-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WxbKVv9A2Q9kWmT8oHfH7kixWt2m5wVP1aJMqEOb2RiBoFA+jt2XMeuEe/Re3NXn kQlQj6fm0rYbzMEAvUc3Cg== 0000055242-96-000023.txt : 19961223 0000055242-96-000023.hdr.sgml : 19961223 ACCESSION NUMBER: 0000055242-96-000023 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19961220 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: KENNAMETAL INC CENTRAL INDEX KEY: 0000055242 STANDARD INDUSTRIAL CLASSIFICATION: MACHINE TOOLS, METAL CUTTING TYPES [3541] IRS NUMBER: 250900168 STATE OF INCORPORATION: PA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05318 FILM NUMBER: 96684106 BUSINESS ADDRESS: STREET 1: RTE 981 AT WESTMORELAND COUNTY AIRPORT STREET 2: P O BOX 231 CITY: LATROBE STATE: PA ZIP: 15650 BUSINESS PHONE: 4125395000 MAIL ADDRESS: STREET 1: P O BOX 231 CITY: LATROBE STATE: PA ZIP: 15650 11-K 1 KENNAMETAL THRIFT PLAN SECURITIES AND EXCHANGE COMISSION Washington, D.C. 20549 FORM 11-K [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] for the fiscal year ended June 30, 1996 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: 1-5318 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: KENNAMETAL THRIFT PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Kennametal Inc. Route 981 at Westmoreland County Airport P.O. Box 231 Latrobe, Pennsylvania 15650 KENNAMETAL INC. THRIFT PLAN I N D E X --------- Report of Independent Public Accountants Financial Statements: Statements of Net Assets Available for Plan Benefits as of June 30, 1996 and 1995 Statements of Changes in Net Assets Available for Plan Benefits for the years ended June 30, 1996 and 1995 Notes to Financial Statements Supplemental Schedules: Item 27a - Schedule of Assets Held for Investment Purposes as of June 30, 1996 Item 27d - Schedule of Reportable Transactions for the year ended June 30, 1996 REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS ---------------------------------------- To the Board of Directors, Kennametal Inc.: and to the Kennametal Inc. ERISA Compliance Committee: We have audited the accompanying statements of net assets available for plan benefits of Kennametal Inc. Thrift Plan (the Plan) as of June 30, 1996 and 1995, and the related statements of changes in net assets available for plan benefits for the years then ended. These financial statements and the schedules referred to below are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements and schedules based on our audits. We conducted our audits in accordance with generally accepted auditing standards. 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. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan as of June 30, 1996 and 1995, and the changes in net assets available for plan benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes and 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 for Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules and fund information have been subject 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/ ARTHUR ANDERSEN LLP ----------------------- Arthur Andersen LLP Pittsburgh, Pennsylvania December 13, 1996 KENNAMETAL INC. THRIFT PLAN (PLAN 002) STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS JUNE 30, 1996 AND 1995 ASSETS 1996 1995 ------ ------------ ------------ Receivables: Employer Contributions $ 291,288 $ 326,152 Participant Contributions 829,453 884,081 ------------ ------------ Total Receivables $ 1,120,741 $ 1,210,233 ------------ ------------ General Investments: Common/Collective Trusts-Fixed Fund $ 78,721,429 $ 80,016,209 Pooled Separate Accounts - Equity & Balanced Funds 54,808,031 35,594,303 ------------ ------------ Total General Investments $133,529,460 $115,610,512 ------------ ------------ NET ASSETS $134,650,201 $116,820,745 ============ ============ The accompanying notes are an integral part of these statements. KENNAMETAL INC. THRIFT PLAN (PLAN 002) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1996 AND 1995 1. DESCRIPTION OF PLAN: The Thrift Plan (the Plan), a defined contribution employee benefit plan, adopted on January 1, 1977, was established to encourage investment and savings for certain salaried and hourly employees of Kennametal Inc. and subsidiaries and provide a method to supplement their retirement income benefits. Participants could elect a contribution rate from 2% to 6% of their earnings, on an after-tax basis, with such contributions made monthly through payroll deductions. Employer contributions were made each month in an amount equal to 50% of participant contributions for the month. On April 1, 1985, the Thrift Plan was changed to provide a vehicle for employee savings with an added 401(k) tax-deferred feature. The Plan was amended to allow participants to elect a contribution rate (either before-tax, after-tax, or a combination of both) of 2% - 12% of the employee's base salary. Before-tax contributions were capped at $9,240 for 1995. Employer contributions equal 50% of the participant contribution up to a maximum of 3% of the participant's salary. Effective April 27, 1987, the Plan was further amended to provide that investment management, recordkeeping and other administrative fees and expenses of the Plan be paid from assets and income of the Plan. During fiscal year ending June 30, 1995, the Company acquired Adaptive Technologies Corporation (ATC). As a result of the acquisition, ATC's 401(k) plan was merged into the Plan during fiscal year ending June 30, 1996. All eligible employees are entitled to become active participants of the Plan on the first day of the month coinciding with or following the completion of ten (10) days of service. Currently, participants become fully vested in employer contributions on the third anniversary of their employment date. Forfeitures of employer contributions as a result of withdrawals, terminations, etc., reduce the amount of future contributions required by the employer. Under present federal income tax law, employer contributions and all earnings of the Plan do not constitute taxable income to the participants until withdrawn from the plan by the participants. Distributions to participants due to disability, retirement, or death are payable in either a lump sum, periodic payments for a period not to exceed ten (10) years, or purchase of an annuity at the participant's election. 2. ACCOUNTING POLICIES: BASIS OF ACCOUNTING -- The accounts of the Plan are maintained on the accrual basis of accounting. Effective Plan year 1992, expenses are recorded on a cash basis. INVESTMENTS -- Investment transactions are recorded on a trade date basis, and revenues are recorded on an accrual basis of accounting. Effective January 27, 1992, PRIMCO Capital Management, Inc. was appointed as an investment manager to manage the assets in the Fixed Income Fund of the Retirement Savings Plan and Thrift Plan. Investment contracts placed by PRIMCO represent investment of combined assets for both the Retirement Savings Plan and the Thrift Plan. Individual Plan investment contracts (GICs) made prior to PRIMCO's appointment will remain in effect until the scheduled maturity period. Investments of the Fixed Income Fund consist of traditional investment contracts issued by insurance companies, banks, and other financial institutions (or corporations), asset-backed investment contracts, synthetic investment contracts, PRIMCO Group Trust, and short-term investments. A custodial arrangement for the Fixed Income Fund investments of the Retirement Savings Plan and Thrift Plan was established on April 30, 1992. PNC Bank, N.A. (PNC) was appointed as custodian of the custodial arrangement. As custodian, PNC also manages the cash portion of the Plans' Fixed Income Fund. The Plan's interest in the assets of the common trust is included in the accompanying Statements of Net Assets Available for Plan Benefits. Allocations of assets of the common trust to participating plans as of June 30, 1996 and June 30, 1995 are as follows: 1996 1995 ----------------------- ----------------------- Amount Percent Amount Percent ------------ ------- ------------ ------- Thrift Plan $ 78,721,429 95.89% $ 80,016,210 96.51% Retirement Savings Plan 3,373,189 4.11% 2,894,533 3.49% ------------ ------- ------------ ------- Total Assets of Common Trust $ 82,094,618 100.00% $ 82,910,743 100.00% Common trust income allocated to the participating plans for the years ended June 30, 1996 and June 30, 1995 is as follows: Earnings on Investments - Interest 1996 1995 ------------ ------------ Thrift Plan $ 4,678,502 $ 4,627,232 Retirement Savings Plan 186,930 161,863 ------------ ------------ Total Earnings on Investments - Interest $ 4,865,432 $ 4,789,095 Investments of the Equity Fund consist solely of common stocks whereas the Balanced Fund's investments are a combination of stocks, bonds, cash, and convertible securities. Investments held in the Equity Fund and Balanced Fund are reflected in the accompanying Statements of Net Assets Available for Plan Benefits at market value. Market value, which is equivalent to current value, is the unit valuation of the investments in commingled funds as reported to the Trustee by the Equitable Life Assurance Society of the United States. In September of 1994, the AICPA issued SOP 94-4, "Reporting of Investment Contracts Held by Health and Welfare Benefit Plans and Defined- Contribution Pension Plans." This statement is effective for financial statements for plan years beginning after December 15, 1994. SOP 94-4 states that fully benefit-responsive investment contracts of defined contribution plans should be accounted for at contract value in the accompanying financial statements. PRIMCO Capital Management, Inc. certified that all the investment contracts held in the Fixed Income Fund are fully benefit-responsive. The attached schedule certified by PRIMCO Capital Management, Inc. lists the fair value of all these contracts. USE OF ESTIMATES IN PREPARATION OF FINANCIAL STATEMENTS -- The preparation of financial statements in conformity with generally accepted accounting principles requires the plan administrator to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from these estimates. PLAN TERMINATION -- Although it has not expressed any intent to do so, the Company has the right to terminate the Plan at any time, subject to the provisions of the Employee Retirement Income Security Act of 1974. In the event of Plan termination, the accounts of all participants will become fully vested and nonforfeitable. RECLASSIFICATIONS -- Certain prior year balances have been reclassified to conform to the current year presentation. 3. QUALIFICATION OF PLAN: The Plan has been determined by the Internal Revenue Service to be qualified under the Internal Revenue Code. The Internal Revenue Service issued a favorable determination on April 23, 1996. Plans which are qualified under regulations of the Internal Revenue Service are not subject to federal income taxes. 4. KENNAMETAL THRIFT PLAN ADMINISTRATION: Kennametal Inc. serves as Trustee of the Plan. Benefit Services Corporation, a firm providing defined contribution administration services, serves as recordkeeper for the Plan. PRIMCO Capital Management, Inc., serves as the investment manager for the Fixed Income Fund. PNC Bank, N.A. serves as custodian for the Plan. The Equitable Life Assurance Society of the United States serves as the investment manager and custodian for the Equity Fund and Balanced Fund. During Fiscal Year 1993, the business of Equitable Capital Management Corporation, a wholly owned subsidiary of Equitable Life, was transferred to Alliance Capital Management L.P., a partially owned indirect subsidiary of Equitable Life. 5. BENEFIT PAYABLE: As of June 30, 1996 and 1995, the Plan was liable for participant benefits due but unpaid in the amount of $2,102,139 and $1,334,981, respectively. Additionally, the Plan has an operating payable of ($56) for 1996. These amounts are recorded as a liability in the Plan's Form 5500; however, these amounts are not recorded as a liability in the accompanying statements of net assets available for plan benefits in accordance with generally accepted accounting principles. 6. Schedule of Assets Held for Investment Purposes: (PRIMCO - Statement of Assets and Alliance Capital Asset Summary) See attached schedules. 7. Schedule of Reportable Transactions: (Alliance Capital Management Corp. and PNC Bank, N.A.) See attached schedules. 8. Change in Assets Available for Plan Benefits by Investment Fund: See attached schedule.
Fair Value of Fixed Fund Investment Contracts Statement of Supporting Assets Kennametal Inc. Retirement Savings and Thrift Plans Jun-30-96 Contract Contract Cusip Fair Value Issuer Number Number Security Asset Type Series-Trnch Coupon % Market Value - -------- -------- ------ -------- ---------- ------------ -------- ------------ Alls(ABS) 31007 Allstate SA 5.96% $2,043,194 BASIC 92-426ALP PRIMCO Grp Tr Alpha Fund 6.84 $7,738,913 BASIC 92-472 312913XK7 Federal Home Loan Mtge Co Mrtg - Res 1434 -D 6.25 $3,303,069 Hanc(ABS) 7562 Hanc Structured Fin Acct 6.15 $4,049,083 Mass(ABS) 10480 Mass Mutual SA B11 NA $4,869,261 Met (ABS) 13708 MET SA 118 NA $6,531,631 NYL (ABS) 20032-18D 34527LAA4 Ford Credit Auto Loan MT ABS - Auto 92-1 -A 6.88 $ 479,709 025928AA0 American Express MT ABS - Card 92-1 -A 6.05 475,333 34527LAB2 Ford Credit Auto Loan MT ABS - Auto 92-2 -A 7.38 474,505 55262NAB2 MBNA Master CC Trust ABS - Card 92-1 -A 7.25 466,884 161612AC0 Chase Man Credit Card MT ABS - Card 92-1 -A 7.40 466,324 31945RAJ2 First Chicago MT II ABS - Card 92-E -A 6.25 462,445 55262NAC0 MBNA Master CC Trust ABS - Card 92-2 -A 6.20 462,193 25466LAW7 Discover Card Trust ABS - Card 93-A -A 6.25 461,369 25466LAU1 Discover Card Trust ABS - Card 92-B -A 6.80 279,170 25466LAN7 Discover Card Trust ABS - Card 91-E -A 7.30 232,166 --------------------- Sub-Total 6.75 $4,260,098 Peop(ABS) 00028TR-1 31359ABM0 Federal Nat'l Mortgage Co Mrtg - Res 93-71 -PD 5.50 $3,545,712 Peop(ABS) 00028TR-2 31359BAF4 Federal Nat'l Mortgage Co Mrtg - Res 93-109 -E 5.50 $1,963,384 Peop(ABS) 00028TR-3 31359BRK5 Federal Nat'l Mortgage Co Mrtg - Res 93-135 -PC 5.50 $1,474,770 Peop(ABS) 00028TR-4 3133T1GE6 Federal Home Loan Mtge Co Mrtg - Res 1587 -D 5.50 $2,845,425 Peop(ABS) 00028TR-5 848466AA6 Spiegal Credit Master Trs ABS - Card 94B -A 8.15 $1,033,776 Peop(ABS) 00028TR-6 393505FC1 Green Tree Financial ABS - Mfd Hou 95-1 -A2 7.80 $ 924,556 TrLA(ABS) 76543 PRIMCO Gr Tr GAMMA Fund NA $5,753,323 ----- ----------- Total NA% $50,336,194
Fair Value of Fixed Fund Investment Contracts Statement of GIC Market Values Kennametal Inc. Retirement Savings and Thrift Plans Jun-30-96 Fair Value Contract Years to Discnt Discounted Issuer Number Maturity Maturity Duration Yield Book Value Rate Value Gain or (Loss) - -------------------------------------------------------------------------------------------------------------------------------- Security Backed Investments - --------------------------- Synthetics Caisse des Depots (CDC) 220-01 Dec-31-99 3.5 2.03 6.19% $892,129 6.47% $ 887,380 $ (4,749) ---- ----- -------- ----- --------- ---------- 2.03 6.19% $892,129 6.47% $ 887,380 $ (4,749) Investment Contracts - ----------------------- Fixed Rate & Fixed Term Allstate Life Ins. Co. 5505 Sep-03-96 0.18 0.13 4.88% $1,701,089 5.38% $1,699,796 $ (1,293) Canada Life Assurance Co. 45798 Jan-04-99 2.51 2.11 5.36 4,095,535 6.49 4,004,551 (90,985) John Hancock Mutual Life 6258 Jul-01-97 1.00 0.88 7.34 4,669,798 5.56 4,737,653 67,855 John Hancock Mutual Life 6406 Oct-15-97 1.29 1.29 6.49 1,253,939 5.85 1,263,610 9,671 Metropolitan Life Ins Co 13678 Feb-01-99 2.59 2.47 5.55 5,593,550 6.58 5,459,862 (133,688) Metropolitan Life Ins Co 13852 Oct-01-99 3.25 3.17 7.55 2,268,327 6.75 2,322,249 53,922 New York Life Ins. Co. 30334 Apr-03-00 3.76 2.87 6.45 3,170,238 6.69 3,150,457 (19,781) Sun Life Assoc. Canada(US) S-0892-G Oct-01-98 2.25 2.09 5.05 4,550,922 6.48 4,424,003 (126,918) ---- ---- ---------- ---- ---------- ---------- 1.98 6.02% $27,303,397 6.30% $27,062,180 $(241,217) Total GICs 1.99 6.02% $28,195,527 6.30% $27,949,561 $(245,966)
KENNAMETAL THRIFT PLAN EIN 25- 0900168 PN 002 Item 27a Schedule of Assets Held for Investment Purposes Statement of Assets Kennametal Inc. Retirement Savings and Thrift Plans Jun-30-96 Contract Years to Market Value* Issuer Number Maturity Maturity Duration Yield Current Value Percent - -------------------------------------------------------------------------------------------------------------- Security Backed Investments - --------------------------- PRIMCO Group Trust Bankers Trust (Del) BASIC 92-426ALP Sep-30-00 4.25 2.67 6.08% $ 7,828,936 9.5% Transamerica Life & Annuity 76543 Nov-15-04 8.38 4.00 6.13 5,830,917 7.1 ---- ----- ----------- ----- 3.24 6.10% $13,659,853 16.6% Separate Account Contracts Allstate Life Ins. Co. 31007 Feb-18-02 5.64 2.50 5.63% $ 2,073,033 2.5% John Hancock Mutual Life 7562 May-01-04 7.84 3.50 7.43 3,965,434 4.8 Mass Mutual Life Ins. Co. 10480 Jul-05-02 6.01 2.79 6.30 4,945,095 6.0 Metropolitan Life Ins Co. 13708 Jan-02-01 4.51 3.00 6.60 6,560,365 8.0 New York Life Ins. Co. 20032-18D Jun-30-98 2.00 0.99 5.50 4,295,631 5.2 ---- ----- ----------- ----- 2.60 6.37% $21,839,557 26.6% Synthetics Bankers Trust (Del) BASIC 92-472 Jul-15-97 1.04 0.68 6.20% $ 3,313,813 4.0% Caisse des Depots (CDC) 220-01 Dec-31-99 3.50 2.03 6.19 892,129 1.1 Peoples Security Life 00028TR-1 Apr-27-98 1.82 1.35 5.23 3,608,052 4.4 Peoples Security Life 00028TR-2 Sep-25-98 2.24 1.57 5.57 1,995,135 2.4 Peoples Security Life 00028TR-3 May-26-98 1.90 1.47 5.27 1,502,664 1.8 Peoples Security Life 00028TR-4 Sep-15-98 2.21 1.70 5.26 2,911,102 3.5 Peoples Security Life 00028TR-5 Jun-15-00 3.96 3.06 7.80 1,013,987 1.2 Peoples Security Life 00028TR-6 Feb-16-99 2.63 1.22 7.87 913,602 1.1 ---- ----- ----------- ----- 1.45 5.84% $16,150,484 19.7% ---- ----- ----------- ----- Sub-Total 2.41 6.14% $51,649,894 62.9% Investment Contracts Fixed Rate & Fixed Term Allstate Life Ins. Co. 5505 Sep-03-96 0.18 0.13 4.88% $ 1,701,089 2.1% Canada Life Assurance Co. 45798 Jan-04-99 2.51 2.11 5.36 4,095,535 5.0 John Hancock Mutual Life 6258 Jul-01-97 1.00 0.88 7.34 4,669,798 5.7 John Hancock Mutual Life 6406 Oct-15-97 1.29 1.29 6.49 1,253,939 1.5 Metropolitan Life Ins Co. 13678 Feb-01-99 2.59 2.47 5.55 5,593,550 6.8 Metropolitan Life Ins Co. 13852 Oct-01-99 3.25 3.17 7.55 2,268,327 2.8 New York Life Ins. Co. 30334 Apr-03-00 3.76 2.87 6.45 3,170,238 3.9 Sun Life Assoc. Canada(US) S-0892-G Oct-01-98 2.25 2.09 5.05 $ 4,550,922 5.5 ---- ----- ----------- ----- 1.98 6.02% $27,303,397 33.3% Sub-Total 1.98 6.02% $27,303,397 33.3% Cash & Equivalents Pittsburgh Nat'l Bank 103575-9 Jul-01-96 - 5.07% $ 3,140,758 3.8% Pittsburgh Nat'l Bank 103573-3 Jul-01-96 - 5.07 528 - Pittsburgh Nat'l Bank 103574-1 Jul-01-96 - 5.07 41 - ---- ----- ----------- ------ Sub-Total - 5.07% $ 3,141,327 3.8% ---- ----- ----------- ------ Total Portfolio 2.18 6.06% $82,094,618 100.0% ==== ===== =========== ======
- -------------------------- * Cost equals market value
KENNAMETAL THRIFT PLAN EIN 25- 0900168 PN 002 Item 27a Schedule of Assets Held for Investment Purposes KENNAMETAL INC. ASSET SUMMARY REPORT AS OF JUNE 28, 1996 CONTRACT NUMBER 3862 BOOK/COST CURRENT % OF TOTAL VALUE VALUE CURRENT VALUE --------- ------- ------------- MARKET VALUE ACCOUNTS: - --------------------- EQUITY ACCOUNTS GROWTH STOCK ACCOUNT (SA#4) $25,589,334.89 $45,542,814.94 COMBINED EQUITY ACCOUNTS $25,589,334.89 $45,542,814.94 83.1% STRATEGIC BALANCED MANAGEMENT ACCOUNT STRATEGIC BALANCED MGMT ACCOUNT (SA#10) $ 7,126,048.58 $ 9,265,215.79 COMBINED STRATEGIC BALANCED ACCTS $ 7,126,048.58 $ 9,265,215.79 16.9% TOTAL MARKET VALUE ACCOUNTS $32,715,383.47 $54,808,030.73 100.0% -------------- -------------- ------ TOTAL ASSETS $32,715,383.47 $54,808,030.73 100.0% ============== ============== ======
KENNAMETAL THRIFT PLAN - (002) CHANGE IN ASSETS AVAILABLE FOR PLAN BENEFITS @ 6/30/96 EIN 25 - 0900168 BY INVESTMENT FUND FIXED FUND EQUITY FUND BALANCED FUND TOTAL FUNDS ACCRUAL BASIS ACCRUAL BASIS ACCRUAL BASIS ACCRUAL BASIS DESCRIPTION @ 6/30/96 @ 6/30/96 @ 6/30/96 @ 6/30/96 ----------- -------------- -------------- -------------- --------------- NET ASSETS AT BEGINNING OF YEAR $78,808,668.99 $30,746,840.46 $7,265,236.27 $116,820,745.72 CONTRIBUTIONS - EMPLOYER $2,079,059.19 $1,352,177.57 $339,156.75 $3,770,393.51 CONTRIBUTIONS - PARTICIPANTS $5,608,131.37 $4,022,032.32 $981,881.22 $10,612,044.91 EARNINGS ON INVESTMENTS: COMMON/COLLECTIVE TRUSTS $4,678,501.94 $0.00 $0.00 $4,678,501.94 POOLED SEPARATE ACCOUNTS $0.00 $7,511,068.32 $1,040,010.64 $8,551,078.96 EXPENSES: BENEFIT PAYMENT TO PARTICIPANTS ($7,037,173.80) ($2,082,221.73) ($500,899.60) ($9,620,295.13) ACCOUNTING FEES ($16,348.11) ($7,637.15) ($1,689.74) ($25,675.00) CONTRACT ADMINISTRATOR FEES ($50,212.28) ($22,933.39) ($5,071.47) ($78,217.14) INVESTMENT ADVISORY & MGT FEES ($126,650.33) $0.00 $0.00 ($126,650.33) TRANSFERS: BETWEEN FUNDS ($6,161,401.67) $5,720,457.33 $440,944.34 $0.00 FROM OTHER PLANS $3,454.00 $51,079.57 $13,739.59 $68,273.16 -------------- -------------- ------------- --------------- NET ASSETS AT END OF YEAR $77,786,029.30 $47,290,863.30 $9,573,308.00 $134,650,200.60 ============== ============== ============= ===============
KENNAMETAL INC. THRIFT PLAN EIN 25-0900168 PN002 Item 27d - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED JUNE 30, 1996 PURCHASES Cost at Market Value Acquisition at Acquisition Date Description Date Date ---- ----------- ----------- -------------- Various Alliance Capital Management Corp. $ 21,835,080 $ 21,835,080 Contract-3862 (Pooled Separate Accts.)
KENNAMETAL INC. THRIFT PLAN EIN 25-0900168 PN002 Item 27d - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED JUNE 30, 1996 PURCHASES Cost and Current Identity of Description Number of Purchase Selling Value of Asset Gain(Loss) on Party Involved of Asset Transactions Price Price on Transaction Date Transactions - -------------- ----------- ------------ ----------- ------------ ------------------- ------------ PNC Bank U.S. Treasury 51 $17,444,641 - $17,444,641 - Obligations 1 9,327,446 - 9,327,446 - Federated Funds 23 25,560,851 $25,560,851 25,560,851 - #59 Principle Mutual Life 1 72,704 - 72,704 - Ins. due 8/1/95 7.5% 1 12,267,471 12,267,471 12,267,471 - Transamerica Life & 14 4,302,474 - 4,302,474 - Annuity due 11/15/2004 6.38%
SIGNATURES THE PLAN. Pursuant to the requirements of the Securities Act of 1933, the plan administrator of the Kennametal Thrift Plan has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Unity Township, Westmoreland County, Commonwealth of Pennsylvania. KENNAMETAL THRIFT PLAN By: Kennametal Inc., Trustee By: /s/ AMY DOVERSPIKE ------------------ Plan Administrator -----END PRIVACY-ENHANCED MESSAGE-----