UNITED STATES
                             SECURITIES AND EXCHANGE COMMISSION
                                    Washington, DC 20549

                                         FORM N-PX

      ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANY



Investment Company Act file number:                     811-2849

Exact name of registrant as specified in charter:       Oppenheimer High Yield Fund

Address of principal executive offices:                 6803 South Tucson Way
                                                        Centennial, CO 80112

Name and address of agent for service:                  Two World Financial Center
                                                        225 Liberty Street
                                                        New York, NY 10281-1008

Registrant's telephone number, including area code:     303-768-3200

Date of fiscal year end:                                6/30

Date of reporting period:                               07/01/2003-06/30/2004

Item 1.           Proxy Voting Record




========================= OPPENHEIMER HIGH YIELD FUND ==========================


AMERICAN PLUMBING & MECHANICAL , INC.

Ticker:                      Security ID:  029050AB7
Meeting Date: MAY 19, 2004   Meeting Type: Written Consent
Record Date:  APR 19, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     JOINT PLAN OF REORGANIZATION              Refer     Abstain    Management
2     THE RELEASES PROVIDED IN SECTION 13.7 OF  Refer     Abstain    Management
      THE PLAN


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CHARLES RIVER LABORATORIES INTERNATIONAL, INC.

Ticker:       CRL            Security ID:  159864107
Meeting Date: MAY 12, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James C. Foster           For       For        Management
1.2   Elect  Director Robert Cawthorn           For       For        Management
1.3   Elect  Director Stephen D. Chubb          For       For        Management
1.4   Elect  Director George E. Massaro         For       For        Management
1.5   Elect  Director George M. Milne           For       For        Management
1.6   Elect  Director Douglas E. Rogers         For       For        Management
1.7   Elect  Director Samuel O. Thier           For       For        Management
1.8   Elect  Director William H. Waltrip        For       For        Management
2     Ratify Auditors                           For       For        Management


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CHESAPEAKE ENERGY CORP.

Ticker:       CHK            Security ID:  165167107
Meeting Date: JUN 4, 2004    Meeting Type: Annual
Record Date:  APR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Frank A. Keating          For       For        Management
1.2   Elect  Director Tom L. Ward               For       For        Management
1.3   Elect  Director Frederick B. Whittemore   For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Increase Authorized Preferred Stock       For       For        Management


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COVAD COMMUNICATIONS GROUP, INC

Ticker:       COVD           Security ID:  222814204
Meeting Date: AUG 14, 2003   Meeting Type: Annual
Record Date:  JUN 16, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Larry Irving               For       For        Management
1.2   Elect Director Richard A. Jalkut          For       For        Management
1.3   Elect Director Daniel C. Lynch            For       For        Management
2     Approve Employee Stock Purchase Plan      For       Against    Management
3     Ratify Auditors                           For       For        Management


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COVAD COMMUNICATIONS GROUP, INC

Ticker:       COVD           Security ID:  222814204
Meeting Date: JUN 10, 2004   Meeting Type: Annual
Record Date:  APR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director L. Dale Crandall          For       For        Management
1.2   Elect  Director Hellene S. Runtagh        For       For        Management
2     Ratify Auditors                           For       For        Management


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DOMAN INDUSTRIES LTD.

Ticker:       DOM.A          Security ID:  257039AB3
Meeting Date: JUN 4, 2004    Meeting Type: Written Consent
Record Date:  MAY 4, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1      APPROVAL OF THE PLAN                     None      Did Not    Management
                                                          Vote
1     Approve Plan of Compromise and            For       Did Not    Management
      Arrangement                                         Vote


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DOMAN INDUSTRIES LTD.

Ticker:       DOM.A          Security ID:  257039AB3
Meeting Date: JUN 4, 2004    Meeting Type: Written Consent
Record Date:  MAY 4, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1      APPROVAL OF THE PLAN                     None      Did Not    Management
                                                          Vote
1     Approve Plan of Compromise and            For       Did Not    Management
      Arrangement                                         Vote


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EQUINIX, INC.

Ticker:       EQIX           Security ID:  29444U502
Meeting Date: JUN 3, 2004    Meeting Type: Annual
Record Date:  APR 21, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Gary Hromadko             For       For        Management
1.2   Elect  Director Scott Kriens              For       Withhold   Management
1.3   Elect  Director Andrew Rachleff           For       For        Management
1.4   Elect  Director Dennis Raney              For       For        Management
1.5   Elect  Director Peter Van Camp            For       For        Management
1.6   Elect  Director Michelangelo Volpi        For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Approve Employee Stock Purchase Plan      For       Against    Management
4     Amend Omnibus Stock Plan                  For       For        Management


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GLOBIX CORP.

Ticker:       GBIXQ          Security ID:  37957F200
Meeting Date: FEB 24, 2004   Meeting Type: Annual
Record Date:  JAN 16, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Peter K. Stevenson         For       For        Management
1.2   Elect Director Peter S. Brodsky           For       For        Management
1.3   Elect Director Peter L. Herzig            For       For        Management
1.4   Elect Director Steven Lampe               For       For        Management
1.5   Elect Director Steven G. Singer           For       For        Management
1.6   Elect Director Raymond Steele             For       For        Management
1.7   Elect Director Steven A. Van Dyke         For       For        Management
2     Amend Stock Option Plan                   For       For        Management


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MANITOWOC COMPANY, INC., THE

Ticker:       MTW            Security ID:  563571108
Meeting Date: MAY 4, 2004    Meeting Type: Annual
Record Date:  FEB 25, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert C. Stift           For       Withhold   Management
1.2   Elect  Director Virgis W. Colbert         For       Withhold   Management
1.3   Elect  Director Kenneth W. Krueger        For       Withhold   Management
2     Approve Non-Employee Director Omnibus     For       For        Management
      Stock Plan


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MCLEODUSA INC.

Ticker:       MCLDQ          Security ID:  582266805
Meeting Date: MAY 21, 2004   Meeting Type: Annual
Record Date:  MAR 25, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas M. Collins         For       For        Management
1.2   Elect  Director Chris A. Davis            For       For        Management
2     Ratify Auditors                           For       For        Management


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MICROCELL TELECOMMUNICATION

Ticker:       MT.B           Security ID:  59501T882
Meeting Date: MAY 5, 2004    Meeting Type: Annual/Special
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Ratify Ernst & Young as Auditors and  For       For        Management
      Authorise Board to Fix Remuneration of
      Auditors.
2     The Resolution to Confirm the General     For       For        Management
      By-Law of the Corporation.
3     Confirm the Expiration Time Under the     For       For        Management
      Shareholder Rights Plan of the
      Corporation.
4     Amend Stock Option Plan                   For       For        Management


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NTL INCORPORATED

Ticker:       NTLI           Security ID:  62940M104
Meeting Date: MAY 6, 2004    Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jeffrey D. Benjamin       For       For        Management
1.2   Elect  Director David Elstein             For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Approve Executive Incentive Bonus Plan    For       For        Management
5     Approve Share Plan Grant                  For       For        Management


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ORBITAL SCIENCES CORP.

Ticker:       ORB            Security ID:  685564106
Meeting Date: APR 30, 2004   Meeting Type: Annual
Record Date:  MAR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Edward F. Crawley         For       Withhold   Management
1.2   Elect  Director Lennard A. Fisk           For       Withhold   Management
1.3   Elect  Director Garrett E. Pierce         For       Withhold   Management
1.4   Elect  Director David W. Thompson         For       Withhold   Management


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PIONEER COMPANIES, INC.

Ticker:       PONR           Security ID:  723643300
Meeting Date: MAY 13, 2004   Meeting Type: Annual
Record Date:  APR 6, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director David N. Weinstein        For       For        Management
1.2   Elect  Director Michael Y. Mcgovern       For       For        Management
1.3   Elect  Director Marvin E. Lesser          For       For        Management
1.4   Elect  Director Gary L. Rosenthal         For       For        Management
1.5   Elect  Director Charles L. Mears          For       For        Management
2     Ratify Auditors                           For       For        Management


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POLYMER GROUP, INC.

Ticker:       POLGA          Security ID:  731745204
Meeting Date: MAY 5, 2004    Meeting Type: Annual
Record Date:  APR 14, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Pedro Arias               For       Withhold   Management
1.2   Elect  Director Ramon Betolaza            For       Withhold   Management
1.3   Elect  Director Lap Wai Chan              For       Withhold   Management
1.4   Elect  Director William B. Hewitt         For       Withhold   Management
1.5   Elect  Director Eugene Linden             For       Withhold   Management
1.6   Elect  Director James Ovenden             For       Withhold   Management
1.7   Elect  Director Michael Watzky            For       Withhold   Management
2     Approve Stock Option Plan                 For       For        Management
3     Approve Restricted Stock Plan             For       For        Management


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PTV INC.

Ticker:       PTVI           Security ID:  62940R202
Meeting Date: JAN 27, 2004   Meeting Type: Special
Record Date:  DEC 9, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Reverse Stock Split               For       Abstain    Management
2     Change Company Name                       For       For        Management


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SIENA HOLDINGS, INC.

Ticker:                      Security ID:  826203101
Meeting Date: NOV 10, 2003   Meeting Type: Special
Record Date:  OCT 14, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Reverse Stock Split               For       For        Management
2     Reduce Authorized Common Stock            For       For        Management


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STERLING CHEMICALS, INC.

Ticker:       SCHI           Security ID:  859166100
Meeting Date: APR 16, 2004   Meeting Type: Annual
Record Date:  MAR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard K. Crump          For       For        Management
1.2   Elect  Director Peter Ting Kai Wu         For       For        Management
2     Ratify Auditors                           For       For        Management


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TELEWEST COMMUNICATIONS PLC

Ticker:                      Security ID:  XS0109484799
Meeting Date: JUN 1, 2004    Meeting Type: Bondholder
Record Date:  APR 30, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Scheme of Arrangement to be       For       For        Management
      Proposed to be Made Between the Company
      and the Telewest Scheme Creditors


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UNITEDGLOBAL.COM INC

Ticker:       UCOMA          Security ID:  913247508
Meeting Date: FEB 11, 2004   Meeting Type: Special
Record Date:  JAN 21, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Amend Stock Option Plan                   For       Against    Management


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VIATEL HOLDING BERMUDA LTD

Ticker:                      Security ID:  G93447103
Meeting Date: APR 6, 2004    Meeting Type: Special
Record Date:  FEB 19, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     RESOLVED THAT, IMMEDIATELY ON CLOSING (AS For       For        Management
      DEFINED IN THE CHAIRMAN S LETTER
      ACCOMPANYING THE NOTICE OF THE SPECIAL
      GENERAL MEETING (THE  CHAIRMAN S LETTER
      )) TAKING PLACE, THE SHARE CAPITAL OF THE
      COMPANY BE AND IS HEREBY INCREASED FROM
      U.S. $1,000,000 TO
2     RESOLVED THAT, IMMEDIATELY ON CLOSING     For       For        Management
      TAKING PLACE, ONE UNISSUED COMMON SHARE
      OF THE COMPANY BE AND IS HEREBY
      REDESIGNATED AS A SPECIAL SHARE WITH THE
      RIGHTS TO BE INCORPORATED INTO THE
      BYE-LAWS OF THE COMPANY UPON APPROVAL OF
      RESOLUTION 3 BELOW.
3     RESOLVED THAT, IMMEDIATELY ON CLOSING     For       For        Management
      TAKING PLACE, THE BYE-LAWS OF THE COMPANY
      BE AND ARE HEREBY AMENDED AS SET OUT IN
      SCHEDULE 1 TO THE NOTICE OF THE SPECIAL
      GENERAL MEETING AND OTHERWISE AS PROPOSED
      BY THE CHAIRMAN AT THE SPECIAL GENERAL
      MEETING CONSI
4     RESOLVED THAT, IMMEDIATELY ON CLOSING     For       For        Management
      TAKING PLACE, THE BYE-LAWS OF THE COMPANY
      BE AND ARE HEREBY AMENDED AS SET OUT IN
      SCHEDULE 2 TO THE NOTICE OF THE SPECIAL
      GENERAL MEETING.


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VIATEL HOLDING BERMUDA LTD

Ticker:                      Security ID:  G93447103
Meeting Date: DEC 29, 2003   Meeting Type: Annual
Record Date:  NOV 21, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports (Voting)
2     Ratify Deloitte and Touche (London) as    For       For        Management
      Auditors
3     Amend Bylaws  Re: Quorum Requirements,    For       Against    Management
      Meeting Notices Alternate Directors and
      Proposals Consistent With Chairman's
      Letter
4a    Determine Number of Directors             For       For        Management
4b    Elect Directors                           For       For        Management
4c    Approve Alternate Auditors                For       For        Management
4d    Authorize Directors to Appoint Alternate  For       For        Management
      Directors as and When They Deem Fit
4e    Approve Remuneration of Directors         For       For        Management


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XO COMMUNICATIONS, INC.

Ticker:       XOCM           Security ID:  983764838
Meeting Date: MAY 27, 2004   Meeting Type: Annual
Record Date:  APR 16, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Carl C. Icahn             For       Withhold   Management
1.2   Elect  Director Carl J. Grivner           For       Withhold   Management
1.3   Elect  Director Andrew R. Cohen           For       Withhold   Management
1.4   Elect  Director Adam Dell                 For       Withhold   Management
1.5   Elect  Director Vincent J. Intrieri       For       Withhold   Management
1.6   Elect  Director Keith Meister             For       Withhold   Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management






                                         SIGNATURES

Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant):                 Oppenheimer High Yield Fund

By (Signature and Title)*:    /s/ John V. Murphy
                              ------------------
                              John V. Murphy, President

Date:                   August 26, 2004

*By:  /s/ Tane Tyler
      --------------
      Tane Tyler, Attorney in Fact