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	464	5,700	SH		DFND	01 02	5,500	0	200
AFLAC Inc.	COM	001055102	81	1,000	SH		OTR	2	1,000	0	0
AbbVie Inc.	COM	00287Y109	1,519	17,090	SH		DFND	01 02	11,490	0	5,600
AbbVie Inc.	COM	00287Y109	267	3,000	SH		OTR	2	3,000	0	0
Abbott Laboratories Co.	COM	002824100	1,041	19,510	SH		DFND	01 02	13,910	0	5,600
Abbott Laboratories Co.	COM	002824100	160	3,000	SH		OTR	2	3,000	0	0
Access National Corporation	COM	004337101	335	11,683	SH		DFND	01 02	11,683	0	0
Agilent Technologies Inc.	COM	00846U101	254	3,964	SH		DFND	01 02	3,278	0	686
Agilent Technologies Inc.	COM	00846U101	157	2,440	SH		OTR	2	2,440	0	0
American Express Co.	COM	025816109	283	3,133	SH		DFND	01 02	3,063	0	70
Anadarko Petroleum	COM	032511107	3,171	64,917	SH		DFND	01 02	57,547	0	7,370
Anadarko Petroleum	COM	032511107	2,052	42,000	SH		OTR	2	42,000	0	0
Apache Corporation	COM	037411105	3,163	69,066	SH		DFND	01 02	61,466	0	7,600
Apache Corporation	COM	037411105	1,420	31,000	SH		OTR	2	31,000	0	0
Apple Inc.	COM	037833100	2,731	17,720	SH		DFND	01 02	15,790	0	1,930
Apple Inc.	COM	037833100	324	2,100	SH		OTR	2	2,100	0	0
B B & T Corporation	COM	054937107	18,125	386,121	SH		DFND	01 02	345,560	0	40,561
B B & T Corporation	COM	054937107	8,168	174,000	SH		OTR	2	174,000	0	0
BHP Billiton PLC ADR	COM	05545E209	763	21,531	SH		DFND	01 02	18,531	0	3,000
BHP Billiton PLC ADR	COM	05545E209	425	12,000	SH		OTR	2	12,000	0	0
BP PLC	COM	055622104	737	19,178	SH		DFND	01 02	13,378	0	5,800
BP PLC	COM	055622104	269	7,000	SH		OTR	2	7,000	0	0
Bank of America Corporation	COM	060505104	4,576	180,600	SH		DFND	01 02	170,002	0	10,598
Bank of America Corporation	COM	060505104	862	34,000	SH		OTR	2	34,000	0	0
Berkshire Hathaway Inc. Class	COM	084670108	824	3	SH		DFND	01 02	3	0	0
Berkshire Hathaway Inc. Class	COM	084670702	212	1,154	SH		DFND	01 02	1,154	0	0
Burke and Herbert Bank & Trust	COM	121331102	483	212	SH		DFND	01 02	212	0	0
Burke and Herbert Bank & Trust	COM	121331102	228	100	SH		OTR	2	100	0	0
CF Industries Holdings Inc.	COM	125269100	2,475	70,405	SH		DFND	01 02	58,645	0	11,760
CF Industries Holdings Inc.	COM	125269100	668	19,000	SH		OTR	2	19,000	0	0
CSRA Inc.	COM	12650T104	260	8,050	SH		DFND	01 02	8,050	0	0
CSRA Inc.	COM	12650T104	129	4,000	SH		OTR	2	4,000	0	0
CalAtlantic Group Inc.	COM	128195104	4,494	122,679	SH		DFND	01 02	109,279	0	13,400
CalAtlantic Group Inc.	COM	128195104	2,381	65,000	SH		OTR	2	65,000	0	0
Caterpillar Inc.	COM	149123101	2,385	19,123	SH		DFND	01 02	15,078	0	4,045
Caterpillar Inc.	COM	149123101	249	2,000	SH		OTR	2	2,000	0	0
Cenovus Energy Inc.	COM	15135U109	535	53,414	SH		DFND	01 02	49,124	0	4,290
Cenovus Energy Inc.	COM	15135U109	351	35,000	SH		OTR	2	35,000	0	0
Chesapeake Energy Corp.	COM	165167107	206	47,870	SH		DFND	01 02	41,870	0	6,000
Chesapeake Energy Corp.	COM	165167107	228	53,000	SH		OTR	2	53,000	0	0
Chevron Corporation	COM	166764100	6,401	54,476	SH		DFND	01 02	47,476	0	7,000
Chevron Corporation	COM	166764100	2,350	20,000	SH		OTR	2	20,000	0	0
Citigroup Inc.	COM	172967424	217	2,980	SH		DFND	01 02	1,680	0	1,300
Citigroup Inc.	COM	172967424	182	2,500	SH		OTR	2	2,500	0	0
Cleveland-Cliffs Inc.	COM	185899101	148	20,700	SH		DFND	01 02	18,400	0	2,300
Cleveland-Cliffs Inc.	COM	185899101	229	32,000	SH		OTR	2	32,000	0	0
Comcast Corporation Cl A New	COM	20030N101	241	6,262	SH		DFND	01 02	6,262	0	0
Comcast Corporation Cl A New	COM	20030N101	373	9,704	SH		OTR	2	9,704	0	0
ConocoPhillips	COM	20825C104	4,670	93,303	SH		DFND	01 02	81,603	0	11,700
ConocoPhillips	COM	20825C104	2,252	45,000	SH		OTR	2	45,000	0	0
Costco Wholesale Corporation	COM	22160K105	214	1,300	SH		DFND	01 02	1,200	0	100
DXC Technology Company	COM	23355L106	1,644	19,145	SH		DFND	01 02	17,299	0	1,846
DXC Technology Company	COM	23355L106	639	7,436	SH		OTR	2	7,436	0	0
Darden Restaurants Inc.	COM	237194105	394	5,000	SH		DFND	01 02	5,000	0	0
Dell Technologies In Class V	COM	24703l103	283	3,659	SH		DFND	01 02	3,659	0	0
Delta Air Lines Inc.	COM	247361702	2,610	54,120	SH		DFND	01 02	46,820	0	7,300
Delta Air Lines Inc.	COM	247361702	386	8,000	SH		OTR	2	8,000	0	0
Duke Energy Corp.	COM	26441C204	221	2,629	SH		DFND	01 02	1,629	0	1,000
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	685	58,167	SH		DFND	01 02	53,642	0	4,525
Encana Corporation	COM	292505104	401	34,000	SH		OTR	2	34,000	0	0
Ensco PLC	COM	G3157S106	168	28,197	SH		DFND	01 02	23,497	0	4,700
Ensco PLC	COM	G3157S106	155	26,000	SH		OTR	2	26,000	0	0
Exxon Mobil Corp.	COM	30231G102	1,625	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	1,130	9,100	SH		DFND	01 02	9,100	0	0
Freeport-McMoRan Inc.	COM	35671D857	2,062	146,870	SH		DFND	01 02	114,402	0	32,468
Freeport-McMoRan Inc.	COM	35671D857	1,123	80,000	SH		OTR	2	80,000	0	0
General Electric Co.	COM	369604103	897	37,103	SH		DFND	01 02	31,103	0	6,000
General Electric Co.	COM	369604103	242	10,000	SH		OTR	2	10,000	0	0
General Mills Inc.	COM	370334104	12,049	232,790	SH		DFND	01 02	229,090	0	3,700
General Mills Inc.	COM	370334104	2,381	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	2,554	127,941	SH		DFND	01 02	106,441	0	21,500
HP Inc.	COM	40434L105	798	40,000	SH		OTR	2	40,000	0	0
Halliburton Company	COM	406216101	193	4,200	SH		DFND	01 02	3,300	0	900
Halliburton Company	COM	406216101	92	2,000	SH		OTR	2	2,000	0	0
Helmerich & Payne Inc.	COM	423452101	182	3,500	SH		DFND	01 02	2,800	0	700
Helmerich & Payne Inc.	COM	423452101	104	2,000	SH		OTR	2	2,000	0	0
Hewlett Packard Enterprise Co.	COM	42824C109	1,918	130,357	SH		DFND	01 02	108,857	0	21,500
Hewlett Packard Enterprise Co.	COM	42824C109	588	40,000	SH		OTR	2	40,000	0	0
Honeywell International Inc.	COM	438516106	609	4,300	SH		DFND	01 02	4,300	0	0
International Business Machine	COM	459200101	8,466	58,353	SH		DFND	01 02	49,863	0	8,490
International Business Machine	COM	459200101	2,757	19,000	SH		OTR	2	19,000	0	0
JetBlue Airways Corporation	COM	477143101	350	18,900	SH		DFND	01 02	16,400	0	2,500
JetBlue Airways Corporation	COM	477143101	148	8,000	SH		OTR	2	8,000	0	0
John Deere & Co.	COM	244199105	3,730	29,700	SH		DFND	01 02	25,100	0	4,600
John Deere & Co.	COM	244199105	754	6,000	SH		OTR	2	6,000	0	0
Johnson & Johnson	COM	478160104	3,049	23,451	SH		DFND	01 02	18,771	0	4,680
Johnson & Johnson	COM	478160104	780	6,000	SH		OTR	2	6,000	0	0
LGI Homes Inc	COM	50187T106	1,694	34,880	SH		DFND	01 02	33,980	0	900
LGI Homes Inc	COM	50187T106	2,186	45,000	SH		OTR	2	45,000	0	0
Laboratory Corp. of America Ho	COM	50540R409	666	4,410	SH		DFND	01 02	4,410	0	0
Laboratory Corp. of America Ho	COM	50540R409	755	5,000	SH		OTR	2	5,000	0	0
Lowes Companies Inc.	COM	548661107	310	3,875	SH		DFND	01 02	3,875	0	0
MDU Resources	COM	552690109	3,215	123,906	SH		DFND	01 02	113,471	0	10,435
MDU Resources	COM	552690109	1,752	67,500	SH		OTR	2	67,500	0	0
McDonalds Corporation	COM	580135101	2,121	13,539	SH		DFND	01 02	11,039	0	2,500
McDonalds Corporation	COM	580135101	313	2,000	SH		OTR	2	2,000	0	0
Merck & Company Inc. New	COM	58933Y105	2,084	32,551	SH		DFND	01 02	26,376	0	6,175
Merck & Company Inc. New	COM	58933Y105	192	3,000	SH		OTR	2	3,000	0	0
Micro Focus Intl PLC ADR	COM	594837304	570	17,869	SH		DFND	01 02	14,917	0	2,952
Micro Focus Intl PLC ADR	COM	594837304	175	5,493	SH		OTR	2	5,493	0	0
Microsoft Corp.	COM	594918104	1,128	15,137	SH		DFND	01 02	11,737	0	3,400
Microsoft Corp.	COM	594918104	372	5,000	SH		OTR	2	5,000	0	0
NVR Inc.	COM	62944T105	5,310	1,860	SH		DFND	01 02	760	0	1,100
NVR Inc.	COM	62944T105	5,710	2,000	SH		OTR	2	2,000	0	0
Nabors Industries Ltd.	COM	G6359F103	301	37,319	SH		DFND	01 02	25,044	0	12,275
Nabors Industries Ltd.	COM	G6359F103	132	16,320	SH		OTR	2	16,320	0	0
National Oil Well Varco Inc.	COM	637071101	1,632	45,681	SH		DFND	01 02	40,626	0	5,055
National Oil Well Varco Inc.	COM	637071101	715	20,000	SH		OTR	2	20,000	0	0
NextEra Energy Inc.	COM	65339F101	2,288	15,610	SH		DFND	01 02	10,610	0	5,000
Noble Corp. PLC	COM	G65431101	20	4,400	SH		DFND	01 02	2,400	0	2,000
Noble Corp. PLC	COM	G65431101	46	10,000	SH		OTR	2	10,000	0	0
Norfolk Southern Corporation	COM	655844108	288	2,180	SH		DFND	01 02	1,880	0	300
Now Inc.	COM	67011P100	176	12,770	SH		DFND	01 02	11,357	0	1,413
Now Inc.	COM	67011P100	69	5,000	SH		OTR	2	5,000	0	0
Old Dominion Freight Line Inc.	COM	679580100	348	3,160	SH		DFND	01 02	2,700	0	460
Old Dominion Freight Line Inc.	COM	679580100	220	2,000	SH		OTR	2	2,000	0	0
PNC Financial Services Group I	COM	693475105	2,582	19,161	SH		DFND	01 02	17,757	0	1,404
PNC Financial Services Group I	COM	693475105	404	3,000	SH		OTR	2	3,000	0	0
Pfizer Inc.	COM	717081103	320	8,962	SH		DFND	01 02	3,762	0	5,200
Pfizer Inc.	COM	717081103	357	10,000	SH		OTR	2	10,000	0	0
Phillips 66	COM	718546104	4,290	46,829	SH		DFND	01 02	39,629	0	7,200
Phillips 66	COM	718546104	2,061	22,500	SH		OTR	2	22,500	0	0
Potash Corp. of Saskatchewan I	COM	73755L107	250	13,000	SH		DFND	01 02	9,450	0	3,550
Potash Corp. of Saskatchewan I	COM	73755L107	154	8,000	SH		OTR	2	8,000	0	0
Quest Diagnostics	COM	74834L100	893	9,535	SH		DFND	01 02	9,535	0	0
Quest Diagnostics	COM	74834L100	281	3,000	SH		OTR	2	3,000	0	0
Rayonier Incorporated	COM	754907103	2,347	81,224	SH		DFND	01 02	65,431	0	15,793
Rayonier Incorporated	COM	754907103	520	18,000	SH		OTR	2	18,000	0	0
Raytheon Company	COM	755111507	1,101	5,900	SH		DFND	01 02	4,900	0	1,000
Raytheon Company	COM	755111507	746	4,000	SH		OTR	2	4,000	0	0
Regions Financial Corp. New	COM	7591EP100	464	30,457	SH		DFND	01 02	26,457	0	4,000
Regions Financial Corp. New	COM	7591EP100	838	55,000	SH		OTR	2	55,000	0	0
Schlumberger Ltd.	COM	806857108	847	12,140	SH		DFND	01 02	10,140	0	2,000
Schlumberger Ltd.	COM	806857108	588	8,426	SH		OTR	2	8,426	0	0
South32 Limited	COM	84473L105	129	9,976	SH		DFND	01 02	7,736	0	2,240
South32 Limited	COM	84473L105	62	4,800	SH		OTR	2	4,800	0	0
Southwest Airlines Co.	COM	844741108	218	3,900	SH		DFND	01 02	3,900	0	0
Southwest Airlines Co.	COM	844741108	112	2,000	SH		OTR	2	2,000	0	0
Suncor Energy Inc. New	COM	867224107	946	27,000	SH		DFND	01 02	22,000	0	5,000
Suncor Energy Inc. New	COM	867224107	1,436	41,000	SH		OTR	2	41,000	0	0
Sysco Corporation	COM	871829107	421	7,800	SH		DFND	01 02	7,800	0	0
Torchmark Corporation	COM	891027104	1,564	19,522	SH		DFND	01 02	19,522	0	0
Transocean Ltd.	COM	H8817H100	114	10,620	SH		DFND	01 02	7,620	0	3,000
Union Pacific Corp.	COM	907818108	302	2,600	SH		DFND	01 02	2,600	0	0
United Rentals Inc.	COM	911363109	1,245	8,975	SH		DFND	01 02	8,275	0	700
United Rentals Inc.	COM	911363109	139	1,000	SH		OTR	2	1,000	0	0
VSE Corporation	COM	918284100	13,335	234,520	SH		DFND	01 02	234,520	0	0
Valero Energy Corp.	COM	91913Y100	2,459	31,960	SH		DFND	01 02	24,860	0	7,100
Valero Energy Corp.	COM	91913Y100	1,154	15,000	SH		OTR	2	15,000	0	0
Vanguard FTSE Emerging Markets	COM	922042858	453	10,390	SH		DFND	01 02	10,390	0	0
Wal-Mart Stores Inc.	COM	931142103	563	7,204	SH		DFND	01 02	6,904	0	300
Washington REIT SBI	COM	939653101	783	23,890	SH		DFND	01 02	19,600	0	4,290
Weatherford International PLC	COM	G48833100	51	11,080	SH		OTR	2	11,080	0	0
Weyerhaeuser Company	COM	962166104	1,920	56,416	SH		DFND	01 02	44,453	0	11,963
Weyerhaeuser Company	COM	962166104	572	16,800	SH		OTR	2	16,800	0	0
iShares Core S&P 500 ETF	COM	464287200	508	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	260	10,507	SH		DFND	01 02	7,507	0	3,000
Central Europe, Russia & Turke	CFND	153436100	195	7,900	SH		OTR	2	7,900	0	0
India Fund Inc.	CFND	454089103	238	8,900	SH		DFND	01 02	8,900	0	0