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	8,028,457	322,040	SH		SOLE		322,040	0	0
Energy Transfer, LP	LTD	29273V100	11,571,998	927,987	SH		SOLE		927,987	0	0
Enterprise Products Partners,	LTD	293792107	7,763,629	299,754	SH		SOLE		299,754	0	0
MPLX, LP	LTD	55336V100	2,954,225	85,754	SH		SOLE		85,754	0	0
NGL Energy Partners, LP	LTD	62913M107	860,343	296,670	SH		SOLE		296,670	0	0
Plains All American Pipeline,	LTD	726503105	7,733,196	620,144	SH		SOLE		620,144	0	0
Western Midstream Partners	LTD	958669103	7,934,337	300,885	SH		SOLE		300,885	0	0
Westlake Chemical Partners LP	LTD	960417103	885,330	40,224	SH		SOLE		40,224	0	0
Abbvie, Inc.	COM	00287Y109	470,620	2,953	SH		SOLE		2,953	0	0
Alphabet, Inc. Class A	COM	02079K305	15,069,272	145,274	SH		SOLE		145,274	0	0
Altria Group	COM	02209S103	214,979	4,818	SH		SOLE		4,818	0	0
American Tower Corporation (RE	COM	03027X100	7,272,461	35,590	SH		SOLE		35,590	0	0
Amgen, Inc.	COM	031162100	217,817	901	SH		SOLE		901	0	0
Analog Devices, Inc.	COM	032654105	8,055,056	40,843	SH		SOLE		40,843	0	0
Antero Midstream Corp	COM	03676B102	6,125,373	583,925	SH		SOLE		583,925	0	0
Apple, Inc.	COM	037833100	14,653,475	88,863	SH		SOLE		88,863	0	0
Associated Banc-Corp	COM	045487105	4,081,927	227,026	SH		SOLE		227,026	0	0
AT&T, Inc.	COM	00206R102	267,152	13,878	SH		SOLE		13,878	0	0
ATI Inc.	COM	01741R102	3,785,595	95,935	SH		SOLE		95,935	0	0
Bank Of America Corp	COM	060505104	566,480	19,807	SH		SOLE		19,807	0	0
BJ's Wholesale Club	COM	05550J101	8,510,331	111,875	SH		SOLE		111,875	0	0
Blackrock Inc.	COM	09247X101	222,148	332	SH		SOLE		332	0	0
Blueprint Medicines Corporatio	COM	09627Y109	2,411,329	53,597	SH		SOLE		53,597	0	0
Boston Scientific Corporation	COM	101137107	6,964,776	139,212	SH		SOLE		139,212	0	0
Bristol-Myers Squibb Company	COM	110122108	253,051	3,651	SH		SOLE		3,651	0	0
Broadcom Inc	COM	11135F101	279,070	435	SH		SOLE		435	0	0
Chart Industries Inc.	COM	16115Q308	2,508,000	20,000	SH		SOLE		20,000	0	0
Cheniere Energy Inc	COM	16411R208	9,402,731	59,662	SH		SOLE		59,662	0	0
ChevronTexaco Corp	COM	166764100	201,176	1,233	SH		SOLE		1,233	0	0
Cisco Systems, Inc.	COM	17275R102	291,224	5,571	SH		SOLE		5,571	0	0
Civitas Resources Inc.	COM	17888H103	5,040,622	73,758	SH		SOLE		73,758	0	0
CNX Resources Corp	COM	12653C108	3,136,636	195,795	SH		SOLE		195,795	0	0
Coca-Cola Co	COM	191216100	233,915	3,771	SH		SOLE		3,771	0	0
Comcast Corp	COM	20030N101	255,058	6,728	SH		SOLE		6,728	0	0
Crown Castle Intl Corp	COM	22822V101	266,743	1,993	SH		SOLE		1,993	0	0
Danaher Corporation	COM	235851102	5,198,073	20,624	SH		SOLE		20,624	0	0
Dominion Energy Inc	COM	25746U109	216,651	3,875	SH		SOLE		3,875	0	0
Duke Energy Corporation	COM	26441C204	219,662	2,277	SH		SOLE		2,277	0	0
Electronic Arts, Inc.	COM	285512109	3,827,058	31,773	SH		SOLE		31,773	0	0
Eli Lilly & Co	COM	532457108	340,701	992	SH		SOLE		992	0	0
EnLink Midstream, LLC	COM	29336T100	12,139,965	1,119,923	SH		SOLE		1,119,923	0	0
Enphase Energy Inc.	COM	29355A107	4,008,778	19,064	SH		SOLE		19,064	0	0
Envista Holdings Corp	COM	29415F104	3,946,106	96,529	SH		SOLE		96,529	0	0
Focus Financial Partners Inc	COM	34417P100	7,148,516	137,816	SH		SOLE		137,816	0	0
Fortive Corporation	COM	34959J108	5,480,732	80,398	SH		SOLE		80,398	0	0
Fox Factory Holding Corp.	COM	35138V102	6,704,843	55,243	SH		SOLE		55,243	0	0
Gilead Sciences, Inc.	COM	375558103	231,237	2,787	SH		SOLE		2,787	0	0
Hannon Armstrong Sustainable I	COM	41068X100	4,496,263	157,212	SH		SOLE		157,212	0	0
HealthEquity, Inc.	COM	42226A107	5,172,292	88,099	SH		SOLE		88,099	0	0
Hess Midstream LP Class A	COM	428103105	5,135,200	177,443	SH		SOLE		177,443	0	0
Illinois Tool Works, Inc.	COM	452308109	7,402,828	30,408	SH		SOLE		30,408	0	0
Independent Bank Corp (Massach	COM	453836108	2,321,767	35,382	SH		SOLE		35,382	0	0
Int'l Business Machines Corp	COM	459200101	221,280	1,688	SH		SOLE		1,688	0	0
IShares MSCI India ETF	COM	46429B598	3,176,942	80,715	SH		SOLE		80,715	0	0
IShares MSCI Indonesia	COM	46429B309	4,406,698	187,280	SH		SOLE		187,280	0	0
IShares MSCI Mexico	COM	464286822	3,530,367	59,304	SH		SOLE		59,304	0	0
Johnson & Johnson	COM	478160104	221,650	1,430	SH		SOLE		1,430	0	0
JPMorgan Chase & Co	COM	46625H100	342,976	2,632	SH		SOLE		2,632	0	0
Kinder Morgan, Inc.	COM	49456B101	2,420,968	138,262	SH		SOLE		138,262	0	0
Malibu Boats, Inc.	COM	56117J100	5,409,942	95,836	SH		SOLE		95,836	0	0
MariMed Inc.	COM	56782V107	8,910	22,700	SH		SOLE		22,700	0	0
Masco Corporation	COM	574599106	3,597,043	72,346	SH		SOLE		72,346	0	0
Mastercard Inc-A	COM	57636Q104	4,076,733	11,218	SH		SOLE		11,218	0	0
McDonald's Corporation	COM	580135101	6,384,895	22,835	SH		SOLE		22,835	0	0
Medtronic, Inc.	COM	585055106	246,052	3,052	SH		SOLE		3,052	0	0
Merck & Company, Inc.	COM	58933Y105	230,441	2,166	SH		SOLE		2,166	0	0
MetLife, Inc.	COM	59156R108	232,571	4,014	SH		SOLE		4,014	0	0
Microsoft Corporation	COM	594918104	10,593,769	36,746	SH		SOLE		36,746	0	0
Morgan Stanley	COM	617446448	254,796	2,902	SH		SOLE		2,902	0	0
Nike, Inc. Class B	COM	654106103	5,463,980	44,553	SH		SOLE		44,553	0	0
Northrop Grumman Corp	COM	666807102	3,344,238	7,243	SH		SOLE		7,243	0	0
OneWater Marine Inc.	COM	68280L101	7,149,887	255,627	SH		SOLE		255,627	0	0
Palo Alto Networks, Inc.	COM	697435105	5,361,821	26,844	SH		SOLE		26,844	0	0
Palomar Holdings Inc.	COM	69753M105	5,195,866	94,128	SH		SOLE		94,128	0	0
Patrick Industries, Inc.	COM	703343103	6,279,945	91,265	SH		SOLE		91,265	0	0
Pepsico, Inc.	COM	713448108	377,726	2,072	SH		SOLE		2,072	0	0
Pfizer, Inc.	COM	717081103	2,796,840	68,550	SH		SOLE		68,550	0	0
Philip Morris International	COM	718172109	213,367	2,194	SH		SOLE		2,194	0	0
Plains GP Holdings	COM	72651A207	4,215,718	321,320	SH		SOLE		321,320	0	0
Prologis Inc.	COM	74340W103	263,265	2,110	SH		SOLE		2,110	0	0
PulteGroup, Inc.	COM	745867101	5,327,200	91,407	SH		SOLE		91,407	0	0
Qualcomm, Inc.	COM	747525103	277,614	2,176	SH		SOLE		2,176	0	0
Raymond James Financial Inc.	COM	754730109	3,168,988	33,977	SH		SOLE		33,977	0	0
Raytheon Technologies Corp	COM	75513E101	3,805,168	38,856	SH		SOLE		38,856	0	0
Repligen Corporation	COM	759916109	4,736,135	28,131	SH		SOLE		28,131	0	0
Roper Technologies, Inc.	COM	776696106	5,643,917	12,807	SH		SOLE		12,807	0	0
Secure Energy Services, Inc.	COM	81373C102	3,129,956	670,387	SH		SOLE		670,387	0	0
Sonos	COM	83570H108	3,268,672	166,599	SH		SOLE		166,599	0	0
Southern Co	COM	842587107	243,600	3,501	SH		SOLE		3,501	0	0
SPDR Gold Trust	COM	78463V107	4,432,458	24,192	SH		SOLE		24,192	0	0
Spirit AeroSystems Holdings In	COM	848574109	518,572	15,018	SH		SOLE		15,018	0	0
Splunk, Inc.	COM	848637104	5,455,476	56,899	SH		SOLE		56,899	0	0
Steris PLC	COM	G8473T100	5,115,975	26,746	SH		SOLE		26,746	0	0
Texas Instrument, Inc.	COM	882508104	271,761	1,461	SH		SOLE		1,461	0	0
The Descartes Systems Group, I	COM	249906108	6,551,095	81,168	SH		SOLE		81,168	0	0
Union Pacific Corp	COM	907818108	229,645	1,141	SH		SOLE		1,141	0	0
United Parcel Service	COM	911312106	262,468	1,353	SH		SOLE		1,353	0	0
UnitedHealth Group, Inc.	COM	91324P102	4,965,976	10,508	SH		SOLE		10,508	0	0
Verizon Communications	COM	92343V104	234,157	6,021	SH		SOLE		6,021	0	0
Vertex Pharmaceuticals, Inc.	COM	92532F100	3,538,551	11,231	SH		SOLE		11,231	0	0
Visa Inc-Class A shares	COM	92826C839	4,052,193	17,973	SH		SOLE		17,973	0	0
Waste Management Inc.	COM	94106L109	3,601,815	22,074	SH		SOLE		22,074	0	0
Wells Fargo & Company	COM	949746101	3,862,662	103,335	SH		SOLE		103,335	0	0
Williams Companies, Inc.	COM	969457100	7,639,472	255,843	SH		SOLE		255,843	0	0
Energy Select Sector SPDR	TR UNIT	81369Y506	803,617	9,702	SH		SOLE		9,702	0	0
IShares TR S&P 500 Index Fund	TR UNIT	464287200	405,325	986	SH		SOLE		986	0	0
Russell 2000 Value Index Fund	TR UNIT	464287630	6,526,948	47,635	SH		SOLE		47,635	0	0
SPDR S & P 500 ETF Trust	TR UNIT	78462F103	10,428,491	25,473	SH		SOLE		25,473	0	0
UBS ETracs Alerian MLP / MLPB	TR UNIT	90274D382	4,547,118	238,421	SH		SOLE		238,421	0	0