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
1/100 BERKSHIRE HTWY CLA 100 S	COM	084990175	207	100	SH		SOLE		0	0	100
21ST CENT FOX CLASS A	COM	90130a101	4,126	120,319	SH		SOLE		0	0	120,319
ABBOTT LABORATORIES	COM	002824100	1,227	29,512	SH		SOLE		0	0	29,512
ACCENTURE PLC F CLASS A	COM	G1151C101	1,074	13,201	SH		SOLE		0	0	13,201
AFLAC INC	COM	001055102	1,001	17,186	SH		SOLE		0	0	17,186
ALPHABET INC. CLASS A	COM	02079K305	283	481	SH		SOLE		0	0	481
ALPHABET INC. CLASS C	COM	02079K107	286	496	SH		SOLE		0	0	496
ALPS ALERIAN MLP ETF	COM	00162Q866	984	51,318	SH		SOLE		0	0	51,318
ALTRIA GROUP INC	COM	02209S103	443	9,652	SH		SOLE		0	0	9,652
AMERICAN INTL GROUP	COM	026874784	1,413	26,165	SH		SOLE		0	0	26,165
APPLE INC	COM	037833100	4,644	46,095	SH		SOLE		0	0	46,095
Alliancebernstein Natl Muni In	COM	01864U106	143	10,511	SH		SOLE		0	0	10,511
Amazon Com Incorporated	COM	023135106	325	1,009	SH		SOLE		0	0	1,009
Anadarko Pete Corporation	COM	032511107	254	2,501	SH		SOLE		0	0	2,501
Annaly Cap Mgmt Incorporated R	COM	035710409	373	34,965	SH		SOLE		0	0	34,965
At&t Corporation Com New	COM	001957505	474	13,446	SH		SOLE		0	0	13,446
BANK OF AMERICA CORP	COM	060505104	561	32,909	SH		SOLE		0	0	32,909
BCE INC F	COM	05534B760	432	9,996	SH		SOLE		0	0	9,996
BERKSHIRE HATHAWAY CLASS B	COM	084670702	263	1,902	SH		SOLE		0	0	1,902
BLACKROCK INC	COM	09247X101	486	1,480	SH		SOLE		0	0	1,480
BP PLC F ADR 1 ADR REPS 6 ORD	COM	055622104	930	21,152	SH		SOLE		0	0	21,152
Blackrock Limited Duration Inc	COM	09249W101	209	12,930	SH		SOLE		0	0	12,930
Blackrock Mun Income Tr Bric E	COM	09248F109	533	38,990	SH		SOLE		0	0	38,990
Blackrock Muni Income Tr Ii	COM	09249N101	337	23,435	SH		SOLE		0	0	23,435
Blackrock Muniholdings Fd Inco	COM	09253N104	180	11,183	SH		SOLE		0	0	11,183
Blackrock Munivest Fd Incorpor	COM	09253R105	96	10,009	SH		SOLE		0	0	10,009
Blackrock Muniyield Fd Incorpo	COM	09253W104	308	21,721	SH		SOLE		0	0	21,721
Blackrock Strategic Mun Tr	COM	09248T109	241	18,146	SH		SOLE		0	0	18,146
CAPITAL ONE FINL	COM	14040H105	253	3,103	SH		SOLE		0	0	3,103
CARDINAL HEALTH INC	COM	14149Y108	1,120	14,950	SH		SOLE		0	0	14,950
CELGENE CORP	COM	151020104	1,604	16,923	SH		SOLE		0	0	16,923
CHEVRON CORPORATION	COM	166764100	8,330	69,811	SH		SOLE		0	0	69,811
CHICAGO BRDG &IRON CO NV	COM	167250109	3,822	66,066	SH		SOLE		0	0	66,066
COCA COLA COMPANY	COM	191216100	771	18,068	SH		SOLE		0	0	18,068
COGNIZANT TECH SOLU CLASS A	COM	192446102	205	4,590	SH		SOLE		0	0	4,590
COMCAST CORPORATION CLASS A	COM	20030N101	224	4,168	SH		SOLE		0	0	4,168
CONOCOPHILLIPS	COM	20825C104	252	3,292	SH		SOLE		0	0	3,292
COSTCO WHOLESALE CO	COM	22160K105	1,310	10,451	SH		SOLE		0	0	10,451
COVIDIEN PLC NEW F	COM	G2554F113	811	9,378	SH		SOLE		0	0	9,378
CREDIT SUS X LKS CHG MLP INFR	COM	22542d852	345	9,619	SH		SOLE		0	0	9,619
CUMMINS INC	COM	231021106	817	6,194	SH		SOLE		0	0	6,194
CVS HEALTH CORP	COM	126650100	251	3,157	SH		SOLE		0	0	3,157
Calamos Strategic Totl Retn Fd	COM	128125101	126	10,800	SH		SOLE		0	0	10,800
Celanese Corporation Del Com S	COM	150870103	224	3,835	SH		SOLE		0	0	3,835
Central Fd Cda Limited Class A	COM	153501101	449	36,500	SH		SOLE		0	0	36,500
Cimpress N V Shs Euro (NETHERL	COM	N20146101	2,246	40,984	SH		SOLE		0	0	40,984
DAVITA HEALTHCARE PTNR	COM	23918K108	322	4,407	SH		SOLE		0	0	4,407
DEERE & CO	COM	244199105	399	4,860	SH		SOLE		0	0	4,860
DEVON ENERGY CORP	COM	25179M103	205	3,010	SH		SOLE		0	0	3,010
DIRECTV	COM	25490A309	1,158	13,387	SH		SOLE		0	0	13,387
DISCOVER FINANCIAL S	COM	254709108	417	6,477	SH		SOLE		0	0	6,477
DRESSER RAND GROUP INC	COM	261608103	3,919	47,645	SH		SOLE		0	0	47,645
Dental Patient Care Amer Incor	COM	24873V105	7	502,200	SH		SOLE		0	0	502,200
Dreyfus Strategic Mun Bd Fd	COM	26202F107	219	27,174	SH		SOLE		0	0	27,174
Dreyfus Strategic Muns Incorpo	COM	261932107	201	24,016	SH		SOLE		0	0	24,016
Duke Energy Corporation New Co	COM	26441C204	238	3,177	SH		SOLE		0	0	3,177
EATON CORP PLC F	COM	G29183103	439	6,920	SH		SOLE		0	0	6,920
EMC CORP MASS	COM	268648102	349	11,937	SH		SOLE		0	0	11,937
ENERGIZER HOLDINGS I	COM	29272w109	4,535	36,810	SH		SOLE		0	0	36,810
ENERGY TRANSFER PART LP	COM	29273R109	268	4,188	SH		SOLE		0	0	4,188
ENTERPRISE PRODUCTS LP	COM	293792107	689	17,106	SH		SOLE		0	0	17,106
EOG RESOURCES INC	COM	26875P101	526	5,308	SH		SOLE		0	0	5,308
EQUINIX INC REIT	COM	29444U700	4,211	19,820	SH		SOLE		0	0	19,820
EXPRESS SCRIPTS HLDG	COM	30219G108	6,524	92,371	SH		SOLE		0	0	92,371
EXXON MOBIL CORP	COM	30231G102	1,254	13,329	SH		SOLE		0	0	13,329
Eaton Vance Mun Bd Fd	COM	27827X101	275	21,968	SH		SOLE		0	0	21,968
Eaton Vance Sr Fltng Rte Tr	COM	27828Q105	213	14,771	SH		SOLE		0	0	14,771
Enerplus Corporation (CANADA)	COM	292766102	229	12,050	SH		SOLE		0	0	12,050
FLY LEASING LTD ADR F SPONSORE	COM	34407D109	204	15,900	SH		SOLE		0	0	15,900
FORD MOTOR COMPANY	COM	345370860	476	32,184	SH		SOLE		0	0	32,184
FRAC KINDER MORGAN MGMT	COM	eke55u103	0	145,626	SH		SOLE		0	0	145,626
Flexpoint Sensor Systems Incor	COM	33938W206	1	12,700	SH		SOLE		0	0	12,700
Franklin Res Incorporated	COM	354613101	250	4,585	SH		SOLE		0	0	4,585
GENERAL ELECTRIC CO	COM	369604103	1,819	70,998	SH		SOLE		0	0	70,998
GENERAL MILLS INC	COM	370334104	440	8,712	SH		SOLE		0	0	8,712
GILEAD SCIENCES INC	COM	375558103	500	4,698	SH		SOLE		0	0	4,698
GLAXOSMITHKLINE PLC F ADR 1 AD	COM	37733W105	382	8,299	SH		SOLE		0	0	8,299
GUGGENHEIM SPIN-OFF ETF	COM	18383M605	226	5,000	SH		SOLE		0	0	5,000
Glacier Bancorp Incorporated N	COM	37637Q105	1,156	44,690	SH		SOLE		0	0	44,690
HALLIBURTON CO HLDG	COM	406216101	4,503	69,810	SH		SOLE		0	0	69,810
HERCULES TECH GROWTH	COM	427096508	393	27,186	SH		SOLE		0	0	27,186
IBM CORP	COM	459200101	3,931	20,706	SH		SOLE		0	0	20,706
INTEL CORP	COM	458140100	322	9,253	SH		SOLE		0	0	9,253
INVESCO LTD F	COM	G491BT108	739	18,729	SH		SOLE		0	0	18,729
ISHARES 1-3 YEAR CREDIT BOND E	COM	464288646	307	2,917	SH		SOLE		0	0	2,917
ISHARES CORE S&P MID CAP ETF	COM	464287507	459	3,358	SH		SOLE		0	0	3,358
ISHARES CORE US AGGRGT BOND ET	COM	464287226	1,553	14,231	SH		SOLE		0	0	14,231
ISHARES IBOXX INVT GRADE BOND	COM	464287242	1,549	13,105	SH		SOLE		0	0	13,105
ISHARES INTERM CREDIT BOND ETF	COM	464288638	246	2,249	SH		SOLE		0	0	2,249
ISHARES MSCI IRELAND CAPPED ET	COM	46429B507	207	6,000	SH		SOLE		0	0	6,000
ISHARES NATIONL MUNI ETF	COM	464288414	423	3,860	SH		SOLE		0	0	3,860
ISHARES RUSSELL 2000 ETF	COM	464287655	241	2,201	SH		SOLE		0	0	2,201
ISHARES S&P 500 VALUE ETF IV	COM	464287408	426	4,735	SH		SOLE		0	0	4,735
ISHARES S&P MID CAP 400 VALUE	COM	464287705	874	7,264	SH		SOLE		0	0	7,264
ISHARES SELECT DIVIDEND ETF IV	COM	464287168	653	8,835	SH		SOLE		0	0	8,835
ISHARES TIPS BOND ETF	COM	464287176	435	3,878	SH		SOLE		0	0	3,878
ISHARES U.S. PREFERRED STOCK E	COM	464288687	345	8,729	SH		SOLE		0	0	8,729
ITUS CORPORATION	COM	45069v104	16	65,000	SH		SOLE		0	0	65,000
Independence Gold Corporation	COM	45344A107	2	27,022	SH		SOLE		0	0	27,022
Invesco Sr Income Tr	COM	46131H107	132	27,722	SH		SOLE		0	0	27,722
Ishares Nasdq Biotec Etf	COM	464287556	293	1,070	SH		SOLE		0	0	1,070
JOHNSON & JOHNSON	COM	478160104	1,507	14,136	SH		SOLE		0	0	14,136
JP MORGAN CHASE ALERIAN ETN	COM	46625H365	334	6,299	SH		SOLE		0	0	6,299
JPMORGAN CHASE & CO	COM	46625H100	4,348	72,171	SH		SOLE		0	0	72,171
KEURIG GREEN MTN INC	COM	49271M100	345	2,655	SH		SOLE		0	0	2,655
KIMBERLY-CLARK CORP	COM	494368103	251	2,333	SH		SOLE		0	0	2,333
KINDER MORGAN MGMT LLC	COM	49455U100	6,182	65,656	SH		SOLE		0	0	65,656
Keycorp New	COM	493267108	141	10,599	SH		SOLE		0	0	10,599
LYONDELLBASELL INDS F CLASS A	COM	N53745100	575	5,290	SH		SOLE		0	0	5,290
Linn Energy Llc Unit Ltd Liab	COM	536020100	354	11,738	SH		SOLE		0	0	11,738
MASTERCARD INC CLASS A	COM	57636Q104	1,289	17,434	SH		SOLE		0	0	17,434
MC DONALDS CORP	COM	580135101	475	5,005	SH		SOLE		0	0	5,005
MFS INVESTMENT GRADE MUN	COM	59318B108	108	11,800	SH		SOLE		0	0	11,800
MICROSOFT CORP	COM	594918104	8,113	174,997	SH		SOLE		0	0	174,997
Mfc Indl Limited (CANADA)	COM	55278T105	240	33,696	SH		SOLE		0	0	33,696
Mfs Charter Income Tr Sh Ben I	COM	552727109	190	21,501	SH		SOLE		0	0	21,501
Mfs Govt Mkts Income Tr Sh Ben	COM	552939100	74	12,954	SH		SOLE		0	0	12,954
Mfs Inter Income Tr Sh Ben Int	COM	55273C107	269	53,637	SH		SOLE		0	0	53,637
Mfs Intermarket Income Trust I	COM	59318R103	124	14,825	SH		SOLE		0	0	14,825
Mfs Multimarket Income Tr Sh B	COM	552737108	206	32,117	SH		SOLE		0	0	32,117
NATIONAL OILWELL VAR	COM	637071101	403	5,300	SH		SOLE		0	0	5,300
NCR CORPORATION	COM	62886e108	4,971	148,779	SH		SOLE		0	0	148,779
NEXTERA ENERGY INC	COM	65339F101	559	5,959	SH		SOLE		0	0	5,959
NORTHSTAR ASSET MGMT	COM	66705Y104	221	12,000	SH		SOLE		0	0	12,000
NUVEEN DIVIDEND ADVANXXX MANDA	COM	67070f100	361	25,913	SH		SOLE		0	0	25,913
NUVEEN DVD ADVANTAGE MUNI FD C	COM	67066V101	149	10,783	SH		SOLE		0	0	10,783
NUVEEN ENHANCED MCPL CRE	COM	67070X101	522	38,169	SH		SOLE		0	0	38,169
NUVEEN ENHNCD AMT FREE M	COM	67071L106	653	46,276	SH		SOLE		0	0	46,276
NUVEEN MUNI MARKET OPPOR	COM	67062W103	138	10,400	SH		SOLE		0	0	10,400
NUVEEN MUNICIPAL ADVAXXX MANDA	COM	67062h106	214	15,837	SH		SOLE		0	0	15,837
NUVEEN PREMIUM INCOME MU	COM	67063W102	184	13,346	SH		SOLE		0	0	13,346
Northstar Rlty Fin Corporation	COM	66704R803	273	15,471	SH		SOLE		0	0	15,471
Nuveen Mun Value Fd Incorporat	COM	670928100	301	31,981	SH		SOLE		0	0	31,981
Nuveen Quality Preferred Incom	COM	67071S101	94	11,539	SH		SOLE		0	0	11,539
Nuveen Real Estate Income Fd	COM	67071B108	174	16,518	SH		SOLE		0	0	16,518
Nuveen Select Tax Free Incm Pt	COM	67062F100	218	15,800	SH		SOLE		0	0	15,800
Nuveen Sr Income Fd	COM	67067Y104	138	20,660	SH		SOLE		0	0	20,660
OCCIDENTAL PETROL CO	COM	674599105	1,442	15,002	SH		SOLE		0	0	15,002
OMEGA HLTHCARE INVTS REIT	COM	681936100	470	13,741	SH		SOLE		0	0	13,741
ORACLE CORPORATION	COM	68389X105	476	12,428	SH		SOLE		0	0	12,428
Oneok Incorporated New	COM	682680103	489	7,465	SH		SOLE		0	0	7,465
PCS EDVENTURES.COM	COM	69325n102	28	515,000	SH		SOLE		0	0	515,000
PENNANTPARK INVT CORP	COM	708062104	165	15,100	SH		SOLE		0	0	15,100
PEPSICO INCORPORATED	COM	713448108	512	5,497	SH		SOLE		0	0	5,497
PFIZER INCORPORATED	COM	717081103	329	11,128	SH		SOLE		0	0	11,128
PHILIP MORRIS INTL	COM	718172109	679	8,143	SH		SOLE		0	0	8,143
PIMCO TOTAL RETURN ACTIVE ETF	COM	72201R775	277	2,550	SH		SOLE		0	0	2,550
POWERSHARES BUILD AMERICA ETF	COM	73937B407	1,761	59,376	SH		SOLE		0	0	59,376
PRECISION CASTPARTS	COM	740189105	4,363	18,420	SH		SOLE		0	0	18,420
PROCTER & GAMBLE	COM	742718109	1,413	16,879	SH		SOLE		0	0	16,879
PROSHARES ULTRAPRO SHORT S&P 5	COM	74348A442	277	6,112	SH		SOLE		0	0	6,112
PUTNAM MUNICIPAL OPPRTUN	COM	746922103	172	14,700	SH		SOLE		0	0	14,700
Pimco Etf Trust 0-5 Year High	COM	72201R783	240	2,317	SH		SOLE		0	0	2,317
Plains All Amern Pipeline L P	COM	726503105	275	4,677	SH		SOLE		0	0	4,677
QUALCOMM INC	COM	747525103	532	7,115	SH		SOLE		0	0	7,115
RAYTHEON COMPANY	COM	755111507	277	2,724	SH		SOLE		0	0	2,724
SCHLUMBERGER LTD F	COM	806857108	863	8,485	SH		SOLE		0	0	8,485
SHERWIN WILLIAMS CO	COM	824348106	2,609	11,913	SH		SOLE		0	0	11,913
SPDR BARCLAYS HIGH YIELD BOND	COM	78464A417	364	9,070	SH		SOLE		0	0	9,070
SPDR NUVEEN BARCLAYS SHORT TER	COM	78468R739	221	9,065	SH		SOLE		0	0	9,065
SPDR S&P DIVIDEND ETF IV	COM	78464A763	827	11,040	SH		SOLE		0	0	11,040
STARBUCKS CORP	COM	855244109	547	7,251	SH		SOLE		0	0	7,251
Spdr Gold Tr Gold Shs	COM	78463V107	714	6,140	SH		SOLE		0	0	6,140
Spdr Series Trust S&p Biotech	COM	78464A870	303	1,940	SH		SOLE		0	0	1,940
Sprott Physical Gold Trust Uni	COM	85207H104	409	41,000	SH		SOLE		0	0	41,000
Sprott Physical Silver Tr Tr U	COM	85207K107	420	61,000	SH		SOLE		0	0	61,000
TARGET CORPORATION	COM	87612E106	747	11,914	SH		SOLE		0	0	11,914
TJX COMPANIES INC	COM	872540109	1,150	19,430	SH		SOLE		0	0	19,430
TRIPLEPOINT VENTURE	COM	89677Y100	214	14,614	SH		SOLE		0	0	14,614
TRIUMPH GROUP INC	COM	896818101	3,954	60,783	SH		SOLE		0	0	60,783
U S BANCORP	COM	902973304	4,272	102,139	SH		SOLE		0	0	102,139
UNITED TECHNOLOGIES	COM	913017109	220	2,081	SH		SOLE		0	0	2,081
VALEANT PHARMA INTL F	COM	91911K102	7,791	59,384	SH		SOLE		0	0	59,384
VALERO ENERGY CORP	COM	91913Y100	252	5,457	SH		SOLE		0	0	5,457
VANGUARD DIVIDEND APPRECIATION	COM	921908844	1,038	13,494	SH		SOLE		0	0	13,494
VANGUARD SHORT-TERM BOND ETF	COM	921937827	209	2,613	SH		SOLE		0	0	2,613
VANGUARD TOTAL BOND MARKET ETF	COM	921937835	1,245	15,192	SH		SOLE		0	0	15,192
VERIZON COMMUNICATN	COM	92343V104	541	10,827	SH		SOLE		0	0	10,827
VODAFONE GROUP NEW ADR F SPONS	COM	92857W209	477	14,506	SH		SOLE		0	0	14,506
Vereit Incorporated Reit	COM	92339V100	394	32,695	SH		SOLE		0	0	32,695
W.P. CAREY INC. REIT	COM	92936U109	404	6,329	SH		SOLE		0	0	6,329
WALGREENS BOOTS ALLI	COM	931427108	380	6,406	SH		SOLE		0	0	6,406
WELLS FARGO BK N A	COM	949746101	285	5,485	SH		SOLE		0	0	5,485
WHOLE FOODS MARKET	COM	966837106	340	8,935	SH		SOLE		0	0	8,935
WILLIAMS COMPANIES	COM	969457100	827	14,937	SH		SOLE		0	0	14,937
WISDOMTREE MIDCAP DIVIDEND ETF	COM	97717W505	267	3,405	SH		SOLE		0	0	3,405
Windstream Hldgs Incorporated	COM	97382A200	138	12,790	SH		SOLE		0	0	12,790
Exterran Partners Lp Com Units	COM	30225N105	213	7,255	SH		SOLE		0	0	7,255
Regency Energy Partners L P Co	COM	75885Y107	228	6,995	SH		SOLE		0	0	6,995