FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

WALTER ROBERT D 		2. Issuer Name and Ticker or Trading Symbol

YUM BRANDS INC [ YUM ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

330 W. SPRING STREET 		3. Date of Earliest Transaction (MM/DD/YYYY)

11/7/2016
(Street)

COLUMBUS, OH 43215
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Phantom Stock     (1) 11/7/2016     P      2062.7702         (2)   (3) Common Stock   2062.7702   $62.01   6851.7024   D    
Phantom Stock     (1) 11/7/2016     P      260.4844         (2)   (3) Common Stock   260.4844   $62.01   865.2256   D    
Phantom Stock     (1) 11/7/2016     P      1695.3204         (4)   (5) Common Stock   1695.3204   $62.01   5631.1804   D    
Phantom Stock     (1) 11/7/2016     P      1474.5325         (6)   (7) Common Stock   1474.5325   $62.01   4897.8108   D    
Phantom Stock     (1) 11/7/2016     P      1273.7047         (4)   (3) Common Stock   1273.7047   $62.01   4230.7407   D    
Phantom Stock     (1) 11/7/2016     P      1080.019         (6)   (7) Common Stock   1080.019   $62.01   3587.3936   D    
Phantom Stock     (1) 11/7/2016     P      95.2958         (6)   (7) Common Stock   95.2958   $62.01   316.5347   D    
Phantom Stock     (1) 11/7/2016     P      1022.6996         (6)   (7) Common Stock   1022.6996   $62.01   3397.0013   D    
Phantom Stock     (1) 11/7/2016     P      90.2382         (6)   (7) Common Stock   90.2382   $62.01   299.7354   D    
Phantom Stock     (1) 11/7/2016     P      1016.7354         (6)   (8) Common Stock   1016.7354   $62.01   3377.1908   D    
Phantom Stock     (1) 11/7/2016     P      89.712         (6)   (8) Common Stock   89.712   $62.01   297.9875   D    
Phantom Stock     (1) 11/7/2016     P      1234.9111         (6)   (8) Common Stock   1234.9111   $62.01   4101.8836   D    
Phantom Stock     (1) 11/7/2016     P      208.3912         (6)   (8) Common Stock   208.3912   $62.01   692.1928   D    
Phantom Stock     (1) 11/7/2016     P      307.7044         (6)   (7) Common Stock   307.7044   $62.01   1022.0718   D    

Explanation of Responses:
( 1)  Conversion occurs on a one-for-one basis.
( 2)  Phantom Exercise Date
( 3)  The YUM! Brands, Inc. Executive Income Deferral Program does not have specified expiration dates.
( 4)  The phantom stock units are acrued under the YUM! Brands, Inc. Director Deferred Compensation Plan and will be settled in YUM! stock after directorship ceases.
( 5)  The Director Deferred Compensation Plan does not have specified expiration dates.
( 6)  Payments are made in accordance with elections on file.
( 7)  The Program does not have specified expiration dates.
( 8)  Phantom units accrued under the YUM! Brands, Inc. Director Deferred Compensation Plan do not have expiration dates.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
WALTER ROBERT D
330 W. SPRING STREET
COLUMBUS, OH 43215 		X



Signatures
/s/ M. Gayle Hobson, POA 11/9/2016
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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