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          Legg Mason Opportunity Trust

          Share class

          Fund highlights

          • Focuses on valuation and embedded expectations to invest in assets with large gaps between price and intrinsic value
          • Invests opportunistically across asset classes and geographies in an attempt to capture superior risk-adjusted returns
          • Runs a concentrated portfolio with high active share to generate long-term capital appreciation

          View Fact Card

          The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. For performance data including the effects of sales charges, Class A shares reflect the deduction of a maximum front-end sales charge of 5.75%. One-year returns for Class C shares reflect a maximum contingent deferred sales charge (CDSC) of up to 1.0%, respectively.

          If sales charges were included, performance shown would be lower.

          Average Annual Total Returns (%)

            1 Yr 3 Yr 5 Yr 10 Yr Since Inception

          Sector Allocation (%) As of Dec-31-2015


          Allocations are subject to change

          What should I know before investing?

          Equity securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. The Fund may focus its investments in certain regions or industries, increasing its vulnerability to market volatility. As a nondiversified fund, it is permitted to invest a higher percentage of its assets in any one issuer than a diversified fund, which may magnify the fund's losses from events affecting a particular issuer. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses, and have a potentially large impact on fund performance. The manager's investment style may become out of favor and/or the manager's selection process may prove incorrect, which may have a negative impact on the Fund's performance.

          The Fund may engage in short selling, which is a speculative strategy that involves special risks. 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.

          Active share is a measure of the percentage of stock holdings in a manager?s portfolio that differ from the benchmark index.

          Additional risks may include those risks associated with investing in fixed-income securities, real estate and leverage. Please see the prospectus for more information.

          Meet your portfolio managers

          Bill Miller, CFA (industry since 1982) and Samantha McLemore, CFA (industry since 2002) are your Fund's portfolio managers.

          LMM is a valuation-focused firm led by well-known value investor Bill Miller. Since 1999, LMM has used a multi-disciplinary and patient approach to create long-term capital growth for clients. The team believes its competitive advantages are both analytical and behavioral. A multi-faceted focus on a business's ability to generate free cash flow over the long term forms the basis for LMM's analytical edge, while ongoing study of institutional and individual behavior helps the firm capitalize on inefficiencies arising from human nature.

          (Photo: Bill Miller, CFA; Samantha McLemore, CFA)

          Daily Statistics As of Feb-05-2016

          $ NAV $ Chg % Chg

          Fund Facts As of Dec-31-2015

          Morningstar Category Mid-Cap Blend
          Lipper Category

          View All Rankings
          Multi-Cap Core Funds
          Weighted Average Capitalization (in billions) $53.91
          Number of Holdings 55
          Net Assets (in billions) $2.25

          Fund Symbols


          **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. For Class(es) A, C, FI, I & R, there are currently no fee waivers in effect, so gross and net expenses are identical. The Gross and Net Expenses listed include 0.11 of Acquired Fund Fees and Expenses ("AFFE") that are required to be shown in the Fund's prospectus. AFFE reflects the Fund's pro rata share of fees and expenses relating to its investments in acquired funds; however, AFFE are not incurred directly by the Fund. Therefore, AFFE are not reflected in the Fund's audited financial statements or financial highlights.

          An XBRL file is not a fund's complete prospectus. XBRL is an interactive data format and is provided in addition to a fund's prospectus and annual and semi-annual reports linked to this page. An XBRL file is not viewable without a viewer tool. A viewer tool is available on the SEC website at You can download an XBRL zip file and view it on the SEC website or use the data for analysis with any comparison tool.

          Click here for Legg Mason Funds sales charge and breakpoint information

          Past performance is no guarantee of future results. Each fund is ranked based on average annual total returns assuming reinvestment of dividends, capital gains and distributions at net asset value and the deduction of all fund expenses. Each fund is ranked within a universe of funds similar in portfolio characteristics and capitalizations as defined by Lipper Inc. Rankings do not include the effect of the Fund's sales charges. Results would have been less favorable had sales charges been included. A high Lipper ranking does not necessarily imply that a fund achieved positive results for the period. Lipper Inc. is a nationally recognized organization that ranks the performance of mutual funds.

          Ratings shown are for the highest and lowest rated share classes only, when available.

          Lipper Top Quartile rankings are shown for those funds that are ranked in the top 25% of their Lipper category.

          There is no guarantee that the Fund's objective will be met.

          Portfolio holdings are subject to change at any time. Percentages are based on total portfolio. This information is provided for information purposes only and should not be construed as a recommendation to purchase or sell any security.

          CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor's Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2016 American Bankers Association. "CUSIP" is a registered trademark of the American Bankers Association.

          Click here for additional term definitions.

          All investments involve risk, including loss of principal. Past performance is no guarantee of future results. Please see each investment's individual web page for specific details regarding investment objective, risks, performance and other important information. Review this information carefully before you make any investment decision.

          Click here for additional term definitions. An investor cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges. Click here for Index Definitions.

          Mutual Funds:
          Investors should consider the fund's investment objectives, risks, charges and expenses carefully before investing. Find this and other information in each fund's prospectus or if available, summary prospectus on the product specific pages of this website. Read it carefully before investing.

          An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

          Separately Managed Accounts (SMA):
          Managed Accounts/Separately Managed Accounts (SMAs) are investment services provided by Legg Mason Private Portfolio Group, LLC (LMPPG), a federally registered investment adviser. Client portfolios are managed based on investment instructions or advice provided by one or more of the following Legg Mason-affiliated sub-advisers: ClearBridge Investments and Western Asset Management Company. Management is implemented by LMPPG, the designated sub-adviser or, in the case of certain programs, the program sponsor or its designee.

          Closed-End Funds:
          The Closed-End Funds are not sold or distributed by Legg Mason Investor Services, LLC ("LMIS") or any affiliate of Legg Mason, Inc. Unlike open-end funds, shares are not continually offered. Like other public companies, closed-end funds have a one-time initial public offering, and once their shares are first issued, are generally bought and sold through non-affiliated broker/dealers and trade on nationally recognized stock exchanges. Share prices will fluctuate with market conditions and, at the time of sale, may be worth more or less than your original investment. Shares of exchange-traded closed-end funds may trade at a discount or premium to their original offering price, and often trade at a discount to their net asset value. Net Asset Value (NAV) is total assets less total liabilities divided by the number of shares outstanding. Market Price, determined by supply and demand, is the price an investor purchases or sells the fund. Investment return, market price and net asset value will fluctuate with changes in market conditions. The Funds are subject to investment risks, including the possible loss of principal invested. Note that unlike other closed-end funds, Western Asset Middle Market Debt Fund is not publicly traded and is closed to new investors.

          529 - Scholars Choice:
          An investor should consider the Program's investment objectives, risks, charges and expenses before investing. The Program Disclosure Statement at, which contains more information, should be read carefully before investing. If an investor and/or an investor's beneficiary are not Colorado taxpayers, they should consider before investing whether their home states offer 529 plans that provide state tax and other benefits only available to state taxpayers investing in such plans.

          Investments in the Scholars Choice College Savings Program are not insured by the FDIC or any other government agency and are not deposits or other obligations of any depository institution. Investments are not guaranteed by the State of Colorado, CollegeInvest, QS Legg Mason Global Asset Allocation, LLC, Legg Mason Investor Services, LLC, or Legg Mason, Inc. or its affiliates and are subject to investment risks, including loss of principal amount invested.

          Scholars Choice® is a registered service mark of CollegeInvest. CollegeInvest and the CollegeInvest logo are registered trademarks. Administered and issued by CollegeInvest, State of Colorado. QS Legg Mason Global Asset Allocation, LLC is the Investment Manager and Legg Mason Investor Services, LLC is the primary distributor of interests in the Program; together they serve as Manager of the Program. QS Legg Mason Global Asset Allocation, LLC, ClearBridge Investments, LLC, Brandywine Global Investment Management, LLC, QS Batterymarch Financial Management, Inc., Royce & Associates, LLC, Western Asset Management Company and Western Asset Management Company Limited, and Legg Mason Investor Services, LLC are Legg Mason, Inc. affiliates. Thornburg Investment Management, Inc. is not affiliated with Legg Mason Inc. and its affiliates.

          QS Investors is a combined investment platform comprised of QS Investors, LLC (QS), QS Batterymarch Financial Management, Inc. and QS Legg Mason Global Asset Allocation, LLC (QS LMGAA).


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