United States
Securities and Exchange Commission
Washington, DC  20549

Form 13F

Form 13F Cover Page

Report for the Calendar Year or Quarter Ended:		December 31, 2000

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  	January 26, 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    15914   375000 SH       SOLE                   375000
AEP Industries Inc.            COM              001031103    57737  1292006 SH       SOLE                  1292006
AGCO Corporation               COM              001084102     3941   325000 SH       SOLE                   325000
ASA Ltd.                       COM              002050102     5344   349000 SH       SOLE                   349000
AT&T Corporation               COM              001957109     3881   225000 SH       SOLE                   225000
Airborne Freight Corporation   COM              009266107     7312   750000 SH       SOLE                   750000
Alberto Culver Co. CL-A        COM              013068200     6377   175000 SH       SOLE                   175000
Alleghany Corporation          COM              017175100     4855    23623 SH       SOLE                    23623
Anadarko Pete Corp.            COM              032511107      711    10000 SH       SOLE                    10000
Anglogold Limited Sponsored AD COM              035128206    10819   724312 SH       SOLE                   724312
Archer-Daniels-Midland         COM              039483102    17250  1150000 SH       SOLE                  1150000
Battle Mountain Gold Co.       COM              071593107      616   364760 SH       SOLE                   364760
Berkshire Hathaway Inc. Cl B   COM              084670207    37664    16000 SH       SOLE                    16000
Bethlehem Steel                COM              087509105     2625  1500000 SH       SOLE                  1500000
Birmingham Steel               COM              091250100      500   500000 SH       SOLE                   500000
Boeing Company                 COM              097023105     3300    50000 SH       SOLE                    50000
Borden Chemical and Plastic    COM              099541203      396   633000 SH       SOLE                   633000
Boston Scientific Corporation  COM              101137107     8212   600000 SH       SOLE                   600000
Bowne & Company                COM              103043105     8661   820000 SH       SOLE                   820000
Brookstone Inc.                COM              114537103     6125   500000 SH       SOLE                   500000
Carpenter Technology           COM              144285103    14000   400000 SH       SOLE                   400000
Caterpillar Inc.               COM              149123101    11506   243200 SH       SOLE                   243200
Chubb Corp.                    COM              171232101     3460    40000 SH       SOLE                    40000
Circuit City Stores            COM              172737108     4600   400000 SH       SOLE                   400000
Cleveland-Cliffs Inc.          COM              185896107     6469   300000 SH       SOLE                   300000
Coeur D Alene Mines Corp.      COM              192108108      244   260181 SH       SOLE                   260181
ConAgra Inc.                   COM              205887102    13000   500000 SH       SOLE                   500000
Conoco Inc. Cl A               COM              208251306     5725   200000 SH       SOLE                   200000
Corn Products International In COM              219023108    11625   400000 SH       SOLE                   400000
Cott Corporation               COM              22163n106     7625  1000000 SH       SOLE                  1000000
Deere & Co.                    COM              244199105    17180   375000 SH       SOLE                   375000
Dow Jones & Company, Inc.      COM              260561105     2831    50000 SH       SOLE                    50000
Du Pont (E. I.) de Nemours     COM              263534109    32611   675000 SH       SOLE                   675000
Eastman Kodak Corp.            COM              277461109     4922   125000 SH       SOLE                   125000
Esg Re Limited                 COM              g31215109      470   255000 SH       SOLE                   255000
Fleetwood Enterprises          COM              339099103     7612   725000 SH       SOLE                   725000
Flour Corporation              COM              343412102     6612   200000 SH       SOLE                   200000
Ford Motor Company             COM              345370860     6146   262226 SH       SOLE                   262226
Gannett Company                COM              364730101    26802   425000 SH       SOLE                   425000
Genuine Parts Co.              COM              372460105     3273   125000 SH       SOLE                   125000
Gold Field Limited New, ADR    COM              38059t106      999   285344 SH       SOLE                   285344
Grainger, W.W. Inc.            COM              384802104    18250   500000 SH       SOLE                   500000
Halliburton                    COM              261597108     7069   195000 SH       SOLE                   195000
Hecla Mining Co.               COM              422704106      219   438100 SH       SOLE                   438100
Hecla Mining Preferred Conv.   COM              422704205      213    35500 SH       SOLE                    35500
Helmerich & Payne Inc.         COM              423452101    21937   500000 SH       SOLE                   500000
Hershey Foods Corp.            COM              427866108     8047   125000 SH       SOLE                   125000
Hillenbrand Industries         COM              431573104     7158   139000 SH       SOLE                   139000
Homestake Mining Co.           COM              437614100     6698  1599430 SH       SOLE                  1599430
Horace Mann                    COM              440327104     3206   150000 SH       SOLE                   150000
Hubbell Inc. Cl B              COM              443510201    16562   625000 SH       SOLE                   625000
IMC Global, Inc.               COM              449669100    20231  1300000 SH       SOLE                  1300000
Imperial Chemical - ADR        COM              452704505     5390   160000 SH       SOLE                   160000
Imperial Oil                   COM              453038408     5260   200000 SH       SOLE                   200000
Intermet                       COM              45881K104      199    55000 SH       SOLE                    55000
International Paper Company    COM              460146103    10203   250000 SH       SOLE                   250000
Kellogg Company                COM              487836108     5250   200000 SH       SOLE                   200000
Kerr McGee Corp.               COM              492386107    20081   300000 SH       SOLE                   300000
Kinross Gold Corp.             COM              496902107       91   181618 SH       SOLE                   181618
LTV Corporation                COM              501921100      332   964500 SH       SOLE                   964500
La-Z-Boy Inc.                  COM              505336107     3544   225000 SH       SOLE                   225000
Leucadia National Corp         COM              527288104     5316   150000 SH       SOLE                   150000
Litton Industries Inc.         COM              538021106    15737   200000 SH       SOLE                   200000
Loew's Corporation             COM              540424108    33140   320000 SH       SOLE                   320000
Longview Fibre Company         COM              543213102     4792   355000 SH       SOLE                   355000
Louisiana-Pacific Corporation  COM              546347105    11137  1100000 SH       SOLE                  1100000
Mandalay Resort Group          COM              562567107     3291   150000 SH       SOLE                   150000
Markel Corporation             COM              570535104     7240    40000 SH       SOLE                    40000
Massey Energy Corporation      COM              576206106     2550   200000 SH       SOLE                   200000
Mattel Inc.                    COM              577081102     7220   500000 SH       SOLE                   500000
May Department Stores Co.      COM              577778103     6550   200000 SH       SOLE                   200000
McDonald's Corporation         COM              580135101     8500   250000 SH       SOLE                   250000
Mead Corp.                     COM              582834107     9412   300000 SH       SOLE                   300000
Meridian Gold Inc.             COM              302494109     1784   259500 SH       SOLE                   259500
Mesabi Trust                   COM              590672101      574   170000 SH       SOLE                   170000
Mississippi Chemical Corp.     COM              605288208     3071   975000 SH       SOLE                   975000
Newmont Mining Corp.           COM              651639106    13443   787869 SH       SOLE                   787869
Northrop Grumman Corp.         COM              666807102     8300   100000 SH       SOLE                   100000
Old Republic International     COM              680223104    27200   850000 SH       SOLE                   850000
Pep Boys                       COM              713278109      906   250000 SH       SOLE                   250000
Phelps Dodge                   COM              717265102     8372   150000 SH       SOLE                   150000
Phillip Morris Cos.            COM              718154107    13200   300000 SH       SOLE                   300000
Phillips Petroleum Co.         COM              718507106    17062   300000 SH       SOLE                   300000
Placer Dome, Inc.              COM              725906101    11646  1210000 SH       SOLE                  1210000
Pope & Talbot                  COM              732827100     6725   400000 SH       SOLE                   400000
Potlatch Corp                  COM              737628107     8391   250000 SH       SOLE                   250000
Procter & Gamble               COM              742718109     7844   100000 SH       SOLE                   100000
RPM Inc. (Ohio)                COM              749685103     3639   425000 SH       SOLE                   425000
Railamerica Inc.               COM              750753105    21015  2679162 SH       SOLE                  2679162
Rio Tinto Plc-Spon. ADR        COM              767204100     1802    25000 SH       SOLE                    25000
Roadway Express Inc.           COM              769742107     2119   100000 SH       SOLE                   100000
Royal Gold Inc.                COM              780287108     1437   500000 SH       SOLE                   500000
SAFECO Corp.                   COM              786429100    16437   500000 SH       SOLE                   500000
San Juan Basin Rty Trust Unit  COM              798241105     1894   150000 SH       SOLE                   150000
Sherwin-Williams Co.           COM              824348106     4605   175000 SH       SOLE                   175000
St. Paul Companies             COM              792860108    13850   255000 SH       SOLE                   255000
Tenneco Automotive Inc.        COM              880349105     2250   750000 SH       SOLE                   750000
Thomas & Betts Corp.           COM              884315102     6475   400000 SH       SOLE                   400000
Timken Company                 COM              887389104     8319   550000 SH       SOLE                   550000
Transportacion Maritima Mexica COM              893868208    45695  4154056 SH       SOLE                  4154056
Transportacion Maritima Mexica COM              893868307    35124  3697259 SH       SOLE                  3697259
Triarc Companies Inc.          COM              895927101    42774  1763863 SH       SOLE                  1763863
UST Inc.                       COM              902911106     7016   250000 SH       SOLE                   250000
USX-U.S. Steel Group           COM              90337T101    15367   853700 SH       SOLE                   853700
Union Pacific Corp             COM              907818108    10150   200000 SH       SOLE                   200000
Valero Energy Corp             COM              91913y100    14875   400000 SH       SOLE                   400000
Visteon Corporation            COM              92839u107      331    28805 SH       SOLE                    28805
Volvo AB ADR                   COM              928856400     1650   100000 SH       SOLE                   100000
Washington Post - Cl B         COM              939640108    11104    18000 SH       SOLE                    18000
Weyerhaeuser Co.               COM              962166104    12687   250000 SH       SOLE                   250000
XL Capital LTD - CL A          COM              982551056    29707   340000 SH       SOLE                   340000