# EDGAR Filing Document

**Accession Number:** 0001140771
**File Stem:** 0001140771-23-000001
**Filing Date:** 2023-2
**Character Count:** 13440
**Document Hash:** 0b0c845b4ab4f8d97f25bd511f668359
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140771-23-000001.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0001140771-23-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230202

**EFFECTIVENESS DATE**: 20230202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DAVIDSON INVESTMENT ADVISORS
- **CENTRAL INDEX KEY:** 0001140771
- **IRS NUMBER:** 410956607
- **STATE OF INCORPORATION:** MT
- **FISCAL YEAR END:** 0928

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10301
- **FILM NUMBER:** 23579347

**BUSINESS ADDRESS:**
- **STREET 1:** 8 THIRD STREET NORTH
- **CITY:** GREAT FALLS
- **STATE:** MT
- **ZIP:** 59401
- **BUSINESS PHONE:** 4067917314

**MAIL ADDRESS:**
- **STREET 1:** 8 THIRD STREET NORTH
- **CITY:** GREAT FALLS
- **STATE:** MT
- **ZIP:** 59401

### 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:** DAVIDSON INVESTMENT ADVISORS<br>**Address:** 8 THIRD STREET NORTH<br>GREAT FALLS, MT 59401

**Form 13F File Number:** 028-10301

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:** Andrew Davidson<br>**Title:** President<br>**Phone:** 406-791-7262

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

Andrew Davidson  Great Falls, MT  02-02-2023<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:** 99

**Form 13F Information Table Value Total:** $1284506912

      (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 |
| ABBOTT LABS | COMMON | 002824100 |  | 337604 | 3075 | SH |  | SOLE | 0 | 3075 | 0 | 0 |
| ABBVIE INC | COMMON | 00287y109 |  | 610401 | 3777 | SH |  | SOLE | 0 | 3777 | 0 | 0 |
| ADOBE INC | COMMON | 00724F101 |  | 10968522 | 32593 | SH |  | SOLE | 0 | 32593 | 0 | 0 |
| ALIGN TECH INC | COMMON | 016255101 |  | 9070387 | 43008 | SH |  | SOLE | 0 | 43008 | 0 | 0 |
| ALPHABET INC | CLASS A | 02079K305 |  | 508205 | 5760 | SH |  | SOLE | 0 | 5760 | 0 | 0 |
| ALPHABET INC | CLASS C | 02079K107 |  | 43811768 | 493765 | SH |  | SOLE | 0 | 493765 | 0 | 0 |
| AMAZON COM INC | COMMON | 023135106 |  | 36446760 | 433890 | SH |  | SOLE | 0 | 433890 | 0 | 0 |
| ANALOG DEVICES INC | COMMON | 032654105 |  | 16490592 | 100534 | SH |  | SOLE | 0 | 100534 | 0 | 0 |
| APPLE INC | COMMON | 037833100 |  | 46366862 | 356860 | SH |  | SOLE | 0 | 356860 | 0 | 0 |
| APTIV PLC | ORDINARY SHARES | G6095L109 |  | 13142785 | 141123 | SH |  | SOLE | 0 | 141123 | 0 | 0 |
| ARISTA NETWORKS IN | COM USD0.0001 | 040413106 |  | 14357768 | 118317 | SH |  | SOLE | 0 | 118317 | 0 | 0 |
| BANK OF AMERICA CORP | COMMON | 060505104 |  | 18091988 | 546256 | SH |  | SOLE | 0 | 546256 | 0 | 0 |
| BATH BODY WORKS INC | COMMON | 070830104 |  | 11105871 | 263547 | SH |  | SOLE | 0 | 263547 | 0 | 0 |
| BECTON DICKINSON | COMMON | 075887109 |  | 13255479 | 52125 | SH |  | SOLE | 0 | 52125 | 0 | 0 |
| BOEING CO | COMMON | 097023105 |  | 15067949 | 79101 | SH |  | SOLE | 0 | 79101 | 0 | 0 |
| BRISTOL MYERS SQUIBB | COMMON | 110122108 |  | 13677402 | 190096 | SH |  | SOLE | 0 | 190096 | 0 | 0 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 |  | 9079286 | 81152 | SH |  | SOLE | 0 | 81152 | 0 | 0 |
| CATERPILLAR INC | COMMON | 149123101 |  | 402461 | 1680 | SH |  | SOLE | 0 | 1680 | 0 | 0 |
| CHEVRON CORP | COMMON | 166764100 |  | 43981584 | 245036 | SH |  | SOLE | 0 | 245036 | 0 | 0 |
| CIGNA CORP | COMMON USD0.01 | 125523100 |  | 19174646 | 57870 | SH |  | SOLE | 0 | 57870 | 0 | 0 |
| CISCO SYSTEMS INC | COMMON | 17275R102 |  | 15830329 | 332291 | SH |  | SOLE | 0 | 332291 | 0 | 0 |
| CITIGROUP INC | COMMON | 172967424 |  | 12586430 | 278276 | SH |  | SOLE | 0 | 278276 | 0 | 0 |
| COLUMBIA BKG SYS INC | COMMON | 197236102 |  | 17248190 | 572459 | SH |  | SOLE | 0 | 572459 | 0 | 0 |
| COMCAST CORP | CLASS A | 20030N101 |  | 18452885 | 527678 | SH |  | SOLE | 0 | 527678 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 9814732 | 166974 | SH |  | SOLE | 0 | 166974 | 0 | 0 |
| COSTCO WHSL CORP | COMMON | 22160K105 |  | 318981 | 699 | SH |  | SOLE | 0 | 699 | 0 | 0 |
| CUBESMART | COMMON | 229663109 |  | 10796700 | 268241 | SH |  | SOLE | 0 | 268241 | 0 | 0 |
| CVS HEALTH CORP | COMMON | 126650100 |  | 16024903 | 171959 | SH |  | SOLE | 0 | 171959 | 0 | 0 |
| DEERE  CO | COMMON | 244199105 |  | 290699 | 678 | SH |  | SOLE | 0 | 678 | 0 | 0 |
| EATON CORPORATION | COMMON | G29183103 |  | 16767184 | 106831 | SH |  | SOLE | 0 | 106831 | 0 | 0 |
| EBAY INC | COMMON | 278642103 |  | 6997275 | 168731 | SH |  | SOLE | 0 | 168731 | 0 | 0 |
| ELECTRONIC ARTS INC | COMMON | 285512109 |  | 11460973 | 93804 | SH |  | SOLE | 0 | 93804 | 0 | 0 |
| EOG RESOURCES INC | COMMON | 26875P101 |  | 12620299 | 97439 | SH |  | SOLE | 0 | 97439 | 0 | 0 |
| EQUINIX INC | COMMON | 29444U700 |  | 357646 | 546 | SH |  | SOLE | 0 | 546 | 0 | 0 |
| EXELON CORP | COMMON | 30161N101 |  | 12932341 | 299152 | SH |  | SOLE | 0 | 299152 | 0 | 0 |
| FEDEX CORP | COMMON | 31428X106 |  | 11056364 | 63836 | SH |  | SOLE | 0 | 63836 | 0 | 0 |
| FIDELITY NATL INFO | COMMON | 31620M106 |  | 17941800 | 264433 | SH |  | SOLE | 0 | 264433 | 0 | 0 |
| FIRST FOUNDATION I | COM USD0.001 | 32026V104 |  | 8894832 | 620714 | SH |  | SOLE | 0 | 620714 | 0 | 0 |
| FIRST INTST BANCSYS | CLASS A | 32055Y201 |  | 16706888 | 432261 | SH |  | SOLE | 0 | 432261 | 0 | 0 |
| FIRST REPUBLIC BANK | COMMON | 33616C100 |  | 15278302 | 125345 | SH |  | SOLE | 0 | 125345 | 0 | 0 |
| FORTINET INC | COMMON | 34959E109 |  | 11005286 | 225103 | SH |  | SOLE | 0 | 225103 | 0 | 0 |
| FULLER H B CO | COM USD1 | 359694106 |  | 11690676 | 163232 | SH |  | SOLE | 0 | 163232 | 0 | 0 |
| GENERAL MOTORS CO | COMMON | 37045V100 |  | 392747 | 11675 | SH |  | SOLE | 0 | 11675 | 0 | 0 |
| GILDAN ACTIVEWEAR | COMMON | 375916103 |  | 10657093 | 388945 | SH |  | SOLE | 0 | 388945 | 0 | 0 |
| GLACIER BANCORP INC | COMMON | 37637Q105 |  | 429855 | 8698 | SH |  | SOLE | 0 | 8698 | 0 | 0 |
| GOLDMAN SACHS GROUP | COMMON | 38141G104 |  | 17915508 | 52174 | SH |  | SOLE | 0 | 52174 | 0 | 0 |
| HOME DEPOT INC | COMMON | 437076102 |  | 319019 | 1010 | SH |  | SOLE | 0 | 1010 | 0 | 0 |
| HONEYWELL INTL INC | COMMON | 438516106 |  | 29073010 | 135665 | SH |  | SOLE | 0 | 135665 | 0 | 0 |
| HORIZON THERAPEUTICS | COM USD0.0001 | G46188101 |  | 19006990 | 167021 | SH |  | SOLE | 0 | 167021 | 0 | 0 |
| INTUIT | COMMON | 461202103 |  | 12661831 | 32531 | SH |  | SOLE | 0 | 32531 | 0 | 0 |
| ISHARES | RUS 1000 GRW ETF | 464287614 |  | 263515 | 1230 | SH |  | SOLE | 0 | 1230 | 0 | 0 |
| ISHARES | RUS 1000 VAL ETF | 464287598 |  | 270999 | 1787 | SH |  | SOLE | 0 | 1787 | 0 | 0 |
| ISHARES | RUSSELL 3000 ETF | 464287689 |  | 737071 | 3340 | SH |  | SOLE | 0 | 3340 | 0 | 0 |
| ISHARES MSCI USA | EQUAL WEIGHTED ETF | 464286681 |  | 10249383 | 140518 | SH |  | SOLE | 0 | 140518 | 0 | 0 |
| ISHARES TR | CORE DIV GRWTH | 46434V621 |  | 1895150 | 37903 | SH |  | SOLE | 0 | 37903 | 0 | 0 |
| ISHARES TR | CORE MSCI INTL | 46435G326 |  | 45465445 | 812173 | SH |  | SOLE | 0 | 812173 | 0 | 0 |
| ISHARES TR | CORE MSCITOTAL | 46432F834 |  | 582678 | 10067 | SH |  | SOLE | 0 | 10067 | 0 | 0 |
| ISHARES TR | CORE TL USD BD | 46434V613 |  | 554301 | 12337 | SH |  | SOLE | 0 | 12337 | 0 | 0 |
| JOHNSON  JOHNSON | COMMON | 478160104 |  | 21709092 | 122893 | SH |  | SOLE | 0 | 122893 | 0 | 0 |
| JPMORGAN CHASE  CO | COMMON | 46625H100 |  | 695711 | 5188 | SH |  | SOLE | 0 | 5188 | 0 | 0 |
| LABORATORY CORP AMER | COMMON | 50540R409 |  | 25407115 | 107895 | SH |  | SOLE | 0 | 107895 | 0 | 0 |
| LAS VEGAS SANDS CORP | COMMON | 517834107 |  | 16965373 | 352931 | SH |  | SOLE | 0 | 352931 | 0 | 0 |
| MDU RES GROUP INC | COMMON | 552690109 |  | 16450166 | 542194 | SH |  | SOLE | 0 | 542194 | 0 | 0 |
| MEDTRONIC PLC | ORDINARY SHS $0.0001 | G5960L103 |  | 20533573 | 264199 | SH |  | SOLE | 0 | 264199 | 0 | 0 |
| MICROSOFT CORP | COMMON | 594918104 |  | 50994961 | 212638 | SH |  | SOLE | 0 | 212638 | 0 | 0 |
| MORGAN STANLEY | COMMON | 617446448 |  | 332343 | 3909 | SH |  | SOLE | 0 | 3909 | 0 | 0 |
| MOSAIC CO | COMMON | 61945C103 |  | 6280151 | 143154 | SH |  | SOLE | 0 | 143154 | 0 | 0 |
| NETFLIX INC | COMMON | 64110L106 |  | 17034038 | 57766 | SH |  | SOLE | 0 | 57766 | 0 | 0 |
| NORFOLK SOUTHERN | COMMON | 655844108 |  | 11774194 | 47781 | SH |  | SOLE | 0 | 47781 | 0 | 0 |
| ORACLE CORP | COMMON | 68389X105 |  | 651059 | 7965 | SH |  | SOLE | 0 | 7965 | 0 | 0 |
| OTIS WORLDWIDE CORP | COMMON USD0.01 | 68902V107 |  | 14414913 | 184075 | SH |  | SOLE | 0 | 184075 | 0 | 0 |
| PEPSICO INC | COMMON | 713448108 |  | 13081051 | 72407 | SH |  | SOLE | 0 | 72407 | 0 | 0 |
| PFIZER INC | COMMON | 717081103 |  | 17367638 | 338947 | SH |  | SOLE | 0 | 338947 | 0 | 0 |
| PHILIP MORRIS INTL | COMMON | 718172109 |  | 16109144 | 159166 | SH |  | SOLE | 0 | 159166 | 0 | 0 |
| PROGRESSIVE CORP | COMMON | 743315103 |  | 14017371 | 108067 | SH |  | SOLE | 0 | 108067 | 0 | 0 |
| RAYTHEON TECHNOLOGIE | COM USD1 | 75513E101 |  | 15151653 | 150135 | SH |  | SOLE | 0 | 150135 | 0 | 0 |
| SALESFORCE INC | COMMON | 79466L302 |  | 11288845 | 85141 | SH |  | SOLE | 0 | 85141 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 281835 | 3385 | SH |  | SOLE | 0 | 3385 | 0 | 0 |
| SEMPRA | COMMON | 816851109 |  | 22977463 | 148683 | SH |  | SOLE | 0 | 148683 | 0 | 0 |
| SILICON LABS INC | COMMON | 826919102 |  | 10437500 | 76933 | SH |  | SOLE | 0 | 76933 | 0 | 0 |
| SOUTHERN CO | COMMON | 842587107 |  | 16690041 | 233721 | SH |  | SOLE | 0 | 233721 | 0 | 0 |
| SPDR S 500 ETF TR | UNITS SER 1 S | 78462F103 |  | 1549224 | 4051 | SH |  | SOLE | 0 | 4051 | 0 | 0 |
| SPLUNK INC | COMMON | 848637104 |  | 11475625 | 133298 | SH |  | SOLE | 0 | 133298 | 0 | 0 |
| SPROUTS FMRS MKT I | COM USD0.001 | 85208M102 |  | 10170395 | 314192 | SH |  | SOLE | 0 | 314192 | 0 | 0 |
| STARBUCKS CORP | COMMON | 855244109 |  | 26423824 | 266369 | SH |  | SOLE | 0 | 266369 | 0 | 0 |
| STRYKER CORP | COMMON | 863667101 |  | 385072 | 1575 | SH |  | SOLE | 0 | 1575 | 0 | 0 |
| T-MOBILE US INC | COMMON | 872590104 |  | 13522740 | 96591 | SH |  | SOLE | 0 | 96591 | 0 | 0 |
| TERRENO RLTY CORP | COMMON | 88146M101 |  | 14488941 | 254773 | SH |  | SOLE | 0 | 254773 | 0 | 0 |
| TRIMBLE INC | COM NPV | 896239100 |  | 8031102 | 158843 | SH |  | SOLE | 0 | 158843 | 0 | 0 |
| UNITED PARCEL SERVIC | CLASS B | 911312106 |  | 263889 | 1518 | SH |  | SOLE | 0 | 1518 | 0 | 0 |
| VANGUARD FTSE | EMERGING MARKETS ETF | 922042858 |  | 12542624 | 321771 | SH |  | SOLE | 0 | 321771 | 0 | 0 |
| VANGUARD INDEX TR | SMALL CAP | 922908751 |  | 20004392 | 108992 | SH |  | SOLE | 0 | 108992 | 0 | 0 |
| VANGUARD INDEX TR | TOTAL STOCK MARKET | 922908769 |  | 729963 | 3818 | SH |  | SOLE | 0 | 3818 | 0 | 0 |
| VANGUARD SECTOR INDE | UTILITIES | 92204A876 |  | 6212920 | 40512 | SH |  | SOLE | 0 | 40512 | 0 | 0 |
| VANGUARD U.S | MOMENTUM FACTOR ETF | 921935508 |  | 6795809 | 59581 | SH |  | SOLE | 0 | 59581 | 0 | 0 |
| VANGUARD WHITEHALL F | HIGH DIV YLD | 921946406 |  | 5671641 | 52413 | SH |  | SOLE | 0 | 52413 | 0 | 0 |
| VERTEX PHARMACEUTICL | COMMON | 92532F100 |  | 15854888 | 54903 | SH |  | SOLE | 0 | 54903 | 0 | 0 |
| VISA INC | CLASS A | 92826C839 |  | 14213900 | 68415 | SH |  | SOLE | 0 | 68415 | 0 | 0 |
| WALMART INC | COMMON | 931142103 |  | 34028103 | 239989 | SH |  | SOLE | 0 | 239989 | 0 | 0 |

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