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
1/100 BERKSHIRE HTWY CLA 100 S	COM	084990175	226	100	SH		SOLE		0	0	100
21ST CENT FOX CLASS A	COM	90130a101	4,764	124,040	SH		SOLE		0	0	124,040
ABBOTT LABORATORIES	COM	002824100	1,357	30,139	SH		SOLE		0	0	30,139
ABBVIE INC	COM	00287Y109	245	3,749	SH		SOLE		0	0	3,749
ACCENTURE PLC F CLASS A	COM	G1151C101	1,184	13,256	SH		SOLE		0	0	13,256
AFLAC INC	COM	001055102	1,089	17,832	SH		SOLE		0	0	17,832
ALPHABET INC. CLASS A	COM	02079K305	956	1,802	SH		SOLE		0	0	1,802
ALPHABET INC. CLASS C	COM	02079K107	221	419	SH		SOLE		0	0	419
ALPS ALERIAN MLP ETF	COM	00162Q866	1,016	57,970	SH		SOLE		0	0	57,970
ALTRIA GROUP INC	COM	02209S103	484	9,820	SH		SOLE		0	0	9,820
AMERICAN AIRLS GROUP	COM	02376R102	451	8,403	SH		SOLE		0	0	8,403
AMERICAN INTL GROUP	COM	026874784	1,454	25,964	SH		SOLE		0	0	25,964
APPLE INC	COM	037833100	5,218	47,276	SH		SOLE		0	0	47,276
Alliancebernstein Natl Muni In	COM	01864U106	145	10,511	SH		SOLE		0	0	10,511
Amazon Com Incorporated	COM	023135106	279	898	SH		SOLE		0	0	898
Anadarko Pete Corporation	COM	032511107	200	2,426	SH		SOLE		0	0	2,426
Annaly Cap Mgmt Incorporated R	COM	035710409	241	22,295	SH		SOLE		0	0	22,295
Armstrong World Industries Inc	COM	04247X102	204	4,000	SH		SOLE		0	0	4,000
At&t Corporation Com New	COM	001957505	438	13,029	SH		SOLE		0	0	13,029
BANK OF AMERICA CORP	COM	060505104	463	25,866	SH		SOLE		0	0	25,866
BCE INC F	COM	05534B760	523	11,403	SH		SOLE		0	0	11,403
BERKSHIRE HATHAWAY CLASS B	COM	084670702	269	1,790	SH		SOLE		0	0	1,790
BLACKROCK INC	COM	09247X101	582	1,628	SH		SOLE		0	0	1,628
BP PLC F ADR 1 ADR REPS 6 ORD	COM	055622104	789	20,688	SH		SOLE		0	0	20,688
BRISTOL-MYERS SQUIBB	COM	110122108	220	3,726	SH		SOLE		0	0	3,726
Blackrock Limited Duration Inc	COM	09249W101	203	12,939	SH		SOLE		0	0	12,939
Blackrock Mun Income Tr Bric E	COM	09248F109	554	39,097	SH		SOLE		0	0	39,097
Blackrock Muni Income Tr Ii	COM	09249N101	373	23,484	SH		SOLE		0	0	23,484
Blackrock Muniholdings Fd Inco	COM	09253N104	191	11,183	SH		SOLE		0	0	11,183
Blackrock Munivest Fd Incorpor	COM	09253R105	119	12,009	SH		SOLE		0	0	12,009
Blackrock Muniyield Fd Incorpo	COM	09253W104	324	21,971	SH		SOLE		0	0	21,971
Blackrock Strategic Mun Tr	COM	09248T109	256	18,164	SH		SOLE		0	0	18,164
Blackstone Group L P Com Unit	COM	09253U108	210	6,200	SH		SOLE		0	0	6,200
CAPITAL ONE FINL	COM	14040H105	543	6,579	SH		SOLE		0	0	6,579
CARDINAL HEALTH INC	COM	14149Y108	1,230	15,233	SH		SOLE		0	0	15,233
CELGENE CORP	COM	151020104	1,771	15,831	SH		SOLE		0	0	15,831
CHARLES SCHWAB CORP	COM	808513105	4,378	145,028	SH		SOLE		0	0	145,028
CHEVRON CORPORATION	COM	166764100	7,699	68,630	SH		SOLE		0	0	68,630
CHICAGO BRDG &IRON CO NV	COM	167250109	3,036	72,326	SH		SOLE		0	0	72,326
CLEARBRIDGE ENERGY MLP C	COM	184692101	243	8,800	SH		SOLE		0	0	8,800
COCA COLA COMPANY	COM	191216100	836	19,803	SH		SOLE		0	0	19,803
COMCAST CORPORATION CLASS A	COM	20030N101	261	4,496	SH		SOLE		0	0	4,496
CONOCOPHILLIPS	COM	20825C104	591	8,553	SH		SOLE		0	0	8,553
COSTCO WHOLESALE CO	COM	22160K105	1,461	10,304	SH		SOLE		0	0	10,304
COVIDIEN PLC NEW F	COM	G2554F113	961	9,393	SH		SOLE		0	0	9,393
CREDIT SUS X LKS CHG MLP INFR	COM	22542d852	313	9,808	SH		SOLE		0	0	9,808
CS VELOCITYSHRS DLY INV VIX SH	COM	22542d795	427	13,700	SH		SOLE		0	0	13,700
CUMMINS INC	COM	231021106	904	6,270	SH		SOLE		0	0	6,270
CVS HEALTH CORP	COM	126650100	291	3,026	SH		SOLE		0	0	3,026
Calamos Strategic Totl Retn Fd	COM	128125101	174	15,200	SH		SOLE		0	0	15,200
Celanese Corporation Del Com S	COM	150870103	230	3,835	SH		SOLE		0	0	3,835
Central Fd Cda Limited Class A	COM	153501101	443	38,222	SH		SOLE		0	0	38,222
DAVITA HEALTHCARE PTNR	COM	23918K108	200	2,642	SH		SOLE		0	0	2,642
DEERE & CO	COM	244199105	350	3,956	SH		SOLE		0	0	3,956
DIRECTV	COM	25490A309	1,157	13,347	SH		SOLE		0	0	13,347
DISCOVER FINANCIAL S	COM	254709108	403	6,147	SH		SOLE		0	0	6,147
DRESSER RAND GROUP INC	COM	261608103	3,568	43,618	SH		SOLE		0	0	43,618
Dental Patient Care Amer Incor	COM	24873V105	7	502,200	SH		SOLE		0	0	502,200
Dreyfus Strategic Mun Bd Fd	COM	26202F107	220	27,636	SH		SOLE		0	0	27,636
Dreyfus Strategic Muns Incorpo	COM	261932107	197	24,016	SH		SOLE		0	0	24,016
EATON CORP PLC F	COM	G29183103	388	5,714	SH		SOLE		0	0	5,714
EMC CORP MASS	COM	268648102	327	10,979	SH		SOLE		0	0	10,979
ENERGIZER HOLDINGS I	COM	29272w109	4,665	36,285	SH		SOLE		0	0	36,285
ENERGY TRANSFER PART LP	COM	29273R109	266	4,092	SH		SOLE		0	0	4,092
ENTERPRISE PRODUCTS LP	COM	293792107	656	18,172	SH		SOLE		0	0	18,172
EOG RESOURCES INC	COM	26875P101	816	8,865	SH		SOLE		0	0	8,865
EQUINIX INC REIT	COM	29444U700	4,887	21,556	SH		SOLE		0	0	21,556
EXPRESS SCRIPTS HLDG	COM	30219G108	7,933	93,697	SH		SOLE		0	0	93,697
EXXON MOBIL CORP	COM	30231G102	1,243	13,448	SH		SOLE		0	0	13,448
Eaton Vance Mun Bd Fd	COM	27827X101	282	21,968	SH		SOLE		0	0	21,968
Eaton Vance Sr Fltng Rte Tr	COM	27828Q105	203	14,804	SH		SOLE		0	0	14,804
Enerplus Corporation (CANADA)	COM	292766102	131	13,600	SH		SOLE		0	0	13,600
FLY LEASING LTD ADR F SPONSORE	COM	34407D109	267	20,283	SH		SOLE		0	0	20,283
FORD MOTOR COMPANY	COM	345370860	661	42,642	SH		SOLE		0	0	42,642
Flexpoint Sensor Systems Incor	COM	33938W206	3	12,700	SH		SOLE		0	0	12,700
Franklin Res Incorporated	COM	354613101	254	4,585	SH		SOLE		0	0	4,585
GENERAL ELECTRIC CO	COM	369604103	1,903	75,289	SH		SOLE		0	0	75,289
GILEAD SCIENCES INC	COM	375558103	434	4,600	SH		SOLE		0	0	4,600
GLADSTONE INVESTMENT	COM	376546107	130	18,600	SH		SOLE		0	0	18,600
GLAXOSMITHKLINE PLC F ADR 1 AD	COM	37733W105	433	10,122	SH		SOLE		0	0	10,122
GUGGENHEIM SPIN-OFF ETF	COM	18383M605	269	6,000	SH		SOLE		0	0	6,000
Glacier Bancorp Incorporated N	COM	37637Q105	1,241	44,699	SH		SOLE		0	0	44,699
Goldcorp Incorporated New (CAN	COM	380956409	221	11,945	SH		SOLE		0	0	11,945
HALLIBURTON CO HLDG	COM	406216101	4,713	119,827	SH		SOLE		0	0	119,827
HERCULES TECH GROWTH	COM	427096508	465	31,231	SH		SOLE		0	0	31,231
Hercules Offshore Incorporated	COM	427093109	13	13,000	SH		SOLE		0	0	13,000
IBM CORP	COM	459200101	3,433	21,399	SH		SOLE		0	0	21,399
INTEL CORP	COM	458140100	336	9,260	SH		SOLE		0	0	9,260
INVESCO LTD F	COM	G491BT108	762	19,292	SH		SOLE		0	0	19,292
ISHARES 1-3 YEAR CREDIT BOND E	COM	464288646	394	3,742	SH		SOLE		0	0	3,742
ISHARES CORE S&P MID CAP ETF	COM	464287507	520	3,588	SH		SOLE		0	0	3,588
ISHARES CORE US AGGRGT BOND ET	COM	464287226	1,807	16,410	SH		SOLE		0	0	16,410
ISHARES IBOXX INVT GRADE BOND	COM	464287242	1,610	13,484	SH		SOLE		0	0	13,484
ISHARES INTERM CREDIT BOND ETF	COM	464288638	230	2,106	SH		SOLE		0	0	2,106
ISHARES MSCI IRELAND CAPPED ET	COM	46429B507	207	6,000	SH		SOLE		0	0	6,000
ISHARES NATIONL MUNI ETF	COM	464288414	319	2,895	SH		SOLE		0	0	2,895
ISHARES RUSSELL 2000 ETF	COM	464287655	263	2,201	SH		SOLE		0	0	2,201
ISHARES S&P 500 VALUE ETF IV	COM	464287408	447	4,765	SH		SOLE		0	0	4,765
ISHARES S&P MID CAP 400 VALUE	COM	464287705	983	7,692	SH		SOLE		0	0	7,692
ISHARES SELECT DIVIDEND ETF IV	COM	464287168	696	8,760	SH		SOLE		0	0	8,760
ISHARES TIPS BOND ETF	COM	464287176	411	3,671	SH		SOLE		0	0	3,671
ISHARES U.S. PREFERRED STOCK E	COM	464288687	361	9,161	SH		SOLE		0	0	9,161
ITUS CORPORATION	COM	45069v104	7	65,000	SH		SOLE		0	0	65,000
Independence Gold Corporation	COM	45344A107	2	27,022	SH		SOLE		0	0	27,022
Intuitive Surgical Incorporate	COM	46120E602	251	475	SH		SOLE		0	0	475
Invesco Sr Income Tr	COM	46131H107	127	27,865	SH		SOLE		0	0	27,865
Ishares Nasdq Biotec Etf	COM	464287556	325	1,070	SH		SOLE		0	0	1,070
JOHNSON & JOHNSON	COM	478160104	1,582	15,125	SH		SOLE		0	0	15,125
JP MORGAN CHASE ALERIAN ETN	COM	46625H365	414	9,016	SH		SOLE		0	0	9,016
JPMORGAN CHASE & CO	COM	46625H100	5,580	89,161	SH		SOLE		0	0	89,161
KEURIG GREEN MTN INC	COM	49271M100	270	2,040	SH		SOLE		0	0	2,040
KIMBERLY-CLARK CORP	COM	494368103	317	2,747	SH		SOLE		0	0	2,747
KINDER MORGAN INC	COM	49456B101	4,900	115,806	SH		SOLE		0	0	115,806
LYONDELLBASELL INDS F CLASS A	COM	N53745100	3,967	49,967	SH		SOLE		0	0	49,967
Linn Energy Llc Unit Ltd Liab	COM	536020100	124	12,277	SH		SOLE		0	0	12,277
MASTERCARD INC CLASS A	COM	57636Q104	1,546	17,940	SH		SOLE		0	0	17,940
MC DONALDS CORP	COM	580135101	399	4,254	SH		SOLE		0	0	4,254
MFS INVESTMENT GRADE MUN	COM	59318B108	111	11,800	SH		SOLE		0	0	11,800
MICROSOFT CORP	COM	594918104	8,398	180,792	SH		SOLE		0	0	180,792
Mfc Indl Limited (CANADA)	COM	55278T105	255	36,050	SH		SOLE		0	0	36,050
Mfs Charter Income Tr Sh Ben I	COM	552727109	199	21,682	SH		SOLE		0	0	21,682
Mfs Govt Mkts Income Tr Sh Ben	COM	552939100	74	13,009	SH		SOLE		0	0	13,009
Mfs Inter Income Tr Sh Ben Int	COM	55273C107	257	53,809	SH		SOLE		0	0	53,809
Mfs Intermarket Income Trust I	COM	59318R103	124	14,856	SH		SOLE		0	0	14,856
Mfs Multimarket Income Tr Sh B	COM	552737108	213	32,761	SH		SOLE		0	0	32,761
NATIONAL OILWELL VAR	COM	637071101	323	4,926	SH		SOLE		0	0	4,926
NCR CORPORATION	COM	62886e108	317	10,872	SH		SOLE		0	0	10,872
NEXTERA ENERGY INC	COM	65339F101	689	6,483	SH		SOLE		0	0	6,483
NORTHSTAR ASSET MGMT	COM	66705Y104	342	15,160	SH		SOLE		0	0	15,160
NOVARTIS AG F ADR 1 ADR REPS 1	COM	66987V109	215	2,317	SH		SOLE		0	0	2,317
NUVEEN DIVIDEND ADVANXXX MANDA	COM	67070f100	457	32,413	SH		SOLE		0	0	32,413
NUVEEN DVD ADVANTAGE MUNI FD C	COM	67066V101	155	10,783	SH		SOLE		0	0	10,783
NUVEEN ENHANCED MCPL CRE	COM	67070X101	568	41,199	SH		SOLE		0	0	41,199
NUVEEN ENHNCD AMT FREE M	COM	67071L106	670	47,476	SH		SOLE		0	0	47,476
NUVEEN MUNI MARKET OPPOR	COM	67062W103	179	13,100	SH		SOLE		0	0	13,100
NUVEEN MUNICIPAL ADVAXXX MANDA	COM	67062h106	216	15,837	SH		SOLE		0	0	15,837
NUVEEN PREMIUM INCOME MU	COM	67063W102	214	15,146	SH		SOLE		0	0	15,146
Northstar Rlty Fin Corporation	COM	66704R803	403	22,934	SH		SOLE		0	0	22,934
Nuveen Mun Value Fd Incorporat	COM	670928100	309	32,049	SH		SOLE		0	0	32,049
Nuveen Quality Preferred Incom	COM	67071S101	93	11,569	SH		SOLE		0	0	11,569
Nuveen Real Estate Income Fd	COM	67071B108	190	16,536	SH		SOLE		0	0	16,536
Nuveen Select Tax Free Incm Pt	COM	67062F100	226	15,813	SH		SOLE		0	0	15,813
Nuveen Sr Income Fd	COM	67067Y104	130	19,824	SH		SOLE		0	0	19,824
OCCIDENTAL PETROL CO	COM	674599105	1,170	14,518	SH		SOLE		0	0	14,518
OMEGA HLTHCARE INVTS REIT	COM	681936100	550	14,069	SH		SOLE		0	0	14,069
ORACLE CORPORATION	COM	68389X105	451	10,026	SH		SOLE		0	0	10,026
Oneok Incorporated New	COM	682680103	468	9,403	SH		SOLE		0	0	9,403
PCS EDVENTURES.COM	COM	69325n102	22	495,000	SH		SOLE		0	0	495,000
PENNANTPARK INVT CORP	COM	708062104	165	17,300	SH		SOLE		0	0	17,300
PEPSICO INCORPORATED	COM	713448108	523	5,533	SH		SOLE		0	0	5,533
PFIZER INCORPORATED	COM	717081103	405	13,006	SH		SOLE		0	0	13,006
PHILIP MORRIS INTL	COM	718172109	672	8,248	SH		SOLE		0	0	8,248
PIMCO TOTAL RETURN ACTIVE ETF	COM	72201R775	286	2,670	SH		SOLE		0	0	2,670
POWERSHARE NATL AMT FRE MUNI B	COM	73936T474	219	8,626	SH		SOLE		0	0	8,626
POWERSHARES BUILD AMERICA ETF	COM	73937B407	1,474	48,427	SH		SOLE		0	0	48,427
POWERSHARES EMRG MKTS SOVRGN D	COM	73936T573	214	7,589	SH		SOLE		0	0	7,589
PRECISION CASTPARTS	COM	740189105	4,486	18,624	SH		SOLE		0	0	18,624
PROCTER & GAMBLE	COM	742718109	1,476	16,201	SH		SOLE		0	0	16,201
PRUDENTIAL FINANCIAL	COM	744320102	215	2,374	SH		SOLE		0	0	2,374
PUTNAM MUNICIPAL OPPRTUN	COM	746922103	200	16,700	SH		SOLE		0	0	16,700
Pimco Etf Trust 0-5 Year High	COM	72201R783	325	3,221	SH		SOLE		0	0	3,221
Plains All Amern Pipeline L P	COM	726503105	240	4,679	SH		SOLE		0	0	4,679
Powershares Global Etf Preferr	COM	73936T565	178	12,130	SH		SOLE		0	0	12,130
QUALCOMM INC	COM	747525103	457	6,143	SH		SOLE		0	0	6,143
RAYTHEON COMPANY	COM	755111507	251	2,325	SH		SOLE		0	0	2,325
SANOFI SPOND F ADR 1 ADR REPS	COM	80105N105	219	4,793	SH		SOLE		0	0	4,793
SCHLUMBERGER LTD F	COM	806857108	763	8,933	SH		SOLE		0	0	8,933
SHERWIN WILLIAMS CO	COM	824348106	3,149	11,973	SH		SOLE		0	0	11,973
SOUTHERN COMPANY	COM	842587107	218	4,448	SH		SOLE		0	0	4,448
SPDR BARCLAYS HIGH YIELD BOND	COM	78464A417	356	9,219	SH		SOLE		0	0	9,219
SPDR S&P 500 ETF IV	COM	78462F103	484	2,357	SH		SOLE		0	0	2,357
SPDR S&P DIVIDEND ETF IV	COM	78464A763	917	11,640	SH		SOLE		0	0	11,640
STARBUCKS CORP	COM	855244109	599	7,296	SH		SOLE		0	0	7,296
Spdr Gold Tr Gold Shs	COM	78463V107	743	6,544	SH		SOLE		0	0	6,544
Spdr Series Trust S&p Biotech	COM	78464A870	362	1,940	SH		SOLE		0	0	1,940
Sprott Physical Gold Trust Uni	COM	85207H104	356	36,430	SH		SOLE		0	0	36,430
Sprott Physical Silver Tr Tr U	COM	85207K107	167	27,151	SH		SOLE		0	0	27,151
TARGET CORPORATION	COM	87612E106	1,000	13,171	SH		SOLE		0	0	13,171
TEREX CORP	COM	880779103	252	9,052	SH		SOLE		0	0	9,052
TJX COMPANIES INC	COM	872540109	1,365	19,910	SH		SOLE		0	0	19,910
TRIPLEPOINT VENTURE	COM	89677Y100	249	16,780	SH		SOLE		0	0	16,780
TRIUMPH GROUP INC	COM	896818101	4,090	60,849	SH		SOLE		0	0	60,849
U S BANCORP	COM	902973304	1,356	30,167	SH		SOLE		0	0	30,167
UBS ETRACS ALERIAN MLP INDEX E	COM	90267b682	216	7,444	SH		SOLE		0	0	7,444
UNITED PARCEL SRVC CLASS B	COM	911312106	558	5,022	SH		SOLE		0	0	5,022
UNITED TECHNOLOGIES	COM	913017109	251	2,184	SH		SOLE		0	0	2,184
VALEANT PHARMA INTL F	COM	91911K102	8,566	59,857	SH		SOLE		0	0	59,857
VALERO ENERGY CORP	COM	91913Y100	269	5,440	SH		SOLE		0	0	5,440
VANGUARD DIVIDEND APPRECIATION	COM	921908844	1,216	14,981	SH		SOLE		0	0	14,981
VANGUARD SHORT-TERM BOND ETF	COM	921937827	213	2,658	SH		SOLE		0	0	2,658
VANGUARD TOTAL BOND MARKET ETF	COM	921937835	1,259	15,288	SH		SOLE		0	0	15,288
VERIZON COMMUNICATN	COM	92343V104	567	12,111	SH		SOLE		0	0	12,111
VODAFONE GROUP NEW ADR F SPONS	COM	92857W209	534	15,620	SH		SOLE		0	0	15,620
Vanguard Scottsdale Funds Vang	COM	92206C771	273	5,151	SH		SOLE		0	0	5,151
W.P. CAREY INC. REIT	COM	92936U109	512	7,302	SH		SOLE		0	0	7,302
WALGREENS BOOTS ALLI	COM	931427108	486	6,383	SH		SOLE		0	0	6,383
WELLS FARGO BK N A	COM	949746101	281	5,122	SH		SOLE		0	0	5,122
WILLIAMS COMPANIES	COM	969457100	798	17,759	SH		SOLE		0	0	17,759
WISDOMTREE MIDCAP DIVIDEND ETF	COM	97717W505	360	4,297	SH		SOLE		0	0	4,297
Windstream Hldgs Incorporated	COM	97382A200	106	12,871	SH		SOLE		0	0	12,871
YAMANA GOLD INC COM	COM	98462Y100	145	36,000	SH		SOLE		0	0	36,000