# EDGAR Filing Document

**Accession Number:** 0001567912
**File Stem:** 0001062993-23-002620
**Filing Date:** 2023-2
**Character Count:** 10014
**Document Hash:** 9cd84f056b91679c64e8e141d3ada45c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-23-002620.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001062993-23-002620

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230210

**EFFECTIVENESS DATE**: 20230210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Somerset Group LLC
- **CENTRAL INDEX KEY:** 0001567912
- **IRS NUMBER:** 454103800
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15423
- **FILM NUMBER:** 23611391

**BUSINESS ADDRESS:**
- **STREET 1:** 15600 WAYZATA BLVD, STE 304
- **CITY:** WAYZATA
- **STATE:** MN
- **ZIP:** 55391
- **BUSINESS PHONE:** 952-681-7663

**MAIL ADDRESS:**
- **STREET 1:** 15600 WAYZATA BLVD, STE 304
- **CITY:** WAYZATA
- **STATE:** MN
- **ZIP:** 55391

### 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:** Somerset Group LLC<br>**Address:** 15600 WAYZATA BLVD STE 304<br>WAYZATA, MN 55391

**Form 13F File Number:** 028-15423

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:** Julie Toelle<br>**Title:** Head of Operations<br>**Phone:** 941-964-2434

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

Julie Toelle  Wayzata, MN  02-10-2023<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:** 67

**Form 13F Information Table Value Total:** $113429041

      (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 |
| U.S. Bancorp | COM | 902973304 |  | 11883943 | 272505 | SH |  | SOLE |  | 0 | 0 | 272505 |
| 3M Company | COM | 88579Y101 |  | 8305060 | 69255 | SH |  | SOLE |  | 0 | 0 | 69255 |
| C.H. Robinson Worldwide | COM | 12541W209 |  | 7851178 | 85749 | SH |  | SOLE |  | 0 | 0 | 85749 |
| Microsoft Corporation | COM | 594918104 |  | 5596679 | 23337 | SH |  | SOLE |  | 0 | 0 | 23337 |
| Apple Inc. | COM | 037833100 |  | 4905377 | 37754 | SH |  | SOLE |  | 0 | 0 | 37754 |
| NextEra Energy Inc | COM | 65339F101 |  | 4865938 | 58205 | SH |  | SOLE |  | 0 | 0 | 58205 |
| Invesco QQQ Trust | ETF | 46090E103 |  | 4539808 | 17049 | SH |  | SOLE |  | 0 | 0 | 17049 |
| PIMCO Enhanced Short Matu | ETF | 72201R833 |  | 3963856 | 40181 | SH |  | SOLE |  | 0 | 0 | 40181 |
| iShares DJ US Med Devices | ETF | 464288810 |  | 3627593 | 69005 | SH |  | SOLE |  | 0 | 0 | 69005 |
| Travelers Companies Inc | COM | 89417E109 |  | 2955217 | 15762 | SH |  | SOLE |  | 0 | 0 | 15762 |
| Chevron Corporation | COM | 166764100 |  | 2739556 | 15263 | SH |  | SOLE |  | 0 | 0 | 15263 |
| Vanguard Sh-Term Inf ETF | ETF | 922020805 |  | 2726087 | 58362 | SH |  | SOLE |  | 0 | 0 | 58362 |
| Amazon.com | COM | 023135106 |  | 2691108 | 32037 | SH |  | SOLE |  | 0 | 0 | 32037 |
| Costco Whls | COM | 22160K105 |  | 2555944 | 5599 | SH |  | SOLE |  | 0 | 0 | 5599 |
| iShares DJ US Financial Sector | ETF | 464287788 |  | 2467492 | 32695 | SH |  | SOLE |  | 0 | 0 | 32695 |
| iShares Russell 2000 Growth In | ETF | 464287648 |  | 2232081 | 10405 | SH |  | SOLE |  | 0 | 0 | 10405 |
| Blackstone Group  Class A | COM | 09260D107 |  | 2104177 | 28362 | SH |  | SOLE |  | 0 | 0 | 28362 |
| Palo Alto Networks Inc | COM | 697435105 |  | 2019423 | 14472 | SH |  | SOLE |  | 0 | 0 | 14472 |
| Ford Motor Company | COM | 345370860 |  | 1982334 | 170450 | SH |  | SOLE |  | 0 | 0 | 170450 |
| Wells Fargo  Co New | COM | 949746101 |  | 1966601 | 47629 | SH |  | SOLE |  | 0 | 0 | 47629 |
| Cheniere Energy Inc | COM | 16411R208 |  | 1934484 | 12900 | SH |  | SOLE |  | 0 | 0 | 12900 |
| Schwab US Large-Cap ETF | ETF | 808524201 |  | 1923255 | 42597 | SH |  | SOLE |  | 0 | 0 | 42597 |
| First Trust DJ Internet Fund | ETF | 33733E302 |  | 1726070 | 14016 | SH |  | SOLE |  | 0 | 0 | 14016 |
| Texas Instruments Inc | COM | 882508104 |  | 1628243 | 9855 | SH |  | SOLE |  | 0 | 0 | 9855 |
| Exxon Mobil Corporation | COM | 30231G102 |  | 1358344 | 12315 | SH |  | SOLE |  | 0 | 0 | 12315 |
| AbbVie Inc | COM | 00287Y109 |  | 1323424 | 8189 | SH |  | SOLE |  | 0 | 0 | 8189 |
| Pepsico | COM | 713448108 |  | 1309785 | 7250 | SH |  | SOLE |  | 0 | 0 | 7250 |
| McDonalds Corporation | COM | 580135101 |  | 1221198 | 4634 | SH |  | SOLE |  | 0 | 0 | 4634 |
| iShares SP Mid Cap 400 Gr ETF | ETF | 464287606 |  | 1080301 | 15817 | SH |  | SOLE |  | 0 | 0 | 15817 |
| SPDR S 500 ETF Tr | ETF | 78462F103 |  | 1055889 | 2761 | SH |  | SOLE |  | 0 | 0 | 2761 |
| SPDR Energy Select Sector | ETF | 81369Y506 |  | 1049378 | 11997 | SH |  | SOLE |  | 0 | 0 | 11997 |
| Lowes Companies Inc | COM | 548661107 |  | 914711 | 4591 | SH |  | SOLE |  | 0 | 0 | 4591 |
| Vanguard Small Cap | ETF | 922908751 |  | 876954 | 4778 | SH |  | SOLE |  | 0 | 0 | 4778 |
| Alphabet Inc Class C | COM | 02079K107 |  | 848791 | 9566 | SH |  | SOLE |  | 0 | 0 | 9566 |
| Sanmina Sci Corporation | COM | 800907206 |  | 798623 | 13940 | SH |  | SOLE |  | 0 | 0 | 13940 |
| Schwab Short Term USTrea | ETF | 808524862 |  | 797890 | 16540 | SH |  | SOLE |  | 0 | 0 | 16540 |
| iShares DJ US Aerospac  Def | ETF | 464288760 |  | 778993 | 6964 | SH |  | SOLE |  | 0 | 0 | 6964 |
| Cheniere Energy Partners Lp | MLP | 16411Q101 |  | 685284 | 12050 | SH |  | SOLE |  | 0 | 0 | 12050 |
| Northern Tr Corp | COM | 665859104 |  | 663675 | 7500 | SH |  | SOLE |  | 0 | 0 | 7500 |
| Weyerhaeuser Co | COM | 962166104 |  | 613087 | 19777 | SH |  | SOLE |  | 0 | 0 | 19777 |
| Johnson  Johnson | COM | 478160104 |  | 562454 | 3184 | SH |  | SOLE |  | 0 | 0 | 3184 |
| Williams Companies | COM | 969457100 |  | 506265 | 15388 | SH |  | SOLE |  | 0 | 0 | 15388 |
| Ecolab Inc | COM | 278865100 |  | 480348 | 3300 | SH |  | SOLE |  | 0 | 0 | 3300 |
| Amerisourcebergen | COM | H01301128 |  | 475919 | 2872 | SH |  | SOLE |  | 0 | 0 | 2872 |
| Danaher Corp Del | COM | 235851102 |  | 475898 | 1793 | SH |  | SOLE |  | 0 | 0 | 1793 |
| iShares Short Maturity Bond | ETF | 46431W507 |  | 426284 | 8652 | SH |  | SOLE |  | 0 | 0 | 8652 |
| Merck  Co Inc New | COM | 58933Y105 |  | 400862 | 3613 | SH |  | SOLE |  | 0 | 0 | 3613 |
| iShares S Us Pfd Stk Index F | ETF | 464288687 |  | 386204 | 12650 | SH |  | SOLE |  | 0 | 0 | 12650 |
| Energy Transfer Lp | MLP | 29273V100 |  | 367970 | 31000 | SH |  | SOLE |  | 0 | 0 | 31000 |
| Global X Lithium Battery | COM | 37954Y855 |  | 345799 | 5900 | SH |  | SOLE |  | 0 | 0 | 5900 |
| Pfizer Incorporated | COM | 717081103 |  | 335571 | 6549 | SH |  | SOLE |  | 0 | 0 | 6549 |
| Mplx Lp | MLP | 55336V100 |  | 328400 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| Paypal Holdings Inco | COM | 70450Y103 |  | 308026 | 4325 | SH |  | SOLE |  | 0 | 0 | 4325 |
| General Mills | COM | 370334104 |  | 301860 | 3600 | SH |  | SOLE |  | 0 | 0 | 3600 |
| Schwab US Small-Cap ETF | ETF | 808524607 |  | 296736 | 7325 | SH |  | SOLE |  | 0 | 0 | 7325 |
| Enterprise Prdts Prtn Lp | MLP | 293792107 |  | 289440 | 12000 | SH |  | SOLE |  | 0 | 0 | 12000 |
| Whirlpool Corp | COM | 096332010 |  | 275988 | 1951 | SH |  | SOLE |  | 0 | 0 | 1951 |
| Honeywell International | COM | 438516106 |  | 258660 | 1207 | SH |  | SOLE |  | 0 | 0 | 1207 |
| S Global Inc | ETF | 78409V104 |  | 251205 | 750 | SH |  | SOLE |  | 0 | 0 | 750 |
| Stryker Corporation | COM | 086366710 |  | 244490 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| Caterpillar Inc | COM | 149123101 |  | 239560 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| Procter  Gamble | COM | 742718109 |  | 239162 | 1578 | SH |  | SOLE |  | 0 | 0 | 1578 |
| Target Corporation | COM | 87612E106 |  | 219089 | 1470 | SH |  | SOLE |  | 0 | 0 | 1470 |
| Veeva Systems Inc | COM | 922475108 |  | 215120 | 1333 | SH |  | SOLE |  | 0 | 0 | 1333 |
| iShares Trust Barclays Tips Bo | ETF | 464287176 |  | 211816 | 1990 | SH |  | SOLE |  | 0 | 0 | 1990 |
| Chubb Limited | COM | H1467J104 |  | 210452 | 954 | SH |  | SOLE |  | 0 | 0 | 954 |
| Asml Hldg Nv ADR | COM | 000000000 |  | 207632 | 380 | SH |  | SOLE |  | 0 | 0 | 380 |

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