# EDGAR Filing Document

**Accession Number:** 0000872162
**File Stem:** 0001438934-25-000878
**Filing Date:** 2025-8
**Character Count:** 17879
**Document Hash:** 3636328c9146eb540315a7550fba48ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001438934-25-000878.hdr.sgml**: 20250815

**ACCESSION NUMBER**: 0001438934-25-000878

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250815

**EFFECTIVENESS DATE**: 20250815

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKHILL CAPITAL INC
- **CENTRAL INDEX KEY:** 0000872162

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NJ

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-02823
- **FILM NUMBER:** 251225665

**BUSINESS ADDRESS:**
- **STREET 1:** 161 MADISON AVENUE
- **CITY:** MORRISTOWN
- **STATE:** NJ
- **ZIP:** 07960
- **BUSINESS PHONE:** 9739847014

**MAIL ADDRESS:**
- **STREET 1:** 161 MADISON AVENUE
- **CITY:** MORRISTOWN
- **STATE:** NJ
- **ZIP:** 07960

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0000872162

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** BLACKHILL CAPITAL INC

**Address:** 161 Madison Ave, Morristown, NJ 07960

**Telephone number:** 973-984-7014

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-02823

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                     | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| ABBOTT LABORATORIES                | 002824100 | 04/25/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compensation                                                                         | SECTION 14A SAY-ON-PAY VOTES |         269083 |            29147 | FOR         |                                   269083 | FOR                         |  |
| ABBVIE INC.                        | 00287Y109 | 05/09/2025     | Say on Pay - An advisory vote on the approval of executive compensation                                                                         | SECTION 14A SAY-ON-PAY VOTES |         258634 |              176 | FOR         |                                   258634 | FOR                         |  |
| AMAZON.COM, INC.                   | 023135106 | 05/21/2025     | ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          26140 |                0 | FOR         |                                    26140 | FOR                         |  |
| AMERICAN STATES WATER COMPANY      | 029899101 | 05/20/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                      | SECTION 14A SAY-ON-PAY VOTES |           8442 |             2358 | FOR         |                                     8442 | FOR                         |  |
| AMERICAN WATER WORKS COMPANY, INC. | 030420103 | 05/14/2025     | Approval, on an advisory basis, of the compensation of the Company's named executive officers.                                                  | SECTION 14A SAY-ON-PAY VOTES |           1257 |             4743 | FOR         |                                     1257 | FOR                         |  |
| APPLE INC.                         | 037833100 | 02/25/2025     | Advisory vote to approve executive compensation                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         261116 |              284 | FOR         |                                   261116 | FOR                         |  |
| AVANOS MEDICAL,INC.                | 05350V106 | 04/24/2025     | Advisory vote to approve named executive officer compensation.                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           3098 |                0 | FOR         |                                     3098 | FOR                         |  |
| BRISTOL-MYERS SQUIBB COMPANY       | 110122108 | 05/06/2025     | Advisory Vote to Approve the Compensation of our Named Executive Officers                                                                       | SECTION 14A SAY-ON-PAY VOTES |         260132 |            24132 | FOR         |                                   260132 | FOR                         |  |
| CALIFORNIA WATER SERVICE GROUP     | 130788102 | 05/28/2025     | Advisory vote to approve executive compensation.                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           5830 |             1770 | FOR         |                                     5830 | FOR                         |  |
| CATERPILLAR INC.                   | 149123101 | 06/11/2025     | Advisory Vote to Approve Executive Compensation                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          59865 |              135 | FOR         |                                    59865 | FOR                         |  |
| CHEVRON CORPORATION                | 166764100 | 05/28/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           4650 |             6900 | FOR         |                                     4650 | FOR                         |  |
| COLGATE-PALMOLIVE COMPANY          | 194162103 | 05/09/2025     | Advisory vote on executive compensation.                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           5000 |                0 | FOR         |                                     5000 | FOR                         |  |
| CONSOLIDATED EDISON, INC.          | 209115104 | 05/19/2025     | Advisory vote to approve named executive officer compensation.                                                                                  | SECTION 14A SAY-ON-PAY VOTES |            253 |                0 | FOR         |                                      253 | FOR                         |  |
| ELANCO ANIMAL HEALTH INCORPORATED  | 28414H103 | 05/16/2025     | Advisory vote on the compensation of the company's named executive officers.                                                                    | SECTION 14A SAY-ON-PAY VOTES |          13846 |             5957 | FOR         |                                    13846 | FOR                         |  |
| ELANCO ANIMAL HEALTH INCORPORATED  | 28414H103 | 05/16/2025     | Advisory vote on the frequency with which shareholders vote on the compensation of the company's named executive officers.                      | SECTION 14A SAY-ON-PAY VOTES |          13846 |             5957 | 1 YEAR      |                                    13846 | FOR                         |  |
| ELI LILLY AND COMPANY              | 532457108 | 05/05/2025     | Approval, on an advisory basis, of the compensation paid to the company's named executive officers.                                             | SECTION 14A SAY-ON-PAY VOTES |         145862 |              496 | FOR         |                                   145862 | FOR                         |  |
| ESSENTIAL UTILITIES, INC.          | 29670G102 | 05/07/2025     | To approve an advisory vote on the compensation paid to the Company's named executive officers for 2024.                                        | SECTION 14A SAY-ON-PAY VOTES |          22291 |             3750 | FOR         |                                    22291 | FOR                         |  |
| F5, INC.                           | 315616102 | 03/13/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                      | SECTION 14A SAY-ON-PAY VOTES |           1599 |                1 | FOR         |                                     1599 | FOR                         |  |
| JOHNSON  JOHNSON                   | 478160104 | 04/24/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          69081 |              177 | FOR         |                                    69081 | FOR                         |  |
| KENVUE INC.                        | 49177J102 | 05/22/2025     | Approve, on a non-binding advisory basis, the compensation of Kenvue Inc.'s named executive officers.                                           | SECTION 14A SAY-ON-PAY VOTES |          45047 |            44153 | FOR         |                                    45047 | FOR                         |  |
| KIMBERLY-CLARK CORPORATION         | 494368103 | 05/01/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          50634 |             3366 | FOR         |                                    50634 | FOR                         |  |
| MAGNITE, INC.                      | 55955D100 | 06/05/2025     | To approve, on an advisory basis, of the compensation of the company's named executive officers.                                                | SECTION 14A SAY-ON-PAY VOTES |          10895 |              727 | FOR         |                                    10895 | FOR                         |  |
| MASTERCARD INCORPORATED            | 57636Q104 | 06/24/2025     | Advisory approval of Mastercard's executive compensation                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          20000 |                0 | FOR         |                                    20000 | FOR                         |  |
| MCDONALD'S CORPORATION             | 580135101 | 05/20/2025     | Advisory Vote to Approve Executive Compensation.                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           3000 |                0 | FOR         |                                     3000 | FOR                         |  |
| MERCK  CO., INC.                   | 58933Y105 | 05/27/2025     | Non-binding advisory vote to approve the compensation of our named executive officers.                                                          | SECTION 14A SAY-ON-PAY VOTES |         192958 |            11649 | FOR         |                                   192958 | FOR                         |  |
| MICROSOFT CORPORATION              | 594918104 | 12/10/2024     | Advisory Vote to Approve Named Executive Officer Compensation ("say-on-pay vote").                                                              | SECTION 14A SAY-ON-PAY VOTES |          72050 |                0 | FOR         |                                    72050 | FOR                         |  |
| MIDDLESEX WATER COMPANY            | 596680108 | 05/20/2025     | To approve a non-binding advisory vote to approve named executive officer compensation.                                                         | SECTION 14A SAY-ON-PAY VOTES |           6043 |              623 | FOR         |                                     6043 | FOR                         |  |
| NORFOLK SOUTHERN CORPORATION       | 655844108 | 05/08/2025     | Approval of the advisory resolution on executive compensation, as disclosed in the proxy statement for the 2025 Annual Meeting of Shareholders. | SECTION 14A SAY-ON-PAY VOTES |             60 |              140 | FOR         |                                       60 | FOR                         |  |
| NVIDIA CORPORATION                 | 67066G104 | 06/25/2025     | Advisory approval of our executive compensation.                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         139550 |                0 | FOR         |                                   139550 | FOR                         |  |
| PFIZER INC.                        | 717081103 | 04/24/2025     | 2025 advisory approval of executive compensation                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          47454 |              179 | FOR         |                                    47454 | FOR                         |  |
| PHILIP MORRIS INTERNATIONAL INC.   | 718172109 | 05/07/2025     | Advisory Vote Approving Executive Compensation                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           4200 |                0 | FOR         |                                     4200 | FOR                         |  |
| POTLATCHDELTIC CORPORATION         | 737630103 | 05/05/2025     | Advisory vote to approve executive compensation.                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           6233 |             2307 | FOR         |                                     6233 | FOR                         |  |
| RAYONIER INC.                      | 754907103 | 05/15/2025     | Approval, on a non-binding advisory basis, of the compensation of our named executive officers as disclosed in the proxy statement.             | SECTION 14A SAY-ON-PAY VOTES |           1883 |             6787 | FOR         |                                     1883 | FOR                         |  |
| RESMED INC.                        | 761152107 | 11/20/2024     | Approve, on an advisory basis, the compensation paid to our named executive officers, as disclosed in the proxy statement ("say-on-pay").       | SECTION 14A SAY-ON-PAY VOTES |           3400 |                0 | FOR         |                                     3400 | FOR                         |  |
| THE HERSHEY COMPANY                | 427866108 | 05/06/2025     | Approve named executive officer compensation on a non-binding advisory basis.                                                                   | SECTION 14A SAY-ON-PAY VOTES |            600 |                0 | FOR         |                                      600 | FOR                         |  |
| THE PROCTER  GAMBLE COMPANY        | 742718109 | 10/08/2024     | Advisory Vote to Approve the Company's Executive Compensation (the "Say on Pay" vote).                                                          | SECTION 14A SAY-ON-PAY VOTES |          44555 |              316 | FOR         |                                    44555 | FOR                         |  |
| THE WALT DISNEY COMPANY            | 254687106 | 03/20/2025     | Consideration of an advisory vote to approve executive compensation.                                                                            | SECTION 14A SAY-ON-PAY VOTES |          96142 |             5358 | FOR         |                                    96142 | FOR                         |  |
| WILLIAMS-SONOMA, INC.              | 969904101 | 06/11/2025     | An advisory vote to approve executive compensation                                                                                              | SECTION 14A SAY-ON-PAY VOTES |        7742774 |            42472 | FOR         |                                  7742774 | FOR                         |  |
| ZIMMER BIOMET HOLDINGS, INC.       | 98956P102 | 05/29/2025     | Approve, on a non-binding advisory basis, named executive officer compensation ("Say on Pay").                                                  | SECTION 14A SAY-ON-PAY VOTES |          53850 |                0 | FOR         |                                    53850 | FOR                         |  |
| ZOETIS INC.                        | 98978V103 | 05/21/2025     | Advisory vote to approve our executive compensation.                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         136499 |                0 | FOR         |                                   136499 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** BLACKHILL CAPITAL INC

**By (Signature):** Marcella Finkel

**By (Printed Signature):** Marcella Finkel

**By (Title):** Vice President

**Date:** 08/15/2025