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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549
 FORM 10-K x
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 (FEE NOT REQUIRED)
 For the fiscal year ended March 31, 2004
 or o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
 For the transition period from __________________ to _________________________ Commission file numbers 333-105666 and 333-105666-01 NISSAN MASTER OWNER TRUST
RECEIVABLES  NISSAN WHOLESALE
RECEIVABLES
CORPORATION II  (Exact name of Registrant as specified in its charter) DELAWARE
(State or other jurisdiction of
incorporation or organization)
    
    Nissan Wholesale Receivables Corporation II
65-1184628
Nissan Master Owner Trust Receivables
51-6538952
(I.R.S. Employer Identification No.)
 990 West 190th Street,
Torrance, California 90502  (310) 719-8369  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 reports
required to be filed by Section 13 or 15(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 Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K (§229.405 of this chapter) 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 State the aggregate market value of the voting and non-voting
common equity held by non-affiliates of the registrant. The
aggregate market value shall be computed by reference to the price
at which the common equity was sold, or the average bid and asked
prices of such common equity, as of a specified date within 60 days
prior to the date of filing. (See definition of affiliate in Rule
405, 17 CFR 230.405.) None




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|                                                                          |                                                                                              |  |  |  |  |  |  | 
|------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------- |  |  |  |  |  |  | 
|PART I                                                                   
|                                                                          | Item 1. BUSINESS                                                                            
|                                                                          | Item 2. PROPERTIES                                                                          
|                                                                          | Item 3. LEGAL PROCEEDINGS                                                                   
|                                                                          | Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                                 
|PART II                                                                  
|                                                                          | Item 5. MARKET FOR REGISTRANTS COMMON EQUITY AND RELATED STOCKHOLDER MATTERS               
|                                                                          | Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|PART IV                                                                  
|                                                                          | Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.                   
|SIGNATURES                                                               
|CERTIFICATION PURSUANT TO SECTION 302(A)OF THE SARBANES-OXLEY ACT OF 2002
|EXHIBIT INDEX                                                            
|EXHIBIT 99.1                                                             
|EXHIBIT 99.2                                                             



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PART I 
 Item 1. BUSINESS. This Annual Report on Form 10-K is being filed by Nissan Wholesale
Receivables Corporation II (NWRC II), a Delaware corporation, and Nissan
Master Owner Trust Receivables (the Trust), a Delaware statutory trust formed
pursuant to a trust agreement, dated as of May 13, 2003, between NWRC II, as
Transferor (the Transferor), and Wilmington Trust Company, as owner trustee
(the Owner Trustee). Reference is further made to the Amended and Restated
Indenture, dated as of October 15, 2003, among the Trust, as issuer, and JP
Morgan Chase, as indenture trustee (the Indenture Trustee, together with the
Owner Trustee, the Trustees), providing for the issuance by the Trust of
notes entitled Nissan Master Owner Trust Receivables, Series 2003-A (the
Notes), registered under the Securities Act of 1933. Certain information
that may otherwise have been required to be included herein pursuant to Form
10-K has been omitted herefrom, or in certain cases certain information has
been included herein in lieu of such otherwise required information, in
accordance with the letter, dated June 28, 1996 (the No-Action Letter), of
the staff of the Office of Chief Counsel of the Division of Corporation Finance
of the Securities and Exchange Commission issued with respect to series of
pass-through securities issued by trusts formed by the Seller or an affiliate
thereof, as originator, including the Notes. 
 Item 2. PROPERTIES. The following table sets forth the aggregate information of the Trust for
the period ending March 31, 2004 (Dollars in thousands). The aggregate
information has been reported on an accrual basis. Therefore, cash activity
for the month of March 2004, which was subsequently settled on April 15, 2004,
is included. Interest Paid
    
    $
    5,673Servicing Fees Paid to Servicer (NMAC)
    
    $
    3,140Total Principal Collections
    
    $
    4,871,379Total Principal Defaulted Amount
    
    $
    0.00Average Receivable Balance
    
    $
    1,684,040Three-month Rolling Average Payment Rate as of March 31, 2004 (%)
    
    
    47.62
    %Average Monthly Payment Rate for FY03 (%)
    
    
    48.56
    %
 
 Item 3. LEGAL PROCEEDINGS. Nothing to report. 
 Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Nothing to report. 2




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PART II 
 Item 5. MARKET FOR REGISTRANTS COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.  (a)
    
    There is no established public trading market for
the common equity of the Trust.(b)
    
    On March 31, 2004, there was one holder of record
of the common equity issued by the Trust. 
 Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE. Nothing to report. 
 PART IV 
 Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.  (a)
    
    List of documents filed as part of the Annual Report: The exhibits listed on the accompanying Exhibit Index on page 7 are
filed as part of this report.  (b)
    
    Reports onForm 8-K: NWRC II and the Trust filed certain transaction documents in
connection with the close of the transaction to issue the Notes on
October 15, 2003 and October 28, 2003 in Current Reports on Form
8-K. In addition, NWRC II and the Trust filed Current Reports on
Form 8-K regarding monthly distributions of principal and interest
to noteholders on November 28, 2003 for the month ended October 31,
2003, on December 22, 2003 for the month ended November 30, 2003,
on January 27, 2004 for the month ended December 31, 2003, on
February 27, 2004 for the month ended January 31, 2004, on March
26, 2004 for the month ended February 29, 2004, and on April 22,
2004 for the month ended March 31, 2004, and included in each such
Form 8-K report, as Exhibit 20.1, were (1) the monthly servicing
report for each respective month end; and (2) the monthly servicing
certificate, as provided by the Servicer to the Trustees. 3




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SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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. Date: June 28, 2004 NISSAN MASTER OWNER TRUST RECEIVABLESBy:
    
    Nissan Wholesale Receivables Corporation II,
as originator of
Nissan Master Owner Trust ReceivablesBy:
    
    /s/ Joji TagawaJoji TagawaTreasurerNISSAN WHOLESALE RECEIVABLES CORPORATION IIBy:
    
    /s/ Joji TagawaJoji TagawaTreasurer
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CERTIFICATION PURSUANT TO SECTION 302(A)
OF THE SARBANES-OXLEY ACT OF 2002 I, Joji Tagawa, certify that: (1) I have reviewed this annual report on Form 10-K, and all reports on
Form 8-K containing distribution or servicing reports filed in respect of
periods included in the year covered by this annual report, of Nissan Master
Owner Trust Receivables; (2) Based on my knowledge, the information in these reports, taken as a
whole, does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading as of the
last day of the period covered by this annual report; (3) Based on my knowledge, the distribution or servicing information
required to be provided to the trustee by the servicer under the transfer and
servicing, or similar agreement, for inclusion in these reports, is included in
these reports; (4) Based on my knowledge and upon the annual compliance statement
included in the report and required to be delivered to the trustee in
accordance with the terms of the transfer and servicing agreement, or similar
agreement, and except as disclosed in the reports, the servicer has fulfilled
its obligations under the servicing agreement; and (5) The reports disclose all significant deficiencies relating to the
servicers compliance with the minimum servicing standards based upon the
report provided by an independent public accountant, after conducting a review
in compliance with the Uniform Single Attestation Program for Mortgage Bankers
or similar procedure, as set forth in the pooling and servicing, or similar
agreement that is included in these reports. June 28, 2004 By:
    
    /s/ Joji TagawaJoji TagawaTreasurerNissan Wholesale Receivables Corporation II
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EXHIBIT INDEX Sequentially NumberedExhibit No.
    
    Description
    
    Page99.1
    
    Report of Independent Accountants
and Managements Assertion on
Compliance with Nissan Motor
Acceptances Established Minimum
Servicing Standards for Dealer
Floorplan Loans
    
    
    799.2
    
    Officers Certificate of the
Servicer Regarding Compliance,
dated as of March 31, 2004
    
    
    11
 6