UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 23, 2004
CIGNA HIGH INCOME SHARES
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(Exact name of registrant as specified in its charter)
Massachusetts 811-5495 04-2999956
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(State or other juris- (Commission (IRS Employer
diction of incorporation) File Number) Identification No.)
3 Newton Executive Park, Suite 200 Newton, MA 02462
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (860) 757-7276
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___________________N/A______________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CIGNA HIGH INCOME SHARES
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Registrant
Date: November 23, 2004 By: /s/ Jeffrey S. Winer
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Jeffrey S. Winer
Vice President and Secretary