ANALOG DEVICES INC — Director's Dealing 2003

Dec 4, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ANALOG DEVICES INC (ADI)
CIK: 0000006281
Period of Report: 2003-12-03

Reporting Person: MCDONOUGH JOSEPH E (VP, CHIEF FINAN OFCR - FINANCE)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-03	Comm Stock-$.16-2/3 value	M	10000	$7.375	Acquired	14418	Direct
2003-12-03	Comm Stock-$.16-2/3 value	S	10000	$50.113	Disposed	4418	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-03	Non-Qualified Stock Option (right to buy)	$7.375	M	10000	Disposed	2007-12-16	Comm Stock-$.16-2/3 value (10000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Comm Stock-$.16-2/3 value	925	Indirect
Comm Stock-$.16-2/3 value	925	Indirect
Comm Stock-$.16-2/3 value-401K	5709	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Non-Qualified Stock Option (right to buy)	$39.060	2011-07-18	Comm Stock-$.16-2/3 value (6052)	6052	Direct
Non-Qualified Stock Option (right to buy)	$41.050	2012-01-22	Comm Stock-$.16-2/3 value (80000)	80000	Direct
Non-Qualified Stock Option (right to buy)	$45.900	2011-06-01	Comm Stock-$.16-2/3 value (545)	545	Direct
Non-Qualified Stock Option (right to buy)	$19.890	2012-09-24	Comm Stock-$.16-2/3 value (80000)	80000	Direct
Non-Qualified Stock Option (right to buy)	$28.750	2009-11-30	Comm Stock-$.16-2/3 value (110000)	110000	Direct
Non-Qualified Stock Option (right to buy)	$44.500	2010-11-10	Comm Stock-$.16-2/3 value (90000)	90000	Direct

Footnotes

F1: The number of shares being held in the reporting person's 401K account has been determined by dividing the participant's unit value in the fund by the value of the issuer's stock.