Cohen & Steers Special Equity Fund to Be Renamed Cohen & Steers Realty Focus Fund NEW YORK, Sept. 22 /PRNewswire-FirstCall/ -- Cohen & Steers Special Equity Fund (NASDAQ:CSSPX) will change its name to Cohen & Steers Realty Focus Fund effective September 30, 2004. In addition to changing its name, the fund intends to reclassify the existing shares as Class I shares and offer three additional share classes -- Class A, B and C shares. "The new name is designed to better reflect the fund's objective of investing in a limited number of real estate companies," remarked Martin Cohen, president of the fund. He continued, "The fund's investment objective and management team will remain the same." The investment objective of the fund is maximum capital appreciation over the long term through investment primarily in a limited number of REITs and other real estate oriented companies. Investments are selected for long-term capital appreciation; current income is incidental to the fund's investment objective. Current shareholders and those who purchase shares in the fund prior to September 30, 2004 will automatically become Class I shareholders on September 30, and will be able to continue purchasing additional shares on the same terms as are currently in effect. In conjunction with the new share class structure, the advisor has agreed to limit the expense ratio of Class I shares to 1.30% from September 30, 2004 through December 31, 2005; the existing expense ratio of the fund is 1.50%. After September 30, new investors will have the option of purchasing the fund's A, B, C or I shares, which have different minimum investment requirements and may have sales charges associated with them. Class I shares will only be available to new investors who meet the minimum initial investment requirement of $100,000. A post-effective amendment to the registration statement relating to the fund has been filed with the Securities and Exchange Commission, but is not yet effective. The information in this press release and in the post-effective amendment to the registration statement is not complete and may be changed. No Class A, B, C or I shares of the fund may be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This announcement is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted. Please consider the fund's investment objectives, risks and charges and expenses carefully before investing. A prospectus containing this and other information may be obtained by calling 1-800-330-7348 or visiting our Web site, cohenandsteers.com. Please read the prospectus carefully before you invest or send money. An investment in the fund will fluctuate and shares, when sold, may be worth more or less than their original cost. Cohen & Steers Securities, LLC, is the distributor. DATASOURCE: Cohen & Steers Special Equity Fund CONTACT: John McCombe, executive vice president, director of marketing, Cohen & Steers Special Equity Fund, +1-212-832-3232, cohenandsteers.com Web site: http://www.cohenandsteers.com/

Copyright