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
ALPS ETF TR ALERIAN MLP	ALERIAN MLP	00162Q866	796	44,730	SH		SOLE		0	0	44,730
ALTRIA GROUP INC COM	COM	02209S103	242	6,864	SH		SOLE		0	0	6,864
AMERICAN RLTY CAP PPTY CALL APR00012500	COM	02917T104	8	28	SH	Call	SOLE		0	0	28
AMERICAN RLTY CAP PPTY PUT APR00012500	COM	02917T104	1	25	SH	Put	SOLE		0	0	25
AMERICAN RLTY CAP PPTYS INC COM	COM	02917T104	165	11,951	SH		SOLE		0	0	11,951
ANNALY CAP MGMT INC COM	COM	035710409	109	10,084	SH		SOLE		0	0	10,084
APPLE INC CALL MAR00450000	COM	037833100	5	1	SH	Call	SOLE		0	0	1
APPLE INC PUT FEB00615000	COM	037833100	85	9	SH	Put	SOLE		0	0	9
APPLE INC COM	COM	037833100	3,697	7,385	SH		SOLE		0	0	7,385
ARMOUR RESIDENTIAL REIT INC COM	COM	042315101	51	12,500	SH		SOLE		0	0	12,500
AT&T INC CALL APR00035000	COM	00206R102	0	1	SH	Call	SOLE		0	0	1
AT&T INC PUT SEP00032000	COM	00206R102	0	2	SH	Put	SOLE		0	0	2
AT&T INC COM	COM	00206R102	544	16,326	SH		SOLE		0	0	16,326
BANK AMER CORP COM	COM	060505104	249	14,851	SH		SOLE		0	0	14,851
BANK OF AMERICA CORP PUT JAN00022000	COM	060505104	25	45	SH	Put	SOLE		0	0	45
BLACKROCK ENH CAP & INC FD INC COM	COM	09256A109	142	10,585	SH		SOLE		0	0	10,585
BP PLC SPONSORED ADR	SPONS ADR	055622104	310	6,611	SH		SOLE		0	0	6,611
BRISTOL MYERS SQUIBB CO COM	COM	110122108	229	4,573	SH		SOLE		0	0	4,573
BRISTOL-MYERS SQUIBB CALL JAN00057500	COM	110122108	2	10	SH	Call	SOLE		0	0	10
BROCADE COMMUNICATIONS SYS INC COM NEW	COM	111621306	126	13,499	SH		SOLE		0	0	13,499
BUSINESS DEV CORP OF AMER COM	COM	12325J101	127	11,897	SH		SOLE		0	0	11,897
CHINA GERUI ADV MAT GR LTD SHS	GR LTD SHS	G21101103	52	47,691	SH		SOLE		0	0	47,691
CLAYMORE EXCHANGE TRD FD TR GUG MULTI ASSET	GUG MULTI ASSET	18383M506	889	36,658	SH		SOLE		0	0	36,658
EATON CORP PLC CALL APR00075000	PLC SHS	G29183103	3	8	SH	Call	SOLE		0	0	8
EATON CORP PLC SHS	PLC SHS	G29183103	384	5,248	SH		SOLE		0	0	5,248
EATON VANCE LTD DUR INCOME FD COM	COM	27828H105	264	17,395	SH		SOLE		0	0	17,395
ENTERPRISE PRODS PARTNERS L P COM	COM	293792107	208	3,136	SH		SOLE		0	0	3,136
EXXON MOBIL CORP COM	COM	30231G102	363	3,941	SH		SOLE		0	0	3,941
FACEBOOK INC CALL MAR00040000	CL A	30303M102	2	1	SH	Call	SOLE		0	0	1
FACEBOOK INC CL A	CL A	30303M102	397	6,350	SH		SOLE		0	0	6,350
FIRST TR VALUE LINE DIVID INDX SHS	DIVID INDX SHS	33734H106	520	25,080	SH		SOLE		0	0	25,080
FORD MOTOR CO CALL JUN00016000	COM PAR $0.01	345370860	1	91	SH	Call	SOLE		0	0	91
FORD MTR CO DEL COM PAR $0.01	COM PAR $0.01	345370860	338	22,566	SH		SOLE		0	0	22,566
GENERAL ELECTRIC CO CALL JUN00027000	COM	369604103	0	2	SH	Call	SOLE		0	0	2
GENERAL ELECTRIC CO COM	COM	369604103	331	13,185	SH		SOLE		0	0	13,185
GOLDEN PHOENIX MINERALS INC COM	COM	381149103	0	36,000	SH		SOLE		0	0	36,000
GOOGLE INC CL A	CL A	38259P508	216	183	SH		SOLE		0	0	183
INTERNATIONAL BUS MACH PUT JUN00190000	COM	459200101	10	6	SH	Put	SOLE		0	0	6
INTERNATIONAL BUSINESS MACHS COM	COM	459200101	223	1,260	SH		SOLE		0	0	1,260
INVESCO SR INCOME TR COM	COM	46131H107	86	16,987	SH		SOLE		0	0	16,987
ISHARES TR CORE S&P SCP ETF	S&P SCP ETF	464287804	319	3,034	SH		SOLE		0	0	3,034
ISHARES TR CORE S&P500 ETF	S&P500 ETF	464287200	462	2,580	SH		SOLE		0	0	2,580
ISHARES TR FLTG RATE NT ETF	FLTG RATE NT ETF	46429B655	416	8,205	SH		SOLE		0	0	8,205
ISHARES TR MICRO-CAP ETF	MICRO-CAP ETF	464288869	327	4,372	SH		SOLE		0	0	4,372
ISHARES TR S&P 500 GRWT ETF	S&P 500 GRWT ETF	464287309	322	3,357	SH		SOLE		0	0	3,357
ISHARES TR S&P MC 400GR ETF	S&P MC 400GR ETF	464287606	350	2,393	SH		SOLE		0	0	2,393
ISHARES TR S&P SML 600 GWT	S&P SML 600 GWT	464287887	319	2,799	SH		SOLE		0	0	2,799
ISHARES TR SELECT DIVID ETF	SELECT DIVID ETF	464287168	255	3,666	SH		SOLE		0	0	3,666
ISHARES TR SP SMCP600VL ETF	SP SMCP600VL ETF	464287879	374	3,482	SH		SOLE		0	0	3,482
ISHARES TR U.S. FINLS ETF	U.S. FINLS ETF	464287788	396	5,125	SH		SOLE		0	0	5,125
KRAIG BIOCRAFT LABORATORIES IN COM	COM	50075W104	1	23,500	SH		SOLE		0	0	23,500
MARKET VECTORS ETF TR AGRIBUS ETF	AGRIBUS ETF	57060U605	327	6,444	SH		SOLE		0	0	6,444
MERCK & CO INC COM	COM	58933Y105	213	4,022	SH		SOLE		0	0	4,022
MICROSOFT CORP CALL APR00034000	COM	594918104	4	15	SH	Call	SOLE		0	0	15
MICROSOFT CORP COM	COM	594918104	283	7,471	SH		SOLE		0	0	7,471
ORGANOVO HLDGS INC COM	COM	68620A104	113	11,927	SH		SOLE		0	0	11,927
POWERSHARES QQQ TRUST UNIT SER 1	TRUST UNIT SER 1	73935A104	249	2,885	SH		SOLE		0	0	2,885
PROCTER & GAMBLE CO CALL FEB00075000	COM	742718109	1	3	SH	Call	SOLE		0	0	3
PROCTER AND GAMBLE CO COM	COM	742718109	792	10,340	SH		SOLE		0	0	10,340
PROSHARES TR PSHS SHRT S&P500	PSHS SHRT S&P500	74347R503	1,028	39,374	SH		SOLE		0	0	39,374
PROSHARES TR SHRT 20 YR TRE	SHRT 20 YR TRE	74347X849	203	6,579	SH		SOLE		0	0	6,579
RF MICRODEVICES INC COM	COM	749941100	116	21,730	SH		SOLE		0	0	21,730
RYDEX ETF TRUST GUG S&P MC400 PG	GUG S&P MC400 PG	78355W601	262	2,216	SH		SOLE		0	0	2,216
RYDEX ETF TRUST GUG S&P MC400 PV	GUG S&P MC400 PV	78355W502	202	4,116	SH		SOLE		0	0	4,116
RYDEX ETF TRUST GUG S&P SC600 PG	GUG S&P SC600 PG	78355W809	201	2,658	SH		SOLE		0	0	2,658
RYDEX ETF TRUST GUG S&P SC600 PV	GUG S&P SC600 PV	78355W700	203	3,423	SH		SOLE		0	0	3,423
RYDEX ETF TRUST GUG S&P500 EQ WT	GUG S&P500 EQ WT	78355W106	681	9,855	SH		SOLE		0	0	9,855
RYDEX ETF TRUST GUG S&P500 PU GR	GUG S&P500 PU GR	78355W403	210	3,009	SH		SOLE		0	0	3,009
RYDEX ETF TRUST GUG S&P500 PU VA	GUG S&P500 PU VA	78355W304	205	4,302	SH		SOLE		0	0	4,302
SELECT SECTOR SPDR TR SBI CONS DISCR	SBI CONS DISCR	81369Y407	395	6,295	SH		SOLE		0	0	6,295
SELECT SECTOR SPDR TR SBI CONS STPLS	SBI CONS STPLS	81369Y308	490	12,017	SH		SOLE		0	0	12,017
SELECT SECTOR SPDR TR SBI INT-FINL	SBI INT-FINL	81369Y605	297	14,104	SH		SOLE		0	0	14,104
SPDR DOW JONES INDL AVRG ETF UT SER 1	ETF UT SER 1	78467X109	1,391	8,876	SH		SOLE		0	0	8,876
SPDR S&P 500 ETF TR TR UNIT	TR TR UNIT	78462F103	1,263	7,087	SH		SOLE		0	0	7,087
SPDR SERIES TRUST S&P DIVID ETF	S&P DIVID ETF	78464A763	1,185	16,822	SH		SOLE		0	0	16,822
SPDR SERIES TRUST S&P OILGAS EXP	S&P OILGAS EXP	78464A730	344	5,238	SH		SOLE		0	0	5,238
TIMKEN CO CALL JUN00055000	COM	887389104	4	16	SH	Call	SOLE		0	0	16
TIMKEN CO COM	COM	887389104	202	3,590	SH		SOLE		0	0	3,590
UNITED HEALTH PRODS INC COM	COM	91059D100	2	10,049	SH		SOLE		0	0	10,049
UR ENERGY INC COM	COM	91688R108	17	12,200	SH		SOLE		0	0	12,200
URANERZ ENERGY CORP COM	COM	91688T104	27	17,400	SH		SOLE		0	0	17,400
URANIUM ENERGY CORP COM	COM	916896103	24	13,614	SH		SOLE		0	0	13,614
VANGUARD GROUP DIV APP ETF	DIV APP ETF	921908844	1,456	20,369	SH		SOLE		0	0	20,369
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD	SHRT TRM CORP BD	92206C409	1,424	17,763	SH		SOLE		0	0	17,763
VERIZON COMMUNICATIONS INC COM	COM	92343V104	216	4,508	SH		SOLE		0	0	4,508
WILLIAMS COS INC DEL CALL AUG00041000	COM	969457100	9	38	SH	Call	SOLE		0	0	38
WILLIAMS COS INC DEL COM	COM	969457100	460	11,372	SH		SOLE		0	0	11,372