ANALOG DEVICES INC — Director's Dealing 2004

May 19, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ANALOG DEVICES INC (ADI)
CIK: 0000006281
Period of Report: 2004-05-18

Reporting Person: FULLER SAMUEL H (VP, RESEARCH & DEVELOPMENT)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-18	Comm Stock-$.16-2/3 value	M	5000	$7.3750	Acquired	5000	Direct
2004-05-18	Comm Stock-$.16-2/3 value	S	5000	$47.9500	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-18	Non-Qualified Stock Option (right to buy)	$7.3750	M	5000	Disposed	2008-02-18	Comm Stock-$.16-2/3 value (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Comm Stock-$.16-2/3 value-ESPP	682	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Non-Qualified Stock Option (right to buy)	$12.7050	2006-12-07	Comm Stock-$.16-2/3 value (21000)	21000	Direct
Non-Qualified Stock Option (right to buy)	$8.9050	2008-12-07	Comm Stock-$.16-2/3 value (9917)	9917	Direct
Non-Qualified Stock Option (right to buy)	$44.5000	2010-11-10	Comm Stock-$.16-2/3 value (50000)	50000	Direct
Non-Qualified Stock Option (right to buy)	$39.0600	2011-07-18	Comm Stock-$.16-2/3 value (5431)	5431	Direct
Non-Qualified Stock Option (right to buy)	$41.0500	2012-01-22	Comm Stock-$.16-2/3 value (40000)	40000	Direct
Non-Qualified Stock Option (right to buy)	$19.8900	2012-09-24	Comm Stock-$.16-2/3 value (40000)	40000	Direct
Non-Qualified Stock Option (right to buy)	$45.2700	2013-12-10	Comm Stock-$.16-2/3 value (35000)	35000	Direct
Non-Qualified Stock Option (right to buy)	$28.7500	2009-11-30	Comm Stock-$.16-2/3 value (80000)	80000	Direct