GOAL:
Highest Current
Income Available.

PaineWebber
High Income Fund

•
•
•
•

Monthly income or automatic reinvestment
Easy liquidity at then current net asset value
Professional money management
Suitable for income-oriented investors who are
able to assume the risks of investment in a portfolio
of high risk, high yield corporate bonds

Class D Shares:
No Sales Charge In and No Sales Charge Out.

Call today for a prospectus. It contains more complete
information including all charges, pricing options and
expenses. Read it carefully before investing.

1-Past performance is no indica-
don of future results. The invest-
ment return and principal value
of an investment in the Fund will
CLASS A SHARES AS OF 3,31i94
fluctuate so that your shares,
Total Return
when redeemed, may be worth
more or less than their original
Since Inception
cost. The performance data quot-
ed represents the Fund's Class A
Average Annual Return
shares as of 3/31/94, reflecting a
maximum front-end sales charge
Since Inception
of 4.00%. Class A shares also
Five Year
charge ongoing 12b-1 service
fees. Total return assumes rein-
One Year
vestment of all dividends and
capital gains distributions at net
Inception on 8/31/84
asset value. Class B shares per-
formance as of 3/31/94, which
reflects a maximum contingent deferred sales charge of 5.00%. Class B shares
also charge ongoing 12b-1 distributions and service fees.

Performance Resultst

Hillel Slate Wins,
Board Moves Forward

LESLEY PEARL

STAFF WRITER

he ballots were not yet tal-
lied at 8 p.m. Tuesday
night, but outgoing Hillel
President Marty Gene
handed the gavel over to Robert
Schostak anyway.
Mr. Schostak ran unopposed
in perhaps the most controver-
sial of Hillel's elections.
None of the candidates on the
alternative slate won, but no
proverbial rubber stamp sent
through the six Hillel officers and
eight board of directors members.
Cars packed the small lot and
lined up in the fire lane. Individ-

p.m. Twenty-five is about the
usual number.
Voters chose Marcy Borofsky
as first vice president, Jeff Gar-
den as second vice president, Ter-
ran Leemis as third vice
president, Fred Blechman as
treasurer and Steven Margolin
as secretary.
Tern Farber, Rabbi William
Gershon, Cheryl Guyer, Paul
Magy, Allan Nachman, Robert
Orley, Shelley Shindler and Tom
Wexelberg-Clouser won board of
directors spots.
Seven parents had challenged

211.92%

12.60%
14.47%
12.56%

20.94%

68.78% ;

Average annual returns:
Class B shares total return:
(since inception) and 1 1.58% (one year). Shares first offered 7/1/91.

*Class D shares are not subject to front-end or contingent deferred sales
charges; however, they are subject to ongoing 12b-1 distribution and service
fees: Class D shares performance as of 3/31/94. Total return:
(one
(since inception) and
Average anual returns:

33.48%;
16.98%

17.96%

year). Shares first offered 7/02/92.

Call Gerald E. Naftaly or Alan Gildenberg at
(810) 851-1001. Or mail this coupon.

Gerald E. Naftaly, Alan Gildenberg, PaineWebber
32300 Northwestern Hwy., Ste. 150, Farmington Hills, MI 48334
(810) 851-1001

Please send me more information about the PaineWebber High Income
Fund including a Prospectus. I will read it carefully before I invest.

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Address

City
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Phone
If presently a client, please include
your Investment Executive's name

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Phone

0 1994 PaineWebber Incorporated. Member SIPC

PaineWebber
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Hillel President Robert Schostak

uals handed out voting sugges- the Hillel slate for the positions
tions and candidate information of vice president and treasurer of
to parents as they filed into the the executive board and board
members at large.
school.
The challenge group formed
While waiting to cast ballots,
parents talked about never vot- following announcements earli-
ing before and the reality versus er this year of a new tuition scale
the perception of money equaling for 1994-'95.
A minimum payment of $1,000
power and voice.
'We're just a microcosm," one was implemented and tuition for
parent said. Another added, "I'm parents not qualifying for finan-
sure they had their own wars cial assistance jumped from
when we were students here. I $5,700 to $6,700 plus a $300 give-
just don't know what they were or-get requirement.
Many parents were upset with
about."
Close to 500 ballots had been the close to 23 percent tuition
cast when the polls closed at 7:30 hike and expressed sentiments

that something had gone awful-
ly awry in the communication
process between parents and El-
len leadership.
Sharon Levine, an Oak Park
parent of three Hillel students
who ran for a board-at-large po-
sition, said the challenge by par-
ents was healthy. Although she
did not emerge victorious, Ms.
Levine plans to continue her vol-
unteer and committee work with
the school.
"Now is the time for us to all
pull together and help Bobby
Schostak and the Hillel board
move forward and help the school
grow. The election is behind us
now so we can begin the work
we've discussed all along and
have new progi-ams ready for im-
plementation by the fall. I have
no ill feelings," Ms. Levine said.
"My hope is that all who have got-
ten active in the election process
will remain active."
Ms. Levine said she is not sur-
prised by the results, "but you
never know what an election
might bring." She is confident a
diversity of voices were heard by
the Hillel board and important
issues of communication, fund
raising and rising tuition costs
are being considered.
"So often I hear, 'Elections? I
didn't know.' That's not true.
Each year families receive infor-
mation about the slate and the
vote. Parents complain but they
don't vote. This year more than
50 percent of parents exercised
that right. Maybe we woke a lot
of people up," Ms. Levine said.
Mr. Schostak expressed simi-
lar sentiments.
"Unfortunately, sides were
drawn. However, we are a single
group with one objective. We need
to look ahead and have confi-
dence in each other to move Hil-
lel forward," Mr. Schostak said.
"I hope the high energy level of
parents continues. I hope parents
come to board meetings and help
influence our decisions."
Mr. Schostak called the last
year "a real challenge for the
board in its efforts to raise the lev-
el of parent involvement." He
added that the issues surround-
ing parents' abilities to send their
children to Hillel are legitimate
and he is excited to hear from
new voices.
With the election behind him,
Mr. Schostak plans to begin
work with executive officers,
board members and committees
regarding the school's capital
campaign, fund raising, tuition
projections and expansion. ❑