Montgomery Investment Management 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
AFLAC Inc.	COM	001055102	195	3,050	SH		DFND	01 02	3,000	0	50
AFLAC Inc.	COM	001055102	64	1,000	SH		OTR	2	1,000	0	0
AbbVie Inc.	COM	00287Y109	1,141	19,490	SH		DFND	01 02	13,890	0	5,600
AbbVie Inc.	COM	00287Y109	176	3,000	SH		OTR	2	3,000	0	0
Abbott Laboratories Co.	COM	002824100	955	20,610	SH		DFND	01 02	15,010	0	5,600
Abbott Laboratories Co.	COM	002824100	139	3,000	SH		OTR	2	3,000	0	0
Agilent Technologies Inc.	COM	00846U101	190	4,574	SH		DFND	01 02	3,888	0	686
Agilent Technologies Inc.	COM	00846U101	101	2,440	SH		OTR	2	2,440	0	0
Anadarko Petroleum	COM	032511107	4,926	59,480	SH		DFND	01 02	52,680	0	6,800
Anadarko Petroleum	COM	032511107	3,478	42,000	SH		OTR	2	42,000	0	0
Apache Corporation	COM	037411105	4,167	69,070	SH		DFND	01 02	61,520	0	7,550
Apache Corporation	COM	037411105	1,840	30,500	SH		OTR	2	30,500	0	0
Apple Inc.	COM	037833100	1,777	14,283	SH		DFND	01 02	12,603	0	1,680
Apple Inc.	COM	037833100	261	2,100	SH		OTR	2	2,100	0	0
B B & T Corporation	COM	054937107	14,266	365,892	SH		DFND	01 02	326,651	0	39,241
B B & T Corporation	COM	054937107	6,784	174,000	SH		OTR	2	174,000	0	0
BHP Billiton Ltd. Sponsr ADR	COM	088606108	327	7,040	SH		DFND	01 02	7,040	0	0
BHP Billiton PLC ADR	COM	05545E209	1,078	24,345	SH		DFND	01 02	18,620	0	5,725
BHP Billiton PLC ADR	COM	05545E209	531	12,000	SH		OTR	2	12,000	0	0
BP PLC	COM	055622104	991	25,350	SH		DFND	01 02	19,550	0	5,800
BP PLC	COM	055622104	391	10,000	SH		OTR	2	10,000	0	0
Bank of America Corporation	COM	060505104	1,275	82,868	SH		DFND	01 02	73,868	0	9,000
Bank of America Corporation	COM	060505104	492	32,000	SH		OTR	2	32,000	0	0
Berkshire Hathaway Inc. Class	COM	084670108	652	3	SH		DFND	01 02	3	0	0
Burke and Herbert Bank & Trust	COM	121331102	401	200	SH		DFND	01 02	200	0	0
Burke and Herbert Bank & Trust	COM	121331102	200	100	SH		OTR	2	100	0	0
CF Industries Holdings Inc.	COM	125269100	3,537	12,470	SH		DFND	01 02	10,870	0	1,600
CF Industries Holdings Inc.	COM	125269100	1,078	3,800	SH		OTR	2	3,800	0	0
Carter Bank & Trust	COM	146102108	171	13,000	SH		DFND	01 02	13,000	0	0
Caterpillar Inc.	COM	149123101	1,345	16,800	SH		DFND	01 02	12,800	0	4,000
Caterpillar Inc.	COM	149123101	160	2,000	SH		OTR	2	2,000	0	0
Cenovus Energy Inc.	COM	15135U109	709	42,020	SH		DFND	01 02	38,020	0	4,000
Cenovus Energy Inc.	COM	15135U109	523	31,000	SH		OTR	2	31,000	0	0
Chesapeake Energy Corp.	COM	165167107	801	56,570	SH		DFND	01 02	50,570	0	6,000
Chesapeake Energy Corp.	COM	165167107	623	44,000	SH		OTR	2	44,000	0	0
Chevron Corporation	COM	166764100	4,975	47,390	SH		DFND	01 02	40,690	0	6,700
Chevron Corporation	COM	166764100	1,995	19,000	SH		OTR	2	19,000	0	0
Cliffs Natural Resources Inc.	COM	18683K101	101	21,100	SH		DFND	01 02	18,600	0	2,500
Cliffs Natural Resources Inc.	COM	18683K101	137	28,500	SH		OTR	2	28,500	0	0
Comcast Corporation Cl A New	COM	20030N101	211	3,730	SH		DFND	01 02	3,730	0	0
Comcast Corporation Cl A New	COM	20030N101	189	3,352	SH		OTR	2	3,352	0	0
Computer Sciences Corp.	COM	205363104	572	8,756	SH		DFND	01 02	8,756	0	0
Computer Sciences Corp.	COM	205363104	261	4,000	SH		OTR	2	4,000	0	0
ConocoPhillips	COM	20825C104	6,042	97,052	SH		DFND	01 02	85,408	0	11,644
ConocoPhillips	COM	20825C104	2,802	45,000	SH		OTR	2	45,000	0	0
Darden Restaurants Inc.	COM	237194105	983	14,180	SH		DFND	01 02	14,180	0	0
Duke Energy Corp.	COM	26441C204	762	9,927	SH		DFND	01 02	8,594	0	1,333
Encana Corporation	COM	292505104	454	40,720	SH		DFND	01 02	36,720	0	4,000
Encana Corporation	COM	292505104	346	31,000	SH		OTR	2	31,000	0	0
Ensco PLC	COM	G3157S106	813	38,605	SH		DFND	01 02	32,605	0	6,000
Ensco PLC	COM	G3157S106	492	23,330	SH		OTR	2	23,330	0	0
Exxon Mobil Corp.	COM	30231G102	1,629	19,164	SH		DFND	01 02	19,164	0	0
Exxon Mobil Corp.	COM	30231G102	230	2,709	SH		OTR	2	2,709	0	0
Federal Realty Trust	COM	313747206	1,502	10,200	SH		DFND	01 02	10,200	0	0
Freeport-McMoRan Inc.	COM	35671D857	2,605	137,482	SH		DFND	01 02	115,164	0	22,318
Freeport-McMoRan Inc.	COM	35671D857	1,308	69,000	SH		OTR	2	69,000	0	0
General Electric Co.	COM	369604103	847	34,151	SH		DFND	01 02	29,151	0	5,000
General Electric Co.	COM	369604103	248	10,000	SH		OTR	2	10,000	0	0
General Mills Inc.	COM	370334104	19,630	346,817	SH		DFND	01 02	343,267	0	3,550
General Mills Inc.	COM	370334104	2,604	46,000	SH		OTR	2	46,000	0	0
Halliburton Company	COM	406216101	183	4,169	SH		DFND	01 02	3,819	0	350
Halliburton Company	COM	406216101	88	2,000	SH		OTR	2	2,000	0	0
Hewlett Packard Co.	COM	428236103	4,181	134,191	SH		DFND	01 02	112,691	0	21,500
Hewlett Packard Co.	COM	428236103	1,246	40,000	SH		OTR	2	40,000	0	0
International Business Machine	COM	459200101	9,651	60,130	SH		DFND	01 02	52,090	0	8,040
International Business Machine	COM	459200101	3,049	19,000	SH		OTR	2	19,000	0	0
John Deere & Co.	COM	244199105	2,484	28,330	SH		DFND	01 02	24,530	0	3,800
John Deere & Co.	COM	244199105	526	6,000	SH		OTR	2	6,000	0	0
Johnson & Johnson	COM	478160104	2,413	23,990	SH		DFND	01 02	19,310	0	4,680
Johnson & Johnson	COM	478160104	604	6,000	SH		OTR	2	6,000	0	0
Laboratory Corp. of America Ho	COM	50540R409	214	1,700	SH		DFND	01 02	1,700	0	0
Laboratory Corp. of America Ho	COM	50540R409	630	5,000	SH		OTR	2	5,000	0	0
MDU Resources	COM	552690109	2,426	113,670	SH		DFND	01 02	99,820	0	13,850
MDU Resources	COM	552690109	1,440	67,500	SH		OTR	2	67,500	0	0
McDonalds Corporation	COM	580135101	1,849	18,980	SH		DFND	01 02	16,480	0	2,500
McDonalds Corporation	COM	580135101	585	6,000	SH		OTR	2	6,000	0	0
Merck & Company Inc. New	COM	58933Y105	1,703	29,630	SH		DFND	01 02	23,630	0	6,000
Merck & Company Inc. New	COM	58933Y105	172	3,000	SH		OTR	2	3,000	0	0
Microsoft Corp.	COM	594918104	662	16,287	SH		DFND	01 02	12,887	0	3,400
Microsoft Corp.	COM	594918104	203	5,000	SH		OTR	2	5,000	0	0
NVR Inc.	COM	62944T105	2,591	1,950	SH		DFND	01 02	850	0	1,100
NVR Inc.	COM	62944T105	2,657	2,000	SH		OTR	2	2,000	0	0
Nabors Industries Ltd.	COM	G6359F103	386	28,280	SH		DFND	01 02	22,280	0	6,000
Nabors Industries Ltd.	COM	G6359F103	223	16,320	SH		OTR	2	16,320	0	0
National Oil Well Varco Inc.	COM	637071101	2,243	44,874	SH		DFND	01 02	38,974	0	5,900
National Oil Well Varco Inc.	COM	637071101	1,000	20,000	SH		OTR	2	20,000	0	0
NextEra Energy Inc.	COM	65339F101	1,602	15,400	SH		DFND	01 02	10,400	0	5,000
NextEra Energy Inc.	COM	65339F101	104	1,000	SH		OTR	2	1,000	0	0
Noble Corp. PLC	COM	G65431101	116	8,100	SH		DFND	01 02	6,100	0	2,000
Noble Corp. PLC	COM	G65431101	152	10,660	SH		OTR	2	10,660	0	0
Now Inc.	COM	67011P100	230	10,631	SH		DFND	01 02	9,156	0	1,475
Now Inc.	COM	67011P100	108	5,000	SH		OTR	2	5,000	0	0
PNC Financial Services Group I	COM	693475105	1,074	11,514	SH		DFND	01 02	10,259	0	1,255
PNC Financial Services Group I	COM	693475105	280	3,000	SH		OTR	2	3,000	0	0
Pfizer Inc.	COM	717081103	437	12,562	SH		DFND	01 02	7,362	0	5,200
Pfizer Inc.	COM	717081103	348	10,000	SH		OTR	2	10,000	0	0
Phillips 66	COM	718546104	3,729	47,443	SH		DFND	01 02	40,621	0	6,822
Phillips 66	COM	718546104	1,768	22,500	SH		OTR	2	22,500	0	0
Plum Creek Timber Co. Inc.	COM	729251108	738	16,990	SH		DFND	01 02	12,990	0	4,000
Plum Creek Timber Co. Inc.	COM	729251108	348	8,000	SH		OTR	2	8,000	0	0
Potash Corp. of Saskatchewan I	COM	73755L107	489	15,150	SH		DFND	01 02	11,200	0	3,950
Potash Corp. of Saskatchewan I	COM	73755L107	258	8,000	SH		OTR	2	8,000	0	0
Quest Diagnostics	COM	74834L100	837	10,890	SH		DFND	01 02	10,890	0	0
Quest Diagnostics	COM	74834L100	231	3,000	SH		OTR	2	3,000	0	0
Rayonier Advanced Materials In	COM	75508B104	324	21,751	SH		DFND	01 02	16,983	0	4,768
Rayonier Advanced Materials In	COM	75508B104	89	6,000	SH		OTR	2	6,000	0	0
Rayonier Incorporated	COM	754907103	1,774	65,814	SH		DFND	01 02	51,506	0	14,308
Rayonier Incorporated	COM	754907103	485	18,000	SH		OTR	2	18,000	0	0
Raytheon Company	COM	755111507	754	6,900	SH		DFND	01 02	5,900	0	1,000
Raytheon Company	COM	755111507	437	4,000	SH		OTR	2	4,000	0	0
Regions Financial Corp. New	COM	7591EP100	354	37,485	SH		DFND	01 02	30,296	0	7,189
Regions Financial Corp. New	COM	7591EP100	520	55,000	SH		OTR	2	55,000	0	0
Ryland Group Inc.	COM	783764103	2,322	47,632	SH		DFND	01 02	38,632	0	9,000
Ryland Group Inc.	COM	783764103	2,582	52,980	SH		OTR	2	52,980	0	0
SPDR Gold Shares	COM	78463V107	17	150	SH		DFND	01 02	150	0	0
SPDR Gold Shares	COM	78463V107	227	2,000	SH		OTR	2	2,000	0	0
Sasol Limited Sponsored ADR	COM	803866300	204	6,000	SH		OTR	2	6,000	0	0
Schlumberger Ltd.	COM	806857108	1,120	13,420	SH		DFND	01 02	11,420	0	2,000
Schlumberger Ltd.	COM	806857108	674	8,083	SH		OTR	2	8,083	0	0
Spectra Energy Corp.	COM	847560109	669	18,500	SH		DFND	01 02	15,000	0	3,500
Spectra Energy Corp.	COM	847560109	326	9,000	SH		OTR	2	9,000	0	0
Suncor Energy Inc. New	COM	867224107	693	23,700	SH		DFND	01 02	19,700	0	4,000
Suncor Energy Inc. New	COM	867224107	1,170	40,000	SH		OTR	2	40,000	0	0
Sysco Corporation	COM	871829107	357	9,450	SH		DFND	01 02	9,450	0	0
Transocean Ltd.	COM	H8817H100	336	22,887	SH		DFND	01 02	19,412	0	3,475
Transocean Ltd.	COM	H8817H100	127	8,662	SH		OTR	2	8,662	0	0
VSE Corporation	COM	918284100	9,670	118,100	SH		DFND	01 02	118,100	0	0
Valero Energy Corp.	COM	91913Y100	1,921	30,200	SH		DFND	01 02	23,200	0	7,000
Valero Energy Corp.	COM	91913Y100	954	15,000	SH		OTR	2	15,000	0	0
Wal-Mart Stores Inc.	COM	931142103	1,193	14,509	SH		DFND	01 02	14,359	0	150
Wal-Mart Stores Inc.	COM	931142103	329	4,000	SH		OTR	2	4,000	0	0
Walter Energy Inc.	COM	93317Q105	0	5	SH		DFND	01 02	5	0	0
Walter Energy Inc.	COM	93317Q105	9	15,000	SH		OTR	2	15,000	0	0
Washington REIT SBI	COM	939653101	1,635	59,170	SH		DFND	01 02	51,170	0	8,000
Weatherford International PLC	COM	G48833100	17	1,400	SH		DFND	01 02	1,400	0	0
Weatherford International PLC	COM	G48833100	136	11,080	SH		OTR	2	11,080	0	0
Weyerhaeuser Company	COM	962166104	1,102	33,240	SH		DFND	01 02	28,377	0	4,863
Weyerhaeuser Company	COM	962166104	133	4,000	SH		OTR	2	4,000	0	0
YUM! Brands Inc.	COM	988498101	189	2,400	SH		DFND	01 02	900	0	1,500
YUM! Brands Inc.	COM	988498101	236	3,000	SH		OTR	2	3,000	0	0
Central Europe, Russia & Turke	CFND	153436100	613	29,916	SH		DFND	01 02	21,916	0	8,000
Central Europe, Russia & Turke	CFND	153436100	472	23,004	SH		OTR	2	23,004	0	0
Templeton Developing Markets T	OFND	88018W104	637	36,690	SH		DFND	01 02	36,690	0	0
Vanguard Wellington Admiral Sh	OFND	921935201	215	3,173	SH		DFND	01 02	3,173	0	0
Alliance Resource Partners LP	LPT	01877R108	201	6,000	SH		OTR	2	6,000	0	0