OPPENHEIMER GLOBAL ENVIRONMENT FUND
Supplement dated June 16, 1994 to the
Prospectus dated February 1, 1994
The Prospectus dated February 1, 1994 of Oppenheimer Global Environment
Fund (the "Fund") is hereby amended by adding the following paragraphs at
the end of "Management of the Fund" on page 11 thereof:
The Board of Trustees has determined that it is in the best
interest of shareholders of the Fund that the Fund reorganize
with and into a mutual fund to be named Oppenheimer Global Small
Cap Fund ("Small Cap"), currently Oppenheimer Global Bio-Tech
Fund ("Bio-Tech"), which fund, subject to shareholder approval
as described below, is expected to invest primarily in equity
issues of small capitalization issuers located worldwide. At
a meeting held on June 16, 1994, the Board unanimously approved
the terms of an agreement and plan of reorganization to be
entered into between the Fund and Small Cap (the "reorganization
plan") and the transactions contemplated thereby (the
"reorganization") and 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 the fundamental investment policy of Bio-Tech
that 65% of its assets be invested in biotechnology companies,
thereby permitting the fund to concentrate its investments in
issues of a variety of small cap companies. It is contemplated
that, pursuant to the reorganization plan, (i) substantially all
of the assets of the Fund would be exchanged for shares of Small
Cap, (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.
Information about the proposed reorganization 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 16, 1994 PS250
