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	3,545	479,013	SH		SOLE		479,013	0	0
BP Midstream Partners, LP	LTD	0556EL109	5,387	368,988	SH		SOLE		368,988	0	0
Cheniere Energy Inc	LTD	16411R208	7,242	114,849	SH		SOLE		114,849	0	0
Crestwood Equity Partners, LP	LTD	226344208	6,658	182,368	SH		SOLE		182,368	0	0
Energy Transfer, LP	LTD	29273V100	5,050	386,078	SH		SOLE		386,078	0	0
Enterprise Products Partners,	LTD	293792107	272	9,504	SH		SOLE		9,504	0	0
Hess Midstream Partners, LP	LTD	428104103	5,368	278,716	SH		SOLE		278,716	0	0
Kinder Morgan, Inc.	LTD	49456B101	9,818	476,384	SH		SOLE		476,384	0	0
Magellan Midstream Partners, L	LTD	559080106	205	3,090	SH		SOLE		3,090	0	0
MPLX, LP	LTD	55336V100	4,124	147,233	SH		SOLE		147,233	0	0
NGL Energy Partners, LP	LTD	62913M107	6,042	434,399	SH		SOLE		434,399	0	0
Noble Midstream Partners, LP	LTD	65506L105	3,748	155,399	SH		SOLE		155,399	0	0
Oasis Midstream Partners, LP	LTD	67420T206	4,962	310,712	SH		SOLE		310,712	0	0
ONEOK, Inc.	LTD	682680103	10,145	137,675	SH		SOLE		137,675	0	0
Phillips 66 Partners, LP	LTD	718549207	6,456	114,016	SH		SOLE		114,016	0	0
Plains GP Holdings	LTD	72651A207	7,572	356,670	SH		SOLE		356,670	0	0
Rattler Midstream LP	LTD	75419T103	4,366	245,007	SH		SOLE		245,007	0	0
SemGroup Corporation	LTD	81663A105	7,140	436,966	SH		SOLE		436,966	0	0
Shell Midstream Partners, LP	LTD	822634101	5,694	278,452	SH		SOLE		278,452	0	0
Western Gas Midstream Partners	LTD	958669103	4,508	181,121	SH		SOLE		181,121	0	0
Westlake Chemical Partners LP	LTD	960417103	2,371	102,010	SH		SOLE		102,010	0	0
Williams Companies, Inc.	LTD	969457100	6,401	266,029	SH		SOLE		266,029	0	0
Activision Blizzard, Inc.	COM	00507V109	2,924	55,247	SH		SOLE		55,247	0	0
Alphabet, Inc. Class A	COM	02079K305	8,144	6,669	SH		SOLE		6,669	0	0
American Tower Corporation (RE	COM	03027X100	6,387	28,883	SH		SOLE		28,883	0	0
Analog Devices, Inc.	COM	032654105	4,031	36,080	SH		SOLE		36,080	0	0
Apple, Inc.	COM	037833100	12,423	55,468	SH		SOLE		55,468	0	0
Atlantic Union Bankshares Corp	COM	04911A107	3,616	97,091	SH		SOLE		97,091	0	0
BJ's Wholesale Club	COM	05550J101	3,372	130,331	SH		SOLE		130,331	0	0
Blueprint Medicines Corporatio	COM	09627Y109	1,776	24,178	SH		SOLE		24,178	0	0
Boston Scientific Corporation	COM	101137107	4,620	113,530	SH		SOLE		113,530	0	0
Chegg, Inc.	COM	163092109	1,348	45,014	SH		SOLE		45,014	0	0
Collegium Pharmaceutical, Inc.	COM	19459J104	377	32,803	SH		SOLE		32,803	0	0
CryoLife, Inc.	COM	228903100	1,573	57,952	SH		SOLE		57,952	0	0
Danaher Corporation	COM	235851102	9,661	66,893	SH		SOLE		66,893	0	0
Electronic Arts, Inc.	COM	285512109	2,870	29,335	SH		SOLE		29,335	0	0
Exelixis, Inc.	COM	30161Q104	1,407	79,583	SH		SOLE		79,583	0	0
Focus Financial Partners Inc	COM	34417P100	2,337	98,199	SH		SOLE		98,199	0	0
Fortive Corporation	COM	34959J108	3,232	47,146	SH		SOLE		47,146	0	0
Fox Factory Holding Corp.	COM	35138V102	3,896	62,594	SH		SOLE		62,594	0	0
Hannon Armstrong Sustainable I	COM	41068X100	5,245	179,930	SH		SOLE		179,930	0	0
HealthEquity, Inc.	COM	42226A107	2,455	42,957	SH		SOLE		42,957	0	0
Illinois Tool Works, Inc.	COM	452308109	8,010	51,185	SH		SOLE		51,185	0	0
Innovative Industrial Properti	COM	45781V101	1,907	20,640	SH		SOLE		20,640	0	0
KeyCorp	COM	493267108	3,605	202,088	SH		SOLE		202,088	0	0
Lockheed Martin Corporation	COM	539830109	9,083	23,287	SH		SOLE		23,287	0	0
Malibu Boats, Inc.	COM	56117J100	2,749	89,606	SH		SOLE		89,606	0	0
MarineMax, Inc.	COM	567908108	2,224	143,687	SH		SOLE		143,687	0	0
Marsh & McLennan Companies, In	COM	571748102	4,578	45,756	SH		SOLE		45,756	0	0
Masco Corporation	COM	574599106	4,247	101,893	SH		SOLE		101,893	0	0
McDonald's Corporation	COM	580135101	4,600	21,422	SH		SOLE		21,422	0	0
Meridian Bancorp, Inc.	COM	58958U103	1,914	102,069	SH		SOLE		102,069	0	0
Microsoft Corporation	COM	594918104	9,842	70,791	SH		SOLE		70,791	0	0
Nike, Inc. Class B	COM	654106103	4,736	50,431	SH		SOLE		50,431	0	0
PacWest Bancorp	COM	695263103	2,871	79,010	SH		SOLE		79,010	0	0
Palomar Holdings Inc.	COM	69753M105	3,357	85,161	SH		SOLE		85,161	0	0
Patrick Industries, Inc.	COM	703343103	3,285	76,606	SH		SOLE		76,606	0	0
Repligen Corporation	COM	759916109	3,315	43,229	SH		SOLE		43,229	0	0
Roper Technologies, Inc.	COM	776696106	8,934	25,052	SH		SOLE		25,052	0	0
Secure Energy Services, Inc.	COM	81373C102	1,722	406,991	SH		SOLE		406,991	0	0
Sonos	COM	83570H108	2,036	151,855	SH		SOLE		151,855	0	0
Splunk, Inc.	COM	848637104	3,839	32,575	SH		SOLE		32,575	0	0
Steris PLC	COM	G8473T100	4,971	34,407	SH		SOLE		34,407	0	0
SVB Financial Group	COM	78486Q101	3,212	15,373	SH		SOLE		15,373	0	0
The Descartes Systems Group, I	COM	249906108	4,380	108,429	SH		SOLE		108,429	0	0
Tristate Capital Holdings, Inc	COM	89678F100	1,526	72,545	SH		SOLE		72,545	0	0
Tyler Technologies, Inc.	COM	902252105	6,403	24,391	SH		SOLE		24,391	0	0
UnitedHealth Group, Inc.	COM	91324P102	1,870	8,606	SH		SOLE		8,606	0	0
Valens GroWorks Corp	COM	91913D106	679	314,126	SH		SOLE		314,126	0	0
Webster Financial Corporation	COM	947890109	2,699	57,590	SH		SOLE		57,590	0	0
Biotech ETF (SPDR S & P)	TR UNIT	78464A870	5,935	77,840	SH		SOLE		77,840	0	0
JPMorgan Alerian MLP Index ETN	TR UNIT	46625H365	260	11,167	SH		SOLE		11,167	0	0
SPDR S & P 500 ETF Trust	TR UNIT	78462F103	3,954	13,322	SH		SOLE		13,322	0	0
UBS Alerian MLP/ MLPI	TR UNIT	902641646	15,029	720,799	SH		SOLE		720,799	0	0