UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 4 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP ( ) Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instructions 1(b). 1. Name and Address of Reporting Person HIEMSTRA, MICHAEL J 6035 PARKLAND BOULEVARD CLEVELAND, OH 44124-4141 USA 2. Issuer Name and Ticker or Trading Symbol PARKER-HANNIFIN CORPORATION PH 3. IRS or Social Security Number of Reporting Person (Voluntary) ###-##-#### 4. Statement for Month/Year May 31, 2001 5. If Amendment, Date of Original (Month/Year) 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) ( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other (specify below) VICE PRESIDENT - FINANCE AND ADMINISTRATION AND CHIEF FINANCIAL OFFICER 7. Individual or Joint/Group Filing (Check Applicable Line) (X) Form filed by One Reporting Person ( ) Form filed by More than One Reporting Person
___________________________________________________________________________________________________________________________________ Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ___________________________________________________________________________________________________________________________________| 1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect | | Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership | | | | | Beneficially |(D)or | | | | | | | A/| | Owned at |Indir | | | Date |Code|V| Amount | D | Price | End of Month |ect(I)| | ___________________________________________________________________________________________________________________________________| Common Stock | | | | | | |4,313.593(1) |I |(1) | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock |5/17/0|M | |5,125(2) |A |$17.889 |28,697 |D | | |1 | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock |5/17/0|F | |1,740 |D |$49.010 |28,697 |D | | |1 | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock |5/17/0|M | |8,880(3) |A |$18.667 |28,697 |D | | |1 | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock |5/17/0|F | |3,015 |D |$49.010 |28,697 |D | | |1 | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock |5/17/0|M | |10,450(4) |A |$26.083 |28,697 |D | | |1 | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock |5/17/0|F | |3,548 |D |$49.010 |28,697 |D | | |1 | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock |5/17/0|S | |16,152 |S |$48.9734 |28,697 |D | | |1 | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock | | | | | | |11,967 |I |Wife | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock | | | | | | |2,250 |I |Joint with Wife | - -----------------------------------------------------------------------------------------------------------------------------------| ___________________________________________________________________________________________________________________________________| ___________________________________________________________________________________________________________________________________ Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned | ___________________________________________________________________________________________________________________________________| 1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of| Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect | |or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial | |cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership | |Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | | |Deriva- | | | |Date |Expir| | |ficially |Ind| | |tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| | |Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | | |rity |Date |Code|V| Amount | |ble | | | |Month |(I)| | ___________________________________________________________________________________________________________________________________| Option to Buy |$17.889 |5/17/|M | |8,100(2) |D |4/22/|4/21/|Common Stock|8,100(2|(5) |0(6) |D | | | |01 | | | | |95 |04 | |) | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option to Buy |$18.6670|5/17/|M | |14,400(3) |D |8/31/|8/30/|Common Stock|14,400(|(5) |0(6) |D | | | |01 | | | | |95 |04 | |3) | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option to Buy |$26.0830|5/17/|M | |22,500(4) |D |8/16/|8/15/|Common Stock|22,500(|(5) |0(6) |D | | | |01 | | | | |96 |05 | |4) | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Phantom Stock Units |1-for-1 | | | | | | | | | | |2,569.557(7)|I |(7) | - -----------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | | ___________________________________________________________________________________________________________________________________|
Explanation of Responses: (1) Parker Retirement Savings Plan, as of March 31, 2001, the latest date for which information is available. (2) "Pyramid" stock option exercise resulting in net acquisition of 5,125 shares. (3) "Pyramid" stock option exercise resulting in net acquisition of 8,880 shares. (4) "Pyramid" stock option exercise resulting in net acquisition of 10,450 shares. (5) Granted under the Corporation's 1993 Stock Incentive Program in a transaction exempt under Rule 16b-3. (6) Mr. Hiemstra also owns 92,765 options granted pursuant to the Corporation's 1993 Stock Incentive Program at various exercise prices and expiration dates as previously reported. (7) Savings Restoration Plan, as of March 30, 2001, the latest date for which information is available. SIGNATURE OF REPORTING PERSON Thomas L. Meyer, Attorney-in-Fact DATE June 11, 2001