8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-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) June 11, 2007

MELLON BANK, N.A.

(Originator of Mellon Bank Premium Finance Loan Master Trust)

(Exact name of Registrant as specified in its charter)

	333-113957-02 and
United States	333-116609-02	25-0659306
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer ID Number)

One Mellon Center
Pittsburgh, Pennsylvania 15258
(412) 234-5000
(Address, including zip code, and telephone number, including area code, of registrant’s principal offices)

N/A
(Former name or former address, if changed since last report)

MELLON BANK PREMIUM FINANCE LOAN MASTER TRUST

(Exact name of Registrant as specified in its charter)

	333-113957-01 and
New York	333-116609-01	51-0015912
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer ID Number)

One Mellon Center
Pittsburgh, Pennsylvania 15258
(412) 234-5000
(Address, including zip code, and telephone number, including area code, of registrant’s principal offices)

N/A
(Former name or former address, if changed since last report)

MELLON PREMIUM FINANCE LOAN OWNER TRUST

(Exact name of Registrant as specified in its charter)

	333-113957-03 and
Delaware	333-116609-03	51-6522553
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer ID Number)

c/o Chase Manhattan Bank, USA, National Association
1201 N. Market Street
Wilmington, DE 19801
(302) 428-3372
(Address, including zip code, and telephone number, including area code, of registrant’s principal offices)

N/A
(Former name or former address, if changed since last report)

MELLON BANK PFL MASTER NOTE TRUST

(Exact name of Registrant as specified in its charter)

	333-113957 and
Delaware	333-116609	51-6522553
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer ID Number)

One Mellon Center
Pittsburgh, Pennsylvania 15258
(412) 234-5000
(Address, including zip code, and telephone number, including area code, of
registrant’s principal offices)

N/A
(Former name or former address, if changed since last report)

Carl Krasik, General Counsel & Secretary
Mellon Financial Corporation
Suite 4700
500 Grant Street
Pittsburgh, Pennsylvania 15258-0001
(412) 234-5222

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01. Other Events.

     The Registrant hereby incorporates by reference the information contained in Exhibit 20 hereto in response to this Item 8.01.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits

20. Monthly Noteholders 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 thereunto duly authorized.

MELLON BANK, N.A., as Registrant
By:	/s/Michael A. Bryson
	Name:	Michael A. Bryson
	Title:	Executive Vice President & Chief Financial Officer
MELLON PREMIUM FINANCE LOAN OWNER TRUST, as Registrant
By: Mellon Bank, N.A., as Administrator
By:	/s/Michael A. Bryson
	Name:	Michael A. Bryson
	Title:	Executive Vice President & Chief Financial Officer
MELLON BANK PREMIUM FINANCE LOAN MASTER TRUST, as Registrant
By: MELLON BANK, N.A., as Administrator
By:	/s/Michael A. Bryson
	Name:	Michael A. Bryson
	Title:	Executive Vice President & Chief Financial Officer
MELLON BANK PFL MASTER NOTE TRUST, as Registrant
By: MELLON BANK, N.A., as Administrator
By:	/s/Michael A. Bryson
	Name:	Michael A. Bryson
	Title:	Executive Vice President & Chief Financial Officer

Dated: June 11, 2007

INDEX OF EXHIBITS

Exhibit No.	Document Description	Method of Filing
20	Monthly Noteholders Statement	Filed herewith

EX-20

Exhibit 20

MONTHLY NOTEHOLDERS STATEMENT
MELLON BANK PFL MASTER NOTE TRUST
SERIES 2004-1

Created 06/07/07 2:48 PM

Pursuant to the Indenture dated as of June 24, 2004 (the ‘Agreement’), as supplemented by the Series 2004-1 Indenture Supplement (the “Series Supplement”), each among Mellon Bank PFL Master Note Trust, as Issuer, (as administered by Mellon Bank, N.A., as Administrator) and Wells Fargo Bank, N.A., as Indenture Trustee, AFCO Credit Corp. and AFCO Acceptance Corp., as Servicer and Seller, is required to prepare certain information each month regarding distributions to Noteholders and the performance of the Trust.

* NOTE: Pursuant to the Omnibus Amendment dated as of Jan. 2, 2007, the assets of the Trust have been replaced with cash which has been invested on behalf of the noteholders in U.S. government Treasury bills and other permitted investments.

The information with respect to the applicable Distribution Date and Monthly Period is set forth below.

Monthly Period:	May-07
Determination Date:	11-Jun-07
Transfer Date:	14-Jun-07
Number of Days in Period:	31
Prior Distribution Date: (or Closing Date)	15-May-07
Current Distribution Date:	15-Jun-07
Period	36
Note Accumulation Period Length	n/a
Note Revolving Periods from /to	n/a
Note Accumulation Periods from/to	n/a

A. ORIGINAL DEAL PARAMETERS
(a) Class A Initial Investor Interest			$	513,700,000.00			92.00	%
(b) Class B Initial Investor Interest			$	22,341,000.00			4.00	%
(c) Class C Initial Investor Interest			$	13,959,000.00			2.50	%
(d) Class D Initial Investor Interest			$	8,375,000.00			1.50	%
(e) Total Initial Investor Interest (a + b + c +d)			$	558,375,000.00
(f) Minimum Transferor Interest				0.00000	%
(g) LIBOR (3-Month LIBOR as of most LIBOR Determination Date)				5.3548800	%
(h) Prior Period Class A Certificate Rate	0.16	%		5.5148800	%
(i) Prior Period Class B Certificate Rate	0.42	%		5.7748800	%
(j) Prior Period Class C Certificate Rate	0.77	%		6.1248800	%
(k) Current Class A Certificate Rate	0.16	%		5.5148800	%
(l) Current Class B Certificate Rate	0.42	%		5.7748800	%
(m) Current Class C Certificate Rate	0.77	%		6.1248800	%
(n) Series Servicing Fee Percentage (Calculated as 1/12 th)				0.00000	%
(o) Additional Interest Rate				0.000000	%
I. RECEIVABLES IN THE TRUST
(a) Beginning of Month Aggregate Receivables				n/a
(b) Beginning of Month Finance Charge Receivables				n/a
(c) Beginning of Month Principal Receivables				n/a
(d) End of Month Aggregate Receivables				n/a
(e) End of Month Finance Charge Receivables				n/a
(f) End of Month Principal Receivables				n/a
II. INVESTOR INTERESTS AND INVESTOR PERCENTAGES
(a) Class A Initial Investor Interest			$	513,700,000.00			92.00	%
(b) Class B Initial Investor Interest			$	22,341,000.00			4.00	%
(c) Class C Initial Investor Interest			$	13,959,000.00			2.50	%
Class D Initial Investor Interest			$	8,375,000.00			1.50	%
(d) Total Initial Investor Interest						$	558,375,000.00
(e) Beginning of Period Class A Investor Interest			$	513,700,000.00			92.00	%
(f) Beginning of Period Class B Investor Interest			$	22,341,000.00			4.00	%
(g) Beginning of Period Class C Investor Interest			$	13,959,000.00			2.50	%
Beginning of Period Class D Investor Interest			$	8,375,000.00			1.50	%
(h) Beginning of Period Total Investor Interest						$	558,375,000.00
(i) End of Period Class A Investor Interest (e – IX.b – X.a)			$	0.00			n/a
(j) End of Period Class B Investor Interest (f – IX.e – X.b)			$	0.00			n/a
(k) End of Period Class C Investor Interest (g – IX.h – X.c)			$	0.00			n/a
(l) End of Period Class D Investor Interest			$	0.00			n/a
(m) End of Period Total Investor Interest						$	0.00
(n) End of Revolving Period Class A Investor Interest			NA				n/a
(o) End of Revolving Period Class B Investor Interest			NA				n/a
(p) End of Revolving Period Class C Investor Interest			NA				n/a
(q) End of Revolving Period Class D Investor Interest			NA				n/a
(r) End of Revolving Period Total Investor Interest						$	0.00

Floating Investor Percentage (n/a since no longer have finance charge collections)				n/a
Class A Floating Allocation				n/a
Class B Floating Allocation				n/a
Class C Investor Interest Floating Allocation				n/a
Class D Investor Interest Floating Allocation				n/a
Fixed Investor Percentage				100.00	%
Class A Fixed Allocation				n/a
Class B Fixed Allocation				n/a
Class C Fixed Allocation				n/a
Class D Fixed Allocation				n/a
Total Servicing Fee (h * (A.n / 12))	$	0.00
Class C reserve account	$	2,791,875.00		0.50	%
End of Period Other outstanding Series	$	0.00
III. TRANSFEROR INTEREST
Beginning Transferor Interest	$	0.00
Ending Transferor Interest	$	0.00
Minimum Transferor Interest	$	0.00
Excess Funding Account Balance at end of Period	$	0.00
Sum of Principal Receivables and Excess Funding Account	$	0.00
IV. PERFORMANCE SUMMARY
COLLECTIONS:		n/a
DELINQUENCIES AND LOSSES:		n/a
AFCO is Servicer?		n/a
V. ALLOCATION AND APPLICATION OF FUNDS
Class A Monthly Interest ((A.k * II.e * # days)/ 360)	$	2,439,522.49
Class B Monthly Interest ((A.l * II.f * # days)/ 360)	$	111,097.62
Class C Monthly Interest ((A.m * II.g * # days)/ 360)	$	73,622.59
Total Class A, Class B, and Class C Monthly Interest due to Noteholders	$	2,624,242.70
Accumulation Reserve Account Funding Date	September 14, 2006
Required Accumulation Reserve Account Percentage		0.30	%
Required Accumulation Reserve Account Amount	$	1,675,125.00
Beginning of Period Accumulation Reserve Account Balance	$	1,675,125.00
Paid to Accumulation Reserve Account	$	0.00
Payable to Accumulation Reserve Account	$	0.00
End of Period Accumulation Reserve Account Balance	$	1,675,125.00
VI. YIELD and BASE RATE
Base Rate
(The sum of the Class A Rate, Class B Rate, and Class C Investor Interest Rate and Investor Servicing Fee (0.5%) divided by the Investor Interest)
(a) Base Rate (current month)		5.46	%
(b) Base Rate (prior month)		5.46	%
(c) Base Rate (2 months ago)		5.46	%
(d) 3 Month Average Base Rate		5.46	%
Gross Portfolio Yield
(Accrued yield on government obligations and other permitted investments in excess of principal amount needed to repay Investor Interest / total investor interest)		6.69	%
Portfolio Yield
(Accrued yield on government obligations and other permitted investments in excess of principal amount needed to repay Investor Interest less investor default amount / total investor interest)		6.69	%
Portfolio Yield – Base Rate		1.23	%
Excess Finance Charge Yield		n/a
VII. PORTFOLIO PERFORMANCE RATES		n/a

VIII. RESERVE ACCOUNTS, PRINCIPAL FUNDING ACCOUNT, & INTEREST FUNDING ACCOUNT
Total cost of investments in US government T-bills and Other Permitted Investments as of Apr 30, 2007	$	557,976,898.41
Net change in investment balance in May 2007		—
Total cost of investments in US government T-bills and Other Permitted Investments as of May 31, 2007	$	557,976,898.41
Income earned on 6-month t-bills (due to mature on June 14, 2007) through May 31, 2007 (to be received at maturity)		11,455,887.00	**
Unrealized gain/(loss) on investments as of May 31, 2007		17,437.91
Market value of investments as of May 31, 2007	$	569,450,223.32
(source: Wells Fargo Trust Portfolio Reporting system)
** Note: Total income to be earned through maturity on 6/14/07 is $12,448,739.00. Proceeds from the maturity of the investments will be used to pay principal and interest on the Class A, B, C, and D Notes on June 15, 2007
IX. PRINCIPAL REPAYMENT
(a) Class A Principal paid (as of prior distribution dates)	$	0.00
(b) Class A Principal payments	$	513,700,000.00
(c) Total Class A Principal paid (a + b)	$	513,700,000.00
(d) Class B Principal paid (as of prior distribution dates)	$	0.00
(e) Class B Principal payments	$	22,341,000.00
(f) Class B Principal paid (d + e)	$	22,341,000.00
(g) Class C Principal paid (as of prior distribution dates)	$	0.00
(h) Class C Principal payments	$	13,959,000.00
(i) Total Class C Principal paid (g + h)	$	13,959,000.00
Class D Principal paid (as of prior distribution dates)	$	0.00
Class D Principal payments	$	8,375,000.00
Total Class D Principal paid	$	8,375,000.00
X. INVESTOR CHARGE-OFFS
(a) CLASS A INVESTOR CHARGE-OFFS	$	0.00
(b) CLASS B INVESTOR CHARGE-OFFS	$	0.00
(c) CLASS C INVESTOR CHARGE-OFFS	$	0.00
(d) CLASS D INVESTOR CHARGE-OFFS	$	0.00
XI. PAYOUT EVENTS & EARLY REDEMPTION EVENTS
(a) Insolvency of the Seller, Transferor or either originator?	No
(b) Trust is an “investment company?”	No
(c) No successor Backup Svcr found w/in 90 days of term’n of Backup Svcr?	No
(d) Failure by Transferor to make any deposit or payment?	No
(e) Material breach of representation or warranty of Transferor?	No
(f) 3-mo Avg. Net Portfolio Yield < 3-mo Avg. Base Rate?	No
(g) Originator, Seller or Transferor failed to convey Additional Receivables?		n/a
(h) Servicer Default?	No
(i) Class A or Class B or Class C Investor Interests not paid in full on Sched. Pmt. Date?	No
(j) Monthly payment rate less than 12% for 3 consecutive months?		n/a
(k) Third Consecutive Deterimination Date for which:
(i) aggregate receivables to single borrower > 5%		n/a
(ii) there exists Excess Insurer Concentration Amount?		n/a
(iii) aggregate receivables of Tier 3 Insurers exceeds 30%?		n/a
(iv) aggregate receivables of Tier 4 Insurers exceeds 5%?		n/a
(v) aggregate receivables of 5 largest Tier 3 Insurers exceeds 17%?		n/a
(vi) aggregate receivables of 4 largest Tier 2 Insurers exceeds 30%?		n/a
(l) AFCO no longer servicer?		n/a
(m) Failure of AFCO to remove receivables or indemnify the Transferor, the Trustee, and the Trust from losses resulting from failure to comply with licensing laws?		n/a

Mellon Bank, N.A., as Master Servicer
By: Name:	/s/James L. Jourdain James L. Jourdain
Title:	Vice President