13F-HR 1 a2134758z13f-hr.txt 13F-HR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 3/31/04 ----------------------- Check Here if Amendment / /; Amendment Number: --------- This Amendment (Check only one.): / / is a restatement. / / adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Walnut Asset Management LLC ------------------------------- Address: 1617 JFK Blvd, Ste 500 ------------------------------- Phila, Pa 19103 ------------------------------- ------------------------------- Form 13F File Number: --------------------- The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Deborah Williams ------------------------------- Title: Senior Vice President ------------------------------- Phone: 215-789-6168 ------------------------------- Signature, Place, and Date of Signing: Deborah Williams Phila, PA October 24, 2003 ------------------------------- ------------------ ---------------- [Signature] [City, State] [Date] Report Type (Check only one.): /X/ 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) / / 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) / / 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: [If there are no entries in this list, omit this section.] Form 13F File Number Name --------------- ------------------------------------ Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 -------------------- Form 13F Information Table Entry Total: 174 -------------------- Form 13F Information Table Value Total: $ 285,775 -------------------- (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] NONE No. Form 13F File Number Name ------ -------------------- ---------------------------------

1 Cisco Sys Inc Com 17275R102 2693 114240 SH SOLE 114240 Citigroup Inc Com 172967101 4612 89202 SH SOLE 89202 Coca Cola Co Com 191216100 1727 34326 SH SOLE 34326 Colgate Palmolive Co Com 194162103 617 11200 SH SOLE 11200 Comcast Corp Cl A Com 20030N101 681 23686 SH SOLE 23686 Comcast Corp Cl A Spl Com 20030N200 3522 126448 SH SOLE 126448 Commerce Bancshares Com 200525103 293 6141 SH SOLE 6141 Commerce Group Inc Mass Com 200641108 240 5000 SH SOLE 5000 Computer Sciences Corp Com 205363104 400 9910 SH SOLE 9910 ConAgra Foods Inc Com 205887102 4100 152203 SH SOLE 152203 ConocoPhillips Com 20825C104 411 5883 SH SOLE 5883 Corning Inc Com 219350105 210 18800 SH SOLE 18800 DJ US Healthcare Sector iShare Com 464287762 1855 32309 SH SOLE 32309 Deere & Co Com 244199105 311 4492 SH SOLE 4492 Dell Inc Com 24702R101 2075 61705 SH SOLE 61705 Dentsply International Com 249030107 643 14500 SH SOLE 14500 Diamonds Tr Unit Ser 1 Com 252787106 2131 20508 SH SOLE 20508 Disney Walt Co Com 254687106 1816 72675 SH SOLE 72675 Dominion Res Va Com 25746U109 783 12171 SH SOLE 12171 Dow Chem Co Com 260543103 505 12549 SH SOLE 12549 Du Pont E I De Nemours Com 263534109 5015 118787 SH SOLE 118787 Duke Energy Corp Com 264399106 502 22200 SH SOLE 22200 Duke Realty Corp Com 264411505 534 15375 SH SOLE 15375 Eaton Corp Com 278058102 269 4786 SH SOLE 4786 Emerson Elec Co Com 291011104 5353 89337 SH SOLE 89337 Exxon Mobil Corp Com 30231G102 10430 250786 SH SOLE 250786 FPL Group Inc Com 302571104 2056 30750 SH SOLE 30750 Fannie Mae Assn Com 313586109 270 3625 SH SOLE 3625 First Financial Holdings Com 320239106 569 19000 SH SOLE 19000 FleetBoston Finl Corp Com 339030108 2463 54866 SH SOLE 54866 Gannett Inc Com 364730101 1700 19282 SH SOLE 19282 General Elec Co Com 369604103 8801 288369 SH SOLE 288369 General Mills Com 370334104 519 11127 SH SOLE 11127 General Mtrs Corp Com 370442105 410 8705 SH SOLE 8705 Gillette Co Com 375766102 403 10300 SH SOLE 10300 Glaxosmithkline Plc Spons ADR Com 37733W105 833 20863 SH SOLE 20863 Guidant Corp Com 401698105 406 6400 SH SOLE 6400 Harley Davidson Inc Com 412822108 1568 29400 SH SOLE 29400 Heinz H J Co Com 423074103 3377 90560 SH SOLE 90560 Hewlett Packard Co Com 428236103 268 11713 SH SOLE 11713 Home Depot Inc Com 437076102 300 8020 SH SOLE 8020 IMS Health Inc Com 449934108 226 9700 SH SOLE 9700 Ingersoll-Rand Co Cl A Com G4776G101 456 6744 SH SOLE 6744 Intel Corp Com 458140100 1085 39895 SH SOLE 39895 International Bus Mach Com 459200101 7295 79429 SH SOLE 79429 Intl Paper Co Com 460146103 2001 47356 SH SOLE 47356 Ishares Tr DJ Us Con Cycl Com 464287580 1969 34576 SH SOLE 34576 Ishares Tr DJ Us Tech Sec Com 464287721 1912 40305 SH SOLE 40305

2 Ishares Tr S&P 500 Index Com 464287200 2608 23033 SH SOLE 23033 Ishares Tr S&P Small Cap 600 Com 464287804 2977 20905 SH SOLE 20905 J P Morgan Chase & Co Com 46625H100 4557 108636 SH SOLE 108636 Johnson & Johnson Com 478160104 10722 211387 SH SOLE 211387 Johnson Ctls Inc Com 478366107 1694 28633 SH SOLE 28633 KB Home Com 48666K109 970 12000 SH SOLE 12000 Keycorp Com 493267108 304 10044 SH SOLE 10044 Kimberly Clark Corp Com 494368103 2081 32975 SH SOLE 32975 Koninkijke Philips Elec Reg Sh Com 500472303 471 16254 SH SOLE 16254 Liberty All-Star Equity Fd Com 530158104 136 13534 SH SOLE 13534 Liberty Media Corp A Com 530718105 189 17300 SH SOLE 17300 Liberty Ppty Tr Sh Ben Int Com 531172104 299 6650 SH SOLE 6650 Lilly Eli & Co Com 532457108 1191 17800 SH SOLE 17800 Lucent Technologies Com 549463107 403 98160 SH SOLE 98160 MBIA Inc Com 55262C100 2197 35042 SH SOLE 35042 Marsh & McLennan Cos Com 571748102 1463 31607 SH SOLE 31607 McDonald's Corp Com 580135101 409 14300 SH SOLE 14300 McGraw-Hill Inc Com 580645109 320 4200 SH SOLE 4200 McKesson Corp Com 58155Q103 1517 50420 SH SOLE 50420 Medco Health Solutions Com 58405U102 1831 53860 SH SOLE 53860 Medtronic Inc Com 585055106 747 15645 SH SOLE 15645 Mellon Finl Corp Com 58551A108 698 22302 SH SOLE 22302 Merck & Co Inc Com 589331107 7922 179278 SH SOLE 179278 Merrill Lynch & Co Inc Com 590188108 2203 36995 SH SOLE 36995 Microsoft Corp Com 594918104 2969 119085 SH SOLE 119085 Midcap Spdr Tr Ser 1 Com 595635103 4249 38455 SH SOLE 38455 Morgan Stanley Com 617446448 500 8727 SH SOLE 8727 Motorola Inc Com 620076109 631 35850 SH SOLE 35850 MuniHldgs Florida Insd Com 62624W105 290 19000 SH SOLE 19000 Nasdaq 100 Tr Ser 1 Com 631100104 871 24305 SH SOLE 24305 Nextel Communications Cl A Com 65332V103 325 13170 SH SOLE 13170 Nisource Inc Com 65473P105 1718 80825 SH SOLE 80825 Norfolk Southern Corp Com 655844108 578 26155 SH SOLE 26155 Nuveen Muni Advantage Fd Com 67062H106 468 28800 SH SOLE 28800 Oracle Corp Com 68389X105 178 14816 SH SOLE 14816 PNC Finl Svcs Group Com 693475105 4508 81347 SH SOLE 81347 PPG Inds Inc Com 693506107 531 9109 SH SOLE 9109 PPL Corporation Com 69351T106 445 9758 SH SOLE 9758 Pall Corp Com 696429307 2568 113191 SH SOLE 113191 Parkvale Financial Com 701492100 226 7860 SH SOLE 7860 Pepsico Inc Com 713448108 5986 111166 SH SOLE 111166 Pfizer Inc Com 717081103 3284 93688 SH SOLE 93688 Pier 1 Imports Inc Com 720279108 241 10189 SH SOLE 10189 Pitney Bowes Inc Com 724479100 371 8700 SH SOLE 8700 Procter & Gamble Co Com 742718109 5178 49371 SH SOLE 49371 Progress Energy Inc Com 743263105 291 6175 SH SOLE 6175 Qwest Communications Intl Com 749121109 51 11749 SH SOLE 11749 Radioshack Corp Com 750438103 411 12400 SH SOLE 12400

3 Rohm & Haas Co Com 775371107 378 9483 SH SOLE 9483 Royal Dutch Pete Co Com 780257804 1462 30730 SH SOLE 30730 Rydex ETF Trust Com 78355W106 5476 39114 SH SOLE 39114 SBC Communications Com 78387G103 2771 112916 SH SOLE 112916 Sara Lee Corp Com 803111103 262 12000 SH SOLE 12000 Schering Plough Corp Com 806605101 373 22967 SH SOLE 22967 Schlumberger Ltd Com 806857108 832 13025 SH SOLE 13025 Southtrust Corp Com 844730101 427 12870 SH SOLE 12870 Sprint Corp Com 852061100 195 10600 SH SOLE 10600 State Str Corp Com 857477103 440 8435 SH SOLE 8435 Streettracks Ser Tr Fortune 50 Com 86330E885 533 6655 SH SOLE 6655 Sun Microsystems Inc Com 866810104 191 45730 SH SOLE 45730 Suntrust Bks Inc Com 867914103 734 10524 SH SOLE 10524 Sysco Corp Com 871829107 379 9700 SH SOLE 9700 Target Corp Com 87612E106 1802 40000 SH SOLE 40000 Teco Energy Inc Com 872375100 244 16700 SH SOLE 16700 Teleflex Inc Com 879369106 216 4379 SH SOLE 4379 Texas Instruments Com 882508104 3972 135924 SH SOLE 135924 Unilever N V N Y Shs Com 904784709 276 3980 SH SOLE 3980 Union Pac Corp Com 907818108 1807 30210 SH SOLE 30210 Universal Hlth Svcs Cl B Com 913903100 345 7488 SH SOLE 7488 Unocal Corp Com 915289102 628 16850 SH SOLE 16850 Valero Energy Corp Com 91913Y100 459 7650 SH SOLE 7650 Vanguard Index Tr Stk Mkt Vipe Com 922908769 4524 41398 SH SOLE 41398 Varian Medical Systems Com 92220P105 268 3100 SH SOLE 3100 Verizon Communications Com 92343V104 5519 151028 SH SOLE 151028 Vishay Intertechnology Com 928298108 209 9800 SH SOLE 9800 Wachovia Corp Com 929903102 4148 88261 SH SOLE 88261 Wal Mart Stores Inc Com 931142103 577 9660 SH SOLE 9660 Washington Mutual Com 939322103 305 7130 SH SOLE 7130 Wells Fargo & Co Com 949746101 1264 22305 SH SOLE 22305 Williams Cos Inc Del Com 969457100 301 31450 SH SOLE 31450 Wyeth Com 983024100 2525 67244 SH SOLE 67244 Ishares Tr 1-3 Yr Tr Index Com 464287457 773 9318.000 SH SOLE 9318.000 Ishares Tr 7-10 Yr Tr Index Com 464287440 545 6230.000 SH SOLE 6230.000 Ishares Tr GS Corp Bd Com 464287242 713 6267.000 SH SOLE 6267.000

WALNUT ASSET MANAGEMENT LLC 13F-HR