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<PAGE> PAGE 2
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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SIGNATURE SHELDON CURTIS
TITLE VP & GENERAL COUNSEL
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
HIGH INCOME ADVANTAGE TRUST -- ANNUAL (9/30/94)
</LEGEND>
<CIK> 0000817908
<NAME> HIGH INCOME ADVANTAGE TRUST
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