UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
Report for the Calendar Year or Quarter Ended:
03-31-2023
Check here if Amendment: ☐ Amendment Number:
This Amendment (Check only one.):☐ is a restatement.
☐ adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:
NBW CAPITAL LLC
Address:
211 CONGRESS STREET SUITE 901
BOSTON, MA 02110
Form 13F File Number:
028-14328

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.


Person Signing this Report on Behalf of Reporting Manager:
Name:
Scott Dorsey
Title:
VP Director of Operations
Phone:
617-482-2222


Signature, Place, and Date of Signing:

Scott Dorsey
                         [Signature]
Boston, MASSACHUSETTS
                 [City, State]
05-11-2023
                           [Date]
                          

Report Type (Check only one.):

☒ 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) 

☐ 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) 

☐ 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)


Form 13F Summary Page

Report Summary:

Number of Other Included Managers:
0
Form 13F Information table Entry Total:
109
Form 13F Information table Value Total:
411542915
          (thousands)

List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings and list entries.]

  
NONE


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
Crestwood Equity Partners, LPLTD2263442088,028,457322,040SHSOLE322,040 0 0
Energy Transfer, LPLTD29273V10011,571,998927,987SHSOLE927,987 0 0
Enterprise Products Partners, LTD2937921077,763,629299,754SHSOLE299,754 0 0
MPLX, LPLTD55336V1002,954,22585,754SHSOLE85,754 0 0
NGL Energy Partners, LPLTD62913M107860,343296,670SHSOLE296,670 0 0
Plains All American Pipeline, LTD7265031057,733,196620,144SHSOLE620,144 0 0
Western Midstream PartnersLTD9586691037,934,337300,885SHSOLE300,885 0 0
Westlake Chemical Partners LPLTD960417103885,33040,224SHSOLE40,224 0 0
Abbvie, Inc.COM00287Y109470,6202,953SHSOLE2,953 0 0
Alphabet, Inc. Class ACOM02079K30515,069,272145,274SHSOLE145,274 0 0
Altria GroupCOM02209S103214,9794,818SHSOLE4,818 0 0
American Tower Corporation (RECOM03027X1007,272,46135,590SHSOLE35,590 0 0
Amgen, Inc.COM031162100217,817901SHSOLE901 0 0
Analog Devices, Inc.COM0326541058,055,05640,843SHSOLE40,843 0 0
Antero Midstream CorpCOM03676B1026,125,373583,925SHSOLE583,925 0 0
Apple, Inc.COM03783310014,653,47588,863SHSOLE88,863 0 0
Associated Banc-CorpCOM0454871054,081,927227,026SHSOLE227,026 0 0
AT&T, Inc.COM00206R102267,15213,878SHSOLE13,878 0 0
ATI Inc.COM01741R1023,785,59595,935SHSOLE95,935 0 0
Bank Of America CorpCOM060505104566,48019,807SHSOLE19,807 0 0
BJ's Wholesale ClubCOM05550J1018,510,331111,875SHSOLE111,875 0 0
Blackrock Inc.COM09247X101222,148332SHSOLE332 0 0
Blueprint Medicines CorporatioCOM09627Y1092,411,32953,597SHSOLE53,597 0 0
Boston Scientific CorporationCOM1011371076,964,776139,212SHSOLE139,212 0 0
Bristol-Myers Squibb CompanyCOM110122108253,0513,651SHSOLE3,651 0 0
Broadcom IncCOM11135F101279,070435SHSOLE435 0 0
Chart Industries Inc.COM16115Q3082,508,00020,000SHSOLE20,000 0 0
Cheniere Energy IncCOM16411R2089,402,73159,662SHSOLE59,662 0 0
ChevronTexaco CorpCOM166764100201,1761,233SHSOLE1,233 0 0
Cisco Systems, Inc.COM17275R102291,2245,571SHSOLE5,571 0 0
Civitas Resources Inc.COM17888H1035,040,62273,758SHSOLE73,758 0 0
CNX Resources CorpCOM12653C1083,136,636195,795SHSOLE195,795 0 0
Coca-Cola CoCOM191216100233,9153,771SHSOLE3,771 0 0
Comcast CorpCOM20030N101255,0586,728SHSOLE6,728 0 0
Crown Castle Intl CorpCOM22822V101266,7431,993SHSOLE1,993 0 0
Danaher CorporationCOM2358511025,198,07320,624SHSOLE20,624 0 0
Dominion Energy IncCOM25746U109216,6513,875SHSOLE3,875 0 0
Duke Energy CorporationCOM26441C204219,6622,277SHSOLE2,277 0 0
Electronic Arts, Inc.COM2855121093,827,05831,773SHSOLE31,773 0 0
Eli Lilly & CoCOM532457108340,701992SHSOLE992 0 0
EnLink Midstream, LLCCOM29336T10012,139,9651,119,923SHSOLE1,119,923 0 0
Enphase Energy Inc.COM29355A1074,008,77819,064SHSOLE19,064 0 0
Envista Holdings CorpCOM29415F1043,946,10696,529SHSOLE96,529 0 0
Focus Financial Partners IncCOM34417P1007,148,516137,816SHSOLE137,816 0 0
Fortive CorporationCOM34959J1085,480,73280,398SHSOLE80,398 0 0
Fox Factory Holding Corp.COM35138V1026,704,84355,243SHSOLE55,243 0 0
Gilead Sciences, Inc.COM375558103231,2372,787SHSOLE2,787 0 0
Hannon Armstrong Sustainable ICOM41068X1004,496,263157,212SHSOLE157,212 0 0
HealthEquity, Inc.COM42226A1075,172,29288,099SHSOLE88,099 0 0
Hess Midstream LP Class ACOM4281031055,135,200177,443SHSOLE177,443 0 0
Illinois Tool Works, Inc.COM4523081097,402,82830,408SHSOLE30,408 0 0
Independent Bank Corp (MassachCOM4538361082,321,76735,382SHSOLE35,382 0 0
Int'l Business Machines CorpCOM459200101221,2801,688SHSOLE1,688 0 0
IShares MSCI India ETFCOM46429B5983,176,94280,715SHSOLE80,715 0 0
IShares MSCI IndonesiaCOM46429B3094,406,698187,280SHSOLE187,280 0 0
IShares MSCI MexicoCOM4642868223,530,36759,304SHSOLE59,304 0 0
Johnson & JohnsonCOM478160104221,6501,430SHSOLE1,430 0 0
JPMorgan Chase & CoCOM46625H100342,9762,632SHSOLE2,632 0 0
Kinder Morgan, Inc.COM49456B1012,420,968138,262SHSOLE138,262 0 0
Malibu Boats, Inc.COM56117J1005,409,94295,836SHSOLE95,836 0 0
MariMed Inc.COM56782V1078,91022,700SHSOLE22,700 0 0
Masco CorporationCOM5745991063,597,04372,346SHSOLE72,346 0 0
Mastercard Inc-ACOM57636Q1044,076,73311,218SHSOLE11,218 0 0
McDonald's CorporationCOM5801351016,384,89522,835SHSOLE22,835 0 0
Medtronic, Inc.COM585055106246,0523,052SHSOLE3,052 0 0
Merck & Company, Inc.COM58933Y105230,4412,166SHSOLE2,166 0 0
MetLife, Inc.COM59156R108232,5714,014SHSOLE4,014 0 0
Microsoft CorporationCOM59491810410,593,76936,746SHSOLE36,746 0 0
Morgan StanleyCOM617446448254,7962,902SHSOLE2,902 0 0
Nike, Inc. Class BCOM6541061035,463,98044,553SHSOLE44,553 0 0
Northrop Grumman CorpCOM6668071023,344,2387,243SHSOLE7,243 0 0
OneWater Marine Inc.COM68280L1017,149,887255,627SHSOLE255,627 0 0
Palo Alto Networks, Inc.COM6974351055,361,82126,844SHSOLE26,844 0 0
Palomar Holdings Inc.COM69753M1055,195,86694,128SHSOLE94,128 0 0
Patrick Industries, Inc.COM7033431036,279,94591,265SHSOLE91,265 0 0
Pepsico, Inc.COM713448108377,7262,072SHSOLE2,072 0 0
Pfizer, Inc.COM7170811032,796,84068,550SHSOLE68,550 0 0
Philip Morris InternationalCOM718172109213,3672,194SHSOLE2,194 0 0
Plains GP HoldingsCOM72651A2074,215,718321,320SHSOLE321,320 0 0
Prologis Inc.COM74340W103263,2652,110SHSOLE2,110 0 0
PulteGroup, Inc.COM7458671015,327,20091,407SHSOLE91,407 0 0
Qualcomm, Inc.COM747525103277,6142,176SHSOLE2,176 0 0
Raymond James Financial Inc.COM7547301093,168,98833,977SHSOLE33,977 0 0
Raytheon Technologies CorpCOM75513E1013,805,16838,856SHSOLE38,856 0 0
Repligen CorporationCOM7599161094,736,13528,131SHSOLE28,131 0 0
Roper Technologies, Inc.COM7766961065,643,91712,807SHSOLE12,807 0 0
Secure Energy Services, Inc.COM81373C1023,129,956670,387SHSOLE670,387 0 0
SonosCOM83570H1083,268,672166,599SHSOLE166,599 0 0
Southern CoCOM842587107243,6003,501SHSOLE3,501 0 0
SPDR Gold TrustCOM78463V1074,432,45824,192SHSOLE24,192 0 0
Spirit AeroSystems Holdings InCOM848574109518,57215,018SHSOLE15,018 0 0
Splunk, Inc.COM8486371045,455,47656,899SHSOLE56,899 0 0
Steris PLCCOMG8473T1005,115,97526,746SHSOLE26,746 0 0
Texas Instrument, Inc.COM882508104271,7611,461SHSOLE1,461 0 0
The Descartes Systems Group, ICOM2499061086,551,09581,168SHSOLE81,168 0 0
Union Pacific CorpCOM907818108229,6451,141SHSOLE1,141 0 0
United Parcel ServiceCOM911312106262,4681,353SHSOLE1,353 0 0
UnitedHealth Group, Inc.COM91324P1024,965,97610,508SHSOLE10,508 0 0
Verizon CommunicationsCOM92343V104234,1576,021SHSOLE6,021 0 0
Vertex Pharmaceuticals, Inc.COM92532F1003,538,55111,231SHSOLE11,231 0 0
Visa Inc-Class A sharesCOM92826C8394,052,19317,973SHSOLE17,973 0 0
Waste Management Inc.COM94106L1093,601,81522,074SHSOLE22,074 0 0
Wells Fargo & CompanyCOM9497461013,862,662103,335SHSOLE103,335 0 0
Williams Companies, Inc.COM9694571007,639,472255,843SHSOLE255,843 0 0
Energy Select Sector SPDRTR UNIT81369Y506803,6179,702SHSOLE9,702 0 0
IShares TR S&P 500 Index FundTR UNIT464287200405,325986SHSOLE986 0 0
Russell 2000 Value Index FundTR UNIT4642876306,526,94847,635SHSOLE47,635 0 0
SPDR S & P 500 ETF TrustTR UNIT78462F10310,428,49125,473SHSOLE25,473 0 0
UBS ETracs Alerian MLP / MLPBTR UNIT90274D3824,547,118238,421SHSOLE238,421 0 0