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	1,271	605,442	SH		SOLE		605,442	0	0
BP Midstream Partners, LP	LTD	0556EL109	3,020	324,401	SH		SOLE		324,401	0	0
Cheniere Energy Inc	LTD	16411R208	3,849	114,910	SH		SOLE		114,910	0	0
Crestwood Equity Partners, LP	LTD	226344208	687	162,399	SH		SOLE		162,399	0	0
Energy Transfer, LP	LTD	29273V100	2,261	491,569	SH		SOLE		491,569	0	0
Hess Midstream LP Class A	LTD	428103105	3,582	352,579	SH		SOLE		352,579	0	0
MPLX, LP	LTD	55336V100	1,927	165,807	SH		SOLE		165,807	0	0
NGL Energy Partners, LP	LTD	62913M107	952	366,081	SH		SOLE		366,081	0	0
Noble Midstream Partners, LP	LTD	65506L105	480	137,246	SH		SOLE		137,246	0	0
Oasis Midstream Partners, LP	LTD	67420T206	1,503	303,658	SH		SOLE		303,658	0	0
Phillips 66 Partners, LP	LTD	718549207	3,569	97,969	SH		SOLE		97,969	0	0
Plains GP Holdings	LTD	72651A207	1,452	258,888	SH		SOLE		258,888	0	0
Rattler Midstream LP	LTD	75419T103	770	221,281	SH		SOLE		221,281	0	0
Shell Midstream Partners, LP	LTD	822634101	2,456	246,117	SH		SOLE		246,117	0	0
Western Midstream Partners	LTD	958669103	519	160,162	SH		SOLE		160,162	0	0
Westlake Chemical Partners LP	LTD	960417103	1,362	92,149	SH		SOLE		92,149	0	0
Williams Companies, Inc.	LTD	969457100	3,764	266,023	SH		SOLE		266,023	0	0
Activision Blizzard, Inc.	COM	00507V109	3,050	51,270	SH		SOLE		51,270	0	0
Alphabet, Inc. Class A	COM	02079K305	7,116	6,124	SH		SOLE		6,124	0	0
American Tower Corporation (RE	COM	03027X100	5,944	27,297	SH		SOLE		27,297	0	0
Analog Devices, Inc.	COM	032654105	3,103	34,609	SH		SOLE		34,609	0	0
Apple, Inc.	COM	037833100	8,750	34,410	SH		SOLE		34,410	0	0
BJ's Wholesale Club	COM	05550J101	3,048	119,667	SH		SOLE		119,667	0	0
Blueprint Medicines Corporatio	COM	09627Y109	1,353	23,140	SH		SOLE		23,140	0	0
Boston Scientific Corporation	COM	101137107	3,500	107,252	SH		SOLE		107,252	0	0
Chegg, Inc.	COM	163092109	1,616	45,178	SH		SOLE		45,178	0	0
Collegium Pharmaceutical, Inc.	COM	19459J104	491	30,057	SH		SOLE		30,057	0	0
CryoLife, Inc.	COM	228903100	893	52,760	SH		SOLE		52,760	0	0
Danaher Corporation	COM	235851102	8,512	61,496	SH		SOLE		61,496	0	0
Electronic Arts, Inc.	COM	285512109	2,883	28,778	SH		SOLE		28,778	0	0
Exelixis, Inc.	COM	30161Q104	1,188	68,987	SH		SOLE		68,987	0	0
Focus Financial Partners Inc	COM	34417P100	2,828	122,897	SH		SOLE		122,897	0	0
Fortive Corporation	COM	34959J108	2,805	50,820	SH		SOLE		50,820	0	0
Fox Factory Holding Corp.	COM	35138V102	2,509	59,742	SH		SOLE		59,742	0	0
Hannon Armstrong Sustainable I	COM	41068X100	3,367	164,944	SH		SOLE		164,944	0	0
HealthEquity, Inc.	COM	42226A107	2,189	43,271	SH		SOLE		43,271	0	0
Illinois Tool Works, Inc.	COM	452308109	6,854	48,230	SH		SOLE		48,230	0	0
Innovative Industrial Properti	COM	45781V101	1,642	21,619	SH		SOLE		21,619	0	0
KeyCorp	COM	493267108	1,969	189,859	SH		SOLE		189,859	0	0
Lockheed Martin Corporation	COM	539830109	7,195	21,228	SH		SOLE		21,228	0	0
Malibu Boats, Inc.	COM	56117J100	2,504	86,963	SH		SOLE		86,963	0	0
Marsh & McLennan Companies, In	COM	571748102	3,696	42,743	SH		SOLE		42,743	0	0
Masco Corporation	COM	574599106	3,308	95,701	SH		SOLE		95,701	0	0
McDonald's Corporation	COM	580135101	3,508	21,217	SH		SOLE		21,217	0	0
Meridian Bancorp, Inc.	COM	58958U103	1,064	94,862	SH		SOLE		94,862	0	0
Microsoft Corporation	COM	594918104	9,905	62,806	SH		SOLE		62,806	0	0
Nike, Inc. Class B	COM	654106103	3,875	46,839	SH		SOLE		46,839	0	0
OneWater Marine Inc.	COM	68280L101	1,992	260,369	SH		SOLE		260,369	0	0
PacWest Bancorp	COM	695263103	1,239	69,120	SH		SOLE		69,120	0	0
Palomar Holdings Inc.	COM	69753M105	4,448	76,475	SH		SOLE		76,475	0	0
Patrick Industries, Inc.	COM	703343103	2,079	73,814	SH		SOLE		73,814	0	0
Repligen Corporation	COM	759916109	3,900	40,394	SH		SOLE		40,394	0	0
Roper Technologies, Inc.	COM	776696106	7,229	23,184	SH		SOLE		23,184	0	0
Secure Energy Services, Inc.	COM	81373C102	233	352,309	SH		SOLE		352,309	0	0
Sonos	COM	83570H108	1,243	146,535	SH		SOLE		146,535	0	0
Splunk, Inc.	COM	848637104	3,736	29,599	SH		SOLE		29,599	0	0
Steris PLC	COM	G8473T100	4,500	32,147	SH		SOLE		32,147	0	0
SVB Financial Group	COM	78486Q101	2,548	16,862	SH		SOLE		16,862	0	0
The Descartes Systems Group, I	COM	249906108	3,462	100,553	SH		SOLE		100,553	0	0
Tristate Capital Holdings, Inc	COM	89678F100	639	66,124	SH		SOLE		66,124	0	0
Tyler Technologies, Inc.	COM	902252105	6,664	22,471	SH		SOLE		22,471	0	0
UnitedHealth Group, Inc.	COM	91324P102	1,981	7,942	SH		SOLE		7,942	0	0
Valens GroWorks Corp	COM	91913D106	495	284,288	SH		SOLE		284,288	0	0
Waste Management Inc.	COM	94106L109	2,868	30,983	SH		SOLE		30,983	0	0
Biotech ETF (SPDR S & P)	TR UNIT	78464A870	5,911	76,327	SH		SOLE		76,327	0	0
JPMorgan Alerian MLP Index ETN	TR UNIT	46625H365	95	10,565	SH		SOLE		10,565	0	0
SPDR S & P 500 ETF Trust	TR UNIT	78462F103	4,793	18,594	SH		SOLE		18,594	0	0
UBS Alerian MLP/ MLPI	TR UNIT	902641646	311	38,167	SH		SOLE		38,167	0	0
UBS ETracs Alerian MLP / MLPB	TR UNIT	90274D382	5,513	675,677	SH		SOLE		675,677	0	0