<PAGE>


This Document Consists of 5 Sequentially
Numbered Pages.  The Exhibit Index Appears on
Sequentially Numbered Page 5.
================================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                      Commission File Number: 333-56303-04

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

                                    FORM 10-K

 (Mark One)

    [ ]      ANNUAL REPORT PURSUANT TO SECTION 13 OF THE
                   SECURITIES EXCHANGE ACT OF 1934

                   For the Fiscal Year Ended December 31, 2003

                                       OR

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

             DISTRIBUTION FINANCIAL SERVICES RV/MARINE TRUST 2001-1

State of Organization - New York                        91-1904587
                                         (I.R.S. Employer Identification Number)

                          (Principal Executive Offices)
                           c\o Wells Fargo Bank, N.A.
                        Sixth and Marquette-N9311-161MAC
                          Minneapolis, Minnesota 55479
                        Telephone Number: (612) 667-8058

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

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

                                      None

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

                                      None

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

         Indicate by a check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months, and (2) has been subject to such
filing requirements for the past 90 days. Yes X   No   .
                                             ---    ---

         Indicate by check mark if disclosure of delinquent filers pursuant to
Item 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 information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X].

         As of March 12, 2004 the Registrant was a Trust originated by Deutsche
Recreational Asset Funding Corporation, a Nevada corporation.

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


<PAGE>


                                TABLE OF CONTENTS

PART       ITEM
----       ----
  I        1.      Business
           2. **
           3. *    Legal Proceedings
           4. *    Submission of Matters to a Vote of Security Holders

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

           6. **
           7. **
           7A.**
           8. **
           9. **

 III       10 **
           11.**
           12.**
           13.**

 IV        16.*    Exhibits, Financial Statements, Schedules
                   and Reports on Form 8-K

                   Signatures
                   Exhibit Index


* Item prepared in compliance with Exemption Request Letters of April 25, 1994
and June 30, 1994 as provided in the July 1, 1994 response letter from the
Office of Chief Counsel, Division of Corporate Finance, United States Securities
and Exchange Commission, addressed to Registrant as ITT Floorplan Receivables,
L.P., which name was changed to Deutsche Floorplan Receivables, L.P.

** Omitted pursuant to Exemption Request Letters noted in previous [*]
footnotes.

                                       (i)

<PAGE>


                                     PART I

Item 1.

Business.

         The Registrant is a common law trust created under the laws of the
State of New York created by Deutsche Recreational Asset Funding Corporation, a
Nevada corporation (DRAFCO). The Registrant was formed for limited purposes,
which include the purchasing of receivables, including recreational vehicle and
marine installment sales contracts or installment loans originated by Ganis
Credit Corporation ("Ganis"), a Nevada corporation or acquired by Ganis from
time to time in financing arrangements among Ganis and/or its affiliates,
including DRAFCO, with certain dealers to finance recreational vehicle sales and
any activities incidental to and necessary or convenient for the accomplishment
of such purposes. On October 20,2003, E*TRADE Bank acquired all of the issued
and outstanding capital stock of DRAFCO pursuant to a certain Stock Purchase
Agreement, dated as of November 25, 2002 by and between Deutsche Bank AG and
E*TRADE Bank, pursuant to which E*TRADE Bank previously acquired Ganis (which
was subsequently renamed E*TRADE Consumer Finance Corporation ("ETCF")). On
December 30, 2003, E*TRADE Bank then sold all of the issued and outstanding
capital stock of DRAFCO to its ultimate parent E*TRADE Financial Corporation.

         In accordance with its stated business purposes, the Registrant,
Distribution Financial Services RV/Marine Trust 2001-1, ("RV/Marine Trust
2001-1"), as Issuer entered into a Transfer and Servicing Agreement, dated as of
November 1, 2001, with DRAFC as Depositor and Ganis (now ETCF), as Servicer. To
facilitate the issuance of notes, DRAFC as Depositor and Wells Fargo Bank,
National Association, as Owner Trustee entered into a Trust Agreement, amended
and restated as of November 1, 2001. In addition, as of November 1, 2001, the
RV/Marine Trust 2001-1, as Issuer entered into an Indenture with HSBC Bank USA,
as Indenture Trustee. The RV/Marine Trust 2001-1 assets consist primarily of
receivables which include recreational vehicle and marine installment sales
contracts or installment loans originated by Ganis (now ETCF) or acquired by
Ganis (now ETCF) from time to time in financing arrangements among Ganis (now
ETCF) and/or its affiliates with certain dealers to finance recreational vehicle
and marine sales. The RV/Marine Trust 2001-1, has issued various classes of
notes secured by the assets contained in the RV/Marine Trust 2001-1.

Item 3.

Legal Proceedings.*

         None

Item 4.

Submission of Matters to a Vote of Security Holders.*

         None

                                     PART II

Item 5.

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

         As of December 31, 2003 the RV/Marine Trust 2001-1 had $ 231,698,120.61
of such Notes outstanding bearing the following identifications:

         Class A-1 Notes                              $     0
         Class A-2 Notes                                    0
         Class A-3 Notes                               21,998,120.61
         Class A-4 Notes                               95,000,000.00
         Class A-5 Notes                               72,350,000.00
         Class  B  Notes                               19,830,000.00
         Class  C  Notes                                9,270,000.00
         Class  D  Notes                               13,250,000.00

Total RV/Marine Trust 2001-1 Notes Outstanding      $ 231,698,120.61

                                        1

<PAGE>

                                     PART IV

Item 16.

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

(a) Financial Statements.

         The Registrant includes as exhibits hereto the Annual Accountant's
Report on compliance with the minimum servicing standards identified in the
Mortgage Bankers Association of America's Uniform Single Attestation Program for
Mortgage Brokers with respect to the Notes issued and outstanding by
Distribution Financial Services RV/Marine Trust 2001-1.

(b) Reports on Form 8-K.

         The Servicer on behalf of the Registrant has filed reports on Form 8-K
for the month of December 2003 reporting Item 5. Other Events and including
therewith as an exhibit, the Collection Period Statement Information with
respect to the Distribution Financial Services RV/Marine Trust 2001-1 Notes.

         In addition, under Item 5. Other Events, the Servicer reported in Form
8-K, certain specified information made available on a monthly basis to
Noteholders of the Distribution Financial Services RV/Marine Trust 2001-1 Notes.

                                        2

<PAGE>

                                   SIGNATURES

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

               DISTRIBUTION FINANCIAL SERVICES RV/MARINE TRUST 2001-1

               By:  Wells Fargo Bank, National Association.
                    Not in its individual capacity but solely as Owner Trustee

               By:   /s/ Melissa Philibert
                     ---------------------------------
                         Title Corporate Trust Officer

March 12, 2004

                                        3

<PAGE>

                                  EXHIBIT INDEX
<TABLE>
<CAPTION>
                                                              Incorporated by reference to
                                                              Exhibit in Registration Statement
Exhibit No.       Title                                       Number 333-56303
-----------       -----                                       ---------------------------------
<S>                <C>                                        <C>
  2               Plan of acquisition, reorganization,
                  arrangement, liquidation or succession               Not Applicable

  3               Articles of Incorporation                            Exhibit 3.1
                  By Laws                                              Exhibit 3.2

  4               Instruments defining the rights of security
                  holders, including indentures                        Exhibit 4.1

  9               Voting trust agreements                              Not Applicable

 10               Material Contracts                                   None

 11               Statement re computation of
                  per share earnings                                   Not Applicable

 12               Statement re computation of ratios                   Not Applicable

 13               Annual report of security holders,
                  Form 10-Q or quarterly reports
                  to security holders                                  None

 16               Letter re change in certifying accountant            None

 18               Letter re changes in accounting
                  principles                                           None

 21               Subsidiaries of Registrant                           Not Applicable

 22               Published report regarding matters
                  submitted to vote of security holders                None

 23               Consents of experts and counsel                      Not Applicable

 24               Power of attorney                                    Not Applicable


</TABLE>

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