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	302	1,519	SH		DFND		1,519	0	0
3M CO	Equities	88579Y101	472	2,378	SH		SOLE		2,378	0	0
ABBOTT LABORATORIES	Equities	002824100	104	900	SH		DFND		900	0	0
ABBOTT LABORATORIES	Equities	002824100	5,919	51,055	SH		SOLE		51,055	0	0
ABBVIE INC COM	Equities	00287Y109	108	960	SH		DFND		960	0	0
ABBVIE INC COM	Equities	00287Y109	6,911	61,355	SH		SOLE		61,355	0	0
ACCENTURE PLC IRELAND CL A	Equities	G1151C101	262	889	SH		SOLE		889	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	37	15	SH		DFND		15	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	791	324	SH		SOLE		324	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	68	27	SH		DFND		27	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	1,080	431	SH		SOLE		431	0	0
AMAZON.COM INC	Equities	023135106	34	10	SH		DFND		10	0	0
AMAZON.COM INC	Equities	023135106	530	154	SH		SOLE		154	0	0
AMERICAN EXPRESS CO	Equities	025816109	33	200	SH		DFND		200	0	0
AMERICAN EXPRESS CO	Equities	025816109	312	1,888	SH		SOLE		1,888	0	0
AMGEN INC	Equities	031162100	123	505	SH		DFND		505	0	0
AMGEN INC	Equities	031162100	268	1,099	SH		SOLE		1,099	0	0
APPLE INC	Equities	037833100	349	2,546	SH		DFND		2,546	0	0
APPLE INC	Equities	037833100	7,018	51,255	SH		SOLE		51,255	0	0
AT&T INC	Equities	00206R102	87	3,015	SH		DFND		3,015	0	0
AT&T INC	Equities	00206R102	748	25,991	SH		SOLE		25,991	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	302	1,521	SH		DFND		1,521	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	1,756	8,843	SH		SOLE		8,843	0	0
BECTON DICKINSON & CO	Equities	075887109	158	650	SH		DFND		650	0	0
BECTON DICKINSON & CO	Equities	075887109	730	3,002	SH		SOLE		3,002	0	0
BERKSHIRE HATHAWAY INC B	Equities	084670702	311	1,120	SH		SOLE		1,120	0	0
BLACKROCK INC	Equities	09247X101	269	308	SH		SOLE		308	0	0
BOEING CO	Equities	097023105	255	1,064	SH		SOLE		1,064	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	49	735	SH		DFND		735	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	530	7,935	SH		SOLE		7,935	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	40	300	SH		DFND		300	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	392	2,952	SH		SOLE		2,952	0	0
CARRIER GLOBAL CORP	Equities	14448C104	57	1,175	SH		DFND		1,175	0	0
CARRIER GLOBAL CORP	Equities	14448C104	234	4,811	SH		SOLE		4,811	0	0
CATERPILLAR INC	Equities	149123101	33	150	SH		DFND		150	0	0
CATERPILLAR INC	Equities	149123101	440	2,023	SH		SOLE		2,023	0	0
CHEVRON CORP	Equities	166764100	52	496	SH		DFND		496	0	0
CHEVRON CORP	Equities	166764100	620	5,915	SH		SOLE		5,915	0	0
CHUBB LIMITED	Equities	H1467J104	46	289	SH		DFND		289	0	0
CHUBB LIMITED	Equities	H1467J104	1,026	6,454	SH		SOLE		6,454	0	0
CISCO SYSTEMS INC	Equities	17275R102	174	3,280	SH		DFND		3,280	0	0
CISCO SYSTEMS INC	Equities	17275R102	514	9,696	SH		SOLE		9,696	0	0
COCA COLA CO	Equities	191216100	54	1,000	SH		DFND		1,000	0	0
COCA COLA CO	Equities	191216100	979	18,095	SH		SOLE		18,095	0	0
COMCAST CORP CLASS A	Equities	20030N101	30	529	SH		DFND		529	0	0
COMCAST CORP CLASS A	Equities	20030N101	328	5,754	SH		SOLE		5,754	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	114	287	SH		DFND		287	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	1,786	4,514	SH		SOLE		4,514	0	0
CSX CORP	Equities	126408103	15	480	SH		DFND		480	0	0
CSX CORP	Equities	126408103	688	21,450	SH		SOLE		21,450	0	0
CVS HEALTH CORPORATION	Equities	126650100	6	75	SH		DFND		75	0	0
CVS HEALTH CORPORATION	Equities	126650100	299	3,587	SH		SOLE		3,587	0	0
DEERE & COMPANY	Equities	244199105	45	127	SH		DFND		127	0	0
DEERE & COMPANY	Equities	244199105	1,235	3,501	SH		SOLE		3,501	0	0
DISNEY WALT CO	Equities	254687106	2,624	14,930	SH		SOLE		14,930	0	0
DOW INC	Equities	260557103	8	127	SH		DFND		127	0	0
DOW INC	Equities	260557103	195	3,086	SH		SOLE		3,086	0	0
ELEMENTS ROGERS INTL COMMODITY	Equities	870297801	205	32,356	SH		SOLE		32,356	0	0
EMERSON ELECTRIC CO	Equities	291011104	26	274	SH		DFND		274	0	0
EMERSON ELECTRIC CO	Equities	291011104	255	2,647	SH		SOLE		2,647	0	0
EXPEDITORS INTERNATIONAL	Equities	302130109	481	3,800	SH		SOLE		3,800	0	0
EXXON MOBIL CORP	Equities	30231G102	169	2,680	SH		DFND		2,680	0	0
EXXON MOBIL CORP	Equities	30231G102	2,450	38,846	SH		SOLE		38,846	0	0
FEDEX CORP	Equities	31428X106	37	125	SH		DFND		125	0	0
FEDEX CORP	Equities	31428X106	406	1,360	SH		SOLE		1,360	0	0
GENERAL ELECTRIC CO	Equities	369604103	30	2,263	SH		DFND		2,263	0	0
GENERAL ELECTRIC CO	Equities	369604103	286	21,258	SH		SOLE		21,258	0	0
GENERAL MILLS INC	Equities	370334104	104	1,700	SH		DFND		1,700	0	0
GENERAL MILLS INC	Equities	370334104	156	2,557	SH		SOLE		2,557	0	0
HARLEY DAVIDSON INC	Equities	412822108	641	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	1,167	5,319	SH		SOLE		5,319	0	0
IDACORP INC	Equities	451107106	128	1,308	SH		DFND		1,308	0	0
IDACORP INC	Equities	451107106	130	1,330	SH		SOLE		1,330	0	0
INTEL CORP	Equities	458140100	119	2,126	SH		DFND		2,126	0	0
INTEL CORP	Equities	458140100	988	17,596	SH		SOLE		17,596	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	127	863	SH		DFND		863	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	948	6,468	SH		SOLE		6,468	0	0
INVESCO FTSE RAFI US 1000 ETF	Equities	46137V613	375	2,339	SH		SOLE		2,339	0	0
INVESCO SENIOR LOAN ETF	Fixed Income	46138G508	502	22,653	SH		SOLE		22,653	0	0
ISHARES CORE MSCI EMERGING MKTS	Equities	46434G103	394	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	2,597	35,426	SH		SOLE		35,426	0	0
ISHARES CORE S&P 500 (MKT) ETF	Equities	464287200	2,591	6,026	SH		SOLE		6,026	0	0
ISHARES CORE S&P MID CAP ETF	Equities	464287507	492	1,829	SH		SOLE		1,829	0	0
ISHARES CORE US AGGREGATE BOND	Fixed Income	464287226	1,725	14,952	SH		SOLE		14,952	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	86	1,095	SH		DFND		1,095	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	1,153	14,616	SH		SOLE		14,616	0	0
ISHARES MSCI EMG MKT ETF	Equities	464287234	674	12,215	SH		SOLE		12,215	0	0
ISHARES MSCI USA QUALITY FACTOR	Equities	46432F339	279	2,100	SH		SOLE		2,100	0	0
ISHARES RUSSELL 2000 (MKT)	Equities	464287655	3,005	13,099	SH		SOLE		13,099	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	81	259	SH		DFND		259	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	805	2,581	SH		SOLE		2,581	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	61	365	SH		DFND		365	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	350	2,114	SH		SOLE		2,114	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	145	1,832	SH		DFND		1,832	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	2,741	34,588	SH		SOLE		34,588	0	0
ISHARES S&P MID-CAP 400 VALUE	Equities	464287705	706	6,700	SH		SOLE		6,700	0	0
ISHARES S&P MIDCAP 400 GROWTH E	Equities	464287606	452	5,580	SH		SOLE		5,580	0	0
JOHNSON AND JOHNSON	Equities	478160104	204	1,241	SH		DFND		1,241	0	0
JOHNSON AND JOHNSON	Equities	478160104	3,110	18,876	SH		SOLE		18,876	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	193	1,238	SH		DFND		1,238	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	2,314	14,880	SH		SOLE		14,880	0	0
KIMBERLY-CLARK CORP	Equities	494368103	89	664	SH		DFND		664	0	0
KIMBERLY-CLARK CORP	Equities	494368103	532	3,978	SH		SOLE		3,978	0	0
LINDE PLC	Equities	G5494J103	166	575	SH		DFND		575	0	0
LINDE PLC	Equities	G5494J103	644	2,226	SH		SOLE		2,226	0	0
MCDONALDS CORP	Equities	580135101	173	750	SH		DFND		750	0	0
MCDONALDS CORP	Equities	580135101	908	3,929	SH		SOLE		3,929	0	0
MERCK & CO INC	Equities	58933Y105	8	100	SH		DFND		100	0	0
MERCK & CO INC	Equities	58933Y105	339	4,362	SH		SOLE		4,362	0	0
MICROSOFT CORP	Equities	594918104	965	3,564	SH		DFND		3,564	0	0
MICROSOFT CORP	Equities	594918104	8,098	29,900	SH		SOLE		29,900	0	0
MONDELEZ INTL INC CL A	Equities	609207105	258	4,124	SH		SOLE		4,124	0	0
NEXTERA ENERGY INC	Equities	65339F101	118	1,612	SH		DFND		1,612	0	0
NEXTERA ENERGY INC	Equities	65339F101	1,476	20,140	SH		SOLE		20,140	0	0
NORFOLK SOUTHERN CORP	Equities	655844108	316	1,190	SH		SOLE		1,190	0	0
NOVARTIS AG ADR	Equities	66987V109	32	350	SH		DFND		350	0	0
NOVARTIS AG ADR	Equities	66987V109	483	5,291	SH		SOLE		5,291	0	0
NUVEEN CALIFORNIA QUALITY MUNI	Fixed Income	67066Y105	3,285	207,225	SH		SOLE		207,225	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	93	1,200	SH		DFND		1,200	0	0
ORACLE CORP	Equities	68389X105	427	5,490	SH		SOLE		5,490	0	0
OTIS WORLDWIDE CORP	Equities	68902V107	48	587	SH		DFND		587	0	0
OTIS WORLDWIDE CORP	Equities	68902V107	181	2,214	SH		SOLE		2,214	0	0
PEPSICO INC	Equities	713448108	185	1,246	SH		DFND		1,246	0	0
PEPSICO INC	Equities	713448108	1,054	7,120	SH		SOLE		7,120	0	0
PFIZER INC	Equities	717081103	74	1,877	SH		DFND		1,877	0	0
PFIZER INC	Equities	717081103	414	10,571	SH		SOLE		10,571	0	0
PHILIP MORRIS INTL INC	Equities	718172109	23	233	SH		DFND		233	0	0
PHILIP MORRIS INTL INC	Equities	718172109	281	2,835	SH		SOLE		2,835	0	0
PHILLIPS 66	Equities	718546104	39	460	SH		DFND		460	0	0
PHILLIPS 66	Equities	718546104	250	2,912	SH		SOLE		2,912	0	0
PIMCO CALIFORNIA MUNI INCOME FU	Fixed Income	72200N106	713	37,440	SH		SOLE		37,440	0	0
PROCTER & GAMBLE CO	Equities	742718109	194	1,435	SH		DFND		1,435	0	0
PROCTER & GAMBLE CO	Equities	742718109	2,705	20,048	SH		SOLE		20,048	0	0
QUALCOMM INC	Equities	747525103	29	200	SH		DFND		200	0	0
QUALCOMM INC	Equities	747525103	753	5,266	SH		SOLE		5,266	0	0
RAYTHEON TECHS CORP	Equities	75513E101	148	1,731	SH		DFND		1,731	0	0
RAYTHEON TECHS CORP	Equities	75513E101	912	10,696	SH		SOLE		10,696	0	0
S&P GLOBAL INC	Equities	78409V104	158	386	SH		DFND		386	0	0
S&P GLOBAL INC	Equities	78409V104	647	1,577	SH		SOLE		1,577	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	345	4,566	SH		DFND		4,566	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	217	2,877	SH		SOLE		2,877	0	0
SCHWAB U S LARGE CAP ETF	Equities	808524201	1,483	14,268	SH		SOLE		14,268	0	0
SCHWAB US SMALL CAP ETF	Equities	808524607	721	6,922	SH		SOLE		6,922	0	0
SPDR S&P MIDCAP 400 (MKT)	Equities	78467Y107	2,228	4,538	SH		SOLE		4,538	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	141	1,348	SH		DFND		1,348	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	1,117	10,651	SH		SOLE		10,651	0	0
STARBUCKS CORP	Equities	855244109	618	5,527	SH		SOLE		5,527	0	0
STATE STREET CORPORATION	Equities	857477103	66	804	SH		DFND		804	0	0
STATE STREET CORPORATION	Equities	857477103	160	1,940	SH		SOLE		1,940	0	0
SUN LIFE FINANCIAL INC	Equities	866796105	428	8,303	SH		SOLE		8,303	0	0
TARGET CORP	Equities	87612E106	48	200	SH		DFND		200	0	0
TARGET CORP	Equities	87612E106	1,260	5,211	SH		SOLE		5,211	0	0
THERMO FISHER SCIENTIFIC INC	Equities	883556102	511	1,013	SH		SOLE		1,013	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	36	171	SH		DFND		171	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	571	2,746	SH		SOLE		2,746	0	0
US BANCORP	Equities	902973304	313	5,502	SH		SOLE		5,502	0	0
VANGUARD FTSE DEVELOPED MARKETS	Equities	921943858	605	11,743	SH		SOLE		11,743	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	43	791	SH		DFND		791	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	952	17,530	SH		SOLE		17,530	0	0
VANGUARD GROWTH ETF (MKT)	Equities	922908736	2,272	7,923	SH		SOLE		7,923	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	555	5,302	SH		DFND		5,302	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	350	3,339	SH		SOLE		3,339	0	0
VANGUARD LARGE CAP ETF	Equities	922908637	1,256	6,256	SH		SOLE		6,256	0	0
VANGUARD MEGA CAP GROWTH ETF	Equities	921910816	222	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	207	526	SH		SOLE		526	0	0
VANGUARD SHORT-TERM BOND ETF	Fixed Income	921937827	778	9,473	SH		SOLE		9,473	0	0
VANGUARD SHORT-TERM CORP BD IDX	Fixed Income	92206C409	420	5,080	SH		SOLE		5,080	0	0
VANGUARD TOTAL INTL BD IDX ETF	Fixed Income	92203J407	567	9,922	SH		SOLE		9,922	0	0
VANGUARD VALUE ETF	Equities	922908744	2,782	20,235	SH		SOLE		20,235	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	107	1,906	SH		DFND		1,906	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	785	14,016	SH		SOLE		14,016	0	0
VF CORPORATION	Equities	918204108	122	1,487	SH		DFND		1,487	0	0
VF CORPORATION	Equities	918204108	779	9,500	SH		SOLE		9,500	0	0
VISA INC CL A	Equities	92826C839	521	2,229	SH		SOLE		2,229	0	0
WALMART INC	Equities	931142103	79	557	SH		DFND		557	0	0
WALMART INC	Equities	931142103	151	1,074	SH		SOLE		1,074	0	0
WELLS FARGO & COMPANY	Equities	949746101	168	3,700	SH		DFND		3,700	0	0
WELLS FARGO & COMPANY	Equities	949746101	829	18,308	SH		SOLE		18,308	0	0