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	234	3,700	SH		DFND	01 02	3,500	0	200
AFLAC Inc.	COM	001055102	63	1,000	SH		OTR	2	1,000	0	0
AT&T Inc.	COM	00206R102	220	5,606	SH		DFND	01 02	5,606	0	0
AbbVie Inc.	COM	00287Y109	1,028	17,990	SH		DFND	01 02	12,390	0	5,600
AbbVie Inc.	COM	00287Y109	171	3,000	SH		OTR	2	3,000	0	0
Abbott Laboratories Co.	COM	002824100	799	19,110	SH		DFND	01 02	13,510	0	5,600
Abbott Laboratories Co.	COM	002824100	125	3,000	SH		OTR	2	3,000	0	0
Agilent Technologies Inc.	COM	00846U101	182	4,574	SH		DFND	01 02	3,888	0	686
Agilent Technologies Inc.	COM	00846U101	97	2,440	SH		OTR	2	2,440	0	0
Anadarko Petroleum	COM	032511107	2,761	59,284	SH		DFND	01 02	52,084	0	7,200
Anadarko Petroleum	COM	032511107	1,956	42,000	SH		OTR	2	42,000	0	0
Apache Corporation	COM	037411105	3,344	68,503	SH		DFND	01 02	60,903	0	7,600
Apache Corporation	COM	037411105	1,489	30,500	SH		OTR	2	30,500	0	0
Apple Inc.	COM	037833100	1,784	16,368	SH		DFND	01 02	14,438	0	1,930
Apple Inc.	COM	037833100	229	2,100	SH		OTR	2	2,100	0	0
B B & T Corporation	COM	054937107	11,968	359,713	SH		DFND	01 02	319,572	0	40,141
B B & T Corporation	COM	054937107	5,789	174,000	SH		OTR	2	174,000	0	0
BHP Billiton PLC ADR	COM	05545E209	482	21,201	SH		DFND	01 02	15,601	0	5,600
BHP Billiton PLC ADR	COM	05545E209	273	12,000	SH		OTR	2	12,000	0	0
BP PLC	COM	055622104	732	24,250	SH		DFND	01 02	18,450	0	5,800
BP PLC	COM	055622104	302	10,000	SH		OTR	2	10,000	0	0
Bank of America Corporation	COM	060505104	1,287	95,175	SH		DFND	01 02	83,875	0	11,300
Bank of America Corporation	COM	060505104	460	34,000	SH		OTR	2	34,000	0	0
Berkshire Hathaway Inc. Class	COM	084670108	640	3	SH		DFND	01 02	3	0	0
Burke and Herbert Bank & Trust	COM	121331102	390	200	SH		DFND	01 02	200	0	0
Burke and Herbert Bank & Trust	COM	121331102	195	100	SH		OTR	2	100	0	0
CF Industries Holdings Inc.	COM	125269100	2,159	68,895	SH		DFND	01 02	57,635	0	11,260
CF Industries Holdings Inc.	COM	125269100	595	19,000	SH		OTR	2	19,000	0	0
CSRA Inc.	COM	12650T104	219	8,150	SH		DFND	01 02	8,150	0	0
CSRA Inc.	COM	12650T104	108	4,000	SH		OTR	2	4,000	0	0
CalAtlantic Group Inc.	COM	128195104	2,671	79,916	SH		DFND	01 02	69,245	0	10,671
CalAtlantic Group Inc.	COM	128195104	2,043	61,146	SH		OTR	2	61,146	0	0
Carter Bank & Trust	COM	146102108	205	15,000	SH		DFND	01 02	15,000	0	0
Caterpillar Inc.	COM	149123101	1,267	16,557	SH		DFND	01 02	12,557	0	4,000
Caterpillar Inc.	COM	149123101	153	2,000	SH		OTR	2	2,000	0	0
Cenovus Energy Inc.	COM	15135U109	537	41,320	SH		DFND	01 02	37,320	0	4,000
Cenovus Energy Inc.	COM	15135U109	403	31,000	SH		OTR	2	31,000	0	0
Chesapeake Energy Corp.	COM	165167107	226	54,970	SH		DFND	01 02	48,970	0	6,000
Chesapeake Energy Corp.	COM	165167107	181	44,000	SH		OTR	2	44,000	0	0
Chevron Corporation	COM	166764100	4,499	47,156	SH		DFND	01 02	40,456	0	6,700
Chevron Corporation	COM	166764100	1,813	19,000	SH		OTR	2	19,000	0	0
Cliffs Natural Resources Inc.	COM	18683K101	62	20,600	SH		DFND	01 02	18,000	0	2,600
Cliffs Natural Resources Inc.	COM	18683K101	90	30,000	SH		OTR	2	30,000	0	0
Comcast Corporation Cl A New	COM	20030N101	221	3,615	SH		DFND	01 02	3,615	0	0
Comcast Corporation Cl A New	COM	20030N101	296	4,852	SH		OTR	2	4,852	0	0
Computer Sciences Corp.	COM	205363104	280	8,150	SH		DFND	01 02	8,150	0	0
Computer Sciences Corp.	COM	205363104	138	4,000	SH		OTR	2	4,000	0	0
ConocoPhillips	COM	20825C104	3,866	96,005	SH		DFND	01 02	84,305	0	11,700
ConocoPhillips	COM	20825C104	1,812	45,000	SH		OTR	2	45,000	0	0
Darden Restaurants Inc.	COM	237194105	331	5,000	SH		DFND	01 02	5,000	0	0
Delta Air Lines Inc.	COM	247361702	578	11,880	SH		DFND	01 02	10,780	0	1,100
Delta Air Lines Inc.	COM	247361702	136	2,800	SH		OTR	2	2,800	0	0
Duke Energy Corp.	COM	26441C204	478	5,928	SH		DFND	01 02	4,595	0	1,333
EMC Corporation	COM	268648102	875	32,836	SH		DFND	01 02	32,836	0	0
Encana Corporation	COM	292505104	247	40,520	SH		DFND	01 02	36,520	0	4,000
Encana Corporation	COM	292505104	189	31,000	SH		OTR	2	31,000	0	0
Ensco PLC	COM	G3157S106	553	53,337	SH		DFND	01 02	40,637	0	12,700
Ensco PLC	COM	G3157S106	270	26,000	SH		OTR	2	26,000	0	0
Exxon Mobil Corp.	COM	30231G102	1,661	19,873	SH		DFND	01 02	19,873	0	0
Exxon Mobil Corp.	COM	30231G102	226	2,709	SH		OTR	2	2,709	0	0
Federal Realty Trust	COM	313747206	1,576	10,100	SH		DFND	01 02	10,100	0	0
Freeport-McMoRan Inc.	COM	35671D857	1,526	147,534	SH		DFND	01 02	122,466	0	25,068
Freeport-McMoRan Inc.	COM	35671D857	827	80,000	SH		OTR	2	80,000	0	0
General Electric Co.	COM	369604103	1,167	36,699	SH		DFND	01 02	30,699	0	6,000
General Electric Co.	COM	369604103	318	10,000	SH		OTR	2	10,000	0	0
General Mills Inc.	COM	370334104	17,743	280,075	SH		DFND	01 02	276,375	0	3,700
General Mills Inc.	COM	370334104	2,914	46,000	SH		OTR	2	46,000	0	0
HP Inc.	COM	40434L105	1,650	133,957	SH		DFND	01 02	112,457	0	21,500
HP Inc.	COM	40434L105	493	40,000	SH		OTR	2	40,000	0	0
Halliburton Company	COM	406216101	148	4,150	SH		DFND	01 02	3,800	0	350
Halliburton Company	COM	406216101	71	2,000	SH		OTR	2	2,000	0	0
Helmerich & Payne Inc.	COM	423452101	182	3,100	SH		DFND	01 02	3,100	0	0
Helmerich & Payne Inc.	COM	423452101	117	2,000	SH		OTR	2	2,000	0	0
Hewlett Packard Enterprise Co.	COM	42824C109	2,372	133,757	SH		DFND	01 02	112,257	0	21,500
Hewlett Packard Enterprise Co.	COM	42824C109	709	40,000	SH		OTR	2	40,000	0	0
International Business Machine	COM	459200101	9,147	60,393	SH		DFND	01 02	51,903	0	8,490
International Business Machine	COM	459200101	2,878	19,000	SH		OTR	2	19,000	0	0
John Deere & Co.	COM	244199105	2,327	30,220	SH		DFND	01 02	25,620	0	4,600
John Deere & Co.	COM	244199105	462	6,000	SH		OTR	2	6,000	0	0
Johnson & Johnson	COM	478160104	2,684	24,810	SH		DFND	01 02	20,130	0	4,680
Johnson & Johnson	COM	478160104	649	6,000	SH		OTR	2	6,000	0	0
Laboratory Corp. of America Ho	COM	50540R409	253	2,160	SH		DFND	01 02	2,160	0	0
Laboratory Corp. of America Ho	COM	50540R409	586	5,000	SH		OTR	2	5,000	0	0
MDU Resources	COM	552690109	2,104	108,100	SH		DFND	01 02	98,000	0	10,100
MDU Resources	COM	552690109	1,314	67,500	SH		OTR	2	67,500	0	0
McDonalds Corporation	COM	580135101	1,940	15,434	SH		DFND	01 02	12,934	0	2,500
McDonalds Corporation	COM	580135101	251	2,000	SH		OTR	2	2,000	0	0
Merck & Company Inc. New	COM	58933Y105	1,519	28,700	SH		DFND	01 02	22,700	0	6,000
Merck & Company Inc. New	COM	58933Y105	159	3,000	SH		OTR	2	3,000	0	0
Microsoft Corp.	COM	594918104	850	15,387	SH		DFND	01 02	11,987	0	3,400
Microsoft Corp.	COM	594918104	276	5,000	SH		OTR	2	5,000	0	0
NVR Inc.	COM	62944T105	3,378	1,950	SH		DFND	01 02	850	0	1,100
NVR Inc.	COM	62944T105	3,465	2,000	SH		OTR	2	2,000	0	0
Nabors Industries Ltd.	COM	G6359F103	176	19,088	SH		DFND	01 02	11,088	0	8,000
Nabors Industries Ltd.	COM	G6359F103	150	16,320	SH		OTR	2	16,320	0	0
National Oil Well Varco Inc.	COM	637071101	1,326	42,624	SH		DFND	01 02	36,724	0	5,900
National Oil Well Varco Inc.	COM	637071101	622	20,000	SH		OTR	2	20,000	0	0
NextEra Energy Inc.	COM	65339F101	1,787	15,100	SH		DFND	01 02	10,100	0	5,000
Noble Corp. PLC	COM	G65431101	94	9,100	SH		DFND	01 02	7,100	0	2,000
Noble Corp. PLC	COM	G65431101	103	10,000	SH		OTR	2	10,000	0	0
Noble Energy Inc.	COM	655044105	47	1,487	SH		DFND	01 02	1,487	0	0
Noble Energy Inc.	COM	655044105	165	5,252	SH		OTR	2	5,252	0	0
Now Inc.	COM	67011P100	230	12,995	SH		DFND	01 02	11,520	0	1,475
Now Inc.	COM	67011P100	89	5,000	SH		OTR	2	5,000	0	0
Old Dominion Freight Line Inc.	COM	679580100	220	3,160	SH		DFND	01 02	2,700	0	460
Old Dominion Freight Line Inc.	COM	679580100	139	2,000	SH		OTR	2	2,000	0	0
PNC Financial Services Group I	COM	693475105	973	11,501	SH		DFND	01 02	10,246	0	1,255
PNC Financial Services Group I	COM	693475105	254	3,000	SH		OTR	2	3,000	0	0
Pfizer Inc.	COM	717081103	292	9,862	SH		DFND	01 02	4,662	0	5,200
Pfizer Inc.	COM	717081103	296	10,000	SH		OTR	2	10,000	0	0
Phillips 66	COM	718546104	4,129	47,690	SH		DFND	01 02	40,490	0	7,200
Phillips 66	COM	718546104	1,948	22,500	SH		OTR	2	22,500	0	0
Potash Corp. of Saskatchewan I	COM	73755L107	253	14,850	SH		DFND	01 02	10,900	0	3,950
Potash Corp. of Saskatchewan I	COM	73755L107	136	8,000	SH		OTR	2	8,000	0	0
Quest Diagnostics	COM	74834L100	857	11,995	SH		DFND	01 02	11,995	0	0
Quest Diagnostics	COM	74834L100	214	3,000	SH		OTR	2	3,000	0	0
Rayonier Advanced Materials In	COM	75508B104	204	21,436	SH		DFND	01 02	16,668	0	4,768
Rayonier Advanced Materials In	COM	75508B104	57	6,000	SH		OTR	2	6,000	0	0
Rayonier Incorporated	COM	754907103	1,630	66,064	SH		DFND	01 02	50,556	0	15,508
Rayonier Incorporated	COM	754907103	444	18,000	SH		OTR	2	18,000	0	0
Raytheon Company	COM	755111507	785	6,400	SH		DFND	01 02	5,400	0	1,000
Raytheon Company	COM	755111507	491	4,000	SH		OTR	2	4,000	0	0
Regions Financial Corp. New	COM	7591EP100	299	38,117	SH		DFND	01 02	30,928	0	7,189
Regions Financial Corp. New	COM	7591EP100	432	55,000	SH		OTR	2	55,000	0	0
Schlumberger Ltd.	COM	806857108	982	13,320	SH		DFND	01 02	11,320	0	2,000
Schlumberger Ltd.	COM	806857108	596	8,083	SH		OTR	2	8,083	0	0
South32 Limited	COM	84473L105	66	12,096	SH		DFND	01 02	9,856	0	2,240
South32 Limited	COM	84473L105	26	4,800	SH		OTR	2	4,800	0	0
Spectra Energy Corp.	COM	847560109	606	19,810	SH		DFND	01 02	16,310	0	3,500
Spectra Energy Corp.	COM	847560109	61	2,000	SH		OTR	2	2,000	0	0
Suncor Energy Inc. New	COM	867224107	706	25,400	SH		DFND	01 02	20,400	0	5,000
Suncor Energy Inc. New	COM	867224107	1,112	40,000	SH		OTR	2	40,000	0	0
Sysco Corporation	COM	871829107	381	8,150	SH		DFND	01 02	8,150	0	0
Transocean Ltd.	COM	H8817H100	132	14,480	SH		DFND	01 02	11,480	0	3,000
Transocean Ltd.	COM	H8817H100	73	8,000	SH		OTR	2	8,000	0	0
United Rentals Inc.	COM	911363109	475	7,635	SH		DFND	01 02	6,935	0	700
United Rentals Inc.	COM	911363109	62	1,000	SH		OTR	2	1,000	0	0
VSE Corporation	COM	918284100	8,018	118,100	SH		DFND	01 02	118,100	0	0
Valero Energy Corp.	COM	91913Y100	2,097	32,700	SH		DFND	01 02	25,600	0	7,100
Valero Energy Corp.	COM	91913Y100	962	15,000	SH		OTR	2	15,000	0	0
Vanguard FTSE Emerging Markets	COM	922042858	422	12,200	SH		DFND	01 02	12,200	0	0
Wal-Mart Stores Inc.	COM	931142103	946	13,809	SH		DFND	01 02	13,509	0	300
Wal-Mart Stores Inc.	COM	931142103	274	4,000	SH		OTR	2	4,000	0	0
Walter Energy Inc.	COM	93317Q105	0	15,000	SH		OTR	2	15,000	0	0
Washington REIT SBI	COM	939653101	1,227	42,020	SH		DFND	01 02	34,020	0	8,000
Weatherford International PLC	COM	G48833100	11	1,400	SH		DFND	01 02	1,400	0	0
Weatherford International PLC	COM	G48833100	86	11,080	SH		OTR	2	11,080	0	0
Weyerhaeuser Company	COM	962166104	1,953	63,039	SH		DFND	01 02	51,076	0	11,963
Weyerhaeuser Company	COM	962166104	520	16,800	SH		OTR	2	16,800	0	0
Central Europe, Russia & Turke	CFND	153436100	400	21,350	SH		DFND	01 02	15,350	0	6,000
Central Europe, Russia & Turke	CFND	153436100	271	14,500	SH		OTR	2	14,500	0	0
India Fund Inc.	CFND	454089103	204	8,900	SH		DFND	01 02	8,900	0	0
Vanguard Wellington Admiral Sh	OFND	921935201	201	3,127	SH		DFND	01 02	3,127	0	0