Lowell A. Reed jr

PNC Bank — Interest

Nicholas Fund IRA — Int/Div

Janus Fund IRA — Int/Div

Vanguard PA Tax Free — Int/Div

Vanguard Inteninediate Bond Fund — Int/Div

Vanguard Windsor Fund IRA — Int/Div

PP&L Common — Int/Div

IBM Common — Int/Div

Vanguard PA Tx Free MM — Interest

Contains Wellington — Int/Div

Vanguard PA Tax Free MM — Int/Div

Vanguard Windsor Il — Int/Div

Index 500 - Vanguard — Int/Div

Vanguard Index Trust - Extended market — Int/Div

Equity Income Fund — Int/Div

Delaware Delcap Concept Series — None — Sell

Jennison Utility Fund Class A (name change) — Int/Div

Coca Cola Common (See VIII)

PRU Money Market — Interest

CD Lehman Bros., Wilmington, DE — Interest — Maturity

CD Discover Bank, New Castle, DE — Interest — Maturity

FMLMC — Interest

Banco Bilbao Vizcaoa — Interest

CD MBNA America Bank Delaware — Interest — Maturity

Amcore Bank CD (See VIII) — Interest

GMAC Automotive Bank CD (See VII) — Interest

Black Rock Global Energy and Resource Trust Fund (See VIII) — None — Sell

FHLMC Gold Passthru Pool — Interest

Doral Bank — Interest — Buy

Acacia Fed Savings — None — Buy

Discover Bank — Interest — Buy

Fidelity Advisor Service — Int/Div — Buy

Ex-Cell Energy (X) — None

Nicholas Fund IRA — Int/Div

Janus Fund IRA — Int/Div

Vanguard PA Tax Free — Int/Div

Vanguard Intermédiate Bond Fund — Int/Div

Vanguard Windsor Fund IRA — Int/Div

PP&L Common — Int/Div

IBM Common — Int/Div

Vanguard PA Tx Free MM — Interest

Contains Wellington — Int/Div

Contains MM — Int/Div

Vanguard Windsor II — Int/Div

Index 500 - Vanguard — Int/Div

Vanguard Index Trust - Extended market — Int/Div

Equity Income Fund — Int/Div

Delaware Delcap Concept Series — None — Sell

Jennison Utility Fund Class A (name change) — Int/Div

Coca Cola Common (See VIII)

PRU Money Market — Interest

CD Lelunan Bros., Wilmington, DE — Interest — Matunty

CD Discover Bank, New Castle, DE — Interest — Maturity

FMLMC — Interest

Banco Bilbao Vizcaoa — Interest

CD MBNA America Bank Delaware — Interest — Maturity

Amcore Bank CD (See VIII) — Interest

GMAC Automotive Bank CD (See VII) — Interest

Black Rock Global Energy and Resource Trust Fund (See VIII) — None — Sell

FHLMC Gold Passthru Pool — Interest

Doral Bank — Interest — Buy

Acacia Fed Savings — None — Buy

Discover Bank — Interest — Buy

Fidelity Advisor Service — Int/Div — Buy

Ex-Cell Energy (X) — None

Vanguard Funds (X)

Reimbursement — New York Intellectual Property Law Association — Dinner, breakfast, room parking one night in New York City annual dinner 3/24 & 25/2005

Spouse's income — 2/05 — Trustee, Testamentary Trust, Trustees commissions. (See VIII)

Explanation For Section ITI B:

My spouse's non-investment income is paid to her as a commission as one of three trustees; she is not a beneficiary of the trust, either as to income or

distribution of corpus. This is a private testamentary trust in which spouse has no property interest now or as a remainder man. The corpus of the trust never was

and never will be derived from the assets, income or activities of the filer or the spouse. The filer cannot expect to derive a benefit from the trust income or corpus.

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The service of spouse as a trustee, and commissions earned are the sole financial interest and responsibility cf the spouse. Neither the filer nor the spouse has filed

any joint sax return with the trust and the filer has no knowledge of the property or corpus of the trust. Finally, my spouse's annual commission is not based upon

the level of profitability of the trust property.

.

Explanation For Section VII pages 1 and 2

Values and income of asset listed on page 1 line 18 is below reporting vahié: There was no income during reporting period for line 27

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[FR

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