UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-K

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

For the fiscal year ended:  December 31, 1997  Commission file number:  33-67034
                            -----------------                           --------


               CSX Trade Receivables Corporation on behalf of the
                       CSXT Trade Receivables Master Trust
          (Issuer in respect of the CSXT Trade Receivables Master Trust
           5.05% Trade Receivables Participation Certificates, Series
           ----------------------------------------------------------
              1993-1) (Exact name of registrant as specified in its
                        charter)


             Delaware                                             59-3168541
             --------                                             ----------
 (State or other jurisdiction of                              (I.R.S. Employer
 incorporation or organization)                              Identification No.)

              Route 688
            P. O. Box 87
          Doswell, Virginia                                           23047
          -----------------                                           -----
(Address of principal executive offices)                           (Zip Code)

       Registrant's telephone number, including area code: (804) 876-3220
                                                           --------------

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

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

        CSXT Trade Receivables Master Trust 5.05% Trade Receivables
        Participation Certificates, Series 1993-1

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 ( )

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)

State the aggregate market value of the voting stock held by  non-affiliates  of
the Registrant. Not Applicable.


<PAGE>


                                     PART I
                                     ------

Item 1.   Business.

          Omitted  pursuant to a no-action  letter  dated  February 4, 1994 (the
"No-Action  Letter"),  issued by the Commission staff with respect to certain of
the Registrant's  reporting  requirements pursuant to Section 13 or 15(d) of the
Act.


Item 2.   Properties.

          Pursuant  to the  No-Action  Letter,  reference  is made to the Annual
Certificate of Servicer referred to in Items 8 and 14 hereof.


Item 3.   Legal Proceedings.

          In September  1997, a state court jury in New Orleans  returned a $2.5
billion punitive damages award against CSX  Transportation,  Inc. ("CSXT").  The
award was made in a class-action lawsuit against a group of nine companies based
on  personal  injuries  alleged to have  arisen  from a 1987 fire.  The fire was
caused by a leaking  chemical tank car parked on CSXT tracks and resulted in the
36-hour  evacuation of a New Orleans  neighborhood.  In the same case, the court
awarded  a group of 20  plaintiffs  compensatory  damages  of  approximately  $2
million against the  defendants,  including CSXT, to which the jury assigned 15%
of the responsibility for the incident. CSXT's liability under that compensatory
damages award is not material.

          In October 1997,  the  Louisiana  Supreme Court set aside the punitive
damages  judgment,  ruling the judgment  should not have been entered  until all
liability  issues were  resolved.  CSXT believes this decision  means that 8,000
other cases must be resolved  before the punitive  damage claims can be decided.
CSXT is pursuing an  aggressive  strategy on all legal  fronts,  and  management
believes that any adverse outcome will not be material to CSXT's overall results
of operations or financial position, although it could be material to results of
operations in a particular quarterly accounting period.

          The  Registrant   knows  of  no  additional   material  pending  legal
proceedings  involving  any of the CSXT  Trade  Receivables  Master  Trust  (the
"Trust"), CSX Trade Receivables Corporation ("CTRC"), CSX Transportation,  Inc.,
or Chemical Bank, as trustee (the "Trustee") with respect to the Trust.


Item 4.   Submission of Matters to a Vote of Security Holders.

          None.


<PAGE>


                                     PART II
                                     -------

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

          (a) To the best knowledge of the  Registrant,  there is no established
public trading market for the Certificates.

          (b) The  Certificates  are  represented  by one or  more  certificates
registered  in the name of Cede & Co.  ("Cede"),  the nominee of The  Depository
Trust Company ("DTC").

          (c) Omitted pursuant to the No-Action Letter.


Item 6.   Selected Financial Data.

          Omitted pursuant to the No-Action Letter.


Item 7.   Management's Discussion and Analysis of Financial Condition and
          Results of Operation.

          Omitted pursuant to the No-Action Letter.


Item 8.   Financial Statements and Supplementary Data.

          Pursuant to Section 3.06 of the Pooling and Servicing  Agreement  (the
"Pooling  Agreement")  dated as of December 18, 1992, as such Agreement has been
amended and  supplemented  through  October 28, 1993 relating to the Trust among
CTRC, CSXT and the Trustee, CSXT, as servicer (in such capacity, the "Servicer")
has delivered the Annual Certificate of Servicer to the Trustee, a copy of which
is attached hereto as Exhibit 99.1.

          Pursuant to Section 3.07 of the Pooling  Agreement,  Ernst & Young LLP
has furnished a report on the  activities of the Servicer and on the  comparison
of  mathematical  calculations  of amounts set forth in the  Certificateholders'
Distribution  Date Statements with the Servicer's  computer  records,  a copy of
which is attached  hereto as Exhibit 99.2.  Exhibit 99.3 includes  copies of the
Certificateholders'  Distribution Date Statements (the "Statements"),  if and as
amended,  prepared by the  Servicer  and  delivered  to the Trustee  pursuant to
Section  3.05 of the Pooling  Agreement  for all  distribution  dates  occurring
during the year ended December 31, 1997. Each Statement contains information for
the applicable period relating to the receivables sold to the Trust by CTRC (the
"Receivables")   and  the  accounts  from  which  the  Receivables   arise  (the
"Accounts"),   including  the  aggregate   outstanding  balances  of  delinquent
Accounts,   the  aggregate   principal  amount  of  defaulted   Receivables  and
information  relating to delinquency  rates on the  outstanding  balances in the
Accounts and loss experience on the portfolio of Receivables.



<PAGE>



Item  9.  Changes  in and  Disagreements  with  Accountants  on  Accounting  and
          Financial Disclosure.

          None.


                                    PART III
                                    --------

Item 10.  Directors and Executive Officers of the Registrant.

          Omitted pursuant to the No-Action Letter.


Item 11.  Executive Compensation.

          Omitted pursuant to the No-Action Letter.


Item 12.  Security Ownership of Certain Beneficial Owners and Management.

          (a) The  Certificates  are  represented  by one or  more  certificates
registered in the name of Cede,  the nominee of DTC, and an investor  holding an
interest in the Trust is not entitled to receive a certificate representing such
interest except in limited circumstances.  Accordingly,  Cede is the sole holder
of record of Certificates,  which it holds on behalf of brokers, dealers, banks,
and other direct  participants in the DTC system.  Such direct  participants may
hold Certificates for their own accounts or for the accounts of their customers.
The name and address of Cede is:

               Cede & Co.
               c/o The Depository Trust Company
               55 Water Street
               New York, NY  10041

          (b) Omitted pursuant to the No-Action Letter.

          (c) Omitted pursuant to the No-Action Letter.


Item 13.  Certain Relationships and Related Transactions.

          There  have not  been,  and  there  are not  currently  proposed,  any
transactions or series of transactions, to which either the Registrant, CSXT, as
Servicer,  or the  Trustee,  on  behalf  of  the  Trust,  is a  party  with  any
Certificateholder  who owns of record or beneficially  more than five percent of
the Certificates.  Information regarding servicing compensation received by CSXT
is set forth in the Exhibits filed pursuant to Item 14 hereof.



<PAGE>


                                     PART IV
                                     -------

Item 14.  Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

          (a)  Exhibits.

                  24.1    Powers of Attorney of Messrs.  Aftoora, Owen, Sparrow,
                          Goolsby,  and Grandis as Directors  and/or Officers of
                          CSX Trade Receivables Corporation.

                  99.1    Annual  Certificate  of Servicer,  prepared by CSXT 
                          pursuant to Section 3.06 of the Pooling Agreement.

                  99.2    Report of  independent  auditors on the  activities of
                          CSXT,   as  Servicer,   and  on  the   comparison   of
                          mathematical  calculations of amounts set forth in the
                          Certificateholders'  Distribution Date Statements with
                          CSXT's computer records, prepared by Ernst & Young LLP
                          pursuant to Section 3.07 of the
                          Pooling Agreement.

                  99.3    Monthly    Certificateholders'    Distribution    Date
                          Statements  filed  during the year ended  December 31,
                          1997.


          (b) Reports on Form 8-K.

               Date of Form 8-K          Description of Form 8-K

               January 27, 1997          Submitted a copy of Certificateholders'
                                         Distribution  Date Statement dated
                                         January  27,  1997 for the  CSXT  Trade
                                         Receivables Master Trust 5.05% Trade 
                                         Receivables Participation Certificates,
                                         Series 1993-1.

               February 25, 1997         Submitted a copy of Certificateholders'
                                         Distribution  Date Statement dated
                                         February 25, 1997 for the CSXT Trade 
                                         Receivables Master Trust 5.05% Trade
                                         Receivables Participation Certificates,
                                         Series 1993-1.

               March 25, 1997            Submitted a copy of Certificateholders'
                                         Distribution  Date Statement dated 
                                         March  25, 1997 for the CSXT Trade 
                                         Receivables Master Trust 5.05% Trade
                                         Receivables Participation Certificates,
                                         Series 1993-1.

               April 25, 1997            Submitted a copy of Certificateholders'
                                         Distribution Date Statement dated  
                                         April  25,   1997 for the CSXT Trade 
                                         Receivables Master Trust 5.05% Trade 
                                         Receivables Participation Certificates,
                                         Series 1993-1.


<PAGE>



               May 27, 1997              Submitted a copy of Certificateholders'
                                         Distribution  Date Statement dated
                                         May 27, 1997 for the CSXT Trade 
                                         Receivables Master Trust 5.05% Trade
                                         Receivables Participation Certificates,
                                         Series 1993-1.

               June 25, 1997             Submitted a copy of Certificateholders'
                                         Distribution  Date Statement dated 
                                         June 25, 1997 for the CSXT Trade
                                         Receivables Master Trust 5.05% Trade 
                                         Receivables Participation Certificates,
                                         Series 1993-1.

               July 25, 1997             Submitted a copy of Certificateholders'
                                         Distribution  Date Statement dated 
                                         July 25, 1997 for the CSXT Trade 
                                         Receivables Master Trust 5.05% Trade 
                                         Receivables Participation Certificates,
                                         Series 1993-1.

               August 25, 1997           Submitted a copy of Certificateholders'
                                         Distribution  Date Statement dated 
                                         August 25, 1997 for the CSXT Trade
                                         Receivables Master Trust 5.05% Trade
                                         Receivables Participation Certificates,
                                         Series 1993-1.

               September 25, 1997        Submitted a copy of Certificateholders'
                                         Distribution  Date Statement  dated 
                                         September 25, 1997 for the CSXT Trade
                                         Receivables Master Trust 5.05% Trade  
                                         Receivables Participation Certificates,
                                         Series 1993-1.

               October 27, 1997          Submitted a copy of Certificateholders'
                                         Distribution Date Statement dated
                                         October 27, 1997 for the CSXT Trade
                                         Receivables Master Trust 5.05%  Trade
                                         Receivables Participation Certificates,
                                         Series 1993-1.

               November                  25,   1997    Submitted   a   copy   of
                                         Certificateholders'  Distribution  Date
                                         Statement  dated  November 25, 1997 for
                                         the CSXT Trade Receivables Master Trust
                                         5.05% Trade  Receivables  Participation
                                         Certificates, Series 1993-1.

               December 26, 1997         Submitted a copy of Certificateholders'
                                         Distribution  Date Statement  dated
                                         December 26, 1997 for the CSXT Trade
                                         Receivables Master Trust 5.05% Trade
                                         Receivables Participation Certificates,
                                         Series 1993-1.

          (c) Omitted pursuant to the No-Action Letter.

          (d) Omitted pursuant to the No-Action Letter.



<PAGE>


                                   SIGNATURES
                                   ----------

          Pursuant to the  requirements 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.

                                           CSXT TRADE RECEIVABLES MASTER TRUST

                                     By:   CSX TRADE RECEIVABLES CORPORATION

                                          /s/  ROBERT M. PEEBLES
                                          ----------------------
                                          Robert M. Peebles
                                          Vice President - Accounting
                                          and Assistant Treasurer
                                          (Principal Accounting Officer)


Date:  March 20, 1998



          Pursuant to the  requirements 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 and on the dates indicated.


          Signatures                          Title
          ----------                          -----

          William H. Sparrow                  Chairman of the Board, President,
                                              and Director(Principal Executive
                                              Officer) (a)

          David D. Owen                       Vice President-Finance and
                                              Director (Principal Finance
                                              Officer) (a)

          A. B. Aftoora                       Director (a)

          Allen C. Goolsby, III               Director (a)

          Leslie A. Grandis                   Director (a)



(a)       /s/  ELLEN M. FITZSIMMONS
          -------------------------
          Ellen M. Fitzsimmons, Attorney-in-Fact
                                March 20, 1998






                                  EXHIBIT INDEX
                                  -------------


Exhibit
-------

  24.1    Powers of Attorney of Messrs.  Aftoora,  Owen, Sparrow,  Goolsby,  and
          Grandis  as  Directors  and/or  Officers  of  CSX  Trade   Receivables
          Corporation.

  99.1    Annual  Certificate  of Servicer,  prepared by CSXT  pursuant to 
          Section 3.06 of the Pooling Agreement.

  99.2    Report of independent auditors on the activities of CSXT, as Servicer,
          and on the  comparison  of  mathematical  calculations  of amounts set
          forth in the  Certificateholders'  Distribution  Date  Statements with
          CSXT's  computer  records,  prepared by Ernst & Young LLP  pursuant to
          Section 3.07 of the Pooling Agreement.

  99.3    Monthly Certificateholders'  Distribution Date Statements filed during
          the year ended December 31, 1997.