UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No.2)
GILDAN ACTIVEWEAR INC.
(Name of Issuer)
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Common Stock
(Title of Class of Securities)
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375916103
(CUSIP Number)
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December 31, 2004
(Date of Event Which Requires Filing of this Statement)
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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.
Page 1 of 5 pages
1. Names of Reporting Persons and I.R.S. Identification No.
UBS AG
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2. Check the Appropriate Box if a Member of a Group
a / /
b / / See Item 8 of attached schedule
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3. SEC USE ONLY
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4. Citizenship or Place of Organization
Switzerland
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Number of 5. Sole Voting Power 1,397,042
Shares Bene- 6. Shared Voting Power 0
ficially 7. Sole Dispositive Power 0
Owned by Each 8. Shared Dispositive Power 1,397,042
Reporting
Person With:
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9. Aggregate Amount Beneficially Owned by Each Reporting
Person:
1,397,042*
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10. Check if the Aggregate Amount in Row 9 Excludes Certain
Shares / /
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11. Percent of Class Represented by Amount in Row 9
4.7%
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12. Type of Reporting Person
BK
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* UBS AG disclaims beneficial ownership of such securities.
Page 2 of 5 pages
Cusip 375916103
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Item 1(a). Name of Issuer:
GILDAN ACTIVEWEAR INC.
Item 1(b). Address of Issuer's Principal Executive Offices:
725 MONTE DE LIESSE
VILLE SAINT LAURENT
QUEBEC CANADA
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Item 2(a) Name of Persons Filing:
UBS AG and UBS Americas Inc. and UBS Global Asset Management
(Americas) Inc.("UBS Global AM")
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
UBS Americas Inc.'s principal business office is:
677 Washington Blvd.
Stamford, CT 06901
UBS Global AM's principal business office is:
One North Wacker, Chicago, Illinois 60606
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:
375916103
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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. UBS Global AM is
an Investment Adviser registered under section 203 of the
Investment Advisers Act of 1940.
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Item 4 (a)-(c)(iv). Ownership:
Incorporated by reference to Items 5-11 of the cover pages.
Page 3 of 5 pages
Cusip 375916103
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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 /X/.
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Item 6. Ownership of More than Five Percent on Behalf of
Another Person:
Accounts managed on a discretionary basis by UBS AG and 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. No account holds more than 5 percent
of the outstanding Common Stock.
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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
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Item 8 Identification and Classification of Members of the
Group:
UBS Global AM is a wholly-owned subsidiary of UBS Americas
Inc. which is a wholly-owned subsidiary of UBS AG. UBS AG is
reporting direct and indirect beneficial ownership of
holdings. UBS Americas Inc. is reporting indirect beneficial
ownership of holdings by reason of its ownership of UBS
Global Asset Management (Americas) Inc. UBS AG does not
hereby affirm the existence of a group within the meaning of
Rule 13d-5(b)(1).
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Item 9 Notice of Dissolution of Group:
Not Applicable
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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.
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Page 4 of 5 pages
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Cusip 375916103
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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 16, 2005
UBS AG
By: /s/ Robert C. Dinerstein
Robert C. Dinerstein
Managing Director
By: /s/ Per Dyrvik
Per Dyrvik
Managing Director
Page 5 of 5 pages