<PAGE>
Salomon Brothers April 9, 1998
Opportunity Fund Inc
Dear Shareholder:
THE NET ASSET VALUE of each of your shares at February 28, 1998 was $55.55,
equivalent to $57.42 assuming the distributions from income and capital gains
paid in December 1997 were reinvested in additional shares of the Fund. This
represented an increase of 13.4% from $50.64 on August 31, 1997, compared with
an increase of 17.6% for the Standard & Poor's Index of 500 Stocks.
AT FEBRUARY 28, 1998, the Fund was 86.3% invested in common stocks; 0.2%
invested in preferred stocks; 13.5% 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 28, 1998 and an unaudited list of portfolio changes for the six
months ended on that date.
AT THE OCTOBER 13, 1997 Board of Directors' Meeting, Benito Gaguine retired
after 19 years of service as Director of the Fund. We greatly appreciate his
significant contribution and years of service. At the same meeting, Mr.
Gaguine's son; B. Alexander Gaguine was elected to the Board of Directors of the
Fund.
THE FUND HELD A Special Meeting of Stockholders on January 14, 1998. The
following table provides information concerning the matters voted on at the
meeting:
Proposal 1
Approval of new management contract between SBAM and the Fund.
Votes For Votes Against Votes Abstained
--------- ------------ --------------
1,822,601 17,363 46,062
Proposal 5
Election of directors of the Board of Directors to hold office until their
successors are duly elected and qualified.
Votes For Votes Withheld
--------- --------------
B. Alexander Gaguine 1,872,821 13,206
Irving G. Brilliant 1,872,167 13,860
Rosiland A. Kochman 1,874,776 11,251
Irving Sonnenschein 1,874,779 11,249
Page 1
<PAGE>
S A L O M O N B R O T H E R S O P P O R T U N I T Y F U N D I N C
Proposal 6
Ratification of the selection of Price Waterhouse LLP as the Fund's independent
accountants.
Votes For Votes Against Votes Abstained
--------- ------------ --------------
1,869,064 4,448 12,514
IF YOU WOULD LIKE to open an IRA or have any questions about the Fund, please
call 1-888-777-0102, toll free.
WE APPRECIATE THE CONFIDENCE you have demonstrated in the past and hope to
continue to serve you in future years.
Cordially,
/s/ Irving Brilliant
Irving Brilliant
President and Portfolio Manager
Page 2
<PAGE>
S A L O M O N B R O T H E R S O P P O R T U N I T Y F U N D I N C
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:
+31.08% for the one-year period beginning March 1, 1997 and ended
February 28, 1998;
+19.60% for the five-year period beginning March 1, 1993 and ended
February 28, 1998;
+15.60% for the ten-year period beginning March 1, 1988 and ended
February 28, 1998.
Major Portfolio Changes six months ended February 28, 1998 (unaudited)
ADDITIONS+
- -----------------------------------------------
Shares
Increased
- -----------------------------------------------
Ameron............................ 900
Angeion........................... 5,000
ASARCO............................ 5,000
Converse.......................... 4,000(1)
Dravo............................. 8,000
Harcourt General.................. 15,000(1)
Humana............................ 3,000
Mississippi Chemical.............. 4,000
National Semiconductor............ 5,000
Pharmacia & Upjohn................ 4,000
Popular........................... 10,000
Rayonier.......................... 4,000
Seagate Technology................ 5,000(1)
Silicon Graphics.................. 4,000
Southern Peru Copper.............. 5,500(1)
REDUCTIONS
- -----------------------------------------------
Shares
Decreased
- -----------------------------------------------
APL............................... 114,000(2)
Airborne Freight.................. 10,000
American General.................. 17,000
AmerUs Life Holdings.............. 16,800(2)
Apple Computer ................... 3,500
Archer-Daniels-Midland............ 18,165(2)
Bank of New York.................. 10,000
Bankers Trust NY.................. 10,000(2)
Crown Crafts...................... 2,000
El Chico Restaurants.............. 19,000(2)
Federal Home Loan Mortgage........ 9,000
First Chicago NBD................. 8,200
First Data........................ 4,000(2)
Genzyme........................... 9,000
Global Industrial Technologies.... 31,000(2)
Guilford Mills.................... 3,750(2)
Liberty Homes, Class A............ 5,000
Loews............................. 4,500
Overseas Shipholding Group........ 11,500
Royal Dutch Petroleum, 5 Guilder.. 8,000
Saliant 3 Communications, Class A. 4,000(2)
Time Warner....................... 5,800(2)
UNUM.............................. 39,000
- -------------
(1) New addition (2) Elimination
+This list excludes changes resulting entirely from mergers, stock dividends
and stock splits.
Page 3
<PAGE>
S A L O M O N B R O T H E R S O P P O R T U N I T Y F U N D I N C
Statement of Net Assets February 28, 1998 (unaudited)
COMMON STOCKS -- 86.3% of Net Assets
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
Value
Shares Cost (Note 1a)
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Banks - 16.4%
469,488 Bank of New York....................................... $ 2,636,533 $27,494,391
41,920 First Chicago NBD...................................... 420,670 3,445,300
8,250 Mercantile Bancorporation.............................. 45,630 458,906
65,000 Popular................................................ 1,526,008 3,398,278
----------- -----------
4,628,841 34,796,875
----------- -----------
Basic Industry - 6.5%
10,000 ASARCO................................................. 269,350 221,250
24,900 Amcast Industrial...................................... 452,414 550,906
5,000 Champion International................................. 200,300 255,313
7,000 Citation *............................................. 70,288 135,625
9,700 Cone Mills *........................................... 77,270 79,419
4,200 Crown Crafts........................................... 40,152 88,988
11,000 Deltic Timber.......................................... 167,179 309,375
27,400 Dravo *................................................ 289,007 289,413
5,000 Intercargo............................................. 46,500 60,000
9,500 International Shipholding.............................. 162,883 160,906
25,000 Mississippi Chemical................................... 520,734 462,500
85,500 Monsanto............................................... 963,187 4,349,813
10,000 MotivePower Industries *............................... 62,125 266,875
18,000 NL Industries *........................................ 199,350 267,750
8,000 National Processing.................................... 86,293 93,000
11,077 Newmont Mining......................................... 289,765 320,541
24,000 Rayonier............................................... 824,643 1,017,000
17,100 Solutia................................................ 87,639 467,044
5,500 Southern Peru Copper................................... 70,455 72,531
4,000 Stone Container *...................................... 70,240 45,000
87,500 TRC Companies *........................................ 565,847 360,938
34,100 Tecumseh Products, Class A............................. 930,235 1,709,263
47,000 Tecumseh Products, Class B............................. 2,049,576 2,361,750
----------- -----------
8,495,432 13,945,200
----------- -----------
Biotechnology & Drugs - 0.8%
11,000 Genzyme *.............................................. 149,099 325,188
30,800 Medeva -- ADR.......................................... 301,498 327,250
25,375 Pharmacia & Upjohn..................................... 567,213 1,003,898
----------- -----------
1,017,810 1,656,336
----------- -----------
Construction - 1.0%
27,600 Ameron................................................. 586,383 1,654,275
29,050 Liberty Homes, Class A................................. 341,813 290,500
24,750 Liberty Homes, Class B................................. 325,688 250,594
----------- -----------
1,253,884 2,195,369
----------- -----------
</TABLE>
Page 4
<PAGE>
S A L O M O N B R O T H E R S O P P O R T U N I T Y F U N D I N C
Statement of Net Assets February 28, 1998 (unaudited) (continued)
COMMON STOCKS (continued)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
Value
Shares Cost (Note 1a)
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Consumer Goods - 5.3%
35,500 Alexander & Baldwin.................................... $ 169,490 $ 1,002,875
4,729 Ames Dept Stores, Warrants, Series C, expires 01/31/99 * 4,729 67,979
15,000 Angeion................................................ 59,150 37,968
31,500 BJ's Wholesale Club *.................................. 257,773 1,067,063
4,000 Converse *............................................. 41,240 27,000
15,000 Harcourt General....................................... 744,294 810,000
31,500 Homebase............................................... 74,468 220,500
7,200 IBP.................................................... 170,582 160,650
100,000 Philips Electronics N.V................................ 1,281,995 7,787,500
----------- ------------
2,803,721 11,181,535
----------- ------------
Energy - 7.3%
28,000 Murphy Oil............................................. 773,903 1,398,250
260,000 Royal Dutch Petroleum, 5 Guilder....................... 1,602,394 14,121,250
----------- ------------
2,376,297 15,519,500
----------- ------------
Finance - 10.9%
28,810 American General....................................... 339,107 1,674,581
111,000 Federal Home Loan Mortgage............................. 294,335 5,244,750
60,300 Leucadia National...................................... 234,997 2,276,325
116,000 Loews.................................................. 2,544,800 11,636,250
5,481 NationsBank............................................ 18,168 375,449
20,067 New Germany Fund....................................... 196,140 311,039
48,000 Pioneer Group.......................................... 167,500 1,434,000
----------- ------------
3,795,047 22,952,394
----------- ------------
Health Care - 1.3%
7,700 Foundation Health Systems, Class A *................... 110,903 213,194
6,827 HEALTHSOUTH *.......................................... 123,389 184,329
40,000 Humana *............................................... 528,338 1,017,500
22,077 Wellpoint Health Networks *............................ 872,533 1,290,125
----------- ------------
1,635,163 2,705,148
----------- ------------
Insurance-Life, Accident & Health - 4.2%
11,250 American International Group........................... 440,675 1,352,109
14,000 Aon.................................................... 225,692 837,375
8,568 Delphi Financial Group, Class A........................ 136,500 376,992
857 Delphi International *................................. 8,784 15,962
37,125 Fremont General........................................ 571,663 2,178,773
5,900 Kansas City Life Insurance............................. 293,813 544,275
28,000 Provident Companies.................................... 395,740 1,008,000
49,000 UNUM................................................... 210,401 2,520,438
----------- ------------
2,283,268 8,833,924
----------- ------------
</TABLE>
Page 5
<PAGE>
S A L O M O N B R O T H E R S O P P O R T U N I T Y F U N D I N C
Statement of Net Assets February 28, 1998 (unaudited) (continued)
COMMON STOCKS (continued)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
Value
Shares Cost (Note 1a)
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Insurance-Property & Casualty - 21.8%
15,840 Allmerica Financial.................................... $ 691,020 $ 974,160
36,000 CNA Financial *........................................ 1,354,958 5,181,750
328,000 Chubb.................................................. 2,802,937 26,178,500
40,000 Merchants Group........................................ 600,000 865,000
30,000 Old Republic International............................. 604,723 1,265,625
220,750 Orion Capital.......................................... 1,613,477 10,775,359
8,000 Reliance Group Holdings................................ 65,480 136,000
18,500 Trenwick Group......................................... 304,863 675,250
----------- ------------
8,037,458 46,051,644
----------- ------------
Real Estate - 2.5%
63,850 Forest City Enterprises, Class A....................... 1 ,007,463 3,527,713
31,050 Forest City Enterprises, Class B, Conv................. 364,301 1,703,869
----------- ------------
1,371,764 5,231,582
----------- ------------
Technology - 1.5%
5,000 Apple Computer *....................................... 187,500 118,125
10,000 Inso *................................................. 171,500 140,000
24,000 Intel.................................................. 99,250 2,152,500
15,000 National Semiconductor *............................... 287,525 358,125
5,000 Seagate Technology *................................... 124,050 121,563
14,802 Silicon Graphics *..................................... 319,326 222,955
----------- ------------
1,189,151 3,113,268
----------- ------------
Transportation - 6.8%
39,600 AMR *.................................................. 1,828,141 5,011,875
94,000 Airborne Freight....................................... 388,458 3,401,625
33,000 Canadian Pacific....................................... 528,285 942,563
42,000 General Dynamics....................................... 928,543 3,643,500
9,000 Lockheed Martin........................................ 308,520 1,050,188
11,600 Overseas Shipholding Group............................. 178,239 240,700
----------- ------------
4,160,186 14,290,451
----------- ------------
TOTAL COMMON STOCKS.................................... 43,048,022 182,473,226
----------- ------------
PREFERRED STOCK -- 0.2%
Telecommunications/Media - 0.2%
20,737 News Corporation -- ADR................................ 155,591 449,734
----------- ------------
TOTAL INVESTMENTS -- 86.5%............................. $43,203,613 182,922,960
----------- ------------
-----------
</TABLE>
Page 6
<PAGE>
S A L O M O N B R O T H E R S O P P O R T U N I T Y F U N D I N C
Statement of Net Assets February 28, 1998 (unaudited) (concluded)
CORPORATE SHORT-TERM NOTES -- 13.6%
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Principal Value
Amount (Note 1a)
- -------------------------------------------------------------------------------------------------------
<S> <C> <C>
$3,960,000 Chevron Oil Finance, 5.61%, due 03/03/98............................. $ 3,962,466
Exxon Asset Management:
8,315,000 5.45%, due 03/02/98.............................................. 8,321,300
8,971,000 5.59%, due 03/05/98.............................................. 8,973,784
7,544,000 Ford Motor Credit, 5.65%, due 03/04/98............................... 7,547,549
------------
TOTAL CORPORATE SHORT TERM NOTES..................................... 28,805,099
------------
CASH, RECEIVABLES AND OTHER ASSETS - 0.1%.............. $ 132,610
LIABILITIES - (0.2%)................................... (323,782) (191,172)
----------- ------------
NET ASSETS - 100.0% -- equivalent to $55.55, offering and
redemption price per share on 3,808,330 shares of $.01 par
value capital stock outstanding;
15,000,000 shares authorized....................................... $211,536,887
------------
------------
Net Assets consist of:
Capital stock........................................................ $ 38,083
Additional paid-in capital........................................... 63,642,084
Undistributed net investment income.................................. 14,777
Undistributed net realized gain...................................... 8,122,596
Net unrealized appreciation on investments........................... 139,719,347
------------
Net Assets........................................................... $211,536,887
------------
------------
<FN>
- -------------
*Non-income producing security.
</FN>
</TABLE>
See accompanying notes to financial statements.
Page 7
<PAGE>
S A L O M O N B R O T H E R S O P P O R T U N I T Y F U N D I N C
Statement of Operations for the six months ended February 28, 1998 (unaudited)
<TABLE>
<S> <C> <C>
Investment Income
Income
Dividends (net of foreign withholding taxes of $30,246) ............................. $ 1,200,124
Interest............................................................................. 656,880
-----------
1,857,004
Expenses
Management fee......................................................... $ 997,347
Custodian.............................................................. 29,020
Shareholder services................................................... 26,165
Audit and tax return preparation fees.................................. 21,750
Legal.................................................................. 21,640
Printing............................................................... 13,605
Registration and filing fees........................................... 6,285
Directors' fees and expenses........................................... 2,745
Other.................................................................. 9,110 1,127,667
---------- -----------
Net investment income................................................................ 729,337
-----------
Net Realized and Unrealized Gain on Investments
Net realized gain on investments..................................................... 8,766,616
Increase in net unrealized appreciation on investments............................... 15,598,426
-----------
Net realized gain and increase in net unrealized appreciation on investments......... 24,365,042
-----------
Net increase in net assets resulting from operations................................. $25,094,379
-----------
-----------
</TABLE>
See accompanying notes to financial statements.
Page 8
<PAGE>
S A L O M O N B R O T H E R S O P P O R T U N I T Y F U N D I N C
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months Ended
February 28, Year Ended
1998 August 31,
(unaudited) 1997
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income...................................... $ 729,337 $ 1,569,252
Net realized gain on investments........................... 8,766,616 5,082,896
Increase in net unrealized appreciation on investments..... 15,598,426 48,679,695
------------ ------------
Net increase in net assets resulting from operations....... 25,094,379 55,331,843
------------ ------------
Distributions to Shareholders from
Net investment income...................................... (1,444,133) (2,272,506)
Net realized gain on investments........................... (5,165,552) (5,571,305)
------------ ------------
(6,609,685) (7,843,811)
------------ ------------
Capital Share Transactions
Proceeds from sales of 65,723 and 187,581 shares,
respectively............................................. 3,542,654 8,167,100
Net asset value of 98,609 and 149,980 shares, respectively,
issued in reinvestment of net investment income and net
realized gain distributions.............................. 5,244,472 6,282,472
Payment for redemption of 78,382 and 362,924 shares,
respectively............................................. (4,230,735) (15,425,967)
------------ ------------
Change in net assets resulting from capital share
transactions, representing net increase of 85,950
and net decrease of 25,363 shares, respectively......... 4,556,391 (976,395)
------------ ------------
Total increase in net assets............................... 23,041,085 46,511,637
Net Assets
Beginning of period........................................ 188,495,802 141,984,165
------------ ------------
End of period (includes undistributed net investment income
of $14,777 and $729,573, respectively)................... $211,536,887 $188,495,802
------------ ------------
------------ ------------
</TABLE>
See accompanying notes to financial statements.
Page 9
<PAGE>
S A L O M O N B R O T H E R S O P P O R T U N I T Y F U N D I N C
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) Dividends and Distributions. The Fund declares and pays dividends
from net investment income and distributions from net realized gains, if
any, annually. Dividends and distributions to shareholders are recorded on
the ex-dividend date. The amount of dividends and distributions from net
investment income and net realized gains are determined in accordance with
federal income tax regulations, which may differ from GAAP. These
differences are due primarily to deferral of wash sale and post-October
losses. Permanent book/tax differences are reclassified within the capital
accounts based on their federal income tax basis treatment; temporary
differences do not require reclassifications. Dividends and distributions
which exceed net investment income and net realized gains for financial
reporting purposes but not for tax purposes are reported as dividends in
excess of net investment income and distributions in excess of net
realized capital gains.
(d) Other. Securities transactions are recorded as of the trade date.
Dividend income and dividends payable are recorded on the ex-dividend
date. Interest income is recognized when earned. 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.
Page 10
<PAGE>
S A L O M O N B R O T H E R S O P P O R T U N I T Y F U N D I N C
Notes to Financial Statements (unaudited) (concluded)
2. Capital Stock
Payable for Fund shares redeemed at February 28, 1998 amounted to $15,181.
3. Management Fee and Other Transactions
The Fund retains Salomon Brothers Asset Management Inc ("SBAM"), an
indirect, wholly-owned subsidiary of Travelers Group Inc. ("Travelers"), to act
as investment manager of the Fund subject to supervision by the Board of
Directors of the Fund. The management agreement with SBAM was most recently
approved by shareholders at a special meeting held on January 14, 1998. Approval
of the agreement was necessary due to the merger of Salomon Inc, which had been
the ultimate parent company of the investment manager, with and into Smith
Barney Holdings Inc., a subsidiary of Travelers, which occurred on November 28,
1997. Travelers is now the ultimate parent company of the investment manager.
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
28, 1998 was $159,018.
4. Portfolio Activity
The cost of securities purchased and proceeds from securities sold
(excluding corporate short-term notes) during the six months ended February 28,
1998 aggregated $2,425,138 and $13,445,303, respectively.
Cost of securities held (excluding corporate short-term notes) on February
28, 1998 for Federal income tax purposes was substantially the same as for book
purposes. As of February 28, 1998, gross unrealized appreciation and
depreciation, based on cost for Federal income tax purposes, was approximately
$140,429,301 and $709,954, respectively, resulting in net unrealized
appreciation of approximately $139,719,347.
Page 11
<PAGE>
S A L O M O N B R O T H E R S O P P O R T U N I T Y F U N D I N C
Financial Highlights
Selected data per share of capital stock outstanding throughout each period:
<TABLE>
<CAPTION>
Six Months Ended
February 28, Year Ended August 31,
------------------------------------------------------
1998* 1997 1996 1995 1994 1993
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period $50.64 $37.89 $35.75 $31.47 $31.91 $27.64
------ ------ ------ ------ ------ ------
Net investment income.............. 0.20 0.43 0.60 0.45 0.42 0.57
Net gains (or losses) on securities
(both realized and unrealized)... 6.50 14.46 3.38 5.68 1.48 4.85
------ ------ ------ ------ ------ ------
Total from investment operations. 6.70 14.89 3.98 6.13 1.90 5.42
------ ------ ------ ------ ------ ------
Less dividends and distributions:
Dividends from net investment income (0.39) (0.62) (0.48) (0.37) (0.64) (0.345)
Distributions from net realized gain
on investments................... (1.40) (1.52) (1.36) (1.48) (1.70) (0.805)
------ ------ ------ ------ ------ ------
Total dividends and distributions (1.79) (2.14) (1.84) (1.85) (2.34) (1.15)
------ ------ ------ ------ ------ ------
Net asset value, end of period..... $55.55 $50.64 $37.89 $35.75 $31.47 $31.91
====== ====== ====== ====== ====== ======
Total investment return based on net
asset value per share............ +13.4% +40.5% +11.4% +21.1% +6.4% +20.2%
Ratios/Supplemental Data:
Net assets, end of period
(thousands)...................... $211,537 $188,496 $141,984 $131,237 $118,755 $116,607
Ratio of expenses to average net
assets........................... 1.13%** 1.16% 1.18% 1.18% 1.22% 1.23%
Ratio of net investment income to
average net assets............... 0.73%** .95% 1.59% 1.39% 1.29% 1.86%
Portfolio turnover rate............ 1% 4% 5% 8% 13% 10%
Average broker commission rate..... $0.0600 $0.0571 $0.0591 N/A N/A N/A
<FN>
- ----------
*Unaudited.
**Annualized.
</FN>
</TABLE>
See accompanying notes to financial statements.
Page 12
<PAGE>
S A L O M O N B R O T H E R S O P P O R T U N I T Y F U N D I N C
Directors
IRVING BRILLIANT
President
B. ALEXANDER GAGUINE
Consultant
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
ALAN M. MANDEL
Treasurer
NOEL B. DAUGHERTY
Secretary
JANET S. TOLCHIN
Assistant Treasurer
JENNIFER G. MUZZEY
Assistant Secretary
Salomon Brothers Opportunity Fund Inc
7 World Trade Center
New York, New York 10048
1-888-777-0102, toll free
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
Investors Bank & Trust Company
200 Clarendon Street
Boston, Massachusetts 02116
DIVIDEND DISBURSING AND TRANSFER AGENT
First Data Investor Services Group, Inc.
53 State Street
Boston, Massachusetts 02109-2873
LEGAL COUNSEL
Simpson Thacher & Bartlett
425 Lexington Avenue
New York, New York 10017-3909
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
- --------------------------------------------------------------------------------
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 5127
Westborough, MA 01581-5127
Salomon Brothers
Opportunity Fund Inc
Semi-Annual Report
FEBRUARY 28, 1998
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Salomon Brothers Asset Management
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