NEWTON, Mass., Nov. 23 /PRNewswire-FirstCall/ -- TimesSquare Capital Management, Inc. (TimesSquare), the investment adviser to CIGNA High Income Shares (the Fund) , has decided to exit the business of managing investment companies. On November 23, 2004, the Board of Trustees of the Fund selected BlackRock Advisors, Inc. (BlackRock Advisors) to replace TimesSquare as the investment adviser to the Fund, and voted to nominate the directors of the BlackRock closed-end funds for election as trustees of the Fund, subject to shareholder approval.
The Fund expects that it will hold a shareholder meeting in the first quarter of 2005 to seek approval of BlackRock Advisors as the adviser to the Fund, as well as to elect new trustees.
Until shareholders approve BlackRock Advisors as the Fund’s investment adviser, TimesSquare will continue to serve as the Fund’s adviser and Shenkman Capital Management, Inc. will continue to serve as the Fund’s sub-adviser with responsibility for management of the Fund’s portfolio.
CIGNA High Income Shares is a closed-end management investment company.
CIGNA High Income Shares
Contact: Alfred A. Bingham III, of CIGNA Investment Securities,+1-860-757-7232