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	142,844	1,359	SH		DFND		1,359	0	0
3M CO	Equities	88579Y101	99,749	949	SH		SOLE		949	0	0
ABBOTT LABORATORIES	Equities	002824100	91,134	900	SH		DFND		900	0	0
ABBOTT LABORATORIES	Equities	002824100	3,954,406	39,052	SH		SOLE		39,052	0	0
ABBVIE INC COM	Equities	00287Y109	143,433	900	SH		DFND		900	0	0
ABBVIE INC COM	Equities	00287Y109	6,711,708	42,114	SH		SOLE		42,114	0	0
ACCENTURE PLC IRELAND CL A	Equities	G1151C101	24,865	87	SH		DFND		87	0	0
ACCENTURE PLC IRELAND CL A	Equities	G1151C101	179,489	628	SH		SOLE		628	0	0
ALLIANCE BERNSTEIN HOLDING LP U	Equities	01881G106	255,920	7,000	SH		SOLE		7,000	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	31,119	300	SH		DFND		300	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	697,066	6,720	SH		SOLE		6,720	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	56,160	540	SH		DFND		540	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	812,136	7,809	SH		SOLE		7,809	0	0
AMAZON.COM INC	Equities	023135106	20,658	200	SH		DFND		200	0	0
AMAZON.COM INC	Equities	023135106	285,080	2,760	SH		SOLE		2,760	0	0
AMERICAN EXPRESS CO	Equities	025816109	32,990	200	SH		DFND		200	0	0
AMERICAN EXPRESS CO	Equities	025816109	207,507	1,258	SH		SOLE		1,258	0	0
AMGEN INC	Equities	031162100	89,448	370	SH		DFND		370	0	0
AMGEN INC	Equities	031162100	335,549	1,388	SH		SOLE		1,388	0	0
APPLE INC	Equities	037833100	312,156	1,893	SH		DFND		1,893	0	0
APPLE INC	Equities	037833100	7,736,613	46,917	SH		SOLE		46,917	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	341,292	1,533	SH		DFND		1,533	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	1,702,229	7,646	SH		SOLE		7,646	0	0
BECTON DICKINSON & CO	Equities	075887109	160,901	650	SH		DFND		650	0	0
BECTON DICKINSON & CO	Equities	075887109	587,165	2,372	SH		SOLE		2,372	0	0
BERKSHIRE HATHAWAY INC B	Equities	084670702	426,720	1,382	SH		SOLE		1,382	0	0
BOEING CO	Equities	097023105	491,563	2,314	SH		SOLE		2,314	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	38,467	555	SH		DFND		555	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	697,674	10,066	SH		SOLE		10,066	0	0
BROADCOM INC	Equities	11135F101	22,454	35	SH		DFND		35	0	0
BROADCOM INC	Equities	11135F101	185,405	289	SH		SOLE		289	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	31,452	300	SH		DFND		300	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	256,334	2,445	SH		SOLE		2,445	0	0
CANADIAN PACIFIC RAILWAY LTD	Equities	13645T100	350,154	4,551	SH		SOLE		4,551	0	0
CARRIER GLOBAL CORP	Equities	14448C104	30,881	675	SH		DFND		675	0	0
CARRIER GLOBAL CORP	Equities	14448C104	215,986	4,721	SH		SOLE		4,721	0	0
CATERPILLAR INC	Equities	149123101	34,326	150	SH		DFND		150	0	0
CATERPILLAR INC	Equities	149123101	221,288	967	SH		SOLE		967	0	0
CHEVRON CORP	Equities	166764100	61,022	374	SH		DFND		374	0	0
CHEVRON CORP	Equities	166764100	3,922,856	24,043	SH		SOLE		24,043	0	0
CHUBB LIMITED	Equities	H1467J104	78,837	406	SH		DFND		406	0	0
CHUBB LIMITED	Equities	H1467J104	1,285,472	6,620	SH		SOLE		6,620	0	0
CISCO SYSTEMS INC	Equities	17275R102	167,280	3,200	SH		DFND		3,200	0	0
CISCO SYSTEMS INC	Equities	17275R102	458,190	8,765	SH		SOLE		8,765	0	0
COCA COLA CO	Equities	191216100	55,827	900	SH		DFND		900	0	0
COCA COLA CO	Equities	191216100	1,414,842	22,809	SH		SOLE		22,809	0	0
COMCAST CORP CLASS A	Equities	20030N101	15,126	399	SH		DFND		399	0	0
COMCAST CORP CLASS A	Equities	20030N101	200,506	5,289	SH		SOLE		5,289	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	166,451	335	SH		DFND		335	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	2,362,120	4,754	SH		SOLE		4,754	0	0
CSX CORP	Equities	126408103	670,596	22,398	SH		SOLE		22,398	0	0
CVS HEALTH CORPORATION	Equities	126650100	261,720	3,522	SH		SOLE		3,522	0	0
DEERE & COMPANY	Equities	244199105	854,249	2,069	SH		SOLE		2,069	0	0
DELEK LOGISTICS PARTNERS LP	Equities	24664T103	289,262	6,100	SH		SOLE		6,100	0	0
DISNEY WALT CO	Equities	254687106	1,509,560	15,076	SH		SOLE		15,076	0	0
EXPEDITORS INTERNATIONAL	Equities	302130109	398,084	3,615	SH		SOLE		3,615	0	0
EXXON MOBIL CORP	Equities	30231G102	271,957	2,480	SH		DFND		2,480	0	0
EXXON MOBIL CORP	Equities	30231G102	3,096,689	28,239	SH		SOLE		28,239	0	0
FEDEX CORP	Equities	31428X106	28,561	125	SH		DFND		125	0	0
FEDEX CORP	Equities	31428X106	310,746	1,360	SH		SOLE		1,360	0	0
GENERAL ELECTRIC CO	Equities	369604301	16,826	176	SH		DFND		176	0	0
GENERAL ELECTRIC CO	Equities	369604301	212,041	2,218	SH		SOLE		2,218	0	0
GENERAL MILLS INC	Equities	370334104	145,282	1,700	SH		DFND		1,700	0	0
GENERAL MILLS INC	Equities	370334104	152,802	1,788	SH		SOLE		1,788	0	0
HARLEY DAVIDSON INC	Equities	412822108	531,580	14,000	SH		SOLE		14,000	0	0
HONEYWELL INTERNATIONAL INC	Equities	438516106	849,911	4,447	SH		SOLE		4,447	0	0
INTEL CORP	Equities	458140100	62,922	1,926	SH		DFND		1,926	0	0
INTEL CORP	Equities	458140100	478,191	14,637	SH		SOLE		14,637	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	113,131	863	SH		DFND		863	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	414,375	3,161	SH		SOLE		3,161	0	0
INVESCO FTSE RAFI US 1000 ETF	Equities	46137V613	302,701	1,931	SH		SOLE		1,931	0	0
INVESCO SENIOR LOAN ETF	Fixed Income	46138G508	250,101	12,025	SH		SOLE		12,025	0	0
ISHARES CORE MSCI EMERGING MKTS	Equities	46434G103	302,693	6,204	SH		SOLE		6,204	0	0
ISHARES CORE MSCI TOT INTL STOC	Equities	46432F834	94,638	1,528	SH		DFND		1,528	0	0
ISHARES CORE MSCI TOT INTL STOC	Equities	46432F834	2,555,922	41,256	SH		SOLE		41,256	0	0
ISHARES CORE S&P 500 (MKT) ETF	Equities	464287200	2,611,859	6,354	SH		SOLE		6,354	0	0
ISHARES CORE S&P MID CAP ETF	Equities	464287507	520,827	2,082	SH		SOLE		2,082	0	0
ISHARES CORE US AGGREGATE BOND	Fixed Income	464287226	2,113,240	21,209	SH		SOLE		21,209	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	78,314	1,095	SH		DFND		1,095	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	1,087,676	15,208	SH		SOLE		15,208	0	0
ISHARES MSCI EMG MKT ETF	Equities	464287234	554,334	14,048	SH		SOLE		14,048	0	0
ISHARES MSCI USA QUALITY FACTOR	Equities	46432F339	401,963	3,240	SH		SOLE		3,240	0	0
ISHARES RUSSELL 1000 GROWTH	Equities	464287614	71,465	292	SH		DFND		292	0	0
ISHARES RUSSELL 1000 GROWTH	Equities	464287614	249,576	1,021	SH		SOLE		1,021	0	0
ISHARES RUSSELL 2000 (MKT)	Equities	464287655	2,376,110	13,319	SH		SOLE		13,319	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	82,632	364	SH		DFND		364	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	682,503	3,010	SH		SOLE		3,010	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	73,649	538	SH		DFND		538	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	369,639	2,697	SH		SOLE		2,697	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	128,093	1,832	SH		DFND		1,832	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	2,510,687	35,908	SH		SOLE		35,908	0	0
ISHARES S&P MID-CAP 400 VALUE	Equities	464287705	23,868	232	SH		DFND		232	0	0
ISHARES S&P MID-CAP 400 VALUE	Equities	464287705	687,031	6,685	SH		SOLE		6,685	0	0
ISHARES S&P MIDCAP 400 GROWTH E	Equities	464287606	23,898	334	SH		DFND		334	0	0
ISHARES S&P MIDCAP 400 GROWTH E	Equities	464287606	442,745	6,191	SH		SOLE		6,191	0	0
JOHNSON AND JOHNSON	Equities	478160104	202,740	1,308	SH		DFND		1,308	0	0
JOHNSON AND JOHNSON	Equities	478160104	2,872,305	18,531	SH		SOLE		18,531	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	152,202	1,168	SH		DFND		1,168	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	1,766,613	13,557	SH		SOLE		13,557	0	0
KIMBERLY-CLARK CORP	Equities	494368103	89,122	664	SH		DFND		664	0	0
KIMBERLY-CLARK CORP	Equities	494368103	155,158	1,156	SH		SOLE		1,156	0	0
KNOT OFFSHORE PARTNERS LP	Equities	Y48125101	73,968	13,800	SH		SOLE		13,800	0	0
LINDE PLC	Equities	G54950103	204,378	575	SH		DFND		575	0	0
LINDE PLC	Equities	G54950103	598,916	1,685	SH		SOLE		1,685	0	0
LOWES COMPANIES INC	Equities	548661107	23,197	116	SH		DFND		116	0	0
LOWES COMPANIES INC	Equities	548661107	288,557	1,443	SH		SOLE		1,443	0	0
MASTERCARD INC CLASS A	Equities	57636Q104	380,490	1,047	SH		SOLE		1,047	0	0
MCCORMICK & CO INC	Equities	579780206	249,630	3,000	SH		SOLE		3,000	0	0
MCDONALDS CORP	Equities	580135101	209,708	750	SH		DFND		750	0	0
MCDONALDS CORP	Equities	580135101	858,962	3,072	SH		SOLE		3,072	0	0
MCKESSON CORP	Equities	58155Q103	391,299	1,099	SH		SOLE		1,099	0	0
MERCK & CO INC	Equities	58933Y105	10,639	100	SH		DFND		100	0	0
MERCK & CO INC	Equities	58933Y105	564,293	5,304	SH		SOLE		5,304	0	0
MICROSOFT CORP	Equities	594918104	1,011,645	3,509	SH		DFND		3,509	0	0
MICROSOFT CORP	Equities	594918104	8,574,907	29,743	SH		SOLE		29,743	0	0
MONDELEZ INTL INC CL A	Equities	609207105	299,517	4,296	SH		SOLE		4,296	0	0
NEXTERA ENERGY INC	Equities	65339F101	147,377	1,912	SH		DFND		1,912	0	0
NEXTERA ENERGY INC	Equities	65339F101	1,140,553	14,797	SH		SOLE		14,797	0	0
NIKE INC CL B	Equities	654106103	2,415,517	19,696	SH		SOLE		19,696	0	0
NORFOLK SOUTHERN CORP	Equities	655844108	212,000	1,000	SH		SOLE		1,000	0	0
NOVARTIS AG ADR	Equities	66987V109	107,732	1,171	SH		DFND		1,171	0	0
NOVARTIS AG ADR	Equities	66987V109	449,144	4,882	SH		SOLE		4,882	0	0
NUVEEN CALIFORNIA QUALITY MUNI	Fixed Income	67066Y105	1,731,477	157,264	SH		SOLE		157,264	0	0
ORACLE CORP	Equities	68389X105	92,920	1,000	SH		DFND		1,000	0	0
ORACLE CORP	Equities	68389X105	441,835	4,755	SH		SOLE		4,755	0	0
PEPSICO INC	Equities	713448108	227,146	1,246	SH		DFND		1,246	0	0
PEPSICO INC	Equities	713448108	1,111,119	6,095	SH		SOLE		6,095	0	0
PFIZER INC	Equities	717081103	72,094	1,767	SH		DFND		1,767	0	0
PFIZER INC	Equities	717081103	499,759	12,249	SH		SOLE		12,249	0	0
PHILIP MORRIS INTL INC	Equities	718172109	9,336	96	SH		DFND		96	0	0
PHILIP MORRIS INTL INC	Equities	718172109	303,323	3,119	SH		SOLE		3,119	0	0
PHILLIPS 66	Equities	718546104	46,635	460	SH		DFND		460	0	0
PHILLIPS 66	Equities	718546104	300,693	2,966	SH		SOLE		2,966	0	0
PIMCO CALIFORNIA MUNI INCOME FU	Fixed Income	72200N106	377,395	37,440	SH		SOLE		37,440	0	0
PROCTER & GAMBLE CO	Equities	742718109	183,632	1,235	SH		DFND		1,235	0	0
PROCTER & GAMBLE CO	Equities	742718109	2,823,623	18,990	SH		SOLE		18,990	0	0
QUALCOMM INC	Equities	747525103	25,516	200	SH		DFND		200	0	0
QUALCOMM INC	Equities	747525103	600,774	4,709	SH		SOLE		4,709	0	0
RAYTHEON TECHS CORP	Equities	75513E101	136,123	1,390	SH		DFND		1,390	0	0
RAYTHEON TECHS CORP	Equities	75513E101	1,233,135	12,592	SH		SOLE		12,592	0	0
S&P GLOBAL INC	Equities	78409V104	116,187	337	SH		DFND		337	0	0
S&P GLOBAL INC	Equities	78409V104	401,657	1,165	SH		SOLE		1,165	0	0
SARATOGA INVESTMENT CORP NEW	Equities	80349A208	278,080	11,000	SH		SOLE		11,000	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	331,368	4,529	SH		DFND		4,529	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	917,831	12,545	SH		SOLE		12,545	0	0
SCHWAB U S LARGE CAP ETF	Equities	808524201	1,380,286	28,536	SH		SOLE		28,536	0	0
SCHWAB US SMALL CAP ETF	Equities	808524607	580,479	13,844	SH		SOLE		13,844	0	0
SEMPRA ENERGY	Equities	816851109	290,983	1,925	SH		SOLE		1,925	0	0
SPDR PORT INTERMEDIATE TERM COR	Fixed Income	78464A375	684,364	21,063	SH		SOLE		21,063	0	0
SPDR S&P 500 (MKT)	Equities	78462F103	163,756	400	SH		DFND		400	0	0
SPDR S&P 500 (MKT)	Equities	78462F103	60,999	149	SH		SOLE		149	0	0
SPDR S&P MIDCAP 400 (MKT)	Equities	78467Y107	2,060,553	4,495	SH		SOLE		4,495	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	119,675	1,348	SH		DFND		1,348	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	945,596	10,651	SH		SOLE		10,651	0	0
STARBUCKS CORP	Equities	855244109	23,742	228	SH		DFND		228	0	0
STARBUCKS CORP	Equities	855244109	405,274	3,892	SH		SOLE		3,892	0	0
SUN LIFE FINANCIAL INC	Equities	866796105	312,563	6,693	SH		SOLE		6,693	0	0
SUNOCO LTD PARTNERSHIP	Equities	86765K109	395,010	9,000	SH		SOLE		9,000	0	0
TARGET CORP	Equities	87612E106	33,126	200	SH		DFND		200	0	0
TARGET CORP	Equities	87612E106	647,116	3,907	SH		SOLE		3,907	0	0
THERMO FISHER SCIENTIFIC INC	Equities	883556102	583,863	1,013	SH		SOLE		1,013	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	33,172	171	SH		DFND		171	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	497,002	2,562	SH		SOLE		2,562	0	0
US BANCORP	Equities	902973304	567,391	15,739	SH		SOLE		15,739	0	0
VANGUARD DIVIDEND APPREC IDX ET	Equities	921908844	264,435	1,717	SH		SOLE		1,717	0	0
VANGUARD FTSE DEVELOPED MARKETS	Equities	921943858	950,087	21,032	SH		SOLE		21,032	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	31,956	791	SH		DFND		791	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	724,474	17,933	SH		SOLE		17,933	0	0
VANGUARD GROWTH ETF (MKT)	Equities	922908736	2,460,573	9,864	SH		SOLE		9,864	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	530,783	5,031	SH		DFND		5,031	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	1,496,548	14,185	SH		SOLE		14,185	0	0
VANGUARD LARGE CAP ETF	Equities	922908637	1,168,683	6,256	SH		SOLE		6,256	0	0
VANGUARD REIT ETF (MKT)	Equities	922908553	270,378	3,256	SH		SOLE		3,256	0	0
VANGUARD S&P 500 INDEX ETF	Equities	922908363	220,992	588	SH		SOLE		588	0	0
VANGUARD SHORT-TERM BOND ETF	Fixed Income	921937827	894,040	11,687	SH		SOLE		11,687	0	0
VANGUARD SHORT-TERM CORP BD IDX	Fixed Income	92206C409	250,022	3,280	SH		SOLE		3,280	0	0
VANGUARD TOTAL INTL BD IDX ETF	Fixed Income	92203J407	231,300	4,729	SH		SOLE		4,729	0	0
VANGUARD TOTAL STOCK MARKET ETF	Equities	922908769	1,566,263	7,674	SH		SOLE		7,674	0	0
VANGUARD VALUE ETF	Equities	922908744	94,046	681	SH		DFND		681	0	0
VANGUARD VALUE ETF	Equities	922908744	2,994,086	21,680	SH		SOLE		21,680	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	59,541	1,531	SH		DFND		1,531	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	474,380	12,198	SH		SOLE		12,198	0	0
VISA INC CL A	Equities	92826C839	769,946	3,415	SH		SOLE		3,415	0	0
WALMART INC	Equities	931142103	76,232	517	SH		DFND		517	0	0
WALMART INC	Equities	931142103	157,329	1,067	SH		SOLE		1,067	0	0
WELLS FARGO & COMPANY	Equities	949746101	138,306	3,700	SH		DFND		3,700	0	0
WELLS FARGO & COMPANY	Equities	949746101	735,601	19,679	SH		SOLE		19,679	0	0
ZOETIS INC	Equities	98978V103	36,450	219	SH		DFND		219	0	0
ZOETIS INC	Equities	98978V103	344,198	2,068	SH		SOLE		2,068	0	0