File No. 2-99356
               SECURITIES AND EXCHANGE COMMISSION
                    450 Fifth Street, N.W.
                    Washington, D.C.  20549

                      RULE 24f-2 NOTICE
            For the fiscal year ended June 30, 1995

                  STEINROE MUNICIPAL TRUST
         P.O. Box 804058, Chicago, Illinois  60680


Series of the Registrant
Pursuant to Rule 24f-2*             Shares Sold During Period
------------------------------      -------------------------
SteinRoe Intermediate Municipals            24,781,938
SteinRoe High-Yield Municipals              30,703,319
SteinRoe Municipal Money Market Fund       311,012,808
SteinRoe Managed Municipals                 83,708,755

All shares were sold in reliance upon Rule 24f-2 under the Investment Company
Act of 1940.  No shares of beneficial interest of any series of the
Registrant registered under the Securities Act of 1933 (other than
pursuant to Rule 24f-2) remained unsold at the beginning of the fiscal 
year or were registered during the fiscal year pursuant to Rule 24e-2.

An opinion of Bell, Boyd & Lloyd is being filed with this Rule 24f-2 Notice.

----------------------
*Calculation of Fee

                                         Less Aggregate
Series                 Aggregate Sales     Redemptions       Net Sales
---------------------  ---------------   ---------------   -------------

SteinRoe Intermediate
  Municipals          $51,620,180.40   ($66,806,413.20)   ($15,186,232.80)
SteinRoe High-Yield 
  Municipals           48,360,780.65    (68,984,772.84)    (20,623,992.19)
SteinRoe Municipal 
  Money Market Fund   153,419,002.46   (166,959,813.10)    (13,540,810.64)
SteinRoe Managed 
  Municipals           56,679,625.88   (116,605,081.79)    (59,925,455.91)

Registrant's total net sales price for computing fee:          -0-
Filing fee  (net sales divided by 2900)                        -0-

                        ------------------------
                                SIGNATURE

Pursuant to the requirements of the Investment Company Act of 1940, the
undersigned registrant has caused this report to be signed on its behalf 
in the City of Chicago and State of Illinois this 25th day of August, 1995.

                                   STEINROE MUNICIPAL TRUST

                                   By   GARY A. ANETSBERGER
                                        Senior Vice-President


BELL, BOYD & LLOYD
THREE FIRST NATIONAL PLAZA
70 WEST MADISON STREET, SUITE 3300
CHICAGO, ILLINOIS 60602-4207
312 372-1121
FAX 312-372-2098


                         August 25, 1995


SteinRoe Municipal Trust
One South Wacker Drive
Chicago, Illinois  60606-4685

Ladies and Gentlemen:

                        Rule 24f-2 Notice
                                
     We   have   represented   SteinRoe   Municipal   Trust,    a
Massachusetts  business  trust (Trust), in  connection  with  the
filing with the Securities and Exchange Commission of the Trust's
Rule  24f-2  Notice  for  the fiscal year  ended  June  30,  1995
pursuant to rule 24f-2 under the Investment Company Act  of  1940
(rule 24f-2).  In this connection, we have examined originals, or
copies certified or otherwise identified to our satisfaction,  of
such  documents,  corporate  or other records,  certificates  and
other  papers as we deem it necessary to examine for the  purpose
of this opinion, including the agreement and declaration of trust
and  bylaws of the Trust and resolutions of its board of trustees
authorizing the issuance of shares.

     Based  upon the foregoing examination, we are of the opinion
that  the  following shares of beneficial interest,  without  par
value,  of the Trust sold during the 1995 fiscal year in reliance
upon  registration  pursuant to rule 24f-2 were  legally  issued,
fully  paid and nonassessable (although shareholders of the Trust
may  be  subject  to  liability under  certain  circumstances  as
described  in  the  prospectuses of the  Trust  included  in  its
registration statement on form N-1A):

                                               Shares Sold
                                               Pursuant to
     Series of the Trust                       Rule 24f-2

     SteinRoe High-Yield Municipals          30,703,319
     SteinRoe Intermediate Municipals        24,781,938
     SteinRoe Managed Municipals             83,708,755
     SteinRoe Municipal Money Market Fund   311,012,808

     We  consent  to the filing of this opinion with the  Trust's
Rule  24f-2 Notice.  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,
                                   
                                   
                                   
                                   BELL, BOYD & LLOYD