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	190	3,050	SH		DFND	01 02	3,000	0	50
AFLAC Inc.	COM	001055102	62	1,000	SH		OTR	2	1,000	0	0
AT&T Inc.	COM	00206R102	201	5,666	SH		DFND	01 02	5,666	0	0
AbbVie Inc.	COM	00287Y109	1,269	18,890	SH		DFND	01 02	13,290	0	5,600
AbbVie Inc.	COM	00287Y109	202	3,000	SH		OTR	2	3,000	0	0
Abbott Laboratories Co.	COM	002824100	1,002	20,410	SH		DFND	01 02	14,810	0	5,600
Abbott Laboratories Co.	COM	002824100	147	3,000	SH		OTR	2	3,000	0	0
Agilent Technologies Inc.	COM	00846U101	176	4,574	SH		DFND	01 02	3,888	0	686
Agilent Technologies Inc.	COM	00846U101	94	2,440	SH		OTR	2	2,440	0	0
Anadarko Petroleum	COM	032511107	4,721	60,484	SH		DFND	01 02	53,684	0	6,800
Anadarko Petroleum	COM	032511107	3,279	42,000	SH		OTR	2	42,000	0	0
Apache Corporation	COM	037411105	3,997	69,353	SH		DFND	01 02	61,803	0	7,550
Apache Corporation	COM	037411105	1,758	30,500	SH		OTR	2	30,500	0	0
Apple Inc.	COM	037833100	1,797	14,328	SH		DFND	01 02	12,648	0	1,680
Apple Inc.	COM	037833100	263	2,100	SH		OTR	2	2,100	0	0
B B & T Corporation	COM	054937107	14,804	367,247	SH		DFND	01 02	328,006	0	39,241
B B & T Corporation	COM	054937107	7,014	174,000	SH		OTR	2	174,000	0	0
BHP Billiton Ltd. Sponsr ADR	COM	088606108	278	6,840	SH		DFND	01 02	6,840	0	0
BHP Billiton PLC ADR	COM	05545E209	992	25,076	SH		DFND	01 02	19,351	0	5,725
BHP Billiton PLC ADR	COM	05545E209	475	12,000	SH		OTR	2	12,000	0	0
BP PLC	COM	055622104	997	24,950	SH		DFND	01 02	19,150	0	5,800
BP PLC	COM	055622104	400	10,000	SH		OTR	2	10,000	0	0
Bank of America Corporation	COM	060505104	1,511	88,780	SH		DFND	01 02	79,780	0	9,000
Bank of America Corporation	COM	060505104	545	32,000	SH		OTR	2	32,000	0	0
Berkshire Hathaway Inc. Class	COM	084670108	615	3	SH		DFND	01 02	3	0	0
Burke and Herbert Bank & Trust	COM	121331102	440	200	SH		DFND	01 02	200	0	0
Burke and Herbert Bank & Trust	COM	121331102	220	100	SH		OTR	2	100	0	0
CF Industries Holdings Inc.	COM	125269100	4,276	66,525	SH		DFND	01 02	56,025	0	10,500
CF Industries Holdings Inc.	COM	125269100	1,221	19,000	SH		OTR	2	19,000	0	0
Carter Bank & Trust	COM	146102108	164	13,000	SH		DFND	01 02	13,000	0	0
Caterpillar Inc.	COM	149123101	1,451	17,107	SH		DFND	01 02	13,107	0	4,000
Caterpillar Inc.	COM	149123101	170	2,000	SH		OTR	2	2,000	0	0
Cenovus Energy Inc.	COM	15135U109	670	41,820	SH		DFND	01 02	37,820	0	4,000
Cenovus Energy Inc.	COM	15135U109	496	31,000	SH		OTR	2	31,000	0	0
Chesapeake Energy Corp.	COM	165167107	629	56,270	SH		DFND	01 02	50,270	0	6,000
Chesapeake Energy Corp.	COM	165167107	491	44,000	SH		OTR	2	44,000	0	0
Chevron Corporation	COM	166764100	4,673	48,436	SH		DFND	01 02	41,736	0	6,700
Chevron Corporation	COM	166764100	1,833	19,000	SH		OTR	2	19,000	0	0
Cliffs Natural Resources Inc.	COM	18683K101	90	20,700	SH		DFND	01 02	18,200	0	2,500
Cliffs Natural Resources Inc.	COM	18683K101	123	28,500	SH		OTR	2	28,500	0	0
Comcast Corporation Cl A New	COM	20030N101	224	3,730	SH		DFND	01 02	3,730	0	0
Comcast Corporation Cl A New	COM	20030N101	202	3,352	SH		OTR	2	3,352	0	0
Computer Sciences Corp.	COM	205363104	575	8,756	SH		DFND	01 02	8,756	0	0
Computer Sciences Corp.	COM	205363104	263	4,000	SH		OTR	2	4,000	0	0
ConocoPhillips	COM	20825C104	6,015	97,949	SH		DFND	01 02	86,305	0	11,644
ConocoPhillips	COM	20825C104	2,763	45,000	SH		OTR	2	45,000	0	0
Darden Restaurants Inc.	COM	237194105	782	11,000	SH		DFND	01 02	11,000	0	0
Duke Energy Corp.	COM	26441C204	844	11,948	SH		DFND	01 02	10,615	0	1,333
Encana Corporation	COM	292505104	447	40,520	SH		DFND	01 02	36,520	0	4,000
Encana Corporation	COM	292505104	342	31,000	SH		OTR	2	31,000	0	0
Ensco PLC	COM	G3157S106	896	40,237	SH		DFND	01 02	33,237	0	7,000
Ensco PLC	COM	G3157S106	840	37,730	SH		OTR	2	37,730	0	0
Exxon Mobil Corp.	COM	30231G102	1,670	20,073	SH		DFND	01 02	20,073	0	0
Exxon Mobil Corp.	COM	30231G102	225	2,709	SH		OTR	2	2,709	0	0
Federal Realty Trust	COM	313747206	1,307	10,200	SH		DFND	01 02	10,200	0	0
Freeport-McMoRan Inc.	COM	35671D857	2,622	140,822	SH		DFND	01 02	118,504	0	22,318
Freeport-McMoRan Inc.	COM	35671D857	1,285	69,000	SH		OTR	2	69,000	0	0
General Electric Co.	COM	369604103	975	36,680	SH		DFND	01 02	31,680	0	5,000
General Electric Co.	COM	369604103	266	10,000	SH		OTR	2	10,000	0	0
General Mills Inc.	COM	370334104	19,296	346,295	SH		DFND	01 02	342,745	0	3,550
General Mills Inc.	COM	370334104	2,563	46,000	SH		OTR	2	46,000	0	0
Halliburton Company	COM	406216101	180	4,169	SH		DFND	01 02	3,819	0	350
Halliburton Company	COM	406216101	86	2,000	SH		OTR	2	2,000	0	0
Hewlett Packard Co.	COM	428236103	4,112	137,007	SH		DFND	01 02	115,507	0	21,500
Hewlett Packard Co.	COM	428236103	1,200	40,000	SH		OTR	2	40,000	0	0
International Business Machine	COM	459200101	9,984	61,378	SH		DFND	01 02	53,138	0	8,240
International Business Machine	COM	459200101	3,091	19,000	SH		OTR	2	19,000	0	0
John Deere & Co.	COM	244199105	2,854	29,410	SH		DFND	01 02	25,110	0	4,300
John Deere & Co.	COM	244199105	582	6,000	SH		OTR	2	6,000	0	0
Johnson & Johnson	COM	478160104	2,427	24,900	SH		DFND	01 02	20,220	0	4,680
Johnson & Johnson	COM	478160104	585	6,000	SH		OTR	2	6,000	0	0
Laboratory Corp. of America Ho	COM	50540R409	206	1,700	SH		DFND	01 02	1,700	0	0
Laboratory Corp. of America Ho	COM	50540R409	606	5,000	SH		OTR	2	5,000	0	0
MDU Resources	COM	552690109	2,294	117,438	SH		DFND	01 02	103,588	0	13,850
MDU Resources	COM	552690109	1,318	67,500	SH		OTR	2	67,500	0	0
McDonalds Corporation	COM	580135101	1,719	18,079	SH		DFND	01 02	15,579	0	2,500
McDonalds Corporation	COM	580135101	570	6,000	SH		OTR	2	6,000	0	0
Merck & Company Inc. New	COM	58933Y105	1,651	29,000	SH		DFND	01 02	23,000	0	6,000
Merck & Company Inc. New	COM	58933Y105	171	3,000	SH		OTR	2	3,000	0	0
Microsoft Corp.	COM	594918104	710	16,087	SH		DFND	01 02	12,687	0	3,400
Microsoft Corp.	COM	594918104	221	5,000	SH		OTR	2	5,000	0	0
NVR Inc.	COM	62944T105	2,613	1,950	SH		DFND	01 02	850	0	1,100
NVR Inc.	COM	62944T105	2,680	2,000	SH		OTR	2	2,000	0	0
Nabors Industries Ltd.	COM	G6359F103	437	30,288	SH		DFND	01 02	24,288	0	6,000
Nabors Industries Ltd.	COM	G6359F103	235	16,320	SH		OTR	2	16,320	0	0
National Oil Well Varco Inc.	COM	637071101	2,159	44,724	SH		DFND	01 02	38,824	0	5,900
National Oil Well Varco Inc.	COM	637071101	966	20,000	SH		OTR	2	20,000	0	0
NextEra Energy Inc.	COM	65339F101	1,480	15,100	SH		DFND	01 02	10,100	0	5,000
NextEra Energy Inc.	COM	65339F101	98	1,000	SH		OTR	2	1,000	0	0
Now Inc.	COM	67011P100	211	10,594	SH		DFND	01 02	9,119	0	1,475
Now Inc.	COM	67011P100	100	5,000	SH		OTR	2	5,000	0	0
PNC Financial Services Group I	COM	693475105	1,101	11,514	SH		DFND	01 02	10,259	0	1,255
PNC Financial Services Group I	COM	693475105	287	3,000	SH		OTR	2	3,000	0	0
Pfizer Inc.	COM	717081103	368	10,962	SH		DFND	01 02	5,762	0	5,200
Pfizer Inc.	COM	717081103	335	10,000	SH		OTR	2	10,000	0	0
Phillips 66	COM	718546104	3,876	48,112	SH		DFND	01 02	41,290	0	6,822
Phillips 66	COM	718546104	1,813	22,500	SH		OTR	2	22,500	0	0
Plum Creek Timber Co. Inc.	COM	729251108	743	18,305	SH		DFND	01 02	14,305	0	4,000
Plum Creek Timber Co. Inc.	COM	729251108	325	8,000	SH		OTR	2	8,000	0	0
Potash Corp. of Saskatchewan I	COM	73755L107	469	15,150	SH		DFND	01 02	11,200	0	3,950
Potash Corp. of Saskatchewan I	COM	73755L107	248	8,000	SH		OTR	2	8,000	0	0
Quest Diagnostics	COM	74834L100	884	12,195	SH		DFND	01 02	12,195	0	0
Quest Diagnostics	COM	74834L100	218	3,000	SH		OTR	2	3,000	0	0
Rayonier Advanced Materials In	COM	75508B104	352	21,635	SH		DFND	01 02	16,867	0	4,768
Rayonier Advanced Materials In	COM	75508B104	98	6,000	SH		OTR	2	6,000	0	0
Rayonier Incorporated	COM	754907103	1,673	65,464	SH		DFND	01 02	51,156	0	14,308
Rayonier Incorporated	COM	754907103	460	18,000	SH		OTR	2	18,000	0	0
Raytheon Company	COM	755111507	660	6,900	SH		DFND	01 02	5,900	0	1,000
Raytheon Company	COM	755111507	383	4,000	SH		OTR	2	4,000	0	0
Regions Financial Corp. New	COM	7591EP100	428	41,305	SH		DFND	01 02	34,116	0	7,189
Regions Financial Corp. New	COM	7591EP100	570	55,000	SH		OTR	2	55,000	0	0
Ryland Group Inc.	COM	783764103	2,490	53,702	SH		DFND	01 02	44,702	0	9,000
Ryland Group Inc.	COM	783764103	2,504	54,000	SH		OTR	2	54,000	0	0
SPDR Gold Shares	COM	78463V107	17	150	SH		DFND	01 02	150	0	0
SPDR Gold Shares	COM	78463V107	225	2,000	SH		OTR	2	2,000	0	0
Sasol Limited Sponsored ADR	COM	803866300	222	6,000	SH		OTR	2	6,000	0	0
Schlumberger Ltd.	COM	806857108	1,157	13,420	SH		DFND	01 02	11,420	0	2,000
Schlumberger Ltd.	COM	806857108	697	8,083	SH		OTR	2	8,083	0	0
South32 Limited	COM	84473L105	86	12,766	SH		DFND	01 02	10,476	0	2,290
South32 Limited	COM	84473L105	32	4,800	SH		OTR	2	4,800	0	0
Spectra Energy Corp.	COM	847560109	587	18,010	SH		DFND	01 02	14,510	0	3,500
Spectra Energy Corp.	COM	847560109	293	9,000	SH		OTR	2	9,000	0	0
Suncor Energy Inc. New	COM	867224107	652	23,700	SH		DFND	01 02	19,700	0	4,000
Suncor Energy Inc. New	COM	867224107	1,101	40,000	SH		OTR	2	40,000	0	0
Sysco Corporation	COM	871829107	312	8,650	SH		DFND	01 02	8,650	0	0
Transocean Ltd.	COM	H8817H100	358	22,212	SH		DFND	01 02	19,212	0	3,000
VSE Corporation	COM	918284100	6,320	118,100	SH		DFND	01 02	118,100	0	0
Valero Energy Corp.	COM	91913Y100	1,991	31,800	SH		DFND	01 02	24,800	0	7,000
Valero Energy Corp.	COM	91913Y100	939	15,000	SH		OTR	2	15,000	0	0
Wal-Mart Stores Inc.	COM	931142103	1,015	14,309	SH		DFND	01 02	14,159	0	150
Wal-Mart Stores Inc.	COM	931142103	284	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	3	15,000	SH		OTR	2	15,000	0	0
Washington REIT SBI	COM	939653101	1,511	58,220	SH		DFND	01 02	50,220	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	1,041	33,051	SH		DFND	01 02	28,188	0	4,863
Weyerhaeuser Company	COM	962166104	126	4,000	SH		OTR	2	4,000	0	0
YUM! Brands Inc.	COM	988498101	216	2,400	SH		DFND	01 02	900	0	1,500
YUM! Brands Inc.	COM	988498101	270	3,000	SH		OTR	2	3,000	0	0
Central Europe, Russia & Turke	CFND	153436100	624	29,916	SH		DFND	01 02	21,916	0	8,000
Central Europe, Russia & Turke	CFND	153436100	480	23,004	SH		OTR	2	23,004	0	0
Templeton Developing Markets T	OFND	88018W104	614	36,690	SH		DFND	01 02	36,690	0	0
Vanguard Wellington Admiral Sh	OFND	921935201	213	3,181	SH		DFND	01 02	3,181	0	0