~~Limits~~SECURITIES ~~Actual~~AND ~~Excess~~EXCHANGE 14 A/R Receivables 20% 623,388,569 87,115,210 0 15 Asset Based Receivables 20% 623,388,569 167,208,385 0 16 Dealer concentration top 1 of 8 2.5% 77,923,571 109,427,605 31,504,034 17 Dealer concentration 2 of 8 3% 77,923,571 83,749,472 5,825,901 18 Dealer concentration 3 of 8 3% 77,923,571 77,486,688 0 19 Dealer concentration Other 2% 62,338,857 31,773,985 0 20 Manufacturer Concentration Top 3 15% 467,541,426 261,641,282 0 21 Manufacturer Concentration Other 10% 311,694,284 101,805,934 0 22 Product Line Concentration: 23 CE & Appl 25% 779,235,711 132,213,992 0 24 MIS 25% 779,235,711 382,321,107 0 25 Motorcycle 25% 779,235,711 390,780,441 0 26 Marine 35% 1,090,929,995 750,532,053 0 27 RV 35% 1,090,929,995 895,493,649 0 28 Music 25% 779,235,711 59,152,043 0 29 Industrial Equipment 25% 779,235,711 129,633,361 0 30 A/R 25% 779,235,711 254,323,595 0 31 Snowmobiles 25% 779,235,711 0 0 32 Other 25% 138,155,631 0 33 Delayed Funding Receivables 2 9/30/04 10/31/04 11/30/04 Average 34 Charge Offs to Receivables (Annualized) -0.27% 0.00% -0.03% -0.10% 35 Payment Rate 41.93% 37.24% 40.48% 39.88% Net Receivable Rate - Current Month 36 Interest 5.28% 37 Discount 2.43% 38 Total 7.71% 39 Less Servicing -2.00% 40 Remaining 5.71%COMMISSION

~~Dealer Over- Series Series Series Series Total Concentration 2003-1 2003-1 2003-1 2003-1 Date Trust Series Total Class A Class B Class C Pool Balance 1 Beginning of Month Receivables 10/31/04 2~~Washington,~~986,843,837~~ ~~2 Plus: Account Additions 11/01/04 109,089,083 3 Beginning of month Principal Receivables 11/01/04 3,095,932,920 4 Discount Factor 0~~D.50% Beginning of month Pool 5 Balance 11/01/04 3,080,453,255 6 Beginning of month Dealer Overconcentrations 11/01/04 16,727,148 Beginning of month 7 Unconcentrated Pool Balance 11/01/04 3,063,726,107 8 End of month Principal Receivables 11/30/04 3,132,605,872 9 Discount Factor 0C.~~50%~~ 10End of mo Pool Balance 11/30/04 3,116,942,843 11End of month Dealer Overconcentrations 11/30/04 31,504,034 12End of month Unconcentrated Pool Balance 11/30/04 3,085,438,809 13Overconcentrated % 11/30/04 1.01% 14Unconcentrated % 11/30/04 98.99% Certificates 15Beginning of month/closing date Invested Amount 11/01/04 16,727,148 750,000,000 716,250,000 22,500,000 11,250,000 16Allocation Percentage 11/01/04 0.56% 25.13% 24.00% 0.75% 0.38% 17End of month Invested Amount 11/30/04 37,329,934 750,000,000 716,250,000 22,500,000 11,250,000 18Principal Payments Outstanding Principal 12/13/04 - - - - - 19Balance 12/15/04 37,329,934 750,000,000 716,250,000 22,500,000 11,250,000 20Pool Factor 12/15/04 1.00000 1.00000 1.00000 Excess Funding Account 21End of month balance 11/15/04 - 22Determination Date - Deposit 12/15/04 23Distribution Date Disbursement 12/15/04 - 24Excess Funding Account Balance 12/15/04 - Reserve Fund 25Required Amount 12/15/04 26,250,000 26Beginning Balance 11/15/04 26,250,000 27Deposits 11/15/04 12/15/04 38,294 28Disbursements 11/15/04 12/15/04 38,294 29Ending Balance 12/15/04 26,250,000 Collections 30Principal Allocation Percentage 11/30/04 1.22% 24.48% 23.38% 0.73% 0.37% 31Floating Allocation Percentage 11/30/04 1.22% 24.48% 23.38% 0.73% 0.37% 32Principal Collections 11/01/04 11/30/04 1,253,293,243 535,883 33Nonprincipal Collectio11/01/04 11/30/04 18,739,978 2,676 34Total Collections 11/01/04 11/30/04 1,272,033,221 538,559 Defaults 35Defaulted Amount 11/01/04 11/30/04 (83,719) 36Investor Default Amoun11/01/04 11/30/04 - (20,494) (19,572) (615) (307) Interest 37Monthly Interest 12/15/04 - 1,377,063 1,295,219 46,688 35,156 38Interest Shortfall 12/15/04 - - - - - 39Additional Interest 12/15/04 - - - - - 40Total 12/15/04 - 1,377,063 1,295,219 46,688 35,156 Servicing Fee 41Certificate Balance for Servicing Fee determination 11/01/04 750,000,000 716,250,000 22,500,000 11,250,000 42Servicing Fee Rate 2.00% 2.00% 2.00% 2.00% 43Servicing Fee 11/01/04 11/30/04 1,250,000 1,193,750 37,500 18,750 44Remaining Servicing Fee 12/15/04 1,250,000 1,193,750 37,500 18,750 Excess Servicing 45Nonprincipal Collectio11/01/04 11/30/04 18,739,978 2,676 46Servicer Advance Less Reimbursement of Servicer Advance 11/01/04 11/30/04 1,419,085 47Floating Allocation Percentage 1.22% 24.48% 23.38% 0.73% 0.37% 48Investor Nonprincipal Collections 11/01/04 11/30/04 2,676 4,587,545 4,381,106 137,626 68,813 49Investor portion of Servicer Advance Less Reimbursement 11/01/04 11/30/04 - 347,392 331,759 10,422 5,211 50Plus: Investment Proc11/01/04 11/30/04 - 38,478 51Less: 52Monthly Interest 12/15/04 - 1,377,063 1,295,219 46,688 35,156 53Prior Monthly Interest 12/15/04 - - - - - 54Additional Interest 12/15/04 - - - - - 55Reserve Fund Deposit 12/15/04 - - - - - 56Default Amount 11/01/04 11/30/04 - (20,494) (19,572) (615) (307) 57Charge-Offs 11/01/04 11/30/04 - - - - - 58Monthly Servicing Fee 12/15/04 - 1,250,000 1,193,750 37,500 18,750 59Carry-over Amount 12/15/04 - - - - - 60Carry-over Amount 61 Additional Interest 12/15/04 - - - - - 62Balance: Excess Servi11/01/04 11/30/04 2,676 2,366,846 Collection Account 63Beginning Balance 11/15/04 - 64Deposits 11/15/04 12/15/04 1,724,455 65Disbursements 11/15/04 12/15/04 1,724,455 66Ending Balance 12/15/04 - Interest Funding Account 67Beginning Balance 11/15/04 - 68Deposits 11/15/04 12/15/04 1,377,247 69Disbursements 11/15/04 12/15/04 1,377,247 70Ending Balance 12/15/04 - Principal Funding Account 71Beginning Balance 11/15/04 - 72Deposits 11/15/04 12/15/04 - 73Disbursements 11/15/04 12/15/04 - 74Ending Balance 12/15/04 - 75Total Amount Distributed 12/15/04 1,377,063 Interest Rate for the Next Period 76One-month LIBOR 12/15/04 01/17/04 2.40250% 77Net Receivables Rate 11/30/04 5.70602%20549

~~Dealer~~FORM Note Over- Trust Total Concentration Certificate Date Trust Series Series Pool Balance 1 Beginning of Month Receivables 10/31/2004 2,986,843,837 2 Plus: Account Additions 11/01/2004 109,089,083 3 Beginning of Month Principal Receivables 11/01/2004 3,095,932,920 4 Discount Factor 0.50% 5 Beginning of Month Pool Balance 11/01/2004 3,080,453,255 6 Beginning of Month Dealer Overconcentrations 11/01/2004 16,727,148 7 Beginning of Month Unconcentrated Pool Balance 11/01/2004 3,063,726,107 8 End of Month Principal Receivables 11/30/2004 3,132,605,872 9 Discount Factor 0.50% 10 End of Month Pool Balance 11/30/2004 3,116,942,843 11 End of Month Dealer Overconcentrations 11/30/2004 31,504,034 12 End of Month Unconcentrated Pool Balance 11/30/2004 3,085,438,809 13 Overconcentrated Percentage 11/30/2004 1.01% 14 Unconcentrated Percentage 11/30/2004 98.99% Certificates 15 Beginning of Month Invested Amount with additions 11/01/2004 16,727,148 717,953,255 16 Series 2004-NTC Allocation Percentage 11/01/2004 0.56% 24.05% 17 End of Month Invested Amount 11/30/2004 37,329,934 754,442,843 18 Principal Payments 12/13/2004 - - 19 Outstanding Principal Balance 12/15/2004 37,329,934 754,442,843 20 Pool Factor 12/15/2004 1.00000 Collections 21 Principal Allocation Percentage 11/30/2004 1.22% 22.89% 22 Floating Allocation Percentage 11/30/2004 1.22% 22.89% 23 Principal Collections 11/01/2004 11/30/2004 1,253,293,243 535,883 286,731,299 24 Nonprincipal Collections 11/01/2004 11/30/2004 18,739,978 2,676 4,288,597 25 Total Collections 11/01/2004 11/30/2004 1,272,033,221 538,559 291,019,896 26 Express Principal Collections 11/01/2004 11/30/2004 - - - Defaults 27 Defaulted Amount 11/01/2004 11/30/2004 (83,719) 28 Investor Default Amount 11/01/2004 11/30/2004 - (19,162) Servicing Fee 29 Invested Amount for preceding Period 11/01/2004 717,953,255 30 Servicing Fee Rate 2.00% 31 Series 2004-NTC Monthly Servicing Fee 11/01/2004 11/30/2004 1,196,589 Excess Servicing 32 Nonprincipal Collections 11/01/2004 11/30/2004 18,739,978 2,676 33 Floating Allocation Percentage 1.22% 22.89% 34 Investor Nonprincipal Collections 11/01/2004 11/30/2004 2,676 4,288,597 35 Plus: Investment Proceeds 11/01/2004 11/30/2004 - 36 Less: Monthly Servicing Fee 12/15/2004 - 1,196,589 37 Balance: Excess Servicing 11/01/2004 11/30/2004 2,676 3,092,008 Collection Account 38 Beginning Balance 11/15/2004 - 39 Deposits 11/15/2004 12/15/2004 5,271,240 40 Disbursements 11/15/2004 12/15/2004 5,271,240 41 Ending Balance 12/15/2004 - 42 Total Amount Distributed or Applied 12/15/2004 3,092,008 NTC Percentages used for Overconcentration Calculations in the GEDFMNT 43 Beginning of Month Percentage 24.04% 44 End of Month Percentage 24.08%K

Current Report Pursuant

to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported)

November 22, 2004

GE Dealer Floorplan Master Note Trust

CDF Funding, Inc.

CDF Financing, L.L.C.

Distribution Financial Services Floorplan Master Trust

(Exact Name of Registrant as Specified in its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

333-115582 / 333-115582-02 /	88-0355652 (CDF Financing, L.L.C.)
333-115582-03 / 333-115582-04	20-1060484 (CDF Funding, Inc.)
(Commission File Number)	(I.R.S. Employer Identification No.)


5595 Trillium Boulevard, Hoffman Estates, Illinois	60192
(Address of Principal Executive Offices)	(Zip Code)

(847) 747-6800

(Registrant’s Telephone Number, Including Area Code)

No Change

(Former Name or Former Address, if Changed Since Last Report)

Item 8.01. Other Events.

Monthly Reporting

In no-action letters issued to a variety of issuers of asset-backed securities, whose principal assets are receivables, the Division of Corporation Finance has stated that it would not raise any objection if specified information was filed monthly on Form 8-K in lieu of quarterly reports on Form 10-Q. In reliance particularly on the letter relating to ITT Floorplan Receivables, L.P. (April 25, 1994), CDF Funding, Inc., on behalf of itself and its co-registrant GE Dealer Floorplan Master Note Trust, has adopted this monthly reporting procedure and is filing this and other monthly reports on Form 8-K in lieu of quarterly reports on Form 10-Q.

Item 9.01. Financial Statements and Exhibits.

(a) Not applicable

(b) Not applicable

Exhibit
No.		Document Description
99.1		Monthly Noteholder’s Statement

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 hereunto duly authorized.

		CDF FUNDING, INC.,
		(Co-Registrant)


Dated: November 22, 2004		By: /s/ Michael Cipolla
		Name: Michael Cipolla
		Title: Vice President


		GE DEALER FLOORPLAN MASTER NOTE TRUST
		(Co-Registrant)

		By: CDF FUNDING, INC.


Dated: November 22, 2004		By: /s/ Michael Cipolla
		Name: Michael Cipolla
		Title: Vice President



		CDF FINANCING, L.L.C.,
		(Co-Registrant)

Dated: November 22, 2004		By: /s/ W. Steven Culp
		Name: W. Steven Culp
		Title: Vice President and Treasurer


		DISTRIBUTION FINANCIAL SERVICES FLOORPLAN MASTER TRUST
		(Co-Registrant)

		By: CDF FINANCING, L.L.C.



Dated: November 22, 2004		By: /s/ W. Steven Culp
		Name: W. Steven Culp
		Title: Vice President and Treasurer

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