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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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	162,971	1,359	SH		DFND		1,359	0	0
3M CO	Equities	88579Y101	103,251	861	SH		SOLE		861	0	0
ABBOTT LABORATORIES	Equities	002824100	98,811	900	SH		DFND		900	0	0
ABBOTT LABORATORIES	Equities	002824100	4,283,018	39,011	SH		SOLE		39,011	0	0
ABBVIE INC COM	Equities	00287Y109	145,449	900	SH		DFND		900	0	0
ABBVIE INC COM	Equities	00287Y109	6,805,559	42,111	SH		SOLE		42,111	0	0
ALLIANCE BERNSTEIN HOLDING LP U	Equities	01881G106	240,590	7,000	SH		SOLE		7,000	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	26,469	300	SH		DFND		300	0	0
ALPHABET INC CAP STK CL A	Equities	02079K305	462,325	5,240	SH		SOLE		5,240	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	47,914	540	SH		DFND		540	0	0
ALPHABET INC CAP STK CL C	Equities	02079K107	692,893	7,809	SH		SOLE		7,809	0	0
AMAZON.COM INC	Equities	023135106	16,800	200	SH		DFND		200	0	0
AMAZON.COM INC	Equities	023135106	225,120	2,680	SH		SOLE		2,680	0	0
AMERICAN EXPRESS CO	Equities	025816109	29,550	200	SH		DFND		200	0	0
AMERICAN EXPRESS CO	Equities	025816109	185,870	1,258	SH		SOLE		1,258	0	0
AMGEN INC	Equities	031162100	97,177	370	SH		DFND		370	0	0
AMGEN INC	Equities	031162100	239,790	913	SH		SOLE		913	0	0
APPLE INC	Equities	037833100	245,957	1,893	SH		DFND		1,893	0	0
APPLE INC	Equities	037833100	6,003,156	46,203	SH		SOLE		46,203	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	363,067	1,520	SH		DFND		1,520	0	0
AUTOMATIC DATA PROCESSING INC	Equities	053015103	1,672,020	7,000	SH		SOLE		7,000	0	0
BECTON DICKINSON & CO	Equities	075887109	165,295	650	SH		DFND		650	0	0
BECTON DICKINSON & CO	Equities	075887109	604,471	2,377	SH		SOLE		2,377	0	0
BERKSHIRE HATHAWAY INC B	Equities	084670702	281,099	910	SH		SOLE		910	0	0
BOEING CO	Equities	097023105	202,681	1,064	SH		SOLE		1,064	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	39,932	555	SH		DFND		555	0	0
BRISTOL-MYERS SQUIBB CO	Equities	110122108	573,873	7,976	SH		SOLE		7,976	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	33,564	300	SH		DFND		300	0	0
CAMDEN PROPERTY TRUST (REIT)	Equities	133131102	274,330	2,452	SH		SOLE		2,452	0	0
CHENIERE ENERGY PARTNERS LP UNI	Equities	16411Q101	227,480	4,000	SH		SOLE		4,000	0	0
CHEVRON CORP	Equities	166764100	67,129	374	SH		DFND		374	0	0
CHEVRON CORP	Equities	166764100	1,090,581	6,076	SH		SOLE		6,076	0	0
CHUBB LIMITED	Equities	H1467J104	87,137	395	SH		DFND		395	0	0
CHUBB LIMITED	Equities	H1467J104	1,174,474	5,324	SH		SOLE		5,324	0	0
CISCO SYSTEMS INC	Equities	17275R102	152,448	3,200	SH		DFND		3,200	0	0
CISCO SYSTEMS INC	Equities	17275R102	381,168	8,001	SH		SOLE		8,001	0	0
COCA COLA CO	Equities	191216100	57,249	900	SH		DFND		900	0	0
COCA COLA CO	Equities	191216100	1,116,037	17,545	SH		SOLE		17,545	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	152,928	335	SH		DFND		335	0	0
COSTCO WHOLESALE CORP	Equities	22160K105	1,866,172	4,088	SH		SOLE		4,088	0	0
CSX CORP	Equities	126408103	666,008	21,498	SH		SOLE		21,498	0	0
CVS HEALTH CORPORATION	Equities	126650100	299,326	3,212	SH		SOLE		3,212	0	0
DEERE & COMPANY	Equities	244199105	565,534	1,319	SH		SOLE		1,319	0	0
DELEK LOGISTICS PARTNERS LP	Equities	24664T103	276,025	6,100	SH		SOLE		6,100	0	0
DISNEY WALT CO	Equities	254687106	1,287,301	14,817	SH		SOLE		14,817	0	0
EXPEDITORS INTERNATIONAL	Equities	302130109	375,671	3,615	SH		SOLE		3,615	0	0
EXXON MOBIL CORP	Equities	30231G102	273,544	2,480	SH		DFND		2,480	0	0
EXXON MOBIL CORP	Equities	30231G102	3,074,502	27,874	SH		SOLE		27,874	0	0
FEDEX CORP	Equities	31428X106	21,650	125	SH		DFND		125	0	0
FEDEX CORP	Equities	31428X106	235,552	1,360	SH		SOLE		1,360	0	0
GENERAL ELECTRIC CO	Equities	369604301	14,747	176	SH		DFND		176	0	0
GENERAL ELECTRIC CO	Equities	369604301	190,120	2,269	SH		SOLE		2,269	0	0
GENERAL MILLS INC	Equities	370334104	142,545	1,700	SH		DFND		1,700	0	0
GENERAL MILLS INC	Equities	370334104	90,642	1,081	SH		SOLE		1,081	0	0
HARLEY DAVIDSON INC	Equities	412822108	582,400	14,000	SH		SOLE		14,000	0	0
HONEYWELL INTERNATIONAL INC	Equities	438516106	946,992	4,419	SH		SOLE		4,419	0	0
INTEL CORP	Equities	458140100	50,904	1,926	SH		DFND		1,926	0	0
INTEL CORP	Equities	458140100	332,516	12,581	SH		SOLE		12,581	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	121,588	863	SH		DFND		863	0	0
INTERNATIONAL BUSINESS MACHINES	Equities	459200101	445,353	3,161	SH		SOLE		3,161	0	0
INVESCO FTSE RAFI US 1000 ETF	Equities	46137V613	292,714	1,887	SH		SOLE		1,887	0	0
INVESCO SENIOR LOAN ETF	Fixed Income	46138G508	246,855	12,025	SH		SOLE		12,025	0	0
ISHARES CORE MSCI EMERGING MKTS	Equities	46434G103	289,727	6,204	SH		SOLE		6,204	0	0
ISHARES CORE MSCI TOT INTL STOC	Equities	46432F834	93,304	1,612	SH		DFND		1,612	0	0
ISHARES CORE MSCI TOT INTL STOC	Equities	46432F834	2,309,862	39,907	SH		SOLE		39,907	0	0
ISHARES CORE S&P 500 (MKT) ETF	Equities	464287200	2,295,905	5,976	SH		SOLE		5,976	0	0
ISHARES CORE S&P MID CAP ETF	Equities	464287507	501,631	2,074	SH		SOLE		2,074	0	0
ISHARES CORE US AGGREGATE BOND	Fixed Income	464287226	2,070,884	21,352	SH		SOLE		21,352	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	71,876	1,095	SH		DFND		1,095	0	0
ISHARES MSCI EAFE (MKT)	Equities	464287465	998,253	15,208	SH		SOLE		15,208	0	0
ISHARES MSCI EMG MKT ETF	Equities	464287234	532,419	14,048	SH		SOLE		14,048	0	0
ISHARES MSCI USA QUALITY FACTOR	Equities	46432F339	237,384	2,082	SH		SOLE		2,082	0	0
ISHARES RUSSELL 1000 GROWTH	Equities	464287614	69,280	323	SH		DFND		323	0	0
ISHARES RUSSELL 1000 GROWTH	Equities	464287614	147,377	688	SH		SOLE		688	0	0
ISHARES RUSSELL 2000 (MKT)	Equities	464287655	2,322,301	13,319	SH		SOLE		13,319	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	79,069	369	SH		DFND		369	0	0
ISHARES RUSSELL 2000 GROWTH	Equities	464287648	621,135	2,894	SH		SOLE		2,894	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	74,096	534	SH		DFND		534	0	0
ISHARES RUSSELL 2000 VALUE	Equities	464287630	347,466	2,505	SH		SOLE		2,505	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	123,568	1,832	SH		DFND		1,832	0	0
ISHARES RUSSELL MID-CAP (MKT)	Equities	464287499	2,332,961	34,588	SH		SOLE		34,588	0	0
ISHARES S&P MID-CAP 400 VALUE	Equities	464287705	23,736	235	SH		DFND		235	0	0
ISHARES S&P MID-CAP 400 VALUE	Equities	464287705	642,326	6,372	SH		SOLE		6,372	0	0
ISHARES S&P MIDCAP 400 GROWTH E	Equities	464287606	23,484	344	SH		DFND		344	0	0
ISHARES S&P MIDCAP 400 GROWTH E	Equities	464287606	402,038	5,886	SH		SOLE		5,886	0	0
JOHNSON AND JOHNSON	Equities	478160104	227,525	1,288	SH		DFND		1,288	0	0
JOHNSON AND JOHNSON	Equities	478160104	2,884,695	16,330	SH		SOLE		16,330	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	156,629	1,168	SH		DFND		1,168	0	0
JPMORGAN CHASE & CO COM	Equities	46625H100	1,784,603	13,308	SH		SOLE		13,308	0	0
KIMBERLY-CLARK CORP	Equities	494368103	90,138	664	SH		DFND		664	0	0
KIMBERLY-CLARK CORP	Equities	494368103	156,927	1,156	SH		SOLE		1,156	0	0
KNOT OFFSHORE PARTNERS LP	Equities	Y48125101	132,894	13,800	SH		SOLE		13,800	0	0
LINDE PLC	Equities	G5494J103	187,554	575	SH		DFND		575	0	0
LINDE PLC	Equities	G5494J103	537,218	1,647	SH		SOLE		1,647	0	0
LOWES COMPANIES INC	Equities	548661107	21,916	110	SH		DFND		110	0	0
LOWES COMPANIES INC	Equities	548661107	282,522	1,418	SH		SOLE		1,418	0	0
MCDONALDS CORP	Equities	580135101	197,648	750	SH		DFND		750	0	0
MCDONALDS CORP	Equities	580135101	807,983	3,066	SH		SOLE		3,066	0	0
MERCK & CO INC	Equities	58933Y105	11,095	100	SH		DFND		100	0	0
MERCK & CO INC	Equities	58933Y105	393,762	3,549	SH		SOLE		3,549	0	0
MICROSOFT CORP	Equities	594918104	843,927	3,519	SH		DFND		3,519	0	0
MICROSOFT CORP	Equities	594918104	6,672,272	27,822	SH		SOLE		27,822	0	0
MONDELEZ INTL INC CL A	Equities	609207105	285,329	4,281	SH		SOLE		4,281	0	0
NEXTERA ENERGY INC	Equities	65339F101	156,750	1,875	SH		DFND		1,875	0	0
NEXTERA ENERGY INC	Equities	65339F101	1,199,326	14,346	SH		SOLE		14,346	0	0
NIKE INC CL B	Equities	654106103	2,164,217	18,496	SH		SOLE		18,496	0	0
NORFOLK SOUTHERN CORP	Equities	655844108	246,420	1,000	SH		SOLE		1,000	0	0
NOVARTIS AG ADR	Equities	66987V109	104,147	1,148	SH		DFND		1,148	0	0
NOVARTIS AG ADR	Equities	66987V109	378,212	4,169	SH		SOLE		4,169	0	0
NUVEEN CALIFORNIA QUALITY MUNI	Fixed Income	67066Y105	1,740,912	157,264	SH		SOLE		157,264	0	0
ORACLE CORP	Equities	68389X105	81,740	1,000	SH		DFND		1,000	0	0
ORACLE CORP	Equities	68389X105	297,534	3,640	SH		SOLE		3,640	0	0
PEPSICO INC	Equities	713448108	225,102	1,246	SH		DFND		1,246	0	0
PEPSICO INC	Equities	713448108	956,053	5,292	SH		SOLE		5,292	0	0
PFIZER INC	Equities	717081103	90,541	1,767	SH		DFND		1,767	0	0
PFIZER INC	Equities	717081103	449,682	8,776	SH		SOLE		8,776	0	0
PHILIP MORRIS INTL INC	Equities	718172109	9,716	96	SH		DFND		96	0	0
PHILIP MORRIS INTL INC	Equities	718172109	285,311	2,819	SH		SOLE		2,819	0	0
PHILLIPS 66	Equities	718546104	47,877	460	SH		DFND		460	0	0
PHILLIPS 66	Equities	718546104	217,631	2,091	SH		SOLE		2,091	0	0
PIMCO CALIFORNIA MUNI INCOME FU	Fixed Income	72200N106	564,221	37,440	SH		SOLE		37,440	0	0
PROCTER & GAMBLE CO	Equities	742718109	187,177	1,235	SH		DFND		1,235	0	0
PROCTER & GAMBLE CO	Equities	742718109	2,828,110	18,660	SH		SOLE		18,660	0	0
QUALCOMM INC	Equities	747525103	21,988	200	SH		DFND		200	0	0
QUALCOMM INC	Equities	747525103	480,548	4,371	SH		SOLE		4,371	0	0
RAYTHEON TECHS CORP	Equities	75513E101	140,279	1,390	SH		DFND		1,390	0	0
RAYTHEON TECHS CORP	Equities	75513E101	814,021	8,066	SH		SOLE		8,066	0	0
S&P GLOBAL INC	Equities	78409V104	112,875	337	SH		DFND		337	0	0
S&P GLOBAL INC	Equities	78409V104	383,841	1,146	SH		SOLE		1,146	0	0
SARATOGA INVESTMENT CORP NEW	Equities	80349A208	280,390	11,000	SH		SOLE		11,000	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	329,732	4,365	SH		DFND		4,365	0	0
SCHWAB U S DIVIDEND EQUITY ETF	Equities	808524797	927,127	12,274	SH		SOLE		12,274	0	0
SCHWAB U S LARGE CAP ETF	Equities	808524201	1,288,400	28,536	SH		SOLE		28,536	0	0
SCHWAB US SMALL CAP ETF	Equities	808524607	560,820	13,844	SH		SOLE		13,844	0	0
SPDR PORT INTERMEDIATE TERM COR	Fixed Income	78464A375	667,758	20,979	SH		SOLE		20,979	0	0
SPDR S&P 500 (MKT)	Equities	78462F103	152,972	400	SH		DFND		400	0	0
SPDR S&P 500 (MKT)	Equities	78462F103	56,982	149	SH		SOLE		149	0	0
SPDR S&P MIDCAP 400 (MKT)	Equities	78467Y107	1,990,341	4,495	SH		SOLE		4,495	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	117,478	1,348	SH		DFND		1,348	0	0
SPDR SERIES TRUST SPDR DOW JONE	Equities	78464A607	928,235	10,651	SH		SOLE		10,651	0	0
STARBUCKS CORP	Equities	855244109	22,618	228	SH		DFND		228	0	0
STARBUCKS CORP	Equities	855244109	379,142	3,822	SH		SOLE		3,822	0	0
SUN LIFE FINANCIAL INC	Equities	866796105	325,079	7,003	SH		SOLE		7,003	0	0
SUNOCO LTD PARTNERSHIP	Equities	86765K109	387,900	9,000	SH		SOLE		9,000	0	0
TARGET CORP	Equities	87612E106	29,808	200	SH		DFND		200	0	0
TARGET CORP	Equities	87612E106	579,617	3,889	SH		SOLE		3,889	0	0
THERMO FISHER SCIENTIFIC INC	Equities	883556102	557,849	1,013	SH		SOLE		1,013	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	29,727	171	SH		DFND		171	0	0
UNITED PARCEL SERVICE CL B	Equities	911312106	427,994	2,462	SH		SOLE		2,462	0	0
US BANCORP	Equities	902973304	670,765	15,381	SH		SOLE		15,381	0	0
VANGUARD FTSE DEVELOPED MARKETS	Equities	921943858	828,592	19,745	SH		SOLE		19,745	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	30,833	791	SH		DFND		791	0	0
VANGUARD FTSE EMERGING MKTS ETF	Equities	922042858	699,765	17,950	SH		SOLE		17,950	0	0
VANGUARD GROWTH ETF (MKT)	Equities	922908736	2,140,039	10,040	SH		SOLE		10,040	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	528,535	4,885	SH		DFND		4,885	0	0
VANGUARD HIGH DIVIDEND YIELD ET	Equities	921946406	1,486,113	13,734	SH		SOLE		13,734	0	0
VANGUARD LARGE CAP ETF	Equities	922908637	1,089,795	6,256	SH		SOLE		6,256	0	0
VANGUARD REIT ETF (MKT)	Equities	922908553	268,555	3,256	SH		SOLE		3,256	0	0
VANGUARD S&P 500 INDEX ETF	Equities	922908363	207,978	592	SH		SOLE		592	0	0
VANGUARD SHORT-TERM BOND ETF	Fixed Income	921937827	890,723	11,830	SH		SOLE		11,830	0	0
VANGUARD SHORT-TERM CORP BD IDX	Fixed Income	92206C409	251,498	3,345	SH		SOLE		3,345	0	0
VANGUARD TOTAL INTL BD IDX ETF	Fixed Income	92203J407	224,255	4,729	SH		SOLE		4,729	0	0
VANGUARD TOTAL STOCK MARKET ETF	Equities	922908769	1,467,192	7,674	SH		SOLE		7,674	0	0
VANGUARD VALUE ETF	Equities	922908744	77,902	555	SH		DFND		555	0	0
VANGUARD VALUE ETF	Equities	922908744	2,565,338	18,278	SH		SOLE		18,278	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	60,321	1,531	SH		DFND		1,531	0	0
VERIZON COMMUNICATIONS INC	Equities	92343V104	436,907	11,089	SH		SOLE		11,089	0	0
VF CORPORATION	Equities	918204108	53,701	1,945	SH		DFND		1,945	0	0
VF CORPORATION	Equities	918204108	243,852	8,832	SH		SOLE		8,832	0	0
VISA INC CL A	Equities	92826C839	459,150	2,210	SH		SOLE		2,210	0	0
WELLS FARGO & COMPANY	Equities	949746101	152,773	3,700	SH		DFND		3,700	0	0
WELLS FARGO & COMPANY	Equities	949746101	577,647	13,990	SH		SOLE		13,990	0	0