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
INTERNATIONAL BUSINESS MACHS	COM	459200101	8,222	58,853	SH		DFND	01,02	50,363	0	8,490
SOUTHWEST AIRLS CO	COM	844741108	300	5,900	SH		DFND	01,02	5,900	0	0
HELMERICH & PAYNE INC	COM	423452101	236	3,700	SH		DFND	01,02	3,000	0	700
RAYTHEON CO	COM NEW	755111507	1,140	5,900	SH		DFND	01,02	4,900	0	1,000
MICROSOFT CORP	COM	594918104	493	5,000	SH		OTR	2	5,000	0	0
CENOVUS ENERGY INC	COM	15135U109	363	35,000	SH		OTR	2	35,000	0	0
INDIA FD INC	COM	454089103	216	8,900	SH		DFND	01,02	8,900	0	0
AGILENT TECHNOLOGIES INC	COM	00846U101	245	3,964	SH		DFND	01,02	3,278	0	686
UNION PAC CORP	COM	907818108	368	2,600	SH		DFND	01,02	2,600	0	0
WEYERHAEUSER CO	COM	962166104	2,010	55,141	SH		DFND	01,02	43,878	0	11,263
ACCESS NATL CORP	COM	004337101	366	12,792	SH		DFND	01,02	12,792	0	0
MICROSOFT CORP	COM	594918104	1,433	14,537	SH		DFND	01,02	11,137	0	3,400
AMERICAN EXPRESS CO	COM	025816109	251	2,563	SH		DFND	01,02	2,563	0	0
MCDONALDS CORP	COM	580135101	1,908	12,180	SH		DFND	01,02	9,980	0	2,200
PFIZER INC	COM	717081103	363	10,000	SH		OTR	2	10,000	0	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	2,654	19,000	SH		OTR	2	19,000	0	0
HEWLETT PACKARD ENTERPRISE C	COM	42824C109	584	40,000	SH		OTR	2	40,000	0	0
GENERAL MLS INC	COM	370334104	2,036	46,000	SH		OTR	2	46,000	0	0
REGIONS FINL CORP NEW	COM	7591EP100	978	55,000	SH		OTR	2	55,000	0	0
LENNAR CORP	CL B	526057302	1,841	43,115	SH		DFND	01,02	36,366	0	6,749
CENOVUS ENERGY INC	COM	15135U109	530	51,029	SH		DFND	01,02	44,029	0	7,000
NVR INC	COM	62944T105	5,941	2,000	SH		OTR	2	2,000	0	0
PERSPECTA INC	COM	715347100	195	9,472	SH		DFND	01,02	8,549	0	923
PFIZER INC	COM	717081103	325	8,962	SH		DFND	01,02	3,762	0	5,200
MCDONALDS CORP	COM	580135101	313	2,000	SH		OTR	2	2,000	0	0
APPLE INC	COM	037833100	3,175	17,150	SH		DFND	01,02	15,220	0	1,930
CONOCOPHILLIPS	COM	20825C104	3,133	45,000	SH		OTR	2	45,000	0	0
LOWES COS INC	COM	548661107	452	4,730	SH		DFND	01,02	4,730	0	0
CLEVELAND CLIFFS INC	COM	185899101	187	22,200	SH		DFND	01,02	19,900	0	2,300
ENCANA CORP	COM	292505104	561	43,000	SH		OTR	2	43,000	0	0
ENERGEN CORP	COM	29265N108	262	3,600	SH		DFND	01,02	3,600	0	0
AGILENT TECHNOLOGIES INC	COM	00846U101	151	2,440	SH		OTR	2	2,440	0	0
NOW INC	COM	67011P100	67	5,000	SH		OTR	2	5,000	0	0
MDU RES GROUP INC	COM	552690109	3,260	113,684	SH		DFND	01,02	103,734	0	9,950
CITIGROUP INC	COM NEW	172967424	167	2,500	SH		OTR	2	2,500	0	0
HELMERICH & PAYNE INC	COM	423452101	128	2,000	SH		OTR	2	2,000	0	0
PNC FINL SVCS GROUP INC	COM	693475105	405	3,000	SH		OTR	2	3,000	0	0
RAYONIER INC	COM	754907103	696	18,000	SH		OTR	2	18,000	0	0
COMCAST CORP NEW	CL A	20030N101	318	9,704	SH		OTR	2	9,704	0	0
ENCANA CORP	COM	292505104	899	68,922	SH		DFND	01,02	61,922	0	7,000
DELL TECHNOLOGIES INC	COM CL V	24703L103	309	3,659	SH		DFND	01,02	3,659	0	0
SUNCOR ENERGY INC NEW	COM	867224107	1,220	30,000	SH		DFND	01,02	24,000	0	6,000
ABBVIE INC	COM	00287Y109	1,578	17,036	SH		DFND	01,02	11,436	0	5,600
RAYONIER INC	COM	754907103	3,002	77,604	SH		DFND	01,02	63,296	0	14,308
HEWLETT PACKARD ENTERPRISE C	COM	42824C109	1,891	129,426	SH		DFND	01,02	107,926	0	21,500
QUEST DIAGNOSTICS INC	COM	74834L100	1,048	9,535	SH		DFND	01,02	9,535	0	0
HONEYWELL INTL INC	COM	438516106	619	4,300	SH		DFND	01,02	4,300	0	0
LGI HOMES INC	COM	50187T106	2,331	40,380	SH		DFND	01,02	39,480	0	900
LABORATORY CORP AMER HLDGS	COM NEW	50540R409	792	4,410	SH		DFND	01,02	4,410	0	0
CF INDS HLDGS INC	COM	125269100	3,126	70,405	SH		DFND	01,02	58,645	0	11,760
HALLIBURTON CO	COM	406216101	311	6,900	SH		DFND	01,02	5,000	0	1,900
OLD DOMINION FGHT LINES INC	COM	679580100	298	2,000	SH		OTR	2	2,000	0	0
ABBOTT LABS	COM	002824100	183	3,000	SH		OTR	2	3,000	0	0
THE CENTRAL AND EASTERN EU I	COM	153436100	181	7,808	SH		DFND	01,02	6,808	0	1,000
DEERE & CO	COM	244199105	839	6,000	SH		OTR	2	6,000	0	0
AFLAC INC	COM	001055102	490	11,400	SH		DFND	01,02	11,000	0	400
FREEPORT-MCMORAN INC	CL B	35671D857	1,381	80,000	SH		OTR	2	80,000	0	0
UNITED RENTALS INC	COM	911363109	1,325	8,975	SH		DFND	01,02	8,275	0	700
BP PLC	SPONSORED ADR	055622104	876	19,178	SH		DFND	01,02	13,378	0	5,800
VSE CORP	COM	918284100	11,196	234,320	SH		DFND	01,02	234,320	0	0
APPLE INC	COM	037833100	389	2,100	SH		OTR	2	2,100	0	0
BB&T CORP	COM	054937107	8,777	174,000	SH		OTR	2	174,000	0	0
NUTRIEN LTD	COM	67077M108	283	5,200	SH		DFND	01,02	3,780	0	1,420
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	394	9,345	SH		DFND	01,02	9,345	0	0
LGI HOMES INC	COM	50187T106	2,656	46,000	SH		OTR	2	46,000	0	0
NOBLE ENERGY INC	COM	655044105	38	1,087	SH		DFND	01,02	1,087	0	0
MERCK & CO INC	COM	58933Y105	1,942	31,986	SH		DFND	01,02	25,986	0	6,000
EXXON MOBIL CORP	COM	30231G102	1,640	19,823	SH		DFND	01,02	19,823	0	0
NVR INC	COM	62944T105	5,465	1,840	SH		DFND	01,02	790	0	1,050
NABORS INDUSTRIES LTD	SHS	G6359F103	105	16,320	SH		OTR	2	16,320	0	0
CONOCOPHILLIPS	COM	20825C104	6,597	94,763	SH		DFND	01,02	83,063	0	11,700
CATERPILLAR INC DEL	COM	149123101	271	2,000	SH		OTR	2	2,000	0	0
PERSPECTA INC	COM	715347100	76	3,718	SH		OTR	2	3,718	0	0
TORCHMARK CORP	COM	891027104	1,058	13,000	SH		DFND	01,02	13,000	0	0
ISHARES TR	CORE S&P500 ETF	464287200	549	2,009	SH		DFND	01,02	2,009	0	0
CITIGROUP INC	COM NEW	172967424	199	2,980	SH		DFND	01,02	1,680	0	1,300
DXC TECHNOLOGY CO	COM	23355L106	599	7,436	SH		OTR	2	7,436	0	0
BHP BILLITON PLC	SPONSORED ADR	05545E209	539	12,000	SH		OTR	2	12,000	0	0
SCHLUMBERGER LTD	COM	806857108	834	12,440	SH		DFND	01,02	10,440	0	2,000
ENSCO PLC	SHS CLASS A	G3157S106	189	26,000	SH		OTR	2	26,000	0	0
LENNAR CORP	CL A	526057104	4,196	79,917	SH		DFND	01,02	72,395	0	7,522
VALERO ENERGY CORP NEW	COM	91913Y100	3,697	33,360	SH		DFND	01,02	26,260	0	7,100
HALLIBURTON CO	COM	406216101	158	3,500	SH		OTR	2	3,500	0	0
GENERAL ELECTRIC CO	COM	369604103	136	10,000	SH		OTR	2	10,000	0	0
NATIONAL OILWELL VARCO INC	COM	637071101	868	20,000	SH		OTR	2	20,000	0	0
ANADARKO PETE CORP	COM	032511107	4,697	64,127	SH		DFND	01,02	56,927	0	7,200
PNC FINL SVCS GROUP INC	COM	693475105	2,569	19,012	SH		DFND	01,02	17,757	0	1,255
BP PLC	SPONSORED ADR	055622104	320	7,000	SH		OTR	2	7,000	0	0
LENNAR CORP	CL B	526057302	213	5,000	SH		OTR	2	5,000	0	0
FEDERAL REALTY INVT TR	SH BEN INT NEW	313747206	1,114	8,800	SH		DFND	01,02	8,800	0	0
WEYERHAEUSER CO	COM	962166104	613	16,800	SH		OTR	2	16,800	0	0
NOW INC	COM	67011P100	161	12,099	SH		DFND	01,02	10,724	0	1,375
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	846	3	SH		DFND	01,02	3	0	0
APACHE CORP	COM	037411105	3,235	69,206	SH		DFND	01,02	62,206	0	7,000
NOBLE CORP PLC	SHS USD	G65431101	28	4,400	SH		DFND	01,02	2,400	0	2,000
UNITED RENTALS INC	COM	911363109	177	1,200	SH		OTR	2	1,200	0	0
THE CENTRAL AND EASTERN EU I	COM	153436100	162	7,000	SH		OTR	2	7,000	0	0
BANK AMER CORP	COM	060505104	1,015	36,000	SH		OTR	2	36,000	0	0
NUTRIEN LTD	COM	67077M108	174	3,200	SH		OTR	2	3,200	0	0
ENBRIDGE INC	COM	29250N105	70	1,968	SH		OTR	2	1,968	0	0
EXXON MOBIL CORP	COM	30231G102	224	2,709	SH		OTR	2	2,709	0	0
VALERO ENERGY CORP NEW	COM	91913Y100	1,662	15,000	SH		OTR	2	15,000	0	0
GENERAL ELECTRIC CO	COM	369604103	501	36,833	SH		DFND	01,02	29,833	0	7,000
CHESAPEAKE ENERGY CORP	COM	165167107	355	67,670	SH		DFND	01,02	61,670	0	6,000
NOBLE ENERGY INC	COM	655044105	185	5,252	SH		OTR	2	5,252	0	0
ENSCO PLC	SHS CLASS A	G3157S106	209	28,797	SH		DFND	01,02	25,797	0	3,000
DELTA AIR LINES INC DEL	COM NEW	247361702	2,882	58,170	SH		DFND	01,02	50,870	0	7,300
DEERE & CO	COM	244199105	4,222	30,200	SH		DFND	01,02	25,600	0	4,600
COSTCO WHSL CORP NEW	COM	22160K105	272	1,300	SH		DFND	01,02	1,200	0	100
JOHNSON & JOHNSON	COM	478160104	728	6,000	SH		OTR	2	6,000	0	0
ANADARKO PETE CORP	COM	032511107	3,077	42,000	SH		OTR	2	42,000	0	0
NABORS INDUSTRIES LTD	SHS	G6359F103	156	24,329	SH		DFND	01,02	20,329	0	4,000
FREEPORT-MCMORAN INC	CL B	35671D857	2,376	137,670	SH		DFND	01,02	112,602	0	25,068
LABORATORY CORP AMER HLDGS	COM NEW	50540R409	898	5,000	SH		OTR	2	5,000	0	0
HP INC	COM	40434L105	908	40,000	SH		OTR	2	40,000	0	0
JETBLUE AIRWAYS CORP	COM	477143101	359	18,900	SH		DFND	01,02	16,400	0	2,500
WALMART INC	COM	931142103	506	5,904	SH		DFND	01,02	5,604	0	300
AFLAC INC	COM	001055102	86	2,000	SH		OTR	2	2,000	0	0
CF INDS HLDGS INC	COM	125269100	844	19,000	SH		OTR	2	19,000	0	0
OLD DOMINION FGHT LINES INC	COM	679580100	471	3,160	SH		DFND	01,02	2,700	0	460
BANK AMER CORP	COM	060505104	5,049	179,115	SH		DFND	01,02	169,317	0	9,798
DUKE ENERGY CORP NEW	COM NEW	26441C204	208	2,629	SH		DFND	01,02	1,629	0	1,000
CHEVRON CORP NEW	COM	166764100	2,529	20,000	SH		OTR	2	20,000	0	0
NOBLE CORP PLC	SHS USD	G65431101	63	10,000	SH		OTR	2	10,000	0	0
COMCAST CORP NEW	CL A	20030N101	205	6,262	SH		DFND	01,02	6,262	0	0
MICRO FOCUS INTERNATIONAL PL	SPON ADR NEW	594837304	95	5,493	SH		OTR	2	5,493	0	0
JETBLUE AIRWAYS CORP	COM	477143101	114	6,000	SH		OTR	2	6,000	0	0
HP INC	COM	40434L105	2,887	127,226	SH		DFND	01,02	105,726	0	21,500
WASHINGTON REAL ESTATE INVT	SH BEN INT	939653101	685	22,600	SH		DFND	01,02	18,600	0	4,000
ENERGEN CORP	COM	29265N108	437	6,000	SH		OTR	2	6,000	0	0
ABBVIE INC	COM	00287Y109	278	3,000	SH		OTR	2	3,000	0	0
PHILLIPS 66	COM	718546104	2,527	22,500	SH		OTR	2	22,500	0	0
SUNCOR ENERGY INC NEW	COM	867224107	1,668	41,000	SH		OTR	2	41,000	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	215	1,154	SH		DFND	01,02	1,154	0	0
NORFOLK SOUTHERN CORP	COM	655844108	329	2,180	SH		DFND	01,02	1,880	0	300
PHILLIPS 66	COM	718546104	5,241	46,664	SH		DFND	01,02	39,464	0	7,200
SYSCO CORP	COM	871829107	533	7,800	SH		DFND	01,02	7,800	0	0
APACHE CORP	COM	037411105	1,449	31,000	SH		OTR	2	31,000	0	0
BHP BILLITON PLC	SPONSORED ADR	05545E209	968	21,531	SH		DFND	01,02	18,531	0	3,000
SOUTHWEST AIRLS CO	COM	844741108	102	2,000	SH		OTR	2	2,000	0	0
QUEST DIAGNOSTICS INC	COM	74834L100	330	3,000	SH		OTR	2	3,000	0	0
RAYTHEON CO	COM NEW	755111507	773	4,000	SH		OTR	2	4,000	0	0
MICRO FOCUS INTERNATIONAL PL	SPON ADR NEW	594837304	230	13,326	SH		DFND	01,02	10,374	0	2,952
LENNAR CORP	CL A	526057104	3,020	57,525	SH		OTR	2	57,525	0	0
BB&T CORP	COM	054937107	19,314	382,916	SH		DFND	01,02	342,775	0	40,141
DARDEN RESTAURANTS INC	COM	237194105	321	3,000	SH		DFND	01,02	3,000	0	0
CLEVELAND CLIFFS INC	COM	185899101	287	34,000	SH		OTR	2	34,000	0	0
CHEVRON CORP NEW	COM	166764100	6,896	54,541	SH		DFND	01,02	47,641	0	6,900
JOHNSON & JOHNSON	COM	478160104	2,821	23,251	SH		DFND	01,02	18,571	0	4,680
BLACKROCK MUNIVEST FD INC	COM	09253R105	108	12,285	SH		DFND	01,02	12,285	0	0
GENERAL MLS INC	COM	370334104	10,219	230,880	SH		DFND	01,02	227,180	0	3,700
NEXTERA ENERGY INC	COM	65339F101	2,407	14,410	SH		DFND	01,02	9,410	0	5,000
REGIONS FINL CORP NEW	COM	7591EP100	542	30,457	SH		DFND	01,02	26,457	0	4,000
NATIONAL OILWELL VARCO INC	COM	637071101	1,808	41,661	SH		DFND	01,02	36,761	0	4,900
DELTA AIR LINES INC DEL	COM NEW	247361702	495	10,000	SH		OTR	2	10,000	0	0
SCHLUMBERGER LTD	COM	806857108	565	8,426	SH		OTR	2	8,426	0	0
CHESAPEAKE ENERGY CORP	COM	165167107	791	151,000	SH		OTR	2	151,000	0	0
MDU RES GROUP INC	COM	552690109	1,936	67,500	SH		OTR	2	67,500	0	0
ABBOTT LABS	COM	002824100	1,190	19,510	SH		DFND	01,02	13,910	0	5,600
ENBRIDGE INC	COM	29250N105	472	13,235	SH		DFND	01,02	11,267	0	1,968
MERCK & CO INC	COM	58933Y105	304	5,000	SH		OTR	2	5,000	0	0
CATERPILLAR INC DEL	COM	149123101	2,561	18,878	SH		DFND	01,02	14,878	0	4,000
DXC TECHNOLOGY CO	COM	23355L106	1,529	18,966	SH		DFND	01,02	17,120	0	1,846