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 30, 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:


Name:          HEWLETT-PACKARD COMPANY
Address:       3000 HANOVER STREET MS 1050
               PALO ALTO CA  94304


Form 13F File Number:  28-02187

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:          Charles N. Charnas
Title:         Vice President, Deputy General Counsel and Assistant Secretary
Phone:         650-857-6162


Signature, Place, and Date of Signing:


   /s/ Charles N. Charnas               Palo Alto, CA           August 5, 2004
-----------------------------      ----------------------      -----------------
      Charles N. Charnas                [City, State]               [Date]


Report Type:

[X]       13F HOLDINGS REPORT.

[ ]       13F NOTICE.

[ ]       13F COMBINATION REPORT.


List of Other Managers Reporting for this Manager: NONE


                                     Page 1


                             FORM 13F SUMMARY PAGE



Report Summary:



Number of Other Included Managers:        0

Form 13F Information Table Entry Total:   6

Form 13F Information Table Value Total:   $78,967
                                          (thousands)


List of Other Included Managers:  NONE





















                                     Page 2



                           FORM 13F INFORMATION TABLE




FORM 13-F                             06/30/04
REPORTING MANAGER:                    HEWLETT-PACKARD COMPANY


---------------------------------------------------------------------------------------------------------------------------------
COLUMN 1                  COLUMN 2    COLUMN 3   COLUMN 4    COLUMN 5          COLUMN6          COLUMN 7          COLUMN 8

                           TITLE                                        INVESTMENT DISCRETION                  VOTING AUTHORITY
                            OF                    VALUE      SHRS OR     SOLE  SHARED  OTHER     OTHER       SOLE   SHARED   NONE
NAME OF ISSUER             CLASS       CUSIP     (x$1000)    PRN AMT     (A)    (B)    (C)      MANAGERS     (A)      (B)    (C)
---------------------------------------------------------------------------------------------------------------------------------
                                                                                            
Allscripts Health
  Solutions, Inc.......... Common    01988P108     2,967      378,501    X                                   378,501
Altiris, Inc.............. Common    02148M100    11,044      400,000    X                                   400,000
CMGI Inc.................. Common    125750109    47,287   24,249,767    X                                24,249,767
Interland, Inc............ Common    458727203       228       81,175    X                                    81,175
NaviSite, Inc............. Common    63935M208    17,269    4,416,592    X                                 4,416,592
WebMD Corp................ Common    94769M105       172       18,402    X                                    18,402

GRAND TOTAL (Thousands):                        $78,967






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