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	2,105	82,200	SH		SOLE		82,200	0	0
Wells Fargo & Company FPP 7.5	PFD	949746804	1,754	1,355	SH		SOLE		1,355	0	0
A-Mark Precious Metals Inc	COM	00181T107	952	80,000	SH		SOLE		80,000	0	0
Abbott Laboratories	COM	002824100	120	1,500	SH		SOLE		1,500	0	0
AbbVie Inc	COM	00287Y109	121	1,500	SH		SOLE		1,500	0	0
Actuant Corp Cl A	COM	00508X203	13,811	566,715	SH		SOLE		566,715	0	0
Actuant Corp Cl A	COM	00508X203	1,691	69,400	SH		DFND		0	0	69,400
Acuity Brands Inc	COM	00508Y102	6,782	56,515	SH		SOLE		56,515	0	0
ALJ Regional Holdings Inc	COM	001627108	1,219	761,829	SH		SOLE		761,829	0	0
Alleghany Corp	COM	017175100	10,552	17,230	SH		SOLE		17,230	0	0
American Vanguard Corp	COM	030371108	14,950	868,161	SH		SOLE		868,161	0	0
American Vanguard Corp	COM	030371108	1,894	110,000	SH		DFND		0	0	110,000
Avid Technology Inc	COM	05367P100	38,503	5,168,191	SH		SOLE		5,168,191	0	0
Avid Technology Inc	COM	05367P100	3,306	443,700	SH		DFND		0	0	443,700
Axalta Coating Systems Ltd	COM	g0750c108	11,354	450,383	SH		SOLE		450,383	0	0
Big 5 Sporting Goods Corp	COM	08915P101	954	300,000	SH		SOLE		300,000	0	0
Capital Senior Living Corp	COM	140475104	11,270	2,824,684	SH		SOLE		2,824,684	0	0
Capital Senior Living Corp	COM	140475104	1,248	312,900	SH		DFND		0	0	312,900
Carbon Energy Corporation	COM	14110Q100	2,473	267,330	SH		SOLE		267,330	0	0
Carrols Restaurant Group Inc	COM	14574X104	7,802	782,549	SH		SOLE		782,549	0	0
Carrols Restaurant Group Inc	COM	14574X104	975	97,808	SH		DFND		0	0	97,808
CenturyLink Inc	COM	156700106	7,552	629,840	SH		SOLE		629,840	0	0
Cherokee Inc	COM	16444H102	2,525	3,641,424	SH		SOLE		3,404,457	0	0
Cherokee Inc	COM	16444H102	188	268,050	SH		DFND		0	0	268,050
Chevron Corp	COM	166764100	123	1,000	SH		SOLE		1,000	0	0
Clean Harbors Inc	COM	184496107	1,065	14,883	SH		SOLE		14,883	0	0
Colfax Corp	COM	194014106	24,260	817,370	SH		SOLE		817,370	0	0
Colfax Corp	COM	194014106	2,866	96,555	SH		DFND		0	0	96,555
Compass Minerals International	COM	20451n101	42,809	787,366	SH		SOLE		787,366	0	0
Compass Minerals International	COM	20451n101	3,061	56,300	SH		DFND		0	0	56,300
Computer Task Group Inc	COM	205477102	731	170,000	SH		SOLE		170,000	0	0
Contango ORE Inc	COM	21077f100	138	6,905	SH		SOLE		6,905	0	0
CSS Industries Inc	COM	125906107	511	85,371	SH		SOLE		85,371	0	0
CSW Industrials Inc	COM	126402106	15,655	273,254	SH		SOLE		273,254	0	0
CSW Industrials Inc	COM	126402106	1,654	28,870	SH		DFND		0	0	28,870
DLH Holdings Corp	COM	23335q100	1,308	204,363	SH		SOLE		204,363	0	0
DowDuPont Inc	COM	26078j100	7,565	141,900	SH		SOLE		141,900	0	0
Dundee Corp CL A	COM	264901109	451	537,222	SH		SOLE		537,222	0	0
Dundee Corp CL A	COM	264901109	370	440,300	SH		DFND		0	0	440,300
E.W. Scripps Company	COM	811054402	18,149	864,237	SH		SOLE		864,237	0	0
E.W. Scripps Company	COM	811054402	1,451	69,090	SH		DFND		0	0	69,090
Equity Commonwealth	COM	294628102	10,160	310,800	SH		SOLE		310,800	0	0
Equity Commonwealth	COM	294628102	1,634	50,000	SH		DFND		0	0	50,000
EVINE Live Inc	COM	300487105	2,036	4,343,000	SH		SOLE		4,343,000	0	0
EVINE Live Inc	COM	300487105	348	742,511	SH		DFND		0	0	742,511
Evoqua Water Technologies Corp	COM	30057t105	1,258	100,000	SH		SOLE		100,000	0	0
FMC Corp	COM	302491303	6,025	78,431	SH		SOLE		78,431	0	0
FRMO Corp	COM	30262f205	406	75,134	SH		SOLE		75,134	0	0
FRP Holdings Inc	COM	30292l107	951	20,000	SH		SOLE		20,000	0	0
General Electric Company	COM	369604103	3,691	369,500	SH		SOLE		369,500	0	0
Global Indemnity Limited	COM	G3933F105	1,016	33,459	SH		SOLE		33,459	0	0
GP Strategies Corp	COM	36225V104	25,248	2,078,037	SH		SOLE		2,078,037	0	0
GP Strategies Corp	COM	36225V104	2,672	219,885	SH		DFND		0	0	219,885
Great Elm Capital Group Inc	COM	39036P209	4,394	1,033,900	SH		SOLE		1,033,900	0	0
Great Elm Capital Group Inc	COM	39036P209	2,082	489,999	SH		DFND		0	0	489,999
GSE Systems Inc	COM	36227K106	804	287,046	SH		SOLE		287,046	0	0
GTT Communications Inc	COM	362393100	15,593	449,377	SH		SOLE		449,377	0	0
GTT Communications Inc	COM	362393100	1,642	47,331	SH		DFND		0	0	47,331
Hallador Energy Company	COM	40609P105	1,183	225,000	SH		SOLE		225,000	0	0
Hallmark Financial Services In	COM	40624Q203	15,709	1,510,481	SH		SOLE		1,510,481	0	0
Hallmark Financial Services In	COM	40624Q203	1,825	175,500	SH		DFND		0	0	175,500
Henry Schein Inc	COM	806407102	8,463	140,800	SH		SOLE		140,800	0	0
Heritage-Crystal Clean Inc	COM	42726M106	30,199	1,100,128	SH		SOLE		1,100,128	0	0
Heritage-Crystal Clean Inc	COM	42726M106	3,019	110,000	SH		DFND		0	0	110,000
Inspired Entertainment Inc	COM	45782n108	827	124,046	SH		SOLE		124,046	0	0
INTL FCStone Inc	COM	46116V105	19,648	506,926	SH		SOLE		506,926	0	0
INTL FCStone Inc	COM	46116V105	2,400	61,912	SH		DFND		0	0	61,912
Issuer Direct Corporation	COM	46520m204	1,639	132,500	SH		SOLE		132,500	0	0
Ituran Location and Control Lt	COM	m6158m104	2,721	79,678	SH		SOLE		79,678	0	0
Jefferies Financial Group Inc	COM	47233W109	4,590	244,262	SH		SOLE		244,262	0	0
JG Boswell Company	COM	101205102	670	1,000	SH		SOLE		1,000	0	0
JPMorgan Chase & Company	COM	46625H100	7,312	72,234	SH		SOLE		72,234	0	0
Liberty Formula One A	COM	531229870	24	700	SH		SOLE		700	0	0
Liberty Global Plc A	COM	g5480u104	4,001	160,565	SH		SOLE		160,565	0	0
Liberty Latin America CL A	COM	G9001E102	1,160	60,000	SH		SOLE		60,000	0	0
Liberty SiriusXM Group - A	COM	531229409	10,583	277,174	SH		SOLE		277,174	0	0
LSI Industries Inc	COM	50216C108	920	350,000	SH		SOLE		350,000	0	0
Macquarie Infrastructure Corp	COM	55608B105	14,678	356,080	SH		SOLE		356,080	0	0
Macquarie Infrastructure Corp	COM	55608B105	1,855	45,000	SH		DFND		0	0	45,000
MAM Software Group Inc	COM	55277Q201	7,994	939,335	SH		SOLE		939,335	0	0
Mattel Inc	COM	577081102	4,199	323,000	SH		SOLE		323,000	0	0
Millicom International Cellula	COM	l6388f110	42,182	693,446	SH		SOLE		693,446	0	0
Millicom International Cellula	COM	l6388f110	3,528	58,000	SH		DFND		0	0	58,000
MSC Industrial Direct Co Inc	COM	553530106	1,110	13,415	SH		SOLE		13,415	0	0
Northern Technologies Internat	COM	665809109	1,070	40,000	SH		SOLE		40,000	0	0
NOW Inc	COM	67011p100	15,713	1,125,585	SH		SOLE		1,125,585	0	0
NOW Inc	COM	67011p100	1,636	117,200	SH		DFND		0	0	117,200
Par Pacific Holdings Inc	COM	69888T207	1,126	63,200	SH		SOLE		63,200	0	0
Patriot Transportation Holding	COM	70338w105	637	33,882	SH		SOLE		33,882	0	0
Patterson Companies Inc	COM	703395103	14,577	667,137	SH		SOLE		667,137	0	0
Patterson Companies Inc	COM	703395103	1,674	76,600	SH		DFND		0	0	76,600
Qurate Retail Inc	COM	74915M100	5,712	357,473	SH		SOLE		357,473	0	0
Reading International Inc	COM	755408101	1,596	100,000	SH		SOLE		100,000	0	0
Seacor Holdings Inc	COM	811904101	1,057	25,000	SH		SOLE		25,000	0	0
SEACOR Marine Holdings Inc	COM	78413P101	865	64,953	SH		SOLE		64,953	0	0
Sierra Wireless Inc	COM	826516106	618	50,000	SH		SOLE		50,000	0	0
SIFCO Industries Inc	COM	826546103	668	242,000	SH		SOLE		242,000	0	0
Sirius XM Holdings Inc	COM	82968B103	1,170	206,424	SH		SOLE		206,424	0	0
Smart & Final Stores Inc	COM	83190b101	13,684	2,770,085	SH		SOLE		2,770,085	0	0
Smart & Final Stores Inc	COM	83190b101	1,410	285,382	SH		DFND		0	0	285,382
Southern Natl Bancorp Of VA In	COM	843395104	1,264	86,303	SH		SOLE		86,303	0	0
Spectrum Brands Holdings Inc	COM	84790a105	22,388	408,685	SH		SOLE		408,685	0	0
Spectrum Brands Holdings Inc	COM	84790a105	3,917	71,500	SH		DFND		0	0	71,500
Star Group L.P.	COM	85512C105	2,384	248,375	SH		SOLE		248,375	0	0
Tapestry Inc	COM	876030107	1,079	33,201	SH		SOLE		33,201	0	0
TE Connectivity Ltd	COM	H84989104	3,073	38,060	SH		SOLE		38,060	0	0
TEGNA Inc	COM	87901j105	28,490	2,020,542	SH		SOLE		2,020,542	0	0
TEGNA Inc	COM	87901j105	1,875	133,000	SH		DFND		0	0	133,000
The Bank of New York Mellon Co	COM	064058100	6,037	119,715	SH		SOLE		119,715	0	0
The Monarch Cement Company	COM	609031307	1,659	26,282	SH		SOLE		26,282	0	0
Transcat Inc	COM	893529107	1,379	60,000	SH		SOLE		60,000	0	0
Tupperware Brands Corp	COM	899896104	10,185	398,164	SH		SOLE		398,164	0	0
Tupperware Brands Corp	COM	899896104	1,072	41,900	SH		DFND		0	0	41,900
UFP Technologies Inc	COM	902673102	24,118	644,862	SH		SOLE		644,862	0	0
UFP Technologies Inc	COM	902673102	2,823	75,482	SH		DFND		0	0	75,482
United States Lime & Mineral I	COM	911922102	1,202	15,592	SH		SOLE		15,592	0	0
Verso Corp	COM	92531l207	415	19,393	SH		SOLE		19,393	0	0
Viacom Inc New CL B	COM	92553P201	6,330	225,513	SH		SOLE		225,513	0	0
ViaSat Inc	COM	92552V100	52,974	683,531	SH		SOLE		683,531	0	0
ViaSat Inc	COM	92552V100	3,836	49,500	SH		DFND		0	0	49,500
Wesco Aircraft Holdings Inc	COM	950814103	20,499	2,332,076	SH		SOLE		2,332,076	0	0
Wesco Aircraft Holdings Inc	COM	950814103	1,688	192,036	SH		DFND		0	0	192,036
Westwood Holdings Group Inc	COM	961765104	1,058	30,000	SH		SOLE		30,000	0	0
White Mountains Insurance Grou	COM	G9618E107	77	83	SH		SOLE		83	0	0
Williams-Sonoma Inc	COM	969904101	998	17,739	SH		SOLE		17,739	0	0
Wright Investors Service Holdi	COM	982345100	11	25,000	SH		SOLE		25,000	0	0
Yelp Inc	COM	985817105	13,006	377,000	SH		SOLE		377,000	0	0
Yelp Inc	COM	985817105	1,349	39,100	SH		DFND		0	0	39,100