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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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
ACADEMY SPORTS & OUTDOORS IN	COM	00402L107	2,315	58,765	SH		SOLE		30,430	0	28,335
ADDUS HOMECARE CORP	COM	006739106	6,981	74,834	SH		SOLE		46,168	0	28,666
ADTRAN INC	COM	00738A106	1,839	99,658	SH		SOLE		73,144	0	26,514
AGCO CORP	COM	001084102	682	4,670	SH		SOLE		4,670	0	0
AMERICAN NATL BANKSHARES INC	COM	027745108	2,478	65,753	SH		SOLE		48,262	0	17,491
AMERICAN VANGUARD CORP	COM	030371108	5,573	274,242	SH		SOLE		170,764	0	103,478
ARES COML REAL ESTATE CORP	COM	04013V108	2,989	192,568	SH		SOLE		138,906	0	53,662
ATLAS TECHNICAL CONSULTANTS	COM CLS A	049430101	4,211	349,755	SH		SOLE		257,037	0	92,718
AVALARA INC	COM	05338G106	655	6,585	SH		SOLE		6,585	0	0
AVID BIOSERVICES INC	COM	05368M106	2,661	130,644	SH		SOLE		96,007	0	34,637
AXCELIS TECHNOLOGIES INC	COM NEW	054540208	1,666	22,051	SH		SOLE		16,206	0	5,845
BANCORP INC DEL	COM	05969A105	4,164	146,972	SH		SOLE		77,668	0	69,304
BANDWIDTH INC	COM CL A	05988J103	3,954	122,060	SH		SOLE		67,555	0	54,505
BARRETT BUSINESS SVCS INC	COM	068463108	3,908	50,439	SH		SOLE		37,068	0	13,371
BEAZER HOMES USA INC	COM NEW	07556Q881	1,358	89,215	SH		SOLE		65,565	0	23,650
BELDEN INC	COM	077454106	4,980	89,898	SH		SOLE		49,163	0	40,735
BERRY CORP	COM	08579X101	3,375	326,998	SH		SOLE		240,003	0	86,995
BIOLIFE SOLUTIONS INC	COM NEW	09062W204	1,248	54,913	SH		SOLE		40,302	0	14,611
BLACK HILLS CORP	COM	092113109	3,538	45,933	SH		SOLE		23,784	0	22,149
BOYD GAMING CORP	COM	103304101	4,449	67,629	SH		SOLE		35,147	0	32,482
BRINKS CO	COM	109696104	3,530	51,912	SH		SOLE		27,321	0	24,591
BRIXMOR PPTY GROUP INC	COM	11120U105	682	26,420	SH		SOLE		26,420	0	0
BRUNSWICK CORP	COM	117043109	400	4,945	SH		SOLE		4,945	0	0
BUCKLE INC	COM	118440106	1,915	57,970	SH		SOLE		30,578	0	27,392
BUNGE LIMITED	COM	G16962105	688	6,210	SH		SOLE		6,210	0	0
CACTUS INC	CL A	127203107	1,402	24,708	SH		SOLE		12,838	0	11,870
CADENCE BANK	COM	12740C103	3,109	106,264	SH		SOLE		52,969	0	53,295
CALIFORNIA RES CORP	COM STOCK	13057Q305	2,453	54,845	SH		SOLE		28,510	0	26,335
CAMBRIDGE BANCORP	COM	132152109	3,359	39,520	SH		SOLE		29,371	0	10,149
CASTLE BIOSCIENCES INC	COM	14843C105	7,021	156,502	SH		SOLE		96,020	0	60,482
CENTURY CASINOS INC	COM	156492100	2,714	227,125	SH		SOLE		166,914	0	60,211
CHARLES RIV LABS INTL INC	COM	159864107	647	2,280	SH		SOLE		2,280	0	0
CHATHAM LODGING TR	COM	16208T102	6,177	447,913	SH		SOLE		261,926	0	185,987
CHEMOCENTRYX INC	COM	16383L106	1,142	45,570	SH		SOLE		33,490	0	12,080
CIVISTA BANCSHARES INC	COM NO PAR	178867107	1,708	70,875	SH		SOLE		52,084	0	18,791
COLLEGIUM PHARMACEUTICAL INC	COM	19459J104	1,630	80,075	SH		SOLE		58,769	0	21,306
CONNECTONE BANCORP INC	COM	20786W107	5,186	162,011	SH		SOLE		100,820	0	61,191
CRANE CO	COM	224399105	5,200	48,028	SH		SOLE		27,273	0	20,755
CTS CORP	COM	126501105	1,705	48,234	SH		SOLE		35,444	0	12,790
CURTISS WRIGHT CORP	COM	231561101	2,157	14,368	SH		SOLE		7,495	0	6,873
DARLING INGREDIENTS INC	COM	237266101	1,006	12,515	SH		SOLE		12,515	0	0
DASEKE INC	COM	23753F107	999	99,205	SH		SOLE		72,905	0	26,300
DUCOMMUN INC DEL	COM	264147109	3,441	65,684	SH		SOLE		48,211	0	17,473
EARTHSTONE ENERGY INC	CL A	27032D304	5,576	441,508	SH		SOLE		263,382	0	178,126
EASTERN BANKSHARES INC	COM	27627N105	1,669	77,505	SH		SOLE		40,270	0	37,235
ELEMENT SOLUTIONS INC	COM	28618M106	3,538	161,561	SH		SOLE		81,681	0	79,880
ENCORE WIRE CORP	COM	292562105	1,447	12,682	SH		SOLE		6,608	0	6,074
ENERGY RECOVERY INC	COM	29270J100	1,878	93,240	SH		SOLE		68,434	0	24,806
ENPRO INDS INC	COM	29355X107	4,577	46,832	SH		SOLE		24,704	0	22,128
ENTEGRIS INC	COM	29362U104	260	1,980	SH		SOLE		1,980	0	0
ENTERPRISE BANCORP INC MASS	COM	293668109	3,388	84,453	SH		SOLE		62,067	0	22,386
ENTRAVISION COMMUNICATIONS C	CL A	29382R107	2,833	441,951	SH		SOLE		324,789	0	117,162
ENVISTA HOLDINGS CORPORATION	COM	29415F104	2,770	56,866	SH		SOLE		27,334	0	29,532
EVANS BANCORP INC	COM NEW	29911Q208	2,365	62,238	SH		SOLE		45,676	0	16,562
EVOLUS INC	COM	30052C107	2,881	256,789	SH		SOLE		188,680	0	68,109
EVOQUA WATER TECHNOLOGIES CO	COM	30057T105	2,544	54,148	SH		SOLE		28,139	0	26,009
FIRST INTST BANCSYSTEM INC	COM CL A	32055Y201	1,716	46,665	SH		SOLE		18,420	0	28,245
FORMFACTOR INC	COM	346375108	2,275	54,128	SH		SOLE		28,348	0	25,780
FRANCHISE GROUP INC	COM	35180X105	3,224	77,813	SH		SOLE		52,002	0	25,811
GATES INDL CORP PLC	ORD SHS	G39108108	3,015	200,220	SH		SOLE		104,859	0	95,361
GRAPHIC PACKAGING HLDG CO	COM	388689101	568	28,325	SH		SOLE		28,325	0	0
GREEN PLAINS INC	COM	393222104	6,371	205,456	SH		SOLE		127,342	0	78,114
GUARANTY BANCSHARES INC TEX	COM	400764106	3,908	111,667	SH		SOLE		82,064	0	29,603
HANGER INC	COM NEW	41043F208	1,239	67,584	SH		SOLE		49,667	0	17,917
HANOVER INS GROUP INC	COM	410867105	6,586	44,046	SH		SOLE		24,021	0	20,025
HARLEY DAVIDSON INC	COM	412822108	4,084	103,643	SH		SOLE		53,846	0	49,797
HARVARD BIOSCIENCE INC	COM	416906105	3,063	493,202	SH		SOLE		365,321	0	127,881
HCI GROUP INC	COM	40416E103	3,131	45,920	SH		SOLE		28,964	0	16,956
HERITAGE COMM CORP	COM	426927109	3,682	327,312	SH		SOLE		240,545	0	86,767
HESKA CORP	COM RESTRC NEW	42805E306	1,549	11,205	SH		SOLE		8,235	0	2,970
HUNTSMAN CORP	COM	447011107	2,274	60,633	SH		SOLE		31,504	0	29,129
I3 VERTICALS INC	COM CL A	46571Y107	2,526	90,685	SH		SOLE		66,645	0	24,040
IDACORP INC	COM	451107106	2,500	21,667	SH		SOLE		11,260	0	10,407
IES HLDGS INC	COM	44951W106	1,832	45,576	SH		SOLE		33,450	0	12,126
INTERNATIONAL BANCSHARES COR	COM	459044103	2,321	54,977	SH		SOLE		28,568	0	26,409
IVERIC BIO INC	COM	46583P102	1,232	73,196	SH		SOLE		53,723	0	19,473
KFORCE INC	COM	493732101	1,203	16,264	SH		SOLE		11,949	0	4,315
KILROY RLTY CORP	COM	49427F108	2,318	30,332	SH		SOLE		15,775	0	14,557
KRATOS DEFENSE & SEC SOLUTIO	COM NEW	50077B207	3,759	183,531	SH		SOLE		95,366	0	88,165
LOUISIANA PAC CORP	COM	546347105	1,907	30,700	SH		SOLE		16,017	0	14,683
MANNKIND CORP	COM NEW	56400P706	1,547	420,478	SH		SOLE		308,613	0	111,865
MASTERCRAFT BOAT HLDGS INC	COM	57637H103	2,000	81,263	SH		SOLE		59,722	0	21,541
MERITAGE HOMES CORP	COM	59001A102	3,282	41,423	SH		SOLE		22,014	0	19,409
MODINE MFG CO	COM	607828100	1,474	163,615	SH		SOLE		120,240	0	43,375
NATERA INC	COM	632307104	2,048	50,350	SH		SOLE		26,849	0	23,501
NATIONAL BK HLDGS CORP	CL A	633707104	854	21,210	SH		SOLE		8,369	0	12,841
NETSTREIT CORP	COM	64119V303	4,222	188,167	SH		SOLE		101,869	0	86,298
NEXPOINT REAL ESTATE FIN INC	COM	65342V101	3,311	146,496	SH		SOLE		107,697	0	38,799
NEXPOINT RESIDENTIAL TR INC	COM	65341D102	2,652	29,366	SH		SOLE		11,586	0	17,780
NORTHEAST BK LEWISTON ME	COM	66405S100	2,472	72,482	SH		SOLE		53,198	0	19,284
OFG BANCORP	COM	67103X102	8,940	335,590	SH		SOLE		210,566	0	125,024
OLD SECOND BANCORP INC ILL	COM	680277100	2,169	149,500	SH		SOLE		109,863	0	39,637
OPPENHEIMER HLDGS INC	CL A NON VTG	683797104	2,688	61,687	SH		SOLE		45,330	0	16,357
ORTHOPEDIATRICS CORP	COM	68752L100	1,966	36,412	SH		SOLE		26,724	0	9,688
PDC ENERGY INC	COM	69327R101	2,200	30,269	SH		SOLE		15,673	0	14,596
PERFICIENT INC	COM	71375U101	1,880	17,079	SH		SOLE		6,745	0	10,334
PERION NETWORK LTD	SHS NEW	M78673114	2,910	129,405	SH		SOLE		94,983	0	34,422
PERSONALIS INC	COM	71535D106	2,031	247,958	SH		SOLE		182,225	0	65,733
PETCO HEALTH & WELLNESS CO I	COM	71601V105	3,676	187,830	SH		SOLE		97,525	0	90,305
PINNACLE FINL PARTNERS INC	COM	72346Q104	412	4,470	SH		SOLE		4,470	0	0
PLAYA HOTELS & RESORTS NV	SHS	N70544106	1,655	191,300	SH		SOLE		140,582	0	50,718
PLAYAGS INC	COM	72814N104	2,599	389,727	SH		SOLE		286,412	0	103,315
PLYMOUTH INDL REIT INC	COM	729640102	7,340	270,865	SH		SOLE		174,397	0	96,468
POPULAR INC	COM NEW	733174700	3,498	42,796	SH		SOLE		22,646	0	20,150
PRIMIS FINANCIAL CORP	COM	74167B109	2,611	186,783	SH		SOLE		137,095	0	49,688
PURE CYCLE CORP	COM NEW	746228303	1,503	125,053	SH		SOLE		91,785	0	33,268
PZENA INVT MGMT INC	CLASS A	74731Q103	2,111	263,210	SH		SOLE		193,312	0	69,898
QCR HOLDINGS INC	COM	74727A104	1,743	30,795	SH		SOLE		22,630	0	8,165
QUANTERIX CORP	COM	74766Q101	3,509	120,197	SH		SOLE		71,411	0	48,786
R1 RCM INC	COM	749397105	1,911	71,430	SH		SOLE		37,155	0	34,275
RADA ELECTR INDS LTD	COM PAR NEW	M81863124	6,445	462,672	SH		SOLE		300,270	0	162,402
RAMACO RES INC	COM	75134P303	2,875	181,970	SH		SOLE		133,731	0	48,239
RANGE RES CORP	COM	75281A109	3,460	113,880	SH		SOLE		59,165	0	54,715
RANGER OIL CORPORATION	CLASS A COM	70788V102	2,441	70,680	SH		SOLE		51,945	0	18,735
REX AMERICAN RES CORP	COM	761624105	3,675	36,901	SH		SOLE		22,382	0	14,519
RUMBLEON INC	COM CL B	781386305	2,383	69,660	SH		SOLE		51,194	0	18,466
RYMAN HOSPITALITY PPTYS INC	COM	78377T107	5,620	60,584	SH		SOLE		32,878	0	27,706
SCANSOURCE INC	COM	806037107	1,529	43,955	SH		SOLE		32,304	0	11,651
SEASPINE HLDGS CORP	COM	81255T108	1,516	124,701	SH		SOLE		92,217	0	32,484
SHORE BANCSHARES INC	COM	825107105	4,629	226,043	SH		SOLE		166,087	0	59,956
SOUTHERN FIRST BANCSHARES	COM	842873101	2,787	54,811	SH		SOLE		40,277	0	14,534
SOUTHSTATE CORPORATION	COM	840441109	2,813	34,473	SH		SOLE		13,602	0	20,871
STAG INDL INC	COM	85254J102	3,566	86,239	SH		SOLE		45,168	0	41,071
STERLING CONSTR INC	COM	859241101	6,501	242,583	SH		SOLE		147,785	0	94,798
STIFEL FINL CORP	COM	860630102	1,094	16,116	SH		SOLE		8,371	0	7,745
STOCK YDS BANCORP INC	COM	861025104	5,272	99,660	SH		SOLE		63,018	0	36,642
STONERIDGE INC	COM	86183P102	2,761	132,993	SH		SOLE		97,734	0	35,259
SUMMIT MATLS INC	CL A	86614U100	4,256	137,027	SH		SOLE		71,518	0	65,509
SWITCH INC	CL A	87105L104	2,467	80,041	SH		SOLE		41,630	0	38,411
TALOS ENERGY INC	COM	87484T108	4,835	306,190	SH		SOLE		198,185	0	108,005
TECNOGLASS INC	SHS	G87264100	7,010	277,721	SH		SOLE		171,032	0	106,689
TENET HEALTHCARE CORP	COM NEW	88033G407	560	6,509	SH		SOLE		6,509	0	0
TETRA TECHNOLOGIES INC DEL	COM	88162F105	2,012	489,540	SH		SOLE		359,750	0	129,790
TEXTAINER GROUP HOLDINGS LTD	SHS	G8766E109	3,418	89,771	SH		SOLE		65,972	0	23,799
TIMKENSTEEL CORPORATION	COM	887399103	2,201	100,611	SH		SOLE		73,934	0	26,677
U S SILICA HLDGS INC	COM	90346E103	3,161	169,375	SH		SOLE		124,475	0	44,900
ULTRA CLEAN HLDGS INC	COM	90385V107	5,667	133,696	SH		SOLE		78,578	0	55,118
ULTRALIFE CORP	COM	903899102	2,206	410,871	SH		SOLE		301,562	0	109,309
UMH PPTYS INC	COM	903002103	4,126	167,804	SH		SOLE		90,446	0	77,358
UNITED STS LIME & MINERALS I	COM	911922102	2,291	19,739	SH		SOLE		14,486	0	5,253
UNITIL CORP	COM	913259107	4,500	90,212	SH		SOLE		46,951	0	43,261
UNIVERSAL TECHNICAL INST INC	COM	913915104	2,318	261,899	SH		SOLE		192,470	0	69,429
UNIVEST FINANCIAL CORPORATIO	COM	915271100	3,828	143,039	SH		SOLE		104,990	0	38,049
UPLAND SOFTWARE INC	COM	91544A109	4,980	282,782	SH		SOLE		160,744	0	122,038
VANDA PHARMACEUTICALS INC	COM	921659108	452	39,973	SH		SOLE		29,340	0	10,633
VIA OPTRONICS AG	SPONSORED ADS	91823Y109	1,709	213,663	SH		SOLE		159,548	0	54,115
VILLAGE FARMS INTL INC	COM	92707Y108	2,232	422,709	SH		SOLE		257,355	0	165,354
WALKER & DUNLOP INC	COM	93148P102	3,255	25,154	SH		SOLE		13,264	0	11,890
WINTRUST FINL CORP	COM	97650W108	4,698	50,552	SH		SOLE		25,895	0	24,657
WNS HLDGS LTD	SPON ADR	92932M101	5,221	61,074	SH		SOLE		33,270	0	27,804
XENIA HOTELS & RESORTS INC	COM	984017103	6,325	327,883	SH		SOLE		176,772	0	151,111