[Federal Register Volume 61, Number 131 (Monday, July 8, 1996)]
[Notices]
[Pages 35820-35821]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-17252]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 22049; 811-5966]


Oppenheimer Global Environment Fund; Notice of Application

July 1, 1996.
AGENCY: Securities and Exchange Commission (``SEC'').

ACTION: Notice of Application for Deregistration under the Investment 
Company Act of 1940 (the ``Act'').

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APPLICANT: Oppenheimer Global Environment Fund.

RELEVANT ACT SECTION: Section 8(f).

SUMMARY OF APPLICATION: Applicant requests an order declaring that it 
has ceased to be an investment company.

FILING DATES: The application was filed on February 12, 1996, and 
amended on June 24, 1996.

HEARING OR NOTIFICATION OF HEARING: An order granting the application 
will be issued unless the SEC orders a hearing. Interested persons may 
request a hearing by writing to the SEC's Secretary and serving 
applicant with a copy of the request, personally or by mail. Hearing 
requests should be received by the SEC by 5:30 p.m. on July 26, 1996 
and should be accompanied by proof of service on the applicant, in the 
form of an affidavit or, for lawyers, a certificate of service. Hearing 
requests should state the nature of the writer's interest, the reason 
for the request, and the issues contested. Persons may request 
notification of a hearing by writing to the SEC's Secretary.

ADDRESSES: Secretary, SEC, 450 5th Street, N.W., Washington, D.C. 
20549. Applicant, Two World Trade Center, New York, New York 10048-
0203.

FOR FURTHER INFORMATION CONTACT:
Sarah A. Buescher, Staff Attorney, at (202) 942-0573, or Robert A. 
Robertson, Branch Chief, at (202) 942-0564 (Division of Investment 
Management, Office of Investment Company Regulation).

SUPPLEMENTARY INFORMATION: The following is a summary of the 
application. The complete application may be obtained for a fee from 
the SEC's Public Reference Branch.

Applicant's Representations

    1. Applicant is an open-end management investment company organized 
as a Massachusetts business trust. On November 22, 1989, applicant 
filed a registration statement on Form N-1A pursuant to section 8(b) of 
the Act and under the Securities Act of 1933 to register its shares. 
The registration statement became effective on March 1, 1990, and the 
initial public offering commenced on or about the same date.
    2. On June 16, 1994, applicant's board of trustees adopted an 
Agreement and Plan of Reorganization (the ``Reorganization Plan'') 
whereby applicant would exchange its net assets for shares of 
Oppenheimer Global Emerging Growth Fund (``OGEGF''), a registered, 
open-end management investment company, and the OGEGF shares would be 
distributed pro rata to applicant's shareholders.
    3. On August 16, 1994, applicant filed a proxy statement with the 
SEC that was declared effective on September 19, 1994. Applicant's 
shareholders approved the Reorganization Plan on November 11, 1994.
    4. At the close of business on November 17, 1994, immediately 
preceding effectiveness of the Reorganization Plan, applicant had 
2,815,907.520 shares outstanding. As of that date, applicant's 
aggregate net assets were $27,636,863.83, and the net asset value per 
share was $9.81. In exchange for 1,540,515.42 shares of OGEGF, 
applicant transferred to OGEGF its assets less liabilities with respect 
to: (a) amounts payable for portfolio securities purchased but not yet 
settled; (b) a cash reserve retained for the payment of the expenses of 
applicant's dissolution and its liabilities; (c) deferred trustee 
amounts; and (d) capital stock. Pursuant to the Reorganization Plan, 
applicant received that number of OGEGF shares having an aggregate net 
asset value equal to the value of applicant's net assets.
    5. On November 18, 1994, the reorganization was consummated. 
Applicant was subsequently liquidated and applicant's shareholders 
received pro rata the OGEGF shares received by applicant pursuant to 
the reorganization.

[[Page 35821]]

    6. The expenses borne by applicant pursuant to the reorganization 
totalled $46,775. These expenses included the cost of printing and 
mailing proxies and proxy statements, a portion of the cost of the tax 
opinion, with the remainder paid by OGEGF, as well as legal, 
accounting, and transfer agency expenses. Applicant's share of the 
expenses was paid from its cash reserve.
    7. As of the date of the filing of the application, applicant has 
no assets, and no outstanding debts or liabilities. Applicant has no 
shareholders and is not a party to any litigation or administrative 
proceeding. Applicant is not presently engaged in, nor does it propose 
to engage in, any business activities other than those necessary for 
the winding-up of its affairs.
    8. Applicant filed a termination of trust with Massachusetts 
authorities on June 26, 1995.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 96-17252 Filed 7-5-96; 8:45 am]
BILLING CODE 8010-01-M