<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 0000701265
000 D000000 N
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000 J000000 U
001 A000000 OPPENHEIMER INTEGRITY FUNDS
001 B000000 811-3420
001 C000000 3037683200
002 A000000 6803 SOUTH TUCSON WAY
002 B000000 ENGLEWOOD
002 C000000 CO
002 D010000 80112
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C020500 OPPENHEIMER BOND FUND
007 C030500 N
007 C010600 6
007 C010700 7
007 C020700 OPPENHEIMER VALUE STOCK FUND
007 C030700 Y
007 C010800 8
007 C010900 9
007 C011000 10
020 A000001 BERNSTEIN (SANFORD C) & CO., INC.
020 B000001 13-2625874
020 C000001 23
020 A000002 FIRST BOSTON CORP (THE)
020 B000002 13-5659485
020 C000002 11
020 A000003 CONNING & CO.
020 B000003 06-0384081
020 C000003 8
020 A000004 INTERSTATE JOHNSON LANE CORP.
020 B000004 56-0276690
020 C000004 8
020 A000005 PAINEWEBBER, INC.
020 B000005 13-2638166
020 C000005 7
<PAGE> PAGE 2
020 A000006 SCHRODER WERTHEIM & CO., INC.
020 B000006 13-2697272
020 C000006 6
020 A000007 DEUTSCHE BANK
020 B000007 13-2730828
020 C000007 5
020 A000008 NATHAN & LEWIS SECURITIES, INC.
020 B000008 13-3039201
020 C000008 5
020 A000009 DONALDSON, LUFKIN & JENRETTE
020 B000009 13-2741729
020 C000009 4
020 A000010 JP DUNLEVY
020 B000010 13-2919975
020 C000010 4
021 000000 108
022 A000001 ZION FIRST NATIONAL BANK
022 B000001 87-0189025
022 C000001 988200
022 D000001 0
022 A000002 SALOMON BROTHERS, INC.
022 B000002 13-3082694
022 C000002 361705
022 D000002 370970
022 A000003 MORGAN GUARANTY TRUST CO.
022 B000003 13-5123346
022 C000003 699800
022 D000003 0
022 A000004 PAINEWEBBER, INC.
022 B000004 13-2638166
022 C000004 584504
022 D000004 9722
022 A000005 LEHMAN BROTHERS, INC.
022 B000005 13-2518466
022 C000005 218992
022 D000005 148501
022 A000006 GOLDMAN, SACHS & CO.
022 B000006 13-5108880
022 C000006 313711
022 D000006 17813
022 A000007 MERRILL LYNCH, PIERCE, FENNER, & SMITH, INC.
022 B000007 13-5674085
022 C000007 75656
022 D000007 58431
022 A000008 GREENWICH SECURITIES, INC.
022 B000008 13-2697091
022 C000008 38121
022 D000008 22414
022 A000009 MORGAN STANLEY & CO., INC.
022 B000009 13-2655998
022 C000009 32420
<PAGE> PAGE 3
022 D000009 23248
022 A000010 BEAR STEARNS & CO., INC.
022 B000010 13-3299429
022 C000010 28440
022 D000010 26177
023 C000000 3435704
023 D000000 788711
077 A000000 Y
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077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 Y
077 K000000 N
077 L000000 N
077 M000000 Y
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE
080 C00AA00 85000
081 A00AA00 Y
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084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
028 A010500 4062
028 A020500 -1
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028 A040500 4507
028 B010500 5087
028 B020500 897
028 B030500 0
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028 C020500 962
028 C030500 0
028 C040500 4091
<PAGE> PAGE 4
028 D010500 4969
028 D020500 845
028 D030500 0
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028 E010500 7319
028 E020500 976
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028 F010500 7766
028 F020500 1901
028 F030500 0
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028 G010500 33409
028 G020500 5580
028 G030500 0
028 G040500 25487
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029 000500 Y
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030 B000500 4.75
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031 B000500 0
032 000500 212
033 000500 0
034 000500 Y
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036 A000500 N
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042 A000500 0
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042 D000500 100
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<PAGE> PAGE 5
048 E010500 200000
048 E020500 0.600
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048 I020500 0.000
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048 K010500 1000000
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055 A000500 N
055 B000500 N
056 000500 N
057 000500 N
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062 F000500 0.0
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062 R000500 1.4
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064 A000500 Y
064 B000500 N
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070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 Y
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 Y
070 F010500 Y
<PAGE> PAGE 6
070 F020500 N
070 G010500 Y
070 G020500 Y
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 Y
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 Y
070 P020500 Y
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 150141
071 B000500 134091
071 C000500 265346
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<PAGE> PAGE 7
072 W000500 16
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074 B000500 5200
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028 A010700 2648
028 A020700 23777
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<PAGE> PAGE 8
028 A040700 2626
028 B010700 0
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028 G020700 23777
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<PAGE> PAGE 9
048 000700 0.000
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056 000700 N
057 000700 N
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<PAGE> PAGE 10
070 C010700 N
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 N
070 M010700 Y
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 26469
071 B000700 54915
071 C000700 193616
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<PAGE> PAGE 11
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<PAGE> PAGE 12
074 Y000700 0
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 701265
<NAME> OPPENHEIMER BOND FUND-A
<SERIES>
<NUMBER> 5
<NAME> OPPENHEIMER INTEGRITY FUNDS
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1997
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 701265
<NAME> OPPENHEIMER BOND FUND-B
<SERIES>
<NUMBER> 5
<NAME> OPPENHEIMER INTEGRITY FUNDS
<S> <C>
<PERIOD-TYPE> 6-MOS
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<NET-CHANGE-IN-ASSETS> (7,754,810)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 701265
<NAME> OPPENHEIMER BOND FUND-C
<SERIES>
<NUMBER> 5
<NAME> OPPENHEIMER INTEGRITY FUNDS
<S> <C>
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<NET-CHANGE-IN-ASSETS> (7,754,810)
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<GROSS-EXPENSE> 1,629,892
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<PER-SHARE-NAV-BEGIN> 10.70
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<EXPENSE-RATIO> 2.02
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 701265
<NAME> OPPENHEIMER VALUE STOCK FUND - CLASS A
<SERIES>
<NUMBER> 7
<NAME> OPPENHEIMER INTEGRITY FUNDS
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> DEC-31-1997
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 240
<ACCUM-APPREC-OR-DEPREC> 79,130,574
<NET-ASSETS> 178,988,995
<DIVIDEND-INCOME> 2,558,934
<INTEREST-INCOME> 473,670
<OTHER-INCOME> 0
<EXPENSES-NET> 1,727,797
<NET-INVESTMENT-INCOME> 1,304,807
<REALIZED-GAINS-CURRENT> 28,025,217
<APPREC-INCREASE-CURRENT> 13,425,030
<NET-CHANGE-FROM-OPS> 42,755,053
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,267,246
<DISTRIBUTIONS-OF-GAINS> 22,424,172
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 750,901
<NUMBER-OF-SHARES-REDEEMED> 560,784
<SHARES-REINVESTED> 815,472
<NET-CHANGE-IN-ASSETS> 47,449,978
<ACCUMULATED-NII-PRIOR> 23,659
<ACCUMULATED-GAINS-PRIOR> 1,614,614
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 873,016
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,727,797
<AVERAGE-NET-ASSETS> 160,383,960
<PER-SHARE-NAV-BEGIN> 20.33
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> 4.25
<PER-SHARE-DIVIDEND> 0.17
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<PER-SHARE-NAV-END> 21.58
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> OPPENHEIMER VALUE STOCK FUND - CLASS B
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<NAME> OPPENHEIMER INTEGRITY FUNDS
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<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
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<INVESTMENTS-AT-VALUE> 243,554,606
<RECEIVABLES> 306,647
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<OTHER-ITEMS-ASSETS> 286,792
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<OTHER-ITEMS-LIABILITIES> 30,328,370
<TOTAL-LIABILITIES> 30,328,370
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 134,761,521
<SHARES-COMMON-STOCK> 2,574,185
<SHARES-COMMON-PRIOR> 1,988,443
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<DISTRIBUTIONS-OF-INCOME> 170,735
<DISTRIBUTIONS-OF-GAINS> 6,787,231
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<NUMBER-OF-SHARES-SOLD> 497,933
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<SHARES-REINVESTED> 306,326
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<AVG-DEBT-PER-SHARE> 0.00
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<NAME> OPPENHEIMER VALUE STOCK FUND - CLASS C
<SERIES>
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<NAME> OPPENHEIMER INTEGRITY FUNDS
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<PERIOD-END> JUL-24-1997
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<INVESTMENTS-AT-VALUE> 243,554,606
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INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of
Oppenheimer Bond Fund:
In planning and performing our audit of the financial statements of Oppenheimer
Bond Fund (Fund) for the year ended December 31, 1997 (on which we have issued
our report dated January 23, 1998), we considered its internal control,
including control activities for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR, not to
provide assurance on the Fund's internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
control. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the Fund's internal control would not necessarily disclose
all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that errors or fraud in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the Fund's internal
control, including controls for safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31, 1997.
This report is intended solely for the information and use of management, the
Board of Trustees and the Securities and Exchange Commission.
January 23, 1998
The Fund adjusts the classification of distributions to shareholders to
reflect the differences between financial statement amounts and distributions
determined in accordance with income tax regulations. Accordingly, during the
year ended December 31, 1997, amounts have been reclassified to reflect a
decrease in undistributed net investment income of $32,669, an increase in
accumulated net realized loss of $870,459 and an increase in paid-in capital of
$903,128.
ACQUISITION OF OPPENHEIMER VALUE STOCK FUND
On July 25, 1997, Oppenheimer Disciplined Value Fund acquired all the net assets
of Oppenheimer Value Stock, pursuant to an agreement and plan of reorganization
approved by the Oppenheimer Value Stock Fund shareholders on July 21, 1997. The
Fund issued 7,652,373, 2,351,076 and 150,017 shares of beneficial interest for
Class A, Class B and Class C, respectively, valued at $178,988,994, $55,109,219,
and $3,478,897, in exchange for the net assets, resulting in combined Class A
net assets of $356,598,856, Class B net assets of $74,391,341 and Class C net
assets of $8,707,171 on July 25, 1997. The net assets acquired included net
unrealized appreciation of $79,130,574. The exchange qualified as a tax-free
reorganization for federal income tax purposes.