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

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
APPLE COMPUTER INC	COM	037833100	461	822	SH		SOLE	0	0	0	822
AMERICAN MIDSTREAM PARTNERS LLP	COM	02752P100	3,419	126,265	SH		SOLE	0	15,520	0	110,745
JPMORGAN CHASE & CO ALERIAN ML ETN	CONV BONDS	46625H365	7,971	171,964	PRN		SOLE	0	89,110	0	82,854
AMERIPRISE FINL INC	COM	03076C106	276	2,400	SH		SOLE	0	0	0	2,400
ALPINE TOTAL DYNAMIC DIVIDEND FUND	CONV BONDS	021060108	11,783	2,812,250	PRN		SOLE	0	424,205	0	2,388,045
AMERICAN EXPRESS CO	COM	025816109	1,161	12,800	SH		SOLE	0	0	0	12,800
BREITBURN ENERGY PARTNERS LPCOM UT LTD PTN	COM	106776107	244	12,000	SH		SOLE	0	0	0	12,000
B & G FOODS INC NEW CL A	COM	05508R106	5,879	173,375	SH		SOLE	0	30,695	0	142,680
POWERSHARES SENIOR LOAN	CONV BONDS	73936Q769	26,151	1,051,101	PRN		SOLE	0	224,441	0	826,660
BRYN MAWR BANK CORP	COM	117665109	3,658	121,210	SH		SOLE	0	20,340	0	100,870
BUCKEYE PARTNERS L P	COM	118230101	568	8,005	SH		SOLE	0	0	0	8,005
CATERPILLAR INC	COM	149123101	283	3,114	SH		SOLE	0	0	0	3,114
COMMUNITY BANK SYSTEM INC.	COM	203607106	4,337	109,305	SH		SOLE	0	16,405	0	92,900
CELGENE CORP	COM	151020104	509	3,010	SH		SOLE	0	0	0	3,010
CRESTWOOD EQUITY PARTNERS LP	COM	226344109	650	46,966	SH		SOLE	0	0	0	46,966
CHERRY HILL MORTGAGE INVESTMENT	COM	164651101	1,558	87,530	SH		SOLE	0	13,150	0	74,380
CRESTWOOD MIDSTREAM PARTNERS LP	COM	226378107	485	19,505	SH		SOLE	0	0	0	19,505
COSTCO WHOLESALE CORP	COM	22160K105	476	4,000	SH		SOLE	0	0	0	4,000
DOLLAR TREE INC	COM	256746108	2,756	48,855	SH		SOLE	0	0	0	48,855
DCP MIDSTREAM PARTNERS LP UT LTD PTN	COM	23311P100	252	5,000	SH		SOLE	0	0	0	5,000
E M C CORP MASS	COM	268648102	221	8,800	SH		SOLE	0	0	0	8,800
EL PASO PIPELINE PARTNERS	COM	283702108	699	19,425	SH		SOLE	0	0	0	19,425
ENTERPRISE PRODS PARTNERS L COM UNIT	COM	293792107	20,824	314,086	SH		SOLE	0	26,860	0	287,226
ECOSPHERE TECH INC	COM	27922X105	48	173,012	SH		SOLE	0	0	0	173,012
ENERGY TRANSFER EQUITY L P UT LTD PTN	COM	29273V100	499	6,100	SH		SOLE	0	100	0	6,000
EV ENERGY PARTNERS LP	COM	26926V107	339	10,000	SH		SOLE	0	0	0	10,000
FACEBOOK INC	COM	30303M102	246	4,500	SH		SOLE	0	0	0	4,500
FERRELLGAS PARTNERS L P UNIT LTD PRTNRS	COM	315293100	499	21,729	SH		SOLE	0	2,000	0	19,729
FEDERATED INVESTORS INC-CL B	COM	314211103	4,553	158,078	SH		SOLE	0	29,175	0	128,903
FIVE BELOW	COM	33829M101	432	10,000	SH		SOLE	0	0	0	10,000
GENESIS ENERGY LP	COM	371927104	263	5,000	SH		SOLE	0	0	0	5,000
GENERAL MILLS INC	COM	370334104	3,638	72,900	SH		SOLE	0	16,445	0	56,455
GOOGLE INC	COM	38259P508	642	573	SH		SOLE	0	0	0	573
HOWARD BANCORP	COM	442496105	289	31,045	SH		SOLE	0	0	0	31,045
HERITAGE FINANCIAL CORP	COM	42722X106	3,987	233,160	SH		SOLE	0	44,305	0	188,855
HOME LOAN SERVICING SOLUTION LTD	COM	G6648D109	10,237	445,690	SH		SOLE	0	70,665	0	375,025
I B M	COM	459200101	414	2,209	SH		SOLE	0	0	0	2,209
NUVEEN MULT CURR ST GV INCM COM	CONV BONDS	67090N109	105	10,440	PRN		SOLE	0	0	0	10,440
JOHNSON & JOHNSON	COM	478160104	866	9,452	SH		SOLE	0	0	0	9,452
KINDER MORGAN EGY PTNS L P UT LTD PT INT	COM	494550106	1,123	13,929	SH		SOLE	0	0	0	13,929
KINDER MORGAN MANAGEMENT LLCSHS	COM	49455U100	1,039	13,732	SH		SOLE	0	0	0	13,732
KRAFT FOOD GROUP	COM	50076Q106	2,689	49,884	SH		SOLE	0	12,160	0	37,724
ISHARES BARCLAYS MBS BOND	CONV BONDS	464288588	854	8,165	PRN		SOLE	0	405	0	7,760
MEDLEY CAP CORP	COM	58503F106	7,482	540,197	SH		SOLE	0	97,200	0	442,997
MONDELEZ INTERNATIONAL INC	COM	609207105	2,913	82,509	SH		SOLE	0	0	0	82,509
MAGELLAN MIDSTREAM PARTNERS LP	COM	559080106	10,976	173,485	SH		SOLE	0	15,520	0	157,965
MOBIQUITY TECHNOLOGIES INC.	COM	60743F102	10	21,000	SH		SOLE	0	0	0	21,000
MERCK & COMPANY	COM	58933Y105	232	4,634	SH		SOLE	0	2,100	0	2,534
MUENCHENER RUECKVERSICHE ADR	COM	626188106	3,106	140,755	SH		SOLE	0	23,835	0	116,920
MARKWEST ENERGY PARTNERS L PUNIT LTD PARTN	COM	570759100	298	4,500	SH		SOLE	0	0	0	4,500
NEWCASTLE INVESTMENT	COM	65105M108	4,709	820,335	SH		SOLE	0	158,655	0	661,680
TARGA RESOURCES PARTNERS LP COM UNIT	COM	87611X105	9,418	180,070	SH		SOLE	0	9,199	0	170,871
NEW RESIDENTIAL INVESTMENT CORP.	COM	64828T102	6,874	1,029,078	SH		SOLE	0	162,788	0	866,290
NESTLE S A ADR SPON REG SH	COM	641069406	6,132	83,520	SH		SOLE	0	13,895	0	69,625
Nuveen Dividend Advantage Municipal Income Fund	CONV BONDS	67071L106	250	20,000	PRN		SOLE	0	0	0	20,000
OAKTREE CAPITAL GROUP LLC	COM	674001201	3,156	53,635	SH		SOLE	0	9,570	0	44,065
ONEOK PARTNERS L P	COM	68268N103	769	14,600	SH		SOLE	0	0	0	14,600
PLAINS ALL AMERN PIPELINE L UNIT L P INT	COM	726503105	10,538	203,557	SH		SOLE	0	13,925	0	189,632
PLAINS GP HOLDINGS LP-CL A	COM	72651A108	4,780	178,570	SH		SOLE	0	47,050	0	131,520
PFIZER INC	COM	717081103	2,280	74,445	SH		SOLE	0	23,130	0	51,315
PROCTER & GAMBLE COMPANY	COM	742718109	416	5,112	SH		SOLE	0	0	0	5,112
PVR PARTNERS LP	COM	693665101	1,869	69,663	SH		SOLE	0	12,010	0	57,653
PLAYMATES HOLDINGS	COM	034832960	513	410,000	SH		SOLE	0	0	0	410,000
RITE AID CORP	COM	767754104	76	15,000	SH		SOLE	0	0	0	15,000
RAIT FINANCIAL TRUST	COM	749227609	5,904	658,140	SH		SOLE	0	122,650	0	535,490
PROSHARES TR PSHS SHRT S&P5	CONV BONDS	74347R503	2,033	80,570	PRN		SOLE	0	14,000	0	66,570
SINGING MACH INC	COM	829322304	101	372,500	SH		SOLE	0	0	0	372,500
SENIOR HSG PPTYS TR SH BEN INT	COM	81721M109	2,168	97,505	SH		SOLE	0	2,000	0	95,505
STERLING BANCORP	COM	85917A100	8,132	608,260	SH		SOLE	0	96,005	0	512,255
A T & T INC (NEW)	COM	00206R102	241	6,843	SH		SOLE	0	0	0	6,843
TALLGRASS ENERGY PARTNERS LP	COM	874697105	4,305	165,580	SH		SOLE	0	21,260	0	144,320
THORNBURG MTG INC NEW	COM	885218800	0	100,000	SH		SOLE	0	0	0	100,000
TEEKAY OFFSHORE PARTNERS LP PARTNERSHIP UN	COM	Y8565J101	1,076	32,517	SH		SOLE	0	2,165	0	30,352
TOOTSIE ROLL INDUSTRIES, INC.	COM	890516107	2,640	81,120	SH		SOLE	0	15,395	0	65,725
TIME WARNER INC COM	COM	887317303	258	3,699	SH		SOLE	0	33	0	3,666
VERIZON COMMUNICATIONS	COM	92343V104	528	10,735	SH		SOLE	0	500	0	10,235
WESTERN GAS PARTNERS LP UNIT LP IN	COM	958254104	6,420	104,068	SH		SOLE	0	1,120	0	102,948
WESTWOOD HOLDINGS GROUP, INC.	COM	961765104	2,858	46,156	SH		SOLE	0	9,325	0	36,831
WILLIAMS COS INC	COM	969457100	7,468	193,610	SH		SOLE	0	38,085	0	155,525
WAL MART STORES INC	COM	931142103	8,305	105,543	SH		SOLE	0	200	0	105,343
WILLIAMS PARTNERS LP	COM	96950F104	1,626	31,967	SH		SOLE	0	0	0	31,967
XCEL ENERGY INC	COM	98389B100	355	12,714	SH		SOLE	0	0	0	12,714
EXXON MOBIL CORP	COM	30231G102	735	7,261	SH		SOLE	0	0	0	7,261
CROSSTEX ENERGY L P	COM	22765U102	207	7,500	SH		SOLE	0	0	0	7,500