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	217	100	SH		SOLE		0	0	100
21ST CENT FOX CLASS A	COM	90130a101	4,441	131,224	SH		SOLE		0	0	131,224
ABBOTT LABORATORIES	COM	002824100	1,528	32,991	SH		SOLE		0	0	32,991
ABBVIE INC	COM	00287Y109	351	5,996	SH		SOLE		0	0	5,996
ACCENTURE PLC F CLASS A	COM	G1151C101	1,335	14,248	SH		SOLE		0	0	14,248
AFLAC INC	COM	001055102	1,294	20,216	SH		SOLE		0	0	20,216
AGNICO EAGLE MINES F	COM	008474108	223	7,986	SH		SOLE		0	0	7,986
ALPHABET INC. CLASS A	COM	02079K305	4,950	8,924	SH		SOLE		0	0	8,924
ALPS ALERIAN MLP ETF	COM	00162Q866	926	55,914	SH		SOLE		0	0	55,914
ALTRIA GROUP INC	COM	02209S103	468	9,359	SH		SOLE		0	0	9,359
AMERICAN AIRLS GROUP	COM	02376R102	454	8,596	SH		SOLE		0	0	8,596
AMERICAN EXPRESS CO	COM	025816109	464	5,944	SH		SOLE		0	0	5,944
AMERICAN INTL GROUP	COM	026874784	1,532	27,969	SH		SOLE		0	0	27,969
APPLE INC	COM	037833100	5,901	47,426	SH		SOLE		0	0	47,426
Alliancebernstein Natl Muni In	COM	01864U106	144	10,511	SH		SOLE		0	0	10,511
Amazon Com Incorporated	COM	023135106	263	706	SH		SOLE		0	0	706
Anadarko Pete Corporation	COM	032511107	201	2,433	SH		SOLE		0	0	2,433
Annaly Cap Mgmt Incorporated R	COM	035710409	194	18,650	SH		SOLE		0	0	18,650
Armstrong World Industries Inc	COM	04247X102	230	4,000	SH		SOLE		0	0	4,000
At&t Corporation Com New	COM	001957505	441	13,509	SH		SOLE		0	0	13,509
BANK OF AMERICA CORP	COM	060505104	447	29,024	SH		SOLE		0	0	29,024
BCE INC F	COM	05534B760	472	11,159	SH		SOLE		0	0	11,159
BERKSHIRE HATHAWAY CLASS B	COM	084670702	252	1,744	SH		SOLE		0	0	1,744
BLACKROCK INC	COM	09247X101	583	1,593	SH		SOLE		0	0	1,593
BOEING CO	COM	097023105	503	3,353	SH		SOLE		0	0	3,353
BP PLC F ADR 1 ADR REPS 6 ORD	COM	055622104	812	20,767	SH		SOLE		0	0	20,767
BRISTOL-MYERS SQUIBB	COM	110122108	219	3,390	SH		SOLE		0	0	3,390
Blackrock Limited Duration Inc	COM	09249W101	169	10,676	SH		SOLE		0	0	10,676
Blackrock Mun Income Tr Bric E	COM	09248F109	573	39,101	SH		SOLE		0	0	39,101
Blackrock Muni Income Tr Ii	COM	09249N101	356	23,507	SH		SOLE		0	0	23,507
Blackrock Muniholdings Fd Inco	COM	09253N104	195	11,183	SH		SOLE		0	0	11,183
Blackrock Munivest Fd Incorpor	COM	09253R105	122	12,009	SH		SOLE		0	0	12,009
Blackrock Muniyield Fd Incorpo	COM	09253W104	334	21,971	SH		SOLE		0	0	21,971
Blackrock Strategic Mun Tr	COM	09248T109	252	18,172	SH		SOLE		0	0	18,172
Blackstone Group L P Com Unit	COM	09253U108	241	6,200	SH		SOLE		0	0	6,200
CAPITAL ONE FINL	COM	14040H105	575	7,293	SH		SOLE		0	0	7,293
CARDINAL HEALTH INC	COM	14149Y108	1,490	16,503	SH		SOLE		0	0	16,503
CELGENE CORP	COM	151020104	1,893	16,419	SH		SOLE		0	0	16,419
CHARLES SCHWAB CORP	COM	808513105	4,802	157,751	SH		SOLE		0	0	157,751
CHEVRON CORPORATION	COM	166764100	7,274	69,288	SH		SOLE		0	0	69,288
CHICAGO BRDG &IRON CO NV	COM	167250109	3,461	70,269	SH		SOLE		0	0	70,269
CLEARBRIDGE ENERGY MLP C	COM	184692101	220	8,800	SH		SOLE		0	0	8,800
COCA COLA COMPANY	COM	191216100	799	19,705	SH		SOLE		0	0	19,705
CONOCOPHILLIPS	COM	20825C104	588	9,446	SH		SOLE		0	0	9,446
COSTCO WHOLESALE CO	COM	22160K105	1,756	11,592	SH		SOLE		0	0	11,592
CREDIT SUS X LKS CHG MLP INFR	COM	22542d852	310	10,199	SH		SOLE		0	0	10,199
CUMMINS INC	COM	231021106	906	6,535	SH		SOLE		0	0	6,535
CVS HEALTH CORP	COM	126650100	312	3,027	SH		SOLE		0	0	3,027
Calamos Strategic Totl Retn Fd	COM	128125101	120	10,700	SH		SOLE		0	0	10,700
Cameron International Corporat	COM	13342B105	246	5,445	SH		SOLE		0	0	5,445
Celanese Corporation Del Com S	COM	150870103	259	4,635	SH		SOLE		0	0	4,635
Central Fd Cda Limited Class A	COM	153501101	358	30,037	SH		SOLE		0	0	30,037
DEERE & CO	COM	244199105	347	3,958	SH		SOLE		0	0	3,958
DIRECTV	COM	25490A309	1,203	14,141	SH		SOLE		0	0	14,141
DISCOVER FINANCIAL S	COM	254709108	380	6,747	SH		SOLE		0	0	6,747
DRESSER RAND GROUP INC	COM	261608103	3,619	45,044	SH		SOLE		0	0	45,044
Dental Patient Care Amer Incor	COM	24873V105	7	502,200	SH		SOLE		0	0	502,200
Dreyfus Strategic Mun Bd Fd	COM	26202F107	224	27,636	SH		SOLE		0	0	27,636
Dreyfus Strategic Muns Incorpo	COM	261932107	201	24,016	SH		SOLE		0	0	24,016
EMC CORP MASS	COM	268648102	273	10,666	SH		SOLE		0	0	10,666
EMERSON ELECTRIC CO	COM	291011104	215	3,797	SH		SOLE		0	0	3,797
ENERGIZER HOLDINGS I	COM	29272w109	4,912	35,583	SH		SOLE		0	0	35,583
ENERGY TRANSFER PART LP	COM	29273R109	228	4,097	SH		SOLE		0	0	4,097
ENTERPRISE PRODUCTS LP	COM	293792107	580	17,628	SH		SOLE		0	0	17,628
EOG RESOURCES INC	COM	26875P101	853	9,305	SH		SOLE		0	0	9,305
EQUINIX INC REIT	COM	29444U700	5,204	22,349	SH		SOLE		0	0	22,349
EXPRESS SCRIPTS HLDG	COM	30219G108	8,492	97,871	SH		SOLE		0	0	97,871
EXXON MOBIL CORP	COM	30231G102	1,086	12,775	SH		SOLE		0	0	12,775
Eaton Vance Mun Bd Fd	COM	27827X101	284	21,968	SH		SOLE		0	0	21,968
Eaton Vance Sr Fltng Rte Tr	COM	27828Q105	215	14,872	SH		SOLE		0	0	14,872
Enerplus Corporation (CANADA)	COM	292766102	138	13,600	SH		SOLE		0	0	13,600
FLY LEASING LTD ADR F SPONSORE	COM	34407D109	246	16,900	SH		SOLE		0	0	16,900
FORD MOTOR COMPANY	COM	345370860	585	36,275	SH		SOLE		0	0	36,275
Flexpoint Sensor Systems Incor	COM	33938W206	2	12,700	SH		SOLE		0	0	12,700
Franklin Res Incorporated	COM	354613101	254	4,950	SH		SOLE		0	0	4,950
GENERAL ELECTRIC CO	COM	369604103	1,957	78,865	SH		SOLE		0	0	78,865
GILEAD SCIENCES INC	COM	375558103	467	4,757	SH		SOLE		0	0	4,757
GLADSTONE INVESTMENT	COM	376546107	155	21,000	SH		SOLE		0	0	21,000
GLAXOSMITHKLINE PLC F ADR 1 AD	COM	37733W105	473	10,255	SH		SOLE		0	0	10,255
GUGGENHEIM S&P 500 EQL WEIGHT	COM	78355W106	454	5,599	SH		SOLE		0	0	5,599
GUGGENHEIM SPIN-OFF ETF	COM	18383M605	285	6,000	SH		SOLE		0	0	6,000
Glacier Bancorp Incorporated N	COM	37637Q105	1,105	43,947	SH		SOLE		0	0	43,947
HALLIBURTON CO HLDG	COM	406216101	7,917	180,416	SH		SOLE		0	0	180,416
HERCULES TECH GROWTH	COM	427096508	154	11,418	SH		SOLE		0	0	11,418
Hercules Offshore Incorporated	COM	427093109	10	24,000	SH		SOLE		0	0	24,000
IBM CORP	COM	459200101	3,467	21,603	SH		SOLE		0	0	21,603
INTEL CORP	COM	458140100	285	9,129	SH		SOLE		0	0	9,129
INVESCO LTD F	COM	G491BT108	882	22,211	SH		SOLE		0	0	22,211
ISHARES 1-3 YEAR CREDIT BOND E	COM	464288646	450	4,261	SH		SOLE		0	0	4,261
ISHARES CORE S&P MID CAP ETF	COM	464287507	545	3,588	SH		SOLE		0	0	3,588
ISHARES CORE US AGGRGT BOND ET	COM	464287226	1,978	17,755	SH		SOLE		0	0	17,755
ISHARES IBOXX INVT GRADE BOND	COM	464287242	1,540	12,650	SH		SOLE		0	0	12,650
ISHARES MSCI IRELAND CAPPED ET	COM	46429B507	224	6,000	SH		SOLE		0	0	6,000
ISHARES NATIONL MUNI ETF	COM	464288414	308	2,785	SH		SOLE		0	0	2,785
ISHARES RUSSELL 2000 ETF	COM	464287655	261	2,102	SH		SOLE		0	0	2,102
ISHARES S&P 500 VALUE ETF IV	COM	464287408	449	4,850	SH		SOLE		0	0	4,850
ISHARES S&P MID CAP 400 VALUE	COM	464287705	1,236	9,438	SH		SOLE		0	0	9,438
ISHARES SELECT DIVIDEND ETF IV	COM	464287168	648	8,310	SH		SOLE		0	0	8,310
ISHARES TIPS BOND ETF	COM	464287176	405	3,568	SH		SOLE		0	0	3,568
ISHARES U.S. PREFERRED STOCK E	COM	464288687	362	9,036	SH		SOLE		0	0	9,036
ITUS CORPORATION	COM	45069v104	4	30,000	SH		SOLE		0	0	30,000
Independence Gold Corporation	COM	45344A107	1	27,022	SH		SOLE		0	0	27,022
Invesco Sr Income Tr	COM	46131H107	133	28,015	SH		SOLE		0	0	28,015
Ishares Nasdq Biotec Etf	COM	464287556	375	1,093	SH		SOLE		0	0	1,093
JOHNSON & JOHNSON	COM	478160104	1,532	15,225	SH		SOLE		0	0	15,225
JP MORGAN CHASE ALERIAN ETN	COM	46625H365	428	10,000	SH		SOLE		0	0	10,000
JPMORGAN CHASE & CO	COM	46625H100	5,810	95,914	SH		SOLE		0	0	95,914
KEURIG GREEN MTN INC	COM	49271M100	221	1,980	SH		SOLE		0	0	1,980
KIMBERLY-CLARK CORP	COM	494368103	336	3,140	SH		SOLE		0	0	3,140
KINDER MORGAN INC	COM	49456B101	4,845	115,203	SH		SOLE		0	0	115,203
KRAFT FOODS GROUP	COM	50076Q106	204	2,338	SH		SOLE		0	0	2,338
LYONDELLBASELL INDS F CLASS A	COM	N53745100	1,980	22,554	SH		SOLE		0	0	22,554
Linn Energy Llc Unit Ltd Liab	COM	536020100	162	14,676	SH		SOLE		0	0	14,676
MASTERCARD INC CLASS A	COM	57636Q104	1,657	19,177	SH		SOLE		0	0	19,177
MC DONALDS CORP	COM	580135101	296	3,042	SH		SOLE		0	0	3,042
MEDTRONIC PLC F	COM	G5960L103	804	10,311	SH		SOLE		0	0	10,311
MFS INVESTMENT GRADE MUN	COM	59318B108	150	15,900	SH		SOLE		0	0	15,900
MICROSOFT CORP	COM	594918104	7,738	190,321	SH		SOLE		0	0	190,321
Mfs Charter Income Tr Sh Ben I	COM	552727109	192	21,777	SH		SOLE		0	0	21,777
Mfs Govt Mkts Income Tr Sh Ben	COM	552939100	81	14,414	SH		SOLE		0	0	14,414
Mfs Inter Income Tr Sh Ben Int	COM	55273C107	263	53,983	SH		SOLE		0	0	53,983
Mfs Intermarket Income Trust I	COM	59318R103	126	14,880	SH		SOLE		0	0	14,880
Mfs Multimarket Income Tr Sh B	COM	552737108	214	33,636	SH		SOLE		0	0	33,636
NEXTERA ENERGY INC	COM	65339F101	666	6,400	SH		SOLE		0	0	6,400
NORTHSTAR ASSET MGMT	COM	66705Y104	277	11,848	SH		SOLE		0	0	11,848
NOVARTIS AG F ADR 1 ADR REPS 1	COM	66987V109	262	2,661	SH		SOLE		0	0	2,661
NUVEEN DIVIDEND ADVANXXX MANDA	COM	67070f100	460	32,413	SH		SOLE		0	0	32,413
NUVEEN DVD ADVANTAGE MUNI FD C	COM	67066V101	164	11,458	SH		SOLE		0	0	11,458
NUVEEN ENHANCED MCPL CRE	COM	67070X101	585	41,199	SH		SOLE		0	0	41,199
NUVEEN ENHNCD AMT FREE M	COM	67071L106	686	47,276	SH		SOLE		0	0	47,276
NUVEEN MUNI MARKET OPPOR	COM	67062W103	179	13,100	SH		SOLE		0	0	13,100
NUVEEN MUNICIPAL ADVAXXX MANDA	COM	67062h106	218	15,837	SH		SOLE		0	0	15,837
NUVEEN PREMIUM INCOME MU	COM	67063W102	215	15,146	SH		SOLE		0	0	15,146
Northstar Rlty Fin Corporation	COM	66704R803	402	22,166	SH		SOLE		0	0	22,166
Nuveen Mun Value Fd Incorporat	COM	670928100	318	32,081	SH		SOLE		0	0	32,081
Nuveen Quality Preferred Incom	COM	67071S101	99	11,580	SH		SOLE		0	0	11,580
Nuveen Real Estate Income Fd	COM	67071B108	197	16,536	SH		SOLE		0	0	16,536
Nuveen Select Tax Free Incm Pt	COM	67062F100	230	15,820	SH		SOLE		0	0	15,820
Nuveen Sr Income Fd	COM	67067Y104	147	22,132	SH		SOLE		0	0	22,132
OCCIDENTAL PETROL CO	COM	674599105	1,048	14,357	SH		SOLE		0	0	14,357
OMEGA HLTHCARE INVTS REIT	COM	681936100	560	13,813	SH		SOLE		0	0	13,813
ORACLE CORPORATION	COM	68389X105	374	8,656	SH		SOLE		0	0	8,656
PAYCHEX INC	COM	704326107	428	8,630	SH		SOLE		0	0	8,630
PCS EDVENTURES.COM	COM	69325n102	4	150,000	SH		SOLE		0	0	150,000
PENNANTPARK INVT CORP	COM	708062104	178	19,700	SH		SOLE		0	0	19,700
PEPSICO INCORPORATED	COM	713448108	537	5,613	SH		SOLE		0	0	5,613
PFIZER INCORPORATED	COM	717081103	519	14,916	SH		SOLE		0	0	14,916
PHILIP MORRIS INTL	COM	718172109	631	8,373	SH		SOLE		0	0	8,373
PIMCO TOTAL RETURN ACTIVE ETF	COM	72201R775	306	2,780	SH		SOLE		0	0	2,780
POWERSHARE NATL AMT FRE MUNI B	COM	73936T474	291	11,412	SH		SOLE		0	0	11,412
POWERSHARES BUILD AMERICA ETF	COM	73937B407	1,620	53,339	SH		SOLE		0	0	53,339
POWERSHARES EMRG MKTS SOVRGN D	COM	73936T573	213	7,485	SH		SOLE		0	0	7,485
PRECISION CASTPARTS	COM	740189105	4,268	20,324	SH		SOLE		0	0	20,324
PROCTER & GAMBLE	COM	742718109	1,461	17,830	SH		SOLE		0	0	17,830
PRUDENTIAL FINANCIAL	COM	744320102	273	3,396	SH		SOLE		0	0	3,396
PUTNAM MUNICIPAL OPPRTUN	COM	746922103	205	16,700	SH		SOLE		0	0	16,700
Pimco Etf Trust 0-5 Year High	COM	72201R783	310	3,054	SH		SOLE		0	0	3,054
Plains All Amern Pipeline L P	COM	726503105	238	4,880	SH		SOLE		0	0	4,880
Powershares Global Etf Preferr	COM	73936T565	271	18,195	SH		SOLE		0	0	18,195
Putnam Master Inter Income Tr	COM	746909100	50	10,215	SH		SOLE		0	0	10,215
QUALCOMM INC	COM	747525103	480	6,921	SH		SOLE		0	0	6,921
RAYTHEON COMPANY	COM	755111507	254	2,325	SH		SOLE		0	0	2,325
SANOFI SPOND F ADR 1 ADR REPS	COM	80105N105	287	5,805	SH		SOLE		0	0	5,805
SCHLUMBERGER LTD F	COM	806857108	817	9,788	SH		SOLE		0	0	9,788
SHERWIN WILLIAMS CO	COM	824348106	3,409	11,981	SH		SOLE		0	0	11,981
SPDR BARCLAYS HIGH YIELD BOND	COM	78464A417	284	7,238	SH		SOLE		0	0	7,238
SPDR S&P 500 ETF IV	COM	78462F103	502	2,430	SH		SOLE		0	0	2,430
SPDR S&P DIVIDEND ETF IV	COM	78464A763	910	11,640	SH		SOLE		0	0	11,640
STARBUCKS CORP	COM	855244109	696	7,348	SH		SOLE		0	0	7,348
STARWOOD PPTY TRUST REIT	COM	85571B105	213	8,770	SH		SOLE		0	0	8,770
Sector Spdr Tr Sbi Int-energy	COM	81369Y506	234	3,022	SH		SOLE		0	0	3,022
Spdr Gold Tr Gold Shs	COM	78463V107	714	6,286	SH		SOLE		0	0	6,286
Spdr Series Trust S&p Biotech	COM	78464A870	440	1,950	SH		SOLE		0	0	1,950
Sprott Physical Gold Trust Uni	COM	85207H104	356	36,448	SH		SOLE		0	0	36,448
Sprott Physical Silver Tr Tr U	COM	85207K107	176	27,178	SH		SOLE		0	0	27,178
TARGET CORPORATION	COM	87612E106	1,070	13,040	SH		SOLE		0	0	13,040
TJX COMPANIES INC	COM	872540109	1,543	22,024	SH		SOLE		0	0	22,024
TRINITY INDUSTRIES	COM	896522109	511	14,377	SH		SOLE		0	0	14,377
TRIPLEPOINT VENTURE	COM	89677Y100	258	18,310	SH		SOLE		0	0	18,310
TRIUMPH GROUP INC	COM	896818101	3,457	57,880	SH		SOLE		0	0	57,880
U S BANCORP	COM	902973304	1,160	26,553	SH		SOLE		0	0	26,553
UBS ETRACS ALERIAN MLP INDEX E	COM	90267b682	227	8,405	SH		SOLE		0	0	8,405
UNITED PARCEL SRVC CLASS B	COM	911312106	493	5,084	SH		SOLE		0	0	5,084
UNITED TECHNOLOGIES	COM	913017109	202	1,722	SH		SOLE		0	0	1,722
VALEANT PHARMA INTL F	COM	91911K102	11,902	59,922	SH		SOLE		0	0	59,922
VALERO ENERGY CORP	COM	91913Y100	343	5,386	SH		SOLE		0	0	5,386
VANGUARD DIVIDEND APPRECIATION	COM	921908844	1,503	18,672	SH		SOLE		0	0	18,672
VANGUARD SHORT TERM COR BD ETF	COM	92206C409	210	2,618	SH		SOLE		0	0	2,618
VANGUARD SHORT-TERM BOND ETF	COM	921937827	494	6,132	SH		SOLE		0	0	6,132
VANGUARD TOTAL BOND MARKET ETF	COM	921937835	1,107	13,274	SH		SOLE		0	0	13,274
VERIZON COMMUNICATN	COM	92343V104	635	13,061	SH		SOLE		0	0	13,061
VODAFONE GROUP NEW ADR F SPONS	COM	92857W209	476	14,564	SH		SOLE		0	0	14,564
Vaneck Vectors Vietnam Etf	COM	92189F817	278	16,440	SH		SOLE		0	0	16,440
Vanguard Scottsdale Funds Vang	COM	92206C771	514	9,629	SH		SOLE		0	0	9,629
W.P. CAREY INC. REIT	COM	92936U109	484	7,115	SH		SOLE		0	0	7,115
WALGREENS BOOTS ALLI	COM	931427108	456	5,383	SH		SOLE		0	0	5,383
WELLS FARGO BK N A	COM	949746101	277	5,090	SH		SOLE		0	0	5,090
WELLTOWER INC	COM	95040Q104	205	2,645	SH		SOLE		0	0	2,645
WILLIAMS COMPANIES	COM	969457100	929	18,372	SH		SOLE		0	0	18,372
WISDOMTREE MIDCAP DIVIDEND ETF	COM	97717W505	586	6,810	SH		SOLE		0	0	6,810
WISDOMTREE SMALLCAP DIVIDEND E	COM	97717W604	296	4,111	SH		SOLE		0	0	4,111
Windstream Hldgs Incorporated	COM	97382A200	81	10,969	SH		SOLE		0	0	10,969
YAMANA GOLD INC COM	COM	98462Y100	277	77,291	SH		SOLE		0	0	77,291
Exterran Partners Lp Com Units	COM	30225N105	202	8,105	SH		SOLE		0	0	8,105