Reported positions
Quarter-end holdings as filed
Explore the full published position list and its source filing. This record excludes the manager’s cash, shorts and non-13(f) assets.
BLACKHILL CAPITAL INC
- sum of disclosed values for 2026-03-31; 0 positions carry a NULL value and are excluded from the sum, surfaced here rather than folded away
- $1.9B
- ALL retained default holdings for this (filer, period), including NULL-value ones
- 49
- positions with no comparable holding in the prior quarter (kind new), 2026-03-31
- 0
- positions absent from this quarter's filing after being held last quarter (kind exit), 2026-03-31 — inferred from absence, not a sale record
- 1
A quarter-end snapshot. Filed up to 45 days later, so this page is not current holdings and never a complete portfolio. what a 13F is — and is not ↓ methodology §13F ↗
Position changes — into 2026-03-31
by shares · Δ value · filing link · how changes are classified §Period
position matched across quarters by exact reported CUSIP over a registry gap — producer-reconciled identity, never a name match identity_reconciled_by_cusip | the reported share count is unchanged across the pair; this build's data classified the change from its reported value; builds from 2026-09-10 on read it as NO CHANGE classified_by_value · EXIT = absent this quarter: disposed, delisted, under confidential treatment, or reported instead by an affiliated manager — the filing does not say which · change not classifiable: value undisclosed on one side of the quarter pair, or neither shares nor value can classify it · NO CHANGE = the share count is identical in both quarters; the value moved only with price, so the row is mark-to-market and never an ADD or a TRIM (NEW / ADD / TRIM / EXIT / NO CHANGE) · NO PRIOR = this filer has no comparable holdings list for the previous quarter on record — a first filing under this registration, or a quarter reported inside an affiliated manager's filing — so the position is not called a new stake | derived by Public Filings from the published aggregate; NULL means the source did not disclose a usable value — never zero | Prev value | Curr value | Prev shares | Curr shares | |
|---|---|---|---|---|---|---|---|
position key pos:11774 · issuer key iss:1974 COM | TRIM | +$27.9M | −4,512 | $1.4B | $1.4B | 7,689,036 | 7,684,524 |
position key pos:15863 · issuer key iss:1123 COM | TRIM | −$22.8M | −243 | $157M | $134M | 145,964 | 145,721 |
position key pos:13215 · issuer key iss:144 COM | TRIM | −$4.8M | −1,300 | $67.8M | $63.0M | 249,500 | 248,200 |
position key pos:15499 · issuer key iss:23 COM | ADD | +$762K | +16,000 | $56.5M | $57.2M | 247,110 | 263,110 |
position key pos:13432 · issuer key iss:411 COM | TRIM | +$7.8M | −500 | $34.4M | $42.2M | 60,000 | 59,500 |
position key pos:13390 · issuer key iss:656 COM | ADD | +$4.0M | +40,000 | $19.1M | $23.2M | 1,160,000 | 1,200,000 |
position key pos:15008 · issuer key iss:318 COM | TRIM | +$1.6M | −5,200 | $15.1M | $16.7M | 280,564 | 275,364 |
position key pos:16953 · issuer key iss:1527 COM | ADD | +$311K | +15,529 | $197K | $508K | 9,093 | 24,622 |
| pos:16564 | EXIT‡e | −$340K | −8,540 | $340K | $0 | 8,540 | — |
Flags: no row carries a flag.
Mark-to-market only (no share change) · 41
Positions whose share count is identical in both quarters; the value changed with price, not with a decision.
position matched across quarters by exact reported CUSIP over a registry gap — producer-reconciled identity, never a name match identity_reconciled_by_cusip | the reported share count is unchanged across the pair; this build's data classified the change from its reported value; builds from 2026-09-10 on read it as NO CHANGE classified_by_value · EXIT = absent this quarter: disposed, delisted, under confidential treatment, or reported instead by an affiliated manager — the filing does not say which · change not classifiable: value undisclosed on one side of the quarter pair, or neither shares nor value can classify it · NO CHANGE = the share count is identical in both quarters; the value moved only with price, so the row is mark-to-market and never an ADD or a TRIM (NEW / ADD / TRIM / EXIT / NO CHANGE) · NO PRIOR = this filer has no comparable holdings list for the previous quarter on record — a first filing under this registration, or a quarter reported inside an affiliated manager's filing — so the position is not called a new stake | derived by Public Filings from the published aggregate; NULL means the source did not disclose a usable value — never zero | Prev value | Curr value | Prev shares | Curr shares | |
|---|---|---|---|---|---|---|---|
position key pos:12366 · issuer key iss:22 COM | NO CHANGE | −$6.1M | 0 | $33.6M | $27.6M | 268,530 | 268,530 |
position key pos:11825 · issuer key iss:1225 COM | NO CHANGE | −$7.5M | 0 | $31.9M | $24.4M | 66,050 | 66,050 |
position key pos:15642 · issuer key iss:1334 COM | NO CHANGE | −$1.7M | 0 | $26.1M | $24.4M | 139,950 | 139,950 |
position key pos:17751 · issuer key iss:1214 COM | NO CHANGE | +$2.5M | 0 | $17.8M | $20.3M | 168,857 | 168,857 |
position key pos:13599 · issuer key iss:1035 COM | NO CHANGE | +$2.4M | 0 | $13.3M | $15.7M | 64,187 | 64,187 |
position key pos:11897 · issuer key iss:2010 COM | NO CHANGE | −$730K | 0 | $12.1M | $11.3M | 95,899 | 95,899 |
position key pos:11205 · issuer key iss:255 COM | NO CHANGE | −$498K | 0 | $10.7M | $10.2M | 21,237 | 21,237 |
position key pos:14206 · issuer key iss:1193 COM | NO CHANGE | −$1.4M | 0 | $11.4M | $10.0M | 20,000 | 20,000 |
position key pos:17095 · issuer key iss:588 COM | NO CHANGE | −$1.8M | 0 | $11.5M | $9.8M | 101,500 | 101,500 |
position key pos:14175 · issuer key iss:95 COM | NO CHANGE | −$825K | 0 | $8.4M | $7.6M | 36,580 | 36,580 |
position key pos:14992 · issuer key iss:1485 COM | NO CHANGE | +$50.7K | 0 | $6.4M | $6.5M | 44,871 | 44,871 |
position key pos:17821 · issuer key iss:89 COM | NO CHANGE | −$476K | 0 | $5.5M | $5.1M | 17,660 | 17,660 |
position key pos:15142 · issuer key iss:89 COM | NO CHANGE | −$407K | 0 | $5.0M | $4.6M | 15,980 | 15,980 |
position key pos:11020 · issuer key iss:255 COM | NO CHANGE | −$220K | 0 | $4.5M | $4.3M | 6 | 6 |
position key pos:13340 · issuer key iss:666 COM | NO CHANGE | +$623K | 0 | $3.5M | $4.1M | 107,704 | 107,704 |
position key pos:12417 · issuer key iss:2008 COM | NO CHANGE | +$21.0K | 0 | $3.8M | $3.8M | 42,079 | 42,079 |
position key pos:11588 · issuer key iss:1058 COM | NO CHANGE | −$128K | 0 | $2.9M | $2.8M | 29,000 | 29,000 |
position key pos:11717 · issuer key iss:440 COM | NO CHANGE | +$629K | 0 | $1.8M | $2.4M | 11,550 | 11,550 |
position key pos:10790 · issuer key iss:1444 COM | NO CHANGE | +$150K | 0 | $1.2M | $1.3M | 47,178 | 47,178 |
position key pos:12666 · issuer key iss:688 COM | NO CHANGE | +$49.7K | 0 | $999K | $1.0M | 26,041 | 26,041 |
position key pos:16096 · issuer key iss:1206 COM | NO CHANGE | +$15.5K | 0 | $917K | $932K | 3,000 | 3,000 |
position key pos:11765 · issuer key iss:110 COM | NO CHANGE | +$33.9K | 0 | $783K | $817K | 10,800 | 10,800 |
position key pos:12693 · issuer key iss:114 COM | NO CHANGE | +$33.5K | 0 | $783K | $817K | 6,000 | 6,000 |
position key pos:16392 · issuer key iss:1549 COM | NO CHANGE | −$55.7K | 0 | $819K | $763K | 3,400 | 3,400 |
position key pos:15198 · issuer key iss:1445 COM | NO CHANGE | +$20.7K | 0 | $674K | $694K | 4,200 | 4,200 |
position key pos:14929 · issuer key iss:1967 COM | NO CHANGE | +$19.4K | 0 | $622K | $641K | 26,240 | 26,240 |
position key pos:14952 · issuer key iss:731 COM | NO CHANGE | +$54.5K | 0 | $408K | $463K | 1,600 | 1,600 |
position key pos:15395 · issuer key iss:638 COM | NO CHANGE | +$24.6K | 0 | $428K | $452K | 18,891 | 18,891 |
position key pos:10434 · issuer key iss:482 COM | NO CHANGE | +$31.1K | 0 | $395K | $426K | 5,000 | 5,000 |
position key sid:sec:prov:c981d89112e9e1f2e94c030091f2b821 · issuer key cusip6:596680 COM | NO CHANGE | +$10.9K | 0 | $336K | $347K | 6,666 | 6,666 |
position key pos:13000 · issuer key iss:377 COM | NO CHANGE | +$15.3K | 0 | $329K | $345K | 7,600 | 7,600 |
position key pos:11570 · issuer key iss:1599 COM | NO CHANGE | −$15.1K | 0 | $326K | $311K | 478 | 478 |
position key pos:17758 · issuer key iss:1605 COM | NO CHANGE | +$4.7K | 0 | $212K | $216K | 351 | 351 |
position key pos:15485 · issuer key iss:903 COM | NO CHANGE | +$15.5K | 0 | $109K | $125K | 600 | 600 |
position key pos:10357 · issuer key iss:1786 COM | NO CHANGE | −$15.6K | 0 | $89.9K | $74.4K | 200 | 200 |
position key pos:11225 · issuer key iss:1173 COM | NO CHANGE | −$26.1K | 0 | $97.2K | $71.2K | 5,991 | 5,991 |
position key pos:15433 · issuer key iss:1290 COM | NO CHANGE | +$1.6K | 0 | $60.9K | $62.5K | 650 | 650 |
position key pos:12525 · issuer key iss:1319 COM | NO CHANGE | −$344 | 0 | $57.7K | $57.4K | 200 | 200 |
position key sid:sec:prov:162aed932748a7744c26fc1170a37120 · issuer key cusip6:890516 COM | NO CHANGE | +$7.8K | 0 | $46.9K | $54.6K | 1,279 | 1,279 |
position key pos:10741 · issuer key iss:199 COM | NO CHANGE | +$6.6K | 0 | $26.7K | $33.3K | 2,375 | 2,375 |
position key pos:11354 · issuer key iss:506 COM | NO CHANGE | +$3.5K | 0 | $25.1K | $28.6K | 253 | 253 |
Flags: no row carries a flag.
Newest filing in this build: 2026-07-31. Per-row filing dates are on each receipt.
Changes compare every position with a security identifier, new and exited included; holdings without one are counted, not compared. methodology §13F ↗
Reported positions — 2026-03-31
1–47 of 47 issuers · $1.9B disclosed value over 49 rows · 0 undisclosed-value rowsViewThis build carries one quarter for this manager: 2026-03-31. Notable managers carry four published quarters, others two.
| This list carries reported issuer names and security identities, without a dated ticker mapping. Symbols are not inferred from names. | a position composed from a base filing plus NEW-HOLDINGS amendments keeps every source row here; the composition's latest filed date is the one shown served from this build's published holdings (derived from the filer's own reported rows); every row resolves to its filing | Share of total reported value, calculated only when the full position list has disclosed values. This is 13F long value, not total assets. | value undisclosed on the filing: retained and counted, excluded from sums, never shown as $0 | Shares | Wt | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| — | WILLIAMS SONOMA INC COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $1.4B | 7,684,524 | 72.1% | |||||||
| — | LILLY ELI & CO COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $134M | 145,721 | 6.9% | |||||||
| — | APPLE INC COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $63.0M | 248,200 | 3.2% | |||||||
| — | ABBVIE INC COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $57.2M | 263,110 | 2.9% | |||||||
| — | CATERPILLAR INC COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $42.2M | 59,500 | 2.2% | |||||||
| — | ABBOTT LABS COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $27.6M | 268,530 | 1.4% | |||||||
| verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | MICROSOFT CORP COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $24.4M | 66,050 | 1.3% | |||||||
| verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | NVIDIA CORP COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $24.4M | 139,950 | 1.3% | |||||||
| — | ENERGY TRANSFER L P COM UNIT L · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $23.2M | 1,200,000 | 1.2% | |||||||
| — | MERCK & CO INC NEW COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $20.3M | 168,857 | 1.0% | |||||||
| — | BRISTOL MYERS SQUIBB CO COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $16.7M | 275,364 | 0.9% | |||||||
| — | JOHNSON & JOHNSON COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $15.7M | 64,187 | 0.8% | |||||||
| — | BERKSHIRE HATHAWAY INC DEL CL2 positions · 2 reported rows
| $14.5M | 21,243 | 0.7% | |||||||
| — | ZOETIS INC COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $11.3M | 95,899 | 0.6% | |||||||
| — | MASTERCARD INC CL A · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $10.0M | 20,000 | 0.5% | |||||||
| — | DISNEY WALT CO DISNEY COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $9.8M | 101,500 | 0.5% | |||||||
| verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | ALPHABET INC CAP STK CL C | $9.7M | 33,640 | 0.5% | |||||||
| verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | AMAZON COM INC COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $7.6M | 36,580 | 0.4% | |||||||
| — | PROCTER & GAMBLE CO COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $6.5M | 44,871 | 0.3% | |||||||
| — | ENTERPRISE PRODS PARTNERS L P · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $4.1M | 107,704 | 0.2% | |||||||
| — | ZIMMER BIOMET HLDGS INC COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $3.8M | 42,079 | 0.2% | |||||||
| — | KIMBERLY-CLARK CORP COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $2.8M | 29,000 | 0.1% | |||||||
| — | CHEVRON CORP NEW COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $2.4M | 11,550 | 0.1% | |||||||
| — | PFIZER INC COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $1.3M | 47,178 | 0.1% | |||||||
| — | ESSENTIAL UTILS INC COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $1.0M | 26,041 | 0.1% | |||||||
| — | MCDONALDS CORP COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $932K | 3,000 | 0.0% | |||||||
| — | AMERICAN STS WTR CO COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $817K | 10,800 | 0.0% | |||||||
| verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | AMERICAN WTR WKS CO INC NEW CO · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $817K | 6,000 | 0.0% | |||||||
| — | RESMED INC COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $763K | 3,400 | 0.0% | |||||||
| — | PHILIP MORRIS INTL INC COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $694K | 4,200 | 0.0% | |||||||
| — | WEYERHAEUSER CO COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $641K | 26,240 | 0.0% | |||||||
| — | RAYONIER INC COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $508K | 24,622 | 0.0% | |||||||
| — | F5 INC COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $463K | 1,600 | 0.0% | |||||||
| — | ELANCO ANIMAL HEALTH INC COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $452K | 18,891 | 0.0% | |||||||
| — | COLGATE PALMOLIVE CO COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $426K | 5,000 | 0.0% | |||||||
| — | MIDDLESEX WTR CO COM · COM CUSIP 596680108 quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $347K | 6,666 | 0.0% | |||||||
| — | CALIFORNIA WTR SVC GROUP COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $345K | 7,600 | 0.0% | |||||||
| — | STATE STR SPDR S&P 500 ETF TR · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $311K | 478 | 0.0% | |||||||
| — | SPDR S&P MIDCAP 400 ETF TR UNI · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $216K | 351 | 0.0% | |||||||
| — | HERSHEY CO COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $125K | 600 | 0.0% | |||||||
| — | TESLA INC COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $74.4K | 200 | 0.0% | |||||||
| — | MAGNITE INC COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $71.2K | 5,991 | 0.0% | |||||||
| — | NETFLIX INC COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $62.5K | 650 | 0.0% | |||||||
| — | NORFOLK SOUTHN CORP COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $57.4K | 200 | 0.0% | |||||||
| — | TOOTSIE ROLL INDS INC COM · COM CUSIP 890516107 quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $54.6K | 1,279 | 0.0% | |||||||
| — | AVANOS MED INC COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $33.3K | 2,375 | 0.0% | |||||||
| — | CONSOLIDATED EDISON INC COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d ticker not yet mapped | $28.6K | 253 | 0.0% |
1–20 of 47 issuers
Change kind and share change are in Position changes above; Congress overlap is planned.
1–47 of 47 issuers · page 1 of 1
One line per issuer, largest first; a row with no issuer key stands on its own line. Open a line for its rows as this filer reported them. The list holds every row this filer reported for the quarter. Issuer totals on the holders pages count each manager's own report once; that never removes a row here. how positions are grouped ↗
Book shape
2026-03-31 · concentration · vs tracked median · tick = median- Top-25 concentration
- 99.5%above median 80.0%
- Concentration index
- 5,283 bpsabove median 446 bps
- Positions with value
- 49 / 49median book 97.5 positions
Concentration uses reported 13F long value, not total assets. The index is withheld when any position lacks a value. Medians are over the 8,748 tracked filers with a 2026-03-31 book; the index median over the 8,662 with a complete book.
holdings whose <value> did not parse — retained and counted, never zero-filled: 0 · : 99.5% · integer Herfindahl–Hirschman index in basis points over disclosed position values: 5,283 · QoQ moves: 50
Filing history
AVAILABLE QUARTERS| Period | Source |
|---|---|
| 2026-03-31 | EDGAR ↗ |
PLANNED sector rotation · Congress overlap · signals for this filer
Complete source filings on SEC EDGAR
The complete filing on EDGAR.
The position list above is served from the published Public Filings build, each position as this filer reported it; where the page cannot embed every reported row, the list says how many it leaves out. This block is provenance, not a substitute: the filing itself is the record, and it is one click away. Public Filings decided on 2026-08-01 to serve this list from its published build; filings newer than this build are on EDGAR.
Open BLACKHILL CAPITAL INC's 13F filings on SEC EDGAR ↗Notes on this data
Share changes
Compare consecutive quarters
Position changes retain the producer’s classification and comparability flags. Share counts and reported values describe different changes.
Coverage
A snapshot, not current holdings
Use the quarter selector to inspect available periods. Unknown values stay unknown and each table states its coverage.
A 13F is a quarterly, long-only snapshot filed up to 45 days late — not current holdings. what a 13F covers ↗
13F reports cover LONG positions in Section 13(f) securities (US exchange-traded equities plus reportable options, warrants, certain convertibles) held by managers with at least $100M in such securities — so managers below that threshold are absent entirely. No short positions, no cash, no non-13(f) assets — not a full portfolio, and not a census of institutional ownership.
Positions are quarter-end snapshots filed up to 45 days late — not current holdings. A position may have been changed or closed before you ever see it, and is older still by however long ago that quarter ended.
Values are the manager's stated market value at quarter-end in era-dependent units (whole dollars for form versions effective 2023-01-03 onward, thousands before), normalized here to whole dollars with unit_basis carried on every record.
Affiliated managers may report the same position (otherManager), so one position can appear under more than one filer.
Positions under confidential treatment may be omitted until a later amendment discloses them.
These are disclosures, not investment advice (ARCHITECTURE.md §5.2 / M2-CONTRACT §5).