2.
                          UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549

                            Form 13F

                       Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:  December 31, 2003

Check here if Amendment [  ]; Amendment Number:  _______________
  This Amendment (Check only one): [ ] is a restatement
                                   [ ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Intel Corporation
2200 Mission College Boulevard
Santa Clara, CA 95052-8119

Form 13F File Number:  28-5160

Person Signing this Report on Behalf of Reporting Manager:

Arvind Sodhani, Vice President and Treasurer (408) 765-1240

 ---------------------------------------------------------------
   ATTENTION--Intentional misstatements or omissions of facts
 constitute Federal Criminal Violations.  See 18 U.S.C. 1001 and
                        15 U.S.C. 78ff(a)
 ---------------------------------------------------------------
The  institutional investment manager filing this report and  the
person  by  whom  it is signed hereby represent that  the  person
signing  the  report  is  authorized  to  submit  it,  that   all
information  contained herein is true, correct and complete,  and
that  it  is  understood  that  all required  items,  statements,
schedules,  lists, and tables, are considered integral  parts  of
this form.

Signature, Place and Date of Signing:


/S/Arvind Sodhani    Santa Clara, California  February 12, 2004
- -------------------

Report Type (Check only one):

[X]  13F  HOLDINGS REPORT.  (Check here if all holdings  of  this
     reporting manager are reported in this report.)

[  ] 13F NOTICE.  (Check here if no holdings reported are in this
     report,  and  all  holdings are reported by other  reporting
     manager(s).)

[  ] 13F  COMBINATION REPORT.  (Check here if a  portion  of  the
     holdings  for  this reporting manager are reported  in  this
     report and a portion are reported by other manager(s).)


                      Form 13F SUMMARY PAGE

              REPORTING MANAGER:  INTEL CORPORATION

Report Summary:

Number of Other Included Managers:        -0-

Form 13F Information Table Entry Total:   337

Form 13F Information Table Value Total:   776,277


*Confidential Treatment Requested:  Confidential information  has
been  omitted  from this Form 13F and filed separately  with  the
Commission.



<NONE>



<TABLE>                                                                                                              12/31/03
                           FORM 13F INFORMATION TABLE
                      REPORTING MANAGER:  INTEL CORPORATION
<CAPTION>

                                                       ITEM 4:   ITEM 5:
                                                        FAIR      SHARES                                        ITEM 8:
                                  ITEM 2:   ITEM 3:    MARKET       OR          ITEM 6:                     VOTING AUTHORITY
            ITEM 1:               TITLE OF   CUSIP      VALUE   PRINCIPAL SH/ INVESTMENT     ITEM 7:      (A)       (B)     (C)
         NAME OF ISSUER            CLASS     NUMBER     (000)     AMOUNT  PRN DISCRETION    MANAGERS     SOLE     SHARED    NONE
<S>                              <C>        <C>        <C>         <C>        <C>  <C>         <C>           <C>       <C>       <C>
ACE LTD                          ORD        G0070K103         344     8,300 SH   SOLE                          8,300
INGERSOLL-RAND COMPANY LTD       CL A       G4776G101         346     5,100 SH   SOLE                          5,100
TRANSOCEAN INC                   ORD        G90078109         231     9,604 SH   SOLE                          9,604
XL CAP LTD                       CL A       G98255105         318     4,100 SH   SOLE                          4,100
A D C TELECOMMUNICATIONS         COM        000886101          71    24,050 SH   SOLE                         24,050
AFLAC INC                        COM        001055102         555    15,350 SH   SOLE                         15,350
AES CORP                         COM        00130H105         175    18,550 SH   SOLE                         18,550
AT&T CORP                        COM NEW    001957505         477    23,521 SH   SOLE                         23,521
AT&T WIRELESS SVCS INC           COM        00209A106         648    81,125 SH   SOLE                         81,125
ABBOTT LABS                      COM        002824100       2,178    46,744 SH   SOLE                         46,744
ADOBE SYS INC                    COM        00724F101         274     7,000 SH   SOLE                          7,000
ADVANCED MICRO DEVICES INC       COM        007903107         154    10,350 SH   SOLE                         10,350
AETNA INC NEW                    COM        00817Y108         314     4,639 SH   SOLE                          4,639
AGILENT TECHNOLOGIES INC         COM        00846U101         412    14,078 SH   SOLE                         14,078
AIR PRODS & CHEMS INC            COM        009158106         359     6,800 SH   SOLE                          6,800
ALBERTSONS INC                   COM        013104104         249    11,001 SH   SOLE                         11,001
ALCOA INC                        COM        013817101         960    25,252 SH   SOLE                         25,252
ALLERGAN INC                     COM        018490102         300     3,900 SH   SOLE                          3,900
ALLSTATE CORP                    COM        020002101         907    21,080 SH   SOLE                         21,080
ALLTEL CORP                      COM        020039103         433     9,300 SH   SOLE                          9,300
ALTERA CORP                      COM        021441100         258    11,400 SH   SOLE                         11,400
ALTRIA GROUP INC                 COM        02209S103       3,301    60,649 SH   SOLE                         60,649
AMBAC FINL GROUP INC             COM        023139108         222     3,200 SH   SOLE                          3,200
AMEREN CORP                      COM        023608102         221     4,800 SH   SOLE                          4,800
AMERICAN ELEC PWR INC            COM        025537101         359    11,782 SH   SOLE                         11,782
AMERICAN EXPRESS CO              COM        025816109       1,854    38,450 SH   SOLE                         38,450
AMERICAN INTL GROUP INC          COM        026874107       5,173    78,043 SH   SOLE                         78,043
AMERICAN STD COS INC DEL         COM        029712106         222     2,200 SH   SOLE                          2,200
AMGEN INC                        COM        031162100       2,387    38,635 SH   SOLE                         38,635
AMSOUTH BANCORPORATION           COM        032165102         257    10,500 SH   SOLE                         10,500
ANADARKO PETE CORP               COM        032511107         382     7,493 SH   SOLE                          7,493
ANALOG DEVICES INC               COM        032654105         498    10,900 SH   SOLE                         10,900


ANHEUSER BUSCH COS INC           COM        035229103       1,301    24,700 SH   SOLE                         24,700
ANTHEM INC                       COM        03674B104         308     4,100 SH   SOLE                          4,100
AON CORP                         COM        037389103         224     9,356 SH   SOLE                          9,356
APACHE CORP                      COM        037411105         389     4,794 SH   SOLE                          4,794
APOLLO GROUP INC                 CL A       037604105         359     5,300 SH   SOLE                          5,300
APPLE COMPUTER INC               COM        037833100         231    10,800 SH   SOLE                         10,800
APPLIED MATLS INC                COM        038222105       1,113    49,600 SH   SOLE                         49,600
ARCHER DANIELS MIDLAND CO        COM        039483102         293    19,267 SH   SOLE                         19,267
AUTOMATIC DATA PROCESSING IN     COM        053015103         709    17,902 SH   SOLE                         17,902
AUTOZONE INC                     COM        053332102         230     2,700 SH   SOLE                          2,700
AVAYA INC                        COM        053499109         161    12,421 SH   SOLE                         12,421
AVON PRODS INC                   COM        054303102         473     7,014 SH   SOLE                          7,014
BB&T CORP                        COM        054937107         622    16,100 SH   SOLE                         16,100
BAKER HUGHES INC                 COM        057224107         320     9,960 SH   SOLE                          9,960
BANK OF AMERICA CORPORATION      COM        060505104       3,597    44,717 SH   SOLE                         44,717
BANK NEW YORK INC                COM        064057102         763    23,040 SH   SOLE                         23,040
BANK ONE CORP                    COM        06423A103       1,539    33,762 SH   SOLE                         33,762
BAXTER INTL INC                  COM        071813109         557    18,240 SH   SOLE                         18,240
BEAR STEARNS COS INC             COM        073902108         238     2,974 SH   SOLE                          2,974
BECTON DICKINSON & CO            COM        075887109         313     7,600 SH   SOLE                          7,600
BED BATH & BEYOND INC            COM        075896100         381     8,800 SH   SOLE                          8,800
BELLSOUTH CORP                   COM        079860102       1,564    55,282 SH   SOLE                         55,282
BEST BUY INC                     COM        086516101         502     9,600 SH   SOLE                          9,600
BIOMET INC                       COM        090613100         277     7,650 SH   SOLE                          7,650
BIOGEN IDEC INC                  COM        09062X103         359     9,775 SH   SOLE                          9,775
BLOCK H & R INC                  COM        093671105         299     5,400 SH   SOLE                          5,400
BOEING CO                        COM        097023105       1,058    25,115 SH   SOLE                         25,115
BOSTON SCIENTIFIC CORP           COM        101137107         904    24,584 SH   SOLE                         24,584
BRISTOL MYERS SQUIBB CO          COM        110122108       1,657    57,946 SH   SOLE                         57,946
BROADCOM CORP                    CL A       111320107         303     8,900 SH   SOLE                          8,900
BURLINGTON NORTHN SANTA FE C     COM        12189T104         361    11,167 SH   SOLE                         11,167
BURLINGTON RES INC               COM        122014103         331     5,972 SH   SOLE                          5,972
CIGNA CORP                       COM        125509109         242     4,200 SH   SOLE                          4,200

<PAGE
CSX CORP                         COM        126408103         230     6,400 SH   SOLE                          6,400
CVS CORP                         COM        126650100         426    11,800 SH   SOLE                         11,800
CALPINE CORP                     COM        131347106          60    12,400 SH   SOLE                         12,400
CAMPBELL SOUP CO                 COM        134429109         330    12,300 SH   SOLE                         12,300
CAPITAL ONE FINL CORP            COM        14040H105         417     6,800 SH   SOLE                          6,800
CARDINAL HEALTH INC              COM        14149Y108         816    13,350 SH   SOLE                         13,350
CARNIVAL CORP                    PAIRED     143658300         747    18,800 SH   SOLE                         18,800
                                CTF
CATERPILLAR INC DEL              COM        149123101         854    10,290 SH   SOLE                         10,290
CENDANT CORP                     COM        151313103         674    30,281 SH   SOLE                         30,281
CHARTER ONE FINL INC             COM        160903100         235     6,788 SH   SOLE                          6,788
CHEVRONTEXACO CORP               COM        166764100       2,759    31,940 SH   SOLE                         31,940
CHIRON CORP                      COM        170040109         319     5,600 SH   SOLE                          5,600
CHUBB CORP                       COM        171232101         385     5,650 SH   SOLE                          5,650
CIENA CORP                       COM        171779101          92    14,100 SH   SOLE                         14,100
CINCINNATI FINL CORP             COM        172062101         200     4,800 SH   SOLE                          4,800
CINERGY CORP                     COM        172474108         206     5,300 SH   SOLE                          5,300
CISCO SYS INC                    COM        17275R102       5,086   209,918 SH   SOLE                        209,918
CINTAS CORP                      COM        172908105         256     5,100 SH   SOLE                          5,100
CITIGROUP INC                    COM        172967101       7,475   153,993 SH   SOLE                        153,993
CLEAR CHANNEL COMMUNICATIONS     INC COM    184502102         862    18,400 SH   SOLE                         18,400
CLOROX CO DEL                    COM        189054109         316     6,500 SH   SOLE                          6,500
COCA COLA CO                     COM        191216100       3,731    73,508 SH   SOLE                         73,508
COCA COLA ENTERPRISES INC        COM        191219104         295    13,500 SH   SOLE                         13,500
COLGATE PALMOLIVE CO             COM        194162103         806    16,100 SH   SOLE                         16,100
COMCAST CORP NEW                 CL A       20030N101       2,207    67,299 SH   SOLE                         67,299
COMERICA INC                     COM        200340107         292     5,200 SH   SOLE                          5,200
COMPUTER ASSOC INTL INC          COM        204912109         474    17,350 SH   SOLE                         17,350
COMPUTER SCIENCES CORP           COM        205363104         248     5,600 SH   SOLE                          5,600
COMPUWARE CORP                   COM        205638109          69    11,400 SH   SOLE                         11,400
CONAGRA FOODS INC                COM        205887102         425    16,100 SH   SOLE                         16,100
CONCORD EFS INC                  COM        206197105         217    14,600 SH   SOLE                         14,600
CONOCOPHILLIPS                   COM        20825C104       1,336    20,382 SH   SOLE                         20,382
CONSOLIDATED EDISON INC          COM        209115104         288     6,700 SH   SOLE                          6,700


CORNING INC                      COM        219350105         416    39,850 SH   SOLE                         39,850
COSTCO WHSL CORP NEW             COM        22160K105         509    13,700 SH   SOLE                         13,700
COUNTRYWIDE FINANCIAL CORP       COM        222372104         415     5,467 SH   SOLE                          5,467
DANAHER CORP DEL                 COM        235851102         422     4,600 SH   SOLE                          4,600
DEERE & CO                       COM        244199105         468     7,200 SH   SOLE                          7,200
DELL INC                         COM        24702R101       2,611    76,850 SH   SOLE                         76,850
DELPHI CORPORATION               COM        247126105         171    16,758 SH   SOLE                         16,758
DEVON ENERGY CORP NEW            COM        25179M103         395     6,900 SH   SOLE                          6,900
DISNEY WALT CO                   COM        254687106       1,426    61,112 SH   SOLE                         61,112
                                DISNEY
DOLLAR GEN CORP                  COM        256669102         210    10,018 SH   SOLE                         10,018
DOMINION RES INC VA NEW          COM        25746U109         618     9,684 SH   SOLE                          9,684
DOVER CORP                       COM        260003108         242     6,100 SH   SOLE                          6,100
DOW CHEM CO                      COM        260543103       1,143    27,493 SH   SOLE                         27,493
DU PONT E I DE NEMOURS & CO      COM        263534109       1,365    29,750 SH   SOLE                         29,750
DUKE ENERGY CORP                 COM        264399106         553    27,046 SH   SOLE                         27,046
DYNEGY INC NEW                   CL A       26816Q101          48    11,250 SH   SOLE                         11,250
E M C CORP MASS                  COM        268648102         848    65,604 SH   SOLE                         65,604
EASTMAN KODAK CO                 COM        277461109         219     8,550 SH   SOLE                          8,550
EATON CORP                       COM        278058102         238     2,200 SH   SOLE                          2,200
EBAY INC                         COM        278642103       1,241    19,200 SH   SOLE                         19,200
ECOLAB INC                       COM        278865100         213     7,800 SH   SOLE                          7,800
EDISON INTL                      COM        281020107         213     9,700 SH   SOLE                          9,700
EL PASO CORP                     COM        28336L109         147    17,914 SH   SOLE                         17,914
ELECTRONIC ARTS INC              COM        285512109         420     8,800 SH   SOLE                          8,800
ELECTRONIC DATA SYS NEW          COM        285661104         351    14,300 SH   SOLE                         14,300
EMERSON ELEC CO                  COM        291011104         813    12,550 SH   SOLE                         12,550
ENTERGY CORP NEW                 COM        29364G103         388     6,800 SH   SOLE                          6,800
EQUITY OFFICE PROPERTIES TRU     COM        294741103         341    11,900 SH   SOLE                         11,900
EQUITY RESIDENTIAL               SH     BEN 29476L107         241     8,150 SH   SOLE                          8,150
                                INT
EXELON CORP                      COM        30161N101         644     9,700 SH   SOLE                          9,700
EXXON MOBIL CORP                 COM        30231G102       8,135   198,425 SH   SOLE                        198,425
FPL GROUP INC                    COM        302571104         360     5,500 SH   SOLE                          5,500


FEDERAL HOME LN MTG CORP         COM        313400301       1,212    20,782 SH   SOLE                         20,782
FEDERAL NATL MTG ASSN            COM        313586109       2,188    29,150 SH   SOLE                         29,150
FEDERATED DEPT STORES INC DE     COM        31410H101         262     5,559 SH   SOLE                          5,559
FEDEX CORP                       COM        31428X106         601     8,900 SH   SOLE                          8,900
FIFTH THIRD BANCORP              COM        316773100       1,004    16,992 SH   SOLE                         16,992
FIRST DATA CORP                  COM        319963104         908    22,100 SH   SOLE                         22,100
FISERV INC                       COM        337738108         229     5,800 SH   SOLE                          5,800
FIRSTENERGY CORP                 COM        337932107         341     9,700 SH   SOLE                          9,700
FLEETBOSTON FINL CORP            COM        339030108       1,373    31,458 SH   SOLE                         31,458
FORD MTR CO DEL                  COM PAR    345370860         877    54,815 SH   SOLE                         54,815
                                $0.01
FOREST LABS INC                  COM        345838106         674    10,900 SH   SOLE                         10,900
FORTUNE BRANDS INC               COM        349631101         314     4,386 SH   SOLE                          4,386
FRANKLIN RES INC                 COM        354613101         390     7,500 SH   SOLE                          7,500
FREEPORTMCMORAN COPPER & GO      CL B       35671D857         213     5,061 SH   SOLE                          5,061
GANNETT INC                      COM        364730101         722     8,100 SH   SOLE                          8,100
GAP INC DEL                      COM        364760108         620    26,725 SH   SOLE                         26,725
GENERAL DYNAMICS CORP            COM        369550108         533     5,900 SH   SOLE                          5,900
GENERAL ELEC CO                  COM        369604103       9,281   299,584 SH   SOLE                        299,584
GENERAL MLS INC                  COM        370334104         503    11,100 SH   SOLE                         11,100
GENERAL MTRS CORP                COM        370442105         896    16,774 SH   SOLE                         16,774
GENZYME CORP                     COM GENL   372917104         325     6,600 SH   SOLE                          6,600
                                DIV
GEORGIA PAC CORP                 COM        373298108         234     7,618 SH   SOLE                          7,618
GILLETTE CO                      COM        375766102       1,122    30,550 SH   SOLE                         30,550
GOLDEN WEST FINL CORP DEL        COM        381317106         470     4,550 SH   SOLE                          4,550
GOLDMAN SACHS GROUP INC          COM        38141G104       1,402    14,200 SH   SOLE                         14,200
GUIDANT CORP                     COM        401698105         554     9,200 SH   SOLE                          9,200
HCA INC                          COM        404119109         642    14,950 SH   SOLE                         14,950
HALLIBURTON CO                   COM        406216101         341    13,100 SH   SOLE                         13,100
HANCOCK JOHN FINL SVCS INC       COM        41014S106         324     8,650 SH   SOLE                          8,650
HARLEY DAVIDSON INC              COM        412822108         428     9,000 SH   SOLE                          9,000
HARTFORD FINL SVCS GROUP INC     COM        416515104         496     8,400 SH   SOLE                          8,400


HEINZ H J CO                     COM        423074103         383    10,500 SH   SOLE                         10,500
HERSHEY FOODS CORP               COM        427866108         300     3,900 SH   SOLE                          3,900
HEWLETT PACKARD CO               COM        428236103       2,098    91,316 SH   SOLE                         91,316
HILTON HOTELS CORP               COM        432848109         194    11,300 SH   SOLE                         11,300
HOME DEPOT INC                   COM        437076102       2,440    68,750 SH   SOLE                         68,750
HONEYWELL INTL INC               COM        438516106         861    25,757 SH   SOLE                         25,757
ITT INDS INC IND                 COM        450911102         208     2,800 SH   SOLE                          2,800
ILLINOIS TOOL WKS INC            COM        452308109         772     9,200 SH   SOLE                          9,200
INTERNATIONAL BUSINESS MACHS     COM        459200101       4,793    51,718 SH   SOLE                         51,718
INTERNATIONAL GAME TECHNOLOG     COM        459902102         368    10,300 SH   SOLE                         10,300
INTL PAPER CO                    COM        460146103         617    14,316 SH   SOLE                         14,316
INTERPUBLIC GROUP COS INC        COM        460690100         183    11,700 SH   SOLE                         11,700
INTUIT                           COM        461202103         322     6,100 SH   SOLE                          6,100
IPASS INC                        COM        46261V108       9,620   586,224 SH   SOLE                        586,224
JDS UNIPHASE CORP                COM        46612J101         156    42,800 SH   SOLE                         42,800
J P MORGAN CHASE & CO            COM        46625H100       2,236    60,871 SH   SOLE                         60,871
JEFFERSON PILOT CORP             COM        475070108         214     4,225 SH   SOLE                          4,225
JOHNSON & JOHNSON                COM        478160104       4,586    88,766 SH   SOLE                         88,766
JOHNSON CTLS INC                 COM        478366107         314     2,700 SH   SOLE                          2,700
KLA-TENCOR CORP                  COM        482480100         334     5,700 SH   SOLE                          5,700
KELLOGG CO                       COM        487836108         464    12,180 SH   SOLE                         12,180
KEYCORP NEW                      COM        493267108         369    12,584 SH   SOLE                         12,584
KIMBERLY CLARK CORP              COM        494368103         892    15,100 SH   SOLE                         15,100
KINDER MORGAN INC KANS           COM        49455P101         219     3,700 SH   SOLE                          3,700
KOHLS CORP                       COM        500255104         458    10,200 SH   SOLE                         10,200
KROGER CO                        COM        501044101         416    22,450 SH   SOLE                         22,450
LSI LOGIC CORP                   COM        502161102         100    11,300 SH   SOLE                         11,300
LEHMAN BROS HLDGS INC            COM        524908100         633     8,200 SH   SOLE                          8,200
LEXMARK INTL NEW                 CL A       529771107         299     3,800 SH   SOLE                          3,800
LILLY ELI & CO                   COM        532457108       2,360    33,550 SH   SOLE                         33,550
LIMITED BRANDS INC               COM        532716107         281    15,606 SH   SOLE                         15,606
LINCOLN NATL CORP IND            COM        534187109         214     5,300 SH   SOLE                          5,300
LINEAR TECHNOLOGY CORP           COM        535678106         395     9,400 SH   SOLE                          9,400


LOCKHEED MARTIN CORP             COM        539830109         691    13,444 SH   SOLE                         13,444
LOEWS CORP                       COM        540424108         272     5,500 SH   SOLE                          5,500
LOWES COS INC                    COM        548661107       1,296    23,400 SH   SOLE                         23,400
LUCENT TECHNOLOGIES INC          COM        549463107         353   124,411 SH   SOLE                        124,411
MBIA INC                         COM        55262C100         255     4,300 SH   SOLE                          4,300
MBNA CORP                        COM        55262L100         949    38,180 SH   SOLE                         38,180
MARATHON OIL CORP                COM        565849106         308     9,300 SH   SOLE                          9,300
MARSH & MCLENNAN COS INC         COM        571748102         764    15,958 SH   SOLE                         15,958
MARSHALL & ILSLEY CORP           COM        571834100         260     6,800 SH   SOLE                          6,800
MARRIOTT INTL INC NEW            CL A       571903202         323     7,000 SH   SOLE                          7,000
MASCO CORP                       COM        574599106         386    14,100 SH   SOLE                         14,100
MATTEL INC                       COM        577081102         254    13,175 SH   SOLE                         13,175
MAXIM INTEGRATED PRODS INC       COM        57772K101         481     9,700 SH   SOLE                          9,700
MAY DEPT STORES CO               COM        577778103         250     8,600 SH   SOLE                          8,600
MCDONALDS CORP                   COM        580135101         944    38,004 SH   SOLE                         38,004
MCGRAW HILL COS INC              COM        580645109         399     5,700 SH   SOLE                          5,700
MCKESSON CORP                    COM        58155Q103         280     8,713 SH   SOLE                          8,713
MEDCO HEALTH SOLUTIONS INC       COM        58405U102         276     8,130 SH   SOLE                          8,130
MEDTRONIC INC                    COM        585055106       1,768    36,362 SH   SOLE                         36,362
MELLON FINL CORP                 COM        58551A108         413    12,850 SH   SOLE                         12,850
MERCK & CO INC                   COM        589331107       3,092    66,916 SH   SOLE                         66,916
MERRILL LYNCH & CO INC           COM        590188108       1,637    27,918 SH   SOLE                         27,918
METLIFE INC                      COM        59156R108         764    22,700 SH   SOLE                         22,700
MICROSOFT CORP                   COM        594918104       8,850   323,350 SH   SOLE                        323,350
MICRON TECHNOLOGY INC            COM        595112103         245    18,200 SH   SOLE                         18,200
MICRON TECHNOLOGY INC            COM        595112103     456,095 33,860,04 SH   DEFINED     NONE                    33,860,04 x
                                                                        5                                                5
MONSANTO CO NEW                  COM        61166W101         225     7,833 SH   SOLE                          7,833
MOODYS CORP                      COM        615369105         272     4,500 SH   SOLE                          4,500
MORGAN STANLEY                   COM NEW    617446448       1,884    32,556 SH   SOLE                         32,556
MOTOROLA INC                     COM        620076109         974    69,598 SH   SOLE                         69,598
NATIONAL CITY CORP               COM        635405103         624    18,400 SH   SOLE                         18,400
NATIONAL SEMICONDUCTOR CORP      COM        637640103         217     5,500 SH   SOLE                          5,500
NEOMAGIC CORP                    COM        640497103          30    10,497 SH   SOLE                         10,497


NETWORK APPLIANCE INC            COM        64120L104         208    10,200 SH   SOLE                         10,200
NEW YORK TIMES CO                CL A       650111107         213     4,450 SH   SOLE                          4,450
NEWMONT MINING CORP              COM        651639106         630    12,962 SH   SOLE                         12,962
NEXTEL COMMUNICATIONS INC        CL A       65332V103         923    32,900 SH   SOLE                         32,900
NIKE INC                         CL B       654106103         541     7,900 SH   SOLE                          7,900
NORFOLK SOUTHERN CORP            COM        655844108         276    11,650 SH   SOLE                         11,650
NORTHERN TR CORP                 COM        665859104         305     6,600 SH   SOLE                          6,600
NORTHROP GRUMMAN CORP            COM        666807102         524     5,479 SH   SOLE                          5,479
NOVELL INC                       COM        670006105         117    11,094 SH   SOLE                         11,094
OCCIDENTAL PETE CORP DEL         COM        674599105         482    11,400 SH   SOLE                         11,400
OMNICOM GROUP INC                COM        681919106         498     5,700 SH   SOLE                          5,700
ORACLE CORP                      COM        68389X105       2,071   156,534 SH   SOLE                        156,534
PG&E CORP                        COM        69331C108         341    12,296 SH   SOLE                         12,296
PNC FINL SVCS GROUP              COM        693475105         460     8,400 SH   SOLE                          8,400
PPG INDS INC                     COM        693506107         325     5,070 SH   SOLE                          5,070
PPL CORP                         COM        69351T106         232     5,300 SH   SOLE                          5,300
PACCAR INC                       COM        693718108         294     3,450 SH   SOLE                          3,450
PARKER HANNIFIN CORP             COM        701094104         211     3,550 SH   SOLE                          3,550
PAYCHEX INC                      COM        704326107         419    11,275 SH   SOLE                         11,275
PENNEY J C INC                   COM        708160106         214     8,128 SH   SOLE                          8,128
PEOPLESOFT INC                   COM        712713106         248    10,900 SH   SOLE                         10,900
PEPSICO INC                      COM        713448108       2,406    51,600 SH   SOLE                         51,600
PFIZER INC                       COM STK    717081103       8,227   232,864 SH   SOLE                        232,864
                                USD0.05
PHELPS DODGE CORP                COM        717265102         201     2,643 SH   SOLE                          2,643
PITNEY BOWES INC                 COM        724479100         284     7,000 SH   SOLE                          7,000
PRAXAIR INC                      COM        74005P104         369     9,662 SH   SOLE                          9,662
PRINCIPAL FINANCIAL GROUP IN     COM        74251V102         321     9,700 SH   SOLE                          9,700
PROCTER & GAMBLE CO              COM        742718109       3,870    38,750 SH   SOLE                         38,750
PROGRESS ENERGY INC              COM        743263105         330     7,300 SH   SOLE                          7,300
PROGRESSIVE CORP OHIO            COM        743315103         543     6,500 SH   SOLE                          6,500
PRUDENTIAL FINL INC              COM        744320102         682    16,325 SH   SOLE                         16,325
PUBLIC SVC ENTERPRISE GROUP      COM        744573106         298     6,794 SH   SOLE                          6,794
QUALCOMM INC                     COM        747525103       1,278    23,700 SH   SOLE                         23,700

<PAGE

QUEST DIAGNOSTICS INC            COM        74834L100         227     3,100 SH   SOLE                          3,100
QWEST COMMUNICATIONS INTL IN     COM        749121109         219    50,698 SH   SOLE                         50,698
RAYTHEON CO                      COM NEW    755111507         372    12,400 SH   SOLE                         12,400
REGIONS FINL CORP                COM        758940100         249     6,700 SH   SOLE                          6,700
ROHM & HAAS CO                   COM        775371107         286     6,692 SH   SOLE                          6,692
SBC COMMUNICATIONS INC           COM        78387G103       2,590    99,344 SH   SOLE                         99,344
SLM CORP                         COM        78442P106         509    13,500 SH   SOLE                         13,500
SAFEWAY INC                      COM NEW    786514208         289    13,200 SH   SOLE                         13,200
ST JUDE MED INC                  COM        790849103         314     5,112 SH   SOLE                          5,112
ST PAUL COS INC                  COM        792860108         269     6,772 SH   SOLE                          6,772
SANMINA-SCI CORP                 COM        800907107         192    15,250 SH   SOLE                         15,250
SARA LEE CORP                    COM        803111103         505    23,250 SH   SOLE                         23,250
SCHERING PLOUGH CORP             COM        806605101         764    43,950 SH   SOLE                         43,950
SCHLUMBERGER LTD                 COM        806857108         952    17,400 SH   SOLE                         17,400
SCHWAB CHARLES CORP NEW          COM        808513105         480    40,500 SH   SOLE                         40,500
SEARS ROEBUCK & CO               COM        812387108         346     7,600 SH   SOLE                          7,600
SEMPRA ENERGY                    COM        816851109         200     6,660 SH   SOLE                          6,660
SIEBEL SYS INC                   COM        826170102         206    14,800 SH   SOLE                         14,800
SIMON PPTY GROUP INC NEW         COM        828806109         269     5,800 SH   SOLE                          5,800
SOLECTRON CORP                   COM        834182107         147    24,800 SH   SOLE                         24,800
SOUTHERN CO                      COM        842587107         658    21,750 SH   SOLE                         21,750
SOUTHTRUST CORP                  COM        844730101         331    10,100 SH   SOLE                         10,100
SOUTHWEST AIRLS CO               COM        844741108         377    23,375 SH   SOLE                         23,375
SPRINT CORP                      COM FON    852061100         443    26,966 SH   SOLE                         26,966
                                GROUP
SPRINT CORP                      PCS COM    852061506         174    30,908 SH   SOLE                         30,908
                                SER
STANDARD MICROSYSTEMS CORP       COM        853626109      26,017 1,028,337 SH   SOLE                      1,028,337
STAPLES INC                      COM        855030102         400    14,650 SH   SOLE                         14,650
STARBUCKS CORP                   COM        855244109         388    11,700 SH   SOLE                         11,700
STARWOOD HOTELS&RESORTS WRLD     PAIRED     85590A203         216     6,000 SH   SOLE                          6,000
                                CTF
STATE STR CORP                   COM        857477103         521    10,000 SH   SOLE                         10,000


STRYKER CORP                     COM        863667101         510     6,000 SH   SOLE                          6,000
SUN MICROSYSTEMS INC             COM        866810104         432    96,614 SH   SOLE                         96,614
SUNGARD DATA SYS INC             COM        867363103         237     8,550 SH   SOLE                          8,550
SUNTRUST BKS INC                 COM        867914103         601     8,400 SH   SOLE                          8,400
SYMANTEC CORP                    COM        871503108         314     9,100 SH   SOLE                          9,100
SYNOVUS FINL CORP                COM        87161C105         262     9,050 SH   SOLE                          9,050
SYSCO CORP                       COM        871829107         722    19,400 SH   SOLE                         19,400
TJX COS INC NEW                  COM        872540109         337    15,300 SH   SOLE                         15,300
TXU CORP                         COM        873168108         228     9,602 SH   SOLE                          9,602
TARGET CORP                      COM        87612E106       1,046    27,250 SH   SOLE                         27,250
TELLABS INC                      COM        879664100         103    12,300 SH   SOLE                         12,300
TENET HEALTHCARE CORP            COM        88033G100         223    13,874 SH   SOLE                         13,874
TEXAS INSTRS INC                 COM        882508104       1,522    51,800 SH   SOLE                         51,800
TEXTRON INC                      COM        883203101         234     4,100 SH   SOLE                          4,100
3M CO                            COM        88579Y101       1,990    23,400 SH   SOLE                         23,400
TIME WARNER INC                  COM NEW    887317105       2,429   134,995 SH   SOLE                        134,995
TRAVELERS PPTY CAS CORP NEW      CL B       89420G406         511    30,122 SH   SOLE                         30,122
TRIBUNE CO NEW                   COM        896047107         486     9,426 SH   SOLE                          9,426
TYCO INTL LTD NEW                COM        902124106       1,582    59,680 SH   SOLE                         59,680
US BANCORP DEL                   COM NEW    902973304       1,717    57,647 SH   SOLE                         57,647
UNION PAC CORP                   COM        907818108         528     7,600 SH   SOLE                          7,600
UNITED PARCEL SERVICE INC        CL B       911312106       2,509    33,650 SH   SOLE                         33,650
UNITED TECHNOLOGIES CORP         COM        913017109       1,327    14,000 SH   SOLE                         14,000
UNITEDHEALTH GROUP INC           COM        91324P102       1,039    17,852 SH   SOLE                         17,852
UNIVISION COMMUNICATIONS INC     CL A       914906102         381     9,600 SH   SOLE                          9,600
UNOCAL CORP                      COM        915289102         285     7,750 SH   SOLE                          7,750
VERIZON COMMUNICATIONS           COM        92343V104       2,891    82,398 SH   SOLE                         82,398
VERITAS SOFTWARE CO              COM        923436109         471    12,715 SH   SOLE                         12,715
VIACOM INC                       CL B       925524308       2,331    52,527 SH   SOLE                         52,527
WACHOVIA CORP 2ND NEW            COM        929903102       1,854    39,791 SH   SOLE                         39,791
WAL MART STORES INC              COM        931142103       6,931   130,652 SH   SOLE                        130,652
WALGREEN CO                      COM        931422109       1,115    30,650 SH   SOLE                         30,650
WASHINGTON MUT INC               COM        939322103       1,106    27,573 SH   SOLE                         27,573


WASTE MGMT INC DEL               COM        94106L109         523    17,663 SH   SOLE                         17,663
WELLPOINT HEALTH NETWORK INC NEW COM        94973H108         427     4,400 SH   SOLE                          4,400
WELLS FARGO & CO NEW             COM        949746101       2,955    50,174 SH   SOLE                         50,174
WEYERHAEUSER CO                  COM        962166104         417     6,517 SH   SOLE                          6,517
WILLIAMS COS INC DEL             COM        969457100         152    15,500 SH   SOLE                         15,500
WRIGLEY WM JR CO                 COM        982526105         377     6,700 SH   SOLE                          6,700
WYETH                            COM        983024100       1,691    39,826 SH   SOLE                         39,826
XCEL ENERGY INC                  COM        98389B100         203    11,935 SH   SOLE                         11,935
XILINX INC                       COM        983919101         394    10,200 SH   SOLE                         10,200
XEROX CORP                       COM        984121103         326    23,600 SH   SOLE                         23,600
YAHOO INC                        COM        984332106         876    19,450 SH   SOLE                         19,450
YUM BRANDS INC                   COM        988498101         302     8,784 SH   SOLE                          8,784
ZHONE TECHNOLOGIES INC NEW       COM        98951P108       2,468    92,940 SH   DEFINED     NONE                       92,940
ZIMMER HLDGS INC                 COM        98956P102         478     6,789 SH   SOLE                          6,789

Report Total                                              776,277
</TABLE>