CONSENT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS

We  consent  to the  references  to  our  firm  under  the  captions  "Financial
Highlights"  for  Stein  Roe  High-Yield  Municipals  Fund  (one  of the  series
comprising   Liberty-Stein  Roe  Funds  Municipal  Trust,  formerly,  Stein  Roe
Municipal  Trust) in the Liberty High Income  Municipals Fund Class A Prospectus
and  "Independent  Auditors"  in the  Liberty-Stein  Roe Funds  Municipal  Trust
Statement of Additional  Information  and to the  incorporation  by reference in
Post-Effective Amendment Number 28 to the Registration Statement (Form N-1A, No.
2-99356) of our report dated  August 11, 1999 on the  financial  statements  and
financial highlights of Stein Roe High-Yield Municipals Fund and SR&F High Yield
Municipals  Portfolio (one of the series comprising SR&F Base Trust) included in
the Stein Roe Mutual Funds Annual Report dated June 30, 1999.

                                                               ERNST & YOUNG LLP


Boston, Massachusetts
July 11, 2000