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	8,425,618	318,188	SH		SOLE		318,188	0	0
Energy Transfer, LP	LTD	29273V100	10,915,015	859,450	SH		SOLE		859,450	0	0
Enterprise Products Partners,	LTD	293792107	9,082,002	344,668	SH		SOLE		344,668	0	0
MPLX, LP	LTD	55336V100	2,774,256	81,740	SH		SOLE		81,740	0	0
NGL Energy Partners, LP	LTD	62913M107	1,154,046	296,670	SH		SOLE		296,670	0	0
Plains All American Pipeline,	LTD	726503105	7,433,619	527,207	SH		SOLE		527,207	0	0
Western Midstream Partners	LTD	958669103	7,074,343	266,755	SH		SOLE		266,755	0	0
Westlake Chemical Partners LP	LTD	960417103	727,678	33,549	SH		SOLE		33,549	0	0
3M Company	COM	88579Y101	242,518	2,423	SH		SOLE		2,423	0	0
Abbvie, Inc.	COM	00287Y109	421,974	3,132	SH		SOLE		3,132	0	0
Activision Blizzard, Inc.	COM	00507V109	3,749,748	44,481	SH		SOLE		44,481	0	0
Alphabet, Inc. Class A	COM	02079K305	17,282,765	144,384	SH		SOLE		144,384	0	0
Altria Group	COM	02209S103	249,105	5,499	SH		SOLE		5,499	0	0
American Tower Corporation (RE	COM	03027X100	6,739,803	34,752	SH		SOLE		34,752	0	0
Amgen, Inc.	COM	031162100	237,117	1,068	SH		SOLE		1,068	0	0
Analog Devices, Inc.	COM	032654105	8,540,860	43,842	SH		SOLE		43,842	0	0
Antero Midstream Corp	COM	03676B102	6,366,788	548,861	SH		SOLE		548,861	0	0
Apple, Inc.	COM	037833100	17,120,723	88,265	SH		SOLE		88,265	0	0
Archrock Inc	COM	03957W106	3,920,738	382,511	SH		SOLE		382,511	0	0
AT&T, Inc.	COM	00206R102	227,288	14,250	SH		SOLE		14,250	0	0
ATI Inc.	COM	01741R102	4,280,889	96,787	SH		SOLE		96,787	0	0
Bank Of America Corp	COM	060505104	428,342	14,930	SH		SOLE		14,930	0	0
BJ's Wholesale Club	COM	05550J101	6,805,836	108,012	SH		SOLE		108,012	0	0
Blueprint Medicines Corporatio	COM	09627Y109	3,320,528	52,540	SH		SOLE		52,540	0	0
Boston Scientific Corporation	COM	101137107	5,580,303	103,167	SH		SOLE		103,167	0	0
Bristol-Myers Squibb Company	COM	110122108	263,538	4,121	SH		SOLE		4,121	0	0
Broadcom Inc	COM	11135F101	353,044	407	SH		SOLE		407	0	0
Chart Industries Inc.	COM	16115Q308	7,401,633	46,321	SH		SOLE		46,321	0	0
Cheniere Energy Inc	COM	16411R208	8,680,559	56,974	SH		SOLE		56,974	0	0
ChevronTexaco Corp	COM	166764100	236,025	1,500	SH		SOLE		1,500	0	0
Cisco Systems, Inc.	COM	17275R102	293,625	5,675	SH		SOLE		5,675	0	0
Civitas Resources Inc.	COM	17888H103	3,287,652	47,393	SH		SOLE		47,393	0	0
CNX Resources Corp	COM	12653C108	1,834,321	103,517	SH		SOLE		103,517	0	0
Coca-Cola Co	COM	191216100	248,347	4,124	SH		SOLE		4,124	0	0
Comcast Corp	COM	20030N101	282,956	6,810	SH		SOLE		6,810	0	0
Crown Castle Intl Corp	COM	22822V101	246,110	2,160	SH		SOLE		2,160	0	0
CVS/Caremark Corp	COM	126650100	239,466	3,464	SH		SOLE		3,464	0	0
Danaher Corporation	COM	235851102	4,784,400	19,935	SH		SOLE		19,935	0	0
Duke Energy Corporation	COM	26441C204	241,490	2,691	SH		SOLE		2,691	0	0
Electronic Arts, Inc.	COM	285512109	4,207,857	32,443	SH		SOLE		32,443	0	0
Eli Lilly & Co	COM	532457108	461,758	985	SH		SOLE		985	0	0
EnLink Midstream, LLC	COM	29336T100	11,493,421	1,084,285	SH		SOLE		1,084,285	0	0
Enphase Energy Inc.	COM	29355A107	3,119,148	18,624	SH		SOLE		18,624	0	0
Envista Holdings Corp	COM	29415F104	3,122,789	92,281	SH		SOLE		92,281	0	0
Focus Financial Partners Inc	COM	34417P100	6,937,411	132,116	SH		SOLE		132,116	0	0
Fortive Corporation	COM	34959J108	5,989,600	80,107	SH		SOLE		80,107	0	0
Fox Factory Holding Corp.	COM	35138V102	5,883,304	54,219	SH		SOLE		54,219	0	0
Gilead Sciences, Inc.	COM	375558103	237,530	3,082	SH		SOLE		3,082	0	0
Goldman Sachs Group, Inc.	COM	38141G104	248,356	770	SH		SOLE		770	0	0
Hannon Armstrong Sustainable I	COM	41068X100	3,846,300	153,852	SH		SOLE		153,852	0	0
HealthEquity, Inc.	COM	42226A107	5,552,910	87,946	SH		SOLE		87,946	0	0
Hess Midstream LP Class A	COM	428103105	3,978,859	129,689	SH		SOLE		129,689	0	0
Home Depot, Inc.	COM	437076102	307,225	989	SH		SOLE		989	0	0
Illinois Tool Works, Inc.	COM	452308109	7,504,800	30,000	SH		SOLE		30,000	0	0
Int'l Business Machines Corp	COM	459200101	263,873	1,972	SH		SOLE		1,972	0	0
IShares MSCI India ETF	COM	46429B598	3,645,629	83,424	SH		SOLE		83,424	0	0
IShares MSCI Indonesia	COM	46429B309	4,295,875	186,372	SH		SOLE		186,372	0	0
IShares MSCI Mexico	COM	464286822	3,684,352	59,253	SH		SOLE		59,253	0	0
Johnson & Johnson	COM	478160104	289,660	1,750	SH		SOLE		1,750	0	0
JPMorgan Chase & Co	COM	46625H100	7,541,937	51,856	SH		SOLE		51,856	0	0
Kinder Morgan, Inc.	COM	49456B101	1,238,962	71,949	SH		SOLE		71,949	0	0
Malibu Boats, Inc.	COM	56117J100	5,828,223	99,356	SH		SOLE		99,356	0	0
MariMed Inc.	COM	56782V107	9,307	22,700	SH		SOLE		22,700	0	0
Masco Corporation	COM	574599106	5,761,182	100,404	SH		SOLE		100,404	0	0
Mastercard Inc-A	COM	57636Q104	4,390,015	11,162	SH		SOLE		11,162	0	0
McDonald's Corporation	COM	580135101	5,484,477	18,379	SH		SOLE		18,379	0	0
Medtronic, Inc.	COM	585055106	279,013	3,167	SH		SOLE		3,167	0	0
Merck & Company, Inc.	COM	58933Y105	277,282	2,403	SH		SOLE		2,403	0	0
Microsoft Corporation	COM	594918104	12,272,381	36,038	SH		SOLE		36,038	0	0
Morgan Stanley	COM	617446448	258,335	3,025	SH		SOLE		3,025	0	0
Nike, Inc. Class B	COM	654106103	4,845,795	43,905	SH		SOLE		43,905	0	0
Northrop Grumman Corp	COM	666807102	3,325,517	7,296	SH		SOLE		7,296	0	0
OneWater Marine Inc.	COM	68280L101	9,529,199	262,947	SH		SOLE		262,947	0	0
Palo Alto Networks, Inc.	COM	697435105	6,747,253	26,407	SH		SOLE		26,407	0	0
Palomar Holdings Inc.	COM	69753M105	5,355,293	92,269	SH		SOLE		92,269	0	0
Patrick Industries, Inc.	COM	703343103	7,301,360	91,267	SH		SOLE		91,267	0	0
Pfizer, Inc.	COM	717081103	2,520,833	68,725	SH		SOLE		68,725	0	0
Philip Morris International	COM	718172109	241,805	2,477	SH		SOLE		2,477	0	0
Plains GP Holdings	COM	72651A207	4,728,620	318,855	SH		SOLE		318,855	0	0
Prologis Inc.	COM	74340W103	251,637	2,052	SH		SOLE		2,052	0	0
Public Storage, Inc.	COM	74460D109	240,509	824	SH		SOLE		824	0	0
PulteGroup, Inc.	COM	745867101	6,948,554	89,451	SH		SOLE		89,451	0	0
Raymond James Financial Inc.	COM	754730109	3,557,910	34,287	SH		SOLE		34,287	0	0
Raytheon Technologies Corp	COM	75513E101	3,795,362	38,744	SH		SOLE		38,744	0	0
Repligen Corporation	COM	759916109	4,218,762	29,823	SH		SOLE		29,823	0	0
Roper Technologies, Inc.	COM	776696106	6,129,238	12,748	SH		SOLE		12,748	0	0
Secure Energy Services, Inc.	COM	81373C102	3,156,035	659,085	SH		SOLE		659,085	0	0
Sonos	COM	83570H108	2,680,210	164,128	SH		SOLE		164,128	0	0
Southern Co	COM	842587107	273,694	3,896	SH		SOLE		3,896	0	0
SPDR Gold Trust	COM	78463V107	4,314,491	24,202	SH		SOLE		24,202	0	0
Spirit AeroSystems Holdings In	COM	848574109	418,234	14,328	SH		SOLE		14,328	0	0
Splunk, Inc.	COM	848637104	6,097,735	57,477	SH		SOLE		57,477	0	0
Steris PLC	COM	G8473T100	5,866,354	26,075	SH		SOLE		26,075	0	0
Texas Instrument, Inc.	COM	882508104	247,347	1,374	SH		SOLE		1,374	0	0
The Descartes Systems Group, I	COM	249906108	5,477,683	68,342	SH		SOLE		68,342	0	0
United Parcel Service	COM	911312106	236,431	1,319	SH		SOLE		1,319	0	0
UnitedHealth Group, Inc.	COM	91324P102	5,046,720	10,500	SH		SOLE		10,500	0	0
Verizon Communications	COM	92343V104	244,599	6,577	SH		SOLE		6,577	0	0
Vertex Pharmaceuticals, Inc.	COM	92532F100	3,968,841	11,278	SH		SOLE		11,278	0	0
Visa Inc-Class A shares	COM	92826C839	4,232,131	17,821	SH		SOLE		17,821	0	0
Waste Management Inc.	COM	94106L109	3,821,830	22,038	SH		SOLE		22,038	0	0
Wells Fargo & Company	COM	949746101	4,718,743	110,561	SH		SOLE		110,561	0	0
Williams Companies, Inc.	COM	969457100	5,041,237	154,497	SH		SOLE		154,497	0	0
Energy Select Sector SPDR	TR UNIT	81369Y506	471,598	5,810	SH		SOLE		5,810	0	0
IShares Tr Russell 2000 Growth	TR UNIT	464287648	7,367,643	30,362	SH		SOLE		30,362	0	0
IShares TR S&P 500 Index Fund	TR UNIT	464287200	311,551	699	SH		SOLE		699	0	0
SPDR S & P 500 ETF Trust	TR UNIT	78462F103	10,062,566	22,700	SH		SOLE		22,700	0	0
UBS ETracs Alerian MLP / MLPB	TR UNIT	90274D382	4,949,028	249,113	SH		SOLE		249,113	0	0