|SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549                                                                             
|--------------------------------------------------------------------------------------------------------------------------------------
|FORM 10-K                                                                                                                             
|X          ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE  
SECURITIES EXCHANGE ACT OF 1934                                     
|OR                                                                                                                                    
|_   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE  
SECURITIES EXCHANGE ACT OF 1934                                        
|For the fiscal year ended December 31, 2000                                                                                           
|Commission file number 0-24776                                                                                                        
|SEARS CREDIT ACCOUNT MASTER TRUST II (Exact name of registrant as specified in its charter)                                           
|Illinois  
(State of Organization)
c/o SRFG, Inc.  
3711 Kennett Pike 
Greenville, Delaware  
(Address of principal executive offices)
|Registrant's telephone number, including area code: (302) 434-3176                                                                    
|Securities registered pursuant to Section 12(b) of the Act:                                                                           
|Title of each class  to be so registered
None                                                                                         



Securities registered pursuant to Section 12(g) of the Act:

8.10% Class A Series 1995-2 Master Trust Certificates 
8.30% Class B Series 1995-2 Master Trust Certificates 
7.00% Class A Series 1995-3 Master Trust Certificates 
7.25% Class B Series 1995-3 Master Trust Certificates 
6.05% Class A Series 1995-5 Master Trust Certificates 
6.20% Class B Series 1995-5 Master Trust Certificates 
6.20% Class A Series 1996-1 Master Trust Certificates 
6.35% Class B Series 1996-1 Master Trust Certificates 
7.00% Class A Series 1996-3 Master Trust Certificates 
7.10% Class B Series 1996-3 Master Trust Certificates 
6.45% Class A Series 1996-4 Master Trust Certificates 
6.65% Class B Series 1996-4 Master Trust Certificates 
6.20% Class A Series 1997-1 Master Trust Certificates 
6.40% Class B Series 1997-1 Master Trust Certificates 
5.80% Class A Series 1998-1 Master Trust Certificates 
6.00% Class B Series 1998-1 Master Trust Certificates 
5.25% Class A Series 1998-2 Master Trust Certificates 
5.65% Class A Series 1999-1 Master Trust Certificates 
6.35% Class A. Series 1999-2 Master Trust Certificates 
6.45% Class A Series 1999-3 Master Trust Certificates 
7.25% Class A Series 2000-1 Master Trust Certificates 
7.50% Class B Series 2000-1 Master Trust Certificates 
6.75% Class A Series 2000-2 Master Trust Certificates 
7.00% Class B Series 2000-2 Master Trust Certificates 
Floating Rate Class A Series 2000-3 Master Trust Certificates 
Floating Rate Class B Series 2000-3 Master Trust Certificates 
Floating Rate Class A Series 2000-4 Master Trust Certificates 
Floating Rate Class B Series 2000-4 Master Trust Certificates

(Title of Class)

Registrant (1) has filed all reports required to be filed by Section 13 
or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 
months and (2) has been subject to such filing requirements for the past 
90 days.

Yes X           No ___

PART I

Item 1. Business

The Sears Credit Account Master Trust II (the "Trust") was formed pursuant to the Pooling and Servicing Agreement dated as of July 31, 1994 (the "Pooling and Servicing Agreement") among Sears, Roebuck and Co. ("Sears") as Servicer, its wholly-owned
subsidiary, SRFG, Inc. ("SRFG") as Seller, and Bank One, N.A. as trustee (the "Trustee"). The Trust's only business is to act as a passive conduit to permit investment in a pool of retail consumer receivables.

Item 2. Properties

The property of the Trust includes a portfolio of receivables (the "Receivables") arising in selected accounts under selected credit plans of Sears (the "Accounts") and all monies received in payment of the Receivables. At the time of the Trust's
formation, and on certain Addition Dates thereafter, Sears sold and contributed to SRFG, which in turn conveyed to the Trust, all Receivables existing under the Accounts designated as such at or prior to such time, and will continue to transfer additional
Receivables arising under the Accounts, and in the future may transfer Receivables in additional Accounts to the Trust from time to time, until the termination of the Trust. At certain times in the life of the Trust, pursuant to the Pooling and Servicing
Agreement, SRFG has removed from the Trust the Receivables existing under certain Accounts and will no longer transfer additional receivables arising thereunder to the Trust. Information related to the performance of the Receivables during 2000 is set
forth in the ANNUAL STATEMENTS filed as Exhibits 21(a) to 21(p) to this Annual Report on Form 10-K. Capitalized terms not defined herein have the meaning assigned to them in the Pooling and Servicing Agreement.

Item 3. Legal Proceedings

None

Item 4. Submission of Matters to a Vote of Security Holders

None

PART II

Item 5. Market for Registrant's Common Equity and Related Stockholder Matters

Investor Certificates are held and delivered in book-entry form through the facilities of The Depository Trust Company ("DTC"), a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as
amended. The sole definitive Investor Certificate is held by Cede & Co., the nominee of DTC.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial 
Disclosure

None

PART III

Item 12. Security Ownership of Certain Beneficial Owners and Management

As of March 15, 2001, 100% of the Investor Certificates were held in the nominee name of Cede & Co. for beneficial owners.

SRFG, as of March 15, 2001, owned 100% of the Seller Certificate, which represented beneficial ownership of a residual interest in the assets of the Trust as provided in the Pooling and Servicing Agreement.

Item 13. Certain Relationships and Related Transactions

None

PART IV

Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 
8-K

(a) Exhibits:

20. 2000 ANNUAL STATEMENTS prepared by the Servicer.

(a)  Series 1995-2 
(b)  Series 1995-3 
(c)  Series 1995-5 
(d)  Series 1996-1 
(e)  Series 1996-3 
(f)  Series 1996-4 
(g)  Series 1997-1 
(h)  Series 1998-1 
(i)   Series 1998-2 
(j)   Series 1999-1 
(k)  Series 1999-2 
(l)   Series 1999-3 
(m) Series 2000-1 
(n)  Series 2000-2 
(o)  Series 2000-3 
(p)  Series 2000-4

28. ANNUAL INDEPENDENT ACCOUNTANTS' REPORT pursuant 
      to Section 3.06 of the Pooling and Servicing Agreement.

(a) Independent Accountants' Report

(b) Reports on Form 8-K:

Current reports on Form 8-K are filed on or before the 
Distribution Date each month (on, or the first 
business day after, the 15th of the month). The 
reports include as an exhibit, the MONTHLY INVESTOR 
CERTIFICATEHOLDERS' STATEMENT. Current Reports on 
Form 8-K were filed on October 16, 2000, November 15, 
2000, and December 15, 2000.

SIGNATURES

Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



|Sears Credit Account Master Trust II 
(Registrant)                       
|-------------------------------------------------------------------------
|                                                                         
|By: SRFG, Inc. 
(Originator of the Trust)                                
|By: /S/Donald J. Woytek 
Donald J. Woytek 
Vice President, Administration





Dated: March 30, 2001

EXHIBIT INDEX

Exhibit No.

20. 2000 ANNUAL STATEMENTS prepared by the Servicer.

Series 1995-2 
Series 1995-3 
Series 1995-5 
Series 1996-1 
Series 1996-3 
Series 1996-4 
Series 1997-1 
Series 1998-1 
Series 1998-2 
Series 1999-1 
Series 1999-2 
Series 1999-3 
Series 2000-1 
Series 2000-2 
Series 2000-3 
Series 2000-4

28. ANNUAL INDEPENDENT ACCOUNTANTS' REPORT 
      pursuant to Section 3.06 of the Pooling and Servicing Agreement.

(a) Independent Accountants' Report