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
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

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	226	1,658	SH		DFND		0	0	0
3M CO	Equities	88579Y101	570	4,179	SH		SOLE		0	0	0
ABBOTT LABORATORIES	Equities	002824100	71	900	SH		DFND		0	0	0
ABBOTT LABORATORIES	Equities	002824100	4,096	51,910	SH		SOLE		0	0	0
ABBVIE INC COM	Equities	00287Y109	68	900	SH		DFND		0	0	0
ABBVIE INC COM	Equities	00287Y109	4,729	62,075	SH		SOLE		0	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	17	15	SH		DFND		0	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	402	346	SH		SOLE		0	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	36	31	SH		DFND		0	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	538	464	SH		SOLE		0	0	0
AMAZON.COM INC	Equities	023135106	299	154	SH		SOLE		0	0	0
AMGEN INC	Equities	031162100	100	495	SH		DFND		0	0	0
AMGEN INC	Equities	031162100	205	1,016	SH		SOLE		0	0	0
APPLE INC	Equities	037833100	182	717	SH		DFND		0	0	0
APPLE INC	Equities	037833100	3,908	15,371	SH		SOLE		0	0	0
AT&T INC	Equities	00206R102	106	3,661	SH		DFND		0	0	0
AT&T INC	Equities	00206R102	577	19,819	SH		SOLE		0	0	0
ATLAS AIR WORLDWIDE CONV 2.25	Fixed Income	049164BH8	44	50,000	PRN		SOLE		0	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	226	1,658	SH		DFND		0	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	1,479	10,825	SH		SOLE		0	0	0
BECTON DICKINSON & CO	Equities	075887109	149	650	SH		DFND		0	0	0
BECTON DICKINSON & CO	Equities	075887109	959	4,174	SH		SOLE		0	0	0
BERKSHIRE HATHAWAY INC B	Equities	084670702	209	1,145	SH		SOLE		0	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	36	655	SH		DFND		0	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	487	8,742	SH		SOLE		0	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	23	300	SH		DFND		0	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	382	4,827	SH		SOLE		0	0	0
CHEVRON CORP	Equities	166764100	31	436	SH		DFND		0	0	0
CHEVRON CORP	Equities	166764100	461	6,367	SH		SOLE		0	0	0
CHUBB LIMITED	Equities	H1467J104	84	761	SH		DFND		0	0	0
CHUBB LIMITED	Equities	H1467J104	917	8,211	SH		SOLE		0	0	0
CISCO SYSTEMS INC	Equities	17275R102	125	3,200	SH		DFND		0	0	0
CISCO SYSTEMS INC	Equities	17275R102	398	10,133	SH		SOLE		0	0	0
COCA COLA CO	Equities	191216100	44	1,000	SH		DFND		0	0	0
COCA COLA CO	Equities	191216100	743	16,797	SH		SOLE		0	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	108	381	SH		DFND		0	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	1,595	5,594	SH		SOLE		0	0	0
CSX CORP	Equities	126408103	5	100	SH		DFND		0	0	0
CSX CORP	Equities	126408103	409	7,150	SH		SOLE		0	0	0
CVS HEALTH CORPORATION	Equities	126650100	222	3,743	SH		SOLE		0	0	0
DEERE & COMPANY	Equities	244199105	13	100	SH		DFND		0	0	0
DEERE & COMPANY	Equities	244199105	210	1,523	SH		SOLE		0	0	0
DISNEY WALT CO	Equities	254687106	1,487	15,400	SH		SOLE		0	0	0
ELEMENTS ROGERS INTL COMMODITY	Equities	870297801	135	37,097	SH		SOLE		0	0	0
ENERGY TRANSFER LTD PARTNERSHIP	Equities	29273V100	214	46,654	SH		SOLE		0	0	0
ENTERPRISE PRODUCTS PARTNERS LP	Equities	293792107	391	27,374	SH		SOLE		0	0	0
EXPEDITORS INTERNATIONAL	Equities	302130109	265	3,975	SH		SOLE		0	0	0
EXXON MOBIL CORP	Equities	30231G102	109	2,874	SH		DFND		0	0	0
EXXON MOBIL CORP	Equities	30231G102	1,872	49,313	SH		SOLE		0	0	0
FEDEX CORP	Equities	31428X106	15	125	SH		DFND		0	0	0
FEDEX CORP	Equities	31428X106	196	1,624	SH		SOLE		0	0	0
FTS INTERNATIONAL INC	Equities	30283W104	2	10,150	SH		SOLE		0	0	0
GENERAL ELECTRIC CO	Equities	369604103	17	2,263	SH		DFND		0	0	0
GENERAL ELECTRIC CO	Equities	369604103	217	27,334	SH		SOLE		0	0	0
GENERAL MILLS INC	Equities	370334104	89	1,700	SH		DFND		0	0	0
GENERAL MILLS INC	Equities	370334104	261	4,957	SH		SOLE		0	0	0
GENESIS ENERGY LP	Equities	371927104	39	10,164	SH		SOLE		0	0	0
GLOBAL X MLP ETF	Equities	37950E473	119	37,881	SH		SOLE		0	0	0
GLOBALSTAR INC	Equities	378973408	5	18,000	SH		SOLE		0	0	0
GOLDMAN SACHS ACCESS TRSY 0-1 Y	Fixed Income	381430529	281	2,798	SH		SOLE		0	0	0
HARLEY DAVIDSON INC	Equities	412822108	265	14,000	SH		SOLE		0	0	0
HONEYWELL INTERNATIONAL INC	Equities	438516106	585	4,377	SH		SOLE		0	0	0
INTEL CORP	Equities	458140100	128	2,366	SH		DFND		0	0	0
INTEL CORP	Equities	458140100	1,254	23,182	SH		SOLE		0	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	114	1,031	SH		DFND		0	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	884	7,973	SH		SOLE		0	0	0
INVESCO FTSE RAFI US 1000 ETF	Equities	46137V613	274	2,971	SH		SOLE		0	0	0
INVESCO SENIOR LOAN ETF	Fixed Income	46138G508	316	15,457	SH		SOLE		0	0	0
ISHARES CORE MSCI EMERGING MKTS	Equities	46434G103	228	5,644	SH		SOLE		0	0	0
ISHARES CORE MSCI TOT INTL STOC	Equities	46432F834	584	12,436	SH		SOLE		0	0	0
ISHARES CORE S&P MID CAP ETF	Equities	464287507	263	1,829	SH		SOLE		0	0	0
ISHARES CORE US AGGREGATE BOND	Fixed Income	464287226	1,058	9,179	SH		SOLE		0	0	0
ISHARES MBS (MKT)	Equities	464288588	0	4	SH		DFND		0	0	0
ISHARES MBS (MKT)	Equities	464288588	276	2,503	SH		SOLE		0	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	58	1,095	SH		DFND		0	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	781	14,616	SH		SOLE		0	0	0
ISHARES RUSSELL 2000 (MKT)	Equities	464287655	1,027	8,974	SH		SOLE		0	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	40	259	SH		DFND		0	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	392	2,481	SH		SOLE		0	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	29	365	SH		DFND		0	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	213	2,597	SH		SOLE		0	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	79	1,832	SH		DFND		0	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	1,493	34,588	SH		SOLE		0	0	0
ISHARES S&P MID-CAP 400 VALUE	Equities	464287705	222	2,027	SH		SOLE		0	0	0
ISHARES S&P MIDCAP 400 GROWTH E	Equities	464287606	236	1,324	SH		SOLE		0	0	0
JOHNSON AND JOHNSON	Equities	478160104	183	1,399	SH		DFND		0	0	0
JOHNSON AND JOHNSON	Equities	478160104	2,529	19,291	SH		SOLE		0	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	76	855	SH		DFND		0	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	1,481	16,452	SH		SOLE		0	0	0
KIMBERLY-CLARK CORP	Equities	494368103	110	863	SH		DFND		0	0	0
KIMBERLY-CLARK CORP	Equities	494368103	520	4,069	SH		SOLE		0	0	0
LINDE PLC	Equities	G5494J103	99	575	SH		DFND		0	0	0
LINDE PLC	Equities	G5494J103	551	3,186	SH		SOLE		0	0	0
MCDONALDS CORP	Equities	580135101	107	650	SH		DFND		0	0	0
MCDONALDS CORP	Equities	580135101	742	4,493	SH		SOLE		0	0	0
MERCK & CO INC	Equities	58933Y105	7	100	SH		DFND		0	0	0
MERCK & CO INC	Equities	58933Y105	285	3,715	SH		SOLE		0	0	0
MICROSOFT CORP	Equities	594918104	582	3,694	SH		DFND		0	0	0
MICROSOFT CORP	Equities	594918104	4,716	29,920	SH		SOLE		0	0	0
NEXTERA ENERGY INC	Equities	65339F101	131	545	SH		DFND		0	0	0
NEXTERA ENERGY INC	Equities	65339F101	1,434	5,961	SH		SOLE		0	0	0
NOVARTIS AG ADR	Equities	66987V109	51	630	SH		DFND		0	0	0
NOVARTIS AG ADR	Equities	66987V109	426	5,174	SH		SOLE		0	0	0
NUVEEN CALIFORNIA QUALITY MUNI	Fixed Income	67066Y105	3,278	239,452	SH		SOLE		0	0	0
ORACLE CORP	Equities	68389X105	57	1,200	SH		DFND		0	0	0
ORACLE CORP	Equities	68389X105	294	6,090	SH		SOLE		0	0	0
PEPSICO INC	Equities	713448108	149	1,246	SH		DFND		0	0	0
PEPSICO INC	Equities	713448108	1,025	8,547	SH		SOLE		0	0	0
PFIZER INC	Equities	717081103	57	1,767	SH		DFND		0	0	0
PFIZER INC	Equities	717081103	532	16,312	SH		SOLE		0	0	0
PIMCO CALIFORNIA MUNI INCOME FU	Fixed Income	72200N106	585	37,440	SH		SOLE		0	0	0
PLAINS ALL AMERICAN PIPELINE LP	Equities	726503105	53	10,167	SH		SOLE		0	0	0
PROCTER & GAMBLE CO	Equities	742718109	157	1,435	SH		DFND		0	0	0
PROCTER & GAMBLE CO	Equities	742718109	2,269	20,632	SH		SOLE		0	0	0
QUALCOMM INC	Equities	747525103	13	200	SH		DFND		0	0	0
QUALCOMM INC	Equities	747525103	408	6,034	SH		SOLE		0	0	0
S&P GLOBAL INC	Equities	78409V104	118	483	SH		DFND		0	0	0
S&P GLOBAL INC	Equities	78409V104	446	1,823	SH		SOLE		0	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	261	5,803	SH		DFND		0	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	510	11,353	SH		SOLE		0	0	0
SCHWAB U S LARGE CAP ETF	Equities	808524201	802	13,095	SH		SOLE		0	0	0
SCHWAB US SMALL CAP ETF	Equities	808524607	338	6,565	SH		SOLE		0	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	97	1,348	SH		DFND		0	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	769	10,651	SH		SOLE		0	0	0
STARBUCKS CORP	Equities	855244109	226	3,439	SH		SOLE		0	0	0
SUN LIFE FINANCIAL INC	Equities	866796105	266	8,303	SH		SOLE		0	0	0
TARGET CORP	Equities	87612E106	18	200	SH		DFND		0	0	0
TARGET CORP	Equities	87612E106	532	5,724	SH		SOLE		0	0	0
THERMO FISHER SCIENTIFIC INC	Equities	883556102	297	1,049	SH		SOLE		0	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	15	171	SH		DFND		0	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	282	3,021	SH		SOLE		0	0	0
UNITED TECHNOLOGIES CORP	Equities	913017109	154	1,639	SH		DFND		0	0	0
UNITED TECHNOLOGIES CORP	Equities	913017109	843	8,941	SH		SOLE		0	0	0
US BANCORP	Equities	902973304	209	6,091	SH		SOLE		0	0	0
VANGUARD FTSE ALL-WORLD EX-US	Equities	922042775	345	8,419	SH		SOLE		0	0	0
VANGUARD FTSE DEVELOPED MARKETS	Equities	921943858	476	14,301	SH		SOLE		0	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	26	791	SH		DFND		0	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	408	12,168	SH		SOLE		0	0	0
VANGUARD GROWTH ETF (MKT)	Equities	922908736	1,083	6,911	SH		SOLE		0	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	423	5,983	SH		DFND		0	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	829	11,717	SH		SOLE		0	0	0
VANGUARD LARGE CAP ETF	Equities	922908637	740	6,256	SH		SOLE		0	0	0
VANGUARD REIT ETF (MKT)	Equities	922908553	226	3,238	SH		SOLE		0	0	0
VANGUARD SHORT-TERM BOND ETF	Fixed Income	921937827	475	5,784	SH		SOLE		0	0	0
VANGUARD SHORT-TERM CORP BD IDX	Fixed Income	92206C409	270	3,421	SH		SOLE		0	0	0
VANGUARD TOTAL INTL BD IDX ETF	Fixed Income	92203J407	348	6,197	SH		SOLE		0	0	0
VANGUARD VALUE ETF	Equities	922908744	1,482	16,641	SH		SOLE		0	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	97	1,806	SH		DFND		0	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	806	15,005	SH		SOLE		0	0	0
VF CORPORATION	Equities	918204108	93	1,736	SH		DFND		0	0	0
VF CORPORATION	Equities	918204108	619	11,453	SH		SOLE		0	0	0
VISA INC CL A	Equities	92826C839	386	2,399	SH		SOLE		0	0	0
WELLS FARGO & COMPANY	Equities	949746101	106	3,700	SH		DFND		0	0	0
WELLS FARGO & COMPANY	Equities	949746101	754	26,285	SH		SOLE		0	0	0