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SALOMON BROTHERS OPPORTUNITY FUND INC
7 World Trade Center
New York, New York 10048
(800) SALOMON
(800) 725-6666
SUPPLEMENT DATED DECEMBER 1, 1997 TO PROSPECTUS DATED
DECEMBER 30, 1996
The following information supplements and should be read in conjunction with the
caption "Investment Manager" under the heading of the current Prospectus for
Salomon Brothers Opportunity Fund Inc (the "Fund") entitled "Management" and
the caption "Repurchase through Selected Broker Dealers" under the heading of
such Prospectus entitled "Purchase of Shares:"
"On November 28, 1997, Salomon Inc ("Salomon"), the ultimate parent company
of Salomon Brothers Asset Management Inc ("SBAM") and Salomon Brothers Inc
("Salomon Brothers"), the Fund's distributor, merged with and into Smith Barney
Holdings Inc., a subsidiary of Travelers Group Inc. ("Travelers"), to form a new
company called Salomon Smith Barney Holdings Inc. (the "Transaction"). Upon
consummation of the Transaction, Travelers became the ultimate parent of SBAM
and Salomon Brothers, which continue to serve as the investment adviser and
distributor, respectively, to the Fund. Travelers is a diversified financial
services company engaged in investment services, asset management, consumer
finance and life and property casualty insurance services.
Under certain interpretations, the Transaction might be deemed to create an
"assignment," as defined in the Investment Company Act of 1940, as amended, of:
(i) the Management Contract with SBAM; (ii) the Distribution Agreement with
Salomon Brothers, which, if so interpreted, would have resulted in the
termination of such contract and agreement. Accordingly, the Board approved
the new management contract and distribution agreement for the Fund identical in
all material respects to the existing contract and agreement, which became
effective on November 28, 1997. The new management agreement will be presented
to stockholders for approval at Annual Meeting of Stockholders scheduled to held
on January 14, 1998."
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SALOMON BROTHERS OPPORTUNITY FUND INC
7 World Trade Center
New York, New York 10048
(800) SALOMON
(800) 725-6666
SUPPLEMENT DATED DECEMBER 1, 1997 TO
STATEMENT OF ADDITIONAL INFORMATION DATED
DECEMBER 30, 1996
The following information supplements and should be read in conjunction with the
captions entitled "Investment Manager" and "Distributor" contained under the
heading "Management" of the current Statement of Additional Information for
Salomon Brothers Opportunity Fund Inc (the "Fund"):"
"On November 28, 1997, Salomon Inc ("Salomon"), the ultimate parent company
of Salomon Brothers Asset Management Inc ("SBAM") and Salomon Brothers Inc
("Salomon Brothers"), the Fund's distributor, merged with and into Smith Barney
Holdings Inc., a subsidiary of Travelers Group Inc. ("Travelers"), to form a new
company called Salomon Smith Barney Holdings Inc. (the "Transaction"). Upon
consummation of the Transaction, Travelers became the ultimate parent of SBAM
and Salomon Brothers, which continue to serve as the investment adviser and
distributor, respectively, to the Fund. Travelers is a diversified
financial services company engaged in investment services, asset management,
consumer finance and life and property casualty insurance services.
Under certain interpretations, the Transaction might be deemed to create an
"assignment," as defined in the Investment Company Act of 1940, as amended, of:
(i) the Management Contract with SBAM; and (ii) the Distribution Agreement with
Salomon Brothers, which, if so interpreted, would have resulted in the
termination of such contract and agreement. Accordingly, the Board approved
the new management contract and distribution agreement for the Fund identical in
all material respects to the existing agreements, which became effective on
November 28, 1997. The new management agreement will be presented to
stockholders for approval at the Annual Meeting of Stockholders scheduled to
held on January 14, 1998."
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