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<PAGE> PAGE 2
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013 B030001 10036
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<PAGE> PAGE 3
022 B000006 13-2697272
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022 C000010 1420
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<PAGE> PAGE 4
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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 3
SEMI-ANNUAL FINANCIAL STATEMENT FOR THE PERIOD 7/31/95
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JUL-31-1995
<INVESTMENTS-AT-COST> 91,844,707
<INVESTMENTS-AT-VALUE> 82,150,630
<RECEIVABLES> 1,550,249
<ASSETS-OTHER> 16,886
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 83,717,765
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 90,843
<TOTAL-LIABILITIES> 90,843
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,076,287
<SHARES-COMMON-STOCK> 12,876,779
<SHARES-COMMON-PRIOR> 12,876,779
<ACCUMULATED-NII-CURRENT> 829,229
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (28,584,517)
<OVERDISTRIBUTION-GAINS> 0
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
