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	222	990	SH		SOLE		990	0	0
Ashford Hospitality Trust, Inc.	Common Stocks	044103109	616	188,400	SH		SOLE		188,400	0	0
Ashford Hospitality Trust Inc 7.375 Cum Pfd Registered Series F	Preferred Stock	044103604	264	12,000	SH		SOLE		12,000	0	0
Ashford Hospitality Trust Inc 7.5 Cum Conv Perp Red Pfd Registered Shs Series I	Preferred Stock	044103885	421	20,000	SH		SOLE		20,000	0	0
Ashford Inc.	Common Stocks	044104107	2,770	114,278	SH		SOLE		114,278	0	0
Akorn, Inc.	Common Stocks	009728106	95	25,000	SH		SOLE		25,000	0	0
Amgen Inc.	Common Stocks	031162100	286	1,476	SH		SOLE		1,476	0	0
American Tower Corporation	Common Stocks	03027X100	929	4,200	SH		SOLE		4,200	0	0
Amazon.com, Inc.	Common Stocks	023135106	2,797	1,611	SH		SOLE		1,611	0	0
Antero Resources Corporation	Common Stocks	03674X106	61	20,325	SH		SOLE		20,325	0	0
Activision Blizzard, Inc.	Common Stocks	00507V109	1,713	32,375	SH		SOLE		32,375	0	0
Alibaba Group Holding Ltd. Sponsored ADR	Common Stocks	01609W102	219	1,312	SH		SOLE		1,312	0	0
Bank of America Corp	Common Stocks	060505104	204	7,006	SH		SOLE		7,006	0	0
Booz Allen Hamilton Holding Corporation Class A	Common Stocks	099502106	903	12,717	SH		SOLE		12,717	0	0
Biogen Inc.	Common Stocks	09062X103	216	928	SH		SOLE		928	0	0
BJ's Restaurants, Inc.	Common Stocks	09180C106	701	18,056	SH		SOLE		18,056	0	0
Booking Holdings Inc.	Common Stocks	09857L108	1,395	711	SH		SOLE		711	0	0
Berkshire Hathaway Inc. Class B	Common Stocks	084670702	3,119	14,993	SH		SOLE		14,993	0	0
Colony Capital, Inc. Class A	Common Stocks	19626G108	646	107,300	SH		SOLE		107,300	0	0
Cabot Oil & Gas Corporation	Common Stocks	127097103	2,899	165,000	SH		SOLE		165,000	0	0
Callon Petroleum Company	Common Stocks	13123X102	87	20,000	SH		SOLE		20,000	0	0
Carrizo Oil & Gas, Inc.	Common Stocks	144577103	172	20,000	SH		SOLE		20,000	0	0
CVS Health Corporation	Common Stocks	126650100	1,993	31,599	SH		SOLE		31,599	0	0
Electronic Arts Inc.	Common Stocks	285512109	2,195	22,439	SH		SOLE		22,439	0	0
GrafTech International Ltd.	Common Stocks	384313508	2,607	203,653	SH		SOLE		203,653	0	0
Eagle Bancorp Montana, Inc.	Common Stocks	26942G100	1,498	85,588	SH		SOLE		85,588	0	0
Encana Corporation	Common Stocks	292505104	138	30,000	SH		SOLE		30,000	0	0
Estee Lauder Companies Inc. Class A	Common Stocks	518439104	995	5,000	SH		SOLE		5,000	0	0
Equinix, Inc.	Common Stocks	29444U700	949	1,645	SH		SOLE		1,645	0	0
Extra Space Storage Inc.	Common Stocks	30225T102	1,051	9,000	SH		SOLE		9,000	0	0
Facebook, Inc. Class A	Common Stocks	30303M102	248	1,394	SH		SOLE		1,394	0	0
Fiat Chrysler Automobiles N.V.	Common Stocks	N31738102	2,206	170,376	SH		SOLE		170,376	0	0
Franco-Nevada Corporation	Common Stocks	351858105	1,923	21,100	SH		SOLE		21,100	0	0
GDL Fund	Miscellaneous Equities	361570104	252	27,390	SH		SOLE		27,390	0	0
VanEck Vectors Gold Miners ETF	Miscellaneous Equities	92189F106	4,972	186,158	SH		SOLE		186,158	0	0
VanEck Vectors Gold Miners ETF	Miscellaneous Equities	92189F106	1,603	60,000	SH	Call	SOLE		60,000	0	0
Great Elm Capital Group, Inc.	Common Stocks	39036P209	734	200,034	SH		SOLE		200,034	0	0
Gold Fields Limited Sponsored ADR	Common Stocks	38059T106	209	42,500	SH		SOLE		42,500	0	0
Alphabet Inc. Class A	Common Stocks	02079K305	2,445	2,002	SH		SOLE		2,002	0	0
Gulfport Energy Corporation	Common Stocks	402635304	127	47,000	SH		SOLE		47,000	0	0
iShares NASDAQ Biotechnology ETF	Miscellaneous Equities	464287556	1,050	10,548	SH		SOLE		10,548	0	0
Independence Contract Drilling, Inc.	Common Stocks	453415309	369	307,491	SH		SOLE		307,491	0	0
iShares Core MSCI Emerging Markets ETF	Miscellaneous Equities	46434G103	499	10,180	SH		SOLE		10,180	0	0
iShares Short-Term Corporate Bond ETF	Miscellaneous Equities	464288646	1,185	22,080	SH		SOLE		22,080	0	0
Kayne Anderson MLP/Midstream Investment Company	Miscellaneous Equities	486606106	3,717	257,062	SH		SOLE		257,062	0	0
Liberty Latin America Ltd. Class C	Common Stocks	G9001E128	1,074	62,822	SH		SOLE		62,822	0	0
Loral Space & Communications Inc.	Common Stocks	543881106	2,106	50,865	SH		SOLE		50,865	0	0
Lululemon Athletica Inc	Common Stocks	550021109	905	4,700	SH		SOLE		4,700	0	0
Moelis & Co. Class A	Common Stocks	60786M105	986	30,000	SH		SOLE		30,000	0	0
Mastech Digital, Inc.	Common Stocks	57633B100	323	53,763	SH		SOLE		53,763	0	0
Microsoft Corporation	Common Stocks	594918104	210	1,514	SH		SOLE		1,514	0	0
Netflix, Inc.	Common Stocks	64110L106	515	1,923	SH		SOLE		1,923	0	0
NVIDIA Corporation	Common Stocks	67066G104	1,847	10,612	SH		SOLE		10,612	0	0
Nexstar Media Group, Inc. Class A	Common Stocks	65336K103	2,046	20,000	SH		SOLE		20,000	0	0
Global X U.S. Preferred ETF	Miscellaneous Equities	37954Y657	969	38,603	SH		SOLE		38,603	0	0
Royal Gold, Inc.	Common Stocks	780287108	1,902	15,439	SH		SOLE		15,439	0	0
Ryanair Holdings Plc Sponsored ADR	Common Stocks	783513203	1,248	18,800	SH		SOLE		18,800	0	0
Schwab U.S. Small-Cap ETF	Miscellaneous Equities	808524607	371	5,316	SH		SOLE		5,316	0	0
Schwab Emerging Markets Equity ETF	Miscellaneous Equities	808524706	766	30,462	SH		SOLE		30,462	0	0
Schwab International Equity ETF	Miscellaneous Equities	808524805	1,226	38,476	SH		SOLE		38,476	0	0
Schwab U.S. Mid-Cap ETF	Miscellaneous Equities	808524508	1,064	18,810	SH		SOLE		18,810	0	0
Schwab US TIPS ETF	Miscellaneous Equities	808524870	437	7,694	SH		SOLE		7,694	0	0
Charles Schwab Corporation	Common Stocks	808513105	2,123	50,765	SH		SOLE		50,765	0	0
Schwab U.S. Large-Cap ETF	Miscellaneous Equities	808524201	3,320	46,813	SH		SOLE		46,813	0	0
Sculptor Capital Management, Inc. Class A	Common Stocks	811246107	1,715	88,020	SH		SOLE		88,020	0	0
Sony Corporation Sponsored ADR	Common Stocks	835699307	2,239	37,867	SH		SOLE		37,867	0	0
Unisys Corporation	Common Stocks	909214306	440	59,240	SH		SOLE		59,240	0	0
Vanguard Short-Term Corporate Bond ETF	Miscellaneous Equities	92206C409	2,756	34,002	SH		SOLE		34,002	0	0
Volt Information Sciences, Inc.	Common Stocks	928703107	7,605	2,406,584	SH		SOLE		2,406,584	0	0
Vanguard Large-Cap ETF	Miscellaneous Equities	922908637	1,254	9,195	SH		SOLE		9,195	0	0
Walgreens Boots Alliance Inc	Common Stocks	931427108	996	18,000	SH		SOLE		18,000	0	0
World Wrestling Entertainment, Inc. Class A	Common Stocks	98156Q108	1,921	27,000	SH		SOLE		27,000	0	0
SPDR S&P Oil & Gas Equipment & Services ETF	Miscellaneous Equities	78464A748	156	21,482	SH		SOLE		21,482	0	0