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

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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	PFD	00123q500	2,120	83,200	SH		SOLE		83,200	0	0
Wells Fargo & Company FPP	PFD	949746804	1,825	1,415	SH		SOLE		1,415	0	0
A-Mark Precious Metals Inc	COM	00181T107	980	80,000	SH		SOLE		80,000	0	0
Abbott Laboratories	COM	002824100	90	1,500	SH		SOLE		1,500	0	0
AbbVie Inc	COM	00287Y109	142	1,500	SH		SOLE		1,500	0	0
Actuant Corp Cl A	COM	00508X203	11,075	476,330	SH		SOLE		476,330	0	0
Actuant Corp Cl A	COM	00508X203	1,692	72,785	SH		DFND		0	0	72,785
Acuity Brands Inc	COM	00508Y102	6,190	44,472	SH		SOLE		44,472	0	0
ALJ Regional Holdings Inc	COM	001627108	1,600	761,829	SH		SOLE		761,829	0	0
Alleghany Corp	COM	017175100	10,492	17,075	SH		SOLE		17,075	0	0
AMCON Distributing Company	COM	02341q205	481	5,348	SH		SOLE		5,348	0	0
American Vanguard Corp	COM	030371108	17,212	852,071	SH		SOLE		852,071	0	0
American Vanguard Corp	COM	030371108	2,019	99,968	SH		DFND		0	0	99,968
Avid Technology Inc	COM	05367P100	25,436	5,602,726	SH		SOLE		5,602,726	0	0
Avid Technology Inc	COM	05367P100	2,872	632,665	SH		DFND		0	0	632,665
Axalta Coating Systems Ltd	COM	g0750c108	9,108	301,703	SH		SOLE		301,703	0	0
Belmond Ltd	COM	G1154H107	11,223	1,006,524	SH		SOLE		1,006,524	0	0
Belmond Ltd	COM	G1154H107	1,719	154,144	SH		DFND		0	0	154,144
Big 5 Sporting Goods Corp	COM	08915P101	1,450	200,000	SH		SOLE		200,000	0	0
Capital One Financial Corp	COM	14040H105	19	200	SH		SOLE		200	0	0
Capital Senior Living Corp	COM	140475104	13,824	1,285,945	SH		SOLE		1,285,945	0	0
Capital Senior Living Corp	COM	140475104	1,915	178,100	SH		DFND		0	0	178,100
Capital Southwest Corp	COM	140501107	1,657	97,357	SH		SOLE		97,357	0	0
Carbon Natural Gas Company	COM	14115T208	2,540	267,330	SH		SOLE		267,330	0	0
Carrols Restaurant Group Inc	COM	14574X104	15,131	1,350,965	SH		SOLE		1,350,965	0	0
Carrols Restaurant Group Inc	COM	14574X104	1,643	146,708	SH		DFND		0	0	146,708
Catchmark Timber Trust Inc	COM	14912y202	121	9,700	SH		SOLE		9,700	0	0
CenturyLink Inc	COM	156700106	8,917	542,702	SH		SOLE		542,702	0	0
Cherokee Inc	COM	16444H102	3,200	2,501,274	SH		SOLE		2,501,274	0	0
Cherokee Inc	COM	16444H102	348	268,050	SH		DFND		0	0	268,050
Chevron Corp	COM	166764100	114	1,000	SH		SOLE		1,000	0	0
Cisco Systems Inc	COM	17275R102	472	11,000	SH		SOLE		11,000	0	0
Clean Harbors Inc	COM	184496107	403	8,260	SH		SOLE		8,260	0	0
Clipper Realty Inc	COM	18885t306	166	19,650	SH		SOLE		19,650	0	0
Colfax Corp	COM	194014106	17,444	546,831	SH		SOLE		546,831	0	0
Colfax Corp	COM	194014106	1,595	50,000	SH		DFND		0	0	50,000
Compass Minerals International	COM	20451n101	18,503	306,845	SH		SOLE		306,845	0	0
Compass Minerals International	COM	20451n101	2,184	36,225	SH		DFND		0	0	36,225
CSW Industrials Inc	COM	126402106	13,524	300,195	SH		SOLE		300,195	0	0
CSW Industrials Inc	COM	126402106	1,787	39,670	SH		DFND		0	0	39,670
DLH Holdings Corp	COM	23335q100	1,168	200,000	SH		SOLE		200,000	0	0
Dundee Corp CL A	COM	264901109	3,464	2,422,255	SH		SOLE		2,422,255	0	0
Dundee Corp CL A	COM	264901109	630	440,300	SH		DFND		0	0	440,300
E.W. Scripps Company	COM	811054402	41,049	3,423,619	SH		SOLE		3,423,619	0	0
E.W. Scripps Company	COM	811054402	3,298	275,100	SH		DFND		0	0	275,100
Equity Commonwealth	COM	294628102	13,951	454,890	SH		SOLE		454,890	0	0
Equity Commonwealth	COM	294628102	1,840	60,000	SH		DFND		0	0	60,000
Esterline Technologies Corp	COM	297425100	13,423	183,500	SH		SOLE		183,500	0	0
Esterline Technologies Corp	COM	297425100	1,960	26,800	SH		DFND		0	0	26,800
EVINE Live Inc	COM	300487105	5,182	5,080,269	SH		SOLE		5,080,269	0	0
EVINE Live Inc	COM	300487105	1,020	1,000,000	SH		DFND		0	0	1,000,000
FMC Corporation	COM	302491303	6,946	90,711	SH		SOLE		90,711	0	0
FRMO Corp	COM	30262f205	585	75,134	SH		SOLE		75,134	0	0
FRP Holdings Inc	COM	30292l107	1,120	20,000	SH		SOLE		20,000	0	0
General Electric Company	COM	369604103	4,709	349,300	SH		SOLE		349,300	0	0
Gentex Corp	COM	371901109	255	11,086	SH		SOLE		11,086	0	0
Gentherm Inc	COM	37253a103	260	7,646	SH		SOLE		7,646	0	0
Global Indemnity Limited	COM	G3933F105	1,155	33,459	SH		SOLE		33,459	0	0
GP Strategies Corp	COM	36225V104	30,003	1,324,640	SH		SOLE		1,324,640	0	0
GP Strategies Corp	COM	36225V104	3,675	162,246	SH		DFND		0	0	162,246
Great Elm Capital Group Inc	COM	39036P209	5,930	1,482,484	SH		SOLE		1,482,484	0	0
Great Elm Capital Group Inc	COM	39036P209	1,960	489,999	SH		DFND		0	0	489,999
GSE Systems Inc	COM	36227K106	854	262,640	SH		SOLE		262,640	0	0
GTT Communications Inc	COM	362393100	25,154	443,632	SH		SOLE		443,632	0	0
GTT Communications Inc	COM	362393100	2,126	37,500	SH		DFND		0	0	37,500
Hallador Energy Company	COM	40609P105	1,251	182,114	SH		SOLE		182,114	0	0
Hallmark Financial Services Inc	COM	40624Q203	13,373	1,499,218	SH		SOLE		1,499,218	0	0
Hallmark Financial Services Inc	COM	40624Q203	1,669	187,105	SH		DFND		0	0	187,105
Henry Schein Inc	COM	806407102	5,113	76,081	SH		SOLE		76,081	0	0
Heritage-Crystal Clean Inc	COM	42726M106	28,744	1,220,569	SH		SOLE		1,220,569	0	0
Heritage-Crystal Clean Inc	COM	42726M106	3,171	134,638	SH		DFND		0	0	134,638
INTL FCStone Inc	COM	46116V105	20,177	472,760	SH		SOLE		472,760	0	0
INTL FCStone Inc	COM	46116V105	2,642	61,912	SH		DFND		0	0	61,912
Issuer Direct Corporation	COM	46520m204	1,219	71,735	SH		SOLE		71,735	0	0
Ituran Location and Control Lt	COM	m6158m104	1,158	37,226	SH		SOLE		37,226	0	0
JG Boswell Company	COM	101205102	695	1,000	SH		SOLE		1,000	0	0
Johnson Controls International	COM	G51502105	4,245	120,460	SH		SOLE		120,460	0	0
JPMorgan Chase & Company	COM	46625H100	8,946	81,351	SH		SOLE		81,351	0	0
Leucadia National Corp	COM	527288104	10,708	471,099	SH		SOLE		471,099	0	0
Liberty Formula One A	COM	531229870	473	16,160	SH		SOLE		16,160	0	0
Liberty Global Plc A	COM	g5480u104	9,111	291,000	SH		SOLE		291,000	0	0
Liberty Latin America CL A	COM	G9001E102	7,540	387,665	SH		SOLE		387,665	0	0
Liberty Latin America CL A	COM	G9001E102	1,817	93,400	SH		DFND		0	0	93,400
Liberty SiriusXM Group - A	COM	531229409	9,708	236,213	SH		SOLE		236,213	0	0
LSI Industries Inc	COM	50216C108	2,838	350,000	SH		SOLE		350,000	0	0
Macquarie Infrastructure Corp	COM	55608B105	13,889	376,100	SH		SOLE		376,100	0	0
Macquarie Infrastructure Corp	COM	55608B105	1,160	31,400	SH		DFND		0	0	31,400
MAM Software Group Inc	COM	55277Q201	5,845	746,359	SH		SOLE		746,359	0	0
Manitex International Inc	COM	563420108	1,143	100,000	SH		SOLE		100,000	0	0
Mattel Inc	COM	577081102	4,213	320,400	SH		SOLE		320,400	0	0
Millicom International Cellular	COM	l6388f110	43,809	633,076	SH		SOLE		633,076	0	0
Millicom International Cellular	COM	l6388f110	4,008	57,915	SH		DFND		0	0	57,915
MSC Industrial Direct Co Inc	COM	553530106	249	2,710	SH		SOLE		2,710	0	0
Northern Technologies International	COM	665809109	1,417	62,424	SH		SOLE		62,424	0	0
NOW Inc	COM	67011p100	16,043	1,569,800	SH		SOLE		1,569,800	0	0
NOW Inc	COM	67011p100	1,867	182,700	SH		DFND		0	0	182,700
Oppenheimer Holdings CL A	COM	683797104	1,030	40,000	SH		SOLE		40,000	0	0
Pandora Media Inc	COM	698354107	13,395	2,663,000	SH		SOLE		2,663,000	0	0
Pandora Media Inc	COM	698354107	1,210	240,500	SH		DFND		0	0	240,500
Par Pacific Holdings Inc	COM	69888T207	1,085	63,200	SH		SOLE		63,200	0	0
Patriot Transportation Holding	COM	70338w105	627	33,882	SH		SOLE		33,882	0	0
Patterson Companies Inc	COM	703395103	11,964	538,200	SH		SOLE		538,200	0	0
Patterson Companies Inc	COM	703395103	1,707	76,800	SH		DFND		0	0	76,800
Qurate Retail Group Inc	COM	74915M100	9,120	362,351	SH		SOLE		362,351	0	0
Reading International Inc	COM	755408101	1,665	100,000	SH		SOLE		100,000	0	0
Sally Beauty Holdings Inc	COM	79546E104	15,373	934,518	SH		SOLE		934,518	0	0
Sally Beauty Holdings Inc	COM	79546E104	1,727	105,000	SH		DFND		0	0	105,000
Seacor Holdings Inc	COM	811904101	1,022	20,000	SH		SOLE		20,000	0	0
SEACOR Marine Holdings Inc	COM	78413P101	3,017	158,600	SH		SOLE		158,600	0	0
SIFCO Industries Inc	COM	826546103	916	165,859	SH		SOLE		165,859	0	0
Simulations Plus Inc	COM	829214105	1,032	70,000	SH		SOLE		70,000	0	0
Southern Natl Bancorp Of VA Inc	COM	843395104	924	58,332	SH		SOLE		58,332	0	0
Spectrum Brands Holdings Inc	COM	84763r101	458	4,417	SH		SOLE		4,417	0	0
Star Group L.P	COM	85512C105	1,608	171,950	SH		SOLE		171,950	0	0
State Street Corp	COM	857477103	150	1,500	SH		SOLE		1,500	0	0
TE Connectivity Ltd	COM	H84989104	4,367	43,716	SH		SOLE		43,716	0	0
TEGNA Inc	COM	87901j105	36,345	3,190,992	SH		SOLE		3,190,992	0	0
TEGNA Inc	COM	87901j105	3,099	272,075	SH		DFND		0	0	272,075
The Bank of New York Mellon Co	COM	064058100	8,483	164,615	SH		SOLE		164,615	0	0
The Monarch Cement Company	COM	609031307	847	11,260	SH		SOLE		11,260	0	0
Transcat Inc	COM	893529107	1,581	101,000	SH		SOLE		101,000	0	0
Tropicana Entertainment Inc	COM	89708x105	1,549	28,430	SH		SOLE		28,430	0	0
Tupperware Brands Corp	COM	899896104	25,151	519,861	SH		SOLE		519,861	0	0
Tupperware Brands Corp	COM	899896104	2,787	57,600	SH		DFND		0	0	57,600
UFP Technologies Inc	COM	902673102	17,593	596,382	SH		SOLE		596,382	0	0
UFP Technologies Inc	COM	902673102	2,230	75,600	SH		DFND		0	0	75,600
United States Lime & Mineral Inc	COM	911922102	1,141	15,592	SH		SOLE		15,592	0	0
USG Corp	COM	903293405	20,052	496,100	SH		SOLE		496,100	0	0
USG Corp	COM	903293405	2,023	50,055	SH		DFND		0	0	50,055
VeriFone Systems Inc	COM	92342Y109	225	14,657	SH		SOLE		14,657	0	0
Viacom Inc New CL B	COM	92553P201	4,640	149,398	SH		SOLE		149,398	0	0
ViaSat Inc	COM	92552V100	45,472	691,901	SH		SOLE		691,901	0	0
ViaSat Inc	COM	92552V100	3,446	52,430	SH		DFND		0	0	52,430
Wesco Aircraft Holdings Inc	COM	950814103	39,293	3,833,510	SH		SOLE		3,833,510	0	0
Wesco Aircraft Holdings Inc	COM	950814103	4,226	412,336	SH		DFND		0	0	412,336
Westell Technologies Inc A	COM	957541204	545	162,780	SH		SOLE		162,780	0	0
White Mountains Insurance Group	COM	G9618E107	195	237	SH		SOLE		237	0	0
Williams-Sonoma Inc	COM	969904101	251	4,762	SH		SOLE		4,762	0	0
WPX Energy Inc	COM	98212b103	62	4,175	SH		SOLE		4,175	0	0
Trinity Biotech Plc	ADR	896438306	473	91,900	SH		SOLE		91,900	0	0