Initially, the fund, which started trading on the NYSE under the symbol DVM, anticipates investing 65% of its total assets in dividend-paying common stocks and 35% in REIT common stocks. Cohen & Steers Capital Management, Inc., which serves as the fund's investment manager, is a wholly owned subsidiary of locally based Cohen & Steers Inc.

Last year, Cohen & Steers Inc. files a registration statement for its own IPO with an offering amount of $105 million. In December, the firm bought into Belgium-based Houlihan Rovers SA, a global real estate securities asset manager. Last week, Cohen & Steers REIT and Utility Income Fund Inc., a non-diversified, closed-end investment management company, issued $75 million in auction market preferred shares.

The lead underwriter for the Dividend Majors Fund is Merrill Lynch, Pierce, Fenner & Smith Inc. The fund will not invest in real estate directly, but only in securities issued by real estate companies or REITs. In its SEC filing, the firm lists risks including declines in the value of real estate, general and local economic conditions, possible lack of availability of mortgage funds, overbuilding and extended vacancies. It also cautioned that "an economic downturn could have a material adverse effect on the real estate markets and on real estate companies in which the fund invests, which in turn could result in the fund not achieving its investment objective."