Washington, D.C.  20549

                          Form 13F

                     Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: December
31, 2000

Check here if Amendment [  ]; Amendment Number: ____________

This Amendment (Check only one.):

[  ] is a restatement

[  ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:      Hewlett-Packard Company
Address:   3000 Hanover Street
           MS 20 BL
           Palo Alto CA 94304

Form 13F File Number:  028-02187

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.

Person Signing this Report on Behalf of Reporting Manager:

Name:     Cheryl Gorman
Title:    Manager, Operations and Accounting
Phone:    650-857-2248

Signature, Place, and Date of Signing:

Cheryl Gorman   Palo Alto, CA   31-December-2000
[Signature]     [City, State]   [Date]

Report Type (Check only one.):

[ ] 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).)

[X] 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 reporting manager

List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]

Form 13F File Number       Name

28-5160                    Intel Corporation


                    FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:          0

Form 13F Information Table Entry Total:     15

Form 13F Information Table Value Total:     $203,325

List of Other Included Managers:


FORM 13F                                                               12/31/2000
REPORTING MANAGER: Hewlett-Packard Company

ITEM 1                   ITEM 2  ITEM 3   ITEM 4  ITEM 5         ITEM 6           ITEM 7     ITEM 8

                         OF      NUMBER   MARKET  PRINCIPAL                SHARED  GERS
                         CLASS            VALUE   AMOUNT     SOLE  SHARED  OTHER         SOLE    SHARED NONE
                                                              (A)   (B)     (C)         (A)        (B)   (C)
AGILENT TECHNOLOGIES     COMMON  00846U101  52,284     954,961 x                    HP      954,961
AKAMAI TECHNOLOGIES      COMMON  00971T101     812      38,531 x                    HP       38,531
CROSSROADS  SYSTEMS      COMMON  22765D100   4,799   1,023,819 x                    HP    1,023,819
DIGIMARC CORP            COMMON  253807101   4,950     300,000 x                    HP      300,000
DIVINE INTERVENTURES INC COMMON  255404105   4,340   2,777,778 x                    HP    2,777,778
INDIGO N.V.              COMMON  N44495104  53,704  14,814,814 x                    HP   14,814,814
INFOSPACE INC            COMMON  45678T102     111      12,590 x                    HP       12,590
NOVADIGM INC             COMMON  669937104   5,934     940,000 x                    HP      940,000
PRIMIX SOLUTIONS INC     COMMON  741620108      98     120,377 x                    HP      120,377
RESONATE INC             COMMON  76115Q104     397      41,807 x                    HP       41,807
S1 CORP                  COMMON  78463B101     956     182,004 x                    HP      182,004
OPENWAVE SYSTEMS INC     COMMON  683718100  73,454   1,532,295 x                    HP    1,532,295
PLANETCAD INC            COMMON  72704Y103     390     390,409 x                    HP      390,409
VIALINK CO               COMMON  92552Q101     188      66,801 x                    HP       66,801
XCELERA.COM INC          COMMON   G3161110     908     246,160 x                    HP      246,160

GRAND TOTALS                                203,325