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	168	1,519	SH		DFND		1,519	0	0
3M CO	Equities	88579Y101	111	1,008	SH		SOLE		1,008	0	0
ABBOTT LABORATORIES	Equities	002824100	87	900	SH		DFND		900	0	0
ABBOTT LABORATORIES	Equities	002824100	3,775	39,011	SH		SOLE		39,011	0	0
ABBVIE INC COM	Equities	00287Y109	121	900	SH		DFND		900	0	0
ABBVIE INC COM	Equities	00287Y109	5,659	42,163	SH		SOLE		42,163	0	0
ALLIANCE BERNSTEIN HOLDING LP U	Equities	01881G106	245	7,000	SH		SOLE		7,000	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	29	300	SH		DFND		300	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	501	5,240	SH		SOLE		5,240	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	52	540	SH		DFND		540	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	810	8,420	SH		SOLE		8,420	0	0
AMAZON.COM INC	Equities	023135106	23	200	SH		DFND		200	0	0
AMAZON.COM INC	Equities	023135106	353	3,120	SH		SOLE		3,120	0	0
AMGEN INC	Equities	031162100	83	370	SH		DFND		370	0	0
AMGEN INC	Equities	031162100	206	913	SH		SOLE		913	0	0
APPLE INC	Equities	037833100	262	1,893	SH		DFND		1,893	0	0
APPLE INC	Equities	037833100	6,499	47,028	SH		SOLE		47,028	0	0
AT&T INC	Equities	00206R102	29	1,915	SH		DFND		1,915	0	0
AT&T INC	Equities	00206R102	201	13,117	SH		SOLE		13,117	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	354	1,567	SH		DFND		1,567	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	1,631	7,210	SH		SOLE		7,210	0	0
BECTON DICKINSON & CO	Equities	075887109	145	650	SH		DFND		650	0	0
BECTON DICKINSON & CO	Equities	075887109	533	2,390	SH		SOLE		2,390	0	0
BERKSHIRE HATHAWAY INC B	Equities	084670702	246	923	SH		SOLE		923	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	39	555	SH		DFND		555	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	567	7,976	SH		SOLE		7,976	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	36	300	SH		DFND		300	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	293	2,452	SH		SOLE		2,452	0	0
CHENIERE ENERGY PARTNERS LP UNI	Equities	16411Q101	213	4,000	SH		SOLE		4,000	0	0
CHEVRON CORP	Equities	166764100	55	386	SH		DFND		386	0	0
CHEVRON CORP	Equities	166764100	926	6,446	SH		SOLE		6,446	0	0
CHUBB LIMITED	Equities	H1467J104	75	410	SH		DFND		410	0	0
CHUBB LIMITED	Equities	H1467J104	1,013	5,572	SH		SOLE		5,572	0	0
CISCO SYSTEMS INC	Equities	17275R102	128	3,200	SH		DFND		3,200	0	0
CISCO SYSTEMS INC	Equities	17275R102	348	8,691	SH		SOLE		8,691	0	0
COCA COLA CO	Equities	191216100	50	900	SH		DFND		900	0	0
COCA COLA CO	Equities	191216100	983	17,545	SH		SOLE		17,545	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	157	332	SH		DFND		332	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	1,968	4,168	SH		SOLE		4,168	0	0
CSX CORP	Equities	126408103	574	21,560	SH		SOLE		21,560	0	0
CVS HEALTH CORPORATION	Equities	126650100	340	3,566	SH		SOLE		3,566	0	0
DEERE & COMPANY	Equities	244199105	443	1,327	SH		SOLE		1,327	0	0
DELEK LOGISTICS PARTNERS LP	Equities	24664T103	311	6,100	SH		SOLE		6,100	0	0
DISNEY WALT CO	Equities	254687106	1,398	14,817	SH		SOLE		14,817	0	0
EXPEDITORS INTERNATIONAL	Equities	302130109	319	3,615	SH		SOLE		3,615	0	0
EXXON MOBIL CORP	Equities	30231G102	217	2,480	SH		DFND		2,480	0	0
EXXON MOBIL CORP	Equities	30231G102	2,454	28,104	SH		SOLE		28,104	0	0
FEDEX CORP	Equities	31428X106	19	125	SH		DFND		125	0	0
FEDEX CORP	Equities	31428X106	202	1,360	SH		SOLE		1,360	0	0
GENERAL MILLS INC	Equities	370334104	130	1,700	SH		DFND		1,700	0	0
GENERAL MILLS INC	Equities	370334104	83	1,081	SH		SOLE		1,081	0	0
HARLEY DAVIDSON INC	Equities	412822108	488	14,000	SH		SOLE		14,000	0	0
HONEYWELL INTERNATIONAL INC	Equities	438516106	756	4,529	SH		SOLE		4,529	0	0
INTEL CORP	Equities	458140100	50	1,926	SH		DFND		1,926	0	0
INTEL CORP	Equities	458140100	366	14,218	SH		SOLE		14,218	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	103	863	SH		DFND		863	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	489	4,118	SH		SOLE		4,118	0	0
INVESCO FTSE RAFI US 1000 ETF	Equities	46137V613	284	2,047	SH		SOLE		2,047	0	0
INVESCO SENIOR LOAN ETF	Fixed Income	46138G508	586	29,012	SH		SOLE		29,012	0	0
ISHARES CORE MSCI EMERGING MKTS	Equities	46434G103	243	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	2,109	41,409	SH		SOLE		41,409	0	0
ISHARES CORE S&P 500 (MKT) ETF	Equities	464287200	2,143	5,976	SH		SOLE		5,976	0	0
ISHARES CORE S&P MID CAP ETF	Equities	464287507	469	2,137	SH		SOLE		2,137	0	0
ISHARES CORE US AGGREGATE BOND	Fixed Income	464287226	1,767	18,336	SH		SOLE		18,336	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	61	1,095	SH		DFND		1,095	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	819	14,616	SH		SOLE		14,616	0	0
ISHARES MSCI EMG MKT ETF	Equities	464287234	493	14,120	SH		SOLE		14,120	0	0
ISHARES MSCI USA QUALITY FACTOR	Equities	46432F339	225	2,164	SH		SOLE		2,164	0	0
ISHARES RUSSELL 2000 (MKT)	Equities	464287655	2,160	13,099	SH		SOLE		13,099	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	54	259	SH		DFND		259	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	598	2,896	SH		SOLE		2,896	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	47	365	SH		DFND		365	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	326	2,524	SH		SOLE		2,524	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	114	1,832	SH		DFND		1,832	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	2,150	34,588	SH		SOLE		34,588	0	0
ISHARES S&P MID-CAP 400 VALUE	Equities	464287705	605	6,723	SH		SOLE		6,723	0	0
ISHARES S&P MIDCAP 400 GROWTH E	Equities	464287606	438	6,948	SH		SOLE		6,948	0	0
JOHNSON AND JOHNSON	Equities	478160104	212	1,297	SH		DFND		1,297	0	0
JOHNSON AND JOHNSON	Equities	478160104	2,742	16,783	SH		SOLE		16,783	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	125	1,198	SH		DFND		1,198	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	1,396	13,360	SH		SOLE		13,360	0	0
KIMBERLY-CLARK CORP	Equities	494368103	75	664	SH		DFND		664	0	0
KIMBERLY-CLARK CORP	Equities	494368103	134	1,188	SH		SOLE		1,188	0	0
KNOT OFFSHORE PARTNERS LP	Equities	Y48125101	193	13,800	SH		SOLE		13,800	0	0
LINDE PLC	Equities	G5494J103	155	575	SH		DFND		575	0	0
LINDE PLC	Equities	G5494J103	469	1,739	SH		SOLE		1,739	0	0
LOWES COMPANIES INC	Equities	548661107	22	118	SH		DFND		118	0	0
LOWES COMPANIES INC	Equities	548661107	291	1,552	SH		SOLE		1,552	0	0
MCDONALDS CORP	Equities	580135101	173	750	SH		DFND		750	0	0
MCDONALDS CORP	Equities	580135101	720	3,119	SH		SOLE		3,119	0	0
MERCK & CO INC	Equities	58933Y105	9	100	SH		DFND		100	0	0
MERCK & CO INC	Equities	58933Y105	306	3,549	SH		SOLE		3,549	0	0
MICROSOFT CORP	Equities	594918104	820	3,519	SH		DFND		3,519	0	0
MICROSOFT CORP	Equities	594918104	6,564	28,185	SH		SOLE		28,185	0	0
MONDELEZ INTL INC CL A	Equities	609207105	235	4,281	SH		SOLE		4,281	0	0
NEXTERA ENERGY INC	Equities	65339F101	147	1,875	SH		DFND		1,875	0	0
NEXTERA ENERGY INC	Equities	65339F101	1,168	14,897	SH		SOLE		14,897	0	0
NIKE INC CL B	Equities	654106103	1,537	18,496	SH		SOLE		18,496	0	0
NORFOLK SOUTHERN CORP	Equities	655844108	231	1,100	SH		SOLE		1,100	0	0
NOVARTIS AG ADR	Equities	66987V109	48	632	SH		DFND		632	0	0
NOVARTIS AG ADR	Equities	66987V109	350	4,604	SH		SOLE		4,604	0	0
NUVEEN CALIFORNIA QUALITY MUNI	Fixed Income	67066Y105	1,895	172,764	SH		SOLE		172,764	0	0
ORACLE CORP	Equities	68389X105	61	1,000	SH		DFND		1,000	0	0
ORACLE CORP	Equities	68389X105	231	3,790	SH		SOLE		3,790	0	0
PEPSICO INC	Equities	713448108	203	1,246	SH		DFND		1,246	0	0
PEPSICO INC	Equities	713448108	894	5,476	SH		SOLE		5,476	0	0
PFIZER INC	Equities	717081103	77	1,767	SH		DFND		1,767	0	0
PFIZER INC	Equities	717081103	416	9,497	SH		SOLE		9,497	0	0
PHILIP MORRIS INTL INC	Equities	718172109	13	159	SH		DFND		159	0	0
PHILIP MORRIS INTL INC	Equities	718172109	265	3,195	SH		SOLE		3,195	0	0
PHILLIPS 66	Equities	718546104	37	460	SH		DFND		460	0	0
PHILLIPS 66	Equities	718546104	169	2,091	SH		SOLE		2,091	0	0
PIMCO CALIFORNIA MUNI INCOME FU	Fixed Income	72200N106	519	37,440	SH		SOLE		37,440	0	0
PROCTER & GAMBLE CO	Equities	742718109	156	1,235	SH		DFND		1,235	0	0
PROCTER & GAMBLE CO	Equities	742718109	2,356	18,660	SH		SOLE		18,660	0	0
QUALCOMM INC	Equities	747525103	23	200	SH		DFND		200	0	0
QUALCOMM INC	Equities	747525103	494	4,371	SH		SOLE		4,371	0	0
RAYTHEON TECHS CORP	Equities	75513E101	117	1,425	SH		DFND		1,425	0	0
RAYTHEON TECHS CORP	Equities	75513E101	698	8,531	SH		SOLE		8,531	0	0
S&P GLOBAL INC	Equities	78409V104	103	337	SH		DFND		337	0	0
S&P GLOBAL INC	Equities	78409V104	380	1,246	SH		SOLE		1,246	0	0
SARATOGA INVESTMENT CORP NEW	Equities	80349A208	228	11,000	SH		SOLE		11,000	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	301	4,527	SH		DFND		4,527	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	861	12,955	SH		SOLE		12,955	0	0
SCHWAB U S LARGE CAP ETF	Equities	808524201	1,209	28,536	SH		SOLE		28,536	0	0
SCHWAB US SMALL CAP ETF	Equities	808524607	523	13,844	SH		SOLE		13,844	0	0
SPDR S&P MIDCAP 400 (MKT)	Equities	78467Y107	1,809	4,505	SH		SOLE		4,505	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	114	1,348	SH		DFND		1,348	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	897	10,651	SH		SOLE		10,651	0	0
STARBUCKS CORP	Equities	855244109	21	248	SH		DFND		248	0	0
STARBUCKS CORP	Equities	855244109	366	4,345	SH		SOLE		4,345	0	0
SUN LIFE FINANCIAL INC	Equities	866796105	278	7,003	SH		SOLE		7,003	0	0
SUNOCO LTD PARTNERSHIP	Equities	86765K109	351	9,000	SH		SOLE		9,000	0	0
TARGET CORP	Equities	87612E106	30	200	SH		DFND		200	0	0
TARGET CORP	Equities	87612E106	578	3,896	SH		SOLE		3,896	0	0
THERMO FISHER SCIENTIFIC INC	Equities	883556102	514	1,013	SH		SOLE		1,013	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	28	171	SH		DFND		171	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	429	2,657	SH		SOLE		2,657	0	0
US BANCORP	Equities	902973304	644	15,981	SH		SOLE		15,981	0	0
VANGUARD FTSE DEVELOPED MARKETS	Equities	921943858	607	16,691	SH		SOLE		16,691	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	29	791	SH		DFND		791	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	648	17,751	SH		SOLE		17,751	0	0
VANGUARD GROWTH ETF (MKT)	Equities	922908736	2,051	9,587	SH		SOLE		9,587	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	480	5,063	SH		DFND		5,063	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	1,375	14,492	SH		SOLE		14,492	0	0
VANGUARD LARGE CAP ETF	Equities	922908637	1,023	6,256	SH		SOLE		6,256	0	0
VANGUARD REIT ETF (MKT)	Equities	922908553	267	3,328	SH		SOLE		3,328	0	0
VANGUARD S&P 500 INDEX ETF	Equities	922908363	762	2,320	SH		SOLE		2,320	0	0
VANGUARD SHORT-TERM BOND ETF	Fixed Income	921937827	943	12,605	SH		SOLE		12,605	0	0
VANGUARD SHORT-TERM CORP BD IDX	Fixed Income	92206C409	751	10,117	SH		SOLE		10,117	0	0
VANGUARD TOTAL INTL BD IDX ETF	Fixed Income	92203J407	226	4,729	SH		SOLE		4,729	0	0
VANGUARD TOTAL STOCK MARKET ETF	Equities	922908769	318	1,770	SH		SOLE		1,770	0	0
VANGUARD VALUE ETF	Equities	922908744	2,806	22,727	SH		SOLE		22,727	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	66	1,731	SH		DFND		1,731	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	453	11,939	SH		SOLE		11,939	0	0
VF CORPORATION	Equities	918204108	50	1,673	SH		DFND		1,673	0	0
VF CORPORATION	Equities	918204108	216	7,231	SH		SOLE		7,231	0	0
VISA INC CL A	Equities	92826C839	393	2,210	SH		SOLE		2,210	0	0
WELLS FARGO & COMPANY	Equities	949746101	149	3,700	SH		DFND		3,700	0	0
WELLS FARGO & COMPANY	Equities	949746101	655	16,294	SH		SOLE		16,294	0	0