<PAGE> PAGE 1
000 B000000 05/31/97
000 C000000 0000754915
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 T. ROWE PRICE HIGH YIELD FUND, INC.
001 B000000 811-4119
001 C000000 4103452000
002 A000000 100 EAST PRATT STREET
002 B000000 BALTIMORE
002 C000000 MD
002 D010000 21202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
018 000000 Y
019 A000000 Y
019 B000000 76
019 C000000 TROWEPRICE
020 A000001 DONALDSON, LUFKIN, JENRETTE SECURITIES CORP.
020 B000001 13-2741729
020 C000001 2055
020 A000002 CHASE SECURITIES INC.
020 B000002 13-3112953
020 C000002 1992
020 A000003 BEAR, STEARNS & CO., INC.
020 B000003 13-3299429
020 C000003 1547
020 A000004 GOLDMAN, SACHS & CO.
020 B000004 13-5108880
020 C000004 1485
020 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH. INC.
020 B000005 13-5674085
020 C000005 1412
<PAGE> PAGE 2
020 A000006 CS FIRST BOSTON CORP.
020 B000006 13-5659485
020 C000006 1199
020 A000007 BT SECURITIES CORP.
020 B000007 13-4941247
020 C000007 1193
020 A000008 MORGAN STANLEY & CO., INC.
020 B000008 13-2655998
020 C000008 746
020 A000009 MORGAN (J.P.) SECURITIES, INC.
020 B000009 13-3224016
020 C000009 727
020 A000010 WOOD GUNDY CORP.
020 B000010 13-5492430
020 C000010 712
021 000000 17280
022 A000001 GOLDMAN, SACHS & CO
022 B000001 13-5108880
022 C000001 1244237
022 D000001 101021
022 A000002 MORGAN (J.P.) SECURITES, INC.
022 B000002 13-3224016
022 C000002 863172
022 D000002 45560
022 A000003 GENERAL MOTORS ACCEPTANCE CORP.
022 B000003 38-0572512
022 C000003 777142
022 D000003 0
022 A000004 LEMAN BROTHERS, INC.
022 B000004 13-2518466
022 C000004 523135
022 D000004 92377
022 A000005 DEUTSCHE, MORGAN, GRENFELL
022 B000005 13-2730828
022 C000005 492225
022 D000005 0
022 A000006 CS FIRST BOSTON CORP.
022 B000006 13-5659485
022 C000006 267179
022 D000006 99351
022 A000007 BT SECURITIES CORP.
022 B000007 13-4941247
022 C000007 336207
022 D000007 28922
022 A000008 GRANTCHESTER SECURITIES, INC.
022 B000008 13-3502273
022 C000008 147372
022 D000008 161854
022 A000009 CHASE SECURITIES, INC.
022 B000009 13-3112953
022 C000009 185227
<PAGE> PAGE 3
022 D000009 114979
022 A000010 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000010 13-2741729
022 C000010 135022
022 D000010 159349
023 C000000 6238205
023 D000000 1471543
024 000000 N
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
028 A010000 16909
028 A020000 8170
028 A030000 0
028 A040000 22417
028 B010000 38321
028 B020000 8388
028 B030000 0
028 B040000 25153
028 C010000 38393
028 C020000 8034
028 C030000 0
028 C040000 15100
028 D010000 23154
028 D020000 7785
028 D030000 0
028 D040000 26487
028 E010000 20066
028 E020000 8160
028 E030000 0
028 E040000 38587
028 F010000 20306
028 F020000 8745
028 F030000 0
028 F040000 13127
028 G010000 157149
028 G020000 49282
028 G030000 0
028 G040000 140871
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
037 000000 Y
<PAGE> PAGE 4
038 000000 122
039 000000 N
040 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 3.3
062 J000000 0.0
062 K000000 0.0
062 L000000 0.6
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 90.9
062 Q000000 0.0
062 R000000 5.2
063 A000000 0
063 B000000 8.7
064 A000000 N
064 B000000 Y
065 000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 Y
070 C010000 Y
070 C020000 N
<PAGE> PAGE 5
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 N
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 1482549
071 B000000 1376587
071 C000000 1236487
071 D000000 111
072 A000000 12
072 B000000 127826
072 C000000 2713
072 D000000 0
072 E000000 0
072 F000000 8206
072 G000000 0
072 H000000 0
072 I000000 2244
072 J000000 48
072 K000000 54
072 L000000 77
072 M000000 16
072 N000000 61
072 O000000 0
072 P000000 0
072 Q000000 174
<PAGE> PAGE 6
072 R000000 23
072 S000000 30
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 40
072 X000000 10973
072 Y000000 0
072 Z000000 119566
072AA000000 0
072BB000000 4192
072CC010000 49415
072CC020000 0
072DD010000 119015
072DD020000 0
072EE000000 0
073 A010000 0.7500
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 52475
074 D000000 1231477
074 E000000 44095
074 F000000 26385
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 34996
074 K000000 0
074 L000000 28924
074 M000000 22
074 N000000 1418374
074 O000000 12799
074 P000000 160
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 4096
074 S000000 0
074 T000000 1401319
074 U010000 166259
074 U020000 0
074 V010000 8.43
074 V020000 0.00
074 W000000 0.0000
074 X000000 49106
074 Y000000 0
075 A000000 0
<PAGE> PAGE 7
075 B000000 1307052
076 000000 0.00
077 A000000 Y
077 B000000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000 60000
081 A000000 Y
081 B000000 97
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE JAMES S. RIEPE
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000754915
<NAME> T ROWE PRICE HIGH YIELD FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 1321596
<INVESTMENTS-AT-VALUE> 1354432
<RECEIVABLES> 63921
<ASSETS-OTHER> 21
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1418374
<PAYABLE-FOR-SECURITIES> 12799
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4256
<TOTAL-LIABILITIES> 17055
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1591218
<SHARES-COMMON-STOCK> 166259
<SHARES-COMMON-PRIOR> 151091
<ACCUMULATED-NII-CURRENT> 1462
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 224197
<ACCUM-APPREC-OR-DEPREC> 32836
<NET-ASSETS> 1401319
<DIVIDEND-INCOME> 2713
<INTEREST-INCOME> 127826
<OTHER-INCOME> 0
<EXPENSES-NET> 10973
<NET-INVESTMENT-INCOME> 119566
<REALIZED-GAINS-CURRENT> (4192)
<APPREC-INCREASE-CURRENT> 49415
<NET-CHANGE-FROM-OPS> 164789
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 119015
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 33021
<NUMBER-OF-SHARES-REDEEMED> 29450
<SHARES-REINVESTED> 11597
<NET-CHANGE-IN-ASSETS> 172195
<ACCUMULATED-NII-PRIOR> 911
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 220005
<GROSS-ADVISORY-FEES> 8206
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10973
<AVERAGE-NET-ASSETS> 1307052
<PER-SHARE-NAV-BEGIN> 8.13
<PER-SHARE-NII> .75
<PER-SHARE-GAIN-APPREC> .3
<PER-SHARE-DIVIDEND> .75
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.43
<EXPENSE-RATIO> .84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>