NBW Capital 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

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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
Cliff Natural Resources, Inc.	PFD	18683K408	84	12,606	SH		SOLE		12,606	0	0
Crown Castle 4.5% Ser WI-A Con	PFD	22822V200	413	4,031	SH		SOLE		4,031	0	0
Nextera Energy, Inc.	PFD	65339F887	490	7,327	SH		SOLE		7,327	0	0
Access Midstream Partners, LP	LTD	00434L109	9,293	171,451	SH		SOLE		171,451	0	0
Cone Midstream Partners LP	LTD	206812109	9,492	393,521	SH		SOLE		393,521	0	0
Crestwood Equity Partners, LP	LTD	226344109	2,142	264,481	SH		SOLE		264,481	0	0
CSI Compressco LP	LTD	12637A103	4,838	368,440	SH		SOLE		368,440	0	0
Dominion Midstream Partners, L	LTD	257454108	9,169	233,896	SH		SOLE		233,896	0	0
Enable Midstream Partners, LP	LTD	292480100	7,156	369,070	SH		SOLE		369,070	0	0
Energy Transfer Equity, LP	LTD	29273V100	10,517	183,285	SH		SOLE		183,285	0	0
Enlink Midstream	LTD	29336T100	12,046	338,761	SH		SOLE		338,761	0	0
Enterprise Products Partners,	LTD	293792107	2,023	55,995	SH		SOLE		55,995	0	0
EQT Midstream Partners, LP	LTD	26885B100	5,272	59,905	SH		SOLE		59,905	0	0
Marlin Midstream Partners, LP	LTD	57118V100	1,623	89,269	SH		SOLE		89,269	0	0
Midcoast Energy Partners, LP	LTD	59564N103	1,562	114,163	SH		SOLE		114,163	0	0
MPLX, LP	LTD	55336V100	14,063	191,366	SH		SOLE		191,366	0	0
NextEra Energy Partners, LP	LTD	65341B106	240	7,108	SH		SOLE		7,108	0	0
NGL Energy Partners	LTD	62913M107	6,997	249,983	SH		SOLE		249,983	0	0
PBF Logistics, LP	LTD	69318Q104	8,115	380,114	SH		SOLE		380,114	0	0
Plains GP Holdings	LTD	72651A108	9,832	382,868	SH		SOLE		382,868	0	0
QEP Midstream Partners, LP	LTD	74735R115	6,231	371,131	SH		SOLE		371,131	0	0
Shell Midstream Partners, LP	LTD	822634101	3,249	79,293	SH		SOLE		79,293	0	0
Sunoco Logistics Partners, LP	LTD	86764L108	7,664	183,437	SH		SOLE		183,437	0	0
Tallgrass Energy Partners, LP	LTD	874697105	11,787	263,681	SH		SOLE		263,681	0	0
Targa Resources Corp	LTD	87612G101	9,261	87,326	SH		SOLE		87,326	0	0
Tesoro Logistics, LP	LTD	88160T107	2,729	46,365	SH		SOLE		46,365	0	0
USD Partners, LP	LTD	903318103	4,003	282,467	SH		SOLE		282,467	0	0
Western Gas Equity Partners, L	LTD	95825R103	11,607	192,710	SH		SOLE		192,710	0	0
Western Refining Logistics, LP	LTD	95931Q205	10,341	339,060	SH		SOLE		339,060	0	0
Williams Companies, Inc.	LTD	969457100	8,834	196,584	SH		SOLE		196,584	0	0
World Point Terminals, LP	LTD	98159G107	3,774	187,564	SH		SOLE		187,564	0	0
American Tower REIT	COM	03027X100	9,462	95,720	SH		SOLE		95,720	0	0
Apple, Inc.	COM	037833100	13,657	123,723	SH		SOLE		123,723	0	0
Aspen Aerogels	COM	04523Y105	1,767	221,438	SH		SOLE		221,438	0	0
Black Diamond Group Limited Co	COM	09202D207	2,638	239,806	SH		SOLE		239,806	0	0
Boeing Company	COM	097023105	8,226	63,289	SH		SOLE		63,289	0	0
Chegg	COM	163092109	2,027	293,361	SH		SOLE		293,361	0	0
Consolidated Communications Ho	COM	209034107	5,531	198,757	SH		SOLE		198,757	0	0
Cryolife, Inc.	COM	228903100	2,203	194,457	SH		SOLE		194,457	0	0
Cynosure, Inc.	COM	232577205	1,802	65,701	SH		SOLE		65,701	0	0
Danaher Corp.	COM	235851102	9,891	115,397	SH		SOLE		115,397	0	0
Dicks Sporting Goods, Inc.	COM	253393102	3,616	72,835	SH		SOLE		72,835	0	0
Element Financial Corp	COM	286181961	3,846	315,010	SH		SOLE		315,010	0	0
Exxon Mobil Corporation	COM	30231G102	260	2,814	SH		SOLE		2,814	0	0
Flotek Industries, Inc.	COM	343389102	4,860	259,479	SH		SOLE		259,479	0	0
Ford Motor Co.	COM	345370860	3,771	243,290	SH		SOLE		243,290	0	0
Fox Factory Holding Corp	COM	35138V102	3,248	200,150	SH		SOLE		200,150	0	0
Google Inc Class A	COM	38259P508	4,535	8,546	SH		SOLE		8,546	0	0
Google Inc Class C	COM	38259P706	4,497	8,543	SH		SOLE		8,543	0	0
Gran Tierra Energy	COM	38500T101	2,004	520,429	SH		SOLE		520,429	0	0
Green Bancorp, Inc.	COM	39260X100	1,532	127,251	SH		SOLE		127,251	0	0
Hannon Armstrong Sustainable I	COM	41068X100	4,340	305,009	SH		SOLE		305,009	0	0
Harsco Corporation	COM	415864107	2,504	132,573	SH		SOLE		132,573	0	0
Illinois Tool Works, Inc.	COM	452308109	9,379	99,042	SH		SOLE		99,042	0	0
Investors Bancorp, Inc.	COM	46146L101	4,205	374,587	SH		SOLE		374,587	0	0
Malibu Boats, Inc.	COM	56117J100	1,790	92,867	SH		SOLE		92,867	0	0
MarineMax Inc.	COM	567908108	2,399	119,635	SH		SOLE		119,635	0	0
Microsoft Corporation	COM	594918104	9,513	204,809	SH		SOLE		204,809	0	0
Miller Energy Resources, Inc.	COM	600527105	25	20,000	SH		SOLE		20,000	0	0
Nike, Inc. Class B	COM	654106103	9,311	96,840	SH		SOLE		96,840	0	0
Northern Oil & Gas, Inc.	COM	665531109	2,728	482,761	SH		SOLE		482,761	0	0
Peformance Sports Group LTD.	COM	71377G951	2,614	143,195	SH		SOLE		143,195	0	0
Precision Castparts Corp.	COM	740189105	7,978	33,120	SH		SOLE		33,120	0	0
Quanta Services, Inc.	COM	74762E102	2,998	105,595	SH		SOLE		105,595	0	0
Roper Industries, Inc.	COM	776696106	9,795	62,647	SH		SOLE		62,647	0	0
Secure Energy Services, Inc.	COM	81373C102	4,707	321,292	SH		SOLE		321,292	0	0
Stag Industrial, Inc.	COM	85254J102	4,532	184,983	SH		SOLE		184,983	0	0
Strad Energy Services Ltd	COM	862547106	172	55,807	SH		SOLE		55,807	0	0
Transition Therapeutics, Inc.	COM	893716209	137	20,000	SH		SOLE		20,000	0	0
Tyler Technologies, Inc.	COM	902252105	5,479	50,066	SH		SOLE		50,066	0	0
Ultimate Software Group	COM	90385D107	5,612	38,223	SH		SOLE		38,223	0	0
Under Armour, Inc.	COM	904311107	7,440	109,575	SH		SOLE		109,575	0	0
Vitamin Shoppe, Inc.	COM	92849E101	5,291	108,917	SH		SOLE		108,917	0	0
Whitestone REIT	COM	966084204	2,595	171,772	SH		SOLE		171,772	0	0
Zagg, Inc.	COM	98884U108	2,388	351,643	SH		SOLE		351,643	0	0
Guggenheim S&P 500 Equal Weigh	TR UNIT	78355W106	414	5,170	SH		SOLE		5,170	0	0
JPMorgan Alerian MLP Index ETN	TR UNIT	46625H365	3,682	80,122	SH		SOLE		80,122	0	0
Powershares QQQ	TR UNIT	73935A104	341	3,302	SH		SOLE		3,302	0	0
SPDR S & P 500 ETF Trust	TR UNIT	78462F103	17,211	83,737	SH		SOLE		83,737	0	0
UBS Alerian MLP/ MLPI	TR UNIT	902641646	21,924	539,999	SH		SOLE		539,999	0	0