United States
Securities and Exchange Commission
Washington, DC  20549

Form 13F

Form 13F Cover Page

Report for the Calendar Year or Quarter Ended:		March 31, 2001

Institutional Investment Manager Filing this Report:

Name:			Lockheed Martin Investment Management Company
			6705 Rockledge Drive	Suite 550
			Bethesda, MD  20817

13F File Number #28-2847

Person signing this report on Behalf of Reporting Manager:

Name:		Wayne H. Shaner
Title:	Vice President
Phone:	301-571-7127
Signature, Place, and Date of Signing:

Wayne H. Shaner	Bethesda, MD  	May 9, 2001

Report type:	13F Holdings Report

List of other Managers reporting for this Manager:

I am signing this report as required by the Securities Exchange Act of 1934.


                                                                  FORM 13F INFORMATION TABLE
                                                           VALUE   SHARES/  SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
        NAME OF ISSUER          TITLE OF CLASS    CUSIP   (x$1000) PRN AMT  PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
                                                                                           
ACE Limited                    COM              G0070K103     1770   300000 SH       SOLE                   300000
AEP Industries Inc.            COM              001031103    58221  1292006 SH       SOLE                  1292006
AGCO Corporation               COM              001084102     3120   325000 SH       SOLE                   325000
ASA Ltd.                       COM              002050102     5755   349000 SH       SOLE                   349000
AT&T Corporation               COM              001957109     4792   225000 SH       SOLE                   225000
Airborne Inc.                  COM              009269101     8259   812100 SH       SOLE                   812100
Alberto Culver Co. CL-A        COM              013068200     5829   175000 SH       SOLE                   175000
Alcoa Inc.                     COM              013817101     6291   175000 SH       SOLE                   175000
Alleghany Corporation          COM              017175100     4819    24095 SH       SOLE                    24095
Anglogold Limited Sponsored AD COM              035128206    14440   999312 SH       SOLE                   999312
Archer-Daniels-Midland         COM              039483102    11835   900000 SH       SOLE                   900000
Berkshire Hathaway Inc. Cl B   COM              084670207    36992    17000 SH       SOLE                    17000
Bethlehem Steel                COM              087509105     3630  1500000 SH       SOLE                  1500000
Birmingham Steel               COM              091250100      475   500000 SH       SOLE                   500000
Borden Chemical and Plastic    COM              099541203      443   633000 SH       SOLE                   633000
Boston Scientific Corporation  COM              101137107    12108   600000 SH       SOLE                   600000
Bowne & Company                COM              103043105    11680  1057000 SH       SOLE                  1057000
Brookstone Inc.                COM              114537103     7437   500000 SH       SOLE                   500000
Burlington Northern Santa Fe   COM              12189t104     3797   125000 SH       SOLE                   125000
Carpenter Technology           COM              144285103    11220   400000 SH       SOLE                   400000
Caterpillar Inc.               COM              149123101     8876   200000 SH       SOLE                   200000
Chubb Corp.                    COM              171232101     2898    40000 SH       SOLE                    40000
Circuit City Stores            COM              172737108     1060   100000 SH       SOLE                   100000
Cleveland-Cliffs Inc.          COM              185896107     5400   300000 SH       SOLE                   300000
Coeur D Alene Mines Corp.      COM              192108108      271   260181 SH       SOLE                   260181
ConAgra Inc.                   COM              205887102    12768   700000 SH       SOLE                   700000
Conoco Inc. Cl A               COM              208251306     5620   200000 SH       SOLE                   200000
Corn Products International In COM              219023108    10264   400000 SH       SOLE                   400000
Cott Corporation               COM              22163n106    11380   995000 SH       SOLE                   995000
Deere & Co.                    COM              244199105     6359   175000 SH       SOLE                   175000
Dow Jones & Company, Inc.      COM              260561105     6544   125000 SH       SOLE                   125000
Du Pont (E. I.) de Nemours     COM              263534109    27472   675000 SH       SOLE                   675000
Eastman Kodak Corp.            COM              277461109     4986   125000 SH       SOLE                   125000
Esg Re Limited                 COM              g31215109      669   255000 SH       SOLE                   255000
Fleetwood Enterprises          COM              339099103     5339   590000 SH       SOLE                   590000
Flour Corporation              COM              343412102    17800   400000 SH       SOLE                   400000
Ford Motor Company             COM              345370860     7374   262226 SH       SOLE                   262226
Gannett Company                COM              364730101    31353   525000 SH       SOLE                   525000
General Dynamics Corp          COM              369550108     6274   100000 SH       SOLE                   100000
General Motors Corp. Cl H      COM              370442832    12187   625000 SH       SOLE                   625000
Genuine Parts Co.              COM              372460105     3239   125000 SH       SOLE                   125000
Germany Fund                   COM              374143105      206    25000 SH       SOLE                    25000
Gold Field Limited New, ADR    COM              38059t106     2268   585344 SH       SOLE                   585344
Grainger, W.W. Inc.            COM              384802104    16925   500000 SH       SOLE                   500000
Halliburton                    COM              406216101     3491    95000 SH       SOLE                    95000
Hecla Mining Co.               COM              422704106      302   438100 SH       SOLE                   438100
Hecla Mining Preferred Conv.   COM              422704205      275    35500 SH       SOLE                    35500
Helmerich & Payne Inc.         COM              423452101    10880   235000 SH       SOLE                   235000
Hershey Foods Corp.            COM              427866108     8665   125000 SH       SOLE                   125000
Hillenbrand Industries         COM              431573104     6712   139000 SH       SOLE                   139000
Homestake Mining Co.           COM              437614100     8413  1599430 SH       SOLE                  1599430
Horace Mann                    COM              440327104     2655   150000 SH       SOLE                   150000
Hubbell Inc. Cl B              COM              443510201    14562   625000 SH       SOLE                   625000
IMC Global, Inc.               COM              449669100    16728  1360000 SH       SOLE                  1360000
Imperial Chemical - ADR        COM              452704505     3938   160000 SH       SOLE                   160000
Imperial Oil                   COM              453038408     4884   200000 SH       SOLE                   200000
Intermet                       COM              45881K104      151    55000 SH       SOLE                    55000
Kellogg Company                COM              487836108     5406   200000 SH       SOLE                   200000
Kerr McGee Corp.               COM              492386107    19470   300000 SH       SOLE                   300000
Kinross Gold Corp.             COM              496902107       91   181618 SH       SOLE                   181618
La-Z-Boy Inc.                  COM              505336107     4450   250000 SH       SOLE                   250000
Leucadia National Corp         COM              527288104     4825   150000 SH       SOLE                   150000
Loew's Corporation             COM              540424108    38022   640000 SH       SOLE                   640000
Longview Fibre Company         COM              543213102     4615   355000 SH       SOLE                   355000
Louisiana-Pacific Corporation  COM              546347105    10571  1100000 SH       SOLE                  1100000
Mandalay Resort Group          COM              562567107     2995   150000 SH       SOLE                   150000
Markel Corporation             COM              570535104    21505   115000 SH       SOLE                   115000
Massey Energy Corporation      COM              576206106     2392   100000 SH       SOLE                   100000
Mattel Inc.                    COM              577081102     8870   500000 SH       SOLE                   500000
McDonald's Corporation         COM              580135101     7301   275000 SH       SOLE                   275000
Mead Corp.                     COM              582834107     5018   200000 SH       SOLE                   200000
Meridian Gold Inc.             COM              589975101     1640   259500 SH       SOLE                   259500
Mesabi Trust                   COM              590672101      510   170000 SH       SOLE                   170000
Mississippi Chemical Corp.     COM              605288208     3276   975000 SH       SOLE                   975000
Newmont Mining Corp.           COM              651639106    18154  1126168 SH       SOLE                  1126168
Old Republic International     COM              680223104    18602   655000 SH       SOLE                   655000
Pep Boys                       COM              713278109     1522   250000 SH       SOLE                   250000
Phelps Dodge                   COM              717265102     6027   150000 SH       SOLE                   150000
Phillip Morris Cos.            COM              718154107    13049   275000 SH       SOLE                   275000
Phillips Petroleum Co.         COM              718507106    18442   335000 SH       SOLE                   335000
Placer Dome, Inc.              COM              725906101    10466  1210000 SH       SOLE                  1210000
Pope & Talbot                  COM              732827100     4960   400000 SH       SOLE                   400000
Potlatch Corp                  COM              737628107     7987   250000 SH       SOLE                   250000
Procter & Gamble               COM              742718109     6260   100000 SH       SOLE                   100000
RPM Inc. (Ohio)                COM              749685103     4335   425000 SH       SOLE                   425000
Railamerica Inc.               COM              750753105    26792  2679162 SH       SOLE                  2679162
Rio Tinto Plc-Spon. ADR        COM              767204100     1403    20000 SH       SOLE                    20000
Roadway Express Inc.           COM              769742107     2200   100000 SH       SOLE                   100000
Royal Gold Inc.                COM              780287108     1312   500000 SH       SOLE                   500000
Ruddick Corporation            COM              781258108     3425   250000 SH       SOLE                   250000
SAFECO Corp.                   COM              786429100    14094   500000 SH       SOLE                   500000
San Juan Basin Rty Trust Unit  COM              798241105     2302   150000 SH       SOLE                   150000
Sherwin-Williams Co.           COM              824348106     4459   175000 SH       SOLE                   175000
St. Paul Companies             COM              792860108     9691   220000 SH       SOLE                   220000
Tenneco Automotive Inc.        COM              880349105     2100   750000 SH       SOLE                   750000
The Walt Disney Company        COM              254687106     8580   300000 SH       SOLE                   300000
Thomas & Betts Corp.           COM              884315102     6944   400000 SH       SOLE                   400000
Timken Company                 COM              887389104     8607   550000 SH       SOLE                   550000
Transportacion Maritima Mexica COM              893868208    49599  4154056 SH       SOLE                  4154056
Transportacion Maritima Mexica COM              893868307    39228  3697259 SH       SOLE                  3697259
Triarc Companies Inc.          COM              895927101    43391  1763863 SH       SOLE                  1763863
UST Inc.                       COM              902911106     7512   250000 SH       SOLE                   250000
USX Marathon Group             COM              902905827    16170   600000 SH       SOLE                   600000
USX-U.S. Steel Group           COM              90337T101    12541   853700 SH       SOLE                   853700
Union Pacific Corp             COM              907818108    14062   250000 SH       SOLE                   250000
Valero Energy Corp             COM              91913y100    10650   300000 SH       SOLE                   300000
Visteon Corporation            COM              92839u107      433    28805 SH       SOLE                    28805
Volvo AB ADR                   COM              928856400     1882   120000 SH       SOLE                   120000
Washington Post - Cl B         COM              939640108    10404    18000 SH       SOLE                    18000
Weyerhaeuser Co.               COM              962166104    10158   200000 SH       SOLE                   200000
XL Capital LTD - CL A          COM              G98255105     3803    50000 SH       SOLE                    50000