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: June 26, 2004
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:
Cary I. Klafter, Vice President and Corporate Secretary (408) 765-
1215
---------------------------------------------------------------
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/Cary I. Klafter Santa Clara, California August 16, 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: 350
Form 13F Information Table Value Total: $823,062
8/13/04
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
A D C TELECOMMUNICATIONS COM 000886101 68 23,850 SH SOLE
AFLAC INC COM 001055102 618 15,150 SH SOLE
AT&T CORP COM NEW 001957505 344 23,521 SH SOLE
ABBOTT LABS COM 002824100 1,885 46,244 SH SOLE
ADVANCED MICRO DEVICES INC COM 007903107 165 10,350 SH SOLE
AFFILIATED COMPUTER SERVICES CL A 008190100 212 4,000 SH SOLE
AIR PRODS & CHEMS INC COM 009158106 351 6,700 SH SOLE
ALBERTSONS INC COM 013104104 289 10,901 SH SOLE
ALCOA INC COM 013817101 851 25,752 SH SOLE
ALLERGAN INC COM 018490102 349 3,900 SH SOLE
ALLSTATE CORP COM 020002101 972 20,880 SH SOLE
ALLTEL CORP COM 020039103 466 9,200 SH SOLE
ALTERA CORP COM 021441100 248 11,200 SH SOLE
AMBAC FINL GROUP INC COM 023139108 235 3,200 SH SOLE
AMERADA HESS CORP COM 023551104 214 2,700 SH SOLE
AMEREN CORP COM 023608102 232 5,400 SH SOLE
AMERICAN ELEC PWR INC COM 025537101 374 11,682 SH SOLE
AMERICAN EXPRESS CO COM 025816109 1,955 38,050 SH SOLE
AMERICAN INTL GROUP INC COM 026874107 5,506 77,243 SH SOLE
AMERICAN STD COS INC DEL COM 029712106 254 6,300 SH SOLE
AMGEN INC COM 031162100 2,086 38,235 SH SOLE
AMSOUTH BANCORPORATION COM 032165102 265 10,400 SH SOLE
AMX CORPORATION COM 00180C105 2,621 238,057 SH SOLE
ANADARKO PETE CORP COM 032511107 439 7,493 SH SOLE
ANALOG DEVICES INC COM 032654105 523 11,100 SH SOLE
FAIR MARKET VALUE 21,522 661,508
ANHEUSER BUSCH COS INC COM 035229103 1,301 24,100 SH SOLE
AON CORP COM 037389103 264 9,256 SH SOLE
APACHE CORP COM 037411105 418 9,588 SH SOLE
APOLLO GROUP INC CL A 037604105 459 5,200 SH SOLE
APPLE COMPUTER INC COM 037833100 355 10,900 SH SOLE
APPLIED MATLS INC COM 038222105 977 49,800 SH SOLE
ARCHER DANIELS MIDLAND CO COM 039483102 322 19,167 SH SOLE
ASM INTERNATIONAL N.V. COM N07045102 2,467 119,287 SH SOLE
AUTOMATIC DATA PROCESSING IN COM 053015103 733 17,502 SH SOLE
AUTOZONE INC COM 053332102 208 2,600 SH SOLE
AVAYA INC COM 053499109 198 12,521 SH SOLE
AVERY DENNISON CORP COM 053611109 211 3,300 SH SOLE
AVOCENT CORP COM 053893103 1,692 46,067 SH SOLE
AVON PRODS INC COM 054303102 647 14,028 SH SOLE
BB&T CORP COM 054937107 599 16,200 SH SOLE
BJ SVCS CO COM 055482103 215 4,700 SH SOLE
BAKER HUGHES INC COM 057224107 375 9,960 SH SOLE
BANK OF AMERICA CORPORATION COM 060505104 5,120 60,507 SH SOLE
BANK NEW YORK INC COM 064057102 676 22,940 SH SOLE
BAXTER INTL INC COM 071813109 623 18,040 SH SOLE
BEAR STEARNS COS INC COM 073902108 259 3,074 SH SOLE
BECTON DICKINSON & CO COM 075887109 389 7,500 SH SOLE
BED BATH & BEYOND INC COM 075896100 338 8,800 SH SOLE
BELLSOUTH CORP COM 079860102 1,421 54,182 SH SOLE
BEST BUY INC COM 086516101 487 9,600 SH SOLE
BIOMET INC COM 090613100 336 7,550 SH SOLE
BLOCK H & R INC COM 093671105 253 5,300 SH SOLE
BOEING CO COM 097023105 1,273 24,915 SH SOLE
BOSTON SCIENTIFIC CORP COM 101137107 1,039 24,284 SH SOLE
BRISTOL MYERS SQUIBB CO COM 110122108 1,407 57,446 SH SOLE
BROADCOM CORP CL A 111320107 419 9,000 SH SOLE
BURLINGTON RES INC COM 122014103 425 11,744 SH SOLE
CIGNA CORP COM 125509109 289 4,200 SH SOLE
CSX CORP COM 126408103 206 6,300 SH SOLE
CVS CORP COM 126650100 492 11,700 SH SOLE
CALPINE CORP COM 131347106 53 12,200 SH SOLE
CAMPBELL SOUP CO COM 134429109 328 12,200 SH SOLE
CAREMARK RX INC COM 141705103 435 13,200 SH SOLE
FAIR MARKET VALUE 27,709 758,858
CARNIVAL CORP PAIRED 143658300 879 18,700 SH SOLE
CTF
CATERPILLAR INC DEL COM 149123101 817 10,290 SH SOLE
CENDANT CORP COM 151313103 731 29,881 SH SOLE
CHARTER ONE FINL INC COM 160903100 291 6,588 SH SOLE
CHEVRONTEXACO CORP COM 166764100 2,978 31,640 SH SOLE
CHIRON CORP COM 170040109 250 5,600 SH SOLE
CHUBB CORP COM 171232101 378 5,550 SH SOLE
CIENA CORP COM 171779101 63 17,000 SH SOLE
CINCINNATI FINL CORP COM 172062101 215 4,940 SH SOLE
CINERGY CORP COM 172474108 201 5,300 SH SOLE
CINTAS CORP COM 172908105 243 5,100 SH SOLE
CITIGROUP INC COM 172967101 7,091 152,493 SH SOLE
CLEAR CHANNEL COMMUNICATIONS COM 184502102 672 18,200 SH SOLE
CLOROX CO DEL COM 189054109 333 6,200 SH SOLE
COCA COLA CO COM 191216100 3,655 72,408 SH SOLE
COCA COLA ENTERPRISES INC COM 191219104 394 13,600 SH SOLE
COLGATE PALMOLIVE CO COM 194162103 924 15,800 SH SOLE
COMERICA INC COM 200340107 285 5,200 SH SOLE
COMPUTER ASSOC INTL INC COM 204912109 484 17,250 SH SOLE
COMPUTER SCIENCES CORP COM 205363104 260 5,600 SH SOLE
COMPUWARE CORP COM 205638109 75 11,400 SH SOLE
CONAGRA FOODS INC COM 205887102 431 15,900 SH SOLE
CONSOLIDATED EDISON INC COM 209115104 282 7,100 SH SOLE
FAIR MARKET VALUE 21,932 481,740
CORNING INC COM 219350105 522 39,950 SH SOLE
COUNTRYWIDE FINANCIAL CORP COM 222372104 576 8,199 SH SOLE
DTE ENERGY CO COM 233331107 203 5,000 SH SOLE
DANAHER CORP DEL COM 235851102 477 9,200 SH SOLE
DEERE & CO COM 244199105 505 7,200 SH SOLE
DELPHI CORP COM 247126105 177 16,558 SH SOLE
DISNEY WALT CO COM 254687106 1,545 60,612 SH SOLE
DISNEY
DOLLAR GEN CORP COM 256669102 196 10,018 SH SOLE
DONNELLEY R R & SONS CO COM 257867101 208 6,300 SH SOLE
DOVER CORP COM 260003108 253 6,000 SH SOLE
DOW CHEM CO COM 260543103 1,123 27,593 SH SOLE
DU PONT E I DE NEMOURS & CO COM 263534109 1,313 29,550 SH SOLE
DUKE ENERGY CORP COM 264399106 545 26,846 SH SOLE
E M C CORP MASS COM 268648102 816 71,604 SH SOLE
E TRADE FINANCIAL CORP COM 269246104 120 10,800 SH SOLE
EASTMAN KODAK CO COM 277461109 228 8,450 SH SOLE
EATON CORP COM 278058102 291 4,500 SH SOLE
EBAY INC COM 278642103 1,756 19,100 SH SOLE
ECOLAB INC COM 278865100 241 7,600 SH SOLE
FAIR MARKET VALUE 11,095 375,080
EDISON INTL COM 281020107 245 9,600 SH SOLE
ELECTRONIC ARTS INC COM 285512109 480 8,800 SH SOLE
ELECTRONIC DATA SYS NEW COM 285661104 272 14,200 SH SOLE
EMERSON ELEC CO COM 291011104 791 12,450 SH SOLE
EQUITY OFFICE PROPERTIES TRU COM 294741103 321 11,800 SH SOLE
FPL GROUP INC COM 302571104 352 5,500 SH SOLE
FEDERAL HOME LN MTG CORP COM 313400301 1,290 20,382 SH SOLE
FEDERAL NATL MTG ASSN COM 313586109 2,052 28,750 SH SOLE
FIFTH THIRD BANCORP COM 316773100 898 16,692 SH SOLE
FIRST DATA CORP COM 319963104 1,168 26,229 SH SOLE
FISERV INC COM 337738108 226 5,800 SH SOLE
FIRSTENERGY CORP COM 337932107 367 9,800 SH SOLE
FORD MTR CO DEL COMPAR 345370860 848 54,215 SH SOLE
$0.01
FOREST LABS INC COM 345838106 617 10,900 SH SOLE
FORTUNE BRANDS INC COM 349631101 323 4,286 SH SOLE
FRANKLIN RES INC COM 354613101 371 7,400 SH SOLE
GANNETT INC COM 364730101 679 8,000 SH SOLE
GAP INC DEL COM 364760108 643 26,525 SH SOLE
GATEWAY INC COM 367626108 50 11,100 SH SOLE
GENERAL DYNAMICS CORP COM 369550108 586 5,900 SH SOLE
GENERAL ELEC CO COM 369604103 9,781 301,884 SH SOLE
GENERAL MLS INC COM 370334104 528 11,100 SH SOLE
GENERAL MTRS CORP COM 370442105 777 16,674 SH SOLE
FAIR MARKET VALUE 23,665 627,987
GENUINE PARTS CO COM 372460105 204 5,150 SH SOLE
GENZYME CORP COMGENLDI 372917104 312 6,600 SH SOLE
V
GEORGIA PAC CORP COM 373298108 278 7,518 SH SOLE
GILLETTE CO COM 375766102 1,266 29,850 SH SOLE
GOLDEN WEST FINL CORP DEL COM 381317106 473 4,450 SH SOLE
GUIDANT CORP COM 401698105 514 9,200 SH SOLE
HCA INC COM 404119109 609 14,650 SH SOLE
HALLIBURTON CO COM 406216101 393 13,000 SH SOLE
HARLEY DAVIDSON INC COM 412822108 557 9,000 SH SOLE
HARTFORD FINL SVCS GROUP INC COM 416515104 591 8,600 SH SOLE
HEALTHAXIS INC COM 42219D308 232 100,050 SH SOLE
HEINZ H J CO COM 423074103 408 10,400 SH SOLE
HERSHEY FOODS CORP COM 427866108 361 7,800 SH SOLE
HEWLETT PACKARD CO COM 428236103 1,906 90,316 SH SOLE
HILTON HOTELS CORP COM 432848109 209 11,200 SH SOLE
HOME DEPOT INC COM 437076102 2,371 67,350 SH SOLE
HONEYWELL INTL INC COM 438516106 932 25,457 SH SOLE
HOSPIRA INC COM 441060100 255 9,254 SH SOLE
ITT INDS INC IND COM 450911102 224 2,700 SH SOLE
ILLINOIS TOOL WKS INC COM 452308109 873 9,100 SH SOLE
INTERNATIONAL BUSINESS MACHS COM 459200101 4,436 50,318 SH SOLE
FAIR MARKET VALUE 17,404 491,963
INTERNATIONAL GAME TECHNOLOG COM 459902102 398 10,300 SH SOLE
INTL PAPER CO COM 460146103 635 14,216 SH SOLE
INTERPUBLIC GROUP COS INC COM 460690100 169 12,300 SH SOLE
INTUIT COM 461202103 228 5,900 SH SOLE
JEFFERSON PILOT CORP COM 475070108 215 4,225 SH SOLE
JOHNSON & JOHNSON COM 478160104 4,894 87,866 SH SOLE
JOHNSON CTLS INC COM 478366107 299 5,600 SH SOLE
KLA-TENCOR CORP COM 482480100 286 5,800 SH SOLE
KELLOGG CO COM 487836108 510 12,180 SH SOLE
KEYCORP NEW COM 493267108 370 12,384 SH SOLE
KIMBERLY CLARK CORP COM 494368103 975 14,800 SH SOLE
KOHLS CORP COM 500255104 427 10,100 SH SOLE
KROGER CO COM 501044101 401 22,050 SH SOLE
LSI LOGIC CORP COM 502161102 85 11,200 SH SOLE
LEHMAN BROS HLDGS INC COM 524908100 617 8,200 SH SOLE
LEXMARK INTL NEW CL A 529771107 367 3,800 SH SOLE
LILLY ELI & CO COM 532457108 2,325 33,250 SH SOLE
LIMITED BRANDS INC COM 532716107 258 13,806 SH SOLE
LINCOLN NATL CORP IND COM 534187109 250 5,300 SH SOLE
LINEAR TECHNOLOGY CORP COM 535678106 363 9,200 SH SOLE
LOCKHEED MARTIN CORP COM 539830109 695 13,344 SH SOLE
LOEWS CORP COM 540424108 330 5,500 SH SOLE
FAIR MARKET VALUE 15,097 321,321
LOWES COS INC COM 548661107 1,224 23,300 SH SOLE
LUCENT TECHNOLOGIES INC COM 549463107 477 126,111 SH SOLE
MGIC INVT CORP WIS COM 552848103 220 2,900 SH SOLE
MARATHON OIL CORP COM 565849106 382 10,100 SH SOLE
MARSH & MCLENNAN COS INC COM 571748102 711 15,658 SH SOLE
MARSHALL & ILSLEY CORP COM 571834100 262 6,700 SH SOLE
MARRIOTT INTL INC NEW COM 571903202 339 6,800 SH SOLE
MASCO CORP COM 574599106 418 13,400 SH SOLE
MATTEL INC COM 577081102 233 12,775 SH SOLE
MAY DEPT STORES CO COM 577778103 234 8,500 SH SOLE
MCDONALDS CORP COM 580135101 973 37,404 SH SOLE
MCGRAW HILL COS INC COM 580645109 436 5,700 SH SOLE
MEDTRONIC INC COM 585055106 1,747 35,862 SH SOLE
MERCK & CO INC COM 589331107 3,126 65,816 SH SOLE
MERRILL LYNCH & CO INC COM 590188108 1,550 28,718 SH SOLE
MICROSOFT CORP COM 594918104 9,126 319,550 SH SOLE
MICRON TECHNOLOGY INC COM 595112103 276 18,000 SH SOLE
MICRON TECHNOLOGY INC COM 595112103 518,397 33,860,04 SH DEFINED NONE 33,860,04
5 5
MOODYS CORP COM 615369105 285 4,400 SH SOLE
MORGAN STANLEY COM NEW 617446448 1,713 32,456 SH SOLE
FAIR MARKET VALUE 542,129 34,634,19
5
MOTOROLA INC COM 620076109 1,265 69,298 SH SOLE
NATIONAL CITY CORP COM 635405103 627 17,900 SH SOLE
NATIONAL SEMICONDUCTOR CORP COM 637640103 347 15,800 SH SOLE
NEWMONT MINING CORP COM 651639106 495 12,762 SH SOLE
NIKE INC CL B 654106103 591 7,800 SH SOLE
NORFOLK SOUTHERN CORP COM 655844108 306 11,550 SH SOLE
NORTHERN TR CORP COM 665859104 275 6,500 SH SOLE
NORTHROP GRUMMAN CORP COM 666807102 588 10,958 SH SOLE
NOVELL INC COM 670006105 94 11,194 SH SOLE
OCCIDENTAL PETE CORP DEL COM 674599105 557 11,500 SH SOLE
OMNICOM GROUP INC COM 681919106 425 5,600 SH SOLE
PNC FINL SVCS GROUP INC COM 693475105 435 8,200 SH SOLE
PPG INDS INC COM 693506107 317 5,070 SH SOLE
PACCAR INC COM 693718108 300 5,175 SH SOLE
PARKER HANNIFIN CORP COM 701094104 211 3,550 SH SOLE
PAYCHEX INC COM 704326107 379 11,175 SH SOLE
PENNEY J C INC COM 708160106 307 8,128 SH SOLE
FAIR MARKET VALUE 7,519 222,160
PEOPLESOFT INC COM 712713106 200 10,800 SH SOLE
PEPSI BOTTLING GROUP INC COM 713409100 235 7,700 SH SOLE
PEPSICO INC COM 713448108 2,726 50,600 SH SOLE
PFIZER INC COM 717081103 7,739 225,764 SH SOLE
PHELPS DODGE CORP COM 717265102 213 2,743 SH SOLE
PITNEY BOWES INC COM 724479100 305 6,900 SH SOLE
PROCTER & GAMBLE CO COM 742718109 4,165 76,500 SH SOLE
PROGRESS ENERGY INC COM 743263105 322 7,300 SH SOLE
PROGRESSIVE CORP OHIO COM 743315103 546 6,400 SH SOLE
PRUDENTIAL FINL INC COM 744320102 745 16,025 SH SOLE
PUBLIC SVC ENTERPRISE GROUP COM 744573106 280 6,994 SH SOLE
QUALCOMM INC COM 747525103 1,737 23,800 SH SOLE
QWEST COMMUNICATIONS INTL IN COM 749121109 188 52,298 SH SOLE
RAYTHEON CO COM NEW 755111507 469 13,100 SH SOLE
REGIONS FINL CORP COM 758940100 241 6,600 SH SOLE
ROCKWELL AUTOMATION INC COM 773903109 206 5,500 SH SOLE
ROHM & HAAS CO COM 775371107 274 6,592 SH SOLE
FAIR MARKET VALUE 20,591 525,616
SAFEWAY INC COM NEW 786514208 332 13,100 SH SOLE
ST JUDE MED INC COM 790849103 387 5,112 SH SOLE
ST PAUL TRAVELERS INC COM 792860108 796 19,640 SH SOLE
SANMINA SCI CORP COM 800907107 140 15,350 SH SOLE
SARA LEE CORP COM 803111103 539 23,450 SH SOLE
SCHERING PLOUGH CORP COM 806605101 805 43,550 SH SOLE
SCHLUMBERGER LTD COM 806857108 1,105 17,400 SH SOLE
SCHWAB CHARLES CORP NEW COM 808513105 386 40,200 SH SOLE
SEARS ROEBUCK & CO COM 812387108 249 6,600 SH SOLE
SEMPRA ENERGY COM 816851109 233 6,760 SH SOLE
SIEBEL SYS INC COM 826170102 157 14,700 SH SOLE
SIERRA WIRELESS INC COM 826516106 386 10,421 SH SOLE
SIMON PPTY GROUP INC NEW COM 828806109 309 6,000 SH SOLE
SOLECTRON CORP COM 834182107 184 28,400 SH SOLE
FAIR MARKET VALUE 6,008 250,683
SOUTHERN CO COM 842587107 631 21,650 SH SOLE
SOUTHTRUST CORP COM 844730101 380 9,800 SH SOLE
SOUTHWEST AIRLS CO COM 844741108 392 23,375 SH SOLE
SPRINT CORP COM FON 852061100 740 42,070 SH SOLE
GROUP
STAPLES INC COM 855030102 434 14,750 SH SOLE
STARBUCKS CORP COM 855244109 509 11,700 SH SOLE
STATE STR CORP COM 857477103 485 9,900 SH SOLE
STRYKER CORP COM 863667101 974 17,700 SH SOLE
SUN MICROSYSTEMS INC COM 866810104 421 97,314 SH SOLE
SUNGARD DATA SYS INC COM 867363103 222 8,550 SH SOLE
SUNTRUST BKS INC COM 867914103 546 8,400 SH SOLE
SYMANTEC CORP COM 871503108 403 9,200 SH SOLE
SYSCO CORP COM 871829107 685 19,100 SH SOLE
TJX COS INC NEW COM 872540109 360 14,900 SH SOLE
TXU CORP COM 873168108 389 9,602 SH SOLE
TELLABS INC COM 879664100 108 12,300 SH SOLE
TEXAS INSTRS INC COM 882508104 1,240 51,300 SH SOLE
TEXTRON INC COM 883203101 243 4,100 SH SOLE
TIME WARNER INC COM 887317105 2,370 134,795 SH SOLE
FAIR MARKET VALUE 11,532 520,506
TRIBUNE CO NEW COM 896047107 443 9,726 SH SOLE
TYCO INTL LTD NEW COM 902124106 1,961 59,180 SH SOLE
US BANCORP DEL COM NEW 902973304 1,567 56,847 SH SOLE
UNION PAC CORP COM 907818108 458 7,700 SH SOLE
UNITED PARCEL SERVICE INC CL B 911312106 2,514 33,450 SH SOLE
UNITED TECHNOLOGIES CORP COM 913017109 1,400 15,300 SH SOLE
UNIVISION COMMUNICATIONS INC CL A 914906102 303 9,500 SH SOLE
UNOCAL CORP COM 915289102 291 7,650 SH SOLE
VERITAS SOFTWARE CO COM 923436109 351 12,615 SH SOLE
VIACOM INC CL B 925524308 1,851 51,827 SH SOLE
WACHOVIA CORP 2ND NEW COM 929903102 1,731 38,891 SH SOLE
WAL MART STORES INC COM 931142103 6,761 128,152 SH SOLE
WALGREEN CO COM 931422109 1,099 30,350 SH SOLE
WASHINGTON MUT INC COM 939322103 1,031 26,673 SH SOLE
WELLS FARGO & CO NEW COM 949746101 2,866 50,074 SH SOLE
WEYERHAEUSER CO COM 962166104 437 6,917 SH SOLE
WILLIAMS COS INC DEL COM 969457100 182 15,300 SH SOLE
FAIR MARKET VALUE 25,246 560,152
WRIGLEY WM JR CO COM 982526105 422 6,700 SH SOLE
WYETH COM 983024100 1,426 39,426 SH SOLE
XILINX INC COM 983919101 340 10,200 SH SOLE
XEROX CORP COM 984121103 342 23,600 SH SOLE
YAHOO INC COM 984332106 2,155 59,200 SH SOLE
YUM BRANDS INC COM 988498101 323 8,684 SH SOLE
AMERISOURCEBERGEN CORP COM 03073E105 200 3,350 SH SOLE
TARGET CORP COM 87612E106 1,145 26,950 SH SOLE
AES CORP COM 00130H105 183 18,450 SH SOLE
AT&T WIRELESS SVCS INC COM 00209A106 1,155 80,625 SH SOLE
ADOBE SYS INC COM 00724F101 330 7,100 SH SOLE
AETNA INC NEW COM 00817Y108 386 4,539 SH SOLE
AGILENT TECHNOLOGIES INC COM 00846U101 412 14,078 SH SOLE
ALTRIA GROUP INC COM 02209S103 3,030 60,549 SH SOLE
ANTHEM INC COM 03674B104 367 4,100 SH SOLE
BANK ONE CORP COM 06423A103 1,691 33,162 SH SOLE
BIOGEN IDEC INC COM 09062X103 612 9,675 SH SOLE
BURLINGTON NORTHN SANTA FE C COM 12189T104 385 10,967 SH SOLE
CAPITAL ONE FINL CORP COM 14040H105 465 6,800 SH SOLE
CARDINAL HEALTH INC COM 14149Y108 900 12,850 SH SOLE
CISCO SYS INC COM 17275R102 4,823 203,518 SH SOLE
FAIR MARKET VALUE 21,092 644,523
COMCAST CORP NEW CL A 20030N101 1,871 66,599 SH SOLE
CONOCOPHILLIPS COM 20825C104 1,547 20,282 SH SOLE
COSTCO WHSL CORP NEW COM 22160K105 560 13,600 SH SOLE
DELL INC COM 24702R101 2,717 75,850 SH SOLE
DEVON ENERGY CORP NEW COM 25179M103 455 6,900 SH SOLE
DOMINION RES INC VA NEW COM 25746U109 605 9,584 SH SOLE
DYNEGY INC NEW CL A 26816Q101 47 11,150 SH SOLE
EOG RES INC COM 26875P101 203 3,400 SH SOLE
EL PASO CORP COM 28336L109 150 19,014 SH SOLE
ENTERGY CORP NEW COM 29364G103 381 6,800 SH SOLE
EQUITY RESIDENTIAL SH BEN 29476L107 245 8,250 SH SOLE
INT
EXELON CORP COM 30161N101 975 29,300 SH SOLE
EXXON MOBIL CORP COM 30231G102 8,621 194,125 SH SOLE
FEDERATED DEPT STORES INC DE COM 31410H101 263 5,359 SH SOLE
FEDEX CORP COM 31428X106 719 8,800 SH SOLE
GOLDMAN SACHS GROUP INC COM 38141G104 1,346 14,300 SH SOLE
JDS UNIPHASE CORP COM 46612J101 161 42,500 SH SOLE
J P MORGAN CHASE & CO COM 46625H100 2,364 60,971 SH SOLE
KINDER MORGAN INC KANS COM 49455P101 213 3,600 SH SOLE
M & T BK CORP COM 55261F104 306 3,500 SH SOLE
MBIA INC COM 55262C100 246 4,300 SH SOLE
MBNA CORP COM 55262L100 974 37,780 SH SOLE
MAXIM INTEGRATED PRODS INC COM 57772K101 508 9,700 SH SOLE
MCKESSON CORP COM 58155Q103 296 8,613 SH SOLE
MEDCO HEALTH SOLUTIONS INC COM 58405U102 301 8,030 SH SOLE
FAIR MARKET VALUE 26,074 672,307
MELLON FINL CORP COM 58551A108 374 12,750 SH SOLE
METLIFE INC COM 59156R108 807 22,500 SH SOLE
MONSANTO CO NEW COM 61166W101 302 7,833 SH SOLE
NETWORK APPLIANCE INC COM 64120L104 220 10,200 SH SOLE
NEXTEL COMMUNICATIONS INC CL A 65332V103 869 32,600 SH SOLE
ORACLE CORP COM 68389X105 1,846 154,734 SH SOLE
PG&E CORP COM 69331C108 346 12,396 SH SOLE
PPL CORP COM 69351T106 239 5,200 SH SOLE
PRAXAIR INC COM 74005P104 386 9,662 SH SOLE
PRINCIPAL FINANCIAL GROUP IN COM 74251V102 330 9,500 SH SOLE
QUEST DIAGNOSTICS INC COM 74834L100 263 3,100 SH SOLE
SBC COMMUNICATIONS INC COM 78387G103 2,375 97,944 SH SOLE
SLM CORP COM 78442P106 538 13,300 SH SOLE
SIRF TECHNOLOGY HLDGS INC COM 82967H101 5,228 400,000 SH SOLE
STARWOOD HOTELS&RESORTS WRLD PAIRED 85590A203 269 6,000 SH SOLE
CTF
SYNOVUS FINL CORP COM 87161C105 227 8,950 SH SOLE
TENET HEALTHCARE CORP COM 88033G100 185 13,774 SH SOLE
FAIR MARKET VALUE 14,804 820,443
3M CO COM 88579Y101 2,088 23,200 SH SOLE
UNITEDHEALTH GROUP INC COM 91324P102 1,155 18,552 SH SOLE
VALERO ENERGY CORP NEW COM 91913Y100 280 3,800 SH SOLE
VERIZON COMMUNICATIONS COM 92343V104 2,960 81,798 SH SOLE
WASTE MGMT INC DEL COM 94106L109 523 17,063 SH SOLE
WELLPOINT HEALTH NETWORK NEW COM 94973H108 515 4,600 SH SOLE
XCEL ENERGY INC COM 98389B100 198 11,835 SH SOLE
ZIMMER HLDGS INC COM 98956P102 634 7,189 SH SOLE
ACE LTD COM G0070K103 351 8,300 SH SOLE
INGERSOLL-RAND COMPANY LTD COM G4776G101 355 5,200 SH SOLE
TRANSOCEAN INC COM G90078109 275 9,504 SH SOLE
XL CAP LTD CL A G98255105 309 4,100 SH SOLE
FAIR MARKET VALUE 9,643 195,141
FAIR 823,062 42,764,18
MARKET 3
VALUE
TOTAL