Cove Street Capital 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

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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
AGNC Investment Corp 6.125	PFD	00123Q872	822	40,000	SH		SOLE		40,000	0	0
AGNC Investment Corp 7	PFD	00123q500	928	40,600	SH		SOLE		40,600	0	0
Wells Fargo & Company FPP 7.5	PFD	949746804	427	329	SH		SOLE		329	0	0
Abbott Laboratories	COM	002824100	137	1,500	SH		SOLE		1,500	0	0
AbbVie Inc	COM	00287y109	147	1,500	SH		SOLE		1,500	0	0
Acuity Brands Inc	COM	00508y102	9,861	102,998	SH		SOLE		102,998	0	0
Acuity Brands Inc	COM	00508y102	3,657	38,200	SH		DFND		0	0	38,200
Alleghany Corporation	COM	017175100	5,087	10,399	SH		SOLE		10,399	0	0
American Vanguard Corporation	COM	030371108	904	65,700	SH		SOLE		65,700	0	0
American Vanguard Corporation	COM	030371108	652	47,355	SH		DFND		0	0	47,355
Apex Global Brands Inc	COM	03755M201	927	762,472	SH		SOLE		841,461	0	0
Apex Global Brands Inc	COM	03755M201	137	122,594	SH		DFND		0	0	122,594
Avanos Medical, Inc	COM	05350v106	9,729	331,016	SH		SOLE		331,016	0	0
Avanos Medical, Inc	COM	05350v106	3,521	119,800	SH		DFND		0	0	119,800
Avid Technology Inc	COM	05367p100	8,279	1,138,846	SH		SOLE		1,138,846	0	0
Avid Technology Inc	COM	05367p100	4,176	574,429	SH		DFND		0	0	574,429
Axalta Coating Systems Ltd	COM	g0750c108	10,402	461,281	SH		SOLE		461,281	0	0
Axalta Coating Systems Ltd	COM	g0750c108	3,876	171,900	SH		DFND		0	0	171,900
AZZ Inc	COM	002474104	4,784	139,400	SH		SOLE		139,400	0	0
AZZ Inc	COM	002474104	2,728	79,500	SH		DFND		0	0	79,500
Berkshire Hathaway Inc CL B	COM	084670702	3,499	19,600	SH		SOLE		19,600	0	0
Capital Senior Living Corporation	COM	140475104	1,244	1,751,728	SH		SOLE		1,751,728	0	0
Capital Senior Living Corporation	COM	140475104	721	1,015,000	SH		DFND		0	0	1,015,000
Carbon Energy Corporation	COM	14110q100	6	6,250	SH		SOLE		6,250	0	0
CenturyLink Inc	COM	156700106	5,943	592,492	SH		SOLE		592,492	0	0
Chevron Corporation	COM	166764100	89	1,000	SH		SOLE		1,000	0	0
Cinemark Holdings Inc	COM	17243V102	3,931	340,327	SH		SOLE		340,327	0	0
Cinemark Holdings Inc	COM	17243V102	1,590	137,700	SH		DFND		0	0	137,700
Clean Harbors Inc	COM	184496107	1,831	30,531	SH		SOLE		30,531	0	0
Colfax Corporation	COM	194014106	18,049	646,932	SH		SOLE		646,932	0	0
Colfax Corporation	COM	194014106	7,466	267,600	SH		DFND		0	0	267,600
CommVault Systems Inc	COM	204166102	9,203	237,800	SH		SOLE		237,800	0	0
CommVault Systems Inc	COM	204166102	4,029	104,100	SH		DFND		0	0	104,100
Compass Minerals International	COM	20451n101	21,242	435,729	SH		SOLE		435,729	0	0
Compass Minerals International	COM	20451n101	8,921	183,000	SH		DFND		0	0	183,000
Contango ORE Inc	COM	21077f100	21	2,000	SH		SOLE		2,000	0	0
CSW Industrials Inc	COM	126402106	14	200	SH		SOLE		200	0	0
DLH Holdings Corporation	COM	23335q100	1,739	236,901	SH		SOLE		236,901	0	0
DLH Holdings Corporation	COM	23335q100	1,028	140,042	SH		DFND		0	0	140,042
E.W. Scripps Company	COM	811054402	14,935	1,706,839	SH		SOLE		1,706,839	0	0
E.W. Scripps Company	COM	811054402	6,482	740,800	SH		DFND		0	0	740,800
Enerpac Tool Group Corporation	COM	292765104	4,073	231,395	SH		SOLE		231,395	0	0
Enerpac Tool Group Corporation	COM	292765104	2,397	136,200	SH		DFND		0	0	136,200
FMC Corporation	COM	302491303	4,737	47,550	SH		SOLE		47,550	0	0
GCP Applied Technologies Inc	COM	36164Y101	5,741	309,000	SH		SOLE		309,000	0	0
GCP Applied Technologies Inc	COM	36164Y101	2,924	157,400	SH		DFND		0	0	157,400
General Electric Company	COM	369604103	1,921	281,200	SH		SOLE		281,200	0	0
GP Strategies Corporation	COM	36225v104	15,848	1,847,033	SH		SOLE		1,847,033	0	0
GP Strategies Corporation	COM	36225v104	6,925	807,109	SH		DFND		0	0	807,109
Great Elm Capital Corporation	COM	390320109	23	5,450	SH		SOLE		5,450	0	0
Great Elm Capital Group Inc	COM	39036p209	3,085	1,324,167	SH		SOLE		1,324,167	0	0
Great Elm Capital Group Inc	COM	39036p209	942	404,107	SH		DFND		0	0	404,107
Henry Schein Inc	COM	806407102	5,334	91,346	SH		SOLE		91,346	0	0
Heritage-Crystal Clean Inc	COM	42726m106	6,865	393,158	SH		SOLE		393,158	0	0
Heritage-Crystal Clean Inc	COM	42726m106	3,089	176,928	SH		DFND		0	0	176,928
INTL FCStone Inc	COM	46116v105	11,857	215,585	SH		SOLE		215,585	0	0
INTL FCStone Inc	COM	46116v105	6,329	115,078	SH		DFND		0	0	115,078
Issuer Direct Corporation	COM	46520m204	42	4,100	SH		SOLE		4,100	0	0
Landec Corporation	COM	514766104	559	70,240	SH		SOLE		70,240	0	0
Liberty SiriusXM Group - A	COM	531229409	5,897	170,825	SH		SOLE		170,825	0	0
Liberty SiriusXM Group - C	COM	531229607	565	16,398	SH		SOLE		16,398	0	0
Liberty TripAdvisor Holdings I	COM	531465102	2,826	1,326,600	SH		SOLE		1,326,600	0	0
Liberty TripAdvisor Holdings I	COM	531465102	1,615	758,000	SH		DFND		0	0	758,000
Live Nation Entertainment Inc	COM	538034109	603	13,600	SH		SOLE		13,600	0	0
Live Nation Entertainment Inc	COM	538034109	665	15,000	SH		DFND		0	0	15,000
Macquarie Infrastructure Corporation	COM	55608b105	20,071	653,988	SH		SOLE		653,988	0	0
Macquarie Infrastructure Corporation	COM	55608b105	7,413	241,558	SH		DFND		0	0	241,558
Millicom International Cellular	COM	l6388f110	19,817	757,832	SH		SOLE		757,832	0	0
Millicom International Cellular	COM	l6388f110	7,251	277,300	SH		DFND		0	0	277,300
MSC Industrial Direct Co Inc	COM	553530106	1,265	17,371	SH		SOLE		17,371	0	0
Mueller Water Products Inc A	COM	624758108	5,906	626,311	SH		SOLE		626,311	0	0
Mueller Water Products Inc A	COM	624758108	2,606	276,300	SH		DFND		0	0	276,300
Northern Technologies International	COM	665809109	1,080	135,398	SH		SOLE		135,398	0	0
Park Aerospace Corporation	COM	70014A104	17	1,500	SH		SOLE		1,500	0	0
Patterson Companies Inc	COM	703395103	7,978	362,639	SH		SOLE		362,639	0	0
Patterson Companies Inc	COM	703395103	4,200	190,900	SH		DFND		0	0	190,900
Phibro Animal Health Corporation	COM	71742q106	9,004	342,748	SH		SOLE		342,748	0	0
Phibro Animal Health Corporation	COM	71742q106	4,154	158,125	SH		DFND		0	0	158,125
Philip Morris Intl Inc	COM	718172109	603	8,600	SH		SOLE		8,600	0	0
PotlatchDeltic Corporation	COM	737630103	202	5,300	SH		SOLE		5,300	0	0
Reading International Inc	COM	755408101	24	5,700	SH		SOLE		5,700	0	0
Rexnord Corporation	COM	76169B102	1,069	36,680	SH		SOLE		36,680	0	0
Sensata Technologies Holding	COM	G8060N102	1,489	39,989	SH		SOLE		39,989	0	0
Six Flags Entertainment Corporation	COM	83001a102	6,399	333,100	SH		SOLE		333,100	0	0
Six Flags Entertainment Corporation	COM	83001a102	2,770	144,200	SH		DFND		0	0	144,200
Skechers U.S.A., Inc CL A	COM	830566105	5,777	184,100	SH		SOLE		184,100	0	0
Skechers U.S.A., Inc CL A	COM	830566105	2,777	88,500	SH		DFND		0	0	88,500
Spectrum Brands Holdings Inc	COM	84790a105	8,625	187,902	SH		SOLE		187,902	0	0
Spectrum Brands Holdings Inc	COM	84790a105	4,170	90,851	SH		DFND		0	0	90,851
Standex International Corporation	COM	854231107	7,083	123,072	SH		SOLE		123,072	0	0
Standex International Corporation	COM	854231107	3,885	67,500	SH		DFND		0	0	67,500
Star Group L.P.	COM	85512c105	772	88,030	SH		SOLE		88,030	0	0
Tapestry Inc	COM	876030107	893	67,240	SH		SOLE		67,240	0	0
TEGNA Inc	COM	87901j105	7,038	631,816	SH		SOLE		631,816	0	0
TEGNA Inc	COM	87901j105	2,886	259,100	SH		DFND		0	0	259,100
The Bank of New York Mellon Co.	COM	064058100	2,136	55,265	SH		SOLE		55,265	0	0
The Williams Companies Inc	COM	969457100	234	12,300	SH		SOLE		12,300	0	0
Transcat Inc	COM	893529107	1,407	54,399	SH		SOLE		54,399	0	0
Transcat Inc	COM	893529107	817	31,610	SH		DFND		0	0	31,610
UFP Technologies Inc	COM	902673102	8,377	190,120	SH		SOLE		190,120	0	0
UFP Technologies Inc	COM	902673102	4,100	93,064	SH		DFND		0	0	93,064
United States Lime & Minerals	COM	911922102	17	200	SH		SOLE		200	0	0
ViaSat Inc	COM	92552v100	23,252	605,986	SH		SOLE		605,986	0	0
ViaSat Inc	COM	92552v100	8,622	224,700	SH		DFND		0	0	224,700
Viemed Healthcare, Inc	COM	92663r105	4,018	418,562	SH		SOLE		418,562	0	0
Viemed Healthcare, Inc	COM	92663r105	2,147	223,654	SH		DFND		0	0	223,654
Wells Fargo & Company	COM	949746101	3,210	125,400	SH		SOLE		125,400	0	0
White Mountains Insurance Group	COM	g9618e107	65	73	SH		SOLE		73	0	0
WPX Energy Inc	COM	98212b103	8,022	1,257,300	SH		SOLE		1,257,300	0	0
WPX Energy Inc	COM	98212b103	3,445	539,900	SH		DFND		0	0	539,900
Yelp Inc	COM	985817105	6,985	302,000	SH		SOLE		302,000	0	0
Yelp Inc	COM	985817105	3,156	136,464	SH		DFND		0	0	136,464