**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


**WASHINGTON,
      D.C. 20549**




**FORM
      10-K**




**FOR
      ANNUAL AND TRANSITION REPORTS**


**PURSUANT
      TO SECTIONS 13 OR 15(d) OF THE**


**SECURITIES
      EXCHANGE ACT OF 1934**







(Mark
      One)





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





For
      the
      fiscal year ended March 31, 2006





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 numbers 333-105666 and 333-105666-01


**NISSAN
      MASTER OWNER TRUST RECEIVABLES**


**(Issuer
      with respect to the Securities)**





**NISSAN
      WHOLESALE RECEIVABLES CORPORATION II**


**(Originator
      of the trust described herein)**


(Exact
      name of registrant as specified in its charter)




**DELAWARE**
            
            **Nissan
                Master Owner Trust Receivables**51-6538952
              **Nissan
                Wholesale Receivables Corporation**65-1184628(State
                or other jurisdiction of incorporation or organization)
            
            (I.R.S.
                Employer Identification No.)





**990
      West 190th Street, Torrance, California**   **90502**


(Address
      of principal executive offices)   (Zip
      Code)





(Registrant’s
      telephone number, including area code)  **(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 if the registrant is a well-known seasoned issuer (as defined
      in
      Rule 405 of the Securities Act). Yes o No
x





Indicate
      by check mark if the registrant is not required to file reports pursuant to
      Section 13 or Section 15(d) of the Securities Exchange Act. Yes o No
x





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 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





Indicate
      by check mark whether the registrant is a large accelerated filer, an
      accelerated filer, or a non-accelerated filer. See definition of “accelerated
      filer and large accelerated filer” in Rule 12b-2 of the Securities Exchange Act.
      (Check one):





Large
      Accelerated Filer: o  Accelerated
      Filer: o  Non-Accelerated
      Filer: x





Indicate
      by check mark whether the registrant is a shell company (as defined in Rule
      12b-2 of the Exchange Act). Yes o No
x





State
      the
      aggregate market value of the voting and non-voting common equity held by
      non-affiliates computed by reference to the price at which the common equity
      was
      last sold, or the average bid and asked price of such common equity, as of
      the
      last business day of the registrant’s most recently completed second fiscal
      quarter. None





Registrant
      does not have any voting stock.





Documents
      Incorporated by Reference. **See
      Item 15(b).**





















































2







**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 July 20, 2005, 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 2005-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, 2006 (Dollars in thousands). The
      aggregate information has been reported on an accrual basis. Therefore, cash
      activity for the month of March 2006, which was subsequently settled on April
      17, 2006, is included.





Interest
                Paid
            $25,018Servicing
                Fees Paid to Servicer (Nissan Motor Acceptance
                Corporation)
            $6,336Total
                Principal Collections
            $10,677,604Total
                Principal Defaulted Amount
            $0.00Average
                Receivable Balance
            $2,449,076Three-month
                Rolling Average Payment Rate
              as of March 31, 2006 (%)
            45.77%Average
                Monthly Payment Rate for FY05 (%)
            48.73%





**Item
      3.**  **LEGAL
      PROCEEDINGS** **.**





Nothing
      to report.





**Item
      4.**  **SUBMISSION
      OF MATTERS TO A VOTE OF SECURITY HOLDERS.**





Nothing
      to report.





**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.







3







(b)  On
      March
      31, 2006, 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
      III**








**Item
      12.**  **SECURITY
      OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.**





Title
            
            Name
                and Address ofBeneficial
                Owner
            
            Amount
                and Nature ofBeneficial
                Ownership
            
            Percent
                of
              ClassCertificates
            
            Nissan
                Wholesale Receivables Corporation II
            
            Directly
                owns 100% of the Certificates of the Trust
            
            100%





**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 6 are filed as part
      of
      this report.





**(b)**  **Reports
      on Form 8-K:**





NWRC
      II
      and the Trust filed certain transaction documents in connection with the close
      of the transaction to issue the Notes on July 14, 2005 and July 22, 2005 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 29, 2005 for the months ended July 31, 2005,
      August 31, 2005, September 30, 2005, October 31, 2005, on December 29, 2005
      for
      the month ended November 30, 2005, on January 30, 2006 for the month ended
      December 31, 2005, on February 27, 2006 for the month ended January 31, 2006, on
      March 29, 2006 for the month ended February 28, 2006, and on April 28, 2006
      for the month ended March 31, 2006, 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.











4









**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, 2006






NISSAN
      MASTER OWNER
      TRUST RECEIVABLES




By:  Nissan
      Wholesale Receivables Corporation II,


as
      originator
      of


Nissan
      Master Owner Trust
      Receivables






By: /s/
      Kazuhiko Kazama______________


Kazuhiko
      Kazama


Treasurer







NISSAN
      WHOLESALE
      RECEIVABLES CORPORATION II






By:  /s/
      Kazuhiko Kazama____________________


Kazuhiko
      Kazama


Treasurer



















5




**EXHIBIT
      INDEX**




Exhibit
                No.
            
            Description
            
            Sequentially
              Numbered
              Page31
            
            Certification
                pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Relevant
                Rules and Regulations of the Securities and Exchange
                Commission
            
            799.1
            
            Report
                of Independent Registered Public Accounting Firm and Management’s
                Assertion on Compliance with Nissan Motor Acceptance Corporation’s
                Established Minimum Servicing Standards for Dealer Floorplan
                Loans
            
            899.2
            
            Officer's
                Certificate of the Servicer Regarding Compliance, dated as of March
                31,
                2006
            
            12



























































6