Bill Miller

Bill Miller is the portfolio manager of Legg Mason Value Trust and Legg Mason Opportunity Trust and he is the CEO of Legg Mason Capital Management, Inc. After graduating with an economics degree from Washington & Lee University in 1972, Mr. Miller served as a military intelligence officer overseas, and then pursued graduate studies in the Ph.D. program in philosophy at The Johns Hopkins University. Prior to joining Legg Mason in 1981, Mr. Miller served as Treasurer of the J.E. Baker Company, a major manufacturer of products for the steel and cement industries. In addition, he is on the Board of Trustees at the Santa Fe Institute, a leading center for multi-disciplinary research in complex systems theory. Mr. Miller was Director of Research for Legg Mason from October 1981 through June 1985. He has been the sole portfolio manager of Value Trust since 1990 and served as co-manager of the fund from its inception in 1982 until 1990. He was co-manager of Total Return Trust, which has since merged with American Leading Companies Trust, from 1992 to 1997, and he served as sole manager of the fund from 1990 to 1992. Since its inception in 1985 until 2001, Mr. Miller was primarily responsible for the day-to-day management of Special Investment Trust and resumed responsibility for the team that manages that fund in January of 2004.