Kovack Advisors 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
8X8 INC NEW COM	COM	282914100	196	29,275	SH		SOLE		0	0	29,275
ALPS ETF TR ALERIAN MLP	ALERIAN MLP	00162Q866	1,805	94,180	SH		SOLE		0	0	94,180
ALTRIA GROUP INC COM	COM	02209S103	362	7,873	SH		SOLE		0	0	7,873
ANNALY CAP MGMT INC COM	COM	035710409	168	15,768	SH		SOLE		0	0	15,768
APPLE INC CALL OCT00100000	COM	037833100	2	10	SH	Call	SOLE		0	0	10
APPLE INC PUT JAN00100000	COM	037833100	25	52	SH	Put	SOLE		0	0	52
APPLE INC COM	COM	037833100	8,770	87,045	SH		SOLE		0	0	87,045
ARES CAP CORP COM	COM	04010L103	180	11,125	SH		SOLE		0	0	11,125
AT&T INC CALL JAN00036000	COM	00206R102	1	16	SH	Call	SOLE		0	0	16
AT&T INC PUT SEP00032000	COM	00206R102	0	2	SH	Put	SOLE		0	0	2
AT&T INC COM	COM	00206R102	863	24,500	SH		SOLE		0	0	24,500
BANK AMER CORP COM	COM	060505104	334	19,585	SH		SOLE		0	0	19,585
BANK OF AMERICA CORP PUT JAN00022000	COM	060505104	15	30	SH	Put	SOLE		0	0	30
BLACKROCK DEBT STRAT FD INC COM	COM	09255R103	77	20,220	SH		SOLE		0	0	20,220
BLACKROCK MUNIVEST FD II INC COM	COM	09253T101	163	10,375	SH		SOLE		0	0	10,375
BP PLC CALL JAN00050000	SPONS ADR	055622104	0	2	SH	Call	SOLE		0	0	2
BP PLC PUT DEC00047000	SPONS ADR	055622104	16	35	SH	Put	SOLE		0	0	35
BP PLC SPONSORED ADR	SPONS ADR	055622104	525	11,944	SH		SOLE		0	0	11,944
BRISTOL MYERS SQUIBB CO COM	COM	110122108	304	5,943	SH		SOLE		0	0	5,943
BRISTOL-MYERS SQUIBB CALL DEC00055000	COM	110122108	2	9	SH	Call	SOLE		0	0	9
BUSINESS DEV CORP OF AMER COM	COM	12325J101	228	21,330	SH		SOLE		0	0	21,330
CALAMOS CONV OPP AND INC FD SH BEN INT	SH BEN INT	128117108	137	10,124	SH		SOLE		0	0	10,124
CARTER VALIDUS MISSION CRITICA COM	COM	146282108	203	20,299	SH		SOLE		0	0	20,299
CELGENE CORP COM	COM	151020104	275	2,905	SH		SOLE		0	0	2,905
CHIMERA INVT CORP COM	COM	16934Q109	36	11,800	SH		SOLE		0	0	11,800
CISCO SYS INC COM	COM	17275R102	291	11,570	SH		SOLE		0	0	11,570
CLAYMORE EXCHANGE TRD FD TR GUG MULTI ASSET	TR GUG MULTI ASSET	18383M506	820	33,686	SH		SOLE		0	0	33,686
COCA COLA CO COM	COM	191216100	267	6,248	SH		SOLE		0	0	6,248
COCA-COLA COMPANY CALL JAN00041000	COM	191216100	2	14	SH	Call	SOLE		0	0	14
CONOCOPHILLIPS COM	COM	20825C104	257	3,365	SH		SOLE		0	0	3,365
DISNEY WALT CO COM DISNEY	COM	254687106	241	2,705	SH		SOLE		0	0	2,705
EATON CORP PLC CALL JAN00072500	PLC SHS	G29183103	0	11	SH	Call	SOLE		0	0	11
EATON CORP PLC SHS	PLC SHS	G29183103	400	6,309	SH		SOLE		0	0	6,309
EATON VANCE LTD DUR INCOME FD COM	COM	27828H105	222	15,244	SH		SOLE		0	0	15,244
ENTERPRISE PRODS PARTNERS L P COM	COM	293792107	267	6,623	SH		SOLE		0	0	6,623
EXXON MOBIL CORP COM	COM	30231G102	906	9,632	SH		SOLE		0	0	9,632
FACEBOOK INC CL A	CL A	30303M102	388	4,915	SH		SOLE		0	0	4,915
FIDELITY COMWLTH TR NDQ CP IDX TRK	NDQ CP IDX TRK	315912808	231	1,311	SH		SOLE		0	0	1,311
FIRST TR VALUE LINE DIVID INDX SHS	DIVID INDX SHS	33734H106	587	26,134	SH		SOLE		0	0	26,134
FORD MTR CO DEL COM PAR $0.01	COM PAR $0.01	345370860	356	24,080	SH		SOLE		0	0	24,080
FOREST LABS INC COM	COM	345838106	250	2,522	SH		SOLE		0	0	2,522
GENERAL ELECTRIC CO CALL DEC00026000	COM	369604103	1	18	SH	Call	SOLE		0	0	18
GENERAL ELECTRIC CO COM	COM	369604103	694	27,088	SH		SOLE		0	0	27,088
GILEAD SCIENCES INC COM	COM	375558103	273	2,561	SH		SOLE		0	0	2,561
GOLDEN PHOENIX MINERALS INC COM	COM	381149103	0	36,000	SH		SOLE		0	0	36,000
GOOGLE INC PUT DEC00600000	CL A	38259P508	17	7	SH		SOLE		0	0	7
GOOGLE INC CL A	CL A	38259P508	285	485	SH		SOLE		0	0	485
HEWLETT PACKARD CO COM	COM	428236103	315	8,891	SH		SOLE		0	0	8,891
HUMANA INC COM	COM	444859102	247	1,894	SH		SOLE		0	0	1,894
INLAND AMERN REAL ESTAT TR INC COM	COM	457281103	69	11,108	SH		SOLE		0	0	11,108
INTERNATIONAL BUSINESS MACHS COM	COM	459200101	361	1,900	SH		SOLE		0	0	1,900
INTERNATIONAL GROWTH INCM FD CL F-2 SHS	CL F-2 SHS	45956T501	298	8,678	SH		SOLE		0	0	8,678
INTUIT COM	COM	461202103	208	2,370	SH		SOLE		0	0	2,370
INVESCO SR INCOME TR COM	COM	46131H107	78	16,487	SH		SOLE		0	0	16,487
ISHARES MSCI EM EMEA ETF	EM EMEA ETF	464286384	216	4,479	SH		SOLE		0	0	4,479
ISHARES TR CORE S&P MCP ETF	S&P MCP ETF	464287507	254	1,854	SH		SOLE		0	0	1,854
ISHARES TR CORE S&P500 ETF	S&P500 ETF	464287200	815	4,109	SH		SOLE		0	0	4,109
ISHARES TR CORE US AGGBD ET	US AGGBD ET	464287226	414	3,791	SH		SOLE		0	0	3,791
ISHARES TR RUS 1000 GRW ETF	1000 GRW ETF	464287614	271	2,953	SH		SOLE		0	0	2,953
ISHARES TR RUS MDCP VAL ETF	MDCP VAL ETF	464287473	844	12,053	SH		SOLE		0	0	12,053
ISHARES TR S&P 100 ETF	100 ETF	464287101	1,758	19,940	SH		SOLE		0	0	19,940
ISHARES TR S&P 500 GRWT ETF	500 GRWT ETF	464287309	243	2,272	SH		SOLE		0	0	2,272
ISHARES TR S&P MC 400VL ETF	MC 400VL ETF	464287705	229	1,901	SH		SOLE		0	0	1,901
ISHARES TR S&P US PFD STK	US PFD STK	464288687	201	5,079	SH		SOLE		0	0	5,079
ISHARES TR SELECT DIVID ETF	SELECT DIVID ETF	464287168	242	3,279	SH		SOLE		0	0	3,279
ISHARES TR U.S. FINLS ETF	U.S. FINLS ETF	464287788	731	8,732	SH		SOLE		0	0	8,732
ISHARES TR U.S. REAL ES ETF	U.S. REAL ES ETF	464287739	242	3,502	SH		SOLE		0	0	3,502
JOHNSON & JOHNSON COM	COM	478160104	281	2,635	SH		SOLE		0	0	2,635
KEURIG GREEN MTN INC COM	COM	49271M100	248	1,906	SH		SOLE		0	0	1,906
KRAIG BIOCRAFT LABORATORIES IN COM	COM	50075W104	1	23,500	SH		SOLE		0	0	23,500
LORILLARD INC COM	COM	544147101	228	3,803	SH		SOLE		0	0	3,803
MCDONALDS CORP COM	COM	580135101	203	2,136	SH		SOLE		0	0	2,136
MEETME INC COM	COM	585141104	26	13,333	SH		SOLE		0	0	13,333
MERCK & CO INC COM	COM	58933Y105	233	3,925	SH		SOLE		0	0	3,925
MFA FINL INC COM	COM	55272X102	79	10,200	SH		SOLE		0	0	10,200
MICROSOFT CORP CALL JAN00039000	COM	594918104	2	4	SH	Call	SOLE		0	0	4
MICROSOFT CORP COM	COM	594918104	347	7,488	SH		SOLE		0	0	7,488
NATIONAL SCIENTIFIC CORP COM	COM	637479106	0	20,000	SH		SOLE		0	0	20,000
NEW YORK REIT INC COM	COM	64976L109	422	41,010	SH		SOLE		0	0	41,010
ORACLE CORP COM	COM	68389X105	261	6,810	SH		SOLE		0	0	6,810
PEPSICO INC CALL OCT00090000	COM	713448108	0	1	SH	Call	SOLE		0	0	1
PEPSICO INC COM	COM	713448108	268	2,879	SH		SOLE		0	0	2,879
POWERSHARES ETF TRUST DWA MOMENTUM PTF	DWA MOMENTUM PTF	73935X153	213	5,425	SH		SOLE		0	0	5,425
POWERSHARES ETF TRUST S&P 500 QLTY PRT	S&P 500 QLTY PRT	73935X682	496	23,000	SH		SOLE		0	0	23,000
POWERSHARES QQQ TRUST UNIT SER 1	QQQ TRUST UNIT SER 1	73935A104	336	3,405	SH		SOLE		0	0	3,405
PROCTER & GAMBLE CO CALL JAN00082500	COM	742718109	0	3	SH	Call	SOLE		0	0	3
PROCTER AND GAMBLE CO COM	COM	742718109	898	10,727	SH		SOLE		0	0	10,727
PROSHARES TR PSHS SHORT QQQ	PSHS SHORT QQQ	74347R602	676	42,948	SH		SOLE		0	0	42,948
PROSHARES TR PSHS SHRT S&P500	PSHS SHRT S&P500	74347R503	712	30,954	SH		SOLE		0	0	30,954
PROSHARES TR PSHS ULT S&P 500	PSHS ULT S&P 500	74347R107	239	2,030	SH		SOLE		0	0	2,030
PROSHARES TR SHRT 20 YR TRE	SHRT 20 YR TRE	74347X849	602	21,700	SH		SOLE		0	0	21,700
REYNOLDS AMERICAN INC COM	COM	761713106	355	6,013	SH		SOLE		0	0	6,013
RF MICRODEVICES INC COM	COM	749941100	234	20,254	SH		SOLE		0	0	20,254
ROYAL DUTCH SHELL PLC SPONS ADR A	SPONS ADR	780259206	284	3,736	SH		SOLE		0	0	3,736
RYDEX ETF TRUST GUG S&P MC400 PG	S&P MC400 PG	78355W601	279	2,281	SH		SOLE		0	0	2,281
RYDEX ETF TRUST GUG S&P SC600 PV	GUG S&P SC600 PV	78355W700	289	4,928	SH		SOLE		0	0	4,928
RYDEX ETF TRUST GUG S&P500 EQ WT	GUG S&P500 EQ WT	78355W106	1,004	13,252	SH		SOLE		0	0	13,252
RYDEX ETF TRUST GUG S&P500 PU GR	GUG S&P500 PU GR	78355W403	252	3,263	SH		SOLE		0	0	3,263
RYDEX ETF TRUST GUG S&P500 PU VA	GUG S&P500 PU VA	78355W304	327	6,183	SH		SOLE		0	0	6,183
SELECT SECTOR SPDR TR SBI CONS STPLS	TR SBI CONS STPLS	81369Y308	1,391	30,838	SH		SOLE		0	0	30,838
SELECT SECTOR SPDR TR SBI HEALTHCARE	TR SBI HEALTHCARE	81369Y209	395	6,186	SH		SOLE		0	0	6,186
SELECT SECTOR SPDR TR SBI INT-FINL	TR SBI INT-FINL	81369Y605	242	10,457	SH		SOLE		0	0	10,457
SELECT SECTOR SPDR TR TECHNOLOGY	TR TECHNOLOGY	81369Y803	318	7,967	SH		SOLE		0	0	7,967
SHERWIN WILLIAMS CO COM	COM	824348106	786	3,589	SH		SOLE		0	0	3,589
SIGMA LABS INC COM	COM	826598104	5	43,000	SH		SOLE		0	0	43,000
SOLARCITY CORP COM	COM	83416T100	310	5,193	SH		SOLE		0	0	5,193
SPDR DOW JONES INDL AVRG ETF UT SER 1	AVRG ETF UT SER 1	78467X109	305	1,794	SH		SOLE		0	0	1,794
SPDR S&P 500 ETF TR TR UNIT	TR UNIT	78462F103	7,913	40,163	SH		SOLE		0	0	40,163
SPDR SER TR BLOOMBERG SRT TR	BLOOMBERG SRT TR	78468R408	4,113	137,420	SH		SOLE		0	0	137,420
SPDR SERIES TRUST S&P DIVID ETF	S&P DIVID ETF	78464A763	1,716	22,900	SH		SOLE		0	0	22,900
THERMO FISHER SCIENTIFIC INC COM	COM	883556102	212	1,745	SH		SOLE		0	0	1,745
TIME WARNER INC COM NEW	COM	887317303	665	8,837	SH		SOLE		0	0	8,837
UNITED DEV FDG IV COM	COM	910187103	643	32,427	SH		SOLE		0	0	32,427
UNITED HEALTH PRODS INC COM	COM	91059D100	1	10,049	SH		SOLE		0	0	10,049
UR ENERGY INC COM	COM	91688R108	40	39,117	SH		SOLE		0	0	39,117
URANERZ ENERGY CORP COM	COM	91688T104	42	37,772	SH		SOLE		0	0	37,772
URANIUM ENERGY CORP COM	COM	916896103	14	11,036	SH		SOLE		0	0	11,036
VANGUARD BD INDEX FD INC INTERMED TERM	INTERMED TERM	921937819	216	2,563	SH		SOLE		0	0	2,563
VANGUARD BD INDEX FD INC SHORT TRM BOND	SHORT TRM BOND	921937827	2,335	29,160	SH		SOLE		0	0	29,160
VANGUARD GROUP DIV APP ETF	DIV APP ETF	921908844	1,347	17,499	SH		SOLE		0	0	17,499
VANGUARD INDEX FDS TOTAL STK MKT	FDS TOTAL STK MKT	922908769	647	6,386	SH		SOLE		0	0	6,386
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD	SCOTTSDALE FDS SHRT TRM CORP BD	92206C409	3,849	48,186	SH		SOLE		0	0	48,186
VERIZON COMMUNICATIONS INC COM	COM	92343V104	325	6,501	SH		SOLE		0	0	6,501
VODAFONE GROUP PLC NEW CALL OCT00038000	SPONSORED ADR	92857W308	0	1	SH	Call	SOLE		0	0	1
VODAFONE GROUP PLC NEW PUT OCT00034000	SPONSORED ADR	92857W308	3	26	SH	Put	SOLE		0	0	26
VODAFONE GROUP PLC NEW SPONSORED ADR	SPONSORED ADR	92857W308	202	6,155	SH		SOLE		0	0	6,155
VOYA PRIME RATE TR SH BEN INT	SH BEN INT	92913A100	55	10,000	SH		SOLE		0	0	10,000
WALMART INC COM	COM	931142103	267	3,495	SH		SOLE		0	0	3,495
WAL-MART STORES INC CALL DEC00080000	COM	931142103	1	7	SH	Call	SOLE		0	0	7
WILLIAMS COS INC DEL CALL JAN00060000	COM	969457100	1	5	SH	Call	SOLE		0	0	5
WILLIAMS COS INC DEL COM	COM	969457100	331	5,982	SH		SOLE		0	0	5,982
WILSHIRE ENTERPRISES INC COM NEW	COM	971889209	18	58,058	SH		SOLE		0	0	58,058