ANALOG DEVICES INC — Director's Dealing 2003

Oct 7, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ANALOG DEVICES INC (ADI)
CIK: 0000006281
Period of Report: 2003-10-03

Reporting Person: STATA RAY (Director, CHAIRMAN)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-10-03	Comm Stock-$.16-2/3 value	M	13334	$6.6250	Acquired	960916	Direct
2003-10-03	Comm Stock-$.16-2/3 value	S	13334	$41.6320	Disposed	947582	Direct
2003-10-03	Comm Stock-$.16-2/3 value	M	6666	$7.3750	Acquired	954248	Direct
2003-10-03	Comm Stock-$.16-2/3 value	S	6666	$41.6320	Disposed	947582	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-10-03	Non-Qualified Stock Option (right to buy)	$7.3750	M	6666	Disposed	2007-12-16	Comm Stock-$.16-2/3 value (6666)	Direct
2003-10-03	Non-Qualified Stock Option (right to buy)	$6.6250	M	13334	Disposed	2008-09-04	Comm Stock-$.16-2/3 value (13334)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Comm Stock-$.16-2/3 value	1145709	Indirect
Comm Stock-$.16-2/3 value	3071344	Indirect

Footnotes

F1: Held by various charitable trusts of which Mr. Stata is co-trustee

F2: Held by Mr. Stata's wife

F3: Held in trust (Mrs. Stata trustee) for benefit of Mr. Stata's children

F4: Disclaims beneficial ownership of such shares