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	4,546	598,952	SH		SOLE		598,952	0	0
BP Midstream Partners, LP	LTD	0556EL109	5,459	349,726	SH		SOLE		349,726	0	0
Cheniere Energy Inc	LTD	16411R208	7,387	120,963	SH		SOLE		120,963	0	0
Crestwood Equity Partners, LP	LTD	226344208	5,391	174,925	SH		SOLE		174,925	0	0
Energy Transfer, LP	LTD	29273V100	6,820	531,574	SH		SOLE		531,574	0	0
Enterprise Products Partners,	LTD	293792107	268	9,504	SH		SOLE		9,504	0	0
Hess Midstream LP Class A	LTD	428103105	8,175	360,432	SH		SOLE		360,432	0	0
Kinder Morgan, Inc.	LTD	49456B101	9,755	460,815	SH		SOLE		460,815	0	0
MPLX, LP	LTD	55336V100	3,521	138,307	SH		SOLE		138,307	0	0
NGL Energy Partners, LP	LTD	62913M107	4,462	393,455	SH		SOLE		393,455	0	0
Noble Midstream Partners, LP	LTD	65506L105	3,888	146,386	SH		SOLE		146,386	0	0
Oasis Midstream Partners, LP	LTD	67420T206	4,866	293,293	SH		SOLE		293,293	0	0
ONEOK, Inc.	LTD	682680103	9,875	130,500	SH		SOLE		130,500	0	0
Phillips 66 Partners, LP	LTD	718549207	6,635	107,641	SH		SOLE		107,641	0	0
Plains GP Holdings	LTD	72651A207	4,027	212,523	SH		SOLE		212,523	0	0
Rattler Midstream LP	LTD	75419T103	4,177	234,804	SH		SOLE		234,804	0	0
Shell Midstream Partners, LP	LTD	822634101	5,344	264,411	SH		SOLE		264,411	0	0
Western Midstream Partners	LTD	958669103	3,368	171,063	SH		SOLE		171,063	0	0
Westlake Chemical Partners LP	LTD	960417103	2,577	97,531	SH		SOLE		97,531	0	0
Williams Companies, Inc.	LTD	969457100	6,438	271,422	SH		SOLE		271,422	0	0
Activision Blizzard, Inc.	COM	00507V109	3,232	54,397	SH		SOLE		54,397	0	0
Alphabet, Inc. Class A	COM	02079K305	8,540	6,376	SH		SOLE		6,376	0	0
American Tower Corporation (RE	COM	03027X100	6,443	28,037	SH		SOLE		28,037	0	0
Analog Devices, Inc.	COM	032654105	4,231	35,605	SH		SOLE		35,605	0	0
Apple, Inc.	COM	037833100	15,109	51,452	SH		SOLE		51,452	0	0
Atlantic Union Bankshares Corp	COM	04911A107	3,587	95,514	SH		SOLE		95,514	0	0
BJ's Wholesale Club	COM	05550J101	2,896	127,355	SH		SOLE		127,355	0	0
Blueprint Medicines Corporatio	COM	09627Y109	1,968	24,566	SH		SOLE		24,566	0	0
Boston Scientific Corporation	COM	101137107	5,042	111,506	SH		SOLE		111,506	0	0
Chegg, Inc.	COM	163092109	1,748	46,108	SH		SOLE		46,108	0	0
Collegium Pharmaceutical, Inc.	COM	19459J104	650	31,589	SH		SOLE		31,589	0	0
CryoLife, Inc.	COM	228903100	1,518	56,036	SH		SOLE		56,036	0	0
Danaher Corporation	COM	235851102	9,860	64,244	SH		SOLE		64,244	0	0
Electronic Arts, Inc.	COM	285512109	3,092	28,764	SH		SOLE		28,764	0	0
Exelixis, Inc.	COM	30161Q104	1,280	72,666	SH		SOLE		72,666	0	0
Focus Financial Partners Inc	COM	34417P100	2,734	92,783	SH		SOLE		92,783	0	0
Fortive Corporation	COM	34959J108	3,434	44,959	SH		SOLE		44,959	0	0
Fox Factory Holding Corp.	COM	35138V102	4,372	62,848	SH		SOLE		62,848	0	0
Hannon Armstrong Sustainable I	COM	41068X100	5,631	174,991	SH		SOLE		174,991	0	0
HealthEquity, Inc.	COM	42226A107	3,071	41,458	SH		SOLE		41,458	0	0
Illinois Tool Works, Inc.	COM	452308109	8,983	50,008	SH		SOLE		50,008	0	0
Innovative Industrial Properti	COM	45781V101	1,523	20,077	SH		SOLE		20,077	0	0
KeyCorp	COM	493267108	3,962	195,772	SH		SOLE		195,772	0	0
Lockheed Martin Corporation	COM	539830109	8,807	22,618	SH		SOLE		22,618	0	0
Malibu Boats, Inc.	COM	56117J100	3,544	86,546	SH		SOLE		86,546	0	0
MarineMax, Inc.	COM	567908108	2,305	138,131	SH		SOLE		138,131	0	0
Marsh & McLennan Companies, In	COM	571748102	4,917	44,134	SH		SOLE		44,134	0	0
Masco Corporation	COM	574599106	4,744	98,850	SH		SOLE		98,850	0	0
McDonald's Corporation	COM	580135101	4,258	21,550	SH		SOLE		21,550	0	0
Meridian Bancorp, Inc.	COM	58958U103	2,003	99,712	SH		SOLE		99,712	0	0
Microsoft Corporation	COM	594918104	10,606	67,255	SH		SOLE		67,255	0	0
Nike, Inc. Class B	COM	654106103	4,947	48,829	SH		SOLE		48,829	0	0
PacWest Bancorp	COM	695263103	2,819	73,648	SH		SOLE		73,648	0	0
Palomar Holdings Inc.	COM	69753M105	4,168	82,550	SH		SOLE		82,550	0	0
Patrick Industries, Inc.	COM	703343103	4,058	77,398	SH		SOLE		77,398	0	0
Repligen Corporation	COM	759916109	3,965	42,860	SH		SOLE		42,860	0	0
Roper Technologies, Inc.	COM	776696106	8,681	24,506	SH		SOLE		24,506	0	0
Secure Energy Services, Inc.	COM	81373C102	1,471	377,278	SH		SOLE		377,278	0	0
Sonos	COM	83570H108	2,332	149,286	SH		SOLE		149,286	0	0
Splunk, Inc.	COM	848637104	4,720	31,516	SH		SOLE		31,516	0	0
Steris PLC	COM	G8473T100	5,107	33,505	SH		SOLE		33,505	0	0
SVB Financial Group	COM	78486Q101	4,420	17,608	SH		SOLE		17,608	0	0
The Descartes Systems Group, I	COM	249906108	4,520	105,721	SH		SOLE		105,721	0	0
Tristate Capital Holdings, Inc	COM	89678F100	1,834	70,211	SH		SOLE		70,211	0	0
Tyler Technologies, Inc.	COM	902252105	7,137	23,790	SH		SOLE		23,790	0	0
UnitedHealth Group, Inc.	COM	91324P102	2,456	8,356	SH		SOLE		8,356	0	0
Valens GroWorks Corp	COM	91913D106	790	301,661	SH		SOLE		301,661	0	0
Waste Management Inc.	COM	94106L109	3,539	31,058	SH		SOLE		31,058	0	0
Webster Financial Corporation	COM	947890109	2,918	54,688	SH		SOLE		54,688	0	0
Biotech ETF (SPDR S & P)	TR UNIT	78464A870	7,455	78,378	SH		SOLE		78,378	0	0
JPMorgan Alerian MLP Index ETN	TR UNIT	46625H365	231	10,575	SH		SOLE		10,575	0	0
SPDR S & P 500 ETF Trust	TR UNIT	78462F103	7,076	21,984	SH		SOLE		21,984	0	0
UBS Alerian MLP/ MLPI	TR UNIT	902641646	16,091	828,604	SH		SOLE		828,604	0	0