FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

  (X)  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                  For the quarterly period ended JUNE 30, 1999

                                       OR

  ( )  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

       For the transition period from __________ to __________

                  Commission file number 0-21286

                          THE FOUR SEASONS FUND II L.P.
             (Exact name of registrant as specified in its charter)

           Delaware                                   # 54-1640874
  (State or other jurisdiction of                  (I.R.S. Employer
     incorporation or organization)               Identification No.)


                        c/o JAMES RIVER MANAGEMENT CORP.
                                 103 Sabot Park
                             Manakin-Sabot, Virginia
                    (Address of principal executive offices)

                                      23103
                                   (Zip Code)

                   (804) 784-4500 Attention: Mr. Paul Saunders
              (Registrant's telephone number, including area code)

              Formerly c/o KIDDER PEABODY FUTURES MANAGEMENT CORP.
              (Former name, former address and former fiscal year,
                          if changed since last report)

         Indicate by check mark whether the registrant (1) has filed all reports
         required to be filed by section 13 or l5(d) of the Securities Exchange
         Act of 1934 during the preceding 12 months (or for such shorter period
         that the registrant was required to file such reports), and (2)
         has been subject to  such filing requirements for the past 90 days.

                                     Yes X           No





                                  -1-




<PAGE>



FORM 10-Q     PART 1   ITEM 1     FINANCIAL STATEMENTS

THE FOUR SEASONS FUND II L.P.

COMBINED STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>

                                                                                          June 30,           December 31,
                                                                                             1999                 1998
                                                                                     ----------------      ------------------
                                                                                         (Unaudited)           (audited)
<S> <C>
            ASSETS:


                        Net Receivable From Commodity Broker:

                                    Receivable For Cash Retained                    $     349,512                $   375,836

                                    Net Unrealized Gain on                                 14,354                     48,168
                                     Open Futures Contracts

                                    Net Unexpired Option Premiums                          (9,450)                         -

                                    Accrued Interest Receivable                               784                        961

                                    Other                                                       -                         71

                        U.S. Treasury Strip Securities (at Cost plus
                             Accrued Interest)                                          1,747,557                  1,854,829
                                                                                     -------------                -----------




            TOTAL ASSETS                                                            $   2,102,757                $ 2,279,865
                                                                                     =============                ===========


            LIABILITIES:

                        Accrued Brokerage Commissions                               $       4,273                $     4,724

                        Accrued Advisory Fees                                               1,739                      5,566

                        Accrued Sponsor Fees                                                1,305                      1,413

                        Other Accrued Expenses                                             12,054                     11,617

                        Redemptions Payable                                                     -                     35,204

                                                                                     -------------                -----------

                                                                                           19,371                     58,524


                        Minority interest in Trading Company                                6,366                      7,304
                                                                                     -------------                -----------


            TOTAL LIABILITIES                                                              25,737                     65,828
                                                                                     -------------                -----------


            PARTNERS' CAPITAL:

                        General Partner   (22.7171 units - 06/30/99)                       26,469                     27,190
                                                     (22.7171 units - 12/31/98)
                        Limited Partners (1,759.9089  units - 06/30/99)                 2,050,551                  2,186,847
                                                  (1,827.066 units - 12/31/98)
                                                                                     -------------                -----------


            TOTAL PARTNERS' CAPITAL                                                     2,077,020                  2,214,037


                                                                                     -------------                -----------

            TOTAL LIABILITIES AND PARTNERS' CAPITAL                                 $   2,102,757                $ 2,279,865

                                                                                     =============                ===========

            PARTNERSHIP UNITS OUTSTANDING                                               1,782.626                  1,849.783

                                                                                     =============                ===========

            NET ASSET VALUE PER PARTNERSHIP UNIT                                    $    1,165.15                $  1,196.92

                                                                                     =============                ===========
</TABLE>

          The accompanying notes are an integral part of these combined
                              financial statements.

                                       2

<PAGE>


FORM 10-Q     PART 1   ITEM 1     FINANCIAL STATEMENTS

THE FOUR SEASONS FUND II L.P.

COMBINED STATEMENTS OF OPERATIONS (UNAUDITED) - FOR THE THREE MONTHS AND SIX
MONTHS ENDED JUNE 30, 1999 AND JUNE 30, 1998.


<TABLE>
<CAPTION>



                                                           Three months      Three months          Six months       Six months
                                                           ended 06/30/99    ended 06/30/98       ended 06/30/99    ended 06/30/98
                                                          ---------------   ---------------      ---------------   --------------
<S> <C>
REVENUES
        Trading Profit (Loss)
                Net realized gains                       $  12,198       $        50,899      $        50,011       $      150,749
                Net option premiums                          1,925                     -               (2,925)             (38,564)
                Net change in unrealized
                 gains on open futures contracts            (4,168)              (70,184)             (33,814)             (26,811)
                Net change in unexpired options             (9,450)                    -               (9,450)              29,400
                                                          ---------       ---------------      ---------------       --------------

                      Total Trading Results                    505               (19,285)               3,822              114,774

        Gain on sale of U.S. Treasury Strip Securities       3,619                 2,201                5,555                2,415
        Interest income                                     31,398                40,315               63,581               81,276
                                                          ---------       ---------------      ---------------       --------------

                      Total Revenues                        35,522                23,231               72,958              198,465


EXPENSES
        Brokerage commissions                               13,430                16,911               27,399               34,307
        Management fees                                      5,221                 6,650               10,695               13,488
        Sponsor fees                                         3,922                 4,994                8,034               10,130
        Administrative expenses                              6,459                 6,229               12,809               14,247
                                                          ---------       ---------------      ---------------       --------------

                      Total Expenses                        29,032                34,784               58,937               72,172
                                                          ---------       ---------------      ---------------       --------------

INCOME  BEFORE ALLOCATION OF MINORITY INTEREST               6,490               (11,553)              14,021              126,293

ALLOCATION OF MINORITY INTEREST                                493                 2,561                  938               (2,513)
                                                          ---------       ---------------      ---------------       --------------

NET INCOME:                                              $   6,983       $        (8,992)     $        14,959       $      123,780
                                                          =========       ===============      ===============       ==============

        Limited Partners                                 $   6,894       $        (8,659)     $        14,768       $      119,293
        General Partner                                         89                  (333)                 191                4,487
        Net income per unit                                   3.92                 (3.84)                4.13                25.87


</TABLE>


         The accompanying notes are an integral part of these combined
                             financial statements.

                                       3
<PAGE>


FORM 10-Q     PART 1   ITEM 1     FINANCIAL STATEMENTS

THE FOUR SEASONS FUND II L.P.

COMBINED STATEMENTS OF PARTNERS' CAPITAL (UNAUDITED) - FOR THE SIX MONTHS ENDED
JUNE 30, 1999, AND THE THREE MONTHS ENDED MARCH 31, 1999.




<TABLE>
<CAPTION>


                                            UNITS OF
                                         PARTNERSHIP
                                           INTEREST                LIMITED PARTNERS      GENERAL PARTNER                TOTAL
                                        --------------         -------------------       ------------------       ---------------

<S> <C>

PARTNERS' CAPITAL, DECEMBER 31, 1998        1,849.783         $         2,186,847         $         27,190       $     2,214,037
                                        ==============         ===================       ==================       ===============


  Capital Contributions                             -                           -                        -                     -


  Capital Withdrawals                         (67.157)                    (77,985)                       -               (77,985)


  Capital Distributions                             -                     (72,736)                  (1,255)              (73,991)


  Net Income                                        -                       7,531                      445                 7,976
                                        --------------         -------------------       ------------------       ---------------


PARTNERS' CAPITAL, MARCH 31, 1999           1,782.626         $         2,043,657         $         26,380       $     2,070,037
                                        ==============         ===================       ==================       ===============


  Capital Contributions                             -                           -                        -                     -


  Capital Withdrawals                               -                           -                        -                     -


  Capital Distributions                             -                           -                        -                     -


  Net Income                                        -                       6,894                       89                 6,983
                                        --------------         -------------------       ------------------       ---------------


PARTNERS' CAPITAL, JUNE 30, 1999            1,782.626         $         2,050,551         $         26,469       $     2,077,020
                                        ==============         ===================       ==================       ===============



NET ASSET VALUE PER PARTNERSHIP UNIT:

  March 31, 1999:
     Amount                                 $1,161.23
     Units outstanding                      1,782.626


  June 30, 1999:
     Amount                                 $1,165.15
     Units outstanding                      1,782.626

</TABLE>


         The accompanying notes are an integral part of these combined
                             financial statements.

                                       4

<PAGE>

FORM 10-Q     PART 1   ITEM 1     FINANCIAL STATEMENTS

THE FOUR SEASONS FUND II L.P.

COMBINED STATEMENTS OF CASH FLOWS (UNAUDITED) - FOR THE SIX MONTHS ENDED JUNE
30, 1999 AND JUNE 30, 1998.

<TABLE>
<CAPTION>


                                                                     Six months          Six months
                                                                     ended 6/30/99      ended 6/30/98
                                                                     ------------       -------------
<S> <C>
        CASH FLOWS FROM OPERATING ACTIVITIES:

                Net Income                                          $     14,959       $     123,780

                Adjustments To Reconcile Net Income To
                Net Cash Provided By Operating Activities:
                        Net Change In Unrealized Gains
                          On Futures Contracts                            33,814              26,811
                        Net Change In Unrealized
                          Option Premiums                                  9,450             (29,400)
                        Accrued Interest From U.S. Treasury
                          Strip Securities                               (58,730)            (72,987)
                        Gain on Sale of U.S. Treasury
                          Strip Securities                                (5,555)             (2,415)

                        (Increase) Decrease In Operating Assets:
                          Net Receivable From Commodity
                            Broker For Cash Retained                      26,395             (46,553)
                          Net Receivable From Commodity
                            Broker For Interest Receivable                   177                (178)

                        Increase (Decrease) In Operating Liabilities:
                          Accrued Brokerage Commissions                     (451)              5,340
                          Accrued Advisory Fees                           (3,827)             (2,241)
                          Accrued Sponsor Fees                              (108)              1,571
                          Other Accrued Expenses                             437               3,372
                          Redemptions Payable                            (35,204)            181,206

                        Allocation of Income to Minority Interest           (938)              2,513
                                                                     ------------       -------------


                           Net cash (used in) provided by operating
                              activities                                 (34,540)             67,039
                                                                     ------------       -------------

        NET CASH FLOWS FROM FINANCING ACTIVITIES
                        Limited Partner Additions                              -                   -
                        Limited Partner Redemptions                      (77,985)           (252,780)
                        Partner Distributions                            (73,991)            (95,551)
                                                                     ------------       -------------
                           Net cash used in financing activities        (151,976)           (348,331)
                                                                     ------------       -------------

        NET CASH FLOWS FROM INVESTING ACTIVITIES
                        Maturity of U.S. Treasury Strip                   75,000              97,000
                        Sale of U.S. Treasury Strip Securities            96,557              60,512
                                                                     ------------       -------------
                           Net cash provided by investing activities     171,557             157,512
                                                                     ------------       -------------

        NET INCREASE IN CASH                                                   -                   -

        CASH AT BEGINNING OF PERIOD                                            -                   -
                                                                     ------------       -------------



        CASH AT END OF PERIOD                                       $          -       $           -
                                                                     ============       =============
</TABLE>


          The accompanying notes are an integral part of these combined
                             financial statements.


                                      - 5 -





<PAGE>






Form 10-Q   Part 1  Item 2   Management's Discussion

THE FOUR SEASONS FUND II L.P.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND OPERATING
RESULTS FOR THE SIX MONTH AND THREE MONTH PERIODS ENDED JUNE 30, 1999 AND
JUNE 30, 1998:


<TABLE>
<CAPTION>

         (A)                                   JUNE 30,          JUNE 30,
                                                 1999              1998
                                             ------------      ------------
<S> <C>
                  PARTNERS' CAPITAL        $ 2,077,020         $ 2,441,050





                  For the sixth month period ending June 30, 1999, Partners' Capital

                  decreased $ 137,017 due primarily to capital withdrawals of

                  $ 77,985, capital distributions of $ 73,991, and operating

                  expenses of $ 58,937.  The decrease in capital resulting from

                  capital withdrawals, capital distributions, and operating expenses

                  was partially offset by the increase in accrued interest of the

                  Treasury strip securities of $ 58,730 and the realized trading

                  gains of futures contracts, options on futures contracts, and

                  currency forwards of $ 3,822.  Largest gains in futures trading

                  were concentrated in S&P 500 index contracts.


                  In comparison, for the sixth month period ending June 30, 1998,

                  Partner's Capital decreased $224,551 due mainly to capital

                  redemptions of $ 252,780, capital distributions of $ 95,551,

                  and operating expenses of $ 72,172. The decrease in capital was

                  partially offset with realized and unrealized trading gains of

                  $ 114,774, and the increase of accrued interest in the U.S.

                  Treasury strips of $ 72,987.  The majority of realized and

                  unrealized gains in futures trading were recognized in the S&P 500

                  Index contracts.


<PAGE>




                  For the three month period ending June 30, 1999, Partners'

                  Capital increased $ 6,983, due primarily to the increase in

                  the value of the the U.S. Treasury strips, which was partially

                  offset by losses in options on futures trading of $ 7,525, and

                  operating expenses of $ 29,032.  The largest increase was from the

                  appreciation in the value of the U.S. Treasury  Strip Securities'

                  interest of $ 28,904, and the realized and  unrealized trading gains

                  of futures contracts, and currency forwards of $ 8,030. Largest

                  gains in futures trading were concentrated in the indices and

                  energy markets, namely the S&P 500 Index, and the  largest losses

                  were in Treasury notes futures contracts.


                  For the three month period  ended June 30, 1998, Partners'

                  Capital decreased $ 205,199 due to net withdrawals of $ 196,207,

                  operating expenses of $ 34,784, and the  realized and unrealized

                  trading losses of futures contracts, options on futures contracts,

                  and currency forwards of $ 19,285. The decrease in capital

                  generated by capital withdrawals, operating expenses, and

                  trading losses was offset partially by the appreciation in the

                  U.S. Securities' unrealized interest of $ 36,191. Largest

                  losses in futures trading were concentrated  in the financial

                  markets, namely the Australian bond market (30 year bonds,

                  Aussie T-bills).




         (B)      The U.S. Treasury Strip Securities are valued at the lower of

                  cost plus accrued interest or market value.  As of June 30,

                  1999, the cost plus accrued interest value (as shown on the

                  Combined Statements of Financial Condition) of the U.S. Treasury



<PAGE>



                  Strip Securities is $ 1,747,557 and the value of said securities

                  at market value is $ 1,811,801.   As of December 31, 1998, the

                  value of the U.S. Treasury Strip Securities at cost plus accrued

                  interest was $ 1,854,829 and the market value was $ 2,007,822.




         (C)      With respect to the Year 2000 Computer Issue, the Partnership

                  and James River Management Corp. are essentially impacted by

                  three  components with respect to being "Y2K compliant": a) a third party

                  accounting system, Commodity Accounting Systems ("CAS") (b)

                  the operating systems of the futures clearing broker, ED&F Man,

                  Intl., and (c) the internally developed systems at James River

                  Capital ("JRCC").  As of June 30, 1999, CAS believes they will be

                  Y2K compliant at year-end, 1999. JRCC has tested internal

                  applications and believes that all mission critical systems will

                  be compliant during the December 31, 1999 - January, 2000

                  transition.  ED&F Man has completed testing of their mission

                  critical systems and non-critical internal systems, and has also

                  incorporated a contingency plan for their systems if, after

                  December 31, 1999, they should run into problems caused by Y2K

                  issues (ED&F Man International has filed a Form BD-Y2K with the

                  SEC, SEC File No: 00818104, CRD File No. 6731).  James River

                  Management Corp. remains confident that all components

                  of its Year 2000 preparedness will be operational in January,

                  2000; however, the failure of securities and commodity exchanges,

                  clearing organizations, vendors, clients, and regulators to

                  resolve their own computer application issues in a timely manner

                  could result in material financial risk to the Partnership.
</TABLE>

<PAGE>




                                    EXHIBITS


None

                                     PART II

None

                                   SIGNATURES


Pursuant to the requirements 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.

                                           THE FOUR SEASONS FUND II L.P.
                                                    (Registrant)

                                    By     JAMES RIVER MANAGEMENT CORP.
                                        ---------------------------------
                                            (General Partner)

                                    By     Edward M. Jasinski
                                        -------------------------------
                                            Director of Fund
                                            Administration