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Institutional Investment Manager
Godshalk Welsh Capital Management, Inc.
Godshalk Welsh Capital Management, Inc. (CIK: 0001631775) incorporated in Pennsylvania, located at 170 N. Radnor Chester Road, Radnor, PA. Institutional holdings reported to the SEC.

Institutional Holdings (2016Q2)
Portfolio Summary: 128 holdings with a total value of $94,886,000.
#
Name
Shares
Value ($)
%
Options
Notes
1 MICROSOFT CORP 49,925 2,580,000 2.72%
2 POWERSHARES ETF TR II 149,400 2,277,000 2.40%
3 JOHNSON & JOHNSON 17,003 2,062,000 2.17%
4 BERKSHIRE HATHAWAY INC DE CL B NEW 14,072 2,037,000 2.15%
5 GLOBUS MED INC 80,572 1,920,000 2.02%
6 MERCK & CO INC 31,491 1,831,000 1.93%
7 PAYCHEX INC 30,770 1,831,000 1.93%
8 ISHARES TR 15,878 1,826,000 1.92%
9 PROCTER AND GAMBLE CO 21,530 1,823,000 1.92%
10 GENERAL ELECTRIC CO 56,200 1,769,000 1.86%
11 VERIZON COMMUNICATIONS INC 30,268 1,690,000 1.78%
12 INTUIT 14,645 1,635,000 1.72%
13 SYSCO CORP 31,770 1,612,000 1.70%
14 APPLE COMPUTER INC 16,665 1,593,000 1.68%
15 COSTCO WHSL CORP NEW 10,028 1,591,000 1.68%
16 HOME DEPOT INC 11,756 1,527,000 1.61%
17 CISCO SYS INC 50,300 1,443,000 1.52%
18 CHEVRON CORP NEW 13,472 1,412,000 1.49%
19 PEPSICO INC 12,700 1,345,000 1.42%
20 ORACLE CORP 32,189 1,324,000 1.40%
21 WR BERKLEY CORP 20,450 1,225,000 1.29%
22 MONDELEZ INTL INC 26,100 1,188,000 1.25%
23 LOWES COS INC 14,850 1,176,000 1.24%
24 AQUA AMERICA INC 32,710 1,166,000 1.23%
25 EXPRESS SCRIPTS HLDG CO 14,495 1,099,000 1.16%
26 Bank of New York Mellon 28,150 1,094,000 1.15%
27 Auto Data Processing 11,622 1,068,000 1.13%
28 AT&T INC 24,550 1,061,000 1.12%
29 WASTE MGMT INC DEL 15,320 1,015,000 1.07%
30 PFIZER INC 28,025 987,000 1.04%
31 ECOLAB INC 8,270 981,000 1.03%
32 Berkshire Hills Bancorp 34,050 917,000 0.97%
33 EXXON MOBIL CORP 9,613 901,000 0.95%
34 UNITED TECHNOLOGIES CORP 8,721 894,000 0.94%
35 METLIFE INC 22,300 888,000 0.94%
36 GLAXOSMITHKLINE PLC 20,300 880,000 0.93%
37 UNITED PARCEL SERVICE INC 7,813 863,000 0.91%
38 Becton Dickinson & C 4,985 845,000 0.89%
39 VANGUARD SPECIALIZED FUNDS 10,116 842,000 0.89%
40 COLGATE PALMOLIVE CO 11,100 813,000 0.86%
41 ZOETIS INC 17,050 809,000 0.85%
42 INTERNATIONAL BUSINESS MACHS 5,300 804,000 0.85%
43 PAYPAL HLDGS INC 21,900 800,000 0.84%
44 STARBUCKS CORP 13,800 788,000 0.83%
45 BANK AMERICA CORP 59,150 785,000 0.83%
46 AMERICAN TOWER CORP NEW 6,890 783,000 0.83%
47 CONOCOPHILLIPS 17,888 780,000 0.82%
48 AMERICAN EXPRESS CO 12,595 765,000 0.81%
49 3M CO 4,210 737,000 0.78%
50 PATTERSON COS INC 14,625 700,000 0.74%
Page 1 of 3

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001631775-16-000007, filed 2016.08.12).

From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.