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
Estimated average burden
hours per response:		23.8

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	2,137	82,200	SH		SOLE		82,200	0	0
Wells Fargo & Company FPP 7.5	PFD	949746804	1,850	1,355	SH		SOLE		1,355	0	0
A-Mark Precious Metals Inc	COM	00181T107	634	48,600	SH		SOLE		48,600	0	0
Abbott Laboratories	COM	002824100	126	1,500	SH		SOLE		1,500	0	0
AbbVie Inc	COM	00287y109	109	1,500	SH		SOLE		1,500	0	0
Actuant Corp Cl A	COM	00508x203	10,510	423,615	SH		SOLE		423,615	0	0
Actuant Corp Cl A	COM	00508x203	4,912	198,000	SH		DFND		0	0	198,000
Acuity Brands Inc	COM	00508y102	7,750	56,198	SH		SOLE		56,198	0	0
ALJ Regional Holdings Inc	COM	001627108	848	546,800	SH		SOLE		546,800	0	0
Alleghany Corp	COM	017175100	11,163	16,390	SH		SOLE		16,390	0	0
American Vanguard Corp	COM	030371108	9,630	624,905	SH		SOLE		624,905	0	0
American Vanguard Corp	COM	030371108	4,536	294,356	SH		DFND		0	0	294,356
Apex Global Brands Inc	COM	03755M102	1,401	3,456,371	SH		SOLE		3,456,371	0	0
Apex Global Brands Inc	COM	03755M102	151	367,786	SH		DFND		0	0	367,786
Avid Technology Inc	COM	05367p100	19,273	2,113,298	SH		SOLE		2,113,298	0	0
Avid Technology Inc	COM	05367p100	6,926	759,379	SH		DFND		0	0	759,379
Axalta Coating Systems Ltd	COM	g0750c108	13,469	452,427	SH		SOLE		452,427	0	0
Big 5 Sporting Goods Corp	COM	08915P101	585	300,000	SH		SOLE		300,000	0	0
Capital Senior Living Corp	COM	140475104	12,139	2,413,351	SH		SOLE		2,413,351	0	0
Capital Senior Living Corp	COM	140475104	5,387	1,071,000	SH		DFND		0	0	1,071,000
Carbon Energy Corporation	COM	14110q100	2,005	267,330	SH		SOLE		267,330	0	0
Carrols Restaurant Group Inc	COM	14574x104	6,362	704,577	SH		SOLE		704,577	0	0
Carrols Restaurant Group Inc	COM	14574x104	2,525	279,655	SH		DFND		0	0	279,655
CenturyLink Inc	COM	156700106	9,444	803,077	SH		SOLE		803,077	0	0
CenturyLink Inc	COM	156700106	2,700	229,600	SH		DFND		0	0	229,600
Chevron Corp	COM	166764100	124	1,000	SH		SOLE		1,000	0	0
Clean Harbors Inc	COM	184496107	1,184	16,655	SH		SOLE		16,655	0	0
Colfax Corp	COM	194014106	26,989	962,870	SH		SOLE		962,870	0	0
Colfax Corp	COM	194014106	9,760	348,200	SH		DFND		0	0	348,200
Compass Minerals International	COM	20451n101	29,286	532,966	SH		SOLE		532,966	0	0
Compass Minerals International	COM	20451n101	9,100	165,600	SH		DFND		0	0	165,600
Computer Task Group Inc	COM	205477102	401	100,000	SH		SOLE		100,000	0	0
Contango ORE Inc	COM	21077f100	182	10,427	SH		SOLE		10,427	0	0
Corteva Inc	COM	22052l104	265	8,963	SH		SOLE		8,963	0	0
CSS Industries Inc	COM	125906107	293	60,000	SH		SOLE		60,000	0	0
CSW Industrials Inc	COM	126402106	11,044	162,054	SH		SOLE		162,054	0	0
CSW Industrials Inc	COM	126402106	5,650	82,900	SH		DFND		0	0	82,900
DLH Holdings Corp	COM	23335q100	765	150,497	SH		SOLE		150,497	0	0
Dow Inc	COM	260557103	2,332	47,290	SH		SOLE		47,290	0	0
DuPont de Nemours Inc	COM	26614n102	3,550	47,290	SH		SOLE		47,290	0	0
E.W. Scripps Company	COM	811054402	11,811	772,447	SH		SOLE		772,447	0	0
E.W. Scripps Company	COM	811054402	4,663	305,000	SH		DFND		0	0	305,000
Equity Commonwealth	COM	294628102	9,458	290,840	SH		SOLE		290,840	0	0
Equity Commonwealth	COM	294628102	5,109	157,100	SH		DFND		0	0	157,100
Evoqua Water Technologies Corp	COM	30057t105	997	70,000	SH		SOLE		70,000	0	0
FMC Corp	COM	302491303	6,589	79,433	SH		SOLE		79,433	0	0
FRMO Corp	COM	30262f205	573	73,400	SH		SOLE		73,400	0	0
FRP Holdings Inc	COM	30292l107	558	10,000	SH		SOLE		10,000	0	0
General Electric Company	COM	369604103	3,880	369,500	SH		SOLE		369,500	0	0
Global Indemnity Limited	COM	G3933F105	619	20,000	SH		SOLE		20,000	0	0
GP Strategies Corp	COM	36225v104	22,154	1,469,106	SH		SOLE		1,469,106	0	0
GP Strategies Corp	COM	36225v104	9,973	661,335	SH		DFND		0	0	661,335
Great Elm Capital Corp	COM	390320109	108	12,357	SH		SOLE		12,357	0	0
Great Elm Capital Group Inc	COM	39036p209	4,559	1,060,268	SH		SOLE		1,060,268	0	0
Great Elm Capital Group Inc	COM	39036p209	2,255	524,511	SH		DFND		0	0	524,511
GSE Systems Inc	COM	36227K106	330	141,200	SH		SOLE		141,200	0	0
GTT Communications Inc	COM	362393100	6,779	385,175	SH		SOLE		385,175	0	0
GTT Communications Inc	COM	362393100	3,252	184,752	SH		DFND		0	0	184,752
Hallador Energy Company	COM	40609P105	1,140	202,500	SH		SOLE		202,500	0	0
Hallmark Financial Services Inc	COM	40624q203	15,869	1,115,153	SH		SOLE		1,115,153	0	0
Hallmark Financial Services Inc	COM	40624q203	6,432	452,034	SH		DFND		0	0	452,034
Henry Schein Inc	COM	806407102	9,156	130,989	SH		SOLE		130,989	0	0
Heritage-Crystal Clean Inc	COM	42726m106	20,083	763,308	SH		SOLE		763,308	0	0
Heritage-Crystal Clean Inc	COM	42726m106	6,857	260,638	SH		DFND		0	0	260,638
Inspired Entertainment Inc	COM	45782n108	675	80,000	SH		SOLE		80,000	0	0
INTL FCStone Inc	COM	46116v105	14,385	363,361	SH		SOLE		363,361	0	0
INTL FCStone Inc	COM	46116v105	6,757	170,677	SH		DFND		0	0	170,677
Issuer Direct Corporation	COM	46520m204	1,320	117,888	SH		SOLE		117,888	0	0
Ituran Location and Control Ltd	COM	m6158m104	1,655	55,000	SH		SOLE		55,000	0	0
Jefferies Financial Group Inc	COM	47233w109	4,131	214,800	SH		SOLE		214,800	0	0
JPMorgan Chase & Company	COM	46625h100	7,763	69,434	SH		SOLE		69,434	0	0
Liberty Formula One A	COM	531229870	25	700	SH		SOLE		700	0	0
Liberty Global Plc A	COM	g5480u104	4,334	160,565	SH		SOLE		160,565	0	0
Liberty SiriusXM Group - A	COM	531229409	11,542	305,257	SH		SOLE		305,257	0	0
LSI Industries Inc	COM	50216C108	1,095	300,000	SH		SOLE		300,000	0	0
Macquarie Infrastructure Corp	COM	55608b105	12,408	306,080	SH		SOLE		306,080	0	0
Macquarie Infrastructure Corp	COM	55608b105	5,351	132,000	SH		DFND		0	0	132,000
MAM Software Group Inc	COM	55277q201	10,543	1,038,710	SH		SOLE		1,038,710	0	0
Mattel Inc	COM	577081102	3,846	343,100	SH		SOLE		343,100	0	0
Millicom International Cellular	COM	l6388f110	36,015	646,581	SH		SOLE		646,581	0	0
Millicom International Cellular	COM	l6388f110	10,453	187,674	SH		DFND		0	0	187,674
MSC Industrial Direct Co Inc	COM	553530106	1,135	15,279	SH		SOLE		15,279	0	0
Mueller Water Products Inc A	COM	624758108	5,141	523,526	SH		SOLE		523,526	0	0
Mueller Water Products Inc A	COM	624758108	2,063	210,055	SH		DFND		0	0	210,055
Northern Technologies International	COM	665809109	1,019	41,667	SH		SOLE		41,667	0	0
NOW Inc	COM	67011p100	10,150	687,685	SH		SOLE		687,685	0	0
NOW Inc	COM	67011p100	4,890	331,300	SH		DFND		0	0	331,300
Par Pacific Holdings Inc	COM	69888T207	821	40,000	SH		SOLE		40,000	0	0
Patriot Transportation Holding	COM	70338w105	575	33,882	SH		SOLE		33,882	0	0
Patterson Companies Inc	COM	703395103	11,813	515,837	SH		SOLE		515,837	0	0
Patterson Companies Inc	COM	703395103	5,750	251,100	SH		DFND		0	0	251,100
Phibro Animal Health Corp A	COM	71742q106	5,057	159,184	SH		SOLE		159,184	0	0
Phibro Animal Health Corp A	COM	71742q106	1,991	62,672	SH		DFND		0	0	62,672
Qurate Retail Inc	COM	74915m100	6,054	488,634	SH		SOLE		488,634	0	0
Reading International Inc	COM	755408101	649	50,000	SH		SOLE		50,000	0	0
Seacor Holdings Inc	COM	811904101	594	12,500	SH		SOLE		12,500	0	0
SEACOR Marine Holdings Inc	COM	78413P101	950	63,533	SH		SOLE		63,533	0	0
SIFCO Industries Inc	COM	826546103	699	242,000	SH		SOLE		242,000	0	0
Sirius XM Holdings Inc	COM	82968b103	1,358	243,424	SH		SOLE		243,424	0	0
Southern Natl Bancorp Of VA Inc	COM	843395104	765	50,000	SH		SOLE		50,000	0	0
Spectrum Brands Holdings Inc	COM	84790a105	16,421	305,392	SH		SOLE		305,392	0	0
Spectrum Brands Holdings Inc	COM	84790a105	6,566	122,121	SH		DFND		0	0	122,121
Standex International Corp	COM	854231107	4,556	62,293	SH		SOLE		62,293	0	0
Standex International Corp	COM	854231107	4,257	58,200	SH		DFND		0	0	58,200
Star Group L.P.	COM	85512c105	2,296	229,800	SH		SOLE		229,800	0	0
Tapestry Inc	COM	876030107	1,093	34,453	SH		SOLE		34,453	0	0
TE Connectivity Ltd	COM	h84989104	3,645	38,060	SH		SOLE		38,060	0	0
TEGNA Inc	COM	87901j105	14,033	926,299	SH		SOLE		926,299	0	0
TEGNA Inc	COM	87901j105	4,581	302,400	SH		DFND		0	0	302,400
The Bank of New York Mellon Co	COM	064058100	4,760	107,815	SH		SOLE		107,815	0	0
The Monarch Cement Company	COM	609031307	1,606	26,282	SH		SOLE		26,282	0	0
Transcat Inc	COM	893529107	1,024	40,000	SH		SOLE		40,000	0	0
Tupperware Brands Corp	COM	899896104	5,986	314,559	SH		SOLE		314,559	0	0
Tupperware Brands Corp	COM	899896104	2,933	154,100	SH		DFND		0	0	154,100
UFP Technologies Inc	COM	902673102	18,081	434,527	SH		SOLE		434,527	0	0
UFP Technologies Inc	COM	902673102	7,794	187,300	SH		DFND		0	0	187,300
United States Lime & Mineral	COM	911922102	1,247	15,592	SH		SOLE		15,592	0	0
Verso Corp	COM	92531l207	476	25,000	SH		SOLE		25,000	0	0
Viacom Inc New CL B	COM	92553p201	6,815	228,172	SH		SOLE		228,172	0	0
ViaSat Inc	COM	92552v100	28,456	352,089	SH		SOLE		352,089	0	0
ViaSat Inc	COM	92552v100	8,696	107,600	SH		DFND		0	0	107,600
Wesco Aircraft Holdings Inc	COM	950814103	20,408	1,838,572	SH		SOLE		1,838,572	0	0
Wesco Aircraft Holdings Inc	COM	950814103	5,965	537,353	SH		DFND		0	0	537,353
Westwood Holdings Group Inc	COM	961765104	704	20,000	SH		SOLE		20,000	0	0
White Mountains Insurance Group	COM	g9618e107	85	83	SH		SOLE		83	0	0
Williams-Sonoma Inc	COM	969904101	1,194	18,376	SH		SOLE		18,376	0	0
Wright Investors Service Holding	COM	982345100	27	66,387	SH		SOLE		66,387	0	0
Yelp Inc	COM	985817105	12,154	355,600	SH		SOLE		355,600	0	0
Yelp Inc	COM	985817105	4,774	139,664	SH		DFND		0	0	139,664