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
MACQUARIE INFRASTRUCTURE	Convertible Bonds	55608BAA3	118	100,000	PRN		SOLE	0	0	0	100,000
APPLE COMPUTER INC	Common Stocks	037833100	961	7,472	SH		SOLE	0	45	0	7,427
AMERICAN MIDSTREAM PARTNERS LLP	Common Stocks	02752P100	322	17,750	SH		SOLE	0	0	0	17,750
AMERIPRISE FINL INC	Common Stocks	03076C106	316	2,400	SH		SOLE	0	0	0	2,400
AMAZON COM INC	Common Stocks	023135106	3,385	8,683	SH		SOLE	0	1,500	0	7,183
AMERICAN EXPRESS CO	Common Stocks	025816109	981	12,500	SH		SOLE	0	0	0	12,500
BREITBURN ENERGY PARTNERS LPCOM UT LTD PTN	Common Stocks	106776107	163	25,500	SH		SOLE	0	0	0	25,500
B & G FOODS INC NEW CL A	Common Stocks	05508R106	7,946	266,924	SH		SOLE	0	106,310	0	160,614
BRYN MAWR BANK CORP	Common Stocks	117665109	5,947	188,736	SH		SOLE	0	65,382	0	123,354
BUCKEYE PARTNERS L P	Common Stocks	118230101	207	2,648	SH		SOLE	0	0	0	2,648
BOARDWALK PIPELINE PARTNER	Common Stocks	096627104	8,128	485,809	SH		SOLE	0	186,499	0	299,310
CELGENE CORP	Common Stocks	151020104	798	6,905	SH		SOLE	0	0	0	6,905
COSI INC COM NEW	Common Stocks	22122P200	482	173,464	SH		SOLE	0	173,464	0	0
COSTCO WHOLESALE CORP	Common Stocks	22160K105	294	2,000	SH		SOLE	0	0	0	2,000
CROSSROADS SYSTEMS INC.	Common Stocks	22765D209	491	198,726	SH		SOLE	0	198,726	0	0
DISNEY WALT PRODTNS	Common Stocks	254687106	1,075	9,955	SH		SOLE	0	0	0	9,955
DOLLAR TREE INC	Common Stocks	256746108	806	10,000	SH		SOLE	0	0	0	10,000
PROSHARES SHORT DOW 30	Equity ETFs	74347R701	204	9,000	PRN		SOLE	0	0	0	9,000
WISDOMTREE GERMANY HEDGED EQUITY	Equity ETFs	97717W448	7,777	247,355	PRN		SOLE	0	63,950	0	183,405
ENLINK MIDSTREAM PARTNERS LP	Common Stocks	29336U107	219	8,500	SH		SOLE	0	0	0	8,500
ENTERPRISE PRODS PARTNERS L COM UNIT	Common Stocks	293792107	23,045	691,002	SH		SOLE	0	165,178	0	525,824
ENERGY TRANSFER EQUITY L P UT LTD PTN	Common Stocks	29273V100	909	14,000	SH		SOLE	0	0	0	14,000
EV ENERGY PARTNERS LP	Common Stocks	26926V107	224	13,500	SH		SOLE	0	0	0	13,500
FACEBOOK INC	Common Stocks	30303M102	381	4,500	SH		SOLE	0	0	0	4,500
FIAT CHRYSLER AUTOMOBILES N V SHS ISIN#NL001087764	Common Stocks	N31738102	494	30,000	SH		SOLE	0	30,000	0	0
FEDERATED INVESTORS INC-CL B	Common Stocks	314211103	8,562	248,182	SH		SOLE	0	95,301	0	152,881
WINTHROP REALTY TRUST	Common Stocks	976391300	16,733	1,020,948	SH		SOLE	0	352,250	0	668,698
GENESIS ENERGY LP	Common Stocks	371927104	287	6,030	SH		SOLE	0	0	0	6,030
GENERAL MTRS CO	Common Stocks	37045V100	673	18,123	SH		SOLE	0	17,000	0	1,123
GOOGLE INC CL C	Common Stocks	38259P706	2,213	4,103	SH		SOLE	0	0	0	4,103
GOOGLE INC	Common Stocks	38259P508	364	663	SH		SOLE	0	0	0	663
GROUP I AUTOMOTIVE INC COM	Common Stocks	398905109	432	5,000	SH		SOLE	0	5,000	0	0
GRAMERCY PROPERTY TRUST INC	Common Stocks	38489R100	11,118	395,372	SH		SOLE	0	132,425	0	262,947
GLOBAL X MSCI COLOMBIA ETF	Equity ETFs	37950E200	238	20,775	PRN		SOLE	0	0	0	20,775
HOWARD BANCORP	Common Stocks	442496105	1,660	122,300	SH		SOLE	0	0	0	122,300
ISHARES HEDGED MSCI GERMANY	Equity ETFs	46434V704	689	24,191	PRN		SOLE	0	16,320	0	7,871
HERITAGE FINANCIAL CORP	Common Stocks	42722X106	6,074	350,479	SH		SOLE	0	126,497	0	223,982
HARLAN HEALTH I	Common Stocks	40650V100	479	9,635	SH		SOLE	0	9,635	0	0
I B M	Common Stocks	459200101	212	1,285	SH		SOLE	0	0	0	1,285
INTELLICHECK MOBILISA INC COM SHS	Common Stocks	45817G201	35	20,000	SH		SOLE	0	20,000	0	0
IMAX CORP COM	Common Stocks	45245E109	742	20,500	SH		SOLE	0	20,500	0	0
INDEPENDENCE REALTY TRUST	Common Stocks	45378A106	6,920	740,158	SH		SOLE	0	258,882	0	481,276
ISHARES TR US HOME CONSTRUCTION ETF FD	Equity ETFs	464288752	1,128	40,000	PRN		SOLE	0	40,000	0	0
JOHNSON & JOHNSON	Common Stocks	478160104	936	9,320	SH		SOLE	0	0	0	9,320
KINDER MORGAN INC	Common Stocks	49456B101	1,332	30,226	SH		SOLE	0	0	0	30,226
LIONS GATE ENTMT CP NEWF	Common Stocks	535919203	758	24,266	SH		SOLE	0	24,000	0	266
MEDLEY CAP CORP	Common Stocks	58503F106	7,776	854,455	SH		SOLE	0	308,643	0	545,812
MCDONALDS CORP	Common Stocks	580135101	11,497	117,509	SH		SOLE	0	47,540	0	69,969
MONDELEZ INTERNATIONAL INC	Common Stocks	609207105	640	17,374	SH		SOLE	0	0	0	17,374
MAGELLAN MIDSTREAM PARTNERS LP	Common Stocks	559080106	17,747	218,398	SH		SOLE	0	59,887	0	158,511
MERCK & COMPANY	Common Stocks	58933Y105	278	4,812	SH		SOLE	0	2,100	0	2,712
MARKWEST ENERGY PARTNERS L PUNIT LTD PARTN	Common Stocks	570759100	434	6,500	SH		SOLE	0	0	0	6,500
TARGA RESOURCES PARTNERS LP COM UNIT	Common Stocks	87611X105	7,378	161,836	SH		SOLE	0	9,050	0	152,786
NUSTAR GP HOLDINGS LLC UNITS	Common Stocks	67059L102	218	5,869	SH		SOLE	0	0	0	5,869
NOVARTIS AG SPONSORED ADR	Common Stocks	66987V109	9,833	95,046	SH		SOLE	0	32,712	0	62,334
PLAINS ALL AMERN PIPELINE L UNIT L P INT	Common Stocks	726503105	7,071	138,861	SH		SOLE	0	7,800	0	131,061
Pure Cycle Corp	Common Stocks	746228303	1,003	194,690	SH		SOLE	0	194,690	0	0
PFIZER INC	Common Stocks	717081103	6,518	186,597	SH		SOLE	0	87,315	0	99,282
PROCTER & GAMBLE COMPANY	Common Stocks	742718109	301	3,617	SH		SOLE	0	0	0	3,617
RITE AID CORP	Common Stocks	767754104	125	15,000	SH		SOLE	0	0	0	15,000
RAIT FINANCIAL TRUST	Common Stocks	749227609	318	47,000	SH		SOLE	0	0	0	47,000
REEDS INC COM	Common Stocks	758338107	176	32,647	SH		SOLE	0	32,647	0	0
REMY INTERNATIO	Common Stocks	75971M108	699	31,000	SH		SOLE	0	31,000	0	0
REGENCY ENERGY PARTNERS LP	Common Stocks	75885Y107	400	17,911	SH		SOLE	0	0	0	17,911
REALD INC COM	Common Stocks	75604L105	542	43,385	SH		SOLE	0	43,385	0	0
REPUBLIC SERVICES, INC.	Common Stocks	760759100	8,177	205,702	SH		SOLE	0	79,147	0	126,555
PROSHARES TR PSHS SHRT S&P5	Equity ETFs	74347R503	3,750	178,308	PRN		SOLE	0	50,390	0	127,918
INVENTURE FOODS INC COM	Common Stocks	461212102	409	34,500	SH		SOLE	0	34,500	0	0
STERLING BANCORP	Common Stocks	85917A100	12,379	927,265	SH		SOLE	0	324,975	0	602,290
CONSTELLATION BRANDS INC-A	Common Stocks	21036P108	6,022	51,919	SH		SOLE	0	25,059	0	26,860
A T & T INC (NEW)	Common Stocks	00206R102	225	6,843	SH		SOLE	0	0	0	6,843
TALLGRASS ENERGY PARTNERS LP	Common Stocks	874697105	1,375	27,715	SH		SOLE	0	0	0	27,715
TIFFANY & COMPANY	Common Stocks	886547108	716	8,000	SH		SOLE	0	8,000	0	0
TOOTSIE ROLL INDUSTRIES, INC.	Common Stocks	890516107	4,422	136,450	SH		SOLE	0	51,867	0	84,583
TWO HBRS INVT CORP	Common Stocks	90187B101	8,847	829,185	SH		SOLE	0	306,757	0	522,428
VECTOR GROUP LTD.	Common Stocks	92240M108	8,326	370,062	SH		SOLE	0	143,938	0	226,124
VERIZON COMMUNICATIONS	Common Stocks	92343V104	500	10,088	SH		SOLE	0	500	0	9,588
WESTERN GAS PARTNERS LP UNIT LP IN	Common Stocks	958254104	5,733	80,900	SH		SOLE	0	500	0	80,400
WESTWOOD HOLDINGS GROUP, INC.	Common Stocks	961765104	4,814	77,193	SH		SOLE	0	27,540	0	49,653
WAL MART STORES INC	Common Stocks	931142103	14,612	186,306	SH		SOLE	0	63,986	0	122,320
WILLIAMS PARTNERS LP	Common Stocks	96949L105	1,124	22,492	SH		SOLE	0	0	0	22,492
EXXON MOBIL CORP	Common Stocks	30231G102	593	6,775	SH		SOLE	0	0	0	6,775