Blackhill Capital Inc
STOCK PORTFOLIO
Master Portfolio Group
December 31 2000
6: Market Value Voting
Name of issuer Class CUSIP (X1000) Discretion Quantity Other managers Authority
PFIZER Common 717081103 65748.38 Sole 1429312 None Sole
BRISTOL MYERS Common 110122108 45564.72 Sole 616260 None Sole
GENERAL ELECTRIC Common 369604103 30607.09 Sole 638479 None Sole
WILLIAMS SONOMA Common 969904101 29805.28 Sole 1490264 None Sole
ELI LILLY Common 532457108 28132.98 Sole 302302 None Sole
MERCK Common 589331107 17086.56 Sole 182500 None Sole
TIME WARNER Common 887315109 16560.08 Sole 317000 None Sole
AMERICAN HOME Common 026609107 16214.15 Sole 255140 None Sole
SCHERING-PLOUGH Common 806605101 15620.44 Sole 275250 None Sole
KIMBERLY CLARK Common 494368103 15424.56 Sole 218200 None Sole
HARTFORD FINANCIAL Common 416515104 13478.78 Sole 190850 None Sole
GILLETTE Common 375766102 12339.61 Sole 341581 None Sole
JOHNSON & JOHNSON Common 478160104 11288.97 Sole 107450 None Sole
BP AMOCO Common 055622104 10430.91 Sole 217878 None Sole
BAXTER Common 071813109 9043.2 Sole 102400 None Sole
ABBOTT LABS Common 02824100 7802.99 Sole 161094 None Sole
LEHMAN BROTHERS Common 524908100 7438.75 Sole 110000 None Sole
LOEWS CORP Common 540424108 7249.38 Sole 70000 None Sole
KINDER MORGAN Common 494550106 5901.55 Sole 104800 None Sole
DISNEY Common 254687106 5891.68 Sole 203600 None Sole
EXXON MOBIL Common 30231G102 5808.03 Sole 66807 None Sole
PHARMACIA Common 71713U102 5026.4 Sole 82400 None Sole
SIGMA ALDRICH Common 826552101 4127.81 Sole 105000 None Sole
ADP Common 053015103 3786.09 Sole 59800 None Sole
LUCENT Common 549463107 3539.48 Sole 262184 None Sole
GLAXOSMITHKLINE Common 37733W105 3186.4 Sole 56900 None Sole
UNOCAL Common 915289102 2775.83 Sole 71750 None Sole
EASTMAN KODAK Common 277461109 2659.78 Sole 67550 None Sole
AMERICAN INTL GROUP Common 026874107 2100.61 Sole 21312 None Sole
CATERPILLAR INC Common 149123101 1892.74 Sole 40005 None Sole
TEXACO Common 880779103 1863.75 Sole 30000 None Sole
S&P 500 INDEX Common 78462F103 1252.84 Sole 9550 None Sole
SARA LEE Common 803111103 1228.13 Sole 50000 None Sole
TC PIPELINES Common 87233Q108 1091.48 Sole 56700 None Sole
STATE STREET Common 857477103 1043.36 Sole 8400 None Sole
CITIGROUP Common 172967101 841.24 Sole 16475 None Sole
VIACOM Common 925524100 830.72 Sole 17769 None Sole
ARCHSTONE Common 039581103 697.03 Sole 27069 None Sole
TIFFANY & CO Common 886547108 632.5 Sole 20000 None Sole
MICROSOFT Common 594918104 536.29 Sole 12364 None Sole
NORTHERN BORDER Common 664785102 520.83 Sole 16600 None Sole
BUCKEYE LP Common 118230101 505.31 Sole 17500 None Sole
LAKEHEAD PIPELINE Common 511577100 503.25 Sole 12200 None Sole
GREAT PLAINS Common 39119E109 489.45 Sole 10400 None Sole
CISCO SYSTEMS Common 17275R102 481.49 Sole 12588 None Sole
CROMPTON Common 227116100 436.68 Sole 41589 None Sole
HONEYWELL Common 438516106 350.11 Sole 7400 None Sole
IBM Common 459200101 348.5 Sole 4100 None Sole
EMERSON ELECTRIC Common 291011104 291.61 Sole 3700 None Sole
SUN MICROSYSTEMS Common 866810104 278.75 Sole 10000 None Sole
MELLON FINANCIAL Common 58551A108 269.35 Sole 5476 None Sole
PHILADELPHIA Common 718009608 245 Sole 10000 None Sole
ORACLE Common 68389X105 232.5 Sole 8000 None Sole
CORNING Common 219350105 186.16 Sole 3525 None Sole
AMERICAN WATER Common 030411102 183.59 Sole 6250 None Sole
VERITAS Common 923436109 175 Sole 2000 None Sole
SDL Inc Common 784076101 148.19 Sole 1000 None Sole
DELL COMPUTER Common 247025109 143.86 Sole 8250 None Sole
INTEL Common 458140100 138.29 Sole 4600 None Sole
AMERICAN STATE Common 029899101 132.75 Sole 3600 None Sole
NORTEL NETWORKS Common 656568102 128.25 Sole 4000 None Sole
PARK PLACE Common 700690100 119.38 Sole 10000 None Sole
FLEXTRONICS Common 999900002 114 Sole 4000 None Sole
CALIFORNIA WATER Common 130788102 102.6 Sole 3800 None Sole
PHILLIP MORRIS Common 718154107 71.59 Sole 1627 None Sole
MEDTRONIC INC Common 585055106 60.38 Sole 1000 None Sole
CVS CORP Common 126650100 59.94 Sole 1000 None Sole
COLGATE PALMOLIVE Common 194162103 58.1 Sole 900 None Sole
AMERICAN EXPRESS Common 025816109 54.94 Sole 1000 None Sole
AMGEN Common 031162100 51.15 Sole 800 None Sole
GOLDMAN SACHS Common 38141G104 32.08 Sole 300 None Sole
TOOTSIE ROLL CL Common 890516206 23.5 Sole 595 None Sole
PAINE WEBBER Common 695904409 14.72 Sole 1051 None Sole
TOOTSIE ROLL Common 890516107 11.61 Sole 252 None Sole
HOMESTORE.COM Common 437852106 8.57 Sole 426 None Sole
BANKATLANTIC Common 065908501 2.06 Sole 550 None Sole
KERKHOFF SECURITY Common 492110101 1.61 Sole 6428 None Sole
CON EDISON Common 209115104 0.5 Sole 13 None Sole
SAFEWAY Common 786514208 0.13 Sole 2 None Sole
JUNIPER GROUP Common 481905503 0.1 Sole 79 None Sole
