File No. 2-99356
                                                 Rule 497(e)

                     STEINROE MUNICIPAL TRUST
                SteinRoe Municipal Money Market Fund
                  SteinRoe Intermediate Municipals
                     SteinRoe Managed Municipals
                    SteinRoe High-Yield Municipals

         Supplement to Prospectus Dated November 1, 1994
                          __________________

     On or about August 7, 1995, all of the assets of Municipal 
Money Market Fund will be invested in SR&F Municipal Money Market 
Portfolio, a series of SR&F Base Trust (the "Conversion").  
Municipal Money Market Portfolio and Municipal Money Market Fund 
have identical investment objectives and policies.  The Conversion 
was authorized by the Board of Trustees of Municipal Trust in 
order to convert Municipal Money Market Fund into a Master 
Fund/Feeder Fund structure.  (See the discussion of the Master 
Fund/Feeder Fund Option under Risks and Investment Considerations 
in this Prospectus.)  

     Upon the Conversion, the Fund's current investment advisory 
agreement with Stein Roe & Farnham Incorporated (the "Adviser") 
will terminate and will be replaced by two separate new 
agreements:  (1) a management agreement between the Adviser and 
SR&F Base Trust providing for portfolio management services to 
Municipal Money Market Portfolio and (2) an administrative 
agreement between the Adviser and Municipal Trust providing for 
administrative services to Municipal Money Market Fund.  The 
annualized fee paid by the Portfolio under the management 
agreement will be 0.25 of 1% of average net assets.  The 
annualized fee paid by the Fund under the administrative agreement 
is 0.25 of 1% of the first $500 million of average net assets, 
0.20 of 1% of the next $500 million, and 0.15 of 1% thereafter.

                         *       *       *

     Effective May 1, 1995, the Adviser agreed to voluntarily 
waive its management fee and absorb the expenses of Intermediate 
Municipals to the extent that such fees and expenses on an 
annualized basis exceed 0.70 of 1% of average net assets through 
October 31, 1995, subject to earlier termination by the Adviser on 
30 days' notice.  In addition, there were changes in the Funds' 
transfer agency services and fees which are expected to change 
(for certain Funds) annual operating expenses as shown in the Fee 
Table on page 4 of the Prospectus as follows:

Annual Fund Operating Expenses            Managed     High-Yield
(as a percentage of average net assets)  Municipals   Municipals
- ---------------------------------------  ----------   ----------
    Management Fees ...................... 0.52%        0.54%
    12b-1 Fees............................ None         None
    Other Expenses ......................  0.20%        0.27%
    Total Fund Operating Expenses .......  0.72%        0.81%

The expenses payable on a $1,000 investment in the hypothetical 
example following the Fee Table also would be changed as follows:

                         1 year   3 years   5 years   10 years
                         ------   -------   -------   --------
Managed Municipals......   $7       $23       $40      $ 89
High-Yield Municipals...    8        26        45       100

                           *       *       *

     Effective February 1, 1995, M. Jane McCart assumed portfolio 
management responsibility for High-Yield Municipals.  Ms. McCart 
also manages Managed Municipals.  Both Funds invest primarily in 
long-term Municipal Securities.  Please refer to pages 25-26 of 
this Prospectus for further information on Ms. McCart.  In 
addition, Joanne T. Costopoulos, the portfolio manager of 
Intermediate Municipals, is now associate portfolio manager for 
Municipal Money Market Fund, High-Yield Municipals, and Managed 
Municipals.

           The Date of this Supplement is June 27, 1995