Davidson Trust 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
3M CO	Equities	88579Y101	267	1,673	SH		DFND		0	0	0
3M CO	Equities	88579Y101	657	4,106	SH		SOLE		0	0	0
ABBOTT LABORATORIES	Equities	002824100	97	900	SH		DFND		0	0	0
ABBOTT LABORATORIES	Equities	002824100	5,639	51,820	SH		SOLE		0	0	0
ABBVIE INC COM	Equities	00287Y109	78	900	SH		DFND		0	0	0
ABBVIE INC COM	Equities	00287Y109	5,432	62,020	SH		SOLE		0	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	21	15	SH		DFND		0	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	524	358	SH		SOLE		0	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	45	31	SH		DFND		0	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	681	464	SH		SOLE		0	0	0
AMAZON.COM INC	Equities	023135106	484	154	SH		SOLE		0	0	0
AMERICAN EXPRESS CO	Equities	025816109	20	200	SH		DFND		0	0	0
AMERICAN EXPRESS CO	Equities	025816109	196	1,963	SH		SOLE		0	0	0
AMGEN INC	Equities	031162100	125	495	SH		DFND		0	0	0
AMGEN INC	Equities	031162100	329	1,297	SH		SOLE		0	0	0
APPLE INC	Equities	037833100	331	2,868	SH		DFND		0	0	0
APPLE INC	Equities	037833100	7,237	62,603	SH		SOLE		0	0	0
AT&T INC	Equities	00206R102	110	3,888	SH		DFND		0	0	0
AT&T INC	Equities	00206R102	690	24,215	SH		SOLE		0	0	0
ATLAS AIR WORLDWIDE CONV 2.25	Fixed Income	049164BH8	54	50,000	PRN		SOLE		0	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	238	1,711	SH		DFND		0	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	1,549	11,110	SH		SOLE		0	0	0
BECTON DICKINSON & CO	Equities	075887109	151	650	SH		DFND		0	0	0
BECTON DICKINSON & CO	Equities	075887109	1,001	4,303	SH		SOLE		0	0	0
BERKSHIRE HATHAWAY INC B	Equities	084670702	243	1,145	SH		SOLE		0	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	39	655	SH		DFND		0	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	522	8,672	SH		SOLE		0	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	26	300	SH		DFND		0	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	423	4,762	SH		SOLE		0	0	0
CARRIER GLOBAL CORP	Equities	14448C104	35	1,175	SH		DFND		0	0	0
CARRIER GLOBAL CORP	Equities	14448C104	189	6,205	SH		SOLE		0	0	0
CHEVRON CORP	Equities	166764100	31	436	SH		DFND		0	0	0
CHEVRON CORP	Equities	166764100	522	7,251	SH		SOLE		0	0	0
CHUBB LIMITED	Equities	H1467J104	93	804	SH		DFND		0	0	0
CHUBB LIMITED	Equities	H1467J104	957	8,250	SH		SOLE		0	0	0
CISCO SYSTEMS INC	Equities	17275R102	125	3,200	SH		DFND		0	0	0
CISCO SYSTEMS INC	Equities	17275R102	470	11,946	SH		SOLE		0	0	0
CLEVELAND CLIFFS INC NEW	Equities	185899101	71	11,150	SH		SOLE		0	0	0
COCA COLA CO	Equities	191216100	49	1,000	SH		DFND		0	0	0
COCA COLA CO	Equities	191216100	889	18,016	SH		SOLE		0	0	0
COMCAST CORP CLASS A	Equities	20030N101	18	399	SH		DFND		0	0	0
COMCAST CORP CLASS A	Equities	20030N101	260	5,630	SH		SOLE		0	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	128	361	SH		DFND		0	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	1,927	5,430	SH		SOLE		0	0	0
CSX CORP	Equities	126408103	7	100	SH		DFND		0	0	0
CSX CORP	Equities	126408103	555	7,150	SH		SOLE		0	0	0
CVS HEALTH CORPORATION	Equities	126650100	328	5,627	SH		SOLE		0	0	0
DEERE & COMPANY	Equities	244199105	22	100	SH		DFND		0	0	0
DEERE & COMPANY	Equities	244199105	413	1,866	SH		SOLE		0	0	0
DISNEY WALT CO	Equities	254687106	1,941	15,648	SH		SOLE		0	0	0
ELEMENTS ROGERS INTL COMMODITY	Equities	870297801	192	44,536	SH		SOLE		0	0	0
EMERSON ELECTRIC CO	Equities	291011104	12	184	SH		DFND		0	0	0
EMERSON ELECTRIC CO	Equities	291011104	245	3,743	SH		SOLE		0	0	0
ENERGY TRANSFER LTD PARTNERSHIP	Equities	29273V100	252	46,654	SH		SOLE		0	0	0
ENTERPRISE PRODUCTS PARTNERS LP	Equities	293792107	432	27,374	SH		SOLE		0	0	0
EXPEDITORS INTERNATIONAL	Equities	302130109	343	3,800	SH		SOLE		0	0	0
EXXON MOBIL CORP	Equities	30231G102	112	3,265	SH		DFND		0	0	0
EXXON MOBIL CORP	Equities	30231G102	1,629	47,465	SH		SOLE		0	0	0
FEDEX CORP	Equities	31428X106	31	125	SH		DFND		0	0	0
FEDEX CORP	Equities	31428X106	408	1,624	SH		SOLE		0	0	0
FORD MOTOR COMPANY	Equities	345370860	79	11,871	SH		SOLE		0	0	0
GENERAL ELECTRIC CO	Equities	369604103	14	2,263	SH		DFND		0	0	0
GENERAL ELECTRIC CO	Equities	369604103	214	34,378	SH		SOLE		0	0	0
GENERAL MILLS INC	Equities	370334104	104	1,700	SH		DFND		0	0	0
GENERAL MILLS INC	Equities	370334104	298	4,842	SH		SOLE		0	0	0
GENESIS ENERGY LP	Equities	371927104	45	10,164	SH		SOLE		0	0	0
GLOBALSTAR INC	Equities	378973408	5	18,000	SH		SOLE		0	0	0
GOLDMAN SACHS ACCESS TRSY 0-1 Y	Fixed Income	381430529	311	3,098	SH		SOLE		0	0	0
HARLEY DAVIDSON INC	Equities	412822108	343	14,000	SH		SOLE		0	0	0
HONEYWELL INTERNATIONAL INC	Equities	438516106	727	4,419	SH		SOLE		0	0	0
INTEL CORP	Equities	458140100	104	2,026	SH		DFND		0	0	0
INTEL CORP	Equities	458140100	1,255	24,238	SH		SOLE		0	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	130	1,070	SH		DFND		0	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	1,024	8,421	SH		SOLE		0	0	0
INVESCO FTSE RAFI US 1000 ETF	Equities	46137V613	369	3,244	SH		SOLE		0	0	0
INVESCO SENIOR LOAN ETF	Fixed Income	46138G508	377	17,382	SH		SOLE		0	0	0
ISHARES 1-3 YR TREASURY BOND ET	Fixed Income	464287457	311	3,598	SH		SOLE		0	0	0
ISHARES CORE MSCI EMERGING MKTS	Equities	46434G103	298	5,644	SH		SOLE		0	0	0
ISHARES CORE MSCI TOT INTL STOC	Equities	46432F834	774	13,269	SH		SOLE		0	0	0
ISHARES CORE S&P 500 (MKT) ETF	Equities	464287200	2,008	5,976	SH		SOLE		0	0	0
ISHARES CORE S&P MID CAP ETF	Equities	464287507	338	1,829	SH		SOLE		0	0	0
ISHARES CORE US AGGREGATE BOND	Fixed Income	464287226	1,370	11,609	SH		SOLE		0	0	0
ISHARES MBS (MKT)	Equities	464288588	0	4	SH		DFND		0	0	0
ISHARES MBS (MKT)	Equities	464288588	322	2,918	SH		SOLE		0	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	69	1,095	SH		DFND		0	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	930	14,616	SH		SOLE		0	0	0
ISHARES MSCI EMG MKT ETF	Equities	464287234	229	5,215	SH		SOLE		0	0	0
ISHARES MSCI USA QUALITY FACTOR	Equities	46432F339	256	2,474	SH		SOLE		0	0	0
ISHARES RUSSELL 2000 (MKT)	Equities	464287655	1,962	13,099	SH		SOLE		0	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	57	259	SH		DFND		0	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	531	2,400	SH		SOLE		0	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	36	365	SH		DFND		0	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	271	2,731	SH		SOLE		0	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	105	1,832	SH		DFND		0	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	1,984	34,588	SH		SOLE		0	0	0
ISHARES S&P MID-CAP 400 VALUE	Equities	464287705	282	2,093	SH		SOLE		0	0	0
ISHARES S&P MIDCAP 400 GROWTH E	Equities	464287606	293	1,226	SH		SOLE		0	0	0
JOHNSON AND JOHNSON	Equities	478160104	204	1,373	SH		DFND		0	0	0
JOHNSON AND JOHNSON	Equities	478160104	2,990	20,088	SH		SOLE		0	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	82	855	SH		DFND		0	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	1,624	16,870	SH		SOLE		0	0	0
KIMBERLY-CLARK CORP	Equities	494368103	123	838	SH		DFND		0	0	0
KIMBERLY-CLARK CORP	Equities	494368103	603	4,089	SH		SOLE		0	0	0
LINDE PLC	Equities	G5494J103	136	575	SH		DFND		0	0	0
LINDE PLC	Equities	G5494J103	760	3,194	SH		SOLE		0	0	0
MCDONALDS CORP	Equities	580135101	142	650	SH		DFND		0	0	0
MCDONALDS CORP	Equities	580135101	976	4,447	SH		SOLE		0	0	0
MERCK & CO INC	Equities	58933Y105	8	100	SH		DFND		0	0	0
MERCK & CO INC	Equities	58933Y105	445	5,373	SH		SOLE		0	0	0
MICROSOFT CORP	Equities	594918104	758	3,608	SH		DFND		0	0	0
MICROSOFT CORP	Equities	594918104	6,439	30,650	SH		SOLE		0	0	0
MONDELEZ INTL INC CL A	Equities	609207105	236	4,124	SH		SOLE		0	0	0
NEXTERA ENERGY INC	Equities	65339F101	137	494	SH		DFND		0	0	0
NEXTERA ENERGY INC	Equities	65339F101	1,688	6,084	SH		SOLE		0	0	0
NORFOLK SOUTHERN CORP	Equities	655844108	254	1,190	SH		SOLE		0	0	0
NOVARTIS AG ADR	Equities	66987V109	54	630	SH		DFND		0	0	0
NOVARTIS AG ADR	Equities	66987V109	502	5,784	SH		SOLE		0	0	0
NUVEEN CALIFORNIA QUALITY MUNI	Fixed Income	67066Y105	3,521	241,881	SH		SOLE		0	0	0
ORACLE CORP	Equities	68389X105	71	1,200	SH		DFND		0	0	0
ORACLE CORP	Equities	68389X105	363	6,091	SH		SOLE		0	0	0
OTIS WORLDWIDE CORP	Equities	68902V107	36	587	SH		DFND		0	0	0
OTIS WORLDWIDE CORP	Equities	68902V107	191	3,063	SH		SOLE		0	0	0
PEPSICO INC	Equities	713448108	172	1,246	SH		DFND		0	0	0
PEPSICO INC	Equities	713448108	1,173	8,487	SH		SOLE		0	0	0
PERKINELMER INC	Equities	714046109	301	2,400	SH		SOLE		0	0	0
PFIZER INC	Equities	717081103	64	1,767	SH		DFND		0	0	0
PFIZER INC	Equities	717081103	675	18,414	SH		SOLE		0	0	0
PHILIP MORRIS INTL INC	Equities	718172109	11	159	SH		DFND		0	0	0
PHILIP MORRIS INTL INC	Equities	718172109	212	2,835	SH		SOLE		0	0	0
PIMCO CALIFORNIA MUNI INCOME FU	Fixed Income	72200N106	662	37,440	SH		SOLE		0	0	0
PLAINS ALL AMERICAN PIPELINE LP	Equities	726503105	60	10,167	SH		SOLE		0	0	0
PROCTER & GAMBLE CO	Equities	742718109	199	1,435	SH		DFND		0	0	0
PROCTER & GAMBLE CO	Equities	742718109	2,877	20,706	SH		SOLE		0	0	0
QUALCOMM INC	Equities	747525103	23	200	SH		DFND		0	0	0
QUALCOMM INC	Equities	747525103	841	7,152	SH		SOLE		0	0	0
RAYTHEON TECHS CORP	Equities	75513E101	119	2,076	SH		DFND		0	0	0
RAYTHEON TECHS CORP	Equities	75513E101	722	12,565	SH		SOLE		0	0	0
S&P GLOBAL INC	Equities	78409V104	191	532	SH		DFND		0	0	0
S&P GLOBAL INC	Equities	78409V104	576	1,599	SH		SOLE		0	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	298	5,397	SH		DFND		0	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	547	9,899	SH		SOLE		1,484	0	0
SCHWAB U S LARGE CAP ETF	Equities	808524201	1,150	14,268	SH		SOLE		0	0	0
SCHWAB US SMALL CAP ETF	Equities	808524607	472	6,922	SH		SOLE		0	0	0
SPDR DOW JONES INTL REAL ESTATE	Equities	78463X863	320	10,796	SH		SOLE		0	0	0
SPDR S&P MIDCAP 400 (MKT)	Equities	78467Y107	1,537	4,538	SH		SOLE		0	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	105	1,348	SH		DFND		0	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	830	10,651	SH		SOLE		0	0	0
SPROTT PHYSICAL GOLD & SILVER T	Equities	85208R101	186	10,148	SH		SOLE		0	0	0
STARBUCKS CORP	Equities	855244109	334	3,895	SH		SOLE		0	0	0
STATE STREET CORPORATION	Equities	857477103	47	804	SH		DFND		0	0	0
STATE STREET CORPORATION	Equities	857477103	155	2,619	SH		SOLE		0	0	0
SUN LIFE FINANCIAL INC	Equities	866796105	338	8,303	SH		SOLE		0	0	0
TARGET CORP	Equities	87612E106	31	200	SH		DFND		0	0	0
TARGET CORP	Equities	87612E106	946	6,014	SH		SOLE		0	0	0
THERMO FISHER SCIENTIFIC INC	Equities	883556102	447	1,013	SH		SOLE		0	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	28	171	SH		DFND		0	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	586	3,519	SH		SOLE		0	0	0
US BANCORP	Equities	902973304	218	6,091	SH		SOLE		0	0	0
VANGUARD DIVIDEND APPREC IDX ET	Equities	921908844	298	2,323	SH		SOLE		0	0	0
VANGUARD FTSE ALL-WORLD EX-US	Equities	922042775	386	7,659	SH		SOLE		0	0	0
VANGUARD FTSE DEVELOPED MARKETS	Equities	921943858	644	15,767	SH		SOLE		0	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	34	791	SH		DFND		0	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	575	13,317	SH		SOLE		0	0	0
VANGUARD GROWTH ETF (MKT)	Equities	922908736	1,339	5,888	SH		SOLE		0	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	480	5,942	SH		DFND		0	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	882	10,899	SH		SOLE		1,633	0	0
VANGUARD LARGE CAP ETF	Equities	922908637	978	6,256	SH		SOLE		0	0	0
VANGUARD REIT ETF (MKT)	Equities	922908553	266	3,369	SH		SOLE		0	0	0
VANGUARD SHORT-TERM BOND ETF	Fixed Income	921937827	591	7,126	SH		SOLE		0	0	0
VANGUARD SHORT-TERM CORP BD IDX	Fixed Income	92206C409	337	4,070	SH		SOLE		0	0	0
VANGUARD TOTAL INTL BD IDX ETF	Fixed Income	92203J407	437	7,512	SH		SOLE		0	0	0
VANGUARD VALUE ETF	Equities	922908744	1,764	16,883	SH		SOLE		0	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	107	1,806	SH		DFND		0	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	1,051	17,671	SH		SOLE		0	0	0
VF CORPORATION	Equities	918204108	130	1,851	SH		DFND		0	0	0
VF CORPORATION	Equities	918204108	807	11,493	SH		SOLE		0	0	0
VISA INC CL A	Equities	92826C839	479	2,399	SH		SOLE		0	0	0
WALMART INC	Equities	931142103	72	517	SH		DFND		0	0	0
WALMART INC	Equities	931142103	175	1,257	SH		SOLE		0	0	0
WELLS FARGO & COMPANY	Equities	949746101	86	3,700	SH		DFND		0	0	0
WELLS FARGO & COMPANY	Equities	949746101	615	26,193	SH		SOLE		0	0	0