UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
Annual Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
(x) Annual report pursuant to Section 15(d) of the Securities Exchange Act of
1934 (No Fee Required)
For the fiscal year ended December 31, 2009
OR
( ) Transition report pursuant to Section 15(d) of the Securities
Exchange Act of 1934 (No Fee Required)
For the transition period from to
Commission file number 1-10026
A. Full title of the plan and the address of the plan,
if different from that of the issuer named below:
Albany International Corp. Prosperity Plus Savings Plan
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
Albany International Corp.
1373 Broadway, Albany, New York 12204
Albany International Corp.
Prosperity Plus Savings Plan
Index
December 31, 2009 and 2008
--------------------------------------------------------------------------------
Page(s)
Report of Independent Registered Public Accounting Firm........................1
Financial Statements
Statements of Net Assets Available for Benefits................................2
Statements of Changes in Net Assets Available for Benefits.....................3
Notes to Financial Statements...............................................4-10
Supplemental Schedules*
Schedule H, Line 4a - Schedule of Delinquent Participant Contributions .......11
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) ...............12
* Other supplemental schedules required by 29 CFR 2520.103-800 of the
Department of Labor Rules and Regulations for Reporting and Disclosure
under the Retirement Income Security Act of 1974 (ERISA) have been omitted
because they are not applicable.
Signature.....................................................................13
Exhibits
23. Consent of Independent Registered Public Accounting Firm
Report of Independent Registered Public Accounting Firm
To the Participants, Administrator and Compensation Committee of Albany
International Corp. Prosperity Plus Savings Plan
In our opinion, the accompanying statements of net assets available for benefits
and the related statements of changes in net assets available for benefits
present fairly, in all material respects, the net assets available for benefits
of Albany International Corp. Prosperity Plus Savings Plan (the "Plan") at
December 31, 2009 and 2008, and the changes in net assets available for benefits
for the years then ended in conformity with accounting principles generally
accepted in the United States of America. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these statements in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets
(held at end of year) and delinquent participant contributions are presented for
the purpose of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. These supplemental
schedules are the responsibility of the Plan's management. The supplemental
schedules have been subjected to the auditing procedures applied in the audits
of the basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
/s/ PricewaterhouseCoopers LLP
------------------------------
Albany, New York
June 29, 2010
1
Albany International Corp.
Prosperity Plus Savings Plan
Statements of Net Assets Available for Benefits
December 31, 2009 and 2008
--------------------------------------------------------------------------------
2009 2008
Assets
Investments, at fair value
Registered investment companies $ 139,353,212 $124,047,256
Albany International Class A common stock 36,004,798 14,271,054
Participant loans 3,990,851 4,560,206
Common/collective trust 40,466,994 44,718,576
Cash - interest bearing -- 2,195
------------- ------------
Total investments 219,815,855 187,599,287
------------- ------------
Employer contribution receivable 1,926,403 1,675,387
Participant contribution receivable 42,040 --
------------- ------------
Net assets available for benefits
at fair value 221,784,298 189,274,674
------------- ------------
Adjustment from fair value to contract value for
interest in collective trust relating to fully
benefit-responsive investment contracts (874,822) 584,617
------------- ------------
Net assets available for benefits $ 220,909,476 $189,859,291
============= ============
The accompanying notes are an integral part of the financial statements.
2
Albany International Corp.
Prosperity Plus Savings Plan
Statements of Changes in Net Assets Available for Benefits
Years Ended December 31, 2009 and 2008
--------------------------------------------------------------------------------
2009 2008
Additions/(deductions)
Investment income/(loss)
Interest and dividend income from investments $ 5,350,223 $ 7,766,040
Interest income from participant loans 261,940 390,657
Net appreciation/(depreciation) in fair
value of investments 41,310,335 (96,432,242)
------------ -------------
46,922,498 (88,275,545)
------------ -------------
Contributions
Employer 5,454,653 5,952,511
Participant 8,224,252 9,930,256
------------ -------------
13,678,905 15,882,767
------------ -------------
Payment of benefits (29,542,901) (39,691,483)
Other (deductions)/additions (8,317) (13,343)
------------ -------------
(29,551,218) (39,704,826)
------------ -------------
Net increase/(decrease) 31,050,185 (112,097,604)
Net assets available for benefits
Beginning of year 189,859,291 301,956,895
------------ -------------
End of year $220,909,476 $ 189,859,291
============ =============
The accompanying notes are an integral part of the financial statements.
3
Albany International Corp.
Prosperity Plus Savings Plan
Notes to Financial Statements
December 31, 2009 and 2008
--------------------------------------------------------------------------------
1. Description of Plan
The following description of the Albany International Corp. (the
"Company") Prosperity Plus Savings Plan (the "Plan") provides only general
information. Participants should refer to the Plan agreement for a more
complete description of the Plan's provisions.
General
The Plan is a defined contribution plan and is subject to the provisions
of the Employee Retirement Income Security Act of 1974 (ERISA). The Plan
covers all full time domestic employees of the Company and its
subsidiaries who are 21 years of age or older. Eligible employees hired on
or after January 1, 2009, automatically become Participants in the Plan
for purposes of making Pre-Tax Participant Contributions, unless otherwise
elected by the Participant.
Contributions
Employees may make voluntary contributions to the Plan of 1% to 15% of
eligible compensation, subject to certain limitations, on a before-and/or
after-tax basis as defined in the Plan. Participants may also contribute
amounts representing distributions from other qualified defined benefit or
defined contribution plans. Participants direct the investment of their
contributions into various investment options offered by the Plan. The
Plan currently offers nineteen registered investment companies, a
common/collective trust, a brokerage option and Albany International Class
A common stock. The Company makes a matching contribution to the Plan in
varying percentages up to 5% of the participant's eligible compensation
(which may be in a combination of both shares of Company Class A stock and
cash). Employees may convert any of the Albany International Class A
common stock in their match and profit sharing accounts into the other
available investment fund options. During 2009 and 2008, the Company's
matching contributions of $3,843,687 and $4,277,124 included $3,675,671
(313,943 shares) and $4,055,127 (150,030 shares) of Albany International
Class A common stock, respectively.
Profit-Sharing Contribution
The Plan provides for a profit-sharing contribution. Profit-sharing
contributions are based upon a minimum 1% employee participation in the
Plan and are in addition to, and separate from, Company voluntary matching
contributions. In order to receive a profit-sharing contribution, an
employee must be an active contributing participant in the Plan during the
final quarter of the year for which the profit-sharing contribution is
made, unless the employee has been suspended from participation because of
a hardship withdrawal. If an employee is eligible, yet chooses to
participate for less than a full year, the profit-sharing contribution
will be pro-rated. An employee who retires during the year is also
eligible to receive a profit sharing contribution on a pro-rata basis. The
amount of the profit sharing contribution is based on a formula stated at
the beginning of the year. The Company's contribution for profit-sharing
may be made in either cash or Albany International Class A common stock
(or both) following the end of the year.
The profit sharing contributions were $1,610,966 and $1,675,387 for the
years ended December 31, 2009 and 2008, respectively. Profit sharing
contributions paid during the years ended December 31, 2009 and 2008
included $1,675,387 (175,718 shares) and $1,683,555 (43,748 shares),
respectively, of Albany International Class A common stock.
Participant Accounts
Each participant's account is credited with the participant's contribution
and allocations of (a) the Company's contributions and (b) Plan earnings.
Allocations are based on participant earnings or account balances, as
defined. The benefit to which a participant is entitled is the benefit
that can be provided from the participant's vested account.
4
Albany International Corp.
Prosperity Plus Savings Plan
Notes to Financial Statements
December 31, 2009 and 2008
--------------------------------------------------------------------------------
Vesting
Participants are vested immediately in their and the Company's
contributions plus actual earnings thereon.
Pension Purchase Option
Effective February 28, 2009 the Pension Purchase Option is no longer
available to participants. The Plan allowed retiring plan participants to
purchase additional pension benefits by transferring existing Plan account
balances to the Company's Pension Plus Plan.
Payment of Benefits
Upon termination of service, total disability, death or retirement,
participants have the option to receive an amount equal to the value of
their accounts in a lump sum payment or, in the case of total disability
or retirement, monthly installments over a period not to exceed 15 years.
Participants may also elect prior to retirement to withdraw up to 100% of
their after-tax contributions and up to 100% of before-tax contributions
if the Internal Revenue Service's criteria for "financial hardship" are
met.
Plan Termination
The Company intends to continue the Plan indefinitely but reserves the
right to modify, amend, suspend or terminate the Plan. In the event of
plan termination, distributions would be allocated based on the value of
the participant accounts.
Administrative Costs
The Plan stipulates that all costs incurred in administering the Plan
shall be borne by the Company or, if the Compensation Committee so
determines, by the Plan. The Company paid Plan administrative expenses of
$48,284 and $64,808 during 2009 and 2008, respectively.
2. Summary of Significant Accounting Policies
Use of Estimates
The preparation of the financial statements in conformity with accounting
principles generally accepted in the United States of America requires
Plan management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported
amounts of changes in net assets during the reporting period. Actual
results could differ from those estimates.
Risks and Uncertainties
The Plan provides for various investment options in any combination of
stocks, bonds, mutual funds and other investment securities. Investment
securities are exposed to various risks, such as interest rate, market and
credit. Due to the level of risk associated with certain investment
securities and the level of uncertainty related to changes in the value of
investment securities, it is at least reasonably possible that changes in
risks in the near term would materially affect participants' account
balances and the amounts reported in the statements of net assets
available for benefits and the statement of changes in net assets
available for benefits.
5
Albany International Corp.
Prosperity Plus Savings Plan
Notes to Financial Statements
December 31, 2009 and 2008
--------------------------------------------------------------------------------
Investment Valuation and Income Recognition
The Plan's investments are stated at fair value. Accounting principles
define fair value as the exchange price that would be received for an
asset or paid to transfer a liability (an exit price) in the principal or
most advantageous market for the asset or liability in an orderly
transaction between market participants at the measurement date.
Accounting principles establish a hierarchy for inputs used in measuring
fair value that maximizes the use of observable inputs and minimizes the
use of unobservable inputs by requiring that the most observable inputs be
used when available. The hierarchy is broken down into three general
levels: Level 1 inputs are quoted prices in active markets for identical
assets or liabilities; Level 2 inputs include data points that are
observable, such as quoted prices for similar assets or liabilities in
active markets, quoted prices for identical assets or similar assets or
liabilities in markets that are not active, and inputs (other than quoted
prices) such as interest rates and yield curves that are observable for
the asset and liability, either directly or indirectly; Level 3 inputs are
unobservable data points for the asset or liability, and include
situations in which there is little, if any, market activity for the asset
or liability. The asset's or liability's fair value measurement level
within the fair value hierarchy is based on the lowest level of any input
that is significant to the fair value measurement. Valuation techniques
used need to maximize the use of observable inputs and minimize the use of
unobservable inputs.
Investments in registered investment companies are valued using active
markets at the latest quoted sales price on the last business day of the
year, which represents the net asset value of shares held by the Plan at
year end.
Investment contracts held by a defined-contribution plan are required to
be reported at fair value. However, contract value is the relevant
measurement of fully benefit-responsive investment contracts because
contract value is the amount participants would receive if they were to
initiate permitted transactions under the terms of the plan. The Plan
invests in investment contracts through the Vanguard Retirement Savings
Trust, a collective trust. The statements of net assets available for
benefits present the fair value of the investment in the collective trust
as well as the adjustment of the investment in the collective trust from
fair value to contract value relating to the investment contracts. The
statement of changes in net assets available for benefits is prepared on a
contract value basis. The investment in the common/collective trust is
recorded at net asset value (prior to adjustment to contract value) of
shares held by the Plan at year end. There are no penalties or
restrictions for withdrawing assets from the collective trust at any time.
The common stock of Albany International Corp. is valued using active
markets at the latest quoted price on the last business day of the year.
Participant loans are valued at amortized cost which approximates fair
value.
These methods may produce a fair value calculation that may not be
indicative of net realizable value or reflective of future fair values.
Furthermore, while the Plan believes its valuation methods are appropriate
and consistent with other market participants, the use of different
methodologies or assumptions to determine the fair value of certain
financial instruments could result in a different fair value measurement
at the reporting date.
Security transactions are recorded on a trade-date basis. Gains or losses
on sales of securities are based on average cost.
Dividend income is recorded on the ex-dividend date. Dividends declared by
the Board of Directors of the Company on Albany International Corp. Class
A common stock may be reinvested in the Plan or received as a cash
distribution as
6
Albany International Corp.
Prosperity Plus Savings Plan
Notes to Financial Statements
December 31, 2009 and 2008
--------------------------------------------------------------------------------
elected by the participant. Total cash dividends received by participants
were $543,297 and $365,783 for the years ended December 31, 2009 and 2008,
respectively. Interest income is recorded as earned.
The Plan presents in the statement of changes in net assets available for
benefits the net appreciation (depreciation) in the fair value of its
investments, which consists of realized gains and losses and unrealized
appreciation/depreciation on those investments.
Payment of Benefits
Benefit payments are recorded when paid.
Recent Accounting Pronouncements
In April 2009, the Financial Accounting Standards Board (FASB) issued
guidance for estimating fair value when the volume and level of activity
for the asset and liability have significantly decreased and for
identifying circumstances that indicate a transaction is not orderly. The
guidance provides additional application guidance in determining fair
values when there is no active market or where the price inputs being used
represent distressed sales. The adoption of these provisions did not have
a material impact on the financial statements.
In May 2009, the FASB issued guidance that establishes general standards
of accounting for, and requires disclosure of, events that occur after the
balance sheet date but before financial statements are issued or are
available to be issued. The adoption of these provisions did not have a
material effect on the financial statements.
In June 2009, the FASB established a Hierarchy of Generally Accepted
Accounting Principles, and introduced the FASB Accounting Standards
Codification TM (the Codification) as the source of authoritative
accounting principles recognized by the FASB to be applied by
nongovernmental entities in the preparation of financial statements in
conformity with generally accepted accounting principles (GAAP). The
adoption of these provisions did not have a material effect on the
financial statements.
In September 2009, the FASB issued guidance on the fair value measurement
of investments in certain entities that calculate net asset value per
share (or its equivalent). The adoption of these provisions did not have a
material impact on the financial statements.
In January 2010, the FASB issued guidance that requires reporting entities
to make new disclosures about recurring or nonrecurring fair-value
measurements, including significant transfers into and out of Level 1 and
Level 2 fair-value measurements and information on purchases, sales,
issuances, and settlements on a gross basis in the reconciliation of Level
3 fair-value measurements. The guidance is effective for the plan year
2010 financial statements, except for Level 3 reconciliation disclosures
that are effective for the plan year 2011 financial statements. It is
expected that the adoption of this guidance will not have a material
effect on the financial statements.
3. Investments
The following table sets forth by level, within the fair value hierarchy,
the Plan's assets at fair value as of December 31, 2009:
7
Albany International Corp.
Prosperity Plus Savings Plan
Notes to Financial Statements
December 31, 2009 and 2008
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
Registered investment
companies $139,353,212 $ -- $ -- $139,353,212
Albany International Class
A common stock 36,004,798 -- -- 36,004,798
Common/collective trust -- 40,466,994 -- 40,466,994
Participant loans -- -- 3,990,851 3,990,851
------------ ----------- ---------- ------------
Total investments $175,358,010 $40,466,994 $3,990,851 $219,815,855
============ =========== ========== ============
The following table sets forth by level, within the fair value hierarchy,
the Plan's assets at fair value as of December 31, 2008:
Level 1 Level 2 Level 3 Total
Registered investment
companies $124,047,256 $ -- $ -- $124,047,256
Albany International Class
A common stock 14,271,054 -- -- 14,271,054
Cash - interest bearing 2,195 -- -- 2,195
Common/collective trust -- 44,718,576 -- 44,718,576
Participant loans -- -- 4,560,206 4,560,206
------------ ----------- ----------- ------------
Total investments $138,320,505 $44,718,576 $ 4,560,206 $187,599,287
============ =========== =========== ============
The table below sets forth a summary of changes in the fair value of the
Plan's level 3 assets for the year ended December 31, 2009:
Participant
Loans
Balance, beginning of year $ 4,560,206
Issuance and repayment of participant loans, net (569,355)
-----------
Balance, end of year $ 3,990,851
===========
The following investments represent 5% or more of net assets available for
benefits at December 31:
8
Albany International Corp.
Prosperity Plus Savings Plan
Notes to Financial Statements
December 31, 2009 and 2008
--------------------------------------------------------------------------------
2009 2008
PIMCO Total Return Fund $13,365,634 $12,272,785
Vanguard Institutional Index Fund 29,834,086 27,539,549
Vanguard Mid-Cap Index Fund 11,419,444 --
Vanguard Target Retirement 2015 Fund 15,755,292 14,739,286
Vanguard Target Retirement 2025 Fund 16,298,420 13,672,097
Albany International Class A Common Stock 36,004,798 14,271,054
Eaton Vance Large Cap Value Fund 19,867,479 20,033,194
Vanguard Retirement Savings Trust 40,466,994 44,718,576
During 2009 and 2008, the Plan's investments (including gains and losses
on investments bought and sold, as well as held during the year)
appreciated/(depreciated) in value as follows:
2009 2008
Albany International Class A common stock $ 18,388,573 $(24,127,425)
Registered investment companies 22,921,762 (72,304,817)
------------ ------------
$ 41,310,335 $(96,432,242)
============ ============
4. Albany International Class A Common Stock Fund
Information about the net assets and the significant components of the
changes in net assets relating to Albany International Class A common
stock fund is as follows:
December 31,
----------------------------
2009 2008
Net assets
Albany International Class A common stock $ 36,004,798 $ 14,271,054
Employer contribution receivable 1,850,241 1,608,175
------------ ------------
$ 37,855,039 $ 15,879,229
============ ============
Changes in net assets
Investment income/(expense) $ 18,388,573 $(24,127,425)
Dividend income 673,266 453,312
Employer matching contribution 3,368,813 4,055,127
Employer profit sharing contribution 1,850,241 1,608,175
Employee contributions 222,724 176,446
Payment of benefits (1,996,518) (3,038,592)
Other deductions, net (212,848) (23,163)
Net transfers to/(from) participant
directed investments (318,441) (1,013,000)
------------ ------------
$ 21,975,810 $(21,909,120)
============ ============
5. Participant Loans
Participants may borrow from their fund accounts a minimum of $1,000 and
additional amounts in multiples of $500 up to a maximum equal to the
lesser of $50,000, minus the participant's highest outstanding loan
9
Albany International Corp.
Prosperity Plus Savings Plan
Notes to Financial Statements
December 31, 2009 and 2008
--------------------------------------------------------------------------------
balance over the last 12 months, or 50% of their account balance. Interest
rates on loans are determined by the Compensation Committee from time to
time with the rate remaining constant throughout the life of the loan
(rates range between 4.25% and 10.25% at December 31, 2009 and 2008).
Loans are to be repaid through payroll deductions, although they may be
repaid in a lump sum amount, generally over a period from 1 to 5 years
except for loans for the purchase of a primary residence. Home purchase
loan repayments range from 5 to 20 years.
6. Related Party Transactions
The Plan invests in shares of mutual funds managed by an affiliate of
Vanguard Fiduciary Trust Company ("VFTC"). VFTC acts as trustee for the
investments held by the Plan. The Plan also invests in shares of the Plan
Sponsor's Albany International Class A common stock. The Plan purchased
$1,359,540 and $8,656,415 and sold $10,224,677 and $6,375,258 of Albany
International Class A common stock during the years ended December 31,
2009 and 2008. Transactions in such investments qualify as
party-in-interest transactions which are exempt from the prohibited
transaction rules.
7. Tax Status
The Internal Revenue Service has determined and informed the Company by a
letter dated January 31, 2004, that the Plan is qualified and the trust
established under the Plan is tax-exempt, under the appropriate sections
of the Code. The Plan has been amended since receiving the determination
letter. However, the Plan administrator believes that the Plan is
currently designed and being operated in compliance with the applicable
requirements of the Code. Therefore, the Plan administrator believes that
the Plan was qualified and the related trust was tax-exempt as of the
financial statement date.
8. Subsequent Events
Management has evaluated the events and transactions that have occurred
through the date the financial statements were available to be issued and
noted no items requiring adjustment of the financial statements or
additional disclosures.
10
Albany International Corp.
Prosperity Plus Savings Plan
Schedule H, Line 4a - Schedule of Delinquent Participant Contributions
Year Ended December 31, 2009
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Check box if Total that Constitute Nonexempt Prohibited Transactions
contributions ---------------------------------------------------------- Total
include Contributions Contributions Fully Corrected
participant loan Participant Contributions Contributions Not Corrected Outside Pending Corrections Under VFCP
payments Transferred Late to Plan Corrected VFCP in VFCP and PTE 2002-51
------------------------------------------------------------------------------------------------------------------------------
X January 2, 2009 - $78,158 $ 78,238 $ -- $ -- $ --
------------------------------------------------------------------------------------------------------------------------------
X January 16, 2009 - $80,764 80,952 -- -- --
------------------------------------------------------------------------------------------------------------------------------
X January 23, 2009 - $81,557 81,604 -- -- --
------------------------------------------------------------------------------------------------------------------------------
X January 30, 2009 - $83,130 83,166 -- -- --
------------------------------------------------------------------------------------------------------------------------------
X April 3, 2009 - $70,083 70,091 -- -- --
------------------------------------------------------------------------------------------------------------------------------
X April 15, 2009 - $499,510 499,969 -- -- --
------------------------------------------------------------------------------------------------------------------------------
X April 17, 2009 - $66,367 66,375 -- -- --
------------------------------------------------------------------------------------------------------------------------------
X December 15, 2009 - $434,588 434,636 -- -- --
------------------------------------------------------------------------------------------------------------------------------
The Company on January 12, 2009 remitted $78,158; January 30, 2009 remitted
$81,557; February 4, 2009 remitted $80,764; February 5, 2009 remitted $83,130;
April 7, 2009 remitted $70,083; April 21, 2009 remitted $66,367; April 24, 2009
remitted $499,510; and December 17, 2009 remitted $434,588. The Company intends
to remit $874 of lost earnings in 2010.
11
Albany International Corp.
Prosperity Plus Savings Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2009
--------------------------------------------------------------------------------
EIN 14-0462060
Attachment to Form 5500, Schedule H, Line 4(i) - "Schedule of Assets (Held
at End of Year)"
(a) (b) (c) (d)
Description of
investments including
Identity of Issue/Borrower, maturity date, rate of interest, Current
Lessor or Similar Party collateral, par, or maturity value Value
* Aston TAMRO Small Cap Registered Investment Company $ 4,780,783
* Eaton Vance Lg Cap Val Registered Investment Company 19,867,479
* Julius Baer Intl Eq Fund II Registered Investment Company 9,725,565
* PIMCO Total Return Fund Registered Investment Company 13,365,634
* Vanguard Inst Index Fund Registered Investment Company 29,834,086
* Vanguard Mid-Cap Index Fund Registered Investment Company 11,419,444
* Vanguard Morgan Growth Fund Registered Investment Company 2,882,307
* Vanguard Prime Money Mkt Registered Investment Company 16,114
* Vanguard Tgt Retirement 2005 Registered Investment Company 1,626,539
* Vanguard Tgt Retirement 2010 Registered Investment Company 326,618
* Vanguard Tgt Retirement 2015 Registered Investment Company 15,755,292
* Vanguard Tgt Retirement 2020 Registered Investment Company 471,668
* Vanguard Tgt Retirement 2025 Registered Investment Company 16,298,420
* Vanguard Tgt Retirement 2030 Registered Investment Company 472,895
* Vanguard Tgt Retirement 2035 Registered Investment Company 6,869,035
* Vanguard Tgt Retirement 2040 Registered Investment Company 24,492
* Vanguard Tgt Retirement 2045 Registered Investment Company 2,274,856
* Vanguard Tgt Retirement 2050 Registered Investment Company 123,444
* Vanguard Target Retirement Inc Registered Investment Company 1,438,341
* VGI Brokerage Option Vanguard Brokerage Option 1,780,200
* Vanguard Retire Savings Trust Common/Collective Trust 40,466,994
* AIbany International Class A
common stock Company Stock Fund 36,004,798
* Loan Fund Participant loans (for a term not
exceeding 20 years at interest rates
ranging from 4.25% to 10.25%) 3,990,851
------------
Total assets $219,815,855
============
* Party-in-interest
12
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this annual report to be signed on its behalf by the undersigned hereunto
duly authorized.
Albany International Corp.
Prosperity Plus Savings Plan
----------------------------
(Name of Plan)
Date: June 29, 2010 /s/ David Pawlick
----------------------------
David Pawlick
VP - Controller
13