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
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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	270	1,519	SH		DFND		1,519	0	0
3M CO	Equities	88579Y101	264	1,488	SH		SOLE		1,488	0	0
ABBOTT LABORATORIES	Equities	002824100	127	900	SH		DFND		900	0	0
ABBOTT LABORATORIES	Equities	002824100	5,490	39,011	SH		SOLE		39,011	0	0
ABBVIE INC COM	Equities	00287Y109	130	960	SH		DFND		960	0	0
ABBVIE INC COM	Equities	00287Y109	5,782	42,706	SH		SOLE		42,706	0	0
ACCENTURE PLC IRELAND CL A	Equities	G1151C101	31	75	SH		DFND		75	0	0
ACCENTURE PLC IRELAND CL A	Equities	G1151C101	271	654	SH		SOLE		654	0	0
ALLIANCE BERNSTEIN HOLDING LP U	Equities	01881G106	342	7,000	SH		SOLE		7,000	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	43	15	SH		DFND		15	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	947	327	SH		SOLE		327	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	78	27	SH		DFND		27	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	1,360	470	SH		SOLE		470	0	0
AMAZON.COM INC	Equities	023135106	33	10	SH		DFND		10	0	0
AMAZON.COM INC	Equities	023135106	584	175	SH		SOLE		175	0	0
AMERICAN EXPRESS CO	Equities	025816109	33	200	SH		DFND		200	0	0
AMERICAN EXPRESS CO	Equities	025816109	286	1,748	SH		SOLE		1,748	0	0
AMGEN INC	Equities	031162100	108	480	SH		DFND		480	0	0
AMGEN INC	Equities	031162100	240	1,069	SH		SOLE		1,069	0	0
APPLE INC	Equities	037833100	374	2,106	SH		DFND		2,106	0	0
APPLE INC	Equities	037833100	10,615	59,780	SH		SOLE		59,780	0	0
AT&T INC	Equities	00206R102	50	2,015	SH		DFND		2,015	0	0
AT&T INC	Equities	00206R102	456	18,554	SH		SOLE		18,554	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	399	1,618	SH		DFND		1,618	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	2,019	8,190	SH		SOLE		8,190	0	0
BECTON DICKINSON & CO	Equities	075887109	163	650	SH		DFND		650	0	0
BECTON DICKINSON & CO	Equities	075887109	775	3,082	SH		SOLE		3,082	0	0
BERKSHIRE HATHAWAY INC B	Equities	084670702	336	1,123	SH		SOLE		1,123	0	0
BLACKROCK INC	Equities	09247X101	264	288	SH		SOLE		288	0	0
BOEING CO	Equities	097023105	254	1,264	SH		SOLE		1,264	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	43	690	SH		DFND		690	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	535	8,586	SH		SOLE		8,586	0	0
BROADCOM INC	Equities	11135F101	37	56	SH		DFND		56	0	0
BROADCOM INC	Equities	11135F101	230	346	SH		SOLE		346	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	54	300	SH		DFND		300	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	574	3,212	SH		SOLE		3,212	0	0
CARRIER GLOBAL CORP	Equities	14448C104	59	1,090	SH		DFND		1,090	0	0
CARRIER GLOBAL CORP	Equities	14448C104	250	4,606	SH		SOLE		4,606	0	0
CATERPILLAR INC	Equities	149123101	31	150	SH		DFND		150	0	0
CATERPILLAR INC	Equities	149123101	418	2,023	SH		SOLE		2,023	0	0
CHEVRON CORP	Equities	166764100	56	476	SH		DFND		476	0	0
CHEVRON CORP	Equities	166764100	721	6,145	SH		SOLE		6,145	0	0
CHUBB LIMITED	Equities	H1467J104	107	555	SH		DFND		555	0	0
CHUBB LIMITED	Equities	H1467J104	1,188	6,145	SH		SOLE		6,145	0	0
CISCO SYSTEMS INC	Equities	17275R102	208	3,280	SH		DFND		3,280	0	0
CISCO SYSTEMS INC	Equities	17275R102	649	10,246	SH		SOLE		10,246	0	0
COCA COLA CO	Equities	191216100	57	960	SH		DFND		960	0	0
COCA COLA CO	Equities	191216100	1,075	18,164	SH		SOLE		18,164	0	0
COMCAST CORP CLASS A	Equities	20030N101	20	399	SH		DFND		399	0	0
COMCAST CORP CLASS A	Equities	20030N101	347	6,897	SH		SOLE		6,897	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	193	340	SH		DFND		340	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	2,418	4,260	SH		SOLE		4,260	0	0
CSX CORP	Equities	126408103	11	290	SH		DFND		290	0	0
CSX CORP	Equities	126408103	807	21,450	SH		SOLE		21,450	0	0
CUMMINS INC	Equities	231021106	31	140	SH		DFND		140	0	0
CUMMINS INC	Equities	231021106	260	1,192	SH		SOLE		1,192	0	0
CVS HEALTH CORPORATION	Equities	126650100	8	75	SH		DFND		75	0	0
CVS HEALTH CORPORATION	Equities	126650100	370	3,587	SH		SOLE		3,587	0	0
DEERE & COMPANY	Equities	244199105	14	42	SH		DFND		42	0	0
DEERE & COMPANY	Equities	244199105	2,023	5,901	SH		SOLE		5,901	0	0
DELEK LOGISTICS PARTNERS LP	Equities	24664T103	299	7,000	SH		SOLE		7,000	0	0
DISNEY WALT CO	Equities	254687106	2,365	15,267	SH		SOLE		15,267	0	0
EMERSON ELECTRIC CO	Equities	291011104	25	274	SH		DFND		274	0	0
EMERSON ELECTRIC CO	Equities	291011104	245	2,640	SH		SOLE		2,640	0	0
EXPEDITORS INTERNATIONAL	Equities	302130109	510	3,800	SH		SOLE		3,800	0	0
EXXON MOBIL CORP	Equities	30231G102	161	2,630	SH		DFND		2,630	0	0
EXXON MOBIL CORP	Equities	30231G102	2,383	38,946	SH		SOLE		38,946	0	0
FEDEX CORP	Equities	31428X106	32	125	SH		DFND		125	0	0
FEDEX CORP	Equities	31428X106	383	1,480	SH		SOLE		1,480	0	0
GENERAL ELECTRIC CO NEW	Equities	369604301	23	245	SH		DFND		245	0	0
GENERAL ELECTRIC CO NEW	Equities	369604301	246	2,605	SH		SOLE		2,605	0	0
GENERAL MILLS INC	Equities	370334104	115	1,700	SH		DFND		1,700	0	0
GENERAL MILLS INC	Equities	370334104	175	2,591	SH		SOLE		2,591	0	0
HARLEY DAVIDSON INC	Equities	412822108	528	14,000	SH		SOLE		14,000	0	0
HOME DEPOT INC	Equities	437076102	7	16	SH		DFND		16	0	0
HOME DEPOT INC	Equities	437076102	248	598	SH		SOLE		598	0	0
HONEYWELL INTERNATIONAL INC	Equities	438516106	5	25	SH		DFND		25	0	0
HONEYWELL INTERNATIONAL INC	Equities	438516106	1,109	5,319	SH		SOLE		5,319	0	0
INTEL CORP	Equities	458140100	108	2,096	SH		DFND		2,096	0	0
INTEL CORP	Equities	458140100	864	16,775	SH		SOLE		16,775	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	115	863	SH		DFND		863	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	851	6,370	SH		SOLE		6,370	0	0
INVESCO FTSE RAFI US 1000 ETF	Equities	46137V613	379	2,209	SH		SOLE		2,209	0	0
INVESCO SENIOR LOAN ETF	Fixed Income	46138G508	554	25,069	SH		SOLE		25,069	0	0
ISHARES CORE MSCI EMERGING MKTS	Equities	46434G103	352	5,879	SH		SOLE		5,879	0	0
ISHARES CORE MSCI INTL DEV MKTS	Equities	46435G326	906	13,410	SH		SOLE		13,410	0	0
ISHARES CORE MSCI TOT INTL STOC	Equities	46432F834	10	145	SH		DFND		145	0	0
ISHARES CORE MSCI TOT INTL STOC	Equities	46432F834	2,548	35,918	SH		SOLE		35,918	0	0
ISHARES CORE S&P 500 (MKT) ETF	Equities	464287200	2,964	6,215	SH		SOLE		6,215	0	0
ISHARES CORE S&P MID CAP ETF	Equities	464287507	518	1,829	SH		SOLE		1,829	0	0
ISHARES CORE US AGGREGATE BOND	Fixed Income	464287226	1,858	16,289	SH		SOLE		16,289	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	86	1,095	SH		DFND		1,095	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	1,150	14,616	SH		SOLE		14,616	0	0
ISHARES MSCI EMG MKT ETF	Equities	464287234	643	13,159	SH		SOLE		13,159	0	0
ISHARES MSCI USA EQUAL WEIGHTED	Equities	464286681	395	4,410	SH		SOLE		4,410	0	0
ISHARES MSCI USA QUALITY FACTOR	Equities	46432F339	292	2,005	SH		SOLE		2,005	0	0
ISHARES RUSSELL 1000 GROWTH	Equities	464287614	215	705	SH		SOLE		705	0	0
ISHARES RUSSELL 2000 (MKT)	Equities	464287655	2,943	13,230	SH		SOLE		13,230	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	76	259	SH		DFND		259	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	815	2,781	SH		SOLE		2,781	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	61	365	SH		DFND		365	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	408	2,456	SH		SOLE		2,456	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	152	1,832	SH		DFND		1,832	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	2,871	34,588	SH		SOLE		34,588	0	0
ISHARES S&P 500 GROWTH ETF	Equities	464287309	205	2,456	SH		SOLE		2,456	0	0
ISHARES S&P MID-CAP 400 VALUE	Equities	464287705	788	7,116	SH		SOLE		7,116	0	0
ISHARES S&P MIDCAP 400 GROWTH E	Equities	464287606	569	6,674	SH		SOLE		6,674	0	0
JOHNSON AND JOHNSON	Equities	478160104	238	1,394	SH		DFND		1,394	0	0
JOHNSON AND JOHNSON	Equities	478160104	3,203	18,721	SH		SOLE		18,721	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	196	1,238	SH		DFND		1,238	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	2,315	14,619	SH		SOLE		14,619	0	0
KIMBERLY-CLARK CORP	Equities	494368103	95	664	SH		DFND		664	0	0
KIMBERLY-CLARK CORP	Equities	494368103	333	2,332	SH		SOLE		2,332	0	0
KNOT OFFSHORE PARTNERS LP	Equities	Y48125101	227	17,000	SH		SOLE		17,000	0	0
LINDE PLC	Equities	G5494J103	199	575	SH		DFND		575	0	0
LINDE PLC	Equities	G5494J103	742	2,141	SH		SOLE		2,141	0	0
LOWES COMPANIES INC	Equities	548661107	31	118	SH		DFND		118	0	0
LOWES COMPANIES INC	Equities	548661107	414	1,602	SH		SOLE		1,602	0	0
MCDONALDS CORP	Equities	580135101	201	750	SH		DFND		750	0	0
MCDONALDS CORP	Equities	580135101	1,037	3,869	SH		SOLE		3,869	0	0
MEDTRONIC PLC SHS	Equities	G5960L103	220	2,127	SH		SOLE		2,127	0	0
MERCK & CO INC	Equities	58933Y105	8	100	SH		DFND		100	0	0
MERCK & CO INC	Equities	58933Y105	343	4,472	SH		SOLE		4,472	0	0
MICROSOFT CORP	Equities	594918104	1,211	3,601	SH		DFND		3,601	0	0
MICROSOFT CORP	Equities	594918104	9,588	28,510	SH		SOLE		28,510	0	0
MONDELEZ INTL INC CL A	Equities	609207105	289	4,361	SH		SOLE		4,361	0	0
NEXTERA ENERGY INC	Equities	65339F101	181	1,935	SH		DFND		1,935	0	0
NEXTERA ENERGY INC	Equities	65339F101	1,774	18,998	SH		SOLE		18,998	0	0
NORFOLK SOUTHERN CORP	Equities	655844108	354	1,190	SH		SOLE		1,190	0	0
NOVARTIS AG ADR	Equities	66987V109	60	691	SH		DFND		691	0	0
NOVARTIS AG ADR	Equities	66987V109	470	5,378	SH		SOLE		5,378	0	0
NUVEEN CALIFORNIA QUALITY MUNI	Fixed Income	67066Y105	2,741	175,262	SH		SOLE		175,262	0	0
ORACLE CORP	Equities	68389X105	87	1,000	SH		DFND		1,000	0	0
ORACLE CORP	Equities	68389X105	409	4,690	SH		SOLE		4,690	0	0
OTIS WORLDWIDE CORP	Equities	68902V107	51	587	SH		DFND		587	0	0
OTIS WORLDWIDE CORP	Equities	68902V107	228	2,623	SH		SOLE		2,623	0	0
PEPSICO INC	Equities	713448108	216	1,246	SH		DFND		1,246	0	0
PEPSICO INC	Equities	713448108	1,184	6,817	SH		SOLE		6,817	0	0
PFIZER INC	Equities	717081103	111	1,877	SH		DFND		1,877	0	0
PFIZER INC	Equities	717081103	624	10,569	SH		SOLE		10,569	0	0
PHILIP MORRIS INTL INC	Equities	718172109	22	233	SH		DFND		233	0	0
PHILIP MORRIS INTL INC	Equities	718172109	269	2,835	SH		SOLE		2,835	0	0
PHILLIPS 66	Equities	718546104	33	460	SH		DFND		460	0	0
PHILLIPS 66	Equities	718546104	211	2,912	SH		SOLE		2,912	0	0
PIMCO CALIFORNIA MUNI INCOME FU	Fixed Income	72200N106	696	37,440	SH		SOLE		37,440	0	0
PROCTER & GAMBLE CO	Equities	742718109	202	1,235	SH		DFND		1,235	0	0
PROCTER & GAMBLE CO	Equities	742718109	3,215	19,653	SH		SOLE		19,653	0	0
QUALCOMM INC	Equities	747525103	37	200	SH		DFND		200	0	0
QUALCOMM INC	Equities	747525103	927	5,071	SH		SOLE		5,071	0	0
RAYTHEON TECHS CORP	Equities	75513E101	137	1,589	SH		DFND		1,589	0	0
RAYTHEON TECHS CORP	Equities	75513E101	959	11,140	SH		SOLE		11,140	0	0
S&P GLOBAL INC	Equities	78409V104	191	404	SH		DFND		404	0	0
S&P GLOBAL INC	Equities	78409V104	625	1,325	SH		SOLE		1,325	0	0
SARATOGA INVESTMENT CORP NEW	Equities	80349A208	382	13,000	SH		SOLE		13,000	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	354	4,376	SH		DFND		4,376	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	806	9,966	SH		SOLE		9,966	0	0
SCHWAB U S LARGE CAP ETF	Equities	808524201	1,624	14,268	SH		SOLE		14,268	0	0
SCHWAB US SMALL CAP ETF	Equities	808524607	709	6,922	SH		SOLE		6,922	0	0
SPDR S&P MIDCAP 400 (MKT)	Equities	78467Y107	2,349	4,538	SH		SOLE		4,538	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	165	1,348	SH		DFND		1,348	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	1,301	10,651	SH		SOLE		10,651	0	0
STARBUCKS CORP	Equities	855244109	31	268	SH		DFND		268	0	0
STARBUCKS CORP	Equities	855244109	689	5,891	SH		SOLE		5,891	0	0
STATE STREET CORPORATION	Equities	857477103	75	804	SH		DFND		804	0	0
STATE STREET CORPORATION	Equities	857477103	178	1,915	SH		SOLE		1,915	0	0
SUN LIFE FINANCIAL INC	Equities	866796105	462	8,303	SH		SOLE		8,303	0	0
SUNOCO LTD PARTNERSHIP	Equities	86765K109	421	10,300	SH		SOLE		10,300	0	0
TARGET CORP	Equities	87612E106	46	200	SH		DFND		200	0	0
TARGET CORP	Equities	87612E106	1,161	5,017	SH		SOLE		5,017	0	0
THERMO FISHER SCIENTIFIC INC	Equities	883556102	676	1,013	SH		SOLE		1,013	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	37	171	SH		DFND		171	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	571	2,665	SH		SOLE		2,665	0	0
US BANCORP	Equities	902973304	251	4,470	SH		SOLE		4,470	0	0
VANGUARD FTSE ALL-WORLD EX-US	Equities	922042775	388	6,334	SH		SOLE		6,334	0	0
VANGUARD FTSE DEVELOPED MARKETS	Equities	921943858	791	15,503	SH		SOLE		15,503	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	39	791	SH		DFND		791	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	1,149	23,228	SH		SOLE		23,228	0	0
VANGUARD GROWTH ETF (MKT)	Equities	922908736	2,638	8,218	SH		SOLE		8,218	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	567	5,057	SH		DFND		5,057	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	1,291	11,519	SH		SOLE		11,519	0	0
VANGUARD LARGE CAP ETF	Equities	922908637	1,383	6,256	SH		SOLE		6,256	0	0
VANGUARD MEGA CAP GROWTH ETF	Equities	921910816	250	960	SH		SOLE		960	0	0
VANGUARD REIT ETF (MKT)	Equities	922908553	389	3,353	SH		SOLE		3,353	0	0
VANGUARD S&P 500 INDEX ETF	Equities	922908363	760	1,741	SH		SOLE		1,741	0	0
VANGUARD SHORT-TERM BOND ETF	Fixed Income	921937827	845	10,450	SH		SOLE		10,450	0	0
VANGUARD SHORT-TERM CORP BD IDX	Fixed Income	92206C409	736	9,052	SH		SOLE		9,052	0	0
VANGUARD SMALL CAP ETF	Equities	922908751	399	1,765	SH		SOLE		1,765	0	0
VANGUARD TOTAL INTL BD IDX ETF	Fixed Income	92203J407	261	4,729	SH		SOLE		4,729	0	0
VANGUARD US MOMENTUM FACTOR ETF	Equities	921935508	373	2,800	SH		SOLE		2,800	0	0
VANGUARD VALUE ETF	Equities	922908744	3,292	22,376	SH		SOLE		22,376	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	99	1,906	SH		DFND		1,906	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	719	13,841	SH		SOLE		13,841	0	0
VF CORPORATION	Equities	918204108	111	1,514	SH		DFND		1,514	0	0
VF CORPORATION	Equities	918204108	683	9,327	SH		SOLE		9,327	0	0
VISA INC CL A	Equities	92826C839	484	2,235	SH		SOLE		2,235	0	0
WALMART INC	Equities	931142103	81	557	SH		DFND		557	0	0
WALMART INC	Equities	931142103	180	1,244	SH		SOLE		1,244	0	0
WELLS FARGO & COMPANY	Equities	949746101	178	3,700	SH		DFND		3,700	0	0
WELLS FARGO & COMPANY	Equities	949746101	848	17,674	SH		SOLE		17,674	0	0