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
Antero Midstream GP, LP	LTD	03675Y103	4,059	363,019	SH		SOLE		363,019	0	0
BP Midstream Partners, LP	LTD	0556EL109	4,603	296,173	SH		SOLE		296,173	0	0
Crestwood Equity Partners, LP	LTD	226344208	5,680	203,507	SH		SOLE		203,507	0	0
Energy Transfer, LP	LTD	29273V100	4,771	361,143	SH		SOLE		361,143	0	0
EnLink Midstream, LLC	LTD	29336T100	3,731	393,202	SH		SOLE		393,202	0	0
Enterprise Products Partners,	LTD	293792107	318	12,938	SH		SOLE		12,938	0	0
Hess Midstream Partners, LP	LTD	428104103	4,849	285,597	SH		SOLE		285,597	0	0
Kinder Morgan, Inc.	LTD	49456B101	7,449	484,301	SH		SOLE		484,301	0	0
MPLX, LP	LTD	55336V100	4,850	160,053	SH		SOLE		160,053	0	0
NGL Energy Partners, LP	LTD	62913M107	4,499	469,185	SH		SOLE		469,185	0	0
Noble Midstream Partners, LP	LTD	65506L105	3,373	116,963	SH		SOLE		116,963	0	0
Oasis Midstream Partners, LP	LTD	67420T206	5,247	328,171	SH		SOLE		328,171	0	0
ONEOK, Inc.	LTD	682680103	7,620	141,246	SH		SOLE		141,246	0	0
Phillips 66 Partners, LP	LTD	718549207	4,920	116,830	SH		SOLE		116,830	0	0
Plains GP Holdings	LTD	72651A207	7,897	392,874	SH		SOLE		392,874	0	0
SemGroup Corporation	LTD	81663A105	4,118	298,813	SH		SOLE		298,813	0	0
Shell Midstream Partners, LP	LTD	822634101	4,090	249,230	SH		SOLE		249,230	0	0
Western Gas Equity Partners, L	LTD	95825R103	4,195	151,277	SH		SOLE		151,277	0	0
Williams Companies, Inc.	LTD	969457100	5,774	261,839	SH		SOLE		261,839	0	0
Activision Blizzard, Inc.	COM	00507V109	1,042	22,370	SH		SOLE		22,370	0	0
Alphabet, Inc. Class A	COM	02079K305	7,029	6,727	SH		SOLE		6,727	0	0
American Tower Corporation (RE	COM	03027X100	6,530	41,281	SH		SOLE		41,281	0	0
Analog Devices, Inc.	COM	032654105	3,215	37,457	SH		SOLE		37,457	0	0
Apple, Inc.	COM	037833100	9,549	60,533	SH		SOLE		60,533	0	0
BJ's Wholesale Club	COM	05550J101	1,313	59,264	SH		SOLE		59,264	0	0
Blueprint Medicines Corporatio	COM	09627Y109	1,371	25,438	SH		SOLE		25,438	0	0
Boston Scientific Corporation	COM	101137107	4,336	122,690	SH		SOLE		122,690	0	0
Chegg, Inc.	COM	163092109	2,211	77,791	SH		SOLE		77,791	0	0
Collegium Pharmaceutical, Inc.	COM	19459J104	648	37,760	SH		SOLE		37,760	0	0
Comerica, Inc.	COM	200340107	1,610	23,437	SH		SOLE		23,437	0	0
CryoLife, Inc.	COM	228903100	1,610	56,733	SH		SOLE		56,733	0	0
Danaher Corporation	COM	235851102	8,011	77,684	SH		SOLE		77,684	0	0
Electronic Arts, Inc.	COM	285512109	1,010	12,803	SH		SOLE		12,803	0	0
Exelixis, Inc.	COM	30161Q104	1,068	54,298	SH		SOLE		54,298	0	0
Focus Financial Partners Inc	COM	34417P100	1,902	72,235	SH		SOLE		72,235	0	0
Fortive Corporation	COM	34959J108	3,296	48,719	SH		SOLE		48,719	0	0
Fox Factory Holding Corp.	COM	35138V102	3,746	63,628	SH		SOLE		63,628	0	0
Hannon Armstrong Sustainable I	COM	41068X100	3,601	189,039	SH		SOLE		189,039	0	0
HealthEquity, Inc.	COM	42226A107	2,407	40,345	SH		SOLE		40,345	0	0
Illinois Tool Works, Inc.	COM	452308109	6,749	53,275	SH		SOLE		53,275	0	0
Innovative Industrial Properti	COM	45781V101	2,358	51,943	SH		SOLE		51,943	0	0
KeyCorp	COM	493267108	1,877	127,005	SH		SOLE		127,005	0	0
Lockheed Martin Corporation	COM	539830109	6,299	24,057	SH		SOLE		24,057	0	0
Malibu Boats, Inc.	COM	56117J100	3,321	95,435	SH		SOLE		95,435	0	0
MarineMax, Inc.	COM	567908108	2,886	157,596	SH		SOLE		157,596	0	0
Marsh & McLennan Companies, In	COM	571748102	3,765	47,210	SH		SOLE		47,210	0	0
Masco Corporation	COM	574599106	2,756	94,259	SH		SOLE		94,259	0	0
McDonald's Corporation	COM	580135101	3,993	22,485	SH		SOLE		22,485	0	0
Meridian Bancorp, Inc.	COM	58958U103	1,159	80,958	SH		SOLE		80,958	0	0
Microsoft Corporation	COM	594918104	7,875	77,535	SH		SOLE		77,535	0	0
Nike, Inc. Class B	COM	654106103	3,906	52,682	SH		SOLE		52,682	0	0
PacWest Bancorp	COM	695263103	1,522	45,746	SH		SOLE		45,746	0	0
Patrick Industries, Inc.	COM	703343103	1,198	40,446	SH		SOLE		40,446	0	0
Repligen Corporation	COM	759916109	1,904	36,105	SH		SOLE		36,105	0	0
Roper Technologies, Inc.	COM	776696106	7,214	27,066	SH		SOLE		27,066	0	0
Secure Energy Services, Inc.	COM	81373C102	2,256	439,107	SH		SOLE		439,107	0	0
Sonos	COM	83570H108	939	95,663	SH		SOLE		95,663	0	0
Splunk, Inc.	COM	848637104	3,573	34,073	SH		SOLE		34,073	0	0
STERIS plc	COM	G84720104	3,949	36,955	SH		SOLE		36,955	0	0
SVB Financial Group	COM	78486Q101	2,672	14,067	SH		SOLE		14,067	0	0
The Descartes Systems Group, I	COM	249906108	2,978	112,804	SH		SOLE		112,804	0	0
The Ultimate Software Group, I	COM	90385D107	4,949	20,211	SH		SOLE		20,211	0	0
Tristate Capital Holdings, Inc	COM	89678F100	1,383	71,069	SH		SOLE		71,069	0	0
Tyler Technologies, Inc.	COM	902252105	4,369	23,513	SH		SOLE		23,513	0	0
Union Bankshares Corp.	COM	90539J109	1,710	60,584	SH		SOLE		60,584	0	0
UnitedHealth Group, Inc.	COM	91324P102	5,857	23,509	SH		SOLE		23,509	0	0
Webster Financial Corporation	COM	947890109	2,965	60,146	SH		SOLE		60,146	0	0
Biotech ETF (SPDR S & P)	TR UNIT	78464A870	5,474	76,297	SH		SOLE		76,297	0	0
JPMorgan Alerian MLP Index ETN	TR UNIT	46625H365	398	17,850	SH		SOLE		17,850	0	0
SPDR S & P 500 ETF Trust	TR UNIT	78462F103	3,415	13,666	SH		SOLE		13,666	0	0
UBS Alerian MLP/ MLPI	TR UNIT	902641646	18,327	927,031	SH		SOLE		927,031	0	0