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	374	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	228	5,606	SH		DFND	01 02	5,606	0	0
AbbVie Inc.	COM	00287Y109	1,065	16,890	SH		DFND	01 02	11,290	0	5,600
AbbVie Inc.	COM	00287Y109	189	3,000	SH		OTR	2	3,000	0	0
Abbott Laboratories Co.	COM	002824100	762	18,010	SH		DFND	01 02	12,410	0	5,600
Abbott Laboratories Co.	COM	002824100	127	3,000	SH		OTR	2	3,000	0	0
Agilent Technologies Inc.	COM	00846U101	215	4,574	SH		DFND	01 02	3,888	0	686
Agilent Technologies Inc.	COM	00846U101	115	2,440	SH		OTR	2	2,440	0	0
American Express Co.	COM	025816109	495	7,727	SH		DFND	01 02	7,657	0	70
Anadarko Petroleum	COM	032511107	5,160	81,439	SH		DFND	01 02	74,069	0	7,370
Anadarko Petroleum	COM	032511107	2,661	42,000	SH		OTR	2	42,000	0	0
Apache Corporation	COM	037411105	5,251	82,214	SH		DFND	01 02	74,614	0	7,600
Apache Corporation	COM	037411105	2,172	34,000	SH		OTR	2	34,000	0	0
Apple Inc.	COM	037833100	57	500	SH		SOLE		500	0	0
Apple Inc.	COM	037833100	1,980	17,510	SH		DFND	01 02	15,580	0	1,930
Apple Inc.	COM	037833100	237	2,100	SH		OTR	2	2,100	0	0
B B & T Corporation	COM	054937107	53	1,400	SH		SOLE		1,400	0	0
B B & T Corporation	COM	054937107	16,205	429,609	SH		DFND	01 02	389,048	0	40,561
B B & T Corporation	COM	054937107	6,563	174,000	SH		OTR	2	174,000	0	0
BHP Billiton PLC ADR	COM	05545E209	722	23,781	SH		DFND	01 02	18,181	0	5,600
BP PLC	COM	055622104	664	18,878	SH		DFND	01 02	13,078	0	5,800
BP PLC	COM	055622104	112	3,174	SH		OTR	2	3,174	0	0
Bank of America Corporation	COM	060505104	31	2,000	SH		SOLE		2,000	0	0
Bank of America Corporation	COM	060505104	4,455	284,644	SH		DFND	01 02	272,544	0	12,100
Bank of America Corporation	COM	060505104	697	44,516	SH		OTR	2	44,516	0	0
Berkshire Hathaway Inc. Class	COM	084670108	649	3	SH		DFND	01 02	3	0	0
Berkshire Hathaway Inc. Class	COM	084670702	227	1,572	SH		DFND	01 02	1,572	0	0
Burke and Herbert Bank & Trust	COM	121331102	386	200	SH		DFND	01 02	200	0	0
Burke and Herbert Bank & Trust	COM	121331102	193	100	SH		OTR	2	100	0	0
CF Industries Holdings Inc.	COM	125269100	2,188	89,855	SH		DFND	01 02	78,595	0	11,260
CF Industries Holdings Inc.	COM	125269100	925	38,000	SH		OTR	2	38,000	0	0
CSRA Inc.	COM	12650T104	217	8,050	SH		DFND	01 02	8,050	0	0
CSRA Inc.	COM	12650T104	108	4,000	SH		OTR	2	4,000	0	0
CSX Corporation	COM	126408103	290	9,500	SH		DFND	01 02	9,500	0	0
CalAtlantic Group Inc.	COM	128195104	50	1,500	SH		SOLE		1,500	0	0
CalAtlantic Group Inc.	COM	128195104	3,571	106,794	SH		DFND	01 02	96,123	0	10,671
CalAtlantic Group Inc.	COM	128195104	2,363	70,653	SH		OTR	2	70,653	0	0
Carter Bank & Trust	COM	146102108	291	22,100	SH		DFND	01 02	22,100	0	0
Caterpillar Inc.	COM	149123101	1,976	22,263	SH		DFND	01 02	18,218	0	4,045
Caterpillar Inc.	COM	149123101	178	2,000	SH		OTR	2	2,000	0	0
Cenovus Energy Inc.	COM	15135U109	1,105	76,900	SH		DFND	01 02	72,610	0	4,290
Cenovus Energy Inc.	COM	15135U109	345	24,000	SH		OTR	2	24,000	0	0
Chesapeake Energy Corp.	COM	165167107	505	80,470	SH		DFND	01 02	74,470	0	6,000
Chesapeake Energy Corp.	COM	165167107	552	88,000	SH		OTR	2	88,000	0	0
Chevron Corporation	COM	166764100	62	600	SH		SOLE		600	0	0
Chevron Corporation	COM	166764100	6,668	64,789	SH		DFND	01 02	57,989	0	6,800
Chevron Corporation	COM	166764100	1,955	19,000	SH		OTR	2	19,000	0	0
Cliffs Natural Resources Inc.	COM	18683K101	123	21,100	SH		DFND	01 02	18,500	0	2,600
Cliffs Natural Resources Inc.	COM	18683K101	175	30,000	SH		OTR	2	30,000	0	0
Comcast Corporation Cl A New	COM	20030N101	208	3,131	SH		DFND	01 02	3,131	0	0
Comcast Corporation Cl A New	COM	20030N101	322	4,852	SH		OTR	2	4,852	0	0
Computer Sciences Corp.	COM	205363104	420	8,050	SH		DFND	01 02	8,050	0	0
Computer Sciences Corp.	COM	205363104	209	4,000	SH		OTR	2	4,000	0	0
ConocoPhillips	COM	20825C104	3,846	88,481	SH		DFND	01 02	76,781	0	11,700
ConocoPhillips	COM	20825C104	1,574	36,199	SH		OTR	2	36,199	0	0
Costco Wholesale Corporation	COM	22160K105	229	1,500	SH		DFND	01 02	1,400	0	100
Darden Restaurants Inc.	COM	237194105	307	5,000	SH		DFND	01 02	5,000	0	0
Delta Air Lines Inc.	COM	247361702	39	1,000	SH		SOLE		1,000	0	0
Delta Air Lines Inc.	COM	247361702	1,322	33,600	SH		DFND	01 02	32,500	0	1,100
Delta Air Lines Inc.	COM	247361702	220	5,600	SH		OTR	2	5,600	0	0
Duke Energy Corp.	COM	26441C204	338	4,227	SH		DFND	01 02	2,894	0	1,333
Eagle Bancorp Inc. MD	COM	268948106	384	7,788	SH		DFND	01 02	7,788	0	0
Encana Corporation	COM	292505104	949	90,679	SH		DFND	01 02	86,154	0	4,525
Encana Corporation	COM	292505104	251	24,000	SH		OTR	2	24,000	0	0
Ensco PLC	COM	G3157S106	362	42,547	SH		DFND	01 02	29,847	0	12,700
Ensco PLC	COM	G3157S106	442	52,000	SH		OTR	2	52,000	0	0
Exxon Mobil Corp.	COM	30231G102	1,735	19,873	SH		DFND	01 02	19,873	0	0
Exxon Mobil Corp.	COM	30231G102	236	2,709	SH		OTR	2	2,709	0	0
Federal Realty Trust	COM	313747206	1,401	9,100	SH		DFND	01 02	9,100	0	0
Freeport-McMoRan Inc.	COM	35671D857	2,107	194,010	SH		DFND	01 02	168,942	0	25,068
Freeport-McMoRan Inc.	COM	35671D857	1,412	130,000	SH		OTR	2	130,000	0	0
General Electric Co.	COM	369604103	30	1,000	SH		SOLE		1,000	0	0
General Electric Co.	COM	369604103	1,062	35,845	SH		DFND	01 02	29,845	0	6,000
General Electric Co.	COM	369604103	237	8,000	SH		OTR	2	8,000	0	0
General Mills Inc.	COM	370334104	38	600	SH		SOLE		600	0	0
General Mills Inc.	COM	370334104	14,890	233,095	SH		DFND	01 02	229,395	0	3,700
General Mills Inc.	COM	370334104	2,938	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	1,698	109,357	SH		DFND	01 02	87,857	0	21,500
HP Inc.	COM	40434L105	466	30,000	SH		OTR	2	30,000	0	0
Halliburton Company	COM	406216101	141	3,150	SH		DFND	01 02	2,800	0	350
Halliburton Company	COM	406216101	90	2,000	SH		OTR	2	2,000	0	0
Helmerich & Payne Inc.	COM	423452101	202	3,000	SH		DFND	01 02	3,000	0	0
Hewlett Packard Enterprise Co.	COM	42824C109	2,724	119,757	SH		DFND	01 02	98,257	0	21,500
Hewlett Packard Enterprise Co.	COM	42824C109	728	32,000	SH		OTR	2	32,000	0	0
Home Depot Inc.	COM	437076102	439	3,413	SH		DFND	01 02	3,413	0	0
Honeywell International Inc.	COM	438516106	12	100	SH		SOLE		100	0	0
Honeywell International Inc.	COM	438516106	408	3,500	SH		DFND	01 02	3,500	0	0
International Business Machine	COM	459200101	64	400	SH		SOLE		400	0	0
International Business Machine	COM	459200101	9,403	59,193	SH		DFND	01 02	50,703	0	8,490
International Business Machine	COM	459200101	3,018	19,000	SH		OTR	2	19,000	0	0
John Deere & Co.	COM	244199105	2,543	29,800	SH		DFND	01 02	25,200	0	4,600
John Deere & Co.	COM	244199105	512	6,000	SH		OTR	2	6,000	0	0
Johnson & Johnson	COM	478160104	59	500	SH		SOLE		500	0	0
Johnson & Johnson	COM	478160104	2,782	23,552	SH		DFND	01 02	18,872	0	4,680
Johnson & Johnson	COM	478160104	709	6,000	SH		OTR	2	6,000	0	0
LGI Homes Inc	COM	50187T106	37	1,000	SH		SOLE		1,000	0	0
LGI Homes Inc	COM	50187T106	368	10,000	SH		DFND	01 02	10,000	0	0
LGI Homes Inc	COM	50187T106	405	11,000	SH		OTR	2	11,000	0	0
Laboratory Corp. of America Ho	COM	50540R409	55	400	SH		SOLE		400	0	0
Laboratory Corp. of America Ho	COM	50540R409	428	3,110	SH		DFND	01 02	3,110	0	0
Laboratory Corp. of America Ho	COM	50540R409	687	5,000	SH		OTR	2	5,000	0	0
MDU Resources	COM	552690109	3,748	147,310	SH		DFND	01 02	136,875	0	10,435
MDU Resources	COM	552690109	1,717	67,500	SH		OTR	2	67,500	0	0
McDonalds Corporation	COM	580135101	1,631	14,139	SH		DFND	01 02	11,639	0	2,500
McDonalds Corporation	COM	580135101	231	2,000	SH		OTR	2	2,000	0	0
Merck & Company Inc. New	COM	58933Y105	2,884	46,218	SH		DFND	01 02	40,043	0	6,175
Merck & Company Inc. New	COM	58933Y105	187	3,000	SH		OTR	2	3,000	0	0
Microsoft Corp.	COM	594918104	886	15,387	SH		DFND	01 02	11,987	0	3,400
Microsoft Corp.	COM	594918104	288	5,000	SH		OTR	2	5,000	0	0
Middleburg Financial Corporati	COM	596094102	986	34,879	SH		DFND	01 02	34,879	0	0
NVR Inc.	COM	62944T105	3,034	1,850	SH		DFND	01 02	750	0	1,100
NVR Inc.	COM	62944T105	3,280	2,000	SH		OTR	2	2,000	0	0
Nabors Industries Ltd.	COM	G6359F103	780	64,125	SH		DFND	01 02	55,850	0	8,275
Nabors Industries Ltd.	COM	G6359F103	397	32,640	SH		OTR	2	32,640	0	0
National Oil Well Varco Inc.	COM	637071101	2,099	57,144	SH		DFND	01 02	51,089	0	6,055
National Oil Well Varco Inc.	COM	637071101	346	9,419	SH		OTR	2	9,419	0	0
NextEra Energy Inc.	COM	65339F101	1,810	14,800	SH		DFND	01 02	9,800	0	5,000
Noble Energy Inc.	COM	655044105	39	1,087	SH		DFND	01 02	1,087	0	0
Noble Energy Inc.	COM	655044105	304	8,504	SH		OTR	2	8,504	0	0
Now Inc.	COM	67011P100	314	14,641	SH		DFND	01 02	13,128	0	1,513
Now Inc.	COM	67011P100	61	2,838	SH		OTR	2	2,838	0	0
Old Dominion Freight Line Inc.	COM	679580100	217	3,160	SH		DFND	01 02	2,700	0	460
Old Dominion Freight Line Inc.	COM	679580100	137	2,000	SH		OTR	2	2,000	0	0
PNC Financial Services Group I	COM	693475105	3,106	34,474	SH		DFND	01 02	33,070	0	1,404
PNC Financial Services Group I	COM	693475105	270	3,000	SH		OTR	2	3,000	0	0
Pfizer Inc.	COM	717081103	27	800	SH		SOLE		800	0	0
Pfizer Inc.	COM	717081103	276	8,162	SH		DFND	01 02	2,962	0	5,200
Pfizer Inc.	COM	717081103	339	10,000	SH		OTR	2	10,000	0	0
Philip Morris Intl Inc.	COM	718172109	385	3,955	SH		DFND	01 02	3,955	0	0
Phillips 66	COM	718546104	3,773	46,839	SH		DFND	01 02	39,639	0	7,200
Phillips 66	COM	718546104	1,812	22,500	SH		OTR	2	22,500	0	0
Potash Corp. of Saskatchewan I	COM	73755L107	211	12,900	SH		DFND	01 02	8,950	0	3,950
Quest Diagnostics	COM	74834L100	858	10,135	SH		DFND	01 02	10,135	0	0
Quest Diagnostics	COM	74834L100	254	3,000	SH		OTR	2	3,000	0	0
Rayonier Advanced Materials In	COM	75508B104	821	61,424	SH		DFND	01 02	56,356	0	5,068
Rayonier Advanced Materials In	COM	75508B104	80	6,000	SH		OTR	2	6,000	0	0
Rayonier Incorporated	COM	754907103	2,925	110,228	SH		DFND	01 02	94,435	0	15,793
Rayonier Incorporated	COM	754907103	478	18,000	SH		OTR	2	18,000	0	0
Raytheon Company	COM	755111507	817	6,000	SH		DFND	01 02	5,000	0	1,000
Raytheon Company	COM	755111507	545	4,000	SH		OTR	2	4,000	0	0
Regions Financial Corp. New	COM	7591EP100	332	33,646	SH		DFND	01 02	26,457	0	7,189
Regions Financial Corp. New	COM	7591EP100	395	40,000	SH		OTR	2	40,000	0	0
SPDR S&P 500 ETF Trust	COM	78462F103	387	1,790	SH		DFND	01 02	1,790	0	0
Schlumberger Ltd.	COM	806857108	1,281	16,288	SH		DFND	01 02	14,288	0	2,000
Schlumberger Ltd.	COM	806857108	663	8,426	SH		OTR	2	8,426	0	0
South32 Limited	COM	84473L105	102	10,888	SH		DFND	01 02	8,648	0	2,240
South32 Limited	COM	84473L105	45	4,800	SH		OTR	2	4,800	0	0
Spectra Energy Corp.	COM	847560109	791	18,510	SH		DFND	01 02	15,010	0	3,500
Spectra Energy Corp.	COM	847560109	85	2,000	SH		OTR	2	2,000	0	0
Stonegate Bank	COM	861811107	348	10,303	SH		DFND	01 02	10,303	0	0
Suncor Energy Inc. New	COM	867224107	1,028	37,000	SH		DFND	01 02	32,000	0	5,000
Suncor Energy Inc. New	COM	867224107	1,111	40,000	SH		OTR	2	40,000	0	0
Sysco Corporation	COM	871829107	382	7,800	SH		DFND	01 02	7,800	0	0
Torchmark Corporation	COM	891027104	3,423	53,572	SH		DFND	01 02	53,572	0	0
Transocean Ltd.	COM	H8817H100	120	11,284	SH		DFND	01 02	8,284	0	3,000
Transocean Ltd.	COM	H8817H100	85	8,000	SH		OTR	2	8,000	0	0
Umpqua Holdings Corporation	COM	904214103	408	27,139	SH		DFND	01 02	27,139	0	0
United Rentals Inc.	COM	911363109	704	8,975	SH		DFND	01 02	8,275	0	700
United Rentals Inc.	COM	911363109	78	1,000	SH		OTR	2	1,000	0	0
VSE Corporation	COM	918284100	8,020	235,946	SH		DFND	01 02	235,946	0	0
Valero Energy Corp.	COM	91913Y100	1,694	31,960	SH		DFND	01 02	24,860	0	7,100
Valero Energy Corp.	COM	91913Y100	795	15,000	SH		OTR	2	15,000	0	0
Vanguard FTSE Emerging Markets	COM	922042858	429	11,390	SH		DFND	01 02	11,390	0	0
Wal-Mart Stores Inc.	COM	931142103	978	13,554	SH		DFND	01 02	13,254	0	300
Wal-Mart Stores Inc.	COM	931142103	288	4,000	SH		OTR	2	4,000	0	0
Washington REIT SBI	COM	939653101	2,047	65,775	SH		DFND	01 02	57,485	0	8,290
Weyerhaeuser Company	COM	962166104	2,025	63,410	SH		DFND	01 02	51,447	0	11,963
Weyerhaeuser Company	COM	962166104	537	16,800	SH		OTR	2	16,800	0	0
Central Europe, Russia & Turke	CFND	153436100	306	15,920	SH		DFND	01 02	9,920	0	6,000
Central Europe, Russia & Turke	CFND	153436100	192	10,000	SH		OTR	2	10,000	0	0
India Fund Inc.	CFND	454089103	221	8,900	SH		DFND	01 02	8,900	0	0
Munivest	CFND	09253r105	187	17,685	SH		DFND	01 02	17,685	0	0