SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549

                                SCHEDULE 13G

                 Under the Securities Exchange Act of 1934
                          (Amendment No.   2   )*
                                         -----

                            LOCKHEED MARTIN CORP.
                     ----------------------------------
                              (Name of Issuer)

                                COMMON STOCK
                     ----------------------------------
                       (Title of Class of Securities)

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


   *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 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).


                        (Continued on following page(s))


                              Page 1 of  4  Pages
                                        --- 



CUSIP No. 539830109                   13G                 Page  2  of  4  Pages
          ---------                                            ---    --- 
       U.S. Trust Co of California, N.A.
- -------------------------------------------------------------------------------
 (1) Names of Reporting Persons.  S.S. or I.R.S. Identification Nos. of Above
     Persons
       Lockheed Martin ESOP Feature Trusts
       Tax id # 95-4311476
- -------------------------------------------------------------------------------
 (2) Check the Appropriate Box if a Member     (a)  / /
     of a Group*                               (b)  / /
- -------------------------------------------------------------------------------
 (3) SEC Use Only

- -------------------------------------------------------------------------------
 (4) Citizenship or Place of Organization
       515 S Flower St #2800 Los Angeles, CA 90071
- -------------------------------------------------------------------------------
Number of Shares              (5) Sole Voting
 Beneficially                       Power
 Owned by                    --------------------------------------------------
 Each Reporting               (6) Shared Voting
 Person With                        Power         21,938,863
                             --------------------------------------------------
                              (7) Sole Dispositive
                                    Power
                             --------------------------------------------------
                              (8) Shared Dispositive
                                    Power         21,938,863
- -------------------------------------------------------------------------------
 (9) Aggregate Amount Beneficially Owned by Each Reporting Person

- -------------------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares*

- -------------------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9)
                                                  11.28%
- -------------------------------------------------------------------------------
(12) Type of Reporting Person*
                                                  E.P.
- -------------------------------------------------------------------------------
                    *SEE INSTRUCTION BEFORE FILLING OUT!



                                                          Page  3  of  4  Pages
                                                               ---    --- 

ITEM 1(A).  NAME OF ISSUER
       Lockheed Martin Corp.
- -------------------------------------------------------------------------------


ITEM 1(B).  ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
       6801 Rockledge Drive Bethesda, MD 20817
- -------------------------------------------------------------------------------


ITEM 2(A).  NAME OF PERSON(S) FILING
       U.S. Trust Co of California, N.A.
- -------------------------------------------------------------------------------


ITEM 2(B).  ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE
       515 S Flower St #2800 Los Angeles, CA 90071
- -------------------------------------------------------------------------------


ITEM 2(C).  CITIZENSHIP
       USA
- -------------------------------------------------------------------------------


ITEM 2(D).  TITLE OF CLASS OF SECURITIES
       Common Stock
- -------------------------------------------------------------------------------


ITEM 2(E).  CUSIP NUMBER
       539830109
- -------------------------------------------------------------------------------


ITEM 3.  IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B), OR 13D-2(B),
  CHECK WHETHER THE PERSON FILING IS A

    (a) / / Broker or Dealer registered under Section 15 of the Act

    (b) / / Bank as defined in section 3(a)(6) of the Act

    (c) / / Insurance Company as defined in section 3(a)(19) of the Act

    (d) / / Investment Company registered under section 8 of the Investment
            Company Act

    (e) / / Investment Adviser registered under section 203 of the Investment
            Advisers Act of 1940

    (f) /X/ Employee Benefit Plan, Pension Fund which is subject to the
            provisions of the Employee Retirement Income Security Act of 1974
            or Endowment Fund; see Rule 13d-1(b)(1)(ii)(F)

    (g) / / Parent Holding Company, in accordance with Rule 13d-1(b)(ii)(G)
            (Note: See Item 7)

    (h) / / Group, in accordance with Rule 13d-1(b)(1)(ii)(H)


                                                          Page  4  of  4  Pages
                                                               ---    --- 
ITEM 4.  OWNERSHIP

    (a) Amount Beneficially Owned:
                 21,938,863
    ---------------------------------------------------------------------------

    (b) Percent of Class:
                 11.28%
    ---------------------------------------------------------------------------

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

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

              -----------------------------------------------------------------
         (ii) shared power to vote or to direct the vote
                 21,938,863
              -----------------------------------------------------------------
        (iii) sole power to dispose or to direct the disposition of

              -----------------------------------------------------------------
         (iv) shared power to dispose or to direct the disposition of
                 21,938,863
              -----------------------------------------------------------------

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

    By signing below I certify  that,  to the best of my  knowledge and belief,
the  securities  referred to above  were  acquired in the  ordinary  course  of
business and were not acquired for the purpose of and do not have the effect of
changing or  influencing the  control of the issuer of such securities and were
not acquired in  connection with or as a participant in any  transaction having
such purposes 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.
                                       2/3/98
                                       ----------------------------------------
                                       (Date)
                                       /s/ Robert S. Cummings
                                       ----------------------------------------
                                       (Signature)
                                       Robert S. Cummings, Sr. V.P.
                                       ----------------------------------------
                                       (Name/Title)