November 15, 2000

Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549

    Liberty Funds Trust II
     Stein Roe Small Cap Tiger Fund
  Registration File Nos. 2-66976 & 811-3009

Dear Sir/Madam:

Pursuant to the  requirements of Rule 497(e),  submitted for filing via EDGAR is
the form of Prospectus  Supplements  dated  November 10,  2000  now  being
used in connection with the public offering and sale of shares of the Fund.

Sincerely,

LIBERTY FUNDS TRUSTS II


Tracy S. DiRienzo
Assistant Secretary

Enclosures


                         STEIN ROE SMALL CAP TIGER FUND

                             Class A, B and C Shares

                     Supplement to Prospectus  dated January 1,
          2000 (Replacing  Supplements dated May 1, 2000, July 14,
                           2000 and August 1, 2000)

The Prospectus is revised as follows:

(1)      Effective May 1, 2000, the Fund changed its name from Stein Roe Small
         Cap Asian Tiger Fund to Stein Roe Small Cap Tiger Fund.

(2)      Effective July 14, 2000, the Fund changed its Class A, B and C names to
         Liberty  Newport Tiger Cub Fund Class A, Liberty Newport Tiger Cub Fund
         Class B and Liberty Newport Tiger Cub Fund Class C.

 (3)     The Shareholder Fees table under the caption YOUR EXPENSES is amended
 and restated as follows:

Shareholder Fees(2) (paid directly from your investment)




                                                    Class A          Class B        Class C
                                                                           
Maximum sales charge (load) on purchases (%) (as
a percentage of the offering price)                 5.75             0.00           0.00
- --------------------------------------------------- ---------------- -------------- ----------------------
Maximum deferred sales charge (load) on
redemptions (%) (as a percentage of the lesser of
purchase price or redemption price)                 1.00(3)          5.00           1.00
- --------------------------------------------------- ---------------- -------------- ----------------------
Redemption fee (as a percentage of amount
redeemed, if applicable)                            (4)              (4)            (4)
- --------------------------------------------------- ---------------- -------------- ----------------------

     (2)     A $10 annual fee is deducted from accounts of less than $1,000 and
             paid to the transfer agent.
     (3)     This charge  applies only to certain Class A shares bought  without
             an initial sales charge that are sold within 18 months of purchase.
     (4)     There is a $7.50 charge for wiring sale proceeds to your bank.

(4)      The second paragraph in the sidebar, UNDERSTANDING EXPENSES, under the
         caption YOUR EXPENSES is deleted in its entirety.

(5)      The footnote to the table "Class A Sales  Charges" under the subcaption
         SALES CHARGES under the section YOUR ACCOUNT is revised as follows:

Class A shares bought without an initial sales charge in accounts aggregating $1
million to $25  million at the time of  purchase  are subject to a 1.00% CDSC if
the shares are sold within 18 months of the time of purchase. Subsequent Class A
share  purchases that bring your account value above $1 million are subject to a
CDSC if redeemed  within 18 months of the date of purchase.  The 18-month period
begins on the first day of the month following each purchase.  The CDSC does not
apply to retirement plans purchased through a fee-based program.
(6)




(6)      The following  replaces the table called  "Purchases Over $1 Million"
         under the subcaption SALES CHARGES under the section YOUR ACCOUNT:

Amount purchased                                        Commission %

First $3 million                                        1.00
- ------------------------------------------------------- -----------------------
$3 million to less than $5 million                      0.80
- ------------------------------------------------------- -----------------------
$5 million to less than $25 million                     0.50
- ------------------------------------------------------- -----------------------
$25 million or more                                     0.25
- ------------------------------------------------------- -----------------------

The commission to financial  advisors for Class A share purchases of $25 million
or more is paid  over 12  months  but  only  to the  extent  the  shares  remain
outstanding.

For Class A share purchases by participants  in certain group  retirement  plans
offered  through  a  fee-based  program,  financial  advisors  receive  a  1.00%
commission from the distributor on all purchases of less than $3 million.

(7)      The last three paragraphs under the caption SALES CHARGES are deleted
in their entirety.

(8)      The paragraph under the caption How To Exchange Shares is revised in
its entirety as follows:

         You may  exchange  your  shares for  shares of the same share  class of
         another fund  distributed  by Liberty  Funds  Distributor,  Inc. at net
         asset  value.  Shareholders  of Liberty  Acorn  funds  that  qualify to
         purchase  Class A shares at net asset value may exchange  their Class A
         shares for Class Z shares of another fund  distributed by Liberty Funds
         Distributor,  Inc. (see the Statement of Additional  Information  for a
         description of these situations). If your shares are subject to a CDSC,
         you will not be  charged a CDSC upon the  exchange.  However,  when you
         sell the shares acquired  through the exchange,  the shares sold may be
         subject to a CDSC,  depending  upon when you  originally  purchased the
         shares you exchanged. For purposes of computing the CDSC, the length of
         time you have owned your shares will be computed  from the date of your
         original  purchase,  and the  applicable  CDSC  will be the CDSC of the
         original fund. Unless your account is part of a tax-deferred retirement
         plan, an exchange is a taxable event. Therefore, you may realize a gain
         or a loss  for tax  purposes.  The  Fund may  terminate  your  exchange
         privilege  if the advisor  determines  that your  exchange  activity is
         likely to adversely  impact its ability to manage the Fund. To exchange
         by telephone, call 1-800-422-3737.





735-36/294D-1000                                               November 10, 2000



                      STEIN ROE SMALL CAP TIGER FUND
                               Class S Shares
      Supplement to Prospectus dated January 1, 2000, Revised May 1, 2000

The Prospectus is revised as follows:

(1)      The table under the caption Your Expenses is amended and restated as
         follows:

Your Expenses        This  table  shows  fees and  expenses
                     you  may  pay  if  you  buy  and  hold
                     shares  of the  Fund.  You do not  pay
                     any sales  charge when you purchase or
                     sell  your  shares.(a)  However,   you
                     pay various  other  indirect  expenses
                     because  the Fund  pays fees and other
                     expenses  that reduce your  investment
                     return.

Annual Fund Operating Expenses(a)
(expenses that are deducted from Fund assets)

Management and administration fees(b)          1.40%
- ---------------------------------------------- ------------
Distribution (12b-1) fees                      None
- ---------------------------------------------- ------------
Other expenses                                 1.95%
- ---------------------------------------------- ------------
- ---------------------------------------------- ------------
Total annual fund operating expenses           3.35%
- ---------------------------------------------- ------------

   (a)    There is a $7.00 charge for wiring  redemption
          proceeds to your bank.
   (b)    The  Fund's  Advisor  and  Administrator  have
          voluntarily   agreed  to  waive  advisory  and
          administration  fees  and  reimburse  the Fund
          for  certain  expenses.   As  a  result,   the
          actual management and administration  fees for
          Class S shares would be 0.06%,  other expenses
          for  Class S shares  would be 1.94%  and total
          annual  fund  operating  expenses  for Class S
          shares would be 2.00%.

(2)      The last three paragraphs under the caption Selling Shares are deleted
         in their entirety.

S40-36/145D-0900                                              November 10, 2000