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	136,022	1,359	SH		DFND		1,359	0	0
3M CO	Equities	88579Y101	89,480	894	SH		SOLE		894	0	0
ABBOTT LABORATORIES	Equities	002824100	98,118	900	SH		DFND		900	0	0
ABBOTT LABORATORIES	Equities	002824100	4,247,637	38,962	SH		SOLE		38,962	0	0
ABBVIE INC COM	Equities	00287Y109	121,257	900	SH		DFND		900	0	0
ABBVIE INC COM	Equities	00287Y109	5,690,860	42,239	SH		SOLE		42,048	0	191
ACCENTURE PLC IRELAND CL A	Equities	G1151C101	23,144	75	SH		DFND		75	0	0
ACCENTURE PLC IRELAND CL A	Equities	G1151C101	374,925	1,215	SH		SOLE		1,158	0	57
ALLIANCE BERNSTEIN HOLDING LP U	Equities	01881G106	225,120	7,000	SH		SOLE		7,000	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	35,910	300	SH		DFND		300	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	804,384	6,720	SH		SOLE		6,720	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	65,324	540	SH		DFND		540	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	941,630	7,784	SH		SOLE		7,784	0	0
AMAZON.COM INC	Equities	023135106	26,072	200	SH		DFND		200	0	0
AMAZON.COM INC	Equities	023135106	359,794	2,760	SH		SOLE		2,760	0	0
AMERICAN EXPRESS CO	Equities	025816109	34,840	200	SH		DFND		200	0	0
AMERICAN EXPRESS CO	Equities	025816109	213,918	1,228	SH		SOLE		1,228	0	0
AMERICAN TOWER CORP NEW	Equities	03027X100	24,049	124	SH		DFND		124	0	0
AMERICAN TOWER CORP NEW	Equities	03027X100	267,249	1,378	SH		SOLE		1,300	0	78
AMGEN INC	Equities	031162100	82,147	370	SH		DFND		370	0	0
AMGEN INC	Equities	031162100	286,628	1,291	SH		SOLE		1,148	0	143
APPLE INC	Equities	037833100	367,185	1,893	SH		DFND		1,893	0	0
APPLE INC	Equities	037833100	9,087,688	46,851	SH		SOLE		46,851	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	336,938	1,533	SH		DFND		1,533	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	1,841,840	8,380	SH		SOLE		8,171	0	209
BECTON DICKINSON & CO	Equities	075887109	171,607	650	SH		DFND		650	0	0
BECTON DICKINSON & CO	Equities	075887109	616,991	2,337	SH		SOLE		2,337	0	0
BERKSHIRE HATHAWAY INC B	Equities	084670702	1,057,100	3,100	SH		SOLE		3,100	0	0
BOEING CO	Equities	097023105	488,624	2,314	SH		SOLE		2,314	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	35,492	555	SH		DFND		555	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	643,721	10,066	SH		SOLE		10,066	0	0
BROADCOM INC	Equities	11135F101	24,288	28	SH		DFND		28	0	0
BROADCOM INC	Equities	11135F101	447,594	516	SH		SOLE		450	0	66
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	32,661	300	SH		DFND		300	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	266,187	2,445	SH		SOLE		2,445	0	0
CANADIAN PACIFIC KANSAS CITY LT	Equities	13646K108	367,584	4,551	SH		SOLE		4,551	0	0
CARRIER GLOBAL CORP	Equities	14448C104	33,554	675	SH		DFND		675	0	0
CARRIER GLOBAL CORP	Equities	14448C104	223,148	4,489	SH		SOLE		4,489	0	0
CATERPILLAR INC	Equities	149123101	36,908	150	SH		DFND		150	0	0
CATERPILLAR INC	Equities	149123101	237,930	967	SH		SOLE		967	0	0
CHEVRON CORP	Equities	166764100	58,849	374	SH		DFND		374	0	0
CHEVRON CORP	Equities	166764100	3,759,406	23,892	SH		SOLE		23,892	0	0
CHUBB LIMITED	Equities	H1467J104	78,179	406	SH		DFND		406	0	0
CHUBB LIMITED	Equities	H1467J104	1,434,957	7,452	SH		SOLE		7,201	0	251
CISCO SYSTEMS INC	Equities	17275R102	165,568	3,200	SH		DFND		3,200	0	0
CISCO SYSTEMS INC	Equities	17275R102	483,200	9,339	SH		SOLE		8,725	0	614
COCA COLA CO	Equities	191216100	54,198	900	SH		DFND		900	0	0
COCA COLA CO	Equities	191216100	1,369,583	22,743	SH		SOLE		22,743	0	0
COMCAST CORP CLASS A	Equities	20030N101	16,578	399	SH		DFND		399	0	0
COMCAST CORP CLASS A	Equities	20030N101	219,758	5,289	SH		SOLE		5,289	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	178,742	332	SH		DFND		332	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	2,695,130	5,006	SH		SOLE		4,967	0	39
CSX CORP	Equities	126408103	763,772	22,398	SH		SOLE		22,398	0	0
CUMMINS INC	Equities	231021106	24,761	101	SH		DFND		101	0	0
CUMMINS INC	Equities	231021106	351,559	1,434	SH		SOLE		1,201	0	233
CVS HEALTH CORPORATION	Equities	126650100	243,476	3,522	SH		SOLE		3,522	0	0
DEERE & COMPANY	Equities	244199105	835,502	2,062	SH		SOLE		2,062	0	0
DELEK LOGISTICS PARTNERS LP	Equities	24664T103	333,060	6,100	SH		SOLE		6,100	0	0
DISNEY WALT CO	Equities	254687106	1,333,218	14,933	SH		SOLE		14,933	0	0
ECOLAB INC	Equities	278865100	24,456	131	SH		DFND		131	0	0
ECOLAB INC	Equities	278865100	304,118	1,629	SH		SOLE		1,464	0	165
EXPEDITORS INTERNATIONAL	Equities	302130109	437,885	3,615	SH		SOLE		3,615	0	0
EXXON MOBIL CORP	Equities	30231G102	265,980	2,480	SH		DFND		2,480	0	0
EXXON MOBIL CORP	Equities	30231G102	3,020,267	28,161	SH		SOLE		28,161	0	0
FEDEX CORP	Equities	31428X106	30,988	125	SH		DFND		125	0	0
FEDEX CORP	Equities	31428X106	337,144	1,360	SH		SOLE		1,360	0	0
GENERAL ELECTRIC CO	Equities	369604301	19,334	176	SH		DFND		176	0	0
GENERAL ELECTRIC CO	Equities	369604301	243,647	2,218	SH		SOLE		2,218	0	0
GENERAL MILLS INC	Equities	370334104	130,390	1,700	SH		DFND		1,700	0	0
GENERAL MILLS INC	Equities	370334104	127,859	1,667	SH		SOLE		1,667	0	0
HARLEY DAVIDSON INC	Equities	412822108	492,940	14,000	SH		SOLE		14,000	0	0
HONEYWELL INTERNATIONAL INC	Equities	438516106	922,753	4,447	SH		SOLE		4,447	0	0
INTEL CORP	Equities	458140100	64,405	1,926	SH		DFND		1,926	0	0
INTEL CORP	Equities	458140100	432,680	12,939	SH		SOLE		12,939	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	115,478	863	SH		DFND		863	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	414,276	3,096	SH		SOLE		3,096	0	0
INVESCO FTSE RAFI US 1000 ETF	Equities	46137V613	306,541	1,874	SH		SOLE		1,874	0	0
INVESCO SENIOR LOAN ETF	Fixed Income	46138G508	209,359	9,951	SH		SOLE		9,951	0	0
ISHARES CORE MSCI EMERGING MKTS	Equities	46434G103	339,460	6,887	SH		SOLE		6,887	0	0
ISHARES CORE MSCI TOT INTL STOC	Equities	46432F834	95,316	1,522	SH		DFND		1,522	0	0
ISHARES CORE MSCI TOT INTL STOC	Equities	46432F834	2,404,652	38,400	SH		SOLE		38,400	0	0
ISHARES CORE S&P 500 (MKT) ETF	Equities	464287200	2,864,423	6,427	SH		SOLE		6,427	0	0
ISHARES CORE S&P MID CAP ETF	Equities	464287507	540,825	2,068	SH		SOLE		2,068	0	0
ISHARES CORE US AGGREGATE BOND	Fixed Income	464287226	2,285,036	23,328	SH		SOLE		23,328	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	79,388	1,095	SH		DFND		1,095	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	1,147,748	15,831	SH		SOLE		15,831	0	0
ISHARES MSCI EMG MKT ETF	Equities	464287234	543,871	13,748	SH		SOLE		13,748	0	0
ISHARES MSCI USA QUALITY FACTOR	Equities	46432F339	421,428	3,124	SH		SOLE		3,124	0	0
ISHARES RUSSELL 1000 GROWTH	Equities	464287614	73,206	266	SH		DFND		266	0	0
ISHARES RUSSELL 1000 GROWTH	Equities	464287614	237,126	862	SH		SOLE		862	0	0
ISHARES RUSSELL 2000 (MKT)	Equities	464287655	2,531,890	13,520	SH		SOLE		13,520	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	87,097	359	SH		DFND		359	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	687,704	2,833	SH		SOLE		2,833	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	75,563	537	SH		DFND		537	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	371,841	2,640	SH		SOLE		2,640	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	133,791	1,832	SH		DFND		1,832	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	2,661,432	36,443	SH		SOLE		36,443	0	0
ISHARES S&P MID-CAP 400 VALUE	Equities	464287705	24,499	229	SH		DFND		229	0	0
ISHARES S&P MID-CAP 400 VALUE	Equities	464287705	597,639	5,579	SH		SOLE		5,579	0	0
ISHARES S&P MIDCAP 400 GROWTH E	Equities	464287606	24,524	327	SH		DFND		327	0	0
ISHARES S&P MIDCAP 400 GROWTH E	Equities	464287606	417,201	5,562	SH		SOLE		5,562	0	0
JOHNSON AND JOHNSON	Equities	478160104	216,500	1,308	SH		DFND		1,308	0	0
JOHNSON AND JOHNSON	Equities	478160104	3,219,695	19,452	SH		SOLE		19,152	0	300
JPMORGAN CHASE & CO COM	Equities	46625H100	169,874	1,168	SH		DFND		1,168	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	1,947,732	13,392	SH		SOLE		13,392	0	0
KIMBERLY-CLARK CORP	Equities	494368103	91,672	664	SH		DFND		664	0	0
KIMBERLY-CLARK CORP	Equities	494368103	159,597	1,156	SH		SOLE		1,156	0	0
KNOT OFFSHORE PARTNERS LP	Equities	Y48125101	68,172	13,800	SH		SOLE		13,800	0	0
LINDE PLC	Equities	G54950103	219,121	575	SH		DFND		575	0	0
LINDE PLC	Equities	G54950103	613,158	1,609	SH		SOLE		1,609	0	0
LOWES COMPANIES INC	Equities	548661107	26,181	116	SH		DFND		116	0	0
LOWES COMPANIES INC	Equities	548661107	450,497	1,996	SH		SOLE		1,912	0	84
MASTERCARD INC CLASS A	Equities	57636Q104	411,785	1,047	SH		SOLE		1,047	0	0
MCCORMICK & CO INC	Equities	579780206	261,690	3,000	SH		SOLE		3,000	0	0
MCDONALDS CORP	Equities	580135101	223,808	750	SH		DFND		750	0	0
MCDONALDS CORP	Equities	580135101	910,151	3,050	SH		SOLE		3,050	0	0
MCKESSON CORP	Equities	58155Q103	469,614	1,099	SH		SOLE		1,099	0	0
MERCK & CO INC	Equities	58933Y105	11,539	100	SH		DFND		100	0	0
MERCK & CO INC	Equities	58933Y105	612,029	5,304	SH		SOLE		5,304	0	0
MICROSOFT CORP	Equities	594918104	1,191,209	3,498	SH		DFND		3,498	0	0
MICROSOFT CORP	Equities	594918104	10,252,297	30,106	SH		SOLE		29,946	0	160
MONDELEZ INTL INC CL A	Equities	609207105	313,350	4,296	SH		SOLE		4,296	0	0
NEXTERA ENERGY INC	Equities	65339F101	141,870	1,912	SH		DFND		1,912	0	0
NEXTERA ENERGY INC	Equities	65339F101	1,223,484	16,489	SH		SOLE		16,251	0	238
NIKE INC CL B	Equities	654106103	2,173,848	19,696	SH		SOLE		19,696	0	0
NORFOLK SOUTHERN CORP	Equities	655844108	226,760	1,000	SH		SOLE		1,000	0	0
NOVARTIS AG ADR	Equities	66987V109	114,432	1,134	SH		DFND		1,134	0	0
NOVARTIS AG ADR	Equities	66987V109	671,455	6,654	SH		SOLE		6,090	0	564
NUVEEN CALIFORNIA QUALITY MUNI	Fixed Income	67066Y105	1,717,323	157,264	SH		SOLE		157,264	0	0
ORACLE CORP	Equities	68389X105	119,090	1,000	SH		DFND		1,000	0	0
ORACLE CORP	Equities	68389X105	566,273	4,755	SH		SOLE		4,755	0	0
PEPSICO INC	Equities	713448108	230,784	1,246	SH		DFND		1,246	0	0
PEPSICO INC	Equities	713448108	1,119,099	6,042	SH		SOLE		6,042	0	0
PFIZER INC	Equities	717081103	64,814	1,767	SH		DFND		1,767	0	0
PFIZER INC	Equities	717081103	445,442	12,144	SH		SOLE		12,144	0	0
PHILIP MORRIS INTL INC	Equities	718172109	9,372	96	SH		DFND		96	0	0
PHILIP MORRIS INTL INC	Equities	718172109	304,477	3,119	SH		SOLE		3,119	0	0
PHILLIPS 66	Equities	718546104	43,875	460	SH		DFND		460	0	0
PHILLIPS 66	Equities	718546104	282,897	2,966	SH		SOLE		2,966	0	0
PIMCO CALIFORNIA MUNI INCOME FU	Fixed Income	72200N106	366,912	37,440	SH		SOLE		37,440	0	0
PROCTER & GAMBLE CO	Equities	742718109	187,399	1,235	SH		DFND		1,235	0	0
PROCTER & GAMBLE CO	Equities	742718109	2,810,832	18,524	SH		SOLE		18,524	0	0
QUALCOMM INC	Equities	747525103	23,808	200	SH		DFND		200	0	0
QUALCOMM INC	Equities	747525103	583,058	4,898	SH		SOLE		4,709	0	189
RAYTHEON TECHS CORP	Equities	75513E101	136,164	1,390	SH		DFND		1,390	0	0
RAYTHEON TECHS CORP	Equities	75513E101	1,382,412	14,112	SH		SOLE		13,892	0	220
S&P GLOBAL INC	Equities	78409V104	133,095	332	SH		DFND		332	0	0
S&P GLOBAL INC	Equities	78409V104	582,092	1,452	SH		SOLE		1,407	0	45
SARATOGA INVESTMENT CORP NEW	Equities	80349A208	296,890	11,000	SH		SOLE		11,000	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	328,994	4,530	SH		DFND		4,530	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	907,884	12,500	SH		SOLE		12,500	0	0
SCHWAB U S LARGE CAP ETF	Equities	808524201	1,494,430	28,536	SH		SOLE		28,536	0	0
SCHWAB US SMALL CAP ETF	Equities	808524607	606,367	13,844	SH		SOLE		13,844	0	0
SEMPRA ENERGY	Equities	816851109	280,261	1,925	SH		SOLE		1,925	0	0
SPDR PORT INTERMEDIATE TERM COR	Fixed Income	78464A375	724,867	22,575	SH		SOLE		22,575	0	0
SPDR S&P 500 (MKT)	Equities	78462F103	177,312	400	SH		DFND		400	0	0
SPDR S&P 500 (MKT)	Equities	78462F103	66,049	149	SH		SOLE		149	0	0
SPDR S&P MIDCAP 400 (MKT)	Equities	78467Y107	2,152,700	4,495	SH		SOLE		4,495	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	121,913	1,348	SH		DFND		1,348	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	963,276	10,651	SH		SOLE		10,651	0	0
STARBUCKS CORP	Equities	855244109	22,586	228	SH		DFND		228	0	0
STARBUCKS CORP	Equities	855244109	549,288	5,545	SH		SOLE		5,166	0	379
SUN LIFE FINANCIAL INC	Equities	866796105	348,839	6,693	SH		SOLE		6,693	0	0
SUNOCO LTD PARTNERSHIP	Equities	86765K109	392,040	9,000	SH		SOLE		9,000	0	0
TARGET CORP	Equities	87612E106	26,380	200	SH		DFND		200	0	0
TARGET CORP	Equities	87612E106	486,315	3,687	SH		SOLE		3,570	0	117
THERMO FISHER SCIENTIFIC INC	Equities	883556102	528,533	1,013	SH		SOLE		1,013	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	30,652	171	SH		DFND		171	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	470,173	2,623	SH		SOLE		2,491	0	132
US BANCORP	Equities	902973304	508,188	15,381	SH		SOLE		15,381	0	0
VANGUARD DIVIDEND APPREC IDX ET	Equities	921908844	278,892	1,717	SH		SOLE		1,717	0	0
VANGUARD FTSE DEVELOPED MARKETS	Equities	921943858	989,331	21,423	SH		SOLE		21,423	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	32,178	791	SH		DFND		791	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	658,116	16,176	SH		SOLE		16,176	0	0
VANGUARD GROWTH ETF (MKT)	Equities	922908736	2,796,954	9,885	SH		SOLE		9,885	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	525,238	4,952	SH		DFND		4,952	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	1,475,953	13,915	SH		SOLE		13,915	0	0
VANGUARD LARGE CAP ETF	Equities	922908637	1,268,216	6,256	SH		SOLE		6,256	0	0
VANGUARD MEGA CAP GROWTH ETF	Equities	921910816	225,907	960	SH		SOLE		960	0	0
VANGUARD REIT ETF (MKT)	Equities	922908553	272,071	3,256	SH		SOLE		3,256	0	0
VANGUARD S&P 500 INDEX ETF	Equities	922908363	428,166	1,051	SH		SOLE		1,051	0	0
VANGUARD SHORT-TERM BOND ETF	Fixed Income	921937827	623,604	8,250	SH		SOLE		8,250	0	0
VANGUARD SHORT-TERM CORP BD IDX	Fixed Income	92206C409	210,100	2,777	SH		SOLE		2,777	0	0
VANGUARD TOTAL STOCK MARKET ETF	Equities	922908769	1,690,429	7,674	SH		SOLE		7,674	0	0
VANGUARD VALUE ETF	Equities	922908744	96,070	676	SH		DFND		676	0	0
VANGUARD VALUE ETF	Equities	922908744	3,143,425	22,119	SH		SOLE		22,119	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	56,938	1,531	SH		DFND		1,531	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	451,784	12,148	SH		SOLE		12,148	0	0
VISA INC CL A	Equities	92826C839	802,920	3,381	SH		SOLE		3,381	0	0
WALMART INC	Equities	931142103	81,262	517	SH		DFND		517	0	0
WALMART INC	Equities	931142103	167,711	1,067	SH		SOLE		1,067	0	0
WELLS FARGO & COMPANY	Equities	949746101	157,916	3,700	SH		DFND		3,700	0	0
WELLS FARGO & COMPANY	Equities	949746101	838,150	19,638	SH		SOLE		19,638	0	0
WEYERHAEUSER CO	Equities	962166104	8,780	262	SH		DFND		262	0	0
WEYERHAEUSER CO	Equities	962166104	201,462	6,012	SH		SOLE		6,012	0	0
ZOETIS INC	Equities	98978V103	37,714	219	SH		DFND		219	0	0
ZOETIS INC	Equities	98978V103	356,130	2,068	SH		SOLE		2,068	0	0