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
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

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
ALPHABET INC CLASS C	COM	02079k107	6,749	11,092	SH		SOLE		11,092	0	0
3M CO	COM	88579y101	794	5,600	SH		SOLE		5,600	0	0
ACE LTD	SHS	h0023r105	1,394	13,485	SH		SOLE		13,485	0	0
ALIBABA GROUP HLDG LTD	SPONSORED ADS	01609w102	252	4,275	SH		SOLE		4,275	0	0
ALLIANCE RES PARTNER L P	UT LTD PART	01877r108	1,678	75,360	SH		SOLE		75,360	0	0
ALTRIA GROUP INC	COM	02209s103	2,757	50,685	SH		SOLE		50,685	0	0
AMAZON COM INC	COM	023135106	669	1,306	SH		SOLE		1,306	0	0
AMERICAN AIRLS GROUP INC	COM	02376r102	627	16,150	SH		SOLE		16,150	0	0
AMERICAN EXPRESS CO	COM	025816109	2,122	28,620	SH		SOLE		28,620	0	0
AMERICAN INTL GROUP INC	COM NEW	026874784	4,263	75,034	SH		SOLE		75,034	0	0
AMGEN INC	COM	031162100	1,383	9,995	SH		SOLE		9,995	0	0
AMSURG CORP	COM	03232p405	1,159	14,915	SH		SOLE		14,915	0	0
ANHEUSER BUSCH INBEV SA/NV	SPONSORED ADR	03524a108	1,068	10,045	SH		SOLE		10,045	0	0
ANNALY CAP MGMT INC	COM	035710409	1,725	174,750	SH		SOLE		174,750	0	0
ANTHEM INC	COM	036752103	3,097	22,125	SH		SOLE		22,125	0	0
APPLE INC	COM	037833100	8,450	76,605	SH		SOLE		76,605	0	0
BAKER HUGHES INC	COM	057224107	530	10,192	SH		SOLE		10,192	0	0
BANK AMER CORP	*W EXP 01/16/201	060505146	281	49,000	SH		SOLE		49,000	0	0
BANK AMER CORP	COM	060505104	1,629	104,532	SH		SOLE		104,532	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	1,249	9,580	SH		SOLE		9,580	0	0
BHP BILLITON LTD	SPONSORED ADR	088606108	1,268	40,100	SH		SOLE		40,100	0	0
BLACKROCK CR ALLCTN INC TR	COM	092508100	460	37,828	SH		SOLE		37,828	0	0
BLACKROCK INC	COM	09247x101	1,441	4,845	SH		SOLE		4,845	0	0
BLACKROCK MUN TARGET TERM TR	COM SHS BEN IN	09257p105	1,597	78,363	SH		SOLE		78,363	0	0
BLACKROCK MUNIASSETS FD INC	COM	09254j102	1,895	140,282	SH		SOLE		140,282	0	0
BLACKSTONE GROUP L P	COM UNIT LTD	09253u108	1,705	53,850	SH		SOLE		53,850	0	0
BOEING CO	COM	097023105	2,089	15,950	SH		SOLE		15,950	0	0
BP PLC	SPONSORED ADR	055622104	755	24,700	SH		SOLE		24,700	0	0
CALIFORNIA RES CORP	COM	13057q107	224	86,200	SH		SOLE		86,200	0	0
CATERPILLAR INC DEL	COM	149123101	1,975	30,215	SH		SOLE		30,215	0	0
CENTURYLINK INC	COM	156700106	1,156	46,033	SH		SOLE		46,033	0	0
CHEVRON CORP NEW	COM	166764100	1,565	19,845	SH		SOLE		19,845	0	0
CIGNA CORPORATION	COM	125509109	810	6,000	SH		SOLE		6,000	0	0
CISCO SYS INC	COM	17275r102	2,819	107,400	SH		SOLE		107,400	0	0
CITIGROUP INC	COM NEW	172967424	3,409	68,725	SH		SOLE		68,725	0	0
COMCAST CORP NEW	CL A	20030n101	3,339	58,700	SH		SOLE		58,700	0	0
CONOCOPHILLIPS	COM	20825c104	295	6,145	SH		SOLE		6,145	0	0
DIAGEO P L C	SPON ADR NEW	25243q205	2,641	24,500	SH		SOLE		24,500	0	0
DISNEY WALT CO	COM DISNEY	254687106	2,579	25,230	SH		SOLE		25,230	0	0
E M C CORP MASS	COM	268648102	2,608	107,950	SH		SOLE		107,950	0	0
ENTERGY CORP NEW	COM	29364g103	690	10,600	SH		SOLE		10,600	0	0
ENTERPRISE PRODS PARTNERS L	COM	293792107	969	38,935	SH		SOLE		38,935	0	0
ETFS GOLD TR	SHS	26922y105	1,690	15,500	SH		SOLE		15,500	0	0
EXELON CORP	COM	30161n101	2,892	97,375	SH		SOLE		97,375	0	0
EXPRESS SCRIPTS HLDG CO	COM	30219g108	1,716	21,190	SH		SOLE		21,190	0	0
EXXON MOBIL CORP	COM	30231g102	4,741	63,771	SH		SOLE		63,771	0	0
FACEBOOK INC	CL A	30303m102	560	6,230	SH		SOLE		6,230	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	2,127	156,725	SH		SOLE		156,725	0	0
GENERAL DYNAMICS CORP	COM	369550108	4,579	33,196	SH		SOLE		33,196	0	0
GENERAL ELECTRIC CO	COM	369604103	6,023	238,825	SH		SOLE		238,825	0	0
GENERAL MLS INC	COM	370334104	786	14,000	SH		SOLE		14,000	0	0
GILEAD SCIENCES INC	COM	375558103	1,475	15,020	SH		SOLE		15,020	0	0
GOLDMAN SACHS GROUP INC	COM	38141g104	3,198	18,405	SH		SOLE		18,405	0	0
HALLIBURTON CO	COM	406216101	589	16,650	SH		SOLE		16,650	0	0
HCA HOLDINGS INC	COM	40412c101	3,273	42,305	SH		SOLE		42,305	0	0
HCP INC	COM	40414l109	711	19,100	SH		SOLE		19,100	0	0
HOME DEPOT INC	COM	437076102	1,124	9,730	SH		SOLE		9,730	0	0
INTEL CORP	COM	458140100	3,917	129,968	SH		SOLE		129,968	0	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	3,001	20,700	SH		SOLE		20,700	0	0
ISHARES	MSCI FRNTR100ETF	464286145	329	13,100	SH		SOLE		13,100	0	0
ISHARES GOLD TRUST	ISHARES	464285105	1,023	94,896	SH		SOLE		94,896	0	0
ISHARES INC	MSCI RUSSIA CAP	46434g806	321	26,449	SH		SOLE		26,449	0	0
ISHARES SILVER TRUST	ISHARES	46428q109	613	44,224	SH		SOLE		44,224	0	0
ISHARES TR	CORE S&P SCP ETF	464287804	1,330	12,479	SH		SOLE		12,479	0	0
ISHARES TR	CORE S&P500 ETF	464287200	5,232	27,149	SH		SOLE		27,149	0	0
ISHARES TR	EAFE VALUE ETF	464288877	676	14,606	SH		SOLE		14,606	0	0
ISHARES TR	EUROPE ETF	464287861	555	13,951	SH		SOLE		13,951	0	0
ISHARES TR	INTL SEL DIV ETF	464288448	795	28,256	SH		SOLE		28,256	0	0
ISHARES TR	MSCI EAFE ETF	464287465	404	7,043	SH		SOLE		7,043	0	0
ISHARES TR	RUS 1000 GRW ETF	464287614	1,855	19,950	SH		SOLE		19,950	0	0
ISHARES TR	SELECT DIVID ETF	464287168	663	9,110	SH		SOLE		9,110	0	0
ISHARES TR	U.S. AER&DEF ETF	464288760	545	5,000	SH		SOLE		5,000	0	0
ISHARES TR	U.S. REAL ES ETF	464287739	355	5,000	SH		SOLE		5,000	0	0
ISHARES TR	U.S. UTILITS ETF	464287697	227	2,100	SH		SOLE		2,100	0	0
JOHNSON & JOHNSON	COM	478160104	3,930	42,102	SH		SOLE		42,102	0	0
JPMORGAN CHASE & CO	COM	46625h100	5,247	86,065	SH		SOLE		86,065	0	0
KINDER MORGAN INC DEL	COM	49456b101	1,177	42,530	SH		SOLE		42,530	0	0
L-3 COMMUNICATIONS HLDGS INC	COM	502424104	1,144	10,950	SH		SOLE		10,950	0	0
LOCKHEED MARTIN CORP	COM	539830109	2,736	13,200	SH		SOLE		13,200	0	0
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	1,545	25,695	SH		SOLE		25,695	0	0
MARKEL CORP	COM	570535104	1,091	1,360	SH		SOLE		1,360	0	0
MEDTRONIC PLC	SHS	g5960l103	2,634	39,350	SH		SOLE		39,350	0	0
MERCK & CO INC NEW	COM	58933y105	642	13,000	SH	Call	SOLE		13,000	0	0
MERCK & CO INC NEW	COM	58933y105	2,248	45,510	SH		SOLE		45,510	0	0
METLIFE INC	COM	59156r108	2,031	43,075	SH		SOLE		43,075	0	0
MICRON TECHNOLOGY INC	COM	595112103	300	20,000	SH	Call	SOLE		20,000	0	0
MICRON TECHNOLOGY INC	COM	595112103	904	60,340	SH		SOLE		60,340	0	0
MICROSOFT CORP	COM	594918104	6,167	139,340	SH		SOLE		139,340	0	0
MOLSON COORS BREWING CO	CL B	60871r209	3,125	37,645	SH		SOLE		37,645	0	0
NASDAQ INC	COM	631103108	1,030	19,312	SH		SOLE		19,312	0	0
NEXTERA ENERGY INC	COM	65339f101	1,302	13,350	SH		SOLE		13,350	0	0
NORTHROP GRUMMAN CORP	COM	666807102	3,571	21,520	SH		SOLE		21,520	0	0
NOVARTIS A G	SPONSORED ADR	66987v109	1,340	14,575	SH		SOLE		14,575	0	0
NUVEEN MUN ADVANTAGE FD INC	COM	67062h106	1,172	88,045	SH		SOLE		88,045	0	0
NUVEEN MUN VALUE FD INC	COM	670928100	2,522	257,076	SH		SOLE		257,076	0	0
NUVEEN SELECT MAT MUN FD	SH BEN INT	67061t101	266	26,515	SH		SOLE		26,515	0	0
OCCIDENTAL PETE CORP DEL	COM	674599105	1,650	24,945	SH		SOLE		24,945	0	0
OMNICOM GROUP INC	COM	681919106	284	4,305	SH		SOLE		4,305	0	0
PEPSICO INC	COM	713448108	2,384	25,280	SH		SOLE		25,280	0	0
PFIZER INC	COM	717081103	3,883	123,622	SH		SOLE		123,622	0	0
PHILIP MORRIS INTL INC	COM	718172109	3,709	46,755	SH		SOLE		46,755	0	0
PLAINS ALL AMERN PIPELINE L	UNIT LTD PARTN	726503105	1,387	45,660	SH		SOLE		45,660	0	0
POWERSHARES QQQ TRUST	UNIT SER 1	73935a104	693	6,813	SH		SOLE		6,813	0	0
PROCTER & GAMBLE CO	COM	742718109	2,605	36,215	SH		SOLE		36,215	0	0
PRUDENTIAL FINL INC	COM	744320102	429	5,630	SH		SOLE		5,630	0	0
QUALCOMM INC	COM	747525103	747	13,905	SH		SOLE		13,905	0	0
RAYTHEON CO	COM NEW	755111507	3,562	32,605	SH		SOLE		32,605	0	0
RIO TINTO PLC	SPONSORED ADR	767204100	771	22,785	SH		SOLE		22,785	0	0
SELECT SECTOR SPDR TR	SBI INT-ENERGY	81369y506	440	7,184	SH		SOLE		7,184	0	0
SKYWORKS SOLUTIONS INC	COM	83088m102	1,244	14,775	SH		SOLE		14,775	0	0
SPDR DOW JONES INDL AVRG ETF	UT SER 1	78467x109	1,098	6,750	SH		SOLE		6,750	0	0
SPDR GOLD TRUST	GOLD SHS	78463v107	4,115	38,505	SH		SOLE		38,505	0	0
SPECTRA ENERGY PARTNERS LP	COM	84756n109	1,019	25,340	SH		SOLE		25,340	0	0
SUNOCO LOGISTICS PRTNRS L P	COM UNITS	86764l108	573	20,000	SH		SOLE		20,000	0	0
TEVA PHARMACEUTICAL INDS LTD	ADR	881624209	2,453	43,450	SH		SOLE		43,450	0	0
TWITTER INC	COM	90184l102	555	20,590	SH		SOLE		20,590	0	0
UNILEVER PLC	SPON ADR NEW	904767704	2,815	69,025	SH		SOLE		69,025	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	1,967	22,100	SH		SOLE		22,100	0	0
UNITEDHEALTH GROUP INC	COM	91324p102	2,371	20,437	SH		SOLE		20,437	0	0
VALERO ENERGY CORP NEW	COM	91913y100	1,001	16,650	SH		SOLE		16,650	0	0
VANGUARD INDEX FDS	EXTEND MKT ETF	922908652	380	4,650	SH		SOLE		4,650	0	0
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	428	12,945	SH		SOLE		12,945	0	0
VANGUARD MALVERN FDS	STRM INFPROIDX	922020805	701	14,485	SH		SOLE		14,485	0	0
VENTAS INC	COM	92276f100	495	8,825	SH		SOLE		8,825	0	0
VERIZON COMMUNICATIONS INC	COM	92343v104	3,884	89,275	SH		SOLE		89,275	0	0
VULCAN MATLS CO	COM	929160109	37,582	421,323	SH		SOLE		421,323	0	0
WAL-MART STORES INC	COM	931142103	1,231	18,980	SH		SOLE		18,980	0	0