<PAGE> PAGE 1
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002 A000000 TWO WORLD TRADE CENTER
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002 D010000 10048
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008 D010001 NEW YORK
008 D020001 NY
008 D030001 10048
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011 A000001 DEAN WITTER DISTRIBUTORS INC.
011 B000001 8-45262
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012 B000001 84-1785
012 C010001 JERSEY CITY
012 C020001 NJ
012 C030001 07311
013 A000001 PRICE WATERHOUSE LLP
013 B010001 NEW YORK
<PAGE> PAGE 2
013 B020001 NY
013 B030001 10036
014 A000001 DELETE
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
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020 A000001 WERTHEIM SCHROEDER & CO. INC.
020 B000001 13-2697272
020 C000001 57
020 A000002 MCMAHAN SECURITIES CO.INC.
020 B000002 06-1229141
020 C000002 20
020 A000003 CS FIRST BOSTON CORP.
020 B000003 13-5659485
020 C000003 11
020 A000004 SMITH BARNEY SHEARSON INC.
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020 C000004 7
020 A000005 UBS SECURITIES
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020 C000005 1
020 A000006 DAVENPORT & CO.
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022 B000004 95-4035346
022 C000004 110585
<PAGE> PAGE 3
022 D000004 0
022 A000005 MERRILL LYNCH, PIERCE, FENNER SMITH INC.
022 B000005 13-5674085
022 C000005 44363
022 D000005 46576
022 A000006 DONALDSON LUFKIN & JENRETTE SECURITIES
022 B000006 13-2741729
022 C000006 33445
022 D000006 31626
022 A000007 UBS SECURITIES INC.
022 B000007 13-2932996
022 C000007 18358
022 D000007 16574
022 A000008 SALOMON BROTHERS INC.
022 B000008 13-3082694
022 C000008 25810
022 D000008 1016
022 A000009 SMITH BARNEY SHEARSON INC.
022 B000009 13-1912900
022 C000009 18870
022 D000009 995
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<PAGE> PAGE 4
028 B020000 0
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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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 2
ANNUAL FINANCIAL STATEMENTSFOR THE YEAR ENDED 7/31/95
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> JUL-31-1995
<INVESTMENTS-AT-COST> 246,121,590
<INVESTMENTS-AT-VALUE> 211,193,302
<RECEIVABLES> 7,661,589
<ASSETS-OTHER> 35,794
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 218,890,685
<PAYABLE-FOR-SECURITIES> 1,991,337
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 293,972
<TOTAL-LIABILITIES> 2,285,309
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 344,428,742
<SHARES-COMMON-STOCK> 35,611,307
<SHARES-COMMON-PRIOR> 35,611,307
<ACCUMULATED-NII-CURRENT> 3,082,684
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (95,977,762)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (34,928,288)
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 26,903,639
<OTHER-INCOME> 0
<EXPENSES-NET> 1,969,444
<NET-INVESTMENT-INCOME> 24,934,195
<REALIZED-GAINS-CURRENT> (20,031,015)
<APPREC-INCREASE-CURRENT> 12,554,315
<NET-CHANGE-FROM-OPS> 17,457,495
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (25,533,307)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (8,075,812)
<ACCUMULATED-NII-PRIOR> 3,681,796
<ACCUMULATED-GAINS-PRIOR> (75,946,747)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,583,461
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,969,444
<AVERAGE-NET-ASSETS> 210,549,670
<PER-SHARE-NAV-BEGIN> 6.31
<PER-SHARE-NII> .70
<PER-SHARE-GAIN-APPREC> (.21)
<PER-SHARE-DIVIDEND> (.72)
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<PER-SHARE-NAV-END> 6.08
<EXPENSE-RATIO> 0.93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
