SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
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)
Philip R. Melchert, 5145 North California, Chicago, Illinois
60625; (773) 878-3200
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
July 27, 1999
(Date of Event which Requires Filing of this Statement
If the filing person has previously filed a statement on Schedule
13G to report the acquisition that is the subject of this
Schedule 13D, and is filing this schedule because of Sections
240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following
box.
NOTE: Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits.
See Section 240.13d-7(b) for other parties to whom copies are
to be sent.
The remainder of this cover 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 disclosures provided in
a prior cover page.
The information required on the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 (the "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) Names of Reporting Persons IRS Identification Numbers of
Above Persons (entities only)
Covenant Ministries of Benevolence
36-3486813
2) Check the Appropriate Box if a Member of a Group
(see Instructions)
(a) [ ]
(b) [ ]
3) SEC use only
4) Source of Funds
WC
5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e)
6) Citizenship or Place of Organization
Illinois
Number of Shares Beneficially Owned by Each Reporting Person With
7) Sole Voting Power 1,021,862.378 shares
8) Shared Voting Power -0-
9) Sole Dispositive Power -0-
10) Shared Dispositive Power 1,021,862.378 shares
11) Aggregate Amount Beneficially Owned by each Reporting Person
1,021,862.378 shares
12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares
not applicable
13) Percent of Class Represented by Amount in Row (11) 8.6%
14) Type of Reporting Person OO
Item 1. SECURITY AND ISSUER
This statement relates to the shares of beneficial interest
("Interests"), of Stein Roe Institutional Floating Rate Income
Fund, a Massachusetts business trust (the "Fund"). The Fund's
principal executive offices are located at One South Wacker
Drive, Chicago, Illinois 60606.
Item 2. IDENTITY AND BACKGROUND
This Schedule 13D is filed by the Covenant Ministries of
Benevolence, an Illinois health care organization ("CMB").
CMB's principal business is that of operating hospitals and
long-term care facilities. Its principal offices are located at
5145 North California, Chicago, Illinois.
During the last five years, CMB has not been convicted in any
criminal proceeding (excluding traffic violations or similar
misdemeanors).
During the last five years, CMB has not been a party to any
civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or
is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or any violation with respect to
such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
As of July 27, 1999, Stein Roe & Farnham Incorporated ("Stein
Roe"), a federally registered investment adviser, purchased on
behalf of CMB 1,021,862.378 Interests in the Fund for an
aggregate purchase price of $10,320,810.02.
Stein Roe serves as investment adviser to CMB. Pursuant to
Rule 13d-3(a), the 1,021,862.378 Interests beneficially owned by
CMB with respect to which CMB has delegated to Stein Roe shared
dispositive power, may be deemed to be Interests beneficially
owned by Stein Roe by reason of such delegated powers.
ITEM 4. PURPOSE OF TRANSACTION
Except as set forth in this Item 4, CMB has no present plans or
proposals that relate to or that could result in any of the
actions specified in clauses (a) through (j) of Item 4 of
Schedule 13D. The responses to Items 3 and 6 of this Schedule
13D are hereby incorporated by reference into the response to
Item 4.
Depending on market and other conditions, CMB may acquire
additional Interests in the Fund. However, depending on market
and other conditions, CMB may dispose of all or a portion of the
Interests that it now, or hereinafter acquires.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
As of July 27, 1999, there were 11,884,811.723 Interests in the
Fund issued and outstanding. CMB beneficially owns approximately
8.6% of the outstanding Interests in the Fund.
As of July 27, 1999, Stein Roe & Farnham Incorporated ("Stein
Roe"), a federally registered investment adviser, purchased on
behalf of CMB 1,021,862.378 Interests in the Fund for an
aggregate purchase price of $10,320,810.02.
Stein Roe, as investment adviser to CMB, has the right to receive
and the power to direct the receipt of dividends from, or the
proceeds from the sale of such securities.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER
Stein Roe serves as the investment adviser to CMB pursuant to an
investment advisory agreement dated July 11, 1991.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
None
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, the undersigned certifies that the information set forth
in this statement is true, complete and correct.
Date: August 13, 1999
COVENANT MINISTRIES OF BENEVOLENCE
By: /s/ Philip R. Melchert
Philip R. Melchert
