-----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, JqxyZjIePBYsiOVpbtbGLilcS7Eq1GrsTyipk/5x9v1TQ2MoJb/i9fPBZQta78GV ddLaNICGQZvOB09F/1SYZg== 0000055242-97-000008.txt : 19971230 0000055242-97-000008.hdr.sgml : 19971230 ACCESSION NUMBER: 0000055242-97-000008 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19971229 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: SEC FILE NUMBER: 001-05318 FILM NUMBER: 97745629 BUSINESS ADDRESS: STREET 1: STATE ROUTE 981 S STREET 2: P O BOX 231 CITY: LATROBE STATE: PA ZIP: 15650 BUSINESS PHONE: 4125395000 MAIL ADDRESS: STREET 1: STATE ROUTE 981 SOUTH STREET 2: PO BOX 231 CITY: LATROBE STATE: PA ZIP: 15650 11-K 1 KENNAMETAL THRIFT PLAN SECURITIES AND EXCHANGE COMMISSION 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, 1997 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, 1997 and 1996 Statements of Changes in Net Assets Available for Plan Benefits for the years ended June 30, 1997 and 1996 Notes to Financial Statements Supplemental Schedules: Item 27a - Schedule of Assets Held for Investment Purposes as of June 30, 1997 Item 27d - Schedule of Reportable Transactions for the year ended June 30, 1997 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, 1997 and 1996, 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, 1997 and 1996, 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 23, 1997 KENNAMETAL INC. THRIFT PLAN (PLAN 002) STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS JUNE 30, 1997 AND 1996 ASSETS 1997 1996 ------ ------------ ------------ Receivables: Employer Contributions $ 146,508 $ 291,288 Participant Contributions 410,565 829,453 ------------ ------------ Total Receivables $ 557,073 $ 1,120,741 ------------ ------------ General Investments: Common/Collective Trusts-Fixed Fund $ 78,332,505 $ 78,721,429 Pooled Separate Accounts - Equity and Balanced Funds - 54,808,031 Mutual Funds 78,042,271 - Kennametal Inc. Common Stock 285,172 - Participant Loans 981,817 - ------------ ------------ Total General Investments $157,641,765 $133,529,460 ------------ ------------ NET ASSETS $158,198,838 $134,650,201 ============ ============ The accompanying notes are an integral part of these statements. KENNAMETAL INC. THRIFT PLAN (PLAN 002) STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS FOR YEARS ENDED JUNE 30, 1997 AND 1996 1997 1996 ------------ ------------ Contributions: Employer $ 4,216,157 $ 3,770,394 Participant 12,301,425 10,612,045 ------------ ------------ Total Contributions $ 16,517,582 $ 14,382,439 ------------ ------------ Earnings on Investments: Net Investment Gain - Common/Collective Trusts - Fixed Fund $ 4,866,795 $ 4,678,502 Pooled Separate Accounts - Equity and Balanced Funds 5,658,753 8,551,079 Mutual Funds 6,424,947 - Kennametal Inc. Common Stock 27,895 - ------------ ------------ Total Earnings on Investments $ 16,978,390 $ 13,229,581 ------------ ------------ Expenses: Benefit Payments to Participants ($ 13,455,047) ($ 9,620,295) Administrative Expenses (165,308) (230,542) ------------ ------------ Total Expenses ($ 13,620,355) ($ 9,850,837) ------------ ------------ Net Change in Plan Assets $ 19,875,617 $ 17,761,183 ------------ ------------ Transfers to the Plan: ATC/Hertel $ - $ 68,273 Retirement Savings Plan 3,673,020 - ------------ ------------ Total Transfers to the Plan $ 3,673,020 $ 68,273 ------------ ------------ NET ASSETS, BEGINNING OF YEAR $134,650,201 $116,820,745 ------------ ------------ NET ASSETS, END OF YEAR $158,198,838 $134,650,201 ============ ============ The accompanying notes are an integral part of these statements. KENNAMETAL INC. THRIFT PLAN (PLAN 002) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1997 AND 1996 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. 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. Effective as of March 1, 1997, the assets of the Kennametal Inc. Retirement Savings Plan (RSP) were merged into the Plan. 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. Effective June 2, 1997, a participant may borrow the lesser of $50,000 or 50% of his or her vested account balance, with a minimum loan amount of $1,000. Loans are repayable through payroll deductions over a period not to exceed five years. If the proceeds are used to acquire a participant's principal residence, the repayment period shall be no more than 15 years. The interest rate is determined by the Plan Administrator based on existing market conditions and is fixed over the life of the loan. The interest rate at June 30, 1997, was 9.5%. 2. ACCOUNTING POLICIES: BASIS OF ACCOUNTING -- The accounts of the Plan are maintained on the accrual basis of accounting. 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 represented investment of combined assets for both the Retirement Savings Plan and the Thrift Plan until the merger as of March 1, 1997. 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 managed the cash portion of the Plans' Fixed Income Fund. Effective March 1, 1997, Putnam Fiduciary Trust Company was appointed Trustee for the Plan. The fair market values of individual investments that represent 5% or more of the Plan's total plan assets as of June 30, 1997 and 1996, were as follows: 1997 1996 ------------- ------------- Common/Collective Trusts - Fixed Fund $ 78,332,505 $ 78,721,429 Pooled Separate Accounts - Equity and Balanced Funds - $ 54,808,031 Putnam Mutual Funds - Voyager $ 57,532,476 - Asset Allocation - Balanced Portfolio $ 12,132,867 - The Plan's interest in the assets of the common trust is included in the accompanying Statements of Net Assets Available for Plan Benefits. During the fiscal 1997 Plan year, all of the assets of the Retirement Savings Plan were merged into the Plan. Accordingly, there were no assets held by the Retirement Savings Plan as of June 30, 1997. 1997 1996 ----------------------- ----------------------- Amount Percent Amount Percent ------------ ------- ------------ ------- Thrift Plan $ 78,332,505 100.00% $ 78,721,429 95.89% Retirement Savings Plan - - 3,373,189 4.11% ------------ -------- ------------ ------- Total Assets of Common Trust $ 78,332,505 100.00% $ 82,094,618 100.00% Common trust income allocated to the participating plans for the years ended June 30, 1997 and June 30, 1996, were as follows: Earnings on Investments - Interest 1997 1996 ------------ ------------ Thrift Plan $ 4,866,795 $ 4,678,502 Retirement Savings Plan (as of March 1, 1997) 140,343 186,930 ------------ ------------ Total Earnings on Investments - Interest $ 5,007,138 $ 4,865,432 Investments of the Equity Fund consisted solely of common stocks whereas the Balanced Fund's investments were a combination of stocks, bonds, cash and convertible securities. Effective March 1, 1997, the investments of the Equity Fund and Balanced Fund were transferred to two mutual funds, the Putnam Voyager Fund and the Putnam Asset Allocation - Balanced Portfolio Fund. These mutual funds, together with the other Putnam mutual funds including Growth and Income, New Opportunities, Asset Allocation - Growth, Asset Allocation - Conservative, and International Growth are reflected in the accompanying Statements of Net Assets Available for Plan Benefits at market value. 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. Effective March 1, 1997, Kennametal Inc. common stock was added as an investment option to the Plan. Accordingly, investments in common stock consist solely of Kennametal Inc. common stock and are recorded at market value. 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." 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 difference between the contract value and the fair value of all investment contracts was immaterial. 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, Kennametal 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 non-forfeitable. 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. served as Trustee of the Plan. Effective March 1, 1997, Putnam Fiduciary Trust Company was appointed the Trustee of the Plan. Benefit Services Corporation, a firm providing defined contribution administration services, served as recordkeeper for the Plan. Effective March 1, 1997, Putnam Investments was appointed as the recordkeeper for the Plan. PRIMCO Capital Management, Inc., serves as the investment manager for the Fixed Income Fund. Putnam Fiduciary Trust Company serves as custodian for the Plan. The Equitable Life Assurance Society of the United States served as the investment manager and custodian for the Equity Fund and Balanced Fund through February 28, 1997. 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. Effective March 1, 1997, the investments held in the Equity Fund and the Balanced Fund were transferred to certain mutual funds of Putnam Investments (see note 2). Accordingly, Putnam Fiduciary Trust Company was appointed the investment manager and the custodian. 5. BENEFIT PAYABLE: As of June 30, 1996, the Plan was liable for participant benefits due but unpaid in the amount of $2,102,139. 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. The benefit payable of $2,102,139 is included in the total benefit payments in the accompanying Statements of Changes in Net Assets Available for Plan Benefits for the year end June 30, 1997. 6. Schedule of Assets Held for Investment Purposes: See attached schedules. 7. Schedule of Reportable Transactions: See attached schedules. 8. Change in Assets Available for Plan Benefits by Investment Fund:
KENNAMETAL THRIFT PLAN - (002) CHANGE IN ASSETS AVAILABLE FOR PLAN BENEFITS AS OF 06/30/97 BY INVESTMENT FUND EIN 25-0900168 Alliance Alliance Equity Balanced Primco Fund Fund Fund ----------- ---------- ----------- Net Assets at Beginning of Year $47,290,863 $9,573,308 $77,786,030 Contributions 4,598,962 1,007,830 4,995,457 Earnings on Investments 4,847,699 811,054 4,752,078 Payments (3,082,379) (545,508) (9,226,491) Administrative Fees (20,058) (4,103) (134,035) Loan Issues - - (501,990) Transfer From RSP - - 3,673,020 Transfer Between Funds (53,635,087) (10,842,581) (3,011,564) ----------- ----------- ----------- Net Assets at End of Year $ - $ - $78,332,505 =========== =========== =========== PUTNAM INVESTMENT FUNDS Growth New Inter- KMT Contri- and Oppor- Conser- national Common bution Voyager Balanced Income tunities Growth vative Growth Stock Loan Receivable Totals ----------- ----------- ------- ------------- ------- ------- ---------- --------- -------- ---------- ---------- Net Assets at Beginning of Year $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $134,650,201 Contributions 1,556,438 447,324 886,718 1,344,785 386,427 210,313 298,905 226,902 448 557,073 16,517,582 Earnings on Investments 5,297,253 899,219 70,204 184,549 30,621 14,673 42,592 28,448 - - 16,978,390 Benefit Payments (476,417) (79,638) (8,723) (15,639) (8,885) (5,206) (1,996) (3,948) (217) - (13,455,047) Administrative Fees (5,869) (1,130) (27) (41) (10) (6) (16) (13) - - (165,308) Loan Issues (390,306) (52,439) (7,792) (14,740) (3,791) (2,438) (4,723) (3,367) 981,586 - - Transfer From RSP - - - - - - - - - - 3,673,020 Transfer Be- tween Funds 51,551,377 10,919,531 1,606,732 1,548,535 340,113 522,276 963,518 37,150 - - - ----------- ----------- ---------- ---------- -------- -------- ---------- -------- -------- -------- ------------ Net Assets at End of Year $57,532,476 $12,132,867 $2,547,112 $3,047,449 $744,475 $739,612 $1,298,280 $285,172 $981,817 $557,073 $158,198,838 =========== =========== ========== ========== ======== ======== ========== ======== ======== ======== ============
KENNAMETAL THRIFT PLAN - (002) CHANGE IN ASSETS AVAILABLE FOR PLAN BENEFITS AS OF 06/30/96 BY INVESTMENT FUND EIN 25-0900168 Alliance Alliance Primco Equity Fund Balanced Fund Fund Totals ----------- ------------- ----------- ------------ Net Assets at Beginning of Year $30,746,840 $7,265,236 $78,808,669 $116,820,745 Contributions 5,374,210 1,321,038 7,687,191 14,382,439 Earnings on Investments 7,511,068 1,040,011 4,678,502 13,229,581 Benefit Payments (2,082,222) (500,900) (7,037,173) (9,620,295) Administrative Fees (30,570) (6,761) (193,211) (230,542) Transfer From Other Plans 51,080 13,740 3,453 68,273 Transfer Between Funds 5,720,457 440,944 (6,161,401) - ----------- ---------- ----------- ------------ Net Assets at End of Year $47,290,863 $9,573,308 $77,786,030 $134,650,201 =========== ========== =========== ============
Statement of Assets Kennametal Inc. Retirement Savings and Thrift Plans Item 27a Schedule of Assets Held for Investment Purposes EIN - 25-0900168 Note: Cost = Market June 30, 1997 Contract Years to Market/ Issuer Number Maturity Maturity Duration Yield Current Value - ------ ------- ---------- --------- ---------- ----- --------------- Security Backed Investments - --------------------------- PRIMCO GROUP TRUST Bankers Trust (Del) BASIC 97-883THT Jun-29-00 3.00 3.00 6.81% $ 8,337,007 Transamerica Life & Annuity 76543 Nov-15-04 7.38 4.00 6.28 6,194,613 3.43 6.58% $14,531,620 SEPARATE ACCOUNT CONTRACTS Allstate Life Ins. Co. 31007 Feb-18-02 4.64 2.50 5.93% $ 2,193,770 John Hancock Mutual Life 7562 May-01-07 9.83 3.50 7.52 4,261,484 Mass Mutual Life Ins. Co. 10480 Jul-05-02 5.01 2.58 6.30 4,276,505 Metropolitan Life Ins Co. 13708 Jan-02-01 3.51 2.51 6.60 6,994,976 New York Life Ins. Co. 20032-18D Aug-31-98 1.25 0.44 5.28 2,202,425 2.50 6.51% $19,929,160 SYNTHETICS Bankers Trust (Del) BASIC 92-472 Jul-15-97 0.04 0.04 6.20% $ 123,847 Caisse des Depots (CDC) 220-01 Dec-31-99 2.50 1.80 6.19 636,501 Peoples Security Life 00028TR Mar-30-07 9.75 1.88 6.61 11,319,653 1.86 6.59% $12,080,001 Sub-Total 2.69 6.55% $46,540,781 INVESTMENT CONTRACTS FIXED RATE & FIXED TERM Canada Life Assurance Co. 45798 Jan-04-99 1.51 1.19 5.36% $ 4,096,707 John Hancock Mutual Life 6258 Jul-01-97 - - 7.34 2,506,036 John Hancock Mutual Life 6406 Jul-17-97 0.05 0.05 6.49 1,335,320 Metropolitan Life Ins Co. 13678 Feb-01-99 1.59 1.47 5.55 5,903,992 Metropolitan Life Ins Co. 13852 Oct-01-99 2.25 2.17 7.55 2,439,586 New York Life Ins. Co. 30334 Apr-03-00 2.76 2.05 6.45 3,170,174 Sun Life Ass. Canada(US) S-0892-G Oct-01-98 1.25 1.09 5.05 4,780,743 1.26 5.98% $24,232,558 Sub-Total 1.26 5.98% $24,232,558 CASH & EQUIVALENTS Putnam 522619 Jul-01-97 - - 5.76% $7,605,159 Sub-Total - $78,378,498 Other (45,993) ----------- TOTAL PORTFOLIO $78,332,505 ===========
KENNAMETAL INC. THRIFT PLAN EIN 25-0900168 Item 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES NET ASSETS AT JUNE 30, 1997 SHARES FUND MARKET VALUE COST - ------------- ---------------------------------------------- ------------ ----------- 123,526.322 The Putnam Fund for Growth and Income $ 2,547,112 $ 2,484,024 3,205,151.828 Putnam Voyager Fund 57,532,476 52,503,379 68,528.211 Putnam New Opportunities Fund 3,047,449 2,868,979 58,898.425 Putnam Asset Allocation - Growth Portfolio 744,475 714,712 1,050,464.638 Putnam Asset Allocation - Balanced Portfolio 12,132,867 11,381,983 72,796.443 Putnam Asset Allocation - Conservative Portfolio 739,612 729,467 73,838.987 Putnam International Growth Fund 1,298,280 1,256,801 - Loan Fund 981,817 981,817 6,631.902 Company Stock 285,172 258,110 ----------- ------------ $79,309,260 $73,179,272
KENNAMETAL INC. THRIFT PLAN EIN 25-0900168 PN002 Item 27d - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED JUNE 30, 1997 PURCHASES Cost at Market Value Acquisition at Transition Net Gain Date Description Date Date or (Loss) ---- ----------- ----------- -------------- ------------ Various Alliance Capital Management Corp. $12,747,464 $12,747,464 $ - Contract-3862 (Pooled Separate Accts.) Various Trust for US Treasury Obligations $19,054,208 $19,054,208 $ - Federated Fund #59 Various Putnam Voyager Fund $52,943,942 $52,943,942 $ - Various Putnam Asset Allocation - Balanced Portfolio $11,034,969 $11,034,969 $ - SALES Cost at Market Value Acquisition at Transition Net Gain Date Description Date Date or (Loss) ---- ----------- ----------- -------------- ------------ Various Alliance Capital Management Corp. $40,097,267 $67,555,495 $27,458,228 Contract-3862 (Pooled Separate Accts.) Various Trust for US Treasury Obligations $22,185,003 $22,185,003 $ - Federated Fund #59
SIGNATURES THE PLAN. Pursuant to the requirements of the Securities Exchange Act of 1934, the plan administrator of the Kennametal Thrift Plan has duly caused this annual report to be signed on its behalf by the undersigned, hereunto duly authorized, in Unity Township, Westmoreland County, Commonwealth of Pennsylvania. KENNAMETAL THRIFT PLAN By: Kennametal Inc., Trustee By: /s/ AMY DOVERSPIKE ------------------ Amy Doverspike Plan Administrator -----END PRIVACY-ENHANCED MESSAGE-----