Schedule 13G                                                        Page 1 of 4

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

                                SCHEDULE 13G/A

                                                           OMB APPROVAL
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                                                      OMB Number:  3235-0145
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                                                      Expires:  October 31, 2002
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                                                      Estimated average burden
                                                      hours per response  14.9
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                   Under the Securities Exchange Act of 1934
                             (Amendment No.  3  )*
                                           _____


                            Hewlett-Packard Company
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                               (Name of Issuer)

                    Common Stock, $0.01 par value per share
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                        (Title of Class of Securities)

                                   428236103
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                                (CUSIP Number)

                               December 31, 2000
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            (Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

[_]                Rule 13d-1(b)

[X]                Rule 13d-1(c)

[_]                Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).


Schedule 13G                                                        Page 2 of 4


CUSIP No.   428236103
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1.   Names of Reporting Persons.  I.R.S. Identification Nos. of above persons
     (entities only).

     The David and Lucile Packard Foundation, IRS ID NO.: 942278431
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2.   Check the Appropriate Box if a Member of a Group (See Instructions)

     (a) [_]   Not Applicable.

     (b) [_]
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3.   SEC Use Only
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4.   Citizenship or Place of Organization  California
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Number of             5.   Sole Voting Power  201,279,656
Shares                ----------------------------------------------------------
Beneficially          6.   Shared Voting Power  -0-
Owned by              ----------------------------------------------------------
Each                  7.   Sole Dispositive Power  201,279,656
Reporting             ----------------------------------------------------------
Person  With          8.   Shared Dispositive Power  -0-
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                      9.   Aggregate Amount Beneficially Owned by Each
                           Reporting Person  201,279,656
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                     10.   Check if the Aggregate Amount in Row (9) Excludes
                           Certain Shares (See Instructions)
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                     11.   Percent of Class Represented by Amount in Row (9)
                           10.4%
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                     12.   Type of Reporting Person (See Instructions)

                           CO
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Schedule 13G                                                        Page 3 of 4


Item 1.

   (a)   Name of Issuer:  Hewlett-Packard Company

   (b)   Address of Issuer's Principal Executive Offices:  3000 Hanover Street,
         Palo Alto, CA 94304

Item 2.

   (a)   Name of Person Filing:  The David and Lucile Packard Foundation

   (b)   Address of Principal Business Office or, if none, Residence: 300 Second
         Street, Suite 200, Los Altos, CA 94022

   (c)   Citizenship:  California

   (d)   Title of Class of Securities:  Common Stock, $0.01 par value per share

   (e)   CUSIP Number:  428236103

Item 3.  If this statement is filed pursuant to (S)(S)240.13d-1(b) or
         240.13d-2(b) or (c), check whether the person filing is a:

   (a)   [_] Broker or dealer registered under section 15 of the Act (15 U.S.C.
         78o).

   (b)   [_] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

   (c)   [_] Insurance company as defined in section 3(a)(19) of the Act (15
         U.S.C. 78c).

   (d)   [_] Investment company registered under section 8 of the Investment
         Company Act of 1940 (15 U.S.C. 80a-8).

   (e)   [_] An investment advisor in accordance with (S)240.13d-1(b)(1)(ii)(E);

   (f)   [_] An employee benefit plan or endowment fund in accordance with
         (S)240.13d-1(b)(1)(ii)(F);

   (g)   [_] A parent holding company or control person in accordance with
         (S)240.13d-1(b)(1)(ii)(G);

   (h)   [_] A savings associations as defined in Section 3(b) of the Federal
         Deposit Insurance Act (12 U.S.C. 1813);

   (i)   [_] A church plan that is excluded from the definition of an investment
         company under section 3(c)(14) of the Investment Company Act of 1940
         (15 U.S.C. 80a-3);

   (j)   [_] Group, in accordance with (S)240.13d-1(b)(1)(ii)(J).

Item 4.   Ownership

    (a)   Amount beneficially owned:   201,279,656
                                       -----------
    (b)   Percent of class:  10.4%

    (c)   Number of shares as to which the person has:

          (i)   Sole power to vote or to direct the vote  201,279,656
                                                         -----------

          (ii)  Shared power to vote or to direct the vote  -0-
                                                           ---

          (iii) Sole power to dispose or to direct the disposition of

                201,279,656
                -----------

          (iv)  Shared power to dispose or to direct the disposition of -0-
                                                                        ---

Item 5.   Ownership of Five Percent or Less of a Class

     If this statement is being filed to report the fact that as of the date
     hereof the reporting person has ceased to be the beneficial owner of more
     than five percent of the class of securities, check the following [_].

Item 6.   Ownership of More than Five Percent on Behalf of Another Person

     Not Applicable.

Item 7.   Identification and Classification of the Subsidiary Which Acquired the
          Security Being Reported on By the Parent Holding Company

     Not Applicable.

Item 8.   Identification and Classification of Members of the Group

     Not Applicable.


Schedule 13G                                                        Page 4 of 4


Item 9.   Notice of Dissolution of Group

     Not Applicable.

Item 10.   Certification

     By signing below I certify that, to the best of my knowledge and belief,
     the securities referred to above were not acquired and are not held for the
     purpose of or with the effect of changing or influencing the control of the
     issuer of the securities and were not acquired and are not held in
     connection with or as a participant in any transaction having that purpose
     or effect.

                                   SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.


                                                  January 19, 2001
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                                                       Date

                                                 /s/ George Vera
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                                                      Signature

                                       George Vera/Chief Financial Officer
                                      ---------------------------------------
                                                     Name/Title

Attention:  Intentional misstatements or omissions of fact constitute Federal
       criminal violations (See 18 U.S.C. 1001)