**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, 1999
Commission file number 0-24776
SEARS CREDIT ACCOUNT MASTER TRUST II
(Exact name of registrant as specified in its charter)
Illinois                  Not Applicable
(State of Organization) (I.R.S. Employer Identification No.)
            c/oSRFG, Inc.           3711 Kennett Pike           Greenville, Delaware;         19807    (Address of principal executive offices)                 (Zip Code)
    Registrant's telephone number, including area code:        (302) 434-3176
                                                       Securities registered pursuant to Section 12(b) of the Act:
                                                                                   Name of each exchangeTitle of each class                                                        on which each class  to be so registered                                                     is to be registered
None                                                                            Not Applicable
                   Securities registered pursuant to Section 12(g) of the Act:
                   7.00% Class A Series 1994-1 Master Trust Certificates                   7.25% Class B Series 1994-1 Master Trust Certificates                   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                   6.50% Class A Series 1996-2 Master Trust Certificates                   6.65% Class B Series 1996-2 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                                                           (Title of Class)
Registrant (1) has filed all reports required to be filed by Section13or 15(d) of the Securities Exchange Act of 1934 during the preceding12months and (2) has been subject to such filing requirements for thepast90 days.
Yes x                                      No
PART I
Item 1. Business
The Sears Credit Account Master Trust II (the "Trust") was formedpursuant to the Pooling and Servicing Agreement dated as of July 31,1994 (the "Pooling and Servicing Agreement") among Sears, Roebuck andCo. ("Sears") as Servicer, its wholly-owned subsidiary, SRFG, Inc.("SRFG") as Seller, and Bank One, N.A. (formerly, The First NationalBankof Chicago) as trustee (the "Trustee"). The Trust's only business isto act asa passive conduit to permit investment in a pool of retail consumerreceivables.
Item 2. Properties
The property of the Trust includes a portfolio of receivables (the"Receivables") arising in selected accounts under open-end credit plansof Sears (the "Accounts") and all monies received in payment of theReceivables. At the time of the Trust's formation, and on certainAddition Dates thereafter, Sears sold and contributed to SRFG, whichinturn conveyed to the Trust, all Receivables existing under the Accountsas of the end of certain of Sears regular billing cycles ending inSeptemberand November 1989, February and June 1990, January, February, June,Octoberand November 1991, December 1992, February 1993, February 1994, February,March and June 1995, and March 1996 and all Receivables arising undertheAccounts from time to time thereafter until the termination of theTrust. Informationrelated to the performance of the Receivables during 1999 is set forthin the ANNUALSTATEMENTS filed as Exhibits 21(a) to 21(n) to this Annual Report onForm 10-K.
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 StockholderMatters
Investor Certificates are held and delivered in book-entry form throughthe facilities of The Depository Trust Company ("DTC"), a "clearing agency"registered pursuant to the provisions of Section 17A of the SecuritiesExchange Act of 1934, as amended. The sole definitive Investor Certificateis held by Cede & Co., the nominee of DTC.
Item 9. Changes in and Disagreements with Accountants on Accountingand Financial
Disclosure
None
PART III
Item 12. Security Ownership of Certain Beneficial Owners and Management
As of March 15, 2000, 100% of the Investor Certificates were held inthe nominee name of Cede & Co. for beneficial owners.  SRFG, asof March 15, 2000, owned 100% of the Seller Certificate, which representedbeneficial ownership of a residual interest in the assets of the Trustas 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 Form8-K
(a) Exhibits:
        21. 1999 ANNUAL STATEMENTSprepared by the Servicer.
               (a) Series 1994-1               (b) Series 1995-2               (c) Series 1995-3               (d) Series 1995-5               (e) Series 1996-1               (f) Series 1996-2               (g) Series 1996-3               (h) Series 1996-4               (i) Series 1997-1               (j) Series 1998-1               (k) Series 1998-2               (l) Series 1999-1               (m) Series 1999-2               (n) Series 1999-3
        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:
            Currentreports 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 onOctober 15, 1999,           November 15, 1999, and December 15, 1999.  
SIGNATURES
Pursuant to the requirements of Section 13 of the Securities ExchangeAct of 1934, the Registrant has duly caused this report to be signed onits 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, 2000  
EXHIBIT INDEX

Exhibit No.
21.     1999 ANNUAL STATEMENTS prepared by the Servicer.
            (a)Series 1994-1           (b) Series 1995-2           (c) Series 1995-3           (d) Series 1995-5           (e) Series 1996-1           (f) Series 1996-2           (g) Series 1996-3           (h) Series 1996-4           (i) Series 1997-1           (j) Series 1998-1           (k) Series 1998-2           (l) Series 1999-1           (m) Series 1999-2           (n) Series 1999-3
28.     ANNUAL INDEPENDENT ACCOUNTANTS' REPORT pursuantto Section 3.06        of the Pooling and ServicingAgreement.
            (a)Independent Accountants' Report   

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