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	1,505,702	51,477	SH		SOLE		51,477	0	0
Energy Transfer, LP	LTD	29273V100	12,251,852	873,261	SH		SOLE		873,261	0	0
Enterprise Products Partners,	LTD	293792107	9,896,636	361,587	SH		SOLE		361,587	0	0
MPLX, LP	LTD	55336V100	7,499,650	210,842	SH		SOLE		210,842	0	0
NGL Energy Partners, LP	LTD	62913M107	1,086,499	280,749	SH		SOLE		280,749	0	0
Plains All American Pipeline,	LTD	726503105	8,117,225	529,845	SH		SOLE		529,845	0	0
Western Midstream Partners	LTD	958669103	7,015,537	257,640	SH		SOLE		257,640	0	0
Westlake Chemical Partners LP	LTD	960417103	252,257	11,598	SH		SOLE		11,598	0	0
3M Company	COM	88579Y101	223,096	2,383	SH		SOLE		2,383	0	0
Abbvie, Inc.	COM	00287Y109	489,513	3,284	SH		SOLE		3,284	0	0
Alphabet, Inc. Class A	COM	02079K305	18,764,801	143,396	SH		SOLE		143,396	0	0
Altria Group	COM	02209S103	207,643	4,938	SH		SOLE		4,938	0	0
American Tower Corporation (RE	COM	03027X100	5,663,494	34,439	SH		SOLE		34,439	0	0
Amgen, Inc.	COM	031162100	289,186	1,076	SH		SOLE		1,076	0	0
Analog Devices, Inc.	COM	032654105	7,623,244	43,539	SH		SOLE		43,539	0	0
Antero Midstream Corp	COM	03676B102	6,439,526	537,523	SH		SOLE		537,523	0	0
Apple, Inc.	COM	037833100	15,078,113	88,068	SH		SOLE		88,068	0	0
Archrock Inc	COM	03957W106	4,889,304	388,040	SH		SOLE		388,040	0	0
AT&T, Inc.	COM	00206R102	217,084	14,453	SH		SOLE		14,453	0	0
ATI Inc.	COM	01741R102	3,970,317	96,484	SH		SOLE		96,484	0	0
Bank Of America Corp	COM	060505104	567,916	20,742	SH		SOLE		20,742	0	0
BJ's Wholesale Club	COM	05550J101	7,825,364	109,645	SH		SOLE		109,645	0	0
Blackrock Inc.	COM	09247X101	231,443	358	SH		SOLE		358	0	0
Blueprint Medicines Corporatio	COM	09627Y109	2,710,524	53,973	SH		SOLE		53,973	0	0
Boston Scientific Corporation	COM	101137107	5,539,406	104,913	SH		SOLE		104,913	0	0
Bristol-Myers Squibb Company	COM	110122108	221,655	3,819	SH		SOLE		3,819	0	0
Chart Industries Inc.	COM	16115Q308	7,775,123	45,974	SH		SOLE		45,974	0	0
Cheniere Energy Inc	COM	16411R208	9,352,676	56,355	SH		SOLE		56,355	0	0
ChevronTexaco Corp	COM	166764100	237,923	1,411	SH		SOLE		1,411	0	0
Cisco Systems, Inc.	COM	17275R102	287,724	5,352	SH		SOLE		5,352	0	0
Civitas Resources Inc.	COM	17888H103	3,923,085	48,511	SH		SOLE		48,511	0	0
Coca-Cola Co	COM	191216100	222,632	3,977	SH		SOLE		3,977	0	0
Comcast Corp	COM	20030N101	261,916	5,907	SH		SOLE		5,907	0	0
Danaher Corporation	COM	235851102	5,708,037	23,007	SH		SOLE		23,007	0	0
Duke Energy Corporation	COM	26441C204	234,595	2,658	SH		SOLE		2,658	0	0
Electronic Arts, Inc.	COM	285512109	3,949,963	32,807	SH		SOLE		32,807	0	0
Eli Lilly & Co	COM	532457108	439,987	819	SH		SOLE		819	0	0
EnLink Midstream, LLC	COM	29336T100	13,048,369	1,067,788	SH		SOLE		1,067,788	0	0
Envista Holdings Corp	COM	29415F104	2,729,062	97,886	SH		SOLE		97,886	0	0
Ford Motor Co.	COM	345370860	247,332	19,914	SH		SOLE		19,914	0	0
Fortive Corporation	COM	34959J108	5,915,002	79,760	SH		SOLE		79,760	0	0
Fox Factory Holding Corp.	COM	35138V102	5,582,960	56,348	SH		SOLE		56,348	0	0
Gilead Sciences, Inc.	COM	375558103	235,536	3,143	SH		SOLE		3,143	0	0
Goldman Sachs Group, Inc.	COM	38141G104	238,795	738	SH		SOLE		738	0	0
Hannon Armstrong Sustainable I	COM	41068X100	3,820,346	180,205	SH		SOLE		180,205	0	0
HealthEquity, Inc.	COM	42226A107	6,402,686	87,648	SH		SOLE		87,648	0	0
Hess Midstream LP Class A	COM	428103105	3,882,388	133,278	SH		SOLE		133,278	0	0
Hexcel Corporation	COM	428291108	1,626,155	24,964	SH		SOLE		24,964	0	0
Home Depot, Inc.	COM	437076102	274,666	909	SH		SOLE		909	0	0
Illinois Tool Works, Inc.	COM	452308109	6,951,447	30,183	SH		SOLE		30,183	0	0
Int'l Business Machines Corp	COM	459200101	396,768	2,828	SH		SOLE		2,828	0	0
IShares MSCI India ETF	COM	46429B598	3,758,700	85,000	SH		SOLE		85,000	0	0
IShares MSCI Indonesia	COM	46429B309	4,082,581	183,322	SH		SOLE		183,322	0	0
IShares MSCI Mexico	COM	464286822	3,440,054	59,077	SH		SOLE		59,077	0	0
Johnson & Johnson	COM	478160104	246,708	1,584	SH		SOLE		1,584	0	0
JPMorgan Chase & Co	COM	46625H100	7,490,718	51,653	SH		SOLE		51,653	0	0
Kinder Morgan, Inc.	COM	49456B101	759,928	45,834	SH		SOLE		45,834	0	0
Lockheed Martin Corporation	COM	539830109	213,477	522	SH		SOLE		522	0	0
Malibu Boats, Inc.	COM	56117J100	4,903,667	100,034	SH		SOLE		100,034	0	0
MariMed Inc.	COM	56782V107	9,887	22,700	SH		SOLE		22,700	0	0
Masco Corporation	COM	574599106	5,341,045	99,926	SH		SOLE		99,926	0	0
Mastercard Inc-A	COM	57636Q104	4,390,246	11,089	SH		SOLE		11,089	0	0
McDonald's Corporation	COM	580135101	4,854,145	18,426	SH		SOLE		18,426	0	0
Medtronic, Inc.	COM	585055106	220,505	2,814	SH		SOLE		2,814	0	0
Merck & Company, Inc.	COM	58933Y105	217,225	2,110	SH		SOLE		2,110	0	0
Microsoft Corporation	COM	594918104	11,306,483	35,808	SH		SOLE		35,808	0	0
Morgan Stanley	COM	617446448	240,927	2,950	SH		SOLE		2,950	0	0
Nike, Inc. Class B	COM	654106103	4,621,410	48,331	SH		SOLE		48,331	0	0
Northrop Grumman Corp	COM	666807102	3,428,200	7,788	SH		SOLE		7,788	0	0
ONEOK, Inc.	COM	682680103	239,765	3,780	SH		SOLE		3,780	0	0
OneWater Marine Inc.	COM	68280L101	6,644,624	259,353	SH		SOLE		259,353	0	0
Palo Alto Networks, Inc.	COM	697435105	7,330,939	31,270	SH		SOLE		31,270	0	0
Palomar Holdings Inc.	COM	69753M105	4,804,655	94,673	SH		SOLE		94,673	0	0
Patrick Industries, Inc.	COM	703343103	5,104,380	68,004	SH		SOLE		68,004	0	0
Pepsico, Inc.	COM	713448108	350,741	2,070	SH		SOLE		2,070	0	0
Pfizer, Inc.	COM	717081103	2,253,338	67,933	SH		SOLE		67,933	0	0
Philip Morris International	COM	718172109	212,934	2,300	SH		SOLE		2,300	0	0
Plains GP Holdings	COM	72651A207	4,948,888	307,003	SH		SOLE		307,003	0	0
Prologis Inc.	COM	74340W103	220,380	1,964	SH		SOLE		1,964	0	0
Public Storage, Inc.	COM	74460D109	217,140	824	SH		SOLE		824	0	0
PulteGroup, Inc.	COM	745867101	6,658,428	89,918	SH		SOLE		89,918	0	0
Qualcomm, Inc.	COM	747525103	230,005	2,071	SH		SOLE		2,071	0	0
Raymond James Financial Inc.	COM	754730109	3,426,722	34,121	SH		SOLE		34,121	0	0
Repligen Corporation	COM	759916109	4,831,996	30,388	SH		SOLE		30,388	0	0
Roper Technologies, Inc.	COM	776696106	6,160,042	12,720	SH		SOLE		12,720	0	0
Secure Energy Services, Inc.	COM	81373C102	3,771,909	686,377	SH		SOLE		686,377	0	0
Sonos	COM	83570H108	2,150,225	166,555	SH		SOLE		166,555	0	0
Southern Co	COM	842587107	235,322	3,636	SH		SOLE		3,636	0	0
SPDR Gold Trust	COM	78463V107	4,134,688	24,116	SH		SOLE		24,116	0	0
Splunk, Inc.	COM	848637104	8,510,726	58,193	SH		SOLE		58,193	0	0
Steris PLC	COM	G8473T100	5,893,402	26,859	SH		SOLE		26,859	0	0
Texas Instrument, Inc.	COM	882508104	216,572	1,362	SH		SOLE		1,362	0	0
The Descartes Systems Group, I	COM	249906108	5,064,399	68,963	SH		SOLE		68,963	0	0
Tyler Technologies, Inc.	COM	902252105	3,419,656	8,856	SH		SOLE		8,856	0	0
Union Pacific Corp	COM	907818108	240,500	1,181	SH		SOLE		1,181	0	0
United Parcel Service	COM	911312106	206,372	1,324	SH		SOLE		1,324	0	0
UnitedHealth Group, Inc.	COM	91324P102	5,309,121	10,530	SH		SOLE		10,530	0	0
Verizon Communications	COM	92343V104	211,443	6,524	SH		SOLE		6,524	0	0
Vertex Pharmaceuticals, Inc.	COM	92532F100	3,924,941	11,287	SH		SOLE		11,287	0	0
Visa Inc-Class A shares	COM	92826C839	4,088,658	17,776	SH		SOLE		17,776	0	0
Waste Management Inc.	COM	94106L109	3,506,882	23,005	SH		SOLE		23,005	0	0
Wells Fargo & Company	COM	949746101	4,469,716	109,391	SH		SOLE		109,391	0	0
Williams Companies, Inc.	COM	969457100	5,164,913	153,307	SH		SOLE		153,307	0	0
Energy Select Sector SPDR	TR UNIT	81369Y506	621,974	6,881	SH		SOLE		6,881	0	0
IShares Tr Russell 2000 Growth	TR UNIT	464287648	6,781,210	30,253	SH		SOLE		30,253	0	0
IShares TR S&P 500 Index Fund	TR UNIT	464287200	273,976	638	SH		SOLE		638	0	0
SPDR S & P 500 ETF Trust	TR UNIT	78462F103	9,558,560	22,360	SH		SOLE		22,360	0	0
UBS ETracs Alerian MLP / MLPB	TR UNIT	90274D382	5,102,420	240,141	SH		SOLE		240,141	0	0