Dark
Light
System
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 (2016Q3)
Portfolio Summary: 134 holdings with a total value of $96,836,000.
#
Name
Shares
Value ($)
%
Options
Notes
1 MICROSOFT CORP 48,625 2,801,000 2.89%
2 POWERSHARES ETF TR II 149,400 2,260,000 2.33%
3 JOHNSON & JOHNSON 17,050 2,014,000 2.08%
4 ISHARES TR 15,878 1,972,000 2.04%
5 BERKSHIRE HATHAWAY INC DE CL B NEW 13,608 1,966,000 2.03%
6 MERCK & CO INC 30,991 1,934,000 2.00%
7 PROCTER AND GAMBLE CO 21,430 1,923,000 1.99%
8 APPLE COMPUTER INC 16,340 1,847,000 1.91%
9 PAYCHEX INC 30,720 1,778,000 1.84%
10 GLOBUS MED INC 78,644 1,775,000 1.83%
11 GENERAL ELECTRIC CO 56,400 1,671,000 1.73%
12 INTUIT 14,295 1,573,000 1.62%
13 VERIZON COMMUNICATIONS INC 30,262 1,573,000 1.62%
14 CISCO SYS INC 49,600 1,573,000 1.62%
15 SYSCO CORP 31,770 1,557,000 1.61%
16 COSTCO WHSL CORP NEW 9,995 1,524,000 1.57%
17 HOME DEPOT INC 11,706 1,506,000 1.56%
18 CHEVRON CORP NEW 13,600 1,400,000 1.45%
19 PEPSICO INC 12,700 1,381,000 1.43%
20 Bank of New York Mellon 33,850 1,350,000 1.39%
21 ORACLE CORP 31,250 1,228,000 1.27%
22 WR BERKLEY CORP 20,450 1,181,000 1.22%
23 MONDELEZ INTL INC 26,100 1,146,000 1.18%
24 METLIFE INC 24,450 1,086,000 1.12%
25 LOWES COS INC 14,750 1,065,000 1.10%
26 Auto Data Processing 11,750 1,036,000 1.07%
27 Berkshire Hills Bancorp 36,900 1,022,000 1.06%
28 AMERICAN EXPRESS CO 15,710 1,006,000 1.04%
29 AQUA AMERICA INC 32,610 994,000 1.03%
30 PFIZER INC 29,125 986,000 1.02%
31 BANK AMERICA CORP 62,800 983,000 1.02%
32 AT&T INC 24,050 977,000 1.01%
33 PAYPAL HLDGS INC 23,850 977,000 1.01%
34 WASTE MGMT INC DEL 15,320 977,000 1.01%
35 EXPRESS SCRIPTS HLDG CO 13,695 966,000 1.00%
36 GLAXOSMITHKLINE PLC 21,600 932,000 0.96%
37 ECOLAB INC 7,520 915,000 0.94%
38 CONOCOPHILLIPS 20,730 901,000 0.93%
39 Becton Dickinson & C 4,985 896,000 0.93%
40 UNITED TECHNOLOGIES CORP 8,785 893,000 0.92%
41 INTERNATIONAL BUSINESS MACHS 5,500 874,000 0.90%
42 ZOETIS INC 16,650 866,000 0.89%
43 UNITED PARCEL SERVICE INC 7,770 850,000 0.88%
44 VANGUARD SPECIALIZED FUNDS 10,116 849,000 0.88%
45 COLGATE PALMOLIVE CO 11,100 823,000 0.85%
46 EXXON MOBIL CORP 9,222 805,000 0.83%
47 PATTERSON COS INC 17,175 789,000 0.81%
48 AMERICAN TOWER CORP NEW 6,940 787,000 0.81%
49 STARBUCKS CORP 13,400 725,000 0.75%
50 3M CO 4,010 707,000 0.73%
Page 1 of 3

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001631775-16-000008, filed 2016.11.14).

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.