13F-HR 1 a2145314z13f-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: 9/30/04 ----------------------- 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: Maryann Perrino ------------------------------- Title: ------------------------------- Phone: 215-789-6188 ------------------------------- Signature, Place, and Date of Signing: Deborah Williams Phila, PA October 22, 2004 ------------------------------- ------------------ ---------------- [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: 167 -------------------- Form 13F Information Table Value Total: $ 280,454 -------------------- (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 ~~5674~~5057 ~~69302~~63236 SH SOLE ~~69302~~63236 AT&T Corp Com 001957505 ~~329~~263 ~~16836~~18336 SH SOLE ~~16836~~18336 Abbott Labs Com 002824100 ~~1068~~1026 ~~25982~~24232 SH SOLE ~~25982~~24232 ~~Affiliated~~Adesa ~~Computer~~Inc ~~Svcs Cl A~~ Com ~~008190100~~00686U104 ~~704~~532 ~~13560~~32350 SH SOLE ~~13560~~32350 ~~Agilent~~Affiliated ~~Technologies~~Computer Svcs Cl A Com ~~00846U101~~008190100 ~~239~~296 ~~7549~~5310 SH SOLE ~~7549~~5310 Air Prods & Chems Inc Com 009158106 ~~2372~~2448 ~~47324~~45024 SH SOLE ~~47324~~45024 ~~Albertsons Inc Com 013104104 312 14070 SH SOLE 14070~~ Alcoa Inc Com 013817101 ~~2877~~3162 ~~82929~~94149 SH SOLE ~~82929~~94149 Allete Inc Com 018522102 ~~1130~~366 ~~32200~~11272 SH SOLE ~~32200~~11272 Altria Group Inc Com 02209S103 ~~411~~342 ~~7553~~7268 SH SOLE ~~7553~~7268 American Express Co Com 025816109 ~~525~~520 ~~10130~~10100 SH SOLE ~~10130~~10100 American Intl Group Com 026874107 ~~3721~~3073 ~~52152~~45202 SH SOLE ~~52152~~45202 Amgen Inc Com 031162100 ~~1644~~4092 ~~28275~~72030 SH SOLE ~~28275~~72030 Anheuser Busch Cos Inc Com 035229103 ~~704~~647 ~~13800~~12945 SH SOLE ~~13800~~12945 ~~Apache Corp Com 037411105 268 6213 SH SOLE 6213~~ Aqua America Inc Com 03836W103 ~~700~~773 ~~32292~~34981 SH SOLE ~~32292~~34981 Automatic Data Process Com 053015103 ~~3965~~4032 ~~94415~~97580 SH SOLE ~~94415~~97580 Avery Dennison Corp Com 053611109 ~~1082~~1158 ~~17400~~17600 SH SOLE ~~17400~~17600 Avon Prods Inc Com 054303102 ~~515~~418 ~~6783~~9566 SH SOLE ~~6783~~9566 BP Plc Spons ADR Com 055622104 ~~3186~~3140 ~~62235~~54583 SH SOLE ~~62235~~54583 Bank New York Inc Com 064057102 ~~280~~228 ~~8900~~7800 SH SOLE ~~8900~~7800 Bank Of America Corp Com 060505104 ~~1536~~3793 ~~18964~~87540 SH SOLE ~~18964~~87540 ~~Bank One Corp Com 06423A103 752 13784 SH SOLE 13784~~ Baxter International Com 071813109 ~~227~~236 7350 SH SOLE 7350 Beckman Coulter Com 075811109 ~~2461~~1214 ~~45130~~21635 SH SOLE ~~45130~~21635 Becton Dickinson & Co Com 075887109 ~~3671~~1739 ~~75726~~33646 SH SOLE ~~75726~~33646 Bellsouth Corp Com 079860102 ~~723~~686 ~~26101~~25281 SH SOLE ~~26101~~25281 Berkshire Hathaway Cl B Com 084670207 ~~1142~~1054 367 SH SOLE 367 Best Buy Inc Com 086516101 ~~434~~358 ~~8400~~6600 SH SOLE ~~8400~~6600 Black & Decker Corp Com 091797100 ~~508~~1319 ~~8920~~17030 SH SOLE ~~8920~~17030 Blackrock Invt Qual Term Com 09247J102 ~~151~~152 15500 SH SOLE 15500 Blackrock Municipal Target Ter Com 09247M105 ~~176~~168 15800 SH SOLE 15800 Boeing Co Com 097023105 ~~2524~~2522 ~~61450~~48850 SH SOLE ~~61450~~48850 Bristol Myers Squibb Com 110122108 ~~1566~~1342 ~~64649~~56705 SH SOLE ~~64649~~56705 Burlington Nrthn Santa Com 12189T104 231 6024 SH SOLE 6024 Burlington Resources Com 122014103 ~~2927~~2183 ~~45998~~53505 SH SOLE ~~45998~~53505 CVS Corp Com 126650100 ~~409~~211 ~~11585~~5000 SH SOLE ~~11585~~5000 Cabot Corp Com 127055101 ~~1596~~1838 ~~48665~~47665 SH SOLE ~~48665~~47665 Cabot Microelectronics Com 12709P103 ~~552~~475 13091 SH SOLE 13091 Centurytel Inc Com 156700106 ~~378~~455 ~~13753~~13288 SH SOLE ~~13753~~13288 Chevrontexaco Corp Com 166764100 ~~7303~~7220 ~~83201~~134610 SH SOLE ~~83201~~134610 Chubb Corp Com 171232101 ~~2112~~1980 ~~30378~~28178 SH SOLE ~~30378~~28178 Cigna Corp Com 125509109 ~~1658~~1853 ~~28095~~26619 SH SOLE ~~28095~~26619 Cisco Sys Inc Com 17275R102 2286 126295 SH SOLE 126295 Citigroup Inc Com 172967101 4035 91457 SH SOLE 91457 Coca Cola Co Com 191216100 1538 38411 SH SOLE 38411 Colgate Palmolive Co Com 194162103 689 15250 SH SOLE 15250 Comcast Corp Cl A Com 20030N101 611 21644 SH SOLE 21644 Comcast Corp Cl A Spl Com 20030N200 3334 119418 SH SOLE 119418 Commerce Bancshares Com 200525103 295 6141 SH SOLE 6141 Commerce Group Inc Mass Com 200641108 242 5000 SH SOLE 5000 Computer Sciences Corp Com 205363104 414 8795 SH SOLE 8795 ConAgra Foods Inc Com 205887102 3888 151218 SH SOLE 151218 ConocoPhillips Com 20825C104 463 5590 SH SOLE 5590 Corning Inc Com 219350105 208 18800 SH SOLE 18800 DJ US Healthcare Sector iShare Com 464287762 1890 33914 SH SOLE 33914 Deere & Co Com 244199105 290 4492 SH SOLE 4492 Dell Inc Com 24702R101 2226 62535 SH SOLE 62535 Dentsply International Com 249030107 753 14500 SH SOLE 14500 Diamonds Tr Unit Ser 1 Com 252787106 2615 25928 SH SOLE 25928 Disney Walt Co Com 254687106 1902 84355 SH SOLE 84355 Dominion Res Va Com 25746U109 803 12301 SH SOLE 12301 Dow Chem Co Com 260543103 503 11133 SH SOLE 11133 Du Pont E I De Nemours Com 263534109 4901 114507 SH SOLE 114507 Duke Energy Corp Com 264399106 546 23850 SH SOLE 23850 Duke Realty Corp Com 264411505 442 13325 SH SOLE 13325 Eaton Corp Com 278058102 265 4181 SH SOLE 4181 Emerson Elec Co Com 291011104 5188 83820 SH SOLE 83820 Exxon Mobil Corp Com 30231G102 12312 254740 SH SOLE 254740 FPL Group Inc Com 302571104 2086 30531 SH SOLE 30531 First Financial Holdings Com 320239106 594 19000 SH SOLE 19000 Gannett Inc Com 364730101 1494 17842 SH SOLE 17842 General Elec Co Com 369604103 9663 287770 SH SOLE 287770 General Mills Com 370334104 500 11127 SH SOLE 11127 General Mtrs Corp Com 370442105 276 6505 SH SOLE 6505 Gillette Co Com 375766102 301 7200 SH SOLE 7200 Glaxosmithkline Plc Spons ADR Com 37733W105 818 18704 SH SOLE 18704 Guidant Corp Com 401698105 423 6400 SH SOLE 6400 Harley Davidson Inc Com 412822108 2683 45145 SH SOLE 45145 Heinz H J Co Com 423074103 3136 87055 SH SOLE 87055 Hewlett Packard Co Com 428236103 188 10048 SH SOLE 10048 Home Depot Inc Com 437076102 839 21400 SH SOLE 21400 Inco Ltd Com 453258402 1398 35800 SH SOLE 35800 Ingersoll-Rand Co Cl A Com G4776G101 781 11489 SH SOLE 11489 Intel Corp Com 458140100 2085 103930 SH SOLE 103930 International Bus Mach Com 459200101 6935 80889 SH SOLE 80889 Intl Paper Co Com 460146103 1030 25482 SH SOLE 25482 Ishares Tr DJ Us Industrl Com 464287754 1936 37585 SH SOLE 37585 Ishares Tr DJ Us Tech Sec Com 464287721 1927 44855 SH SOLE 44855 Ishares Tr S&P 500 Index Com 464287200 4503 40276 SH SOLE 40276 Ishares Tr S&P Small Cap 600 Com 464287804 3092 21435 SH SOLE 21435 JPMorgan Chase & Co Com 46625H100 4765 119947 SH SOLE 119947 Johnson & Johnson Com 478160104 11837 210139 SH SOLE 210139 Johnson Ctls Inc Com 478366107 1775 31248 SH SOLE 31248 KB Home Com 48666K109 1218 14415 SH SOLE 14415 Keycorp Com 493267108 278 8790 SH SOLE 8790 Kimberly Clark Corp Com 494368103 2045 31655 SH SOLE 31655 Koninkijke Philips Elec Reg Sh Com 500472303 314 13704 SH SOLE 13704 Liberty All-Star Equity Fd Com 530158104 118 13534 SH SOLE 13534 Liberty Ppty Tr Sh Ben Int Com 531172104 231 5800 SH SOLE 5800 Lilly Eli & Co Com 532457108 1069 17800 SH SOLE 17800 Lucent Technologies Com 549463107 310 97748 SH SOLE 97748 MBIA Inc Com 55262C100 1877 32250 SH SOLE 32250 MDU Research Group Com 552690109 213 8100 SH SOLE 8100 Marsh & McLennan Cos Com 571748102 1125 24580 SH SOLE 24580 McDonald's Corp Com 580135101 418 14900 SH SOLE 14900 McGraw-Hill Inc Com 580645109 283 3550 SH SOLE 3550 McKesson Corp Com 58155Q103 285 11100 SH SOLE 11100 Medco Health Solutions Com 58405U102 565 18276 SH SOLE 18276 Medtronic Inc Com 585055106 1601 30850 SH SOLE 30850 Mellon Finl Corp Com 58551A108 903 32610 SH SOLE 32610 Merck & Co Inc Com 589331107 5952 180349 SH SOLE 180349 Merrill Lynch & Co Inc Com 590188108 1986 39945 SH SOLE 39945 Microsoft Corp Com 594918104 4159 150430 SH SOLE 150430 Midcap Spdr Tr Ser 1 Com 595635103 4871 44958 SH SOLE 44958 Morgan Stanley Com 617446448 405 8217 SH SOLE 8217 Motorola Inc Com 620076109 576 31950 SH SOLE 31950 MuniHldgs Florida Insd Com 62624W105 285 19000 SH SOLE 19000 Nasdaq 100 Tr Ser 1 Com 631100104 841 23942 SH SOLE 23942 Nextel Communications Cl A Com 65332V103 316 13235 SH SOLE 13235 Nisource Inc Com 65473P105 1842 87662 SH SOLE 87662 Norfolk Southern Corp Com 655844108 470 15795 SH SOLE 15795 Nuveen Muni Advantage Fd Com 67062H106 445 28800 SH SOLE 28800 Oracle Corp Com 68389X105 135 11956 SH SOLE 11956 PNC Finl Svcs Group Com 693475105 4348 80362 SH SOLE 80362 PPG Inds Inc Com 693506107 558 9109 SH SOLE 9109 PPL Corporation Com 69351T106 449 9518 SH SOLE 9518 Pall Corp Com 696429307 2644 107991 SH SOLE 107991 Parkvale Financial Com 701492100 212 7860 SH SOLE 7860 Pepsico Inc Com 713448108 5286 108659 SH SOLE 108659 Pfizer Inc Com 717081103 4029 131682 SH SOLE 131682 Pitney Bowes Inc Com 724479100 353 8000 SH SOLE 8000 Procter & Gamble Co Com 742718109 5343 98717 SH SOLE 98717 Progress Energy Inc Com 743263105 261 6175 SH SOLE 6175 Radioshack Corp Com 750438103 355 12400 SH SOLE 12400 Raytheon Co Com 755111507 208 5465 SH SOLE 5465 Rohm & Haas Co Com 775371107 407 9483 SH SOLE 9483 Royal Dutch Pete Co Com 780257804 1295 25100 SH SOLE 25100 Rydex ETF Trust Com 78355W106 2118 15189 SH SOLE 15189 SBC Communications Com 78387G103 3004 115762 SH SOLE 115762 Sara Lee Corp Com 803111103 232 10150 SH SOLE 10150 Schering Plough Corp Com 806605101 367 19267 SH SOLE 19267 Schlumberger Ltd Com 806857108 729 10825 SH SOLE 10825 Southtrust Corp Com 844730101 495 11880 SH SOLE 11880 Sprint Corp Com 852061100 285 14152 SH SOLE 14152 State Str Corp Com 857477103 784 18345 SH SOLE 18345 Streettracks Ser Tr Fortune 50 Com 86330E885 494 6243 SH SOLE 6243 Sun Microsystems Inc Com 866810104 110 27310 SH SOLE 27310 Suntrust Bks Inc Com 867914103 706 10034 SH SOLE 10034 Sysco Corp Com 871829107 269 8990 SH SOLE 8990 Target Corp Com 87612E106 1769 39084 SH SOLE 39084 Texas Instruments Com 882508104 3238 152163 SH SOLE 152163 Unilever N V N Y Shs Com 904784709 259 4480 SH SOLE 4480 Union Pac Corp Com 907818108 1798 30680 SH SOLE 30680 Unocal Corp Com 915289102 286 6650 SH SOLE 6650 Vanguard Index Tr Stk Mkt Vipe Com 922908769 4721 43808 SH SOLE 43808 Verizon Communications Com 92343V104 5835 148177 SH SOLE 148177 Wachovia Corp Com 929903102 3819 81352 SH SOLE 81352 Wal Mart Stores Inc Com 931142103 412 7750 SH SOLE 7750 Washington Mutual Com 939322103 231 5900 SH SOLE 5900 Wells Fargo & Co Com 949746101 1163 19505 SH SOLE 19505 Williams Cos Inc Del Com 969457100 218 18050 SH SOLE 18050 Wyeth Com 983024100 2756 73684 SH SOLE 73684 BankAmerica Cap II 7.00% Toprs Pfd 055188205 528 20000 SH SOLE 20000 Blackrock Municipal Income Tr Com 09248F109 212 15245.000SH SOLE 15245.000 Ishares Lehman US Treas Infl P Com 464287176 205 1970.000 SH SOLE 1970.000 Ishares Tr 1-3 Yr Tr Index Com 464287457 899 10953.000SH SOLE 10953.000 Ishares Tr 7-10 Yr Tr Index Com 464287440 474 5525.000 SH SOLE 5525.000 Ishares Tr GS Corp Bd Com 464287242 562 5027.000 SH SOLE 5027.000 Nuveen Pa Premium Income Muni Com 67061F101 285 18820.000SH SOLE 18820.000

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