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
Crestwood Equity Partners, LP	LTD	226344208	8,493,417	324,300	SH		SOLE		324,300	0	0
Energy Transfer, LP	LTD	29273V100	10,679,570	899,711	SH		SOLE		899,711	0	0
Enterprise Products Partners,	LTD	293792107	7,075,409	293,342	SH		SOLE		293,342	0	0
MPLX, LP	LTD	55336V100	3,008,407	91,608	SH		SOLE		91,608	0	0
NGL Energy Partners, LP	LTD	62913M107	330,826	273,410	SH		SOLE		273,410	0	0
Western Midstream Partners	LTD	958669103	9,625,188	358,480	SH		SOLE		358,480	0	0
Westlake Chemical Partners LP	LTD	960417103	1,014,307	43,162	SH		SOLE		43,162	0	0
Abbvie, Inc.	COM	00287Y109	477,073	2,952	SH		SOLE		2,952	0	0
Air Products & Chemicals, Inc.	COM	009158106	256,164	831	SH		SOLE		831	0	0
Alphabet, Inc. Class A	COM	02079K305	8,961,433	101,569	SH		SOLE		101,569	0	0
Altria Group	COM	02209S103	201,444	4,407	SH		SOLE		4,407	0	0
American Tower Corporation (RE	COM	03027X100	5,662,382	26,727	SH		SOLE		26,727	0	0
Amgen, Inc.	COM	031162100	223,769	852	SH		SOLE		852	0	0
Analog Devices, Inc.	COM	032654105	8,368,975	51,021	SH		SOLE		51,021	0	0
Antero Midstream Corp	COM	03676B102	6,259,991	580,166	SH		SOLE		580,166	0	0
Apple, Inc.	COM	037833100	12,653,571	97,388	SH		SOLE		97,388	0	0
Associated Banc-Corp	COM	045487105	4,593,571	198,942	SH		SOLE		198,942	0	0
AT&T, Inc.	COM	00206R102	222,301	12,075	SH		SOLE		12,075	0	0
ATI Inc.	COM	01741R102	3,402,905	113,962	SH		SOLE		113,962	0	0
Bank Of America Corp	COM	060505104	611,925	18,476	SH		SOLE		18,476	0	0
BJ's Wholesale Club	COM	05550J101	7,661,328	115,800	SH		SOLE		115,800	0	0
Blueprint Medicines Corporatio	COM	09627Y109	901,960	20,588	SH		SOLE		20,588	0	0
Boston Scientific Corporation	COM	101137107	6,534,388	141,223	SH		SOLE		141,223	0	0
Bristol-Myers Squibb Company	COM	110122108	224,556	3,121	SH		SOLE		3,121	0	0
Broadcom Inc	COM	11135F101	244,899	438	SH		SOLE		438	0	0
Caterpillar, Inc.	COM	149123101	287,712	1,201	SH		SOLE		1,201	0	0
Chart Industries Inc.	COM	16115Q308	2,358,643	20,469	SH		SOLE		20,469	0	0
Cheniere Energy Inc	COM	16411R208	10,223,823	68,177	SH		SOLE		68,177	0	0
ChevronTexaco Corp	COM	166764100	203,901	1,136	SH		SOLE		1,136	0	0
Cisco Systems, Inc.	COM	17275R102	258,828	5,433	SH		SOLE		5,433	0	0
Civitas Resources Inc.	COM	17888H103	4,226,920	72,966	SH		SOLE		72,966	0	0
CNX Resources Corp	COM	12653C108	3,326,052	197,509	SH		SOLE		197,509	0	0
Coca-Cola Co	COM	191216100	249,224	3,918	SH		SOLE		3,918	0	0
Danaher Corporation	COM	235851102	5,521,532	20,803	SH		SOLE		20,803	0	0
Duke Energy Corporation	COM	26441C204	209,276	2,032	SH		SOLE		2,032	0	0
Electronic Arts, Inc.	COM	285512109	3,863,209	31,619	SH		SOLE		31,619	0	0
Eli Lilly & Co	COM	532457108	509,149	1,392	SH		SOLE		1,392	0	0
EnLink Midstream, LLC	COM	29336T100	13,878,225	1,128,311	SH		SOLE		1,128,311	0	0
Enphase Energy Inc.	COM	29355A107	5,144,463	19,416	SH		SOLE		19,416	0	0
Envista Holdings Corp	COM	29415F104	1,478,517	43,912	SH		SOLE		43,912	0	0
Focus Financial Partners Inc	COM	34417P100	5,284,998	141,803	SH		SOLE		141,803	0	0
Fortive Corporation	COM	34959J108	5,325,169	82,882	SH		SOLE		82,882	0	0
Fox Factory Holding Corp.	COM	35138V102	5,138,621	56,326	SH		SOLE		56,326	0	0
Gilead Sciences, Inc.	COM	375558103	267,509	3,116	SH		SOLE		3,116	0	0
Hannon Armstrong Sustainable I	COM	41068X100	4,636,481	159,989	SH		SOLE		159,989	0	0
HealthEquity, Inc.	COM	42226A107	5,396,520	87,549	SH		SOLE		87,549	0	0
Hess Midstream LP Class A	COM	428103105	5,562,607	185,916	SH		SOLE		185,916	0	0
Illinois Tool Works, Inc.	COM	452308109	9,304,371	42,235	SH		SOLE		42,235	0	0
Independent Bank Corp (Massach	COM	453836108	3,015,080	35,711	SH		SOLE		35,711	0	0
Innovative Industrial Properti	COM	45781V101	965,055	9,522	SH		SOLE		9,522	0	0
Int'l Business Machines Corp	COM	459200101	228,664	1,623	SH		SOLE		1,623	0	0
IShares MSCI India ETF	COM	46429B598	3,402,186	81,509	SH		SOLE		81,509	0	0
IShares MSCI Indonesia	COM	46429B309	4,172,399	186,351	SH		SOLE		186,351	0	0
IShares MSCI Mexico	COM	464286822	3,561,092	72,014	SH		SOLE		72,014	0	0
JPMorgan Chase & Co	COM	46625H100	351,744	2,623	SH		SOLE		2,623	0	0
Kinder Morgan, Inc.	COM	49456B101	2,796,813	154,691	SH		SOLE		154,691	0	0
Lockheed Martin Corporation	COM	539830109	241,299	496	SH		SOLE		496	0	0
Malibu Boats, Inc.	COM	56117J100	5,051,667	94,778	SH		SOLE		94,778	0	0
MariMed Inc.	COM	56782V107	8,085	22,700	SH		SOLE		22,700	0	0
Masco Corporation	COM	574599106	3,464,594	74,236	SH		SOLE		74,236	0	0
Mastercard Inc-A	COM	57636Q104	3,884,144	11,170	SH		SOLE		11,170	0	0
McDonald's Corporation	COM	580135101	5,978,553	22,686	SH		SOLE		22,686	0	0
Merck & Company, Inc.	COM	58933Y105	254,297	2,292	SH		SOLE		2,292	0	0
Microsoft Corporation	COM	594918104	10,146,671	42,310	SH		SOLE		42,310	0	0
Mondelez International-W/I	COM	609207105	230,609	3,460	SH		SOLE		3,460	0	0
Nike, Inc. Class B	COM	654106103	4,525,596	38,677	SH		SOLE		38,677	0	0
Northrop Grumman Corp	COM	666807102	4,007,505	7,345	SH		SOLE		7,345	0	0
OneWater Marine Inc.	COM	68280L101	7,569,047	264,652	SH		SOLE		264,652	0	0
Palo Alto Networks, Inc.	COM	697435105	4,738,220	33,956	SH		SOLE		33,956	0	0
Palomar Holdings Inc.	COM	69753M105	2,758,147	61,075	SH		SOLE		61,075	0	0
Patrick Industries, Inc.	COM	703343103	5,471,150	90,283	SH		SOLE		90,283	0	0
Pepsico, Inc.	COM	713448108	354,636	1,963	SH		SOLE		1,963	0	0
Pfizer, Inc.	COM	717081103	3,600,174	70,261	SH		SOLE		70,261	0	0
Philip Morris International	COM	718172109	219,626	2,170	SH		SOLE		2,170	0	0
Plains GP Holdings	COM	72651A207	11,624,757	934,466	SH		SOLE		934,466	0	0
Procter & Gamble, Inc.	COM	742718109	326,612	2,155	SH		SOLE		2,155	0	0
PulteGroup, Inc.	COM	745867101	5,182,042	113,816	SH		SOLE		113,816	0	0
Raymond James Financial Inc.	COM	754730109	3,598,975	33,683	SH		SOLE		33,683	0	0
Raytheon Technologies Corp	COM	75513E101	3,864,832	38,296	SH		SOLE		38,296	0	0
Repligen Corporation	COM	759916109	3,329,143	19,663	SH		SOLE		19,663	0	0
Roper Technologies, Inc.	COM	776696106	5,158,290	11,938	SH		SOLE		11,938	0	0
Secure Energy Services, Inc.	COM	81373C102	4,720,911	909,128	SH		SOLE		909,128	0	0
Sonos	COM	83570H108	2,818,430	166,771	SH		SOLE		166,771	0	0
Southern Co	COM	842587107	214,944	3,010	SH		SOLE		3,010	0	0
SPDR Gold Trust	COM	78463V107	4,049,646	23,872	SH		SOLE		23,872	0	0
Spirit AeroSystems Holdings In	COM	848574109	472,712	15,970	SH		SOLE		15,970	0	0
Splunk, Inc.	COM	848637104	1,451,822	16,864	SH		SOLE		16,864	0	0
Steris PLC	COM	G8473T100	5,065,308	27,426	SH		SOLE		27,426	0	0
The Descartes Systems Group, I	COM	249906108	5,672,882	81,364	SH		SOLE		81,364	0	0
United Parcel Service	COM	911312106	206,348	1,187	SH		SOLE		1,187	0	0
UnitedHealth Group, Inc.	COM	91324P102	5,695,724	10,743	SH		SOLE		10,743	0	0
US Bancorp	COM	902973304	241,556	5,539	SH		SOLE		5,539	0	0
Vertex Pharmaceuticals, Inc.	COM	92532F100	3,154,055	10,922	SH		SOLE		10,922	0	0
Visa Inc-Class A shares	COM	92826C839	3,692,518	17,773	SH		SOLE		17,773	0	0
Waste Management Inc.	COM	94106L109	3,409,473	21,733	SH		SOLE		21,733	0	0
Wells Fargo & Company	COM	949746101	2,244,648	54,363	SH		SOLE		54,363	0	0
Williams Companies, Inc.	COM	969457100	8,873,920	269,724	SH		SOLE		269,724	0	0
Energy Select Sector SPDR	TR UNIT	81369Y506	892,894	10,208	SH		SOLE		10,208	0	0
Russell 2000 Value Index Fund	TR UNIT	464287630	6,586,686	47,499	SH		SOLE		47,499	0	0
SPDR S & P 500 ETF Trust	TR UNIT	78462F103	12,747,124	33,332	SH		SOLE		33,332	0	0
UBS ETracs Alerian MLP / MLPB	TR UNIT	90274D382	4,736,750	252,492	SH		SOLE		252,492	0	0