<PAGE>
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1997
COMMISSION FILE NO. 1-7410
MELLON 401(k) RETIREMENT SAVINGS PLAN
One Mellon Bank Center
500 Grant Street
Pittsburgh, PA 15258-0001
(Full title of the Plan and the address of the Plan)
MELLON BANK CORPORATION
One Mellon Bank Center
500 Grant Street
Pittsburgh, PA 15258-0001
(Name of issuer of the securities
held pursuant to the Plan and the
address of its principal executive office)
<PAGE>
MELLON 401(k)
RETIREMENT SAVINGS PLAN
Financial Statements and Schedules
December 31, 1997 and 1996
(With Independent Auditors' Report Thereon)
<PAGE>
MELLON 401(k)
RETIREMENT SAVINGS PLAN
Index to Financial Statements and Schedules
December 31, 1997 and 1996
Table of Contents
<TABLE>
<CAPTION>
Page
------
<S> <C>
Independent Auditors' Report 1
Financial Statements:
Statements of Net Assets Available for Plan Benefits 2
Statements of Changes in Net Assets Available for Plan Benefits 3
Notes to Financial Statements 4 - 19
Schedule 1 Item 27(a) - Assets Held for Investment Purposes (at the end
of the plan year) 20
Schedule 2 Item 27(d) - Reportable Transactions - Single Transactions 21
Schedule 3 Item 27(d) - Reportable Transactions - Series Transactions 22
</TABLE>
Note: All other schedules required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974, as amended (ERISA), have been omitted
because there is no information to report.
<PAGE>
Independent Auditors' Report
----------------------------
Corporate Benefits Committee
Mellon Bank Corporation:
We have audited the accompanying statements of net assets available for plan
benefits of the Mellon 401(k) Retirement Savings Plan (the Plan) as of December
31, 1997 and 1996, and the related statements of changes in net assets available
for plan benefits for the years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Mellon
401(k) Retirement Savings Plan as of December 31, 1997 and 1996, and the changes
in net assets available for plan benefits for the years then ended in conformity
with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The schedules included as Schedules 1, 2
and 3 are presented for purposes of additional analysis and are not a required
part of the basic financial statements but are supplementary information
required by the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974, as
amended. The schedules have been subjected to the auditing procedures applied
in the audits of the basic financial statements and, in our opinion, are fairly
stated in all material respects in relation to the basic financial statements
taken as a whole.
June 22, 1998
<PAGE>
MELLON 401(k)
RETIREMENT SAVINGS PLAN
Statements of Net Assets Available for Plan Benefits
December 31, 1997 and 1996
<TABLE>
<CAPTION>
Assets 1997 1996
------ ---- ----
<S> <C> <C>
Noninterest-bearing cash $ 90,107 --
Investments, at fair value (notes 3 and 6):
Collective trust funds 8,838,915 1,022,915
Registered investment companies 432,410,685 297,163,102
Mellon Bank Corporation common stock 405,201,071 129,996,811
Loans to participants 20,080,747 13,540,195
------------ -----------
Total investments 866,531,418 441,723,023
Contributions receivable:
Employer contributions made pursuant to employee
salary reduction agreements 1,540,227 1,322,430
------------ -----------
Total contributions receivable 1,540,227 1,322,430
Interest and dividends receivable -- 7,597
Pending investment sales and other receivables 3,536,318 2,185,514
Amount due from plan merger (note 8) -- 202,461,917
------------ -----------
Total assets 871,698,070 647,700,481
Liabilities
-----------
Pending investment purchases and other payables 1,897,211 1,931,246
------------ -----------
Net assets available for plan benefits (note 7) $869,800,859 645,769,235
============ ===========
</TABLE>
See accompanying notes to financial statements.
2
<PAGE>
MELLON 401(k)
RETIREMENT SAVINGS PLAN
Statements of Changes in Net Assets Available for Plan Benefits
Years Ended December 31, 1997 and 1996
<TABLE>
<CAPTION>
1997 1996
---- ----
Contributions:
<S> <C> <C>
Employer matching contributions $ 11,491,255 11,000,167
Employer contributions made pursuant to employee
salary reduction agreements 34,791,524 30,329,959
Rollover contributions 5,862,668 1,965,970
------------ -----------
Total contributions 52,145,447 43,296,096
Investment income:
Dividends from Mellon Bank Corporation common stock 9,772,505 4,216,819
Net realized gain and unrealized appreciation on
Mellon Bank Corporation common stock 155,690,813 31,331,515
Collective trust funds income 276,628 2,221,970
Net realized gain and unrealized appreciation on
collective trust funds -- 9,348,974
Registered investment companies income 11,352,535 5,815,318
Net realized gain and unrealized appreciation on
registered investment companies 64,306,114 22,073,687
Interest income on loans to participants 1,540,595 1,060,216
------------ -----------
Total investment income 242,939,190 76,068,499
Participants' withdrawals (71,053,013) (44,854,115)
------------ -----------
Net increase 224,031,624 74,510,480
Net transfers to the Plan (note 8) -- 202,461,917
Net assets available for plan benefits (note 7):
Beginning of year 645,769,235 368,796,838
------------ -----------
End of year $869,800,859 645,769,235
============ ===========
</TABLE>
See accompanying notes to financial statements.
3
<PAGE>
MELLON 401(k)
RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 1997 and 1996
(1) Description of the Plan
-----------------------
The following description of the Mellon 401(k) Retirement Savings
Plan (the Plan) provides only general information. Participants should refer
to the Plan document for a more complete description of the Plan's
provisions.
General
-------
The Plan is a defined contribution plan established to cover the
employees of substantially all subsidiaries of Mellon Bank Corporation (the
Corporation) who have one year of service. It is subject to the provisions
of the Employee Retirement Income Security Act of 1974, as amended (ERISA).
The Plan is administered by the Corporate Benefits Committee (the
Committee), whose members consist of the heads of the Human Resources, Legal
and Finance Departments of the Corporation and one member who is appointed by
the Chief Executive Officer of the Corporation. The Committee is the Named
Fiduciary and the Plan Administrator. Administrative costs arising under the
Plan, other than fees charged by the mutual funds, are paid by the
Corporation. The members of the Committee receive no remuneration from the
Plan with respect to their service in such capacity. A separate committee,
the Benefits Investment Committee, whose members consist of the Chief
Financial Officer of the Corporation and five other members appointed by the
Chief Executive Officer of the Corporation, has been assigned certain
fiduciary duties with respect to Plan investments. Mellon Bank, N.A. is the
Trustee.
Participants in the Plan have the option of investing their
contributions through salary deferrals to one or more of the following mutual
funds (note 3): Dreyfus Institutional Prime Money Market Fund, Dreyfus Bond
Market Index Fund, Dreyfus Basic S&P 500 Stock Index Fund, Dreyfus
Disciplined Stock Fund, Dreyfus Premier Small Company Stock Fund, Warburg-
Pincus International Equity Fund, Dreyfus LifeTime Portfolios, Inc. - Income
Portfolio, Dreyfus LifeTime Portfolios, Inc. - Growth and Income Portfolio
and Dreyfus LifeTime Portfolios, Inc. - Growth Portfolio; or the Dreyfus-
Certus Stable Value Fund, which is a collective trust fund.
(Continued)
4
<PAGE>
MELLON 401(k)
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
The Loan Fund is comprised of loans to participants. The Employer
Stock Fund is maintained for investment of employer matching contributions
and employer discretionary contributions, if any.
Participant account balances include salary reduction, employer
matching and employer discretionary contributions. In the event the Plan is
terminated, such account balances shall be distributed to the participants.
Contributions
-------------
An eligible employee of the Corporation may become a participant in
the Plan following completion of one year of service. Employees hired prior
to February 1, 1995, were eligible to participate in the Plan on the date of
employment.
Salary reduction contributions may be made at a rate of one to
sixteen percent of the employee's base compensation, less other pre-tax
benefits, but may not exceed the annual dollar limit prescribed by the tax
laws ($9,500 in 1997 and 1996). Employees may change the rate of
contribution or discontinue contributions at any time.
Participants may rollover amounts representing distributions from
other qualified retirement plans.
Salary reduction contributions and employer matching contributions
are subject to the nondiscrimination requirements imposed under Internal
Revenue Code (IRC) sections 401(k) and 401(m). In addition, special rules
imposed by IRC section 415 limit the amount of contributions that may be
allocated to the accounts of each participant (see note 5).
Semimonthly, the Corporation makes a matching contribution to the
Plan in an amount equal to fifty percent of the first 6% of each
participant's salary reduction contribution, provided that the matching
contribution shall not exceed $3,000 per year for any individual participant.
The Corporation's matching contributions are made in the Corporation's common
stock based upon fair market value.
(Continued)
5
<PAGE>
MELLON 401(k)
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
The Corporation is permitted to make discretionary contributions,
as determined and authorized by the Board of Directors. Discretionary
contributions would be allocated to each eligible participant's accounts and
invested in the Employer Stock Fund. There were no discretionary
contributions during the years ended December 31, 1997 and 1996.
Vesting
-------
Participants are fully vested in Mellon matching contributions upon
entering the Plan. Balances of participants who were in the former Dreyfus
Profit-Sharing Plan as of September 1, 1996, were merged into the 401(k)
Retirement Savings Plan (note 8). Those participant balances are subject to
the vesting schedule in the former Dreyfus Profit-Sharing Plan. Under that
schedule, participants will be fully vested after completing five years of
service. While former Dreyfus Profit-Sharing Plan participants may not be
vested in their balances under that plan, they are fully and immediately
vested in Mellon matching contributions attributable to 401(k) deferrals.
Forfeitures
-----------
Forfeitures are applicable only to the former Dreyfus Profit-
Sharing Plan participants who have not completed 5 years of service prior to
their termination of employment. If the participant is not fully vested at
the employment termination date, the non-vested benefit is forfeited.
Forfeitures are used as a reduction of required employer contributions to the
Plan. For the year ended December 31, 1997, forfeited non-vested accounts
totaled $2,098,952 and that amount was used to reduce employer contributions.
Distributions
-------------
Upon termination of employment, participants may elect to receive a
distribution of their vested account balances. Payment must begin not later
than the year in which the participant attains age seventy and one-half. The
Plan also permits distributions in the event of the participant's permanent
disability.
(Continued)
6
<PAGE>
MELLON 401(k)
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
Loans to Participants
---------------------
Loans are made available to all requesting participants in amounts
up to the least of (a) $50,000, (b) one-half of the participant's account
balance or (c) the value of the participant's account balance less the
current value of their Employer Stock Fund. Such loans are repaid in
periodic installments through payroll deduction. Loan repayments of both
principal and interest are invested by the Trustee among the available
investment funds in the same proportions as the participant's salary
reduction contributions are invested. The loan interest rate is one
percentage point above the prime rate published in the Wall Street Journal on
the first business day of each month.
(2) Summary of Significant Accounting Policies
------------------------------------------
Basis of Financial Statements
-----------------------------
The accompanying financial statements have been prepared on the
accrual basis. Amounts payable to participants terminating participation in
the Plan are included as a component of net assets available for plan
benefits (note 7). The preparation of the financial statements in conformity
with generally accepted accounting principles requires the Plan Administrator
to make estimates and assumptions that affect the amounts reported in the
financial statements and notes thereto. Actual results could differ from
those estimates.
Investments
-----------
Investments in common stock traded on securities exchanges and
investment companies are valued at their last reported sales price on the
last business day of the Plan year. Investments in collective trust funds
are valued at the net asset value of the respective funds on the last day of
the Plan year.
Purchases and sales of securities are reflected on a trade-date
accounting basis.
In accordance with the policy of stating investments at fair value,
changes in unrealized appreciation or depreciation are reflected in the
statements of changes in net assets available for plan benefits.
Dividend income is recorded on the ex-dividend date. Income from
other investments is recorded as earned on an accrual basis.
(Continued)
7
<PAGE>
MELLON 401(k)
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
(3) Investment Programs
-------------------
Mellon Bank, N.A., a subsidiary of the Corporation, acts as Trustee
under a declaration of trust providing for the establishment, management,
investment and reinvestment of the Plan's assets. The funds listed below
were the investment options for salary reduction contributions as of December
31, 1997. Any of these funds may be invested in short-term debt obligations
of any nature or held in cash pending investment or distribution. The assets
that comprise these funds may be invested in registered investment companies
or collective trust funds.
Registered investment companies:
-------------------------------
(a) Dreyfus Institutional Prime Money Market Fund
---------------------------------------------
The objective of this fund is to invest in high-grade, short-term
obligations paying a fixed rate of return and commonly referred to
as money market securities.
(b) Dreyfus Bond Market Index Fund
------------------------------
The objective of this fund is to match the performance of the Lehman
Brothers Government/Corporate Bond Index by investing 80% of the
Fund's assets in U.S. government obligations and fixed-rate
investment grade securities that are included in that benchmark
index. The remaining 20% can be invested in government securities
and corporate securities.
(c) Dreyfus Basic S&P 500 Stock Index Fund
--------------------------------------
The objective of this fund is to match the performance of the
Standard & Poor's 500 Composite Stock Price Index (S&P 500), which
is a leading measure of the value of the nation's largest
corporations. The fund invests in all 500 stocks in the S&P 500 in
proportion to their weighting in the Index.
(Continued)
8
<PAGE>
MELLON 401(k)
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
(d) Dreyfus Disciplined Stock Fund
------------------------------
The objective of this fund is to outperform the S&P 500 on a
consistent basis by investing primarily in equity securities. The
fund typically invests at least 65% of its assets in equity
securities and no more than 20% of its assets in money market
securities.
(e) Dreyfus Premier Small Company Stock Fund
----------------------------------------
The objective of this fund is to consistently outperform the Russell
2500 Stock Index, while maintaining a similar level of risk. This
fund primarily invests in small capitalization stocks that generally
range from $100 million to $1.5 billion in market capitalization.
(f) Warburg-Pincus International Equity Fund
----------------------------------------
The objective of this fund is to create long-term capital
appreciation by investing in international equity securities. The
fund is designed to take advantage of the growth potential of
foreign markets.
(g) Dreyfus LifeTime Portfolios, Inc.
---------------------------------
The following three investment portfolios are provided:
Income Portfolio
----------------
The objective of this fund is to maximize income by investing in
common stock, fixed-income securities and short-term money market
instruments.
Growth and Income Portfolio
---------------------------
The objective of this fund is to seek a combination of growth and
income by investing in both equity securities and fixed-income
securities, with up to 15% of its assets in international
securities.
(Continued)
9
<PAGE>
MELLON 401(k)
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
Growth Portfolio
----------------
The objective of this fund is to create capital appreciation by
investing in both equity securities and fixed-income securities,
with up to 25% of its assets invested in international securities.
Collective trust fund:
---------------------
Dreyfus-Certus Stable Value Fund
--------------------------------
The objective of this fund is to create current income and maintain
stability of principal by investing in investment contracts with
life insurance companies or commercial banks that meet established
credit standards, debt securities backed by the U.S. government or
its agencies and short-term money market instruments.
There can be no assurance that the stated objective of any of the
funds can be achieved.
All salary reduction contributions are invested at the direction of
the participant in one or more of the established funds or in any common,
collective or investment company fund selected by the Benefit Investment
Committee having a stated investment objective consistent with the objectives of
any of the investment funds under the Plan. However, no salary reduction
contributions may be invested in the Employer Stock Fund.
Employer matching and discretionary contributions, if any, are
invested in the Corporation's common stock and held in the Employer Stock Fund.
The Loan Fund represents a separate fund that is administered by the
Trustee in connection with loans to participants of the Plan. Participants may
borrow from their accounts a portion of their account balance. The amount of
each loan is transferred from one or more of the investment funds in the same
proportion that the participant's interest in such funds bears to the
participant's aggregate interest in all such investment funds.
(Continued)
10
<PAGE>
MELLON 401(k)
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
(4) Federal Income Taxes
--------------------
The Internal Revenue Service (IRS) issued its latest determination
on May 11, 1993, which stated that the Plan is qualified under section 401(a)
of the Internal Revenue Code (the Code), and the related trust is exempt from
tax under section 501(a) of the Code. The Plan and its underlying trust have
since been amended to conform with current tax law changes. In the opinion
of the Plan Administrator, the Plan and the related trust have operated in
accordance with the terms of the Plan and in conformity with the applicable
provisions of the Code. Accordingly, the accompanying financial statements
do not include a provision for federal income taxes.
(Continued)
11
<PAGE>
MELLON 401(k)
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
(5) Fund Information
----------------
<TABLE>
<CAPTION>
1997
- ----------------------------------------------------------------------------------------------------------------------
Fund Information
- ----------------------------------------------------------------------------------------------------------------------
Participant Directed
- ----------------------------------------------------------------------------------------------------------------------
Dreyfus
Dreyfus- Dreyfus Premier Small
Loan Certus Stable Disciplined Company
Total Fund Value Fund Stock Fund Fund
------------ ------------ ----------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Assets
-------
Noninterest-bearing cash $ 90,107 - 90,077 - -
Investments, at fair value:
Collective trust funds 8,838,915 - 8,838,915 - -
Registered investment companies 432,410,685 - - 70,352,997 24,627,744
Mellon Bank Corporation common stock 405,201,071 - - - -
Loans to participants 20,080,747 20,080,747 - - -
------------ ---------- --------- ---------- ----------
Total investments 866,531,418 20,080,747 8,838,915 70,352,997 24,627,744
Contributions receivable:
Employer contributions made pursuant to
employee salary reduction agreements 1,540,227 - 13,158 285,866 183,187
------------ ---------- --------- ---------- ----------
Total contributions receivable 1,540,227 - 13,158 285,866 183,187
Pending investment sales and other receivables 3,536,318 485,470 - - -
Net interfund transfer receivable/payable - (434,479) (652,897) 540,220 79,329
------------ ---------- --------- ---------- ----------
Total assets 871,698,070 20,131,738 8,289,253 71,179,083 24,890,260
Liabilities
-----------
Pending investment purchases and other payables (1,897,211) - - (129,854) (174,277)
------------ ---------- --------- ---------- ----------
Net assets available for plan
benefits $869,800,859 20,131,738 8,289,253 71,049,229 24,715,983
============ ========== ========= ========== ==========
<CAPTION>
Warburg-Pincus Dreyfus
International Institutional
Equity Prime Money
Fund Market Fund
-------------- -------------
<S> <C> <C>
Assets
-------
Noninterest-bearing cash - 30
Investments, at fair value:
Collective trust funds - -
Registered investment companies 11,610,446 74,761,733
Mellon Bank Corporation common stock - -
Loans to participants - -
---------- ----------
Total investments 11,610,446 74,761,733
Contributions receivable:
Employer contributions made pursuant to
employee salary reduction agreements 106,092 146,404
---------- ----------
Total contributions receivable 106,092 146,404
Pending investment sales and other receivables 154,614 309,217
Net interfund transfer receivable/payable 196,313 487,226
---------- ----------
Total assets 12,067,465 75,704,610
Liabilities
-----------
Pending investment purchases and other payables (280,827) (422,656)
---------- ----------
Net assets available for plan
benefits 11,786,638 75,281,954
========== ==========
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Non-participant
directed
---------------
Dreyfus Dreyfus
Dreyfus Dreyfus LifeTime S&P 500 Dreyfus
LifeTime LifeTime Growth and Stock Bond Market Employer
Growth Fund Income Fund Income Fund Index Fund Index Fund Stock Fund
- ------------- ----------- ----------- ---------- ----------- ---------------
<S> <C> <C> <C> <C> <C>
- - - - - -
- - - - - -
14,543,874 2,835,997 73,141,376 138,894,722 21,641,796 -
- - - - - 405,201,071
- - - - - -
---------- --------- ---------- ----------- ---------- -----------
14,543,874 2,835,997 73,141,376 138,894,722 21,641,796 405,201,071
110,769 18,396 128,735 292,692 46,024 208,904
---------- --------- ---------- ----------- ---------- -----------
110,769 18,396 128,735 292,692 46,024 208,904
502,075 2,669 - 65,800 35,437 1,981,036
(459,516) 60,509 689,740 274,818 129,051 (910,314)
---------- --------- ---------- ----------- ---------- -----------
14,697,202 2,917,571 73,959,851 139,528,032 21,852,308 406,480,697
(108,680) (61,301) (663,460) (55,846) (272) (38)
---------- --------- ---------- ----------- ---------- -----------
14,588,522 2,856,270 73,296,391 139,472,186 21,852,036 406,480,659
========== ========= ========== =========== ========== ===========
</TABLE>
(Continued)
12
<PAGE>
MELLON 401(k)
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
<TABLE>
<CAPTION>
1996
- ----------------------------------------------------------------------------------------------------------------------
Fund Information
- ----------------------------------------------------------------------------------------------------------------------
Participant Directed
- ----------------------------------------------------------------------------------------------------------------------
Dreyfus
Dreyfus- Dreyfus Premier Small
Loan Certus Stable Disciplined Company
Total Fund Value Fund Stock Fund Fund
------------ ------------ ----------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Assets
-------
Investments, at fair value:
Collective trust funds $ 1,022,915 716 1,017,794 - -
Registered investment companies 297,163,102 - - 26,185,643 12,994,210
Mellon Bank Corporation common stock 129,996,811 - - - -
Loans to participants 13,540,195 13,540,195 - - -
------------ ---------- --------- ---------- ----------
Total investments 441,723,023 13,540,911 1,017,794 26,185,643 12,994,210
Contributions receivable:
Employer contributions made pursuant to
employee salary reduction agreements 1,322,430 - 9,750 253,167 184,423
------------ ---------- --------- ---------- ----------
Total contributions receivable 1,322,430 - 9,750 253,167 184,423
Interest and dividends receivable 7,597 - - - -
Pending investment sales and other receivables 2,185,514 - - - -
Net interfund transfer receivable/payable - - 46,662 315,312 198,508
Amount due from plan merger 202,461,917 - - 18,019,641 -
------------ ---------- --------- ---------- ----------
Total assets 647,700,481 13,540,911 1,074,206 44,773,763 13,377,141
Liabilities
-----------
Pending investment purchases and other payables 1,931,246 - - 545,596 372,197
------------ ---------- --------- ---------- ----------
Net assets available for plan
benefits $645,769,235 13,540,911 1,074,206 44,228,167 13,004,944
============ ========== ========= ========== ==========
<CAPTION>
Warburg-Pincus Dreyfus
International Institutional
Equity Prime Money
Fund Market Fund
-------------- -------------
<S> <C> <C>
Assets
------
Investments, at fair value:
Collective trust funds - 396
Registered investment companies 8,349,944 52,947,521
Mellon Bank Corporation common stock - -
Loans to participants - -
--------- ----------
Total investments 8,349,944 52,947,917
Contributions receivable:
Employer contributions made pursuant to
employee salary reduction agreements 117,800 202,210
--------- ----------
Total contributions receivable 117,800 202,210
Interest and dividends receivable - -
Pending investment sales and other receivables - -
Net interfund transfer receivable/payable 197,131 353,014
Amount due from plan merger - 35,589,558
--------- ----------
Total assets 8,664,875 89,092,699
Liabilities
-----------
Pending investment purchases and other payables 305,331 380,116
--------- ----------
Net assets available for plan
benefits 8,359,544 88,712,583
========= ==========
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Non-participant
directed
- ----------------------------------------------------------------- ---------------
Dreyfus Dreyfus
Dreyfus Dreyfus LifeTime S&P 500 Dreyfus
LifeTime LifeTime Growth and Stock Bond Market Employer
Growth Fund Income Fund Income Fund Index Fund Index Fund Stock Fund
- ------------- ----------- ----------- ----------- ----------- --------------
<S> <C> <C> <C> <C> <C>
- - - 781 2,484 744
6,873,014 1,334,467 68,560,039 102,814,045 17,104,219 -
- - - - - 129,996,811
- - - - - -
--------- --------- ---------- ----------- ---------- -----------
6,873,014 1,334,467 68,560,039 102,814,826 17,106,703 129,997,555
103,041 18,866 126,250 259,494 47,429 -
--------- --------- ---------- ----------- ---------- -----------
103,041 18,866 126,250 259,494 47,429 -
- - - - - 7,597
- - 249,957 - - 1,935,557
25,395 72,306 78,529 206,004 139,913 (1,632,774)
- - - 3,457,296 2,180,604 143,214,818
--------- --------- ---------- ----------- ---------- -----------
7,001,450 1,425,639 69,014,775 106,737,620 19,474,649 273,522,753
96,323 91,405 - 66,506 73,772 -
--------- --------- ---------- ----------- ---------- -----------
6,905,127 1,334,234 69,014,775 106,671,114 19,400,877 273,522,753
========= ========= ========== =========== ========== ===========
</TABLE>
(Continued)
13
<PAGE>
MELLON 401(k)
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
<TABLE>
<CAPTION>
1997
- --------------------------------------------------------------------------------------------------------------------------------
Fund Information
- --------------------------------------------------------------------------------------------------------------------------------
Participant Directed
- --------------------------------------------------------------------------------------------------------------------------------
Dreyfus
Dreyfus- Dreyfus Premier Small
Loan Certus Stable Disciplined Company
Total Fund Value Fund Stock Fund Fund
------------ ---------- ----------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Contributions:
Employer matching contributions $ 11,491,255 - - - -
Employer contributions made pursuant to
employee salary reduction agreements 34,791,524 - 217,319 7,186,207 4,834,839
Rollover contributions 5,862,668 - 98,048 1,129,182 598,645
------------ ---------- --------- ---------- ---------
Total contributions 52,145,447 - 315,367 8,315,389 5,433,484
Investment income:
Dividends from Mellon Bank Corporation
common stock 9,772,505 - - - -
Net realized gain and unrealized appreciation
on Mellon Bank Corporation common stock 155,690,813 - - - -
Collective trust funds income 276,628 - 276,628 - -
Registered investment companies income 11,352,535 - - 451,836 -
Net realized gain (loss) and unrealized appreciation
(depreciation) on registered investment companies 64,306,114 - - 14,597,664 3,566,408
Interest income on loans to participants 1,540,595 1,540,595 - - -
------------ ---------- --------- ---------- ----------
Total investment income (loss) 242,939,190 1,540,595 276,628 15,049,500 3,566,408
Participants' withdrawals (71,053,013) (1,266,425) (11,157) (2,793,698) (661,761)
Net interfund transfers - 6,316,657 6,634,209 6,249,871 3,372,908
------------ ---------- --------- ---------- ----------
Net increase (decrease) 224,031,624 6,590,827 7,215,047 26,821,062 11,711,039
Net assets available for plan benefits:
Beginning of year 645,769,235 13,540,911 1,074,206 44,228,167 13,004,944
------------ ---------- --------- ---------- ----------
End of year $869,800,859 20,131,738 8,289,253 71,049,229 24,715,983
============ ========== ========= ========== ==========
<CAPTION>
Warburg-Pincus Dreyfus
International Institutional
Equity Prime Money
Fund Market Fund
-------------- -------------
<S> <C> <C>
Contributions:
Employer matching contributions - -
Employer contributions made pursuant to
employee salary reduction agreements 3,071,111 4,399,948
Rollover contributions 345,899 793,873
---------- -----------
Total contributions 3,417,010 5,193,821
Investment income:
Dividends from Mellon Bank Corporation
common stock - -
Net realized gain and unrealized appreciation
on Mellon Bank Corporation common stock - -
Collective trust funds income - -
Registered investment companies income 169,708 4,613,227
Net realized gain (loss) and unrealized appreciation
(depreciation) on registered investment companies (977,202) -
Interest income on loans to participants - -
---------- -----------
Total investment income (loss) (807,494) 4,613,227
Participants' withdrawals (392,683) (21,163,334)
Net interfund transfers 1,210,261 (2,074,343)
---------- -----------
Net increase (decrease) 3,427,094 (13,430,629)
Net assets available for plan benefits:
Beginning of year 8,359,544 88,712,583
---------- -----------
End of year 11,786,638 75,281,954
========== ===========
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Non-participant
directed
- --------------------------------------------------------------- ---------------
Dreyfus Dreyfus
Dreyfus Dreyfus LifeTime S&P 500 Dreyfus
LifeTime LifeTime Growth and Stock Bond Market Employer
Growth Fund Income Fund Income Fund Index Fund Index Fund Stock Fund
- ------------- ----------- ----------- ---------- ----------- ---------------
<S> <C> <C> <C> <C> <C>
- - - - - 11,491,255
2,773,765 462,988 3,201,411 7,458,007 1,185,929 -
627,007 281,057 525,587 1,238,338 225,032 -
---------- --------- ---------- ----------- ---------- -----------
3,400,772 744,045 3,726,998 8,696,345 1,410,961 11,491,255
- - - - - 9,772,505
- - - - - 155,690,813
- - - - - -
399,575 142,206 2,458,287 1,941,475 1,176,221 -
2,053,436 142,928 10,737,775 33,374,450 810,655 -
- - - - - -
---------- --------- ---------- ----------- ---------- -----------
2,453,011 285,134 13,196,062 35,315,925 1,986,876 165,463,318
(383,443) (88,096) (3,104,542) (5,926,691) (1,150,525) (34,110,658)
2,213,055 580,953 (9,536,902) (5,284,507) 203,847 (9,886,009)
---------- --------- ---------- ----------- ---------- -----------
7,683,395 1,522,036 4,281,616 32,801,072 2,451,159 132,957,906
6,905,127 1,334,234 69,014,775 106,671,114 19,400,877 273,522,753
---------- --------- ---------- ----------- ---------- -----------
14,588,522 2,856,270 73,296,391 139,472,186 21,852,036 406,480,659
========== ========= ========== =========== ========== ===========
</TABLE>
(Continued)
14
<PAGE>
MELLON 401(k)
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
<TABLE>
<CAPTION>
1996
- --------------------------------------------------------------------------------------------------------------
Fund Information
- --------------------------------------------------------------------------------------------------------------
Participant Directed
- --------------------------------------------------------------------------------------------------------------
Income Bond Stock
Total Fund Fund Fund
----- ------ ------ -----
<S> <C> <C> <C> <C>
Contributions:
Employer matching contributions $ 11,000,167 - - -
Employer contributions made pursuant to
employee salary reduction agreements 30,329,959 1,026,680 520,726 3,142,652
Rollover contributions 1,965,970 - - -
------------ ----------- ----------- ------------
Total contributions 43,296,096 1,026,680 520,726 3,142,652
Investment income:
Dividends from Mellon Bank Corporation
common stock 4,216,819 - - -
Net realized gain and unrealized appreciation
on Mellon Bank Corporation common stock 31,331,515 - - -
Collective trust funds income 2,221,970 1,193,523 5,413 31,666
Net realized gain (loss) and unrealized appreciation
(depreciation) on collective trust funds 9,348,974 - (558,328) 6,527,418
Registered investment companies income 5,815,318 - - -
Net realized gain (loss) and unrealized appreciation
(depreciation) on registered investment companies 22,073,687 - - -
Interest income on loans to participants 1,060,216 - - -
------------ ----------- ----------- ------------
Total investment income (loss) 76,068,499 1,193,523 (552,915) 6,559,084
Participants' withdrawals (44,854,115) (3,679,374) (1,133,482) (4,395,682)
Net interfund transfers - (59,133,953) (17,869,591) (105,168,856)
------------ ----------- ----------- ------------
Net increase (decrease) 74,510,480 (60,593,124) (19,035,262) (99,862,802)
Net transfers to the Plan 202,461,917 - - -
Net assets available for plan benefits:
Beginning of year 368,796,838 60,593,124 19,035,262 99,862,802
------------ ----------- ----------- ------------
End of year $645,769,235 - - -
============ =========== =========== ============
<CAPTION>
Dreyfus
Dreyfus- Dreyfus Premier Small
Balanced Loan Certus Stable Disciplined Company
Fund Fund Value Fund Stock Fund Fund
----------- ---------- ------------- ----------- -------------
<S> <C> <C> <C> <C> <C>
Contributions:
Employer matching contributions - - - - -
Employer contributions made pursuant to
employee salary reduction agreements 2,300,339 - 167,138 4,252,868 3,109,640
Rollover contributions - - 28,814 513,079 287,712
---------- ---------- --------- ---------- ----------
Total contributions 2,300,339 - 195,952 4,765,947 3,397,352
Investment income:
Dividends from Mellon Bank Corporation
common stock - - - - -
Net realized gain and unrealized appreciation
on Mellon Bank Corporation common stock - - - - -
Collective trust funds income 970,913 - 19,741 - -
Net realized gain (loss) and unrealized appreciation
(depreciation) on collective trust funds 3,379,884 - - - -
Registered investment companies income - - - 151,848 1,960
Net realized gain (loss) and unrealized appreciation
(depreciation) on registered investment companies - - - 2,586,997 959,086
Interest income on loans to participants - 1,060,216 - - -
----------- ---------- --------- ---------- ----------
Total investment income (loss) 4,350,797 1,060,216 19,741 2,738,845 961,046
Participants' withdrawals (3,427,410) (1,137,888) (19,754) (62,651) (97,104)
Net interfund transfers (87,712,667) 4,562,232 878,267 18,766,385 8,743,650
----------- ---------- --------- ---------- ----------
Net increase (decrease) (84,488,941) 4,484,560 1,074,206 26,208,526 13,004,944
Net transfers to the Plan - - - 18,019,641 -
Net assets available for plan benefits:
Beginning of year 84,488,941 9,056,351 - - -
----------- ---------- --------- ---------- ----------
End of year - 13,540,911 1,074,206 44,228,167 13,004,944
=========== ========== ========= ========== ==========
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
Non-participant
directed
- -------------------------------------------------------------------------------------- ----------------
Warburg-Pincus Dreyfus Dreyfus Dreyfus Dreyfus Dreyfus Dreyfus
International Institutional LifeTime LifeTime LifeTime S&P 500 Bond
Equity Prime Money Growth Income Growth and Stock Market Employer
Fund Market Fund Fund Fund Income Fund Index Fund Index Fund Stock Fund
- ---------------- ------------- --------- --------- ----------- ---------- ---------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
- - - - - - - 11,000,167
1,932,668 4,386,854 1,634,317 302,317 2,136,226 4,578,177 839,357 -
168,847 242,515 157,906 57,569 128,658 304,522 76,348 -
--------- ---------- --------- --------- ---------- ----------- ---------- -----------
2,101,515 4,629,369 1,792,223 359,886 2,264,884 4,882,699 915,705 11,000,167
- - - - - - - 4,216,819
- - - - - - - 31,331,515
- - - - - - - 714
- - - - - - - -
170,631 1,807,781 112,600 46,162 1,450,765 1,424,896 648,675 -
81,379 - 449,072 (5,483) 4,824,237 12,852,261 326,138 -
- - - - - - - -
--------- ---------- --------- --------- ---------- ----------- ---------- -----------
252,010 1,807,781 561,672 40,679 6,275,002 14,277,157 974,813 35,549,048
(59,716) (9,234,833) (25,057) (70,162) (4,664,003) (5,418,380) (1,206,716) (10,221,903)
6,065,735 55,920,708 4,576,289 1,003,831 65,138,892 89,472,342 16,536,471 (1,779,735)
--------- ---------- --------- --------- ---------- ----------- ---------- -----------
8,359,544 53,123,025 6,905,127 1,334,234 69,014,775 103,213,818 17,220,273 34,547,577
- 35,589,558 - - - 3,457,296 2,180,604 143,214,818
- - - - - - - 95,760,358
--------- ---------- --------- --------- ---------- ----------- ---------- -----------
8,359,544 88,712,583 6,905,127 1,334,234 69,014,775 106,671,114 19,400,877 273,522,753
========= ========== ========= ========= ========== =========== ========== ===========
</TABLE>
(Continued)
15
<PAGE>
MELLON 401(k)
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
(6) Investments
-----------
Investments of each fund as of December 31, 1997, were as follows:
<TABLE>
<CAPTION>
Market value
Number of ------------
shares Per
Fund or units Cost unit Total
- ------ ---------- ---- ---- -----
<S> <C> <C> <C> <C>
Dreyfus-Certus Stable Value Fund 8,838,915 $ 8,838,915 $ 1.00 $ 8,838,915
------------ ------------
Total collective trust funds 8,838,915 8,838,915
Dreyfus Institutional Prime
Money Market Fund 74,761,733 74,761,733 1.00 74,761,733*
Dreyfus Bond Market Index Fund 2,164,180 20,907,205 10.00 21,641,796
Dreyfus Basic S&P 500 Stock
Index Fund 6,752,296 100,728,607 20.57 138,894,722*
Dreyfus Disciplined Stock Fund 2,260,700 62,178,834 31.12 70,352,997*
Dreyfus Premier Small Company
Stock Fund 1,361,461 22,029,283 18.09 24,627,744
Warburg-Pincus International
Equity Fund 682,566 14,081,307 17.01 11,610,446
Dreyfus LifeTime Income Fund 220,186 2,957,594 12.88 2,835,997
Dreyfus LifeTime Growth and
Income Fund 4,655,721 69,971,450 15.71 73,141,376*
Dreyfus LifeTime Growth Fund 935,899 15,876,429 15.54 14,543,874
------------ ------------
Total registered
investment companies 383,492,442 432,410,685
Employer Stock Fund:
Mellon Bank Corporation
common stock 6,683,729@ 106,027,085 60.63@ 405,201,071*
Loans to participants 20,080,747 20,080,747 1.00 20,080,747
------------ ------------
Total investments $518,439,189 $866,531,418
============ ============
</TABLE>
* Investments greater than 5% of net assets available for plan benefits at the
end of the plan year.
@ In April 1997, the Corporation announced a two-for-one split of the
Corporation's common stock payable in June 1997.
(Continued)
16
<PAGE>
MELLON 401(k)
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
Investments of each fund as of December 31, 1996, were as follows:
<TABLE>
<CAPTION>
Market value
Number of ------------
shares Per
Fund or units Cost unit Total
- ------ ---------- ---- ---- -----
<S> <C> <C> <C> <C>
EB Temporary Investment Fund 5,121 $ 5,121 $ 1.00 $ 5,121
Dreyfus-Certus Stable Value Fund 1,017,794 1,017,794 1.00 1,017,794
------------ ------------
Total collective trust funds 1,022,915 1,022,915
Dreyfus Institutional Prime
Money Market Fund 52,947,521 52,947,521 1.00 52,947,521*
Dreyfus Bond Market Index Fund 1,750,688 16,792,844 9.77 17,104,219
Dreyfus Institutional S&P 500
Stock Index Fund 6,462,228 92,057,808 15.91 102,814,045*
Dreyfus Disciplined Stock Fund 991,880 25,253,348 26.40 26,185,643*
Dreyfus Premier Small Company
Stock Fund 833,496 12,595,922 15.59 12,994,210
Warburg-Pincus International
Equity Fund 400,669 8,403,489 20.84 8,349,944
Dreyfus LifeTime Income Fund 104,418 1,374,769 12.78 1,334,467
Dreyfus LifeTime Growth and
Income Fund 4,420,376 65,421,301 15.51 68,560,039*
Dreyfus LifeTime Growth Fund 422,695 6,865,883 16.26 6,873,014
------------ ------------
Total registered
investment companies 281,712,885 297,163,102
Employer Stock Fund:
Mellon Bank Corporation
common stock 1,830,941@ 58,974,441 71.00@ 129,996,811*
Loans to participants N/A 13,540,195 N/A 13,540,195
------------ ------------
Total investments $355,250,436 $441,723,023
============ ============
</TABLE>
* Investments greater than 5% of net assets available for plan benefits at the
end of the plan year.
@ In April 1997, the Corporation announced a two-for-one split of the
Corporation's common stock payable in June 1997. The number of shares and
market value per share have not been adjusted to reflect this split.
(Continued)
17
<PAGE>
MELLON 401(k)
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
(7) Reconciliation of Financial Statements and Form 5500
----------------------------------------------------
The following is a reconciliation of net assets available for
benefits per the financial statements to the Form 5500:
<TABLE>
<CAPTION>
December 31,
------------
1997 1996
---- ----
<S> <C> <C>
Net assets available for benefits per the
financial statements $869,800,859 645,769,235
Amounts allocated to withdrawing
participants (3,835,188) (1,814,167)
------------ -----------
Net assets available for benefits per the
Form 5500 $865,965,671 643,955,068
============ ===========
</TABLE>
The following is a reconciliation of benefits paid to participants
per the financial statements to the Form 5500:
<TABLE>
<CAPTION>
Year ended
December 31,
1997
----
<S> <C>
Benefits paid to participants per the
financial statements $71,053,013
Add: Amounts allocated to withdrawing
participants at December 31, 1997 3,835,188
Less: Amounts allocated to withdrawing
participants at December 31, 1996 (1,814,167)
-----------
Benefits paid to participants per the
Form 5500 $73,074,034
===========
</TABLE>
Amounts allocated to withdrawing participants are recorded on the
Form 5500 for benefit claims that have been processed and approved for
payment prior to December 31, 1997, but not yet paid as of that date.
(Continued)
18
<PAGE>
MELLON 401(k)
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
(8) Plan Merger
-----------
On August 20, 1996, the Board of Directors of the Corporation resolved that
The Dreyfus Corporation Retirement Profit-Sharing Plan (the Profit-Sharing
Plan), a plan maintained by a subsidiary of the Corporation, be merged with
and into the Mellon 401(k) Retirement Savings Plan with the Plan being the
surviving plan. The plan merger was effective September 1, 1996, but the
merger of the plan assets did not occur until 1997. Based on this
resolution, the net assets held by the Profit-Sharing Plan as of December
31, 1996, in the amount of $202,461,917, were due to the Plan. The merger
of the Plan assets was completed in June of 1997.
On May 20, 1997, the Board of Directors of the Corporation resolved that
The Boston Company Employee Savings Plan (the Savings Plan), a plan
maintained by a subsidiary of the Corporation, be merged with and into the
Mellon 401(k) Retirement Savings Plan with the Plan being the surviving
plan. The plan merger was effective January 1, 1998, and the merger of the
plan assets occurred in March of 1998. As of December 31, 1997, the net
assets in the Savings Plan approximated $34,500,000.
19
<PAGE>
Schedule 1
----------
MELLON 401(k)
RETIREMENT SAVINGS PLAN
EIN: 25-1233834
Plan Number: 001
Item 27(a) - Assets Held for Investment Purposes (at the end of the plan year)
December 31, 1997
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D Column E
- -------- -------- -------- -------- --------
Identity of issue, borrower, Current
lessor or similar party Description of investment Cost Value
----------------------- ------------------------- ---- -----
<S> <C> <C> <C> <C>
Collective trust funds
----------------------
* Mellon Bank Corporation Dreyfus-Certus Stable Value Fund $ 8,838,915 8,838,915
Registered investment companies
-------------------------------
* Mellon Bank Corporation Dreyfus Institutional Prime Money Market Fund 74,761,733 74,761,733
* Mellon Bank Corporation Dreyfus Bond Market Index Fund 20,907,205 21,641,796
* Mellon Bank Corporation Dreyfus Basic S&P 500 Index Fund 100,728,607 138,894,722
* Mellon Bank Corporation Dreyfus Disciplined Stock Fund 62,178,834 70,352,997
* Mellon Bank Corporation Dreyfus Premier Small Company Stock Fund 22,029,283 24,627,744
* Mellon Bank Corporation Warburg-Pincus International Equity Fund 14,081,307 11,610,446
* Mellon Bank Corporation Dreyfus LifeTime Income Fund 2,957,594 2,835,997
* Mellon Bank Corporation Dreyfus LifeTime Growth & Income Portfolio 69,971,450 73,141,376
* Mellon Bank Corporation Dreyfus LifeTime Growth Fund 15,876,429 14,543,874
------------ -----------
Total registered investment companies 383,492,442 432,410,685
Common stock
------------
* Mellon Bank Corporation Mellon Bank Corporation Common Stock 106,027,085 405,201,071
------------ -----------
Total common stock 106,027,085 405,201,071
Loans
-----
* Participant loans Participant loans with various rates of interest
from 9.25% to 13.20% and various maturity
dates through 2006
0(1) 20,080,747
------------ -----------
Total loans 0 20,080,747
------------ -----------
Total investments $498,358,442 866,531,418
============ ===========
</TABLE>
* Party-in-interest
(1) The cost of participant loans is $-0- as indicated in the instructions to
the Form 5500 - Item 27(a).
20
<PAGE>
Schedule 2
----------
MELLON 401(k)
RETIREMENT SAVINGS PLAN
EIN: 25-1233834
Plan Number: 001
Item 27(d) - Reportable Transactions - Single Transactions
Year Ended December 31, 1997
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Single Transactions Involving an Amount in Excess of Five Percent of the Current Value of Plan Assets
Column A Column B Column C Column D Column G Column H Column I
-------- -------- -------- -------- -------- -------- --------
Current value
of asset on
Identity of Purchase Selling Cost of transaction Net
party involved Description of assets price price asset date gain
-------------- --------------------- -------- ------- ------- ------------- --------
<S> <C> <C> <C> <C> <C> <C>
</TABLE>
No single transactions involving an amount in excess of five percent of the
current value of Plan assets were noted.
Note: Columns E (Lease/Rental) and F (Expense Incurred with Transaction) have
been omitted because there is no information to report.
21
<PAGE>
Schedule 3
----------
MELLON 401(k)
RETIREMENT SAVINGS PLAN
EIN: 25-1233834
Plan Number: 001
Item 27(d) - Reportable Transactions - Series Transactions
Year Ended December 31, 1997
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Series Transactions, When Aggregated, Involving an Amount in Excess of Five Percent of the Current Value of Plan Assets
Total Total
Identity of Number of Number of dollar value dollar value Net gain
party involved Description of assets purchases sales of purchases of sales or (loss)
-------------- --------------------- --------- --------- ------------ ------------ ---------
<S> <C> <C> <C> <C> <C> <C>
Mellon Bank Corporation Dreyfus LifeTime Growth & Income Portfolio 77 214 $15,689,710 12,715,360 1,575,799
Mellon Bank Corporation Dreyfus Institutional Prime Money Market
Fund 135 195 30,833,443 44,608,589 --
Mellon Bank Corporation Dreyfus Basic S&P 500 Stock Index Fund 152 161 18,387,208 17,166,905 3,971,679
Mellon Bank Corporation Dreyfus Disciplined Stock Fund 204 N/A 25,463,230 N/A N/A
Mellon Bank Corporation Mellon Bank Corporation Common Stock 98 126 13,838,191 21,246,137 15,134,265
</TABLE>
Note 1: Columns E (Lease/Rental) and F (Expense Incurred With Transaction) have
been omitted because there is no information to report.
N/A - Not applicable
22
<PAGE>
LOGO
PEAT MARWICK LLP
One Mellon Bank Center Telephone 412 391 9710 Telefax 412 391 8963
Pittsburgh, PA 15219 Telex 7106642199 PMM & CO PGH
Consent of Independent Certified Public Accountants
---------------------------------------------------
The Board of Directors
Mellon Bank Corporation:
We consent to incorporation by reference in the Registration Statements (Nos.
33-23635 and 333-16745) on Form S-8 of Mellon Bank Corporation of our report
dated June 22, 1998, that is included in the December 31, 1997, Annual Report on
Form 11-K of the Mellon 401(k) Retirement Savings Plan.
/s/ KPMG Peat Marwick LLP
Pittsburgh, Pennsylvania
June 29, 1998
LOGO Member Firm of
KPMG International
<PAGE>
Signature
---------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
administrators of the Mellon 401(k) Retirement Savings Plan have duly caused
this annual report to be signed by the undersigned thereunto duly authorized.
Mellon 401(k) Retirement Savings Plan
By: /s/ Steven G. Elliott
-----------------------------------
Steven G. Elliott
Chief Financial Officer of Mellon
Bank Corporation & Member of the
Corporate Benefits Committee
Date: June 29, 1998
