# EDGAR Filing Document

**Accession Number:** 0001478775
**File Stem:** 0001104659-23-002517
**Filing Date:** 2023-1
**Character Count:** 11854
**Document Hash:** b6eba2e48da08d14ab8b1e6e48b7d6f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-002517.hdr.sgml**: 20230110

**ACCESSION NUMBER**: 0001104659-23-002517

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230110

**DATE AS OF CHANGE**: 20230110

**EFFECTIVENESS DATE**: 20230110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Stillwater Investment Management, LLC
- **CENTRAL INDEX KEY:** 0001478775
- **IRS NUMBER:** 201211537
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15683
- **FILM NUMBER:** 23520094

**BUSINESS ADDRESS:**
- **STREET 1:** 423 SOUTH MAIN STREET
- **STREET 2:** SUITE E1
- **CITY:** STILLWATER
- **STATE:** MN
- **ZIP:** 55082
- **BUSINESS PHONE:** 651-275-9380

**MAIL ADDRESS:**
- **STREET 1:** 423 SOUTH MAIN STREET
- **STREET 2:** SUITE E1
- **CITY:** STILLWATER
- **STATE:** MN
- **ZIP:** 55082

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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:** Stillwater Investment Management LLC<br>**Address:** 423 South Main Street<br>Suite E1<br>Stillwater, MN 55082

**Form 13F File Number:** 028-15683

**CRD Number (if applicable):** 000132237

**SEC File Number (if applicable):** 801-63353

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:** Dana Tonrey<br>**Title:** Chief Compliance Officer<br>**Phone:** 651-275-9378

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

/s/ Dana Tonrey  Stillwater, MN  01-10-2023<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:** 83

**Form 13F Information Table Value Total:** $353276136

      (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 | COM | 88579Y101 |  | 2371080 | 19772 | SH |  | SOLE |  | 17855 | 0 | 1917 |
| Advantis US Small Cap Value ET | COM | 025072877 |  | 238779 | 3205 | SH |  | SOLE |  | 3205 | 0 | 0 |
| Alphabet Class A | COM | 02079k305 |  | 3528141 | 39988 | SH |  | SOLE |  | 38932 | 0 | 1056 |
| Alphabet Class C-Non Voting | COM | 02079k107 |  | 2422684 | 27304 | SH |  | SOLE |  | 26888 | 0 | 416 |
| Amazon.com Inc. | COM | 023135106 |  | 5386500 | 64125 | SH |  | SOLE |  | 62735 | 0 | 1390 |
| Amgen Inc. | COM | 031162100 |  | 4145739 | 15785 | SH |  | SOLE |  | 15413 | 0 | 372 |
| Amphenol Corp. | COM | 032095101 |  | 357181 | 4691 | SH |  | SOLE |  | 4691 | 0 | 0 |
| Apple Inc. | COM | 037833100 |  | 17294936 | 133110 | SH |  | SOLE |  | 130261 | 0 | 2848 |
| Bank of America Corp | COM | 060505104 |  | 3156666 | 95310 | SH |  | SOLE |  | 93999 | 0 | 1311 |
| Baxter International | COM | 071813109 |  | 785877 | 15418 | SH |  | SOLE |  | 15034 | 0 | 385 |
| Berkshire Hathaway Inc. B | COM | 084670702 |  | 4957536 | 16049 | SH |  | SOLE |  | 14685 | 0 | 1364 |
| Boeing Co. | COM | 097023105 |  | 411520 | 2160 | SH |  | SOLE |  | 2160 | 0 | 0 |
| Broadcom Inc. | COM | 11135f101 |  | 628756 | 1125 | SH |  | SOLE |  | 1125 | 0 | 0 |
| CME Group Inc. | COM | 12572q105 |  | 302403 | 1798 | SH |  | SOLE |  | 1798 | 0 | 0 |
| Caterpillar Inc. | COM | 149123101 |  | 4115230 | 17178 | SH |  | SOLE |  | 17001 | 0 | 177 |
| Chevron Corp. | COM | 166764100 |  | 566911 | 3158 | SH |  | SOLE |  | 2897 | 0 | 261 |
| Cisco Systems Inc. | COM | 17275R102 |  | 3501824 | 73506 | SH |  | SOLE |  | 72106 | 0 | 1400 |
| CitiGroup Inc. | COM | 172967424 |  | 1185234 | 26205 | SH |  | SOLE |  | 25910 | 0 | 295 |
| Coca Cola Co. | COM | 191216100 |  | 1856893 | 29192 | SH |  | SOLE |  | 28501 | 0 | 691 |
| Comcast Corp Cl A | COM | 20030n101 |  | 2166503 | 61953 | SH |  | SOLE |  | 60418 | 0 | 1535 |
| Conoco Phillips | COM | 20825C104 |  | 1432371 | 12139 | SH |  | SOLE |  | 11639 | 0 | 500 |
| Costco Whsl Corp. | COM | 22160k105 |  | 5526828 | 12107 | SH |  | SOLE |  | 11640 | 0 | 467 |
| Cummins | COM | 231021106 |  | 2362902 | 9752 | SH |  | SOLE |  | 9258 | 0 | 495 |
| Deere  Co. | COM | 244199105 |  | 5911057 | 13786 | SH |  | SOLE |  | 13229 | 0 | 558 |
| Diageo PLC | COM | 25243Q205 |  | 950190 | 5332 | SH |  | SOLE |  | 5332 | 0 | 0 |
| EPAM Sysytems Inc. | COM | 29414b104 |  | 393288 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| Edwards Lifesciences Corp. | COM | 28176e108 |  | 363724 | 4875 | SH |  | SOLE |  | 4875 | 0 | 0 |
| Eli Lilly and Company | COM | 532457108 |  | 373041 | 1020 | SH |  | SOLE |  | 1020 | 0 | 0 |
| Exxon Mobil | COM | 30231G102 |  | 1544287 | 14001 | SH |  | SOLE |  | 13704 | 0 | 297 |
| Gilead Sciences Inc. | COM | 375558103 |  | 3325572 | 38737 | SH |  | SOLE |  | 36651 | 0 | 2086 |
| Goldman Sachs Group Inc. | COM | 38141G104 |  | 3614785 | 10527 | SH |  | SOLE |  | 10314 | 0 | 213 |
| Home Depot | COM | 437076102 |  | 1051068 | 3328 | SH |  | SOLE |  | 2711 | 0 | 617 |
| Intel Corporation | COM | 458140100 |  | 1386466 | 52458 | SH |  | SOLE |  | 50978 | 0 | 1480 |
| Intercontinental Exchange Inc | COM | 45866f104 |  | 290205 | 2829 | SH |  | SOLE |  | 2829 | 0 | 0 |
| JP Morgan Chase  Co. | COM | 46625H100 |  | 5149674 | 38402 | SH |  | SOLE |  | 37640 | 0 | 762 |
| Johnson  Johnson | COM | 478160104 |  | 5022470 | 28432 | SH |  | SOLE |  | 27535 | 0 | 897 |
| Kimberly Clark | COM | 494368103 |  | 2153332 | 15862 | SH |  | SOLE |  | 15507 | 0 | 356 |
| Lowes Companies Inc. | COM | 548661107 |  | 200843 | 1008 | SH |  | SOLE |  | 0 | 0 | 1008 |
| Marathon Petroleum Corp. | COM | 56585a102 |  | 2482324 | 21328 | SH |  | SOLE |  | 20531 | 0 | 796 |
| McDonalds Corp. | COM | 580135101 |  | 4997503 | 18964 | SH |  | SOLE |  | 18400 | 0 | 564 |
| Merck  Co. | COM | 58933y105 |  | 613149 | 5526 | SH |  | SOLE |  | 5526 | 0 | 0 |
| Meta Platforms Inc. | COM | 30303m102 |  | 2967945 | 24663 | SH |  | SOLE |  | 23953 | 0 | 709 |
| Microsoft Corporation | COM | 594918104 |  | 2403118 | 10021 | SH |  | SOLE |  | 9884 | 0 | 136 |
| Mountainview Energy Ltd | COM | 62454r101 |  | 0 | 18814 | SH |  | SOLE |  | 18814 | 0 | 0 |
| Nike Inc. | COM | 654106103 |  | 4254966 | 36364 | SH |  | SOLE |  | 35478 | 0 | 886 |
| Northrop Grumman Corp. | COM | 666807102 |  | 537559 | 985 | SH |  | SOLE |  | 985 | 0 | 0 |
| Novo-Nordisk A S | COM | 670100205 |  | 651075 | 4811 | SH |  | SOLE |  | 4811 | 0 | 0 |
| Oracle Corp. | COM | 68389X105 |  | 617066 | 7549 | SH |  | SOLE |  | 6887 | 0 | 662 |
| Pepsico Inc. | COM | 713448108 |  | 2794417 | 15468 | SH |  | SOLE |  | 14968 | 0 | 500 |
| Pfizer Corp. | COM | 717081103 |  | 3850713 | 75151 | SH |  | SOLE |  | 73934 | 0 | 1217 |
| Phillips 66 | COM | 718546104 |  | 1037932 | 9972 | SH |  | SOLE |  | 9799 | 0 | 174 |
| Proctor  Gamble | COM | 742718109 |  | 3068828 | 20248 | SH |  | SOLE |  | 20040 | 0 | 209 |
| S Select Communication Servi | COM | 81369y852 |  | 1458442 | 30391 | SH |  | SOLE |  | 30391 | 0 | 0 |
| S Select Energy SPDR ETF | COM | 81369y506 |  | 11962463 | 136761 | SH |  | SOLE |  | 136534 | 0 | 227 |
| S Select Financial SPDR ETF | COM | 81369y605 |  | 11605819 | 339351 | SH |  | SOLE |  | 335428 | 0 | 3924 |
| S Select Health Care SPDR ET | COM | 81369y209 |  | 7288393 | 53650 | SH |  | SOLE |  | 52934 | 0 | 717 |
| S Select Industrial SPDR ETF | COM | 81369y704 |  | 3648752 | 37153 | SH |  | SOLE |  | 36885 | 0 | 267 |
| S Select Materials SPDR ETF | COM | 81369y100 |  | 3721314 | 47906 | SH |  | SOLE |  | 47182 | 0 | 724 |
| S Select Technology SPDR ETF | COM | 81369y803 |  | 10064494 | 80878 | SH |  | SOLE |  | 79686 | 0 | 1192 |
| S Select Utilities SPDR ETF | COM | 81369y886 |  | 2620692 | 37173 | SH |  | SOLE |  | 37173 | 0 | 0 |
| SPDR S 500 ETF | COM | 78462f103 |  | 1716751 | 4489 | SH |  | SOLE |  | 4339 | 0 | 150 |
| Schwab Dividend Equity | COM | 808524797 |  | 527888 | 6988 | SH |  | SOLE |  | 6988 | 0 | 0 |
| Schwab US Large Cap ETF | COM | 808524201 |  | 212444 | 4705 | SH |  | SOLE |  | 4705 | 0 | 0 |
| Schwab US Large-Cap Growth ETF | COM | 808524300 |  | 1498225 | 26966 | SH |  | SOLE |  | 26966 | 0 | 0 |
| Schwab US Mid Cap ETF | COM | 808524508 |  | 793535 | 12095 | SH |  | SOLE |  | 12095 | 0 | 0 |
| Schwab US Small-Cap ETF | COM | 808524607 |  | 775420 | 19141 | SH |  | SOLE |  | 19141 | 0 | 0 |
| Starbucks Corp. | COM | 855244109 |  | 4033496 | 40660 | SH |  | SOLE |  | 39505 | 0 | 1156 |
| Taiwan Semiconductor Manufactu | COM | 874039100 |  | 356956 | 4792 | SH |  | SOLE |  | 4792 | 0 | 0 |
| The Travelers Companies Inc. | COM | 89417e109 |  | 345192 | 1841 | SH |  | SOLE |  | 1841 | 0 | 0 |
| Truist Financial Corp. | COM | 89832q109 |  | 203463 | 4728 | SH |  | SOLE |  | 4728 | 0 | 0 |
| US Bancorp | COM | 902973304 |  | 1366063 | 31325 | SH |  | SOLE |  | 30428 | 0 | 896 |
| United Health Group Inc. | COM | 91324P102 |  | 556605 | 1050 | SH |  | SOLE |  | 1050 | 0 | 0 |
| Vanguard Mid-Cap ETF | COM | 922908629 |  | 223172 | 1095 | SH |  | SOLE |  | 1095 | 0 | 0 |
| Vanguard S 500 ETF | COM | 922908363 |  | 202927 | 578 | SH |  | SOLE |  | 432 | 0 | 146 |
| Verizon Communications | COM | 92343v104 |  | 2096879 | 53220 | SH |  | SOLE |  | 52101 | 0 | 1119 |
| Visa Inc. | COM | 92826c839 |  | 7671696 | 36926 | SH |  | SOLE |  | 36239 | 0 | 686 |
| Walt Disney Co. Holdings | COM | 254687106 |  | 1518189 | 17475 | SH |  | SOLE |  | 17067 | 0 | 407 |
| Xcel Energy | COM | 98389B100 |  | 1240961 | 17700 | SH |  | SOLE |  | 17700 | 0 | 0 |
| iShares Russell 2000 ETF | COM | 464287655 |  | 26011581 | 149183 | SH |  | SOLE |  | 147869 | 0 | 1314 |
| iShares Russell Midcap ETF | COM | 464287499 |  | 25395800 | 376513 | SH |  | SOLE |  | 371316 | 0 | 5197 |
| iShares S 100 Index Fund | COM | 464287101 |  | 410451 | 2406 | SH |  | SOLE |  | 2406 | 0 | 0 |
| iShares S 500 ETF | COM | 464287200 |  | 92730815 | 241355 | SH |  | SOLE |  | 240150 | 0 | 1204 |
| iShares S SmallCap 600 Value | COM | 464287879 |  | 308167 | 3375 | SH |  | SOLE |  | 3375 | 0 | 0 |

---