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
Energy Transfer, LP	LTD	29273V100	14,446,816	918,424	SH		SOLE		918,424	0	0
Enterprise Products Partners,	LTD	293792107	7,497,130	256,927	SH		SOLE		256,927	0	0
MPLX, LP	LTD	55336V100	11,530,240	277,436	SH		SOLE		277,436	0	0
NGL Energy Partners, LP	LTD	62913M107	2,528,421	438,962	SH		SOLE		438,962	0	0
Plains All American Pipeline,	LTD	726503105	9,251,363	526,843	SH		SOLE		526,843	0	0
Western Midstream Partners	LTD	958669103	11,444,683	321,932	SH		SOLE		321,932	0	0
Abbvie, Inc.	COM	00287Y109	555,587	3,051	SH		SOLE		3,051	0	0
Alphabet, Inc. Class A	COM	02079K305	21,187,704	140,381	SH		SOLE		140,381	0	0
Altria Group	COM	02209S103	241,829	5,544	SH		SOLE		5,544	0	0
American Tower Corporation (RE	COM	03027X100	7,130,430	36,087	SH		SOLE		36,087	0	0
Amgen, Inc.	COM	031162100	303,085	1,066	SH		SOLE		1,066	0	0
Analog Devices, Inc.	COM	032654105	9,175,874	46,392	SH		SOLE		46,392	0	0
Antero Midstream Corp	COM	03676B102	7,584,091	539,409	SH		SOLE		539,409	0	0
Apple, Inc.	COM	037833100	14,788,278	86,239	SH		SOLE		86,239	0	0
Archrock Inc	COM	03957W106	6,533,666	332,164	SH		SOLE		332,164	0	0
AT&T, Inc.	COM	00206R102	237,436	13,491	SH		SOLE		13,491	0	0
ATI Inc.	COM	01741R102	3,463,237	67,681	SH		SOLE		67,681	0	0
Bank Of America Corp	COM	060505104	1,641,140	43,279	SH		SOLE		43,279	0	0
BJ's Wholesale Club	COM	05550J101	5,649,164	74,675	SH		SOLE		74,675	0	0
Blackrock Inc.	COM	09247X101	238,438	286	SH		SOLE		286	0	0
Blueprint Medicines Corporatio	COM	09627Y109	4,832,548	50,944	SH		SOLE		50,944	0	0
Boston Scientific Corporation	COM	101137107	7,033,238	102,690	SH		SOLE		102,690	0	0
Chart Industries Inc.	COM	16115Q308	9,660,993	58,651	SH		SOLE		58,651	0	0
Cheniere Energy Inc	COM	16411R208	8,445,427	52,365	SH		SOLE		52,365	0	0
ChevronTexaco Corp	COM	166764100	215,946	1,369	SH		SOLE		1,369	0	0
Cisco Systems, Inc.	COM	17275R102	239,768	4,804	SH		SOLE		4,804	0	0
Civitas Resources Inc.	COM	17888H103	3,613,696	47,605	SH		SOLE		47,605	0	0
Coca-Cola Co	COM	191216100	240,988	3,939	SH		SOLE		3,939	0	0
CVS/Caremark Corp	COM	126650100	224,604	2,816	SH		SOLE		2,816	0	0
Danaher Corporation	COM	235851102	6,187,812	24,779	SH		SOLE		24,779	0	0
Duke Energy Corporation	COM	26441C204	236,166	2,442	SH		SOLE		2,442	0	0
Electronic Arts, Inc.	COM	285512109	4,632,306	34,916	SH		SOLE		34,916	0	0
Eli Lilly & Co	COM	532457108	681,229	876	SH		SOLE		876	0	0
EnLink Midstream, LLC	COM	29336T100	14,982,231	1,098,404	SH		SOLE		1,098,404	0	0
Equitrans Midstream Corporatio	COM	294600101	3,609,023	288,953	SH		SOLE		288,953	0	0
Exxon Mobil Corporation	COM	30231G102	200,165	1,722	SH		SOLE		1,722	0	0
Fortive Corporation	COM	34959J108	3,443,983	40,037	SH		SOLE		40,037	0	0
Fox Factory Holding Corp.	COM	35138V102	2,718,783	52,214	SH		SOLE		52,214	0	0
Gibraltar Industries Inc.	COM	374689107	2,106,343	26,156	SH		SOLE		26,156	0	0
Goldman Sachs Group, Inc.	COM	38141G104	256,462	614	SH		SOLE		614	0	0
Hannon Armstrong Sustainable I	COM	41068X100	5,109,984	179,929	SH		SOLE		179,929	0	0
HealthEquity, Inc.	COM	42226A107	7,052,097	86,391	SH		SOLE		86,391	0	0
Hess Midstream LP Class A	COM	428103105	3,529,467	97,688	SH		SOLE		97,688	0	0
Hexcel Corporation	COM	428291108	1,962,870	26,944	SH		SOLE		26,944	0	0
Illinois Tool Works, Inc.	COM	452308109	8,334,598	31,061	SH		SOLE		31,061	0	0
Int'l Business Machines Corp	COM	459200101	368,553	1,930	SH		SOLE		1,930	0	0
IShares MSCI India ETF	COM	46429B598	4,486,215	86,959	SH		SOLE		86,959	0	0
IShares MSCI Indonesia	COM	46429B309	5,049,221	224,111	SH		SOLE		224,111	0	0
Johnson & Johnson	COM	478160104	249,940	1,580	SH		SOLE		1,580	0	0
JPMorgan Chase & Co	COM	46625H100	10,478,695	52,315	SH		SOLE		52,315	0	0
Kinder Morgan, Inc.	COM	49456B101	405,754	22,124	SH		SOLE		22,124	0	0
Lockheed Martin Corporation	COM	539830109	233,803	514	SH		SOLE		514	0	0
Malibu Boats, Inc.	COM	56117J100	4,171,586	96,386	SH		SOLE		96,386	0	0
MariMed Inc.	COM	56782V107	5,994	22,700	SH		SOLE		22,700	0	0
Masco Corporation	COM	574599106	6,144,436	77,896	SH		SOLE		77,896	0	0
Mastercard Inc-A	COM	57636Q104	5,506,753	11,435	SH		SOLE		11,435	0	0
McDonald's Corporation	COM	580135101	5,642,665	20,013	SH		SOLE		20,013	0	0
Medtronic, Inc.	COM	585055106	244,543	2,806	SH		SOLE		2,806	0	0
Merck & Company, Inc.	COM	58933Y105	283,956	2,152	SH		SOLE		2,152	0	0
Microsoft Corporation	COM	594918104	20,351,435	48,373	SH		SOLE		48,373	0	0
Morgan Stanley	COM	617446448	238,507	2,533	SH		SOLE		2,533	0	0
Nexterra Energy, Inc.	COM	65339F101	254,490	3,982	SH		SOLE		3,982	0	0
Nike, Inc. Class B	COM	654106103	4,467,715	47,539	SH		SOLE		47,539	0	0
Northrop Grumman Corp	COM	666807102	4,159,555	8,690	SH		SOLE		8,690	0	0
O'Reilly Automotive Inc	COM	67103h107	4,390,214	3,889	SH		SOLE		3,889	0	0
ONEOK, Inc.	COM	682680103	303,043	3,780	SH		SOLE		3,780	0	0
OneWater Marine Inc.	COM	68280L101	7,124,174	253,079	SH		SOLE		253,079	0	0
Palo Alto Networks, Inc.	COM	697435105	7,943,138	27,956	SH		SOLE		27,956	0	0
Palomar Holdings Inc.	COM	69753M105	7,982,460	95,222	SH		SOLE		95,222	0	0
Patrick Industries, Inc.	COM	703343103	8,060,641	67,470	SH		SOLE		67,470	0	0
Pepsico, Inc.	COM	713448108	374,346	2,139	SH		SOLE		2,139	0	0
Philip Morris International	COM	718172109	219,063	2,391	SH		SOLE		2,391	0	0
Phillips 66 Common Stock	COM	718546104	261,017	1,598	SH		SOLE		1,598	0	0
Plains GP Holdings	COM	72651A207	5,443,701	298,285	SH		SOLE		298,285	0	0
Procter & Gamble, Inc.	COM	742718109	273,229	1,684	SH		SOLE		1,684	0	0
Prologis Inc.	COM	74340W103	227,104	1,744	SH		SOLE		1,744	0	0
Public Storage, Inc.	COM	74460D109	210,003	724	SH		SOLE		724	0	0
PulteGroup, Inc.	COM	745867101	10,115,434	83,862	SH		SOLE		83,862	0	0
Raymond James Financial Inc.	COM	754730109	4,346,696	33,848	SH		SOLE		33,848	0	0
Repligen Corporation	COM	759916109	6,182,655	33,616	SH		SOLE		33,616	0	0
Roper Technologies, Inc.	COM	776696106	8,325,109	14,844	SH		SOLE		14,844	0	0
Secure Energy Services, Inc.	COM	81373C102	5,314,212	645,332	SH		SOLE		645,332	0	0
Sonos	COM	83570H108	2,919,782	153,189	SH		SOLE		153,189	0	0
Southern Co	COM	842587107	254,964	3,554	SH		SOLE		3,554	0	0
SPDR Gold Trust	COM	78463V107	5,101,445	24,798	SH		SOLE		24,798	0	0
Spyre Therapeutics Inc	COM	00773J202	1,303,275	34,360	SH		SOLE		34,360	0	0
Steris PLC	COM	G8473T100	6,326,210	28,139	SH		SOLE		28,139	0	0
Target Corp	COM	87612E106	267,055	1,507	SH		SOLE		1,507	0	0
Texas Instrument, Inc.	COM	882508104	239,887	1,377	SH		SOLE		1,377	0	0
The Descartes Systems Group, I	COM	249906108	6,545,219	71,509	SH		SOLE		71,509	0	0
Tyler Technologies, Inc.	COM	902252105	6,090,818	14,331	SH		SOLE		14,331	0	0
UnitedHealth Group, Inc.	COM	91324P102	4,259,862	8,611	SH		SOLE		8,611	0	0
Veralto Corp	COM	92338C103	644,174	7,266	SH		SOLE		7,266	0	0
Verizon Communications	COM	92343V104	248,655	5,926	SH		SOLE		5,926	0	0
Vertex Pharmaceuticals, Inc.	COM	92532F100	8,545,378	20,443	SH		SOLE		20,443	0	0
Visa Inc-Class A shares	COM	92826C839	5,037,115	18,049	SH		SOLE		18,049	0	0
Waste Management Inc.	COM	94106L109	4,044,734	18,976	SH		SOLE		18,976	0	0
Wells Fargo & Company	COM	949746101	6,299,383	108,685	SH		SOLE		108,685	0	0
Welltower Inc.	COM	95040Q104	242,010	2,590	SH		SOLE		2,590	0	0
Williams Companies, Inc.	COM	969457100	10,543,178	270,546	SH		SOLE		270,546	0	0
Dimensional U.S. Core Equity 2	TR UNIT	25434V708	305,698	9,568	SH		SOLE		9,568	0	0
Energy Select Sector SPDR	TR UNIT	81369Y506	434,758	4,605	SH		SOLE		4,605	0	0
Invesco QQQ Trust	TR UNIT	46090E103	305,035	687	SH		SOLE		687	0	0
IShares Russell 2000 ETF	TR UNIT	464287655	771,380	3,668	SH		SOLE		3,668	0	0
iShares Russell Mid-Cap	TR UNIT	464287499	224,604	2,671	SH		SOLE		2,671	0	0
IShares Tr Russell 2000 Growth	TR UNIT	464287648	8,211,198	30,322	SH		SOLE		30,322	0	0
IShares TR S&P 500 Index Fund	TR UNIT	464287200	300,718	572	SH		SOLE		572	0	0
JPMorgan Alerian MLP Index ETN	TR UNIT	46625H365	965,839	33,901	SH		SOLE		33,901	0	0
SPDR S & P 500 ETF Trust	TR UNIT	78462F103	17,778,762	33,989	SH		SOLE		33,989	0	0
SPDR S&P 500 Growth ETF IV	TR UNIT	78464A409	511,831	6,997	SH		SOLE		6,997	0	0
UBS ETracs Alerian MLP / MLPB	TR UNIT	90274D382	5,644,825	233,776	SH		SOLE		233,776	0	0