LOCKHEED MARTIN INVESTMENT MANAGEMENT CO
13F-HR, 1999-05-13
ELECTRONIC COMPONENTS & ACCESSORIES
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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, 1999

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 13, 1999

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.
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<TABLE>
                                                                  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  
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
<S>                            <C>              <C>       <C>      <C>      <C> <C>  <C>     <C>          <C>      <C>      <C>
ACE Limited                    COM              G0070K103     1247    40000 SH       SOLE                    40000                 
AGCO Corporation               COM              001084102     2789   425000 SH       SOLE                   425000                 
AMR Corporation                COM              001765106    11712   200000 SH       SOLE                   200000                 
ASA Ltd.                       COM              002050102     6051   364000 SH       SOLE                   364000                 
Alleghany Corporation          COM              017175100     1500     8160 SH       SOLE                     8160                 
Anadarko Pete Corp.            COM              032511107     5474   145000 SH       SOLE                   145000                 
Anglo American Gold Invt Ltd.  COM              034870501      998   213000 SH       SOLE                   213000                 
Anglogold Limited Sponsored AD COM              035128206    13444   668002 SH       SOLE                   668002                 
Apache Corporation             COM              244874103    19469   747002 SH       SOLE                   747002                 
Asarco                         COM              043413103     9945   720000 SH       SOLE                   720000                 
Atlantic Richfield             COM              048825103    11992   164000 SH       SOLE                   164000                 
Battle Mountain Gold Co.       COM              071593107     1709   621500 SH       SOLE                   621500                 
Berkshire Hathaway Inc. Cl B   COM              084670207    23745    10100 SH       SOLE                    10100                 
Bethlehem Steel                COM              087509105    14243  1726400 SH       SOLE                  1726400                 
Birmingham Steel               COM              091250100     3218   817200 SH       SOLE                   817200                 
Borden Chemical and Plastic    COM              099541203     7130   920000 SH       SOLE                   920000                 
Brush Wellman                  COM              117421107      998    68800 SH       SOLE                    68800                 
Chubb Corp.                    COM              171232101     1757    30000 SH       SOLE                    30000                 
Circus Circus Entertainment    COM              172909103    23095  1315000 SH       SOLE                  1315000                 
Cleveland-Cliffs Inc.          COM              185896107    13046   383000 SH       SOLE                   383000                 
Coeur D Alene Mines Corp.      COM              192108108     1489   360966 SH       SOLE                   360966                 
Consolidated Paper             COM              209759109     1175    50000 SH       SOLE                    50000                 
Cooper Tire & Rubber           COM              216831107     6431   350000 SH       SOLE                   350000                 
Cott Corporation               COM              22163n106      731   300000 SH       SOLE                   300000                 
Cyprus Amax Minerals           COM              23281P106     6726   554700 SH       SOLE                   554700                 
Deltic Timber Corporation      COM              247850100     1027    43228 SH       SOLE                    43228                 
Detroit Diesel                 COM              250837101    16886   750500 SH       SOLE                   750500                 
Dow Jones & Company, Inc.      COM              260561105      944    20000 SH       SOLE                    20000                 
Esg Re Limited                 COM              g31215109      873    55000 SH       SOLE                    55000                 
Federal Realty Investment Trus COM              313747206     2119   100000 SH       SOLE                   100000                 
Ford Motor Company             COM              345370100    12471   220000 SH       SOLE                   220000                 
Freeport-McMoRan Copper & Gold COM              35671D105     1335   130274 SH       SOLE                   130274                 
Getchell Gold Corporation      COM              33761W109     6547   250000 SH       SOLE                   250000                 
Global Industrial Technology   COM              455905109     5804   559400 SH       SOLE                   559400                 
Gold Field Limited, ADR        COM              38059r100      464    80682 SH       SOLE                    80682                 
Halliburton                    COM              261597108    15993   415400 SH       SOLE                   415400                 
Hecla Mining Co.               COM              422704106     1579   587600 SH       SOLE                   587600                 
Hecla Mining Preferred Conv.   COM              422704205     1846    52000 SH       SOLE                    52000                 
Helmerich & Payne Inc.         COM              423452101    20076   884900 SH       SOLE                   884900                 
Hillenbrand Industries         COM              431573104     1617    35000 SH       SOLE                    35000                 
Homestake Mining Co.           COM              437614100    18666  2164130 SH       SOLE                  2164130                 
Horace Mann                    COM              440327104     1043    45000 SH       SOLE                    45000                 
Hubbell Inc. Cl B              COM              443510201     1600    40000 SH       SOLE                    40000                 
Imperial Chemical - ADR        COM              452704505     6804   190000 SH       SOLE                   190000                 
Imperial Oil                   COM              453038408    18006   941500 SH       SOLE                   941500                 
Intermet                       COM              45881K104     1605   120000 SH       SOLE                   120000                 
Intl Game Technology           COM              459902102     5119   350000 SH       SOLE                   350000                 
J.P. Morgan & Company          COM              616880100    11412    92500 SH       SOLE                    92500                 
Kaneb Service                  COM              484170105      609   150000 SH       SOLE                   150000                 
Kellogg Company                COM              487836108     1014    30000 SH       SOLE                    30000                 
Kerr McGee Corp.               COM              492386107     3150    96000 SH       SOLE                    96000                 
Kinross Gold Corp.             COM              496902107      653   307508 SH       SOLE                   307508                 
Koninklijke Philips Electronic COM              500472105     1649    20000 SH       SOLE                    20000                 
LTV Corporation                COM              501921100     8202  1526000 SH       SOLE                  1526000                 
Leucadia National Corp         COM              527288104      907    30000 SH       SOLE                    30000                 
Loew's Corporation             COM              540424108     9701   130000 SH       SOLE                   130000                 
Longview Fibre Company         COM              543213102     5955   515000 SH       SOLE                   515000                 
Louisiana-Pacific Corporation  COM              546347105    18932  1016500 SH       SOLE                  1016500                 
Markel Corporation             COM              570535104     1442     8000 SH       SOLE                     8000                 
Meridian Gold Inc.             COM              302494109     2759   469600 SH       SOLE                   469600                 
Mesabi Trust                   COM              590672101      450   150000 SH       SOLE                   150000                 
Mirage Resorts Inc.            COM              60462e104    14648   689300 SH       SOLE                   689300                 
Mississippi Chemical Corp.     COM              605288208     5572   594300 SH       SOLE                   594300                 
Mitchell Energy Cl B non-vtg.  COM              606592301     1155    92400 SH       SOLE                    92400                 
Murphy Oil                     COM              626717102     8250   198800 SH       SOLE                   198800                 
Newmont Mining Corp.           COM              651639106    12144   693944 SH       SOLE                   693944                 
Northrop Grumman Corp.         COM              666807102    11975   200000 SH       SOLE                   200000                 
Overseas Shipholding Group     COM              690368105      794    68300 SH       SOLE                    68300                 
Phillip Morris Cos.            COM              718154107     2463    70000 SH       SOLE                    70000                 
Phillips Petroleum Co.         COM              718507106    15403   326000 SH       SOLE                   326000                 
Pope & Talbot                  COM              732827100     3272   513200 SH       SOLE                   513200                 
Potlatch Corp                  COM              737628107     9404   277100 SH       SOLE                   277100                 
Rio Tinto Plc-Spon. ADR        COM              767204100     4125    75000 SH       SOLE                    75000                 
Roadway Express Inc.           COM              769742107     1706   100000 SH       SOLE                   100000                 
Rowan Companies Inc.           COM              779382100    14147  1115000 SH       SOLE                  1115000                 
Royal Gold Inc.                COM              780287108     1024   256000 SH       SOLE                   256000                 
SAFECO Corp.                   COM              786429100    11322   280000 SH       SOLE                   280000                 
San Juan Basin Rty Trust Unit  COM              798241105     1691   250500 SH       SOLE                   250500                 
Saul Centers Inc.              COM              804395101     1024    70000 SH       SOLE                    70000                 
Sbarro Inc.                    COM              805844107     1259    47300 SH       SOLE                    47300                 
Schlumberger Ltd.              COM              806857108     6019   100000 SH       SOLE                   100000                 
Sonat Inc.                     COM              835415100     5100   170000 SH       SOLE                   170000                 
Stillwater Mining Company      COM              86074q102      527    20000 SH       SOLE                    20000                 
Timken Company                 COM              887389104     4062   250000 SH       SOLE                   250000                 
UICI                           COM              902737105     1237    55000 SH       SOLE                    55000                 
UST Inc.                       COM              902911106     1829    70000 SH       SOLE                    70000                 
USX Marathon Group             COM              902905827     1185    43100 SH       SOLE                    43100                 
USX-U.S. Steel Group           COM              90337T101    15477   658600 SH       SOLE                   658600                 
Union Carbide Corporation      COM              905581104    12924   286000 SH       SOLE                   286000                 
Union Pacific Resources Group  COM              907834105    12101  1019000 SH       SOLE                  1019000                 
Valero Energy Corp             COM              91913y100    11838   475900 SH       SOLE                   475900                 
Volvo AB ADR                   COM              928856400     5937   230000 SH       SOLE                   230000                 
Weis Markets Inc.              COM              948849104      912    25000 SH       SOLE                    25000                 
Weyerhaeuser Co.               COM              962166104     7770   140000 SH       SOLE                   140000                 
XL Capital LTD - CL A          COM              982551056     1519    25000 SH       SOLE                    25000                 
Coeur D Alene Mines Corp. 6.00 CONV             192108ab4      899  1450000 PRN      SOLE                  1450000                 
/TABLE>

</TABLE>


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