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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cohen & Steers Dividend Majors Fund | NYSE:DVM | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.98 | 0.00 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number |
811-21633 |
|||||||
|
||||||||
Cohen & Steers Dividend Majors Fund, Inc. |
||||||||
(Exact name of registrant as specified in charter) |
||||||||
|
||||||||
280 Park Avenue
|
|
10017 |
||||||
(Address of principal executive offices) |
|
(Zip code) |
||||||
|
||||||||
Francis C. Poli
|
||||||||
(Name and address of agent for service) |
||||||||
|
||||||||
Registrants telephone number, including area code: |
(212) 832-3232 |
|
||||||
|
||||||||
Date of fiscal year end: |
December 31 |
|
||||||
|
||||||||
Date of reporting period: |
September 30, 2011 |
|
||||||
Item 1. Schedule of Investments
DVM-NQ inserts
COHEN & STEERS DIVIDEND MAJORS FUND, INC.
SCHEDULE OF INVESTMENTS
September 30, 2011 (Unaudited)
|
|
Number
|
|
Value |
|
|
COMMON STOCK 98.7% |
|
|
|
|
|
|
CONSUMERCYCLICAL 6.2% |
|
|
|
|
|
|
APPAREL 0.3% |
|
|
|
|
|
|
NIKE |
|
5,500 |
|
$ |
470,305 |
|
AUTO PARTS EQUIPMENT 0.6% |
|
|
|
|
|
|
Johnson Controls |
|
32,900 |
|
867,573 |
|
|
LEISURE TIME 0.2% |
|
|
|
|
|
|
Carnival Corp.(a) |
|
11,500 |
|
348,450 |
|
|
MEDIA 1.4% |
|
|
|
|
|
|
The Walt Disney Co. |
|
49,200 |
|
1,483,872 |
|
|
Time Warner Cable |
|
12,100 |
|
758,307 |
|
|
|
|
|
|
2,242,179 |
|
|
RESTAURANT 1.9% |
|
|
|
|
|
|
McDonalds Corp. |
|
23,700 |
|
2,081,334 |
|
|
Tim Hortons (Canada) |
|
19,800 |
|
920,372 |
|
|
|
|
|
|
3,001,706 |
|
|
RETAIL 1.5% |
|
|
|
|
|
|
Nordstrom |
|
25,500 |
|
1,164,840 |
|
|
Ross Stores |
|
14,800 |
|
1,164,612 |
|
|
|
|
|
|
2,329,452 |
|
|
SPECIALTY RETAIL 0.3% |
|
|
|
|
|
|
PetSmart |
|
5,300 |
|
226,045 |
|
|
Tiffany & Co. |
|
3,000 |
|
182,460 |
|
|
|
|
|
|
408,505 |
|
|
TOTAL CONSUMERCYCLICAL |
|
|
|
9,668,170 |
|
|
CONSUMERNON-CYCLICAL 5.0% |
|
|
|
|
|
|
AGRICULTURE 1.0% |
|
|
|
|
|
|
Philip Morris International |
|
25,000 |
|
1,559,500 |
|
|
BASIC MATERIALS 0.4% |
|
|
|
|
|
|
Archer-Daniels-Midland Co.(a) |
|
25,700 |
|
637,617 |
|
|
|
|
Number
|
|
Value |
|
|
BEVERAGE 0.5% |
|
|
|
|
|
|
PepsiCo |
|
13,300 |
|
$ |
823,270 |
|
COSMETICS/PERSONAL CARE 0.9% |
|
|
|
|
|
|
Procter & Gamble Co. |
|
21,300 |
|
1,345,734 |
|
|
RETAIL 2.2% |
|
|
|
|
|
|
Costco Wholesale Corp. (a) |
|
14,100 |
|
1,157,892 |
|
|
CVS Caremark Corp. (a) |
|
54,200 |
|
1,820,036 |
|
|
Wal-Mart Stores |
|
9,200 |
|
477,480 |
|
|
|
|
|
|
3,455,408 |
|
|
TOTAL CONSUMER NON-CYCLICAL |
|
|
|
7,821,529 |
|
|
ENERGY 6.0% |
|
|
|
|
|
|
OIL & GAS 5.4% |
|
|
|
|
|
|
Apache Corp. |
|
11,600 |
|
930,784 |
|
|
Chevron Corp. (a) |
|
26,800 |
|
2,479,536 |
|
|
Devon Energy Corp. (a) |
|
11,800 |
|
654,192 |
|
|
Exxon Mobil Corp. (a) |
|
31,600 |
|
2,295,108 |
|
|
Marathon Petroleum Corp. |
|
22,700 |
|
614,262 |
|
|
Occidental Petroleum Corp. |
|
17,000 |
|
1,215,500 |
|
|
Peabody Energy Corp. |
|
8,100 |
|
274,428 |
|
|
|
|
|
|
8,463,810 |
|
|
OIL & GAS SERVICES 0.6% |
|
|
|
|
|
|
Halliburton Co. (a) |
|
14,600 |
|
445,592 |
|
|
Schlumberger Ltd. (a) |
|
7,900 |
|
471,867 |
|
|
|
|
|
|
917,459 |
|
|
TOTAL ENERGY |
|
|
|
9,381,269 |
|
|
|
|
Number
|
|
Value |
|
|
FINANCIAL 7.0% |
|
|
|
|
|
|
BANK 2.4% |
|
|
|
|
|
|
Bank of America Corp. |
|
56,300 |
|
$ |
344,556 |
|
Bank of New York Mellon Corp. (a) |
|
17,500 |
|
325,325 |
|
|
Comerica (a) |
|
25,500 |
|
585,735 |
|
|
Toronto-Dominion Bank (Canada) |
|
8,400 |
|
597,916 |
|
|
US Bancorp |
|
48,400 |
|
1,139,336 |
|
|
Wells Fargo & Co. |
|
28,000 |
|
675,360 |
|
|
|
|
|
|
3,668,228 |
|
|
CREDIT CARD 0.8% |
|
|
|
|
|
|
American Express Co. (a) |
|
27,900 |
|
1,252,710 |
|
|
DIVERSIFIED FINANCIAL SERVICE 2.0% |
|
|
|
|
|
|
Citigroup (a) |
|
17,700 |
|
453,474 |
|
|
Franklin Resources |
|
7,300 |
|
698,172 |
|
|
Goldman Sachs Group |
|
3,400 |
|
321,470 |
|
|
JPMorgan Chase & Co. |
|
52,500 |
|
1,581,300 |
|
|
|
|
|
|
3,054,416 |
|
|
INSURANCE 1.8% |
|
|
|
|
|
|
Chubb Corp.(a) |
|
14,600 |
|
875,854 |
|
|
Power Corp. (Canada) |
|
32,600 |
|
714,593 |
|
|
Prudential Financial |
|
27,600 |
|
1,293,336 |
|
|
|
|
|
|
2,883,783 |
|
|
TOTAL FINANCIAL |
|
|
|
10,859,137 |
|
|
HEALTH CARE 6.4% |
|
|
|
|
|
|
BIOTECHNOLOGY 0.4% |
|
|
|
|
|
|
Amgen |
|
11,900 |
|
653,905 |
|
|
HEALTH CARE PROVIDERS & SERVICES 1.2% |
|
|
|
|
|
|
UnitedHealth Group (a) |
|
40,900 |
|
1,886,308 |
|
|
|
|
Number
|
|
Value |
|
|
HEALTHCARE PRODUCTS 2.7% |
|
|
|
|
|
|
Becton Dickinson & Co.(a) |
|
10,600 |
|
$ |
777,192 |
|
Covidien PLC |
|
30,900 |
|
1,362,690 |
|
|
Johnson & Johnson |
|
19,100 |
|
1,216,861 |
|
|
Patterson Cos. |
|
27,100 |
|
775,873 |
|
|
|
|
|
|
4,132,616 |
|
|
PHARMACEUTICAL 2.1% |
|
|
|
|
|
|
Abbott Laboratories (a) |
|
25,500 |
|
1,304,070 |
|
|
Merck & Co. |
|
36,400 |
|
1,190,644 |
|
|
Pfizer |
|
39,400 |
|
696,592 |
|
|
|
|
|
|
3,191,306 |
|
|
TOTAL HEALTH CARE |
|
|
|
9,864,135 |
|
|
INDUSTRIAL 4.8% |
|
|
|
|
|
|
AEROSPACE & DEFENSE 1.9% |
|
|
|
|
|
|
General Dynamics Corp. |
|
13,700 |
|
779,393 |
|
|
L-3 Communications Holdings |
|
6,600 |
|
409,002 |
|
|
Lockheed Martin Corp. |
|
12,500 |
|
908,000 |
|
|
United Technologies Corp. |
|
12,100 |
|
851,356 |
|
|
|
|
|
|
2,947,751 |
|
|
DIVERSIFIED MANUFACTURING 1.3% |
|
|
|
|
|
|
Eaton Corp. |
|
20,300 |
|
720,650 |
|
|
General Electric Co. (a) |
|
86,800 |
|
1,322,832 |
|
|
|
|
|
|
2,043,482 |
|
|
ELECTRICAL EQUIPMENT 0.3% |
|
|
|
|
|
|
Emerson Electric Co. |
|
9,800 |
|
404,838 |
|
|
MACHINERY 0.2% |
|
|
|
|
|
|
Finning International (Canada) |
|
16,200 |
|
296,049 |
|
|
|
|
Number
|
|
Value |
|
|
TRANSPORTATION 1.1% |
|
|
|
|
|
|
Norfolk Southern Corp. |
|
13,800 |
|
$ |
842,076 |
|
United Parcel Service |
|
14,400 |
|
909,360 |
|
|
|
|
|
|
1,751,436 |
|
|
TOTAL INDUSTRIAL |
|
|
|
7,443,556 |
|
|
MATERIALS 1.1% |
|
|
|
|
|
|
CHEMICALS 0.5% |
|
|
|
|
|
|
Dow Chemical Co. |
|
27,000 |
|
606,420 |
|
|
Potash Corp. of Saskatchewan (Canada) |
|
5,000 |
|
217,101 |
|
|
|
|
|
|
823,521 |
|
|
METALS & MINING 0.6% |
|
|
|
|
|
|
Freeport-McMoRan Copper & Gold |
|
9,400 |
|
286,230 |
|
|
Newmont Mining Corp. |
|
10,700 |
|
673,030 |
|
|
|
|
|
|
959,260 |
|
|
TOTAL MATERIALS |
|
|
|
1,782,781 |
|
|
REAL ESTATE 47.4% |
|
|
|
|
|
|
DIVERSIFIED 3.5% |
|
|
|
|
|
|
American Assets Trust |
|
33,262 |
|
597,053 |
|
|
Forest City Enterprises (b) |
|
71,637 |
|
763,650 |
|
|
Lexington Realty Trust |
|
112,500 |
|
735,750 |
|
|
Vornado Realty Trust |
|
45,451 |
|
3,391,554 |
|
|
|
|
|
|
5,488,007 |
|
|
HEALTH CARE 6.8% |
|
|
|
|
|
|
Cogdell Spencer |
|
195,600 |
|
737,412 |
|
|
HCP |
|
123,163 |
|
4,318,095 |
|
|
Healthcare Realty Trust |
|
67,700 |
|
1,140,745 |
|
|
LTC Properties |
|
27,100 |
|
686,172 |
|
|
Senior Housing Properties Trust |
|
133,900 |
|
2,884,206 |
|
|
Ventas |
|
17,200 |
|
849,680 |
|
|
|
|
|
|
10,616,310 |
|
|
|
|
Number
|
|
Value |
|
|
HOTEL 2.1% |
|
|
|
|
|
|
Hersha Hospitality Trust |
|
161,239 |
|
$ |
557,887 |
|
Host Hotels & Resorts |
|
143,468 |
|
1,569,540 |
|
|
Hyatt Hotels Corp., Class A (a),(b) |
|
22,912 |
|
718,749 |
|
|
RLJ Lodging Trust |
|
26,400 |
|
337,128 |
|
|
|
|
|
|
3,183,304 |
|
|
INDUSTRIAL 2.1% |
|
|
|
|
|
|
DCT Industrial Trust |
|
191,900 |
|
842,441 |
|
|
EastGroup Properties |
|
10,105 |
|
385,405 |
|
|
First Industrial Realty Trust (b) |
|
73,500 |
|
588,000 |
|
|
ProLogis |
|
58,491 |
|
1,418,407 |
|
|
|
|
|
|
3,234,253 |
|
|
OFFICE 7.7% |
|
|
|
|
|
|
Boston Properties |
|
49,600 |
|
4,419,360 |
|
|
Douglas Emmett |
|
108,400 |
|
1,853,640 |
|
|
Hudson Pacific Properties |
|
73,276 |
|
852,200 |
|
|
Kilroy Realty Corp. |
|
55,263 |
|
1,729,732 |
|
|
Liberty Property Trust |
|
53,900 |
|
1,569,029 |
|
|
SL Green Realty Corp. |
|
26,282 |
|
1,528,298 |
|
|
|
|
|
|
11,952,259 |
|
|
RESIDENTIAL 9.6% |
|
|
|
|
|
|
APARTMENT 9.0% |
|
|
|
|
|
|
Apartment Investment & Management Co. |
|
55,700 |
|
1,232,084 |
|
|
AvalonBay Communities |
|
27,300 |
|
3,113,565 |
|
|
Education Realty Trust |
|
98,739 |
|
848,168 |
|
|
Equity Residential |
|
84,771 |
|
4,397,072 |
|
|
Essex Property Trust |
|
6,400 |
|
768,256 |
|
|
Mid-America Apartment Communities |
|
20,800 |
|
1,252,576 |
|
|
UDR |
|
105,753 |
|
2,341,371 |
|
|
|
|
|
|
13,953,092 |
|
|
MANUFACTURED HOME 0.6% |
|
|
|
|
|
|
Equity Lifestyle Properties |
|
14,231 |
|
892,284 |
|
|
TOTAL RESIDENTIAL |
|
|
|
14,845,376 |
|
|
|
|
Number
|
|
Value |
|
|
SELF STORAGE 3.1% |
|
|
|
|
|
|
CubeSmart |
|
96,100 |
|
$ |
819,733 |
|
Extra Space Storage |
|
88,700 |
|
1,652,481 |
|
|
Public Storage |
|
20,800 |
|
2,316,080 |
|
|
|
|
|
|
4,788,294 |
|
|
SHOPPING CENTER 11.6% |
|
|
|
|
|
|
COMMUNITY CENTER 4.5% |
|
|
|
|
|
|
Acadia Realty Trust |
|
41,198 |
|
770,403 |
|
|
DDR Corp. |
|
130,944 |
|
1,427,290 |
|
|
Federal Realty Investment Trust |
|
11,600 |
|
955,956 |
|
|
Regency Centers Corp. |
|
41,010 |
|
1,448,883 |
|
|
Tanger Factory Outlet Centers |
|
31,800 |
|
827,118 |
|
|
Weingarten Realty Investors |
|
72,966 |
|
1,544,690 |
|
|
|
|
|
|
6,974,340 |
|
|
FREE STANDING 0.6% |
|
|
|
|
|
|
National Retail Properties |
|
34,200 |
|
918,954 |
|
|
REGIONAL MALL 6.5% |
|
|
|
|
|
|
Macerich Co. |
|
23,811 |
|
1,015,063 |
|
|
Simon Property Group |
|
81,971 |
|
9,015,170 |
|
|
|
|
|
|
10,030,233 |
|
|
TOTAL SHOPPING CENTER |
|
|
|
17,923,527 |
|
|
SPECIALTY 0.9% |
|
|
|
|
|
|
Digital Realty Trust |
|
24,800 |
|
1,367,968 |
|
|
TOTAL REAL ESTATE |
|
|
|
73,399,298 |
|
|
TECHNOLOGY 10.8% |
|
|
|
|
|
|
COMPUTERS 2.7% |
|
|
|
|
|
|
Apple (b) |
|
6,500 |
|
2,477,670 |
|
|
International Business Machines Corp. |
|
9,900 |
|
1,732,797 |
|
|
|
|
|
|
4,210,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
|
|
Value |
|
|
INTERNET SERVICE PROVIDER 0.8% |
|
|
|
|
|
|
Google (b) |
|
2,500 |
|
$ |
1,285,950 |
|
SEMICONDUCTORS 0.9% |
|
|
|
|
|
|
Avago Technologies Ltd. (Singapore) (USD) |
|
14,200 |
|
465,334 |
|
|
Intel Corp. (a) |
|
20,800 |
|
443,664 |
|
|
Texas Instruments |
|
16,300 |
|
434,395 |
|
|
|
|
|
|
1,343,393 |
|
|
SERVICES 1.4% |
|
|
|
|
|
|
Visa, Class A |
|
24,900 |
|
2,134,428 |
|
|
SOFTWARE 3.0% |
|
|
|
|
|
|
Microsoft Corp. |
|
27,800 |
|
691,942 |
|
|
Oracle Corp. |
|
96,200 |
|
2,764,788 |
|
|
Symantec Corp. (b) |
|
78,200 |
|
1,274,660 |
|
|
|
|
|
|
4,731,390 |
|
|
TELECOMMUNICATION EQUIPMENT 2.0% |
|
|
|
|
|
|
Corning |
|
66,300 |
|
819,468 |
|
|
Harris Corp. (a) |
|
10,200 |
|
348,534 |
|
|
QUALCOMM |
|
39,500 |
|
1,920,885 |
|
|
|
|
|
|
3,088,887 |
|
|
TOTAL TECHNOLOGY |
|
|
|
16,794,515 |
|
|
TELECOMMUNICATION SERVICES 1.6% |
|
|
|
|
|
|
AT&T |
|
51,400 |
|
1,465,928 |
|
|
Rogers Communications (Canada) |
|
27,500 |
|
941,335 |
|
|
|
|
|
|
2,407,263 |
|
|
UTILITIES 2.4% |
|
|
|
|
|
|
ELECTRIC UTILITIES 0.7% |
|
|
|
|
|
|
NextEra Energy |
|
20,700 |
|
1,118,214 |
|
|
|
|
|
Number
|
|
Value |
|
|
MULTI UTILITIES 1.7% |
|
|
|
|
|
|
|
|
PG&E Corp. (a) |
|
|
|
27,200 |
|
$ |
1,150,832 |
|
Wisconsin Energy Corp. |
|
|
|
44,100 |
|
1,379,889 |
|
|
|
|
|
|
|
|
2,530,721 |
|
|
TOTAL UTILITIES |
|
|
|
|
|
3,648,935 |
|
|
TOTAL COMMON STOCK (Identified cost$142,728,392) |
|
|
|
|
|
153,070,588 |
|
|
SHORT-TERM INVESTMENTS 1.5% |
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS |
|
|
|
|
|
|
|
|
BlackRock Liquidity Funds: FedFund, 0.01%(c) |
|
|
|
1,150,013 |
|
1,150,013 |
|
|
Federated Government Obligations Fund, 0.01%(c) |
|
|
|
1,100,005 |
|
1,100,005 |
|
|
TOTAL SHORT-TERM INVESTMENTS (Identified cost$2,250,018) |
|
|
|
|
|
2,250,018 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS (Identified cost$144,978,410) |
|
100.2 |
% |
|
|
155,320,606 |
|
|
|
|
|
|
|
|
|
|
|
WRITTEN CALL OPTIONS |
|
(0.2 |
) |
|
|
(279,699 |
) |
|
|
|
|
|
|
|
|
|
|
LIABILITIES IN EXCESS OF OTHER ASSETS |
|
(0.0 |
) |
|
|
$ |
(34,181 |
) |
|
|
|
|
|
|
|
|
|
NET ASSETS (Equivalent to $12.28 per share based on 12,625,748 shares of common stock outstanding) |
|
100.0 |
% |
|
|
$ |
155,006,726 |
|
|
|
Number
|
|
Value |
|
|
WRITTEN CALL OPTIONS |
|
|
|
|
|
|
S&P 500 Index, USD, Strike Price 1,250, 10/22/11 |
|
64 |
|
$ |
(19,200 |
) |
S&P 500 Index, USD, Strike Price 1,230, 10/22/11 |
|
46 |
|
(24,840 |
) |
|
S&P 500 Index, USD, Strike Price 1,210, 10/22/11 |
|
70 |
|
(70,000 |
) |
|
S&P 500 Index, USD, Strike Price 1,215, 10/22/11 |
|
93 |
|
(80,259 |
) |
|
S&P 500 Index, USD, Strike Price 1,200, 10/22/11 |
|
70 |
|
(85,400 |
) |
|
TOTAL WRITTEN CALL OPTIONS
|
|
|
|
$ |
(279,699 |
) |
Glossary of Portfolio Abbreviation |
|||
|
USD |
United States Dollar |
|
Note: Percentages indicated are based on the net assets of the Fund.
(a) All or a portion of the security is pledged in connection with written option contracts: $10,004,187 has been pledged to brokers.
(b) Non-income producing security.
(c) Rate quoted represents the seven day yield of the fund.
Cohen & Steers Dividend Majors Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited)
Note 1. Portfolio Valuation: Investments in securities that are listed on the New York Stock Exchange are valued, except as indicated below, at the last sale price reflected at the close of the New York Stock Exchange on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day or, if no asked price is available, at the bid price. Exchange traded options are valued at their last sale price as of the close of options trading on applicable exchanges. In the absence of a last sale, options are valued at the average of the quoted bid and asked prices as of the close of business. Over-the-counter options quotations are provided by the respective counterparty when such prices are believed by Cohen & Steers Capital Management, Inc. (the investment manager), pursuant to delegation by the Board of Directors, to reflect the fair market value.
Securities not listed on the New York Stock Exchange but listed on other domestic or foreign securities exchanges are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined as reflected on the tape at the close of the exchange representing the principal market for such securities. If after the close of a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain foreign securities may be fair valued pursuant to procedures established by the Board of Directors.
Readily marketable securities traded in the over-the-counter market, including listed securities whose primary market is believed by the investment manager to be over-the-counter, are valued at the official closing prices as reported by sources as the Board of Directors deem appropriate to reflect their fair market value. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day, or if no asked price is available, at the bid price. However, certain fixed-income securities may be valued on the basis of prices provided by a pricing service when such prices are believed by the investment manager, pursuant to delegation by the Board of Directors, to reflect the fair market value of such securities.
Securities for which market prices are unavailable, or securities for which the investment manager determines that the bid and/or asked price or a counterparty valuation does not reflect market value, will be valued at fair value pursuant to procedures approved by the Funds Board of Directors. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.
The Funds use of fair value pricing may cause the net asset value of Fund shares to differ from the net asset value that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.
Cohen & Steers Dividend Majors Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates value. Investments in open-end mutual funds are valued at their closing net asset value.
Fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Funds investments is summarized below.
· Level 1 quoted prices in active markets for identical investments
· Level 2 other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.)
· Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of September 30, 2011 in valuing the Funds investments carried at value:
|
|
Total |
|
Quoted Prices In
|
|
Significant Other
|
|
Significant
|
|
||||
Common Stock |
|
$ |
153,070,588 |
|
$ |
153,070,588 |
|
$ |
|
|
$ |
|
|
Money Market Funds |
|
2,250,018 |
|
|
|
2,250,018 |
|
|
|
||||
Total Investments |
|
$ |
155,320,606 |
|
$ |
153,070,588 |
|
$ |
2,250,018 |
|
$ |
|
|
Other Financial Instruments* |
|
$ |
(279,699 |
) |
$ |
(279,699 |
) |
$ |
|
|
$ |
|
|
* Other financial instruments are written option contracts.
Note 2 . Derivative Instruments: The following is a summary of the market valuations of the Funds derivative instruments as of September 30, 2011:
Equity contracts |
|
|
|
|
$ |
(279,699 |
) |
|
|
|
|
|
|
|
Options: The Fund may write put or call options on an index and put and covered call options on a security with the intention of earning option premiums. Option premiums may increase the Funds realized gains and therefore may help increase distributable income. When a Fund writes
Cohen & Steers Dividend Majors Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(sells) an option, an amount equal to the premium received by the Fund is recorded in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires, the Fund realizes a gain on the option to the extent of the premiums received. Premiums received from writing options which are exercised or closed, are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by the Fund. If a call option is exercised, the call premium is added to the proceeds of the security sold to determine its gain or loss. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying index or security. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contract.
Transactions in options written during the nine months ended September 30, 2011, were as follows:
|
|
Number
|
|
Premium |
|
|
Options outstanding at December 31, 2010 |
|
327 |
|
$ |
548,269 |
|
Options written |
|
3,006 |
|
5,375,754 |
|
|
Options terminated in closing transactions |
|
(2,990 |
) |
(5,102,091 |
) |
|
Options outstanding at September 30, 2011 |
|
343 |
|
$ |
821,932 |
|
Note 3. Income Tax Information
As of September 30, 2011, the federal tax cost and net unrealized appreciation on securities were as follows:
Cost for federal income tax purposes |
|
$ |
144,978,410 |
|
Gross unrealized appreciation |
|
$ |
20,562,396 |
|
Gross unrealized depreciation |
|
(10,220,200 |
) |
|
Net unrealized appreciation |
|
$ |
10,342,196 |
|
Item 2. Controls and Procedures
(a) The registrants principal executive officer and principal financial officer have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act as of a date within 90 days of the filing of this report.
(b) During the last fiscal quarter, there were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 3. Exhibits.
(a) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
COHEN & STEERS DIVIDEND MAJORS FUND, INC.
By: |
/s/ Adam M. Derechin |
|
|
|
|
Name: Adam M. Derechin |
|
|
|
|
Title: President |
|
|
|
|
|
|
|
|
|
Date: November 29, 2011 |
|
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: |
/s/ Adam M. Derechin |
|
By: |
/s/ James Giallanza |
|
Name: Adam M. Derechin |
|
|
Name: James Giallanza |
|
Title: President and Principal Executive Officer |
|
|
Title: Treasurer and Principal Financial Officer |
|
|
|
|
|
|
Date: November 29, 2011 |
|
|
|
1 Year Cohen & Steers Dividend Majors Fund Chart |
1 Month Cohen & Steers Dividend Majors Fund Chart |
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