Narwhal Capital Management 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

OMB APPROVAL

OMB Number:		3235-0006
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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
3M CO	COM	88579y101	1,099	9,200	SH		SOLE		9,200	0	0
ABBVIE INC	COM	00287y109	908	20,300	SH		SOLE		20,300	0	0
ACTIVISION BLIZZARD INC	COM	00507v109	751	45,000	SH		SOLE		45,000	0	0
AES CORP	COM	00130h105	918	69,050	SH		SOLE		69,050	0	0
AFLAC INC	COM	001055102	973	15,700	SH		SOLE		15,700	0	0
ALLIANCE RES PARTNER L P	UT LTD PART	01877r108	1,149	15,500	SH		SOLE		15,500	0	0
ALTRIA GROUP INC	COM	02209s103	1,683	48,985	SH		SOLE		48,985	0	0
AMAZON COM INC	COM	023135106	946	3,025	SH		SOLE		3,025	0	0
AMERICAN INTL GROUP INC	COM NEW	026874784	2,059	42,350	SH		SOLE		42,350	0	0
AMGEN INC	COM	031162100	1,303	11,640	SH		SOLE		11,640	0	0
ANNALY CAP MGMT INC	COM	035710409	1,549	133,800	SH		SOLE		133,800	0	0
APACHE CORP	COM	037411105	981	11,520	SH		SOLE		11,520	0	0
APPLE INC	COM	037833100	5,328	11,175	SH		SOLE		11,175	0	0
AT&T INC	COM	00206r102	1,728	51,100	SH		SOLE		51,100	0	0
BABCOCK & WILCOX CO NEW	COM	05615f102	270	8,000	SH		SOLE		8,000	0	0
BANK OF AMERICA CORPORATION	COM	060505104	2,072	150,176	SH		SOLE		150,176	0	0
BANK OF AMERICA CORPORATION	COM	060505104	759	55,000	SH	Call	SOLE		55,000	0	0
BB&T CORP	COM	054937107	261	7,722	SH		SOLE		7,722	0	0
BECTON DICKINSON & CO	COM	075887109	700	7,000	SH		SOLE		7,000	0	0
BHP BILLITON LTD	SPONSORED ADR	088606108	906	13,620	SH		SOLE		13,620	0	0
BLACKROCK INC	COM	09247x101	1,285	4,750	SH		SOLE		4,750	0	0
BLACKSTONE GROUP L P	COM UNIT LTD	09253u108	1,304	52,400	SH		SOLE		52,400	0	0
BOEING CO	COM	097023105	2,027	17,250	SH		SOLE		17,250	0	0
BP PLC	SPONSORED ADR	055622104	1,931	45,950	SH		SOLE		45,950	0	0
BUCKEYE PARTNERS L P	UNIT LTD PARTN	118230101	1,895	28,925	SH		SOLE		28,925	0	0
CATERPILLAR INC DEL	COM	149123101	1,603	19,225	SH		SOLE		19,225	0	0
CEMEX SAB DE CV	SPON ADR NEW	151290889	955	85,409	SH		SOLE		85,409	0	0
CENTURYLINK INC	COM	156700106	667	21,240	SH		SOLE		21,240	0	0
CHEVRON CORP NEW	COM	166764100	3,821	31,450	SH		SOLE		31,450	0	0
CIGNA CORPORATION	COM	125509109	1,383	18,000	SH		SOLE		18,000	0	0
CISCO SYS INC	COM	17275r102	2,186	93,300	SH		SOLE		93,300	0	0
CITIGROUP INC	COM NEW	172967424	1,892	39,000	SH		SOLE		39,000	0	0
COACH INC	COM	189754104	518	9,500	SH		SOLE		9,500	0	0
COCA COLA CO	COM	191216100	1,980	52,276	SH		SOLE		52,276	0	0
COMCAST CORP NEW	CL A	20030n101	2,604	57,725	SH		SOLE		57,725	0	0
CORNING INC	COM	219350105	878	60,200	SH		SOLE		60,200	0	0
DIAGEO P L C	SPON ADR NEW	25243q205	635	5,000	SH		SOLE		5,000	0	0
DUKE ENERGY CORP NEW	COM NEW	26441c204	349	5,224	SH		SOLE		5,224	0	0
E M C CORP MASS	COM	268648102	1,939	75,850	SH		SOLE		75,850	0	0
EBAY INC	COM	278642103	354	6,350	SH		SOLE		6,350	0	0
EL PASO PIPELINE PARTNERS L	COM UNIT LPI	283702108	692	16,400	SH		SOLE		16,400	0	0
ENI S P A	SPONSORED ADR	26874r108	1,056	22,950	SH		SOLE		22,950	0	0
ENTERPRISE PRODS PARTNERS L	COM	293792107	1,143	18,720	SH		SOLE		18,720	0	0
ETFS GOLD TR	SHS	26922y105	2,431	18,600	SH		SOLE		18,600	0	0
EXELON CORP	COM	30161n101	2,187	73,770	SH		SOLE		73,770	0	0
EXXON MOBIL CORP	COM	30231g102	3,298	38,337	SH		SOLE		38,337	0	0
F5 NETWORKS INC	COM	315616102	1,444	16,830	SH		SOLE		16,830	0	0
FIRST SOLAR INC	COM	336433107	233	5,800	SH		SOLE		5,800	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	2,218	131,500	SH		SOLE		131,500	0	0
FORTINET INC	COM	34959e109	365	18,000	SH		SOLE		18,000	0	0
GENERAL DYNAMICS CORP	COM	369550108	3,282	37,496	SH		SOLE		37,496	0	0
GENERAL ELECTRIC CO	COM	369604103	3,328	139,300	SH		SOLE		139,300	0	0
GENERAL MLS INC	COM	370334104	1,847	38,550	SH		SOLE		38,550	0	0
GENERAL MTRS CO	COM	37045v100	1,302	36,200	SH		SOLE		36,200	0	0
GOLDMAN SACHS GROUP INC	COM	38141g104	2,144	13,550	SH		SOLE		13,550	0	0
GOOGLE INC	CL A	38259p508	3,219	3,675	SH		SOLE		3,675	0	0
HCP INC	COM	40414l109	422	10,300	SH		SOLE		10,300	0	0
HOME DEPOT INC	COM	437076102	2,205	29,073	SH		SOLE		29,073	0	0
INTEL CORP	COM	458140100	2,690	117,354	SH		SOLE		117,354	0	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	1,320	7,126	SH		SOLE		7,126	0	0
ISHARES	MSCI FRNTR100ETF	464286145	413	13,100	SH		SOLE		13,100	0	0
ISHARES	MSCI EM EMEA ETF	464286384	612	11,600	SH		SOLE		11,600	0	0
ISHARES	MSCI JAPAN ETF	464286848	191	16,000	SH		SOLE		16,000	0	0
ISHARES	SELECT DIVID ETF	464287168	365	5,500	SH		SOLE		5,500	0	0
ISHARES	CORE S&P500 ETF	464287200	1,677	9,930	SH		SOLE		9,930	0	0
ISHARES	MSCI EMG MKT ETF	464287234	251	6,150	SH		SOLE		6,150	0	0
ISHARES	RUS MID-CAP ETF	464287499	282	2,025	SH		SOLE		2,025	0	0
ISHARES	RUS 1000 GRW ETF	464287614	928	11,866	SH		SOLE		11,866	0	0
ISHARES	U.S. UTILITS ETF	464287697	202	2,150	SH		SOLE		2,150	0	0
ISHARES	S&P MC 400VL ETF	464287705	238	2,200	SH		SOLE		2,200	0	0
ISHARES	U.S. REAL ES ETF	464287739	255	4,000	SH		SOLE		4,000	0	0
ISHARES	U.S. FINLS ETF	464287788	975	13,300	SH		SOLE		13,300	0	0
ISHARES	CORE S&P SCP ETF	464287804	322	3,225	SH		SOLE		3,225	0	0
ISHARES	SHT NTLAMTFR ETF	464288158	425	4,000	SH		SOLE		4,000	0	0
ISHARES	INTL SEL DIV ETF	464288448	1,317	36,320	SH		SOLE		36,320	0	0
ISHARES	U.S. AER&DEF ETF	464288760	611	6,650	SH		SOLE		6,650	0	0
ISHARES	EAFE VALUE ETF	464288877	558	10,256	SH		SOLE		10,256	0	0
ISHARES GOLD TRUST	ISHARES	464285105	1,111	86,200	SH		SOLE		86,200	0	0
ISHARES SILVER TRUST	ISHARES	46428q109	1,440	68,900	SH		SOLE		68,900	0	0
JOHNSON & JOHNSON	COM	478160104	3,992	46,053	SH		SOLE		46,053	0	0
JPMORGAN CHASE & CO	COM	46625h100	4,675	90,449	SH		SOLE		90,449	0	0
KINDER MORGAN ENERGY PARTNER	UT LTD PARTNER	494550106	1,421	17,800	SH		SOLE		17,800	0	0
KRAFT FOODS GROUP INC	COM	50076q106	691	13,165	SH		SOLE		13,165	0	0
L-3 COMMUNICATIONS HLDGS INC	COM	502424104	912	9,650	SH		SOLE		9,650	0	0
LABORATORY CORP AMER HLDGS	COM NEW	50540r409	466	4,700	SH		SOLE		4,700	0	0
LILLY ELI & CO	COM	532457108	579	11,500	SH		SOLE		11,500	0	0
LOCKHEED MARTIN CORP	COM	539830109	1,696	13,300	SH		SOLE		13,300	0	0
LORILLARD INC	COM	544147101	1,215	27,125	SH		SOLE		27,125	0	0
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	2,125	37,650	SH		SOLE		37,650	0	0
MCDONALDS CORP	COM	580135101	955	9,925	SH		SOLE		9,925	0	0
MEDTRONIC INC	COM	585055106	2,178	40,900	SH		SOLE		40,900	0	0
MERCK & CO INC NEW	COM	58933y105	1,695	35,600	SH		SOLE		35,600	0	0
MICROSOFT CORP	COM	594918104	4,214	126,631	SH		SOLE		126,631	0	0
MOLSON COORS BREWING CO	CL B	60871r209	2,080	41,500	SH		SOLE		41,500	0	0
MONDELEZ INTL INC	CL A	609207105	895	28,500	SH		SOLE		28,500	0	0
NASDAQ OMX GROUP INC	COM	631103108	1,002	31,200	SH		SOLE		31,200	0	0
NEXTERA ENERGY INC	COM	65339f101	2,204	27,500	SH		SOLE		27,500	0	0
NORTHROP GRUMMAN CORP	COM	666807102	2,605	27,350	SH		SOLE		27,350	0	0
NOVARTIS A G	SPONSORED ADR	66987v109	1,918	25,000	SH		SOLE		25,000	0	0
NUVEEN MUN ADVANTAGE FD INC	COM	67062h106	713	57,000	SH		SOLE		57,000	0	0
NUVEEN MUN VALUE FD INC	COM	670928100	915	100,200	SH		SOLE		100,200	0	0
OMNICOM GROUP INC	COM	681919106	444	7,000	SH		SOLE		7,000	0	0
ORACLE CORP	COM	68389x105	1,199	36,150	SH		SOLE		36,150	0	0
PEPSICO INC	COM	713448108	1,212	15,250	SH		SOLE		15,250	0	0
PFIZER INC	COM	717081103	3,276	114,048	SH		SOLE		114,048	0	0
PHILIP MORRIS INTL INC	COM	718172109	3,056	35,295	SH		SOLE		35,295	0	0
PLAINS ALL AMERN PIPELINE L	UNIT LTD PARTN	726503105	1,830	34,750	SH		SOLE		34,750	0	0
PROCTER & GAMBLE CO	COM	742718109	2,624	34,713	SH		SOLE		34,713	0	0
RAYTHEON CO	COM NEW	755111507	1,924	24,960	SH		SOLE		24,960	0	0
RIO TINTO PLC	SPONSORED ADR	767204100	1,185	24,300	SH		SOLE		24,300	0	0
ROGERS COMMUNICATIONS INC	CL B	775109200	646	15,025	SH		SOLE		15,025	0	0
SOUTHERN CO	COM	842587107	410	9,950	SH		SOLE		9,950	0	0
SPDR DOW JONES INDL AVRG ETF	UT SER 1	78467x109	3,443	22,800	SH		SOLE		22,800	0	0
SPDR GOLD TRUST	GOLD SHS	78463v107	2,144	16,725	SH		SOLE		16,725	0	0
SPDR GOLD TRUST	GOLD SHS	78463v107	769	6,000	SH	Call	SOLE		6,000	0	0
SPRINT CORP	COM SER 1	85207u105	435	70,000	SH	Call	SOLE		70,000	0	0
SUNOCO LOGISTICS PRTNRS L P	COM UNITS	86764l108	1,927	29,000	SH		SOLE		29,000	0	0
TC PIPELINES LP	UT COM LTD PRT	87233q108	1,422	29,200	SH		SOLE		29,200	0	0
TEVA PHARMACEUTICAL INDS LTD	ADR	881624209	1,876	49,650	SH		SOLE		49,650	0	0
TRAVELERS COMPANIES INC	COM	89417e109	237	2,800	SH		SOLE		2,800	0	0
TUPPERWARE BRANDS CORP	COM	899896104	2,017	23,350	SH		SOLE		23,350	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	1,577	14,625	SH		SOLE		14,625	0	0
UNITEDHEALTH GROUP INC	COM	91324p102	1,794	25,050	SH		SOLE		25,050	0	0
VALERO ENERGY CORP NEW	COM	91913y100	919	26,900	SH		SOLE		26,900	0	0
VANGUARD INDEX FDS	EXTEND MKT ETF	922908652	247	3,200	SH		SOLE		3,200	0	0
VERIZON COMMUNICATIONS INC	COM	92343v104	941	20,150	SH		SOLE		20,150	0	0
VODAFONE GROUP PLC NEW	SPONS ADR NEW	92857w209	1,787	50,800	SH		SOLE		50,800	0	0
VULCAN MATLS CO	COM	929160109	19,556	377,455	SH		SOLE		377,455	0	0
WAL-MART STORES INC	COM	931142103	1,032	13,950	SH		SOLE		13,950	0	0
WELLPOINT INC	COM	94973v107	2,086	24,950	SH		SOLE		24,950	0	0
WELLS FARGO & CO NEW	COM	949746101	1,306	31,600	SH		SOLE		31,600	0	0
WESTERN UN CO	COM	959802109	187	10,000	SH		SOLE		10,000	0	0
WILLIAMS PARTNERS L P	COM UNIT L P	96950f104	714	13,500	SH		SOLE		13,500	0	0