CONSENT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
We consent to the references to our firm under the captions "Financial
Highlights" for Stein Roe Municipal Money Market Fund, Stein Roe Intermediate
Municipals Fund, Stein Roe Managed Municipals Fund, and Stein Roe High-Yield
Municipals Fund, Class S (four of the series comprising Liberty-Stein Roe Funds
Municipal Trust, formerly, Stein Roe Municipal Trust) in the Stein Roe
Tax-Exempt Bond Funds Prospectus, Liberty High Income Municipals Fund Class A
Prospectus, Stein Roe Intermediate Municipals Class A Prospectus, and
"Independent Auditors" and "Financial Statements" in each Statement of
Additional Information of the Liberty-Stein Roe Funds Municipal Trust and to the
incorporation by reference in Post-Effective Amendment Number 32 to the
Registration Statement (Form N-1A, No. 2-99356) of our reports dated August 18,
2000 on the financial statements and financial highlights of Stein Roe Municipal
Money Market Fund, Stein Roe Intermediate Municipals Fund, Stein Roe Managed
Municipals Fund, and Stein Roe High-Yield Municipals Fund (four of the series
comprising Liberty-Stein Roe Funds Municipal Trust) and SR&F Municipal Money
Market Portfolio and SR&F High-Yield Municipals Portfolio (two of the series
comprising SR&F Base Trust) included in the Stein Roe Mutual Funds Annual Report
dated June 30, 2000.
ERNST & YOUNG LLP
Boston, Massachusetts
October 24, 2000
