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 ------ -------------------- ---------------------------------

FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 3M Co Com 88579Y101 ~~5653~~5674 ~~81842~~69302 SH SOLE ~~81842~~69302 AT&T Corp Com 001957505 ~~268~~329 ~~12414~~16836 SH SOLE ~~12414~~16836 ~~AT&T Wireless Svcs Inc Com 00209A106 123 15021 SH SOLE 15021~~ Abbott Labs Com 002824100 ~~1101~~1068 ~~25882~~25982 SH SOLE ~~25882~~25982 Affiliated Computer Svcs Cl A Com 008190100 ~~1495~~704 ~~30710~~13560 SH SOLE ~~30710~~13560 Agilent Technologies Com 00846U101 239 7549 SH SOLE 7549 Air Prods & Chems Inc Com 009158106 ~~2432~~2372 ~~53924~~47324 SH SOLE ~~53924~~47324 Albertsons Inc Com 013104104 ~~1334~~312 ~~64868~~14070 SH SOLE ~~64868~~14070 Alcoa Inc Com 013817101 ~~2730~~2877 ~~104344~~82929 SH SOLE ~~104344~~82929 Allete Inc Com 018522102 ~~1120~~1130 ~~40920~~32200 SH SOLE ~~40920~~32200 ~~Alltel Corp Com 020039103 429 9258 SH SOLE 9258~~ Altria Group Inc Com 02209S103 ~~427~~411 ~~9753~~7553 SH SOLE ~~9753~~7553 American ~~Elec Pwr Inc Com 025537101 214 7128 SH SOLE 7128 American~~ Express Co Com 025816109 ~~443~~525 ~~9830~~10130 SH SOLE ~~9830~~10130 American Intl Group Com 026874107 ~~2707~~3721 ~~46921~~52152 SH SOLE ~~46921~~52152 Amgen Inc Com 031162100 ~~1831~~1644 ~~28375~~28275 SH SOLE ~~28375~~28275 Anheuser Busch Cos Inc Com 035229103 ~~1283~~704 ~~26000~~13800 SH SOLE ~~26000~~13800 Apache Corp Com 037411105 ~~302~~268 ~~4357~~6213 SH SOLE ~~4357~~6213 Aqua America Inc Com 03836W103 700 32292 SH SOLE 32292 Automatic Data Process Com 053015103 ~~2036~~3965 ~~56779~~94415 SH SOLE ~~56779~~94415 Avery Dennison Corp Com 053611109 ~~1021~~1082 ~~20200~~17400 SH SOLE ~~20200~~17400 Avon Prods Inc Com 054303102 ~~438~~515 6783 SH SOLE 6783 BP Plc Spons ADR Com 055622104 ~~3020~~3186 ~~71729~~62235 SH SOLE ~~71729~~62235 ~~Baker Hughes Inc Com 057224107 273 9210 SH SOLE 9210~~ Bank New York Inc Com 064057102 ~~259~~280 8900 SH SOLE 8900 Bank Of America Corp Com 060505104 ~~822~~1536 ~~10528~~18964 SH SOLE ~~10528~~18964 Bank One Corp Com 06423A103 ~~774~~752 ~~20034~~13784 SH SOLE ~~20034~~13784 Baxter International Com 071813109 227 7350 SH SOLE 7350 Beckman Coulter Com 075811109 ~~2530~~2461 ~~55560~~45130 SH SOLE ~~55560~~45130 Becton Dickinson & Co Com 075887109 ~~1942~~3671 ~~53756~~75726 SH SOLE ~~53756~~75726 Bellsouth Corp Com 079860102 ~~645~~723 ~~27231~~26101 SH SOLE ~~27231~~26101 Berkshire Hathaway Cl B Com 084670207 ~~916~~1142 367 SH SOLE 367 Best Buy Inc Com 086516101 ~~512~~434 ~~10780~~8400 SH SOLE ~~10780~~8400 Black & Decker Corp Com 091797100 508 8920 SH SOLE 8920 Blackrock Invt Qual Term Com 09247J102 ~~148~~151 15500 SH SOLE 15500 Blackrock Municipal Target Ter Com 09247M105 ~~175~~176 15800 SH SOLE 15800 Boeing Co Com 097023105 ~~3489~~2524 ~~101625~~61450 SH SOLE ~~101625~~61450 Bristol Myers Squibb Com 110122108 ~~1922~~1566 ~~74899~~64649 SH SOLE ~~74899~~64649 Burlington Resources Com 122014103 ~~1831~~2927 ~~37993~~45998 SH SOLE ~~37993~~45998 CVS Corp Com 126650100 ~~354~~409 ~~11385~~11585 SH SOLE ~~11385~~11585 Cabot Corp Com 127055101 ~~1387~~1596 48665 SH SOLE 48665 Cabot Microelectronics Com 12709P103 ~~728~~552 13091 SH SOLE 13091 Centurytel Inc Com 156700106 ~~427~~378 ~~12593~~13753 SH SOLE ~~12593~~13753 Chevrontexaco Corp Com 166764100 ~~5362~~7303 ~~75043~~83201 SH SOLE ~~75043~~83201 Chubb Corp Com 171232101 ~~2029~~2112 ~~31278~~30378 SH SOLE ~~31278~~30378 Cigna Corp Com 125509109 ~~1476~~1658 ~~33065~~28095 SH SOLE 33065 Cisco Sys Inc Com 17275R102 2318 118320 SH SOLE 118320 Citigroup Inc Com 172967101 4960 108983 SH SOLE 108983 Coca Cola Co Com 191216100 1413 32895 SH SOLE 32895 Colgate Palmolive Co Com 194162103 243 4340 SH SOLE 4340 Comcast Corp Cl A Com 20030N101 849 27563 SH SOLE 27563 Comcast Corp Cl A Spl Com 20030N200 4004 135093 SH SOLE 13509328095

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

FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- Commerce Bancorp NJ Com 200519106 479 10000 SH SOLE 10000 Commerce Bancshares Com 200525103 256 5850 SH SOLE 5850 Computer Sciences Corp Com 205363104 474 12610 SH SOLE 12610 ConAgra Foods Inc Com 205887102 2889 136012 SH SOLE 136012 Conexant Systems Inc Com 207142100 57 10000 SH SOLE 10000 ConocoPhillips Com 20825C104 326 5953 SH SOLE 5953 Corning Inc Com 219350105 238 25300 SH SOLE 25300 DJ US Healthcare Sector iShare Com 464287762 1169 22141 SH SOLE 22141 Deere & Co Com 244199105 1053 19760 SH SOLE 19760 Dell Inc Com 24702R101 2381 71230 SH SOLE 71230 Dentsply International Com 249030107 1054 23500 SH SOLE 23500 Dial Corp Com 25247D101 200 9300 SH SOLE 9300 Diamonds Tr Unit Ser 1 Com 252787106 2098 22529 SH SOLE 22529 Disney Walt Co Disney Com 254687106 266 13210 SH SOLE 13210 Dominion Res Va Com 25746U109 654 10568 SH SOLE 10568 Dow Chem Co Com 260543103 566 17404 SH SOLE 17404 Du Pont E I De Nemours Com 263534109 5248 131169 SH SOLE 131169 Duke Energy Corp Com 264399106 431 24200 SH SOLE 24200 Duke Realty Corp Com 264411505 684 23410 SH SOLE 23410 Eaton Corp Com 278058102 473 5337 SH SOLE 5337 Emerson Elec Co Com 291011104 5102 96912 SH SOLE 96912 Equitable Resources Com 294549100 353 8600 SH SOLE 8600 Exxon Mobil Corp Com 30231G102 9021 246467 SH SOLE 246467 FPL Group Inc Com 302571104 1606 25405 SH SOLE 25405 Fannie Mae Assn Com 313586109 412 5875 SH SOLE 5875 First Financial Holdings Com 320239106 574 19000 SH SOLE 19000 FleetBoston Finl Corp Com 339030108 1951 64696 SH SOLE 64696 Ford Mtr Co Com 345370860 115 10709 SH SOLE 10709 Gannett Inc Com 364730101 1642 21173 SH SOLE 21173 General Elec Co Com 369604103 8884 298005 SH SOLE 298005 General Mills Com 370334104 524 11127 SH SOLE 11127 General Mtrs Corp Com 370442105 314 7665 SH SOLE 7665 Gillette Co Com 375766102 307 9600 SH SOLE 9600 Glaxosmithkline Plc Spons ADR Com 37733W105 1283 30252 SH SOLE 30252 Guidant Corp Com 401698105 300 6400 SH SOLE 6400 Heinz H J Co Com 423074103 3383 98680 SH SOLE 98680 IMS Health Inc Com 449934108 217 10300 SH SOLE 10300 Ingersoll-Rand Co Cl A Com G4776G101 618 11559 SH SOLE 11559 Intel Corp Com 458140100 916 33295 SH SOLE 33295 International Bus Mach Com 459200101 7800 88306 SH SOLE 88306 Intl Paper Co Com 460146103 2103 53886 SH SOLE 53886 Ishares Tr DJ Us Con Cycl Com 464287580 1084 21734 SH SOLE 21734 Ishares Tr DJ Us Energy Com 464287796 530 12310 SH SOLE 12310 Ishares Tr DJ Us Utils Com 464287697 455 8495 SH SOLE 8495 Ishares Tr S&P 500 Index Com 464287200 1980 19823 SH SOLE 19823 Ishares Tr S&P 500/Bar Val Com 464287408 894 18365 SH SOLE 18365 Ishares Tr S&P Small Cap Value Com 464287879 1790 20715 SH SOLE 20715 J P Morgan Chase & Co Com 46625H100 3666 106801 SH SOLE 106801 Johnson & Johnson Com 478160104 11715 236572 SH SOLE 236572 Johnson Ctls Inc Com 478366107 679 7174 SH SOLE 7174 KB Home Com 48666K109 716 12000 SH SOLE 12000 Keycorp Com 493267108 301 11788 SH SOLE 11788 Kimberly Clark Corp Com 494368103 1896 36935 SH SOLE 36935 Koninkijke Philips Elec Reg Sh Com 500472303 567 24754 SH SOLE 24754

FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- Liberty All-Star Equity Fd Com 530158104 114 13534 SH SOLE 13534 Liberty Media Corp A Com 530718105 187 18800 SH SOLE 18800 Liberty Ppty Tr Sh Ben Int Com 531172104 209 5650 SH SOLE 5650 Lilly Eli & Co Com 532457108 1063 17900 SH SOLE 17900 Lucent Technologies Com 549463107 254 117508 SH SOLE 117508 MBIA Inc Com 55262C100 2083 37902 SH SOLE 37902 Marsh & McLennan Cos Com 571748102 2426 50948 SH SOLE 50948 Marshall & Ilsley Corp Com 571834100 225 7136 SH SOLE 7136 McDonald's Corp Com 580135101 407 17300 SH SOLE 17300 McGraw-Hill Inc Com 580645109 276 4450 SH SOLE 4450 McKesson Corp Com 58155Q103 1508 45295 SH SOLE 45295 Medco Health Solutions Inc Com 58405U102 1440 55530 SH SOLE 55530 Medtronic Inc Com 585055106 668 14245 SH SOLE 14245 Mellon Finl Corp Com 58551A108 1255 41627 SH SOLE 41627 Merck & Co Inc Com 589331107 10442 206275 SH SOLE 206275 Merrill Lynch & Co Inc Com 590188108 1799 33610 SH SOLE 33610 Microsoft Corp Com 594918104 2914 104835 SH SOLE 104835 Midcap Spdr Tr Ser 1 Com 595635103 2408 25795 SH SOLE 25795 Morgan Stanley Com 617446448 420 8321 SH SOLE 8321 Motorola Inc Com 620076109 717 59997 SH SOLE 59997 MuniHldgs Florida Insd Com 62624W105 272 19000 SH SOLE 19000 MuniYield PA Fund Com 62630V109 611 42000 SH SOLE 42000 Nasdaq 100 Tr Ser 1 Com 631100104 679 20950 SH SOLE 20950 Nextel Communications Cl A Com 65332V103 235 11900 SH SOLE 11900 Nisource Inc Com 65473P105 1287 64410 SH SOLE 64410 Norfolk Southern Corp Com 655844108 418 22600 SH SOLE 22600 Nuveen Muni Advantage Fd Com 67062H106 446 28800 SH SOLE 28800 Nuveen Pa Invt Quality Com 670972108 579 38690 SH SOLE 38690 Nuveen Pa Premium Income Muni Com 67061F101 687 45800 SH SOLE 45800 Oracle Corp Com 68389X105 156 13846 SH SOLE 13846 PNC Finl Svcs Group Com 693475105 3910 82172 SH SOLE 82172 PPG Inds Inc Com 693506107 375 7173 SH SOLE 7173 PPL Corporation Com 69351T106 727 17758 SH SOLE 17758 Pall Corp Com 696429307 2484 110706 SH SOLE 110706 Pepsico Inc Com 713448108 4960 108216 SH SOLE 108216 Pfizer Inc Com 717081103 2687 88446 SH SOLE 88446 Philadelphia Suburban Com 718009608 612 25397 SH SOLE 25397 Pier 1 Imports Inc Com 720279108 389 20229 SH SOLE 20229 Pitney Bowes Inc Com 724479100 471 12300 SH SOLE 12300 Procter & Gamble Co Com 742718109 5296 57061 SH SOLE 57061 Public Svc Enterprise Com 744573106 414 9861 SH SOLE 9861 Qwest Communications Intl Com 749121109 40 11619 SH SOLE 11619 Radioshack Corp Com 750438103 637 22430 SH SOLE 22430 Raytheon Co Com 755111507 323 11525 SH SOLE 11525 Rohm & Haas Co Com 775371107 864 25827 SH SOLE 25827 Royal Dutch Pete Co Com 780257804 1814 41030 SH SOLE 41030 SBC Communications Com 78387G103 2114 94992 SH SOLE 94992 Sara Lee Corp Com 803111103 267 14565 SH SOLE 14565 Schering Plough Corp Com 806605101 329 21568 SH SOLE 21568 Schlumberger Ltd Com 806857108 972 20080 SH SOLE 20080 Southtrust Corp Com 844730101 400 13620 SH SOLE 13620 Spdr Tr Unit Ser 1 Com 78462F103 2166 21671 SH SOLE 21671 Sprint Corp Fon Group Com 852061100 383 25360 SH SOLE 25360 Sprint Corp Pcs Ser 1 Com 852061506 58 10100 SH SOLE 10100

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