Abstract: An adjustable tool holder for use on machine tools such as lathes or the like is disclosed and comprises a base member adapted for mounting on the machine tool and for adjustably mounting a tool holding assembly therein. The features of the base member and the tool holding assembly permit adjustment of a tool bit along X, Y and Z axes with extreme precision.

Abstract: A collet assembly comprising a spring body member having a cylindrical rear portion and a plurality of spring fingers extending axially therefrom, with an annular bead on the external periphery of the spring fingers near the distal end thereof. Work gripping pads for gripping the exterior of the workpiece are mounted on each of the fingers, and the pads have a groove on the interior thereof for mounting the pads on the beads on the spring fingers. The pads have an exterior surface which forms a frusto-conical cam surface for cooperative engagement with an actuator sleeve, and the pads are free to rock slightly axially on the beads when the collet is opened or closed.Also disclosed are the spring body and the pads for use therewith.