UNITED STATES
                    SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549

                                SCHEDULE 13G

                 Under the Securities Exchange Act of 1934
                          (Amendment No.   5   )*
                                         -----

                         LOCKHEED MARTIN CORPORATION
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                              (Name of Issuer)

                                COMMON STOCK
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                       (Title of Class of Securities)

                                539830109
                     ----------------------------------
                              (CUSIP Number)


--------------------------------------------------------------------------------
               (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:

     /X/ Rule 13d-1(b)

     / / Rule 13d-1(c)

     / / Rule 13d-1(d)

   *The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.

   The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).



CUSIP No. 539830109
          ---------

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 (1) Names of Reporting Persons.
     I.R.S. Identification Nos. of above persons (entities only).

         U.S. Trust Company, National Association ID#95-4311476
         as Trustee for Lockheed Martin Corporation Defined Contribution Plan
         Master Trust
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 (2) Check the Appropriate Box if a Member   (a)  / /
     of a Group (See Instructions)           (b)  / /
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 (3) SEC Use Only

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 (4) Citizenship or Place of Organization

         515 S. Flower St. #2800 Los Angeles, CA 90071
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 Number of Shares             (5) Sole Voting Power
 Beneficially
 Owned by                    --------------------------------------------------
 Each Reporting               (6) Shared Voting Power
 Person With:                       88,085,528
                             --------------------------------------------------
                              (7) Sole Dispositive Power

                             --------------------------------------------------
                              (8) Shared Dispositive Power
                                    88,085,528
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 (9) Aggregate Amount Beneficially Owned by Each Reporting Person
                                    88,085,528
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(10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
     Instructions)        / /
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(11) Percent of Class Represented by Amount in Row (9)
                                    20.4
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(12) Type of Reporting Person (See Instructions)

         E.P.
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ITEM 1.

    (a)   Name of Issuer
            Lockheed Martin Corporation
          ---------------------------------------------------------------------
    (b)   Address of Issuer's Principal Executive Offices
            6801 Rockledge Dr. Bethesda, MD 20817
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ITEM 2.

    (a)   Name of Person Filing
            U.S. Trust Company, National Association
          ---------------------------------------------------------------------
    (b)   Address of Principal Business Office or, if none, Residence
            515 S. Flower St. #2800 Los Angeles, CA 90071
          ---------------------------------------------------------------------
    (c)   Citizenship
            California USA
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    (d)   Title of Class of Securities
            Common Stock
          ---------------------------------------------------------------------
    (e)   CUSIP Number
            539830109
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ITEM 3.  IF THIS STATEMENT IS FILED PURSUANT TO SECTIONS 240.13d-1(b) OR
         240.13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:

    (a) / / Broker or dealer registered under section 15 of the Act
            (15 U.S.C. 78o).

    (b) / / Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

    (c) / / Insurance company as defined in section 3(a)(19) of the Act
            (15 U.S.C. 78c).

    (d) / / Investment company registered under section 8 of the Investment
            Company Act of 1940 (15 U.S.C. 80a-8).

    (e) / / An investment adviser in accordance with section
            240.13d-1(b)(1)(ii)(E).

    (f) /X/ An employee benefit plan or endowment fund in accordance with
            section 240.13d-1(b)(1)(ii)(F).

    (g) / / A parent holding company or control person in accordance with
            section 240.13d-1(b)(1)(ii)(G).

    (h) / / A savings association as defined in section 3(b) of the Federal
            Deposit Insurance Act (12 U.S.C. 1813).

    (i) / / A church plan that is excluded from the definition of an investment
            company under section 3(c)(14) of the Investment Company Act of 1940
            (15 U.S.C. 80a-3).

    (j) / / Group, in accordance with section 240.13d-1(b)(1)(ii)(J).




ITEM 4.  OWNERSHIP

    Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.

    (a) Amount beneficially owned:
            88,085,528
    ---------------------------------------------------------------------------

    (b) Percent of class:
            20.4
    ---------------------------------------------------------------------------

    (c) Number of shares as to which the person has:

          (i) Sole power to vote or to direct the vote

              -----------------------------------------------------------------
         (ii) Shared power to vote or to direct the vote
                        88,085,528
              -----------------------------------------------------------------
        (iii) Sole power to dispose or to direct the disposition of

              -----------------------------------------------------------------
         (iv) Shared power to dispose or to direct the disposition of
                        88,085,528
              -----------------------------------------------------------------


ITEM 5.  OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS

    If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following.  / /


ITEM 6.  OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON



ITEM 7.  IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
         THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY



ITEM 8.  IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP



ITEM 9.  NOTICE OF DISSOLUTION OF GROUP



ITEM 10. CERTIFICATION

    (a)  The following certification shall be included if the statement is filed
pursuant to section 240.13d-1(b):

               By signing below I certify that, to the best of my knowledge and
               belief, the securities referred to above were acquired and are
               held in the ordinary course of business and were not acquired
               and are not held for the purpose of or with the effect of
               changing or influencing the control of the issuer of the
               securities and were not acquired and are not held in connection
               with or as a participant in any transaction having that purpose
               or effect.

    (b)  The following certification shall be included if the statement is filed
pursuant to section 240.13d-1(c):

               By signing below I certify that, to the best of my knowledge and
               belief, the securities referred to above were not acquired and
               are not held for the purpose of or with the effect of changing or
               influencing the control of the issuer of the securities and were
               not acquired and are not held in connection with or as a
               participant in any transaction having that purpose or effect.

                                  SIGNATURE

    After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

                                                        2/12/01
                                       ----------------------------------------
                                                         Date

                                               /s/ Robert S. Cummings
                                       ----------------------------------------
                                                      Signature

                                                Robert S. Cummings, SVP
                                       ----------------------------------------
                                                      Name/Title