# EDGAR Filing Document

**Accession Number:** 0001631775
**File Stem:** 0001631775-23-000001
**Filing Date:** 2023-2
**Character Count:** 14448
**Document Hash:** d28a982655aa99e17f7c33659a05beb6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001631775-23-000001.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001631775-23-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230213

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Godshalk Welsh Capital Management, Inc.
- **CENTRAL INDEX KEY:** 0001631775
- **IRS NUMBER:** 232649919
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16414
- **FILM NUMBER:** 23620712

**BUSINESS ADDRESS:**
- **STREET 1:** 170 N. RADNOR CHESTER ROAD
- **STREET 2:** SUITE 100
- **CITY:** RADNOR
- **STATE:** PA
- **ZIP:** 19087
- **BUSINESS PHONE:** 610-971-0202

**MAIL ADDRESS:**
- **STREET 1:** 170 N. RADNOR CHESTER ROAD
- **STREET 2:** SUITE 100
- **CITY:** RADNOR
- **STATE:** PA
- **ZIP:** 19087

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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:** Godshalk Welsh Capital Management Inc.<br>**Address:** 170 N. RADNOR CHESTER ROAD<br>SUITE 100<br>RADNOR, PA 19087

**Form 13F File Number:** 028-16414

**CRD Number (if applicable):** 000106410

**SEC File Number (if applicable):** 801-39857

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:** Matthew W. Welsh<br>**Title:** President<br>**Phone:** (610)-971-1079

**Signature, Place, and Date of Signing:**

Matthew W. Welsh  Radnor, PA  02-13-2023<br>[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 are reported 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).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 113

**Form 13F Information Table Value Total:** $137092421

      (round to nearest dollar)

**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**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M Company | COM | 88579Y101 |  | 295003 | 2460 | SH |  | SOLE |  | 0 | 0 | 2460 |
| Abbott Laboratories | COM | 002824100 |  | 385034 | 3507 | SH |  | SOLE |  | 0 | 0 | 3507 |
| AbbVie Inc | COM | 00287Y109 |  | 1196884 | 7406 | SH |  | SOLE |  | 0 | 0 | 7406 |
| Alphabet Inc Cl A | COM | 02079K305 |  | 1977675 | 22415 | SH |  | SOLE |  | 0 | 0 | 22415 |
| Alphabet Inc Cl C | COM | 02079K107 |  | 1295458 | 14600 | SH |  | SOLE |  | 0 | 0 | 14600 |
| American Express | COM | 025816109 |  | 2041905 | 13820 | SH |  | SOLE |  | 0 | 0 | 13820 |
| American Tower Corp | COM | 03027X100 |  | 1371794 | 6475 | SH |  | SOLE |  | 0 | 0 | 6475 |
| American Water Works Inc | COM | 030420103 |  | 747620 | 4905 | SH |  | SOLE |  | 0 | 0 | 4905 |
| Apple Inc | COM | 037833100 |  | 5881801 | 45269 | SH |  | SOLE |  | 0 | 0 | 45269 |
| Automatic Data Processing | COM | 053015103 |  | 2288279 | 9580 | SH |  | SOLE |  | 0 | 0 | 9580 |
| Bank of America Corp | COM | 060505104 |  | 1660140 | 50125 | SH |  | SOLE |  | 0 | 0 | 50125 |
| Becton Dickinson  Co | COM | 075887109 |  | 1466040 | 5765 | SH |  | SOLE |  | 0 | 0 | 5765 |
| Berkley W R Corporation | COM | 084423102 |  | 2800041 | 38584 | SH |  | SOLE |  | 0 | 0 | 38584 |
| Berkshire Hathaway Inc Cl B | COM | 084670702 |  | 3641313 | 11788 | SH |  | SOLE |  | 0 | 0 | 11788 |
| BHP Billiton Ltd ADR | ADR | 088606108 |  | 291635 | 4700 | SH |  | SOLE |  | 0 | 0 | 4700 |
| Blackstone Group Inc | COM | 09260D107 |  | 791978 | 10675 | SH |  | SOLE |  | 0 | 0 | 10675 |
| Bristol-Myers Squibb Co | COM | 110122108 |  | 420908 | 5850 | SH |  | SOLE |  | 0 | 0 | 5850 |
| Chevron Corp | COM | 166764100 |  | 2313267 | 12888 | SH |  | SOLE |  | 0 | 0 | 12888 |
| Cigna Corp | COM | 125509109 |  | 1065258 | 3215 | SH |  | SOLE |  | 0 | 0 | 3215 |
| Cisco Systems Inc | COM | 17275R102 |  | 1935232 | 40622 | SH |  | SOLE |  | 0 | 0 | 40622 |
| Clorox Company | COM | 189054109 |  | 396432 | 2825 | SH |  | SOLE |  | 0 | 0 | 2825 |
| Coca-Cola Company | COM | 191216100 |  | 260801 | 4100 | SH |  | SOLE |  | 0 | 0 | 4100 |
| Colgate-Palmolive Co | COM | 194162103 |  | 737474 | 9360 | SH |  | SOLE |  | 0 | 0 | 9360 |
| Comcast Corp Class A | COM | 20030N101 |  | 890861 | 25475 | SH |  | SOLE |  | 0 | 0 | 25475 |
| ConocoPhillips | COM | 20825C104 |  | 1056100 | 8950 | SH |  | SOLE |  | 0 | 0 | 8950 |
| Consolidated Edison Inc | COM | 209115104 |  | 514674 | 5400 | SH |  | SOLE |  | 0 | 0 | 5400 |
| Corning Inc | COM | 219350105 |  | 344154 | 10775 | SH |  | SOLE |  | 0 | 0 | 10775 |
| Costco Wholesale Corp | COM | 22160K105 |  | 3561622 | 7802 | SH |  | SOLE |  | 0 | 0 | 7802 |
| CSX Corp | COM | 126408103 |  | 943031 | 30440 | SH |  | SOLE |  | 0 | 0 | 30440 |
| CVS Health Corporation | COM | 126650100 |  | 1146237 | 12300 | SH |  | SOLE |  | 0 | 0 | 12300 |
| Danaher Corp | COM | 235851102 |  | 418037 | 1575 | SH |  | SOLE |  | 0 | 0 | 1575 |
| Disney Walt Company | COM | 254687106 |  | 459335 | 5287 | SH |  | SOLE |  | 0 | 0 | 5287 |
| DuPont de Nemours Inc | COM | 26614N102 |  | 508480 | 7409 | SH |  | SOLE |  | 0 | 0 | 7409 |
| Ecolab Inc | COM | 278865100 |  | 836242 | 5745 | SH |  | SOLE |  | 0 | 0 | 5745 |
| Elevance Health | COM | 036752103 |  | 333431 | 650 | SH |  | SOLE |  | 0 | 0 | 650 |
| Essential Utilities Inc | COM | 29670G102 |  | 1465836 | 30711 | SH |  | SOLE |  | 0 | 0 | 30711 |
| General Mills Inc | COM | 370334104 |  | 247358 | 2950 | SH |  | SOLE |  | 0 | 0 | 2950 |
| Genuine Parts Co | COM | 372460105 |  | 242914 | 1400 | SH |  | SOLE |  | 0 | 0 | 1400 |
| Globus Medical Inc | COM | 379577208 |  | 5368607 | 72285 | SH |  | SOLE |  | 0 | 0 | 72285 |
| Hershey Company | COM | 427866108 |  | 486297 | 2100 | SH |  | SOLE |  | 0 | 0 | 2100 |
| Home Depot Inc | COM | 437076102 |  | 2198070 | 6959 | SH |  | SOLE |  | 0 | 0 | 6959 |
| Honeywell International Inc | COM | 438516106 |  | 219658 | 1025 | SH |  | SOLE |  | 0 | 0 | 1025 |
| IdaCorp Incorporated | COM | 451107106 |  | 791188 | 7336 | SH |  | SOLE |  | 0 | 0 | 7336 |
| Intel Corp | COM | 458140100 |  | 391798 | 14824 | SH |  | SOLE |  | 0 | 0 | 14824 |
| Intl Flavors  Fragrances | COM | 459506101 |  | 584798 | 5578 | SH |  | SOLE |  | 0 | 0 | 5578 |
| Intuit Inc | COM | 461202103 |  | 3701482 | 9510 | SH |  | SOLE |  | 0 | 0 | 9510 |
| Invesco Preferred | ETF | 46138E511 |  | 1470259 | 131508 | SH |  | SOLE |  | 0 | 0 | 131508 |
| Invesco QQQ Trust | ETF | 46090E103 |  | 445220 | 1672 | SH |  | SOLE |  | 0 | 0 | 1672 |
| Invesco S 500 Eq Wt | ETF | 46137V357 |  | 1822862 | 12905 | SH |  | SOLE |  | 0 | 0 | 12905 |
| iShares Core Growth Allocation | ETF | 464289867 |  | 293575 | 6225 | SH |  | SOLE |  | 0 | 0 | 6225 |
| iShares Core Moderate Allocati | ETF | 464289875 |  | 617673 | 16250 | SH |  | SOLE |  | 0 | 0 | 16250 |
| iShares Core MSCI EAFE | ETF | 46432F842 |  | 1302875 | 21137 | SH |  | SOLE |  | 0 | 0 | 21137 |
| iShares Core S US Growth | ETF | 464287671 |  | 370508 | 4545 | SH |  | SOLE |  | 0 | 0 | 4545 |
| iShares MSCI EmergMkt Min Vol | ETF | 464286533 |  | 442968 | 8350 | SH |  | SOLE |  | 0 | 0 | 8350 |
| iShares Russell 2000 Index | ETF | 464287655 |  | 2258094 | 12951 | SH |  | SOLE |  | 0 | 0 | 12951 |
| iShares Short Term Corporate | ETF | 464288646 |  | 258243 | 5184 | SH |  | SOLE |  | 0 | 0 | 5184 |
| Johnson  Johnson | COM | 478160104 |  | 2310759 | 13081 | SH |  | SOLE |  | 0 | 0 | 13081 |
| JP Morgan Chase  Co | COM | 46625H100 |  | 1552208 | 11575 | SH |  | SOLE |  | 0 | 0 | 11575 |
| Kimberly-Clark Corp | COM | 494368103 |  | 244350 | 1800 | SH |  | SOLE |  | 0 | 0 | 1800 |
| L3Harris Technologies Inc | COM | 502431109 |  | 919247 | 4415 | SH |  | SOLE |  | 0 | 0 | 4415 |
| Laboratory Corp of America | COM | 50540R409 |  | 262560 | 1115 | SH |  | SOLE |  | 0 | 0 | 1115 |
| Lockheed Martin Corp | COM | 539830109 |  | 620275 | 1275 | SH |  | SOLE |  | 0 | 0 | 1275 |
| Lowes Companies Inc | COM | 548661107 |  | 2133860 | 10710 | SH |  | SOLE |  | 0 | 0 | 10710 |
| Masco Corp | COM | 574599106 |  | 338358 | 7250 | SH |  | SOLE |  | 0 | 0 | 7250 |
| Mastercard Inc | COM | 57636Q104 |  | 330344 | 950 | SH |  | SOLE |  | 0 | 0 | 950 |
| McDonalds Corp | COM | 580135101 |  | 1267579 | 4810 | SH |  | SOLE |  | 0 | 0 | 4810 |
| Merck  Co | COM | 58933Y105 |  | 2546635 | 22953 | SH |  | SOLE |  | 0 | 0 | 22953 |
| MetLife Inc | COM | 59156R108 |  | 615145 | 8500 | SH |  | SOLE |  | 0 | 0 | 8500 |
| Microsoft Corporation | COM | 594918104 |  | 6713521 | 27994 | SH |  | SOLE |  | 0 | 0 | 27994 |
| Mondelez Intl Inc Cl A | COM | 609207105 |  | 1037207 | 15562 | SH |  | SOLE |  | 0 | 0 | 15562 |
| Nestle SA ADR | ADR | 641069406 |  | 1436560 | 12455 | SH |  | SOLE |  | 0 | 0 | 12455 |
| NextEra Energy Inc | COM | 65339F101 |  | 913330 | 10925 | SH |  | SOLE |  | 0 | 0 | 10925 |
| Oracle Corp | COM | 68389X105 |  | 2877248 | 35200 | SH |  | SOLE |  | 0 | 0 | 35200 |
| Paychex Inc | COM | 704326107 |  | 2376491 | 20565 | SH |  | SOLE |  | 0 | 0 | 20565 |
| PayPal Holdings Inc | COM | 70450Y103 |  | 1143651 | 16058 | SH |  | SOLE |  | 0 | 0 | 16058 |
| Pepsico Inc | COM | 713448108 |  | 1946612 | 10775 | SH |  | SOLE |  | 0 | 0 | 10775 |
| Pfizer Inc | COM | 717081103 |  | 1356579 | 26475 | SH |  | SOLE |  | 0 | 0 | 26475 |
| Phillips 66 | COM | 718546104 |  | 720754 | 6925 | SH |  | SOLE |  | 0 | 0 | 6925 |
| Procter  Gamble | COM | 742718109 |  | 2578036 | 17010 | SH |  | SOLE |  | 0 | 0 | 17010 |
| Quest Diagnostics Inc | COM | 74834L100 |  | 567095 | 3625 | SH |  | SOLE |  | 0 | 0 | 3625 |
| Raytheon Technologies Corp | COM | 75513E101 |  | 755184 | 7483 | SH |  | SOLE |  | 0 | 0 | 7483 |
| Republic Services Inc | COM | 760759100 |  | 296677 | 2300 | SH |  | SOLE |  | 0 | 0 | 2300 |
| RPM International | COM | 749685103 |  | 960370 | 9855 | SH |  | SOLE |  | 0 | 0 | 9855 |
| Schwab US Small-Cap | ETF | 808524607 |  | 234958 | 5800 | SH |  | SOLE |  | 0 | 0 | 5800 |
| Simon Property Group | COM | 828806109 |  | 249645 | 2125 | SH |  | SOLE |  | 0 | 0 | 2125 |
| SPDR S 500 | ETF | 78462F103 |  | 717056 | 1875 | SH |  | SOLE |  | 0 | 0 | 1875 |
| Starbucks Corp | COM | 855244109 |  | 1715168 | 17290 | SH |  | SOLE |  | 0 | 0 | 17290 |
| Sysco Corporation | COM | 871829107 |  | 2053676 | 26863 | SH |  | SOLE |  | 0 | 0 | 26863 |
| Target Corporation | COM | 87612E106 |  | 1298884 | 8715 | SH |  | SOLE |  | 0 | 0 | 8715 |
| TJX Companies Inc | COM | 872540109 |  | 1166140 | 14650 | SH |  | SOLE |  | 0 | 0 | 14650 |
| Uber Technologies Inc | COM | 90353T100 |  | 221334 | 8950 | SH |  | SOLE |  | 0 | 0 | 8950 |
| UGI Corporation | COM | 902681105 |  | 255783 | 6900 | SH |  | SOLE |  | 0 | 0 | 6900 |
| UniFirst Corp | COM | 904708104 |  | 723713 | 3750 | SH |  | SOLE |  | 0 | 0 | 3750 |
| Unilever PLC ADR | ADR | 904767704 |  | 572731 | 11375 | SH |  | SOLE |  | 0 | 0 | 11375 |
| Union Pacific Corp | COM | 907818108 |  | 266085 | 1285 | SH |  | SOLE |  | 0 | 0 | 1285 |
| United Parcel Service Inc | COM | 911312106 |  | 1840444 | 10587 | SH |  | SOLE |  | 0 | 0 | 10587 |
| UnitedHealth Group Inc | COM | 91324P102 |  | 1526918 | 2880 | SH |  | SOLE |  | 0 | 0 | 2880 |
| Valero Energy Corp | COM | 91913Y100 |  | 1043424 | 8225 | SH |  | SOLE |  | 0 | 0 | 8225 |
| Vanguard Div Appreciation | ETF | 921908844 |  | 1405372 | 9255 | SH |  | SOLE |  | 0 | 0 | 9255 |
| Vanguard Muni Bond | ETF | 922907746 |  | 693963 | 14022 | SH |  | SOLE |  | 0 | 0 | 14022 |
| Vanguard REIT | ETF | 922908553 |  | 862741 | 10460 | SH |  | SOLE |  | 0 | 0 | 10460 |
| Vanguard Short Term Bond Index | ETF | 921937827 |  | 1312358 | 17433 | SH |  | SOLE |  | 0 | 0 | 17433 |
| Vanguard Total Stock Mkt | ETF | 922908769 |  | 213177 | 1115 | SH |  | SOLE |  | 0 | 0 | 1115 |
| Verizon Communications | COM | 92343V104 |  | 555737 | 14105 | SH |  | SOLE |  | 0 | 0 | 14105 |
| Vgd Consumer Discretionary | ETF | 92204A108 |  | 215735 | 985 | SH |  | SOLE |  | 0 | 0 | 985 |
| Vgd Int Term Bond Index Fund | ETF | 921937819 |  | 1080786 | 14542 | SH |  | SOLE |  | 0 | 0 | 14542 |
| Visa Inc | COM | 92826C839 |  | 993093 | 4780 | SH |  | SOLE |  | 0 | 0 | 4780 |
| Walmart Inc | COM | 931142103 |  | 613242 | 4325 | SH |  | SOLE |  | 0 | 0 | 4325 |
| Waste Management Inc | COM | 94106L109 |  | 1625277 | 10360 | SH |  | SOLE |  | 0 | 0 | 10360 |
| WEC Energy Group | COM | 92939U106 |  | 201584 | 2150 | SH |  | SOLE |  | 0 | 0 | 2150 |
| WideOpenWest Inc | COM | 96758W101 |  | 967974 | 106254 | SH |  | SOLE |  | 0 | 0 | 106254 |
| YUM Brands Inc | COM | 988498101 |  | 847890 | 6620 | SH |  | SOLE |  | 0 | 0 | 6620 |
| Zoetis Inc | COM | 98978V103 |  | 1542439 | 10525 | SH |  | SOLE |  | 0 | 0 | 10525 |

---