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
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
3D SYSTEMS CORP	COM	88554D205	330	5,517	SH		SOLE		0	0	5,517
ABBOTT LABORATORIES	COM	002824100	1,222	29,869	SH		SOLE		0	0	29,869
AFLAC INC	COM	001055102	1,022	16,413	SH		SOLE		0	0	16,413
ALPHABET INC. CLASS A	COM	02079K305	284	486	SH		SOLE		0	0	486
ALPHABET INC. CLASS C	COM	02079K107	288	501	SH		SOLE		0	0	501
ALPS ALERIAN MLP ETF	COM	00162Q866	912	48,019	SH		SOLE		0	0	48,019
ALTRIA GROUP INC	COM	02209S103	405	9,646	SH		SOLE		0	0	9,646
AMERICAN INTL GROUP	COM	026874784	1,523	27,897	SH		SOLE		0	0	27,897
APPLE INC	COM	037833100	4,713	50,712	SH		SOLE		0	0	50,712
Alliancebernstein Natl Muni In	COM	01864U106	146	10,511	SH		SOLE		0	0	10,511
Amazon Com Incorporated	COM	023135106	387	1,192	SH		SOLE		0	0	1,192
Anadarko Pete Corporation	COM	032511107	257	2,349	SH		SOLE		0	0	2,349
Annaly Cap Mgmt Incorporated R	COM	035710409	400	34,965	SH		SOLE		0	0	34,965
At&t Corporation Com New	COM	001957505	403	11,391	SH		SOLE		0	0	11,391
BANK OF AMERICA CORP	COM	060505104	395	25,722	SH		SOLE		0	0	25,722
BCE INC F	COM	05534B760	420	9,255	SH		SOLE		0	0	9,255
BED BATH & BEYOND	COM	075896100	225	3,917	SH		SOLE		0	0	3,917
BLACKROCK INC	COM	09247X101	422	1,320	SH		SOLE		0	0	1,320
BP PLC F ADR 1 ADR REPS 6 ORD	COM	055622104	1,080	20,478	SH		SOLE		0	0	20,478
Blackrock Limited Duration Inc	COM	09249W101	218	12,622	SH		SOLE		0	0	12,622
Blackrock Mun Income Tr Bric E	COM	09248F109	530	38,609	SH		SOLE		0	0	38,609
Blackrock Muni Income Tr Ii	COM	09249N101	340	23,398	SH		SOLE		0	0	23,398
Blackrock Muniholdings Fd Inco	COM	09253N104	182	11,183	SH		SOLE		0	0	11,183
Blackrock Muniyield Fd Incorpo	COM	09253W104	313	21,721	SH		SOLE		0	0	21,721
Blackrock Strategic Mun Tr	COM	09248T109	245	18,133	SH		SOLE		0	0	18,133
CARDINAL HEALTH INC	COM	14149Y108	1,063	15,507	SH		SOLE		0	0	15,507
CATERPILLAR INC	COM	149123101	750	6,903	SH		SOLE		0	0	6,903
CELGENE CORP	COM	151020104	1,685	19,617	SH		SOLE		0	0	19,617
CHEVRON CORPORATION	COM	166764100	9,247	70,831	SH		SOLE		0	0	70,831
CHICAGO BRDG &IRON CO NV	COM	167250109	3,560	52,196	SH		SOLE		0	0	52,196
COCA COLA COMPANY	COM	191216100	739	17,441	SH		SOLE		0	0	17,441
COGNIZANT TECH SOLU CLASS A	COM	192446102	4,987	101,957	SH		SOLE		0	0	101,957
CONOCOPHILLIPS	COM	20825C104	284	3,309	SH		SOLE		0	0	3,309
COSTCO WHOLESALE CO	COM	22160K105	1,109	9,629	SH		SOLE		0	0	9,629
COVIDIEN PLC NEW F	COM	G2554F113	770	8,541	SH		SOLE		0	0	8,541
CREDIT SUS X LKS CHG MLP INFR	COM	22542d852	304	8,494	SH		SOLE		0	0	8,494
CUMMINS INC	COM	231021106	887	5,748	SH		SOLE		0	0	5,748
CVS HEALTH CORP	COM	126650100	220	2,919	SH		SOLE		0	0	2,919
Calamos Strategic Totl Retn Fd	COM	128125101	130	10,800	SH		SOLE		0	0	10,800
Celanese Corporation Del Com S	COM	150870103	298	4,635	SH		SOLE		0	0	4,635
Central Fd Cda Limited Class A	COM	153501101	531	36,500	SH		SOLE		0	0	36,500
Cimpress N V Shs Euro (NETHERL	COM	N20146101	4,529	111,934	SH		SOLE		0	0	111,934
DAVITA HEALTHCARE PTNR	COM	23918K108	4,032	55,749	SH		SOLE		0	0	55,749
DEERE & CO	COM	244199105	345	3,806	SH		SOLE		0	0	3,806
DIRECTV	COM	25490A309	1,089	12,815	SH		SOLE		0	0	12,815
DISCOVER FINANCIAL S	COM	254709108	477	7,692	SH		SOLE		0	0	7,692
DRESSER RAND GROUP INC	COM	261608103	2,930	45,975	SH		SOLE		0	0	45,975
Dental Patient Care Amer Incor	COM	24873V105	7	502,200	SH		SOLE		0	0	502,200
Dexcom Incorporated	COM	252131107	255	6,440	SH		SOLE		0	0	6,440
Dreyfus Strategic Mun Bd Fd	COM	26202F107	225	27,174	SH		SOLE		0	0	27,174
Dreyfus Strategic Muns Incorpo	COM	261932107	203	24,016	SH		SOLE		0	0	24,016
EATON CORP PLC F	COM	G29183103	725	9,398	SH		SOLE		0	0	9,398
EMC CORP MASS	COM	268648102	414	15,722	SH		SOLE		0	0	15,722
ENERGIZER HOLDINGS I	COM	29272w109	4,550	37,288	SH		SOLE		0	0	37,288
ENERGY TRANSFER PART LP	COM	29273R109	263	4,533	SH		SOLE		0	0	4,533
ENTERPRISE PRODUCTS LP	COM	293792107	721	9,203	SH		SOLE		0	0	9,203
EOG RESOURCES INC	COM	26875P101	1,009	8,631	SH		SOLE		0	0	8,631
EXPRESS SCRIPTS HLDG	COM	30219G108	4,482	64,646	SH		SOLE		0	0	64,646
EXXON MOBIL CORP	COM	30231G102	1,240	12,316	SH		SOLE		0	0	12,316
Eaton Vance Mun Bd Fd	COM	27827X101	273	21,968	SH		SOLE		0	0	21,968
Eaton Vance Sr Fltng Rte Tr	COM	27828Q105	217	14,587	SH		SOLE		0	0	14,587
Enerplus Corporation (CANADA)	COM	292766102	304	12,050	SH		SOLE		0	0	12,050
FLY LEASING LTD ADR F SPONSORE	COM	34407D109	230	15,900	SH		SOLE		0	0	15,900
FORD MOTOR COMPANY	COM	345370860	381	22,124	SH		SOLE		0	0	22,124
FRAC KINDER MORGAN MGMT	COM	eke55u103	0	123,040	SH		SOLE		0	0	123,040
Flexpoint Sensor Systems Incor	COM	33938W206	0	12,700	SH		SOLE		0	0	12,700
Franklin Res Incorporated	COM	354613101	265	4,585	SH		SOLE		0	0	4,585
GENERAC HOLDINGS INC	COM	368736104	227	4,665	SH		SOLE		0	0	4,665
GENERAL ELECTRIC CO	COM	369604103	1,787	67,988	SH		SOLE		0	0	67,988
GENERAL MILLS INC	COM	370334104	420	7,988	SH		SOLE		0	0	7,988
GILEAD SCIENCES INC	COM	375558103	414	4,998	SH		SOLE		0	0	4,998
GLAXOSMITHKLINE PLC F ADR 1 AD	COM	37733W105	420	7,855	SH		SOLE		0	0	7,855
Glacier Bancorp Incorporated N	COM	37637Q105	1,268	44,686	SH		SOLE		0	0	44,686
HALLIBURTON CO HLDG	COM	406216101	5,007	70,509	SH		SOLE		0	0	70,509
HERCULES TECH GROWTH	COM	427096508	397	24,594	SH		SOLE		0	0	24,594
HOLLYFRONTIER CORP	COM	436106108	258	5,914	SH		SOLE		0	0	5,914
Hertz Global Hldgs Incorporate	COM	42805T105	735	26,225	SH		SOLE		0	0	26,225
IBM CORP	COM	459200101	4,026	22,209	SH		SOLE		0	0	22,209
INTEL CORP	COM	458140100	402	12,997	SH		SOLE		0	0	12,997
INVESCO LTD F	COM	G491BT108	631	16,703	SH		SOLE		0	0	16,703
ISHARES 1-3 YEAR CREDIT BOND E	COM	464288646	465	4,399	SH		SOLE		0	0	4,399
ISHARES CORE S&P MID CAP ETF	COM	464287507	472	3,302	SH		SOLE		0	0	3,302
ISHARES CORE US AGGRGT BOND ET	COM	464287226	1,468	13,423	SH		SOLE		0	0	13,423
ISHARES IBOXX INVT GRADE BOND	COM	464287242	1,440	12,074	SH		SOLE		0	0	12,074
ISHARES INTERM CREDIT BOND ETF	COM	464288638	247	2,245	SH		SOLE		0	0	2,245
ISHARES JPMORGAN USD MTS BOND	COM	464288281	222	1,923	SH		SOLE		0	0	1,923
ISHARES NATIONL MUNI ETF	COM	464288414	379	3,485	SH		SOLE		0	0	3,485
ISHARES RUSSELL 2000 ETF	COM	464287655	262	2,201	SH		SOLE		0	0	2,201
ISHARES S&P 500 VALUE ETF IV	COM	464287408	466	5,165	SH		SOLE		0	0	5,165
ISHARES S&P MID CAP 400 VALUE	COM	464287705	891	7,019	SH		SOLE		0	0	7,019
ISHARES SELECT DIVIDEND ETF IV	COM	464287168	682	8,865	SH		SOLE		0	0	8,865
ISHARES TIPS BOND ETF	COM	464287176	472	4,089	SH		SOLE		0	0	4,089
ISHARES U.S. PREFERRED STOCK E	COM	464288687	332	8,324	SH		SOLE		0	0	8,324
ITUS CORPORATION	COM	45069v104	19	65,000	SH		SOLE		0	0	65,000
Illumina Incorporated	COM	452327109	840	4,703	SH		SOLE		0	0	4,703
Independence Gold Corporation	COM	45344A107	2	12,022	SH		SOLE		0	0	12,022
Invesco Sr Income Tr	COM	46131H107	138	27,592	SH		SOLE		0	0	27,592
Ishares Nasdq Biotec Etf	COM	464287556	276	1,075	SH		SOLE		0	0	1,075
JOHNSON & JOHNSON	COM	478160104	1,347	12,874	SH		SOLE		0	0	12,874
JP MORGAN CHASE ALERIAN ETN	COM	46625H365	290	5,544	SH		SOLE		0	0	5,544
JPMORGAN CHASE & CO	COM	46625H100	276	4,797	SH		SOLE		0	0	4,797
KEURIG GREEN MTN INC	COM	49271M100	331	2,655	SH		SOLE		0	0	2,655
KINDER MORGAN MGMT LLC	COM	49455U100	5,215	66,066	SH		SOLE		0	0	66,066
LYONDELLBASELL INDS F CLASS A	COM	N53745100	475	4,868	SH		SOLE		0	0	4,868
Linn Energy Llc Unit Ltd Liab	COM	536020100	367	11,360	SH		SOLE		0	0	11,360
MC DONALDS CORP	COM	580135101	396	3,931	SH		SOLE		0	0	3,931
MEDTRONIC PLC F	COM	G5960L103	841	13,195	SH		SOLE		0	0	13,195
MFS INVESTMENT GRADE MUN	COM	59318B108	110	11,800	SH		SOLE		0	0	11,800
MICROSOFT CORP	COM	594918104	7,280	174,584	SH		SOLE		0	0	174,584
Market Vectors Amt-free Interm	COM	92189F544	225	9,695	SH		SOLE		0	0	9,695
Mfc Indl Limited (CANADA)	COM	55278T105	248	32,456	SH		SOLE		0	0	32,456
Mfs Charter Income Tr Sh Ben I	COM	552727109	198	21,407	SH		SOLE		0	0	21,407
Mfs Govt Mkts Income Tr Sh Ben	COM	552939100	75	12,900	SH		SOLE		0	0	12,900
Mfs Inter Income Tr Sh Ben Int	COM	55273C107	282	53,473	SH		SOLE		0	0	53,473
Mfs Intermarket Income Trust I	COM	59318R103	122	14,300	SH		SOLE		0	0	14,300
Mfs Multimarket Income Tr Sh B	COM	552737108	208	31,236	SH		SOLE		0	0	31,236
NATIONAL OILWELL VAR	COM	637071101	486	5,898	SH		SOLE		0	0	5,898
NCR CORPORATION	COM	62886e108	5,222	148,810	SH		SOLE		0	0	148,810
NEXTERA ENERGY INC	COM	65339F101	563	5,497	SH		SOLE		0	0	5,497
NUVEEN DIVIDEND ADVANXXX MANDA	COM	67070f100	360	25,913	SH		SOLE		0	0	25,913
NUVEEN ENHANCED MCPL CRE	COM	67070X101	495	36,169	SH		SOLE		0	0	36,169
NUVEEN ENHNCD AMT FREE M	COM	67071L106	604	42,676	SH		SOLE		0	0	42,676
NUVEEN MUNI MARKET OPPOR	COM	67062W103	139	10,400	SH		SOLE		0	0	10,400
NUVEEN MUNICIPAL ADVAXXX MANDA	COM	67062h106	213	15,837	SH		SOLE		0	0	15,837
NUVEEN PREMIUM INCOME MU	COM	67063W102	151	10,896	SH		SOLE		0	0	10,896
Noble Corporation Plc Shs Usd	COM	G65431101	347	10,336	SH		SOLE		0	0	10,336
Northstar Rlty Fin Corporation	COM	66704R803	377	21,706	SH		SOLE		0	0	21,706
Nu Skin Enterprises Incorporat	COM	67018T105	220	2,981	SH		SOLE		0	0	2,981
Nuveen Mun Value Fd Incorporat	COM	670928100	303	31,394	SH		SOLE		0	0	31,394
Nuveen Quality Preferred Incom	COM	67071S101	98	11,525	SH		SOLE		0	0	11,525
Nuveen Real Estate Income Fd	COM	67071B108	185	16,509	SH		SOLE		0	0	16,509
Nuveen Select Tax Free Incm Pt	COM	67062F100	217	15,424	SH		SOLE		0	0	15,424
Nuveen Sr Income Fd	COM	67067Y104	143	20,350	SH		SOLE		0	0	20,350
OCCIDENTAL PETROL CO	COM	674599105	1,460	14,231	SH		SOLE		0	0	14,231
OMEGA HLTHCARE INVTS REIT	COM	681936100	463	12,548	SH		SOLE		0	0	12,548
ORACLE CORPORATION	COM	68389X105	5,833	143,929	SH		SOLE		0	0	143,929
Oneok Incorporated New	COM	682680103	462	6,785	SH		SOLE		0	0	6,785
PCS EDVENTURES.COM	COM	69325n102	23	415,000	SH		SOLE		0	0	415,000
PEPSICO INCORPORATED	COM	713448108	440	4,922	SH		SOLE		0	0	4,922
PFIZER INCORPORATED	COM	717081103	267	8,994	SH		SOLE		0	0	8,994
PHILIP MORRIS INTL	COM	718172109	568	6,742	SH		SOLE		0	0	6,742
PIMCO TOTAL RETURN ACTIVE ETF	COM	72201R775	231	2,117	SH		SOLE		0	0	2,117
POWERSHARES BUILD AMERICA ETF	COM	73937B407	1,482	50,538	SH		SOLE		0	0	50,538
POWERSHARES EMRG MKTS SOVRGN D	COM	73936T573	210	7,199	SH		SOLE		0	0	7,199
PROCTER & GAMBLE	COM	742718109	1,153	14,674	SH		SOLE		0	0	14,674
PROSHARES ULTRAPRO SHORT S&P 5	COM	74348A442	303	6,360	SH		SOLE		0	0	6,360
PUTNAM MUNICIPAL OPPRTUN	COM	746922103	173	14,700	SH		SOLE		0	0	14,700
Plains All Amern Pipeline L P	COM	726503105	341	5,676	SH		SOLE		0	0	5,676
QUALCOMM INC	COM	747525103	396	4,998	SH		SOLE		0	0	4,998
SCHLUMBERGER LTD F	COM	806857108	1,012	8,580	SH		SOLE		0	0	8,580
SHERWIN WILLIAMS CO	COM	824348106	2,465	11,913	SH		SOLE		0	0	11,913
SOUTHERN COMPANY	COM	842587107	220	4,858	SH		SOLE		0	0	4,858
SPDR BARCLAYS HIGH YIELD BOND	COM	78464A417	462	11,072	SH		SOLE		0	0	11,072
SPDR NUVEEN BARCLAYS MUN BD ET	COM	78468r721	296	12,520	SH		SOLE		0	0	12,520
SPDR S&P DIVIDEND ETF IV	COM	78464A763	847	11,055	SH		SOLE		0	0	11,055
STARBUCKS CORP	COM	855244109	556	7,186	SH		SOLE		0	0	7,186
Spark Networks Incorporated	COM	84651P100	71	12,440	SH		SOLE		0	0	12,440
Spdr Gold Tr Gold Shs	COM	78463V107	776	6,063	SH		SOLE		0	0	6,063
Spdr Series Trust S&p Biotech	COM	78464A870	299	1,940	SH		SOLE		0	0	1,940
Sprott Physical Gold Trust Uni	COM	85207H104	451	41,000	SH		SOLE		0	0	41,000
Sprott Physical Silver Tr Tr U	COM	85207K107	517	61,000	SH		SOLE		0	0	61,000
TARGET CORPORATION	COM	87612E106	708	12,218	SH		SOLE		0	0	12,218
TJX COMPANIES INC	COM	872540109	924	17,392	SH		SOLE		0	0	17,392
TRIPLEPOINT VENTURE	COM	89677Y100	210	12,800	SH		SOLE		0	0	12,800
TRIUMPH GROUP INC	COM	896818101	3,562	51,019	SH		SOLE		0	0	51,019
U S BANCORP	COM	902973304	4,366	100,778	SH		SOLE		0	0	100,778
VALEANT PHARMA INTL F	COM	91911K102	7,445	59,031	SH		SOLE		0	0	59,031
VANGUARD DIVIDEND APPRECIATION	COM	921908844	996	12,779	SH		SOLE		0	0	12,779
VANGUARD SHORT-TERM BOND ETF	COM	921937827	207	2,582	SH		SOLE		0	0	2,582
VANGUARD TOTAL BOND MARKET ETF	COM	921937835	1,266	15,398	SH		SOLE		0	0	15,398
VERIZON COMMUNICATN	COM	92343V104	348	7,112	SH		SOLE		0	0	7,112
VODAFONE GROUP NEW ADR F SPONS	COM	92857W209	445	13,339	SH		SOLE		0	0	13,339
Vereit Incorporated Reit	COM	92339V100	373	29,762	SH		SOLE		0	0	29,762
W.P. CAREY INC. REIT	COM	92936U109	367	5,697	SH		SOLE		0	0	5,697
WELLS FARGO BK N A	COM	949746101	289	5,506	SH		SOLE		0	0	5,506
WILLIAMS COMPANIES	COM	969457100	938	16,122	SH		SOLE		0	0	16,122
WISDOMTREE MIDCAP DIVIDEND ETF	COM	97717W505	274	3,354	SH		SOLE		0	0	3,354
Wausau Paper Corporation	COM	943315101	152	14,009	SH		SOLE		0	0	14,009
Windstream Hldgs Incorporated	COM	97382A200	172	17,240	SH		SOLE		0	0	17,240
Exterran Partners Lp Com Units	COM	30225N105	211	7,455	SH		SOLE		0	0	7,455
Regency Energy Partners L P Co	COM	75885Y107	277	8,595	SH		SOLE		0	0	8,595