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
(Mark One)
(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, 2008
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, 2008 and 2007
--------------------------------------------------------------------------------
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...............................................4-11
Supplemental Schedule*
Schedule of Assets (Held at End of Year) .....................................12
Schedule of Reportable Transactions...........................................13
* 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.....................................................................14
Exhibits
23. Consent of Independent Registered Public Accounting Firm..................15
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, 2008 and 2007, 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 schedule of assets (held
at end of year) and schedule of reportable transactions 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. These supplemental
schedules have been subjected to the auditing procedures applied in the audit 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 24, 2009
1
Albany International Corp.
Prosperity Plus Savings Plan
Statements of Net Assets Available for Benefits
December 31, 2008 and 2007
--------------------------------------------------------------------------------
2008 2007
Assets
Investments, at fair value
Registered investment companies $124,047,256 $210,244,764
Albany International Class A common stock 14,271,054 36,104,794
Participant loans 4,560,206 6,551,683
Common/collective trust 44,718,576 47,768,381
Cash - interest bearing 2,195 1,122
------------ ------------
Total investments 187,599,287 300,670,744
------------ ------------
Employer contribution receivable
1,675,387 1,683,555
------------ ------------
Total assets 189,274,674 302,354,299
------------ ------------
Liabilities
Other liabilities -- 35,966
------------ ------------
Total liabilities
-- 35,966
------------ ------------
Net assets available for benefits at fair value 189,274,674 302,318,333
Adjustment from fair value to contract value for interest in
collective trust relating to fully benefit-responsive investment
contracts 584,617 (361,438)
------------ ------------
Net assets available for benefits $189,859,291 $301,956,895
============ ============
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, 2008 and 2007
--------------------------------------------------------------------------------
2008 2007
Additions
Investment income
Interest and dividend income from investments $ 7,766,040 $ 14,214,824
Interest income, participant loans 390,657 508,663
Net (depreciation)/appreciation in fair value of investments (96,432,242) 3,988,479
------------ -------------
(88,275,545) 18,711,966
------------ -------------
Contributions
Employer 5,952,511 6,307,459
Participant 9,930,256 10,750,519
------------ -------------
15,882,767 17,057,978
Other additions 23 685,331
------------ -------------
Total (deductions)/additions (72,392,755) 36,455,275
------------ -------------
Deductions
Payment of benefits 39,691,483 25,457,977
Other deductions 13,366 17,639
------------ -------------
Total deductions 39,704,849 25,475,616
------------ -------------
Net (decrease)/increase (112,097,604) 10,979,659
Net assets available for benefits
Beginning of year 301,956,895 290,977,236
------------ -------------
End of year $189,859,291 $ 301,956,895
============ =============
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, 2008 and 2007
--------------------------------------------------------------------------------
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.
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 thirteen 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 2008 and 2007, the Company's
matching contributions of $4,277,124 and $4,626,655 included $4,055,127
(150,030 shares) and $4,199,699 (113,105 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 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.
Profit sharing contributions included in the Statement of Changes in Net
Assets Available for Benefits were $1,675,387 and $1,683,555 for the years
ended December 31, 2008 and 2007, respectively. Profit sharing
contributions paid by the Company during the years ended December 31, 2008
and 2007 included $1,683,555 (43,748 shares) and $940,370 (25,964 shares),
respectively, of Albany International Class A common stock.
4
Albany International Corp.
Prosperity Plus Savings Plan
Notes to Financial Statements
December 31, 2008 and 2007
--------------------------------------------------------------------------------
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.
Vesting
Participants are vested immediately in their and the Company's
contributions plus actual earnings thereon.
Pension Purchase
The Plan allows retiring plan participants to purchase additional pension
benefits by transferring existing Plan account balances to the Company's
Pension Plus Plan. The decision to make a pension purchase must be made 60
days prior to retirement. Once the pension purchase option is elected, the
election is irrevocable after retirement.
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
$64,808 and $63,662 during 2008 and 2007, respectively.
2. Summary of Significant Accounting Policies
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.
5
Albany International Corp.
Prosperity Plus Savings Plan
Notes to Financial Statements
December 31, 2008 and 2007
--------------------------------------------------------------------------------
As described in Financial Accounting Standards Board Staff Position, FSP
AAG INV-1 and SOP 94-4-1, Reporting of Fully Benefit-Responsive Investment
Contracts Held by Certain Investment Companies Subject to the AICPA
Investment Company Guide and Defined-Contribution Health and Welfare and
Pension Plans (the FSP), investment contracts held by a
defined-contribution plan are required to be reported at fair value.
However, contract value is the relevant measurement attribute for that
portion of the net assets available for benefits of a defined-contribution
plan attributable to 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 a collective trust. As required by
the FSP, 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.
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.
Investment Valuation and Income Recognition
The Plan's investments are stated at fair value.
Financial Accounting Standards Board Statement No. 157, Fair Value
Measurements (FASB Statement No. 157), establishes a framework for
measuring fair value. That framework provides a fair value hierarchy that
prioritizes the inputs to valuation techniques used to measure fair value.
The hierarchy gives the highest priority to unadjusted quoted prices in
active markets for identical assets or liabilities (level 1 measurements)
and the lowest priority to unobservable inputs (level 3 measurements). The
three levels of the fair value hierarchy under FASB Statement No. 157 are
described below:
Level 1 Inputs to the valuation methodology are unadjusted quoted
prices for identical assets or liabilities in active markets
that the Plan has the ability to access.
Level 2 Inputs to the valuation methodology include:
o Quoted prices for similar assets or liabilities in
active markets;
o Quoted prices for identical or similar assets or
liabilities in inactive markets;
o Inputs other than quoted prices that are
observable for the asset or liability;
o Inputs that are derived principally from or
corroborated by observable market data by
correlation or other means.
If the asset or liability has a specified (contractual) term,
the Level 2 input must be observable for substantially the
full term of the asset or liability.
Level 3 Inputs to the valuation methodology are unobservable and
significant to the fair value measurement.
6
Albany International Corp.
Prosperity Plus Savings Plan
Notes to Financial Statements
December 31, 2008 and 2007
--------------------------------------------------------------------------------
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.
Following is a description of the valuation methodologies used for assets
measured at fair value. There have been no changes in the methodologies
used at December 31, 2008 and 2007.
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.
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.
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 elected by the participant. Total cash dividends received
by participants included in payment of benefits are $365,783 and $357,830
for the years ended December 31, 2008 and 2007, respectively. Interest
income is recorded as earned.
The Plan presents in the statement of changes in net assets available for
benefits the net appreciation 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 May 2008, the FASB issued FAS No. 162, "The Hierarchy of Generally
Accepted Accounting Principles" (FAS No. 162). FAS No. 162 identifies the
sources of accounting principles and the framework for selecting
principles to be used in the preparation of financial statements of
nongovernmental entities that are presented in conformity with generally
accepted accounting principles in the United States. FAS No. 162 is
effective for the plan year 2009 financial statements. It is expected that
the adoption of FAS No. 162 will not have a material effect on the
financial statements.
7
Albany International Corp.
Prosperity Plus Savings Plan
Notes to Financial Statements
December 31, 2008 and 2007
--------------------------------------------------------------------------------
In September 2006, the FASB issued FAS No.157, "Fair Value Measurements"
(FAS No. 157). FAS No. 157 clarifies the principle that fair value should
be based on the assumptions market participants would use when pricing an
asset or liability and establishes a fair value hierarchy that prioritizes
the information used to develop those assumptions. Adoption of this
Standard on January 1, 2008 did not have a material effect on the
financial statements.
Relative to FAS 157, the FASB issued FASB Staff Positions (FSP) FAS 157-1,
FAS 157-2, and FAS 157-3. FSP FAS 157-1 amends FAS 157 to exclude FAS No.
13, "Accounting for Leases" (FAS 13), and its related interpretive
accounting pronouncements that address leasing transactions, while FSP FAS
157-2 delays the effective date of the application of FAS 157 to fiscal
years beginning after November 15, 2008 for all nonfinancial assets and
nonfinancial liabilities that are recognized or disclosed at fair value in
the financial statements on a non-recurring basis. FSP FAS 157-3 clarifies
the application of FAS 157 as it relates to the valuation of financial
assets in a market that is not active for those financial assets. This FSP
is effective immediately and includes those periods for which financial
statements have not been issued.
In April 2009, the FASB issued FSP No. FAS 157-4, "Determining Fair Value
When the Volume and Level of Activity for the Asset or the Liability Have
Significantly Decreased and Identifying Transactions That Are Not
Orderly". FSP No. FAS 157-4 amends FAS No. 157 to provide additional
guidance on (i) estimating fair value when the volume and level of
activity for an asset or liability have significantly decreased in
relation to normal market activity for the asset or liability, and (ii)
circumstances that may indicate that a transaction is not orderly. FSP No.
FAS 157-4 also requires additional disclosures about fair value
measurements in interim and annual reporting periods. FSP No. FAS 157-4 is
effective for interim and annual reporting periods ending after June 15,
2009. It is expected that the adoption of FSP No. FAS 157-4 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, 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
============ =========== ========== ============
8
Albany International Corp.
Prosperity Plus Savings Plan
Notes to Financial Statements
December 31, 2008 and 2007
--------------------------------------------------------------------------------
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, 2008:
Participant
Loans
Balance, beginning of year $ 6,551,683
Purchases, sale, issuances and settlements (net) (1,991,477)
-------------
Balance, end of year $ 4,560,206
=============
Plan investments as of December 31, 2007 were as follows:
Investments at fair value as determined by quoted market price:
Registered investment companies $ 210,244,764
Albany International Class A common stock 36,104,794
Cash - interest bearing 1,122
-------------
246,350,680
Investments at estimated value:
Common/collective trust 47,768,381
Participant loans 6,551,683
-------------
54,320,064
-------------
Total investments $ 300,670,744
=============
The following investments represent 5% or more of net assets available for
benefits at December 31:
2008 2007
PIMCO Total Return Fund $12,272,785 $ --
Vanguard Institutional Index Fund 27,539,549 49,152,097
Vanguard Mid-Cap Index Fund -- 15,205,064
Vanguard Target Retirement 2015 Fund 14,739,286 23,634,975
Vanguard Target Retirement 2025 Fund 13,672,097 20,401,202
Albany International Class A Common Stock 14,271,054 36,104,794
Vanguard Winsor Fund -- 42,329,542
Vanguard International Growth Fund -- 21,503,840
Eaton Vance Large Cap Value Fund 20,033,194 --
Vanguard Retirement Savings Trust 45,303,193 47,406,943
9
Albany International Corp.
Prosperity Plus Savings Plan
Notes to Financial Statements
December 31, 2008 and 2007
--------------------------------------------------------------------------------
During 2008 and 2007, 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:
2008 2007
Albany International Class A common stock $(24,127,425) $ 4,885,340
Registered investment companies (72,304,817) (896,861)
------------ -----------
$(96,432,242) $ 3,988,479
============ ===========
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,
----------------------------
2008 2007
Net assets
Albany International Class A common stock $ 14,271,054 $ 36,104,794
Employer profit sharing contribution receivable 1,608,175 1,683,555
------------ ------------
$ 15,879,229 $ 37,788,349
============ ============
Changes in net assets
Investment (expense)/income $(24,127,425) $ 4,885,285
Dividend income 453,312 443,352
Employer matching contribution 4,055,127 4,199,699
Employer profit sharing contribution 1,608,175 1,683,555
Employee contributions 176,446 138,168
Payment of benefits (3,038,592) (2,696,219)
Other deductions, net (23,163) (4,432)
Net transfers to/from participant directed investments (1,013,000) (8,804,298)
------------ ------------
$(21,909,120) $ (154,890)
============ ============
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 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, 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.
10
Albany International Corp.
Prosperity Plus Savings Plan
Notes to Financial Statements
December 31, 2008 and 2007
--------------------------------------------------------------------------------
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
$8,656,415 and $6,295,457 and sold $6,375,258 and $12,078,816 of Albany
International Class A common stock during the years ended December 31,
2008 and 2007. 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
Effective January 1, 2009, as a result of a plan amendment, eligible
employees that have attained age 21, hired on or after January 1, 2009
shall automatically become Participants in the Plan for purposes of making
Participant Contributions on the date he or she is first employed. Unless
otherwise elected, the employee will be treated as having elected to have
the Company make Pre-Tax Participant Contributions beginning thirty days
after hire in specified percentages established in the Plan document.
In addition, for each plan year beginning January 1, 2009, the Company
shall contribute a safe harbor Non-Discretionary Matching Contribution to
the Plan as follows: A Non-Discretionary Matching Contribution equal to
the sum of 100% of the amount of the Participant's Pre-Tax Participant
Contribution (excluding certain Catch-Up Contributions) that are not in
excess of four percent of the Participant's Compensation, plus 50% of the
amount of the Participant's Pre-Tax Participant Contribution (excluding
certain Catch-Up Contributions) that exceed 4% of the Participant's
Compensation but are not in excess of six percent of the Participant's
Compensation. The Non-Discretionary Matching Contribution and Compensation
will be determined for the entire Plan Year.
11
Albany International Corp.
Prosperity Plus Savings Plan
Schedule of Assets (Held at End of Year)
December 31, 2008
--------------------------------------------------------------------------------
EIN 14-0462060
Attachment to Form 5500, Schedule H, Line 4(i) - "Schedule of Assets (Held at
End of Year)"
(a) (b) (c) (d) (e)
Description of
investments including
Identity of Issue/Borrower, maturity date, rate of interest, Current
Lessor or Similar Party collateral, par, or maturity value Cost Value
* Eaton Vance Lg Cap Val Registered Investment Company $ 20,033,194 $ 20,033,194
* Julius Baer Intl Eq Fund II Registered Investment Company 9,159,950 9,159,950
* PIMCO Total Return Fund Registered Investment Company 12,702,654 12,272,785
* Royce Premier Fund Registered Investment Company 6,808,173 4,928,161
* Vanguard Inst Index Fund Registered Investment Company 37,476,968 27,539,549
* Vanguard Mid-Cap Index Fund Registered Investment Company 11,684,457 8,045,774
* Vanguard Morgan Growth Fund Registered Investment Company 3,438,637 2,181,832
* Vanguard Tgt Retirement 2005 Registered Investment Company 2,056,475 1,741,320
* Vanguard Tgt Retirement 2015 Registered Investment Company 18,004,597 14,739,286
* Vanguard Tgt Retirement 2025 Registered Investment Company 17,597,746 13,672,097
* Vanguard Tgt Retirement 2035 Registered Investment Company 7,999,910 5,910,959
* Vanguard Tgt Retirement 2045 Registered Investment Company 2,761,925 2,004,169
* Vanguard Target Retirement Inc Registered Investment Company 988,507 894,197
* VGI Brokerage Option Vanguard Brokerage Option 2,025,958 923,983
* Vanguard Retire Savings Trust Common/Collective Trust 45,303,193 45,303,193
* AI Stock Fund Company Stock Fund 28,153,243 14,271,054
* Vanguard cash account -
interest bearing Cash 2,195 2,195
* Loan Fund Participant loans (for a term not 4,560,206 4,560,206
exceeding 20 years at interest rates ------------ ------------
ranging from 4.25% to 10.25%)
Total assets held for investment
purposes $230,757,988 $188,183,904
============ ============
* Party-in-interest
12
Albany International Corp.
Prosperity Plus Savings Plan
Schedule of Reportable Transactions
Year Ended December 31, 2008
--------------------------------------------------------------------------------
EIN 14-0462060
Attachment to Form 5500, Schedule H, Line 4(j) - "Schedule of Reportable
Transactions"
Description of Asset
(include interest rate and Historical Current Value Historical
Identity of maturity in the case of a Purchase Selling Cost of Asset on Gain
Party Involved loan) Price Price of Asset Transaction Date (Loss)
------------------------------------------------------------------------------------------------------------------------------------
Vanguard EatonVanceLgCapVal $20,033,194.33 $20,033,194.33
Vanguard EatonVanceLgCapVal $ -- $ -- -- $ --
Vanguard Vanguard Inst Index Fund 5,693,920.17 5,693,920.17
Vanguard Vanguard Inst Index Fund 9,446,497.17 9,911,192.37 9,446,497.17 (464,695.20)
Vanguard Vanguard Retire Savings Trust 18,883,101.00 18,883,101.00
Vanguard Vanguard Retire Savings Trust 20,986,850.80 20,986,850.80 20,986,850.80 --
13
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 26, 2009 /s/ David Pawlick
------------------- -------------------------------------
David Pawlick
VP - Controller
14