Cohen & Steers Alternative Income Fund N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-21668
Cohen & Steers Dividend Value Fund, Inc.
(Exact name of registrant as specified in charter)
280 Park Avenue, New York, NY					10017
(Address of principal executive offices)					(Zip code)
Tina M. Payne Cohen & Steers Capital Management, Inc. 280 Park Avenue New York, New York 10017
(Name and address of agent for service)
Registrant’s telephone number, including area code:				(212) 832-3232
Date of fiscal year end:	February 28
Date of reporting period:		August 31, 2013

Item 1. Reports to Stockholders.

COHEN & STEERS DIVIDEND VALUE FUND, INC.

To Our Shareholders:

We would like to share with you our report for the six months ended August 31, 2013. The net asset values (NAV) per share at that date were $14.85, $14.77 and $14.86 for Class A, Class C and Class I shares, respectively.

The total returns, including income and change in NAV, for the Fund and its comparative benchmarks were:

	Six Months Ended August 31, 2013
Cohen & Steers Dividend Value Fund—Class A		7.37	%
Cohen & Steers Dividend Value Fund—Class C		6.99	%
Cohen & Steers Dividend Value Fund—Class I		7.52	%
Russell 1000 Value Indexa		8.79	%
S&P 500 Indexa		8.95	%

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and the principal value of an investment will fluctuate and shares, if redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. All share class returns assume the reinvestment of all dividends and distributions at NAV. Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower. Performance quoted does not reflect the deduction of the maximum 4.5% initial sales charge on Class A shares or the 1% maximum contingent deferred sales charge on Class C shares. If such charges were included, returns would have been lower. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. Performance figures for periods shorter than one year are not annualized.

The Fund implements fair value pricing when the daily change in a specific U.S. market index exceeds a predetermined percentage. Fair value pricing adjusts the valuation of certain non-U.S. holdings to account for such index change following the close of foreign markets. This standard practice has been adopted by a majority of the fund industry. In the event fair value pricing is implemented on the first and/or last day of a performance measurement period, the Fund's return may diverge from the relative performance of its benchmark index, which does not use fair value pricing.

Please note that distributions paid by the Fund to shareholders are subject to recharacterization for tax purposes and are taxable up to the amount of the Fund's investment company taxable income and net realized gains. Distributions in excess of the Fund's investment company taxable income and realized gains are a return of capital distributed from the Fund's assets.

^a  The Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The S&P 500 Index is an unmanaged index of common stocks that is frequently used as a general measure of stock market performance.

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COHEN & STEERS DIVIDEND VALUE FUND, INC.

Investment Review

Equity markets advanced in the six months ended August 31, 2013, but encountered volatility along the way. Early in the period, positive economic data in the U.S. and China and greater fiscal and monetary easing in Japan attracted investors who sought capital appreciation as well as yield. Investors began to move out of defensive sectors and into cyclical sectors that had the potential for greater total return.

Markets were shaken in May, however, when Federal Reserve Chairman Bernanke said he would slow bond purchases once he sees "real and sustainable" improvements in the labor market. Investors took this to mean he would soon taper off quantitative easing, which sent Treasury yields soaring. The turmoil continued through most of June, and we saw a move back into defensive sectors. Several Federal Reserve governors suggested that investors may have overreacted, but while that seemed to soothe investors, the question did not go away. As the six-month period ended, analysts and economists were still speculating about when, and by how much, the Federal Reserve would pull back.

On the international front, August brought encouraging news that could signal the beginning of a global economic recovery. Manufacturing activity in China and Europe—including Europe's peripheral countries—accelerated beyond expectations. In Japan, industrial production grew in July after flagging in June. And in the U.K., both consumer confidence and housing prices took an upturn.

Cyclical sectors led the index^b

In this somewhat turbulent environment, defensive sectors outperformed. Early in the period, housing-related stocks gave a lift to the consumer discretionary sector (14.7% total return), but faltered when interest rates rose and mortgage applications declined. The information technology (IT) sector (14.6%) was propelled by a surge in global enterprise spending and strong earnings in the United States. A little air went out of the sector in August on more subdued predictions for 2014 spending.

The health care sector (13.8%) strengthened as the Affordable Care Act's winners and losers became clearer. The sector was further supported by its more defensive pharmaceutical components. Most financial institutions (10.6%) passed their 2013 stress tests—notably, Bank of America and Citigroup—and reported good earnings. In August, however, they tumbled on a slowdown in capital markets activity and press coverage of JPMorgan's legal difficulties.

Trade-related sectors had a late-period surge

Companies in the industrials sector (7.5%) were hit by Europe's persistent economic struggles and China's slowdown in construction. The energy (3.6%) and materials (3.6%) sectors struggled against the slide in commodity prices as future demand was thrown into question. Investors viewed these sectors more favorably at the end of the period when news of economic progress in Europe and Asia bolstered battered commodity prices.

^b  Sector returns noted in this letter are measured by the Russell 1000 Value Index.

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COHEN & STEERS DIVIDEND VALUE FUND, INC.

Fund performance

The Fund advanced in the period but underperformed its benchmark. Factors that detracted from relative performance included stock selection in the IT, industrials, materials and consumer discretionary sectors. In IT, Apple disappointed investors when it failed to introduce a new device at its June Worldwide Developers Conference. Uncertainty about growth in China hurt both industrials and materials companies. But it was our overweight in a homebuilder in the consumer discretionary sector that was the biggest detractor; it tumbled when interest rates rose.

Our underweight and stock selection in the richly valued utilities sector (2.2%) gave a big lift to relative return. Stock selection in the financial institutions, telecommunications (0.2%) and energy sectors was also beneficial. The contribution from our allocation to financial institutions reflected investors' preference for higher-quality names, including insurance companies, which perform particularly well in volatile markets. Our outperformance in telecommunications was helped by our out-of-index investment in Vodafone, which jumped on news that it will sell its 45% share in Verizon Wireless to Verizon for $130 billion.

Investment Outlook

Questions surrounding the tapering off of quantitative easing remain on everyone's mind, and opinions vary widely. It is our view that Chairman Bernanke will proceed with great caution; though we believe he would like to set the Federal Reserve on the course of unwinding while he remains the chairman, we also think he is unlikely to move until he is confident the U.S. economy is on a solid, sustainable footing. Furthermore, we believe he will reverse course fairly quickly if the economy stumbles, the housing market declines materially or the unemployment rate begins to rise. As the period ended, the rise in interest rates was having a dampening effect on equity markets—but we believe downward pressure could be offset by higher employment, which we would expect to increase consumer confidence and unleash pent-up demand.

The recent economic progress in Europe and Asia Pacific has reinforced our optimism. If China, Japan and the more troubled European economies are able to maintain and build on their manufacturing gains, we believe it could indeed signal the beginning of a global recovery. We remain positive about U.S. equity markets as the economy continues to make steady, if uninspiring, progress, with little inflation.

We do not anticipate any significant changes in our strategy at present. As the economy strengthens, we believe commodities will rebound further; and that, in turn, may affect our allocation in the materials sector. We think the IT and financial institutions sectors still have room to grow. Traditionally defensive stocks—consumer staples, utilities and telecommunications services—are less appealing.

On balance, we see attractive investment opportunities, and note that the universe of dividend growers—our investment focus—is expanding, if somewhat more slowly. As long-term, relatively conservative investors, we have a natural defensiveness built into our strategy, and we have tempered that with more opportunistic stocks in our portfolio.

3

COHEN & STEERS DIVIDEND VALUE FUND, INC.

Sincerely,

MARTIN COHEN	ROBERT H. STEERS
Co-chairman	Co-chairman

  

  RICHARD E. HELM

  Portfolio Manager

The views and opinions in the preceding commentary are subject to change and are as of the date of publication. There is no guarantee that any market forecast set forth in the commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice and is not intended to predict or depict performance of any investment.

Visit Cohen & Steers online at cohenandsteers.com

For more information about any of our funds, visit cohenandsteers.com, where you will find net asset values, fund fact sheets and portfolio highlights. You can also access newsletters, education tools and market updates covering the global real estate, commodities, global natural resource equities, listed infrastructure, utilities, large cap value and preferred securities sectors.

In addition, our website contains comprehensive information about our firm, including our most recent press releases, profiles of our senior investment professionals and an overview of our investment approach.

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COHEN & STEERS DIVIDEND VALUE FUND, INC.

Performance Review (Unaudited)

Average Annual Total Returns—For Periods Ended August 31, 2013

	Class A Shares			Class C Shares			Class I Shares
1 Year (with sales charge)		11.28	%a		14.79	%b		—
1 Year (without sales charge)		16.53	%		15.79	%		16.89	%
5 Years (with sales charge)		3.20	%a		3.47	%		—
5 Years (without sales charge)		4.16	%		3.47	%		4.52	%
Since Inceptionc(with sales charge)		4.49	%a		4.42	%		—
Since Inceptionc (without sales charge)		5.10	%		4.42	%		5.47	%

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate and shares, if redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance information current to the most recent month end can be obtained by visiting our website at cohenandsteers.com. All share class returns assume the reinvestment of all dividends and distributions at NAV. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During the periods presented above, the advisor waived fees and/or reimbursed expenses. Without this arrangement, performance would have been lower.

The annualized gross and net expense ratios, respectively, for each class of shares as disclosed in the July 1, 2013 prospectuses were as follows: Class A—1.38% and 1.00%; Class C—2.03% and 1.65%; and Class I—1.08% and 0.65%. Through June 30, 2015, the advisor has contractually agreed to waive its fee and/or reimburse the Fund for expenses incurred (excluding distribution and shareholder servicing fees applicable for Class A and Class C shares, acquired fund fees and expenses and extraordinary expenses) to the extent necessary to maintain the Fund's total annual operating expenses as a percentage of average net assets at 1.00% for Class A shares, 1.65% for Class C shares and 0.65% for Class I shares. This contractual agreement can be amended at any time by agreement of the Fund and the advisor and will terminate automatically in the event of termination of the investment advisory agreement between the advisor and the Fund.

^a  Reflects a 4.5% front-end sales charge.

^b  Reflects a contingent deferred sales charge of 1%.

^c  Inception date of August 31, 2005.

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COHEN & STEERS DIVIDEND VALUE FUND, INC.

Expense Example
(Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2013—August 31, 2013.

Actual Expenses

The first line of the following table provides information about actual account values and expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the following table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing cost of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

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COHEN & STEERS DIVIDEND VALUE FUND, INC.

Expense Example (Unaudited)—(Continued)

	Beginning Account Value March 1, 2013		Ending Account Value August 31, 2013		Expenses Paid During Perioda March 1, 2013– August 31, 2013
Class A
Actual (7.37% return)	$	1,000.00	$	1,073.70	$	5.23
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,020.16	$	5.09
Class C
Actual (6.99% return)	$	1,000.00	$	1,069.90	$	8.61
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,016.89	$	8.39
Class I
Actual (7.52% return)	$	1,000.00	$	1,075.20	$	3.40
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,021.93	$	3.31

^a  Expenses are equal to the Fund's Class A, Class C and Class I annualized expense ratios of 1.00%, 1.65% and 0.65%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). If the Fund had borne all of its expenses that were assumed by the advisor, the annualized expense ratios would have been 1.37%, 2.02% and 1.07%, respectively.

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COHEN & STEERS DIVIDEND VALUE FUND, INC.

August 31, 2013
Top Ten Holdings
(Unaudited)

Security	Value		% of Net Assets
Chevron Corp.	$	9,513,970		3.8
Wells Fargo & Co.		7,842,172		3.1
Exxon Mobil Corp.		7,574,204		3.0
JPMorgan Chase & Co.		7,185,366		2.9
Bank of America Corp.		6,341,292		2.5
The Walt Disney Co.		6,277,656		2.5
Citigroup		5,802,306		2.3
UnitedHealth Group		5,739,200		2.3
Apple		5,503,665		2.2
Occidental Petroleum Corp.		5,107,359		2.0

Sector Breakdown

(Based on Net Assets)
(Unaudited)

8

COHEN & STEERS DIVIDEND VALUE FUND, INC.

SCHEDULE OF INVESTMENTS

August 31, 2013 (Unaudited)

		Number of Shares		Value
COMMON STOCK	100.1%
COMMUNICATIONS—TOWERS	1.3%
American Tower Corp.			48,700	$	3,384,163
CONSUMER—CYCLICAL	11.2%
AIRLINES	0.8%
Alaska Air Group			35,700		2,021,334
AUTOMOBILES	2.0%
Ford Motor Co.			244,100		3,951,979
Honda Motor Co., Ltd. (Japan)			34,100		1,231,191
					5,183,170
HOME BUILDERS	2.0%
D.R. Horton			278,519		4,971,564
MEDIA	3.0%
The Walt Disney Co.			103,200		6,277,656
Twenty-First Century Fox			39,800		1,246,934
					7,524,590
RETAIL	1.6%
Nordstrom			21,900		1,220,487
Ross Stores			41,100		2,764,386
					3,984,873
SPECIALTY RETAIL	1.8%
Hanesbrands			53,200		3,164,336
PetSmart			19,500		1,373,385
					4,537,721
TOTAL CONSUMER—CYCLICAL					28,223,252
CONSUMER—NON-CYCLICAL	5.6%
BEVERAGE	1.0%
Anheuser-Busch InBev NV (ADR) (Belgium)			25,400		2,371,090
COSMETICS/PERSONAL CARE	1.0%
Procter & Gamble Co.			32,700		2,547,003
FOOD PRODUCTS	1.4%
Tyson Foods, Class A			125,300		3,627,435

See accompanying notes to financial statements.
9

COHEN & STEERS DIVIDEND VALUE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

August 31, 2013 (Unaudited)

		Number of Shares		Value
RETAIL	2.2%
Costco Wholesale Corp.			11,100	$	1,241,757
CVS Caremark Corp.			71,900		4,173,795
					5,415,552
TOTAL CONSUMER—NON-CYCLICAL					13,961,080
ENERGY	15.1%
OIL & GAS	12.6%
Anadarko Petroleum Corp.			13,800		1,261,596
Apache Corp.			32,000		2,741,760
Chevron Corp.			79,000		9,513,970
Devon Energy Corp.			44,100		2,517,669
Exxon Mobil Corp.			86,900		7,574,204
Helmerich & Payne			18,923		1,192,906
Marathon Petroleum Corp.			23,700		1,718,487
Occidental Petroleum Corp.			57,900		5,107,359
					31,627,951
OIL & GAS SERVICES	2.5%
National Oilwell Varco			25,400		1,887,220
Schlumberger Ltd.			55,900		4,524,546
					6,411,766
TOTAL ENERGY					38,039,717
FINANCIAL	24.3%
BANKS	8.5%
Bank of America Corp.			449,100		6,341,292
Comerica			51,300		2,095,092
Huntington Bancshares			307,800		2,536,272
US Bancorp			73,200		2,644,716
Wells Fargo & Co.			190,900		7,842,172
					21,459,544
CREDIT CARD	1.0%
American Express Co.			34,700		2,495,277

See accompanying notes to financial statements.
10

COHEN & STEERS DIVIDEND VALUE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

August 31, 2013 (Unaudited)

		Number of Shares		Value
DIVERSIFIED FINANCIAL SERVICES	9.1%
Ameriprise Financial			45,000	$	3,876,750
BlackRock			12,100		3,149,872
Citigroup			120,056		5,802,306
Goldman Sachs Group			18,900		2,875,257
JPMorgan Chase & Co.			142,200		7,185,366
					22,889,551
INSURANCE	5.7%
American International Groupa			100,100		4,650,647
Chubb Corp.			29,800		2,478,466
HCC Insurance Holdings			30,900		1,303,980
ProAssurance Corp.			26,200		1,235,068
Prudential Financial			61,500		4,605,120
					14,273,281
TOTAL FINANCIAL					61,117,653
HEALTH CARE	11.5%
HEALTH CARE PROVIDERS & SERVICES	4.9%
Quest Diagnostics			44,849		2,629,048
UnitedHealth Group			80,000		5,739,200
Universal Health Services, Class B			60,000		4,065,000
					12,433,248
HEALTHCARE PRODUCTS	2.8%
Covidien PLC (Ireland)			47,700		2,833,380
Thermo Fisher Scientific			47,502		4,219,603
					7,052,983
PHARMACEUTICAL	3.8%
Abbott Laboratories			45,300		1,509,849
Merck & Co.			86,300		4,081,127
Pfizer			138,400		3,904,264
					9,495,240
TOTAL HEALTH CARE					28,981,471

See accompanying notes to financial statements.
11

COHEN & STEERS DIVIDEND VALUE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

August 31, 2013 (Unaudited)

		Number of Shares		Value
INDUSTRIALS	9.8%
AEROSPACE & DEFENSE	2.0%
General Dynamics Corp.			43,900	$	3,654,675
L-3 Communications Holdings			15,500		1,400,115
					5,054,790
BUILDING PRODUCTS	2.3%
Eagle Materials			29,300		1,879,888
Owens Corninga			105,500		3,949,920
					5,829,808
DIVERSIFIED MANUFACTURING	1.9%
General Electric Co.			200,700		4,644,198
ELECTRICAL COMPONENT & EQUIPMENT	0.5%
TE Connectivity Ltd. (Switzerland)			26,300		1,288,700
MACHINERY	2.1%
Deere & Co.			24,800		2,074,272
Pentair, Ltd. (Switzerland)			21,000		1,262,310
SPX Corp.			26,048		1,928,594
					5,265,176
TRANSPORTATION	1.0%
United Parcel Service			29,200		2,498,936
TOTAL INDUSTRIALS					24,581,608
MATERIALS	3.0%
CHEMICALS	2.7%
Eastman Chemical Co.			28,900		2,196,400
Potash Corp. of Saskatchewan (Canada)			91,200		2,703,168
Syngenta AG (Switzerland)			4,800		1,881,928
					6,781,496
METALS & MINING	0.3%
Newmont Mining Corp.			22,500		714,825
TOTAL MATERIALS					7,496,321

See accompanying notes to financial statements.
12

COHEN & STEERS DIVIDEND VALUE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

August 31, 2013 (Unaudited)

		Number of Shares		Value
REAL ESTATE	3.4%
OFFICE	0.5%
SL Green Realty Corp.			15,000	$	1,307,850
SELF STORAGE	0.8%
Extra Space Storage			45,900		1,892,457
SHOPPING CENTERS	1.6%
COMMUNITY CENTER	0.5%
DDR Corp.			85,300		1,323,856
REGIONAL MALL	1.1%
Simon Property Group			18,900		2,752,407
TOTAL SHOPPING CENTERS					4,076,263
SPECIALTY	0.5%
Weyerhaeuser Co.			48,100		1,316,978
TOTAL REAL ESTATE					8,593,548
TECHNOLOGY	11.6%
COMPUTERS	2.7%
Apple			11,300		5,503,665
Hewlett-Packard Co.			57,100		1,275,614
					6,779,279
COMPUTERS & PERIPHERALS	1.6%
EMC Corp.			99,300		2,559,954
NetApp			30,900		1,283,586
					3,843,540
SEMICONDUCTORS	1.0%
Intel Corp.			116,293		2,556,120
SERVICES	0.5%
Visa, Class A			7,600		1,325,592
SOFTWARE	3.1%
Oracle Corp.			120,900		3,851,874
Symantec Corp.			156,200		4,000,282
					7,852,156

See accompanying notes to financial statements.
13

COHEN & STEERS DIVIDEND VALUE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

August 31, 2013 (Unaudited)

			Number of Shares		Value
TELECOMMUNICATION EQUIPMENT	2.7%
Cisco Systems				154,300	$	3,596,733
Corning				219,538		3,082,314
						6,679,047
TOTAL TECHNOLOGY						29,035,734
TELECOMMUNICATION SERVICES	1.0%
AT&T				76,600		2,591,378
UTILITIES	2.3%
ELECTRIC UTILITIES	1.8%
NextEra Energy				55,500		4,459,980
MULTI-UTILITIES	0.5%
Wisconsin Energy Corp.				31,600		1,296,864
TOTAL UTILITIES						5,756,844
TOTAL COMMON STOCK (Identified cost—$203,854,825)						251,762,769
SHORT-TERM INVESTMENTS	1.2%
MONEY MARKET FUNDS
BlackRock Liquidity Funds: FedFund, 0.01%b				1,450,021		1,450,021
Federated Government Obligations Fund, 0.01%b				1,450,020		1,450,020
TOTAL SHORT-TERM INVESTMENTS (Identified cost—$2,900,041)						2,900,041
TOTAL INVESTMENTS (Identified cost—$206,754,866)	101.3	%				254,662,810
LIABILITIES IN EXCESS OF OTHER ASSETS	(1.3	)				(3,240,852	)
NET ASSETS	100.0	%			$	251,421,958

Glossary of Portfolio Abbreviations

ADR  American Depositary Receipt

Note: Percentages indicated are based on the net assets of the Fund.

^a  Non-income producing security.

^b  Rate quoted represents the seven-day yield of the Fund.

See accompanying notes to financial statements.
14

COHEN & STEERS DIVIDEND VALUE FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2013 (Unaudited)

ASSETS:
Investments in securities, at value (Identified cost — $206,754,866)	$	254,662,810
Cash		65,706
Receivable for:
Investment securities sold		11,626,148
Dividends		548,544
Fund shares sold		178,011
Other assets		835
Total Assets		267,082,054
LIABILITIES:
Payable for:
Investment securities purchased		9,084,538
Fund shares redeemed		6,366,218
Investment advisory fees		62,740
Shareholder servicing fees		19,086
Administration fees		8,964
Directors' fees		3,106
Distribution fees		2,481
Other liabilities		112,963
Total Liabilities		15,660,096
NET ASSETS	$	251,421,958
NET ASSETS consist of:
Paid-in capital	$	204,018,025
Accumulated undistributed net investment income		326,599
Accumulated net realized loss		(832,977	)
Net unrealized appreciation		47,910,311
	$	251,421,958

See accompanying notes to financial statements.
15

COHEN & STEERS DIVIDEND VALUE FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES—(Continued)

August 31, 2013 (Unaudited)

CLASS A SHARES:
NET ASSETS	$	30,343,394
Shares issued and outstanding ($0.001 par value common stock outstanding)		2,043,567
Net asset value and redemption price per share	$	14.85
Maximum offering price per share ($14.85 ÷ 0.955)a	$	15.55
CLASS C SHARES:
NET ASSETS	$	30,247,989
Shares issued and outstanding ($0.001 par value common stock outstanding)		2,047,917
Net asset value and offering price per shareb	$	14.77
CLASS I SHARES:
NET ASSETS	$	190,830,575
Shares issued and outstanding ($0.001 par value common stock outstanding)		12,838,843
Net asset value, offering and redemption price per share	$	14.86

^a  On investments of $100,000 or more, the offering price is reduced.

^b  Redemption price per share is equal to the net asset value per share less any applicable contingent deferred sales charge of 1% on shares held for less than one year.

See accompanying notes to financial statements.
16

COHEN & STEERS DIVIDEND VALUE FUND, INC.

STATEMENT OF OPERATIONS

For the Six Months Ended August 31, 2013 (Unaudited)

Investment Income:
Dividend income (net of $22,665 of foreign withholding tax)	$	2,810,378
Expenses:
Investment advisory fees		1,051,650
Distribution fees—Class A		39,244
Distribution fees—Class C		111,306
Shareholder servicing fees—Class A		15,698
Shareholder servicing fees—Class C		37,102
Shareholder servicing fees—Class I		56,690
Administration fees		93,799
Professional fees		52,808
Registration and filing fees		50,760
Shareholder reporting expenses		32,568
Transfer agent fees and expenses		20,056
Custodian fees and expenses		13,432
Directors' fees and expenses		7,439
Line of credit fees		1,840
Miscellaneous		11,673
Total Expenses		1,596,065
Reduction of Expenses (See Note 2)		(538,247	)
Net Expenses		1,057,818
Net Investment Income		1,752,560
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		15,806,535
Foreign currency transactions		(6,117	)
Net realized gain		15,800,418
Net change in unrealized appreciation (depreciation) on:
Investments		1,085,937
Foreign currency translations		2,570
Net change in unrealized appreciation (depreciation)		1,088,507
Net realized and unrealized gain		16,888,925
Net Increase in Net Assets Resulting from Operations	$	18,641,485

See accompanying notes to financial statements.
17

COHEN & STEERS DIVIDEND VALUE FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

	For the Six Months Ended August 31, 2013			For the Year Ended February 28, 2013
Change in Net Assets:
From Operations:
Net investment income	$	1,752,560		$	3,331,130
Net realized gain		15,800,418			6,172,022
Net change in unrealized appreciation (depreciation)		1,088,507			21,328,117
Net increase in net assets resulting from operations		18,641,485			30,831,269
Dividends to Shareholders from:
Net investment income:
Class A		(194,399	)		(342,184	)
Class C		(94,318	)		(168,448	)
Class I		(1,544,304	)		(2,496,722	)
Total dividends to shareholders		(1,833,021	)		(3,007,354	)
Capital Stock Transactions:
Increase (decrease) in net assets from Fund share transactions		(14,503,639	)		87,095,596
Total increase in net assets		2,304,825			114,919,511
Net Assets:
Beginning of period		249,117,133			134,197,622
End of perioda	$	251,421,958		$	249,117,133

^a  Includes accumulated undistributed net investment income of $326,599 and $407,060, respectively.

See accompanying notes to financial statements.
18

COHEN & STEERS DIVIDEND VALUE FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)

The following table includes selected data for a share outstanding throughout each period and other performance information derived from the financial statements. It should be read in conjunction with the financial statements and notes thereto.

	Class A
	For the Six Months Ended			For the Year Ended February 28,
Per Share Operating Performance:	August 31, 2013			2013			2012a			2011			2010			2009
Net asset value, beginning of period	$	13.92		$	12.47		$	12.23		$	10.72		$	7.59		$	13.57
Income (loss) from investment operations:
Net investment incomeb		0.09			0.18			0.15			0.13			0.14			0.20
Net realized and unrealized gain (loss)		0.93			1.43			0.24			1.51			3.13			(5.99	)
Total income (loss) from investment operations		1.02			1.61			0.39			1.64			3.27			(5.79	)
Less dividends to shareholders from:
Net investment income		(0.09	)		(0.16	)		(0.15	)		(0.13	)		(0.14	)		(0.19	)
Total dividends to shareholders		(0.09	)		(0.16	)		(0.15	)		(0.13	)		(0.14	)		(0.19	)
Redemption fees retained by the Fund		—			—			0.00	c		0.00	c		0.00	c		0.00	c
Net increase (decrease) in net asset value		0.93			1.45			0.24			1.51			3.13			(5.98	)
Net asset value, end of period	$	14.85		$	13.92		$	12.47		$	12.23		$	10.72		$	7.59
Total investment returnd,e		7.37	%f		13.01	%		3.34	%		15.48	%		43.41	%		–43.14	%

See accompanying notes to financial statements.
19

COHEN & STEERS DIVIDEND VALUE FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

	Class A
	For the Six Months Ended			For the Year Ended February 28,
Ratios/Supplemental Data:	August 31, 2013			2013			2012a			2011			2010			2009
Net assets, end of period (in millions)	$	30.3		$	30.1		$	28.1		$	43.4		$	71.3		$	45.2
Ratio of expenses to average daily net assets (before expense reduction)		1.37	%g		1.37	%h		1.51	%h		1.45	%h		1.51	%h		1.57	%
Ratio of expenses to average daily net assets (net of expense reduction)		1.00	%g		1.01	%h		1.15	%h		1.15	%h		1.15	%h		1.15	%
Ratio of net investment income to average daily net assets (before expense reduction)		0.77	%g		1.08	%h		0.91	%h		0.85	%h		1.02	%		1.35	%
Ratio of net investment income to average daily net assets (net of expense reduction)		1.14	%g		1.44	%h		1.27	%h		1.15	%h		1.38	%		1.76	%
Portfolio turnover rate		33	%f		37	%		33	%		61	%		37	%		43	%

^a  For the year ended February 29.

^b  Calculation based on average shares outstanding.

^c  Amount is less than $0.005.

^d  Return assumes the reinvestment of all dividends and distributions at NAV.

^e  Does not reflect sales charges, which would reduce return.

^f  Not annualized.

^g  Annualized.

^h  Non-class specific expenses are calculated at the Fund level and class specific expenses are calculated at the class level.

See accompanying notes to financial statements.
20

COHEN & STEERS DIVIDEND VALUE FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

	Class C
	For the Six Months Ended			For the Year Ended February 28,
Per Share Operating Performance:	August 31, 2013			2013			2012a			2011			2010			2009
Net asset value, beginning of period	$	13.85		$	12.41		$	12.17		$	10.67		$	7.55		$	13.50
Income (loss) from investment operations:
Net investment incomeb		0.04			0.10			0.07			0.06			0.07			0.13
Net realized and unrealized gain (loss)		0.93			1.42			0.25			1.50			3.13			(5.96	)
Total income (loss) from investment operations		0.97			1.52			0.32			1.56			3.20			(5.83	)
Less dividends to shareholders from:
Net investment income		(0.05	)		(0.08	)		(0.08	)		(0.06	)		(0.08	)		(0.12	)
Total dividends to shareholders		(0.05	)		(0.08	)		(0.08	)		(0.06	)		(0.08	)		(0.12	)
Redemption fees retained by the Fund		—			—			0.00	c		0.00	c		0.00	c		0.00	c
Net increase (decrease) in net asset value		0.92			1.44			0.24			1.50			3.12			(5.95	)
Net asset value, end of period	$	14.77		$	13.85		$	12.41		$	12.17		$	10.67	d	$	7.55
Total investment returne,f		6.99	%g		12.26	%		2.66	%		14.84	%d		42.43	%d		–43.50	%

See accompanying notes to financial statements.
21

COHEN & STEERS DIVIDEND VALUE FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

	Class C
	For the Six Months Ended			For the Year Ended February 28,
Ratios/Supplemental Data:	August 31, 2013			2013			2012a			2011			2010			2009
Net assets, end of period (in millions)	$	30.2		$	28.5		$	31.5		$	39.2		$	40.8		$	31.4
Ratio of expenses to average daily net assets (before expense reduction)		2.02	%h		2.02	%i		2.16	%i		2.10	%i		2.16	%i		2.22	%
Ratio of expenses to average daily net assets (net of expense reduction)		1.65	%h		1.66	%i		1.80	%i		1.80	%i		1.80	%i		1.80	%
Ratio of net investment income to average daily net assets (before expense reduction)		0.12	%h		0.42	%i		0.28	%i		0.23	%i		0.39	%		0.72	%
Ratio of net investment income to average daily net assets (net of expense reduction)		0.49	%h		0.78	%i		0.64	%i		0.53	%i		0.75	%		1.14	%
Portfolio turnover rate		33	%g		37	%		33	%		61	%		37	%		43	%

^a  For the year ended February 29.

^b  Calculation based on average shares outstanding.

^c  Amount is less than $0.005.

^d  The February 28, 2010 net asset value reflects adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns that would be based upon the net asset value would differ from the net asset value and return reported on February 28, 2010.

^e  Return assumes the reinvestment of all dividends and distributions at NAV.

^f  Does not reflect sales charges, which would reduce return.

^g  Not annualized.

^h  Annualized.

ⁱ  Non-class specific expenses are calculated at the Fund level and class specific expenses are calculated at the class level.

See accompanying notes to financial statements.
22

COHEN & STEERS DIVIDEND VALUE FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

	Class I
	For the Six Months Ended			For the Year Ended February 28,
Per Share Operating Performance:	August 31, 2013			2013			2012a			2011			2010			2009
Net asset value, beginning of period	$	13.93		$	12.48		$	12.24		$	10.73		$	7.59		$	13.58
Income (loss) from investment operations:
Net investment incomeb		0.11			0.24			0.19			0.17			0.17			0.24
Net realized and unrealized gain (loss)		0.94			1.41			0.25			1.51			3.15			(5.99	)
Total income (loss) from investment operations		1.05			1.65			0.44			1.68			3.32			(5.75	)
Less dividends to shareholders from:
Net investment income		(0.12	)		(0.20	)		(0.20	)		(0.17	)		(0.18	)		(0.24	)
Total dividends to shareholders		(0.12	)		(0.20	)		(0.20	)		(0.17	)		(0.18	)		(0.24	)
Redemption fees retained by the Fund		—			—			0.00	c		0.00	c		0.00	c		0.00	c
Net increase (decrease) in net asset value		0.93			1.45			0.24			1.51			3.14			(5.99	)
Net asset value, end of period	$	14.86		$	13.93		$	12.48		$	12.24		$	10.73		$	7.59
Total investment returnd		7.52	%e		13.38	%		3.72	%		15.89	%		44.03	%		–42.98	%

See accompanying notes to financial statements.
23

COHEN & STEERS DIVIDEND VALUE FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

	Class I
	For the Six Months Ended			For the Year Ended February 28,
Ratios/Supplemental Data:	August 31, 2013			2013			2012a			2011			2010			2009
Net assets, end of period (in millions)	$	190.8		$	190.5		$	74.6		$	94.7		$	89.5		$	44.6
Ratio of expenses to average daily net assets (before expense reduction)		1.07	%f		1.02	%g		1.16	%g		1.10	%g		1.16	%g		1.23	%
Ratio of expenses to average daily net assets (net of expense reduction)		0.65	%f		0.68	%g		0.80	%g		0.80	%g		0.80	%g		0.80	%
Ratio of net investment income to average daily net assets (before expense reduction)		1.07	%f		1.48	%g		1.27	%g		1.24	%g		1.36	%		1.81	%
Ratio of net investment income to average daily net assets (net of expense reduction)		1.49	%f		1.82	%g		1.63	%g		1.54	%g		1.72	%		2.24	%
Portfolio turnover rate		33	%e		37	%		33	%		61	%		37	%		43	%

^a  For the year ended February 29.

^b  Calculation based on average shares outstanding.

^c  Amount is less than $0.005.

^d  Return assumes the reinvestment of all dividends and distributions at NAV.

^e  Not annualized.

^f  Annualized.

^g  Non-class specific expenses are calculated at the Fund level and class specific expenses are calculated at the class level.

See accompanying notes to financial statements.
24

COHEN & STEERS DIVIDEND VALUE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1. Significant Accounting Policies

Cohen & Steers Dividend Value Fund, Inc. (the Fund) was incorporated under the laws of the State of Maryland on November 9, 2004 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Fund's investment objectives are to provide long-term growth of income and capital appreciation. The authorized shares of the Fund are divided into three classes designated Class A, C and I shares. Each of the Fund's shares has equal dividend, liquidation and voting rights (except for matters relating to distributions and shareholder servicing of such shares).

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Portfolio Valuation: Investments in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE 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 ask prices on such day or, if no ask price is available, at the bid price.

Securities not listed on the NYSE 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 reflected at the close of the exchange representing the principal market for such securities on the business day as of which such value is being determined. 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 Cohen & Steers Capital Management, Inc. (the advisor) to be over-the-counter, are valued at the last sale price on the valuation date as reported by sources deemed appropriate by the Board of Directors 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 ask prices on such day or, if no ask price is available, at the bid price.

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.

The policies and procedures approved by the Fund's Board of Directors delegate authority to make fair value determinations to the advisor, subject to the oversight of the Board of Directors. The advisor has established a valuation committee (Valuation Committee) to administer, implement and

25

COHEN & STEERS DIVIDEND VALUE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities for which market prices are unavailable, or securities for which the advisor determines that the bid and/or ask price does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund's 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.

Foreign equity fair value pricing procedures utilized by the Fund may cause certain foreign securities to be fair valued on the basis of fair value factors provided by a pricing service to reflect any significant market movements between the time the Fund values such securities and the earlier closing of foreign markets.

The Fund's 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.

Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to 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 Fund's 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 Fund's 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.

For movements between the levels within the fair value hierarchy, the Fund has adopted a policy of recognizing the transfer at the end of the period in which the underlying event causing the movement occurred. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. There were no transfers between Level 1 and Level 2 securities as of August 31, 2013.

26

COHEN & STEERS DIVIDEND VALUE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

The following is a summary of the inputs used as of August 31, 2013 in valuing the Fund's investments carried at value:

	Total		Quoted Prices In Active Markets for Identical Investments (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Common Stock	$	251,762,769	$	251,762,769	$	—	$	—
Money Market Funds		2,900,041		—		2,900,041		—
Total Investmentsa	$	254,662,810	$	251,762,769	$	2,900,041	$	—

^a  Portfolio holdings are disclosed individually on the Schedule of Investments.

Security Transactions, Investment Income and Expense Allocations: Security transactions are recorded on trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost. Interest income is recorded on the accrual basis. Discounts are accreted and premiums are amortized over the life of the respective securities. Dividend income is recorded on the ex-dividend date, except for certain dividends on foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Distributions from Real Estate Investment Trusts (REITs) are recorded as ordinary income, net realized capital gain or return of capital based on information reported by the REITs and management's estimates of such amounts based on historical information. These estimates are adjusted when the actual source of distributions is disclosed by the REITs and actual amounts may differ from the estimated amounts. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates. Pursuant

27

COHEN & STEERS DIVIDEND VALUE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

to U.S. federal income tax regulations, certain foreign currency gains/losses included in realized and unrealized gains/losses are included in or are a reduction of ordinary income for federal income tax purposes.

Foreign Securities: The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the ability to repatriate funds, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Dividends and Distributions to Shareholders: Dividends from net investment income and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP. Dividends from net investment income, if any, are declared and paid quarterly. Net realized capital gains, unless offset by any available capital loss carryforward, are typically distributed to shareholders at least annually. Dividends and distributions to shareholders are recorded on the ex-dividend date and are automatically reinvested in full and fractional shares of the Fund based on the net asset value per share at the close of business on the payable date, unless the shareholder has elected to have them paid in cash. Distributions paid by the Fund are subject to recharacterization for tax purposes.

Income Taxes: It is the policy of the Fund to continue to qualify as a regulated investment company, if such qualification is in the best interest of the shareholders, by complying with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies, and by distributing substantially all of its taxable earnings to its shareholders. Accordingly, no provision for federal income or excise tax is necessary. Dividend and interest income from holdings in non-U.S. securities is recorded net of non-U.S. taxes paid. Management has analyzed the Fund's tax positions taken on federal income tax returns as well as its tax positions in non-U.S. jurisdictions in which it trades for all open tax years and has concluded that as of August 31, 2013, no additional provisions for income tax are required in the Fund's financial statements. The Fund's tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service, state departments of revenue and by foreign tax authorities.

Note 2. Investment Advisory and Administration Fees and Other Transactions with Affiliates

Investment Advisory Fees: The advisor serves as the Fund's investment advisor pursuant to an investment advisory agreement (the investment advisory agreement). Under the terms of the investment advisory agreement, the advisor provides the Fund with day-to-day investment decisions and generally manages the Fund's investments in accordance with the stated policies of the Fund, subject to the supervision of the Board of Directors.

For the services provided to the Fund, the advisor receives a fee, accrued daily and paid monthly, at the annual rate of 0.80% of the average daily net assets of the Fund up to and including $1.5 billion and 0.70% of the average daily net assets above $1.5 billion.

28

COHEN & STEERS DIVIDEND VALUE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

For the six months ended August 31, 2013, and through June 30, 2015, the advisor has contractually agreed to waive its fee and/or reimburse the Fund for expenses incurred (excluding distribution and shareholder servicing fees applicable to Class A and Class C shares, acquired fund fees and expenses and extraordinary expenses) to the extent necessary to maintain the Fund's total annual operating expenses as a percentage of average net assets at 1.00% for Class A shares, 1.65% for Class C shares and 0.65% for Class I shares. This contractual agreement can be amended at any time by agreement of the Fund and the advisor. For the six months ended August 31, 2013, fees waived and/or expenses reimbursed totaled $538,247.

Administration Fees: The Fund has entered into an administration agreement with the advisor under which the advisor performs certain administrative functions for the Fund and receives a fee, accrued daily and paid monthly, at the annual rate of 0.04% of the average daily net assets of the Fund. For the six months ended August 31, 2013, the Fund incurred $52,583 in fees under this administration agreement. Additionally, the Fund pays State Street Bank and Trust Company as co-administrator under a fund accounting and administration agreement.

Distribution Fees: Shares of the Fund are distributed by Cohen & Steers Securities, LLC (the distributor), an affiliated entity of the advisor. The Fund has adopted a distribution plan (the plan) pursuant to Rule 12b-1 under the 1940 Act. The plan provides that the Fund will pay the distributor a fee, accrued daily and paid monthly, at an annual rate of up to 0.25% of the average daily net assets attributable to Class A shares and up to 0.75% of the average daily net assets attributable to Class C shares.

There is a maximum initial sales charge of 4.50% for Class A shares. There is a contingent deferred sales charge (CDSC) of 1.00% on Class C shares, which applies if redemption occurs within one year from purchase. For the six months ended August 31, 2013, the Fund has been advised that the distributor received $4,772 in sales commissions from the sale of Class A shares and $1,050 of CDSC relating to redemptions of Class C shares. The distributor has advised the Fund that proceeds from the CDSC on this class are used by the distributor to defray its expenses related to providing distribution-related services to the Fund in connection with the sale of this class, including payments to dealers and other financial intermediaries for selling this class.

Shareholder Servicing Fees: For shareholder services, the Fund pays the distributor a fee, accrued daily and paid monthly, at an annual rate of up to 0.10% of the average daily net assets of the Fund's Class A and Class I shares and up to 0.25% of the average daily net assets of the Fund's Class C shares. The distributor is responsible for paying qualified financial institutions for shareholder services.

Directors' and Officers' Fees: Certain directors and officers of the Fund are also directors, officers and/or employees of the advisor. The Fund does not pay compensation to directors and officers affiliated with the advisor except for the Chief Compliance Officer, who received compensation from the advisor, which was reimbursed by the Fund, in the amount of $1,630 for the six months ended August 31, 2013.

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COHEN & STEERS DIVIDEND VALUE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Note 3. Purchases and Sales of Securities

Purchases and sales of securities, excluding short-term investments, for the six months ended August 31, 2013, totaled $85,224,093 and $97,665,476, respectively.

Note 4. Income Tax Information

As of August 31, 2013, the federal tax cost and unrealized appreciation and depreciation in value of securities held were as follows:

Cost for federal income tax purposes	$	206,754,866
Gross unrealized appreciation	$	52,405,378
Gross unrealized depreciation		(4,497,434	)
Net unrealized appreciation	$	47,907,944

As of February 28, 2013, the Fund had a net capital loss carryforward of $15,419,826 which may be used to offset future capital gains. These losses are comprised of a short-term capital loss carryover which will expire on February 28, 2018.

Note 5. Capital Stock

The Fund is authorized to issue 200 million shares of capital stock, at a par value of $0.001 per share. The Board of Directors of the Fund may increase or decrease the aggregate number of shares of common stock that the Fund has authority to issue. Transactions in Fund shares were as follows:

	For the Six Months Ended August 31, 2013						For the Year Ended February 28, 2013
	Shares			Amount			Shares			Amount
Class A:
Sold		135,409		$	2,024,238			346,411		$	4,543,032
Issued as reinvestment of dividends		10,584			153,613			22,493			291,006
Redeemed		(263,316	)		(3,926,775	)		(460,820	)		(5,949,643	)
Net decrease		(117,323	)	$	(1,748,924	)		(91,916	)	$	(1,115,605	)

30

COHEN & STEERS DIVIDEND VALUE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

	For the Six Months Ended August 31, 2013						For the Year Ended February 28, 2013
	Shares			Amount			Shares			Amount
Class C:
Sold		254,779		$	3,829,303			78,822		$	1,009,663
Issued as reinvestment of dividends		2,364			34,216			4,724			61,184
Redeemed		(267,639	)		(3,989,635	)		(565,173	)		(7,188,498	)
Net decrease		(10,496	)	$	(126,116	)		(481,627	)	$	(6,117,651	)
Class I:
Sold		339,496		$	5,014,839			9,873,577		$	122,673,106
Issued as reinvestment of dividends		72,705			1,055,687			139,002			1,796,813
Redeemed		(1,252,202	)		(18,699,125	)		(2,312,904	)		(30,141,067	)
Net increase (decrease)		(840,001	)	$	(12,628,599	)		7,699,675		$	94,328,852

Note 6. Borrowings

The Fund, in conjunction with other Cohen & Steers open-end funds, is a party to a $200,000,000 syndicated credit agreement (the credit agreement) with State Street Bank and Trust Company, as administrative agent and operations agent, and the lenders identified in the credit agreement, which expires January 24, 2014. The Fund pays a commitment fee of 0.10% per annum on its proportionate share of the unused portion of the credit agreement.

During the six months ended August 31, 2013, the Fund did not borrow under the credit agreement.

Note 7. Other

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

Note 8. Subsequent Events

Management has evaluated events and transactions occurring after August 31, 2013 through the date that the financial statements were issued, and has determined that no additional disclosure in the financial statements is required.

31

COHEN & STEERS DIVIDEND VALUE FUND, INC.

OTHER INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 800-330-7348, (ii) on our website at cohenandsteers.com or (iii) on the Securities and Exchange Commission's (the SEC) website at http://www.sec.gov. In addition, the Fund's proxy voting record for the most recent 12-month period ended June 30 is available by August 31 of each year (i) without charge, upon request, by calling 800-330-7348 or (ii) on the SEC's website at http://www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund's Forms N-Q are available (i) without charge, upon request, by calling 800-330-7348 or (ii) on the SEC's website at http://www.sec.gov. In addition, the Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Please note that distributions paid by the Fund to shareholders are subject to recharacterization for tax purposes. The Fund may also pay distributions in excess of the Fund's net investment company taxable income and this excess could be a tax free return of capital distributed from the Fund's assets. The final tax treatment of all distributions is reported to shareholders on their 1099-DIV forms, which are mailed after the close of each calendar year.

APPROVAL OF INVESTMENT ADVISORY AGREEMENT

The Board of Directors of the Fund, including a majority of the directors who are not parties to the Fund's investment advisory agreement (the Advisory Agreement), or interested persons of any such party (Independent Directors), has the responsibility under the 1940 Act to approve the Fund's Advisory Agreement for its initial two year term and its continuation annually thereafter at a meeting of the Board of Directors called for the purpose of voting on the approval or continuation. At a telephonic meeting of the Board of Directors held on June 12, 2013 and at a meeting held in person on June 18, 2013, the Advisory Agreement was discussed and was unanimously continued for a term ending June 30, 2014 by the Fund's Board of Directors, including the Independent Directors. The Independent Directors were represented by independent counsel who assisted them in their deliberations during the meeting and executive session.

In considering whether to continue the Advisory Agreement, the Board of Directors reviewed materials provided by the Fund's investment advisor (the Investment Advisor) and Fund counsel which included, among other things, fee, expense and performance information compared to peer funds (Peer Funds) and performance comparisons to a larger category universe, prepared by an independent data provider; summary information prepared by the Investment Advisor; and a memorandum outlining the legal duties of the Board of Directors. The Board of Directors also spoke directly with representatives of the independent data provider and met with investment advisory personnel. In addition, the Board of Directors considered information provided from time to time by the Investment Advisor throughout the year at meetings of the Board of Directors, including presentations by portfolio managers relating to the

32

COHEN & STEERS DIVIDEND VALUE FUND, INC.

investment performance of the Fund and the investment strategies used in pursuing the Fund's objective. In particular, the Board of Directors considered the following:

(i) The nature, extent and quality of services provided by the Investment Advisor: The Board of Directors reviewed the services that the Investment Advisor provides to the Fund, including, but not limited to, making the day-to-day investment decisions for the Fund, and generally managing the Fund's investments in accordance with the stated policies of the Fund. The Board of Directors also discussed with officers and portfolio managers of the Fund the types of transactions that were being done on behalf of the Fund. Additionally, the Board of Directors took into account the services provided by the Investment Advisor to its other funds, including those that have investment objectives and strategies similar to the Fund. The Board of Directors next considered the education, background and experience of the Investment Advisor's personnel, noting particularly that the favorable history and reputation of the portfolio managers for the Fund has had, and would likely continue to have, a favorable impact on the Fund. The Board of Directors further noted the Investment Advisor's ability to attract qualified and experienced personnel. The Board of Directors also considered the administrative services provided by the Investment Advisor, including compliance and accounting services. After consideration of the above factors, among others, the Board of Directors concluded that the nature, extent and quality of services provided by the Investment Advisor are adequate and appropriate.

(ii) Investment performance of the Fund and the Investment Advisor: The Board of Directors considered the investment performance of the Fund compared to Peer Funds and compared to a relevant benchmark. The peer group selected by the independent data provider included large cap core funds. The Board of Directors noted that the Fund outperformed the median for the one-year period, ranking in the third quintile, and underperformed the median for the three- and five-year periods ended March 31, 2013, ranking in the fourth quintile for the three-year period and the fifth quintile for the five-year period. The Board of Directors further noted that the Fund underperformed its benchmark for the one- three- and five-year periods ended March 31, 2013. The Board of Directors also considered the investment performance of the Fund versus a group of peer funds supplied by the Investment Manager. The Board of Directors engaged in discussions with the Investment Advisor regarding the contributors and detractors to the Fund's performance during the periods. The Board of Directors also considered supplemental information provided by the Investment Advisor, including a narrative summary of various factors affecting performance, and the Investment Advisor's performance in managing other funds that invest in real estate, large cap and dividend paying securities. At the Investment Advisor's request, a supplemental peer group was compiled consisting of Class I share (or equivalent) large cap value funds, as a result of a shift by distribution partners offering the lowest fee share classes. The Board of Directors then determined that Fund performance, in light of all considerations noted above, was satisfactory.

(iii) Cost of the services provided and profits realized by the Investment Advisor from the relationship with the Fund: Next, the Board of Directors considered the advisory fees and administrative fees payable by the Fund as well as the Fund's expense ratio. As part of its analysis, the Board of Directors gave consideration to the fee and expense analyses provided by the independent data provider. The Board of Directors noted that the Fund's actual management fee was lower than the Peer Funds' median ranking in the first quintile while the Fund's contractual management fee was higher than the Peer Funds' median ranking in the fourth quintile. The Board of Directors further noted that the

33

COHEN & STEERS DIVIDEND VALUE FUND, INC.

Fund's overall total expense ratio was lower than the Peer Funds' median ranking in the first quintile. The Board of Directors considered that the Investment Advisor continues to waive its fees and/or reimburse expenses to limit overall operating expenses of the Fund. The Board of Directors then considered the administrative services provided by the Investment Advisor, including compliance and accounting services, and further noted that the Fund charges an administration fee payable to the Investment Advisor. In light of the considerations above, the Board of Directors concluded that the Fund's expense structure was satisfactory.

The Board of Directors also reviewed information regarding the profitability to the Investment Advisor of its relationship with the Fund. The Board of Directors considered the level of the Investment Advisor's profits and whether the profits were reasonable for the Investment Advisor. The Board of Directors noted that the Investment Advisor is currently waiving its fee and/or reimbursing expenses of the Fund. The Board of Directors took into consideration other benefits to be derived by the Investment Advisor in connection with the Advisory Agreement, noting particularly the research and related services, within the meaning of Section 28(e) of the Securities Exchange Act of 1934, as amended, that the Investment Advisor receives by allocating the Fund's brokerage transactions. The Board of Directors also considered the fees received by the Investment Advisor under the Administration Agreement, and noted the significant services received, such as compliance, accounting and operational services and furnishing office space and facilities for the Fund, and providing persons satisfactory to the Board of Directors to serve as officers of the Fund, and that these services were beneficial to the Fund. The Board of Directors noted that because of the Fund's small size, the operating expenses continue to be subsidized, and the Fund is only slightly profitable.

(iv) The extent to which economies of scale would be realized as the Fund grows and whether fee levels would reflect such economies of scale: The Board of Directors noted that the Fund's advisory fee schedule contains a breakpoint of 10 basis points once the Fund's assets reach $1.5 billion. The Board of Directors considered the Fund's asset size and determined that there were not at this time significant economies of scale that were not being shared with shareholders.

(v) Comparison of services rendered and fees paid to those under other investment advisory contracts, such as contracts of the same and other investment advisers or other clients: As discussed above in (iii), the Board of Directors compared the fees paid under the Advisory Agreement to those under other investment advisory contracts of other investment advisers managing Peer Funds. The Board of Directors also considered the services rendered, fees paid and profitability under the Advisory Agreements to those under the Investment Advisor's other advisory contracts with institutional and other clients with similar investment mandates, including subadvised mutual funds and proprietary funds. The Board of Directors also considered the entrepreneurial risk and financial exposure assumed by the Investment Advisor in developing and managing the Fund that the Investment Advisor does not have with institutional and other clients. The Board of Directors determined that on a comparative basis the fees under the Advisory Agreement were reasonable in relation to the services provided.

No single factor was cited as determinative to the decision of the Board of Directors. Rather, after weighing all of the considerations and conclusions discussed above, the Board of Directors, including the Independent Directors, unanimously approved the continuation of the Advisory Agreement.

34

COHEN & STEERS DIVIDEND VALUE FUND, INC.

Cohen & Steers Privacy Policy

Facts	What Does Cohen & Steers Do With Your Personal Information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: • Social Security number and account balances • Transaction history and account transactions • Purchase history and wire transfer instructions
How?	All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Cohen & Steers chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Cohen & Steers share?	Can you limit this sharing?
For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or reports to credit bureaus	Yes	No
For our marketing purposes— to offer our products and services to you	Yes	No
For joint marketing with other financial companies—	No	We don't share
For our affiliates' everyday business purposes— information about your transactions and experiences	No	We don't share
For our affiliates' everyday business purposes— information about your creditworthiness	No	We don't share
For our affiliates to market to you—	No	We don't share
For non-affiliates to market to you—	No	We don't share

Questions?  Call 800-330-7348

35

COHEN & STEERS DIVIDEND VALUE FUND, INC.

Cohen & Steers Privacy Policy—(Continued)

Who we are
Who is providing this notice?	Cohen & Steers Capital Management, Inc., Cohen & Steers Asia Limited, Cohen & Steers UK Limited, Cohen & Steers Europe SPRL, Cohen & Steers Securities, LLC, Cohen & Steers Private Funds and Cohen & Steers Open and Closed-End Funds (collectively, Cohen & Steers).
What we do
How does Cohen & Steers protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We restrict access to your information to those employees who need it to perform their jobs, and also require companies that provide services on our behalf to protect your information.
How does Cohen & Steers collect my personal information?	We collect your personal information, for example, when you: • Open an account or buy securities from us • Provide account information or give us your contact information • Make deposits or withdrawals from your account We also collect your personal information from other companies.
Why can't I limit all sharing?	Federal law gives you the right to limit only: • sharing for affiliates' everyday business purposes—information about your creditworthiness • affiliates from using your information to market to you • sharing for non-affiliates to market to you State law and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. • Cohen & Steers does not share with affiliates.
Non-affiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. • Cohen & Steers does not share with non-affiliates.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. • Cohen & Steers does not jointly market.

36

COHEN & STEERS DIVIDEND VALUE FUND, INC.

Cohen & Steers Investment Solutions

COHEN & STEERS GLOBAL REALTY SHARES

  •  Designed for investors seeking total return, investing primarily in global real estate equity securities

  •  Symbols: CSFAX, CSFBX*, CSFCX, CSSPX

COHEN & STEERS INSTITUTIONAL REALTY SHARES

  •  Designed for institutional investors seeking total return, investing primarily in REITs

  •  Symbol: CSRIX

COHEN & STEERS REALTY INCOME FUND

  •  Designed for investors seeking total return, investing primarily in real estate securities with an emphasis on both income and capital appreciation

  •  Symbols: CSEIX, CSBIX*, CSCIX, CSDIX

COHEN & STEERS INTERNATIONAL REALTY FUND

  •  Designed for investors seeking total return, investing primarily in international real estate securities

  •  Symbols: IRFAX, IRFCX, IRFIX

COHEN & STEERS
EMERGING MARKETS REAL ESTATE FUND

  •  Designed for investors seeking total return, investing primarily in emerging market real estate securities

  •  Symbols: APFAX, APFCX, APFIX

COHEN & STEERS REALTY SHARES

  •  Designed for investors seeking total return, investing primarily in REITs

  •  Symbol: CSRSX

COHEN & STEERS
INSTITUTIONAL GLOBAL REALTY SHARES

  •  Designed for institutional investors seeking total return, investing primarily in global real estate securities

  •  Symbol: GRSIX

COHEN & STEERS GLOBAL INFRASTRUCTURE FUND

  •  Designed for investors seeking total return, investing primarily in global infrastructure securities

  •  Symbols: CSUAX, CSUBX*, CSUCX, CSUIX

COHEN & STEERS DIVIDEND VALUE FUND

  •  Designed for investors seeking long-term growth of income and capital appreciation, investing primarily in dividend paying common stocks and preferred stocks

  •  Symbols: DVFAX, DVFCX, DVFIX

COHEN & STEERS
PREFERRED SECURITIES AND INCOME FUND

  •  Designed for investors seeking total return (high current income and capital appreciation), investing primarily in preferred and debt securities

  •  Symbols: CPXAX, CPXCX, CPXIX

COHEN & STEERS REAL ASSETS FUND

  •  Designed for investors seeking total return and the maximization of real returns during inflationary environments by investing primarily in real assets

  •  Symbols: RAPAX, RAPCX, RAPIX, RAPRX, RAPZX

Distributed by Cohen & Steers Securities, LLC.

COHEN & STEERS GLOBAL REALTY MAJORS ETF

  •  Designed for investors who seek a relatively low-cost "passive" approach for investing in a portfolio of real estate equity securities of companies in a specified index

  •  Symbol: GRI

Distributed by ALPS Distributors, Inc.

ISHARES COHEN & STEERS
REALTY MAJORS INDEX FUND

  •  Designed for investors who seek a relatively low-cost "passive" approach for investing in a portfolio of real estate equity securities of companies in a specified index

  •  Symbol: ICF

Distributed by SEI Investments Distribution Co.

*  Class B shares are no longer offered except through dividend reinvestment and permitted exchanges by existing Class B shareholders.

  Please consider the investment objectives, risks, charges and expenses of the fund carefully before investing. A summary prospectus and prospectus containing this and other information can be obtained by calling 800-330-7348 or by visiting cohenandsteers.com. Please read the summary prospectus and prospectus carefully before investing.

37

COHEN & STEERS DIVIDEND VALUE FUND, INC.

OFFICERS AND DIRECTORS

Robert H. Steers
Director and co-chairman

Martin Cohen
Director and co-chairman

Michael G. Clark
Director

Bonnie Cohen
Director

George Grossman
Director

Richard E. Kroon
Director

Richard J. Norman
Director

Frank K. Ross
Director

C. Edward Ward, Jr.
Director

Adam M. Derechin
President and chief executive officer

Joseph M. Harvey
Vice president

Richard E. Helm
Vice president

Francis C. Poli
Secretary

James Giallanza
Treasurer and chief financial officer

Lisa D. Phelan
Chief compliance officer

KEY INFORMATION

Investment Advisor

Cohen & Steers Capital Management, Inc.
280 Park Avenue
New York, NY 10017
(212) 832-3232

Co-administrator and Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111

Transfer Agent

Boston Financial Data Services, Inc.
30 Dan Road
Canton, MA 02021
(800) 437-9912

Legal Counsel

Ropes & Gray LLP
1211 Avenue of the Americas
New York, NY 10036

Distributor

Cohen & Steers Securities, LLC
280 Park Avenue
New York, NY 10017

Nasdaq Symbol: Class A—DVFAX
Class C—DVFCX
Class I—DVFIX

website: cohenandsteers.com

This report is authorized for delivery only to shareholders of Cohen & Steers Dividend Value Fund, Inc. unless accompanied or preceded by the delivery of a currently effective prospectus setting forth details of the Fund. Performance data quoted represent past performance. Past performance is no guarantee of future results and your investment may be worth more or less at the time you sell your shares.

38

COHEN & STEERS

DIVIDEND VALUE FUND

280 PARK AVENUE

NEW YORK, NY 10017

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Semiannual Report August 31, 2013

Cohen & Steers Dividend Value Fund

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included in Item 1 above.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.  Portfolio Managers of Closed-End Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

None.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(a)(3) Not applicable.

(b) Certifications of chief executive officer and chief financial officer as required by Rule 30a- 2(b) 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 VALUE FUND, INC.
	By:	/s/ Adam M. Derechin
		Name:	Adam M. Derechin
		Title:	President and Chief Executive Officer
	Date: October 22, 2013

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
	Name:	Adam M. Derechin
	Title:	President and Chief Executive Officer
		(Principal Executive Officer)
By:	/s/ James Giallanza
	Name:	James Giallanza
	Title:	Treasurer and Chief Financial Officer
		(Principal Financial Officer)
Date: October 22, 2013