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	292	1,673	SH		DFND		0	0	0
3M CO	Equities	88579Y101	462	2,648	SH		SOLE		0	0	0
ABBOTT LABORATORIES	Equities	002824100	98	900	SH		DFND		0	0	0
ABBOTT LABORATORIES	Equities	002824100	5,610	51,245	SH		SOLE		0	0	0
ABBVIE INC COM	Equities	00287Y109	96	900	SH		DFND		0	0	0
ABBVIE INC COM	Equities	00287Y109	6,581	61,420	SH		SOLE		0	0	0
ACCENTURE PLC IRELAND CL A	Equities	G1151C101	26	103	SH		DFND		0	0	0
ACCENTURE PLC IRELAND CL A	Equities	G1151C101	205	788	SH		SOLE		0	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	26	15	SH		DFND		0	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	599	342	SH		SOLE		0	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	54	31	SH		DFND		0	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	795	454	SH		SOLE		0	0	0
AMAZON.COM INC	Equities	023135106	32	10	SH		DFND		0	0	0
AMAZON.COM INC	Equities	023135106	501	154	SH		SOLE		0	0	0
AMERICAN EXPRESS CO	Equities	025816109	24	200	SH		DFND		0	0	0
AMERICAN EXPRESS CO	Equities	025816109	228	1,888	SH		SOLE		0	0	0
AMGEN INC	Equities	031162100	113	495	SH		DFND		0	0	0
AMGEN INC	Equities	031162100	283	1,231	SH		SOLE		0	0	0
APPLE INC	Equities	037833100	320	2,418	SH		DFND		0	0	0
APPLE INC	Equities	037833100	8,191	61,789	SH		SOLE		0	0	0
AT&T INC	Equities	00206R102	113	3,947	SH		DFND		0	0	0
AT&T INC	Equities	00206R102	637	22,152	SH		SOLE		0	0	0
ATLAS AIR WORLDWIDE CONV 2.25	Fixed Income	049164BH8	51	50,000	PRN		SOLE		0	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	294	1,673	SH		DFND		0	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	1,602	9,093	SH		SOLE		0	0	0
BECTON DICKINSON & CO	Equities	075887109	162	650	SH		DFND		0	0	0
BECTON DICKINSON & CO	Equities	075887109	807	3,228	SH		SOLE		0	0	0
BERKSHIRE HATHAWAY INC B	Equities	084670702	265	1,145	SH		SOLE		0	0	0
BLACKROCK INC	Equities	09247X101	222	308	SH		SOLE		0	0	0
BOEING CO	Equities	097023105	230	1,079	SH		SOLE		0	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	40	655	SH		DFND		0	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	537	8,672	SH		SOLE		0	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	29	300	SH		DFND		0	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	295	2,962	SH		SOLE		0	0	0
CARRIER GLOBAL CORP	Equities	14448C104	44	1,175	SH		DFND		0	0	0
CARRIER GLOBAL CORP	Equities	14448C104	187	4,975	SH		SOLE		0	0	0
CHEVRON CORP	Equities	166764100	36	436	SH		DFND		0	0	0
CHEVRON CORP	Equities	166764100	489	5,797	SH		SOLE		0	0	0
CHUBB LIMITED	Equities	H1467J104	71	467	SH		DFND		0	0	0
CHUBB LIMITED	Equities	H1467J104	1,061	6,896	SH		SOLE		0	0	0
CISCO SYSTEMS INC	Equities	17275R102	143	3,200	SH		DFND		0	0	0
CISCO SYSTEMS INC	Equities	17275R102	466	10,423	SH		SOLE		0	0	0
CLEVELAND CLIFFS INC NEW	Equities	185899101	162	11,150	SH		SOLE		0	0	0
COCA COLA CO	Equities	191216100	54	1,000	SH		DFND		0	0	0
COCA COLA CO	Equities	191216100	978	17,850	SH		SOLE		0	0	0
COMCAST CORP CLASS A	Equities	20030N101	20	399	SH		DFND		0	0	0
COMCAST CORP CLASS A	Equities	20030N101	281	5,364	SH		SOLE		0	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	136	361	SH		DFND		0	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	1,802	4,785	SH		SOLE		0	0	0
CSX CORP	Equities	126408103	9	100	SH		DFND		0	0	0
CSX CORP	Equities	126408103	648	7,150	SH		SOLE		0	0	0
CVS HEALTH CORPORATION	Equities	126650100	302	4,423	SH		SOLE		0	0	0
DEERE & COMPANY	Equities	244199105	26	100	SH		DFND		0	0	0
DEERE & COMPANY	Equities	244199105	442	1,646	SH		SOLE		0	0	0
DISNEY WALT CO	Equities	254687106	2,765	15,265	SH		SOLE		0	0	0
ELEMENTS ROGERS INTL COMMODITY	Equities	870297801	207	41,867	SH		SOLE		0	0	0
EMERSON ELECTRIC CO	Equities	291011104	14	184	SH		DFND		0	0	0
EMERSON ELECTRIC CO	Equities	291011104	252	3,137	SH		SOLE		0	0	0
ENERGY TRANSFER LTD PARTNERSHIP	Equities	29273V100	288	46,654	SH		SOLE		0	0	0
ENTERPRISE PRODUCTS PARTNERS LP	Equities	293792107	536	27,374	SH		SOLE		0	0	0
EXPEDITORS INTERNATIONAL	Equities	302130109	361	3,800	SH		SOLE		0	0	0
EXXON MOBIL CORP	Equities	30231G102	106	2,580	SH		DFND		0	0	0
EXXON MOBIL CORP	Equities	30231G102	1,468	35,615	SH		SOLE		0	0	0
FEDEX CORP	Equities	31428X106	32	125	SH		DFND		0	0	0
FEDEX CORP	Equities	31428X106	421	1,624	SH		SOLE		0	0	0
FORD MOTOR COMPANY	Equities	345370860	97	11,038	SH		SOLE		0	0	0
GENERAL ELECTRIC CO	Equities	369604103	24	2,263	SH		DFND		0	0	0
GENERAL ELECTRIC CO	Equities	369604103	371	34,378	SH		SOLE		0	0	0
GENERAL MILLS INC	Equities	370334104	99	1,700	SH		DFND		0	0	0
GENERAL MILLS INC	Equities	370334104	155	2,642	SH		SOLE		0	0	0
GENESIS ENERGY LP	Equities	371927104	63	10,164	SH		SOLE		0	0	0
GLOBAL X MLP NEW ETF	Equities	37954Y343	240	8,757	SH		SOLE		0	0	0
GLOBALSTAR INC	Equities	378973408	6	18,000	SH		SOLE		0	0	0
GOLDMAN SACHS ACCESS TRSY 0-1 Y	Fixed Income	381430529	310	3,098	SH		SOLE		0	0	0
HARLEY DAVIDSON INC	Equities	412822108	513	14,000	SH		SOLE		0	0	0
HONEYWELL INTERNATIONAL INC	Equities	438516106	939	4,419	SH		SOLE		0	0	0
INTEL CORP	Equities	458140100	100	2,026	SH		DFND		0	0	0
INTEL CORP	Equities	458140100	961	19,296	SH		SOLE		0	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	108	863	SH		DFND		0	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	626	4,979	SH		SOLE		0	0	0
INVESCO FTSE RAFI US 1000 ETF	Equities	46137V613	390	2,932	SH		SOLE		0	0	0
INVESCO SENIOR LOAN ETF	Fixed Income	46138G508	389	17,462	SH		SOLE		0	0	0
ISHARES 1-3 YR TREASURY BOND ET	Fixed Income	464287457	310	3,598	SH		SOLE		0	0	0
ISHARES CORE MSCI EMERGING MKTS	Equities	46434G103	350	5,644	SH		SOLE		0	0	0
ISHARES CORE MSCI TOT INTL STOC	Equities	46432F834	829	12,350	SH		SOLE		0	0	0
ISHARES CORE S&P 500 (MKT) ETF	Equities	464287200	2,243	5,976	SH		SOLE		0	0	0
ISHARES CORE S&P MID CAP ETF	Equities	464287507	420	1,829	SH		SOLE		0	0	0
ISHARES CORE US AGGREGATE BOND	Fixed Income	464287226	1,397	11,825	SH		SOLE		0	0	0
ISHARES MBS (MKT)	Fixed Income	464288588	0	4	SH		DFND		0	0	0
ISHARES MBS (MKT)	Fixed Income	464288588	321	2,918	SH		SOLE		0	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	79	1,095	SH		DFND		0	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	1,066	14,616	SH		SOLE		0	0	0
ISHARES MSCI EMG MKT ETF	Equities	464287234	269	5,215	SH		SOLE		0	0	0
ISHARES MSCI USA QUALITY FACTOR	Equities	46432F339	267	2,305	SH		SOLE		0	0	0
ISHARES RUSSELL 1000 GROWTH	Equities	464287614	205	852	SH		SOLE		0	0	0
ISHARES RUSSELL 2000 (MKT)	Equities	464287655	2,568	13,099	SH		SOLE		0	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	74	259	SH		DFND		0	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	640	2,233	SH		SOLE		0	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	48	365	SH		DFND		0	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	300	2,280	SH		SOLE		0	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	125	1,832	SH		DFND		0	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	2,371	34,588	SH		SOLE		0	0	0
ISHARES S&P MID-CAP 400 VALUE	Equities	464287705	445	5,161	SH		SOLE		0	0	0
ISHARES S&P MIDCAP 400 GROWTH E	Equities	464287606	339	4,701	SH		SOLE		0	0	0
JOHNSON AND JOHNSON	Equities	478160104	216	1,373	SH		DFND		0	0	0
JOHNSON AND JOHNSON	Equities	478160104	3,103	19,720	SH		SOLE		0	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	152	1,198	SH		DFND		0	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	1,905	14,995	SH		SOLE		0	0	0
KIMBERLY-CLARK CORP	Equities	494368103	116	865	SH		DFND		0	0	0
KIMBERLY-CLARK CORP	Equities	494368103	402	2,988	SH		SOLE		0	0	0
LINDE PLC	Equities	G5494J103	151	575	SH		DFND		0	0	0
LINDE PLC	Equities	G5494J103	588	2,234	SH		SOLE		0	0	0
MAGELLAN MIDSTREAM PARTNERS LP	Equities	559080106	225	5,316	SH		SOLE		0	0	0
MCDONALDS CORP	Equities	580135101	160	750	SH		DFND		0	0	0
MCDONALDS CORP	Equities	580135101	852	3,972	SH		SOLE		0	0	0
MERCK & CO INC	Equities	58933Y105	8	100	SH		DFND		0	0	0
MERCK & CO INC	Equities	58933Y105	404	4,944	SH		SOLE		0	0	0
MICROSOFT CORP	Equities	594918104	801	3,608	SH		DFND		0	0	0
MICROSOFT CORP	Equities	594918104	6,478	29,158	SH		SOLE		0	0	0
MONDELEZ INTL INC CL A	Equities	609207105	241	4,124	SH		SOLE		0	0	0
NEXTERA ENERGY INC	Equities	65339F101	152	1,976	SH		DFND		0	0	0
NEXTERA ENERGY INC	Equities	65339F101	1,575	20,423	SH		SOLE		0	0	0
NORFOLK SOUTHERN CORP	Equities	655844108	282	1,190	SH		SOLE		0	0	0
NOVARTIS AG ADR	Equities	66987V109	61	655	SH		DFND		0	0	0
NOVARTIS AG ADR	Equities	66987V109	524	5,557	SH		SOLE		0	0	0
NUVEEN CALIFORNIA QUALITY MUNI	Fixed Income	67066Y105	3,172	209,290	SH		SOLE		0	0	0
ORACLE CORP	Equities	68389X105	77	1,200	SH		DFND		0	0	0
ORACLE CORP	Equities	68389X105	361	5,583	SH		SOLE		0	0	0
OTIS WORLDWIDE CORP	Equities	68902V107	39	587	SH		DFND		0	0	0
OTIS WORLDWIDE CORP	Equities	68902V107	162	2,411	SH		SOLE		0	0	0
PEPSICO INC	Equities	713448108	184	1,246	SH		DFND		0	0	0
PEPSICO INC	Equities	713448108	1,018	6,872	SH		SOLE		0	0	0
PFIZER INC	Equities	717081103	65	1,767	SH		DFND		0	0	0
PFIZER INC	Equities	717081103	416	11,324	SH		SOLE		0	0	0
PHILIP MORRIS INTL INC	Equities	718172109	13	159	SH		DFND		0	0	0
PHILIP MORRIS INTL INC	Equities	718172109	234	2,835	SH		SOLE		0	0	0
PHILLIPS 66	Equities	718546104	32	460	SH		DFND		0	0	0
PHILLIPS 66	Equities	718546104	194	2,776	SH		SOLE		0	0	0
PIMCO CALIFORNIA MUNI INCOME FU	Fixed Income	72200N106	673	37,440	SH		SOLE		0	0	0
PLAINS ALL AMERICAN PIPELINE LP	Equities	726503105	83	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	2,770	19,909	SH		SOLE		0	0	0
QUALCOMM INC	Equities	747525103	30	200	SH		DFND		0	0	0
QUALCOMM INC	Equities	747525103	923	6,061	SH		SOLE		0	0	0
RAYTHEON TECHS CORP	Equities	75513E101	146	2,049	SH		DFND		0	0	0
RAYTHEON TECHS CORP	Equities	75513E101	789	11,038	SH		SOLE		0	0	0
S&P GLOBAL INC	Equities	78409V104	179	545	SH		DFND		0	0	0
S&P GLOBAL INC	Equities	78409V104	550	1,676	SH		SOLE		0	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	322	5,035	SH		DFND		0	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	592	9,231	SH		SOLE		1,380	0	0
SCHWAB U S LARGE CAP ETF	Equities	808524201	1,297	14,268	SH		SOLE		0	0	0
SCHWAB US SMALL CAP ETF	Equities	808524607	616	6,922	SH		SOLE		0	0	0
SPDR DOW JONES INTL REAL ESTATE	Equities	78463X863	342	10,053	SH		SOLE		0	0	0
SPDR S&P MIDCAP 400 (MKT)	Equities	78467Y107	1,905	4,538	SH		SOLE		0	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	116	1,348	SH		DFND		0	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	923	10,651	SH		SOLE		0	0	0
SPROTT PHYSICAL GOLD & SILVER T	Equities	85208R101	196	10,148	SH		SOLE		0	0	0
STARBUCKS CORP	Equities	855244109	28	262	SH		DFND		0	0	0
STARBUCKS CORP	Equities	855244109	610	5,703	SH		SOLE		0	0	0
STATE STREET CORPORATION	Equities	857477103	58	804	SH		DFND		0	0	0
STATE STREET CORPORATION	Equities	857477103	153	2,109	SH		SOLE		0	0	0
SUN LIFE FINANCIAL INC	Equities	866796105	369	8,303	SH		SOLE		0	0	0
TARGET CORP	Equities	87612E106	35	200	SH		DFND		0	0	0
TARGET CORP	Equities	87612E106	934	5,294	SH		SOLE		0	0	0
THERMO FISHER SCIENTIFIC INC	Equities	883556102	471	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	530	3,153	SH		SOLE		0	0	0
VANGUARD FTSE ALL-WORLD EX-US	Equities	922042775	435	7,454	SH		SOLE		0	0	0
VANGUARD FTSE DEVELOPED MARKETS	Equities	921943858	718	15,211	SH		SOLE		0	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	39	791	SH		DFND		0	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	665	13,279	SH		SOLE		0	0	0
VANGUARD GROWTH ETF (MKT)	Equities	922908736	1,369	5,405	SH		SOLE		0	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	519	5,672	SH		DFND		0	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	951	10,399	SH		SOLE		1,555	0	0
VANGUARD LARGE CAP ETF	Equities	922908637	1,099	6,256	SH		SOLE		0	0	0
VANGUARD REIT ETF (MKT)	Equities	922908553	286	3,369	SH		SOLE		0	0	0
VANGUARD SHORT-TERM BOND ETF	Fixed Income	921937827	585	7,062	SH		SOLE		0	0	0
VANGUARD SHORT-TERM CORP BD IDX	Fixed Income	92206C409	335	4,027	SH		SOLE		0	0	0
VANGUARD TOTAL INTL BD IDX ETF	Fixed Income	92203J407	448	7,662	SH		SOLE		0	0	0
VANGUARD VALUE ETF	Equities	922908744	1,584	13,320	SH		SOLE		0	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	106	1,806	SH		DFND		0	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	842	14,338	SH		SOLE		0	0	0
VF CORPORATION	Equities	918204108	154	1,805	SH		DFND		0	0	0
VF CORPORATION	Equities	918204108	829	9,708	SH		SOLE		0	0	0
VISA INC CL A	Equities	92826C839	487	2,229	SH		SOLE		0	0	0
WALMART INC	Equities	931142103	74	517	SH		DFND		0	0	0
WALMART INC	Equities	931142103	128	889	SH		SOLE		0	0	0
WELLS FARGO & COMPANY	Equities	949746101	111	3,700	SH		DFND		0	0	0
WELLS FARGO & COMPANY	Equities	949746101	731	24,236	SH		SOLE		0	0	0