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

OMB APPROVAL

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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	1,519	SH		DFND		0	0	0
3M CO	Equities	88579Y101	484	2,516	SH		SOLE		0	0	0
ABBOTT LABORATORIES	Equities	002824100	112	940	SH		DFND		0	0	0
ABBOTT LABORATORIES	Equities	002824100	6,128	51,138	SH		SOLE		0	0	0
ABBVIE INC COM	Equities	00287Y109	101	940	SH		DFND		0	0	0
ABBVIE INC COM	Equities	00287Y109	6,646	61,420	SH		SOLE		0	0	0
ACCENTURE PLC IRELAND CL A	Equities	G1151C101	216	785	SH		SOLE		0	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	30	15	SH		DFND		0	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	680	330	SH		SOLE		0	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	55	27	SH		DFND		0	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	932	451	SH		SOLE		0	0	0
AMAZON.COM INC	Equities	023135106	30	10	SH		DFND		0	0	0
AMAZON.COM INC	Equities	023135106	476	154	SH		SOLE		0	0	0
AMERICAN EXPRESS CO	Equities	025816109	28	200	SH		DFND		0	0	0
AMERICAN EXPRESS CO	Equities	025816109	267	1,888	SH		SOLE		0	0	0
AMGEN INC	Equities	031162100	121	488	SH		DFND		0	0	0
AMGEN INC	Equities	031162100	273	1,099	SH		SOLE		0	0	0
APPLE INC	Equities	037833100	311	2,546	SH		DFND		0	0	0
APPLE INC	Equities	037833100	7,535	61,679	SH		SOLE		0	0	560
AT&T INC	Equities	00206R102	94	3,125	SH		DFND		0	0	0
AT&T INC	Equities	00206R102	652	21,563	SH		SOLE		0	0	0
ATLAS AIR WORLDWIDE CONV 2.25	Fixed Income	049164BH8	52	50,000	PRN		SOLE		0	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	286	1,521	SH		DFND		0	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	1,702	9,031	SH		SOLE		0	0	0
BECTON DICKINSON & CO	Equities	075887109	158	650	SH		DFND		0	0	0
BECTON DICKINSON & CO	Equities	075887109	774	3,184	SH		SOLE		0	0	0
BERKSHIRE HATHAWAY INC B	Equities	084670702	292	1,145	SH		SOLE		0	0	0
BLACKROCK INC	Equities	09247X101	232	308	SH		SOLE		0	0	0
BOEING CO	Equities	097023105	271	1,064	SH		SOLE		0	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	45	715	SH		DFND		0	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	547	8,672	SH		SOLE		0	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	32	300	SH		DFND		0	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	325	2,962	SH		SOLE		0	0	0
CARRIER GLOBAL CORP	Equities	14448C104	49	1,175	SH		DFND		0	0	0
CARRIER GLOBAL CORP	Equities	14448C104	210	4,975	SH		SOLE		0	0	0
CHEVRON CORP	Equities	166764100	49	473	SH		DFND		0	0	0
CHEVRON CORP	Equities	166764100	587	5,607	SH		SOLE		0	0	0
CHUBB LIMITED	Equities	H1467J104	45	289	SH		DFND		0	0	0
CHUBB LIMITED	Equities	H1467J104	1,076	6,816	SH		SOLE		0	0	0
CISCO SYSTEMS INC	Equities	17275R102	167	3,240	SH		DFND		0	0	0
CISCO SYSTEMS INC	Equities	17275R102	518	10,038	SH		SOLE		0	0	0
CLEVELAND CLIFFS INC NEW	Equities	185899101	224	11,150	SH		SOLE		0	0	0
COCA COLA CO	Equities	191216100	56	1,070	SH		DFND		0	0	0
COCA COLA CO	Equities	191216100	923	17,518	SH		SOLE		0	0	0
COMCAST CORP CLASS A	Equities	20030N101	28	529	SH		DFND		0	0	0
COMCAST CORP CLASS A	Equities	20030N101	261	4,832	SH		SOLE		0	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	101	287	SH		DFND		0	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	1,704	4,836	SH		SOLE		0	0	0
CSX CORP	Equities	126408103	15	160	SH		DFND		0	0	0
CSX CORP	Equities	126408103	689	7,150	SH		SOLE		0	0	0
CVS HEALTH CORPORATION	Equities	126650100	4	60	SH		DFND		0	0	0
CVS HEALTH CORPORATION	Equities	126650100	332	4,423	SH		SOLE		0	0	0
DEERE & COMPANY	Equities	244199105	47	127	SH		DFND		0	0	0
DEERE & COMPANY	Equities	244199105	550	1,472	SH		SOLE		0	0	0
DISNEY WALT CO	Equities	254687106	2	16	SH		DFND		0	0	0
DISNEY WALT CO	Equities	254687106	2,786	15,099	SH		SOLE		0	0	0
ELEMENTS ROGERS INTL COMMODITY	Equities	870297801	194	35,336	SH		SOLE		0	0	0
EMERSON ELECTRIC CO	Equities	291011104	22	244	SH		DFND		0	0	0
EMERSON ELECTRIC CO	Equities	291011104	279	3,100	SH		SOLE		0	0	0
ENERGY TRANSFER LTD PARTNERSHIP	Equities	29273V100	358	46,654	SH		SOLE		0	0	0
ENTERPRISE PRODUCTS PARTNERS LP	Equities	293792107	602	27,374	SH		SOLE		0	0	0
EXPEDITORS INTERNATIONAL	Equities	302130109	409	3,800	SH		SOLE		0	0	0
EXXON MOBIL CORP	Equities	30231G102	145	2,600	SH		DFND		0	0	0
EXXON MOBIL CORP	Equities	30231G102	1,986	35,576	SH		SOLE		0	0	0
FEDEX CORP	Equities	31428X106	35	125	SH		DFND		0	0	0
FEDEX CORP	Equities	31428X106	461	1,624	SH		SOLE		0	0	0
GENERAL ELECTRIC CO	Equities	369604103	29	2,263	SH		DFND		0	0	0
GENERAL ELECTRIC CO	Equities	369604103	449	34,258	SH		SOLE		0	0	0
GENERAL MILLS INC	Equities	370334104	104	1,700	SH		DFND		0	0	0
GENERAL MILLS INC	Equities	370334104	162	2,642	SH		SOLE		0	0	0
GENESIS ENERGY LP	Equities	371927104	94	10,164	SH		SOLE		0	0	0
GLOBAL X MLP NEW ETF	Equities	37954Y343	289	8,757	SH		SOLE		0	0	0
GLOBALSTAR INC	Equities	378973408	24	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	561	14,000	SH		SOLE		0	0	0
HONEYWELL INTERNATIONAL INC	Equities	438516106	2	12	SH		DFND		0	0	0
HONEYWELL INTERNATIONAL INC	Equities	438516106	959	4,419	SH		SOLE		0	0	0
IDACORP INC	Equities	451107106	130	1,308	SH		DFND		0	0	0
IDACORP INC	Equities	451107106	132	1,330	SH		SOLE		0	0	0
INTEL CORP	Equities	458140100	132	2,076	SH		DFND		0	0	0
INTEL CORP	Equities	458140100	1,180	18,441	SH		SOLE		0	0	126
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	115	863	SH		DFND		0	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	641	4,815	SH		SOLE		0	0	0
INVESCO FTSE RAFI US 1000 ETF	Equities	46137V613	369	2,437	SH		SOLE		0	0	0
INVESCO SENIOR LOAN ETF	Fixed Income	46138G508	392	17,755	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	363	5,644	SH		SOLE		0	0	0
ISHARES CORE MSCI TOT INTL STOC	Equities	46432F834	9	141	SH		DFND		0	0	0
ISHARES CORE MSCI TOT INTL STOC	Equities	46432F834	767	10,918	SH		SOLE		0	0	0
ISHARES CORE S&P 500 (MKT) ETF	Equities	464287200	2,377	5,976	SH		SOLE		0	0	0
ISHARES CORE S&P MID CAP ETF	Equities	464287507	476	1,829	SH		SOLE		0	0	0
ISHARES CORE US AGGREGATE BOND	Fixed Income	464287226	1,414	12,426	SH		SOLE		0	0	0
ISHARES MBS (MKT)	Fixed Income	464288588	0	4	SH		DFND		0	0	0
ISHARES MBS (MKT)	Fixed Income	464288588	316	2,918	SH		SOLE		0	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	83	1,095	SH		DFND		0	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	1,108	14,616	SH		SOLE		0	0	0
ISHARES MSCI EMG MKT ETF	Equities	464287234	278	5,215	SH		SOLE		0	0	0
ISHARES MSCI USA QUALITY FACTOR	Equities	46432F339	271	2,226	SH		SOLE		0	0	0
ISHARES RUSSELL 2000 (MKT)	Equities	464287655	2,894	13,099	SH		SOLE		0	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	77	259	SH		DFND		0	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	559	1,857	SH		SOLE		0	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	58	365	SH		DFND		0	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	196	1,230	SH		SOLE		0	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	135	1,832	SH		DFND		0	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	2,557	34,588	SH		SOLE		0	0	0
ISHARES S&P MID-CAP 400 VALUE	Equities	464287705	341	3,353	SH		SOLE		0	0	0
ISHARES S&P MIDCAP 400 GROWTH E	Equities	464287606	228	2,919	SH		SOLE		0	0	0
JOHNSON AND JOHNSON	Equities	478160104	201	1,223	SH		DFND		0	0	0
JOHNSON AND JOHNSON	Equities	478160104	3,204	19,499	SH		SOLE		0	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	186	1,226	SH		DFND		0	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	2,265	14,880	SH		SOLE		0	0	0
KIMBERLY-CLARK CORP	Equities	494368103	92	664	SH		DFND		0	0	0
KIMBERLY-CLARK CORP	Equities	494368103	418	3,012	SH		SOLE		0	0	0
LINDE PLC	Equities	G5494J103	161	575	SH		DFND		0	0	0
LINDE PLC	Equities	G5494J103	623	2,226	SH		SOLE		0	0	0
MAGELLAN MIDSTREAM PARTNERS LP	Equities	559080106	230	5,316	SH		SOLE		0	0	0
MCDONALDS CORP	Equities	580135101	173	773	SH		DFND		0	0	0
MCDONALDS CORP	Equities	580135101	887	3,959	SH		SOLE		0	0	0
MERCK & CO INC	Equities	58933Y105	7	100	SH		DFND		0	0	0
MERCK & CO INC	Equities	58933Y105	351	4,565	SH		SOLE		0	0	0
MICROSOFT CORP	Equities	594918104	840	3,564	SH		DFND		0	0	0
MICROSOFT CORP	Equities	594918104	6,887	29,214	SH		SOLE		0	0	531
MONDELEZ INTL INC CL A	Equities	609207105	5	90	SH		DFND		0	0	0
MONDELEZ INTL INC CL A	Equities	609207105	241	4,124	SH		SOLE		0	0	0
NEXTERA ENERGY INC	Equities	65339F101	129	1,712	SH		DFND		0	0	0
NEXTERA ENERGY INC	Equities	65339F101	1,552	20,536	SH		SOLE		0	0	0
NORFOLK SOUTHERN CORP	Equities	655844108	319	1,190	SH		SOLE		0	0	0
NOVARTIS AG ADR	Equities	66987V109	29	350	SH		DFND		0	0	0
NOVARTIS AG ADR	Equities	66987V109	478	5,603	SH		SOLE		0	0	0
NUVEEN CALIFORNIA QUALITY MUNI	Fixed Income	67066Y105	3,128	210,563	SH		SOLE		0	0	0
ORACLE CORP	Equities	68389X105	84	1,200	SH		DFND		0	0	0
ORACLE CORP	Equities	68389X105	385	5,491	SH		SOLE		0	0	0
PEPSICO INC	Equities	713448108	176	1,246	SH		DFND		0	0	0
PEPSICO INC	Equities	713448108	968	6,849	SH		SOLE		0	0	0
PFIZER INC	Equities	717081103	68	1,877	SH		DFND		0	0	0
PFIZER INC	Equities	717081103	382	10,571	SH		SOLE		0	0	0
PHILIP MORRIS INTL INC	Equities	718172109	17	196	SH		DFND		0	0	0
PHILIP MORRIS INTL INC	Equities	718172109	251	2,835	SH		SOLE		0	0	0
PHILLIPS 66	Equities	718546104	37	460	SH		DFND		0	0	0
PHILLIPS 66	Equities	718546104	226	2,776	SH		SOLE		0	0	0
PIMCO CALIFORNIA MUNI INCOME FU	Fixed Income	72200N106	666	37,440	SH		SOLE		0	0	0
PLAINS ALL AMERICAN PIPELINE LP	Equities	726503105	92	10,167	SH		SOLE		0	0	0
PROCTER & GAMBLE CO	Equities	742718109	200	1,478	SH		DFND		0	0	0
PROCTER & GAMBLE CO	Equities	742718109	2,694	19,893	SH		SOLE		0	0	0
QUALCOMM INC	Equities	747525103	33	250	SH		DFND		0	0	0
QUALCOMM INC	Equities	747525103	759	5,729	SH		SOLE		0	0	0
RAYTHEON TECHS CORP	Equities	75513E101	130	1,691	SH		DFND		0	0	0
RAYTHEON TECHS CORP	Equities	75513E101	824	10,671	SH		SOLE		0	0	0
S&P GLOBAL INC	Equities	78409V104	146	416	SH		DFND		0	0	0
S&P GLOBAL INC	Equities	78409V104	578	1,639	SH		SOLE		0	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	338	4,638	SH		DFND		0	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	624	8,564	SH		SOLE		1,272	0	0
SCHWAB U S LARGE CAP ETF	Equities	808524201	1,370	14,268	SH		SOLE		0	0	0
SCHWAB US SMALL CAP ETF	Equities	808524607	689	6,922	SH		SOLE		0	0	0
SPDR DOW JONES INTL REAL ESTATE	Equities	78463X863	346	10,053	SH		SOLE		0	0	0
SPDR S&P MIDCAP 400 (MKT)	Equities	78467Y107	2,160	4,538	SH		SOLE		0	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	127	1,348	SH		DFND		0	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	1,008	10,651	SH		SOLE		0	0	0
SPROTT PHYSICAL GOLD & SILVER T	Equities	85208R101	176	10,148	SH		SOLE		0	0	0
STARBUCKS CORP	Equities	855244109	577	5,288	SH		SOLE		0	0	18
STATE STREET CORPORATION	Equities	857477103	67	804	SH		DFND		0	0	0
STATE STREET CORPORATION	Equities	857477103	177	2,109	SH		SOLE		0	0	0
SUN LIFE FINANCIAL INC	Equities	866796105	419	8,303	SH		SOLE		0	0	0
TARGET CORP	Equities	87612E106	39	200	SH		DFND		0	0	0
TARGET CORP	Equities	87612E106	1,036	5,231	SH		SOLE		0	0	0
THERMO FISHER SCIENTIFIC INC	Equities	883556102	462	1,013	SH		SOLE		0	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	29	171	SH		DFND		0	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	508	2,991	SH		SOLE		0	0	0
US BANCORP	Equities	902973304	224	4,067	SH		SOLE		0	0	0
VANGUARD FTSE DEVELOPED MARKETS	Equities	921943858	722	14,712	SH		SOLE		0	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	41	791	SH		DFND		0	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	630	12,109	SH		SOLE		0	0	0
VANGUARD GROWTH ETF (MKT)	Equities	922908736	1,259	4,900	SH		SOLE		0	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	538	5,324	SH		DFND		0	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	993	9,833	SH		SOLE		1,461	0	0
VANGUARD LARGE CAP ETF	Equities	922908637	1,159	6,256	SH		SOLE		0	0	0
VANGUARD REIT ETF (MKT)	Equities	922908553	309	3,369	SH		SOLE		0	0	0
VANGUARD SHORT-TERM BOND ETF	Fixed Income	921937827	595	7,250	SH		SOLE		0	0	0
VANGUARD SHORT-TERM CORP BD IDX	Fixed Income	92206C409	337	4,093	SH		SOLE		0	0	0
VANGUARD TOTAL INTL BD IDX ETF	Fixed Income	92203J407	452	7,927	SH		SOLE		0	0	0
VANGUARD VALUE ETF	Equities	922908744	1,213	9,232	SH		SOLE		0	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	107	1,856	SH		DFND		0	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	806	13,872	SH		SOLE		0	0	0
VF CORPORATION	Equities	918204108	118	1,487	SH		DFND		0	0	0
VF CORPORATION	Equities	918204108	778	9,739	SH		SOLE		0	0	0
VISA INC CL A	Equities	92826C839	9	44	SH		DFND		0	0	0
VISA INC CL A	Equities	92826C839	471	2,229	SH		SOLE		0	0	0
WELLS FARGO & COMPANY	Equities	949746101	144	3,700	SH		DFND		0	0	0
WELLS FARGO & COMPANY	Equities	949746101	915	23,433	SH		SOLE		0	0	0