Water levels, which had been swollen with snowmelt runoff, either have dropped or are dropping fast. Waters are clear, or are clearing. And insect hatches are filling the air on almost every water.

The end result is the kind of fishing conditions that fly fishermen dream about and where lure and bait anglers can make big catches.

Look through the list of waters below and you'll see there are plenty of caddis hatches, drake mayfly hatches and even a few stonefly hatches on the various waters.

In short, stream fishermen can hardly lose, no matter where they go this week.

For warm-water fishermen, action is good all across Fort Peck Reservoir and very good at some other places as well, including Bighorn Lake, Boysen Reservoir and the Helena-area waters - Holter, Hauser and Canyon Ferry.

Where to go? Pick your favorites this week. There are a lot of good places to go.

Here's the weekly report:

Ackley Lake

Fishing is slow. Needlefish, on a leaded line has been taking some trout for trollers. - Dave Storfa, Don's, Lewistown.

Beaverhead River

The Beaverhead River has been fishing well and many of the same flies that work on the Big Hole River will catch fish here. Anglers using larger wooly buggers and wooly worms have been having good luck. Brown and black tricos, Adams irresistible and Griffith gnats sizes 16 to 20 are working well. - Chris Dupuis, Bob Ward and Sons, Butte.

Big Hole River

The river has been fishing well and running clear. Patterns that have been working well include black caddis pupae, X caddis and sparkle pupae sizes 14-18, brown tricos, Griffiths gnats in sizes 18-20, red humpies, Adams irresistibles, both light and dark, and flying red and black ants. - Chris Dupuis, Bob Ward and Sons, Butte.

Bighorn Lake

Trolling with bottom bouncers and worm harnesses has been productive for walleyes. Fish have been running up to 8 pounds. The Slide Area has been good. The water temperature is 71 degrees. Fishing shaded areas on the canyon walls with jigs has also been productive. - Kelly Bullis, Ok-A-Beh Marina, Fort Smith.

Bighorn River

Fishing is very good. Flows are at 7,000 cfs. Yellow sally stoneflies are coming off, with size 14 and 16s as good matches. In the evening, black caddis are coming off. Size 16 black CDC caddis is a good match, or a slow-water caddis in a size 16. Red or orange San Juan worms are producing for nymph fishermen. Use a flashback pheasant tail in size 16, an orange soft-hackle sowbug in a size 15, a black soft-hackle caddis emerger in a size 16 or a Ray Charles in a size 14 as a trailer. Wooly buggers, JJ specials or a black bugger have also been good. - Todd Stapleton, Bighorn Fly and Tackle, Hardin/Billings.

Boulder River

The river is high, but clear. Fishing is good with nymphs. Beadheads, prince nymphs, hare's ears and pheasant tails are working in size 10 and 12. In the afternoon, a few PMDs are still coming off, with size 16 a good match. A lot of caddis are coming off in the afternoon and evening, with size 14 and 16 elk-hair or Goddard caddis a good choice. - Jim McCall, Rainbow Run Fly Shop, Billings.

Canyon Ferry

Rainbow trout fishing has slowed. Walleye tournament fishermen last weekend weighed in 550 walleyes in two days. The best success was on bottom bouncers with crawler harnesses in 15 to 25 feet of water. - Dave Yerk and Troy Humphrey, FWP, Helena.

Clark Canyon Reservoir

Fishing has been spotty. Some days are dynamite and others are very slow. - Chris Dupuis, Bob Ward and Sons, Butte.

Cooney Reservoir

Fishing is fair. There is still plenty of action from the smaller fish. Crawlers are working well from shore. Leeches are taking the larger walleyes. - Dan Montoya, Cooney Dam Country Store.

Fort Peck: Big Dry Arm

Walleye fishing is best in the deeper water. Fish are in 20 to 30 feet of water. Crawler harnesses are best. Crankbaits, including perch Rapalas and Berkley Frenzies, are also working. A 32.5-inch walleye was caught by Marilyn Gedrose on a crawler harness with a chartreuse spinner. - Trent Schriver, Rock Creek Marina.

Fort Peck: Crooked Creek

Fishing has been a bit slow. Smaller walleyes are being caught, with a few big ones. Dan Purcell, of Helena, caught a 12-pound walleye on a nightcrawler harness. Some northerns have been caught in the 12- to 16-pound range. - Ron Ronningen, Fort Musselshell Marina.

Fort Peck: Dam area

Salmon fishing is spotty. A few are coming in, with the biggest weighed so far being 17 pounds. Lake trout fishing is good. Walleye fishing is very good, but you've got to go through a lot of small fish to get the big ones. Worm harnesses are working, with fish 10 to 25 feet deep. - Gene Moore, Lakeridge, Fort Peck.

Fort Peck: Fourchette Bay

Fishing is very good. Nightcrawler harnesses, with any bright color spinner, is working for walleyes. Berkley Frenzies and Shad Raps, in perch and thread shad, are the best crankbaits. Walleyes are 8 to 16 feet deep. - Kolin Mahan, Westside Sports, Malta.

Fort Peck: Hell Creek

Some good catches are coming in. A lot of small fish are being caught, with some people getting into schools of 3- to 5-pounders. Bottom bouncers and spinners are taking some fish. Others are being caught on crankbaits, with Shad Raps, Reef Runners and Frenzies in various finishes. The Hell Creek Tournament is Saturday and Sunday, with 135 teams entered. - Joe Herbold, Hell Creek Bar, Jordan.

Gallatin River

Fishing has been fantastic. Water is crystal clear and dropping. Flows are at 1,280 cfs at Gallatin Gateway. Yellow sallies are hatching in the morning. In the evening, it's caddis. Some PMDs are hatching during the day. Attractor patterns in size 12 and 14 are working. - Josh Stanish, Montana Troutfitters, Bozeman.

Georgetown Lake

Anglers have been doing very well from shore. The rainbows have moved out and the brook trout are in close. Fishermen stripping leaches from shore are catching fish. There was a very large caddis fly hatch last week, but it's been spotty since then. Worms with a marshmallow or Powerbait are also catching fish from shore and trollers are reporting success. - Chris Dupuis, Bob Ward and Sons, Butte.

Hauser Reservoir

A few rainbows and kokanee are being caught on cowbells and red wedding rings tipped with maggots near the powerlines between Black Sandy and York Bridge. The walleye action has been hot in the Causeway with most fish being caught on 3-inch chartreuse Mr. Twisters and leeches or nightcrawlers. - Dave Yerk and Troy Humphrey, FWP, Helena.

Hebgen Lake

Gulpers have started on Hebgen Lake. The best time is about 10 a.m. for action on these rainbows and browns. Callibaetis imitations are taking the gulpers. - Drew Mentzer, Bob Jacklin's Fly Shop, West Yellowstone.

Helena Valley Regulating Reservoir

Kokanee fishing has slowed some, but some nice-sized salmon are still being caught by anglers trolling the usual hardware of cowbells and wedding rings tipped with a maggot. - Dave Yerk and Troy Humphrey, FWP, Helena.

Henry's Fork (Idaho)

By Last Chance, the river is getting pretty crowded. Gray drakes are hatching. Also brown drakes are coming off in the evening. Anglers are fishing the spinner fall with some success. - Drew Mentzer, Bob Jacklin's Fly Shop, West Yellowstone.

Holter Reservoir

Good rainbow fishing can still be had while trolling black and silver Rapalas near Split Rock or the Dam. Walleye fishing is good while using chartreuse bottom bouncers near Split Rock. Yellow Perch are being caught off the jetty at the BLM ramp. - Dave Yerk and Troy Humphrey, FWP, Helena.

Jefferson River

The Jefferson is finally down to a point that it's fishable. Fishing is good with worms. Trout are beginning to hit again. - Chris Dupuis, Bob Ward and Sons, Butte.

Madison River: Ennis

Trout fishing is very good and the water is in great shape. Caddis hatches are coming off, with some hoppers around. Caddis, yellow stimulators and other attractor patterns like royal trudes and Goddard caddis are good choices. Down under, streamers like yuk bugs and woolly buggers are taking trout. Hare's ears and pheasant tails are working as trailers. - Glen Gallentine, The Tackle Shop, Ennis.

Madison River: Lower

Fishing is slow. The best action is early in the morning. It's best to go elsewhere. - Josh Stanish, Montana Troutfitters, Bozeman.

Martinsdale Reservoir

Fishing is a little slow. Action is best in early morning and evening. Jointed Rapalas in chartreuse, bright orange and green are the best. Cowbells are also taking trout. - Dan McLaughlin, Mint Bar, Martinsdale.

Missouri River: Below Holter

Fishing is very good. Pheasant tails and beadhead nymphs are best down under. High-viz caddisflies and PMD parachutes are taking trout on top. A tremendous caddisfly hatch is coming off late in the evening. Flow is at 5,400 cfs. - Duane Lund, Montana Fly Goods, Helena.

Missouri River: Fred Robinson Bridge

Fishing is decent. Some walleye and catfish are being caught. - Tammi Combs, Bohemian Corners Cafe

Musselshell River

Grasshopper time has arrived. River has started to moss up a bit. Spin and bait fishing will get tougher. Dry flies will work well. - Rick Hinand, Ray's Sport and Western Wear, Harlowton.

Nelson Reservoir

Fishing is relatively slow. Nightcrawler harnesses are working the best with chartreuse spinners the best color for walleyes. Berkley Frenzies, in perch finish, are the top crankbait. - Kolin Mahan, Westside Sports, Malta.

Rock Creek

The water is high, but clear, above Red Lodge. Fishing is good with bitch creeks in a size 10, beadhead prince nymphs or beadhead pheasant tails. On top, Royal Wulffs and olive or yellow humpies are taking trout. - Todd Stapleton, Bighorn Fly and Tackle, Hardin/Billings.

Ruby River

Fishermen are reporting success using nymphs, emergers and pheasant tail flies. The fish don't appear to be looking much at dry flies right now. The water levels are mostly good throughout the river's length. A couple of fishermen reported catching some fish on grasshopper patterns. - Tom Harman, Harman's Fly Shop, Sheridan.

Smith River

Nonfloatable. Flow is at 121 cfs. - Duane Lund, Montana Fly Goods, Helena.

Spring Creek

Fishing is good. Quill Gordons, elk hair caddis, parachute caddis are all taking trout on top. Beadhead prince nymph and hare's ears are taking trout for nymph fishermen. - Dave Storfa, Don's, Lewistown.

Stillwater River: Lower

Trout fishing is very good. Caddis, small golden stones and PMDs are coming off. Jack Cabes, stimulators and tan caddis are working on top with caddis emergers, beadhead princes or stonefly numphs fished as a dropper. Fish are holding along the banks and at the head of shallow riffles. - Jim Yeager, Old West Angler and Outfitters, Columbus.

Stillwater River: Upper, Middle

The river has dropped a foot in the past week. It's running clear. Fishing is good with nymphs during the day, including beadheads. Hopper fishing has picked up, with Jack Cabes, stimulators and Dave's hoppers in size 10 and 12 good choices. A good caddis hatch is also coming off, with size 16 elk hair caddis a good match. - Jim McCall, Rainbow Run Fly Shop, Billings.

Tongue River Reservoir

Some 3- to 4-pound walleyes being caught, along with eating-size smallmouths. Limits of nine to 12 crappies being taken. Largemouth bass are hitting on crankbaits as well. Camper's Point has re-opened. - Mary Madrid, Tongue River Marina.

West Rosebud River

The river has good color and good flows. Dry fly fishing is good in the early mornings and late evenings. Royal Wulffs and stimulators are the hot dry flies. A good caddis hatch is coming off at mid-afternoon. - Jim Yeager, Old West Angler and Outfitters, Columbus.

Yellowstone National Park

Salmonflies and golden stones are out in the Canyon of the Yellowstone. The Gardiner river also has salmonflies and golden stones. Slough Creek is fishing good with some caddis and PMDs coming off. The Gibbon and the Madison are fishing well. There's a good spinner fall on the Madison, with fishermen using a rusty spinner. The Firehole is tailing off as the waters warm. Yellowstone Lake is fishing well for cutthroat with black woolly buggers or small nymphs. A lot of grayling are being caught on Grebe Lake. - Drew Mentzer, Bob Jacklin's FlyShop, West Yellowstone.

Yellowstone River: Billings

The river is dropping and clearing. Catfish are biting on cut bait, shrimp and stink baits. Fish are running 2 to 4 pounds. Pompeys Pillar and Waco have been good spots. - Jami Burns, The Minnow Bucket, Huntley.

Yellowstone River: Columbus

The river is dropping and color is fair. Buggers, bitch creeks and big stonefly patterns are taking trout. There's a good caddis hatch, but the trout don't seem to be looking up for them yet. Look for that to change soon. - Jim Yeager, Old West Angler and Outfitters, Columbus.

Yellowstone River: Livingston

A few salmonflies and golden stones are left in the Gardiner area. Some green and gray drakes are also still around. A lot of yellow sallies and a lot of caddis are on the water. Stimulators and attractor patterns, from size 8 and 16, are taking trout. The river is dropping and clearing. - Alex Nixon, Dan Bailey's Fly Shop, Livingston.

Bighorn Mountain lakes

Tie Hack Reservoir has been fishing great, with up to 24-inch browns and rainbows being taken on bubble-and-fly, beadhead nymphs and dry flies including humpies. Magdalene and Brown Bear lakes have been good on gray hackle peacocks, mountain hoppers and Adams parachutes. Trigger Lake has also been good, with brown variants producing along with gray hackle peacocks. Meadowlark Lake has been turning out trout on gold Jake's Lures and bubble-and-fly combinations with Griffiths gnats and gray hackle peacocks. Sherd Lake has been producing snake river cutthroats on brown variants, Jake's Lures and Adams parachutes. - Sheri Gould, Just Gone Fishing, Buffalo.

Bighorn River

Flow levels have just dropped. Not many have been fishing it, but action should get good with the newer low flows. - Ken Kucera, The Outdoorsman, Worland.

Boysen Reservoir

Fishing has been good for walleyes. Deep-trolling with crankbaits, including quarter-ounce Hot 'N Tots in perch or crawdad, has been producing walleyes. Bottom bouncer fishermen are going shallower and catching fish. Fish are running about 16 to 18 inches. - Ken Kucera, The Outdoorsman, Worland.

Buffalo Bill Reservoir

Fishing is very good. A lot of fish are coming out of the North Fork arm. Rainbows and cutthroats are running 14 to 18 inches. Boaters are trolling a variety of lures, with Krocodiles among the better offerings. - Scott Aune, Absaroka Angler.

Clarks Fork of the Yellowstone

The river is in great shape. A good gray drake hatch is coming off. Parachute adams in size 12 or 14 will imitate it well. Some caddis are also hatching with most trout action coming in the evening. - Scott Aune, Absaroka Angler.

Medicine Lodge Creek

Fishing is good. Brown trout are running up to 14 inches. Action is good on dry flies. - Ken Kucera, The Outdoorsman, Worland.

Middle Fork of the Powder River

Some heavy rains have washed out the deep holes. Fishing is tough. Hellgrammites, zug bugs and warden's worries are taking some trout. - Sheri Gould, Just Gone Fishing, Buffalo.

North Fork of the Shoshone River

Everything above Gun Barrel Creek is in great shape. Some caddis are hatching. Most of the fishing is still with nymphs. Water levels are still a bit high. Stonefly nymphs, hare's ears and caddis nymphs are taking trout. - Scott Aune, Absaroka Angler.

Ten Sleep Creek

Water levels are still a bit high. Hoppers and mayfly imitations, like a Rio Grande King or H and L variant, are good choices. Bitch creeks are taking trout for nymph fishermen. - Ken Kucera, The Outdoorsman, Worland.

Perry Backus of the Montana Standard contributed to this report. The Billings Gazette Fishing Report runs each Thursday in The Gazette and billingsgazette.com. For comments or questions, contact Gazette outdoor editor Mark Henckel by phone at: (406) 657-1395, or by e-mail at: henckel@bsw.net