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	65	12,381	SH		SOLE		12,381	0	0
Crown Castle 4.5% Ser WI-A Con	PFD	22822V200	423	4,031	SH		SOLE		4,031	0	0
Nextera Energy, Inc.	PFD	65339F887	471	7,202	SH		SOLE		7,202	0	0
Columbia Pipeline Partners	LTD	198281107	12,457	449,886	SH		SOLE		449,886	0	0
Cone Midstream Partners LP	LTD	206812109	6,723	386,155	SH		SOLE		386,155	0	0
Crestwood Equity Partners, LP	LTD	226344109	1,534	255,607	SH		SOLE		255,607	0	0
CSI Compressco LP	LTD	12637A103	6,892	358,224	SH		SOLE		358,224	0	0
Dominion Midstream Partners, L	LTD	257454108	12,382	298,298	SH		SOLE		298,298	0	0
Energy Transfer Equity, LP	LTD	29273V100	12,039	190,005	SH		SOLE		190,005	0	0
Enlink Midstream	LTD	29336T100	12,274	377,199	SH		SOLE		377,199	0	0
Enterprise Products Partners,	LTD	293792107	1,664	50,528	SH		SOLE		50,528	0	0
EQT Midstream Partners, LP	LTD	26885B100	3,674	47,304	SH		SOLE		47,304	0	0
MPLX, LP	LTD	55336V100	13,366	182,447	SH		SOLE		182,447	0	0
NGL Energy Partners	LTD	62913M107	6,386	243,447	SH		SOLE		243,447	0	0
PBF Logistics, LP	LTD	69318Q104	8,444	373,259	SH		SOLE		373,259	0	0
Phillips 66 Partners, LP	LTD	718549207	10,617	150,235	SH		SOLE		150,235	0	0
Plains GP Holdings	LTD	72651A108	11,681	411,751	SH		SOLE		411,751	0	0
QEP Midstream Partners, LP	LTD	74735R115	5,662	361,110	SH		SOLE		361,110	0	0
Shell Midstream Partners, LP	LTD	822634101	10,451	267,971	SH		SOLE		267,971	0	0
Sunoco Logistics Partners, LP	LTD	86764L108	6,225	150,586	SH		SOLE		150,586	0	0
Targa Resources Corp	LTD	87612G101	11,644	121,559	SH		SOLE		121,559	0	0
Tesoro Logistics, LP	LTD	88160T107	3,767	70,024	SH		SOLE		70,024	0	0
USD Partners, LP	LTD	903318103	3,844	274,933	SH		SOLE		274,933	0	0
Western Gas Equity Partners, L	LTD	95825R103	11,584	193,063	SH		SOLE		193,063	0	0
Western Refining Logistics, LP	LTD	95931Q205	10,437	359,511	SH		SOLE		359,511	0	0
Williams Companies, Inc.	LTD	969457100	12,165	240,467	SH		SOLE		240,467	0	0
American Tower REIT	COM	03027X100	7,612	80,850	SH		SOLE		80,850	0	0
Apple, Inc.	COM	037833100	15,580	125,207	SH		SOLE		125,207	0	0
Aspen Aerogels	COM	04523Y105	1,572	215,882	SH		SOLE		215,882	0	0
Black Diamond Group Limited Co	COM	09202D207	2,289	231,755	SH		SOLE		231,755	0	0
Boeing Company	COM	097023105	8,580	57,172	SH		SOLE		57,172	0	0
Chegg	COM	163092109	2,272	285,845	SH		SOLE		285,845	0	0
Consolidated Communications Ho	COM	209034107	3,883	190,355	SH		SOLE		190,355	0	0
Cryolife, Inc.	COM	228903100	1,951	188,162	SH		SOLE		188,162	0	0
Cynosure, Inc.	COM	232577205	2,144	69,915	SH		SOLE		69,915	0	0
Danaher Corp.	COM	235851102	7,792	91,775	SH		SOLE		91,775	0	0
Dicks Sporting Goods, Inc.	COM	253393102	4,113	72,164	SH		SOLE		72,164	0	0
Element Financial Corp	COM	286181961	4,238	313,537	SH		SOLE		313,537	0	0
Flotek Industries, Inc.	COM	343389102	3,313	224,758	SH		SOLE		224,758	0	0
Ford Motor Co.	COM	345370860	4,185	259,283	SH		SOLE		259,283	0	0
Fox Factory Holding Corp	COM	35138V102	3,620	235,992	SH		SOLE		235,992	0	0
Google Inc Class A	COM	38259P508	4,761	8,583	SH		SOLE		8,583	0	0
Google Inc Class C	COM	38259P706	4,675	8,531	SH		SOLE		8,531	0	0
Green Bancorp, Inc.	COM	39260X100	1,372	122,707	SH		SOLE		122,707	0	0
Hannon Armstrong Sustainable I	COM	41068X100	4,069	222,596	SH		SOLE		222,596	0	0
Harsco Corporation	COM	415864107	2,228	129,090	SH		SOLE		129,090	0	0
Illinois Tool Works, Inc.	COM	452308109	7,850	80,811	SH		SOLE		80,811	0	0
Investors Bancorp, Inc.	COM	46146L101	4,307	367,450	SH		SOLE		367,450	0	0
Jernigan Capital	COM	476405105	3,332	160,560	SH		SOLE		160,560	0	0
Malibu Boats, Inc.	COM	56117J100	2,236	95,750	SH		SOLE		95,750	0	0
MarineMax Inc.	COM	567908108	3,093	116,681	SH		SOLE		116,681	0	0
Microsoft Corporation	COM	594918104	6,572	161,665	SH		SOLE		161,665	0	0
Miller Energy Resources, Inc.	COM	600527105	13	20,000	SH		SOLE		20,000	0	0
Nike, Inc. Class B	COM	654106103	7,759	77,333	SH		SOLE		77,333	0	0
Northern Oil & Gas, Inc.	COM	665531109	3,592	465,917	SH		SOLE		465,917	0	0
Peformance Sports Group LTD.	COM	71377G951	2,811	144,100	SH		SOLE		144,100	0	0
Precision Castparts Corp.	COM	740189105	6,687	31,844	SH		SOLE		31,844	0	0
Quanta Services, Inc.	COM	74762E102	2,937	102,951	SH		SOLE		102,951	0	0
Roper Technologies, Inc.	COM	776696106	8,728	50,745	SH		SOLE		50,745	0	0
Secure Energy Services, Inc.	COM	81373C102	3,961	310,430	SH		SOLE		310,430	0	0
Stag Industrial, Inc.	COM	85254J102	3,751	159,498	SH		SOLE		159,498	0	0
Strad Energy Services Ltd	COM	862547106	123	55,681	SH		SOLE		55,681	0	0
Transition Therapeutics, Inc.	COM	893716209	185	27,100	SH		SOLE		27,100	0	0
Tyler Technologies, Inc.	COM	902252105	5,571	46,220	SH		SOLE		46,220	0	0
Ultimate Software Group	COM	90385D107	6,451	37,959	SH		SOLE		37,959	0	0
Under Armour, Inc.	COM	904311107	4,060	50,284	SH		SOLE		50,284	0	0
Vitamin Shoppe, Inc.	COM	92849E101	4,326	105,024	SH		SOLE		105,024	0	0
Whitestone REIT	COM	966084204	2,661	167,540	SH		SOLE		167,540	0	0
Zagg, Inc.	COM	98884U108	2,943	339,476	SH		SOLE		339,476	0	0
Guggenheim S&P 500 Equal Weigh	TR UNIT	78355W106	217	2,675	SH		SOLE		2,675	0	0
IShares Russell 2000 ETF	TR UNIT	464287655	20,276	163,033	SH		SOLE		163,033	0	0
JPMorgan Alerian MLP Index ETN	TR UNIT	46625H365	3,402	79,488	SH		SOLE		79,488	0	0
SPDR S & P 500 ETF Trust	TR UNIT	78462F103	27,851	134,915	SH		SOLE		134,915	0	0
UBS Alerian MLP/ MLPI	TR UNIT	902641646	13,105	345,425	SH		SOLE		345,425	0	0