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FORM 10-Q

SECURITIES AND EXCHANGE
COMMISSIONWashington, 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 SEPTEMBER 30, 2002                                                              
|                                                                                                                |                                                                                          
|OR                                                                                                             
|                                                                                                                |                                                                                          
|o                                                                                                               | 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(State or other jurisdiction of incorporation or organization)                                          |                                                                                          
|                                                                                                                |                                                                                          
|c/o JAMES RIVER MANAGEMENT CORP. 103 Sabot Park Manakin-Sabot, Virginia(Address of principal executive
offices)
|                                                                                                                |                                                                                          
|23103(Zip Code)                                                                                                
|                                                                                                                |                                                                                          
|(804) 578-4500 Attention:  Mr. Paul Saunders(Registrants telephone number, including area
code)               
|                                                                                                                |                                                                                          

| | 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 | o
|--- | - | -- | -

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FORM 10-Q     PART 1   ITEM 1     FINANCIAL STATEMENTS

THE FOUR SEASONS FUND
II L.P.

COMBINED CONDENSED STATEMENTS OF FINANCIAL CONDITION AS OF SEPTEMBER 30, 2002 AND DECEMBER 31, 2001.

|                                        |                                                                             | September  30, 2002 |           | December  31, 2001 |  
|--------------------------------------- | --------------------------------------------------------------------------- | ------------------- | --------- | ------------------ | -
|                                        |                                                                             |                     |           |                    |  
|                                        |                                                                             | (Unaudited)         |           | (Audited)          |  
|ASSETS:                                 |                                                                             |                     |           |                    |  
|                                        | Cash                                                                        |                     | $         | 130,658            |  
|                                        | Net Receivable From Commodity Broker:                                       |                     |           |                    |  
|                                        | Receivable For Cash Retained                                                |                     |           | 200,574            |  
|                                        | Net Unrealized Gain (loss) on Open Futures Contracts                        |                     |           | (17,691            | )
|                                        | Net Unexpired Option Premiums                                               |                     |           | (13,800            | )
|Receivable from General Partner         |                                                                             |                     | 3,824     |                    |  
|Accrued Interest Receivable             |                                                                             |                     | 131       |                    |  
|Other                                   |                                                                             |                     | 470       |                    |  
|                                        | U.S. Treasury Strip Securities (Cost plus Accrued interest)                 |                     |           | 1,368,414          |  
|                                        |                                                                             |                     |           |                    |  
|TOTAL ASSETS                            |                                                                             | $                   | 1,672,580 |                    | $
|                                        |                                                                             |                     |           |                    |  
|LIABILITIES:                            |                                                                             |                     |           |                    |  
|                                        | Accrued Brokerage Commissions                                               |                     | $         | 19,613             |  
|                                        | Accrued Advisory Fees                                                       |                     |           | 2,760              |  
|                                        | Accrued Sponsor Fees                                                        |                     |           |                   |  
|                                        | Distributions payable                                                       |                     |           | 4,000              |  
|                                        | Other Accrued Expenses                                                      |                     |           | 11,007             |  
|                                        |                                                                             |                     |           |                    |  
|                                        |                                                                             |                     | 37,380    |                    |  
|                                        | Minority interest in Trading Company                                        |                     |           | 4,756              |  
|                                        |                                                                             |                     |           |                    |  
|TOTAL LIABILITIES                       |                                                                             |                     | 42,136    |                    |  
|                                        |                                                                             |                     |           |                    |  
|PARTNERS CAPITAL:                      |                                                                             |                     |           |                    |  
|                                        | General Partner  (22.717 units - 09/30/02) (22.717 units - 12/31/01)        |                     |           | 28,013             |  
|                                        | Limited Partners  (1299.4883 units - 09/30/02) (1457.909  units - 12/31/01) |                     |           | 1,602,431          |  
|                                        |                                                                             |                     |           |                    |  
|TOTAL PARTNERS CAPITAL                 |                                                                             |                     | 1,630,444 |                    |  
|                                        |                                                                             |                     |           |                    |  
|TOTAL LIABILITIES AND PARTNERS CAPITAL |                                                                             | $                   | 1,672,580 |                    | $
|                                        |                                                                             |                     |           |                    |  
|PARTNERSHIP UNITS OUTSTANDING           |                                                                             |                     | 1,322.205 |                    |  
|                                        |                                                                             |                     |           |                    |  
|NET ASSET VALUE PER PARTNERSHIP UNIT    |                                                                             | $                   | 1,233.12  |                    | $
|                                        |                                                                             |                     |           |                    |  
|                                        |                                                                             |                     |           |                    |  

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

2



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FORM 10-Q     PART 1   ITEM 1     FINANCIAL STATEMENTS

THE FOUR SEASONS FUND
II L.P.

COMBINED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND SEPTEMBER 30, 2001.

|                                         |                                                                                             | 9/30/02 |         | 9/30/01  |  
|---------------------------------------- | ------------------------------------------------------------------------------------------- | ------- | ------- | -------- | -
|                                         |                                                                                             |         |         |          |  
|CASH FLOWS FROM OPERATING ACTIVITIES:    |                                                                                             |         |         |          |  
|                                         | Net Income                                                                                  |         | $       | 132,554  |  
|                                         | Adjustments To Reconcile Net Income To Net Cash Provided by (Used in) Operating Activities: |         |         |          |  
|                                         | Net Change In Unrealized losses On Open Futures Contracts                                   |         |         | 39,080   |  
|                                         | Net Change In Unrealized Option Premiums                                                    |         |         | 13,800   |  
|                                         | Accrued Interest From U.S. Treasury Strip Securities                                        |         |         | (69,935  | )
|                                         | Gain on Sale of U.S. Treasury Strip Securities                                              |         |         | (4,665   | )
|                                         | (Increase) Decrease In Operating Assets:                                                    |         |         |          |  
|                                         | Net Receivable From Commodity Broker For Cash Retained                                      |         |         | 54,358   |  
|                                         | Net Receivable From Commodity Broker For Interest Receivable                                |         |         | 62       |  
|                                         | Receivable from General Partner                                                             |         |         | (3,824   | )
|                                         | Increase (Decrease) In Operating Liabilities:                                               |         |         |          |  
|                                         | Accrued Brokerage Commissions                                                               |         |         | (2,070   | )
|                                         | Accrued Advisory Fees                                                                       |         |         | (3,033   | )
|                                         | Accrued Sponsor Fees                                                                        |         |         | (6,447   | )
|                                         | Other Accrued Expenses                                                                      |         |         | (4,796   | )
|                                         | Distributions Payable                                                                       |         |         | 4,000    |  
|                                         | Allocation of Income to Minority Interest                                                   |         |         | 1,166    |  
|                                         |                                                                                             |         |         |          |  
|                                         | Net cash provided by (used in) operating activities                                         |         |         | 150,250  |  
|                                         |                                                                                             |         |         |          |  
|NET CASH FLOWS FROM FINANCING ACTIVITIES |                                                                                             |         |         |          |  
|                                         | Limited Partner Redemptions                                                                 |         |         | (178,606 | )
|                                         | Partner Distributions                                                                       |         |         | (59,237  | )
|                                         |                                                                                             |         |         |          |  
|                                         | Net cash used in financing activities                                                       |         |         | (237,843 | )
|                                         |                                                                                             |         |         |          |  
|NET CASH FLOWS FROM INVESTING ACTIVITIES |                                                                                             |         |         |          |  
|                                         | Maturity of U.S. Treasury Strip                                                             |         |         | 60,000   |  
|                                         | Sale of U.S. Treasury Strip Securities                                                      |         |         | 158,251  |  
|                                         |                                                                                             |         |         |          |  
|                                         | Net cash provided by investing activities                                                   |         |         | 218,251  |  
|                                         |                                                                                             |         |         |          |  
|NET INCREASE (DECREASE) IN CASH          |                                                                                             |         | 130,658 |          |  
|CASH AT BEGINNING OF PERIOD              |                                                                                             |         |        |          |  
|                                         |                                                                                             |         |         |          |  
|CASH AT END OF PERIOD                    |                                                                                             |         | 130,658 |          |  
|                                         |                                                                                             |         |         |          |  
|                                         |                                                                                             |         |         |          |  

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

3



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FORM 10-Q     PART 1   ITEM 1     FINANCIAL STATEMENTS

THE FOUR SEASONS FUND
II L.P.

COMBINED CONDENSED STATEMENT OF PARTNERS CAPITAL (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002.

|                                                  |                       | UNITS OF PARTNERSHIP INTEREST |           | LIMITED PARTNERS |   | GENERAL PARTNER |          | TOTAL |       
|------------------------------------------------- | --------------------- | ----------------------------- | --------- | ---------------- | - | --------------- | -------- | ----- | ------
|                                                  |                       |                               |           |                  |   |                 |          |       |       
|PARTNERS CAPITAL, DECEMBER 31, 2001              |                       |                               | 1,480.626 |                  | $ | 1,709,102       |          | $     | 26,631
|                                                  |                       |                               |           |                  |   |                 |          |       |       
|                                                  | Capital Distributions |                               |           |                 |   |                 | (58,328  | )     |       
|                                                  | Capital Withdrawals   |                               |           | (158.4207        | ) |                 | (178,606 | )     |       
|                                                  | Net Income            |                               |           |                 |   |                 | 130,263  |       |       
|                                                  |                       |                               |           |                  |   |                 |          |       |       
|PARTNERS CAPITAL, SEPTEMBER 30, 2002 (UNAUDITED) |                       |                               | 1,322.205 |                  | $ | 1,602,431       |          | $     | 28,013
|                                                  |                       |                               |           |                  |   |                 |          |       |       
|                                                  | December 31, 2001:    |                               |           |                  |   |                 |          |       |       
|                                                  | Amount                |                               | $         | 1,172.30         |   |                 |          |       |       
|                                                  | Units outstanding     |                               |           | 1,480.626        |   |                 |          |       |       
|                                                  | September 30, 2002:   |                               |           |                  |   |                 |          |       |       
|                                                  | Amount                |                               | $         | 1,233.12         |   |                 |          |       |       
|                                                  | Units outstanding     |                               |           | 1,322.205        |   |                 |          |       |       
|                                                  |                       |                               |           |                  |   |                 |          |       |       

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

4



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FORM 10-Q     PART 1   ITEM 1     FINANCIAL STATEMENTS

THE FOUR SEASONS FUND
II L.P.

COMBINED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2002 AND SEPTEMBER 30,  2001.

|                                              |                                                                   | Three months ended 09/30/02 |         | Three months ended 09/30/01 |   | Nine months ended 09/30/02 |         | Nine months ended 09/30/01 |        
|--------------------------------------------- | ----------------------------------------------------------------- | --------------------------- | ------- | --------------------------- | - | -------------------------- | ------- | -------------------------- | -------
|                                              |                                                                   |                             |         |                             |   |                            |         |                            |        
|REVENUES                                      |                                                                   |                             |         |                             |   |                            |         |                            |        
|                                              | Trading Profit (Loss)                                             |                             |         |                             |   |                            |         |                            |        
|                                              | Net realized gains (losses)                                       |                             | $       | 144,244                     |   | $                          | (45,353 | )                          | $      
|                                              | Net option premiums                                               |                             |         | 37,725                      |   |                            | (10,909 | )                          |        
|                                              | Net change in unrealized gains (losses) on open futures contracts |                             |         | (76,717                     | ) |                            | 55,084  |                            |        
|                                              | Net change in unexpired options                                   |                             |         | 7,050                       |   |                            | 26,200  |                            |        
|                                              |                                                                   |                             |         |                             |   |                            |         |                            |        
|                                              | Total Trading Results                                             |                             |         | 112,303                     |   |                            | 25,022  |                            |        
|                                              | Gain on sale of U.S. Treasury Strip Securities                    |                             |         | 0                           |   |                            | 0       |                            |        
|                                              | Interest income                                                   |                             |         | 21,678                      |   |                            | 25,837  |                            |        
|                                              |                                                                   |                             |         |                             |   |                            |         |                            |        
|                                              | Total Revenues                                                    |                             |         | 133,981                     |   |                            | 50,859  |                            |        
|                                              |                                                                   |                             |         |                             |   |                            |         |                            |        
|                                              | Brokerage commissions                                             |                             |         | 10,205                      |   |                            | 10,839  |                            |        
|                                              | Management fees                                                   |                             |         | 4,017                       |   |                            | 4,269   |                            |        
|                                              | Sponsor fees                                                      |                             |         | 3,019                       |   |                            | 3,177   |                            |        
|                                              | Administrative expenses                                           |                             |         | 7,539                       |   |                            | 4,415   |                            |        
|                                              |                                                                   |                             |         |                             |   |                            |         |                            |        
|                                              | Total Expenses                                                    |                             |         | 24,781                      |   |                            | 22,701  |                            |        
|                                              |                                                                   |                             |         |                             |   |                            |         |                            |        
|INCOME BEFORE ALLOCATION OF MINORITY INTEREST |                                                                   |                             | 109,200 |                             |   | 28,158                     |         |                            | 133,720
|ALLOCATION OF MINORITY INTEREST               |                                                                   |                             | (1,602  | )                           |   | (56                        | )       |                            | (1,166 
|                                              |                                                                   |                             |         |                             |   |                            |         |                            |        
|NET INCOME:                                   |                                                                   | $                           | 107,598 |                             | $ | 28,102                     |         | $                          | 132,554
|                                              |                                                                   |                             |         |                             |   |                            |         |                            |        
|                                              | Limited Partners                                                  |                             | $       | 105,749                     |   | $                          | 27,671  |                            | $      
|                                              | General Partner                                                   |                             |         | 1,849                       |   |                            | 431     |                            |        
|                                              | Net income (loss) per unit                                        |                             |         | 81.38                       |   |                            | 18.98   |                            |        
|                                              |                                                                   |                             |         |                             |   |                            |         |                            |        

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

5



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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.Z |                                
| | ------------------------------ | -------------------------------
| | (Registrant)                   |                                
| |                               
| |                                |                                
| | By                             | JAMES RIVER MANAGEMENT CORP.   
| |                                |                                
| |                                | (General Partner)              
| |                                |                                
| |                                |                                
| | By                             | EDWARD M. JASINSKI             
| |                                |                                
| |                                | Director of Fund Administration
| |                                |                                

6



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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 NINE MONTHS ENDED SEPTEMBER 30, 2002 AND SEPTEMBER 30, 2001:

|(A) | 
|--- | 

| |                   |  | SEPT 30, 2002 |           | SEPT 30, 2001 |  
| | ----------------- |  | ------------- | --------- | ------------- | -
| |                   |  |               |           |               |  
| | PARTNERS CAPITAL |  | $             | 1,630,444 |               | $

| | For the nine month period ended September 30, 2002, Partners Capital decreased $105,289 due primarily to capital distributions of $59,237, capital withdrawals of
$178,606 and operating expenses of  $69.854.  The decrease in capital resulting from capital distributions and operating expenses was partially offset by the U.S. Treasury Strip Securities interest of $69,935. Realized and unrealized
results from the trading of futures, options on futures, and currency forwards amounted to a gain of $8,092 for the period ended September 30, 2002.  Largest gains in futures trading were recognized in the trading of Ten-year notes, Five-year
CBOT notes, and US Treasury bond futures, while largest losses were recognized in the trading of S&P500 futures contracts.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | In comparison, for the nine month period ended September 30, 2001, Partners Capital decreased $56,699 due primarily to capital distributions of $59,225, and
operating expenses of $74,823.  The decrease in capital resulting from capital distributions and operating expenses was partially offset by the U.S. Treasury Strip Securities interest of $73,138. Realized and unrealized results from the
trading of futures, options on futures, and currency forwards amounted to a loss of $1,414 for the period ended September 30, 2001.  Largest losses in futures trading were recognized in the trading of S&P500 futures and Lite crude oil
and  Heating oil futures contracts.                                                                                                 
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(B) | The U.S. Treasury Strip Securities are valued at the lower of cost plus accrued interest or market value.  As of September 30, 2002, the cost plus accrued interest value (as
shown on the Combined Statement of Financial Condition) of the U.S. Treasury Strip Securities is $1,368,414 and the value of said securities at market value is $1,377,843. As of September 30, 2001, the value of the U.S. Treasury Strip Securities at
cost plus accrued interest was $1,486,757 and the market value was $1,543,999.                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(C) | The condensed consolidated financial statements include the accounts of Four Seasons Fund II LP (the LP) and the Four Seasons Trading Fund LP.  James
River Management Corp., a Delaware Corporation, is the general partner of the Partnership and the Trading Company and is a registered commodity pool operator. ED&F Man. International Inc. is the commodity broker for the Partnership.  All
trading activity of the Partnership and Trading Company (collectively the Fund) take place through the Trading Company. The remaining proceeds from the partnerships initial public offering were used to purchase Zero coupon U.S. Treasury
securities (the Guaranteed Distribution Pool).
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | Effective November 15, 2002, the final Zero coupon US Treasury security matures, and effective November 30, 2002 the Trading Fund L.P. and the L.P. will cease operations
and distributions of capital will be allocated to the remaining partners of record.                                                                                                                                                                                                                                                                                                                                                                                                                                     

7



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|                                               | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") for interim
financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements.  In the
opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates
and assumptions that affect the amounts reported in the financial statements and accompanying notes.  Actual results could differ from these estimates.
|---------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|                                               | Operating results for the three and nine months ended September 30, 2002, are not necessarily indicative of the results for the year ending November 30, 2002 (Cessation of Operations).
 The notes to the consolidated financial statements contained in the Annual Report on Form 10-K for the year ended December 31, 2001 should be read in conjunction with these condensed consolidated financial statements.  All significant
intercompany balances and transactions have been eliminated.                                                                                                                                                                                                                                                                                                                                        
|                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|Form 10-Q   Part 2  Item 5   Other Information
|                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|                                               | In connection with the closing of Arthur Andersen LLP, James River Management Corp., the general partner, has engaged Ernst & Young LLP as their independent auditors for any future
accounting.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                              

8