Glacier Peak 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
ALCOA INC	Common Stocks	013817101	797	75,000	SH		SOLE		75,000	0	0
DETREX CORP	Common Stocks	250685104	19,468	603,672	SH		SOLE		603,672	0	0
VOLT INFO SCIENCES INC	Common Stocks	928703107	19,294	1,929,422	SH		SOLE		1,929,422	0	0
ALLEGHANY CORP	Common Stocks	017175100	1,080	2,700	SH		SOLE		2,700	0	0
ALLEGHENY TECHNOLOGIES INC	Common Stocks	01741R102	3,350	94,012	SH		SOLE		94,012	0	0
ALLIANCEBERNSTEIN HOLDING LP	Miscellaneous Equities	01881G106	1,067	50,000	SH		SOLE		50,000	0	0
AMERICAN INTERNATIONAL GROUP	Common Stocks	026874784	1,557	30,500	SH		SOLE		30,500	0	0
ANADIGICS INC	Common Stocks	032515108	147	79,700	SH		SOLE		79,700	0	0
ANNALY CAPITAL MANAGEMENT IN	Miscellaneous Equities	035710409	305	30,559	SH		SOLE		30,559	0	0
APACHE CORP	Common Stocks	037411105	1,289	15,000	SH		SOLE		15,000	0	0
APPROACH RESOURCES INC	Common Stocks	03834A103	290	15,000	SH		SOLE		15,000	0	0
BANK OF AMERICA CORP	Common Stocks	060505104	599	38,500	SH		SOLE		38,500	0	0
BAXTER INTERNATIONAL INC	Common Stocks	071813109	696	10,000	SH		SOLE		10,000	0	0
BLACKROCK ENHANCED EQUITY DI	Mutual Funds	09251A104	79	10,000	SH		SOLE		10,000	0	0
BOARDWALK PIPELINE PARTNERS	Miscellaneous Equities	096627104	433	16,984	SH		SOLE		16,984	0	0
BROOKLINE BANCORP INC	Common Stocks	11373M107	2,676	280,260	SH		SOLE		280,260	0	0
CALAMOS ASSET MANAGEMENT-A	Common Stocks	12811R104	2,561	216,331	SH		SOLE		216,331	0	0
CDI CORP	Common Stocks	125071100	400	21,580	SH		SOLE		21,580	0	0
CENTURYLINK INC	Common Stocks	156700106	637	20,000	SH		SOLE		20,000	0	0
CHINA MOBILE LTD-SPON ADR	Depository Receipt Equities	16941M109	1,046	20,000	SH		SOLE		20,000	0	0
CITIGROUP INC	Common Stocks	172967424	1,120	21,500	SH		SOLE		21,500	0	0
COBALT INTERNATIONAL ENERGY	Common Stocks	19075F106	263	16,000	SH		SOLE		16,000	0	0
CORNING INC	Common Stocks	219350105	748	42,000	SH		SOLE		42,000	0	0
COWEN GROUP INC-CLASS A	Common Stocks	223622101	7,934	2,029,124	SH		SOLE		2,029,124	0	0
DEVON ENERGY CORPORATION	Common Stocks	25179M103	2,752	44,480	SH		SOLE		44,480	0	0
DYNAMICS RESEARCH CORP	Common Stocks	268057106	2,013	175,386	SH		SOLE		175,386	0	0
EAGLE BANCORP MONTANA INC	Common Stocks	26942G100	2,541	232,111	SH		SOLE		232,111	0	0
EASTERN VIRGINIA BANKSHARES	Common Stocks	277196101	100	14,260	SH		SOLE		14,260	0	0
EASTMAN CHEMICAL CO	Common Stocks	277432100	1,687	20,900	SH		SOLE		20,900	0	0
EATON VANCE CORP	Common Stocks	278265103	770	18,000	SH		SOLE		18,000	0	0
EMERALD OIL INC	Common Stocks	29101U209	1,577	205,879	SH		SOLE		205,879	0	0
ENCANA CORP	Common Stocks	292505104	245	13,600	SH		SOLE		13,600	0	0
ESSA BANCORP INC	Common Stocks	29667D104	957	82,774	SH		SOLE		82,774	0	0
EXPEDITORS INTL WASH INC	Common Stocks	302130109	1,615	36,500	SH		SOLE		36,500	0	0
FORD MOTOR CO	Common Stocks	345370860	957	62,000	SH		SOLE		62,000	0	0
FOREST OIL CORP	Common Stocks	346091705	159	44,000	SH		SOLE		44,000	0	0
GDL FUND/THE	Mutual Funds	361570104	11,922	1,081,889	SH		SOLE		1,081,889	0	0
GENERAL ELECTRIC CO	Common Stocks	369604103	879	31,350	SH		SOLE		31,350	0	0
GIGOPTIX INC	Common Stocks	37517Y103	199	129,801	SH		SOLE		129,801	0	0
HF FINANCIAL CORP	Common Stocks	404172108	830	64,055	SH		SOLE		64,055	0	0
HOME FEDERAL BANCORP INC/ID	Common Stocks	43710G105	4,515	303,052	SH		SOLE		303,052	0	0
HUDSON CITY BANCORP INC	Common Stocks	443683107	2,074	219,926	SH		SOLE		219,926	0	0
INTEL CORP	Common Stocks	458140100	818	31,535	SH		SOLE		31,535	0	0
ISHARES CHINA LARGE-CAP ETF	ETFs	464287184	2,609	68,000	SH		SOLE		68,000	0	0
ISHARES MSCI BRAZIL CAPPED E	ETFs	464286400	2,055	46,000	SH		SOLE		46,000	0	0
ISHARES MSCI EMERGING MARKET	ETFs	464287234	2,382	57,000	SH		SOLE		57,000	0	0
ISHARES MSCI HONG KONG ETF	ETFs	464286871	288	14,000	SH		SOLE		14,000	0	0
ISHARES MSCI JAPAN ETF	ETFs	464286848	473	39,000	SH		SOLE		39,000	0	0
ISHARES MSCI MEXICO CAPPED	ETFs	464286822	680	10,000	SH		SOLE		10,000	0	0
JANUS CAPITAL GROUP INC	Common Stocks	47102X105	125	10,100	SH		SOLE		10,100	0	0
JAPAN SMALLER CAPITALIZATION	Mutual Funds	47109U104	713	77,763	SH		SOLE		77,763	0	0
JMP GROUP INC	Common Stocks	46629U107	275	37,158	SH		SOLE		37,158	0	0
KANSAS CITY LIFE INS CO	Common Stocks	484836101	5,394	112,983	SH		SOLE		112,983	0	0
KRAFT FOODS GROUP INC	Common Stocks	50076Q106	1,159	21,500	SH		SOLE		21,500	0	0
KRATOS DEFENSE & SECURITY	Common Stocks	50077B207	2,195	285,801	SH		SOLE		285,801	0	0
LEUCADIA NATIONAL CORP	Common Stocks	527288104	992	35,000	SH		SOLE		35,000	0	0
M & T BANK CORP	Common Stocks	55261F104	1,397	12,000	SH		SOLE		12,000	0	0
MANNING & NAPIER INC	Common Stocks	56382Q102	1,294	73,342	SH		SOLE		73,342	0	0
MARKET VECTORS RUSSIA ETF	ETFs	57060U506	2,381	82,471	SH		SOLE		82,471	0	0
MARKET VECTORS VIETNAM ETF	ETFs	57060U761	2,649	140,960	SH		SOLE		140,960	0	0
MERCK & CO. INC.	Common Stocks	58933Y105	3,789	75,700	SH		SOLE		75,700	0	0
MICROSOFT CORP	Common Stocks	594918104	871	23,275	SH		SOLE		23,275	0	0
MORGAN STANLEY CHINA A SHARE	Mutual Funds	617468103	2,074	87,106	SH		SOLE		87,106	0	0
NEOPHOTONICS CORP	Common Stocks	64051T100	888	125,714	SH		SOLE		125,714	0	0
NEWFIELD EXPLORATION CO	Common Stocks	651290108	3,227	131,000	SH		SOLE		131,000	0	0
NICE SYSTEMS LTD-SPONS ADR	Depository Receipt Equities	653656108	1,679	41,000	SH		SOLE		41,000	0	0
NORTHEAST BANCORP	Common Stocks	663904209	287	30,000	SH		SOLE		30,000	0	0
NORTHWEST BANCSHARES INC	Common Stocks	667340103	332	22,477	SH		SOLE		22,477	0	0
OCCIDENTAL PETROLEUM CORP	Common Stocks	674599105	3,329	35,000	SH		SOLE		35,000	0	0
PEPSICO INC	Common Stocks	713448108	1,244	15,000	SH		SOLE		15,000	0	0
PIONEER NATURAL RESOURCES CO	Common Stocks	723787107	681	3,700	SH		SOLE		3,700	0	0
PLUM CREEK TIMBER CO	Miscellaneous Equities	729251108	4,106	88,274	SH		SOLE		88,274	0	0
POSCO-ADR	Depository Receipt Equities	693483109	3,744	48,000	SH		SOLE		48,000	0	0
POTASH CORP OF SASKATCHEWAN	Common Stocks	73755L107	989	30,000	SH		SOLE		30,000	0	0
POWERSHARES PREFERRED PORTFO	ETFs	73936T565	403	30,000	SH		SOLE		30,000	0	0
PROVIDENT FINANCIAL HLDGS	Common Stocks	743868101	362	24,100	SH		SOLE		24,100	0	0
QEP RESOURCES INC	Common Stocks	74733V100	766	25,000	SH		SOLE		25,000	0	0
RAYONIER INC	Miscellaneous Equities	754907103	674	16,000	SH		SOLE		16,000	0	0
REALNETWORKS INC	Common Stocks	75605L708	378	50,000	SH		SOLE		50,000	0	0
REPUBLIC BANCORP INC-CLASS A	Common Stocks	760281204	2,262	92,188	SH		SOLE		92,188	0	0
REX ENERGY CORP	Common Stocks	761565100	1,971	100,000	SH		SOLE		100,000	0	0
SANCHEZ ENERGY CORP	Common Stocks	79970Y105	735	30,000	SH		SOLE		30,000	0	0
SCHNITZER STEEL INDS INC-A	Common Stocks	806882106	420	12,857	SH		SOLE		12,857	0	0
SILICON IMAGE INC	Common Stocks	82705T102	92	15,000	SH		SOLE		15,000	0	0
SIRIUS XM HOLDINGS INC	Common Stocks	82968B103	698	200,000	SH		SOLE		200,000	0	0
SONY CORP-SPONSORED ADR	Depository Receipt Equities	835699307	432	25,000	SH		SOLE		25,000	0	0
STAPLES INC	Common Stocks	855030102	636	40,000	SH		SOLE		40,000	0	0
SWIFT ENERGY CO	Common Stocks	870738101	203	15,000	SH		SOLE		15,000	0	0
SYSCO CORP	Common Stocks	871829107	1,264	35,000	SH		SOLE		35,000	0	0
TALISMAN ENERGY INC	Common Stocks	87425E103	816	70,000	SH		SOLE		70,000	0	0
UNISYS CORP	Common Stocks	909214306	4,750	141,489	SH		SOLE		141,489	0	0
UNITED FINANCIAL BANCORP INC	Common Stocks	91030T109	1,271	67,305	SH		SOLE		67,305	0	0
VANGUARD FTSE EMERGING MARKE	ETFs	922042858	2,802	68,100	SH		SOLE		68,100	0	0
WAUSAU PAPER CORP	Common Stocks	943315101	634	50,000	SH		SOLE		50,000	0	0
WISDOMTREE EMG MKTS EQ INCOM	ETFs	97717W315	905	17,731	SH		SOLE		17,731	0	0
XL GROUP PLC	Common Stocks	G98255105	796	25,000	SH		SOLE		25,000	0	0
XYRATEX LTD	Common Stocks	G98268108	813	61,137	SH		SOLE		61,137	0	0