"Blackhill Capital, Inc."
STOCK PORTFOLIO
Master Portfolio Group
September 30 2000
Market
Security Class CUSIP Quantity Value
PFIZER Common 717081103 1431937 64347691.41
WILLIAMS SONOMA Common 969904101 1504364 52276649
BRISTOL MYERS Common 110122108 662060 37820177.5
GENERAL ELECTRIC Common 369604103 641579 37011088.56
TIME WARNER Common 887315109 317000 24805250
ELI LILLY Common 532457108 300952 24414731
AMERICAN HOME Common 26609107 251840 14244700
HARTFORD FINANCIAL Common 4165151048 190850 13920121.87
MERCK Common 589331107 182200 13584843.75
SCHERING-PLOUGH Common 806605101 276050 12836325
KIMBERLY CLARK Common 494368103 222400 12412700
BP AMOCO Common 55622104 217878 11547534
GILLETTE Common 375766102 341642 10548196.75
J&J Common 478160104 107450 10093584.37
BAXTER Common 71813109 102400 8172800
LEHMAN BROTHERS Common 524908100 55000 8126250
LUCENT Common 549463107 262184 8012998.5
DISNEY Common 254687106 203850 7797262.5
ABBOTT LABS Common 2824100 159094 7566908.37
EXXON/MOBIL Common 30231G102 66807 5954173.87
LOEWS CORP Common 540424108 70000 5836250
PHARMACIA Common 716941109 84400 5079825
KINDER MORGAN Common 29356N108 104800 4964900
EASTMAN KODAK Common 277461109 111250 4547343.75
SMITHKLINE BEECHAM Common 832378301 60000 4117500
AUTOMATIC DATA Common 53015103 60600 4052625
SIGMA ALDRICH Common 826552101 105000 3465000
AIG Common 26874107 19792 1893894.84
UNOCAL Common 915289102 51750 1833890.62
TEXACO Common 881694103 30000 1575000
S&P 500 SPYDERS Common 78462F103 10550 1515243.75
MICROSOFT Common 594918104 23364 1409141.25
CATERPILLAR INC. Common 149123101 40005 1350168.75
STATE STREET Common 857477102 8400 1092000
SARA LEE Common 803111103 50000 1015625
TC PIPELINES Common 87233Q108 50000 981250
VIACOM Common 9255241005 15567 910689.97
CISCO SYSTEMS Common 17275R102 15288 844662
TIFFANY & CO. Common 886547108 20000 771250
ARCHSTONE Common 814141107 27069 664882.31
NORTHERN BORDER Common 664785102 16600 524975
BUCKEYE PARTNERS Common 118230101 17700 508875
LAKEHEAD PIPELINE Common 511577100 12200 506300
SEIBEL SYSTEMS Common 8160062092 4352 484432
CITIGROUP Common 172967101 8675 469005.11
IBM Common 459200101 4100 461250
AFS Common 460081088 12000 456000
CORNING Common 2193501051 1175 348975
CROMPTON Common 2271161000 41589 327513.37
DELL COMPUTER Common 2470251099 10050 309665.62
MELLON FINANCIAL Common 58551A1088 5336 247457
EMERSON ELEC Common 2910111044 3000 201000
INTEL Common 4581401001 4600 191187.5
PHILADELPHIA SUB Common 7180096080 8000 185500
AMERICAN WATER Common 304111026 6250 172265.62
PARK PLACE Common 7006901000 10000 151250
AMERICAN STATE Common 298991011 3600 108900
CALIFORNIA WATER Common 1307881029 3800 101650
AMERICAN TEL&TELEG Common 19571092 3236 95057.5
AMGEN Common 311621009 800 55862.48
PHILLIP MORRIS Common 7181541076 1627 47894.81
GOLDMAN SACHS Common 38141G1040 300 34181.25
HOMESTORECOM Common 4378521060 720 33660
SAFEWAY Common 7865142084 702 32774.62
TOOTSIE ROLL CL. B Common 8905162066 595 21866.25
AMD Common 79031078 480 11340
TOOTSIE ROLL Common 8905161076 252 9891
CHASE MANHATTAN Common 16161A11088 187 8637
UPS Common 9113121068 150 8456.25
COSTCO Common 22160K1051 160 5590
UBET.COM Common 9874131017 2000 3875
BANKATLANTIC Common 659085015 550 2303.12
CYGNUS Common 2325601027 100 1100
