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 Corp	LTD	03676B102	5,786	504,911	SH		SOLE		504,911	0	0
BP Midstream Partners, LP	LTD	0556EL109	5,918	382,323	SH		SOLE		382,323	0	0
Cheniere Energy Inc	LTD	16411R208	8,105	118,413	SH		SOLE		118,413	0	0
Crestwood Equity Partners, LP	LTD	226344208	6,783	189,624	SH		SOLE		189,624	0	0
Energy Transfer, LP	LTD	29273V100	5,526	392,487	SH		SOLE		392,487	0	0
EnLink Midstream, LLC	LTD	29336T100	2,344	232,269	SH		SOLE		232,269	0	0
Enterprise Products Partners,	LTD	293792107	374	12,938	SH		SOLE		12,938	0	0
Hess Midstream Partners, LP	LTD	428104103	5,555	284,868	SH		SOLE		284,868	0	0
Kinder Morgan, Inc.	LTD	49456B101	10,197	488,346	SH		SOLE		488,346	0	0
MPLX, LP	LTD	55336V100	4,926	153,028	SH		SOLE		153,028	0	0
NGL Energy Partners, LP	LTD	62913M107	6,670	451,596	SH		SOLE		451,596	0	0
Noble Midstream Partners, LP	LTD	65506L105	5,363	161,236	SH		SOLE		161,236	0	0
Oasis Midstream Partners, LP	LTD	67420T206	6,937	322,669	SH		SOLE		322,669	0	0
ONEOK, Inc.	LTD	682680103	9,757	141,803	SH		SOLE		141,803	0	0
Phillips 66 Partners, LP	LTD	718549207	5,761	116,744	SH		SOLE		116,744	0	0
Plains GP Holdings	LTD	72651A207	9,220	369,232	SH		SOLE		369,232	0	0
Rattler Midstream LP	LTD	75419T103	4,872	251,247	SH		SOLE		251,247	0	0
SemGroup Corporation	LTD	81663A105	6,072	506,017	SH		SOLE		506,017	0	0
Shell Midstream Partners, LP	LTD	822634101	6,000	289,591	SH		SOLE		289,591	0	0
Western Gas Midstream Partners	LTD	958669103	5,679	184,548	SH		SOLE		184,548	0	0
Westlake Chemical Partners LP	LTD	960417103	1,107	45,022	SH		SOLE		45,022	0	0
Williams Companies, Inc.	LTD	969457100	7,673	273,645	SH		SOLE		273,645	0	0
Activision Blizzard, Inc.	COM	00507V109	2,595	54,981	SH		SOLE		54,981	0	0
Alphabet, Inc. Class A	COM	02079K305	7,288	6,731	SH		SOLE		6,731	0	0
American Tower Corporation (RE	COM	03027X100	6,075	29,713	SH		SOLE		29,713	0	0
Analog Devices, Inc.	COM	032654105	4,187	37,095	SH		SOLE		37,095	0	0
Apple, Inc.	COM	037833100	11,307	57,129	SH		SOLE		57,129	0	0
Atlantic Union Bankshares Corp	COM	04911A107	3,484	98,610	SH		SOLE		98,610	0	0
BJ's Wholesale Club	COM	05550J101	3,520	133,325	SH		SOLE		133,325	0	0
Blueprint Medicines Corporatio	COM	09627Y109	2,371	25,134	SH		SOLE		25,134	0	0
Boston Scientific Corporation	COM	101137107	5,124	119,220	SH		SOLE		119,220	0	0
Chegg, Inc.	COM	163092109	1,824	47,273	SH		SOLE		47,273	0	0
Collegium Pharmaceutical, Inc.	COM	19459J104	466	35,468	SH		SOLE		35,468	0	0
Comerica, Inc.	COM	200340107	2,796	38,486	SH		SOLE		38,486	0	0
CryoLife, Inc.	COM	228903100	1,805	60,320	SH		SOLE		60,320	0	0
Danaher Corporation	COM	235851102	9,975	69,795	SH		SOLE		69,795	0	0
Electronic Arts, Inc.	COM	285512109	2,811	27,758	SH		SOLE		27,758	0	0
Exelixis, Inc.	COM	30161Q104	1,759	82,312	SH		SOLE		82,312	0	0
Focus Financial Partners Inc	COM	34417P100	2,825	103,451	SH		SOLE		103,451	0	0
Fortive Corporation	COM	34959J108	4,026	49,386	SH		SOLE		49,386	0	0
Fox Factory Holding Corp.	COM	35138V102	5,387	65,286	SH		SOLE		65,286	0	0
Hannon Armstrong Sustainable I	COM	41068X100	5,246	186,150	SH		SOLE		186,150	0	0
HealthEquity, Inc.	COM	42226A107	2,952	45,133	SH		SOLE		45,133	0	0
Illinois Tool Works, Inc.	COM	452308109	8,040	53,314	SH		SOLE		53,314	0	0
Innovative Industrial Properti	COM	45781V101	2,717	21,986	SH		SOLE		21,986	0	0
KeyCorp	COM	493267108	3,688	207,754	SH		SOLE		207,754	0	0
Lockheed Martin Corporation	COM	539830109	8,832	24,295	SH		SOLE		24,295	0	0
Malibu Boats, Inc.	COM	56117J100	3,652	94,014	SH		SOLE		94,014	0	0
MarineMax, Inc.	COM	567908108	2,528	153,742	SH		SOLE		153,742	0	0
Marsh & McLennan Companies, In	COM	571748102	4,715	47,268	SH		SOLE		47,268	0	0
Masco Corporation	COM	574599106	4,109	104,710	SH		SOLE		104,710	0	0
McDonald's Corporation	COM	580135101	4,598	22,142	SH		SOLE		22,142	0	0
Meridian Bancorp, Inc.	COM	58958U103	1,857	103,825	SH		SOLE		103,825	0	0
Microsoft Corporation	COM	594918104	9,984	74,531	SH		SOLE		74,531	0	0
Nike, Inc. Class B	COM	654106103	4,388	52,270	SH		SOLE		52,270	0	0
PacWest Bancorp	COM	695263103	3,226	83,071	SH		SOLE		83,071	0	0
Palomar Holdings Inc.	COM	69753M105	2,152	89,528	SH		SOLE		89,528	0	0
Patrick Industries, Inc.	COM	703343103	3,950	80,303	SH		SOLE		80,303	0	0
Repligen Corporation	COM	759916109	3,043	35,399	SH		SOLE		35,399	0	0
Roper Technologies, Inc.	COM	776696106	9,519	25,990	SH		SOLE		25,990	0	0
Secure Energy Services, Inc.	COM	81373C102	2,330	427,120	SH		SOLE		427,120	0	0
Sonos	COM	83570H108	1,760	155,244	SH		SOLE		155,244	0	0
Splunk, Inc.	COM	848637104	4,234	33,671	SH		SOLE		33,671	0	0
Steris PLC	COM	G8473T100	5,393	36,227	SH		SOLE		36,227	0	0
SVB Financial Group	COM	78486Q101	3,433	15,284	SH		SOLE		15,284	0	0
The Descartes Systems Group, I	COM	249906108	4,014	108,443	SH		SOLE		108,443	0	0
Tristate Capital Holdings, Inc	COM	89678F100	1,635	76,632	SH		SOLE		76,632	0	0
Tyler Technologies, Inc.	COM	902252105	5,537	25,630	SH		SOLE		25,630	0	0
UnitedHealth Group, Inc.	COM	91324P102	5,685	23,300	SH		SOLE		23,300	0	0
Webster Financial Corporation	COM	947890109	2,885	60,393	SH		SOLE		60,393	0	0
Biotech ETF (SPDR S & P)	TR UNIT	78464A870	7,055	80,440	SH		SOLE		80,440	0	0
JPMorgan Alerian MLP Index ETN	TR UNIT	46625H365	303	12,080	SH		SOLE		12,080	0	0
SPDR S & P 500 ETF Trust	TR UNIT	78462F103	3,119	10,644	SH		SOLE		10,644	0	0
UBS Alerian MLP/ MLPI	TR UNIT	902641646	16,559	741,564	SH		SOLE		741,564	0	0