Item 1. Business.
CDF Financing LLC is a Delaware limited liability company in which the sole members are General Electric Capital Services Corporation and CDF Financing, LLC. GE Commercial Distribution Finance Corporation, a Nevada corporation ("GECDF"), is the servicer and a wholly owned subsidiary of General Electric Capital Corporation.
CDF Financing LLC was organized for limited purposes, which include purchasing of receivables from CDF Floorplan Receivables, L.P., (a Delaware limited partnership in which CDF Floorplan Receivables Inc. is the general partner, and GECDF is the limited partner) and its affiliates and transferring such receivables to third parties and any activities incidental to and necessary or convenient for the accomplishment of such purposes. CDF Floorplan Receivables, L.P. purchases the receivables it sells to Registrant from GECDF.
Distribution Financial Services Floorplan Master Trust (formerly Deutsche Floorplan Receivables Master Trust, which was formerly ITT Floorplan Receivables Master Trust)("Trust"), is a transferee of such receivables. The Trust was formed pursuant to a Pooling and Servicing Agreement, dated as of December 1, 1993, an amended and restated Pooling and Servicing Agreement dated as of April 1, 1994, an amendment dated as of January 24, 1996 to the Pooling and Servicing Agreement and an amended and restated Pooling and Servicing Agreement dated as of October 1, 1996, as amended and restated as of April 1, 2000, an amendment dated as of December 31, 2002, and an amendment dated as of April 1, 2003 among the Registrant as Seller, GECDF, as Servicer, and Wilmington Trust Company, as Trustee. The Trust assets include receivables generated from time to time in a portfolio of revolving financing arrangements among GECDF and its affiliates with certain dealers and manufacturers to finance their inventory and accounts receivables. The Trust, in turn offers from time to time certificates representing undivided interests in the assets contained in the Trust.
As of December 31, 2003 the Trust had the following certificates outstanding bearing the following identifications:
Floating Rate Asset Backed Certificates, Series 2000-2 Class A aggregating $477,500,000.00 Floating Rate Asset Backed Certificates, Series 2000-2 Class B aggregating $15,000,000.00 Floating Rate Asset Backed Certificates, Series 2000-2 Class C aggregating $7,500,000.00 Floating Rate Asset Backed Certificates, Series 2003-1 Class A aggregating $716,250,000.00 Floating Rate Asset Backed Certificates, Series 2003-1 Class B aggregating $22,500,000.00 Floating Rate Asset Backed Certificates, Series 2003-1 Class C aggregating $11,250,000.00 Floating Rate Asset Backed Certificates, Series 2003-2 Class A aggregating $955,000,000.00 Floating Rate Asset Backed Certificates, Series 2003-2 Class B aggregating $30,000,000.00 Floating Rate Asset Backed Certificates, Series 2003-2 Class C aggregating $15,000,000.00 Total Outstanding = $2,250,000,000.00 Item 3.
Item 3.
Legal Proceedings.*
None
Item 4.
Item 4.
Submission of Matters to a Vote of Security Holders.*
None
PART II
Item 5.
Item 5.
Market for Registrant's Common Equity and Related Stockholder Matters.*
As of August 29, 2003, according to information received from the trustee of the Master Trust, there were (63) holders of record of Certificates issued by the Master Trust ("Certificates"). The Seller is not aware of any market in which the Certificates are traded.
Item 9A.
Item 9A.
Controls and Procedures.***
Part III
Item 14.
Item 14.
Principal Accountant Fees and Services.****
PART IV
Item 15.
Item 15.
Exhibits, Financial Statement Schedules, and Reports on Form 8-K.*
(a) Financial Statements.
1. Not Applicable 2. Not Applicable 3.	 The Registrant includes as exhibit hereto the Independent Accountants' Report and Management's Assertion Letter with respect to all series of Certificates issued and outstanding by Distribution Financial Services Floorplan Master Trust.
(b) Reports on Form 8-K.
The Limited Liability Company has filed reports on Form 8-K for each month during 2003 reporting Item 5. Other Events and including therewith as an exhibit, the Distribution Date Statement for the prior month's Collection Period with respect to (i) the Series 2003-1 Class A, B & C Certificates, and (ii) the Series 2003-2, Class A, B & C Certificates, all of which have been outstanding during such reporting periods by Distribution Financial Services Floorplan Master Trust.
In addition, under Item 5. Other Events, the LLC reported in Form 8-K, certain specified distributions to Certificateholders made during such month. Included with each Form 8-K, the LLC filed as exhibits thereto copies of the monthly Certificateholders' Statements required for such distributions.
(c) See 15(a)(3) above
(d) Not Applicable
SIGNATURES
Pursuant to the requirements of Section 13 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.
CDF FINANCING, LLC
By: 	/s/ W. Steven Culp Controller
	March 30, 2004
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following person on behalf of the Registrant and in the capacities and on the dates indicated.
Signature/Title							Date
/s/ W. Steven Culp						March 30, 2004 Controller
/s/ Joseph B. Thomas 						March 30, 2004 Manager CDF Financing, L.L.C.
/s/ Cristina M. Harter						March 30, 2004 Manager CDF Financing, L.L.C.
/s/ Kevin P. Burns						March 30, 2004 Manager CDF Financing, L.L.C.
/s/ Stephen W. Archer						March 30, 2004 Manager CDF Financing, L.L.C.
/s/ Timothy J. Yanoti 						March 30, 2004 Manager CDF Financing, L.L.C.
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.
No annual report, proxy statement, form of proxy or other proxy soliciting material has been sent to security holders during the period covered by this report and the Registrant does not intend to furnish such materials to security holders subsequent to the filing of this report.
Certification
I, W. Steven Culp, certify that:
1.	I have reviewed this annual report on form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of Distribution Financial Services Floorplan Master Trust;
2.	Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statements of a material fact or omit to state a material fact necessary to make statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report;
3.	Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the pooling and servicing, or similar, agreement, for inclusion in these reports is included in these reports;
4.	Based on my knowledge and upon the annual compliance statement included in the report and required to be delivered to the trustee in accordance with the terms of the pooling and servicing, or similar, agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under the servicing agreement; and
5.	The reports disclose all significant deficiencies relating to the servicer's compliance with the minimum servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the pooling and servicing, or similar agreement, that is included in these reports.
Date: March 30, 2004
/s/ W. Steven Culp Controller CDF Financing, LLC, as Seller
EXHIBIT INDEX
Incorporated by reference to Exhibit						Exhibit in Registration Number		Title				Statement Number 033-70814
2	Plan of acquisition, reorganization, 	arrangement, liquidation or succession		Not Applicable
3	Articles of Incorporation and By Laws		Not Applicable
4	Instruments defining the rights of security holders, including indentures		Exhibits 4.1 & 4.2
9	Voting trust agreements					Not Applicable
10	Material Contracts					Exhibit 10.1
11	Statement re computation of 	per share earnings					Not Applicable
12	Statement re computation of ratios			Not Applicable
13	Annual report of security holders, 	Form 10-Q or quarterly reports 	to security holders					None
16	Letter re change in certifying accountant							None
18	Letter re changes in accounting 	principles							None
21	Subsidiaries of Registrant				Not Applicable
22	Published report regarding matters 	submitted to vote of security holders		None
23	Consents of experts and counsel			Not Applicable
24	Power of attorney						Not Applicable
27	Financial Data Schedule					Not Applicable
99	Additional Exhibits 					Filed Herewith Independent Accountants' Report				EX-1 Management's Assertion Letter					EX-2 Annual Servicer's Certificate					EX-3 Series 2000-2 Aggregate Collection Data Year 2003	EX-4 Series 2003-1 Aggregate Collection Data Year 2003	EX-5 Series 2003-2 Aggregate Collection Data Year 2003	Ex-6
EX-1
Independent Accountants' Report
Attestation on Management's Assertion About Compliance With the Servicing Requirements Of the Distribution Financial Services Floorplan Master Trust Pooling and Servicing Agreement and Series 2000-2, 2000-4, 2003-1, and 2003-2 Supplements
Distribution Financial Services Floorplan Master Trust GE Commercial Distribution Finance, as Servicer:
We have examined the accompanying assertion made by management on GE Commercial Distribution Finance's (GECDF) compliance, as servicer, with the servicing requirements in Article III, Sections 3.1, 3.2, 3.4, 3.5, 3.6, and 3.9, and Article IV of the Pooling and Servicing Agreement for the Distribution Financial Services Floorplan Master Trust dated as of December 1, 1993, amended and restated as of April 1, 1994, amended as of January 24, 1996, amended and restated as of October 1, 1996, and amended and restated as of April 1, 2000 (the Agreement), and the applicable provisions of the Series 2000-2 Supplement dated as of April 1, 2000, the Series 2000-4 Supplement dated as of July 1, 2000, the Series 2003-1 Supplement dated as of April 1, 2003, and the Series 2003-2 Supplement dated as of April 1, 2003 (the Supplements), among Deutsche Floorplan Receivables, L.P., as seller of the Series 2000-2 and 2000-4 Supplements and CDF Financing LLC, as seller of the Series 2003-1 and 2003-2 Supplements; GECDF, as servicer; and Wilmington Trust Company, as Trustee, for the year ended December 31, 2003. Management is responsible for GECDF's compliance with the aforementioned sections of the Agreement and the applicable provisions of the Supplements. Our responsibility is to express an opinion on management's assertion about GECDF's compliance based upon our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence supporting GECDF's compliance with the aforementioned sections of the Agreement and the applicable provisions of the Supplements, and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on GECDF's compliance with the specified sections of the Agreement and the applicable provisions of the Supplements.
In our opinion, management's assertion that GECDF was in compliance with the aforementioned sections of the Agreement and the applicable provisions of the Supplements for the year ended December 31, 2003 is fairly stated, in all material respects.
St. Louis, Missouri March 19, 2004
EX-2
Management's Assertion Letter
Management Report on GE Commercial Distribution Finance Compliance, as Servicer, with the Servicing Requirements of the Distribution Financial Services Floorplan Master Trust Pooling and Servicing Agreement and Series 2000-2, 2000-4, 2003-1 and 2003-2 Supplements
Management of GE Commercial Distribution Finance (GECDF), as Servicer, is responsible for compliance with the servicing requirements in Article III, Sections 3.1, 3.2, 3.4, 3.5, 3.6 and 3.9, and Article IV of the Pooling and Servicing Agreement for the Distribution Financial Services Floorplan Master Trust dated as of December 1, 1993, amended and restated as of April 1, 1994, amended as of January 24, 1996, amended and restated as of October 1, 1996, and amended and restated as of April 1, 2000 (the Agreement), and the applicable provisions of the Series 2000-2 Supplement dated as of April 1, 2000, the Series 2000-4 Supplement dated as of July 1, 2000, the Series 2003-1 Supplement dated as of April 1, 2003, and the Series 2003-2 Supplement dated as of April 1, 2003 (the Supplements), among Deutsche Floorplan Receivables, L.P., as seller of the Series 2000-2 and 2000-4 Supplements and CDF Financing LLC, as seller of the Series 2003-1 and 2003-2 Supplements; GECDF as servicer; and Wilmington Trust Company, as Trustee, for the year ended December 31, 2003.
Management has performed an evaluation of GECDF's compliance with the aforementioned sections of the Agreement and the applicable provisions of the Supplements for the year ended December 31, 2003. Based upon this evaluation, management believes that, for the year ended December 31, 2003, GECDF, as servicer, was in compliance with the aforementioned sections of the Agreement and the applicable provisions of the Supplements in all material respects.
/s/ David Kaminsky Chief Financial Officer March 19, 2004
/s/ W. Steven Culp Manager, Finance March 19, 2004
EX-3
ANNUAL SERVICER'S CERTIFICATE
(As required to be delivered on or before March 31 of each calendar year pursuant to Section 3.5 of the Pooling and Servicing Agreement)
GE Commercial Distribution Finance Corporation
DISTRIBUTION FINANCIAL SERVICES FLOORPLAN MASTER TRUST
	The undersigned, duly authorized representatives of GE Commercial Distribution Finance Corporation ("GE CDF", formerly known as Deutsche Financial Services Corporation), as Servicer, pursuant to the Amended and Restated Pooling and Servicing Agreement dated as of April 1, 2000 (as amended, amended and restated or otherwise modified from time to time, the "Agreement"), by and among CDF Floorplan Receivables, L.P. and CDF Financing, LLC, as sellers, GE CDF, as servicer, and Wilmington Trust Company, as Trustee, do hereby certify that:
1.	GE CDF is, as of the date hereof, the Servicer under the Agreement.
2.	The undersigned are Servicing Officers and are duly authorized pursuant 	to the Agreement to execute and deliver this Certificate to the Trustee, 	any Agent and Enhancement Providers.
3.	A review of the activities of the Servicer during the calendar year ended 	December 31, 2003, and of its performance under the Agreement was 	conducted under our supervision.
4.	Based on such review, the Servicer has, to the best of our knowledge, 	performed in all material respects all of its obligations under the 	Agreement throughout such year and no default in the performance of 	such obligations has occurred or is continuing.
Capitalized terms used but not defined herein are used as defined in the Agreement.
IN WITNESS WHEREOF, each of the undersigned has duly executed this Certificate this 26th day of March, 2004.
/s/ David Kaminsky Name: David Kaminsky Title: Chief Financial Officer
/s/ W. Steven Culp Name: W. Steven Culp Title: Manager, Finance