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
ABBOTT LABS	COM	002824100	3,573	59,635	SH		SOLE		59,635	0	0
ALIBABA GROUP HLDG LTD	SPONSORED ADS	01609w102	1,119	6,097	SH		SOLE		6,097	0	0
ALPHABET INC	CAP STK CL C	02079k107	15,012	14,549	SH		SOLE		14,549	0	0
ALTRIA GROUP INC	COM	02209s103	4,057	65,102	SH		SOLE		65,102	0	0
AMAZON COM INC	COM	023135106	3,558	2,458	SH		SOLE		2,458	0	0
AMERICAN EXPRESS CO	COM	025816109	2,877	30,845	SH		SOLE		30,845	0	0
AMERICAN INTL GROUP INC	COM NEW	026874784	5,234	96,186	SH		SOLE		96,186	0	0
AMGEN INC	COM	031162100	1,331	7,810	SH		SOLE		7,810	0	0
ANHEUSER BUSCH INBEV SA/NV	SPONSORED ADR	03524a108	3,544	32,235	SH		SOLE		32,235	0	0
ANNALY CAP MGMT INC	COM	035710409	1,585	151,950	SH		SOLE		151,950	0	0
ANTHEM INC	COM	036752103	4,242	19,310	SH		SOLE		19,310	0	0
APPLE INC	COM	037833100	13,521	80,588	SH		SOLE		80,588	0	0
AT&T INC	COM	00206r102	2,451	68,741	SH		SOLE		68,741	0	0
BAIDU INC	SPON ADR REP A	056752108	1,136	5,090	SH		SOLE		5,090	0	0
BANK AMER CORP	*W EXP 01/16/201	060505146	981	54,000	SH		SOLE		54,000	0	0
BANK AMER CORP	7.25%CNV PFD L	060505682	593	460	SH		SOLE		460	0	0
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	1,795	6	SH		SOLE		6	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	270	1,355	SH		SOLE		1,355	0	0
BHP BILLITON LTD	SPONSORED ADR	088606108	1,291	29,060	SH		SOLE		29,060	0	0
BLACKROCK CR ALLCTN INC TR	COM	092508100	158	12,493	SH		SOLE		12,493	0	0
BLACKROCK INC	COM	09247x101	2,979	5,500	SH		SOLE		5,500	0	0
BLACKROCK MUN 2030 TAR TERM	COM SHS BEN IN	09257p105	2,049	96,162	SH		SOLE		96,162	0	0
BLACKROCK MUNI 2018 TERM TR	COM	09248c106	248	16,612	SH		SOLE		16,612	0	0
BLACKROCK MUNIASSETS FD INC	COM	09254j102	1,442	106,908	SH		SOLE		106,908	0	0
BLACKSTONE GROUP L P	COM UNIT LTD	09253u108	4,381	137,105	SH		SOLE		137,105	0	0
BLACKSTONE MTG TR INC	COM CL A	09257w100	473	15,055	SH		SOLE		15,055	0	0
BOEING CO	COM	097023105	6,082	18,550	SH		SOLE		18,550	0	0
BUCKEYE PARTNERS L P	UNIT LTD PARTN	118230101	946	25,300	SH		SOLE		25,300	0	0
CABOT MICROELECTRONICS CORP	COM	12709p103	4,341	40,530	SH		SOLE		40,530	0	0
CEMEX SAB DE CV	SPON ADR NEW	151290889	1,104	166,783	SH		SOLE		166,783	0	0
CHEVRON CORP NEW	COM	166764100	3,050	26,745	SH		SOLE		26,745	0	0
CIGNA CORPORATION	COM	125509109	2,495	14,875	SH		SOLE		14,875	0	0
CISCO SYS INC	COM	17275r102	6,808	158,723	SH		SOLE		158,723	0	0
CITIGROUP INC	COM NEW	172967424	8,871	131,421	SH		SOLE		131,421	0	0
COMCAST CORP NEW	CL A	20030n101	6,326	185,121	SH		SOLE		185,121	0	0
COUSINS PPTYS INC	COM	222795106	2,118	243,960	SH		SOLE		243,960	0	0
CVS HEALTH CORP	COM	126650100	1,077	17,312	SH		SOLE		17,312	0	0
DELL TECHNOLOGIES INC	COM CL V	24703l103	2,691	36,762	SH		SOLE		36,762	0	0
DIAGEO P L C	SPON ADR NEW	25243q205	4,868	35,950	SH		SOLE		35,950	0	0
DISCOVER FINL SVCS	COM	254709108	1,918	26,670	SH		SOLE		26,670	0	0
DISNEY WALT CO	COM DISNEY	254687106	2,623	26,115	SH		SOLE		26,115	0	0
DOMINION ENERGY INC	COM	25746u109	2,310	34,253	SH		SOLE		34,253	0	0
ENTERGY CORP NEW	COM	29364g103	630	8,000	SH		SOLE		8,000	0	0
ENTERPRISE PRODS PARTNERS L	COM	293792107	3,232	132,030	SH		SOLE		132,030	0	0
ETFS GOLD TR	SHS	26922y105	1,894	14,760	SH		SOLE		14,760	0	0
EXELON CORP	COM	30161n101	2,668	68,395	SH		SOLE		68,395	0	0
EXXON MOBIL CORP	COM	30231g102	5,980	80,150	SH		SOLE		80,150	0	0
FACEBOOK INC	CL A	30303m102	2,897	18,127	SH		SOLE		18,127	0	0
FORD MTR CO DEL	COM PAR $0.01	345370860	1,578	142,405	SH		SOLE		142,405	0	0
GENERAL DYNAMICS CORP	COM	369550108	6,190	28,020	SH		SOLE		28,020	0	0
GENERAL ELECTRIC CO	COM	369604103	4,202	311,753	SH		SOLE		311,753	0	0
GENERAL MLS INC	COM	370334104	360	8,000	SH		SOLE		8,000	0	0
GENERAL MTRS CO	COM	37045v100	1,359	37,395	SH		SOLE		37,395	0	0
GILEAD SCIENCES INC	COM	375558103	2,631	34,900	SH		SOLE		34,900	0	0
GOLDMAN SACHS GROUP INC	COM	38141g104	5,380	21,363	SH		SOLE		21,363	0	0
GRAMERCY PPTY TR	COM NEW	385002308	1,717	79,025	SH		SOLE		79,025	0	0
GRAPHIC PACKAGING HLDG CO	COM	388689101	1,670	108,795	SH		SOLE		108,795	0	0
HCA HEALTHCARE INC	COM	40412c101	867	8,940	SH		SOLE		8,940	0	0
HOME DEPOT INC	COM	437076102	1,653	9,274	SH		SOLE		9,274	0	0
INTEL CORP	COM	458140100	7,414	142,355	SH		SOLE		142,355	0	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	2,475	16,130	SH		SOLE		16,130	0	0
ISHARES GOLD TRUST	ISHARES	464285105	7,659	601,657	SH		SOLE		601,657	0	0
ISHARES SILVER TRUST	ISHARES	46428q109	620	40,250	SH		SOLE		40,250	0	0
ISHARES TR	SELECT DIVID ETF	464287168	1,776	18,669	SH		SOLE		18,669	0	0
ISHARES TR	CORE S&P500 ETF	464287200	9,019	33,987	SH		SOLE		33,987	0	0
ISHARES TR	MSCI EMG MKT ETF	464287234	698	14,451	SH		SOLE		14,451	0	0
ISHARES TR	IBOXX INV CP ETF	464287242	276	2,350	SH		SOLE		2,350	0	0
ISHARES TR	S&P 500 VAL ETF	464287408	295	2,700	SH		SOLE		2,700	0	0
ISHARES TR	RUS 1000 GRW ETF	464287614	2,692	19,780	SH		SOLE		19,780	0	0
ISHARES TR	CORE S&P SCP ETF	464287804	1,511	19,626	SH		SOLE		19,626	0	0
ISHARES TR	INTL SEL DIV ETF	464288448	420	12,731	SH		SOLE		12,731	0	0
ISHARES TR	EAFE VALUE ETF	464288877	734	13,456	SH		SOLE		13,456	0	0
ISHARES TR	MSCI INDIA ETF	46429B598	790	23,135	SH		SOLE		23,135	0	0
JOHNSON & JOHNSON	COM	478160104	5,114	39,907	SH		SOLE		39,907	0	0
JOHNSON CTLS INTL PLC	SHS	g51502105	3,273	92,868	SH		SOLE		92,868	0	0
JPMORGAN CHASE & CO	COM	46625h100	10,693	97,234	SH		SOLE		97,234	0	0
KANSAS CITY SOUTHERN	COM NEW	485170302	1,934	17,602	SH		SOLE		17,602	0	0
KINDER MORGAN INC DEL	COM	49456b101	1,724	114,484	SH		SOLE		114,484	0	0
LAS VEGAS SANDS CORP	COM	517834107	1,041	14,475	SH		SOLE		14,475	0	0
LOCKHEED MARTIN CORP	COM	539830109	4,471	13,232	SH		SOLE		13,232	0	0
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	1,713	29,350	SH		SOLE		29,350	0	0
MARKEL CORP	COM	570535104	1,293	1,105	SH		SOLE		1,105	0	0
MAXIM INTEGRATED PRODS INC	COM	57772K101	2,872	47,690	SH		SOLE		47,690	0	0
MERCK & CO INC	COM	58933y105	3,771	69,238	SH		SOLE		69,238	0	0
METLIFE INC	COM	59156r108	1,668	36,350	SH		SOLE		36,350	0	0
MICROSOFT CORP	COM	594918104	11,033	120,885	SH		SOLE		120,885	0	0
MOLSON COORS BREWING CO	CL B	60871r209	4,435	58,874	SH		SOLE		58,874	0	0
NEXPOINT RESIDENTIAL TR INC	COM	65341d102	2,228	89,700	SH		SOLE		89,700	0	0
NEXTERA ENERGY INC	COM	65339f101	959	5,873	SH		SOLE		5,873	0	0
NORTHROP GRUMMAN CORP	COM	666807102	7,314	20,950	SH		SOLE		20,950	0	0
NOVARTIS A G	SPONSORED ADR	66987v109	4,980	61,597	SH		SOLE		61,597	0	0
NUVEEN MUN VALUE FD INC	COM	670928100	2,552	269,460	SH		SOLE		269,460	0	0
NUVEEN MUNICIPAL CREDIT INC	COM SH BEN INT	67070x101	774	54,729	SH		SOLE		54,729	0	0
NUVEEN SELECT MAT MUN FD	SH BEN INT	67061t101	250	25,765	SH		SOLE		25,765	0	0
NVIDIA CORP	COM	67066G104	333	1,437	SH		SOLE		1,437	0	0
OCCIDENTAL PETE CORP DEL	COM	674599105	1,829	28,155	SH		SOLE		28,155	0	0
OMNICOM GROUP INC	COM	681919106	313	4,305	SH		SOLE		4,305	0	0
ORACLE CORP	COM	68389x105	4,556	99,583	SH		SOLE		99,583	0	0
ORBITAL ATK INC	COM	68557n103	3,611	27,230	SH		SOLE		27,230	0	0
PATTERN ENERGY GROUP INC	CL A	70338p100	1,937	112,050	SH		SOLE		112,050	0	0
PENTAIR PLC	SHS	g7s00t104	652	9,574	SH		SOLE		9,574	0	0
PEPSICO INC	COM	713448108	4,579	41,949	SH		SOLE		41,949	0	0
PFIZER INC	COM	717081103	6,656	187,538	SH		SOLE		187,538	0	0
PHILIP MORRIS INTL INC	COM	718172109	3,418	34,390	SH		SOLE		34,390	0	0
PLAINS ALL AMERN PIPELINE L	UNIT LTD PARTN	726503105	832	37,775	SH		SOLE		37,775	0	0
PLAYA HOTELS & RESORTS NV	SHS	N70544106	458	44,825	SH		SOLE		44,825	0	0
POWERSHARES QQQ TRUST	UNIT SER 1	73935a104	1,179	7,363	SH		SOLE		7,363	0	0
PROCTER AND GAMBLE CO	COM	742718109	6,759	85,251	SH		SOLE		85,251	0	0
QUALCOMM INC	COM	747525103	2,931	52,892	SH		SOLE		52,892	0	0
RAYTHEON CO	COM NEW	755111507	9,656	44,740	SH		SOLE		44,740	0	0
ROYAL BK SCOTLAND GROUP PLC	SPONS ADR 2 ORD	780097689	1,825	246,665	SH		SOLE		246,665	0	0
SCOTTS MIRACLE GRO CO	CL A	810186106	521	6,070	SH		SOLE		6,070	0	0
SELECT SECTOR SPDR TR	SBI HEALTHCARE	81369Y209	244	3,000	SH		SOLE		3,000	0	0
SELECT SECTOR SPDR TR	ENERGY	81369y506	419	6,210	SH		SOLE		6,210	0	0
SKYWORKS SOLUTIONS INC	COM	83088m102	4,186	41,753	SH		SOLE		41,753	0	0
SPDR DOW JONES INDL AVRG ETF	UT SER 1	78467x109	1,871	7,750	SH		SOLE		7,750	0	0
SPDR GOLD TRUST	GOLD SHS	78463v107	4,581	36,420	SH		SOLE		36,420	0	0
STARBUCKS CORP	COM	855244109	3,495	60,372	SH		SOLE		60,372	0	0
TARGET CORP	COM	87612E106	830	11,955	SH		SOLE		11,955	0	0
TIME WARNER INC	COM NEW	887317303	3,862	40,833	SH		SOLE		40,833	0	0
TJX COS INC NEW	COM	872540109	1,067	13,088	SH		SOLE		13,088	0	0
UNILEVER PLC	SPON ADR NEW	904767704	3,820	68,760	SH		SOLE		68,760	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	2,755	21,900	SH		SOLE		21,900	0	0
UNITEDHEALTH GROUP INC	COM	91324p102	7,158	33,450	SH		SOLE		33,450	0	0
VALERO ENERGY CORP NEW	COM	91913y100	3,161	34,075	SH		SOLE		34,075	0	0
VANGUARD INDEX FDS	MID CAP ETF	922908629	232	1,501	SH		SOLE		1,501	0	0
VANGUARD INDEX FDS	EXTEND MKT ETF	922908652	560	5,018	SH		SOLE		5,018	0	0
VANGUARD INDEX FDS	GROWTH ETF	922908736	397	2,800	SH		SOLE		2,800	0	0
VANGUARD INDEX FDS	VALUE ETF	922908744	340	3,300	SH		SOLE		3,300	0	0
VANGUARD INDEX FDS	SMALL CP ETF	922908751	368	2,505	SH		SOLE		2,505	0	0
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	1,097	23,355	SH		SOLE		23,355	0	0
VANGUARD INTL EQUITY INDEX F	FTSE EUROPE ETF	922042874	622	10,692	SH		SOLE		10,692	0	0
VANGUARD SCOTTSDALE FDS	INT-TERM CORP	92206c870	2,301	27,124	SH		SOLE		27,124	0	0
VANGUARD WORLD FDS	INDUSTRIAL ETF	92204A603	417	2,995	SH		SOLE		2,995	0	0
VENTAS INC	COM	92276f100	1,202	24,270	SH		SOLE		24,270	0	0
VERIZON COMMUNICATIONS INC	COM	92343v104	4,871	101,855	SH		SOLE		101,855	0	0
VULCAN MATLS CO	COM	929160109	30,291	265,311	SH		SOLE		265,311	0	0
WALMART INC	COM	931142103	415	4,670	SH		SOLE		4,670	0	0
WASHINGTON PRIME GROUP NEW	COM	93964W108	338	50,600	SH		SOLE		50,600	0	0
WELLS FARGO CO NEW	COM	949746101	5,383	102,703	SH		SOLE		102,703	0	0