMNTYS INC	COM	74039L103	630	43,570	SH		SOLE		43,570	0	0
PROVIDENCE SVC CORP	COM	743815102	810	13,620	SH		SOLE		13,620	0	0
PURECYCLE CORP	COM NEW	746228303	894	86,946	SH		SOLE		86,946	0	0
QCR HOLDINGS INC	COM	74727A104	896	23,589	SH		SOLE		23,589	0	0
QUANEX BUILDING PRODUCTS COR	COM	747619104	928	51,330	SH		SOLE		51,330	0	0
RADNET INC	COM	750491102	820	57,110	SH		SOLE		57,110	0	0
RADWARE LTD	ORD	M81873107	6,487	267,405	SH		SOLE		228,375	0	39,030
RECRO PHARMA INC	COM	75629F109	977	88,137	SH		SOLE		88,137	0	0
RH	COM	74967X103	3,469	20,304	SH		SOLE		13,680	0	6,624
RUDOLPH TECHNOLOGIES INC	COM	781270103	689	26,140	SH		SOLE		26,140	0	0
SAPIENS INTL CORP N V	SHS	G7T16G103	626	31,851	SH		SOLE		31,851	0	0
SEASPINE HLDGS CORP	COM	81255T108	632	51,737	SH		SOLE		51,737	0	0
SIENTRA INC	COM	82621J105	834	128,770	SH		SOLE		128,770	0	0
SIGNATURE BK NEW YORK N Y	COM	82669G104	2,200	18,450	SH		SOLE		2,440	0	16,010
SPARTAN MTRS INC	COM	846819100	4,687	341,616	SH		SOLE		278,326	0	63,290
STAG INDL INC	COM	85254J102	12,026	407,950	SH		SOLE		263,205	0	144,745
STERIS PLC	SHS USD	G8473T100	1,365	9,450	SH		SOLE		0	0	9,450
STERLING BANCORP DEL	COM	85917A100	2,711	135,151	SH		SOLE		84,820	0	50,331
STERLING CONSTRUCTION CO INC	COM	859241101	830	63,138	SH		SOLE		63,138	0	0
SUMMIT HOTEL PPTYS INC	COM	866082100	9,755	840,955	SH		SOLE		598,325	0	242,630
SYNOVUS FINL CORP	COM NEW	87161C501	10,953	306,300	SH		SOLE		190,940	0	115,360
TARGET HOSPITALITY CORP	COM	87615L107	9,802	1,439,383	SH		SOLE		1,071,243	0	368,140
TEAM INC	COM	878155100	718	39,796	SH		SOLE		39,796	0	0
TECNOGLASS INC	SHS	G87264100	1,215	149,394	SH		SOLE		149,394	0	0
TEEKAY TANKERS LTD	CL A	Y8565N102	384	295,450	SH		SOLE		295,450	0	0
TELADOC HEALTH INC	COM	87918A105	11,347	167,555	SH		SOLE		117,150	0	50,405
TOWER SEMICONDUCTOR LTD	SHS NEW	M87915274	8,427	437,975	SH		SOLE		304,315	0	133,660
TRECORA RES	COM	894648104	651	72,175	SH		SOLE		72,175	0	0
U S CONCRETE INC	COM NEW	90333L201	571	10,330	SH		SOLE		10,330	0	0
UNITIL CORP	COM	913259107	4,117	64,890	SH		SOLE		52,707	0	12,183
UNIVERSAL STAINLESS & ALLOY	COM	913837100	512	32,810	SH		SOLE		32,810	0	0
VIRTUSA CORP	COM	92827P102	5,505	152,843	SH		SOLE		104,888	0	47,955
VOYA FINL INC	COM	929089100	3,765	69,155	SH		SOLE		37,375	0	31,780
WESCO AIRCRAFT HLDGS INC	COM	950814103	1,849	167,936	SH		SOLE		130,685	0	37,251
WINTRUST FINL CORP	COM	97650W108	6,051	93,620	SH		SOLE		63,017	0	30,603
WNS HOLDINGS LTD	SPON ADR	92932M101	6,219	105,859	SH		SOLE		72,475	0	33,384
WORLD FUEL SVCS CORP	COM	981475106	7,787	194,966	SH		SOLE		139,033	0	55,933
WPX ENERGY INC	COM	98212B103	9,759	921,504	SH		SOLE		637,636	0	283,868
XENIA HOTELS & RESORTS INC	COM	984017103	8,861	419,540	SH		SOLE		314,585	0	104,955