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

OMB Number:		3235-0006
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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	266	1,519	SH		DFND		1,519	0	0
3M CO	Equities	88579Y101	237	1,349	SH		SOLE		1,349	0	0
ABBOTT LABORATORIES	Equities	002824100	106	900	SH		DFND		900	0	0
ABBOTT LABORATORIES	Equities	002824100	5,295	44,827	SH		SOLE		44,827	0	0
ABBVIE INC COM	Equities	00287Y109	104	960	SH		DFND		960	0	0
ABBVIE INC COM	Equities	00287Y109	5,373	49,810	SH		SOLE		49,810	0	0
ABERDEEN BLOOMBERG ALL COMMODIT	Equities	003261104	273	9,732	SH		SOLE		9,732	0	0
ACCENTURE PLC IRELAND CL A	Equities	G1151C101	28	86	SH		DFND		86	0	0
ACCENTURE PLC IRELAND CL A	Equities	G1151C101	248	776	SH		SOLE		776	0	0
ALLIANCE BERNSTEIN HOLDING LP U	Equities	01881G106	347	7,000	SH		SOLE		7,000	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	40	15	SH		DFND		15	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	882	330	SH		SOLE		330	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	72	27	SH		DFND		27	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	1,151	432	SH		SOLE		432	0	0
AMAZON.COM INC	Equities	023135106	33	10	SH		DFND		10	0	0
AMAZON.COM INC	Equities	023135106	516	157	SH		SOLE		157	0	0
AMERICAN EXPRESS CO	Equities	025816109	34	200	SH		DFND		200	0	0
AMERICAN EXPRESS CO	Equities	025816109	293	1,748	SH		SOLE		1,748	0	0
AMGEN INC	Equities	031162100	107	505	SH		DFND		505	0	0
AMGEN INC	Equities	031162100	238	1,121	SH		SOLE		1,121	0	0
APPLE INC	Equities	037833100	328	2,321	SH		DFND		2,321	0	0
APPLE INC	Equities	037833100	7,287	51,498	SH		SOLE		51,498	0	0
AT&T INC	Equities	00206R102	81	3,015	SH		DFND		3,015	0	0
AT&T INC	Equities	00206R102	531	19,666	SH		SOLE		19,666	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	333	1,667	SH		DFND		1,667	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	1,699	8,497	SH		SOLE		8,497	0	0
BECTON DICKINSON & CO	Equities	075887109	160	650	SH		DFND		650	0	0
BECTON DICKINSON & CO	Equities	075887109	719	2,926	SH		SOLE		2,926	0	0
BERKSHIRE HATHAWAY INC B	Equities	084670702	311	1,138	SH		SOLE		1,138	0	0
BLACKROCK INC	Equities	09247X101	242	288	SH		SOLE		288	0	0
BOEING CO	Equities	097023105	284	1,290	SH		SOLE		1,290	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	43	735	SH		DFND		735	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	486	8,210	SH		SOLE		8,210	0	0
BROADCOM INC	Equities	11135F101	33	69	SH		DFND		69	0	0
BROADCOM INC	Equities	11135F101	210	434	SH		SOLE		434	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	44	300	SH		DFND		300	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	435	2,952	SH		SOLE		2,952	0	0
CARRIER GLOBAL CORP	Equities	14448C104	56	1,090	SH		DFND		1,090	0	0
CARRIER GLOBAL CORP	Equities	14448C104	238	4,606	SH		SOLE		4,606	0	0
CATERPILLAR INC	Equities	149123101	29	150	SH		DFND		150	0	0
CATERPILLAR INC	Equities	149123101	388	2,023	SH		SOLE		2,023	0	0
CHEVRON CORP	Equities	166764100	50	496	SH		DFND		496	0	0
CHEVRON CORP	Equities	166764100	603	5,940	SH		SOLE		5,940	0	0
CHUBB LIMITED	Equities	H1467J104	89	511	SH		DFND		511	0	0
CHUBB LIMITED	Equities	H1467J104	1,088	6,269	SH		SOLE		6,269	0	0
CISCO SYSTEMS INC	Equities	17275R102	179	3,280	SH		DFND		3,280	0	0
CISCO SYSTEMS INC	Equities	17275R102	512	9,407	SH		SOLE		9,407	0	0
COCA COLA CO	Equities	191216100	52	1,000	SH		DFND		1,000	0	0
COCA COLA CO	Equities	191216100	957	18,234	SH		SOLE		18,234	0	0
COMCAST CORP CLASS A	Equities	20030N101	30	529	SH		DFND		529	0	0
COMCAST CORP CLASS A	Equities	20030N101	374	6,689	SH		SOLE		6,689	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	158	351	SH		DFND		351	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	1,978	4,402	SH		SOLE		4,402	0	0
CSX CORP	Equities	126408103	14	480	SH		DFND		480	0	0
CSX CORP	Equities	126408103	638	21,450	SH		SOLE		21,450	0	0
CUMMINS INC	Equities	231021106	29	129	SH		DFND		129	0	0
CUMMINS INC	Equities	231021106	252	1,120	SH		SOLE		1,120	0	0
CVS HEALTH CORPORATION	Equities	126650100	6	75	SH		DFND		75	0	0
CVS HEALTH CORPORATION	Equities	126650100	317	3,737	SH		SOLE		3,737	0	0
DEERE & COMPANY	Equities	244199105	43	127	SH		DFND		127	0	0
DEERE & COMPANY	Equities	244199105	1,197	3,572	SH		SOLE		3,572	0	0
DELEK LOGISTICS PARTNERS LP	Equities	24664T103	317	7,000	SH		SOLE		7,000	0	0
DISNEY WALT CO	Equities	254687106	2,589	15,307	SH		SOLE		15,307	0	0
ELEMENTS ROGERS INTL COMMODITY	Equities	870297801	206	30,714	SH		SOLE		30,714	0	0
EMERSON ELECTRIC CO	Equities	291011104	26	274	SH		DFND		274	0	0
EMERSON ELECTRIC CO	Equities	291011104	249	2,640	SH		SOLE		2,640	0	0
EXPEDITORS INTERNATIONAL	Equities	302130109	453	3,800	SH		SOLE		3,800	0	0
EXXON MOBIL CORP	Equities	30231G102	158	2,680	SH		DFND		2,680	0	0
EXXON MOBIL CORP	Equities	30231G102	2,297	39,056	SH		SOLE		39,056	0	0
FEDEX CORP	Equities	31428X106	27	125	SH		DFND		125	0	0
FEDEX CORP	Equities	31428X106	298	1,360	SH		SOLE		1,360	0	0
GENERAL ELECTRIC CO NEW	Equities	369604301	25	245	SH		DFND		245	0	0
GENERAL ELECTRIC CO NEW	Equities	369604301	274	2,655	SH		SOLE		2,655	0	0
GENERAL MILLS INC	Equities	370334104	102	1,700	SH		DFND		1,700	0	0
GENERAL MILLS INC	Equities	370334104	148	2,471	SH		SOLE		2,471	0	0
HARLEY DAVIDSON INC	Equities	412822108	513	14,000	SH		SOLE		14,000	0	0
HONEYWELL INTERNATIONAL INC	Equities	438516106	5	25	SH		DFND		25	0	0
HONEYWELL INTERNATIONAL INC	Equities	438516106	1,129	5,319	SH		SOLE		5,319	0	0
IDACORP INC	Equities	451107106	135	1,308	SH		DFND		1,308	0	0
IDACORP INC	Equities	451107106	137	1,330	SH		SOLE		1,330	0	0
INTEL CORP	Equities	458140100	113	2,126	SH		DFND		2,126	0	0
INTEL CORP	Equities	458140100	939	17,630	SH		SOLE		17,630	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	120	863	SH		DFND		863	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	906	6,524	SH		SOLE		6,524	0	0
INVESCO FTSE RAFI US 1000 ETF	Equities	46137V613	369	2,328	SH		SOLE		2,328	0	0
INVESCO SENIOR LOAN ETF	Fixed Income	46138G508	523	23,633	SH		SOLE		23,633	0	0
ISHARES CORE MSCI EMERGING MKTS	Equities	46434G103	363	5,879	SH		SOLE		5,879	0	0
ISHARES CORE MSCI TOT INTL STOC	Equities	46432F834	10	143	SH		DFND		143	0	0
ISHARES CORE MSCI TOT INTL STOC	Equities	46432F834	2,526	35,573	SH		SOLE		35,573	0	0
ISHARES CORE S&P 500 (MKT) ETF	Equities	464287200	2,596	6,026	SH		SOLE		6,026	0	0
ISHARES CORE S&P MID CAP ETF	Equities	464287507	481	1,829	SH		SOLE		1,829	0	0
ISHARES CORE US AGGREGATE BOND	Fixed Income	464287226	1,782	15,519	SH		SOLE		15,519	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	85	1,095	SH		DFND		1,095	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	1,140	14,616	SH		SOLE		14,616	0	0
ISHARES MSCI EMG MKT ETF	Equities	464287234	615	12,215	SH		SOLE		12,215	0	0
ISHARES MSCI USA QUALITY FACTOR	Equities	46432F339	275	2,091	SH		SOLE		2,091	0	0
ISHARES RUSSELL 1000 GROWTH	Equities	464287614	252	918	SH		SOLE		918	0	0
ISHARES RUSSELL 2000 (MKT)	Equities	464287655	2,865	13,099	SH		SOLE		13,099	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	76	259	SH		DFND		259	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	824	2,804	SH		SOLE		2,804	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	58	365	SH		DFND		365	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	411	2,569	SH		SOLE		2,569	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	143	1,832	SH		DFND		1,832	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	2,705	34,588	SH		SOLE		34,588	0	0
ISHARES S&P MID-CAP 400 VALUE	Equities	464287705	758	7,357	SH		SOLE		7,357	0	0
ISHARES S&P MIDCAP 400 GROWTH E	Equities	464287606	552	6,975	SH		SOLE		6,975	0	0
JOHNSON AND JOHNSON	Equities	478160104	228	1,413	SH		DFND		1,413	0	0
JOHNSON AND JOHNSON	Equities	478160104	3,043	18,843	SH		SOLE		18,843	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	203	1,238	SH		DFND		1,238	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	2,422	14,799	SH		SOLE		14,799	0	0
KIMBERLY-CLARK CORP	Equities	494368103	88	664	SH		DFND		664	0	0
KIMBERLY-CLARK CORP	Equities	494368103	322	2,435	SH		SOLE		2,435	0	0
KNOT OFFSHORE PARTNERS LP	Equities	Y48125101	319	17,000	SH		SOLE		17,000	0	0
LANDMARK INFRASTRUCTURE PARTNER	Equities	51508J108	278	17,000	SH		SOLE		17,000	0	0
LINDE PLC	Equities	G5494J103	169	575	SH		DFND		575	0	0
LINDE PLC	Equities	G5494J103	629	2,144	SH		SOLE		2,144	0	0
LOWES COMPANIES INC	Equities	548661107	28	140	SH		DFND		140	0	0
LOWES COMPANIES INC	Equities	548661107	336	1,654	SH		SOLE		1,654	0	0
MCDONALDS CORP	Equities	580135101	181	750	SH		DFND		750	0	0
MCDONALDS CORP	Equities	580135101	957	3,968	SH		SOLE		3,968	0	0
MERCK & CO INC	Equities	58933Y105	8	100	SH		DFND		100	0	0
MERCK & CO INC	Equities	58933Y105	333	4,432	SH		SOLE		4,432	0	0
MICROSOFT CORP	Equities	594918104	1,017	3,608	SH		DFND		3,608	0	0
MICROSOFT CORP	Equities	594918104	8,190	29,051	SH		SOLE		29,051	0	0
MONDELEZ INTL INC CL A	Equities	609207105	249	4,281	SH		SOLE		4,281	0	0
NEXTERA ENERGY INC	Equities	65339F101	154	1,964	SH		DFND		1,964	0	0
NEXTERA ENERGY INC	Equities	65339F101	1,535	19,550	SH		SOLE		19,550	0	0
NORFOLK SOUTHERN CORP	Equities	655844108	285	1,190	SH		SOLE		1,190	0	0
NOVARTIS AG ADR	Equities	66987V109	57	697	SH		DFND		697	0	0
NOVARTIS AG ADR	Equities	66987V109	463	5,656	SH		SOLE		5,656	0	0
NUVEEN CALIFORNIA QUALITY MUNI	Fixed Income	67066Y105	3,236	206,253	SH		SOLE		206,253	0	0
NUVEEN CORP INC NOV 21 TARGET T	Fixed Income	67077N106	115	12,225	SH		SOLE		12,225	0	0
ORACLE CORP	Equities	68389X105	105	1,200	SH		DFND		1,200	0	0
ORACLE CORP	Equities	68389X105	419	4,812	SH		SOLE		4,812	0	0
OTIS WORLDWIDE CORP	Equities	68902V107	48	587	SH		DFND		587	0	0
OTIS WORLDWIDE CORP	Equities	68902V107	171	2,073	SH		SOLE		2,073	0	0
PEPSICO INC	Equities	713448108	187	1,246	SH		DFND		1,246	0	0
PEPSICO INC	Equities	713448108	1,059	7,042	SH		SOLE		7,042	0	0
PFIZER INC	Equities	717081103	81	1,877	SH		DFND		1,877	0	0
PFIZER INC	Equities	717081103	455	10,569	SH		SOLE		10,569	0	0
PHILIP MORRIS INTL INC	Equities	718172109	22	233	SH		DFND		233	0	0
PHILIP MORRIS INTL INC	Equities	718172109	269	2,835	SH		SOLE		2,835	0	0
PHILLIPS 66	Equities	718546104	32	460	SH		DFND		460	0	0
PHILLIPS 66	Equities	718546104	204	2,918	SH		SOLE		2,918	0	0
PIMCO CALIFORNIA MUNI INCOME FU	Fixed Income	72200N106	708	37,440	SH		SOLE		37,440	0	0
PROCTER & GAMBLE CO	Equities	742718109	201	1,435	SH		DFND		1,435	0	0
PROCTER & GAMBLE CO	Equities	742718109	2,782	19,903	SH		SOLE		19,903	0	0
QUALCOMM INC	Equities	747525103	26	200	SH		DFND		200	0	0
QUALCOMM INC	Equities	747525103	689	5,340	SH		SOLE		5,340	0	0
RAYTHEON TECHS CORP	Equities	75513E101	178	2,075	SH		DFND		2,075	0	0
RAYTHEON TECHS CORP	Equities	75513E101	905	10,524	SH		SOLE		10,524	0	0
S&P GLOBAL INC	Equities	78409V104	173	406	SH		DFND		406	0	0
S&P GLOBAL INC	Equities	78409V104	582	1,369	SH		SOLE		1,369	0	0
SARATOGA INVESTMENT CORP NEW	Equities	80349A208	374	13,000	SH		SOLE		13,000	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	337	4,543	SH		DFND		4,543	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	770	10,372	SH		SOLE		10,372	0	0
SCHWAB U S LARGE CAP ETF	Equities	808524201	1,484	14,268	SH		SOLE		14,268	0	0
SCHWAB US SMALL CAP ETF	Equities	808524607	693	6,922	SH		SOLE		6,922	0	0
SPDR S&P MIDCAP 400 (MKT)	Equities	78467Y107	2,182	4,538	SH		SOLE		4,538	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	142	1,348	SH		DFND		1,348	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	1,123	10,651	SH		SOLE		10,651	0	0
STARBUCKS CORP	Equities	855244109	29	262	SH		DFND		262	0	0
STARBUCKS CORP	Equities	855244109	616	5,584	SH		SOLE		5,584	0	0
STATE STREET CORPORATION	Equities	857477103	68	804	SH		DFND		804	0	0
STATE STREET CORPORATION	Equities	857477103	164	1,940	SH		SOLE		1,940	0	0
SUN LIFE FINANCIAL INC	Equities	866796105	427	8,303	SH		SOLE		8,303	0	0
SUNOCO LTD PARTNERSHIP	Equities	86765K109	384	10,300	SH		SOLE		10,300	0	0
TARGET CORP	Equities	87612E106	46	200	SH		DFND		200	0	0
TARGET CORP	Equities	87612E106	1,153	5,041	SH		SOLE		5,041	0	0
THERMO FISHER SCIENTIFIC INC	Equities	883556102	579	1,013	SH		SOLE		1,013	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	31	171	SH		DFND		171	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	500	2,743	SH		SOLE		2,743	0	0
US BANCORP	Equities	902973304	266	4,470	SH		SOLE		4,470	0	0
VANGUARD FTSE ALL-WORLD EX-US	Equities	922042775	439	7,195	SH		SOLE		7,195	0	0
VANGUARD FTSE DEVELOPED MARKETS	Equities	921943858	742	14,692	SH		SOLE		14,692	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	40	791	SH		DFND		791	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	895	17,890	SH		SOLE		17,890	0	0
VANGUARD GROWTH ETF (MKT)	Equities	922908736	2,443	8,419	SH		SOLE		8,419	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	546	5,283	SH		DFND		5,283	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	1,248	12,071	SH		SOLE		12,071	0	0
VANGUARD LARGE CAP ETF	Equities	922908637	1,257	6,256	SH		SOLE		6,256	0	0
VANGUARD MEGA CAP GROWTH ETF	Equities	921910816	225	960	SH		SOLE		960	0	0
VANGUARD REIT ETF (MKT)	Equities	922908553	343	3,369	SH		SOLE		3,369	0	0
VANGUARD S&P 500 INDEX ETF	Equities	922908363	265	673	SH		SOLE		673	0	0
VANGUARD SHORT-TERM BOND ETF	Fixed Income	921937827	819	9,988	SH		SOLE		9,988	0	0
VANGUARD SHORT-TERM CORP BD IDX	Fixed Income	92206C409	439	5,332	SH		SOLE		5,332	0	0
VANGUARD TOTAL INTL BD IDX ETF	Fixed Income	92203J407	584	10,255	SH		SOLE		10,255	0	0
VANGUARD VALUE ETF	Equities	922908744	3,169	23,414	SH		SOLE		23,414	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	103	1,906	SH		DFND		1,906	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	760	14,066	SH		SOLE		14,066	0	0
VF CORPORATION	Equities	918204108	128	1,911	SH		DFND		1,911	0	0
VF CORPORATION	Equities	918204108	642	9,587	SH		SOLE		9,587	0	0
VISA INC CL A	Equities	92826C839	501	2,251	SH		SOLE		2,251	0	0
WALMART INC	Equities	931142103	78	557	SH		DFND		557	0	0
WALMART INC	Equities	931142103	148	1,065	SH		SOLE		1,065	0	0
WELLS FARGO & COMPANY	Equities	949746101	172	3,700	SH		DFND		3,700	0	0
WELLS FARGO & COMPANY	Equities	949746101	815	17,554	SH		SOLE		17,554	0	0