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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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
MACQUARIE INFRASTRUCTURE	Convertible Bonds	55608BAA3	114	100,000	PRN		SOLE	0	0	0	100,000
APPLE COMPUTER INC	Common Stocks	037833100	822	7,449	SH		SOLE	0	0	0	7,449
AMERICAN CAPITAL AGENCY CORP	Common Stocks	02503X105	8,943	409,676	SH		SOLE	0	108,794	0	300,882
AMERICAN MIDSTREAM PARTNERS LLP	Common Stocks	02752P100	513	26,050	SH		SOLE	0	0	0	26,050
JPMORGAN CHASE & CO ALERIAN ML ETN	Equity ETFs	46625H365	4,717	102,651	PRN		SOLE	0	27,973	0	74,678
AMERIPRISE FINL INC	Common Stocks	03076C106	317	2,400	SH		SOLE	0	0	0	2,400
ALPINE TOTAL DYNAMIC DIVIDEND FUND	Equity ETFs	021060207	13,726	1,616,686	PRN		SOLE	0	464,057	0	1,152,630
AMERICAN EXPRESS CO	Common Stocks	025816109	1,163	12,500	SH		SOLE	0	0	0	12,500
BREITBURN ENERGY PARTNERS LPCOM UT LTD PTN	Common Stocks	106776107	137	19,500	SH		SOLE	0	0	0	19,500
B & G FOODS INC NEW CL A	Common Stocks	05508R106	6,871	229,814	SH		SOLE	0	71,341	0	158,473
POWERSHARES SENIOR LOAN	Fixed Income ETF	73936Q769	1,114	46,350	PRN		SOLE	0	0	0	46,350
BRYN MAWR BANK CORP	Common Stocks	117665109	5,265	168,215	SH		SOLE	0	45,326	0	122,889
BUCKEYE PARTNERS L P	Common Stocks	118230101	200	2,648	SH		SOLE	0	0	0	2,648
Anheuser Busch SA NV sponsored ADR	Common Stocks	03524A108	1,123	10,000	SH		SOLE	0	10,000	0	0
BOARDWALK PIPELINE PARTNER	Common Stocks	096627104	3,794	213,480	SH		SOLE	0	57,760	0	155,720
CATERPILLAR INC	Common Stocks	149123101	231	2,525	SH		SOLE	0	0	0	2,525
COMMUNITY BANK SYSTEM INC.	Common Stocks	203607106	404	10,600	SH		SOLE	0	0	0	10,600
CELGENE CORP	Common Stocks	151020104	772	6,905	SH		SOLE	0	0	0	6,905
CHERRY HILL MORTGAGE INVESTMENT	Common Stocks	164651101	5,615	303,672	SH		SOLE	0	93,475	0	210,197
COSI INC COM NEW	Common Stocks	22122P200	215	134,974	SH		SOLE	0	134,974	0	0
COSTCO WHOLESALE CORP	Common Stocks	22160K105	284	2,000	SH		SOLE	0	0	0	2,000
CANADIAN PAC RY LTD COM	Common Stocks	13645T100	963	5,000	SH		SOLE	0	5,000	0	0
DAKOTA PLAINS HOLDINGS INC.	Common Stocks	234255107	799	453,900	SH		SOLE	0	453,900	0	0
DOUBLELINE OPPORTUNISTIC CREDIT FUND	Fixed Income Closed-End Fund	258623107	2,837	115,503	PRN		SOLE	0	60,103	0	55,400
DISNEY WALT PRODTNS	Common Stocks	254687106	514	5,455	SH		SOLE	0	0	0	5,455
DOLLAR TREE INC	Common Stocks	256746108	704	10,000	SH		SOLE	0	0	0	10,000
PROSHARES SHORT DOW 30	Equity ETFs	74347R701	210	9,000	PRN		SOLE	0	0	0	9,000
DCP MIDSTREAM PARTNERS LP UT LTD PTN	Common Stocks	23311P100	409	9,000	SH		SOLE	0	0	0	9,000
ENABLE MIDSTREAM PARTNERS LP	Common Stocks	292480100	3,495	180,237	SH		SOLE	0	62,459	0	117,778
ENLINK MIDSTREAM PARTNERS LP	Common Stocks	29336U107	218	7,500	SH		SOLE	0	0	0	7,500
GLOBAL EAGLE ENTERTAINMENT INC	Common Stocks	37951D102	136	10,000	SH		SOLE	0	0	0	10,000
ENTERPRISE PRODS PARTNERS L COM UNIT	Common Stocks	293792107	23,381	647,318	SH		SOLE	0	121,264	0	526,054
ECOSPHERE TECH INC	Common Stocks	27922X105	13	173,012	SH		SOLE	0	0	0	173,012
ENERGY TRANSFER EQUITY L P UT LTD PTN	Common Stocks	29273V100	803	14,000	SH		SOLE	0	0	0	14,000
EV ENERGY PARTNERS LP	Common Stocks	26926V107	260	13,500	SH		SOLE	0	0	0	13,500
FACEBOOK INC	Common Stocks	30303M102	351	4,500	SH		SOLE	0	0	0	4,500
FIVE BELOW	Common Stocks	33829M101	204	5,000	SH		SOLE	0	0	0	5,000
FEDERAL NAT MORTGAGE ASSN	Common Stocks	313586109	123	60,000	SH		SOLE	0	0	0	60,000
WINTHROP REALTY TRUST	Common Stocks	976391300	10,422	668,490	SH		SOLE	0	216,330	0	452,160
GENERAL ELEC CO	Common Stocks	369604103	912	36,101	SH		SOLE	0	34,000	0	2,101
GENESIS ENERGY LP	Common Stocks	371927104	212	5,000	SH		SOLE	0	0	0	5,000
GOOGLE INC CL C	Common Stocks	38259P706	503	956	SH		SOLE	0	0	0	956
GOOGLE INC	Common Stocks	38259P508	356	671	SH		SOLE	0	0	0	671
GRAMERCY PROPERTY TRUST INC	Common Stocks	38489R100	9,434	1,367,281	SH		SOLE	0	405,221	0	962,060
HOWARD BANCORP	Common Stocks	442496105	585	51,300	SH		SOLE	0	0	0	51,300
HARDINGE INC COM	Common Stocks	412324303	143	12,000	SH		SOLE	0	12,000	0	0
HERITAGE FINANCIAL CORP	Common Stocks	42722X106	5,844	332,994	SH		SOLE	0	100,177	0	232,817
I B M	Common Stocks	459200101	228	1,419	SH		SOLE	0	0	0	1,419
IMAX CORP COM	Common Stocks	45245E109	541	17,500	SH		SOLE	0	17,500	0	0
INDEPENDENCE REALTY TRUST	Common Stocks	45378A106	5,759	618,623	SH		SOLE	0	183,785	0	434,838
INVESCO MORTGAGE CAPITAL INCCOM	Common Stocks	46131B100	174	11,250	SH		SOLE	0	1,500	0	9,750
NUVEEN MORTGAGE OPPORTUNITY OPPORTUNITY FUND	Fixed Income Closed-End Fund	670735109	7,888	340,748	PRN		SOLE	0	101,523	0	239,225
JOHNSON & JOHNSON	Common Stocks	478160104	977	9,339	SH		SOLE	0	0	0	9,339
JP ENERGY PARTNERS LP	Common Stocks	46643C109	159	13,000	SH		SOLE	0	0	0	13,000
KINDER MORGAN INC	Common Stocks	49456B101	1,293	30,567	SH		SOLE	0	0	0	30,567
COCA COLA CO	Common Stocks	191216100	1,156	27,372	SH		SOLE	0	25,925	0	1,447
Konared Corp	Common Stocks	50048Y104	5	35,000	SH		SOLE	0	0	0	35,000
KRAFT FOOD GROUP	Common Stocks	50076Q106	6,384	101,878	SH		SOLE	0	32,545	0	69,333
SPARK NETWORKS INC COM	Common Stocks	84651P100	162	45,000	SH		SOLE	0	45,000	0	0
ISHARES IBOXX INVESTMENT GRADE CORP BOND	Fixed Income ETF	464287242	12,146	101,713	PRN		SOLE	0	28,729	0	72,984
MACYS INC COM	Common Stocks	55616P104	625	9,500	SH		SOLE	0	9,500	0	0
MEDLEY CAP CORP	Common Stocks	58503F106	9,772	1,057,601	SH		SOLE	0	348,044	0	709,557
MCDONALDS CORP	Common Stocks	580135101	10,470	111,740	SH		SOLE	0	41,522	0	70,218
MEDLEY MANAGEMENT INC	Common Stocks	58503T106	7,771	528,609	SH		SOLE	0	172,796	0	355,813
MONDELEZ INTERNATIONAL INC	Common Stocks	609207105	949	26,125	SH		SOLE	0	0	0	26,125
MAGELLAN MIDSTREAM PARTNERS LP	Common Stocks	559080106	16,421	198,663	SH		SOLE	0	47,567	0	151,096
MOBIQUITY TECHNOLOGIES INC.	Common Stocks	60743F102	7	21,000	SH		SOLE	0	0	0	21,000
MERCK & COMPANY	Common Stocks	58933Y105	264	4,643	SH		SOLE	0	2,100	0	2,543
MARKWEST ENERGY PARTNERS L PUNIT LTD PARTN	Common Stocks	570759100	437	6,500	SH		SOLE	0	0	0	6,500
TARGA RESOURCES PARTNERS LP COM UNIT	Common Stocks	87611X105	7,826	163,456	SH		SOLE	0	9,120	0	154,336
NUSTAR GP HOLDINGS LLC UNITS	Common Stocks	67059L102	202	5,869	SH		SOLE	0	0	0	5,869
Nuveen Dividend Advantage Municipal Income Fund	Fixed Income Closed End Fund	67071L106	282	20,000	PRN		SOLE	0	0	0	20,000
NOVARTIS AG SPONSORED ADR	Common Stocks	66987V109	8,032	86,680	SH		SOLE	0	24,857	0	61,823
OWENS ILLINOIS INC	Common Stocks	690768403	529	19,600	SH		SOLE	0	19,600	0	0
PLAINS ALL AMERN PIPELINE L UNIT L P INT	Common Stocks	726503105	7,454	145,236	SH		SOLE	0	9,780	0	135,456
PLAINS GP HOLDINGS LP-CL A	Common Stocks	72651A108	1,180	45,961	SH		SOLE	0	26,000	0	19,961
Pure Cycle Corp	Common Stocks	746228303	412	63,500	SH		SOLE	0	63,500	0	0
PIMCO DYNAMIC INC FUND	Fixed Income Closed-End Fund	72201Y101	9,804	318,921	PRN		SOLE	0	88,033	0	230,888
PFIZER INC	Common Stocks	717081103	4,668	149,871	SH		SOLE	0	60,294	0	89,577
PROCTER & GAMBLE COMPANY	Common Stocks	742718109	435	4,777	SH		SOLE	0	0	0	4,777
PERFORMANCE SPORTS GROUP LTD COM	Common Stocks	71377G100	387	21,500	SH		SOLE	0	21,500	0	0
RITE AID CORP	Common Stocks	767754104	113	15,000	SH		SOLE	0	0	0	15,000
RAIT FINANCIAL TRUST	Common Stocks	749227609	366	47,700	SH		SOLE	0	0	0	47,700
REGENCY ENERGY PARTNERS LP	Common Stocks	75885Y107	430	17,911	SH		SOLE	0	0	0	17,911
REALD INC COM	Common Stocks	75604L105	190	16,100	SH		SOLE	0	16,100	0	0
RENTECH NITROGEN PARTNERS L P COM UNIT	Common Stocks	760113100	368	35,000	SH		SOLE	0	35,000	0	0
PROSHARES TR PSHS SHRT S&P5	Equity ETFs	74347R503	2,880	132,230	PRN		SOLE	0	41,557	0	90,673
SINGING MACH INC	Common Stocks	829322304	61	358,500	SH		SOLE	0	0	0	358,500
SENIOR HSG PPTYS TR SH BEN INT	Common Stocks	81721M109	210	9,500	SH		SOLE	0	0	0	9,500
STERLING BANCORP	Common Stocks	85917A100	10,006	695,839	SH		SOLE	0	190,439	0	505,400
A T & T INC (NEW)	Common Stocks	00206R102	230	6,843	SH		SOLE	0	0	0	6,843
TALLGRASS ENERGY PARTNERS LP	Common Stocks	874697105	9,349	209,147	SH		SOLE	0	58,512	0	150,635
THORNBURG MTG INC NEW	Common Stocks	885218800	0	100,000	SH		SOLE	0	0	0	100,000
TOOTSIE ROLL INDUSTRIES, INC.	Common Stocks	890516107	3,906	127,440	SH		SOLE	0	39,942	0	87,499
THESTREET INC COM	Common Stocks	88368Q103	206	86,693	SH		SOLE	0	86,693	0	0
TWO HBRS INVT CORP	Common Stocks	90187B101	7,780	776,493	SH		SOLE	0	228,406	0	548,087
TIME WARNER INC COM	Common Stocks	887317303	316	3,699	SH		SOLE	0	33	0	3,666
VERIZON COMMUNICATIONS	Common Stocks	92343V104	489	10,445	SH		SOLE	0	500	0	9,945
WESTERN GAS PARTNERS LP UNIT LP IN	Common Stocks	958254104	6,052	82,850	SH		SOLE	0	500	0	82,350
WESTWOOD HOLDINGS GROUP, INC.	Common Stocks	961765104	4,133	66,852	SH		SOLE	0	20,453	0	46,399
WHEELER REAL ESTATE INV. TRUST INC.	Common Stocks	963025101	79	20,000	SH		SOLE	0	0	0	20,000
WAL MART STORES INC	Common Stocks	931142103	12,832	149,418	SH		SOLE	0	55,499	0	93,919
WILLIAMS PARTNERS LP	Common Stocks	96950F104	1,214	27,119	SH		SOLE	0	0	0	27,119
EXXON MOBIL CORP	Common Stocks	30231G102	626	6,775	SH		SOLE	0	0	0	6,775
YUM BRANDS INC.	Common Stocks	988498101	1,226	16,830	SH		SOLE	0	15,700	0	1,130