UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 3) ANALOG DEVICES (Name of Issuer) - ----------------------------------------------------------- Common Stock (Title of Class of Securities) - ----------------------------------------------------------- 32654105 (CUSIP Number) - ----------------------------------------------------------- December 31, 2008 Date of Event Which Requires Filing of this Statement) - ----------------------------------------------------------- Check the appropriate box to designate the rule pursuant to which this Schedule is filed: /x/ Rule 13d-1(b) / / Rule 13d-1(c) / / Rule 13d-1(d) * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.1. Names of Reporting Persons and I.R.S. Identification No. UBS AG (for the benefit and on behalf of the UBS Global Asset Management division of UBS AG (see Item 7) 98-0186363 - ----------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group a / / b / / See Item 8 of attached schedule - ----------------------------------------------------------- 3. SEC USE ONLY - ----------------------------------------------------------- 4. Citizenship or Place of Organization Switzerland - ----------------------------------------------------------- Number of 5. Sole Voting Power 14,037,777 Shares Bene- 6. Shared Voting Power 0 ficially 7. Sole Dispositive Power 0 Owned by Each 8. Shared Dispositive Power 16,171,765 Reporting Person With: - ----------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person: 16,171,765 Shares* - ----------------------------------------------------------- 10. Check if the Aggregate Amount in Row 9 Excludes Certain Shares / / - ----------------------------------------------------------- 11. Percent of Class Represented by Amount in Row 9 5.6% - ----------------------------------------------------------- 12. Type of Reporting Person BK, HC - ----------------------------------------------------------- The Reporting Person disclaims beneficial ownership of such securities pursuant to Rule 13d-4 under the Securities Exchange Act of 1934. In accordance with SEC Release No. 34-39538 (January 12, 1998), this filing reflects the securities beneficially owned by the UBS Global Asset Management division of UBS AG and its subsidiaries and affiliates on behalf of its clients. This filing does not reflect securities, if any, beneficially owned by any other division of UBS AG. - ----------------------------------------------------------- Cusip 32654105 - ----------------------------------------------------------- Item 1(a). Name of Issuer: ANALOG DEVICES Item 1(b). Address of Issuer's Principal Executive Offices: One Technology Way Norwood, Massachusetts 02062 - ----------------------------------------------------------- Item 2(a) Name of Persons Filing: UBS AG Item 2(b) Address of Principal Business Office or, if none, Residence: UBS AG's principal business office is: Bahnhofstrasse 45 PO Box CH-8021 Zurich, Switzerland Item 2(c) Citizenship: Incorporated by reference to Item 4 of the cover pages. Item 2(d) Title of Class of Securities: Common Stock (the "Common Stock") Item 2(e) CUSIP Number: 32654105 - ----------------------------------------------------------- Item 3. Type of Person Filing: UBS AG is classified as a Bank as defined in section 3(a)(6) of the Act pursuant to no action relief granted by the staff of the Securities and Exchange Commission. - ----------------------------------------------------------- Item 4 (a)-(c)(iv). Ownership: Incorporated by reference to Items 5-11 of the cover pages. - ----------------------------------------------------------- Cusip 32654105 - ----------------------------------------------------------- Item 5. Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following / /. - ----------------------------------------------------------- Item 6. Ownership of More than Five Percent on Behalf of Another Person: Accounts managed on a discretionary basis by the UBS Global Asset Management division of UBS AG (UBS Global AM) have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock. To the best of our knowledge, no account holds more than 5 percent of the outstanding Common Stock. - ----------------------------------------------------------- Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company: Identification: UBS Global Asset Management (Americas) Inc. Classification: IA In addition to UBS AG, the following UBS Global AM affiliates and subsidiaries are part of the UBS Global Asset Management division included in this filing: UBS Global Asset Management (Americas) Inc., UBS Global Asset Management Trust Company, UBS Global Asset Management (Canada) Inc., UBS Global Asset Management (Australia) Ltd., UBS Global Asset Management (Hong Kong) Limited, UBS (Trust & Banking) Limited, UBS Global Asset Management (Japan) Ltd., UBS Global Asset Management (Singapore) Ltd., UBS Global Asset Management (Taiwan) Ltd., UBS Global Asset Management (France) SA, UBS Global Asset Management (Deutschland) GmbH, UBS Global Asset Management (Italia) SIM SpA, UBS Espana S.A., UBS Global Asset Management (UK) Ltd. and UBS Global Asset Management Life Limited. - ----------------------------------------------------------- Item 8 UBS Global AM is composed of wholly-owned subsidiaries and branches of UBS AG. UBS AG is reporting direct and indirect beneficial ownership of holdings. None of the reporting persons affirm the existence of a group within the meaning of Rule 13d-5(b)(1). - ----------------------------------------------------------------------- - ----------------------------------------------------------- Cusip 32654105 - ----------------------------------------------------------- Item 9 Notice of Dissolution of Group: Not Applicable - ----------------------------------------------------------- Item 10 Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 6, 2008 UBS AG By: /s/ Mark F. Kemper Mark F. Kemper Attorney-in-Fact pursuant to Power of Attorney, attached as Exhibit 1, for the UBS Global Asset Management division of UBS AG By: /s/ Michael J. Calhoun Michael J. Calhoun Attorney-in-Fact pursuant to Power of Attorney, attached as Exhibit 1, for the UBS Global Asset Management division of UBS AG EXHIBIT INDEX Exhibit Number Exhibit Description 1 Power of Attorney dated as of October 28, 2008 EXHIBIT 1 POWER OF ATTORNEY Each of the following employees of UBS Global Asset Management (Americas) Inc. is hereby appointed as agent and attorney-in-fact with power and authority to sign US Regulatory Filings on behalf of UBS AG, required as a result of the operations of the UBS Global Asset Management division: Mark F. Kemper Joseph McGill John Moore Michael J. Calhoun Mary T. Capasso Trevor Chambers This Power of Attorney is limited to the circumstances set forth herein and may be revoked, in whole or in part, at any time. If a person identified above ceases to perform services for UBS Global Asset Management for any reason, this Power of Attorney shall be automatically revoked with respect to that person. Nothing in this Power of Attorney is intended to limit the authority of any other persons to sign documents relating to the subject matter hereof to the extent permitted by UBS Group Policy or otherwise. APPROVED: Date: As of October 28, 2008 /s/ Mario Cueni Mario Cueni UBS Global Asset Management General Counsel & Chief Risk Officer Member of the Group Managing Board /s/ Kai R. Sotorp Kai R. Sotorp UBS Global Asset Management Head of Americas Member of the Group Managing Board