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.
12/31/03
FORM 13F INFORMATION TABLE
REPORTING MANAGER: INTEL CORPORATION
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
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
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
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