WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000754915
<NAME> T. ROWE PRICE HIGH YIELD FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-2000
<PERIOD-END> MAY-31-2000
<INVESTMENTS-AT-COST> 1636910
<INVESTMENTS-AT-VALUE> 1493309
<RECEIVABLES> 37758
<ASSETS-OTHER> 194
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<TOTAL-ASSETS> 1531261
<PAYABLE-FOR-SECURITIES> 2835
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4581
<TOTAL-LIABILITIES> 7416
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1849653
<SHARES-COMMON-STOCK> 203209
<SHARES-COMMON-PRIOR> 213419
<ACCUMULATED-NII-CURRENT> 898
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (183105)
<ACCUM-APPREC-OR-DEPREC> (143601)
<NET-ASSETS> 1523835
<DIVIDEND-INCOME> 18532
<INTEREST-INCOME> 153245
<OTHER-INCOME> 0
<EXPENSES-NET> 13532
<NET-INVESTMENT-INCOME> 158245
<REALIZED-GAINS-CURRENT> (44390)
<APPREC-INCREASE-CURRENT> (123759)
<NET-CHANGE-FROM-OPS> (9904)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (160242)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 33110
<NUMBER-OF-SHARES-REDEEMED> (59930)
<SHARES-REINVESTED> 16610
<NET-CHANGE-IN-ASSETS> (251709)
<ACCUMULATED-NII-PRIOR> 2895
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (138715)
<GROSS-ADVISORY-FEES> 10209
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 13604
<AVERAGE-NET-ASSETS> 1647828
<PER-SHARE-NAV-BEGIN> 8.32
<PER-SHARE-NII> 0.76
<PER-SHARE-GAIN-APPREC> (0.81)
<PER-SHARE-DIVIDEND> (0.77)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.5
<EXPENSE-RATIO> 0.83
</TABLE>