|SECURITIES AND EXCHANGE COMMISSION                                                                                                                                                                                           
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Washington, D.C.  20549                                                                                                                                                                                                      
|                                                                                                                                                                                                                             
|                                                                                                                                                                                                                             
|Form 10-K                                                                                                                                                                                                                    
|                                                                                                                                                                                                                             
|                                                                                                                                                                                                                             
|ANNUAL REPORT PURSUANT TO SECTION 13 OF THE                                                                                                                                                                                  
|SECURITIES EXCHANGE ACT OF 1934                                                                                                                                                                                              
|                                                                                                                                                                                                                             
|                                                                                                                                                                                                                             
|For the fiscal year ended January 31, 2004                                                                                                                                                                                   
|                                                                                                                                                                                                                             
|                                                                                                                                                                                                                             
|Commission file number 0-21118                                                                                                                                                                                               
|                                                                                                                                                                                                                             
|                                                                                                                                                                                                                             
|PRIME RECEIVABLES CORPORATION                                                                                                                                                                                                
|(Originator of Prime Credit Card Master Trust)                                                                                                                                                                               
|(Exact name of registrant as specified in its charter)                                                                                                                                                                       
|                                                                                                                                                                                                                             
|                                                                                                                                                                                                                             
|Delaware                                                                                                                                                                                                                     
|(State of Incorporation)                                                                                                                                                                                                     
|                                                                                                                                                                                                                             
|                                                                                                                                                                                                                             
|7 West Seventh Street, Cincinnati, Ohio                                                                                                                                                                                      
|(Address of principal executive offices)                                                                                                                                                                                     
|                                                                                                                                                                                                                             
|                                                                                                                                                                                                                             
|Registrant's telephone number, including area code:     513-579-7580                                                                                                                                                         
|                                                                                                                                                                                                                             
|                                                                                                                                                                                                                             
|Securities registered pursuant to Section 12(b) of the Act:     None                                                                                                                                                         
|                                                                                                                                                                                                                             
|                                                                                                                                                                                                                             
|Securities registered pursuant to Section 12(g) of the Act:     None                                                                                                                                                         
|                                                                                                                                                                                                                             
|                                                                                                                                                                                                                             
|                                                                                                                                                                                                                             
|                                                                                                                                                                                                                             
|The registrant 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 has been subject to such filing requirements for the past 90 days.
|                                                                                                                                                                                                                             
|Disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not required.                                                                                                                                      



|       
|-------
|       
|PART I 
|       
|Item 2.
|       
|       
|       
|Item 3.
|       
|       
|       
|Item 4.
|       
|       
|       





|Item 5.  | Market for Registrant's Common Equity and Related Stockholder Matters                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|-------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|         | As of March 31, 2004, the following certificates representing undivided interests in the Trust had been issued and are outstanding:  (i) Class A Variable Funding Certificates, Series 1992-3 (the "Class A Variable Funding Certificates"), (ii) Class B Variable Funding Certificates, Series 1992-3 (the "Class B Variable Funding Certificates"), (iii) $400.0 million aggregate principal amount of 6.70% Class A Asset Backed Certificates, Series 2000-1 (the "Class A-2000 Certificates"), (iv) $38.1 million aggregate principal amount of 7.00% Class B Asset Backed Certificates, Series 2000-1 (the "Class B-2000 Certificates"), (v) $38.1 million aggregate principal amount of 0.00% Class C Asset Backed Certificates, Series 2000-1 (the "Class C-2000 Certificates"), and (vi) an exchangeable certificate representing the remaining undivided interests in the Trust (the "Transferor Certificate").  The information regarding the record ownership of the foregoing certificates set forth in Item 12 of this Report is incorporated herein by this reference.                                                                                                                                                                                                                                                                                                                         
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|Item 9.  | Changes in and Disagreements with Accountants on Accounting andFinancial Disclosure                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|         | None.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|Item 12. | Security Ownership of Certain Beneficial Owners and Management                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|         | As of March 31, 2004, the Class A-2000 Certificates was held of record by Cede & Co., as nominee of The Depository Trust Company.  To the Company's knowledge, based solely on the fact that the Company has not received notice of any filings having been made with the Securities and Exchange Commission reporting the acquisition of more than 5% of any class or series of the Class A-2000 Certificates, no person beneficially owned more than 5% of any class or series of the Class A-2000 Certificates.  Of the remaining certificates representing undivided interests in the Trust that were outstanding as of such date, (i) Seven Hills Funding Corporation ("Seven Hills"), a wholly owned subsidiary of Federated, owned beneficially and of record 100% of the Class A Variable Funding Certificates, and (ii) the Company owned beneficially and of record 100% of the Class B Variable Funding Certificates, the Class B-2000 Certificates, the Class C-2000 Certificates and the Transferor Certificate.  The Class A Variable Funding Certificates have been pledged by Seven Hills to Chase Bank, as collateral agent, to secure certain commercial paper notes to be issued by Seven Hills from time to time and certain related obligations of Seven Hills.  The principal business address of each of the Company and Seven Hills is 7 West Seventh Street, Cincinnati, Ohio 45202.
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              



|Item 13. | Certain Relationships and Related Transactions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|-------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|         | Except for the transactions contemplated by the Pooling and Servicing Agreement, the Company is not aware of any transactions or series of similar transactions during Fiscal Year 2003, or any currently proposed transaction or series of similar transactions, in which the amount involved exceeded or is proposed to exceed $60,000, to which the Trust was a party or is proposed to be a party, and in which any person known to the Company to own more than 5% of any class of certificates representing undivided interests in the Trust had or has a direct or indirect material interest.
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|PART IV 
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|Item 14. | Exhibits, Financial Statement Schedules and Reports on Form 8-K                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|         | a.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|         | b.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      



|SIGNATURES                                                                                                                                                                                                                  
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                            
|Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be executed on its behalf by the undersigned, thereunto duly authorized.                   
|                                                                                                                                                                                                                            
|                                                                                                                                                                                                                            
|                                                                                                                                                                                                                            
|                                                                                                                                                                                                                            
|                                                                                                                                                                                                                            
|                                                                                                                                                                                                                            
|                                                                                                                                                                                                                            
|Dated:	   April 30, 2004                                                                                                                                                                                                    
|                                                                                                                                                                                                                            
|                                                                                                                                                                                                                            
|Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on April 30, 2004.
|                                                                                                                                                                                                                            
|Signature                                                                                                                                                                                                                   
|                                                                                                                                                                                                                            
|/s/  Karen M. Hoguet                                                                                                                                                                                                        
|Karen M. Hoguet                                                                                                                                                                                                             
|                                                                                                                                                                                                                            
|/s/  Susan P. Storer                                                                                                                                                                                                        
|Susan P. Storer                                                                                                                                                                                                             
|                                                                                                                                                                                                                            
|/s/  Joel A. Belsky                                                                                                                                                                                                         
|Joel A. Belsky                                                                                                                                                                                                              
|                                                                                                                                                                                                                            
|