Opportunity Equity

Portfolio Managers:

Strategy:

Opportunity Equity is designed for investors seeking long-term growth of capital, who are comfortable with the risks inherent to aggressively managed portfolios. Opportunity has a flexible investment strategy and is not restrained by investment style, type of security, industry sector, location, size or market cap; it invests primarily in U.S. common stocks. Investors should be aware of the possibility for high portfolio turnover with few restrictions on the type of investments contained in the Opportunity Equity.

Investment objective: Long-term capital growth

Inception of style: 1999

Opportunity Equity Style Assets Under Management: $2.0 billion*

* As of 12/31/09.
** Legg Mason Investor Services, LLC is the distributor of this fund. LMIS is a subsidiary of Legg Mason, Inc.