UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No.          )*

Stein Roe Institutional Floating Rate Income Fund
(Name of Issuer)


Shares of Beneficial Interest
(Title of Class of Securities)


85842R103
(CUSIP Number)

January 8, 1999
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to 
which this Schedule is filed:

[X] Rule 13d-1(b)


*The remainder of this page shall be filled out for a 
reporting person's initial filing on this form with respect 
to the subject class of securities, and for any subsequent 
amendment containing information which would alter the 
disclosures provided in a prior cover page.

The information required in the remainder of this cover page 
shall be deemed to be "filed" for the purpose of Section 18 
of the Securities Exchange Act of 1934 ("Act") or otherwise 
subject to the liabilities of that section of the Act but 
shall be subject to all other provisions of the Act 
(however, see the Notes).

CUSIP No. 85842R103

1.  Name of Reporting Person
    I.R.S. Identification Number of Above Person
    (entities only)     
            STEIN ROE & FARNHAM INCORPORATED
            36-3447638

2.  Check the appropriate box if a member of a group
     (a) -----
     (b) -----

3.  SEC USE ONLY

4.  Citizenship or place of organization
            Delaware Corporation

Number of shares beneficially owned by each reporting person 
with
5.  Sole voting power                          -0-

6.  Shared voting power                        -0-

7.  Sole dispositive power                     -0-

8.  Shared dispositive power            3,614,010.964 shares

9.  Aggregate amount beneficially owned by each reporting 
person                                 3,614,010.964 shares

10. Check box if the aggregate amount in Row (9) excludes 
certain shares                             not applicable

11. Percent of class represented by amount in Row 9   72.4%

12. Type of Reporting Person                    IA


Item 1(a).  Name of Issuer:    STEIN ROE INSTITUTIONAL
                               FLOATING RATE INCOME FUND

Item 1(b).  Address of Issuer's Principal Executive Offices:
                               One South Wacker Drive
                               Chicago, Illinois   60606

Item 2(a).  Name of Person Filing:
                  Stein Roe & Farnham Incorporated

Item 2(b).  Address of Principal Business Office:
                  One South Wacker Drive
                  Chicago, IL 60606

Item 2(c).  Citizenship:    Delaware Corporation

Item 2(d).  Title of Class of Securities:  
                               Shares of Beneficial Interest

Item 2(e).  CUSIP Number 85842R103

Item 3.  If this statement is filed pursuant to Sec. 
240.13d-1(b) or 240.13d-2(b) or (c), check whether the 
person filing is a:

         (e) [XX] An investment adviser in accordance with 
Sec. 240.13d-1(b)(1)(ii)(E)

Item 4.  Ownership:
         (a)  Amount beneficially owned:  
                                        3,614,010.964 shares

         (b)  Percent of Class:  72.4%

         (c)  Number of shares as to which such person has:

              (i)  sole power to vote or to direct the vote:
                                                         -0-

              (ii) shared power to vote or to direct the 
vote:                                                    -0-

              (iii) sole power to dispose or to direct the 
disposition:                                             -0-

              (iv) shared power to dispose or to direct the 
disposition:                            3,614,010.964 shares

Stein Roe & Farnham Incorporated ("Stein Roe") serves as 
investment adviser to its client, GFS Holding, Inc., 
("Client").  Although Client is not controlled by Stein Roe, 
pursuant to Rule 13d-3(a), 3,614,010.964 shares beneficially 
owned by Client, with respect to which Client has delegated 
to Stein Roe shared dispositive power, are considered to be 
shares beneficially owned by Stein Roe by reason of such 
delegated powers and are reflected above.

Item 5.  Ownership of Five Percent or Less of a Class:
              Not Applicable

Item 6.  Ownership of More than Five Percent on Behalf of 
Another Person:
              Stein Roe (defined above) serves as investment 
adviser to Client (defined above), a Delware corporation, 
that possesses sole power to vote the 3,614,010.964 shares.

Item 7.  Identification and Classification of the Subsidiary 
which Acquired the Security Being Reported on by the Parent 
Holding Company:
              Not Applicable

Item 8.  Identification and Classification of Members of the 
Group:
             Not Applicable

Item 9.  Notice of Dissolution of Group:
             Not Applicable

Item 10.  CERTIFICATION:

By signing below I certify that, to the best of my 
knowledge and belief, the securities referred to above 
were acquired and are held in the ordinary course of 
business and were not acquired and are not held for the 
purpose of or with the effect of changing or influencing 
the control of the issuer of the securities and were not 
acquired and are not held in connection with or as a 
participant in any transaction having that purpose or 
effect.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and 
belief, I certify that the information set forth in this 
statement is true, complete and correct.

Date:  February 17, 1999

By:  /s/ Kenneth J. Kozanda
       Kenneth J. Kozanda
       Senior Vice President & Chief Financial Officer