BELL, BOYD & LLOYD LLC
Three First National Plaza
70 West Madison Street, Suite 3300
Chicago, Illinois 60602-4207
312 372-1121
Fax 312 372-2098
December 22, 2000
As counsel for Liberty-Stein Roe Institutional Floating Rate Income
Fund (the "Registrant"), we consent to the incorporation by reference of our
opinions, filed with the Registrant's registration statement on Form N-2, on
each of the dates listed below:
<TABLE>
---------------------------------------- -------------------------------------- --------------------------------------
Description Date of Opinion Date of Filing
<S> <C> <C>
---------------------------------------- -------------------------------------- --------------------------------------
---------------------------------------- -------------------------------------- --------------------------------------
Initial Filing November 6, 1998 November 17, 1999
---------------------------------------- -------------------------------------- --------------------------------------
---------------------------------------- -------------------------------------- --------------------------------------
Registration of Additional Shares May 6, 1999 May 7, 1999
---------------------------------------- -------------------------------------- --------------------------------------
---------------------------------------- -------------------------------------- --------------------------------------
Registration of Additional Shares December 11, 2000 December 13, 2000
---------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
In giving this consent we do not admit that we are in the category of
persons whose consent is required under Section 7 of the Securities Act of 1933.
Very truly yours,
/s/ Bell, Boyd & Lloyd LLC
<PAGE>
