13F-HR 1 a2150244z13f-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: 12/31/04 ----------------------- 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: 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: 161 -------------------- Form 13F Information Table Value Total: $ 266,645 -------------------- (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 ~~5057~~5153 ~~63236~~62786 SH SOLE ~~63236~~62786 AT&T Corp Com 001957505 ~~263~~343 ~~18336~~17995 SH SOLE ~~18336~~17995 Abbott Labs Com 002824100 ~~1026~~1126 ~~24232~~24132 SH SOLE ~~24232~~24132 Adesa Inc Com 00686U104 ~~532~~657 ~~32350~~30950 SH SOLE ~~32350~~30950 Affiliated Computer Svcs Cl A Com 008190100 ~~296~~264 ~~5310~~4380 SH SOLE ~~5310~~4380 Air Prods & Chems Inc Com 009158106 ~~2448~~2019 ~~45024~~34824 SH SOLE ~~45024~~34824 Alcoa Inc Com 013817101 ~~3162~~2791 ~~94149~~88825 SH SOLE ~~94149~~87325 1500 Allete Inc Com 018522102 ~~366~~398 ~~11272~~10840 SH SOLE ~~11272~~10740 100 Altria Group Inc Com 02209S103 ~~342~~444 7268 SH SOLE 7268 American Express Co Com 025816109 ~~520~~626 ~~10100~~11100 SH SOLE 10100 1000 American Intl Group Com 026874107 ~~3073~~1193 ~~45202~~18166 SH SOLE ~~45202~~17566 600 Amgen Inc Com 031162100 ~~4092~~4287 ~~72030~~66825 SH SOLE ~~72030~~66825 Anheuser Busch Cos Inc Com 035229103 ~~647~~627 ~~12945~~12350 SH SOLE ~~12945~~12350 Aqua America Inc Com 03836W103 ~~773~~829 ~~34981~~33705 SH SOLE ~~34981~~33705 Automatic Data Process Com 053015103 ~~4032~~4047 ~~97580~~91245 SH SOLE ~~97580~~90945 300 Avery Dennison Corp Com 053611109 ~~1158~~1235 ~~17600~~20600 SH SOLE ~~17600~~20600 Avon Prods Inc Com 054303102 ~~418~~370 9566 SH SOLE 9566 BP Plc Spons ADR Com 055622104 ~~3140~~3088 ~~54583~~52882 SH SOLE ~~54583~~52362 520 Bank New York Inc Com 064057102 ~~228~~251 ~~7800~~7500 SH SOLE ~~7800~~7500 Bank Of America Corp Com 060505104 ~~3793~~4850 ~~87540~~103223 SH SOLE ~~87540~~101891 1332 Baxter International Com 071813109 ~~236~~314 ~~7350~~9100 SH SOLE 7350 1750 Beckman Coulter Com 075811109 ~~1214~~1236 ~~21635~~18455 SH SOLE ~~21635~~18455 Becton Dickinson & Co Com 075887109 ~~1739~~1751 ~~33646~~30821 SH SOLE ~~33646~~30821 Bellsouth Corp Com 079860102 ~~686~~778 ~~25281~~27981 SH SOLE ~~25281~~27981 Berkshire Hathaway Cl B Com 084670207 ~~1054~~1078 367 SH SOLE 367 Best Buy Inc Com 086516101 ~~358~~380 ~~6600~~6400 SH SOLE ~~6600~~6400 Black & Decker Corp Com 091797100 ~~1319~~1378 ~~17030~~15600 SH SOLE ~~17030~~15600 Blackrock ~~Invt Qual Term Com 09247J102 152 15500 SH SOLE 15500 Blackrock~~ Municipal Target Ter Com 09247M105 ~~168~~166 15800 SH SOLE 15800 Boeing Co Com 097023105 ~~2522~~2529 48850 SH SOLE 48850 Bristol Myers Squibb Com 110122108 ~~1342~~1553 ~~56705~~60605 SH SOLE ~~56705~~59005 1600 Burlington Nrthn Santa Com 12189T104 ~~231~~273 ~~6024~~5778 SH SOLE ~~6024~~5778 Burlington Resources Com 122014103 ~~2183~~1954 ~~53505~~44930 SH SOLE ~~53505~~44530 ~~CVS~~400 ~~Corp Com 126650100 211 5000 SH SOLE 5000~~ Cabot Corp Com 127055101 ~~1838~~1844 47665 SH SOLE 47665 Cabot Microelectronics Com 12709P103 ~~475~~525 13091 SH SOLE 13091 Centurytel Inc Com 156700106 ~~455~~422 ~~13288~~11893 SH SOLE ~~13288~~11893 Chevrontexaco Corp Com 166764100 ~~7220~~6347 ~~134610~~120864 SH SOLE ~~134610~~120864 Chubb Corp Com 171232101 ~~1980~~2040 ~~28178~~26532 SH SOLE ~~28178~~26532 Cigna Corp Com 125509109 ~~1853~~481 ~~26619~~5896 SH SOLE ~~26619~~5896 Cisco Sys Inc Com 17275R102 ~~2286~~2145 ~~126295~~111025 SH SOLE ~~126295~~109025 2000 Citigroup Inc Com 172967101 ~~4035~~4617 ~~91457~~95834 SH SOLE ~~91457~~94706 1128 Coca Cola Co Com 191216100 ~~1538~~1637 ~~38411~~39311 SH SOLE ~~38411~~39311 Colgate Palmolive Co Com 194162103 ~~689~~755 ~~15250~~14750 SH SOLE ~~15250~~14750 Page 1 Comcast Corp Cl A Com 20030N101 ~~611~~658 ~~21644~~19778 SH SOLE ~~21644~~19455 323 Comcast Corp Cl A Spl Com 20030N200 ~~3334~~3567 ~~119418~~108608 SH SOLE ~~119418~~107608 1000 Commerce Bancshares Com 200525103 ~~295~~324 ~~6141~~6447 SH SOLE ~~6141~~6447 Commerce Group Inc Mass Com 200641108 ~~242~~305 5000 SH SOLE 5000 Computer Sciences Corp Com 205363104 ~~414~~299 ~~8795~~5300 SH SOLE ~~8795~~5300 ConAgra Foods Inc Com 205887102 ~~3888~~4186 ~~151218~~142143 SH SOLE ~~151218~~141743 400 ConocoPhillips Com 20825C104 ~~463~~421 ~~5590~~4853 SH SOLE ~~5590~~4853 Corning Inc Com 219350105 ~~208~~241 ~~18800~~20450 SH SOLE 18800 1650 DJ US Healthcare Sector iShare Com 464287762 ~~1890~~1300 ~~33914~~22034 SH SOLE ~~33914~~22034 Deere & Co Com 244199105 ~~290~~334 4492 SH SOLE 4492 Dell Inc Com 24702R101 ~~2226~~2255 ~~62535~~53505 SH SOLE ~~62535~~53505 Dentsply International Com 249030107 ~~753~~815 14500 SH SOLE 14500 Diamonds Tr Unit Ser 1 Com 252787106 ~~2615~~989 ~~25928~~9200 SH SOLE ~~25928~~9200 Disney Walt Co Com 254687106 ~~1902~~2443 ~~84355~~87890 SH SOLE ~~84355~~87890 Dominion Res Va Com 25746U109 ~~803~~833 12301 SH SOLE 12301 Dow Chem Co Com 260543103 ~~503~~400 ~~11133~~8074 SH SOLE ~~11133~~8074 Du Pont E I De Nemours Com 263534109 ~~4901~~5463 ~~114507~~111383 SH SOLE ~~114507~~111383 Duke Energy Corp Com 264399106 ~~546~~602 ~~23850~~23750 SH SOLE ~~23850~~23750 Duke Realty Corp Com 264411505 ~~442~~370 ~~13325~~10830 SH SOLE ~~13325~~10830 ~~Eaton Corp Com 278058102 265 4181 SH SOLE 4181~~ Emerson Elec Co Com 291011104 ~~5188~~5518 ~~83820~~78720 SH SOLE ~~83820~~78420 300 Exxon Mobil Corp Com 30231G102 ~~12312~~12364 ~~254740~~241195 SH SOLE ~~254740~~237527 3668 FPL Group Inc Com 302571104 ~~2086~~964 ~~30531~~12895 SH SOLE ~~30531~~12895 First Financial Holdings Com 320239106 ~~594~~622 19000 SH SOLE 19000 Gannett Inc Com 364730101 ~~1494~~1721 ~~17842~~21067 SH SOLE ~~17842~~20967 100 General Elec Co Com 369604103 ~~9663~~9935 ~~287770~~272180 SH SOLE ~~287770~~272180 General Mills Com 370334104 ~~500~~553 11127 SH SOLE 11127 General Mtrs Corp Com 370442105 ~~276~~247 ~~6505~~6165 SH SOLE ~~6505~~6165 Gillette Co Com 375766102 ~~301~~318 ~~7200~~7100 SH SOLE ~~7200~~7100 Glaxosmithkline Plc Spons ADR Com 37733W105 ~~818~~756 ~~18704~~15950 SH SOLE ~~18704~~15350 600 Guidant Corp Com 401698105 ~~423~~534 ~~6400~~7400 SH SOLE 6400 1000 Harley Davidson Inc Com 412822108 ~~2683~~2469 ~~45145~~40650 SH SOLE ~~45145~~40650 Heinz H J Co Com 423074103 ~~3136~~3207 ~~87055~~82240 SH SOLE ~~87055~~81240 ~~Hewlett~~1000 ~~Packard Co Com 428236103 188 10048 SH SOLE 10048~~ Home Depot Inc Com 437076102 ~~839~~893 ~~21400~~20900 SH SOLE ~~21400~~20900 Inco Ltd Com 453258402 ~~1398~~1368 ~~35800~~37190 SH SOLE ~~35800~~37190 Ingersoll-Rand Co Cl A Com G4776G101 ~~781~~849 ~~11489~~10574 SH SOLE ~~11489~~9574 1000 Intel Corp Com 458140100 ~~2085~~2594 ~~103930~~110890 SH SOLE ~~103930~~109490 1400 International Bus Mach Com 459200101 ~~6935~~7654 ~~80889~~77639 SH SOLE ~~80889~~77539 100 Intl Paper Co Com 460146103 ~~1030~~713 ~~25482~~16982 SH SOLE ~~25482~~16982 Ishares Tr DJ Us Industrl Com 464287754 ~~1936~~1343 ~~37585~~23720 SH SOLE ~~37585~~23720 Ishares Tr DJ Us Tech Sec Com 464287721 ~~1927~~1409 ~~44855~~29085 SH SOLE ~~44855~~29085 Ishares Tr S&P 500 Index Com 464287200 ~~4503~~1687 ~~40276~~13944 SH SOLE ~~40276~~13944 Ishares Tr S&P Small Cap 600 Com 464287804 ~~3092~~2291 ~~21435~~14080 SH SOLE ~~21435~~14080 JPMorgan Chase & Co Com 46625H100 ~~4765~~4489 ~~119947~~115070 SH SOLE ~~119947~~114570 500 Johnson & Johnson Com 478160104 ~~11837~~13059 ~~210139~~205912 SH SOLE ~~210139~~194552 11360 Johnson Ctls Inc Com 478366107 ~~1775~~1665 ~~31248~~26238 SH SOLE ~~31248~~26238 KB Home Com 48666K109 ~~1218~~1310 ~~14415~~12550 SH SOLE ~~14415~~12550 Keycorp Com 493267108 ~~278~~264 ~~8790~~7790 SH SOLE ~~8790~~7790 Kimberly Clark Corp Com 494368103 ~~2045~~2047 ~~31655~~31103 SH SOLE ~~31655~~30503 600 Page 2 Koninkijke Philips Elec Reg Sh Com 500472303 ~~314~~386 ~~13704~~14554 SH SOLE ~~13704~~12354 2200 Liberty All-Star Equity Fd Com 530158104 ~~118~~129 13534 SH SOLE 13534 Liberty Ppty Tr Sh Ben Int Com 531172104 ~~231~~251 5800 SH SOLE 5800 Lilly Eli & Co Com 532457108 ~~1069~~1010 17800 SH SOLE 17800 Lucent Technologies Com 549463107 ~~310~~349 ~~97748~~92756 SH SOLE ~~97748~~92756 MBIA Inc Com 55262C100 ~~1877~~1751 ~~32250~~27675 SH SOLE ~~32250~~27675 MDU Research Group Com 552690109 ~~213~~216 8100 SH SOLE 8100 Marsh & McLennan Cos Com 571748102 ~~1125~~265 ~~24580~~8050 SH SOLE ~~24580~~7250 800 McDonald's Corp Com 580135101 ~~418~~478 14900 SH SOLE 14900 McGraw-Hill Inc Com 580645109 ~~283~~325 3550 SH SOLE 3550 McKesson Corp Com 58155Q103 ~~285~~260 ~~11100~~8250 SH SOLE ~~11100~~8250 Medco Health Solutions Com 58405U102 ~~565~~732 ~~18276~~17598 SH SOLE ~~18276~~17174 424 Medtronic Inc Com 585055106 ~~1601~~2478 ~~30850~~49890 SH SOLE ~~30850~~49690 200 Mellon Finl Corp Com 58551A108 ~~903~~952 ~~32610~~30610 SH SOLE ~~32610~~30610 Merck & Co Inc Com 589331107 ~~5952~~2604 ~~180349~~81028 SH SOLE ~~180349~~79948 1080 Merrill Lynch & Co Inc Com 590188108 ~~1986~~2203 ~~39945~~36860 SH SOLE ~~39945~~36860 Microsoft Corp Com 594918104 ~~4159~~3706 ~~150430~~138699 SH SOLE ~~150430~~138699 Midcap Spdr Tr Ser 1 Com 595635103 ~~4871~~3544 ~~44958~~29291 SH SOLE ~~44958~~29291 Morgan Stanley Com 617446448 ~~405~~423 ~~8217~~7617 SH SOLE ~~8217~~7617 Motorola Inc Com 620076109 ~~576~~512 ~~31950~~29750 SH SOLE ~~31950~~29750 MuniHldgs Florida Insd Com 62624W105 ~~285~~289 19000 SH SOLE 19000 Nasdaq 100 Tr Ser 1 Com 631100104 ~~841~~366 ~~23942~~9175 SH SOLE ~~23942~~9175 Newmont Mining Com 651639106 213 4800 SH SOLE 4800 Nextel Communications Cl A Com 65332V103 ~~316~~357 ~~13235~~11900 SH SOLE ~~13235~~11900 Nisource Inc Com 65473P105 ~~1842~~2247 ~~87662~~98620 SH SOLE ~~87662~~98120 500 Norfolk Southern Corp Com 655844108 ~~470~~489 ~~15795~~13500 SH SOLE ~~15795~~13500 Nuveen Muni Advantage Fd Com 67062H106 ~~445~~440 28800 SH SOLE 28800 Oracle Corp Com 68389X105 ~~135~~154 ~~11956~~11206 SH SOLE ~~11956~~11206 PNC Finl Svcs Group Com 693475105 ~~4348~~4425 ~~80362~~77032 SH SOLE ~~80362~~77032 PPG Inds Inc Com 693506107 ~~558~~539 ~~9109~~7909 SH SOLE ~~9109~~7909 PPL Corporation Com 69351T106 ~~449~~507 9518 SH SOLE 9518 Pall Corp Com 696429307 ~~2644~~2777 ~~107991~~95911 SH SOLE ~~107991~~95911 Parkvale Financial Com 701492100 ~~212~~226 7860 SH SOLE 7860 Pepsico Inc Com 713448108 ~~5286~~5413 ~~108659~~103702 SH SOLE ~~108659~~102702 1000 Pfizer Inc Com 717081103 ~~4029~~3575 ~~131682~~132946 SH SOLE ~~131682~~132246 700 Pitney Bowes Inc Com 724479100 ~~353~~370 8000 SH SOLE 8000 Procter & Gamble Co Com 742718109 ~~5343~~5081 ~~98717~~92252 SH SOLE ~~98717~~91252 1000 Progress Energy Inc Com 743263105 ~~261~~279 6175 SH SOLE 6175 Radioshack Corp Com 750438103 ~~355~~408 12400 SH SOLE 12400 Raytheon Co Com 755111507 ~~208~~212 5465 SH SOLE 5465 Rohm & Haas Co Com 775371107 ~~407~~419 9483 SH SOLE 9483 Royal Dutch Pete Co Com 780257804 ~~1295~~1374 ~~25100~~23940 SH SOLE ~~25100~~23940 Rydex ETF Trust Com 78355W106 ~~2118~~1563 ~~15189~~10010 SH SOLE ~~15189~~10010 SBC Communications Com 78387G103 ~~3004~~2890 ~~115762~~112156 SH SOLE ~~115762~~111156 1000 Sara Lee Corp Com 803111103 ~~232~~208 ~~10150~~8610 SH SOLE ~~10150~~8610 Schering Plough Corp Com 806605101 ~~367~~396 ~~19267~~18967 SH SOLE ~~19267~~18967 Schlumberger Ltd Com 806857108 ~~729~~671 ~~10825~~10025 SH SOLE ~~10825~~9825 ~~Southtrust~~200 ~~Corp Com 844730101 495 11880 SH SOLE 11880~~ Sprint Corp Com 852061100 ~~285~~222 ~~14152~~8945 SH SOLE ~~14152~~8945 Page 3 State Str Corp Com 857477103 ~~784~~778 ~~18345~~15845 SH SOLE ~~18345~~15845 Streettracks Ser Tr Fortune 50 Com 86330E885 ~~494~~209 ~~6243~~2430 SH SOLE ~~6243~~2430 Sun Microsystems Inc Com 866810104 ~~110~~56 ~~27310~~10310 SH SOLE ~~27310~~10310 Suntrust Bks Inc Com 867914103 ~~706~~741 10034 SH SOLE 10034 Sysco Corp Com 871829107 ~~269~~309 ~~8990~~8100 SH SOLE ~~8990~~8100 Target Corp Com 87612E106 ~~1769~~1795 ~~39084~~34565 SH SOLE ~~39084~~34265 300 Teleflex Inc Com 879369106 203 3900 SH SOLE 3900 Texas Instruments Com 882508104 ~~3238~~3413 ~~152163~~138645 SH SOLE ~~152163~~138245 400 Unilever N V N Y Shs Com 904784709 ~~259~~299 4480 SH SOLE 4480 Union Pac Corp Com 907818108 ~~1798~~1855 ~~30680~~27590 SH SOLE ~~30680~~27590 Unocal Corp Com 915289102 ~~286~~244 ~~6650~~5650 SH SOLE ~~6650~~5350 300 Vanguard Index Tr Stk Mkt Vipe Com 922908769 ~~4721~~3467 ~~43808~~29370 SH SOLE ~~43808~~29370 Varian Medical Systems Com 92220P105 225 5200 SH SOLE 5200 Verizon Communications Com 92343V104 ~~5835~~5618 ~~148177~~138677 SH SOLE ~~148177~~138377 300 Wachovia Corp Com 929903102 ~~3819~~4221 ~~81352~~80247 SH SOLE ~~81352~~80247 Wal Mart Stores Inc Com 931142103 ~~412~~380 ~~7750~~7200 SH SOLE ~~7750~~7200 ~~Washington Mutual Com 939322103 231 5900 SH SOLE 5900~~ Wells Fargo & Co Com 949746101 ~~1163~~1212 19505 SH SOLE 19505 Williams Cos Inc Del Com 969457100 ~~218~~281 ~~18050~~17250 SH SOLE ~~18050~~17250 Wyeth Com 983024100 ~~2756~~2991 ~~73684~~70219 SH SOLE ~~73684~~69919 300 BankAmerica Cap II 7.00% Toprs Pfd 055188205 ~~528~~1029 ~~20000~~38500 SH SOLE ~~20000~~38500 ~~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~~516 ~~10953~~6333.~~000SH~~000 SH SOLE ~~10953~~6333.000 Ishares Tr 7-10 Yr Tr Index Com 464287440 ~~474~~315 ~~5525~~3705.000 SH SOLE ~~5525~~3705.000 Ishares Tr GS Corp Bd Com 464287242 ~~562~~359 ~~5027~~3217.000 SH SOLE ~~5027~~3217.000 ~~Nuveen Pa Premium Income Muni Com 67061F101 285 18820.000SH SOLE 18820.000~~

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