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	127,230	1,359	SH		DFND		1,359	0	0
3M CO	Equities	88579Y101	79,109	845	SH		SOLE		845	0	0
ABBOTT LABORATORIES	Equities	002824100	87,165	900	SH		DFND		900	0	0
ABBOTT LABORATORIES	Equities	002824100	3,779,474	39,024	SH		SOLE		39,024	0	0
ABBVIE INC COM	Equities	00287Y109	134,154	900	SH		DFND		900	0	0
ABBVIE INC COM	Equities	00287Y109	6,296,145	42,239	SH		SOLE		42,048	0	191
ACCENTURE PLC IRELAND CL A	Equities	G1151C101	22,419	73	SH		DFND		73	0	0
ACCENTURE PLC IRELAND CL A	Equities	G1151C101	407,535	1,327	SH		SOLE		1,270	0	57
ALLIANCE BERNSTEIN HOLDING LP U	Equities	01881G106	212,450	7,000	SH		SOLE		7,000	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	39,258	300	SH		DFND		300	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	905,551	6,920	SH		SOLE		6,920	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	71,199	540	SH		DFND		540	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	1,026,320	7,784	SH		SOLE		7,784	0	0
AMAZON.COM INC	Equities	023135106	25,424	200	SH		DFND		200	0	0
AMAZON.COM INC	Equities	023135106	471,488	3,709	SH		SOLE		3,709	0	0
AMERICAN EXPRESS CO	Equities	025816109	29,838	200	SH		DFND		200	0	0
AMERICAN EXPRESS CO	Equities	025816109	193,798	1,299	SH		SOLE		1,299	0	0
AMERICAN TOWER CORP NEW	Equities	03027X100	21,543	131	SH		DFND		131	0	0
AMERICAN TOWER CORP NEW	Equities	03027X100	262,462	1,596	SH		SOLE		1,518	0	78
AMGEN INC	Equities	031162100	91,916	342	SH		DFND		342	0	0
AMGEN INC	Equities	031162100	373,845	1,391	SH		SOLE		1,248	0	143
APPLE INC	Equities	037833100	930,698	5,436	SH		DFND		5,436	0	0
APPLE INC	Equities	037833100	7,856,142	45,886	SH		SOLE		45,886	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	366,644	1,524	SH		DFND		1,524	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	1,982,139	8,239	SH		SOLE		8,030	0	209
BECTON DICKINSON & CO	Equities	075887109	168,045	650	SH		DFND		650	0	0
BECTON DICKINSON & CO	Equities	075887109	604,185	2,337	SH		SOLE		2,337	0	0
BERKSHIRE HATHAWAY INC B	Equities	084670702	1,137,424	3,247	SH		SOLE		3,247	0	0
BOEING CO	Equities	097023105	462,716	2,414	SH		SOLE		2,414	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	32,212	555	SH		DFND		555	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	592,182	10,203	SH		SOLE		10,203	0	0
BROADCOM INC	Equities	11135F101	22,426	27	SH		DFND		27	0	0
BROADCOM INC	Equities	11135F101	464,294	559	SH		SOLE		493	0	66
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	28,374	300	SH		DFND		300	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	231,248	2,445	SH		SOLE		2,445	0	0
CANADIAN PACIFIC KANSAS CITY LT	Equities	13646K108	338,640	4,551	SH		SOLE		4,551	0	0
CARRIER GLOBAL CORP	Equities	14448C104	35,604	645	SH		DFND		645	0	0
CARRIER GLOBAL CORP	Equities	14448C104	228,473	4,139	SH		SOLE		4,139	0	0
CATERPILLAR INC	Equities	149123101	40,950	150	SH		DFND		150	0	0
CATERPILLAR INC	Equities	149123101	263,991	967	SH		SOLE		967	0	0
CHENIERE ENERGY PARTNERS LP UNI	Equities	16411Q101	216,760	4,000	SH		SOLE		4,000	0	0
CHEVRON CORP	Equities	166764100	63,064	374	SH		DFND		374	0	0
CHEVRON CORP	Equities	166764100	4,076,051	24,173	SH		SOLE		24,173	0	0
CHUBB LIMITED	Equities	H1467J104	82,856	398	SH		DFND		398	0	0
CHUBB LIMITED	Equities	H1467J104	1,537,409	7,385	SH		SOLE		7,134	0	251
CISCO SYSTEMS INC	Equities	17275R102	172,032	3,200	SH		DFND		3,200	0	0
CISCO SYSTEMS INC	Equities	17275R102	504,753	9,389	SH		SOLE		8,775	0	614
COCA COLA CO	Equities	191216100	50,382	900	SH		DFND		900	0	0
COCA COLA CO	Equities	191216100	1,244,603	22,233	SH		SOLE		22,233	0	0
COMCAST CORP CLASS A	Equities	20030N101	17,692	399	SH		DFND		399	0	0
COMCAST CORP CLASS A	Equities	20030N101	244,180	5,507	SH		SOLE		5,507	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	185,307	328	SH		DFND		328	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	2,905,024	5,142	SH		SOLE		5,103	0	39
CSX CORP	Equities	126408103	688,739	22,398	SH		SOLE		22,398	0	0
CUMMINS INC	Equities	231021106	22,618	99	SH		DFND		99	0	0
CUMMINS INC	Equities	231021106	362,109	1,585	SH		SOLE		1,352	0	233
CVS HEALTH CORPORATION	Equities	126650100	245,906	3,522	SH		SOLE		3,522	0	0
DEERE & COMPANY	Equities	244199105	764,949	2,027	SH		SOLE		2,027	0	0
DELEK LOGISTICS PARTNERS LP	Equities	24664T103	256,017	6,100	SH		SOLE		6,100	0	0
DISNEY WALT CO	Equities	254687106	1,215,345	14,995	SH		SOLE		14,995	0	0
ECOLAB INC	Equities	278865100	22,191	131	SH		DFND		131	0	0
ECOLAB INC	Equities	278865100	310,510	1,833	SH		SOLE		1,668	0	165
EXPEDITORS INTERNATIONAL	Equities	302130109	414,387	3,615	SH		SOLE		3,615	0	0
EXXON MOBIL CORP	Equities	30231G102	291,598	2,480	SH		DFND		2,480	0	0
EXXON MOBIL CORP	Equities	30231G102	3,191,944	27,147	SH		SOLE		27,147	0	0
FEDEX CORP	Equities	31428X106	33,115	125	SH		DFND		125	0	0
FEDEX CORP	Equities	31428X106	369,034	1,393	SH		SOLE		1,393	0	0
FORD MOTOR COMPANY	Equities	345370860	19,872	1,600	SH		DFND		1,600	0	0
FORD MOTOR COMPANY	Equities	345370860	116,400	9,372	SH		SOLE		9,372	0	0
GENERAL ELECTRIC CO	Equities	369604301	11,166	101	SH		DFND		101	0	0
GENERAL ELECTRIC CO	Equities	369604301	245,200	2,218	SH		SOLE		2,218	0	0
GENERAL MILLS INC	Equities	370334104	108,783	1,700	SH		DFND		1,700	0	0
GENERAL MILLS INC	Equities	370334104	120,813	1,888	SH		SOLE		1,888	0	0
HARLEY DAVIDSON INC	Equities	412822108	462,840	14,000	SH		SOLE		14,000	0	0
HEALTH CARE SELECT SECTOR SPDRR	Equities	81369Y209	226,067	1,756	SH		SOLE		1,756	0	0
HONEYWELL INTERNATIONAL INC	Equities	438516106	828,374	4,484	SH		SOLE		4,484	0	0
INTEL CORP	Equities	458140100	65,874	1,853	SH		DFND		1,853	0	0
INTEL CORP	Equities	458140100	459,981	12,939	SH		SOLE		12,939	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	121,079	863	SH		DFND		863	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	344,016	2,452	SH		SOLE		2,452	0	0
INVESCO FTSE RAFI US 1000 ETF	Equities	46137V613	251,769	7,912	SH		SOLE		7,912	0	0
INVESCO SENIOR LOAN ETF	Fixed Income	46138G508	206,447	9,836	SH		SOLE		9,836	0	0
ISHARES CORE MSCI EMERGING MKTS	Equities	46434G103	353,023	7,418	SH		SOLE		7,025	0	393
ISHARES CORE MSCI TOT INTL STOC	Equities	46432F834	91,811	1,530	SH		DFND		1,530	0	0
ISHARES CORE MSCI TOT INTL STOC	Equities	46432F834	2,302,395	38,380	SH		SOLE		38,380	0	0
ISHARES CORE S&P 500 (MKT) ETF	Equities	464287200	2,942,305	6,852	SH		SOLE		6,683	0	169
ISHARES CORE S&P MID CAP ETF	Equities	464287507	574,193	2,303	SH		SOLE		2,303	0	0
ISHARES CORE US AGGREGATE BOND	Fixed Income	464287226	2,138,636	22,743	SH		SOLE		22,271	0	472
ISHARES MSCI EAFE (MKT)	Equities	464287465	75,467	1,095	SH		DFND		1,095	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	1,048,135	15,208	SH		SOLE		15,208	0	0
ISHARES MSCI EMG MKT ETF	Equities	464287234	518,842	13,672	SH		SOLE		13,672	0	0
ISHARES MSCI USA QUALITY FACTOR	Equities	46432F339	375,063	2,845	SH		SOLE		2,845	0	0
ISHARES RUSSELL 1000 GROWTH	Equities	464287614	68,278	257	SH		DFND		257	0	0
ISHARES RUSSELL 1000 GROWTH	Equities	464287614	286,900	1,079	SH		SOLE		1,079	0	0
ISHARES RUSSELL 2000 (MKT)	Equities	464287655	2,388,641	13,515	SH		SOLE		13,442	0	73
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	81,093	362	SH		DFND		362	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	641,301	2,862	SH		SOLE		2,862	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	72,453	535	SH		DFND		535	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	349,050	2,576	SH		SOLE		2,576	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	126,866	1,832	SH		DFND		1,832	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	2,543,206	36,725	SH		SOLE		36,493	0	232
ISHARES S&P MID-CAP 400 VALUE	Equities	464287705	23,001	228	SH		DFND		228	0	0
ISHARES S&P MID-CAP 400 VALUE	Equities	464287705	557,541	5,525	SH		SOLE		5,525	0	0
ISHARES S&P MIDCAP 400 GROWTH E	Equities	464287606	23,045	319	SH		DFND		319	0	0
ISHARES S&P MIDCAP 400 GROWTH E	Equities	464287606	400,731	5,548	SH		SOLE		5,548	0	0
JOHNSON AND JOHNSON	Equities	478160104	198,581	1,275	SH		DFND		1,275	0	0
JOHNSON AND JOHNSON	Equities	478160104	3,032,297	19,469	SH		SOLE		19,169	0	300
JPMORGAN CHASE & CO COM	Equities	46625H100	169,383	1,168	SH		DFND		1,168	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	1,948,344	13,435	SH		SOLE		13,435	0	0
KNOT OFFSHORE PARTNERS LP	Equities	Y48125101	94,254	13,800	SH		SOLE		13,800	0	0
LINDE PLC	Equities	G54950103	214,101	575	SH		DFND		575	0	0
LINDE PLC	Equities	G54950103	599,111	1,609	SH		SOLE		1,609	0	0
LOWES COMPANIES INC	Equities	548661107	22,239	107	SH		DFND		107	0	0
LOWES COMPANIES INC	Equities	548661107	511,702	2,462	SH		SOLE		2,378	0	84
MASTERCARD INC CLASS A	Equities	57636Q104	414,518	1,047	SH		SOLE		1,047	0	0
MCCORMICK & CO INC	Equities	579780206	226,920	3,000	SH		SOLE		3,000	0	0
MCDONALDS CORP	Equities	580135101	197,580	750	SH		DFND		750	0	0
MCDONALDS CORP	Equities	580135101	806,917	3,063	SH		SOLE		3,063	0	0
MCKESSON CORP	Equities	58155Q103	477,900	1,099	SH		SOLE		1,099	0	0
MERCK & CO INC	Equities	58933Y105	10,295	100	SH		DFND		100	0	0
MERCK & CO INC	Equities	58933Y105	557,989	5,420	SH		SOLE		5,420	0	0
MICROSOFT CORP	Equities	594918104	1,104,494	3,498	SH		DFND		3,498	0	0
MICROSOFT CORP	Equities	594918104	9,743,729	30,859	SH		SOLE		30,699	0	160
MONDELEZ INTL INC CL A	Equities	609207105	311,051	4,482	SH		SOLE		4,482	0	0
NEXTERA ENERGY INC	Equities	65339F101	112,059	1,956	SH		DFND		1,956	0	0
NEXTERA ENERGY INC	Equities	65339F101	951,530	16,609	SH		SOLE		16,371	0	238
NIKE INC CL B	Equities	654106103	1,896,814	19,837	SH		SOLE		19,837	0	0
NOVARTIS AG ADR	Equities	66987V109	114,694	1,126	SH		DFND		1,126	0	0
NOVARTIS AG ADR	Equities	66987V109	674,924	6,626	SH		SOLE		6,062	0	564
NUVEEN CALIFORNIA QUALITY MUNI	Fixed Income	67066Y105	1,517,598	157,264	SH		SOLE		157,264	0	0
ORACLE CORP	Equities	68389X105	105,920	1,000	SH		DFND		1,000	0	0
ORACLE CORP	Equities	68389X105	503,650	4,755	SH		SOLE		4,755	0	0
PEPSICO INC	Equities	713448108	211,122	1,246	SH		DFND		1,246	0	0
PEPSICO INC	Equities	713448108	1,049,003	6,191	SH		SOLE		6,191	0	0
PFIZER INC	Equities	717081103	58,611	1,767	SH		DFND		1,767	0	0
PFIZER INC	Equities	717081103	403,380	12,161	SH		SOLE		12,161	0	0
PHILIP MORRIS INTL INC	Equities	718172109	8,888	96	SH		DFND		96	0	0
PHILIP MORRIS INTL INC	Equities	718172109	288,757	3,119	SH		SOLE		3,119	0	0
PHILLIPS 66	Equities	718546104	55,269	460	SH		DFND		460	0	0
PHILLIPS 66	Equities	718546104	356,365	2,966	SH		SOLE		2,966	0	0
PIMCO CALIFORNIA MUNI INCOME FU	Fixed Income	72200N106	312,250	37,440	SH		SOLE		37,440	0	0
PROCTER & GAMBLE CO	Equities	742718109	180,137	1,235	SH		DFND		1,235	0	0
PROCTER & GAMBLE CO	Equities	742718109	2,718,976	18,641	SH		SOLE		18,641	0	0
QUALCOMM INC	Equities	747525103	22,212	200	SH		DFND		200	0	0
QUALCOMM INC	Equities	747525103	548,525	4,939	SH		SOLE		4,750	0	189
RAYTHEON TECHS CORP	Equities	75513E101	103,709	1,441	SH		DFND		1,441	0	0
RAYTHEON TECHS CORP	Equities	75513E101	990,811	13,767	SH		SOLE		13,547	0	220
S&P GLOBAL INC	Equities	78409V104	114,373	313	SH		DFND		313	0	0
S&P GLOBAL INC	Equities	78409V104	528,383	1,446	SH		SOLE		1,401	0	45
SARATOGA INVESTMENT CORP NEW	Equities	80349A208	282,700	11,000	SH		SOLE		11,000	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	314,472	4,444	SH		DFND		4,444	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	865,202	12,227	SH		SOLE		12,227	0	0
SCHWAB U S LARGE CAP ETF	Equities	808524201	1,443,922	28,536	SH		SOLE		28,536	0	0
SCHWAB US SMALL CAP ETF	Equities	808524607	573,418	13,844	SH		SOLE		13,844	0	0
SEMPRA ENERGY	Equities	816851109	261,916	3,850	SH		SOLE		3,850	0	0
SPDR PORT INTERMEDIATE TERM COR	Fixed Income	78464A375	660,285	20,994	SH		SOLE		20,994	0	0
SPDR S&P 500 (MKT)	Equities	78462F103	208,610	488	SH		DFND		488	0	0
SPDR S&P 500 (MKT)	Equities	78462F103	63,695	149	SH		SOLE		149	0	0
SPDR S&P MIDCAP 400 (MKT)	Equities	78467Y107	2,052,597	4,495	SH		SOLE		4,495	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	111,803	1,348	SH		DFND		1,348	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	883,394	10,651	SH		SOLE		10,651	0	0
STARBUCKS CORP	Equities	855244109	22,270	244	SH		DFND		244	0	0
STARBUCKS CORP	Equities	855244109	704,878	7,723	SH		SOLE		7,344	0	379
SUN LIFE FINANCIAL INC	Equities	866796105	326,618	6,693	SH		SOLE		6,693	0	0
SUNOCO LTD PARTNERSHIP	Equities	86765K109	440,550	9,000	SH		SOLE		9,000	0	0
TARGET CORP	Equities	87612E106	22,114	200	SH		DFND		200	0	0
TARGET CORP	Equities	87612E106	407,893	3,689	SH		SOLE		3,572	0	117
THERMO FISHER SCIENTIFIC INC	Equities	883556102	512,750	1,013	SH		SOLE		1,013	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	26,654	171	SH		DFND		171	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	408,847	2,623	SH		SOLE		2,491	0	132
US BANCORP	Equities	902973304	508,496	15,381	SH		SOLE		15,381	0	0
VANGUARD DIVIDEND APPREC IDX ET	Equities	921908844	266,787	1,717	SH		SOLE		1,717	0	0
VANGUARD FTSE DEVELOPED MARKETS	Equities	921943858	1,006,864	23,029	SH		SOLE		23,029	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	31,015	791	SH		DFND		791	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	608,380	15,515	SH		SOLE		15,515	0	0
VANGUARD GROWTH ETF (MKT)	Equities	922908736	2,636,318	9,688	SH		SOLE		9,688	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	505,564	4,893	SH		DFND		4,893	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	1,416,821	13,712	SH		SOLE		13,712	0	0
VANGUARD LARGE CAP ETF	Equities	922908637	1,224,237	6,256	SH		SOLE		6,256	0	0
VANGUARD MEGA CAP GROWTH ETF	Equities	921910816	217,824	960	SH		SOLE		960	0	0
VANGUARD REIT ETF (MKT)	Equities	922908553	246,349	3,256	SH		SOLE		3,256	0	0
VANGUARD S&P 500 INDEX ETF	Equities	922908363	392,432	999	SH		SOLE		999	0	0
VANGUARD SHORT-TERM BOND ETF	Fixed Income	921937827	603,933	8,033	SH		SOLE		8,033	0	0
VANGUARD SHORT-TERM CORP BD IDX	Fixed Income	92206C409	204,701	2,724	SH		SOLE		2,724	0	0
VANGUARD TOTAL INTL STOCK IDX F	Equities	921909768	567,015	10,595	SH		SOLE		10,595	0	0
VANGUARD TOTAL STOCK MARKET ETF	Equities	922908769	1,630,034	7,674	SH		SOLE		7,674	0	0
VANGUARD VALUE ETF	Equities	922908744	90,686	657	SH		DFND		657	0	0
VANGUARD VALUE ETF	Equities	922908744	3,074,509	22,292	SH		SOLE		22,292	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	49,620	1,531	SH		DFND		1,531	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	381,077	11,758	SH		SOLE		11,758	0	0
VISA INC CL A	Equities	92826C839	777,664	3,381	SH		SOLE		3,381	0	0
WALMART INC	Equities	931142103	77,086	482	SH		DFND		482	0	0
WALMART INC	Equities	931142103	176,563	1,104	SH		SOLE		1,104	0	0
WELLS FARGO & COMPANY	Equities	949746101	151,182	3,700	SH		DFND		3,700	0	0
WELLS FARGO & COMPANY	Equities	949746101	789,129	19,313	SH		SOLE		19,313	0	0
WEYERHAEUSER CO	Equities	962166104	35,627	1,162	SH		DFND		1,162	0	0
WEYERHAEUSER CO	Equities	962166104	184,328	6,012	SH		SOLE		6,012	0	0
ZOETIS INC	Equities	98978V103	38,102	219	SH		DFND		219	0	0
ZOETIS INC	Equities	98978V103	359,791	2,068	SH		SOLE		2,068	0	0