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
COLONY FINANCIAL CONV. SR NT	Convertible Bonds	19624RAB2	3,731	3,740,000	PRN		SOLE	0	1,340,000	0	2,400,000
HCI GROUP CONV. SR NT	Convertible Bonds	40416EAB9	14,680	14,616,000	PRN		SOLE	0	4,639,000	0	9,977,000
APPLE INC.	Common Stocks	037833100	1,792	15,475	SH		SOLE	0	45	0	15,430
ACCENTURE PLC	Common Stocks	G1151C101	579	4,942	SH		SOLE	0	0	0	4,942
ADVANCED MICRO DEVICES	Common Stocks	007903107	113	10,000	SH		SOLE	0	0	0	10,000
JPMORGAN CHASE & CO ALERIAN ML ETN	Equity ETN	46625H365	1,391	44,006	PRN		SOLE	0	30,801	0	13,205
AMERIPRISE FINL INC	Common Stocks	03076C106	266	2,400	SH		SOLE	0	0	0	2,400
AMAZON COM INC	Common Stocks	023135106	5,101	6,803	SH		SOLE	0	57	0	6,746
A.O. SMITH CORPORATION	Common Stocks	831865209	5,341	112,792	SH		SOLE	0	70,472	0	42,320
AMERICAN EXPRESS CO	Common Stocks	025816109	911	12,300	SH		SOLE	0	0	0	12,300
BOOZ ALLEN HAMILTON HOLDINGS	Common Stocks	099502106	13,257	367,523	SH		SOLE	0	209,674	0	157,849
BANC OF CALIFORNIA	Common Stocks	05990K106	638	36,791	SH		SOLE	0	36,791	0	0
BANCFIRST CORP	Common Stocks	05945F103	322	3,460	SH		SOLE	0	3,460	0	0
BLACKROCK INC.	Common Stocks	09247X101	323	850	SH		SOLE	0	0	0	850
BROADRIDGE FINANCIAL SOLUTIONS	Common Stocks	11133T103	15,329	231,210	SH		SOLE	0	121,322	0	109,888
BAY BANCORP INC.	Common Stocks	07203T106	220	33,395	SH		SOLE	0	0	0	33,395
CAMECO CORP.	Common Stocks	13321L108	6,624	632,660	SH		SOLE	0	356,482	0	276,178
CELGENE CORP	Common Stocks	151020104	708	6,120	SH		SOLE	0	0	0	6,120
COMCAST CORP NEW CL A	Common Stocks	20030N101	209	3,026	SH		SOLE	0	2,966	0	60
CME GROUP INC	Common Stocks	12572Q105	8,047	69,760	SH		SOLE	0	39,119	0	30,641
COSTCO WHOLESALE CORP	Common Stocks	22160K105	320	2,000	SH		SOLE	0	0	0	2,000
WALT DISNEY COMPANY	Common Stocks	254687106	1,422	13,646	SH		SOLE	0	341	0	13,305
EDAP TMS SA-ADR	Common Stocks	268311107	190	58,000	SH		SOLE	0	0	0	58,000
SYNERON MEDICAL LTD	Common Stocks	M87245102	134	16,000	SH		SOLE	0	0	0	16,000
EMAGIN CORPORATION	Common Stocks	29076N206	22	10,000	SH		SOLE	0	0	0	10,000
ENTERPRISE PRODS PARTNERS L COM UNIT	Common Stocks	293792107	18,495	683,999	SH		SOLE	0	290,678	0	393,321
ENERGY TRANSFER EQUITY L P UT LTD PTN	Common Stocks	29273V100	541	28,000	SH		SOLE	0	0	0	28,000
ENERGY TRANSFER PARTNERS L.P.	Common Stocks	29273R109	237	6,627	SH		SOLE	0	0	0	6,627
EV ENERGY PARTNERS LP	Common Stocks	26926V107	28	13,500	SH		SOLE	0	0	0	13,500
FACEBOOK INC	Common Stocks	30303M102	1,269	11,030	SH		SOLE	0	40	0	10,990
FCB FINANCIAL HOLDINGS	Common Stocks	30255G103	268	5,610	SH		SOLE	0	5,610	0	0
FOUR CORNERS PROPERTY TRUST	Common Stocks	35086T109	7,996	389,667	SH		SOLE	0	225,010	0	164,657
FIRST OF LONG ISLAND CORP	Common Stocks	320734106	3,248	113,781	SH		SOLE	0	71,979	0	41,802
ALPHABET INC -CL C	Common Stocks	02079K107	4,189	5,428	SH		SOLE	0	55	0	5,373
ALPHABET INC -CL A	Common Stocks	02079K305	570	719	SH		SOLE	0	57	0	662
GRAMERCY PROPERTY TRUST	Common Stocks	385002100	13,718	1,494,310	SH		SOLE	0	822,844	0	671,466
GOLDMAN SACHS GROUP INC	Common Stocks	38141G104	12,148	50,732	SH		SOLE	0	26,135	0	24,597
ISHARES INT. GOVT/CREDIT BOND ETF	Fixed Income ETF	464288612	33,109	301,402	PRN		SOLE	0	208,669	0	92,733
HOWARD BANCORP	Common Stocks	442496105	2,696	178,565	SH		SOLE	0	0	0	178,565
HOME DEPOT INC	Common Stocks	437076102	290	2,162	SH		SOLE	0	290	0	1,872
HILTON WORLDWIDE HOLDINGS INC.	Common Stocks	43300A104	245	9,000	SH		SOLE	0	0	0	9,000
HSBC HOLDINGS PLC SER A	Preferred Stock	404280604	2,818	111,808	PRN		SOLE	0	61,494	0	50,314
HERITAGE COMMERCE CORP	Common Stocks	426927109	266	18,465	SH		SOLE	0	18,465	0	0
PIMCO 0-5 YEAR H/Y CORP BOND	Fixed Income ETF	72201R783	15,722	157,438	PRN		SOLE	0	83,126	0	74,312
I B M	Common Stocks	459200101	212	1,278	SH		SOLE	0	0	0	1,278
INDEPENDENCE REALTY TRUST	Common Stocks	45378A106	9,856	1,104,986	SH		SOLE	0	621,895	0	483,091
PRUDENTIAL ST DUR HY FUND	Fixed Income Closed-End Fund	74442F107	13,698	884,910	PRN		SOLE	0	522,392	0	362,518
ISHARES RUSSELL 1000 GROWTH ETF	Equity ETFs	464287614	217	2,065	PRN		SOLE	0	2,065	0	0
ISHARES U.S. FINANCIAL SERVICES ETF	Equity ETFs	464287770	406	3,825	PRN		SOLE	0	0	0	3,825
NUVEEN MORTGAGE OPPORTUNITY OPPORTUNITY FUND	Fixed Income Closed-End Fund	670735109	12,433	516,550	PRN		SOLE	0	312,829	0	203,721
JOHNSON & JOHNSON	Common Stocks	478160104	1,190	10,332	SH		SOLE	0	537	0	9,795
J P MORGAN CHASE & CO	Common Stocks	46625H100	14,981	173,610	SH		SOLE	0	92,031	0	81,579
NUVEEN CREDIT STRAT FUND	Fixed Income Closed-End Fund	67073D102	14,765	1,668,320	PRN		SOLE	0	966,410	0	701,910
KEYCORP	Common Stocks	493267108	12,916	706,939	SH		SOLE	0	414,985	0	291,954
KINDER MORGAN INC	Common Stocks	49456B101	223	10,765	SH		SOLE	0	0	0	10,765
DIREXION INSIDER	Equity ETFs	25459Y769	321	4,200	PRN		SOLE	0	0	0	4,200
LOCKHEED MARTIN CORP.	Common Stocks	539830109	541	2,164	SH		SOLE	0	0	0	2,164
SPARK NETWORKS INC COM	Common Stocks	84651P100	8	10,000	SH		SOLE	0	0	0	10,000
ISHARES IBOXX INVESTMENT GRADE CORP BOND	Fixed Income ETF	464287242	16,979	144,897	PRN		SOLE	0	104,831	0	40,066
LEGACYTEXAS FINANCIAL GROUP	Common Stocks	52471Y106	212	4,915	SH		SOLE	0	4,915	0	0
MARRIOTT INTERNATIONAL INC.	Common Stocks	571903202	240	2,900	SH		SOLE	0	0	0	2,900
MONDELEZ INTERNATIONAL INC	Common Stocks	609207105	620	13,987	SH		SOLE	0	54	0	13,933
MAGELLAN MIDSTREAM PARTNERS LP	Common Stocks	559080106	16,831	222,546	SH		SOLE	0	116,521	0	106,025
MPLX LP	Common Stocks	55336V100	245	7,085	SH		SOLE	0	0	0	7,085
MAINSOURCE FINANCIAL GROUP, INC.	Common Stocks	56062Y102	13,597	395,275	SH		SOLE	0	223,022	0	172,253
NUVEEN CAL ABC DIV ADV MUNI INC FUND	Fixed Income Closed-End Fund	67066Y105	141	10,000	PRN		SOLE	0	0	0	10,000
BANK OF NT BUTTERFIELD & SON	Common Stocks	G0772R208	14,340	456,107	SH		SOLE	0	251,228	0	204,879
NUVEEN MUNI VALUE FUND	Fixed Income Closed-End Fund	670928100	97	10,159	PRN		SOLE	0	10,159	0	0
NUVEEN DIVIDEND ADVANTAGE MUNICIPAL INCOME FUND	Fixed Income Closed-End Fund	67071L106	289	20,000	PRN		SOLE	0	0	0	20,000
BANK OF THE OZARKS	Common Stocks	063904106	295	5,613	SH		SOLE	0	5,613	0	0
PLAINS ALL AMERN PIPELINE L UNIT L P INT	Common Stocks	726503105	2,377	73,602	SH		SOLE	0	19,900	0	53,702
ISHARES S&P PREFERRED STOCK INDEX FUND	Preferred Stock	464288687	561	15,086	PRN		SOLE	0	13,500	0	1,586
PROCTER & GAMBLE COMPANY	Common Stocks	742718109	209	2,485	SH		SOLE	0	0	0	2,485
PINNACLE FINANCIAL PARTNERS	Common Stocks	72346Q104	319	4,600	SH		SOLE	0	4,600	0	0
POWERSHARES QQQ TRUST UNIT SER 1	Equity ETFs	73935A104	2,079	17,550	PRN		SOLE	0	0	0	17,550
RITE AID CORP	Common Stocks	767754104	700	85,000	SH		SOLE	0	0	0	85,000
REPUBLIC SERVICES, INC.	Common Stocks	760759100	15,144	265,448	SH		SOLE	0	158,307	0	107,141
REDWOOD TRUST INC	Common Stocks	758075402	14,061	924,451	SH		SOLE	0	555,110	0	369,341
SAP SE-SPONSORED ADR	Common Stocks	803054204	291	3,364	SH		SOLE	0	0	0	3,364
SIGNATURE BANK	Common Stocks	82669G104	459	3,055	SH		SOLE	0	3,055	0	0
STARBUCKS CORP	Common Stocks	855244109	306	5,520	SH		SOLE	0	0	0	5,520
SERVISFIRST BANCSHARES INC	Common Stocks	81768T108	436	11,650	SH		SOLE	0	11,650	0	0
PROSHARES TR PSHS SHRT S&P5	Equity ETFs	74347B425	4,709	128,876	PRN		SOLE	0	65,524	0	63,352
ISHARES SHORT TREASURY BOND	Fixed Income ETF	464288679	2,937	26,625	PRN		SOLE	0	0	0	26,625
iSHARES 0-5 YEAR HIGH YIELD CORPORATE BOND ETF	Fixed Income ETF	46434V407	794	16,775	PRN		SOLE	0	16,775	0	0
SVB FINANCIAL GROUP	Common Stocks	78486Q101	817	4,758	SH		SOLE	0	4,758	0	0
SCOTTS MIRACLE-GRO CO-CL A	Common Stocks	810186106	13,348	139,694	SH		SOLE	0	77,619	0	62,075
SPDR S&P 500 ETF TRUST	Equity ETFs	78462F103	511	2,288	PRN		SOLE	0	2,288	0	0
CONSTELLATION BRANDS INC-A	Common Stocks	21036P108	15,353	100,142	SH		SOLE	0	55,768	0	44,374
A T & T INC (NEW)	Common Stocks	00206R102	313	7,359	SH		SOLE	0	1,324	0	6,035
TALLGRASS ENERGY PARTNERS LP	Common Stocks	874697105	845	17,815	SH		SOLE	0	0	0	17,815
TOOTSIE ROLL INDUSTRIES, INC.	Common Stocks	890516107	10,111	254,363	SH		SOLE	0	149,636	0	104,727
TARGA RESOURCES	Common Stocks	87612G101	1,225	21,853	SH		SOLE	0	3,162	0	18,691
TRANSENTERIX INC	Common Stocks	89366M201	16	12,500	SH		SOLE	0	0	0	12,500
TWITTER INC	Common Stocks	90184L102	614	37,650	SH		SOLE	0	0	0	37,650
UNITED CONTINENTAL HOLDINGS INC.	Common Stocks	910047109	317	4,350	SH		SOLE	0	0	0	4,350
VECTOR GROUP LTD.	Common Stocks	92240M108	14,597	641,905	SH		SOLE	0	382,739	0	259,166
INVESCO DYNAMIC CREDIT OPP	Fixed Income Closed-End Fund	46132R104	17,693	1,438,460	PRN		SOLE	0	817,522	0	620,938
VERIZON COMMUNICATIONS	Common Stocks	92343V104	204	3,828	SH		SOLE	0	175	0	3,653
WESTERN GAS PARTNERS LP UNIT LP IN	Common Stocks	958254104	2,414	41,090	SH		SOLE	0	0	0	41,090
WELLS FARGO & CO NEW	Common Stocks	949746101	583	10,572	SH		SOLE	0	0	0	10,572
WILLIAMS PARTNERS LP	Common Stocks	96949L105	742	19,503	SH		SOLE	0	0	0	19,503
MATERIALS SECTOR SPDR	Equity ETFs	81369Y100	296	5,950	PRN		SOLE	0	5,950	0	0
INDUSTRIAL SELECT SECT SPDR	Equity ETFs	81369Y704	296	4,750	PRN		SOLE	0	4,750	0	0
STAPLES SECTOR SPDR	Equity ETFs	81369Y308	441	8,525	PRN		SOLE	0	5,900	0	2,625
HEALTH CARE SECTOR SPDR	Equity ETFs	81369Y209	303	4,400	PRN		SOLE	0	4,400	0	0
EXXON MOBIL CORP	Common Stocks	30231G102	786	8,703	SH		SOLE	0	1,837	0	6,866
ZELTIQ AESTHETICS INC	Common Stocks	98933Q108	487	11,200	SH		SOLE	0	0	0	11,200