ANALOG DEVICES INC — Director's Dealing 2004

Dec 6, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ANALOG DEVICES INC (ADI)
CIK: 0000006281
Period of Report: 2004-12-06

Reporting Person: MCDONOUGH JOSEPH E (VP, FINANCE & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-12-06	Comm Stock-$.16-2/3 value	M	15000	$7.37	Acquired	17556	Direct
2004-12-06	Comm Stock-$.16-2/3 value	S	15000	$38.22	Disposed	2556	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-12-06	Non-Qualified Stock Option (right to buy)	$7.37	M	15000	Disposed	2007-12-16	Comm Stock-$.16-2/3 value (15000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Comm Stock-$.16-2/3 value	1375	Indirect
Comm Stock-$.16-2/3 value	1375	Indirect
Comm Stock-$.16-2/3 value - 401(k)	5800	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Non-Qualified Stock Option (right to buy)	$28.75	2009-11-30	Comm Stock-$.16-2/3 value (110000)	110000	Direct
Non-Qualified Stock Option (right to buy)	$44.50	2010-11-10	Comm Stock-$.16-2/3 value (90000)	90000	Direct
Non-Qualified Stock Option (right to buy)	$45.90	2011-06-01	Comm Stock-$.16-2/3 value (545)	545	Direct
Non-Qualified Stock Option (right to buy)	$39.06	2011-07-18	Comm Stock-$.16-2/3 value (6052)	6052	Direct
Non-Qualified Stock Option (right to buy)	$41.05	2012-01-22	Comm Stock-$.16-2/3 value (80000)	80000	Direct
Non-Qualified Stock Option (right to buy)	$19.89	2012-09-24	Comm Stock-$.16-2/3 value (80000)	80000	Direct
Non-Qualified Stock Option (right to buy)	$45.27	2013-12-10	Comm Stock-$.16-2/3 value (65000)	65000	Direct

Footnotes

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

F2: This is a vesting schedule. 33.33% vests three, four and five years from grant date.

F3: This is a vesting schedule. 100% vests two years from grant date.

F4: This is a vesting schedule. 50% vests one and two years from grant date.

F5: This is a vesting schedule. 25% vests two, three, four and five years from grant date.