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	177	3,050	SH		DFND	01 02	3,000	0	50
AFLAC Inc.	COM	001055102	58	1,000	SH		OTR	2	1,000	0	0
AbbVie Inc.	COM	00287Y109	1,028	18,890	SH		DFND	01 02	13,290	0	5,600
AbbVie Inc.	COM	00287Y109	163	3,000	SH		OTR	2	3,000	0	0
Abbott Laboratories Co.	COM	002824100	817	20,310	SH		DFND	01 02	14,710	0	5,600
Abbott Laboratories Co.	COM	002824100	121	3,000	SH		OTR	2	3,000	0	0
Agilent Technologies Inc.	COM	00846U101	157	4,574	SH		DFND	01 02	3,888	0	686
Agilent Technologies Inc.	COM	00846U101	84	2,440	SH		OTR	2	2,440	0	0
Anadarko Petroleum	COM	032511107	3,653	60,484	SH		DFND	01 02	53,684	0	6,800
Anadarko Petroleum	COM	032511107	2,536	42,000	SH		OTR	2	42,000	0	0
Apache Corporation	COM	037411105	2,712	69,253	SH		DFND	01 02	61,703	0	7,550
Apache Corporation	COM	037411105	1,194	30,500	SH		OTR	2	30,500	0	0
Apple Inc.	COM	037833100	1,713	15,528	SH		DFND	01 02	13,848	0	1,680
Apple Inc.	COM	037833100	232	2,100	SH		OTR	2	2,100	0	0
B B & T Corporation	COM	054937107	13,131	368,847	SH		DFND	01 02	329,606	0	39,241
B B & T Corporation	COM	054937107	6,194	174,000	SH		OTR	2	174,000	0	0
BHP Billiton Ltd. Sponsr ADR	COM	088606108	216	6,840	SH		DFND	01 02	6,840	0	0
BHP Billiton PLC ADR	COM	05545E209	769	25,076	SH		DFND	01 02	19,351	0	5,725
BHP Billiton PLC ADR	COM	05545E209	245	8,000	SH		OTR	2	8,000	0	0
BP PLC	COM	055622104	762	24,950	SH		DFND	01 02	19,150	0	5,800
BP PLC	COM	055622104	306	10,000	SH		OTR	2	10,000	0	0
Bank of America Corporation	COM	060505104	1,383	88,780	SH		DFND	01 02	79,780	0	9,000
Bank of America Corporation	COM	060505104	530	34,000	SH		OTR	2	34,000	0	0
Berkshire Hathaway Inc. Class	COM	084670108	586	3	SH		DFND	01 02	3	0	0
Burke and Herbert Bank & Trust	COM	121331102	438	200	SH		DFND	01 02	200	0	0
Burke and Herbert Bank & Trust	COM	121331102	219	100	SH		OTR	2	100	0	0
CF Industries Holdings Inc.	COM	125269100	3,044	67,785	SH		DFND	01 02	57,285	0	10,500
CF Industries Holdings Inc.	COM	125269100	853	19,000	SH		OTR	2	19,000	0	0
Carter Bank & Trust	COM	146102108	189	15,000	SH		DFND	01 02	15,000	0	0
Caterpillar Inc.	COM	149123101	1,118	17,107	SH		DFND	01 02	13,107	0	4,000
Caterpillar Inc.	COM	149123101	131	2,000	SH		OTR	2	2,000	0	0
Cenovus Energy Inc.	COM	15135U109	634	41,820	SH		DFND	01 02	37,820	0	4,000
Cenovus Energy Inc.	COM	15135U109	470	31,000	SH		OTR	2	31,000	0	0
Chesapeake Energy Corp.	COM	165167107	410	55,970	SH		DFND	01 02	49,970	0	6,000
Chesapeake Energy Corp.	COM	165167107	323	44,000	SH		OTR	2	44,000	0	0
Chevron Corporation	COM	166764100	3,814	48,356	SH		DFND	01 02	41,656	0	6,700
Chevron Corporation	COM	166764100	1,499	19,000	SH		OTR	2	19,000	0	0
Cliffs Natural Resources Inc.	COM	18683K101	51	21,000	SH		DFND	01 02	18,200	0	2,800
Comcast Corporation Cl A New	COM	20030N101	212	3,730	SH		DFND	01 02	3,730	0	0
Comcast Corporation Cl A New	COM	20030N101	191	3,352	SH		OTR	2	3,352	0	0
Computer Sciences Corp.	COM	205363104	537	8,756	SH		DFND	01 02	8,756	0	0
Computer Sciences Corp.	COM	205363104	246	4,000	SH		OTR	2	4,000	0	0
ConocoPhillips	COM	20825C104	4,693	97,849	SH		DFND	01 02	86,205	0	11,644
ConocoPhillips	COM	20825C104	2,158	45,000	SH		OTR	2	45,000	0	0
Darden Restaurants Inc.	COM	237194105	754	11,000	SH		DFND	01 02	11,000	0	0
Duke Energy Corp.	COM	26441C204	522	7,261	SH		DFND	01 02	5,928	0	1,333
Encana Corporation	COM	292505104	261	40,520	SH		DFND	01 02	36,520	0	4,000
Encana Corporation	COM	292505104	200	31,000	SH		OTR	2	31,000	0	0
Ensco PLC	COM	G3157S106	717	50,937	SH		DFND	01 02	39,937	0	11,000
Ensco PLC	COM	G3157S106	366	26,000	SH		OTR	2	26,000	0	0
Exxon Mobil Corp.	COM	30231G102	1,492	20,073	SH		DFND	01 02	20,073	0	0
Exxon Mobil Corp.	COM	30231G102	201	2,709	SH		OTR	2	2,709	0	0
Federal Realty Trust	COM	313747206	1,392	10,200	SH		DFND	01 02	10,200	0	0
Freeport-McMoRan Inc.	COM	35671D857	1,363	140,622	SH		DFND	01 02	118,304	0	22,318
Freeport-McMoRan Inc.	COM	35671D857	940	97,000	SH		OTR	2	97,000	0	0
General Electric Co.	COM	369604103	925	36,680	SH		DFND	01 02	31,680	0	5,000
General Electric Co.	COM	369604103	252	10,000	SH		OTR	2	10,000	0	0
General Mills Inc.	COM	370334104	19,488	347,195	SH		DFND	01 02	343,645	0	3,550
General Mills Inc.	COM	370334104	2,582	46,000	SH		OTR	2	46,000	0	0
HP Inc.	COM	40434L105	3,506	136,907	SH		DFND	01 02	115,407	0	21,500
HP Inc.	COM	40434L105	1,024	40,000	SH		OTR	2	40,000	0	0
Halliburton Company	COM	406216101	147	4,169	SH		DFND	01 02	3,819	0	350
Halliburton Company	COM	406216101	71	2,000	SH		OTR	2	2,000	0	0
International Business Machine	COM	459200101	8,892	61,338	SH		DFND	01 02	53,098	0	8,240
International Business Machine	COM	459200101	2,754	19,000	SH		OTR	2	19,000	0	0
John Deere & Co.	COM	244199105	2,236	30,210	SH		DFND	01 02	25,910	0	4,300
John Deere & Co.	COM	244199105	444	6,000	SH		OTR	2	6,000	0	0
Johnson & Johnson	COM	478160104	2,433	26,060	SH		DFND	01 02	21,380	0	4,680
Johnson & Johnson	COM	478160104	560	6,000	SH		OTR	2	6,000	0	0
Laboratory Corp. of America Ho	COM	50540R409	245	2,260	SH		DFND	01 02	2,260	0	0
Laboratory Corp. of America Ho	COM	50540R409	542	5,000	SH		OTR	2	5,000	0	0
MDU Resources	COM	552690109	2,007	116,688	SH		DFND	01 02	102,838	0	13,850
MDU Resources	COM	552690109	1,161	67,500	SH		OTR	2	67,500	0	0
McDonalds Corporation	COM	580135101	1,752	17,779	SH		DFND	01 02	15,279	0	2,500
McDonalds Corporation	COM	580135101	197	2,000	SH		OTR	2	2,000	0	0
Merck & Company Inc. New	COM	58933Y105	1,432	29,000	SH		DFND	01 02	23,000	0	6,000
Merck & Company Inc. New	COM	58933Y105	148	3,000	SH		OTR	2	3,000	0	0
Microsoft Corp.	COM	594918104	681	15,387	SH		DFND	01 02	11,987	0	3,400
Microsoft Corp.	COM	594918104	221	5,000	SH		OTR	2	5,000	0	0
NVR Inc.	COM	62944T105	2,974	1,950	SH		DFND	01 02	850	0	1,100
NVR Inc.	COM	62944T105	3,050	2,000	SH		OTR	2	2,000	0	0
Nabors Industries Ltd.	COM	G6359F103	305	32,288	SH		DFND	01 02	24,288	0	8,000
Nabors Industries Ltd.	COM	G6359F103	154	16,320	SH		OTR	2	16,320	0	0
National Oil Well Varco Inc.	COM	637071101	1,673	44,424	SH		DFND	01 02	38,524	0	5,900
National Oil Well Varco Inc.	COM	637071101	753	20,000	SH		OTR	2	20,000	0	0
NextEra Energy Inc.	COM	65339F101	1,473	15,100	SH		DFND	01 02	10,100	0	5,000
Noble Corp. PLC	COM	G65431101	67	6,100	SH		DFND	01 02	4,100	0	2,000
Noble Corp. PLC	COM	G65431101	109	10,000	SH		OTR	2	10,000	0	0
Noble Energy Inc.	COM	655044105	45	1,487	SH		DFND	01 02	1,487	0	0
Noble Energy Inc.	COM	655044105	159	5,252	SH		OTR	2	5,252	0	0
Now Inc.	COM	67011P100	198	13,394	SH		DFND	01 02	11,919	0	1,475
Now Inc.	COM	67011P100	74	5,000	SH		OTR	2	5,000	0	0
Old Dominion Freight Line Inc.	COM	679580100	146	2,400	SH		DFND	01 02	2,400	0	0
Old Dominion Freight Line Inc.	COM	679580100	122	2,000	SH		OTR	2	2,000	0	0
PNC Financial Services Group I	COM	693475105	1,027	11,514	SH		DFND	01 02	10,259	0	1,255
PNC Financial Services Group I	COM	693475105	268	3,000	SH		OTR	2	3,000	0	0
Pfizer Inc.	COM	717081103	344	10,962	SH		DFND	01 02	5,762	0	5,200
Pfizer Inc.	COM	717081103	314	10,000	SH		OTR	2	10,000	0	0
Phillips 66	COM	718546104	3,697	48,112	SH		DFND	01 02	41,290	0	6,822
Phillips 66	COM	718546104	1,729	22,500	SH		OTR	2	22,500	0	0
Plum Creek Timber Co. Inc.	COM	729251108	723	18,305	SH		DFND	01 02	14,305	0	4,000
Plum Creek Timber Co. Inc.	COM	729251108	316	8,000	SH		OTR	2	8,000	0	0
Potash Corp. of Saskatchewan I	COM	73755L107	311	15,150	SH		DFND	01 02	11,200	0	3,950
Potash Corp. of Saskatchewan I	COM	73755L107	164	8,000	SH		OTR	2	8,000	0	0
Quest Diagnostics	COM	74834L100	750	12,195	SH		DFND	01 02	12,195	0	0
Quest Diagnostics	COM	74834L100	184	3,000	SH		OTR	2	3,000	0	0
Rayonier Advanced Materials In	COM	75508B104	132	21,635	SH		DFND	01 02	16,867	0	4,768
Rayonier Advanced Materials In	COM	75508B104	37	6,000	SH		OTR	2	6,000	0	0
Rayonier Incorporated	COM	754907103	1,445	65,464	SH		DFND	01 02	51,156	0	14,308
Rayonier Incorporated	COM	754907103	397	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	372	41,305	SH		DFND	01 02	34,116	0	7,189
Regions Financial Corp. New	COM	7591EP100	496	55,000	SH		OTR	2	55,000	0	0
Ryland Group Inc.	COM	783764103	2,485	60,870	SH		DFND	01 02	51,870	0	9,000
Ryland Group Inc.	COM	783764103	2,450	60,000	SH		OTR	2	60,000	0	0
Schlumberger Ltd.	COM	806857108	926	13,420	SH		DFND	01 02	11,420	0	2,000
Schlumberger Ltd.	COM	806857108	557	8,083	SH		OTR	2	8,083	0	0
South32 Limited	COM	84473L105	61	12,766	SH		DFND	01 02	10,476	0	2,290
South32 Limited	COM	84473L105	23	4,800	SH		OTR	2	4,800	0	0
Spectra Energy Corp.	COM	847560109	526	20,010	SH		DFND	01 02	16,510	0	3,500
Spectra Energy Corp.	COM	847560109	53	2,000	SH		OTR	2	2,000	0	0
Suncor Energy Inc. New	COM	867224107	639	23,900	SH		DFND	01 02	19,900	0	4,000
Suncor Energy Inc. New	COM	867224107	1,069	40,000	SH		OTR	2	40,000	0	0
Sysco Corporation	COM	871829107	337	8,650	SH		DFND	01 02	8,650	0	0
Transocean Ltd.	COM	H8817H100	248	19,220	SH		DFND	01 02	16,220	0	3,000
Transocean Ltd.	COM	H8817H100	103	8,000	SH		OTR	2	8,000	0	0
United Rentals Inc.	COM	911363109	168	2,800	SH		DFND	01 02	2,800	0	0
United Rentals Inc.	COM	911363109	60	1,000	SH		OTR	2	1,000	0	0
VSE Corporation	COM	918284100	4,732	118,100	SH		DFND	01 02	118,100	0	0
Valero Energy Corp.	COM	91913Y100	1,959	32,600	SH		DFND	01 02	25,600	0	7,000
Valero Energy Corp.	COM	91913Y100	901	15,000	SH		OTR	2	15,000	0	0
Vanguard FTSE Emerging Markets	COM	922042858	404	12,200	SH		DFND	01 02	12,200	0	0
Wal-Mart Stores Inc.	COM	931142103	928	14,309	SH		DFND	01 02	14,159	0	150
Wal-Mart Stores Inc.	COM	931142103	259	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	1	15,000	SH		OTR	2	15,000	0	0
Washington REIT SBI	COM	939653101	1,177	47,220	SH		DFND	01 02	39,220	0	8,000
Weatherford International PLC	COM	G48833100	12	1,400	SH		DFND	01 02	1,400	0	0
Weatherford International PLC	COM	G48833100	94	11,080	SH		OTR	2	11,080	0	0
Weyerhaeuser Company	COM	962166104	904	33,051	SH		DFND	01 02	28,188	0	4,863
Weyerhaeuser Company	COM	962166104	109	4,000	SH		OTR	2	4,000	0	0
Central Europe, Russia & Turke	CFND	153436100	468	26,184	SH		DFND	01 02	18,783	0	7,401
Central Europe, Russia & Turke	CFND	153436100	277	15,500	SH		OTR	2	15,500	0	0
India Fund Inc.	CFND	454089103	217	8,900	SH		DFND	01 02	8,900	0	0
Vanguard Wellington Admiral Sh	OFND	921935201	204	3,190	SH		DFND	01 02	3,190	0	0