James R. Fellows, CFA
Co-Head and Managing Director-Senior Portfolio Manager, Alternative Credit Strategies

Mr. Fellows is Co-Head and Managing Director-Senior Portfolio Manager of the Alternative Credit Strategies Group. He has twenty-two years of investment industry experience, principally in the area of leveraged finance. From 1998 to April 2004, Mr. Fellows was a Senior Vice President at Columbia Management Group (formerly Stein, Roe and Farnham Incorporated), where he served as Co-Portfolio Manager for the Columbia Floating Rate Fund and Columbia Floating Rate Advantage Fund. In addition, he was Co-Portfolio Manager for four structured product vehicles from their inception, including Aurum 2002-1 Limited, Stein, Roe & Farnham CLO-I, Ltd., SERV 1999-1 and SERV 2000-2. The Columbia Floating Rate Fund was the top performing fund in its Lipper category over five years ended December 31, 2003. The Columbia Floating Rate Advantage Fund was the top performing fund in its Lipper category over the one and three year periods ending December 31, 2003. The Columbia Floating Rate Advantage Fund and the Columbia Floating Rate Fund achieved a Morningstar 5- and 4-star ranking, respectively, as ranked by three-year return ending March 31, 2004.

Prior to joining Columbia Management in 1998, Mr. Fellows was a Senior Credit Analyst for Van Kampen Investments in its Bank Loan Investment Group. While at Van Kampen, Mr. Fellows also served as a Credit Analyst for high yield bonds and privately placed mezzanine bonds. Other responsibilities with Van Kampen included training junior credit analysts for its bank loan and high yield groups. Mr. Fellows brings extensive knowledge of high yield bank loan and high yield bonds, as well as in-depth workout, restructuring and distressed investment experience. Mr. Fellows received his B.S. degree in Economics and Finance from the University of Nebraska. He holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Chicago.