Yellowstone Partners 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
AbbVie Inc	COM	00287Y109	1,142	11,804	SH		SOLE	NONE	0	0	11,804
Accenture PLC A	SHS CLASS A	G1151C101	975	6,369	SH		SOLE	NONE	0	0	6,369
Alerian Energy Infrastructure ETF	ALERIAN ENERGY	00162Q676	605	26,193	SH		SOLE	NONE	0	0	26,193
Allergan plc	SHS	G0177J108	329	2,011	SH		SOLE	NONE	0	0	2,011
Allstate Corp	COM	020002101	227	2,169	SH		SOLE	NONE	0	0	2,169
Alphabet Inc A	CAP STK CL A	02079K305	947	899	SH		SOLE	NONE	0	0	899
Alphabet Inc C	CAP STK CL C	02079K107	284	271	SH		SOLE	NONE	0	0	271
Altria Group Inc	COM	02209S103	662	9,267	SH		SOLE	NONE	0	0	9,267
Amazon.com Inc	COM	023135106	1,096	937	SH		SOLE	NONE	0	0	937
American International Group Inc	COM NEW	026874784	366	6,149	SH		SOLE	NONE	0	0	6,149
American Tower Corp	COM	03027X100	912	6,393	SH		SOLE	NONE	0	0	6,393
Analog Devices Inc	COM	032654105	631	7,092	SH		SOLE	NONE	0	0	7,092
Annaly Capital Management Inc	COM	035710409	164	13,811	SH		SOLE	NONE	0	0	13,811
Antero Resources Corp	COM	03674X106	4,382	230,651	SH		SOLE	NONE	0	0	230,651
Apple Inc	COM	037833100	5,689	33,619	SH		SOLE	NONE	0	0	33,619
AT&T Inc	COM	00206R102	557	14,330	SH		SOLE	NONE	0	0	14,330
Automatic Data Processing Inc	COM	053015103	3,124	26,657	SH		SOLE	NONE	0	0	26,657
Axalta Coating Systems Ltd	COM	G0750C108	720	22,254	SH		SOLE	NONE	0	0	22,254
Berkshire Hathaway Inc B	CL B NEW	084670702	1,929	9,734	SH		SOLE	NONE	0	0	9,734
BlackRock Income Trust	COM	09247F100	104	16,829	SH		SOLE	NONE	0	0	16,829
BlackRock Invst. Quality Muni	COM	09247D105	153	10,280	SH		SOLE	NONE	0	0	10,280
BlackRock Limited Duration Inc	COM SHS	09249W101	212	13,328	SH		SOLE	NONE	0	0	13,328
BlackRock Municipal Income	SH BEN INT	09248F109	595	42,247	SH		SOLE	NONE	0	0	42,247
BlackRock Municipal Income II	COM	09249N101	329	22,798	SH		SOLE	NONE	0	0	22,798
BlackRock MuniHoldings Fund	COM	09253N104	178	10,758	SH		SOLE	NONE	0	0	10,758
BlackRock MuniVest	COM	09253R105	115	12,009	SH		SOLE	NONE	0	0	12,009
BlackRock MuniYield	COM	09253W104	304	20,971	SH		SOLE	NONE	0	0	20,971
BlackRock Strategic Muni	COM	09248T109	227	16,630	SH		SOLE	NONE	0	0	16,630
Blackstone / GSO Sr Floating Term	COM	09256U105	196	10,900	SH		SOLE	NONE	0	0	10,900
Blackstone Mtg Tr Inc	NOTE 5.250%12/0	09257WAA8	1,174	10,000	SH		SOLE	NONE	0	0	10,000
Boeing Co	COM	097023105	942	3,193	SH		SOLE	NONE	0	0	3,193
BP PLC ADR	SPONSORED ADR	055622104	212	5,041	SH		SOLE	NONE	0	0	5,041
Brookfield Asset Management Inc Class A	CL A LTD VT SH	112585104	5,879	135,086	SH		SOLE	NONE	0	0	135,086
Calamos Strategic Total Return	COM SH BEN INT	128125101	168	13,875	SH		SOLE	NONE	0	0	13,875
Capital One Financial Corp	COM	14040H105	579	5,817	SH		SOLE	NONE	0	0	5,817
CarMax Inc	COM	143130102	294	4,579	SH		SOLE	NONE	0	0	4,579
Carnival Corp	UNIT 99/99/9999	143658300	748	11,276	SH		SOLE	NONE	0	0	11,276
Celgene Corp	COM	151020104	386	3,696	SH		SOLE	NONE	0	0	3,696
Charles Schwab Corp	COM	808513105	7,364	143,361	SH		SOLE	NONE	0	0	143,361
Chubb Ltd	COM	H1467J104	243	1,661	SH		SOLE	NONE	0	0	1,661
Cisco Systems Inc	COM	17275R102	621	16,221	SH		SOLE	NONE	0	0	16,221
Coca-Cola Co	COM	191216100	1,159	25,251	SH		SOLE	NONE	0	0	25,251
Cognizant Technology Solutions Corp A	CL A	192446102	3,543	49,894	SH		SOLE	NONE	0	0	49,894
Columbia Banking System Inc	COM	197236102	250	5,764	SH		SOLE	NONE	0	0	5,764
Conduent Inc	COM	206787103	299	18,528	SH		SOLE	NONE	0	0	18,528
ConocoPhillips	COM	20825C104	695	12,656	SH		SOLE	NONE	0	0	12,656
Corbus Pharmaceuticals Holdings Inc	COM	21833P103	109	15,344	SH		SOLE	NONE	0	0	15,344
Costco Wholesale Corp	COM	22160K105	729	3,915	SH		SOLE	NONE	0	0	3,915
CVS Health Corp	COM	126650100	1,535	21,178	SH		SOLE	NONE	0	0	21,178
Denison Mines Corp	COM	248356107	7	13,520	SH		SOLE	NONE	0	0	13,520
Deutsche X-trackers MSCI EAFE Hedged Eq	XTRACK MSCI EAFE	233051200	3,457	108,782	SH		SOLE	NONE	0	0	108,782
Dominion Resources Inc	COM	25746U109	594	7,333	SH		SOLE	NONE	0	0	7,333
Dreyfus Strategic Muni Bond	COM	26202F107	284	33,236	SH		SOLE	NONE	0	0	33,236
Dreyfus Strategic Municipals	COM	261932107	207	24,016	SH		SOLE	NONE	0	0	24,016
Enbridge Inc Com	COM	29250N105	418	10,689	SH		SOLE	NONE	0	0	10,689
Energy Transfer Partners LP	UNIT LTD PRT INT	29278N103	225	12,547	SH		SOLE	NONE	0	0	12,547
Enterprise Products Partners LP	COM	293792107	313	11,818	SH		SOLE	NONE	0	0	11,818
EV Floating Rate Income	COM	278279104	152	10,600	SH		SOLE	NONE	0	0	10,600
EV Municipal Bond	COM	27827X101	259	20,712	SH		SOLE	NONE	0	0	20,712
EV Senior Floating Rate	COM	27828Q105	241	16,666	SH		SOLE	NONE	0	0	16,666
EV Tax-Managed Buy-Write Opps	COM	27828Y108	161	10,500	SH		SOLE	NONE	0	0	10,500
Express Scripts Holding Co	COM	30219G108	333	4,460	SH		SOLE	NONE	0	0	4,460
Exxon Mobil Corp	COM	30231G102	1,297	15,507	SH		SOLE	NONE	0	0	15,507
Facebook Inc A	CL A	30303M102	303	1,719	SH		SOLE	NONE	0	0	1,719
Fidelity National Information Services Inc	COM	31620M106	523	5,561	SH		SOLE	NONE	0	0	5,561
First Trust Capital Strength ETF	CAP STRENGTH ETF	33733E104	8,670	169,974	SH		SOLE	NONE	0	0	169,974
First Trust Long/Short Equity ETF	LNG/SHT EQUITY	33739P103	854	21,723	SH		SOLE	NONE	0	0	21,723
FlexShares Mstar Glbl Upstrm Nat Res ETF	MORNSTAR UPSTR	33939L407	926	27,829	SH		SOLE	NONE	0	0	27,829
General Electric Co	COM	369604103	425	24,350	SH		SOLE	NONE	0	0	24,350
General Motors Co	COM	37045V100	506	12,346	SH		SOLE	NONE	0	0	12,346
Gilead Sciences Inc	COM	375558103	447	6,237	SH		SOLE	NONE	0	0	6,237
Glacier Bancorp Inc	COM	37637Q105	1,011	25,675	SH		SOLE	NONE	0	0	25,675
Guggenheim Ultra Short Duration ETF	GUGG ULTR SH DUR	18383M654	672	13,404	SH		SOLE	NONE	0	0	13,404
Halliburton Co	COM	406216101	340	6,967	SH		SOLE	NONE	0	0	6,967
Hanesbrands Inc	COM	410345102	322	15,409	SH		SOLE	NONE	0	0	15,409
HCA Holdings Inc	COM	40412C101	5,936	67,579	SH		SOLE	NONE	0	0	67,579
Invesco Senior Income Trust	COM	46131H107	176	40,074	SH		SOLE	NONE	0	0	40,074
Invesco Value Muni Income Trust	COM	46132P108	221	14,827	SH		SOLE	NONE	0	0	14,827
Iqvia Hldgs Inc	COM	46266C105	2,869	29,309	SH		SOLE	NONE	0	0	29,309
iShares Core Conservative Allocation ETF	CONSER ALLOC ETF	464289883	218	6,288	SH		SOLE	NONE	0	0	6,288
iShares Core S&P 500	CORE S&P500 ETF	464287200	206	767	SH		SOLE	NONE	0	0	767
iShares Core S&P Small-Cap	CORE S&P SCP ETF	464287804	2,399	31,239	SH		SOLE	NONE	0	0	31,239
iShares Core US Aggregate Bond	CORE US AGGBD ET	464287226	2,616	23,927	SH		SOLE	NONE	0	0	23,927
iShares iBoxx $ High Yield Corporate Bd	IBOXX HI YD ETF	464288513	919	10,536	SH		SOLE	NONE	0	0	10,536
iShares iBoxx $ Investment Grade Corporate Bond ETF	IBOXX INV CP ETF	464287242	481	3,958	SH		SOLE	NONE	0	0	3,958
iShares MBS	MBS ETF	464288588	1,384	12,984	SH		SOLE	NONE	0	0	12,984
iShares MSCI EAFE	MSCI EAFE ETF	464287465	397	5,641	SH		SOLE	NONE	0	0	5,641
iShares MSCI EAFE Value	EAFE VALUE ETF	464288877	249	4,505	SH		SOLE	NONE	0	0	4,505
iShares MSCI Emerging Markets	MSCI EMG MKT ETF	464287234	328	6,960	SH		SOLE	NONE	0	0	6,960
iShares National Muni Bond ETF	NATIONAL MUN ETF	464288414	421	3,799	SH		SOLE	NONE	0	0	3,799
iShares Russell 1000 Growth	RUS 1000 GRW ETF	464287614	420	3,120	SH		SOLE	NONE	0	0	3,120
iShares Russell 2000	RUSSELL 2000 ETF	464287655	204	1,339	SH		SOLE	NONE	0	0	1,339
iShares S&P Mid-Cap 400 Value ETF	S&P MC 400VL ETF	464287705	231	1,440	SH		SOLE	NONE	0	0	1,440
iShares Short Maturity Municipal Bd ETF	SHT MAT MUN ETF	46431W838	375	7,518	SH		SOLE	NONE	0	0	7,518
iShares TIPS Bond	TIPS BD ETF	464287176	413	3,616	SH		SOLE	NONE	0	0	3,616
Johnson & Johnson	COM	478160104	1,169	8,368	SH		SOLE	NONE	0	0	8,368
JPMorgan Chase & Co	COM	46625H100	6,582	61,546	SH		SOLE	NONE	0	0	61,546
Kimberly-Clark Corp	COM	494368103	421	3,489	SH		SOLE	NONE	0	0	3,489
Kinder Morgan Inc P	COM	49456B101	3,042	168,334	SH		SOLE	NONE	0	0	168,334
Las Vegas Sands Corp	COM	517834107	672	9,666	SH		SOLE	NONE	0	0	9,666
Liberty Global Group C	SHS CL C	G5480U120	5,337	157,701	SH		SOLE	NONE	0	0	157,701
Lockheed Martin Corp	COM	539830109	498	1,550	SH		SOLE	NONE	0	0	1,550
LyondellBasell Industries NV	SHS - A -	N53745100	535	4,851	SH		SOLE	NONE	0	0	4,851
ManpowerGroup Inc	COM	56418H100	371	2,939	SH		SOLE	NONE	0	0	2,939
Mastercard Inc A	CL A	57636Q104	859	5,675	SH		SOLE	NONE	0	0	5,675
Matinas BioPharma Holdings Inc	COM	576810105	167	143,914	SH		SOLE	NONE	0	0	143,914
McDonald's Corp	COM	580135101	903	5,246	SH		SOLE	NONE	0	0	5,246
Medtronic PLC	SHS	G5960L103	441	5,466	SH		SOLE	NONE	0	0	5,466
Merck & Co Inc	COM	58933Y105	346	6,145	SH		SOLE	NONE	0	0	6,145
MFS Multi-Market Income	SH BEN INT	552737108	313	51,565	SH		SOLE	NONE	0	0	51,565
MFS Charter Income	SH BEN INT	552727109	143	16,900	SH		SOLE	NONE	0	0	16,900
MFS Government Markets Income	SH BEN INT	552939100	70	14,586	SH		SOLE	NONE	0	0	14,586
MFS Intermediate Income	SH BEN INT	55273C107	246	59,372	SH		SOLE	NONE	0	0	59,372
MFS Investment Grade Muni Trust	SH BEN INT	59318B108	131	13,475	SH		SOLE	NONE	0	0	13,475
Microsoft Corp	COM	594918104	1,846	21,576	SH		SOLE	NONE	0	0	21,576
Netflix Inc	COM	64110L106	272	1,417	SH		SOLE	NONE	0	0	1,417
New York Community Bancorp Inc	COM	649445103	176	13,541	SH		SOLE	NONE	0	0	13,541
Newell Brands Inc	COM	651229106	381	12,326	SH		SOLE	NONE	0	0	12,326
Norfolk Southern Corp	COM	655844108	774	5,345	SH		SOLE	NONE	0	0	5,345
Novartis Ag	SPONSORED ADR	66987V109	542	6,457	SH		SOLE	NONE	0	0	6,457
Nuveen AMT-Free Muni Credit Inc	COM	67071L106	244	15,783	SH		SOLE	NONE	0	0	15,783
Nuveen AMT-Free Quality Muni Inc	COM	670657105	271	19,678	SH		SOLE	NONE	0	0	19,678
Nuveen Build America Bond	COM	67074C103	481	21,872	SH		SOLE	NONE	0	0	21,872
Nuveen Municipal Credit Income	COM SH BEN INT	67070X101	744	48,825	SH		SOLE	NONE	0	0	48,825
Nuveen Municipal Income	COM	67062J102	159	13,770	SH		SOLE	NONE	0	0	13,770
Nuveen Municipal Value	COM	670928100	401	39,618	SH		SOLE	NONE	0	0	39,618
Nuveen Pref & Income Securities Fund	COM	67072C105	161	15,780	SH		SOLE	NONE	0	0	15,780
Nuveen Quality Muni Income Fund	COM	67066V101	399	28,387	SH		SOLE	NONE	0	0	28,387
Nuveen Real Estate Income	COM	67071B108	272	24,127	SH		SOLE	NONE	0	0	24,127
Nuveen Select TaxFree Income	SH BEN INT	67062F100	232	15,894	SH		SOLE	NONE	0	0	15,894
Nuveen Senior Income	COM	67067Y104	193	29,579	SH		SOLE	NONE	0	0	29,579
OPKO Health Inc	COM	68375N103	54	11,048	SH		SOLE	NONE	0	0	11,048
Organovo Holdings Inc	COM	68620A104	15	11,250	SH		SOLE	NONE	0	0	11,250
PACCAR Inc	COM	693718108	1,838	25,858	SH		SOLE	NONE	0	0	25,858
Pfizer Inc	COM	717081103	941	25,975	SH		SOLE	NONE	0	0	25,975
Philip Morris International Inc	COM	718172109	244	2,309	SH		SOLE	NONE	0	0	2,309
PIMCO Active Bond ETF	ACTIVE BD ETF	72201R775	2,011	18,971	SH		SOLE	NONE	0	0	18,971
PowerShares Emerging Markets Sov Dbt ETF	SOVEREIGN DEBT	73936T573	736	24,928	SH		SOLE	NONE	0	0	24,928
PowerShares Fundamental HiYld CorpBd ETF	FDM HG YLD RAFI	73936T557	1,427	75,285	SH		SOLE	NONE	0	0	75,285
PowerShares National AMT-Free MuniBd ETF	INSUR NATL MUN	73936T474	284	11,015	SH		SOLE	NONE	0	0	11,015
Primerica Inc	COM	74164M108	3,697	36,409	SH		SOLE	NONE	0	0	36,409
Procter & Gamble Co	COM	742718109	316	3,441	SH		SOLE	NONE	0	0	3,441
Prudential Financial Inc	COM	744320102	765	6,655	SH		SOLE	NONE	0	0	6,655
Putnam Master Intermediate Income	SH BEN INT	746909100	115	24,170	SH		SOLE	NONE	0	0	24,170
Seagate Technology PLC	SHS	G7945M107	2,598	62,085	SH		SOLE	NONE	0	0	62,085
Sensata Technologies Holding N.V.	SHS	N7902X106	2,422	47,386	SH		SOLE	NONE	0	0	47,386
Sherwin-Williams Co	COM	824348106	4,852	11,833	SH		SOLE	NONE	0	0	11,833
SPDR Blmbg Barclays High Yield Bd ETF	BLOOMBERG BRCLYS	78464A417	854	23,253	SH		SOLE	NONE	0	0	23,253
SPDR S&P 500 ETF	TR UNIT	78462F103	628	2,354	SH		SOLE	NONE	0	0	2,354
SPDR S&P Emerging Markets ETF	PORTFOLIO EMG MK	78463X509	2,305	60,414	SH		SOLE	NONE	0	0	60,414
SPDR S&P Emerging Markets ETF	PORTFOLIO EMG MK	78463X509	242	6,353	SH		SOLE	NONE	0	0	6,353
Stanley Black & Decker Inc	COM	854502101	417	2,457	SH		SOLE	NONE	0	0	2,457
Starbucks Corp	COM	855244109	772	13,443	SH		SOLE	NONE	0	0	13,443
STORE Capital Corp	COM	862121100	251	9,652	SH		SOLE	NONE	0	0	9,652
Synchrony Financial	COM	87165B103	489	12,660	SH		SOLE	NONE	0	0	12,660
The Home Depot Inc	COM	437076102	1,017	5,366	SH		SOLE	NONE	0	0	5,366
The Kraft Heinz Co	COM	500754106	448	5,760	SH		SOLE	NONE	0	0	5,760
Union Pacific Corp	COM	907818108	668	4,984	SH		SOLE	NONE	0	0	4,984
UnitedHealth Group Inc	COM	91324P102	801	3,632	SH		SOLE	NONE	0	0	3,632
US Bancorp	COM NEW	902973304	443	8,267	SH		SOLE	NONE	0	0	8,267
Valero Energy Corp	COM	91913Y100	566	6,162	SH		SOLE	NONE	0	0	6,162
Vanguard Dividend Appreciation ETF	DIV APP ETF	921908844	520	5,094	SH		SOLE	NONE	0	0	5,094
Vanguard FTSE All-World ex-US ETF	ALLWRLD EX US	922042775	342	6,250	SH		SOLE	NONE	0	0	6,250
Vanguard Intermediate-Term Bond ETF	INTERMED TERM	921937819	1,482	17,680	SH		SOLE	NONE	0	0	17,680
Vanguard REIT ETF	REIT ETF	922908553	2,044	24,631	SH		SOLE	NONE	0	0	24,631
Vanguard Short-Term Bond ETF	SHORT TRM BOND	921937827	580	7,334	SH		SOLE	NONE	0	0	7,334
Vanguard Small-Cap Value ETF	SM CP VAL ETF	922908611	305	2,294	SH		SOLE	NONE	0	0	2,294
Vanguard Total Bond Market ETF	TOTAL BND MRKT	921937835	930	11,402	SH		SOLE	NONE	0	0	11,402
Vanguard Total International Bond ETF	INTL BD IDX ETF	92203J407	904	16,620	SH		SOLE	NONE	0	0	16,620
Vanguard Total Stock Market ETF	TOTAL STK MKT	922908769	237	1,730	SH		SOLE	NONE	0	0	1,730
Verizon Communications Inc	COM	92343V104	1,308	24,712	SH		SOLE	NONE	0	0	24,712
Wal-Mart Stores Inc	COM	931142103	402	4,073	SH		SOLE	NONE	0	0	4,073
Waste Management Inc	COM	94106L109	519	6,011	SH		SOLE	NONE	0	0	6,011
Weatherford International PLC	ORD SHS	G48833100	51	12,218	SH		SOLE	NONE	0	0	12,218
Wells Fargo & Co	COM	949746101	953	15,703	SH		SOLE	NONE	0	0	15,703
Western Asset IG Defined Opp	COM	95790A101	324	14,169	SH		SOLE	NONE	0	0	14,169
Western Asset Managed Muni	COM	95766M105	258	18,342	SH		SOLE	NONE	0	0	18,342
Western Digital Corp	COM	958102105	492	6,180	SH		SOLE	NONE	0	0	6,180
WestRock Co	COM	96145D105	377	5,965	SH		SOLE	NONE	0	0	5,965
Williams Companies Inc	COM	969457100	222	7,292	SH		SOLE	NONE	0	0	7,292
WisdomTree International Equity ETF	INTL EQUITY FD	97717W703	425	7,611	SH		SOLE	NONE	0	0	7,611
WisdomTree US MidCap Dividend ETF	US MIDCAP DIVID	97717W505	4,045	114,644	SH		SOLE	NONE	0	0	114,644
Yamana Gold Inc	COM	98462Y100	41	13,000	SH		SOLE	NONE	0	0	13,000
Zoetis Inc	CL A	98978V103	507	7,038	SH		SOLE	NONE	0	0	7,038