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	3,517	3,465,000	PRN		SOLE	0	1,065,000	0	2,400,000
HCI GROUP CONV. SR NT	Convertible Bonds	40416EAB9	13,065	12,880,000	PRN		SOLE	0	3,490,000	0	9,390,000
APPLE INC.	Common Stocks	037833100	1,998	13,876	SH		SOLE	0	204	0	13,672
ABBVIE INC	Common Stocks	00287Y109	338	4,660	SH		SOLE	0	0	0	4,660
ALLY FINANCIAL	Common Stocks	02005N100	279	13,350	SH		SOLE	0	13,350	0	0
ADVANCED MICRO DEVICES	Common Stocks	007903107	387	31,000	SH		SOLE	0	0	0	31,000
JPMORGAN CHASE & CO ALERIAN ML ETN	Common Stocks	46625H365	2,186	73,617	SH		SOLE	0	60,260	0	13,357
AMERIPRISE FINL INC	Common Stocks	03076C106	305	2,400	SH		SOLE	0	0	0	2,400
AMERICAN RIVER BANKSHRS	Common Stocks	029326105	237	16,305	SH		SOLE	0	16,305	0	0
AMAZON COM INC	Common Stocks	023135106	7,669	7,923	SH		SOLE	0	16	0	7,907
A.O. SMITH CORPORATION	Common Stocks	831865209	15,347	272,440	SH		SOLE	0	169,328	0	103,112
AMERICAN EXPRESS CO	Common Stocks	025816109	1,198	14,220	SH		SOLE	0	0	0	14,220
BANC OF CALIFORNIA	Common Stocks	05990K106	517	24,041	SH		SOLE	0	24,041	0	0
BLACKROCK INC.	Common Stocks	09247X101	359	850	SH		SOLE	0	0	0	850
BROADRIDGE FINANCIAL SOLUTIONS	Common Stocks	11133T103	19,057	252,208	SH		SOLE	0	151,811	0	100,397
BERKSHIRE HATHAWAY INC DEL CL B NEW	Common Stocks	084670702	432	2,550	SH		SOLE	0	0	0	2,550
CITIGROUP INC	Common Stocks	172967424	234	3,500	SH		SOLE	0	0	0	3,500
CELGENE CORP	Common Stocks	151020104	850	6,545	SH		SOLE	0	0	0	6,545
CME GROUP INC	Common Stocks	12572Q105	9,557	76,306	SH		SOLE	0	48,237	0	28,069
COSTCO WHOLESALE CORP	Common Stocks	22160K105	320	2,000	SH		SOLE	0	0	0	2,000
CISCO SYS INC	Common Stocks	17275R102	295	9,420	SH		SOLE	0	369	0	9,051
SPDR DJIA TRUST	Common Stocks	78467X109	645	3,025	SH		SOLE	0	0	0	3,025
WALT DISNEY COMPANY	Common Stocks	254687106	236	2,222	SH		SOLE	0	106	0	2,116
DYNEX CAP INC NEW	Common Stocks	26817Q506	275	38,783	SH		SOLE	0	10,223	0	28,560
EDAP TMS SA-ADR	Common Stocks	268311107	274	83,000	SH		SOLE	0	0	0	83,000
EMAGIN CORPORATION	Common Stocks	29076N206	25	10,000	SH		SOLE	0	0	0	10,000
ENTERPRISE PRODS PARTNERS L COM UNIT	Common Stocks	293792107	22,042	813,961	SH		SOLE	0	409,322	0	404,639
ENERGY TRANSFER EQUITY L P UT LTD PTN	Common Stocks	29273V100	503	28,000	SH		SOLE	0	0	0	28,000
EV ENERGY PARTNERS LP	Common Stocks	26926V107	9	13,500	SH		SOLE	0	0	0	13,500
FACEBOOK INC	Common Stocks	30303M102	1,677	11,106	SH		SOLE	0	74	0	11,032
FCB FINANCIAL HOLDINGS	Common Stocks	30255G103	393	8,230	SH		SOLE	0	8,230	0	0
FOUR CORNERS PROPERTY TRUST	Common Stocks	35086T109	10,751	428,153	SH		SOLE	0	264,100	0	164,053
ISHARES FLOATING RATE BOND ETF	Fixed Income ETF	46429B655	460	9,025	PRN		SOLE	0	0	0	9,025
GENERAL ELEC CO	Common Stocks	369604103	554	20,507	SH		SOLE	0	216	0	20,291
ALPHABET INC -CL C	Common Stocks	02079K107	4,128	4,543	SH		SOLE	0	15	0	4,528
ALPHABET INC -CL A	Common Stocks	02079K305	615	662	SH		SOLE	0	0	0	662
GRAMERCY PROPERTY TRUST	Common Stocks	385002308	16,733	563,214	SH		SOLE	0	333,448	0	229,766
GOLDMAN SACHS GROUP INC	Common Stocks	38141G104	14,108	63,577	SH		SOLE	0	37,995	0	25,582
ISHARES INT. GOVT/CREDIT BOND ETF	Fixed Income ETF	464288612	50,833	459,275	PRN		SOLE	0	351,163	0	108,112
HOWARD BANCORP	Common Stocks	442496105	3,386	175,915	SH		SOLE	0	0	0	175,915
HOME DEPOT INC	Common Stocks	437076102	287	1,872	SH		SOLE	0	0	0	1,872
HARRIS CORP.	Common Stocks	413875105	13,790	126,422	SH		SOLE	0	81,957	0	44,465
HSBC HOLDINGS PLC SER A FC 12/21/12	Preferred Stock	404280604	2,477	93,850	PRN		SOLE	0	48,366	0	45,484
HERITAGE COMMERCE CORP	Common Stocks	426927109	254	18,465	SH		SOLE	0	18,465	0	0
PIMCO 0-5 YEAR H/Y CORP BOND	Fixed Income ETF	72201R783	268	2,641	PRN		SOLE	0	576	0	2,065
INTEL CORP	Common Stocks	458140100	233	6,900	SH		SOLE	0	0	0	6,900
PRUDENTIAL ST DUR HY FUND	Fixed Income Closed-End Fund	74442F107	831	54,402	PRN		SOLE	0	1,057	0	53,345
ISHARES RUSSELL 1000 GROWTH ETF	Equity ETFs	464287614	233	1,955	PRN		SOLE	0	1,955	0	0
ISHARES TR RUSSELL 2000 ETF	Equity ETFs	464287655	767	5,440	PRN		SOLE	0	80	0	5,360
ISHARES RUSSELL MIDCAP	Equity ETFs	464287499	735	3,825	PRN		SOLE	0	0	0	3,825
ISHARES Russell Midcap Value	Equity ETFs	464287473	229	2,725	PRN		SOLE	0	0	0	2,725
ISHARES U.S. FINANCIAL SERVICES ETF	Equity ETFs	464287770	434	3,825	PRN		SOLE	0	0	0	3,825
NUVEEN MORTGAGE OPPORTUNITY OPPORTUNITY FUND	Fixed Income Closed-End Fund	670735109	14,757	576,227	PRN		SOLE	0	365,363	0	210,864
JOHNSON & JOHNSON	Common Stocks	478160104	1,102	8,331	SH		SOLE	0	196	0	8,135
J P MORGAN CHASE & CO	Common Stocks	46625H100	19,060	208,535	SH		SOLE	0	127,037	0	81,498
NUVEEN CREDIT STRAT FUND	Fixed Income Closed-End Fund	67073D102	16,596	1,927,567	PRN		SOLE	0	1,069,507	0	858,060
KEYCORP	Common Stocks	493267108	14,792	789,342	SH		SOLE	0	507,738	0	281,604
KINDER MORGAN INC	Common Stocks	49456B101	206	10,765	SH		SOLE	0	0	0	10,765
DIREXION INSIDER	Equity ETFs	25459Y769	334	8,400	PRN		SOLE	0	0	0	8,400
LENNOX INTERNATIONAL INC.	Common Stocks	526107107	10,777	58,683	SH		SOLE	0	36,280	0	22,403
MANHATTAN BRIDGE CAPITAL INC	Common Stocks	562803106	271	45,605	SH		SOLE	0	24,725	0	20,880
LOWES COS INC	Common Stocks	548661107	1,185	15,283	SH		SOLE	0	5,360	0	9,923
ISHARES IBOXX INVESTMENT GRADE CORP BOND	Fixed Income ETF	464287242	1,937	16,077	PRN		SOLE	0	2,931	0	13,146
LONG ISLAND ICED TEA CORP	Common Stocks	54267E104	81	15,000	SH		SOLE	0	0	0	15,000
LEGACYTEXAS FINANCIAL GROUP	Common Stocks	52471Y106	251	6,595	SH		SOLE	0	6,595	0	0
MARRIOTT INTERNATIONAL INC.	Common Stocks	571903202	291	2,900	SH		SOLE	0	0	0	2,900
MONDELEZ INTERNATIONAL INC	Common Stocks	609207105	708	16,399	SH		SOLE	0	54	0	16,345
SPDR S&P MIDCAP ETF TRST	Equity ETFs	78467Y107	349	1,100	PRN		SOLE	0	0	0	1,100
MITEK SYS INC C	Common Stocks	606710200	168	20,000	SH		SOLE	0	0	0	20,000
MAGELLAN MIDSTREAM PARTNERS LP	Common Stocks	559080106	16,125	226,256	SH		SOLE	0	125,962	0	100,294
MPLX LP	Common Stocks	55336V100	260	7,785	SH		SOLE	0	0	0	7,785
MERCK & COMPANY	Common Stocks	58933Y105	214	3,340	SH		SOLE	0	2,270	0	1,070
MAINSOURCE FINANCIAL GROUP, INC.	Common Stocks	56062Y102	14,945	445,993	SH		SOLE	0	282,533	0	163,460
MICROSOFT	Common Stocks	594918104	275	3,995	SH		SOLE	0	232	0	3,763
MIDSOUTH BANCORP INC	Common Stocks	598039105	288	24,525	SH		SOLE	0	24,525	0	0
AMERICAN CAP MORTGAGE INVESTMENT CORP.	Common Stocks	55378A105	202	10,720	SH		SOLE	0	670	0	10,050
MICRON TECHNOLOGY	Common Stocks	595112103	254	8,500	SH		SOLE	0	0	0	8,500
NUVEEN CAL ABC DIV ADV MUNI INC FUND	Fixed Income Closed-End Fund	67066Y105	226	15,000	PRN		SOLE	0	0	0	15,000
NEW GOLD INC CDA	Common Stocks	644535106	95	30,000	SH		SOLE	0	0	0	30,000
NORTHSTAR REALTY EUROPE CORP.	Common Stocks	66706L101	15,029	1,185,257	SH		SOLE	0	704,627	0	480,630
NATIONAL STORAGE AFFILIATES	Common Stocks	637870106	350	15,125	SH		SOLE	0	0	0	15,125
NEVSUN RES LTDB C	Common Stocks	64156L101	60	25,000	SH		SOLE	0	0	0	25,000
BANK OF NT BUTTERFIELD & SON	Common Stocks	G0772R208	25,376	744,162	SH		SOLE	0	448,031	0	296,131
NUVEEN DIVIDEND ADVANTAGE MUNICIPAL INCOME FUND	Fixed Income Closed-End Fund	67071L106	303	20,000	PRN		SOLE	0	0	0	20,000
OPUS BANK	Common Stocks	684000102	250	10,350	SH		SOLE	0	10,350	0	0
PLAINS ALL AMERN PIPELINE L UNIT L P INT	Common Stocks	726503105	1,793	68,237	SH		SOLE	0	19,900	0	48,337
PIMCO DYNAMIC CREDIT INCOME	Fixed Income Closed-End Fund	72202D106	14,430	646,491	PRN		SOLE	0	399,823	0	246,668
PROCTER & GAMBLE COMPANY	Common Stocks	742718109	217	2,485	SH		SOLE	0	0	0	2,485
POWERSHARES QQQ TRUST UNIT SER 1	Equity ETFs	73935A104	3,179	23,100	PRN		SOLE	0	0	0	23,100
RITE AID CORP	Common Stocks	767754104	251	85,000	SH		SOLE	0	0	0	85,000
ALTISOURCE RESIDENTIAL CORP	Common Stocks	02153W100	9,976	770,958	SH		SOLE	0	472,492	0	298,466
REPUBLIC SERVICES, INC.	Common Stocks	760759100	17,342	272,118	SH		SOLE	0	176,518	0	95,600
REDWOOD TRUST INC	Common Stocks	758075402	17,501	1,027,078	SH		SOLE	0	650,580	0	376,498
SUSSEX BANCORP	Common Stocks	869245100	205	8,410	SH		SOLE	0	8,410	0	0
STARBUCKS CORP	Common Stocks	855244109	15,190	260,504	SH		SOLE	0	154,995	0	105,509
SERVISFIRST BANCSHARES INC	Common Stocks	81768T108	430	11,650	SH		SOLE	0	11,650	0	0
ISHARES SHORT TREASURY BOND	Fixed Income ETF	464288679	1,710	15,500	PRN		SOLE	0	0	0	15,500
SVB FINANCIAL GROUP	Common Stocks	78486Q101	836	4,758	SH		SOLE	0	4,758	0	0
SAN JUAN BASIN RTY TR UNIT BEN INT	Common Stocks	798241105	10,614	1,558,551	SH		SOLE	0	989,851	0	568,700
SOUTHWEST GAS CORP	Common Stocks	844895102	258	3,527	SH		SOLE	0	1,307	0	2,220
TEXAS CAPITAL BANCSHARES INC	Common Stocks	88224Q107	201	2,600	SH		SOLE	0	2,600	0	0
TALLGRASS ENERGY PARTNERS LP	Common Stocks	874697105	892	17,815	SH		SOLE	0	0	0	17,815
TERADYNE INC	Common Stocks	880770102	348	11,600	SH		SOLE	0	0	0	11,600
TARGA RESOURCES	Common Stocks	87612G101	988	21,853	SH		SOLE	0	3,162	0	18,691
UNITED CONTINENTAL HOLDINGS INC.	Common Stocks	910047109	327	4,350	SH		SOLE	0	0	0	4,350
VANGUARD INT-TERM CORP BOND ETF	Fixed Income ETF	92206C870	11,531	131,736	PRN		SOLE	0	75,384	0	56,352
VANGUARD S/T CORP BOND ETF	Fixed Income ETF	92206C409	19,181	239,643	PRN		SOLE	0	137,588	0	102,055
INVESCO DYNAMIC CREDIT OPP	Fixed Income Closed-End Fund	46132R104	19,359	1,611,946	PRN		SOLE	0	933,224	0	678,722
WEIBO CORP ADR	Common Stocks	948596101	263	3,950	SH		SOLE	0	0	0	3,950
WESTERN GAS PARTNERS LP UNIT LP IN	Common Stocks	958254104	2,293	40,990	SH		SOLE	0	0	0	40,990
WILLIAMS PARTNERS LP	Common Stocks	96949L105	765	19,070	SH		SOLE	0	0	0	19,070
MATERIALS SECTOR SPDR	Equity ETFs	81369Y100	497	9,240	PRN		SOLE	0	5,950	0	3,290
INDUSTRIAL SELECT SECT SPDR	Equity ETFs	81369Y704	1,015	14,900	PRN		SOLE	0	4,750	0	10,150
STAPLES SECTOR SPDR	Equity ETFs	81369Y308	644	11,720	PRN		SOLE	0	5,900	0	5,820
HEALTH CARE SECTOR SPDR	Equity ETFs	81369Y209	569	7,185	PRN		SOLE	0	4,400	0	2,785
EXXON MOBIL CORP	Common Stocks	30231G102	714	8,844	SH		SOLE	0	1,978	0	6,866