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	377	5,200	SH		DFND	01 02	5,000	0	200
AFLAC Inc.	COM	001055102	72	1,000	SH		OTR	2	1,000	0	0
AbbVie Inc.	COM	00287Y109	1,114	17,090	SH		DFND	01 02	11,490	0	5,600
AbbVie Inc.	COM	00287Y109	195	3,000	SH		OTR	2	3,000	0	0
Abbott Laboratories Co.	COM	002824100	800	18,010	SH		DFND	01 02	12,410	0	5,600
Abbott Laboratories Co.	COM	002824100	133	3,000	SH		OTR	2	3,000	0	0
Agilent Technologies Inc.	COM	00846U101	210	3,964	SH		DFND	01 02	3,278	0	686
Agilent Technologies Inc.	COM	00846U101	129	2,440	SH		OTR	2	2,440	0	0
American Express Co.	COM	025816109	558	7,057	SH		DFND	01 02	6,987	0	70
Anadarko Petroleum	COM	032511107	4,963	80,041	SH		DFND	01 02	72,671	0	7,370
Anadarko Petroleum	COM	032511107	2,604	42,000	SH		OTR	2	42,000	0	0
Apache Corporation	COM	037411105	3,667	71,359	SH		DFND	01 02	63,759	0	7,600
Apache Corporation	COM	037411105	1,567	30,500	SH		OTR	2	30,500	0	0
Apple Inc.	COM	037833100	2,587	18,010	SH		DFND	01 02	16,080	0	1,930
Apple Inc.	COM	037833100	302	2,100	SH		OTR	2	2,100	0	0
B B & T Corporation	COM	054937107	19,070	426,627	SH		DFND	01 02	386,066	0	40,561
B B & T Corporation	COM	054937107	7,778	174,000	SH		OTR	2	174,000	0	0
BHP Billiton PLC ADR	COM	05545E209	671	21,531	SH		DFND	01 02	18,531	0	3,000
BHP Billiton PLC ADR	COM	05545E209	374	12,000	SH		OTR	2	12,000	0	0
BP PLC	COM	055622104	662	19,178	SH		DFND	01 02	13,378	0	5,800
BP PLC	COM	055622104	242	7,000	SH		OTR	2	7,000	0	0
Bank of America Corporation	COM	060505104	6,265	265,576	SH		DFND	01 02	254,978	0	10,598
Bank of America Corporation	COM	060505104	802	34,000	SH		OTR	2	34,000	0	0
Berkshire Hathaway Inc. Class	COM	084670108	750	3	SH		DFND	01 02	3	0	0
Berkshire Hathaway Inc. Class	COM	084670702	236	1,417	SH		DFND	01 02	1,417	0	0
Burke and Herbert Bank & Trust	COM	121331102	420	200	SH		DFND	01 02	200	0	0
Burke and Herbert Bank & Trust	COM	121331102	210	100	SH		OTR	2	100	0	0
CF Industries Holdings Inc.	COM	125269100	2,074	70,655	SH		DFND	01 02	58,895	0	11,760
CF Industries Holdings Inc.	COM	125269100	558	19,000	SH		OTR	2	19,000	0	0
CSRA Inc.	COM	12650T104	236	8,050	SH		DFND	01 02	8,050	0	0
CSRA Inc.	COM	12650T104	117	4,000	SH		OTR	2	4,000	0	0
CSX Corporation	COM	126408103	442	9,500	SH		DFND	01 02	9,500	0	0
CalAtlantic Group Inc.	COM	128195104	4,660	124,443	SH		DFND	01 02	111,043	0	13,400
CalAtlantic Group Inc.	COM	128195104	2,359	63,000	SH		OTR	2	63,000	0	0
Carter Bank & Trust	COM	146102108	696	41,208	SH		DFND	01 02	41,208	0	0
Caterpillar Inc.	COM	149123101	2,005	21,613	SH		DFND	01 02	17,568	0	4,045
Caterpillar Inc.	COM	149123101	186	2,000	SH		OTR	2	2,000	0	0
Cenovus Energy Inc.	COM	15135U109	847	74,946	SH		DFND	01 02	70,656	0	4,290
Cenovus Energy Inc.	COM	15135U109	350	31,000	SH		OTR	2	31,000	0	0
Chesapeake Energy Corp.	COM	165167107	328	55,170	SH		DFND	01 02	49,170	0	6,000
Chesapeake Energy Corp.	COM	165167107	291	49,000	SH		OTR	2	49,000	0	0
Chevron Corporation	COM	166764100	7,149	66,582	SH		DFND	01 02	59,582	0	7,000
Chevron Corporation	COM	166764100	2,147	20,000	SH		OTR	2	20,000	0	0
Citigroup Inc.	COM	172967424	178	2,980	SH		DFND	01 02	1,680	0	1,300
Citigroup Inc.	COM	172967424	150	2,500	SH		OTR	2	2,500	0	0
Cliffs Natural Resources Inc.	COM	18683K101	154	18,800	SH		DFND	01 02	16,500	0	2,300
Cliffs Natural Resources Inc.	COM	18683K101	246	30,000	SH		OTR	2	30,000	0	0
Comcast Corporation Cl A New	COM	20030N101	235	6,262	SH		DFND	01 02	6,262	0	0
Comcast Corporation Cl A New	COM	20030N101	365	9,704	SH		OTR	2	9,704	0	0
Computer Sciences Corp.	COM	205363104	556	8,050	SH		DFND	01 02	8,050	0	0
Computer Sciences Corp.	COM	205363104	276	4,000	SH		OTR	2	4,000	0	0
ConocoPhillips	COM	20825C104	4,674	93,721	SH		DFND	01 02	82,021	0	11,700
ConocoPhillips	COM	20825C104	2,244	45,000	SH		OTR	2	45,000	0	0
Costco Wholesale Corporation	COM	22160K105	252	1,500	SH		DFND	01 02	1,400	0	100
Darden Restaurants Inc.	COM	237194105	418	5,000	SH		DFND	01 02	5,000	0	0
Dell Technologies In Class V	COM	24703l103	234	3,659	SH		DFND	01 02	3,659	0	0
Delta Air Lines Inc.	COM	247361702	2,492	54,220	SH		DFND	01 02	46,920	0	7,300
Delta Air Lines Inc.	COM	247361702	322	7,000	SH		OTR	2	7,000	0	0
Duke Energy Corp.	COM	26441C204	232	2,829	SH		DFND	01 02	1,829	0	1,000
Eagle Bancorp Inc. MD	COM	268948106	465	7,788	SH		DFND	01 02	7,788	0	0
Enbridge Inc	COM	29250N105	762	18,205	SH		DFND	01 02	14,761	0	3,444
Enbridge Inc	COM	29250N105	82	1,968	SH		OTR	2	1,968	0	0
Encana Corporation	COM	292505104	951	81,184	SH		DFND	01 02	76,659	0	4,525
Encana Corporation	COM	292505104	363	31,000	SH		OTR	2	31,000	0	0
Ensco PLC	COM	G3157S106	329	36,797	SH		DFND	01 02	32,097	0	4,700
Ensco PLC	COM	G3157S106	233	26,000	SH		OTR	2	26,000	0	0
Exxon Mobil Corp.	COM	30231G102	1,626	19,823	SH		DFND	01 02	19,823	0	0
Exxon Mobil Corp.	COM	30231G102	222	2,709	SH		OTR	2	2,709	0	0
Federal Realty Trust	COM	313747206	1,215	9,100	SH		DFND	01 02	9,100	0	0
Freeport-McMoRan Inc.	COM	35671D857	1,973	147,706	SH		DFND	01 02	115,238	0	32,468
Freeport-McMoRan Inc.	COM	35671D857	1,069	80,000	SH		OTR	2	80,000	0	0
General Electric Co.	COM	369604103	1,098	36,845	SH		DFND	01 02	30,845	0	6,000
General Electric Co.	COM	369604103	298	10,000	SH		OTR	2	10,000	0	0
General Mills Inc.	COM	370334104	13,734	232,740	SH		DFND	01 02	229,040	0	3,700
General Mills Inc.	COM	370334104	2,714	46,000	SH		OTR	2	46,000	0	0
Gulf Coast Ultra Deep Royalty	COM	40222T104	2	22,700	SH		DFND	01 02	22,700	0	0
HP Inc.	COM	40434L105	2,297	128,457	SH		DFND	01 02	106,957	0	21,500
HP Inc.	COM	40434L105	715	40,000	SH		OTR	2	40,000	0	0
Halliburton Company	COM	406216101	187	3,800	SH		DFND	01 02	3,300	0	500
Halliburton Company	COM	406216101	98	2,000	SH		OTR	2	2,000	0	0
Helmerich & Payne Inc.	COM	423452101	233	3,500	SH		DFND	01 02	2,800	0	700
Helmerich & Payne Inc.	COM	423452101	133	2,000	SH		OTR	2	2,000	0	0
Hewlett Packard Enterprise Co.	COM	42824C109	3,089	130,357	SH		DFND	01 02	108,857	0	21,500
Hewlett Packard Enterprise Co.	COM	42824C109	948	40,000	SH		OTR	2	40,000	0	0
Home Depot Inc.	COM	437076102	501	3,413	SH		DFND	01 02	3,413	0	0
Honeywell International Inc.	COM	438516106	450	3,600	SH		DFND	01 02	3,600	0	0
International Business Machine	COM	459200101	10,221	58,693	SH		DFND	01 02	50,203	0	8,490
International Business Machine	COM	459200101	3,309	19,000	SH		OTR	2	19,000	0	0
JetBlue Airways Corporation	COM	477143101	183	8,900	SH		DFND	01 02	6,400	0	2,500
JetBlue Airways Corporation	COM	477143101	82	4,000	SH		OTR	2	4,000	0	0
John Deere & Co.	COM	244199105	3,244	29,800	SH		DFND	01 02	25,200	0	4,600
John Deere & Co.	COM	244199105	653	6,000	SH		OTR	2	6,000	0	0
Johnson & Johnson	COM	478160104	2,996	24,051	SH		DFND	01 02	19,371	0	4,680
Johnson & Johnson	COM	478160104	747	6,000	SH		OTR	2	6,000	0	0
LGI Homes Inc	COM	50187T106	1,007	29,700	SH		DFND	01 02	29,200	0	500
LGI Homes Inc	COM	50187T106	1,390	41,000	SH		OTR	2	41,000	0	0
Laboratory Corp. of America Ho	COM	50540R409	590	4,110	SH		DFND	01 02	4,110	0	0
Laboratory Corp. of America Ho	COM	50540R409	717	5,000	SH		OTR	2	5,000	0	0
MDU Resources	COM	552690109	3,860	141,046	SH		DFND	01 02	130,611	0	10,435
MDU Resources	COM	552690109	1,847	67,500	SH		OTR	2	67,500	0	0
McDonalds Corporation	COM	580135101	1,774	13,689	SH		DFND	01 02	11,189	0	2,500
McDonalds Corporation	COM	580135101	259	2,000	SH		OTR	2	2,000	0	0
Merck & Company Inc. New	COM	58933Y105	2,801	44,081	SH		DFND	01 02	37,906	0	6,175
Merck & Company Inc. New	COM	58933Y105	191	3,000	SH		OTR	2	3,000	0	0
Microsoft Corp.	COM	594918104	1,004	15,237	SH		DFND	01 02	11,837	0	3,400
Microsoft Corp.	COM	594918104	329	5,000	SH		OTR	2	5,000	0	0
Middleburg Financial Corporati	COM	596094102	1,360	33,978	SH		DFND	01 02	33,978	0	0
NVR Inc.	COM	62944T105	3,898	1,850	SH		DFND	01 02	750	0	1,100
NVR Inc.	COM	62944T105	4,214	2,000	SH		OTR	2	2,000	0	0
Nabors Industries Ltd.	COM	G6359F103	852	65,164	SH		DFND	01 02	52,889	0	12,275
Nabors Industries Ltd.	COM	G6359F103	213	16,320	SH		OTR	2	16,320	0	0
National Oil Well Varco Inc.	COM	637071101	2,259	56,358	SH		DFND	01 02	51,303	0	5,055
National Oil Well Varco Inc.	COM	637071101	802	20,000	SH		OTR	2	20,000	0	0
NextEra Energy Inc.	COM	65339F101	1,900	14,800	SH		DFND	01 02	9,800	0	5,000
Noble Corp. PLC	COM	G65431101	33	5,400	SH		DFND	01 02	3,400	0	2,000
Noble Corp. PLC	COM	G65431101	62	10,000	SH		OTR	2	10,000	0	0
Noble Energy Inc.	COM	655044105	37	1,087	SH		DFND	01 02	1,087	0	0
Noble Energy Inc.	COM	655044105	180	5,252	SH		OTR	2	5,252	0	0
Now Inc.	COM	67011P100	232	13,678	SH		DFND	01 02	12,265	0	1,413
Now Inc.	COM	67011P100	85	5,000	SH		OTR	2	5,000	0	0
Old Dominion Freight Line Inc.	COM	679580100	270	3,160	SH		DFND	01 02	2,700	0	460
Old Dominion Freight Line Inc.	COM	679580100	171	2,000	SH		OTR	2	2,000	0	0
PNC Financial Services Group I	COM	693475105	3,965	32,976	SH		DFND	01 02	31,572	0	1,404
PNC Financial Services Group I	COM	693475105	361	3,000	SH		OTR	2	3,000	0	0
Pfizer Inc.	COM	717081103	307	8,962	SH		DFND	01 02	3,762	0	5,200
Pfizer Inc.	COM	717081103	342	10,000	SH		OTR	2	10,000	0	0
Philip Morris Intl Inc.	COM	718172109	424	3,755	SH		DFND	01 02	3,755	0	0
Phillips 66	COM	718546104	3,710	46,829	SH		DFND	01 02	39,629	0	7,200
Phillips 66	COM	718546104	1,782	22,500	SH		OTR	2	22,500	0	0
Potash Corp. of Saskatchewan I	COM	73755L107	222	13,000	SH		DFND	01 02	9,450	0	3,550
Potash Corp. of Saskatchewan I	COM	73755L107	137	8,000	SH		OTR	2	8,000	0	0
Quest Diagnostics	COM	74834L100	936	9,535	SH		DFND	01 02	9,535	0	0
Quest Diagnostics	COM	74834L100	295	3,000	SH		OTR	2	3,000	0	0
Rayonier Incorporated	COM	754907103	3,050	107,628	SH		DFND	01 02	91,835	0	15,793
Rayonier Incorporated	COM	754907103	510	18,000	SH		OTR	2	18,000	0	0
Raytheon Company	COM	755111507	915	6,000	SH		DFND	01 02	5,000	0	1,000
Raytheon Company	COM	755111507	610	4,000	SH		OTR	2	4,000	0	0
Regions Financial Corp. New	COM	7591EP100	443	30,457	SH		DFND	01 02	26,457	0	4,000
Regions Financial Corp. New	COM	7591EP100	799	55,000	SH		OTR	2	55,000	0	0
SPDR S&P 500 ETF Trust	COM	78462F103	406	1,723	SH		DFND	01 02	1,723	0	0
Schlumberger Ltd.	COM	806857108	960	12,288	SH		DFND	01 02	10,288	0	2,000
Schlumberger Ltd.	COM	806857108	658	8,426	SH		OTR	2	8,426	0	0
South32 Limited	COM	84473L105	113	10,828	SH		DFND	01 02	8,588	0	2,240
South32 Limited	COM	84473L105	50	4,800	SH		OTR	2	4,800	0	0
Suncor Energy Inc. New	COM	867224107	790	25,700	SH		DFND	01 02	20,700	0	5,000
Suncor Energy Inc. New	COM	867224107	1,230	40,000	SH		OTR	2	40,000	0	0
Sysco Corporation	COM	871829107	405	7,800	SH		DFND	01 02	7,800	0	0
Torchmark Corporation	COM	891027104	3,992	51,822	SH		DFND	01 02	51,822	0	0
Transocean Ltd.	COM	H8817H100	136	10,884	SH		DFND	01 02	7,884	0	3,000
Umpqua Holdings Corporation	COM	904214103	456	25,687	SH		DFND	01 02	25,687	0	0
Union Pacific Corp.	COM	907818108	265	2,500	SH		DFND	01 02	2,500	0	0
United Rentals Inc.	COM	911363109	1,122	8,975	SH		DFND	01 02	8,275	0	700
United Rentals Inc.	COM	911363109	125	1,000	SH		OTR	2	1,000	0	0
VSE Corporation	COM	918284100	9,627	235,946	SH		DFND	01 02	235,946	0	0
Valero Energy Corp.	COM	91913Y100	2,119	31,960	SH		DFND	01 02	24,860	0	7,100
Valero Energy Corp.	COM	91913Y100	994	15,000	SH		OTR	2	15,000	0	0
Vanguard FTSE Emerging Markets	COM	922042858	413	10,390	SH		DFND	01 02	10,390	0	0
Wal-Mart Stores Inc.	COM	931142103	873	12,109	SH		DFND	01 02	11,809	0	300
Wal-Mart Stores Inc.	COM	931142103	288	4,000	SH		OTR	2	4,000	0	0
Washington REIT SBI	COM	939653101	757	24,190	SH		DFND	01 02	19,900	0	4,290
Weatherford International PLC	COM	G48833100	74	11,080	SH		OTR	2	11,080	0	0
Weyerhaeuser Company	COM	962166104	2,146	63,160	SH		DFND	01 02	51,197	0	11,963
Weyerhaeuser Company	COM	962166104	571	16,800	SH		OTR	2	16,800	0	0
iShares Core S&P 500 ETF	COM	464287200	477	2,009	SH		DFND	01 02	2,009	0	0
Central Europe, Russia & Turke	CFND	153436100	220	10,507	SH		DFND	01 02	7,507	0	3,000
Central Europe, Russia & Turke	CFND	153436100	209	10,000	SH		OTR	2	10,000	0	0
India Fund Inc.	CFND	454089103	226	8,900	SH		DFND	01 02	8,900	0	0
Munivest	CFND	09253r105	152	15,785	SH		DFND	01 02	15,785	0	0