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

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
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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
Qurate Retail Inc Preferred 03	PFD	74915M308	357	3,300	SH		SOLE		3,300	0	0
AGNC Investment Corp 7	PFD	00123q500	416	15,700	SH		SOLE		15,700	0	0
Blueknight Energy Partners 11	PFD	09625u208	2,652	324,657	SH		SOLE		324,657	0	0
Wells Fargo & Company FPP 7.5	PFD	949746804	387	254	SH		SOLE		254	0	0
Abbott Laboratories	COM	002824100	151	1,300	SH		SOLE		1,300	0	0
AbbVie Inc	COM	00287y109	146	1,300	SH		SOLE		1,300	0	0
Acuity Brands Inc	COM	00508y102	1,282	6,855	SH		SOLE		6,855	0	0
Alleghany Corporation	COM	017175100	6,860	10,284	SH		SOLE		10,284	0	0
Apex Escrow Note	COM	8amcsg732	743	14,870	SH		SOLE		14,870	0	0
Astronics Corporation	COM	046433108	7,813	446,184	SH		SOLE		446,184	0	0
Astronics Corporation	COM	046433108	3,686	210,527	SH		DFND		0	0	210,527
Axalta Coating Systems Ltd	COM	g0750c108	5,499	180,344	SH		SOLE		180,344	0	0
AZZ Inc	COM	002474104	12,644	244,196	SH		SOLE		244,196	0	0
AZZ Inc	COM	002474104	5,130	99,075	SH		DFND		0	0	99,075
Berkshire Hathaway Inc CL B	COM	084670702	4,488	16,150	SH		SOLE		16,150	0	0
BlackRock TCP Capital Corporat	COM	09259E108	193	14,000	SH		SOLE		14,000	0	0
Blueknight Energy Partners L.P	COM	09625U109	2,646	700,000	SH		SOLE		700,000	0	0
Chase Corporation	COM	16150r104	4,147	40,416	SH		SOLE		40,416	0	0
Chase Corporation	COM	16150r104	1,950	19,000	SH		DFND		0	0	19,000
Chevron Corporation	COM	166764100	105	1,000	SH		SOLE		1,000	0	0
Clean Harbors Inc	COM	184496107	2,773	29,773	SH		SOLE		29,773	0	0
CNX Resources Corporation	COM	12653C108	5,792	424,000	SH		SOLE		424,000	0	0
CNX Resources Corporation	COM	12653C108	3,869	283,200	SH		DFND		0	0	283,200
Colfax Corporation	COM	194014106	23,129	504,882	SH		SOLE		504,882	0	0
Colfax Corporation	COM	194014106	9,381	204,785	SH		DFND		0	0	204,785
Commvault Systems Inc	COM	204166102	11,270	144,175	SH		SOLE		144,175	0	0
Commvault Systems Inc	COM	204166102	4,469	57,168	SH		DFND		0	0	57,168
Compass Minerals International	COM	20451n101	25,431	429,137	SH		SOLE		429,137	0	0
Compass Minerals International	COM	20451n101	10,320	174,149	SH		DFND		0	0	174,149
Contango ORE Inc	COM	21077f100	163	8,000	SH		SOLE		8,000	0	0
CTO Realty Growth Inc	COM	22948Q101	300	5,603	SH		SOLE		5,603	0	0
Devon Energy Corporation	COM	25179M103	937	32,083	SH		SOLE		32,083	0	0
Discovery Inc CL A	COM	25470F104	2,681	87,400	SH		SOLE		87,400	0	0
DISH Network Corporation	COM	25470M109	2,888	69,100	SH		SOLE		69,100	0	0
DLH Holdings Corporation	COM	23335q100	5,556	475,724	SH		SOLE		475,724	0	0
DLH Holdings Corporation	COM	23335q100	3,274	280,309	SH		DFND		0	0	280,309
Ducommun Inc	COM	264147109	38	700	SH		SOLE		700	0	0
E.W. Scripps Company	COM	811054402	15,320	751,347	SH		SOLE		751,347	0	0
E.W. Scripps Company	COM	811054402	6,418	314,769	SH		DFND		0	0	314,769
FMC Corporation	COM	302491303	5,196	48,018	SH		SOLE		48,018	0	0
Franco-Nevada Corporation	COM	351858105	4,352	30,000	SH		SOLE		30,000	0	0
FRP Holdings Inc	COM	30292l107	33	600	SH		SOLE		600	0	0
GCP Applied Technologies Inc	COM	36164y101	6,790	291,923	SH		SOLE		291,923	0	0
GCP Applied Technologies Inc	COM	36164y101	4,383	188,440	SH		DFND		0	0	188,440
Global Indemnity Group LLC	COM	37959r103	4,380	162,531	SH		SOLE		162,531	0	0
GP Strategies Corporation	COM	36225v104	18,213	1,158,575	SH		SOLE		1,158,575	0	0
GP Strategies Corporation	COM	36225v104	7,396	470,500	SH		DFND		0	0	470,500
Great Elm Capital Corporation	COM	390320109	237	67,400	SH		SOLE		67,400	0	0
Great Elm Group Inc	COM	39037G109	3,011	1,338,195	SH		SOLE		1,338,195	0	0
Great Elm Group Inc	COM	39037G109	792	352,000	SH		DFND		0	0	352,000
Henry Schein Inc	COM	806407102	6,055	81,611	SH		SOLE		81,611	0	0
Heritage-Crystal Clean Inc	COM	42726m106	10,935	368,441	SH		SOLE		368,441	0	0
Heritage-Crystal Clean Inc	COM	42726m106	5,159	173,819	SH		DFND		0	0	173,819
Howmet Aerospace Inc	COM	443201108	1,523	44,196	SH		SOLE		44,196	0	0
IEH Corporation	COM	44949K107	30	1,900	SH		SOLE		1,900	0	0
Issuer Direct Corporation	COM	46520m204	35	1,300	SH		SOLE		1,300	0	0
Kar Auction Services Inc	COM	48238T109	11,183	637,202	SH		SOLE		637,202	0	0
Kar Auction Services Inc	COM	48238T109	5,021	286,100	SH		DFND		0	0	286,100
KBR Inc	COM	48242W106	14,652	384,065	SH		SOLE		384,065	0	0
KBR Inc	COM	48242W106	6,287	164,800	SH		DFND		0	0	164,800
Landec Corporation	COM	514766104	13,646	1,213,008	SH		SOLE		1,213,008	0	0
Landec Corporation	COM	514766104	6,520	579,536	SH		DFND		0	0	579,536
LGL Group Inc	COM	50186A108	24	2,300	SH		SOLE		2,300	0	0
Liberty Media Acquisition Corporation	COM	53073L104	5,790	568,800	SH		SOLE		568,800	0	0
Liberty Media Acquisition Corporation	COM	53073L104	3,787	372,000	SH		DFND		0	0	372,000
Liberty SiriusXM Group - A	COM	531229409	9,143	196,281	SH		SOLE		196,281	0	0
Liberty SiriusXM Group - C	COM	531229607	206	4,432	SH		SOLE		4,432	0	0
Liberty TripAdvisor Holdings Inc	COM	531465102	3,033	745,100	SH		SOLE		745,100	0	0
Liberty TripAdvisor Holdings Inc	COM	531465102	1,458	358,129	SH		DFND		0	0	358,129
Lumen Technologies Inc	COM	550241103	13,901	1,022,885	SH		SOLE		1,022,885	0	0
Mcdermott International Ltd	COM	G5924V106	14	30,000	SH		SOLE		30,000	0	0
Meredith Corporation	COM	589433101	243	5,600	SH		SOLE		5,600	0	0
Millicom International Cellular	COM	l6388f110	23,301	588,851	SH		SOLE		588,851	0	0
Millicom International Cellular	COM	l6388f110	8,442	213,355	SH		DFND		0	0	213,355
MSC Industrial Direct Co Inc	COM	553530106	1,194	13,305	SH		SOLE		13,305	0	0
Mueller Water Products Inc A	COM	624758108	1,317	91,345	SH		SOLE		91,345	0	0
Newmarket Corp	COM	651587107	8,827	27,415	SH		SOLE		27,415	0	0
Newmarket Corp	COM	651587107	4,701	14,600	SH		DFND		0	0	14,600
Northern Technologies International	COM	665809109	28	1,600	SH		SOLE		1,600	0	0
Nuvera Communications Inc	COM	67075V100	35	1,500	SH		SOLE		1,500	0	0
Overseas Shipholding Group Inc	COM	69036R863	27	12,900	SH		SOLE		12,900	0	0
Phibro Animal Health Corporation	COM	71742q106	2,962	102,552	SH		SOLE		102,552	0	0
Phibro Animal Health Corporation	COM	71742q106	3,201	110,825	SH		DFND		0	0	110,825
Philip Morris International Inc	COM	718172109	529	5,340	SH		SOLE		5,340	0	0
PQ Group Holdings Inc	COM	73943t103	34,076	2,218,467	SH		SOLE		2,218,467	0	0
PQ Group Holdings Inc	COM	73943t103	12,699	826,740	SH		DFND		0	0	826,740
Research Solutions Inc	COM	761025105	3,707	1,296,110	SH		SOLE		1,296,110	0	0
Research Solutions Inc	COM	761025105	2,287	799,504	SH		DFND		0	0	799,504
Rexnord Corporation	COM	76169B102	1,223	24,440	SH		SOLE		24,440	0	0
Sandstorm Gold Ltd	COM	80013R206	5,650	716,100	SH		SOLE		716,100	0	0
Sandstorm Gold Ltd	COM	80013R206	3,019	382,600	SH		DFND		0	0	382,600
SecureWorks Corporation	COM	81374A105	8,578	462,935	SH		SOLE		462,935	0	0
SecureWorks Corporation	COM	81374A105	4,092	220,805	SH		DFND		0	0	220,805
Sensata Technologies Holding	COM	G8060N102	1,915	33,035	SH		SOLE		33,035	0	0
Six Flags Entertainment Corporation	COM	83001a102	9,893	228,570	SH		SOLE		228,570	0	0
Six Flags Entertainment Corporation	COM	83001a102	4,488	103,699	SH		DFND		0	0	103,699
Skechers U.S.A. Inc CL A	COM	830566105	9,650	193,653	SH		SOLE		193,653	0	0
Skechers U.S.A. Inc CL A	COM	830566105	4,839	97,103	SH		DFND		0	0	97,103
Spectrum Brands Holdings Inc	COM	84790a105	1,469	17,274	SH		SOLE		17,274	0	0
Standex International Corporation	COM	854231107	8,829	93,030	SH		SOLE		93,030	0	0
Standex International Corporation	COM	854231107	4,232	44,589	SH		DFND		0	0	44,589
Star Group L.P.	COM	85512c105	758	67,700	SH		SOLE		67,700	0	0
StoneX Group Inc	COM	861896108	12,297	202,686	SH		SOLE		202,686	0	0
StoneX Group Inc	COM	861896108	6,449	106,293	SH		DFND		0	0	106,293
Tapestry Inc	COM	876030107	1,641	37,738	SH		SOLE		37,738	0	0
TEGNA Inc	COM	87901j105	11,417	608,601	SH		SOLE		608,601	0	0
TEGNA Inc	COM	87901j105	4,045	215,600	SH		DFND		0	0	215,600
The Bank of New York Mellon Co	COM	064058100	1,932	37,715	SH		SOLE		37,715	0	0
The Monarch Cement Company	COM	609031307	56	500	SH		SOLE		500	0	0
Tiptree Inc	COM	88822Q103	1,505	161,778	SH		SOLE		161,778	0	0
Tiptree Inc	COM	88822Q103	661	71,100	SH		DFND		0	0	71,100
UFP Technologies Inc	COM	902673102	7,333	127,710	SH		SOLE		127,710	0	0
UFP Technologies Inc	COM	902673102	3,998	69,627	SH		DFND		0	0	69,627
Viasat Inc	COM	92552v100	37,962	761,673	SH		SOLE		761,673	0	0
Viasat Inc	COM	92552v100	13,439	269,636	SH		DFND		0	0	269,636
Viemed Healthcare Inc	COM	92663r105	8,268	1,156,420	SH		SOLE		1,156,420	0	0
Viemed Healthcare Inc	COM	92663r105	4,310	602,812	SH		DFND		0	0	602,812
Wayside Technology Group Inc	COM	946760105	3,661	146,199	SH		SOLE		146,199	0	0
Wayside Technology Group Inc	COM	946760105	1,725	68,876	SH		DFND		0	0	68,876
Wells Fargo & Company	COM	949746101	3,673	81,100	SH		SOLE		81,100	0	0
Western Union Company	COM	959802109	1,398	60,870	SH		SOLE		60,870	0	0
White Mountains Insurance Group	COM	g9618e107	12,351	10,758	SH		SOLE		10,758	0	0
White Mountains Insurance Group	COM	g9618e107	8,037	7,001	SH		DFND		0	0	7,001