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	500	5,700	SH		DFND	01 02	5,500	0	200
AFLAC Inc.	COM	001055102	88	1,000	SH		OTR	2	1,000	0	0
AbbVie Inc.	COM	00287Y109	1,626	16,815	SH		DFND	01 02	11,215	0	5,600
AbbVie Inc.	COM	00287Y109	290	3,000	SH		OTR	2	3,000	0	0
Abbott Laboratories Co.	COM	002824100	1,098	19,235	SH		DFND	01 02	13,635	0	5,600
Abbott Laboratories Co.	COM	002824100	171	3,000	SH		OTR	2	3,000	0	0
Access National Corporation	COM	004337101	356	12,792	SH		DFND	01 02	12,792	0	0
Agilent Technologies Inc.	COM	00846U101	265	3,964	SH		DFND	01 02	3,278	0	686
Agilent Technologies Inc.	COM	00846U101	163	2,440	SH		OTR	2	2,440	0	0
American Express Co.	COM	025816109	289	2,913	SH		DFND	01 02	2,913	0	0
Anadarko Petroleum	COM	032511107	3,354	62,527	SH		DFND	01 02	55,327	0	7,200
Anadarko Petroleum	COM	032511107	2,253	42,000	SH		OTR	2	42,000	0	0
Apache Corporation	COM	037411105	2,863	67,816	SH		DFND	01 02	61,216	0	6,600
Apache Corporation	COM	037411105	1,309	31,000	SH		OTR	2	31,000	0	0
Apple Inc.	COM	037833100	2,999	17,720	SH		DFND	01 02	15,790	0	1,930
Apple Inc.	COM	037833100	355	2,100	SH		OTR	2	2,100	0	0
B B & T Corporation	COM	054937107	19,066	383,466	SH		DFND	01 02	343,325	0	40,141
B B & T Corporation	COM	054937107	8,651	174,000	SH		OTR	2	174,000	0	0
BHP Billiton PLC ADR	COM	05545E209	868	21,531	SH		DFND	01 02	18,531	0	3,000
BHP Billiton PLC ADR	COM	05545E209	484	12,000	SH		OTR	2	12,000	0	0
BP PLC	COM	055622104	806	19,178	SH		DFND	01 02	13,378	0	5,800
BP PLC	COM	055622104	294	7,000	SH		OTR	2	7,000	0	0
Bank of America Corporation	COM	060505104	5,230	177,155	SH		DFND	01 02	167,357	0	9,798
Bank of America Corporation	COM	060505104	1,004	34,000	SH		OTR	2	34,000	0	0
Berkshire Hathaway Inc. Class	COM	084670108	893	3	SH		DFND	01 02	3	0	0
Berkshire Hathaway Inc. Class	COM	084670702	229	1,154	SH		DFND	01 02	1,154	0	0
Burke and Herbert Bank & Trust	COM	121331102	583	222	SH		DFND	01 02	222	0	0
Burke and Herbert Bank & Trust	COM	121331102	263	100	SH		OTR	2	100	0	0
CF Industries Holdings Inc.	COM	125269100	2,995	70,405	SH		DFND	01 02	58,645	0	11,760
CF Industries Holdings Inc.	COM	125269100	808	19,000	SH		OTR	2	19,000	0	0
CSRA Inc.	COM	12650T104	238	7,950	SH		DFND	01 02	7,950	0	0
CSRA Inc.	COM	12650T104	120	4,000	SH		OTR	2	4,000	0	0
CalAtlantic Group Inc.	COM	128195104	6,887	122,139	SH		DFND	01 02	108,739	0	13,400
CalAtlantic Group Inc.	COM	128195104	3,665	65,000	SH		OTR	2	65,000	0	0
Caterpillar Inc.	COM	149123101	2,987	18,953	SH		DFND	01 02	14,953	0	4,000
Caterpillar Inc.	COM	149123101	315	2,000	SH		OTR	2	2,000	0	0
Cenovus Energy Inc.	COM	15135U109	462	50,629	SH		DFND	01 02	43,629	0	7,000
Cenovus Energy Inc.	COM	15135U109	320	35,000	SH		OTR	2	35,000	0	0
Chesapeake Energy Corp.	COM	165167107	190	47,870	SH		DFND	01 02	41,870	0	6,000
Chesapeake Energy Corp.	COM	165167107	249	63,000	SH		OTR	2	63,000	0	0
Chevron Corporation	COM	166764100	6,774	54,111	SH		DFND	01 02	47,211	0	6,900
Chevron Corporation	COM	166764100	2,504	20,000	SH		OTR	2	20,000	0	0
Citigroup Inc.	COM	172967424	222	2,980	SH		DFND	01 02	1,680	0	1,300
Citigroup Inc.	COM	172967424	186	2,500	SH		OTR	2	2,500	0	0
Cleveland-Cliffs Inc.	COM	185899101	149	20,700	SH		DFND	01 02	18,400	0	2,300
Cleveland-Cliffs Inc.	COM	185899101	245	34,000	SH		OTR	2	34,000	0	0
Comcast Corporation Cl A New	COM	20030N101	251	6,262	SH		DFND	01 02	6,262	0	0
Comcast Corporation Cl A New	COM	20030N101	389	9,704	SH		OTR	2	9,704	0	0
ConocoPhillips	COM	20825C104	5,186	94,473	SH		DFND	01 02	82,773	0	11,700
ConocoPhillips	COM	20825C104	2,470	45,000	SH		OTR	2	45,000	0	0
Costco Wholesale Corporation	COM	22160K105	242	1,300	SH		DFND	01 02	1,200	0	100
DXC Technology Company	COM	23355L106	1,809	19,066	SH		DFND	01 02	17,220	0	1,846
DXC Technology Company	COM	23355L106	706	7,436	SH		OTR	2	7,436	0	0
Darden Restaurants Inc.	COM	237194105	480	5,000	SH		DFND	01 02	5,000	0	0
Dell Technologies In Class V	COM	24703l103	297	3,659	SH		DFND	01 02	3,659	0	0
Delta Air Lines Inc.	COM	247361702	3,129	55,870	SH		DFND	01 02	48,570	0	7,300
Delta Air Lines Inc.	COM	247361702	504	9,000	SH		OTR	2	9,000	0	0
Duke Energy Corp.	COM	26441C204	221	2,629	SH		DFND	01 02	1,629	0	1,000
Enbridge Inc	COM	29250N105	529	13,530	SH		DFND	01 02	11,562	0	1,968
Enbridge Inc	COM	29250N105	77	1,968	SH		OTR	2	1,968	0	0
Encana Corporation	COM	292505104	795	59,622	SH		DFND	01 02	52,622	0	7,000
Encana Corporation	COM	292505104	467	35,000	SH		OTR	2	35,000	0	0
Ensco PLC	COM	G3157S106	177	29,897	SH		DFND	01 02	25,197	0	4,700
Ensco PLC	COM	G3157S106	154	26,000	SH		OTR	2	26,000	0	0
Exxon Mobil Corp.	COM	30231G102	1,658	19,823	SH		DFND	01 02	19,823	0	0
Exxon Mobil Corp.	COM	30231G102	227	2,709	SH		OTR	2	2,709	0	0
Federal Realty Trust	COM	313747206	1,195	9,000	SH		DFND	01 02	9,000	0	0
Freeport-McMoRan Inc.	COM	35671D857	2,606	137,470	SH		DFND	01 02	112,402	0	25,068
Freeport-McMoRan Inc.	COM	35671D857	1,517	80,000	SH		OTR	2	80,000	0	0
General Electric Co.	COM	369604103	638	36,533	SH		DFND	01 02	30,533	0	6,000
General Electric Co.	COM	369604103	175	10,000	SH		OTR	2	10,000	0	0
General Mills Inc.	COM	370334104	13,647	230,170	SH		DFND	01 02	226,470	0	3,700
General Mills Inc.	COM	370334104	2,727	46,000	SH		OTR	2	46,000	0	0
HP Inc.	COM	40434L105	2,679	127,526	SH		DFND	01 02	106,026	0	21,500
HP Inc.	COM	40434L105	840	40,000	SH		OTR	2	40,000	0	0
Halliburton Company	COM	406216101	337	6,900	SH		DFND	01 02	5,000	0	1,900
Halliburton Company	COM	406216101	147	3,000	SH		OTR	2	3,000	0	0
Helmerich & Payne Inc.	COM	423452101	239	3,700	SH		DFND	01 02	3,000	0	700
Helmerich & Payne Inc.	COM	423452101	129	2,000	SH		OTR	2	2,000	0	0
Hewlett Packard Enterprise Co.	COM	42824C109	1,859	129,426	SH		DFND	01 02	107,926	0	21,500
Hewlett Packard Enterprise Co.	COM	42824C109	574	40,000	SH		OTR	2	40,000	0	0
Honeywell International Inc.	COM	438516106	659	4,300	SH		DFND	01 02	4,300	0	0
International Business Machine	COM	459200101	9,018	58,778	SH		DFND	01 02	50,288	0	8,490
International Business Machine	COM	459200101	2,915	19,000	SH		OTR	2	19,000	0	0
JetBlue Airways Corporation	COM	477143101	422	18,900	SH		DFND	01 02	16,400	0	2,500
JetBlue Airways Corporation	COM	477143101	179	8,000	SH		OTR	2	8,000	0	0
John Deere & Co.	COM	244199105	4,727	30,200	SH		DFND	01 02	25,600	0	4,600
John Deere & Co.	COM	244199105	939	6,000	SH		OTR	2	6,000	0	0
Johnson & Johnson	COM	478160104	3,218	23,030	SH		DFND	01 02	18,350	0	4,680
Johnson & Johnson	COM	478160104	838	6,000	SH		OTR	2	6,000	0	0
LGI Homes Inc	COM	50187T106	2,872	38,280	SH		DFND	01 02	37,380	0	900
LGI Homes Inc	COM	50187T106	3,376	45,000	SH		OTR	2	45,000	0	0
Laboratory Corp. of America Ho	COM	50540R409	703	4,410	SH		DFND	01 02	4,410	0	0
Laboratory Corp. of America Ho	COM	50540R409	798	5,000	SH		OTR	2	5,000	0	0
Lowes Companies Inc.	COM	548661107	370	3,980	SH		DFND	01 02	3,980	0	0
MDU Resources	COM	552690109	3,198	118,984	SH		DFND	01 02	108,884	0	10,100
MDU Resources	COM	552690109	1,814	67,500	SH		OTR	2	67,500	0	0
McDonalds Corporation	COM	580135101	2,131	12,380	SH		DFND	01 02	10,180	0	2,200
McDonalds Corporation	COM	580135101	344	2,000	SH		OTR	2	2,000	0	0
Merck & Company Inc. New	COM	58933Y105	1,800	31,986	SH		DFND	01 02	25,986	0	6,000
Merck & Company Inc. New	COM	58933Y105	169	3,000	SH		OTR	2	3,000	0	0
Micro Focus Intl PLC ADR	COM	594837304	595	17,717	SH		DFND	01 02	14,765	0	2,952
Micro Focus Intl PLC ADR	COM	594837304	185	5,493	SH		OTR	2	5,493	0	0
Microsoft Corp.	COM	594918104	1,243	14,537	SH		DFND	01 02	11,137	0	3,400
Microsoft Corp.	COM	594918104	428	5,000	SH		OTR	2	5,000	0	0
NVR Inc.	COM	62944T105	6,455	1,840	SH		DFND	01 02	790	0	1,050
NVR Inc.	COM	62944T105	7,016	2,000	SH		OTR	2	2,000	0	0
Nabors Industries Ltd.	COM	G6359F103	163	23,829	SH		DFND	01 02	19,829	0	4,000
Nabors Industries Ltd.	COM	G6359F103	111	16,320	SH		OTR	2	16,320	0	0
National Oil Well Varco Inc.	COM	637071101	1,519	42,176	SH		DFND	01 02	37,276	0	4,900
National Oil Well Varco Inc.	COM	637071101	720	20,000	SH		OTR	2	20,000	0	0
NextEra Energy Inc.	COM	65339F101	2,438	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	45	10,000	SH		OTR	2	10,000	0	0
Norfolk Southern Corporation	COM	655844108	312	2,150	SH		DFND	01 02	1,850	0	300
Now Inc.	COM	67011P100	135	12,265	SH		DFND	01 02	10,890	0	1,375
Now Inc.	COM	67011P100	55	5,000	SH		OTR	2	5,000	0	0
Old Dominion Freight Line Inc.	COM	679580100	416	3,160	SH		DFND	01 02	2,700	0	460
Old Dominion Freight Line Inc.	COM	679580100	263	2,000	SH		OTR	2	2,000	0	0
PNC Financial Services Group I	COM	693475105	2,743	19,012	SH		DFND	01 02	17,757	0	1,255
PNC Financial Services Group I	COM	693475105	433	3,000	SH		OTR	2	3,000	0	0
Pfizer Inc.	COM	717081103	325	8,962	SH		DFND	01 02	3,762	0	5,200
Pfizer Inc.	COM	717081103	362	10,000	SH		OTR	2	10,000	0	0
Phillips 66	COM	718546104	4,722	46,679	SH		DFND	01 02	39,479	0	7,200
Phillips 66	COM	718546104	2,276	22,500	SH		OTR	2	22,500	0	0
Potash Corp. of Saskatchewan I	COM	73755L107	268	13,000	SH		DFND	01 02	9,450	0	3,550
Potash Corp. of Saskatchewan I	COM	73755L107	165	8,000	SH		OTR	2	8,000	0	0
Quest Diagnostics	COM	74834L100	939	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	2,488	78,654	SH		DFND	01 02	63,146	0	15,508
Rayonier Incorporated	COM	754907103	569	18,000	SH		OTR	2	18,000	0	0
Raytheon Company	COM	755111507	1,108	5,900	SH		DFND	01 02	4,900	0	1,000
Raytheon Company	COM	755111507	751	4,000	SH		OTR	2	4,000	0	0
Regions Financial Corp. New	COM	7591EP100	526	30,457	SH		DFND	01 02	26,457	0	4,000
Regions Financial Corp. New	COM	7591EP100	950	55,000	SH		OTR	2	55,000	0	0
Schlumberger Ltd.	COM	806857108	818	12,140	SH		DFND	01 02	10,140	0	2,000
Schlumberger Ltd.	COM	806857108	568	8,426	SH		OTR	2	8,426	0	0
South32 Limited	COM	84473L105	134	9,936	SH		DFND	01 02	7,696	0	2,240
South32 Limited	COM	84473L105	65	4,800	SH		OTR	2	4,800	0	0
Southwest Airlines Co.	COM	844741108	386	5,900	SH		DFND	01 02	5,900	0	0
Southwest Airlines Co.	COM	844741108	131	2,000	SH		OTR	2	2,000	0	0
Suncor Energy Inc. New	COM	867224107	1,102	30,000	SH		DFND	01 02	24,000	0	6,000
Suncor Energy Inc. New	COM	867224107	1,506	41,000	SH		OTR	2	41,000	0	0
Sysco Corporation	COM	871829107	474	7,800	SH		DFND	01 02	7,800	0	0
Torchmark Corporation	COM	891027104	1,270	14,000	SH		DFND	01 02	14,000	0	0
Union Pacific Corp.	COM	907818108	349	2,600	SH		DFND	01 02	2,600	0	0
United Rentals Inc.	COM	911363109	1,543	8,975	SH		DFND	01 02	8,275	0	700
United Rentals Inc.	COM	911363109	206	1,200	SH		OTR	2	1,200	0	0
VSE Corporation	COM	918284100	11,348	234,320	SH		DFND	01 02	234,320	0	0
Valero Energy Corp.	COM	91913Y100	3,066	33,360	SH		DFND	01 02	26,260	0	7,100
Valero Energy Corp.	COM	91913Y100	1,379	15,000	SH		OTR	2	15,000	0	0
Vanguard FTSE Emerging Markets	COM	922042858	477	10,390	SH		DFND	01 02	10,390	0	0
Wal-Mart Stores Inc.	COM	931142103	623	6,304	SH		DFND	01 02	6,004	0	300
Washington REIT SBI	COM	939653101	734	23,600	SH		DFND	01 02	19,600	0	4,000
Weyerhaeuser Company	COM	962166104	1,989	56,416	SH		DFND	01 02	44,453	0	11,963
Weyerhaeuser Company	COM	962166104	592	16,800	SH		OTR	2	16,800	0	0
iShares Core S&P 500 ETF	COM	464287200	540	2,009	SH		DFND	01 02	2,009	0	0
BlackRock MuniVest Fund Inc.	CFND	09253r105	118	12,285	SH		DFND	01 02	12,285	0	0
Central Europe, Russia & Turke	CFND	153436100	207	8,507	SH		DFND	01 02	7,507	0	1,000
Central Europe, Russia & Turke	CFND	153436100	193	7,900	SH		OTR	2	7,900	0	0
India Fund Inc.	CFND	454089103	232	8,900	SH		DFND	01 02	8,900	0	0