SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K

(Mark One)

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
[FEE REQUIRED]

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
[NO FEE REQUIRED]

FOR THE FISCAL YEAR ENDED JULY 1, 2001 COMMISSION FILE NO. 0-14864

LINEAR TECHNOLOGY CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

DELAWARE 94-2778785
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)

1630 MCCARTHY BOULEVARD 95035-7417
MILPITAS, CALIFORNIA (ZIP CODE)
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (408) 432-1900

Securities registered pursuant to Section 12(b) of the Act:
NONE
Securities registered pursuant to Section 12(g) of the Act:
COMMON STOCK, $0.001 PAR VALUE
(TITLE OF CLASS)

Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

Yes X No

Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of the Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ ]

The aggregate market value of voting and non-voting common stock held
by non-affiliates of the Registrant was approximately $12,070,571,933.25 as of
September 10, 2001, based upon the closing sale price on the Nasdaq National
Market System reported for such date. Shares of common stock held by each
officer and director and by each person who owns 5% or more of the outstanding
common stock have been excluded in that such persons may be deemed to be
affiliates. This determination of affiliate status is not necessarily a
conclusive determination for other purposes.

There were 319,502,056 shares of the Registrant's common stock issued
and outstanding as of September 10, 2001.

DOCUMENTS INCORPORATED BY REFERENCE:

(1) Items 1 and 2 of Part I, Items 5, 6, 7, 7A and 8 of Part II, and Item
14(a) 1. of Part IV incorporate information by reference from Exhibit
13.1 to this Form 10-K which contains certain information included in
Registrant's Annual Report to Stockholders for the fiscal year ended
July 1, 2001.

(2) Items 10, 11 and 12 of Part III incorporate information by reference
from the definitive proxy statement (the "2001 Proxy Statement") for the
Annual Meeting of Stockholders to be held on November 7, 2001.

PART I

Item 1. Business

General

Linear Technology Corporation (together with its consolidated
subsidiaries, "Linear Technology" or the "Company") designs, manufactures and
markets a broad line of standard high performance linear integrated circuits.
Applications for the Company's products include telecommunications, cellular
telephones, networking products and satellite systems, notebook and desktop
computers, computer peripherals, video/multimedia, industrial instrumentation,
automotive electronics, factory automation, process control, and military and
space systems. The Company was organized and incorporated in 1981 by a
management team with significant experience in the design, manufacture and
marketing of linear circuits. During fiscal year 2001 the Company reincorporated
from California to Delaware. The Company competes primarily on the basis of
performance, functional value, quality, reliability and service.

The linear circuit industry

Semiconductor components are the electronic building blocks used in
electronic systems and equipment. These components are classified as either
discrete devices (such as individual transistors) or integrated circuits (in
which a number of transistors and other elements are combined to form a more
complicated electronic circuit). Integrated circuits ("ICs") may be divided into
two general categories, digital and linear (or analog). Digital circuits, such
as memory devices and microprocessors, generally process on-off electrical
signals, represented by binary digits, "1" and "0." In contrast, linear circuits
monitor, condition, amplify or transform continuous analog signals associated
with physical properties, such as temperature, pressure, weight, light, sound or
speed, and play an important role in bridging between real world phenomena and a
variety of electronic systems. Linear circuits also provide voltage regulation
and power control to electronic systems, especially in hand-held battery powered
systems.

The Company believes that several factors generally distinguish the
linear integrated circuit business from the digital circuit business, including:

Importance of Individual Design Contribution. The Company
believes that the creativity of individual design engineers is of
particular importance in the linear circuit industry. The design of a
linear integrated circuit generally involves a greater variety and
less repetition of circuit elements than digital design. In addition,
the interaction of linear circuit elements is complex, and the exact
placement of these elements in the circuit is critical to the
circuit's precision and performance. Computer-aided engineering and
design tools for linear circuits are not as accurate in modeling
circuits as those tools used for designing digital circuits. As a
result, the contributions of a relatively small number of individual
design engineers are generally of greater importance in the design of
linear circuits than in the design of digital circuits.

Smaller Capital Requirements. Digital circuit design attempts
to minimize device size and maximize speed by increasing circuit
densities. The process technology necessary for increased density
requires very expensive wafer fabrication equipment. In contrast,
linear circuit design focuses on precise matching and placement of
circuit elements, and linear circuits often require large feature
sizes to achieve precision and high voltage operation. Accordingly,
the linear circuit manufacturing process generally requires smaller
initial capital expenditures, particularly for photomasking equipment
and clean room facilities, and less frequent replacement of
manufacturing equipment because the equipment has, to date, been less
vulnerable to technological obsolescence.

Market Diversity; Relative Pricing Stability. Because of the
varied applications for linear circuits, manufacturers typically
offer a greater variety of device types to a more diverse group of
customers, who typically have smaller volume requirements per device.
As a result, linear circuit manufacturers are often less dependent
upon particular products or customers, linear circuit markets are
generally more fragmented, and competition within those markets tends
to be more diffused. The Company believes that competition in the
linear circuit market is particularly dependent upon performance,
functional value,

quality, reliability and service. As a result, linear circuit pricing
has generally been more stable than most digital circuit pricing.

Less Japanese And Other Asian Competition. To date, Japanese
and other Asian firms have concentrated their efforts on the high
volume digital and consumer linear markets, as opposed to the high
performance end of the linear circuit market served by the Company.

The Semiconductor Industry. The semiconductor industry is characterized
by rapid technological change, price erosion, cyclical market patterns, periodic
oversupply conditions, occasional shortages of materials, capacity constraints,
variations in manufacturing efficiencies, and significant expenditures for
capital equipment and product development. Furthermore, new product
introductions and patent protection of existing products are critical factors
for future sales growth and sustained profitability. Although the Company
believes that the high performance segment of the linear circuit market is
generally less affected by price erosion, cyclical market patterns and
significant expenditures for capital equipment and product development than
other semiconductor market sectors, future operating results may reflect
substantial period to period fluctuations due to these or other factors.

The Company's headquarters and a portion of its manufacturing
facilities and research and development and certain other critical business
operations are located near major earthquake fault lines in California.
Consequently the Company could be adversely affected in the event of a major
earthquake. In addition, California is currently experiencing the threat of
interruption in the availability of electricity. To date the impact on the
Company has been negligible. However, electricity is a critical resource to the
Company without which its products could not be manufactured.

Although the Company believes that it has the product lines,
manufacturing facilities and technical and financial resources for its current
operations, sales and profitability can be significantly affected by the above
and other factors. Additionally, the Company's common stock could be subject to
significant price volatility should sales and/or earnings fail to meet the
expectations of the investment community. Furthermore, stocks of high technology
companies are subject to extreme price and volume fluctuations that are often
unrelated or disproportionate to the operating performance of these companies.

Products and markets

Linear Technology produces a wide range of products for a variety of
customers and markets. The Company emphasizes standard products to address
larger markets and to reduce the risk of dependency upon a single customer's
requirements. The Company targets the high performance segment of the linear
circuit market. "High performance" is characterized by higher precision, both
high power or micropower, higher speed, more subsystem integration on a single
chip and many other special features. The Company focuses virtually all of its
design efforts on proprietary products which, at the time of introduction, are
original designs by the Company offering unique characteristics differentiating
them from those offered by competitors.

Although the types and mix of linear products vary by application, the
principal product categories are as follows:

Amplifiers - These circuits amplify the voltage or output current of a
device. The amplification represents the ratio of the output voltage or current
to the input voltage or current. The most widely used device is the operational
amplifier due to its versatility and precision.

High Speed Amplifiers - These amplifiers are used to amplify signals
above 5MHz for applications such as video, fast data acquisition and data
communication.

Voltage Regulators - Voltage regulators control the voltage of a device
or circuit at a specified level. This category of product consists primarily of
two types, the linear regulator and the switch mode regulator. Switch mode
regulators are also used to convert voltage up or down within an electronic
system for power management and battery charging.

Voltage References - These circuits serve as electronic benchmarks
providing a constant voltage for system usage. Precision references have a
constant output independent of input, temperature changes or time.

Interface - Interface circuits act as an intermediary to transfer
digital signals between or within electronic systems. These circuits are used in
computers, modems, instruments and remote data acquisition systems.

Data Converters - These circuits change linear (analog) signals into
digital signals, or vice versa, and are often referred to as data acquisition
subsystems, A/D converters and D/A converters. The accuracy and speed with which
the analog signal is converted to its digital counterpart is considered a key
characteristic for these devices.

Other - Other linear circuits include buffers, battery monitors, motor
controllers, hot swap circuits, comparators, sample-and-hold devices,
modulators/demodulators, drivers and filters, both switched capacitor and
continuous time, which are used to limit and/or manipulate signals in such
applications as cellular telephones, base stations, navigation system
instrumentation and detection circuitry.

Linear circuits are used in various applications including
telecommunications, cellular telephones, networking products and satellite
systems, notebook and desktop computers, computer peripherals, video/multimedia,
industrial instrumentation, automotive electronics, factory automation, process
control, and military and space systems. The Company focuses its product
development and marketing efforts on high performance applications where the
Company believes it can position itself competitively with respect to product
performance and functional value.

The following table sets forth, with respect to each of the market areas served
by the Company, examples of specific end applications of the Company's products.

Market End Applications/Products Example Product Families
------ ------------------------- ------------------------

----

___| 2-Phase Switching Regulators

Marketing and customers

The Company markets its products worldwide, through a direct sales
staff, electronics distributors, and a small network of independent sales
representatives, to a broad range of customers in diverse industries. Within the
United States, in late fiscal 2001, the Company transitioned its sales effort
from a network of independent sales representatives primarily to a direct sales
staff. In addition, the Company also reduced its number of large national
distributors from two to one. The Company sells to over 15,000 Original
Equipment Manufacturer (OEM) customers, many of which purchase on an individual
purchase order basis, rather than pursuant to long-term agreements. Of the
Company's largest domestic distributors, one domestic distributor accounted for
12% of net sales during fiscal 2001, two distributors accounted for
approximately 14% and 11% of net sales in fiscal 2000, and two distributors
accounted for approximately 14% and 10% of net sales during fiscal 1999.
Distributors are not end customers, but rather serve as a channel of sale to
many end users of the Company's products. No other distributor or customer
accounted for 10% or more of net sales for fiscal 2001, 2000 or 1999.

The Company's sales organization is divided into domestic and
international regions, with sales offices located in the metropolitan areas of
San Jose, Boston, Philadelphia, Baltimore, Raleigh, Chicago, Dallas, Austin,
Houston, Los Angeles, Irvine, Cleveland, Portland, Denver, Hunstville,
Minneapolis, San Diego, Seattle, London, Stockholm, Dusseldorf, Munich,
Stuttgart, Paris, Lyon, Singapore, Tokyo, Osaka, Taipei, Seoul, Hong Kong, and
Shanghai. The Company's products typically require a sophisticated technical
sales effort.

The Company has agreements with 3 independent sales representatives in
the United States and 2 in Canada. Commissions are paid to sales representatives
upon shipments either directly from the Company or through distributors. The
Company has agreements with 3 independent distributors in North America, 5 in
Europe, 3 in Japan, 2 each in China and Taiwan, and 1 each in Korea, Singapore,
Malaysia, Thailand, South Africa, Philippines, India, Israel, Australia, and New
Zealand. The Company's distributors purchase the Company's products for resale
to customers. Additionally, domestic distributors often sell competitors'
products. Under certain agreements, the Company's domestic distributors are
entitled to price rebates on inventory if the Company lowers the prices of its
products. The agreements also generally permit distributors to exchange up to 5%
of purchases on a quarterly basis. See Note 1 of Notes to Consolidated Financial
Statements incorporated by reference to Exhibit 13.1 of this Form 10-K, which
contains certain information included in the Company's 2001 Annual Report to
Stockholders.

During fiscal 2001, 2000 and 1999, export sales were primarily to
Europe, Japan and Asia and represented approximately 54%, 54% and 54% of net
sales, respectively. Because most of the Company's export sales are billed and
payable in United States dollars, export sales are generally not directly
subject to fluctuating currency exchange rates. A strengthening of the dollar in
relation to other currencies may, however, create pricing pressure. Although
export sales are subject to certain control restrictions, including approval by
the Office of Export Administration of the United States Department of Commerce,
the Company has not experienced any material difficulties relating to such
restrictions.

The Company's backlog of released and firm orders was approximately
$71.5 million at July 1, 2001 as compared with $298.4 million at July 2, 2000.
In addition to its backlog, the Company had $31.8 million of product sold to and
held by domestic distributors at July 1, 2001 as compared to $22.0 million at
July 2, 2000. Generally, shipments to domestic distributors are not recognized
as sales until the distributor has sold the products to its customers. The
Company defines backlog as consisting of distributor stocking orders and OEM
orders for which a delivery schedule has been specified by the OEM customer for
product shipment within six months. Although the Company receives volume
purchase orders, most of these purchase orders are cancelable, generally outside
of thirty days of delivery, by the customer without significant penalty. Lead
time for the release of purchase orders depends upon the scheduling practices of
the individual customer and the availability of individual products, so the rate
of booking new orders varies from month to month. The ordering practices of many
semiconductor customers has shifted from a practice of placing orders with
delivery dates extending over several months to the practice of placing orders
with shorter delivery dates in concert with the Company's lead times. Also, the
Company's agreements with certain distributors provide for limited price
protection. Consequently, the Company does not believe that its backlog at any
time is necessarily representative of actual sales for any succeeding period.

In the operating history of the Company, seasonality of business has
not been a material factor, although the results of operations for the first
fiscal quarter of each year are impacted slightly by customary summer holidays,
particularly in Europe.

The Company warrants that its products, until they are incorporated in
other products, are free from defects in workmanship and materials and conform
to the Company's published specifications. Warranty expense has been nominal to
date.

Manufacturing

The Company's wafer fabrication and manufacturing facilities are
located at its headquarters in Milpitas, California, and at its wafer
fabrication plant in Camas, Washington. Each facility was built to Company
specifications to support a number of sophisticated process technologies and to
satisfy rigorous quality assurance and reliability requirements of United States
military specifications and major worldwide OEM customers. All of the Company's
manufacturing facilities have received ISO 9001/ISO 9002 certification.

The Company's wafer fabrication facility located in Camas, Washington
commenced manufacturing operations in the second half of fiscal 1997. The Camas
wafer fabrication facility is used to produce six-inch diameter wafers for use
in the production of the Company's devices; the Company's original Milpitas
wafer fabrication plant produces four-inch diameter wafers. The Company
currently uses similar manufacturing processes in both its Milpitas and Camas
facilities. The Company has completed construction of a new wafer fabrication
facility, near its existing facilities in Milpitas. Production for this new
six-inch wafer fabrication plant commenced in the third quarter of fiscal 2001.
The Company has also completed an addition to its Camas facility, which allowed
the Camas manufacturing operation to continue to grow during fiscal 2001. Camas
also has 20,000 square feet of building space available for future expansion.

The Company's basic process technologies include high speed bipolar,
high gain, low noise bipolar, silicon gate complementary metal-oxide
semiconductor ("CMOS") and BiCMOS processes. The Company also has two
proprietary complementary bipolar processes. The Company's bipolar processes are
typically used in linear circuits where high voltages, high power, low noise or
effective component matching is necessary. The Company's proprietary silicon
gate CMOS processes provide switch characteristics required for many linear
circuit functions, as well as an efficient mechanism for combining linear and
digital circuits on the same chip. The Company's CMOS processes were developed
to address the specific requirements of linear circuit functions. The
complementary bipolar processes were developed to address higher speed analog
functions. The Company's basic processes can be combined with a number of
adjunct processes to create a diversity of IC components. A minor portion of the
Company's wafer manufacturing, particularly very small features size CMOS
products, is done at an independent foundry.

The accompanying chart provides a brief overview of the Company's IC
process capabilities:

PROCESS CAPABILITIES

Process Families Benefit/Market Advantage Product Application
---------------- ------------------------ -------------------

P-Well SiGate CMOS General purpose, stability Switches, filters, data conversion,
chopper amplifiers

N-Well SiGate CMOS Speed, density, stability Switches, data conversion

BICMOS Speed, density, stability, flexibility Data conversion

High Power Bipolar Power (100 watts), high current Linear and smart power products,
(10 amps) switching regulators

Low Noise Bipolar Precision, low current, low noise, Op amps, voltage references
high gain

High Speed Bipolar Fast, wideband, video high data Op amps, video, comparators,
rate switching regulators

JFETS Speed, precision, low current Op amps, switches, sample and
hold

Rad - Hard Total dose radiation hardened All space products

Complementary Bipolar Speed, low distortion, precision Op amps, video amps, converters

CMOS/ Thin Films Stability, precision Filters, data conversion

High Voltage CMOS High voltage general-purpose, Switches, chopper amplifiers
compatible with Bipolar

Bipolar/Thin Films Precision, stability, matching Converters, amplifiers

RF Bipolar High speed, low power RF wireless, high speed
data communications

The Company emphasizes quality and reliability from initial product
design through manufacturing, packaging and testing. The Company's design team
focuses on fault tolerant design and optimum location of circuit elements to
enhance reliability. Linear Technology's wafer fabrication facilities have been
designed to minimize wafer handling and the impact of operator error through the
use of microprocessor-controlled equipment. The Company has obtained Defense
Supply Center, Columbus (DSCC) qualification to participate in high reliability
JAN38510 (class B) military business. The Company has also received Jan Class S
Microcircuit Certification, which enables the Company to manufacture products
intended for use in space or for critical applications where replacement is
extremely difficult or impossible and where reliability is imperative.

The Company is certified to comply with the ISO 9001/9002 international
quality standard. This certification covers the Company's design, manufacturing
and service organizations and is an important standard especially in the
European marketplace. The Company has received MIL-PRF-38535 Qualified
Manufacturers Listing (QML) certification for military products from DSCC.

Processed wafers are sent to either the Company's assembly facility in
Penang, Malaysia or to offshore independent assembly contractors where the
wafers are separated into individual circuits and packaged. The Penang facility
opened in October 1994 and services approximately two-thirds of the Company's
assembly requirements for plastic packages. The Company completed an extension
of approximately 75,000 square feet to

the Penang facility in late fiscal 2000. Significant assembly subcontractors
used by the Company are Carsem(M) Sdn, Carsem Semiconductor Sdn and Unisem(M)
Sdn located in Malaysia. The Company also maintains domestic assembly operations
to satisfy particular customer requirements, especially those for military
applications, and to provide rapid turnaround for new product development.

After assembly, most products are sent to the Company's Singapore
facility for final testing, inspection and packaging as required. Some products
are returned to Milpitas for the same back-end processing.

Linear Technology from time to time has experienced competition from
other manufacturers seeking assembly of circuits by independent contractors. The
Company currently believes that alternative foreign assembly sources could be
obtained without significant interruption. Foreign assembly is subject to risks
normally associated with foreign operations, including changes in local
governmental policies, currency fluctuations, transportation delays and the
imposition of export controls or increased import tariffs.

From time to time certain materials, including silicon wafers and
plastic molding compounds, have been in short supply. To date the Company has
experienced no delays in obtaining raw materials which could have adversely
affected production. As is typical in the industry, the Company must allow for
significant lead times in delivery of its materials.

Manufacturing of individual products, from wafer fabrication through
final testing, may take from ten to sixteen weeks. Since the Company sells a
wide variety of device types, and customers typically expect delivery of
products within a short period of time following order, the Company maintains a
substantial work-in-process and finished goods inventory.

Based on its anticipated production requirements, the Company believes
it will have sufficient available resources and manufacturing capacity for
fiscal 2002.

Patents, licenses and trademarks

The Company has been awarded 153 United States patents, and has filed
85 additional patent applications. Although the Company believes that these
patents and patent applications may have value, the Company's future success
will depend primarily upon the technical abilities and creative skills of its
personnel, rather than on its patents.

As is common in the semiconductor industry, the Company has at times
been notified of claims that it may be infringing patents issued to others. If
it appears necessary or desirable, the Company may seek licenses under such
patents, although there can be no assurance that all necessary licenses can be
obtained by the Company on acceptable terms.

In addition, from time to time the Company may negotiate with other
companies to license patents, products or process technology for use in its
business.

Government sales

The Company currently has no material U.S. Government contracts.

Competition

Linear Technology competes in the high performance segment of the
linear market. The Company's competitors include Analog Devices, Inc., Maxim
Integrated Products, Inc., Motorola, Inc., National Semiconductor Corporation
and Texas Instruments, Inc. Competition among manufacturers of linear integrated
circuits is intense, and certain of the Company's competitors may have
significantly greater financial, technical, manufacturing and marketing
resources than the Company. The principal elements of competition include
product performance, functional value, quality and reliability, technical
service and support, price, diversity of product line and delivery capabilities.
The Company believes it competes favorably with respect to these factors,
although it may be at a disadvantage in comparison to larger companies with
broader product lines and greater technical service and support capabilities.

Research and development

The Company's ability to compete depends in part upon its continued
introduction of technologically innovative products on a timely basis. To
facilitate this need, the Company has organized its product development efforts
into four groups: power management, signal conditioning, mixed signal and high
frequency. Linear Technology's product development strategy emphasizes a broad
line of standard products to address a diversity of customer applications. The
Company's research and development efforts are directed primarily at designing
and introducing new products and, to a lesser extent, developing new processes
and advanced packaging.

As of July 1, 2001, the Company had 213 employees engaged in new
product design at its Milpitas facility. In addition, at fiscal year end, the
Company had 14 employees at its Singapore design center, 43 employees at its
Boston design center, 19 employees at its Colorado design center, 10 employees
at its New Hampshire design center which was opened in fiscal 1999, 7 employees
at its Raleigh design center which opened in fiscal 2000, and 6 employees at its
Santa Barbara design center which opened in fiscal 2001.

For the fiscal years 2001, 2000 and 1999, the Company spent
approximately $102.5 million, $78.3 million and $54.7 million, respectively, on
research and development.

Environmental regulation

Federal, state and local regulations impose various environmental
controls on the storage, use, discharge and disposal of certain chemicals and
gases used in semiconductor processing. The Company's facilities have been
designed to comply with these regulations, and the Company believes that its
activities conform to present environmental regulations. Increasing public
attention has, however, been focused on the environmental impact of electronics
manufacturing operations. While the Company to date has not experienced any
materially adverse business effects from environmental regulations, there can be
no assurance that changes in such regulations will not require the Company to
acquire costly remediation equipment or to incur substantial expenses to comply
with such regulations. Any failure by semiconductor companies, including the
Company, to control the storage, use or disposal of, or adequately restrict the
discharge of hazardous substances could also subject them to significant
liabilities.

Employees

As of July 1, 2001, the Company had 3,193 employees, including 267 in
marketing and sales, 670 in research, development and engineering related
functions, 2,174 in manufacturing and production, and 82 in management,
administration and finance. The Company's success depends upon a number of key
employees, the loss of whom could adversely impact the Company. The Company
believes that its future success will depend in large part upon its ability to
attract, retain and motivate highly skilled employees. In the San Jose/Silicon
Valley area, where the Company's principal facilities are located, competition
for such employees is intense.

The Company has never had a work stoppage, no employees are represented
by a labor organization, and the Company considers its employee relations to be
good.

Executive Officers of the Registrant

The executive officers of the Company, and their ages as of September
10, 2001, are as follows:

Name Age Position
---- --- --------

Robert H. Swanson, Jr........... 63 Chairman and Chief Executive Officer
Clive B. Davies................. 58 President
Paul Chantalat.................. 51 Vice President Quality and Reliability
Paul Coghlan.................... 56 Vice President of Finance and Chief Financial Officer
Timothy D. Cox.................. 53 Vice President of North American Sales
Robert C. Dobkin................ 57 Vice President of Engineering and Chief Technical Officer
Lothar Maier.................... 46 Vice President and Chief Operating Officer

David A. Quarles................ 35 Vice President of International Sales
Arthur F. Schneiderman.......... 59 Secretary

Mr. Swanson, a founder of the Company, has served as Chairman of the
Board of Directors and Chief Executive Officer since April 1999, and prior to
that time as President, Chief Executive Officer and a director of the Company
since its incorporation in September 1981. From August 1968 to July 1981, he was
employed in various positions at National Semiconductor Corporation
("National"), a manufacturer of integrated circuits, including Vice President
and General Manager of the Linear Integrated Circuit Operation and Managing
Director in Europe. Mr. Swanson has a BS degree in Industrial Engineering from
Northeastern University.

Dr. Davies has served as President since April 1999, and as Vice
President and Chief Operating Officer from January 1989 to April 1999. From July
1982 to January 1989, Dr. Davies held the position of Vice President of Quality,
Reliability and Customer Service. From April 1971 to July 1982, he was employed
in various positions at National, including Group Director for Advanced
Technology, Group Managing Director of the Singapore and Hong Kong Manufacturing
Operations and Business Director of Standard Linear Integrated Circuit
Operations. Dr. Davies received a B.Sc. (Honors) in Physics in 1964 and a Ph.D.
in Physics in 1967 from the University of Reading, England.

Mr. Chantalat has served as Vice President of Quality and Reliability
since July 1991. From January 1989 to July 1991, he held the position of
Director of Quality and Reliability. From July 1983 to January 1989 he held the
position of Manager of Quality and Reliability. From February 1976 to July 1983,
he was employed in various positions at National, where his most recent position
was Group Manager of Manufacturing Quality Engineering. Mr. Chantalat received a
BS and an MS in Electrical Engineering from Stanford University in 1970 and
1972, respectively.

Mr. Coghlan has served as Vice President of Finance and Chief Financial
Officer of the Company since December 1986. From October 1981 until joining the
Company, he was employed in various positions at GenRad, Inc., a manufacturer of
automated test equipment, including Corporate Controller, Vice President of
Corporate Quality and most recently Vice President and General Manager of the
Structural Test Products Division. Before joining GenRad, Inc., Mr. Coghlan was
associated with Price Waterhouse & Company in the United States and Paris,
France for twelve years. Mr. Coghlan received a BA from Boston College in 1966
and an MBA from Babson College in 1968.

Mr. Cox has served as Vice President of North American Sales since July
1991. From February 1991 to July 1991 he held the position of Director of
National Sales. From January 1990 to February 1991, and February 1983 to October
1987 he was employed at National where his most recent position was Director of
Northwestern Sales. From October 1987 to June 1989, he was Vice President of
Sales for Micro Linear. Prior to 1983, Mr. Cox was employed for seven years as
Vice President & Principal of Micro Sales Inc. Mr. Cox received a BSEE in 1970
from Valparaiso Technical Institute, Valparaiso, Indiana.

Mr. Dobkin, a founder of the Company, has served as Vice President of
Engineering and Chief Technical Officer since April 1999, and as Vice President
of Engineering from September 1981 to April 1999. From January 1969 to July
1981, he was employed in various positions at National, where his most recent
position was Director of Advanced Circuit Development. Mr. Dobkin has extensive
experience in linear circuit design. Mr. Dobkin attended the Massachusetts
Institute of Technology.

Mr. Maier joined the Company as Chief Operating Officer in April 1999.
From 1983 to 1999, he was employed at Cypress Semiconductor Corporation in
various management positions, mostly recently as Senior Vice President and
Executive Vice President of Worldwide Operations. Mr. Maier received a BS in
Chemical Engineering in 1978 from the University of California at Berkeley.

Mr. Quarles has served as Vice President of International Sales since
August 2001. From October 2000 to August 2001 he held the position of Director
of Marketing. From July 1996 to September 2000 he held the postion of Director
of Asia-Pacific Sales stationed in Singapore. From June 1991 to July 1996 he
worked as a Sales Engineer and later as District Sales Manager for the Bay Area
sales team. Prior to Linear, Mr. Quarles worked two years as a Sales Engineer at
National Semiconductor. Mr. Quarles received a BS in Electrical Engineering in
1988 from Cornell University.

Mr. Schneiderman has served as Secretary of the Company since September
1981. He is an attorney and a member of the law firm of Wilson, Sonsini,
Goodrich & Rosati, Professional Corporation, general counsel to the Company.

Item 2. Properties

In Milpitas, California, the Company owns the land and a building
totaling approximately 41,000 square feet used for its four-inch wafer
fabrication lines and adjunct support services, and owns the land and a building
totaling approximately 70,000 square feet used for its worldwide headquarters.
The Company leases one other building in the same business complex: a 60,000
square foot building used primarily for circuit design activities. During fiscal
1999, the Company purchased a 96,000 square foot building near its existing
facilities in Milpitas, California. This building was converted to a new
six-inch wafer fabrication plant completed during the first half of fiscal 2001,
with production commencing during the third quarter of fiscal 2001. During
fiscal 2000, the Company purchased the land and a 42,000 square foot building it
had been leasing in its Milpitas business complex, used primarily for
engineering and prototype testing of new products.

The Company occupies a 72,000 square foot manufacturing facility in
Singapore. Test and packaging operations are performed at this facility along
with certain design and product distribution activity. The Company has a 30-year
lease on the land where the plant is located that commenced in 1994, with an
option to extend for an additional 30 years. During fiscal 2001, the Company
leased 6 acres of land adjacent to its Singapore facility.

In 1994, the Company opened a 55,000 square foot assembly plant in
Penang, Malaysia. The Company has a 60-year lease on the land where the plant
was constructed. In fiscal 1999, the Company purchased a 23,400 square foot
building adjacent to its existing facility. The Company demolished the recently
acquired building, and built a 75,000 square foot extension to its existing
facility on the site.

During fiscal 1996, the Company completed construction of a 60,000
square foot facility on land it owns in Camas, Washington. This facility is used
to fabricate six-inch wafers. Manufacturing operations commenced at this
facility in the second half of fiscal 1997. In fiscal 1999, the Company added
40,000 square feet to this facility for future expansion. During fiscal 2001,
the Company purchased 16.5 acres of land adjacent to its Camas facility.

The Company leases design facilities located in Colorado Springs,
Colorado; Bedford, New Hampshire; Raleigh, North Carolina and Santa Barbara,
California. In fiscal 1999, the Company purchased land in the Boston
metropolitan area and constructed a new 20,000 square foot sales and design
center. The Company leases sales offices in the areas of Philadelphia, Raleigh,
Chicago, Dallas, Austin, Houston, Milpitas, Los Angeles, Irvine, Denver,
Huntsville, Minneapolis, San Diego, Seatle, Cleveland, Portland, London,
Stockholm, Dusseldorf, Munich, Stuttgart, Paris, Lyon, Tokyo, Osaka, Taipei,
Seoul, Hong Kong and Shanghai. See Note 3 of Notes to Consolidated Financial
Statements incorporated by reference to Exhibit 13.1 of this Form 10-K which
contains certain information included in the Company's 2001 Annual Report to
Stockholders.

Item 3. Legal Proceedings

To protect its intellectual property, and in particular its patent
rights, the Company has been the plaintiff in various patent infringement
lawsuits. The defendants' response to litigation initiated by the Company have
in certain cases included counterclaims or separate actions alleging
infringement by the Company of unrelated patents owned by the defendant. One
such instance has arisen in which Texas Instruments, Inc. (TI) filed suit
against the Company on January 6, 2001, in federal court in Texas. This suit
alleges that certain semiconductor manufacturing equipment, purchased by the
Company from independent third party suppliers and used by the Company in its
manufacturing processes, infringed three patents owned by TI. The suit seeks
unspecified monetary damages and injunctive relief.

In the course of defending the lawsuit brought by TI, the Company has
filed third-party complaints against the manufacturers of the allegedly
infringing equipment, seeking indemnity and alleging breach of contract, breach
of warranty, fraud, and unfair business practices. While the Company believes
that resolution of these actions should not have a material effect on the
Company's financial position, it can give no assurances that it will prevail in
them.

Item 4. Submission of Matter to a Vote of Security Holders

Not applicable.

PART II

Item 5. Market for the Registrant's Common Equity and Related Stockholder
Matters

The information required by the Item is incorporated by reference to
the section entitled "Quarterly Results and Stock Market Data" of Exhibit 13.1
to this Form 10-K which contains certain information included in the
Registrant's 2001 Annual Report to Stockholders.

Item 6. Selected Financial Data

The information required by the Item is incorporated by reference to
the section entitled "Selected Financial Information/Five-Year Trend" of Exhibit
13.1 to this Form 10-K which contains certain information included in the
Registrant's 2001 Annual Report to Stockholders.

Item 7. Management's Discussion and Analysis of Financial Condition and Results
of Operations

The information required by the Item is incorporated by reference to
the section entitled "Management's Discussion and Analysis of Results of
Operations and Financial Condition" of Exhibit 13.1 to this Form 10-K which
contains certain information included in the Registrant's 2001 Annual Report to
Stockholders.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk

Item 8. Financial Statements and Supplementary Data

Consolidated Financial Statements of Linear Technology at July 1, 2001
and July 2, 2000 and for each of the three years in the period ended July 1,
2001, the report of Ernst & Young LLP, independent auditors, thereon and
unaudited quarterly financial data for the two year period ended July 1, 2001
are incorporated by reference to Exhibit 13.1 of this Form 10-K which contains
certain information included in the Registrant's 2001 Annual Report to
Stockholders.

Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure

Not applicable.

PART III

Item 10. Directors and Executive Officers of the Registrant

The information required by this item for the Company's directors is
incorporated by reference to the 2001 Proxy Statement, under the caption
"Proposal One - Election of Directors," and for the executive officers of the
Company, the information is included in Part I hereof under the caption
"Executive Officers of the Registrant."

Item 11. Executive Compensation

Incorporated by reference to the 2001 Proxy Statement, under the
section titled "Executive Officer Compensation."

Item 12. Security Ownership of Certain Beneficial Owners and Management

Incorporated by reference to the 2001 Proxy Statement, under the
section titled "Beneficial Security Ownership of Directors, Executive Officers
and Certain Other Beneficial Owners."

Item 13. Certain Relationships and Related Transactions

Not applicable.

PART IV

Item 14. Exhibits, Financial Statements, Schedules, and Reports on Form 8-K

(a) 1. Financial Statements

The financial statements listed in the accompanying Index to
Consolidated Financial Statements are filed as part of this Annual
Report.

2. Schedules

The financial statement schedule listed in Item 14(d) is filed
as part of this Annual Report.

All other schedules are omitted since the information required
by the schedule is not applicable, or is not present in amounts
sufficient to require submission of the schedule, or because the
information required is included in the Consolidated Financial
Statements and notes thereto.

3. Exhibits

The exhibits listed in Item 14(c) are filed as part of this
Annual Report. Each compensatory plan required to be filed has been
indicated in Item 14(c).

(b) Reports on Form 8-K.

No reports on Form 8-K were required to be filed for the three months
ended July 1, 2001.

3.1 Certificate of Incorporation of Registrant.

3.3 Bylaws of Registrant.

10.1 1981 Incentive Stock Option Plan, as amended, and form of Stock Option
Agreements, as amended (including Restricted Stock Purchase
Agreement).(*)(4)

10.11 Agreement to Build and Lease dated January 8, 1986 between
Callahan-Pentz Properties, McCarthy Six and the Registrant.(1)

10.25 1986 Employee Stock Purchase Plan, as amended, and form of Subscription
Agreement.(*)(3)

10.35 1988 Stock Option Plan, as amended, form of Incentive Stock Option
Agreement, as amended, and form of Non-statutory Stock Option
Agreement, as amended.(*)(7)

10.36 Form of Indemnification Agreement.

10.45 Land lease dated March 30, 1993 between the Registrant and the
Singapore Housing and Development Board.(5)

10.46 Land lease dated November 20, 1993 between the Registrant and the
Penang Development Corporation. (6)

10.47 1996 Incentive Stock Option Plan, form of Incentive Stock Option
Agreement and form of Nonstatutory Stock Option Agreement.(*) (8)

10.48 1996 Senior Executive Bonus Plan, as amended July 25, 2000.(*) (9)

10.49 2001 Nonstatutory Stock Option Plan and form of Stock Option
Agreement.(*)(2)

11.1 Computation of earnings per share. (see Exhibit 13.1).

13.1 Certain information included in the Registrant's Annual Report to
Stockholders for the fiscal year ended July 1, 2001.

21.1 Subsidiaries of Registrant.

23.1 Consent of Ernst & Young LLP, Independent Auditors.

24.1 Power of Attorney. (see page 17)

(d) Financial Statement Schedule filed as a part of this Annual Report is
listed below:

Schedule
Number Description
------ -----------

II Valuation and qualifying accounts.
--------------------------------------------------------------------------------

(Footnotes to Item 14 (c))

(*) The item listed is a compensatory plan of the Company.

(1) Incorporated by reference to identically numbered exhibits filed in
response to Item 16(a), "Exhibits," of the Registrant's Registration
Statement on Form S-1 and Amendment No. 1 and Amendment No. 2 thereto
(File No. 33-4766), which became effective on May 28, 1986.

(2) Incorporated by reference to Exhibit 4.1 of the Registrant's
Registration Statement on Form S-8 filed with the Commission on May 15,
2001.

(3) Incorporated by reference to identically numbered exhibit filed in
response to Item 6, "Exhibits and Reports on Form 8-K," of the
Registrant's Quarterly Report on Form 10-Q for the quarter ended
December 28, 1997.

(4) Incorporated by reference to identically numbered exhibit filed in
response to Item 6, "Exhibits and Reports on Form 8-K," of the
Registrant's Quarterly Report on Form 10-Q for the quarter ended
December 30, 1990.

(5) Incorporated by reference to identically numbered exhibit filed in
response to Item 14(a)(3) "Exhibits," of the Registrant's Annual Report
on Form 10-K for the fiscal year ended June 27, 1993.

(6) Incorporated by reference to identically numbered exhibit filed in
response to Item 14(a)(3) "Exhibits," of the Registrant's Annual Report
on Form 10-K for the fiscal year ended July 3, 1994.

(7) Incorporated by reference to identically numbered exhibit filed in
response to Item 6, "Exhibits and Reports on Form 8-K," of the
Registrant's Quarterly Report on Form 10-Q for the quarter ended
October 2, 1994.

(8) Incorporated by reference to Exhibits 4.1 and 4.2 of the Registrant's
Registration Statement on Form S-8 filed with the Commission on July
30, 1999.

(9) Incorporated by reference to identically numbered exhibit filed in
response to Item 14(a)(3) "Exhibits," of the Registrant's Annual Report
on Form 10-K for the fiscal year ended July 2, 2000.

LINEAR TECHNOLOGY CORPORATION

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
(Item 14(a)1)

Page Reference to
Exhibit 13.1

Consolidated balance sheets at July 1, 2001 and July 2, 2000 E13.1-7

Consolidated statements of income for each of the three
years in the period ended July 1, 2001 E13.1-6

Consolidated statements of stockholders' equity for each of
the three years in the period ended July 1, 2001 E13.1-9

Consolidated statements of cash flows for each of the three
years in the period ended July 1, 2001 E13.1-8

Notes to consolidated financial statements E13.1-10 to
E13.1-15

Report of Ernst & Young LLP, independent auditors E13.1-16

The Consolidated Financial Statements listed in the above index are
hereby incorporated by reference to Exhibit 13.1 of this Form 10-K which
contains certain information included in the Registrant's Annual Report to
Stockholders for the year ended July 1, 2001.

SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the registrant has duly caused this Annual Report to be
signed on its behalf by the undersigned, thereunto duly authorized.

LINEAR TECHNOLOGY CORPORATION
-----------------------------
(Registrant)

By: /s/ Robert H. Swanson, Jr.
------------------------------
Robert H. Swanson, Jr.
Chairman of the Board and
Chief Executive Officer
September 21, 2001

POWER OF ATTORNEY

Know all persons by these presents, that each person whose signature
appears below constitutes and appoints Robert H. Swanson, Jr. and Paul Coghlan,
jointly and severally, his attorneys-in-fact, each with the power of
substitution, for him in any and all capacities, to sign any amendments to this
Report on Form 10-K, and to file the same, with exhibits thereto and other
documents in connection therewith, with the Securities and Exchange Commission,
hereby ratifying and confirming all that each of said attorneys-in-fact, or his
substitute or substitutes, may do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.

/s/ Robert H. Swanson, Jr. /s/ Paul Coghlan
-------------------------- ----------------
Robert H. Swanson, Jr. Paul Coghlan
Chairman of the Board and Vice President of Finance and Chief
Chief Executive Officer Financial Officer (Principal Financial
(Principal Executive Officer) Officer and Principal Accounting Officer)
September 21, 2001 September 21, 2001

/s/ David S. Lee /s/ Thomas S. Volpe
---------------- -------------------
David S. Lee Thomas S. Volpe
Director Director
September 21, 2001 September 21, 2001

/s/ Leo T. McCarthy /s/ Richard M. Moley
------------------- --------------------
Leo T. McCarthy Richard M. Moley
Director Director
September 21, 2001 September 21, 2001

SCHEDULE II

LINEAR TECHNOLOGY CORPORATION

VALUATION AND QUALIFYING ACCOUNTS
(Dollars in thousands)

Additions
Balance at Charged to Balance at
Beginning Costs and End of
of Period Expenses Deductions(1) Period
--------- -------- ------------- ------

Allowance for doubtful accounts:

Year ended June 27, 1999................. $803 $ -- $ -- $803
==== ==== ==== ====

Year ended July 2, 2000.................. $803 $ -- $ -- $803
==== ==== ==== ====

Year ended July 1, 2001.................. $803 $ -- $ -- $803
==== ==== ==== ====

<FN>
(1) Write-offs of doubtful accounts.
</FN>