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 7	PFD	00123q500	2,162	83,200	SH		SOLE		83,200	0	0
Wells Fargo & Company FPP 7.5	PFD	949746804	1,769	1,375	SH		SOLE		1,375	0	0
A-Mark Precious Metals Inc	COM	00181T107	1,042	80,000	SH		SOLE		80,000	0	0
Abbott Laboratories	COM	002824100	110	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	10,282	368,515	SH		SOLE		368,515	0	0
Actuant Corp Cl A	COM	00508X203	1,803	64,625	SH		DFND		0	0	64,625
Acuity Brands Inc	COM	00508Y102	8,567	54,497	SH		SOLE		54,497	0	0
ALJ Regional Holdings Inc	COM	001627108	1,303	761,829	SH		SOLE		761,829	0	0
Alleghany Corp	COM	017175100	11,836	18,139	SH		SOLE		18,139	0	0
American Vanguard Corp	COM	030371108	15,731	873,964	SH		SOLE		873,964	0	0
American Vanguard Corp	COM	030371108	1,575	87,483	SH		DFND		0	0	87,483
Avid Technology Inc	COM	05367P100	33,488	5,647,156	SH		SOLE		5,647,156	0	0
Avid Technology Inc	COM	05367P100	3,752	632,665	SH		DFND		0	0	632,665
Axalta Coating Systems Ltd	COM	g0750c108	11,121	381,367	SH		SOLE		381,367	0	0
Belmond Ltd	COM	G1154H107	18,362	1,006,149	SH		SOLE		1,006,149	0	0
Belmond Ltd	COM	G1154H107	2,555	140,000	SH		DFND		0	0	140,000
Big 5 Sporting Goods Corp	COM	08915P101	1,020	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	22,997	2,436,087	SH		SOLE		2,436,087	0	0
Capital Senior Living Corp	COM	140475104	2,153	228,100	SH		DFND		0	0	228,100
Capital Southwest Corp	COM	140501107	323	17,000	SH		SOLE		17,000	0	0
Carbon Energy Corporation	COM	14110Q100	2,770	267,330	SH		SOLE		267,330	0	0
Carrols Restaurant Group Inc	COM	14574X104	12,139	831,455	SH		SOLE		831,455	0	0
Carrols Restaurant Group Inc	COM	14574X104	1,428	97,808	SH		DFND		0	0	97,808
Catchmark Timber Trust Inc	COM	14912y202	27	2,400	SH		SOLE		2,400	0	0
CenturyLink Inc	COM	156700106	10,680	503,788	SH		SOLE		503,788	0	0
Cherokee Inc	COM	16444H102	1,676	2,264,307	SH		SOLE		2,501,274	0	0
Cherokee Inc	COM	16444H102	198	268,050	SH		DFND		0	0	268,050
Chevron Corp	COM	166764100	122	1,000	SH		SOLE		1,000	0	0
Clean Harbors Inc	COM	184496107	1,426	19,919	SH		SOLE		19,919	0	0
Colfax Corp	COM	194014106	20,988	582,039	SH		SOLE		582,039	0	0
Colfax Corp	COM	194014106	2,072	57,455	SH		DFND		0	0	57,455
Compass Minerals International	COM	20451n101	23,038	342,830	SH		SOLE		342,830	0	0
Compass Minerals International	COM	20451n101	3,360	50,000	SH		DFND		0	0	50,000
Computer Task Group Inc	COM	205477102	887	170,000	SH		SOLE		170,000	0	0
CSW Industrials Inc	COM	126402106	16,087	299,580	SH		SOLE		299,580	0	0
CSW Industrials Inc	COM	126402106	2,120	39,470	SH		DFND		0	0	39,470
DLH Holdings Corp	COM	23335q100	1,177	204,363	SH		SOLE		204,363	0	0
DowDuPont Inc	COM	26078j100	4,392	68,300	SH		SOLE		68,300	0	0
Dundee Corp CL A	COM	264901109	1,509	1,134,860	SH		SOLE		1,134,860	0	0
Dundee Corp CL A	COM	264901109	586	440,300	SH		DFND		0	0	440,300
E.W. Scripps Company	COM	811054402	47,374	2,871,139	SH		SOLE		2,871,139	0	0
E.W. Scripps Company	COM	811054402	4,046	245,200	SH		DFND		0	0	245,200
Equity Commonwealth	COM	294628102	9,884	308,000	SH		SOLE		308,000	0	0
Equity Commonwealth	COM	294628102	1,925	60,000	SH		DFND		0	0	60,000
Esterline Technologies Corp	COM	297425100	11,888	130,705	SH		SOLE		130,705	0	0
Esterline Technologies Corp	COM	297425100	1,614	17,742	SH		DFND		0	0	17,742
EVINE Live Inc	COM	300487105	5,520	4,799,973	SH		SOLE		4,799,973	0	0
EVINE Live Inc	COM	300487105	854	742,511	SH		DFND		0	0	742,511
FMC Corp	COM	302491303	7,187	82,443	SH		SOLE		82,443	0	0
FRMO Corp	COM	30262f205	591	75,134	SH		SOLE		75,134	0	0
FRP Holdings Inc	COM	30292l107	1,242	20,000	SH		SOLE		20,000	0	0
General Electric Company	COM	369604103	6,033	534,400	SH		SOLE		534,400	0	0
Global Indemnity Limited	COM	G3933F105	1,261	33,459	SH		SOLE		33,459	0	0
GP Strategies Corp	COM	36225V104	26,511	1,573,338	SH		SOLE		1,573,338	0	0
GP Strategies Corp	COM	36225V104	3,031	179,909	SH		DFND		0	0	179,909
Great Elm Capital Group Inc	COM	39036P209	3,362	1,034,502	SH		SOLE		1,034,502	0	0
Great Elm Capital Group Inc	COM	39036P209	1,592	489,999	SH		DFND		0	0	489,999
GSE Systems Inc	COM	36227K106	1,033	287,046	SH		SOLE		287,046	0	0
GTT Communications Inc	COM	362393100	31,619	728,537	SH		SOLE		728,537	0	0
GTT Communications Inc	COM	362393100	3,068	70,700	SH		DFND		0	0	70,700
Hallador Energy Company	COM	40609P105	1,244	200,000	SH		SOLE		200,000	0	0
Hallmark Financial Services In	COM	40624Q203	16,419	1,492,608	SH		SOLE		1,492,608	0	0
Hallmark Financial Services In	COM	40624Q203	2,058	187,105	SH		DFND		0	0	187,105
Henry Schein Inc	COM	806407102	10,637	125,102	SH		SOLE		125,102	0	0
Heritage-Crystal Clean Inc	COM	42726M106	24,924	1,167,400	SH		SOLE		1,167,400	0	0
Heritage-Crystal Clean Inc	COM	42726M106	2,557	119,785	SH		DFND		0	0	119,785
Inspired Entertainment Inc	COM	45782n108	383	62,780	SH		SOLE		62,780	0	0
INTL FCStone Inc	COM	46116V105	22,374	463,030	SH		SOLE		463,030	0	0
INTL FCStone Inc	COM	46116V105	2,992	61,912	SH		DFND		0	0	61,912
Issuer Direct Corporation	COM	46520m204	1,831	119,700	SH		SOLE		119,700	0	0
Ituran Location and Control Lt	COM	m6158m104	1,281	37,226	SH		SOLE		37,226	0	0
Jefferies Financial Group Inc	COM	47233W109	9,644	439,146	SH		SOLE		439,146	0	0
JG Boswell Company	COM	101205102	651	1,000	SH		SOLE		1,000	0	0
Johnson Controls International	COM	G51502105	4,038	115,360	SH		SOLE		115,360	0	0
JPMorgan Chase & Company	COM	46625H100	8,757	77,606	SH		SOLE		77,606	0	0
Liberty Formula One A	COM	531229870	1,271	35,730	SH		SOLE		35,730	0	0
Liberty Global Plc A	COM	g5480u104	8,025	277,390	SH		SOLE		277,390	0	0
Liberty Latin America CL A	COM	G9001E102	4,663	223,740	SH		SOLE		223,740	0	0
Liberty Latin America CL A	COM	G9001E102	834	40,000	SH		DFND		0	0	40,000
Liberty Latin America CL C	COM	G9001E128	23	1,123	SH		SOLE		1,123	0	0
Liberty SiriusXM Group - A	COM	531229409	10,991	253,008	SH		SOLE		253,008	0	0
LSI Industries Inc	COM	50216C108	1,610	350,000	SH		SOLE		350,000	0	0
Macquarie Infrastructure Corp	COM	55608B105	18,322	397,180	SH		SOLE		397,180	0	0
Macquarie Infrastructure Corp	COM	55608B105	2,237	48,500	SH		DFND		0	0	48,500
MAM Software Group Inc	COM	55277Q201	7,079	919,335	SH		SOLE		919,335	0	0
Mattel Inc	COM	577081102	4,457	283,900	SH		SOLE		283,900	0	0
Millicom International Cellula	COM	l6388f110	38,367	671,107	SH		SOLE		671,107	0	0
Millicom International Cellula	COM	l6388f110	3,311	57,915	SH		DFND		0	0	57,915
MSC Industrial Direct Co Inc	COM	553530106	1,091	12,387	SH		SOLE		12,387	0	0
Northern Technologies Internat	COM	665809109	1,388	40,000	SH		SOLE		40,000	0	0
NOW Inc	COM	67011p100	18,427	1,113,385	SH		SOLE		1,113,385	0	0
NOW Inc	COM	67011p100	2,241	135,400	SH		DFND		0	0	135,400
Oppenheimer Holdings CL A	COM	683797104	1,264	40,000	SH		SOLE		40,000	0	0
Outfront Media Inc	COM	69007J106	138	6,900	SH		SOLE		6,900	0	0
Pandora Media Inc	COM	698354107	19,178	2,016,635	SH		SOLE		2,016,635	0	0
Pandora Media Inc	COM	698354107	1,939	203,900	SH		DFND		0	0	203,900
Par Pacific Holdings Inc	COM	69888T207	1,289	63,200	SH		SOLE		63,200	0	0
Patriot Transportation Holding	COM	70338w105	652	33,882	SH		SOLE		33,882	0	0
Patterson Companies Inc	COM	703395103	15,842	647,937	SH		SOLE		647,937	0	0
Patterson Companies Inc	COM	703395103	2,445	100,000	SH		DFND		0	0	100,000
Qurate Retail Inc	COM	74915M100	10,179	458,287	SH		SOLE		458,287	0	0
Reading International Inc	COM	755408101	1,580	100,000	SH		SOLE		100,000	0	0
Seacor Holdings Inc	COM	811904101	988	20,000	SH		SOLE		20,000	0	0
SEACOR Marine Holdings Inc	COM	78413P101	1,152	50,900	SH		SOLE		50,900	0	0
SIFCO Industries Inc	COM	826546103	984	194,814	SH		SOLE		194,814	0	0
Smart & Final Stores Inc	COM	83190b101	11,153	1,956,682	SH		SOLE		1,956,682	0	0
Smart & Final Stores Inc	COM	83190b101	991	173,800	SH		DFND		0	0	173,800
Southern Natl Bancorp Of VA In	COM	843395104	1,134	70,000	SH		SOLE		70,000	0	0
Spectrum Brands Holdings Inc	COM	84790a105	15,477	207,133	SH		SOLE		207,133	0	0
Spectrum Brands Holdings Inc	COM	84790a105	2,615	35,000	SH		DFND		0	0	35,000
Star Group L.P.	COM	85512C105	2,438	249,550	SH		SOLE		249,550	0	0
State Street Corp	COM	857477103	126	1,500	SH		SOLE		1,500	0	0
TE Connectivity Ltd	COM	H84989104	4,015	45,666	SH		SOLE		45,666	0	0
TEGNA Inc	COM	87901j105	41,129	3,438,849	SH		SOLE		3,438,849	0	0
TEGNA Inc	COM	87901j105	3,947	330,000	SH		DFND		0	0	330,000
The Bank of New York Mellon Co	COM	064058100	7,986	156,615	SH		SOLE		156,615	0	0
The Monarch Cement Company	COM	609031307	1,316	17,900	SH		SOLE		17,900	0	0
Transcat Inc	COM	893529107	1,599	70,000	SH		SOLE		70,000	0	0
Tupperware Brands Corp	COM	899896104	24,304	726,584	SH		SOLE		726,584	0	0
Tupperware Brands Corp	COM	899896104	3,161	94,500	SH		DFND		0	0	94,500
UFP Technologies Inc	COM	902673102	23,424	637,382	SH		SOLE		637,382	0	0
UFP Technologies Inc	COM	902673102	2,778	75,600	SH		DFND		0	0	75,600
United States Lime & Mineral I	COM	911922102	1,231	15,592	SH		SOLE		15,592	0	0
Viacom Inc New CL B	COM	92553P201	6,732	199,413	SH		SOLE		199,413	0	0
ViaSat Inc	COM	92552V100	48,375	756,452	SH		SOLE		756,452	0	0
ViaSat Inc	COM	92552V100	4,796	75,000	SH		DFND		0	0	75,000
Wesco Aircraft Holdings Inc	COM	950814103	16,664	1,481,215	SH		SOLE		1,481,215	0	0
Wesco Aircraft Holdings Inc	COM	950814103	1,526	135,636	SH		DFND		0	0	135,636
White Mountains Insurance Grou	COM	G9618E107	78	83	SH		SOLE		83	0	0
Williams-Sonoma Inc	COM	969904101	1,033	15,723	SH		SOLE		15,723	0	0
WPX Energy Inc	COM	98212b103	8	375	SH		SOLE		375	0	0