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	920	5,600	SH		SOLE		5,600	0	0
ACE LTD	SHS	h0023r105	1,549	13,485	SH		SOLE		13,485	0	0
ADVANCE AUTO PARTS INC	COM	00751y106	1,932	12,132	SH		SOLE		12,132	0	0
ALIBABA GROUP HLDG LTD	SPONSORED ADS	01609w102	235	2,260	SH		SOLE		2,260	0	0
ALLIANCE RES PARTNER L P	UT LTD PART	01877r108	2,239	52,000	SH		SOLE		52,000	0	0
ALTRIA GROUP INC	COM	02209s103	2,608	52,935	SH		SOLE		52,935	0	0
AMAZON COM INC	COM	023135106	397	1,280	SH		SOLE		1,280	0	0
AMERICAN AIRLS GROUP INC	COM	02376r102	1,376	25,650	SH		SOLE		25,650	0	0
AMERICAN EXPRESS CO	COM	025816109	889	9,550	SH		SOLE		9,550	0	0
AMERICAN INTL GROUP INC	COM NEW	026874784	4,149	74,084	SH		SOLE		74,084	0	0
AMGEN INC	COM	031162100	1,592	9,995	SH		SOLE		9,995	0	0
ANNALY CAP MGMT INC	COM	035710409	1,653	152,950	SH		SOLE		152,950	0	0
ANTHEM INC	COM	036752103	2,780	22,125	SH		SOLE		22,125	0	0
APPLE INC	COM	037833100	8,163	73,955	SH		SOLE		73,955	0	0
BANK AMER CORP	COM	060505104	447	25,000	SH	Call	SOLE		25,000	0	0
BANK AMER CORP	COM	060505104	1,728	96,582	SH		SOLE		96,582	0	0
BANK AMER CORP	*W EXP 01/16/201	060505146	289	41,000	SH		SOLE		41,000	0	0
BB&T CORP	COM	054937107	223	5,722	SH		SOLE		5,722	0	0
BED BATH & BEYOND INC	COM	075896100	657	8,625	SH		SOLE		8,625	0	0
BHP BILLITON LTD	SPONSORED ADR	088606108	1,040	21,970	SH		SOLE		21,970	0	0
BLACKROCK CR ALLCTN INC TR	COM	092508100	473	36,638	SH		SOLE		36,638	0	0
BLACKROCK INC	COM	09247x101	1,713	4,790	SH		SOLE		4,790	0	0
BLACKROCK MUN TARGET TERM TR	COM SHS BEN IN	09257p105	1,488	74,050	SH		SOLE		74,050	0	0
BLACKROCK MUNIASSETS FD INC	COM	09254j102	1,967	142,621	SH		SOLE		142,621	0	0
BLACKSTONE GROUP L P	COM UNIT LTD	09253u108	1,741	51,475	SH		SOLE		51,475	0	0
BOEING CO	COM	097023105	2,073	15,950	SH		SOLE		15,950	0	0
BP PLC	SPONSORED ADR	055622104	1,866	48,950	SH		SOLE		48,950	0	0
BUCKEYE PARTNERS L P	UNIT LTD PARTN	118230101	1,684	22,255	SH		SOLE		22,255	0	0
CALIFORNIA RES CORP	COM	13057q107	457	82,860	SH		SOLE		82,860	0	0
CATERPILLAR INC DEL	COM	149123101	2,222	24,275	SH		SOLE		24,275	0	0
CEMEX SAB DE CV	SPON ADR NEW	151290889	900	88,350	SH		SOLE		88,350	0	0
CHEVRON CORP NEW	COM	166764100	3,084	27,495	SH		SOLE		27,495	0	0
CIGNA CORPORATION	COM	125509109	1,132	11,000	SH		SOLE		11,000	0	0
CISCO SYS INC	COM	17275r102	2,960	106,425	SH		SOLE		106,425	0	0
CITIGROUP INC	COM NEW	172967424	3,662	67,675	SH		SOLE		67,675	0	0
COMCAST CORP NEW	CL A	20030n101	3,263	56,250	SH		SOLE		56,250	0	0
DIAGEO P L C	SPON ADR NEW	25243q205	1,954	17,125	SH		SOLE		17,125	0	0
DISNEY WALT CO	COM DISNEY	254687106	325	3,450	SH		SOLE		3,450	0	0
E M C CORP MASS	COM	268648102	2,973	99,950	SH		SOLE		99,950	0	0
EBAY INC	COM	278642103	2,126	37,888	SH		SOLE		37,888	0	0
ENTERGY CORP NEW	COM	29364g103	206	2,350	SH		SOLE		2,350	0	0
ENTERPRISE PRODS PARTNERS L	COM	293792107	1,046	28,960	SH		SOLE		28,960	0	0
ETFS GOLD TR	SHS	26922y105	1,796	15,500	SH		SOLE		15,500	0	0
EXELON CORP	COM	30161n101	1,413	38,110	SH		SOLE		38,110	0	0
EXPRESS SCRIPTS HLDG CO	COM	30219g108	1,155	13,640	SH		SOLE		13,640	0	0
EXXON MOBIL CORP	COM	30231g102	4,009	43,361	SH		SOLE		43,361	0	0
FIRSTENERGY CORP	COM	337932107	965	24,750	SH		SOLE		24,750	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	2,208	142,475	SH		SOLE		142,475	0	0
GAMESTOP CORP NEW	CL A	36467w109	379	11,200	SH		SOLE		11,200	0	0
GENERAL DYNAMICS CORP	COM	369550108	4,527	32,896	SH		SOLE		32,896	0	0
GENERAL ELECTRIC CO	COM	369604103	6,015	238,011	SH		SOLE		238,011	0	0
GENERAL MLS INC	COM	370334104	1,112	20,850	SH		SOLE		20,850	0	0
GILEAD SCIENCES INC	COM	375558103	1,178	12,500	SH		SOLE		12,500	0	0
GOLDMAN SACHS GROUP INC	COM	38141g104	2,598	13,405	SH		SOLE		13,405	0	0
GOOGLE INC	CL C	38259p706	5,409	10,275	SH		SOLE		10,275	0	0
HCA HOLDINGS INC	COM	40412c101	2,764	37,660	SH		SOLE		37,660	0	0
HCP INC	COM	40414l109	1,636	37,150	SH		SOLE		37,150	0	0
HOME DEPOT INC	COM	437076102	1,032	9,830	SH		SOLE		9,830	0	0
INTEL CORP	COM	458140100	4,339	119,578	SH		SOLE		119,578	0	0
ISHARES	MSCI FRNTR100ETF	464286145	403	13,100	SH		SOLE		13,100	0	0
ISHARES	MSCI EM EMEA ETF	464286384	268	6,300	SH		SOLE		6,300	0	0
ISHARES	MSCI STH KOR ETF	464286772	871	15,746	SH		SOLE		15,746	0	0
ISHARES	INTL SEL DIV ETF	464288448	960	28,504	SH		SOLE		28,504	0	0
ISHARES	U.S. AER&DEF ETF	464288760	573	5,000	SH		SOLE		5,000	0	0
ISHARES	EAFE VALUE ETF	464288877	745	14,606	SH		SOLE		14,606	0	0
ISHARES GOLD TRUST	ISHARES	464285105	641	56,066	SH		SOLE		56,066	0	0
ISHARES SILVER TRUST	ISHARES	46428q109	598	39,707	SH		SOLE		39,707	0	0
ISHARES TR	SELECT DIVID ETF	464287168	717	9,030	SH		SOLE		9,030	0	0
ISHARES TR	CORE S&P500 ETF	464287200	5,140	24,847	SH		SOLE		24,847	0	0
ISHARES TR	IBOXX INV CP ETF	464287242	373	3,120	SH		SOLE		3,120	0	0
ISHARES TR	MSCI EAFE ETF	464287465	428	7,043	SH		SOLE		7,043	0	0
ISHARES TR	RUS 1000 GRW ETF	464287614	1,568	16,400	SH		SOLE		16,400	0	0
ISHARES TR	U.S. UTILITS ETF	464287697	248	2,100	SH		SOLE		2,100	0	0
ISHARES TR	U.S. REAL ES ETF	464287739	307	4,000	SH		SOLE		4,000	0	0
ISHARES TR	CORE S&P SCP ETF	464287804	1,372	12,025	SH		SOLE		12,025	0	0
ISHARES TR	EUROPE ETF	464287861	558	13,131	SH		SOLE		13,131	0	0
JOHNSON & JOHNSON	COM	478160104	4,212	40,281	SH		SOLE		40,281	0	0
JPMORGAN CHASE & CO	COM	46625h100	5,254	83,950	SH		SOLE		83,950	0	0
KINDER MORGAN INC DEL	COM	49456b101	2,114	49,967	SH		SOLE		49,967	0	0
L-3 COMMUNICATIONS HLDGS INC	COM	502424104	1,205	9,550	SH		SOLE		9,550	0	0
LOCKHEED MARTIN CORP	COM	539830109	2,561	13,300	SH		SOLE		13,300	0	0
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	2,495	30,180	SH		SOLE		30,180	0	0
MARKEL CORP	COM	570535104	915	1,340	SH		SOLE		1,340	0	0
MERCK & CO INC NEW	COM	58933y105	2,094	36,875	SH		SOLE		36,875	0	0
MERCK & CO INC NEW	COM	58933y105	738	13,000	SH	Call	SOLE		13,000	0	0
METLIFE INC	COM	59156r108	764	14,125	SH		SOLE		14,125	0	0
MICHAELS COS INC	COM	59408q106	1,382	55,884	SH		SOLE		55,884	0	0
MICRON TECHNOLOGY INC	COM	595112103	2,067	59,045	SH		SOLE		59,045	0	0
MICROSOFT CORP	COM	594918104	6,463	139,145	SH		SOLE		139,145	0	0
MOLSON COORS BREWING CO	CL B	60871r209	2,767	37,125	SH		SOLE		37,125	0	0
NASDAQ OMX GROUP INC	COM	631103108	1,138	23,736	SH		SOLE		23,736	0	0
NEXTERA ENERGY INC	COM	65339f101	2,572	24,200	SH		SOLE		24,200	0	0
NORTHROP GRUMMAN CORP	COM	666807102	3,328	22,580	SH		SOLE		22,580	0	0
NOVARTIS A G	SPONSORED ADR	66987v109	1,964	21,200	SH		SOLE		21,200	0	0
NUVEEN MUN ADVANTAGE FD INC	COM	67062h106	1,205	88,187	SH		SOLE		88,187	0	0
NUVEEN MUN VALUE FD INC	COM	670928100	2,418	250,525	SH		SOLE		250,525	0	0
NUVEEN SELECT MAT MUN FD	SH BEN INT	67061t101	283	26,515	SH		SOLE		26,515	0	0
OCCIDENTAL PETE CORP DEL	COM	674599105	1,687	20,925	SH		SOLE		20,925	0	0
OMNICOM GROUP INC	COM	681919106	481	6,215	SH		SOLE		6,215	0	0
PEPSICO INC	COM	713448108	2,352	24,875	SH		SOLE		24,875	0	0
PFIZER INC	COM	717081103	3,850	123,610	SH		SOLE		123,610	0	0
PHILIP MORRIS INTL INC	COM	718172109	3,324	40,815	SH		SOLE		40,815	0	0
PLAINS ALL AMERN PIPELINE L	UNIT LTD PARTN	726503105	1,696	33,050	SH		SOLE		33,050	0	0
POWERSHARES QQQ TRUST	UNIT SER 1	73935a104	670	6,488	SH		SOLE		6,488	0	0
PROCTER & GAMBLE CO	COM	742718109	3,008	33,025	SH		SOLE		33,025	0	0
QUALCOMM INC	COM	747525103	498	6,700	SH		SOLE		6,700	0	0
RAYTHEON CO	COM NEW	755111507	3,549	32,805	SH		SOLE		32,805	0	0
RIO TINTO PLC	SPONSORED ADR	767204100	815	17,700	SH		SOLE		17,700	0	0
RYDEX ETF TRUST	GUG S&P500 EQ WT	78355w106	240	3,000	SH		SOLE		3,000	0	0
SELECT SECTOR SPDR TR	SBI INT-ENERGY	81369y506	1,431	18,080	SH		SOLE		18,080	0	0
SKYWORKS SOLUTIONS INC	COM	83088m102	585	8,050	SH		SOLE		8,050	0	0
SPDR DOW JONES INDL AVRG ETF	UT SER 1	78467x109	1,023	5,750	SH		SOLE		5,750	0	0
SPDR GOLD TRUST	GOLD SHS	78463v107	681	6,000	SH	Call	SOLE		6,000	0	0
SPDR GOLD TRUST	GOLD SHS	78463v107	3,900	34,340	SH		SOLE		34,340	0	0
SUNOCO LOGISTICS PRTNRS L P	COM UNITS	86764l108	1,337	32,000	SH		SOLE		32,000	0	0
TEVA PHARMACEUTICAL INDS LTD	ADR	881624209	2,385	41,470	SH		SOLE		41,470	0	0
TWITTER INC	COM	90184l102	509	14,200	SH		SOLE		14,200	0	0
UNILEVER PLC	SPON ADR NEW	904767704	2,863	70,725	SH		SOLE		70,725	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	1,958	17,025	SH		SOLE		17,025	0	0
UNITEDHEALTH GROUP INC	COM	91324p102	2,052	20,297	SH		SOLE		20,297	0	0
VALERO ENERGY CORP NEW	COM	91913y100	1,552	31,350	SH		SOLE		31,350	0	0
VANGUARD INDEX FDS	EXTEND MKT ETF	922908652	408	4,650	SH		SOLE		4,650	0	0
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	514	12,845	SH		SOLE		12,845	0	0
VANGUARD MALVERN FDS	STRM INFPROIDX	922020805	626	12,985	SH		SOLE		12,985	0	0
VERIZON COMMUNICATIONS INC	COM	92343v104	3,884	83,020	SH		SOLE		83,020	0	0
VODAFONE GROUP PLC NEW	SPNSR ADR NO PAR	92857w308	296	8,662	SH		SOLE		8,662	0	0
VULCAN MATLS CO	COM	929160109	28,045	426,673	SH		SOLE		426,673	0	0
WELLS FARGO & CO NEW	COM	949746101	1,732	31,600	SH		SOLE		31,600	0	0