April 2, 1996
Salomon Brothers
Opportunity Fund Inc
Dear Shareholder:
The net asset value of each of your shares at February 29, 1996 was $37.81,
equivalent to $39.74 assuming the distributions from income and capital gains
paid in December 1995 were reinvested in additional shares of the Fund. This
represented an increase of 11.2% from $35.75 on August 31, 1995, compared with
an increase of 15.3% for the Standard & Poor's Index of 500 Stocks.
At February 29, 1996, the Fund was 86.9% invested in common stocks; 13.1% of the
Fund's net assets was held in cash or its equivalent.
On the following pages you will find unaudited financial statements of the Fund
at February 29, 1996 and an unaudited list of portfolio changes for the six
months ended on that date.
If you would like to open an IRA or have any questions about the Fund, please
call 1-800-SALOMON (1-800-725-6666).
We appreciate the confidence you have demonstrated in the past and hope to
continue to serve you in future years.
Cordially,
Irving Brilliant
President and Portfolio Manager
Page 1
<PAGE>
SALOMON BROTHERS OPPORTUNITY FUND INC
Results of an Investment in Salomon Brothers Opportunity Fund Inc
The average annual total return over the periods indicated below shows the
average annual percentage change in value of an investment in the Fund from the
beginning of the measuring period to the end of the measuring period. These
figures represent past performance; they reflect changes in the price of the
Fund's shares and assume that any income dividends and/or capital gain
distributions made by the Fund during the period were reinvested in additional
shares of the Fund. Investment return and share price of the Fund will
fluctuate. Shares when redeemed may be worth more or less than original cost.
When considering "average" total return figures for periods longer than one
year, it is important to note that the Fund's annual total return for any one
year in the period might have been greater or less than the average for the
entire period.
The Fund's average annual total return for the periods indicated was as follows:
+30.39% for the one-year period beginning March 1, 1995 and ended February 29,
1996;
+15.54% for the five-year period beginning March 1, 1991 and ended February 29,
1996;
+11.75% for the ten-year period beginning March 1, 1986 and ended February 29,
1996.
Portfolio Changes six months ended February 29, 1996 (unaudited)
(Left Column)
Additions+
- ----------------------------------------------------
Shares
Increased
---------
ASARCO .................................. 5,000(1)
Amcast Industrial ....................... 8,500(1)
Apple Computer .......................... 10,000(1)
Archer-Daniels-Midland .................. 5,000
Champion International .................. 5,000(1)
Delphi Financial Group, Class A ......... 7,000(1)
First Chicago NBD ....................... 57,920(1)*
Forest City Enterprises,
Class B, Conv. ........................ 3,000
Kansas City Life Insurance .............. 1,100
Micron Technology ....................... 5,000(1)
National Semiconductor .................. 10,000(1)
Overseas Shipholding Group .............. 6,000
Pharmacia & Upjohn ...................... 25,375(1)**
TRC Companies ........................... 5,000
Tecumseh Products, Class B .............. 400
UNUM .................................... 4,100
Wellpoint Health Networks ............... 12,600
(Right Column)
Reductions
- ----------------------------------------------------
Shares
Decreased
---------
Abbott Laboratories ..................... 10,400(2)
Allmerica Property & Casualty
Companies ............................. 20,000
American Maize Products, Class A ........ 28,200(2)
American President Companies ............ 2,000
Applied Bioscience ...................... 20,000(2)
CBS ..................................... 32,640(2)
First Chicago ........................... 32,000(2)
International Business Machines ......... 11,500
Kemper .................................. 5,000(2)
KeyCorp. ................................ 12,000
Kollmorgen .............................. 6,000
Leucadia National ....................... 8,000
Medeva-- ADR ............................ 3,300
Merck ................................... 10,000
New Germany Fund ........................ 40,382
Newmont Mining .......................... 3,900
NovaCare ................................ 5,000(2)
OMI ..................................... 4,000
Plantronics ............................. 1,500
Roosevelt Financial Group ............... 10,000(2)
Salomon ................................. 3,500
Stone Container ......................... 4,000
Tecumseh Products, Class A .............. 2,100
Upjohn .................................. 17,500(2)
(1) New addition (2) Elimination
+This list excludes changes resulting entirely from stock dividends and stock
splits.
*Received from merger with First Chicago.
**Received from merger with Upjohn.
Page 2
<PAGE>
SALOMON BROTHERS OPPORTUNITY FUND INC
Statement of Net Assets February 29, 1996 (unaudited)
Common Stocks -- 86.9% of Net Assets
- --------------------------------------------------------------------------------
Value
Shares Cost (Note 1a)
- --------------------------------------------------------------------------------
Banks - 13.0%
242,244 Bank of New York ........................... $ 2,721,411 $12,566,408
16,000 Bankers Trust NY ........................... 749,567 1,034,000
23,000 BanPonce ................................... 701,900 1,012,000
7,200 Boatmen's Bancshares ....................... 31,193 282,600
57,920 First Chicago NBD .......................... 640,114 2,512,280
20,000 First Hawaiian ............................. 517,800 565,000
15,000 KeyCorp .................................... 85,053 564,375
5,500 Mercantile Bancorporation .................. 45,630 247,500
----------- -----------
5,492,668 18,784,163
----------- -----------
Basic Industry - 6.4%
5,000 ASARCO ..................................... 157,800 149,375
8,500 Amcast Industrial .......................... 158,449 153,000
6,400 Boise Cascade .............................. 271,584 225,600
5,000 Champion International ..................... 200,300 200,000
10,300 Crown Crafts ............................... 160,668 101,713
17,100 Monsanto ................................... 1,050,825 2,302,087
18,000 NL Industries .............................. 199,350 249,750
11,077 Newmont Mining ............................. 289,765 630,004
14,000 Rayonier ................................... 404,730 479,500
4,000 Stone Container ............................ 70,240 55,000
53,000 TRC Companies* ............................. 382,534 371,000
43,600 Tecumseh Products, Class A ................. 1,208,877 2,463,400
35,000 Tecumseh Products, Class B ................. 1,417,755 1,846,250
----------- -----------
5,972,877 9,226,679
----------- -----------
Biotechnology & Drugs - 1.9%
14,000 Genzyme* ................................... 394,906 966,000
30,800 Medeva--ADR ................................ 301,498 465,850
5,000 Merck ...................................... 164,800 331,250
25,375 Pharmacia & Upjohn ......................... 507,497 1,062,578
----------- -----------
1,368,701 2,825,678
----------- -----------
Construction - 1.2%
26,700 Ameron ..................................... 526,254 1,041,300
34,250 Liberty Homes, Class A ..................... 435,000 389,594
24,750 Liberty Homes, Class B ..................... 325,687 259,875
----------- -----------
1,286,941 1,690,769
----------- -----------
Consumer Goods - 5.1%
60,000 Alexander & Baldwin ........................ 600,854 1,410,000
4,729 Ames Department Stores, Warrants, Series C* 4,729 3,842
26,000 Archer-Daniels-Midland ..................... 399,000 500,500
19,400 El Chico Restaurants* ...................... 60,625 169,750
6,000 McKesson ................................... 191,250 313,500
3,000 Paragon Trade Brands* ...................... 105,930 75,750
100,000 Philips Electronics N.V .................... 1,281,995 4,137,500
31,500 Waban* ..................................... 332,240 708,750
----------- -----------
2,976,623 7,319,592
----------- -----------
Page 3
<PAGE>
SALOMON BROTHERS OPPORTUNITY FUND INC
Statement of Net Assets February 29, 1996 (continued)
Common Stocks (continued)
- --------------------------------------------------------------------------------
Value
Shares Cost (Note 1a)
- --------------------------------------------------------------------------------
Energy - 7.8%
14,000 Gilbert Associates, Class A ................ $ 157,790 $ 187,250
31,000 Global Industrial Technologies* ............ 284,013 724,625
28,000 Murphy Oil ................................. 859,865 1,169,000
67,000 Royal Dutch Petroleum, 5 Guilder ........... 1,664,599 9,229,250
----------- -----------
2,966,267 11,310,125
Finance - 11.5%
36,000 Federal Home Loan Mortgage ................. 472,360 2,970,000
61,800 Leucadia National .......................... 165,752 1,645,425
118,000 Loews ...................................... 2,610,514 10,030,000
40,000 New Germany Fund ........................... 372,277 505,000
48,000 Pioneer Group .............................. 167,500 1,392,000
3,600 Salomon .................................... 61,002 137,250
----------- -----------
3,849,405 16,679,675
----------- -----------
Health Care - 2.6%
5,250 Bergen Brunswig, Class A ................... 96,675 126,656
40,000 Foundation Health* ......................... 918,398 1,560,000
8,095 Horizon/CMS Healthcare* .................... 123,392 192,256
30,000 Humana* .................................... 323,425 735,000
8,000 Magellan Health Services* .................. 164,980 191,000
30,000 Wellpoint Health Networks* ................. 863,125 1,016,250
----------- -----------
2,489,995 3,821,162
----------- -----------
Insurance-Life, Accident & Health - 5.1%
7,500 American International Group ............... 440,675 724,688
12,000 Aon ........................................ 293,390 624,000
7,000 Delphi Financial Group, Class A* ........... 136,500 174,125
37,125 Fremont General ............................ 571,662 872,438
4,900 Kansas City Life Insurance ................. 241,188 288,487
6,000 Protective Life ............................ 136,431 210,750
10,000 Provident Companies ........................ 180,500 338,750
46,000 UNUM ....................................... 644,644 2,708,250
45,000 USLIFE ..................................... 614,841 1,361,250
3,000 Western National ........................... 36,180 46,875
----------- -----------
3,296,011 7,349,613
----------- -----------
Page 4
<PAGE>
SALOMON BROTHERS OPPORTUNITY FUND INC
Statement of Net Assets February 29, 1996 (continued)
Common Stocks (continued)
- --------------------------------------------------------------------------------
Value
Shares Cost (Note 1a)
- --------------------------------------------------------------------------------
Insurance-Property & Casualty - 19.2%
40,000 Allmerica Property & Casualty Companies .... $ 703,493 $ 1,030,000
29,000 CNA Financial* ............................. 653,411 3,371,250
164,000 Chubb ...................................... 2,802,937 15,928,500
40,000 Merchants Group ............................ 600,000 725,000
13,000 Old Republic International ................. 299,780 445,250
110,375 Orion Capital .............................. 1,613,477 5,215,219
19,500 Trenwick Group ............................. 605,563 1,004,250
----------- -----------
7,278,661 27,719,469
----------- -----------
Real Estate - 1.7%
39,900 Forest City Enterprises, Class A ........... 845,723 1,356,600
20,700 Forest City Enterprises, Class B, Conv ..... 364,301 705,094
30,000 Kahler Realty .............................. 226,000 352,500
----------- -----------
1,436,024 2,414,194
----------- -----------
Technology - 2.6%
10,000 Apple Computer ............................. 376,562 275,000
40,000 Cray Research* ............................. 1,076,029 1,135,000
15,000 Intel ...................................... 137,312 882,187
8,000 International Business Machines ............ 446,965 981,000
4,000 Kollmorgen ................................. 35,740 43,000
5,000 Micron Technology .......................... 216,550 160,000
10,000 National Semiconductor* .................... 166,850 156,250
3,500 Plantronics* ............................... 97,773 121,625
----------- -----------
2,553,781 3,754,062
----------- -----------
Telecommunications/Media - 0.5%
6,000 Heritage Media, Class A* ................... 113,859 216,750
10,800 Time Warner ................................ 229,378 461,700
----------- -----------
343,237 678,450
----------- -----------
Transportation - 8.3%
39,600 AMR* ....................................... 1,828,140 3,474,900
48,000 Airborne Freight ........................... 408,018 1,338,000
130,000 American President Companies ............... 1,338,789 2,730,000
33,000 Canadian Pacific ........................... 528,285 651,750
42,000 General Dynamics ........................... 928,543 2,504,250
9,000 Lockheed Martin ............................ 308,520 686,250
6,000 OMI* ....................................... 29,060 46,500
29,000 Overseas Shipholding Group ................. 476,590 543,750
----------- -----------
5,845,945 11,975,400
----------- -----------
TOTAL COMMON STOCKS $47,157,136 125,549,031
=========== -----------
Page 5
<PAGE>
SALOMON BROTHERS OPPORTUNITY FUND INC
Statement of Net Assets February 29, 1996 (continued)
Corporate Short-Term Notes -- 12.8%
- --------------------------------------------------------------------------------
Principal
Amount Value
(thousands) (Note 1a)
- --------------------------------------------------------------------------------
$ 5,218 American Express Credit, 5.10%, due 3/1/96 ............ $ 5,220,957
4,951 Chevron Oil Finance, 5.25%, due 3/5/96 ................ 4,952,444
3,707 Exxon Asset Management, 5.22%, due 3/4/96 ............. 3,708,612
4,641 Ford Motor Credit, 5.28%, due 3/6/96 .................. 4,641,681
------------
TOTAL CORPORATE SHORT-TERM NOTES ...................... 18,523,694
------------
CASH AND RECEIVABLES - 0.4% ................ $ 551,798
LIABILITIES - (0.1)% ....................... (142,907) 408,891
--------- ------------
NET ASSETS -- equivalent to $37.81 offering and
redemption price per share on 3,820,762 shares of
$.01 par value capital stock outstanding;
15,000,000 shares authorized ........................ $144,481,616
============
Net Assets Consist of:
Capital stock ......................................... $ 38,208
Additional paid-in capital ............................ 62,814,767
Undistributed net investment income ................... 83,880
Undistributed net realized gain ....................... 3,152,866
Net unrealized appreciation ........................... 78,391,895
------------
Net Assets ............................................ $144,481,616
============
- ------------
*Non-income producing security.
See accompanying notes to financial statements.
Page 6
<PAGE>
SALOMON BROTHERS OPPORTUNITY FUND INC
Statement of Operations for the six months ended February 29, 1996 (unaudited)
<TABLE>
Investment Income
<S> <C> <C>
Income
Dividends (net of foreign withholding tax of $26,457) ..................... $1,230,754
Interest .................................................................. 463,860
-----------
1,694,614
Expenses
Management fee .............................................. $ 691,090
Audit and tax return preparation fees ....................... 26,390
Shareholder services ........................................ 21,840
Custodian ................................................... 18,200
Legal ....................................................... 13,650
Printing .................................................... 12,600
Registration and filing fees ................................ 12,420
Directors' fees and expenses ................................ 9,100
Other ....................................................... 11,780 817,070
----------- -----------
Net investment income ..................................................... 877,544
-----------
Realized and Unrealized Gain on Investments
Net realized gain on investments .......................................... 4,067,580
Net Unrealized Appreciation of Investments
Beginning of period ......................................... 68,842,877
End of period ............................................... 78,391,895
-----------
Increase in net unrealized appreciation ................................... 9,549,018
-----------
Net realized gain and increase in net unrealized appreciation ............. 13,616,598
-----------
Net increase in net assets resulting from operations ...................... $14,494,142
===========
</TABLE>
See accompanying notes to financial statements.
Page 7
<PAGE>
SALOMON BROTHERS OPPORTUNITY FUND INC
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months
Ended
February 29, Year Ended
1996 August 31,
(unaudited) 1995
- --------------------------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income ............................................ $ 877,544 $ 1,635,190
Net realized gain on investments ................................. 4,067,580 5,072,992
Increase in net unrealized appreciation .......................... 9,549,018 16,116,974
------------ ------------
Net increase in net assets resulting from operations ............. 14,494,142 22,825,156
------------ ------------
Dividends to Shareholders from
Net investment income ............................................ (1,749,572) (1,345,523)
Net realized gain on investments ................................. (4,957,121) (5,382,092)
------------ ------------
(6,706,693) (6,727,615)
------------ ------------
Capital Share Transactions
Proceeds from sales of 424,134 and 669,713 shares,
respectively ................................................... 15,697,265 21,215,202
Net asset value of 157,728 and 203,063 shares, respectively,
issued in reinvestment of net investment income and net
realized gain distributions .................................... 5,716,069 5,720,292
Payment for redemption of 431,711 and 975,251 shares,
respectively ................................................... (15,955,870) (30,551,387)
------------ ------------
Change in net assets resulting from capital share transactions,
representing net increase of 150,151 and net decrease of
102,475 shares, respectively ................................... 5,457,464 (3,615,893)
------------ ------------
Total increase in net assets ..................................... 13,244,913 12,481,648
Net Assets
Beginning of period .............................................. 131,236,703 118,755,055
------------ ------------
End of period (includes undistributed net investment income of
$83,880 and $955,908, respectively) ............................ $144,481,616 $131,236,703
============ ============
</TABLE>
See accompanying notes to financial statements.
Page 8
<PAGE>
SALOMON BROTHERS OPPORTUNITY FUND INC
Notes to Financial Statements (unaudited)
1. Significant Accounting Policies
The Fund is registered as a non-diversified, open-end management investment
company under the Investment Company Act of 1940, as amended. The Fund's primary
objective is to achieve above-average long-term capital appreciation. Current
income is a secondary objective. The following is a summary of significant
accounting policies consistently followed by the Fund in the preparation of its
financial statements. The policies are in conformity with generally accepted
accounting principles ("GAAP"). The preparation of financial statements in
accordance with GAAP requires management to make estimates of certain reported
amounts in the financial statements. Actual amounts could differ from those
estimates.
(a) Securities Valuation. Portfolio securities listed or traded on
national securities exchanges, or reported on the NASDAQ national market
system, are valued at the last sale price, or if there have been no sales on
that day, at the mean of the current bid and ask price which represents the
current value of the security. Over-the-counter securities are valued at the
mean of the current bid and ask price. If no quotations are readily
available (as may be the case for securities of limited marketability), such
portfolio securities are valued at a fair value determined pursuant to
procedures established by the Board of Directors. Corporate short-term notes
with maturities of 60 days or less at date of purchase are valued at cost
plus interest earned, which approximates market value.
(b) Federal Income Taxes. The Fund has complied and intends to continue
to comply with the requirements of the Internal Revenue Code of 1986, as
amended, applicable to regulated investment companies, and to distribute all
of its taxable income to its shareholders. Therefore, no Federal income tax
or excise tax provision is required.
(c) Other. Securities transactions are recorded as of the trade date.
Dividend income and dividends payable are recorded on the ex-dividend date.
Noncash dividend income is recorded based on market or fair value of
property received. Gains or losses on sales of securities are calculated for
financial accounting and Federal income tax purposes on the identified cost
basis. Interest is recognized as interest income when earned.
2. Capital Stock
Payable for Fund shares redeemed at February 29, 1996 amounted to $5,218.
Page 9
<PAGE>
SALOMON BROTHERS OPPORTUNITY FUND INC
Notes to Financial Statements (continued)
3. Management Fee and Other Transactions
The Fund retains Salomon Brothers Asset Management Inc ("SBAM"), an indirect
wholly-owned subsidiary of Salomon Inc ("Salomon"), to act as investment manager
of the Fund subject to supervision by the Board of Directors of the Fund. SBAM
furnishes the Fund with office space and pays the compensation of its officers.
The management fee for these services is payable monthly at an annual rate of 1%
of average daily net assets. The management fee payable at February 29, 1996 was
$120,489.
If in any fiscal year the total expenses of the Fund, excluding taxes,
interest, brokerage and extraordinary expenses, but including the management
fee, exceed the most stringent expense limitation imposed by state securities
regulations applicable to the Fund, SBAM will pay or reimburse the Fund for the
excess. Currently, this limitation on an annual basis is 2.5% of the first $30
million of average daily net assets, 2.0% of the next $70 million of average
daily net assets and 1.5% of average daily net assets in excess of $100 million.
For the six months ended February 29, 1996, there was no such reimbursement.
At February 29, 1996, the Fund held 3,600 shares of Salomon, representing
less than one percent of the outstanding shares. During the six months ended
February 29, 1996, the Fund received dividend income of $2,272 from Salomon.
4. Portfolio Activity
The cost of securities purchased and proceeds from securities sold
(excluding corporate short-term notes) during the six months ended February 29,
1996 aggregated $2,776,047 and $9,321,126, respectively.
Cost of securities held (excluding corporate short-term notes) on February
29, 1996 for Federal income tax purposes was $47,490,773. As of February 29,
1996, gross unrealized appreciation and depreciation, based on cost for Federal
income tax purposes, amounted to $78,675,053 and $616,795, respectively,
resulting in net unrealized appreciation of $78,058,258.
Page 10
<PAGE>
SALOMON BROTHERS OPPORTUNITY FUND INC
Financial Highlights
Selected data per share of capital stock outstanding throughout each period:
<TABLE>
<CAPTION>
Six
Months
Ended Year Ended August 31,
February 29, ----------------------------------------------------
1996* 1995 1994 1993 1992 1991
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value
beginning of period .......... $35.75 $31.47 $31.91 $27.64 $25.16 $21.06
------ ------ ------ ------ ------ ------
Net investment income .......... .24 .45 .42 .57 .36 .54
Net gains (or losses) on
securities (both realized
and unrealized) .............. 3.66 5.68 1.48 4.85 2.79 4.205
------ ------ ------ ------ ------ -------
Total from investment
operations .............. 3.90 6.13 1.90 5.42 3.15 4.745
------ ------ ------ ------ ------ -------
Less dividends and
distributions:
Dividends from net
investment income ............ (.48) (.37) (.64) (.345) (.50) (.63)
Distributions from net
realized gain on investments . (1.36) (1.48) (1.70) (.805) (.17) (.015)
------ ------ ------ ------ ------ -------
Total dividends
and distributions ....... (1.84) (1.85) (2.34) (1.15) (.67) (.645)
------ ------ ------ ------ ------ -------
Net asset value,
end of period ................ $37.81 $35.75 $31.47 $31.91 $27.64 $25.16
====== ====== ====== ====== ====== ======
Total investment return
based on net asset value
per share .................... +11.2% +21.1% +6.4% +20.2% +12.9% +23.2%
Ratios/Supplemental data:
Net assets end of period
(thousands) .................. $144,482 $131,237 $118,755 $116,607 $101,679 $102,916
Ratio of expenses
to average net assets ........ 1.18%** 1.18% 1.22% 1.23% 1.25% 1.30%
Ratio of net investment income
to average net assets ........ 1.27%** 1.39% 1.29% 1.86% 1.28% 2.31%
Portfolio turnover rate ........ 2% 8% 13% 10% 11% 11%
<FN>
- -----------
* Unaudited.
** Annualized.
</FN>
</TABLE>
See accompanying notes to financial statements.
Page 11
<PAGE>
SALOMON BROTHERS OPPORTUNITY FUND INC
Family of Funds*
Salomon Brothers Capital Fund Inc
Primarily an equity fund, emphasizing capital
appreciation. Current income is incidental. The
Fund invests in securities believed to have
above-average appreciation possibilities and
which may involve above-average risk.
Salomon Brothers New York
Municipal Money Market Fund
A money market fund that invests in high-
quality, short-term municipal securities with the
goal of providing as high a level of current
income exempt from regular Federal, New York
State and New York City personal income taxes
as is consistent with liquidity and stability of
principal. Income may not be exempt from
certain state or local taxes.
- --------------------------------------------------------------------------------
*For more complete information about the Salomon Brothers Family of Funds, you
may obtain a Prospectus by calling 1-800-SALOMOM (1-800-725-6666).
Page 12
<PAGE>
SALOMON BROTHERS OPPORTUNITY FUND INC
(Left column)
Directors
Irving Brilliant
President
Benito Gaguine
Attorney at Law
Rosalind A. Kochman
Administrator and counsel,
Kochman Eye Surgical Facility
Irving Sonnenschein
Partner of law firm of Sonnenschein,
Sherman & Deutsch
Officers
Irving Brilliant
President and Portfolio Manager
Lawrence H. Kaplan
Executive Vice President and General Counsel
Alan M. Mandel
Treasurer
Tana E. Tselepis
Secretary
Janet S. Tolchin
Assistant Treasurer
Jennifer G. Muzzey
Assistant Secretary
(Right Column)
Salomon Brothers Opportunity Fund Inc
7 World Trade Center
New York, New York 10048
1-800-SALOMON (1-800-725-6666)
Investment Manager
Salomon Brothers Asset Management Inc
7 World Trade Center
New York, New York 10048
Distributor
Salomon Brothers Inc
7 World Trade Center
New York, New York 10048
Custodian
Boston Safe Deposit and Trust Company
P.0. Box 9109
Boston, Massachusetts 02205-9109
Dividend Disbursing and Transfer Agent
First Data Investor Services Group
P.0. Box 9109
Boston, Massachusetts 02205-9109
Legal Counsel
Simpson Thacher & Bartlett
New York, New York 10017-3909
- --------------------------------------------------------------------------------
This report is submitted for the general information of the shareholders of
Salomon Brothers Opportunity Fund Inc. It is not authorized for distribution to
prospective investors unless accompanied or preceded by an effective Prospectus
for the Fund, which contains information concerning the Fund's investment
policies and expenses as well as other pertinent information.
Page 13
<PAGE>
Salomon Brothers Asset Management
P.O. Box 9109
Boston, MA 02205-9109
FIRST-CLASS
U.S. POSTAGE
PAID
BOSTON, MA
PERMIT No. 54201
<PAGE>
Salomon Brothers
Opportunity Fund Inc
Semi-Annual Report
- -------------------------------------
Salomon Brothers Asset Management
-------------------------------------
<PAGE>
Salomon Brothers
Opportunity Fund Inc
Semi-Annual Report
February 29, 1996
- -------------------------------------
Salomon Brothers Asset Management
-------------------------------------
