Legg Mason Opportunity Trust

Investment Objective

Long-term capital growth.

Investment Strategy

Investing where the opportunities are

Invests with a flexible strategy and is not restrained by investment style, type of security, industry sector, location, size or market capitalization.

Investment Risks

Market risk

The risk that prices of securities will go down because of the interplay of market forces.

Investment-style risk

Investment in shares of this fund is more volatile and risky than some other forms of investment. Investments in securities that involve special circumstances may involve greater risks of loss than investments in securities of well-established companies with a history of consistent operating patterns. The Fund may suffer significant losses on assets that the fund sells short. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short. This Fund can invest in debt securities, which can be subject to interest rate, credit, and inflation risk.

Non-diversification risk

As a "non diversified" fund, an investment in the Fund will entail greater price risk than an investment in a diversified fund because a higher percentage of investments among fewer issuers may result in greater fluctuation in the total market value of the Fund's portfolio.

Foreign, small and mid-sized securities risk

International investments are subject to currency fluctuations, social, economic and political risks.

Smaller companies may involve higher risk than a fund that invests in larger, more established companies.

Concentration risk

The Fund may focus its investments in certain regions or industries, thereby increasing its potential vulnerability to market volatility.

Bond risk

Bonds are subject to a variety of risks including interest rate, credit and inflation risk. As interest rates rise, bond prices fall, reducing the value of a fixed-income investment.

Investment Management

Managed by Legg Mason Capital Management

• Since 1982, invests in companies that appear to be selling at significant discounts to their intrinsic value.
• The Fund is managed by Bill Miller, who has over 26 years of investment industry experience.

Update from Bill Miller