OPPENHEIMER GLOBAL ENVIRONMENT FUND
Supplement dated June 24, 1994 to the
Prospectus dated February 1, 1994
The Prospectus is amended as follows:
1. The Prospectus supplement dated June 16, 1994 is hereby replaced with
this supplement.
2. The following paragraphs are added at the end of "Management of the
Fund" on page 11:
The Fund's Board of Trustees has determined that it is in the
best interest of the Fund's shareholders that the Fund
reorganize with and into Oppenheimer Global Bio-Tech Fund ("Bio-
Tech"), following Bio-Tech's change in fundamental investment
policy (as described below), and unanimously approved the terms
of an agreement and plan of reorganization to be entered into
between these funds (the "reorganization plan") and the
transactions contemplated thereby (the "reorganization"). The
Board further determined that the reorganization should be
recommended to the Fund's shareholders for approval.
The reorganization will be conditioned upon, among other things,
the prior approval by the shareholders of Bio-Tech of the
elimination of that fund's fundamental investment policy that
65% of its assets be invested in biotechnology companies,
thereby permitting the fund to emphasize investments in a
variety of emerging growth companies located worldwide. If Bio-
Tech shareholders approve the change in investment policy, Bio-
Tech's name will be changed accordingly. It is contemplated
that, pursuant to the reorganization plan, (i) substantially all
of the assets of the Fund would be exchanged for shares of Bio-
Tech, as changed, (ii) these shares would be distributed among
the shareholders of the Fund, (iii) the Fund would be
liquidated, and (iv) the outstanding shares of the Fund would
be cancelled. The reorganization is contemplated to be tax-
free, pursuant to Section 368(a)(1) of the Internal Revenue Code
of 1986, as amended, and the Fund will request an opinion of tax
counsel to that effect.
A meeting of the shareholders of the Fund with respect to the
reorganization is expected to be held on November 4, 1994 unless
otherwise determined by the Fund's Board of Trustees. The
affirmative vote of a majority of the outstanding shares (as
defined in the Investment Company Act) of the Fund is required
for approval of the reorganization, including the reorganization
plan. There can be no assurance that the shareholders of Bio-
Tech will approve the proposed change to that fund, nor that the
Fund's shareholders will approve the reorganization. Details
about the proposed reorganization, including information
concerning the changes to Bio-Tech as approved by that fund's
shareholders, will be contained in a proxy statement and other
soliciting materials to be sent to the Fund's shareholders of
record on September 8, 1994, the record date for the shareholder
meeting. Shareholders of the Fund that first acquired Fund
shares after the record date for the shareholder meeting will
not be entitled to vote on the reorganization.
June 24, 1994 PS250
