# EDGAR Filing Document

**Accession Number:** 0001567912
**File Stem:** 0001062993-25-016598
**Filing Date:** 2025-11
**Character Count:** 9328
**Document Hash:** 3f89f861dfc9b30d6160e04829679a24
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-25-016598.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001062993-25-016598

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**EFFECTIVENESS DATE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Somerset Group LLC
- **CENTRAL INDEX KEY:** 0001567912

**ORGANIZATION NAME:**
- **EIN:** 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:** 251465751

**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:** 09-30-2025

**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  11-10-2025<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:** 60

**Form 13F Information Table Value Total:** $126202128

      (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

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|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 |
| C.H. Robinson Worldwide | COM | 12541W209 |  | 9668510 | 73025 | SH |  | SOLE |  | 0 | 0 | 73025 |
| Invesco QQQ Trust | ETF | 46090E103 |  | 9649147 | 16072 | SH |  | SOLE |  | 0 | 0 | 16072 |
| 3M Company | COM | 88579Y101 |  | 8865433 | 57130 | SH |  | SOLE |  | 0 | 0 | 57130 |
| Microsoft Corporation | COM | 594918104 |  | 7409275 | 14305 | SH |  | SOLE |  | 0 | 0 | 14305 |
| Schwab US Large-Cap ETF | ETF | 808524201 |  | 6216187 | 235998 | SH |  | SOLE |  | 0 | 0 | 235998 |
| Amazon.com | COM | 023135106 |  | 5529431 | 25183 | SH |  | SOLE |  | 0 | 0 | 25183 |
| Apple Inc. | COM | 037833100 |  | 5500517 | 21602 | SH |  | SOLE |  | 0 | 0 | 21602 |
| Blackstone Group  Class A | COM | 09260D107 |  | 4161052 | 24355 | SH |  | SOLE |  | 0 | 0 | 24355 |
| Wells Fargo  Co New | COM | 949746101 |  | 3981450 | 47500 | SH |  | SOLE |  | 0 | 0 | 47500 |
| Costco Whls | COM | 22160K105 |  | 3906159 | 4220 | SH |  | SOLE |  | 0 | 0 | 4220 |
| NextEra Energy Inc | COM | 65339F101 |  | 3782124 | 50101 | SH |  | SOLE |  | 0 | 0 | 50101 |
| Palo Alto Networks Inc | COM | 697435105 |  | 3722988 | 18284 | SH |  | SOLE |  | 0 | 0 | 18284 |
| iShares DJ US Med Devices | ETF | 464288810 |  | 3248646 | 54072 | SH |  | SOLE |  | 0 | 0 | 54072 |
| First Trust DJ Internet Fund | ETF | 33733E302 |  | 3203328 | 11447 | SH |  | SOLE |  | 0 | 0 | 11447 |
| iShares DJ US Financial Sector | ETF | 464287788 |  | 3145231 | 24836 | SH |  | SOLE |  | 0 | 0 | 24836 |
| iShares SP Mid Cap 400 Gr ETF | ETF | 464287606 |  | 2725098 | 28419 | SH |  | SOLE |  | 0 | 0 | 28419 |
| Eli Lilly  Co. | COM | 532457108 |  | 2414132 | 3164 | SH |  | SOLE |  | 0 | 0 | 3164 |
| Alphabet Inc Class C | COM | 02079K107 |  | 2241878 | 9205 | SH |  | SOLE |  | 0 | 0 | 9205 |
| Nvidia Corp | COM | 67066G104 |  | 2157984 | 11566 | SH |  | SOLE |  | 0 | 0 | 11566 |
| PIMCO Enhanced Short Matu | ETF | 72201R833 |  | 2139461 | 21248 | SH |  | SOLE |  | 0 | 0 | 21248 |
| SPDR S 500 ETF Tr | ETF | 78462F103 |  | 2071820 | 3110 | SH |  | SOLE |  | 0 | 0 | 3110 |
| U.S. Bancorp | COM | 902973304 |  | 2053252 | 42484 | SH |  | SOLE |  | 0 | 0 | 42484 |
| Cheniere Energy Inc | COM | 16411R208 |  | 1920492 | 8173 | SH |  | SOLE |  | 0 | 0 | 8173 |
| iShares Russell 2000 Growth In | ETF | 464287648 |  | 1917040 | 5990 | SH |  | SOLE |  | 0 | 0 | 5990 |
| iShares DJ US Aerospac  Def | ETF | 464288760 |  | 1820981 | 8702 | SH |  | SOLE |  | 0 | 0 | 8702 |
| Walmart Inc | COM | 931142103 |  | 1726152 | 16749 | SH |  | SOLE |  | 0 | 0 | 16749 |
| AbbVie Inc | COM | 00287Y109 |  | 1575167 | 6803 | SH |  | SOLE |  | 0 | 0 | 6803 |
| Sanmina Sci Corporation | COM | 800907206 |  | 1561582 | 13566 | SH |  | SOLE |  | 0 | 0 | 13566 |
| Chevron Corporation | COM | 166764100 |  | 1360030 | 8758 | SH |  | SOLE |  | 0 | 0 | 8758 |
| Texas Instruments Inc | COM | 882508104 |  | 1309995 | 7130 | SH |  | SOLE |  | 0 | 0 | 7130 |
| Travelers Companies Inc | COM | 89417E109 |  | 1201484 | 4303 | SH |  | SOLE |  | 0 | 0 | 4303 |
| Ecolab Inc | COM | 278865100 |  | 1120635 | 4092 | SH |  | SOLE |  | 0 | 0 | 4092 |
| SPDR Energy Select Sector | ETF | 81369Y506 |  | 1118715 | 12522 | SH |  | SOLE |  | 0 | 0 | 12522 |
| Exxon Mobil Corporation | COM | 30231G102 |  | 1099200 | 9749 | SH |  | SOLE |  | 0 | 0 | 9749 |
| ServiceNow Inc | COM | 81762P102 |  | 1072126 | 1165 | SH |  | SOLE |  | 0 | 0 | 1165 |
| CenCora Inc | COM | 03073E105 |  | 861958 | 2758 | SH |  | SOLE |  | 0 | 0 | 2758 |
| McDonalds Corporation | COM | 580135101 |  | 773096 | 2544 | SH |  | SOLE |  | 0 | 0 | 2544 |
| Pepsico | COM | 713448108 |  | 721581 | 5138 | SH |  | SOLE |  | 0 | 0 | 5138 |
| Northern Tr Corp | COM | 665859104 |  | 673000 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| Weyerhaeuser Co | COM | 962166104 |  | 490272 | 19777 | SH |  | SOLE |  | 0 | 0 | 19777 |
| Schwab Short Term USTrea | ETF | 808524862 |  | 453376 | 18581 | SH |  | SOLE |  | 0 | 0 | 18581 |
| Semiconductor Hldrs Tr | COM | 92189F676 |  | 430795 | 1320 | SH |  | SOLE |  | 0 | 0 | 1320 |
| iShares Short Maturity Bond | ETF | 46431W507 |  | 418035 | 8152 | SH |  | SOLE |  | 0 | 0 | 8152 |
| Schwab US Broad Mkt ETF | ETF | 808524102 |  | 394031 | 15326 | SH |  | SOLE |  | 0 | 0 | 15326 |
| S Global Inc | COM | 78409V104 |  | 365032 | 750 | SH |  | SOLE |  | 0 | 0 | 750 |
| Vanguard Small Cap | ETF | 922908751 |  | 361078 | 1420 | SH |  | SOLE |  | 0 | 0 | 1420 |
| Stryker Corporation | COM | 086366710 |  | 332703 | 900 | SH |  | SOLE |  | 0 | 0 | 900 |
| Fiserv | COM | 337738108 |  | 322325 | 2500 | SH |  | SOLE |  | 0 | 0 | 2500 |
| Ish MSCI Kld 400 Social Idx | ETF | 464288570 |  | 318923 | 2532 | SH |  | SOLE |  | 0 | 0 | 2532 |
| Merck  Co Inc New | COM | 58933Y105 |  | 303239 | 3613 | SH |  | SOLE |  | 0 | 0 | 3613 |
| Invesco S 500 Top 50 ETF | ETF | 46137V233 |  | 287600 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| Chubb Limited | COM | H1467J104 |  | 269266 | 954 | SH |  | SOLE |  | 0 | 0 | 954 |
| Honeywell International | COM | 438516106 |  | 254074 | 1207 | SH |  | SOLE |  | 0 | 0 | 1207 |
| Procter  Gamble | COM | 742718109 |  | 242460 | 1578 | SH |  | SOLE |  | 0 | 0 | 1578 |
| Intuitive Surgical New | COM | 46120E602 |  | 241504 | 540 | SH |  | SOLE |  | 0 | 0 | 540 |
| Knight-Swift Transportation Ho | COM | 000000000 |  | 234452 | 5934 | SH |  | SOLE |  | 0 | 0 | 5934 |
| Salesforce Com | COM | 79466L302 |  | 226335 | 955 | SH |  | SOLE |  | 0 | 0 | 955 |
| Constellation Energy Co | COM | 210371100 |  | 218173 | 663 | SH |  | SOLE |  | 0 | 0 | 663 |
| JPMorgan Chase  Co. | COM | 46625H100 |  | 208499 | 661 | SH |  | SOLE |  | 0 | 0 | 661 |
| Target Corporation | COM | 87612E106 |  | 203619 | 2270 | SH |  | SOLE |  | 0 | 0 | 2270 |

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