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Exhibit 20.5 ANNUAL AGGREGATE CERTIFICATEHOLDERS STATEMENT
MELLON BANK PREMIUM FINANCE LOAN MASTER TRUST SERIES 2001-1
ANNUAL PERIOD ENDING
DECEMBER 31, 2003 1.
    
    
    Investor Interest as of December 31, 2003Class A
    
    $
    450,000,000.00Class B
    
    
    20,000,000.00Collateral Interest Holder
    
    
    30,000,000.00Total Investor Interest
    
    $
    500,000,000.002.
    
    
    3- Month LIBOR as per reset dates:March 13, 2003
    
    
    1.25875
    %June 12, 2003
    
    
    1.11875
    %September 11, 2003
    
    
    1.14000
    %December 11, 2003
    
    
    1.17000
    %3.
    
    
    Determination of Certificate Rates:a) Class A: 3-Month LIBOR plus 18 basis pointsb) Class B: 3-Month LIBOR plus 44 basis pointsc) Class C: As per Loan Agreement4.
    
    
    Servicing Fee Rate
    
    
    0.50000
    %5.
    
    
    Receivable Balances as of December 31, 2003Aggregate Receivables
    
    $
    1,411,399,883.12Finance Charge Receivables
    
    
    15,098,849.11Principal Receivables
    
    $
    1,396,301,034.016.
    
    
    Annual Servicers Fee
    
    $
    2,500,000.007.
    
    
    Aggregate Investor Default Amount
    
    $
    411,696.518.
    
    
    Floating Investor Interest as of December 31, 2003
    
    
    35.80890
    %9.
    
    
    Transferor Interest as of December 31, 2003
    
    $
    156,301,034.0110.
    
    
    2003 Aggregate Collections(a) Principal Receivables
    
    $
    3,899,840,533.26(b) Finance Charge Receivables (inc. net recoveries, if any)
    
    
    74,793,283.22(c) Principal and Finance Charge Receivables
    
    
    3,974,633,816.48(d) Late Charges
    
    
    11,363,828.27(e) Total Collections
    
    $
    3,985,997,644.7511.
    
    
    Delinquencies as of December 31, 2003(a) 30 days delinquent
    
    $
    6,049,441.13(b) 60 days delinquent
    
    
    3,996,545.40(c) 90 days delinquent
    
    
    2,402,273.69(d) 120 + days delinquent
    
    
    4,636,662.59(e) Total 30 + days delinquent
    
    $
    17,084,922.81
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12.
    
    
    2003 Aggregate Default Amount
    
    
    1,149,704.5213.
    
    
    AFCO is Servicer?
    
    
    Yes14.
    
    
    2003 Aggregate Allocation and Application of Collections:(a) Class A Available Funds
    
    $
    27,766,720.23(b) Class A Optimal Interest
    
    
    6,350,906.27(c) Class A Monthly Interest
    
    
    6,350,906.27(d) Class A Deficiency Amount
    
    
    (e) Class A Additional Interest
    
    
    (f) Class A Servicing Fee
    
    
    2,250,000.00(g) Unpaid Class A Servicing from prior periods
    
    
    (h) Class A Investor Default Amount
    
    
    370,526.86(i) Class A contribution to Excess Spread
    
    
    18,795,287.10(j) Class B Available Funds
    
    $
    1,234,076.45(k) Class B Optimal Interest
    
    
    334,984.72(l) Class B Monthly Interest
    
    
    334,984.72(m) Class B Deficiency Amount
    
    
    (n) Class B Additional Interest
    
    
    (o) Class B Servicing Fee
    
    
    100,000.00(p) Unpaid Class B Servicing from prior periods
    
    
    (q) Class B contribution to Excess Spread
    
    
    799,091.73(r) Collateral Available Funds
    
    $
    1,851,114.68(s) Collateral Servicing Fee (if NOT AFCO)
    
    
    (t) Collateral Interest contribution to Excess Spread
    
    
    1,851,114.68(u) Total Excess Spread
    
    $
    21,445,493.52(v) Class A Required Amount
    
    
    (w) Unreimbursed Class A Investor Charge-Offs
    
    
    (x) Class B Required Amount
    
    
    16,467.86(includes Class B Investor Default Amount)(y) Unreimbursed Class B Investor Charge-Offs
    
    
    (z) Collateral Monthly Interest
    
    
    628,521.25(aa) Coll. Int. Svcg Fee (if AFCO)
    
    
    150,000.00(ab) Collateral Interest Default Amount
    
    
    24,701.79(ac) Unreimbursed Collateral Interest Charge-Offs
    
    
    (ad) Reserve
Account Funding
Date           month
    
    
    27(ae) Reserve Fund Cap
    
    
    0.50
    %(af) Required Reserve Account Amount
    
    $
    (ag) Reserve Account Balance
    
    $
    (ah) Payable under the Loan Agreement
    
    $
    (ai) Class A Shortfall Amount
    
    $
    (aj) Class B Shortfall Amount
    
    $
    
 AFCO CREDIT CORPORATION, as ServicerBy /s/ C. Leonard OConnellName: C. Leonard OConnellTitle: Senior Vice
President & Chief Financial
Officer
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