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A yeast, Candida utilis, cultured on a substrate derived from a mixture of peat moss and fish processing waste, was substituted for fish meal in a practical diet for rainbow trout, Oncorhynchus mykiss. The formulated diets were isonitrogenous (40% crude protein) and isoealoric (gross energy 20 kJ per g dry matter). During a 50-day feeding trial fish tripled in weight, and there were no significant differences in the mean final weights of groups of fish fed diets in which 0%, 25% and 35% of fishmeal had been replaced by yeast biomass. Diets containing yeast were palatable, as determined by food intake, and were highly digestible for protein. Carcass analysis revealed that the fish fed with yeast biomass had slightly higher crude protein and ash contents, and lower lipid levels than those of the control group. Significant reductions were recorded in food conversion efficiency as the yeast content of the diets increased. The results indicate the potential for partial replacement of fish meal (between 25-35%) by Candida utilis biomass in feeds formulated for rainbow trout.