NEW YORK, March 14 /PRNewswire-FirstCall/ -- Cohen & Steers Dividend Value Fund, Inc. today announced that in the future, dividends will be declared and paid at the end of each quarter based upon the fund's net investment income for that quarter. As a result, dividend levels may fluctuate from quarter to quarter based upon portfolio holdings and prevailing market conditions. The dividends for the current quarter will be declared and paid on March 30, 2007 to shareholders of record on March 29, 2007, with an ex-dividend date of March 30, 2007 and the estimated dividend payable to each class of shares is as follows*:

Class A Shares (NASDAQ:DVFAX) (Symbol:DVFAX) - $0.04 per share quarterly dividend.

Class C Shares (NASDAQ:DVFCX) (Symbol:DVFCX) (NASDAQ:19248L204) - $0.02 per share quarterly dividend.

Class I Shares (NASDAQ:DVFIX) (Symbol:DVFIX) (NASDAQ:19248L303) - $0.05 per share quarterly dividend.

* This estimate is for informational purposes only and should not be relied upon to make an investment decision to purchase, redeem or maintain shares of the fund. While the estimate has been determined in good faith and is reasonably based upon information the fund believes to be reliable and accurate, there is no guarantee the actual dividend will be equal to the amount estimated. Please note that the distributions paid by the fund to shareholders are subject to recharacterization for tax purposes. The final tax treatment of these distributions is reported to shareholders on their 1099-DIV forms, which are mailed to shareholders after the close of each fiscal year.

Source: Cohen & Steers Dividend Value Fund, Inc.