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

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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	197	1,519	SH		DFND		1,519	0	0
3M CO	Equities	88579Y101	133	1,028	SH		SOLE		1,028	0	0
ABBOTT LABORATORIES	Equities	002824100	98	900	SH		DFND		900	0	0
ABBOTT LABORATORIES	Equities	002824100	4,239	39,011	SH		SOLE		39,011	0	0
ABBVIE INC COM	Equities	00287Y109	138	900	SH		DFND		900	0	0
ABBVIE INC COM	Equities	00287Y109	6,458	42,163	SH		SOLE		42,163	0	0
ALLIANCE BERNSTEIN HOLDING LP U	Equities	01881G106	291	7,000	SH		SOLE		7,000	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	33	15	SH		DFND		15	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	658	302	SH		SOLE		302	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	59	27	SH		DFND		27	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	1,004	459	SH		SOLE		459	0	0
AMAZON.COM INC	Equities	023135106	21	200	SH		DFND		200	0	0
AMAZON.COM INC	Equities	023135106	331	3,120	SH		SOLE		3,120	0	0
AMERICAN EXPRESS CO	Equities	025816109	28	200	SH		DFND		200	0	0
AMERICAN EXPRESS CO	Equities	025816109	242	1,748	SH		SOLE		1,748	0	0
AMERICAN TOWER CORP NEW	Equities	03027X100	24	92	SH		DFND		92	0	0
AMERICAN TOWER CORP NEW	Equities	03027X100	184	720	SH		SOLE		720	0	0
AMGEN INC	Equities	031162100	90	370	SH		DFND		370	0	0
AMGEN INC	Equities	031162100	222	913	SH		SOLE		913	0	0
APPLE INC	Equities	037833100	259	1,893	SH		DFND		1,893	0	0
APPLE INC	Equities	037833100	6,919	50,610	SH		SOLE		50,610	0	0
AT&T INC	Equities	00206R102	42	2,015	SH		DFND		2,015	0	0
AT&T INC	Equities	00206R102	230	10,986	SH		SOLE		10,986	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	336	1,600	SH		DFND		1,600	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	1,627	7,746	SH		SOLE		7,746	0	0
BECTON DICKINSON & CO	Equities	075887109	160	650	SH		DFND		650	0	0
BECTON DICKINSON & CO	Equities	075887109	712	2,890	SH		SOLE		2,890	0	0
BERKSHIRE HATHAWAY INC B	Equities	084670702	283	1,038	SH		SOLE		1,038	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	47	610	SH		DFND		610	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	615	7,986	SH		SOLE		7,986	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	40	300	SH		DFND		300	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	397	2,952	SH		SOLE		2,952	0	0
CHEVRON CORP	Equities	166764100	60	416	SH		DFND		416	0	0
CHEVRON CORP	Equities	166764100	797	5,503	SH		SOLE		5,503	0	0
CHUBB LIMITED	Equities	H1467J104	81	410	SH		DFND		410	0	0
CHUBB LIMITED	Equities	H1467J104	1,166	5,933	SH		SOLE		5,933	0	0
CISCO SYSTEMS INC	Equities	17275R102	136	3,200	SH		DFND		3,200	0	0
CISCO SYSTEMS INC	Equities	17275R102	420	9,841	SH		SOLE		9,841	0	0
COCA COLA CO	Equities	191216100	60	960	SH		DFND		960	0	0
COCA COLA CO	Equities	191216100	1,100	17,485	SH		SOLE		17,485	0	0
COMCAST CORP CLASS A	Equities	20030N101	16	399	SH		DFND		399	0	0
COMCAST CORP CLASS A	Equities	20030N101	267	6,795	SH		SOLE		6,795	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	160	334	SH		DFND		334	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	2,007	4,188	SH		SOLE		4,188	0	0
CSX CORP	Equities	126408103	3	110	SH		DFND		110	0	0
CSX CORP	Equities	126408103	623	21,450	SH		SOLE		21,450	0	0
CUMMINS INC	Equities	231021106	22	115	SH		DFND		115	0	0
CUMMINS INC	Equities	231021106	209	1,080	SH		SOLE		1,080	0	0
CVS HEALTH CORPORATION	Equities	126650100	331	3,567	SH		SOLE		3,567	0	0
DEERE & COMPANY	Equities	244199105	4	15	SH		DFND		15	0	0
DEERE & COMPANY	Equities	244199105	400	1,337	SH		SOLE		1,337	0	0
DELEK LOGISTICS PARTNERS LP	Equities	24664T103	341	7,000	SH		SOLE		7,000	0	0
DISNEY WALT CO	Equities	254687106	1,441	15,267	SH		SOLE		15,267	0	0
EMERSON ELECTRIC CO	Equities	291011104	15	184	SH		DFND		184	0	0
EMERSON ELECTRIC CO	Equities	291011104	210	2,640	SH		SOLE		2,640	0	0
EXPEDITORS INTERNATIONAL	Equities	302130109	383	3,925	SH		SOLE		3,925	0	0
EXXON MOBIL CORP	Equities	30231G102	217	2,530	SH		DFND		2,530	0	0
EXXON MOBIL CORP	Equities	30231G102	2,416	28,212	SH		SOLE		28,212	0	0
FEDEX CORP	Equities	31428X106	28	125	SH		DFND		125	0	0
FEDEX CORP	Equities	31428X106	308	1,360	SH		SOLE		1,360	0	0
GENERAL MILLS INC	Equities	370334104	128	1,700	SH		DFND		1,700	0	0
GENERAL MILLS INC	Equities	370334104	174	2,301	SH		SOLE		2,301	0	0
HARLEY DAVIDSON INC	Equities	412822108	443	14,000	SH		SOLE		14,000	0	0
HONEYWELL INTERNATIONAL INC	Equities	438516106	787	4,529	SH		SOLE		4,529	0	0
INTEL CORP	Equities	458140100	75	1,996	SH		DFND		1,996	0	0
INTEL CORP	Equities	458140100	561	14,998	SH		SOLE		14,998	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	122	863	SH		DFND		863	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	608	4,303	SH		SOLE		4,303	0	0
INVESCO FTSE RAFI US 1000 ETF	Equities	46137V613	314	2,118	SH		SOLE		2,118	0	0
INVESCO SENIOR LOAN ETF	Fixed Income	46138G508	494	24,378	SH		SOLE		24,378	0	0
ISHARES CORE MSCI EMERGING MKTS	Equities	46434G103	277	5,644	SH		SOLE		5,644	0	0
ISHARES CORE MSCI TOT INTL STOC	Equities	46432F834	8	148	SH		DFND		148	0	0
ISHARES CORE MSCI TOT INTL STOC	Equities	46432F834	2,106	36,925	SH		SOLE		36,925	0	0
ISHARES CORE S&P 500 (MKT) ETF	Equities	464287200	2,285	6,026	SH		SOLE		6,026	0	0
ISHARES CORE S&P MID CAP ETF	Equities	464287507	414	1,829	SH		SOLE		1,829	0	0
ISHARES CORE US AGGREGATE BOND	Fixed Income	464287226	1,667	16,399	SH		SOLE		16,399	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	68	1,095	SH		DFND		1,095	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	913	14,616	SH		SOLE		14,616	0	0
ISHARES MSCI EMG MKT ETF	Equities	464287234	584	14,560	SH		SOLE		14,560	0	0
ISHARES MSCI USA QUALITY FACTOR	Equities	46432F339	238	2,132	SH		SOLE		2,132	0	0
ISHARES RUSSELL 2000 (MKT)	Equities	464287655	2,218	13,099	SH		SOLE		13,099	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	53	259	SH		DFND		259	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	610	2,959	SH		SOLE		2,959	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	50	365	SH		DFND		365	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	349	2,568	SH		SOLE		2,568	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	118	1,832	SH		DFND		1,832	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	2,236	34,588	SH		SOLE		34,588	0	0
ISHARES S&P MID-CAP 400 VALUE	Equities	464287705	655	6,943	SH		SOLE		6,943	0	0
ISHARES S&P MIDCAP 400 GROWTH E	Equities	464287606	459	7,200	SH		SOLE		7,200	0	0
JOHNSON AND JOHNSON	Equities	478160104	233	1,312	SH		DFND		1,312	0	0
JOHNSON AND JOHNSON	Equities	478160104	3,068	17,281	SH		SOLE		17,281	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	135	1,198	SH		DFND		1,198	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	1,652	14,673	SH		SOLE		14,673	0	0
KIMBERLY-CLARK CORP	Equities	494368103	90	664	SH		DFND		664	0	0
KIMBERLY-CLARK CORP	Equities	494368103	161	1,188	SH		SOLE		1,188	0	0
KNOT OFFSHORE PARTNERS LP	Equities	Y48125101	278	17,000	SH		SOLE		17,000	0	0
LINDE PLC	Equities	G5494J103	165	575	SH		DFND		575	0	0
LINDE PLC	Equities	G5494J103	572	1,989	SH		SOLE		1,989	0	0
LOWES COMPANIES INC	Equities	548661107	23	131	SH		DFND		131	0	0
LOWES COMPANIES INC	Equities	548661107	285	1,631	SH		SOLE		1,631	0	0
MCDONALDS CORP	Equities	580135101	185	750	SH		DFND		750	0	0
MCDONALDS CORP	Equities	580135101	891	3,611	SH		SOLE		3,611	0	0
MERCK & CO INC	Equities	58933Y105	9	100	SH		DFND		100	0	0
MERCK & CO INC	Equities	58933Y105	359	3,937	SH		SOLE		3,937	0	0
MICROSOFT CORP	Equities	594918104	902	3,513	SH		DFND		3,513	0	0
MICROSOFT CORP	Equities	594918104	6,755	26,300	SH		SOLE		26,300	0	0
MONDELEZ INTL INC CL A	Equities	609207105	266	4,281	SH		SOLE		4,281	0	0
NEXTERA ENERGY INC	Equities	65339F101	150	1,935	SH		DFND		1,935	0	0
NEXTERA ENERGY INC	Equities	65339F101	1,460	18,851	SH		SOLE		18,851	0	0
NORFOLK SOUTHERN CORP	Equities	655844108	293	1,290	SH		SOLE		1,290	0	0
NOVARTIS AG ADR	Equities	66987V109	53	628	SH		DFND		628	0	0
NOVARTIS AG ADR	Equities	66987V109	422	4,992	SH		SOLE		4,992	0	0
NUVEEN CALIFORNIA QUALITY MUNI	Fixed Income	67066Y105	2,130	172,764	SH		SOLE		172,764	0	0
ORACLE CORP	Equities	68389X105	70	1,000	SH		DFND		1,000	0	0
ORACLE CORP	Equities	68389X105	328	4,690	SH		SOLE		4,690	0	0
PEPSICO INC	Equities	713448108	208	1,246	SH		DFND		1,246	0	0
PEPSICO INC	Equities	713448108	998	5,988	SH		SOLE		5,988	0	0
PFIZER INC	Equities	717081103	93	1,767	SH		DFND		1,767	0	0
PFIZER INC	Equities	717081103	603	11,498	SH		SOLE		11,498	0	0
PHILIP MORRIS INTL INC	Equities	718172109	16	159	SH		DFND		159	0	0
PHILIP MORRIS INTL INC	Equities	718172109	315	3,195	SH		SOLE		3,195	0	0
PHILLIPS 66	Equities	718546104	38	460	SH		DFND		460	0	0
PHILLIPS 66	Equities	718546104	206	2,516	SH		SOLE		2,516	0	0
PIMCO CALIFORNIA MUNI INCOME FU	Fixed Income	72200N106	577	37,440	SH		SOLE		37,440	0	0
PROCTER & GAMBLE CO	Equities	742718109	178	1,235	SH		DFND		1,235	0	0
PROCTER & GAMBLE CO	Equities	742718109	2,756	19,165	SH		SOLE		19,165	0	0
QUALCOMM INC	Equities	747525103	26	200	SH		DFND		200	0	0
QUALCOMM INC	Equities	747525103	622	4,871	SH		SOLE		4,871	0	0
RAYTHEON TECHS CORP	Equities	75513E101	135	1,405	SH		DFND		1,405	0	0
RAYTHEON TECHS CORP	Equities	75513E101	856	8,910	SH		SOLE		8,910	0	0
S&P GLOBAL INC	Equities	78409V104	115	341	SH		DFND		341	0	0
S&P GLOBAL INC	Equities	78409V104	427	1,268	SH		SOLE		1,268	0	0
SARATOGA INVESTMENT CORP NEW	Equities	80349A208	312	13,000	SH		SOLE		13,000	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	323	4,508	SH		DFND		4,508	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	928	12,952	SH		SOLE		12,952	0	0
SCHWAB U S LARGE CAP ETF	Equities	808524201	1,274	28,536	SH		SOLE		28,536	0	0
SCHWAB US SMALL CAP ETF	Equities	808524607	540	13,844	SH		SOLE		13,844	0	0
SPDR S&P MIDCAP 400 (MKT)	Equities	78467Y107	1,863	4,505	SH		SOLE		4,505	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	128	1,348	SH		DFND		1,348	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	1,013	10,651	SH		SOLE		10,651	0	0
STARBUCKS CORP	Equities	855244109	24	310	SH		DFND		310	0	0
STARBUCKS CORP	Equities	855244109	364	4,763	SH		SOLE		4,763	0	0
SUN LIFE FINANCIAL INC	Equities	866796105	321	7,003	SH		SOLE		7,003	0	0
SUNOCO LTD PARTNERSHIP	Equities	86765K109	384	10,300	SH		SOLE		10,300	0	0
TARGET CORP	Equities	87612E106	28	200	SH		DFND		200	0	0
TARGET CORP	Equities	87612E106	620	4,393	SH		SOLE		4,393	0	0
THERMO FISHER SCIENTIFIC INC	Equities	883556102	550	1,013	SH		SOLE		1,013	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	31	171	SH		DFND		171	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	485	2,658	SH		SOLE		2,658	0	0
VANGUARD FTSE ALL-WORLD EX-US	Equities	922042775	312	6,255	SH		SOLE		6,255	0	0
VANGUARD FTSE DEVELOPED MARKETS	Equities	921943858	687	16,839	SH		SOLE		16,839	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	33	791	SH		DFND		791	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	730	17,528	SH		SOLE		17,528	0	0
VANGUARD GROWTH ETF (MKT)	Equities	922908736	2,152	9,654	SH		SOLE		9,654	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	524	5,152	SH		DFND		5,152	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	1,505	14,798	SH		SOLE		14,798	0	0
VANGUARD LARGE CAP ETF	Equities	922908637	1,078	6,256	SH		SOLE		6,256	0	0
VANGUARD REIT ETF (MKT)	Equities	922908553	305	3,353	SH		SOLE		3,353	0	0
VANGUARD S&P 500 INDEX ETF	Equities	922908363	674	1,942	SH		SOLE		1,942	0	0
VANGUARD SHORT-TERM BOND ETF	Fixed Income	921937827	873	11,363	SH		SOLE		11,363	0	0
VANGUARD SHORT-TERM CORP BD IDX	Fixed Income	92206C409	674	8,843	SH		SOLE		8,843	0	0
VANGUARD TOTAL INTL BD IDX ETF	Fixed Income	92203J407	234	4,729	SH		SOLE		4,729	0	0
VANGUARD TOTAL STOCK MARKET ETF	Equities	922908769	334	1,770	SH		SOLE		1,770	0	0
VANGUARD VALUE ETF	Equities	922908744	2,988	22,657	SH		SOLE		22,657	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	92	1,806	SH		DFND		1,806	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	665	13,097	SH		SOLE		13,097	0	0
VF CORPORATION	Equities	918204108	70	1,575	SH		DFND		1,575	0	0
VF CORPORATION	Equities	918204108	345	7,800	SH		SOLE		7,800	0	0
VISA INC CL A	Equities	92826C839	435	2,210	SH		SOLE		2,210	0	0
WELLS FARGO & COMPANY	Equities	949746101	145	3,700	SH		DFND		3,700	0	0
WELLS FARGO & COMPANY	Equities	949746101	684	17,454	SH		SOLE		17,454	0	0