United States
Securities and Exchange Commission
Washington, DC  20549

Form 13F-HR/A


Report for the Calendar Year or Quarter Ended:		September 30, 2003

Report type:	13F Holdings Report

Check Here is Amendment (X):   Amendment Number: 1
     This Amendment (Check only one):  	( ) is a restatement
					(X) add new holdings entries

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:		Managing Director
Phone:		301-571-7127

Signature, Place, and Date of Signing:

Wayne H. Shaner,	Bethesda, MD  	November 4, 2003




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


                                                              FORM 13F
                                                           September 30, 2003

                                                                  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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
                                                                                           
AEP Industries Inc.            COM              001031103     2655   300000 SH       SOLE                   300000
AGCO Corporation               COM              001084102     5570   325000 SH       SOLE                   325000
ASA Ltd.                       COM              002050102    15282   360000 SH       SOLE                   360000
AT&T Wireless Services         COM              00209A106     4090   500000 SH       SOLE                   500000
Adv Micro Devices              COM              007903107    13054  1175000 SH       SOLE                  1175000
Alberto Culver Co. CL-A        COM              013068200     7174   125000 SH       SOLE                   125000
Alleghany Corp                 COM              017175100     6847    35067 SH       SOLE                    35067
Allied Capital                 COM              01903Q108     8606   350000 SH       SOLE                   350000
Altria Group Inc.              COM              02209s100    43800  1000000 SH       SOLE                  1000000
Anadarko Pete Corp.            COM              032511107    23803   570000 SH       SOLE                   570000
Anglogold Ltd ADR              COM              035128206    45240  1200000 SH       SOLE                  1200000
Apache Corporation             COM              037411105    20802   300000 SH       SOLE                   300000
Archer-Daniels-Midland         COM              039483102    15076  1150000 SH       SOLE                  1150000
Automatic Data Processing      COM              053015103     6274   175000 SH       SOLE                   175000
Axis Capital                   COM              g0692u109    27713  1110727 SH       SOLE                  1110727
BJ's Wholesale Club Inc.       COM              05548J106    12106   625000 SH       SOLE                   625000
Berkshire Hathaway B           COM              084670207    62400    25000 SH       SOLE                    25000
Boeing Company                 COM              097023105     5149   150000 SH       SOLE                   150000
Bowne & Company                COM              103043105    14202   950000 SH       SOLE                   950000
Bristol-Myers Squibb           COM              110122108    29509  1150000 SH       SOLE                  1150000
Carpenter Technology           COM              144285103     9648   450000 SH       SOLE                   450000
Cleveland-Cliffs Inc.          COM              185896107     2560   100000 SH       SOLE                   100000
Coca-Cola Company              COM              191216100    31361   730000 SH       SOLE                   730000
ConocoPhillips                 COM              20825C104    29936   546770 SH       SOLE                   546770
Corn Products Intl             COM              219023108     5414   170000 SH       SOLE                   170000
Cott Corporation               COM              22163n106     5852   250000 SH       SOLE                   250000
Diageo Plc-ADR                 COM              25243q205     8830   200000 SH       SOLE                   200000
Dow Jones Co.                  COM              260561105     9470   200000 SH       SOLE                   200000
Du Pont(E.I.)deNemours         COM              263534109    13003   325000 SH       SOLE                   325000
Esg Re Limited                 COM              g31215109       76   255000 SH       SOLE                   255000
Exxon Mobil Corp               COM              30231G102     7320   200000 SH       SOLE                   200000
Fairfax Financial Hldg         COM              303901102     4701    30000 SH       SOLE                    30000
GEHL Company                   COM              368483103      858    75300 SH       SOLE                    75300
Gannett Company                COM              364730101    36453   470000 SH       SOLE                   470000
Gatx Corp                      COM              361448103    12690   600000 SH       SOLE                   600000
General Motors Cl H            COM              370442832     6439   450000 SH       SOLE                   450000
Genuine Parts Co.              COM              372460105    18388   575000 SH       SOLE                   575000
Germany Fund                   COM              374143105     2072   350000 SH       SOLE                   350000
Gold Fields Ltd New            COM              38059t106    14856  1048400 SH       SOLE                  1048400
Grainger, W.W. Inc.            COM              384802104    14265   300000 SH       SOLE                   300000
Grupo TMM-SP ADR A             COM              40051D105    20686  6630000 SH       SOLE                  6630000
Hecla Mining Co.               COM              422704106     3341   637600 SH       SOLE                   637600
Helmerich & Payne Inc.         COM              423452101    10456   400000 SH       SOLE                   400000
Hershey Foods Corp.            COM              427866108     7268   100000 SH       SOLE                   100000
Honda Motor Co. ADR            COM              438128308     5040   250000 SH       SOLE                   250000
Hubbell Inc. Cl B              COM              443510201    22806   625000 SH       SOLE                   625000
IMC Global, Inc.               COM              449669100      238    37200 SH       SOLE                    37200
Invacare Corp                  COM              461203101     5637   150000 SH       SOLE                   150000
Kerr McGee Corp.               COM              492386107    25668   575000 SH       SOLE                   575000
LSI Logic Corp                 COM              502161102     8990  1000000 SH       SOLE                  1000000
Lancaster Colony Corp          COM              513847103     3168    79400 SH       SOLE                    79400
Leucadia National Corp         COM              527288104     7570   200000 SH       SOLE                   200000
Loew's Corporation             COM              540424108    25231   625000 SH       SOLE                   625000
Longview Fibre Co              COM              543213102     3664   375000 SH       SOLE                   375000
Louisiana-Pacific              COM              546347105    16536  1200000 SH       SOLE                  1200000
Marathon Oil Corp              COM              565849106    34200  1200000 SH       SOLE                  1200000
Markel Corporation             COM              570535104    18156    68000 SH       SOLE                    68000
Mattel Inc.                    COM              577081102    14220   750000 SH       SOLE                   750000
McDonald's Corporation         COM              580135101    12947   550000 SH       SOLE                   550000
Medco Health Solutions Inc.    COM              58405u102     2424    93465 SH       SOLE                    93465
Merck & Co.                    COM              589331107    39230   775000 SH       SOLE                   775000
Meridian Gold Inc.             COM              589975101     1759   150000 SH       SOLE                   150000
Mesabi Trust                   COM              590672101      998   200000 SH       SOLE                   200000
Newmont Mining Corp.           COM              651639106    58161  1487869 SH       SOLE                  1487869
Old Republic Intl              COM              680223104     8272   250000 SH       SOLE                   250000
Park Place Entertainment       COM              700690100    11285  1252500 SH       SOLE                  1252500
Placer Dome, Inc.              COM              725906101    21312  1550000 SH       SOLE                  1550000
Pope & Talbot                  COM              732827100     4536   300000 SH       SOLE                   300000
RPM Inc. (Ohio)                COM              749685103     2612   200000 SH       SOLE                   200000
Railamerica Inc.               COM              750753105     8600  1000000 SH       SOLE                  1000000
Royal Gold Inc.                COM              780287108     5481   300000 SH       SOLE                   300000
Ruddick Corporation            COM              781258108     2953   190000 SH       SOLE                   190000
San Juan Basin Rty             COM              798241105      542    30000 SH       SOLE                    30000
Saul Centers Inc.              COM              804395101     4779   180000 SH       SOLE                   180000
Schweitzer-Mauduit             COM              808541106     3156   125000 SH       SOLE                   125000
Seagate Technology Inc.        COM              811804988        0    17900 SH       SOLE                    17900
Sherwin-Williams Co.           COM              824348106    14117   480000 SH       SOLE                   480000
Smithfield Foods, Inc.         COM              832248108     7392   385000 SH       SOLE                   385000
Tecumseh Products              COM              878895200      239     6402 SH       SOLE                     6402
Tenneco Automotive Inc.        COM              880349105     3774   600000 SH       SOLE                   600000
The Walt Disney                COM              254687106    15228   755000 SH       SOLE                   755000
Thomas & Betts Corp.           COM              884315102     3962   250000 SH       SOLE                   250000
Timken Company                 COM              887389104     8382   550000 SH       SOLE                   550000
Transocean Sedco Forex         COM              G90078109    27000  1350000 SH       SOLE                  1350000
Triarc Companies Inc/A         COM              895927101     5438   540000 SH       SOLE                   540000
Triarc Companies Inc/B         COM              895927309    11232  1080000 SH       SOLE                  1080000
Tyco International LTD         COM              902124106    32177  1575000 SH       SOLE                  1575000
Tyson Foods Inc-Cl A           COM              902494103    15543  1100000 SH       SOLE                  1100000
UST Inc.                       COM              902911106     7036   200000 SH       SOLE                   200000
Union Pacific Corp             COM              907818108    10180   175000 SH       SOLE                   175000
Washington Post - Cl B         COM              939640108    16625    25000 SH       SOLE                    25000
Weyerhaeuser Co.               COM              962166104     5845   100000 SH       SOLE                   100000
White Mountains Ins            COM              G9618E107    10720    27000 SH       SOLE                    27000
Yankee Candle                  COM              984757104     4332   170000 SH       SOLE                   170000
		   94 DATA RECORDS			   1224694	     0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED