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SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

ANNUAL REPORT
ON FORM 10-K

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

|For the fiscal year ended March 31, 2003 |  | Commission file numbers 33-72806,
33-94784, 333-74069, 333-45516
|---------------------------------------- |  | ----------------------------------------------------------------

Yamaha Motor Receivables Corporation(Exact name of registrant as specified in its charter)

(Depositor with respect to the Yamaha Motor Master Trust)

on behalf of

YAMAHA MOTOR MASTER TRUST

|Delaware(State or other jurisdiction of incorporation or organization)  |  | 33-0592719(I.R.S. Employer Identification No.)
|----------------------------------------------------------------------- |  | ----------------------------------------------
|6555 Katella Avenue
Cypress, CA(Address of principal executive offices) |  | 90630(Zip Code)                               

(714) 761-7500(Registrant's telephone number, including area code)

Securities
registered pursuant to Section 12(b) of the Act:None(Title of class)

Securities
registered pursuant to Section 12(g) of the Act:None(Title of class)

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 ý 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 10K or any amendment to this
Form 10K ý

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

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.

NOT
APPLICABLE.

DOCUMENTS INCORPORATED BY REFERENCE

NOT APPLICABLE: No annual report, proxy or information statement, or prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of
1933, as amended (the "Securities Act") is incorporated by reference.

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YAMAHA MOTOR RECEIVABLES CORPORATION  (Depositor with respect to the Yamaha Motor Master Trust)  on behalf of the Yamaha Motor Master Trust

TABLE OF CONTENTS

|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 the Registrant's Common Equity and Related Stockholder Matters                                                  | 
|                                                                                                                                                                                       | ITEM 6.  |   | Selected Financial Data                                                                                                    | 
|                                                                                                                                                                                       | ITEM 7.  |   | Management's Discussion and Analysis of Financial Condition and Results of Operations                                      | 
|                                                                                                                                                                                       | ITEM 7A  |   | Quantitative and Qualitative Disclosures About Market Risk                                                                 | 
|                                                                                                                                                                                       | ITEM 8.  |   | Financial Statements and Supplementary Data                                                                                | 
|                                                                                                                                                                                       | ITEM 9.  |   | Changes in and Disagreements with Accountants on Accounting and Financial Disclosures                                      | 
|PART III:                                                                                                                                                                              |          |   |                                                                                                                            | 
|                                                                                                                                                                                       | ITEM 10. |   | Directors and Executive Officers of the Registrant                                                                         | 
|                                                                                                                                                                                       | ITEM 11. |   | Executive Compensation                                                                                                     | 
|                                                                                                                                                                                       | ITEM 12. |   | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters                             | 
|                                                                                                                                                                                       | ITEM 13. |   | Certain Relationships and Related Transactions                                                                             | 
|                                                                                                                                                                                       | ITEM 14  |   | Controls and Procedures                                                                                                    | 
|PART IV:                                                                                                                                                                               |          |   |                                                                                                                            | 
|                                                                                                                                                                                       | ITEM 15. |   | Principal Accountant Fees and Services (Optional, But Not Required, for Fiscal Years Ending On or After December 15, 2003) | 
|                                                                                                                                                                                       | ITEM 16. |   | Exhibits, Financial Statement Schedules, and Reports on Form 8-K                                                           | 
|Signatures                                                                                                                                                                             |          | 7
|Certifications                                                                                                                                                                         |          | 8
|Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act |          | 9
|Exhibit Index                                                                                                                                                                          |          | 9

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PART I.

ITEM 1.    BUSINESS

The registrant is a wholly-owned subsidiary of Yamaha Motor Corporation, U.S.A., a California corporation ("Yamaha"). The registrant was organized for limited
purposes, which include purchasing receivables from Yamaha and transferring such receivables to third parties and any activities incidental to and necessary or convenient for the accomplishment of
such purposes.

In
accordance with such business purposes, the registrant formed Yamaha Motor Master Trust pursuant to a Master Pooling and Servicing Agreement, originally dated as of March 1,
1994, which was amended and restated by an Amended and Restated Master Pooling and Servicing Agreement, dated as of May 1, 1999, among the registrant, as transferor, Yamaha, as servicer, and
The Fuji Bank and Trust Company, which has been succeeded by JPMorgan Chase Bank, a New York banking corporation formerly known as The Chase Manhattan Bank, as trustee (the "Trustee"). GE Commercial
Distribution Finance Corporation, a Nevada Corporation (the "Subservicer"), performs certain servicing obligations with respect to the receivables pursuant to a Servicing Agreement, dated as of
March 1, 1994, as amended by the First Amendment to Servicing Agreement, dated as of May 1, 1999, between Yamaha and the Subservicer. The Subservicer's name was changed from ITT
Commercial Finance Corp. to Deutsche Financial Services Corporation on or about May 2, 1995 and from Deutsche Financial Services Corporation to its current name on or about November 1,
2002.

The
trust's assets include wholesale receivables (the "Receivables") generated from time to time in a portfolio of revolving financing arrangements and other inventory financing
arrangements (the "Accounts") with dealers in motorized products manufactured by Yamaha Motor Company, Ltd., Yamaha Motor Manufacturing Corporation of America and Tennessee
Watercraft, Inc. to finance their inventory and collections on the Receivables. The trust, in turn, from time to time offers certificates representing undivided interests in the assets
contained in the trust.

As
of March 31, 2003, the trust had the following certificates outstanding that were registered to holders other than the registrant::



As
of March 31, 2003, the trust had the following certificates outstanding that were registered in the name of the registrant:



Two
series of certificates issued by the registrant are no longer outstanding. The first such series was issued in 1994 and was registered pursuant to a registration statement which went
effective on or about March 18, 1994 under File No. 33-72806. The second such series was issued in 1995 and registered pursuant to a registration statement which went
effective on or about October 20, 1995 under File No. 33-94784.

The
Series 1998-1 certificates described above were privately placed and as of March 31, 2003 had not been registered pursuant to the Securities Act of 1933, as
amended (the "Securities Act").

1

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The
Series 1999-1, Class A certificates and Series 1999-1, Class B certificates described above were registered pursuant to the
registration statement which went effective May 14, 1999 under File No. 333-74069.

The
Series 2000-1, Class A certificates and Series 2000-1, Class B certificates described above were registered pursuant to the
registration statement which went effective November 21, 2000 under File No. 333-45516.

ITEM 2.    PROPERTIES

The property of the trust consists solely of the Receivables and the Accounts, collections thereon, and any related security interests or credit enhancements. For
information regarding property of the trust and payments on the certificates, see the following items:



Collection Period Ended

Filing Date of Related Form 8-KApril 30, 2002

May 15, 2002May 31, 2002

June 17, 2002June 30, 2002

July 15, 2002July 31, 2002

August 15, 2002August 30, 2002

September 16, 2002September 30, 2002

October 15, 2002October 31, 2002

November 15, 2002November 30, 2002

December 16, 2002December 31, 2002

January 15, 2003January 31, 2003

February 18, 20031February 28, 2003

March 17, 2003March 31, 2003

April 15, 2003;


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ITEM 3.    LEGAL PROCEEDINGS:

The registrant knows of no material pending legal proceedings with respect to the registrant, the trust (including its corpus), or involving the trust, the
Trustee (in connection with its duties with respect to the trust), Yamaha (in connection with its duties with respect to the trust), or the Subservicer (in connection with its duties with respect to
the trust), other than ordinary routine litigation incidental to either the operation of the trust or the duties of the Trustee, Yamaha, or the Subservicer with respect to the trust.

ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS:

No matters were submitted to a vote of certificateholders, through the solicitation of proxies or otherwise, during the period covered by this report.

PART II.

ITEM 5.    MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS:

| | (a) | To the knowledge of the registrant, there is no established public trading market for the certificates.                                                                        
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (b) | As of June 4, 2003:                                                                                                                                                            
| |     | (1)                                                                                                                                                                            
| |     | (2)                                                                                                                                                                            
| |     | (3)                                                                                                                                                                            
| |     | (4)                                                                                                                                                                            
| |     | (5)                                                                                                                                                                            
| |     | (6)                                                                                                                                                                            
| |     | (7)                                                                                                                                                                            
| | (c) | Since the trust pays no dividends with respect to the certificates, the information required by Item 201(c) of Regulation S-K regarding dividends is inapplicable to the trust.

ITEM 6.    SELECTED FINANCIAL DATA:

NOT APPLICABLE.

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ITEM 7.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 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 ACCOUNTING AND FINANCIAL DISCLOSURES:

Nothing to report.

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 AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS:

While some holders of record hold more than 5% of the invested amount of the certificates of their class, the certificates do not constitute "voting securities"
within the meaning of Item 403 of Regulation S-K. As a result, the information requested by Item 403(a) is inapplicable. Because the trust has no officers or directors and "control"
within the usual meaning of Item 403 is not applicable with respect to the trust, the information requested by Items 403(b) and 403(c) is also inapplicable.

ITEM 13.    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS:

NOT APPLICABLE.

ITEM 14.    CONTROLS AND PROCEDURES:

NOT APPLICABLE. Disclosure not required of an Asset-Backed Issuer, per Item 307 of Regulation S-K.

PART IV.

ITEM 15.    PRINCIPAL ACCOUNTANT FEES AND SERVICES (Optional Disclosure for Fiscal Years Ending Before December 15, 2003):

NOT APPLICABLE. The registrant is an Asset-Backed Issuer within the meaning of Rule 15d-14g under the Securities Exchange Act of 1934, as
amended.

ITEM 16.    EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES AND REPORT ON FORM 8-K:

(a)(1) and (a)(2) Financial Statements:

NOT
APPLICABLE.

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|Exhibit
Number |  | Description                                                                                                                                                                                                                                                            
|-------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2              |  | Plan of Acquisition, Reorganization, Arrangement, Liquidation or Succession: NOT APPLICABLE                                                                                                                                                                            
|3.1            |  | Amended and Restated Certificate of Incorporation for Yamaha Motor Receivables Corporation (Incorporated by Reference to Exhibit 3.1 of Registration Statement No. 333-74069).                                                                                         
|3.2            |  | By-laws of Yamaha Motor Receivables Corporation (filed herewith).                                                                                                                                                                                                      
|4.1            |  | Amended and Restated Master Pooling and Servicing Agreement, dated as of May 1, 1999, among Yamaha Motor Receivables Corporation, Yamaha Motor Corporation, U.S.A., and the Trustee (Incorporated by Reference to
Exhibit 4.1 of Registration Statement No. 333-74069).
|4.2            |  | Series 2000-1 Supplement to Amended and Restated Master Pooling and Servicing Agreement, dated as of December 7, 2000 (filed herewith).                                                                                                                                
|4.3            |  | Series 1999-1 Supplement to Amended and Restated Master Pooling and Servicing Agreement, dated as of May 1, 1999 (Incorporated by Reference to Exhibit 4.2 of Registration Statement
No. 333-74069).                                                                   
|4.4            |  | Amendment No. 1 to Series 1999-1 Supplement to Amended and Restated Master Pooling and Servicing Agreement, dated as of December 7, 2000 (filed herewith).                                                                                                             
|9              |  | Voting Trust Agreement: NOT APPLICABLE                                                                                                                                                                                                                                 
|10.1           |  | Receivables Purchase Agreement, dated as of March 1, 1994, between Yamaha Motor Corporation, U.S.A. and Yamaha Motor Receivables Corporation (filed herewith).                                                                                                         
|10.2           |  | Servicing Agreement, dated as of March 1, 1994, between Yamaha Motor Corporation, U.S.A. and the Subservicer (filed herewith).                                                                                                                                         
|10.3           |  | Receivables Sale Agreement, dated as of March 1, 1994, between the Subservicer, and Yamaha Motor Corporation, U.S.A., (Incorporated by Reference to Exhibit 10.3 of Registration Statement
No. 333-74069).                                                             
|10.4           |  | First Amendment to Receivables Purchase Agreement, dated as of May 1, 1999 (Incorporated by reference to Exhibit 10.4 of Registration Statement No. 333-45516).                                                                                                        
|10.5           |  | First Amendment to Receivables Sales Agreement, dated as of May 1, 1999 (Incorporated by reference to Exhibit 10.5 of Registration Statement No. 333-45516).                                                                                                           
|10.6           |  | First Amendment to the Amended and Restated Master Pooling and Servicing Agreement, dated as of November 19, 1999 (Incorporated by reference to Exhibit 10.6 of Registration Statement
No. 333-45516).                                                                 
|10.7           |  | First Amendment to Servicing Agreement, dated as of May 1, 1999, (Incorporated by reference to Exhibit 10.7 of Registration Statement No. 333-45516).                                                                                                                  
|11             |  | Computation of Per Share Earnings: NOT APPLICABLE.                                                                                                                                                                                                                     
|12             |  | Statements re Computation of Ratios: NOT APPLICABLE.                                                                                                                                                                                                                   
|13             |  | Annual Report to Security Holders, Form 10-Q or Quarterly Report to Security Holders: NOT APPLICABLE.                                                                                                                                                                  
|16             |  | Letter re Change in Certifying Accountant: NOT APPLICABLE.                                                                                                                                                                                                             
|18             |  | Letter re Change in Accounting Principles: NOT APPLICABLE.                                                                                                                                                                                                             
|               |  |                                                                                                                                                                                                                                                                        

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|21   |  | Subsidiaries of the Registrant: NOT APPLICABLE.                                               
|---- |  | ----------------------------------------------------------------------------------------------
|22   |  | Published Report Regarding Matters Submitted to Securityholders: NOT APPLICABLE.              
|23   |  | Consents of Experts and Counsel: NOT APPLICABLE.                                              
|24   |  | Power of Attorney: NOT APPLICABLE.                                                            
|99.1 |  | Aggregate Servicer's Report for the fiscal year ended March 31, 2003                          
|99.2 |  | Annual Servicer's Certificate                                                                 
|99.3 |  | Independent Accountant's ReportAttestation with Management's Assertion Attached (Servicer)   
|99.4 |  | Annual Subservicer's Certificate                                                              
|99.5 |  | Independent Accountant's ReportAttestation with Management's Assertion Attached (Subservicer)



6

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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.

|                    |  | YAMAHA MOTOR RECEIVABLES
CORPORATION (Depositor with respect to the
Yamaha Motor Master Trust) on behalf of the
Yamaha Motor Master Trust
|------------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------
|                    |  |                                                                                                                                          
|                    |  |                                                                                                                                          
|Date: June 30, 2003 |  | By:                                                                                                                                      

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CERTIFICATION

I, Takuya Watanabe, certify that:

Date: June 30, 2003

|                                                                                                                                                         |  | 
|-------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|/S/ TAKUYA WATANABETakuya Watanabe
Secretary Treasurer
of Yamaha Motor Receivables Corporation
(Depositor with respect to the Yamaha Motor
Master Trust) |  | 

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Supplemental Information to be Furnished With Reports Filed  Pursuant to Section 15(d) of the Exchange Act by Registrants Which Have Not Registered  Securities Pursuant to Section 12 of the Exchange Act

NOT
APPLICABLE.

EXHIBIT INDEX

|Exhibit
Number |  | Description                                                                                                                                                                                                                                                            
|-------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2              |  | Plan of Acquisition, Reorganization, Arrangement, Liquidation or Succession: NOT APPLICABLE                                                                                                                                                                            
|3.1            |  | Amended and Restated Certificate of Incorporation for Yamaha Motor Receivables Corporation (Incorporated by Reference to Exhibit 3.1 of Registration Statement No. 333-74069).                                                                                         
|3.2            |  | By-laws of Yamaha Motor Receivables Corporation (filed herewith).                                                                                                                                                                                                      
|4.1            |  | Amended and Restated Master Pooling and Servicing Agreement, dated as of May 1, 1999, among Yamaha Motor Receivables Corporation, Yamaha Motor Corporation, U.S.A., and the Trustee (Incorporated by Reference to
Exhibit 4.1 of Registration Statement No. 333-74069).
|4.2            |  | Series 2000-1 Supplement to Amended and Restated Master Pooling and Servicing Agreement, dated as of December 7, 2000 (filed herewith).                                                                                                                                
|4.3            |  | Series 1999-1 Supplement to Amended and Restated Master Pooling and Servicing Agreement, dated as of May 1, 1999 (Incorporated by Reference to Exhibit 4.2 of Registration Statement
No. 333-74069).                                                                   
|4.4            |  | Amendment No. 1 to Series 1999-1 Supplement to Amended and Restated Master Pooling and Servicing Agreement, dated as of December 7, 2000 (filed herewith).                                                                                                             
|9              |  | Voting Trust Agreement: NOT APPLICABLE                                                                                                                                                                                                                                 
|10.1           |  | Receivables Purchase Agreement, dated as of March 1, 1994, between Yamaha Motor Corporation, U.S.A. and Yamaha Motor Receivables Corporation (filed herewith).                                                                                                         
|10.2           |  | Servicing Agreement, dated as of March 1, 1994, between Yamaha Motor Corporation, U.S.A. and the Subservicer (filed herewith).                                                                                                                                         
|10.3           |  | Receivables Sale Agreement, dated as of March 1, 1994, between the Subservicer, and Yamaha Motor Corporation, U.S.A., (Incorporated by Reference to Exhibit 10.3 of Registration Statement
No. 333-74069).                                                             
|10.4           |  | First Amendment to Receivables Purchase Agreement, dated as of May 1, 1999 (Incorporated by reference to Exhibit 10.4 of Registration Statement No. 333-45516).                                                                                                        
|10.5           |  | First Amendment to Receivables Sales Agreement, dated as of May 1, 1999 (Incorporated by reference to Exhibit 10.5 of Registration Statement No. 333-45516).                                                                                                           
|10.6           |  | First Amendment to the Amended and Restated Master Pooling and Servicing Agreement, dated as of November 19, 1999 (Incorporated by reference to Exhibit 10.6 of Registration Statement
No. 333-45516).                                                                 
|10.7           |  | First Amendment to Servicing Agreement, dated as of May 1, 1999, (Incorporated by reference to Exhibit 10.7 of Registration Statement No. 333-45516).                                                                                                                  
|11             |  | Computation of Per Share Earnings: NOT APPLICABLE.                                                                                                                                                                                                                     
|12             |  | Statements re Computation of Ratios: NOT APPLICABLE.                                                                                                                                                                                                                   
|13             |  | Annual Report to Security Holders, Form 10-Q or Quarterly Report to Security Holders: NOT APPLICABLE.                                                                                                                                                                  
|16             |  | Letter re Change in Certifying Accountant: NOT APPLICABLE.                                                                                                                                                                                                             
|18             |  | Letter re Change in Accounting Principles: NOT APPLICABLE.                                                                                                                                                                                                             
|21             |  | Subsidiaries of the Registrant: NOT APPLICABLE.                                                                                                                                                                                                                        
|               |  |                                                                                                                                                                                                                                                                        

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|22   |  | Published Report Regarding Matters Submitted to Securityholders: NOT APPLICABLE.              
|---- |  | ----------------------------------------------------------------------------------------------
|23   |  | Consents of Experts and Counsel: NOT APPLICABLE.                                              
|24   |  | Power of Attorney: NOT APPLICABLE.                                                            
|99.1 |  | Aggregate Servicer's Report for the fiscal year ended March 31, 2003                          
|99.2 |  | Annual Servicer's Certificate                                                                 
|99.3 |  | Independent Accountant's ReportAttestation with Management's Assertion Attached (Servicer)   
|99.4 |  | Annual Subservicer's Certificate                                                              
|99.5 |  | Independent Accountant's ReportAttestation with Management's Assertion Attached (Subservicer)

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