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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 (2016Q4)
Portfolio Summary: 131 holdings with a total value of $97,741,000.
#
Name
Shares
Value ($)
%
Options
Notes
51 AMERICAN TOWER CORP NEW 6,790 718,000 0.73%
52 3M CO 4,010 716,000 0.73%
53 EXXON MOBIL CORP 7,882 711,000 0.73%
54 HARRIS CORP 6,885 706,000 0.72%
55 VANGUARD BD INDEX FDS 8,750 695,000 0.71%
56 COLGATE PALMOLIVE CO 10,600 694,000 0.71%
57 RPM INTL INC 12,680 683,000 0.70%
58 ALPHABET INC 861 682,000 0.70%
59 VANGUARD BD INDEX FDS 8,025 667,000 0.68%
60 MCDONALDS CORP 5,360 652,000 0.67%
61 ABBVIE INC 10,358 649,000 0.66%
62 UNITEDHEALTH GROUP INC 3,945 631,000 0.65%
63 Covanta Holding Corp 40,250 628,000 0.64%
64 SCHLUMBERGER LTD 7,330 615,000 0.63%
65 ALPHABET INC 786 607,000 0.62%
66 IDACORP INC 7,336 591,000 0.60%
67 PHILLIPS 66 6,725 581,000 0.59%
68 CSX CORP 14,600 525,000 0.54%
69 CONSOLIDATED EDISON INC 7,100 523,000 0.54%
70 CLOROX CO DEL 4,325 519,000 0.53%
71 QUEST DIAGNOSTICS INC 5,600 515,000 0.53%
72 SPDR S&P 500 ETF TR 2,223 497,000 0.51%
73 MASCO CORP 15,600 493,000 0.50%
74 COMCAST CORP NEW 7,100 490,000 0.50%
75 ALPS ETF TR 37,850 477,000 0.49%
76 VISA INC 6,000 468,000 0.48%
77 STERICYCLE INC 6,075 468,000 0.48%
78 WELLS FARGO & CO NEW 8,300 457,000 0.47%
79 DEVON ENERGY CORP NEW 9,975 456,000 0.47%
80 NEXTERA ENERGY INC 3,800 454,000 0.46%
81 V F CORP 8,200 437,000 0.45%
82 CBS CORP NEW 6,800 433,000 0.44%
83 PPL CORP 12,430 423,000 0.43%
84 GENERAL MLS INC 6,700 414,000 0.42%
85 CVS HEALTH CORP 5,125 404,000 0.41%
86 YUM BRANDS INC 6,250 396,000 0.41%
87 INTEL CORP 10,850 394,000 0.40%
88 EBAY INC 13,225 393,000 0.40%
89 ISHARES TR 3,725 391,000 0.40%
90 AMERICAN WTR WKS CO INC NEW 5,350 387,000 0.40%
91 LOCKHEED MARTIN CORP 1,500 375,000 0.38%
92 DU PONT E I DE NEMOURS & CO 4,900 360,000 0.37%
93 ALTRIA GROUP INC 5,250 355,000 0.36%
94 ISHARES 7,000 342,000 0.35%
95 GENUINE PARTS CO 3,550 339,000 0.35%
96 WAL-MART STORES INC 4,880 337,000 0.34%
97 PHILIP MORRIS INTL INC 3,650 334,000 0.34%
98 UGI CORP NEW 7,200 332,000 0.34%
99 ANHEUSER BUSCH INBEV SA/NV 3,100 327,000 0.33%
100 BOEING CO 2,070 322,000 0.33%
Page 2 of 3

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001631775-17-000001, filed 2017.02.15).

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.