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

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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
Apple Inc.	Common Stocks	037833100	1,079	5,681	SH		SOLE		5,681	0	0
Allergan plc	Common Stocks	G0177J108	2,138	14,600	SH		SOLE		14,600	0	0
Ashford Hospitality Trust, Inc.	Common Stocks	044103109	238	50,000	SH		SOLE		50,000	0	0
Ashford Inc.	Common Stocks	044104107	4,621	83,211	SH		SOLE		83,211	0	0
Alaska Air Group, Inc.	Common Stocks	011659109	226	4,031	SH		SOLE		4,031	0	0
Amgen Inc.	Common Stocks	031162100	309	1,626	SH		SOLE		1,626	0	0
Amazon.com, Inc.	Common Stocks	023135106	3,091	1,736	SH		SOLE		1,736	0	0
Anadarko Petroleum Corporation	Common Stocks	032511107	1,478	32,500	SH		SOLE		32,500	0	0
Antero Resources Corporation	Common Stocks	03674X106	2,017	228,412	SH		SOLE		228,412	0	0
Activision Blizzard, Inc.	Common Stocks	00507V109	1,553	34,100	SH		SOLE		34,100	0	0
Alibaba Group Holding Ltd. Sponsored ADR	Common Stocks	01609W102	2,209	12,107	SH		SOLE		12,107	0	0
Baidu, Inc. Sponsored ADR Class A	Common Stocks	056752108	957	5,804	SH		SOLE		5,804	0	0
Berkshire Hathaway Inc. Class B	Common Stocks	084670702	3,111	15,485	SH		SOLE		15,485	0	0
Blackstone Group L.P.	Common Stocks	09253U108	1,271	36,341	SH		SOLE		36,341	0	0
Citigroup Inc.	Common Stocks	172967424	996	16,000	SH		SOLE		16,000	0	0
Cboe Global Markets Inc	Common Stocks	12503M108	954	10,000	SH		SOLE		10,000	0	0
Carlyle Group L.P.	Common Stocks	14309L102	777	42,500	SH		SOLE		42,500	0	0
Colony Capital, Inc. Class A	Common Stocks	19626G108	228	42,800	SH		SOLE		42,800	0	0
Concho Resources Inc.	Common Stocks	20605P101	277	2,500	SH		SOLE		2,500	0	0
Delta Air Lines, Inc.	Common Stocks	247361702	1,550	30,000	SH		SOLE		30,000	0	0
Diamond Offshore Drilling, Inc.	Common Stocks	25271C102	1,476	140,734	SH		SOLE		140,734	0	0
DowDuPont Inc.	Common Stocks	26078J100	594	16,584	SH		SOLE		16,584	0	0
Eagle Bancorp Montana, Inc.	Common Stocks	26942G100	2,846	167,981	SH		SOLE		167,981	0	0
EOG Resources, Inc.	Common Stocks	26875P101	238	2,500	SH		SOLE		2,500	0	0
Ensco plc Class A	Common Stocks	G3157S106	1,665	423,690	SH		SOLE		423,690	0	0
Facebook, Inc. Class A	Common Stocks	30303M102	3,045	18,270	SH		SOLE		18,270	0	0
Fiat Chrysler Automobiles N.V.	Common Stocks	N31738102	2,599	175,000	SH		SOLE		175,000	0	0
GDL Fund	Miscellaneous Equities	361570104	273	28,590	SH		SOLE		28,590	0	0
VanEck Vectors Gold Miners ETF	Miscellaneous Equities	92189F106	935	41,682	SH		SOLE		41,682	0	0
VanEck Vectors Gold Miners ETF	Miscellaneous Equities	92189F106	1,345	60,000	SH	Call	SOLE		60,000	0	0
Great Elm Capital Group, Inc.	Common Stocks	39036P209	827	194,538	SH		SOLE		194,538	0	0
Alphabet Inc. Class A	Common Stocks	02079K305	2,827	2,402	SH		SOLE		2,402	0	0
iShares Core MSCI Emerging Markets ETF	Miscellaneous Equities	46434G103	924	17,862	SH		SOLE		17,862	0	0
Jazz Pharmaceuticals Plc	Common Stocks	G50871105	1,072	7,500	SH		SOLE		7,500	0	0
JD.com, Inc. Sponsored ADR Class A	Common Stocks	47215P106	1,550	51,404	SH		SOLE		51,404	0	0
KKR & Co. Inc. Class A	Common Stocks	48251W104	2,840	120,921	SH		SOLE		120,921	0	0
KraneShares CSI China Internet ETF	Miscellaneous Equities	500767306	4,278	90,831	SH		SOLE		90,831	0	0
Lazard Ltd Class A	Common Stocks	G54050102	1,337	37,000	SH		SOLE		37,000	0	0
Liberty Broadband Corp. Class C	Common Stocks	530307305	1,651	18,000	SH		SOLE		18,000	0	0
Liberty Global Plc Class C	Common Stocks	G5480U120	2,042	84,359	SH		SOLE		84,359	0	0
Lions Gate Entertainment Corp Class B	Common Stocks	535919500	1,878	124,400	SH		SOLE		124,400	0	0
Loral Space & Communications Inc.	Common Stocks	543881106	1,834	50,865	SH		SOLE		50,865	0	0
Altria Group Inc	Common Stocks	02209S103	1,149	20,000	SH		SOLE		20,000	0	0
Microsoft Corporation	Common Stocks	594918104	1,007	8,541	SH		SOLE		8,541	0	0
Netflix, Inc.	Common Stocks	64110L106	655	1,837	SH		SOLE		1,837	0	0
Och-Ziff Capital Management Group LLC Class A	Common Stocks	67551U204	5,505	335,494	SH		SOLE		335,494	0	0
Pan American Silver Corp.	Common Stocks	697900108	265	20,000	SH		SOLE		20,000	0	0
Global X U.S. Preferred ETF	Miscellaneous Equities	37954Y657	239	9,944	SH		SOLE		9,944	0	0
Invesco QQQ Trust	Miscellaneous Equities	46090E103	227	1,261	SH		SOLE		1,261	0	0
Transocean Ltd.	Common Stocks	H8817H100	108	12,450	SH		SOLE		12,450	0	0
Rollins, Inc.	Common Stocks	775711104	832	20,000	SH		SOLE		20,000	0	0
Range Resources Corporation	Common Stocks	75281A109	768	68,340	SH		SOLE		68,340	0	0
Ryanair Holdings Plc Sponsored ADR	Common Stocks	783513203	974	13,000	SH		SOLE		13,000	0	0
Schwab Emerging Markets Equity ETF	Miscellaneous Equities	808524706	321	12,329	SH		SOLE		12,329	0	0
Schwab International Equity ETF	Miscellaneous Equities	808524805	1,172	37,432	SH		SOLE		37,432	0	0
Schwab U.S. Mid-Cap ETF	Miscellaneous Equities	808524508	232	4,184	SH		SOLE		4,184	0	0
Schwab U.S. Large-Cap ETF	Miscellaneous Equities	808524201	964	14,258	SH		SOLE		14,258	0	0
Sirius XM Holdings, Inc.	Common Stocks	82968B103	1,701	300,000	SH		SOLE		300,000	0	0
Stars Group Inc.	Common Stocks	85570W100	2,344	133,878	SH		SOLE		133,878	0	0
Take-Two Interactive Software, Inc.	Common Stocks	874054109	1,802	19,100	SH		SOLE		19,100	0	0
Unisys Corporation	Common Stocks	909214306	918	78,700	SH		SOLE		78,700	0	0
Vanguard Small-Cap ETF	Miscellaneous Equities	922908751	235	1,538	SH		SOLE		1,538	0	0
Vanguard Short-Term Corporate Bond ETF	Miscellaneous Equities	92206C409	3,664	45,944	SH		SOLE		45,944	0	0
Volt Information Sciences, Inc.	Common Stocks	928703107	11,311	2,406,584	SH		SOLE		2,406,584	0	0
Viper Energy Partners LP	Common Stocks	92763M105	945	28,500	SH		SOLE		28,500	0	0
Vanguard Mid-Cap ETF	Miscellaneous Equities	922908629	200	1,246	SH		SOLE		1,246	0	0
Vodafone Group Plc Sponsored ADR	Common Stocks	92857W308	1,818	100,000	SH		SOLE		100,000	0	0
Vanguard Large-Cap ETF	Miscellaneous Equities	922908637	2,083	16,044	SH		SOLE		16,044	0	0
SPDR S&P Oil & Gas Equipment & Services ETF	Miscellaneous Equities	78464A748	343	29,697	SH		SOLE		29,697	0	0
SPDR S&P Homebuilders ETF	Miscellaneous Equities	78464A888	276	7,168	SH		SOLE		7,168	0	0
Financial Select Sector SPDR Fund	Miscellaneous Equities	81369Y605	336	13,051	SH		SOLE		13,051	0	0