þ | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Page | ||||
2 | ||||
Financial Statements: |
||||
3 | ||||
4 | ||||
5 | ||||
Supplemental Schedules: |
||||
13 | ||||
14 | ||||
Exhibit 23 Consent of Independent Registered Public Accounting Firm |
/s/ Schneider Downs & Co., Inc. | ||||
Schneider Downs & Co., Inc. | ||||
2
2007 | 2006 | |||||||||
ASSETS |
||||||||||
Receivables: |
||||||||||
Participant contributions |
$ | 11,591 | $ | 6,593 | ||||||
Employer contributions |
42,939 | 73,057 | ||||||||
Total receivables |
54,530 | 79,650 | ||||||||
Investments at fair value: |
||||||||||
Mutual funds |
6,107,805 | 6,629,465 | ||||||||
Master trust |
4,981,835 | 4,973,664 | ||||||||
Common / collective trusts |
3,208,711 | 3,250,149 | ||||||||
Kennametal Inc. common stock |
2,958,924 | 2,567,996 | ||||||||
Participant loans |
207,449 | 203,543 | ||||||||
Total investments |
17,464,724 | 17,624,817 | ||||||||
Total assets |
17,519,254 | 17,704,467 | ||||||||
Adjustment from fair value to contract value for
fully benefit-responsive investment contracts |
(43,968 | ) | 49,745 | |||||||
NET ASSETS AVAILABLE FOR BENEFITS |
$ | 17,475,286 | $ | 17,754,212 | ||||||
3
2007 | ||||||
ADDITIONS TO NET ASSETS ATTRIBUTED TO: |
||||||
Participant contributions |
$ | 182,550 | ||||
Employer contributions |
140,963 | |||||
Dividends and interest |
748,902 | |||||
Net appreciation in fair value of investments |
805,931 | |||||
Total additions |
1,878,346 | |||||
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: |
||||||
Benefits paid to participants |
2,156,439 | |||||
Loan distributions |
437 | |||||
Administrative fees |
396 | |||||
Total deductions |
2,157,272 | |||||
NET DECREASE |
(278,926 | ) | ||||
NET ASSETS AVAILABLE FOR BENEFITS: |
||||||
Beginning of year |
17,754,212 | |||||
End of year |
$ | 17,475,286 | ||||
4
5
6
7
2007 | ||||||
Kennametal Inc. Common Stock Fund |
$ | 759,604 | ||||
Common/Collective Trusts |
72,953 | |||||
Mutual Funds |
(26,626 | ) | ||||
Total |
$ | 805,931 | ||||
2007 | 2006 | |||||||||
Stable Value Fund |
$ | 4,981,835 | $ | 4,973,664 | ||||||
Kennametal Inc. Common Stock Fund |
2,958,924 | 2,567,996 | ||||||||
Fidelity Freedom 2015 Fund |
2,144,210 | 2,218,915 | ||||||||
MSIFT MidCap Growth Portfolio |
1,638,327 | 1,792,612 | ||||||||
Vanguard Institutional Index Fund |
1,550,508 | 1,582,828 | ||||||||
H&W LargeCap Value Fund |
1,389,726 | 1,732,088 |
8
9
Adjustments | ||||||||||||||||
Investments at | to Contract | Investments at | ||||||||||||||
Security | Issuer Rating | Fair Value | Value | Contract Value | ||||||||||||
Wrapped Portfolios |
||||||||||||||||
Common Collective Trusts: |
||||||||||||||||
NATIXIS IGT INVESCO
Short-term Bond Fund |
AA/Aa2 | $ | 23,036,455 | $ | (311,062 | ) | $ | 22,725,393 | ||||||||
ING IGT INVESCO Multi-Mgr A or
Better Interm. G/C Fund |
AA/Aa3 | 21,610,964 | (344,702 | ) | 21,266,262 | |||||||||||
Pacific Life IGT INVESCO
Multi-Mgr
A or Better Interm. G/C Fund |
AA/Aa3 | 21,461,291 | (305,104 | ) | 21,156,187 | |||||||||||
UBS AG IGT INVESCO Multi-Mgr
A or Better Core Fund |
AA+/Aa2 | 18,224,633 | 235,312 | 18,459,945 | ||||||||||||
State Street IGT INVESCO
Short-term Bond Fund |
AA/Aa1 | 15,911,158 | (114,214 | ) | 15,796,944 | |||||||||||
JP Morgan Chase IGT INVESCO
Short-term Bond Fund |
AA/Aaa | 16,925,158 | (259,420 | ) | 16,665,738 | |||||||||||
Short-Term Investments |
||||||||||||||||
Fidelity Money Market |
N/A | 2,930,521 | | 2,930,521 | ||||||||||||
Total |
$ | 120,100,180 | $ | (1,099,190 | ) | $ | 119,000,990 | |||||||||
10
Adjustments | ||||||||||||||||
Investments at | to Contract | Investments at | ||||||||||||||
Security | Issuer Rating | Fair Value | Value | Contract Value | ||||||||||||
Wrapped Portfolios |
||||||||||||||||
Common Collective Trusts: |
||||||||||||||||
IXIS IGT AAA Asset-Backed
Securities Fund |
AAA/Aaa | $ | 23,915,421 | $ | (7,328 | ) | $ | 23,908,093 | ||||||||
ING IGT INVESCO Multi-Mgr A or
Better Interm. G/C Fund |
AA/Aa3 | 20,012,084 | 227,212 | 20,239,296 | ||||||||||||
Pacific Life IGT INVESCO
Multi-Mgr
A or Better Interm. G/C Fund |
AA/Aa3 | 19,380,428 | 281,667 | 19,662,095 | ||||||||||||
UBS AG IGT INVESCO Multi-Mgr
A or Better Core Fund |
AA+/Aa2 | 16,596,979 | 459,451 | 17,056,430 | ||||||||||||
State Street IGT INVESCO
Short-term Bond Fund |
AA/Aa2 | 14,746,482 | 183,310 | 14,929,792 | ||||||||||||
JP Morgan Chase IGT INVESCO
Short-term Bond Fund |
AA/Aa2 | 14,715,069 | (13,754 | ) | 14,701,315 | |||||||||||
Short-Term Investments |
||||||||||||||||
Fidelity Money Market |
N/A | 2,601,466 | | 2,601,466 | ||||||||||||
Total |
$ | 111,967,929 | $ | 1,130,558 | $ | 113,098,487 | ||||||||||
11
12
(a) | (b) Issuer | (c) Description | (d) Cost | (e) Fair Value | ||||||||
Mutual Funds |
||||||||||||
Morgan Stanley | MSIFT MidCap Growth Portfolio |
N/A | $ | 1,638,327 | ||||||||
Vanguard | Vanguard Institutional Index Fund |
N/A | 1,550,508 | |||||||||
Hotchkis & Wiley | H&W LargeCap Value Fund |
N/A | 1,389,726 | |||||||||
American Funds | American Funds EuroPacific Growth Fund |
N/A | 491,251 | |||||||||
Lord Abbett | Lord Abbett SmallCap Value Fund |
N/A | 430,672 | |||||||||
* | Fidelity | Fidelity Capital Appreciation Fund |
N/A | 186,837 | ||||||||
Vanguard | Vanguard Total Bond Market Index Signal |
N/A | 155,528 | |||||||||
Hotchkis & Wiley | H&W MidCap Value Fund |
N/A | 147,582 | |||||||||
Morgan Stanley | MSIF Small Company Growth Portfolio |
N/A | 117,374 | |||||||||
Total Mutual Funds |
6,107,805 | |||||||||||
Master Trust |
||||||||||||
Invesco | Stable Value Fund |
N/A | 4,981,835 | |||||||||
Common / Collective Trusts |
||||||||||||
* | Fidelity | Fidelity Freedom 2015 Fund |
N/A | 2,144,210 | ||||||||
* | Fidelity | Fidelity Freedom 2020 Fund |
N/A | 427,647 | ||||||||
* | Fidelity | Fidelity Freedom 2030 Fund |
N/A | 229,965 | ||||||||
* | Fidelity | Fidelity Freedom 2025 Fund |
N/A | 200,253 | ||||||||
* | Fidelity | Fidelity Freedom Income Fund |
N/A | 98,756 | ||||||||
* | Fidelity | Fidelity Freedom 2010 Fund |
N/A | 60,385 | ||||||||
* | Fidelity | Fidelity Freedom 2040 Fund |
N/A | 35,877 | ||||||||
* | Fidelity | Fidelity Freedom 2035 Fund |
N/A | 11,618 | ||||||||
Total Common / Collective Trusts |
3,208,711 | |||||||||||
Kennametal Inc. Common Stock |
||||||||||||
* | Kennametal | Kennametal Inc. Common Stock Fund |
N/A | 2,958,924 | ||||||||
Loans to Participants |
||||||||||||
Participant Loans | Maturities from 2008 to 2023, interest
rates from 5.0% to 9.5% |
N/A | 207,449 | |||||||||
Total Investments |
$ | 17,464,724 | ||||||||||
* | Party-in-interest, for which a statutory exemption exists. |
13
KENNAMETAL RETIREMENT INCOME SAVINGS PLAN |
||||
Date: June 27, 2008 | By: | /s/ Sandra J. Thiry | ||
Sandra J. Thiry | ||||
Interim Plan Administrator |
14