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

                                SCHEDULE 13G

                 Under the Securities Exchange Act of 1934
                          (Amendment No.    3  )*
                                         ------

                            LOCKHEED MARTIN CORP.
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                              (Name of Issuer)

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

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


   Check the following box if a fee is being paid with this statement / /. (A 
fee is not required only if the filing person: (1) has a previous statement 
on file reporting beneficial ownership of more than five percent of the class 
of securities described in Item 1: and (2) has filed no amendment subsequent 
thereto reporting beneficial ownership of five percent or less of such 
class.) (See Rule 13d-7).

   *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
          ---------

- -------------------------------------------------------------------------------
 (1) Names of Reporting Persons.
     S.S. or I.R.S. Identification Nos. of above persons

     U.S. Trust Co., National Association Tax id#95-4311476
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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:                     37,813,150  
                             --------------------------------------------------
                              (7) Sole Dispositive Power
                                    
                             --------------------------------------------------
                              (8) Shared Dispositive Power
                                  37,813,150  
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 (9) Aggregate Amount Beneficially Owned by Each Reporting Person

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

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(11) Percent of Class Represented by Amount in Row (9)
              9.6%
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(12) Type of Reporting Person*
       E.P.
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                    *SEE INSTRUCTION BEFORE FILLING OUT



CUSIP No. 539830109                                       Page 3 of 4 Pages
          ---------

ITEM 1(A).  NAME OF ISSUER
   Lockheed Martin Corp.
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ITEM 1(B).  ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
   6801 Rockledge Drive, Bethesda, MD 20817
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ITEM 2(A).  NAME OF PERSON(S) FILING
   U.S. Trust Co., National Association
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ITEM 2(B).  ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE
   515 S. Flower St. #2800 Los Angeles, CA 90071
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ITEM 2(C).  CITIZENSHIP
   California
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ITEM 2(D).  TITLE OF CLASS OF SECURITIES
   Common Stock
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ITEM 2(E).  CUSIP Number
   539830109
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ITEM 3.  IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B) OR
         13D-2(B) OR (c), 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 13G-1(b)(1)(ii)(F)

    (g) / / Parent Holding Company or control person in accordance with
            Rule 13d-1(b)(1)(ii)(G).

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




CUSIP No. 539830109                                          Page 4 of 4 Pages
          ---------

ITEM 4.  OWNERSHIP

    (a) Amount Beneficially Owned:
         37,813,150
    ---------------------------------------------------------------------------

    (b) Percent of Class:
          9.6%
    ---------------------------------------------------------------------------

    (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
                37,813,150
              -----------------------------------------------------------------
        (iii) sole power to dispose or to direct the disposition of
            
              -----------------------------------------------------------------
         (iv) shared power to dispose or to direct the disposition of
                37,813,150  
              -----------------------------------------------------------------


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.  / /

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

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

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ITEM 8.  IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP

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ITEM 9.  NOTICE OF DISSOLUTION OF GROUP

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ITEM 10. CERTIFICATION

         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.


                                  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.

                                               2/16/99
                                       ----------------------------------------
                                       (Date)

                                        /s/ Robert S. Cummings Sr.
                                       ----------------------------------------
                                       (Signature)

                                       Robert S. Cummings Sr. V.P.
                                       ----------------------------------------
                                       (Name/Title)