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	375	5,200	SH		DFND	01 02	5,000	0	200
AFLAC Inc.	COM	001055102	72	1,000	SH		OTR	2	1,000	0	0
AT&T Inc.	COM	00206R102	242	5,606	SH		DFND	01 02	5,606	0	0
AbbVie Inc.	COM	00287Y109	1,052	16,990	SH		DFND	01 02	11,390	0	5,600
AbbVie Inc.	COM	00287Y109	186	3,000	SH		OTR	2	3,000	0	0
Abbott Laboratories Co.	COM	002824100	712	18,110	SH		DFND	01 02	12,510	0	5,600
Abbott Laboratories Co.	COM	002824100	118	3,000	SH		OTR	2	3,000	0	0
Agilent Technologies Inc.	COM	00846U101	203	4,574	SH		DFND	01 02	3,888	0	686
Agilent Technologies Inc.	COM	00846U101	108	2,440	SH		OTR	2	2,440	0	0
American Express Co.	COM	025816109	473	7,787	SH		DFND	01 02	7,717	0	70
Anadarko Petroleum	COM	032511107	4,344	81,569	SH		DFND	01 02	74,199	0	7,370
Anadarko Petroleum	COM	032511107	2,236	42,000	SH		OTR	2	42,000	0	0
Apache Corporation	COM	037411105	3,888	69,844	SH		DFND	01 02	62,244	0	7,600
Apache Corporation	COM	037411105	1,698	30,500	SH		OTR	2	30,500	0	0
Apple Inc.	COM	037833100	1,572	16,440	SH		DFND	01 02	14,510	0	1,930
Apple Inc.	COM	037833100	201	2,100	SH		OTR	2	2,100	0	0
B B & T Corporation	COM	054937107	15,324	430,340	SH		DFND	01 02	389,779	0	40,561
B B & T Corporation	COM	054937107	6,196	174,000	SH		OTR	2	174,000	0	0
BHP Billiton PLC ADR	COM	05545E209	532	20,951	SH		DFND	01 02	15,351	0	5,600
BHP Billiton PLC ADR	COM	05545E209	305	12,000	SH		OTR	2	12,000	0	0
BP PLC	COM	055622104	836	23,550	SH		DFND	01 02	17,750	0	5,800
BP PLC	COM	055622104	355	10,000	SH		OTR	2	10,000	0	0
Bank of America Corporation	COM	060505104	3,083	232,346	SH		DFND	01 02	220,246	0	12,100
Bank of America Corporation	COM	060505104	451	34,000	SH		OTR	2	34,000	0	0
Berkshire Hathaway Inc. Class	COM	084670108	651	3	SH		DFND	01 02	3	0	0
Berkshire Hathaway Inc. Class	COM	084670702	228	1,572	SH		DFND	01 02	1,572	0	0
Burke and Herbert Bank & Trust	COM	121331102	384	200	SH		DFND	01 02	200	0	0
Burke and Herbert Bank & Trust	COM	121331102	192	100	SH		OTR	2	100	0	0
CF Industries Holdings Inc.	COM	125269100	1,634	67,805	SH		DFND	01 02	56,545	0	11,260
CF Industries Holdings Inc.	COM	125269100	458	19,000	SH		OTR	2	19,000	0	0
CSRA Inc.	COM	12650T104	191	8,150	SH		DFND	01 02	8,150	0	0
CSRA Inc.	COM	12650T104	94	4,000	SH		OTR	2	4,000	0	0
CSX Corporation	COM	126408103	248	9,500	SH		DFND	01 02	9,500	0	0
CalAtlantic Group Inc.	COM	128195104	3,294	89,736	SH		DFND	01 02	79,065	0	10,671
CalAtlantic Group Inc.	COM	128195104	2,245	61,146	SH		OTR	2	61,146	0	0
Carter Bank & Trust	COM	146102108	261	20,600	SH		DFND	01 02	20,600	0	0
Caterpillar Inc.	COM	149123101	1,712	22,578	SH		DFND	01 02	18,533	0	4,045
Caterpillar Inc.	COM	149123101	152	2,000	SH		OTR	2	2,000	0	0
Cenovus Energy Inc.	COM	15135U109	1,063	76,906	SH		DFND	01 02	72,616	0	4,290
Cenovus Energy Inc.	COM	15135U109	428	31,000	SH		OTR	2	31,000	0	0
Chesapeake Energy Corp.	COM	165167107	229	53,470	SH		DFND	01 02	47,470	0	6,000
Chesapeake Energy Corp.	COM	165167107	188	44,000	SH		OTR	2	44,000	0	0
Chevron Corporation	COM	166764100	6,847	65,320	SH		DFND	01 02	58,520	0	6,800
Chevron Corporation	COM	166764100	1,992	19,000	SH		OTR	2	19,000	0	0
Cliffs Natural Resources Inc.	COM	18683K101	114	20,100	SH		DFND	01 02	17,500	0	2,600
Cliffs Natural Resources Inc.	COM	18683K101	170	30,000	SH		OTR	2	30,000	0	0
Comcast Corporation Cl A New	COM	20030N101	204	3,131	SH		DFND	01 02	3,131	0	0
Comcast Corporation Cl A New	COM	20030N101	316	4,852	SH		OTR	2	4,852	0	0
Computer Sciences Corp.	COM	205363104	405	8,150	SH		DFND	01 02	8,150	0	0
Computer Sciences Corp.	COM	205363104	199	4,000	SH		OTR	2	4,000	0	0
ConocoPhillips	COM	20825C104	4,143	95,023	SH		DFND	01 02	83,323	0	11,700
ConocoPhillips	COM	20825C104	1,962	45,000	SH		OTR	2	45,000	0	0
Costco Wholesale Corporation	COM	22160K105	236	1,500	SH		DFND	01 02	1,400	0	100
Darden Restaurants Inc.	COM	237194105	317	5,000	SH		DFND	01 02	5,000	0	0
Delta Air Lines Inc.	COM	247361702	651	17,880	SH		DFND	01 02	16,780	0	1,100
Delta Air Lines Inc.	COM	247361702	102	2,800	SH		OTR	2	2,800	0	0
Duke Energy Corp.	COM	26441C204	477	5,559	SH		DFND	01 02	4,226	0	1,333
EMC Corporation	COM	268648102	892	32,836	SH		DFND	01 02	32,836	0	0
Eagle Bancorp Inc. MD	COM	268948106	375	7,788	SH		DFND	01 02	7,788	0	0
Encana Corporation	COM	292505104	644	82,686	SH		DFND	01 02	78,161	0	4,525
Encana Corporation	COM	292505104	241	31,000	SH		OTR	2	31,000	0	0
Ensco PLC	COM	G3157S106	498	51,337	SH		DFND	01 02	38,637	0	12,700
Ensco PLC	COM	G3157S106	252	26,000	SH		OTR	2	26,000	0	0
Exxon Mobil Corp.	COM	30231G102	1,863	19,873	SH		DFND	01 02	19,873	0	0
Exxon Mobil Corp.	COM	30231G102	254	2,709	SH		OTR	2	2,709	0	0
Federal Realty Trust	COM	313747206	1,507	9,100	SH		DFND	01 02	9,100	0	0
Freeport-McMoRan Inc.	COM	35671D857	1,624	145,786	SH		DFND	01 02	120,718	0	25,068
Freeport-McMoRan Inc.	COM	35671D857	891	80,000	SH		OTR	2	80,000	0	0
General Electric Co.	COM	369604103	1,128	35,845	SH		DFND	01 02	29,845	0	6,000
General Electric Co.	COM	369604103	315	10,000	SH		OTR	2	10,000	0	0
General Mills Inc.	COM	370334104	19,547	274,075	SH		DFND	01 02	270,375	0	3,700
General Mills Inc.	COM	370334104	3,281	46,000	SH		OTR	2	46,000	0	0
Gulf Coast Ultra Deep Royalty	COM	40222T104	1	13,000	SH		DFND	01 02	13,000	0	0
HP Inc.	COM	40434L105	1,642	130,857	SH		DFND	01 02	109,357	0	21,500
HP Inc.	COM	40434L105	502	40,000	SH		OTR	2	40,000	0	0
Halliburton Company	COM	406216101	143	3,150	SH		DFND	01 02	2,800	0	350
Halliburton Company	COM	406216101	91	2,000	SH		OTR	2	2,000	0	0
Helmerich & Payne Inc.	COM	423452101	201	3,000	SH		DFND	01 02	3,000	0	0
Helmerich & Payne Inc.	COM	423452101	134	2,000	SH		OTR	2	2,000	0	0
Hewlett Packard Enterprise Co.	COM	42824C109	2,387	130,657	SH		DFND	01 02	109,157	0	21,500
Hewlett Packard Enterprise Co.	COM	42824C109	731	40,000	SH		OTR	2	40,000	0	0
Home Depot Inc.	COM	437076102	436	3,414	SH		DFND	01 02	3,414	0	0
International Business Machine	COM	459200101	8,893	58,593	SH		DFND	01 02	50,103	0	8,490
International Business Machine	COM	459200101	2,884	19,000	SH		OTR	2	19,000	0	0
John Deere & Co.	COM	244199105	2,431	30,000	SH		DFND	01 02	25,400	0	4,600
John Deere & Co.	COM	244199105	486	6,000	SH		OTR	2	6,000	0	0
Johnson & Johnson	COM	478160104	2,882	23,762	SH		DFND	01 02	19,082	0	4,680
Johnson & Johnson	COM	478160104	728	6,000	SH		OTR	2	6,000	0	0
Laboratory Corp. of America Ho	COM	50540R409	281	2,160	SH		DFND	01 02	2,160	0	0
Laboratory Corp. of America Ho	COM	50540R409	651	5,000	SH		OTR	2	5,000	0	0
MDU Resources	COM	552690109	3,576	149,015	SH		DFND	01 02	138,580	0	10,435
MDU Resources	COM	552690109	1,620	67,500	SH		OTR	2	67,500	0	0
McDonalds Corporation	COM	580135101	1,780	14,789	SH		DFND	01 02	12,289	0	2,500
McDonalds Corporation	COM	580135101	241	2,000	SH		OTR	2	2,000	0	0
Merck & Company Inc. New	COM	58933Y105	2,662	46,210	SH		DFND	01 02	40,035	0	6,175
Merck & Company Inc. New	COM	58933Y105	173	3,000	SH		OTR	2	3,000	0	0
Microsoft Corp.	COM	594918104	787	15,387	SH		DFND	01 02	11,987	0	3,400
Microsoft Corp.	COM	594918104	256	5,000	SH		OTR	2	5,000	0	0
Middleburg Financial Corporati	COM	596094102	949	34,875	SH		DFND	01 02	34,875	0	0
NVR Inc.	COM	62944T105	3,294	1,850	SH		DFND	01 02	750	0	1,100
NVR Inc.	COM	62944T105	3,561	2,000	SH		OTR	2	2,000	0	0
Nabors Industries Ltd.	COM	G6359F103	646	64,245	SH		DFND	01 02	55,970	0	8,275
Nabors Industries Ltd.	COM	G6359F103	164	16,320	SH		OTR	2	16,320	0	0
National Oil Well Varco Inc.	COM	637071101	2,061	61,251	SH		DFND	01 02	55,196	0	6,055
National Oil Well Varco Inc.	COM	637071101	673	20,000	SH		OTR	2	20,000	0	0
NextEra Energy Inc.	COM	65339F101	1,969	15,100	SH		DFND	01 02	10,100	0	5,000
Noble Corp. PLC	COM	G65431101	75	9,100	SH		DFND	01 02	7,100	0	2,000
Noble Corp. PLC	COM	G65431101	82	10,000	SH		OTR	2	10,000	0	0
Noble Energy Inc.	COM	655044105	39	1,087	SH		DFND	01 02	1,087	0	0
Noble Energy Inc.	COM	655044105	188	5,252	SH		OTR	2	5,252	0	0
Now Inc.	COM	67011P100	275	15,140	SH		DFND	01 02	13,627	0	1,513
Now Inc.	COM	67011P100	91	5,000	SH		OTR	2	5,000	0	0
Old Dominion Freight Line Inc.	COM	679580100	191	3,160	SH		DFND	01 02	2,700	0	460
Old Dominion Freight Line Inc.	COM	679580100	121	2,000	SH		OTR	2	2,000	0	0
PNC Financial Services Group I	COM	693475105	2,814	34,569	SH		DFND	01 02	33,165	0	1,404
PNC Financial Services Group I	COM	693475105	244	3,000	SH		OTR	2	3,000	0	0
Pfizer Inc.	COM	717081103	287	8,162	SH		DFND	01 02	2,962	0	5,200
Pfizer Inc.	COM	717081103	352	10,000	SH		OTR	2	10,000	0	0
Philip Morris Intl Inc.	COM	718172109	402	3,955	SH		DFND	01 02	3,955	0	0
Phillips 66	COM	718546104	3,732	47,035	SH		DFND	01 02	39,835	0	7,200
Phillips 66	COM	718546104	1,785	22,500	SH		OTR	2	22,500	0	0
Potash Corp. of Saskatchewan I	COM	73755L107	241	14,850	SH		DFND	01 02	10,900	0	3,950
Potash Corp. of Saskatchewan I	COM	73755L107	130	8,000	SH		OTR	2	8,000	0	0
Quest Diagnostics	COM	74834L100	846	10,395	SH		DFND	01 02	10,395	0	0
Quest Diagnostics	COM	74834L100	244	3,000	SH		OTR	2	3,000	0	0
Rayonier Advanced Materials In	COM	75508B104	858	63,105	SH		DFND	01 02	58,037	0	5,068
Rayonier Advanced Materials In	COM	75508B104	82	6,000	SH		OTR	2	6,000	0	0
Rayonier Incorporated	COM	754907103	2,897	110,385	SH		DFND	01 02	94,592	0	15,793
Rayonier Incorporated	COM	754907103	472	18,000	SH		OTR	2	18,000	0	0
Raytheon Company	COM	755111507	843	6,200	SH		DFND	01 02	5,200	0	1,000
Raytheon Company	COM	755111507	544	4,000	SH		OTR	2	4,000	0	0
Regions Financial Corp. New	COM	7591EP100	289	33,917	SH		DFND	01 02	26,728	0	7,189
Regions Financial Corp. New	COM	7591EP100	468	55,000	SH		OTR	2	55,000	0	0
SPDR S&P 500 ETF Trust	COM	78462F103	375	1,791	SH		DFND	01 02	1,791	0	0
Schlumberger Ltd.	COM	806857108	978	12,368	SH		DFND	01 02	10,368	0	2,000
Schlumberger Ltd.	COM	806857108	666	8,426	SH		OTR	2	8,426	0	0
South32 Limited	COM	84473L105	69	11,676	SH		DFND	01 02	9,436	0	2,240
South32 Limited	COM	84473L105	28	4,800	SH		OTR	2	4,800	0	0
Spectra Energy Corp.	COM	847560109	678	18,510	SH		DFND	01 02	15,010	0	3,500
Spectra Energy Corp.	COM	847560109	73	2,000	SH		OTR	2	2,000	0	0
Stonegate Bank	COM	861811107	333	10,305	SH		DFND	01 02	10,305	0	0
Suncor Energy Inc. New	COM	867224107	713	25,700	SH		DFND	01 02	20,700	0	5,000
Suncor Energy Inc. New	COM	867224107	1,109	40,000	SH		OTR	2	40,000	0	0
Sysco Corporation	COM	871829107	411	8,100	SH		DFND	01 02	8,100	0	0
Torchmark Corporation	COM	891027104	3,312	53,572	SH		DFND	01 02	53,572	0	0
Transocean Ltd.	COM	H8817H100	171	14,345	SH		DFND	01 02	11,345	0	3,000
Transocean Ltd.	COM	H8817H100	95	8,000	SH		OTR	2	8,000	0	0
Umpqua Holdings Corporation	COM	904214103	396	25,619	SH		DFND	01 02	25,619	0	0
United Rentals Inc.	COM	911363109	602	8,975	SH		DFND	01 02	8,275	0	700
United Rentals Inc.	COM	911363109	67	1,000	SH		OTR	2	1,000	0	0
VSE Corporation	COM	918284100	7,881	117,973	SH		DFND	01 02	117,973	0	0
Valero Energy Corp.	COM	91913Y100	1,630	31,960	SH		DFND	01 02	24,860	0	7,100
Valero Energy Corp.	COM	91913Y100	765	15,000	SH		OTR	2	15,000	0	0
Vanguard FTSE Emerging Markets	COM	922042858	401	11,391	SH		DFND	01 02	11,391	0	0
Verizon Communications Inc.	COM	92343V104	204	3,650	SH		DFND	01 02	3,650	0	0
Wal-Mart Stores Inc.	COM	931142103	990	13,554	SH		DFND	01 02	13,254	0	300
Wal-Mart Stores Inc.	COM	931142103	292	4,000	SH		OTR	2	4,000	0	0
Walter Energy Inc.	COM	93317Q105	1	15,000	SH		OTR	2	15,000	0	0
Washington REIT SBI	COM	939653101	2,349	74,660	SH		DFND	01 02	66,370	0	8,290
Weatherford International PLC	COM	G48833100	8	1,400	SH		DFND	01 02	1,400	0	0
Weatherford International PLC	COM	G48833100	61	11,080	SH		OTR	2	11,080	0	0
Weyerhaeuser Company	COM	962166104	1,906	64,015	SH		DFND	01 02	52,052	0	11,963
Weyerhaeuser Company	COM	962166104	500	16,800	SH		OTR	2	16,800	0	0
Central Europe, Russia & Turke	CFND	153436100	312	17,019	SH		DFND	01 02	11,019	0	6,000
Central Europe, Russia & Turke	CFND	153436100	266	14,500	SH		OTR	2	14,500	0	0
India Fund Inc.	CFND	454089103	216	8,900	SH		DFND	01 02	8,900	0	0
Munivest	CFND	09253r105	196	17,685	SH		DFND	01 02	17,685	0	0