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
ADVANCED ENERGY INDS	COM	007973100	5,846	82,107	SH		SOLE		64,137	0	17,970
AEROJET ROCKETDYNE HLDGS INC	COM	007800105	6,793	148,782	SH		SOLE		116,762	0	32,020
ALBEMARLE CORP	COM	012653101	619	8,474	SH		SOLE		7,915	0	559
ALJ REGIONAL HLDGS INC	COM	001627108	410	356,764	SH		SOLE		356,764	0	0
ALLEGHANY CORP DEL	COM	017175100	576	721	SH		SOLE		666	0	55
ALLETE INC	COM NEW	018522300	6,812	83,918	SH		SOLE		65,738	0	18,180
AMERESCO INC	CL A	02361E108	1,057	60,420	SH		SOLE		60,420	0	0
AMERICAN OUTDOOR BRANDS CORP	COM	02874P103	565	60,920	SH		SOLE		60,920	0	0
AMERIS BANCORP	COM	03076K108	4,799	112,800	SH		SOLE		87,150	0	25,650
AMN HEALTHCARE SERVICES INC	COM	001744101	4,446	71,350	SH		SOLE		55,070	0	16,280
AQUAVENTURE HLDGS LTD	SHS	G0443N107	5,735	211,466	SH		SOLE		165,738	0	45,728
ARCH COAL INC	CL A	039380407	2,864	39,924	SH		SOLE		30,583	0	9,341
ARCOSA INC	COM	039653100	7,644	171,580	SH		SOLE		134,111	0	37,469
ARDMORE SHIPPING CORP	COM	Y0207T100	746	82,397	SH		SOLE		82,397	0	0
ARGO GROUP INTL HLDGS LTD	COM	G0464B107	2,669	40,595	SH		SOLE		31,060	0	9,535
ATLANTIC CAP BANCSHARES INC	COM	048269203	633	34,517	SH		SOLE		34,517	0	0
ATLANTIC UN BANKSHARES CORP	COM	04911A107	3,538	94,220	SH		SOLE		74,825	0	19,395
BANC OF CALIFORNIA INC	COM	05990K106	4,346	252,955	SH		SOLE		210,785	0	42,170
BANDWIDTH INC	COM CL A	05988J103	5,336	83,313	SH		SOLE		65,928	0	17,385
BANNER CORP	COM NEW	06652V208	7,743	136,832	SH		SOLE		107,062	0	29,770
BIG LOTS INC	COM	089302103	4,036	140,515	SH		SOLE		111,810	0	28,705
BIOSPECIFICS TECHNOLOGIES CO	COM	090931106	648	11,386	SH		SOLE		11,386	0	0
BLUELINX HLDGS INC	COM NEW	09624H208	500	35,092	SH		SOLE		35,092	0	0
BOINGO WIRELESS INC	COM	09739C102	2,626	239,825	SH		SOLE		197,170	0	42,655
BOISE CASCADE CO DEL	COM	09739D100	6,305	172,595	SH		SOLE		134,930	0	37,665
BONANZA CREEK ENERGY INC	COM NEW	097793400	386	16,540	SH		SOLE		16,540	0	0
BRIDGEWATER BANCSHARES INC	COM ACCD INV	108621103	954	69,254	SH		SOLE		69,254	0	0
BRINKS CO	COM	109696104	8,508	93,823	SH		SOLE		73,334	0	20,489
CALERES INC	COM	129500104	7,517	316,490	SH		SOLE		247,495	0	68,995
CAMBRIDGE BANCORP	COM	132152109	590	7,365	SH		SOLE		7,365	0	0
CAMDEN NATL CORP	COM	133034108	1,194	25,932	SH		SOLE		25,932	0	0
CAMDEN PPTY TR	SH BEN INT	133131102	442	4,170	SH		SOLE		3,800	0	370
CARROLS RESTAURANT GROUP INC	COM	14574X104	560	79,374	SH		SOLE		79,374	0	0
CASTLE BIOSCIENCES INC	COM	14843C105	350	10,170	SH		SOLE		10,170	0	0
CENTURY CASINOS INC	COM	156492100	1,211	152,901	SH		SOLE		152,901	0	0
CERENCE INC	COM	156727109	1,150	50,833	SH		SOLE		50,833	0	0
CHARLES RIV LABS INTL INC	COM	159864107	422	2,761	SH		SOLE		2,509	0	252
CHERRY HILL MTG INVT CORP	COM	164651101	761	52,152	SH		SOLE		52,152	0	0
CIVISTA BANCSHARES INC	COM NO PAR	178867107	1,019	42,467	SH		SOLE		42,467	0	0
CLIPPER RLTY INC	COM	18885T306	1,132	106,822	SH		SOLE		106,822	0	0
COMMUNITY BANKERS TR CORP	COM	203612106	842	94,860	SH		SOLE		94,860	0	0
CONNECTONE BANCORP INC NEW	COM	20786W107	4,551	176,927	SH		SOLE		147,580	0	29,347
COWEN INC	CL A NEW	223622606	7,789	494,513	SH		SOLE		404,913	0	89,600
CROCS INC	COM	227046109	1,904	45,453	SH		SOLE		34,912	0	10,541
CRYOLIFE INC	COM	228903100	5,120	189,003	SH		SOLE		149,789	0	39,214
DMC GLOBAL INC	COM	23291C103	4,442	98,845	SH		SOLE		81,380	0	17,465
DUCOMMUN INC DEL	COM	264147109	693	13,716	SH		SOLE		13,716	0	0
EAGLE BULK SHIPPING INC	SHS NEW	Y2187A143	523	113,755	SH		SOLE		113,755	0	0
EARTHSTONE ENERGY INC	CL A	27032D304	399	63,060	SH		SOLE		63,060	0	0
ENERGY RECOVERY INC	COM	29270J100	888	90,709	SH		SOLE		90,709	0	0
ENOVA INTL INC	COM	29357K103	5,961	247,737	SH		SOLE		201,336	0	46,401
ENSIGN GROUP INC	COM	29358P101	6,353	140,026	SH		SOLE		109,552	0	30,474
EXANTAS CAP CORP	COM NEW	30068N105	1,449	122,732	SH		SOLE		122,732	0	0
FIRST BANCORP P R	COM NEW	318672706	3,458	326,560	SH		SOLE		252,025	0	74,535
FIRST BANCSHARES INC MS	COM	318916103	1,135	31,940	SH		SOLE		31,940	0	0
FIRST INTST BANCSYSTEM INC	COM CL A	32055Y201	7,069	168,634	SH		SOLE		129,488	0	39,146
FLIR SYS INC	COM	302445101	569	10,920	SH		SOLE		9,920	0	1,000
FLY LEASING LTD	SPONSORED ADR	34407D109	933	47,595	SH		SOLE		47,595	0	0
FRONT YD RESIDENTIAL CORP	COM	35904G107	5,855	474,442	SH		SOLE		392,187	0	82,255
FS KKR CAPITAL CORP	COM	302635107	4,873	794,874	SH		SOLE		627,294	0	167,580
GENERAL FIN CORP DEL	COM	369822101	785	70,915	SH		SOLE		70,915	0	0
GENESCO INC	COM	371532102	3,114	64,980	SH		SOLE		50,150	0	14,830
GLU MOBILE INC	COM	379890106	375	62,050	SH		SOLE		62,050	0	0
GRAHAM CORP	COM	384556106	565	25,836	SH		SOLE		25,836	0	0
GRAPHIC PACKAGING HLDG CO	COM	388689101	5,278	316,987	SH		SOLE		243,705	0	73,282
GREAT AJAX CORP	COM	38983D300	998	67,390	SH		SOLE		67,390	0	0
GREAT ELM CAP CORP	COM	390320109	612	78,681	SH		SOLE		78,681	0	0
GREAT ELM CAP GROUP INC	COM NEW	39036P209	1,172	350,975	SH		SOLE		350,975	0	0
GREEN BRICK PARTNERS INC	COM	392709101	1,007	87,683	SH		SOLE		87,683	0	0
GREENLIGHT CAPITAL RE LTD	CLASS A	G4095J109	515	50,967	SH		SOLE		50,967	0	0
HANOVER INS GROUP INC	COM	410867105	4,903	35,875	SH		SOLE		28,492	0	7,383
HARVARD BIOSCIENCE INC	COM	416906105	377	123,470	SH		SOLE		123,470	0	0
HAYNES INTERNATIONAL INC	COM NEW	420877201	3,972	111,005	SH		SOLE		85,665	0	25,340
HBT FINL INC	COM	404111106	1,028	54,140	SH		SOLE		54,140	0	0
HERCULES CAPITAL INC	COM	427096508	1,736	123,816	SH		SOLE		95,557	0	28,259
HEXCEL CORP NEW	COM	428291108	561	7,655	SH		SOLE		7,115	0	540
HIBBETT SPORTS INC	COM	428567101	655	23,345	SH		SOLE		23,345	0	0
HILLENBRAND INC	COM	431571108	7,869	236,242	SH		SOLE		185,407	0	50,835
HILLTOP HOLDINGS INC	COM	432748101	4,704	188,690	SH		SOLE		145,610	0	43,080
HOLLYFRONTIER CORP	COM	436106108	402	7,935	SH		SOLE		7,210	0	725
HOWARD HUGHES CORP	COM	44267D107	7,690	60,648	SH		SOLE		47,308	0	13,340
HUNTSMAN CORP	COM	447011107	5,765	238,600	SH		SOLE		186,495	0	52,105
I3 VERTICALS INC	COM CL A	46571Y107	1,123	39,750	SH		SOLE		39,750	0	0
IBERIABANK CORP	COM	450828108	3,568	47,683	SH		SOLE		37,200	0	10,483
ICHOR HOLDINGS	SHS	G4740B105	2,413	72,515	SH		SOLE		60,775	0	11,740
IES HLDGS INC	COM	44951W106	1,081	42,112	SH		SOLE		42,112	0	0
INGEVITY CORP	COM	45688C107	431	4,935	SH		SOLE		4,580	0	355
INTEGRA LIFESCIENCES HLDGS C	COM NEW	457985208	358	6,138	SH		SOLE		5,655	0	483
INTERXION HOLDING N.V	SHS	N47279109	511	6,100	SH		SOLE		5,605	0	495
INVACARE CORP	COM	461203101	749	82,994	SH		SOLE		82,994	0	0
INVESTORS BANCORP INC NEW	COM	46146L101	5,196	436,120	SH		SOLE		336,940	0	99,180
JAGGED PEAK ENERGY INC	COM	47009K107	3,086	363,487	SH		SOLE		278,464	0	85,023
JERNIGAN CAP INC	COM	476405105	734	38,355	SH		SOLE		38,355	0	0
KBR INC	COM	48242W106	3,564	116,868	SH		SOLE		89,501	0	27,367
KINGSTONE COS INC	COM	496719105	619	79,887	SH		SOLE		79,887	0	0
LADDER CAP CORP	CL A	505743104	1,784	98,918	SH		SOLE		75,816	0	23,102
LAUREATE EDUCATION INC	CL A	518613203	4,084	231,916	SH		SOLE		183,920	0	47,996
LEGACY HOUSING CORP	COM	52472M101	1,146	68,881	SH		SOLE		68,881	0	0
LINDBLAD EXPEDITIONS HLDGS I	COM	535219109	6,171	377,459	SH		SOLE		296,892	0	80,567
LIQTECH INTL INC	COM	53632A201	408	69,824	SH		SOLE		69,824	0	0
LIVENT CORP	COM	53814L108	3,973	464,716	SH		SOLE		358,834	0	105,882
LONESTAR RES US INC	CL A VTG	54240F103	630	241,456	SH		SOLE		241,456	0	0
LUXFER HOLDINGS PLC	SHS	G5698W116	359	19,391	SH		SOLE		19,391	0	0
MAGNACHIP SEMICONDUCTOR CORP	COM	55933J203	862	74,285	SH		SOLE		74,285	0	0
MALIBU BOATS INC	COM CL A	56117J100	2,759	67,376	SH		SOLE		52,009	0	15,367
MANTECH INTL CORP	CL A	564563104	3,408	42,660	SH		SOLE		33,570	0	9,090
MARINEMAX INC	COM	567908108	3,540	212,108	SH		SOLE		172,657	0	39,451
MARLIN BUSINESS SVCS CORP	COM	571157106	746	33,945	SH		SOLE		33,945	0	0
MERIDIAN BANCORP INC MD	COM	58958U103	3,452	171,841	SH		SOLE		138,528	0	33,313
MIDLAND STS BANCORP INC ILL	COM	597742105	1,011	34,903	SH		SOLE		34,903	0	0
MIDWESTONE FINL GROUP INC NE	COM	598511103	993	27,421	SH		SOLE		27,421	0	0
NEWPARK RES INC	COM PAR $.01NEW	651718504	645	102,872	SH		SOLE		102,872	0	0
NOMAD FOODS LTD	USD ORD SHS	G6564A105	8,887	397,254	SH		SOLE		310,715	0	86,539
NOODLES & CO	COM CL A	65540B105	539	97,380	SH		SOLE		97,380	0	0
OAKTREE SPECIALTY LENDING CO	COM	67401P108	1,029	188,513	SH		SOLE		188,513	0	0
OLD SECOND BANCORP INC ILL	COM	680277100	1,147	85,120	SH		SOLE		85,120	0	0
ONEMAIN HLDGS INC	COM	68268W103	590	13,995	SH		SOLE		12,948	0	1,047
ONTO INNOVATION INC	COM	683344105	3,304	90,424	SH		SOLE		71,615	0	18,809
ORBCOMM INC	COM	68555P100	871	206,843	SH		SOLE		206,843	0	0
ORION GROUP HOLDINGS INC	COM	68628V308	934	180,010	SH		SOLE		180,010	0	0
PATRICK INDS INC	COM	703343103	3,734	71,220	SH		SOLE		54,965	0	16,255
PDC ENERGY INC	COM	69327R101	3,948	150,870	SH		SOLE		118,270	0	32,600
PGT INNOVATIONS INC	COM	69336V101	2,662	178,558	SH		SOLE		137,787	0	40,771
PJT PARTNERS INC	COM CL A	69343T107	5,689	126,055	SH		SOLE		99,170	0	26,885
PNM RES INC	COM	69349H107	6,259	123,426	SH		SOLE		94,527	0	28,899
POLARIS INC	COM	731068102	532	5,227	SH		SOLE		4,922	0	305
POSTAL REALTY TRUST INC	CL A	73757R102	1,039	61,281	SH		SOLE		61,281	0	0
PROS HOLDINGS INC	COM	74346Y103	5,806	96,890	SH		SOLE		75,868	0	21,022
PURECYCLE CORP	COM NEW	746228303	1,095	86,946	SH		SOLE		86,946	0	0
PURPLE INNOVATION INC	COM	74640Y106	1,030	118,290	SH		SOLE		118,290	0	0
QCR HOLDINGS INC	COM	74727A104	1,035	23,589	SH		SOLE		23,589	0	0
QUANEX BUILDING PRODUCTS COR	COM	747619104	643	37,660	SH		SOLE		37,660	0	0
RADA ELECTR INDS LTD	COM PAR NEW	M81863124	713	137,396	SH		SOLE		137,396	0	0
RADNET INC	COM	750491102	912	44,940	SH		SOLE		44,940	0	0
RECRO PHARMA INC	COM	75629F109	950	51,802	SH		SOLE		51,802	0	0
SEASPINE HLDGS CORP	COM	81255T108	934	77,786	SH		SOLE		77,786	0	0
SHOE CARNIVAL INC	COM	824889109	593	15,904	SH		SOLE		15,904	0	0
SIENTRA INC	COM	82621J105	5,672	634,488	SH		SOLE		519,102	0	115,386
SIGNATURE BK NEW YORK N Y	COM	82669G104	613	4,490	SH		SOLE		4,160	0	330
SPARTAN MTRS INC	COM	846819100	4,185	231,468	SH		SOLE		188,158	0	43,310
SPIRIT RLTY CAP INC NEW	COM NEW	84860W300	6,626	134,732	SH		SOLE		104,925	0	29,807
STAG INDL INC	COM	85254J102	7,190	227,756	SH		SOLE		178,396	0	49,360
STERLING BANCORP DEL	COM	85917A100	7,047	334,281	SH		SOLE		262,688	0	71,593
STERLING CONSTRUCTION CO INC	COM	859241101	4,973	353,188	SH		SOLE		296,953	0	56,235
SUMMIT MATLS INC	CL A	86614U100	5,815	243,290	SH		SOLE		191,745	0	51,545
TARGET HOSPITALITY CORP	COM	87615L107	4,717	943,457	SH		SOLE		782,768	0	160,689
TEAM INC	COM	878155100	323	20,216	SH		SOLE		20,216	0	0
TECNOGLASS INC	SHS	G87264100	1,128	136,667	SH		SOLE		136,667	0	0
PROVIDENCE SVC CORP	COM	743815102	806	13,620	SH		SOLE		13,620	0	0
THOR INDS INC	COM	885160101	7,284	98,045	SH		SOLE		77,040	0	21,005
TOWER SEMICONDUCTOR LTD	SHS NEW	M87915274	2,621	108,946	SH		SOLE		84,066	0	24,880
TRECORA RES	COM	894648104	516	72,175	SH		SOLE		72,175	0	0
UFP TECHNOLOGIES INC	COM	902673102	951	19,178	SH		SOLE		19,178	0	0
ULTRA CLEAN HLDGS INC	COM	90385V107	770	32,797	SH		SOLE		32,797	0	0
UNITIL CORP	COM	913259107	1,765	28,543	SH		SOLE		22,033	0	6,510
UNIVERSAL STAINLESS & ALLOY	COM	913837100	598	40,165	SH		SOLE		40,165	0	0
UPLAND SOFTWARE INC	COM	91544A109	3,864	108,200	SH		SOLE		83,510	0	24,690
VALLEY NATL BANCORP	COM	919794107	3,399	296,860	SH		SOLE		229,100	0	67,760
VENATOR MATLS PLC	SHS	G9329Z100	353	92,055	SH		SOLE		92,055	0	0
VERITEX HLDGS INC	COM	923451108	3,960	135,945	SH		SOLE		104,930	0	31,015
VIRTUSA CORP	COM	92827P102	2,780	61,318	SH		SOLE		47,043	0	14,275
WATFORD HOLDINGS LTD	SHS	G94787101	883	35,095	SH		SOLE		35,095	0	0
WESTERN ALLIANCE BANCORP	COM	957638109	530	9,299	SH		SOLE		8,594	0	705
WINTRUST FINL CORP	COM	97650W108	7,092	100,034	SH		SOLE		78,526	0	21,508
WNS HOLDINGS LTD	SPON ADR	92932M101	4,451	67,290	SH		SOLE		53,666	0	13,624
WORLD FUEL SVCS CORP	COM	981475106	3,669	84,491	SH		SOLE		65,208	0	19,283
WPX ENERGY INC	COM	98212B103	3,774	274,646	SH		SOLE		214,679	0	59,967
XENIA HOTELS & RESORTS INC	COM	984017103	3,446	159,445	SH		SOLE		122,315	0	37,130