** **

**SECURITIES AND EXCHANGE COMMISSION****WASHINGTON,D.C. 20549**

 

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**FORM 10-K405**

 

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| **ý** |   | **ANNUAL  REPORT PURSUANT TO SECTION 13 OR 15(d)**                                                           |
|------------|--------|-------------------------------------------------------------------------------------------------------------------|
|       |   | **of the Securities Exchange Act of 1934**                                                                        |
|       |   | **For the fiscal year  ended October 31, 2003**                                                              |
|       |   |                                                                                                              |
| **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 333-87562**

** **
| **JOHN DEERE OWNER TRUST 2003**(Exact name of  registrant as specified in its charter) |
|----------------------------------------------------------------------------------------|

 

| **Delaware**                                                                       |   |       |   | **36-7278661**                    |
|------------------------------------------------------------------------------------|--------|------------|--------|-----------------------------------|
| (State of incorporation or organization)                                           |   |       |   | (IRS Employer Identification No.) |
|                                                                               |   |       |   |                              |
| **c/o John Deere Capital Corporation**                                             |   |       |   |                              |
| **Suite 600  First Interstate Bank Building**                                      |   |       |   |                              |
| **1 East First  Street**                                                           |   |       |   |                              |
| **Reno, Nevada**                                                                   |   | **89501**  |   | **(775)  786-5527**               |
| (Address of principal executive offices)                                           |   | (Zip Code) |   | (Telephone Number)                |
|                                                                               |   |       |   |                              |
|                                                                               |   |       |   |                              |
| SECURITIES  REGISTERED PURSUANT  TO SECTION 12(b) OF  THE ACT:  **NONE** |
|                                                                               |   |       |   |                              |
| SECURITIES  REGISTERED PURSUANT  TO SECTION 12(g) OF  THE ACT: **NONE**       |

 

Indicate by check mark whether the registrant (1) has filed all reportsrequired to be filed by Section 13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12 months (or for such shorter period that theregistrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days.  Yes  ý  No o

 

Indicate by check mark if disclosure of delinquent filers pursuant toItem 405 of Regulation S-K is not contained herein, and will not be contained,to the best of registrant’s knowledge, in definitive proxy or informationstatements incorporated by reference in Part III of this Form 10-K or anyamendment to this Form 10-K.     ý

 

Indicate bycheck mark whether the registrant is an accelerated filer (as defined inExchange Act Rule 12b-2).  Yes  o  No ý

 

State the aggregate market value of the voting and non-voting commonequity held by non-affiliates computed by reference to the price at which thecommon equity was last sold, or the average bid and asked price of such commonequity, as of the last business day of the registrant’s most recently completedsecond fiscal quarter.  Not applicable.

 

 

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This Annual Report on Form 10-K 405 is filed in accordance with letterssubmitted to the Division of Corporation Finance of the Securities and ExchangeCommission on behalf of similar Trusts by the Servicer and Depositor of theTrust. Accordingly, responses to certain Items have been omitted from ormodified in this report.

 

### **PART I**

*Item 1**.**                                                           **Business**.*

Not Applicable.

 

*Item 2**.*                                                              *Properties**.*

John Deere Owner Trust 2003 (the “Trust”) is a trust established underthe laws of the State of Delaware by the Trust Agreement dated as ofJuly 15, 2003 (the “Trust Agreement”) between John Deere Receivables, Inc.(the “Seller”) and U.S. Bank Trust National Association, acting thereunder notin its individual capacity but solely as trustee of the Trust. John DeereCapital Corporation (the “Servicer”) is the Servicer under a Sale and ServicingAgreement dated as of July 15, 2003 (the “Sale and Servicing Agreement”) amongthe Servicer, the Seller and the Trust. On July 24, 2003 (the “ClosingDate”), the Trust issued its Asset Backed Certificates (the “Certificates”)with an aggregate principal amount of $7,546,670. In addition, on the ClosingDate, the Trust issued $197,000,000 aggregate principal amount of ClassA-1  1.08125% Asset Backed Notes (the“A-1 Notes”), $187,000,000 aggregate principal amount of Class A-2  1.31% Asset Backed Notes (the “A-2 Notes”),$202,000,000 aggregate principal amount of Class A-3 1.79% Asset Backed Notes(the “A-3 Notes”), $149,000,000 aggregate principal amount of Class A-4 2.44%Asset Backed Notes (the “A-4 Notes”) and $15,150,000 aggregate principal amountof Class B 2.01% Asset Backed Notes (the “B Notes” and together with the A-1Notes, the A-2 Notes, the A-3 Notes and the A-4 Notes, the “Notes”). TheCertificates evidence fractional undivided interests in the Trust. The Sellerretained the entire principal amount of the Certificates. The Notes evidencedebt obligations of the Trust. The Trust property includes (i) agricultural andconstruction equipment retail installment sale and loan contracts (the“Receivables”) secured by new and used agricultural equipment and constructionand forestry equipment (the “Financed Equipment”) sold to the Trust by theSeller, (ii) all monies (including accrued interest) due thereunder on or afterJune 22, 2003, (iii) such amounts as from time to time may be held in oneor more accounts established and maintained by the Servicer pursuant to theSale and Servicing Agreement or the Trust Agreement and the short-terminvestments made from those collections, (iv) the security interests in theFinanced Equipment, (v) any proceeds of repossessed Financed Equipment, (vi)the rights to proceeds from claims on physical damage, credit life ordisability insurance policies, if any, covering the Financed Equipment or theobligors on the Receivables, as the case may be, (vii) the rights of the Sellerunder the Purchase Agreement dated as of July 15, 2003 (the “PurchaseAgreement”) between the Servicer and the Seller and (viii) interest earned onshort-term investments made by the Trust.

As of June 22, 2003, the Receivables had an aggregate principalbalance plus accrued interest of approximately $760,896,606. As ofOctober 31, 2003, the end of the fiscal year of the Trust for which thisForm 10-K annual report is being filed, the aggregate principal balance of theReceivables remaining in the Trust was approximately $663,725,357.77. 

 

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Reference is made to Exhibit 99.1, the Annual Statement of Compliancefor the fiscal year ended October 31, 2003, for additional informationregarding principal and interest payments in respect of the Certificates andthe Notes and information regarding servicing compensation and other fees paidby the Trust during the period from July 24, 2003 through October 31,2003.

*Item 3.**                                                             **Legal Proceedings**.*

The registrant knows of nomaterial pending legal proceedings involving either the Trust property,Trustee, Seller or Servicer in respect of the Trust.

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

No matter was submitted during the fiscal year covered by this reportto a vote of holders of either the Notes or Certificates.

 

#### **PART II**

 

*Item 5**.**                                                             **Market For Registrant’s Common Equity and RelatedStockholder Matters**.*

(a)                                  To the best knowledge of the registrant,there is no established public market for the Certificates.

(b)                                   As of November 1, 2003, the Seller wasthe sole Certificateholder of record.

 

*Item 6**.**                                                             **Selected Financial Data**.*

Not Applicable.

*Item 7**.**                                                             **Management’s Discussion and Analysis of Financial Conditionand Results of Operations**.*

Not Applicable.

 

*Item 7A**.*                                                      *Quantitative and Qualitative Disclosures About Market Risk**.*

 

Not Applicable.

 

*Item 8**.*                                                              *Financial Statements and Supplementary Data**.*

 

Not Applicable.

 

*Item 9**.**                                                             **Changes in and Disagreements With Accountants on Accountingand Financial Disclosure**.*

 

None.

 

*Item 9A**.**                                                     **Controls and Procedures**.*

 

Not Applicable.

 

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#### **PART III**

 

*Item 10**.**                                                      **Directors and Executive Officers of the Registrant**.*

 

Not Applicable.

 

*Item 11**.**                                                      **Executive Compensation**.*

 

Not Applicable.

 

*Item 12**.**                                                      **Security Ownership of Certain Beneficial Owners andManagement and Related Stockholder Matters**.*

 

Not Applicable.

 

*Item 13**.**                                                      **Certain Relationships and Related Transactions**.*

 

John Deere Receivables, Inc., the Seller, Depositor and soleCertificateholder of record is a wholly-owned subsidiary of John Deere CapitalCorporation, the Servicer and the Administrator for the Trust. The aggregateservicing fees and administration fees paid by the Trust to John Deere CapitalCorporation during the fiscal year are set forth in Exhibit 99.1.

 

*Item 14*.                                                       *Principal Accountant Feesand Services**.*

 

Not Applicable.

 

#### **PART IV**

 

*Item 15**.**                                                      **Exhibits, Financial Statement Schedules, and Reports on Form8-K**.*

 

(a)                                  The following documents are filed as part ofthis report.

 
| Exhibit No. |
|-------------|
|        |   |   |
| 31.1        |   | Rule 13a-14(a)/15d-14(a)  Certification. |
|        |   |   |
| 99.1        |   | Annual Statement of Compliance  for the period ended October 31, 2003. |
|        |   |   |
| 99.2        |   | Officers’ Certificate relating  to the monthly collection period ending October 31, 2003. |
|        |   |   |
| 99.3        |   | Independent Accountants’ Report. |
|        |   |   |

 

(b)                                   Reports on Form 8-K.

 

Current reports on Form 8-K dated August 8, August 21,September 18, October 15, November 20 and December 19,2003. (Item 5 and 7).

 

(c)                                    Not Applicable.

 

(d)                                   Not Applicable.

 

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**Supplementalinformation to be furnished with reports filed pursuant to Section 15(d)of the Act by Registrants which have not registered Securities pursuant toSection 12 of the Act.**

 

No annual report, proxy statement, form of proxy or other proxysoliciting material has been sent to certificateholders, and the registrantdoes not presently contemplate sending any such materials subsequent to thefiling of this report.

 

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# **SIGNATURE**

 

Pursuant tothe requirements of Section 13 or 15(d) of the Securities Exchange Act of1934, the registrant has duly caused this report to be signed on its behalf bythe undersigned, thereunto duly authorized.

 
|   |                 | JOHN DEERE OWNER TRUST 2003 |
|--------|----------------------|-----------------------------|
|   |                 |                        |   |
|   |                 |                        |   |
|   |                 | By:                         | John Deere Capital Corporation |
|   |                 |                        | (Servicer) |
|   |                 |                        |   |
|   |                 |                        |   |
|   |                 | By:                         | */s/ Jon D. Volkert* |
|   |                 |                        | Jon D. Volkert |
|   |                 |                        | President |
|   |                 |                        |   |
| Dated: | January 9, 2004 |                        |   |
|        |                      |                             |  |  |

 

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| **EXHIBIT INDEX** |
|-------------------|
|              |   |   |
| **Exhibit  No.**  |   |   |
|              |   |   |
| 31.1              |   | Rule 13a-14(a)/15d-14(a)  Certification. |
|              |   |   |
| 99.1              |   | Annual Statement of Compliance  for the period ended October 31, 2003. |
|              |   |   |
| 99.2              |   | Officers’ Certificate relating  to the monthly Collection Period ending October 31, 2003. |
|              |   |   |
| 99.3              |   | Independent Accountants’  Report. |

 

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