Hilton 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

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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
APPLE COMPUTER INC	COM	037833100	705	1,478	SH		SOLE	0	0	0	1,478
JPMORGAN CHASE & CO ALERIAN ML ETN	CONV BONDS	46625H365	2,495	55,947	PRN		SOLE	0	8,875	0	47,072
ACE MARKETING & PROMOTIONS	COM	004409108	8	21,000	SH		SOLE	0	0	0	21,000
AMERIPRISE FINL INC	COM	03076C106	219	2,400	SH		SOLE	0	0	0	2,400
ALPINE TOTAL DYNAMIC DIVIDEND FUND	CONV BONDS	021060108	9,868	2,454,680	PRN		SOLE	0	161,555	0	2,293,125
AMERICAN EXPRESS CO	COM	025816109	967	12,800	SH		SOLE	0	0	0	12,800
BREITBURN ENERGY PARTNERS LPCOM UT LTD PTN	COM	106776107	220	12,000	SH		SOLE	0	0	0	12,000
B & G FOODS INC NEW CL A	COM	05508R106	552	15,990	SH		SOLE	0	6,310	0	9,680
POWERSHARES SENIOR LOAN	CONV BONDS	73936Q769	17,796	721,056	PRN		SOLE	0	65,551	0	655,505
BUCKEYE PARTNERS L P	COM	118230101	1,780	27,157	SH		SOLE	0	0	0	27,157
CATERPILLAR INC	COM	149123101	260	3,114	SH		SOLE	0	0	0	3,114
COMMUNITY BANK SYSTEM INC.	COM	203607106	3,117	91,360	SH		SOLE	0	6,255	0	85,105
CELGENE CORP	COM	151020104	462	3,000	SH		SOLE	0	0	0	3,000
COSTCO WHOLESALE CORP	COM	22160K105	461	4,000	SH		SOLE	0	0	0	4,000
CYPRESS SHARPRIDGE INVTS INCCOM	COM	12673A108	120	14,700	SH		SOLE	0	0	0	14,700
DOLLAR TREE INC	COM	256746108	4,530	79,245	SH		SOLE	0	0	0	79,245
DCP MIDSTREAM PARTNERS LP UT LTD PTN	COM	23311P100	546	11,000	SH		SOLE	0	0	0	11,000
DR PEPPER SNAPPLE GROUP INC.	COM	26138E109	3,248	72,475	SH		SOLE	0	5,075	0	67,400
DOUBLELINE INCOME SOLUTIONS FUND	CONV BONDS	258622109	590	26,900	PRN		SOLE	0	0	0	26,900
E M C CORP MASS	COM	268648102	220	8,600	SH		SOLE	0	0	0	8,600
EL PASO PIPELINE PARTNERS	COM	283702108	839	19,875	SH		SOLE	0	0	0	19,875
ENTERPRISE PRODS PARTNERS L COM UNIT	COM	293792107	19,225	314,961	SH		SOLE	0	21,080	0	293,881
ECOSPHERE TECH INC	COM	27922X105	52	173,012	SH		SOLE	0	0	0	173,012
ENERGY TRANSFER EQUITY L P UT LTD PTN	COM	29273V100	395	6,000	SH		SOLE	0	0	0	6,000
EV ENERGY PARTNERS LP	COM	26926V107	371	10,000	SH		SOLE	0	0	0	10,000
FACEBOOK INC	COM	30303M102	226	4,500	SH		SOLE	0	0	0	4,500
FERRELLGAS PARTNERS L P UNIT LTD PRTNRS	COM	315293100	510	22,872	SH		SOLE	0	2,000	0	20,872
FEDERATED INVESTORS INC-CL B	COM	314211103	3,575	131,615	SH		SOLE	0	10,805	0	120,810
FIVE BELOW	COM	33829M101	656	15,000	SH		SOLE	0	0	0	15,000
GENESIS ENERGY LP	COM	371927104	250	5,000	SH		SOLE	0	0	0	5,000
GENERAL MILLS INC	COM	370334104	2,621	54,705	SH		SOLE	0	4,020	0	50,685
GOOGLE INC	COM	38259P508	434	496	SH		SOLE	0	0	0	496
GOVERNMENT PROPERTIES INCO	COM	38376A103	287	12,000	SH		SOLE	0	0	0	12,000
HOWARD BANCORP	COM	442496105	237	27,400	SH		SOLE	0	0	0	27,400
HOME LOAN SERVICING SOLUTION LTD	COM	G6648D109	8,715	395,935	SH		SOLE	0	25,565	0	370,370
I B M	COM	459200101	414	2,236	SH		SOLE	0	0	0	2,236
NUVEEN MULT CURR ST GV INCM COM	CONV BONDS	67090N109	109	10,440	PRN		SOLE	0	0	0	10,440
JOHNSON & JOHNSON	COM	478160104	856	9,872	SH		SOLE	0	0	0	9,872
KINDER MORGAN INC/DELAWARE	COM	49456B101	208	5,850	SH		SOLE	0	370	0	5,480
KINDER MORGAN EGY PTNS L P UT LTD PT INT	COM	494550106	1,129	14,139	SH		SOLE	0	0	0	14,139
KINDER MORGAN MANAGEMENT LLCSHS	COM	49455U100	1,394	18,596	SH		SOLE	0	0	0	18,596
KRAFT FOOD GROUP	COM	50076Q106	1,557	29,674	SH		SOLE	0	3,816	0	25,858
LEXINGTON REALTY TRUST	COM	529043101	3,865	344,205	SH		SOLE	0	30,445	0	313,760
ISHARES BARCLAYS MBS BOND	CONV BONDS	464288588	2,710	25,585	PRN		SOLE	0	1,490	0	24,095
MEDLEY CAP CORP	COM	58503F106	7,689	557,552	SH		SOLE	0	34,795	0	522,757
MONDELEZ INTERNATIONAL INC	COM	609207105	2,975	94,674	SH		SOLE	0	5,000	0	89,674
MAGELLAN MIDSTGREAM PARTNERS L	COM	559080106	9,070	160,730	SH		SOLE	0	8,810	0	151,920
MERCK & COMPANY	COM	58933Y105	221	4,634	SH		SOLE	0	2,100	0	2,534
MARKWEST ENERGY PARTNERS L PUNIT LTD PARTN	COM	570759100	325	4,500	SH		SOLE	0	0	0	4,500
NEWCASTLE INVESTMENT	COM	65105M108	2,953	525,410	SH		SOLE	0	34,200	0	491,210
TARGA RESOURCES PARTNERS LP COM UNIT	COM	87611X105	9,339	181,445	SH		SOLE	0	9,199	0	172,246
INERGY MIDSTREAM LP	COM	45671U106	564	25,561	SH		SOLE	0	0	0	25,561
INERGY L P UNIT LTD PAR	COM	456615103	834	60,586	SH		SOLE	0	0	0	60,586
NEW RESIDENTIAL INVESTMENT CORP.	COM	64828T102	5,979	903,150	SH		SOLE	0	60,470	0	842,680
NESTLE S A ADR SPON REG SH	COM	641069406	367	5,250	SH		SOLE	0	0	0	5,250
Nuveen Dividend Advantage Municipal Income Fund	CONV BONDS	67071L106	389	30,650	PRN		SOLE	0	0	0	30,650
Nuveen Dividend Advantage Municipal Fund 2	CONV BONDS	67070F100	300	23,150	PRN		SOLE	0	0	0	23,150
ONEOK PARTNERS L P	COM	68268N103	774	14,600	SH		SOLE	0	0	0	14,600
PLAINS ALL AMERN PIPELINE L UNIT L P INT	COM	726503105	11,354	215,613	SH		SOLE	0	13,395	0	202,218
PROVIDENT NEW YORK BANCORP	COM	744028101	5,413	497,030	SH		SOLE	0	32,550	0	464,480
PFIZER INC	COM	717081103	511	17,775	SH		SOLE	0	4,565	0	13,210
PROCTER & GAMBLE COMPANY	COM	742718109	400	5,292	SH		SOLE	0	0	0	5,292
PROSPECT CAPITAL CORPORATIONCOM	COM	74348T102	357	32,000	SH		SOLE	0	0	0	32,000
PVR PARTNERS LP	COM	693665101	2,428	104,998	SH		SOLE	0	12,010	0	92,988
PLAYMATES HOLDINGS	COM	034832960	443	410,000	SH		SOLE	0	0	0	410,000
RAIT FINANCIAL TRUST	COM	749227609	5,775	815,690	SH		SOLE	0	46,060	0	769,630
SIGNATURE GROUP HOLDINGS	COM	82670C100	32	27,050	SH		SOLE	0	16,800	0	10,250
PROSHARES TR PSHS SHRT S&P5	CONV BONDS	74347R503	5,252	187,491	PRN		SOLE	0	5,365	0	182,126
SINGING MACH INC	COM	829322304	90	375,500	SH		SOLE	0	0	0	375,500
SENIOR HSG PPTYS TR SH BEN INT	COM	81721M109	2,528	108,305	SH		SOLE	0	2,000	0	106,305
SUBURBAN PROPANE PARTNERS LPUT LTD PT INT	COM	864482104	304	6,494	SH		SOLE	0	0	0	6,494
SYSCO CORP	COM	871829107	3,947	124,015	SH		SOLE	0	11,465	0	112,550
A T & T INC (NEW)	COM	00206R102	228	6,743	SH		SOLE	0	0	0	6,743
TALLGRASS ENERGY PARTNERS LP	COM	874697105	3,047	130,770	SH		SOLE	0	10,380	0	120,390
THORNBURG MTG INC NEW	COM	885218800	0	100,000	SH		SOLE	0	0	0	100,000
TEEKAY OFFSHORE PARTNERS LP PARTNERSHIP UN	COM	Y8565J101	1,108	33,207	SH		SOLE	0	2,555	0	30,652
TIME WARNER INC COM	COM	887317303	241	3,666	SH		SOLE	0	0	0	3,666
VERIZON COMMUNICATIONS	COM	92343V104	494	10,575	SH		SOLE	0	500	0	10,075
WESTERN GAS PARTNERS LP UNIT LP IN	COM	958254104	6,419	106,753	SH		SOLE	0	5,955	0	100,798
WILLIAMS COS INC	COM	969457100	5,404	148,635	SH		SOLE	0	9,915	0	138,720
WAL MART STORES INC	COM	931142103	7,858	106,243	SH		SOLE	0	0	0	106,243
WILLIAMS PARTNERS LP	COM	96950F104	5,263	99,522	SH		SOLE	0	5,390	0	94,132
XCEL ENERGY INC	COM	98389B100	346	12,514	SH		SOLE	0	0	0	12,514
EXXON MOBIL CORP	COM	30231G102	654	7,606	SH		SOLE	0	0	0	7,606