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 

  

( ü ) Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934 (No Fee Required)

 

For the fiscal year ended December 31, 2018

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.

216 Airport Drive, Rochester, New Hampshire 03867

 

 

 

 

 

 

Albany International Corp.
Prosperity Plus Savings Plan

Financial Statements and Supplemental Schedule

December 31, 2018 and 2017

 

 

 

 

 

 

 

Albany International Corp.

Prosperity Plus Savings Plan
December 31, 2018 and 2017

Index

Page(s)

Report of Independent Registered Public Accounting Firm	1
Financial Statements
Statements of Net Assets Available for Benefits as of     December 31, 2018 and 2017	2
Statements of Changes in Net Assets Available for Benefits for the years ended     December 31, 2018 and 2017	3
Notes to Financial Statements	4–11
Supplemental Schedule*
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)     December 31, 2018	12–14

*

Other supplemental schedules required by Form 5500 [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.

 

Report of Independent Registered Public Accounting Firm

To the Plan Participants and Plan Administrator
Albany International Corp. Prosperity Plus Savings Plan:

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of Albany International Corp. Prosperity Plus Savings Plan (the Plan) as of December 31, 2018 and 2017, the related statement of changes in net assets available for benefits for the years ended December 31, 2018 and 2017,and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2018 and 2017, and the changes in net assets available for benefits for the years ended December 31, 2018 and 2017, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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 are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Accompanying Supplemental Information

The supplemental information in the accompanying schedule H, line 4i – schedule of assets (held at end of year) as of December 31, 2018 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

 

/s/ KPMG LLP

 

We have served as the Plan’s auditor since 2014.

Albany, New York

June 26, 2019

 

 

 

Albany International Corp.

Prosperity Plus Savings Plan

Statements of Net Assets Available for Benefits

December 31, 2018 and 2017

 

 

							2018		2017
Assets
Cash and cash equivalents							$         685,064		$         212,997
Investments, at fair value:
	Registered investment companies						245,832,988		260,932,987
	Preferred stocks and common stocks						3,074,858		1,043,858
	Common collective trust funds						35,593,393		36,478,096
	Albany International Corp. common stock						28,453,287		33,386,298
	Other self-directed brokerage accounts						565,924		2,482,396
				Total investments			314,205,514		334,536,632
Receivables:
	Employer contribution receivable						3,094,128		2,131,867
	Notes receivable from participants						6,172,091		5,784,588
Net assets available for benefits							$  323,471,733		$  342,453,087

 

 

The accompanying notes are an integral part of these financial statements.

Albany International Corp.

Prosperity Plus Savings Plan

Statements of Changes in Net Assets Available for Benefits

For the Years Ended December 31, 2018 and 2017

 

							2018		2017
Investment (loss)/income:
	Interest and dividends						$   10,132,023		$     8,660,354
	Net (depreciation)/appreciation in fair value of investments						(25,452,110)		40,000,749
					Net investment (loss)/income		(15,320,087)		48,661,103
Contributions:
	Employer						9,358,768		8,119,306
	Participants						12,952,248		13,474,008
					Total contributions		22,311,016		21,593,314
Interest income on notes receivable from participants							291,504		245,308
Other additions							17,023		5,827
					Total additions		7,299,456		70,505,552
Deductions:
	Benefits paid to participants						(25,982,512)		(20,698,122)
	Administrative expenses and other deductions						(297,891)		(277,157)
	Other deductions						(407)		(4,960)
					Total deductions		(26,280,810)		(20,980,239)
Net (decrease)/increase							(18,981,354)		49,525,313
Net assets available for benefits:
Beginning of year							342,453,087		292,927,774
End of year							$ 323,471,733		$ 342,453,087

 

 

The accompanying notes are an integral part of these financial statements.

 

Albany International Corp.

Prosperity Plus Savings Plan

Notes to Financial Statements

December 31, 2018 and 2017

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 document 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 domestic employees of the Company and its subsidiaries, except those covered by a collective bargaining agreement that does not provide for participation in the Plan, temporary employees, leased employees, contractors, interns and co-op students. 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

Participants may make voluntary contributions to the Plan, that do not exceed the greater of 100% of the Participant’s Compensation, subject to certain limitations, on a before-tax 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, as well as the employer contributions, into various investment options offered by the Plan. The Plan currently offers various investment options including registered investment companies, common stock, common collective trusts, and a participant directed brokerage option. The Company makes a matching contribution to the Plan up to 5% of the participant’s eligible compensation of which 100% is matched of the first 4% and 50% is matched of the next 2% contributed by the participant.

 

Discretionary Matching Contributions

The plan allows for discretionary matching contributions. The Company uses such discretion to provide profit sharing contributions to eligible plan participants. Such contributions are based on Company performance and vary from year to year. Discretionary matching contributions are based upon a minimum 1% employee participation in the Plan and are in addition to, and separate from, Company non-discretionary matching contributions. In order to receive a discretionary matching contribution, an employee must be an active contributing participant in the Plan on the last day of the year for which the discretionary matching contribution is made. If an employee is eligible, yet chooses to participate for less than a full year, the discretionary matching contribution will be pro-rated. The Company’s discretionary matching contribution is in the form of cash and was $3,094,128 and $2,131,867 for the years ended December 31, 2018 and 2017, respectively. Discretionary matching contributions are reported as Employer Contributions within the Statements of Changes in Net Assets Available for Benefits.

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 in the Plan. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

Notes Receivable from Participants

Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000, minus the participant’s highest outstanding note balance over the last

Albany International Corp.

Prosperity Plus Savings Plan

Notes to Financial Statements

December 31, 2018 and 2017

12 months, or 50% of their account balance. Interest rates on notes are determined by the Compensation Committee from time to time with the rate remaining constant throughout the life of the note (rates, which are calculated as prime rate plus 1%, range between 4.25% and 10.25% at December 31, 2018 and 2017). Notes 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 notes for the purchase of a primary residence, which range from 1 to 20 years.

Vesting

Participants are vested immediately in their and the Company’s contributions plus actual earnings thereon.

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

Certain direct costs incurred in administering the Plan are borne by the Company. The Company paid Plan administrative expenses of $132,476 and $151,598 during 2018 and 2017, respectively, which principally consisted of plan fiduciary services. Expenses paid by the Plan included investment advisory fees, and securities brokerage fees.

2.

Summary of Significant Accounting Policies

Basis of Accounting

The financial statements of the Plan are prepared on the accrual basis of accounting.

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 Statement of Net Assets Available for Benefits 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, common collective trusts, registered investment companies and other investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit risks. 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

Plan investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Plan’s Investment Committee determines the Plan’s valuation policies utilizing information provided by the investment advisers and custodians. See Note 3 for discussion of fair value measurements.

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 were $283,579 and $321,292 for the years ended December 31, 2018 and 2017, 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.

Notes Receivable from Participants

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Fees related to participant loans are paid by the participants. No allowance for credit losses has been recorded as of December 31, 2018 or 2017. Delinquent participant loans are recorded as deemed distributions on the basis of the terms of the Plan agreement.

Expenses

Certain expenses of maintaining the Plan are paid directly by the Company and are excluded from these financial statements. Fees charged by fund managers are included in net appreciation/ depreciation of fair value of investments.

Recent Accounting Pronouncements

The Company has not adopted any recent accounting pronouncements that had a significant effect on these financial statements. In August 2018, an accounting update was issued, which aims to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing fair value measurement disclosures. This update is effective

for annual periods in fiscal years beginning after December 15, 2019. We are currently evaluating the impact of this update.

Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were available for issuance and noted no items requiring adjustment of the financial statements or additional disclosures.

3.

Fair Value Measurements

The Fair Value Measurement topic of the FASB Accounting Standards Codification provides the framework for measuring fair value. That framework provides for 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) and the lowest priority to unobservable inputs (level 3). The three levels of the fair value hierarchy are described as follows:

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 include:

-

quoted prices for similar assets or liabilities in active markets;

-

quoted prices for identical assets or similar assets or liabilities in inactive markets;

-

inputs other than quoted prices that are observable for the asset and liability;

-

inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3   Inputs are unobservable and significant to the fair value measurement. Level 3 inputs are unobservable inputs for the asset or liability, and include situations in which there is little, if any, market activity for the asset or liability. The unobservable inputs reflect the Plan’s own assumptions about the assumptions that market participants would use in pricing an 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.

Following is a description of the valuation methodologies used for investments measured at fair value.

Investments in registered investment companies are valued using the 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.

Common stock, preferred stock, and other self-directed brokerage accounts (exchange traded funds, closed-end funds, mutual funds and money market funds), are valued using active markets at the latest quoted sales price on the last business day of the year on its principal exchange.

Investments in common collective trust funds are valued at the net asset values (NAV) per share using available inputs to measure the fair value of such funds held by the Plan at year-end. The

NAV is based on the fair value of the underlying investments held by the funds, less fund liabilities. The NAV is not used when it is determined to be probable that the fund will sell the investments for an amount different than the reported NAV. Participant transactions (purchases and sales) may occur daily. Were the Plan to initiate a full redemption of the collective trust, the investment adviser reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner. There are no penalties or restrictions for withdrawing assets from the common collective trust funds at any time.

The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2018 and 2017.

							Assets at Fair Value as of December 31, 2018
							Quoted prices in active market		Significant other observable inputs		Significant unobservable inputs
							Level 1		Level 2		Level 3		Total
Cash and cash equivalents							$685,064		$                 -		$                 -		$685,064
Registered investment companies
	Balanced funds						105,072,136		-		-		105,072,136
	Domestic stock funds						104,109,730		-		-		104,109,730
	Bond funds						21,375,216		-		-		21,375,216
	International stock funds						15,198,401		-		-		15,198,401
	Money market funds						77,505		-		-		77,505
Preferred stocks and common stocks							3,074,858		-		-		3,074,858
Common collective trust funds							-		35,593,393		-		35,593,393
Albany International Class A
common stock							28,453,287		-		-		28,453,287
Other self-directed brokerage accounts							565,924		-		-		565,924
Total investments in the fair value hierarchy							$278,612,121		$  35,593,393		$                 -		$314,205,514

 

							Assets at Fair Value as of December 31, 2017
							Quoted prices in active market		Significant other observable inputs		Significant unobservable inputs
							Level 1		Level 2		Level 3		Total
Cash and cash equivalents							$212,997		$                 -		$                 -		$212,997
Registered investment companies
	Balanced funds						108,915,290		-		-		108,915,290
	Domestic stock funds						113,498,638		-		-		113,498,638
	Bond funds						20,123,308		-		-		20,123,308
	International stock funds						18,335,851		-		-		18,335,851
	Money market funds						59,901		-		-		59,901
Preferred stocks and common stocks							1,043,857		-		-		1,043,857
Common collective trust funds							-		36,478,096		-		36,478,096
Albany International Class A
common stock							33,386,298		-		-		33,386,298
Other self-directed brokerage accounts							2,482,396		-		-		2,482,396
Total investments							$298,058,536		$  36,478,096		$                 -		$334,536,632

 

There were no transfers between Level 1, Level 2 and Level 3 for the years ended December 31, 2018 and 2017.

During 2018 and 2017, the Plan’s investments earned interest and dividend income as follows:

							2018		2017
Registered investment companies							$8,844,230		$7,414,472
Albany International Corp. common stock							348,810		394,916
Common collective trust							767,148		707,989
Common stocks and other self-directed brokerage accounts							171,835		142,977
							$10,132,023		$8,660,354

 

4.

Related Party and Party in Interest Transactions

The Plan invests in shares of mutual funds (including the Vanguard brokerage option) 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 $289,150 and $1,491,700 and sold $6,226,285 and $4,245,750 of Albany International Class A common stock during the years ended December 31, 2018 and 2017, respectively. Transactions in such investments qualify as party-in-interest transactions, which are exempt from the prohibited transaction rules. Participant loans also qualify as party-in-interest transactions.

5.

Tax Status

The Internal Revenue Service has determined and informed the Company by a letter dated November 21, 2016, that the Plan is qualified and the trust established under the Plan is tax-exempt, under the appropriate sections of the Internal Revenue Code. The Plan has been amended since receiving the determination letter. However, management and ERISA counsel 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.

Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2018 and 2017 there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

6.

Reconciliation of Financial Statements to Form 5500

Notes receivable from participants that are in default continue to be treated on the financial statements as notes receivable, but are treated on Form 5500 as deemed distributions, which are considered taxable distributions from the Plan.

A reconciliation of total investments per the financial statements at December 31, 2018 and 2017 to the annual report filed on Form 5500, Schedule H as required by the Department of Labor follows.

 

							2018		2017
Total investments per financial statements							$314,205,514		$334,536,632
Notes receivable from participants							6,172,091		5,784,588
Deemed distributions							(45,707)		(22,494)
Total notes receivable per Form 5500							6,126,384		5,762,094
Total investments per Form 5500							$320,331,898		$340,298,726

 

A reconciliation of deductions per the financial statements for the years ended December 31, 2018 and 2017 to the annual report filed on Form 5500, Schedule H as required by the Department of Labor follows.

 

							2018		2017
Total deductions from net assets per financial statements							$26,280,810		$20,980,239
Other income included in Administrative expenses							-		(4,960)
Changes in deemed distributions							23,214		829
Total expenses per Form 5500							$26,304,024		$20,976,108

 

The following is a reconciliation of net assets available for benefits per the financial statements Form 5500 at December 31, 2018 and 2017:

				2018		2017
Net assets available for benefits per the financial statements				$323,471,733		$342,453,087
Deemed distributions				(45,707)		(22,494)
		Net assets available for benefits per Form 5500		$323,426,026		$342,430,593

 

The following is a reconciliation of the changes in net assets available for benefits per the financial statements to Form 5500 for the years ended December 31, 2018 and 2017:

			2018		2017
Net (decrease)/increase in assets available for benefits per the financial statements			($18,981,354)		$49,525,313
Changes in deemed distributions			(23,214)		(829)
	Net (decrease)/increase in assets available for benefits
	per Form 5500		($19,004,568)		$49,524,484

 

 

 

 

 

 

 

Supplemental Schedule

 

 

 

 

 

 

 

 

(a)	(b)			(c)		(d)		(e)
				Description of Investments Including
	Identity of Issue/Borrower,			Maturity Date, Rate of Interest,		Cost **		Current
	Lessor or Similar Party			Collateral, Par, or Maturity Value				Value
*	Cash and Cash Equivalents			Cash and Cash Equivalents		-		$685,064
								685,064
*	Dodge & Cox Intl Stock			Registered Investment Company		-		15,198,401
*	Goldman Sachs Small Cap Val			Registered Investment Company		-		5,349,158
*	Inst Target Ret 2015 Fund			Registered Investment Company		-		7,424,842
*	Inst Target Ret 2020 Fund			Registered Investment Company		-		12,331,617
*	Inst Target Ret 2025 Fund			Registered Investment Company		-		28,285,076
*	Inst Target Ret 2030 Fund			Registered Investment Company		-		7,278,303
*	Inst Target Ret 2035 Fund			Registered Investment Company		-		17,816,268
*	Inst Target Ret 2040 Fund			Registered Investment Company		-		4,618,569
*	Inst Target Ret 2045 Fund			Registered Investment Company		-		12,193,768
*	Inst Target Ret 2050 Fund			Registered Investment Company		-		5,074,111
*	Inst Target Ret 2055 Fund			Registered Investment Company		-		3,193,687
*	Inst Target Ret 2060 Fund			Registered Investment Company		-		1,926,424
*	Inst Target Ret 2065 Fund			Registered Investment Company		-		104,929
*	Inst Target Ret Income Fund			Registered Investment Company		-		4,635,630
*	Prin Diverserealasset I			Registered Investment Company		-		188,912
*	T. Rowe Price Equity Income; R			Registered Investment Company		-		16,847,704
*	Vanguard Inst Index Fund			Registered Investment Company		-		50,256,904
*	Vanguard Md-Cap Index Fund Ins			Registered Investment Company		-		19,263,309
*	Vanguard Morgan Grwth Adm			Registered Investment Company		-		12,392,655
*	Vanguard Prime Money Mkt			Registered Investment Company		-		77,505
*	Vanguard Total Bond Idx Inst			Registered Investment Company		-		21,375,216
								245,832,988
*	Albany International Class A			Company Stock Fund		-		28,453,287
*	New York Mortgage Trust Inc 7.75% Perp Prf Serb			Preferred Stock		-		76,940
*	A E R Energy Res Inc Com			Common Stock		-		35
*	Advantage Oil & Gas Ltd Com			Common Stock		-		1,460
*	Aeterna Zentaris Inc Com			Common Stock		-		45,937
*	Alio Gold Inc Com			Common Stock		-		179,422
*	Annaly Capital Management Inc Com			Common Stock		-		3,633
*	Aphria Inc Com			Common Stock		-		1,138
*	Arconic Inc Com			Common Stock		-		146,345
*	Arrow Finl Corp Com			Common Stock		-		77,873
*	Aurora Cannabis Inc Com			Common Stock		-		1,567
*	Avalon Advanced Materials Inc Com			Common Stock		-		144
*	Banco Santander Sa Adr Sponsored			Common Stock		-		4,959
*	Bright Scholar Education Hldgs Adr Sponsored			Common Stock		-		83
*	Btcs Inc Com			Common Stock		-		11
*	Camber Energy Inc Com			Common Stock		-		24
*	Canandaigua National Corp Com			Common Stock		-		12,410
*	Cannabis Sativa Inc Com			Common Stock		-		764
*	Canntrust Holdings Inc Com			Common Stock		-		723
*	Canopy Growth Corp Com			Common Stock		-		1,773
*	Check Cap Ltd Com			Common Stock		-		7,577
*	Cisco Systems Inc Com			Common Stock		-		42,767
*	Cleveland Cliffs Inc Com			Common Stock		-		8
*	Eaton Vance Tax Mg Com			Common Stock		-		6,725
*	Exchange Bk Santa Rosa Com			Common Stock		-		57,090
*	Exxon Mobil Corporation Com			Common Stock		-		136,380
*	Ford Motor Com			Common Stock		-		398
*	Geckosystems Intl Corp Com			Common Stock		-		795
*	General Electric Co Com			Common Stock		-		3,785

 

 

 

(a)	(b)			(c)		(d)		(e)
				Description of Investments Including
	Identity of Issue/Borrower,			Maturity Date, Rate of Interest,		Cost **		Current
	Lessor or Similar Party			Collateral, Par, or Maturity Value				Value
*	Global Arena Holding Inc Com			Common Stock		-		29
*	Goldman Sachs Group Inc Com			Common Stock		-		5,011
*	Healthcare Trust Of America Cl A New			Common Stock		-		3,037
*	Interpace Diagnostics Group Com			Common Stock		-		240
*	Iqiyi Inc Adr			Common Stock ADR/GDR		-		48,253
*	Itonis Inc Com			Common Stock		-		498
*	Jack In The Box Inc Com			Common Stock		-		7,763
*	Jp Morgan Chase & Co Com			Common Stock		-		25,869
*	Lynas Corp Com			Common Stock ADR/GDR		-		127
*	Marathon Patent Group Inc Com			Common Stock		-		36
*	Marathon Pete Corp Com			Common Stock		-		5,075
*	Medmen Enterprises Inc Com			Common Stock		-		6,300
*	Merck & Co Inc. Com			Common Stock		-		7,030
*	Micron Technology Inc Com			Common Stock		-		4,759
*	Mistral Ventures Inc Com			Common Stock		-		141
*	Netflix.Com Inc Com			Common Stock		-		16,060
*	New York Mortgage Trust Inc Com			Common Stock		-		123,690
*	Obseva Sa Com			Common Stock		-		3,545
*	On Track Innovation Com			Common Stock ADR/GDR		-		236
*	Organigram Hldgs Inc Com			Common Stock ADR/GDR		-		1,427
*	Packaging Corp Of America Com			Common Stock		-		34,219
*	Palo Alto Networks Com			Common Stock		-		6,404
*	Pareteum Corp Com			Common Stock		-		422
*	Physicians Realty Trust Com			Common Stock		-		5,130
*	Procter Gamble Co Com			Common Stock		-		36,768
*	Prometic Life Science Inc Com			Common Stock		-		6,807
*	Protagenic Therapeutics Inc Com			Common Stock		-		2
*	Qurate Retail Inc Com Ser A			Common Stock		-		2,342
*	Rare Element Re Ltd Com			Common Stock		-		13
*	Roku Inc Com Cl A			Common Stock		-		45,960
*	Royal Dutch Shell Plc Adr Sponsored			Common Stock ADR/GDR		-		6,234
*	Royal Dutch Shell Plc Adr Sponsored			Common Stock ADR/GDR		-		1,224,078
*	Softbank Group Adr Unsponsored			Common Stock ADR/GDR		-		978
*	Solo International Inc Com			Common Stock		-		7
*	Southern Co Com			Common Stock		-		254,736
*	Southwestern Energy Co Com			Common Stock		-		70,212
*	Sprint Corp Com			Common Stock		-		873
*	Terra Tech Corp Com			Common Stock		-		283
*	Titan Pharmaceutical Inc Com			Common Stock		-		2,007
*	Turtle Beach Corp Com			Common Stock		-		15,883
*	Us Gold Corp Com			Common Stock		-		138,658
*	Vantage Drilling Co Com			Common Stock ADR/GDR		-		7
*	Verizon Communications Com			Common Stock		-		39,354
*	Vodafone Group Plc Adr Sponsored			Common Stock ADR/GDR		-		15,617
*	Walmart Inc Com			Common Stock		-		9,315
*	Weight Watchers Intl Inc Com			Common Stock		-		55,975
*	Xg Technology Inc Com			Common Stock		-		15,506
*	Zoom Technologies Inc Com			Common Stock		-		1
								3,074,858

 

 

 

(a)	(b)			(c)		(d)		(e)
				Description of Investments Including
	Identity of Issue/Borrower,			Maturity Date, Rate of Interest,		Cost **		Current
	Lessor or Similar Party			Collateral, Par, or Maturity Value				Value
*	Aberdeen Std Platinum Etf Tr Physcl Platm Shs Etf			Exchange Traded Fund		-		79,604
*	Alps Etf Trust Alerian Mlp Etf			Exchange Traded Fund		-		7,421
*	Blackrock Energy & Res Trust Com			Closed-End Fund		-		3,135
*	Blackrock Util & Infrastrcture Com			Closed-End Fund		-		5,928
*	Credit Suisse Vlctyshs 3X Inv Etf			Exchange Traded Fund		-		2,958
*	Direxion Shares Trust Dly Enrgy Bull3X Etf			Exchange Traded Fund		-		3,030
*	Direxion Shares Trust Dly Fin Bull New Etf			Exchange Traded Fund		-		4,925
*	Eaton Vance Com			Closed-End Fund		-		8,526
*	Etf Managers Tr Prime Mobile Pay Etf			Exchange Traded Fund		-		350
*	Fidelity Select Gold			Mutual Fund		-		8,727
*	Global X Nasdaq 100 Cover Etf			Exchange Traded Fund		-		2,493
*	Global X S&P 500 Covered Etf			Exchange Traded Fund		-		1,728
*	Guggenheim Com			Closed-End Fund		-		15,790
*	Invesco Exchange-Traded Fd Tr Cef Inm Compsi Etf			Exchange Traded Fund		-		15,173
*	Ishares Sht Mat Bd Etf			Exchange Traded Fund		-		9,970
*	Nuveen S&P 500 Buy-Write Inc Com			Closed-End Fund		-		4,345
*	Nuveen Taxable Muni Income Fund			Closed-End Fund		-		9,680
*	Spdr Dow Jones Industrial Ave Ut Ser 1 Etf			Exchange Traded Fund		-		1,866
*	Spdr Series Trust Blomberg Brc Inv Etf			Exchange Traded Fund		-		19,892
*	Sprott Physical Gold And Silve Tr Unit			Closed-End Fund		-		10,408
*	Sprott Physical Gold Trust Unit			Closed-End Fund		-		2,134
*	Vanguard Energy Fund			Mutual Fund		-		8,356
*	Vanguard Federal Money Market Fund			Money Market Fund		-		70,093
*	Vanguard Inflation Protected Secs Fd			Mutual Fund		-		9,704
*	Vanguard Inter Term Treas Etf			Exchange Traded Fund		-		6,347
*	Vanguard Intermediate Term Treas Fund			Mutual Fund		-		40,561
*	Vanguard Prime Money Market Inv			Money Market Fund		-		144,431
*	Vanguard World Funds Financials Etf			Exchange Traded Fund		-		4,749
*	Whitehorse Finance Inc Com			Closed-End Fund		-		63,600
								565,924
*	Vanguard Retirement Savings Master Trust			Common Collective Trust		-		35,593,393
*	Participant Notes Receivable			Participant loans (for a term not exceeding 20 years at interest rates ranging from 4.25% to 10.25%, which was calculated as prime rate plus 1%), maturities from 5/24/2020 through 5/24/2039		-		6,172,091
								$  320,377,605
*	Party-in-interest
**	Cost information is not required for participant-directed investments and therefore, is not included
	See accompanying report of independent registered public accounting firm.

 

 

 

 

 

Signature

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

ALBANY INTERNATIONAL CORP.

By: /s/ Stephen M. Nolan_______________

Name: Stephen M. Nolan

Title: Chief Financial Officer and Treasurer and

Chairman, Albany International Corp. Plan Administration Committee

 

 

June 26, 2019

 

 

 

 

Exhibit 23.1 

 

Consent of Independent Registered Public Accounting Firm

 

Albany International Corp. Plan Administration Committee
Albany International Corp. Prosperity Plus Savings Plan:

 

We consent to the incorporation by reference in Registration Statement Nos. 333-218122, 333-218121, 333-195269, 333-190774, 333-140995, 333-76078, 333-90069, and 033-60767 on Form S-8 and Registration Statement No. 333-231776 on Form S-3 of Albany International Corp. of our report dated June 26, 2019, with respect to the statements of net assets available for benefits of the Albany International Corp. Prosperity Plus Savings Plan as of December 31, 2018 and 2017, the related statements of changes in net assets available for benefits for the years then ended, and the related notes and the supplemental schedule H, line 4i – schedule of assets (held at end of year) as of December 31, 2018, which report appears in the December 31, 2018 annual report on Form 11-K of the Albany International Corp. Prosperity Plus Savings Plan.

 

 /s/ KPMG LLP

 

Albany, New York

June 26, 2019