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	443	5,700	SH		DFND	01 02	5,500	0	200
AFLAC Inc.	COM	001055102	78	1,000	SH		OTR	2	1,000	0	0
AbbVie Inc.	COM	00287Y109	1,239	17,090	SH		DFND	01 02	11,490	0	5,600
AbbVie Inc.	COM	00287Y109	218	3,000	SH		OTR	2	3,000	0	0
Abbott Laboratories Co.	COM	002824100	948	19,510	SH		DFND	01 02	13,910	0	5,600
Abbott Laboratories Co.	COM	002824100	146	3,000	SH		OTR	2	3,000	0	0
Access National Corporation	COM	004337101	486	18,339	SH		DFND	01 02	18,339	0	0
Agilent Technologies Inc.	COM	00846U101	235	3,964	SH		DFND	01 02	3,278	0	686
Agilent Technologies Inc.	COM	00846U101	145	2,440	SH		OTR	2	2,440	0	0
American Airlines Group Inc.	COM	02376R102	106	2,100	SH		DFND	01 02	1,600	0	500
American Airlines Group Inc.	COM	02376R102	101	2,000	SH		OTR	2	2,000	0	0
American Express Co.	COM	025816109	357	4,233	SH		DFND	01 02	4,163	0	70
Anadarko Petroleum	COM	032511107	3,079	67,917	SH		DFND	01 02	60,547	0	7,370
Anadarko Petroleum	COM	032511107	1,904	42,000	SH		OTR	2	42,000	0	0
Apache Corporation	COM	037411105	3,310	69,066	SH		DFND	01 02	61,466	0	7,600
Apache Corporation	COM	037411105	1,462	30,500	SH		OTR	2	30,500	0	0
Apple Inc.	COM	037833100	2,552	17,720	SH		DFND	01 02	15,790	0	1,930
Apple Inc.	COM	037833100	302	2,100	SH		OTR	2	2,100	0	0
B B & T Corporation	COM	054937107	17,888	393,921	SH		DFND	01 02	353,360	0	40,561
B B & T Corporation	COM	054937107	7,901	174,000	SH		OTR	2	174,000	0	0
BHP Billiton PLC ADR	COM	05545E209	662	21,531	SH		DFND	01 02	18,531	0	3,000
BHP Billiton PLC ADR	COM	05545E209	369	12,000	SH		OTR	2	12,000	0	0
BP PLC	COM	055622104	665	19,178	SH		DFND	01 02	13,378	0	5,800
BP PLC	COM	055622104	243	7,000	SH		OTR	2	7,000	0	0
Bank of America Corporation	COM	060505104	4,772	196,700	SH		DFND	01 02	186,102	0	10,598
Bank of America Corporation	COM	060505104	825	34,000	SH		OTR	2	34,000	0	0
Berkshire Hathaway Inc. Class	COM	084670108	764	3	SH		DFND	01 02	3	0	0
Burke and Herbert Bank & Trust	COM	121331102	426	200	SH		DFND	01 02	200	0	0
Burke and Herbert Bank & Trust	COM	121331102	213	100	SH		OTR	2	100	0	0
CF Industries Holdings Inc.	COM	125269100	1,969	70,405	SH		DFND	01 02	58,645	0	11,760
CF Industries Holdings Inc.	COM	125269100	531	19,000	SH		OTR	2	19,000	0	0
CSRA Inc.	COM	12650T104	256	8,050	SH		DFND	01 02	8,050	0	0
CSRA Inc.	COM	12650T104	127	4,000	SH		OTR	2	4,000	0	0
CalAtlantic Group Inc.	COM	128195104	4,356	123,229	SH		DFND	01 02	109,829	0	13,400
CalAtlantic Group Inc.	COM	128195104	2,262	64,000	SH		OTR	2	64,000	0	0
Caterpillar Inc.	COM	149123101	2,107	19,608	SH		DFND	01 02	15,563	0	4,045
Caterpillar Inc.	COM	149123101	215	2,000	SH		OTR	2	2,000	0	0
Cenovus Energy Inc.	COM	15135U109	422	57,279	SH		DFND	01 02	52,989	0	4,290
Cenovus Energy Inc.	COM	15135U109	243	33,000	SH		OTR	2	33,000	0	0
Chesapeake Energy Corp.	COM	165167107	238	47,870	SH		DFND	01 02	41,870	0	6,000
Chesapeake Energy Corp.	COM	165167107	263	53,000	SH		OTR	2	53,000	0	0
Chevron Corporation	COM	166764100	5,819	55,776	SH		DFND	01 02	48,776	0	7,000
Chevron Corporation	COM	166764100	2,087	20,000	SH		OTR	2	20,000	0	0
Citigroup Inc.	COM	172967424	199	2,980	SH		DFND	01 02	1,680	0	1,300
Citigroup Inc.	COM	172967424	167	2,500	SH		OTR	2	2,500	0	0
Cliffs Natural Resources Inc.	COM	18683K101	143	20,700	SH		DFND	01 02	18,400	0	2,300
Cliffs Natural Resources Inc.	COM	18683K101	221	32,000	SH		OTR	2	32,000	0	0
Comcast Corporation Cl A New	COM	20030N101	244	6,262	SH		DFND	01 02	6,262	0	0
Comcast Corporation Cl A New	COM	20030N101	378	9,704	SH		OTR	2	9,704	0	0
ConocoPhillips	COM	20825C104	4,102	93,303	SH		DFND	01 02	81,603	0	11,700
ConocoPhillips	COM	20825C104	1,978	45,000	SH		OTR	2	45,000	0	0
Costco Wholesale Corporation	COM	22160K105	208	1,300	SH		DFND	01 02	1,200	0	100
DXC Technology Company	COM	23355L106	1,475	19,220	SH		DFND	01 02	17,374	0	1,846
DXC Technology Company	COM	23355L106	570	7,436	SH		OTR	2	7,436	0	0
Darden Restaurants Inc.	COM	237194105	452	5,000	SH		DFND	01 02	5,000	0	0
Dell Technologies In Class V	COM	24703l103	224	3,659	SH		DFND	01 02	3,659	0	0
Delta Air Lines Inc.	COM	247361702	2,932	54,550	SH		DFND	01 02	47,250	0	7,300
Delta Air Lines Inc.	COM	247361702	376	7,000	SH		OTR	2	7,000	0	0
Duke Energy Corp.	COM	26441C204	220	2,629	SH		DFND	01 02	1,629	0	1,000
Enbridge Inc	COM	29250N105	725	18,205	SH		DFND	01 02	14,761	0	3,444
Enbridge Inc	COM	29250N105	78	1,968	SH		OTR	2	1,968	0	0
Encana Corporation	COM	292505104	512	58,167	SH		DFND	01 02	53,642	0	4,525
Encana Corporation	COM	292505104	282	32,000	SH		OTR	2	32,000	0	0
Ensco PLC	COM	G3157S106	161	31,197	SH		DFND	01 02	26,497	0	4,700
Ensco PLC	COM	G3157S106	134	26,000	SH		OTR	2	26,000	0	0
Exxon Mobil Corp.	COM	30231G102	1,600	19,823	SH		DFND	01 02	19,823	0	0
Exxon Mobil Corp.	COM	30231G102	219	2,709	SH		OTR	2	2,709	0	0
Federal Realty Trust	COM	313747206	1,150	9,100	SH		DFND	01 02	9,100	0	0
Freeport-McMoRan Inc.	COM	35671D857	1,770	147,406	SH		DFND	01 02	114,938	0	32,468
Freeport-McMoRan Inc.	COM	35671D857	961	80,000	SH		OTR	2	80,000	0	0
General Electric Co.	COM	369604103	1,002	37,103	SH		DFND	01 02	31,103	0	6,000
General Electric Co.	COM	369604103	270	10,000	SH		OTR	2	10,000	0	0
General Mills Inc.	COM	370334104	12,902	232,890	SH		DFND	01 02	229,190	0	3,700
General Mills Inc.	COM	370334104	2,548	46,000	SH		OTR	2	46,000	0	0
Gulf Coast Ultra Deep Royalty	COM	40222T104	1	12,000	SH		DFND	01 02	12,000	0	0
HP Inc.	COM	40434L105	2,245	128,457	SH		DFND	01 02	106,957	0	21,500
HP Inc.	COM	40434L105	699	40,000	SH		OTR	2	40,000	0	0
Halliburton Company	COM	406216101	162	3,800	SH		DFND	01 02	3,300	0	500
Halliburton Company	COM	406216101	85	2,000	SH		OTR	2	2,000	0	0
Helmerich & Payne Inc.	COM	423452101	190	3,500	SH		DFND	01 02	2,800	0	700
Helmerich & Payne Inc.	COM	423452101	109	2,000	SH		OTR	2	2,000	0	0
Hewlett Packard Enterprise Co.	COM	42824C109	2,163	130,357	SH		DFND	01 02	108,857	0	21,500
Hewlett Packard Enterprise Co.	COM	42824C109	664	40,000	SH		OTR	2	40,000	0	0
Honeywell International Inc.	COM	438516106	573	4,300	SH		DFND	01 02	4,300	0	0
International Business Machine	COM	459200101	8,976	58,353	SH		DFND	01 02	49,863	0	8,490
International Business Machine	COM	459200101	2,923	19,000	SH		OTR	2	19,000	0	0
JetBlue Airways Corporation	COM	477143101	431	18,900	SH		DFND	01 02	16,400	0	2,500
JetBlue Airways Corporation	COM	477143101	160	7,000	SH		OTR	2	7,000	0	0
John Deere & Co.	COM	244199105	3,671	29,700	SH		DFND	01 02	25,100	0	4,600
John Deere & Co.	COM	244199105	742	6,000	SH		OTR	2	6,000	0	0
Johnson & Johnson	COM	478160104	3,109	23,501	SH		DFND	01 02	18,821	0	4,680
Johnson & Johnson	COM	478160104	794	6,000	SH		OTR	2	6,000	0	0
LGI Homes Inc	COM	50187T106	1,313	32,680	SH		DFND	01 02	32,180	0	500
LGI Homes Inc	COM	50187T106	1,647	41,000	SH		OTR	2	41,000	0	0
Laboratory Corp. of America Ho	COM	50540R409	649	4,210	SH		DFND	01 02	4,210	0	0
Laboratory Corp. of America Ho	COM	50540R409	771	5,000	SH		OTR	2	5,000	0	0
Lowes Companies Inc.	COM	548661107	300	3,875	SH		DFND	01 02	3,875	0	0
MDU Resources	COM	552690109	3,333	127,206	SH		DFND	01 02	116,771	0	10,435
MDU Resources	COM	552690109	1,768	67,500	SH		OTR	2	67,500	0	0
McDonalds Corporation	COM	580135101	2,081	13,589	SH		DFND	01 02	11,089	0	2,500
McDonalds Corporation	COM	580135101	306	2,000	SH		OTR	2	2,000	0	0
Merck & Company Inc. New	COM	58933Y105	2,241	34,961	SH		DFND	01 02	28,786	0	6,175
Merck & Company Inc. New	COM	58933Y105	192	3,000	SH		OTR	2	3,000	0	0
Microsoft Corp.	COM	594918104	1,043	15,137	SH		DFND	01 02	11,737	0	3,400
Microsoft Corp.	COM	594918104	345	5,000	SH		OTR	2	5,000	0	0
NVR Inc.	COM	62944T105	4,460	1,850	SH		DFND	01 02	750	0	1,100
NVR Inc.	COM	62944T105	4,821	2,000	SH		OTR	2	2,000	0	0
Nabors Industries Ltd.	COM	G6359F103	349	42,819	SH		DFND	01 02	30,544	0	12,275
Nabors Industries Ltd.	COM	G6359F103	133	16,320	SH		OTR	2	16,320	0	0
National Oil Well Varco Inc.	COM	637071101	1,540	46,751	SH		DFND	01 02	41,696	0	5,055
National Oil Well Varco Inc.	COM	637071101	659	20,000	SH		OTR	2	20,000	0	0
NextEra Energy Inc.	COM	65339F101	2,187	15,610	SH		DFND	01 02	10,610	0	5,000
Noble Corp. PLC	COM	G65431101	16	4,400	SH		DFND	01 02	2,400	0	2,000
Noble Corp. PLC	COM	G65431101	36	10,000	SH		OTR	2	10,000	0	0
Norfolk Southern Corporation	COM	655844108	265	2,180	SH		DFND	01 02	1,880	0	300
Now Inc.	COM	67011P100	205	12,770	SH		DFND	01 02	11,357	0	1,413
Now Inc.	COM	67011P100	80	5,000	SH		OTR	2	5,000	0	0
Old Dominion Freight Line Inc.	COM	679580100	301	3,160	SH		DFND	01 02	2,700	0	460
Old Dominion Freight Line Inc.	COM	679580100	190	2,000	SH		OTR	2	2,000	0	0
PNC Financial Services Group I	COM	693475105	2,711	21,711	SH		DFND	01 02	20,307	0	1,404
PNC Financial Services Group I	COM	693475105	375	3,000	SH		OTR	2	3,000	0	0
Pfizer Inc.	COM	717081103	301	8,962	SH		DFND	01 02	3,762	0	5,200
Pfizer Inc.	COM	717081103	336	10,000	SH		OTR	2	10,000	0	0
Phillips 66	COM	718546104	3,872	46,829	SH		DFND	01 02	39,629	0	7,200
Phillips 66	COM	718546104	1,861	22,500	SH		OTR	2	22,500	0	0
Potash Corp. of Saskatchewan I	COM	73755L107	212	13,000	SH		DFND	01 02	9,450	0	3,550
Potash Corp. of Saskatchewan I	COM	73755L107	130	8,000	SH		OTR	2	8,000	0	0
Quest Diagnostics	COM	74834L100	1,060	9,535	SH		DFND	01 02	9,535	0	0
Quest Diagnostics	COM	74834L100	333	3,000	SH		OTR	2	3,000	0	0
Rayonier Incorporated	COM	754907103	2,537	88,189	SH		DFND	01 02	72,396	0	15,793
Rayonier Incorporated	COM	754907103	518	18,000	SH		OTR	2	18,000	0	0
Raytheon Company	COM	755111507	969	6,000	SH		DFND	01 02	5,000	0	1,000
Raytheon Company	COM	755111507	646	4,000	SH		OTR	2	4,000	0	0
Regions Financial Corp. New	COM	7591EP100	446	30,457	SH		DFND	01 02	26,457	0	4,000
Regions Financial Corp. New	COM	7591EP100	805	55,000	SH		OTR	2	55,000	0	0
Schlumberger Ltd.	COM	806857108	799	12,140	SH		DFND	01 02	10,140	0	2,000
Schlumberger Ltd.	COM	806857108	555	8,426	SH		OTR	2	8,426	0	0
South32 Limited	COM	84473L105	103	9,976	SH		DFND	01 02	7,736	0	2,240
South32 Limited	COM	84473L105	49	4,800	SH		OTR	2	4,800	0	0
Southwest Airlines Co.	COM	844741108	143	2,300	SH		DFND	01 02	2,300	0	0
Southwest Airlines Co.	COM	844741108	62	1,000	SH		OTR	2	1,000	0	0
Suncor Energy Inc. New	COM	867224107	750	25,700	SH		DFND	01 02	20,700	0	5,000
Suncor Energy Inc. New	COM	867224107	1,168	40,000	SH		OTR	2	40,000	0	0
Sysco Corporation	COM	871829107	393	7,800	SH		DFND	01 02	7,800	0	0
Torchmark Corporation	COM	891027104	6,241	81,579	SH		DFND	01 02	81,579	0	0
Transocean Ltd.	COM	H8817H100	87	10,620	SH		DFND	01 02	7,620	0	3,000
Union Pacific Corp.	COM	907818108	272	2,500	SH		DFND	01 02	2,500	0	0
United Rentals Inc.	COM	911363109	1,012	8,975	SH		DFND	01 02	8,275	0	700
United Rentals Inc.	COM	911363109	113	1,000	SH		OTR	2	1,000	0	0
VSE Corporation	COM	918284100	10,549	234,520	SH		DFND	01 02	234,520	0	0
Valero Energy Corp.	COM	91913Y100	2,156	31,960	SH		DFND	01 02	24,860	0	7,100
Valero Energy Corp.	COM	91913Y100	1,012	15,000	SH		OTR	2	15,000	0	0
Vanguard FTSE Emerging Markets	COM	922042858	424	10,390	SH		DFND	01 02	10,390	0	0
Wal-Mart Stores Inc.	COM	931142103	621	8,204	SH		DFND	01 02	7,904	0	300
Wal-Mart Stores Inc.	COM	931142103	303	4,000	SH		OTR	2	4,000	0	0
Washington REIT SBI	COM	939653101	772	24,190	SH		DFND	01 02	19,900	0	4,290
Weatherford International PLC	COM	G48833100	43	11,080	SH		OTR	2	11,080	0	0
Weyerhaeuser Company	COM	962166104	2,077	62,000	SH		DFND	01 02	50,037	0	11,963
Weyerhaeuser Company	COM	962166104	563	16,800	SH		OTR	2	16,800	0	0
iShares Core S&P 500 ETF	COM	464287200	489	2,009	SH		DFND	01 02	2,009	0	0
BlackRock MuniVest Fund Inc.	CFND	09253r105	119	12,285	SH		DFND	01 02	12,285	0	0
Central Europe, Russia & Turke	CFND	153436100	230	10,507	SH		DFND	01 02	7,507	0	3,000
Central Europe, Russia & Turke	CFND	153436100	219	10,000	SH		OTR	2	10,000	0	0
India Fund Inc.	CFND	454089103	240	8,900	SH		DFND	01 02	8,900	0	0