# EDGAR Filing Document

**Accession Number:** 0001631775
**File Stem:** 0001631775-25-000003
**Filing Date:** 2025-8
**Character Count:** 16157
**Document Hash:** 53e851d18be896c1c84c7f06ded5e5d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001631775-25-000003.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001631775-25-000003

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Godshalk Welsh Capital Management, Inc.
- **CENTRAL INDEX KEY:** 0001631775

**ORGANIZATION NAME:**
- **EIN:** 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:** 251218172

**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:** 06-30-2025

**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 and CCO<br>**Phone:** 610-971-1079

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

Matthew W. Welsh  Radnor, PA  08-14-2025<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:** 130

**Form 13F Information Table Value Total:** $162327913

      (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 Co | COM | 88579Y101 |  | 572422 | 3760 | SH |  | SOLE |  | 0 | 0 | 3760 |
| Abbott Laboratories | COM | 002824100 |  | 428432 | 3150 | SH |  | SOLE |  | 0 | 0 | 3150 |
| AbbVie Inc | COM | 00287Y109 |  | 984900 | 5306 | SH |  | SOLE |  | 0 | 0 | 5306 |
| Adobe Systems Inc | COM | 00724F101 |  | 477797 | 1235 | SH |  | SOLE |  | 0 | 0 | 1235 |
| Airbnb Inc | COM | 009066101 |  | 254755 | 1925 | SH |  | SOLE |  | 0 | 0 | 1925 |
| Alphabet Inc Cl A | COM | 02079K305 |  | 3253206 | 18460 | SH |  | SOLE |  | 0 | 0 | 18460 |
| Alphabet Inc Cl C | COM | 02079K107 |  | 2011603 | 11340 | SH |  | SOLE |  | 0 | 0 | 11340 |
| American Express | COM | 025816109 |  | 3586930 | 11245 | SH |  | SOLE |  | 0 | 0 | 11245 |
| American Tower Corp | COM | 03027X100 |  | 1311754 | 5935 | SH |  | SOLE |  | 0 | 0 | 5935 |
| American Water Works Inc | COM | 030420103 |  | 448630 | 3225 | SH |  | SOLE |  | 0 | 0 | 3225 |
| Amgen Inc | COM | 031162100 |  | 344824 | 1235 | SH |  | SOLE |  | 0 | 0 | 1235 |
| Apple Inc | COM | 037833100 |  | 6851037 | 33392 | SH |  | SOLE |  | 0 | 0 | 33392 |
| Applied Materials Inc | COM | 654902204 |  | 236160 | 1290 | SH |  | SOLE |  | 0 | 0 | 1290 |
| Automatic Data Processing | COM | 053015103 |  | 2470284 | 8010 | SH |  | SOLE |  | 0 | 0 | 8010 |
| Bank of America Corp | COM | 060505104 |  | 2144542 | 45320 | SH |  | SOLE |  | 0 | 0 | 45320 |
| Becton Dickinson  Co | COM | 075887109 |  | 1065366 | 6185 | SH |  | SOLE |  | 0 | 0 | 6185 |
| Berkshire Hathaway Inc Cl B | COM | 084670702 |  | 4727999 | 9733 | SH |  | SOLE |  | 0 | 0 | 9733 |
| BHP Billiton Ltd ADR | ADR | 088606108 |  | 206787 | 4300 | SH |  | SOLE |  | 0 | 0 | 4300 |
| Blackstone Group Inc | COM | 09260D107 |  | 1510010 | 10095 | SH |  | SOLE |  | 0 | 0 | 10095 |
| Carrier Global Corp | COM | 14448C104 |  | 232378 | 3175 | SH |  | SOLE |  | 0 | 0 | 3175 |
| Cava Group Inc | COM | 148929102 |  | 452736 | 5375 | SH |  | SOLE |  | 0 | 0 | 5375 |
| Chevron Corp | COM | 166764100 |  | 1485596 | 10375 | SH |  | SOLE |  | 0 | 0 | 10375 |
| Chubb Limited | COM | H1467J104 |  | 214393 | 740 | SH |  | SOLE |  | 0 | 0 | 740 |
| Cigna Corp | COM | 125509109 |  | 910748 | 2755 | SH |  | SOLE |  | 0 | 0 | 2755 |
| Cisco Systems Inc | COM | 17275R102 |  | 2599669 | 37470 | SH |  | SOLE |  | 0 | 0 | 37470 |
| Clorox Company | COM | 189054109 |  | 291170 | 2425 | SH |  | SOLE |  | 0 | 0 | 2425 |
| Coca-Cola Company | COM | 191216100 |  | 275925 | 3900 | SH |  | SOLE |  | 0 | 0 | 3900 |
| Colgate-Palmolive Co | COM | 194162103 |  | 624938 | 6875 | SH |  | SOLE |  | 0 | 0 | 6875 |
| Comcast Corp Class A | COM | 20030N101 |  | 281380 | 7884 | SH |  | SOLE |  | 0 | 0 | 7884 |
| ConocoPhillips | COM | 20825C104 |  | 778943 | 8680 | SH |  | SOLE |  | 0 | 0 | 8680 |
| Consolidated Edison Inc | COM | 209115104 |  | 418961 | 4175 | SH |  | SOLE |  | 0 | 0 | 4175 |
| Corning Inc | COM | 219350105 |  | 696818 | 13250 | SH |  | SOLE |  | 0 | 0 | 13250 |
| Corteva Inc | COM | 22052L104 |  | 242372 | 3252 | SH |  | SOLE |  | 0 | 0 | 3252 |
| Costco Wholesale Corp | COM | 22160K105 |  | 5754542 | 5813 | SH |  | SOLE |  | 0 | 0 | 5813 |
| CSX Corp | COM | 126408103 |  | 844791 | 25890 | SH |  | SOLE |  | 0 | 0 | 25890 |
| DuPont de Nemours Inc | COM | 26614N102 |  | 397753 | 5799 | SH |  | SOLE |  | 0 | 0 | 5799 |
| eBay Inc | COM | 278642103 |  | 320178 | 4300 | SH |  | SOLE |  | 0 | 0 | 4300 |
| Ecolab Inc | COM | 278865100 |  | 1379533 | 5120 | SH |  | SOLE |  | 0 | 0 | 5120 |
| Elevance Health | COM | 036752103 |  | 252824 | 650 | SH |  | SOLE |  | 0 | 0 | 650 |
| Essential Utilities Inc | COM | 29670G102 |  | 852772 | 22961 | SH |  | SOLE |  | 0 | 0 | 22961 |
| Exxon Mobil Corp | COM | 30231G102 |  | 261415 | 2425 | SH |  | SOLE |  | 0 | 0 | 2425 |
| Fidelity High Dividend | COM | 316092840 |  | 1736948 | 33390 | SH |  | SOLE |  | 0 | 0 | 33390 |
| Globus Medical Inc A | COM | 379577208 |  | 2951000 | 50000 | SH |  | SOLE |  | 0 | 0 | 50000 |
| Hilton Worldwide Hldgs | COM | 43300A203 |  | 206414 | 775 | SH |  | SOLE |  | 0 | 0 | 775 |
| Home Depot Inc | COM | 437076102 |  | 2078482 | 5669 | SH |  | SOLE |  | 0 | 0 | 5669 |
| Honeywell International Inc | COM | 438516106 |  | 650900 | 2795 | SH |  | SOLE |  | 0 | 0 | 2795 |
| IBM Corp | COM | 459200101 |  | 294780 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| IdaCorp Incorporated | COM | 451107106 |  | 846941 | 7336 | SH |  | SOLE |  | 0 | 0 | 7336 |
| Intuit Inc | COM | 461202103 |  | 5919039 | 7515 | SH |  | SOLE |  | 0 | 0 | 7515 |
| Invesco Preferred | ETF | 46138E511 |  | 455217 | 40900 | SH |  | SOLE |  | 0 | 0 | 40900 |
| Invesco QQQ Trust | ETF | 46090E103 |  | 708857 | 1285 | SH |  | SOLE |  | 0 | 0 | 1285 |
| Invesco S 500 Eq Wt | ETF | 46137V357 |  | 2534565 | 13946 | SH |  | SOLE |  | 0 | 0 | 13946 |
| iShares Core Growth Allocation | ETF | 464289867 |  | 578300 | 9393 | SH |  | SOLE |  | 0 | 0 | 9393 |
| iShares Core Moderate Allocati | ETF | 464289875 |  | 820471 | 17821 | SH |  | SOLE |  | 0 | 0 | 17821 |
| iShares Core MSCI EAFE | ETF | 46432F842 |  | 2282279 | 27339 | SH |  | SOLE |  | 0 | 0 | 27339 |
| iShares Core S US Growth | ETF | 464287671 |  | 648976 | 4315 | SH |  | SOLE |  | 0 | 0 | 4315 |
| iShares iBonds Dec 2025 Term C | ETF | 46434VBD1 |  | 778062 | 30900 | SH |  | SOLE |  | 0 | 0 | 30900 |
| iShares iBonds Dec 2025 Term M | ETF | 46435U432 |  | 227490 | 8500 | SH |  | SOLE |  | 0 | 0 | 8500 |
| iShares iBonds Dec 2026 Term C | ETF | 46435GAA0 |  | 1568975 | 64700 | SH |  | SOLE |  | 0 | 0 | 64700 |
| iShares iBonds Dec 2026 Term M | ETF | 46435U259 |  | 614952 | 24000 | SH |  | SOLE |  | 0 | 0 | 24000 |
| iShares iBonds Dec 2027 Term C | ETF | 46435UAA9 |  | 2075085 | 85500 | SH |  | SOLE |  | 0 | 0 | 85500 |
| iShares iBonds Dec 2027 Term M | ETF | 46435U283 |  | 703463 | 27750 | SH |  | SOLE |  | 0 | 0 | 27750 |
| iShares iBonds Dec 2028 Term C | ETF | 46435U515 |  | 1874725 | 73750 | SH |  | SOLE |  | 0 | 0 | 73750 |
| iShares iBonds Dec 2028 Term M | ETF | 46435U325 |  | 654308 | 25750 | SH |  | SOLE |  | 0 | 0 | 25750 |
| iShares iBonds Dec 2029 Term C | ETF | 46436E205 |  | 1070847 | 45900 | SH |  | SOLE |  | 0 | 0 | 45900 |
| iShares iBonds Dec 2029 Term M | ETF | 46436E163 |  | 239685 | 9500 | SH |  | SOLE |  | 0 | 0 | 9500 |
| iShares iBonds Dec 2030 Term C | ETF | 46436E726 |  | 258265 | 11750 | SH |  | SOLE |  | 0 | 0 | 11750 |
| iShares MSCI EAFE Index | ETF | 464287465 |  | 357560 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| iShares MSCI EmergMkt Min Vol | ETF | 464286533 |  | 489840 | 7800 | SH |  | SOLE |  | 0 | 0 | 7800 |
| iShares National Muni | ETF | 464288414 |  | 1178012 | 11275 | SH |  | SOLE |  | 0 | 0 | 11275 |
| iShares Russell 2000 Index | ETF | 464287655 |  | 2753891 | 12762 | SH |  | SOLE |  | 0 | 0 | 12762 |
| iShares Russell Top 200 Growth | ETF | 464289438 |  | 889901 | 3610 | SH |  | SOLE |  | 0 | 0 | 3610 |
| iShares Short Term Nat Muni Bd | ETF | 464288158 |  | 1448883 | 13625 | SH |  | SOLE |  | 0 | 0 | 13625 |
| Johnson  Johnson | COM | 478160104 |  | 1849192 | 12106 | SH |  | SOLE |  | 0 | 0 | 12106 |
| JP Morgan Chase  Co | COM | 46625H100 |  | 2871559 | 9905 | SH |  | SOLE |  | 0 | 0 | 9905 |
| L3Harris Technologies Inc | COM | 502431109 |  | 862890 | 3440 | SH |  | SOLE |  | 0 | 0 | 3440 |
| Labcorp Hldgs Inc. | COM | 50540R409 |  | 412141 | 1570 | SH |  | SOLE |  | 0 | 0 | 1570 |
| Lockheed Martin Corp | COM | 539830109 |  | 509454 | 1100 | SH |  | SOLE |  | 0 | 0 | 1100 |
| Lowes Companies Inc | COM | 548661107 |  | 1700634 | 7665 | SH |  | SOLE |  | 0 | 0 | 7665 |
| Markel Corp | COM | 570535104 |  | 205728 | 103 | SH |  | SOLE |  | 0 | 0 | 103 |
| Masco Corp | COM | 574599106 |  | 315364 | 4900 | SH |  | SOLE |  | 0 | 0 | 4900 |
| Mastercard Inc | COM | 57636Q104 |  | 539462 | 960 | SH |  | SOLE |  | 0 | 0 | 960 |
| McDonalds Corp | COM | 580135101 |  | 1209584 | 4140 | SH |  | SOLE |  | 0 | 0 | 4140 |
| Merck  Co | COM | 58933Y105 |  | 1029476 | 13005 | SH |  | SOLE |  | 0 | 0 | 13005 |
| MetLife Inc | COM | 59156R108 |  | 442310 | 5500 | SH |  | SOLE |  | 0 | 0 | 5500 |
| Microsoft Corporation | COM | 594918104 |  | 10231724 | 20570 | SH |  | SOLE |  | 0 | 0 | 20570 |
| Mondelez Intl Inc Cl A | COM | 609207105 |  | 885150 | 13125 | SH |  | SOLE |  | 0 | 0 | 13125 |
| Nestle SA ADR | COM | 641069406 |  | 1122316 | 11300 | SH |  | SOLE |  | 0 | 0 | 11300 |
| NextEra Energy Inc | COM | 65339F101 |  | 742794 | 10700 | SH |  | SOLE |  | 0 | 0 | 10700 |
| Oracle Corp | COM | 68389X105 |  | 6617930 | 30270 | SH |  | SOLE |  | 0 | 0 | 30270 |
| Paychex Inc | COM | 704326107 |  | 2528095 | 17380 | SH |  | SOLE |  | 0 | 0 | 17380 |
| Pepsico Inc | COM | 713448108 |  | 1154030 | 8740 | SH |  | SOLE |  | 0 | 0 | 8740 |
| Phillips 66 | COM | 718546104 |  | 850013 | 7125 | SH |  | SOLE |  | 0 | 0 | 7125 |
| Procter  Gamble | COM | 742718109 |  | 2299784 | 14435 | SH |  | SOLE |  | 0 | 0 | 14435 |
| Quest Diagnostics Inc | COM | 74834L100 |  | 592779 | 3300 | SH |  | SOLE |  | 0 | 0 | 3300 |
| Republic Services Inc | COM | 760759100 |  | 419237 | 1700 | SH |  | SOLE |  | 0 | 0 | 1700 |
| RPM International | COM | 749685103 |  | 939681 | 8555 | SH |  | SOLE |  | 0 | 0 | 8555 |
| RTX Corp | COM | 75513E101 |  | 1200430 | 8221 | SH |  | SOLE |  | 0 | 0 | 8221 |
| Schwab US Small Cap | COM | 808524607 |  | 222640 | 8800 | SH |  | SOLE |  | 0 | 0 | 8800 |
| Simon Property Group | COM | 828806109 |  | 245159 | 1525 | SH |  | SOLE |  | 0 | 0 | 1525 |
| Southern Company | COM | 842587107 |  | 229575 | 2500 | SH |  | SOLE |  | 0 | 0 | 2500 |
| SPDR Portfolio High Yield Bond | ETF | 78468R606 |  | 636650 | 26750 | SH |  | SOLE |  | 0 | 0 | 26750 |
| SPDR S 500 | ETF | 78462F103 |  | 1158469 | 1875 | SH |  | SOLE |  | 0 | 0 | 1875 |
| Stantec Inc | COM | 85472N109 |  | 239096 | 2200 | SH |  | SOLE |  | 0 | 0 | 2200 |
| Starbucks Corp | COM | 855244109 |  | 1232424 | 13450 | SH |  | SOLE |  | 0 | 0 | 13450 |
| Sysco Corporation | COM | 871829107 |  | 1718541 | 22690 | SH |  | SOLE |  | 0 | 0 | 22690 |
| T Rowe Price Capital Apprec Eq | ETF | 87283Q867 |  | 1427958 | 40475 | SH |  | SOLE |  | 0 | 0 | 40475 |
| Taiwan Semiconductor Mfg ADR | ADR | 874039100 |  | 890106 | 3930 | SH |  | SOLE |  | 0 | 0 | 3930 |
| Target Corporation | COM | 87612E106 |  | 631853 | 6405 | SH |  | SOLE |  | 0 | 0 | 6405 |
| TJX Companies Inc | COM | 872540109 |  | 1565236 | 12675 | SH |  | SOLE |  | 0 | 0 | 12675 |
| Uber Technologies Inc | COM | 90353T100 |  | 1083680 | 11615 | SH |  | SOLE |  | 0 | 0 | 11615 |
| Union Pacific Corp | COM | 907818108 |  | 299104 | 1300 | SH |  | SOLE |  | 0 | 0 | 1300 |
| United Parcel Service Inc | COM | 911312106 |  | 496625 | 4920 | SH |  | SOLE |  | 0 | 0 | 4920 |
| UnitedHealth Group Inc | COM | 91324P102 |  | 637979 | 2045 | SH |  | SOLE |  | 0 | 0 | 2045 |
| Valero Energy Corp | COM | 91913Y100 |  | 984627 | 7325 | SH |  | SOLE |  | 0 | 0 | 7325 |
| Vanguard Div Appreciation | ETF | 921908844 |  | 1355325 | 6622 | SH |  | SOLE |  | 0 | 0 | 6622 |
| Vanguard Info Technology | ETF | 92204A702 |  | 285210 | 430 | SH |  | SOLE |  | 0 | 0 | 430 |
| Vanguard REIT | ETF | 922908553 |  | 666614 | 7485 | SH |  | SOLE |  | 0 | 0 | 7485 |
| Vanguard Short Term Bond Index | ETF | 921937827 |  | 366154 | 4653 | SH |  | SOLE |  | 0 | 0 | 4653 |
| Vanguard Total Stock Mkt | ETF | 922908769 |  | 305657 | 1006 | SH |  | SOLE |  | 0 | 0 | 1006 |
| Vgd Consumer Discretionary | ETF | 92204A108 |  | 347827 | 960 | SH |  | SOLE |  | 0 | 0 | 960 |
| Vgd Int Term Bond Index Fund | ETF | 921937819 |  | 283784 | 3669 | SH |  | SOLE |  | 0 | 0 | 3669 |
| Visa Inc | COM | 92826C839 |  | 1331438 | 3750 | SH |  | SOLE |  | 0 | 0 | 3750 |
| Walmart Inc | COM | 931142103 |  | 1236428 | 12645 | SH |  | SOLE |  | 0 | 0 | 12645 |
| Waste Connections Inc | COM | 94106B101 |  | 650719 | 3485 | SH |  | SOLE |  | 0 | 0 | 3485 |
| Waste Management Inc | COM | 94106L109 |  | 2011328 | 8790 | SH |  | SOLE |  | 0 | 0 | 8790 |
| WideOpenWest Inc | COM | 96758W101 |  | 287854 | 70900 | SH |  | SOLE |  | 0 | 0 | 70900 |
| WR Berkley Corp | COM | 084423102 |  | 3386526 | 46094 | SH |  | SOLE |  | 0 | 0 | 46094 |
| YUM! Brands Inc | COM | 988498101 |  | 962429 | 6495 | SH |  | SOLE |  | 0 | 0 | 6495 |
| Zoetis Inc | COM | 98978V103 |  | 1264755 | 8110 | SH |  | SOLE |  | 0 | 0 | 8110 |

---