<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 11-K
Annual Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
(Mark One)
/X/ Annual report pursuant to Section 15(d) of the Securities Act of 1934
(Fee required)
For the fiscal year ended December 31, 1994
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 33-63806
-------------------------------------------------------
The Raymond Corporation Savings Plan
- ------------------------------------------------------------------------------
(Full title of the plan)
The Raymond Corporation
- ------------------------------------------------------------------------------
(Name of issuer of the securities held pursuant to the plan)
S. Canal Street, Greene, New York 13778
- ------------------------------------------------------------------------------
(Address of principal executive office)
<PAGE> 2
The Raymond Corporation Savings Plan
Index
December 31, 1994
Page
----
I Required Information:
Report of Independent Auditors .................................. 3
Statement of Net Assets Available for Benefits, with Fund
Information - 1994 ............................................. 4
Statement of Net Assets Available for Benefits, with Fund
Information - 1993 ............................................. 5
Statement of Changes in Net Assets Available for Benefits, with
Fund Information - 1994 ........................................ 6
Statement of Changes in Net Assets Available for Benefits, with
Fund Information - 1993 ........................................ 7
Notes to Financial Statements ................................... 8
Schedules
Schedule of Assets Held for Investment Purposes as of
December 31, 1994 .............................................. 12
Schedule of Reportable Transactions ............................. 16
II Signature ....................................................... 17
III Exhibit A - Consent of Independent Auditors ..................... 18
<PAGE> 3
Report of Independent Auditors
Trustees of The Raymond Corporation
Savings Plan
We have audited the accompanying statements of net assets available for benefits
of The Raymond Corporation Savings Plan as of December 31, 1994 and 1993, and
the related statements of changes in net assets available for benefits for the
years then ended. These financial statements are the responsibility of the
Plan's trustees. Our responsibility is to express an opinion on these financial
statements 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 benefits of the Plan at
December 31, 1994 and 1993, and the changes in its net assets available for
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 financial
statements taken as a whole. The accompanying supplemental schedules of assets
held for investment purposes as of December 31, 1994, and reportable
transactions for the year then ended, are presented for purposes of complying
with the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974, and are
not a required part of the financial statements. The Fund Information in the
statement of net assets available for benefits and the statement of changes in
net assets available for benefits is presented for purposes of additional
analysis rather than to present the net assets available for benefits and
changes in net assets available for benefits of each fund. The supplemental
schedules and Fund Information have been subjected to the auditing procedures
applied in our audits of the financial statements and, in our opinion, are
fairly stated in all material respects in relation to the financial statements
taken as a whole.
/S/ Ernst & Young LLP
----------------------------
Syracuse, New York
May 25, 1995
<PAGE> 4
The Raymond Corporation Savings Plan
Statement of Net Assets Available for Benefits, With Fund Information
<TABLE>
<CAPTION>
December 31, 1994
Fund Information
---------------------------------------------------------------------------------
Money
Bond Equity Raymond Market Loan
Fund Fund Stock Fund Fund Fund Total
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Assets
Investments, at fair value (Note 4):
Corporate bonds and notes $ 187,703 $ 187,703
The Raymond Corporation
common stock $1,151,144 1,151,144
U.S. Government securities 1,752,361 1,752,361
Common stock $2,561,886 2,561,886
Mutual funds --
Money funds 314,477 422,396 6,904 $888,335 1,632,112
Participant loans receivable $368,444 368,444
----------------------------------------------------------------------------------
Total investments 2,254,541 2,984,282 1,158,048 888,335 368,444 7,653,650
Receivables:
Employee contribution (3,503) (12,079) 9,118 19,308 12,844
Interest and dividends 31,667 31,667
Interfund receivable 34,068 107,598 141,666
----------------------------------------------------------------------------------
Total receivables 28,164 21,989 116,716 19,308 186,177
Cash --
----------------------------------------------------------------------------------
Total assets 2,282,705 3,006,271 1,274,764 907,643 368,444 7,839,827
Liabilities
Interfund payable 103,430 38,236 141,666
----------------------------------------------------------------------------------
Net assets available for benefits $2,179,275 $3,006,271 $1,274,764 $869,407 $368,444 $7,698,161
==================================================================================
</TABLE>
See notes to financial statements.
<PAGE> 5
The Raymond Corporation Savings Plan
Statement of Net Assets Available for Benefits, With Fund Information
<TABLE>
<CAPTION>
December 31, 1993
Fund Information
---------------------------------------------------------------------------------
Money
Bond Equity Raymond Market Loan
Fund Fund Stock Fund Fund Fund Total
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Assets
Investments, at fair value (Note 4):
Corporate bonds and notes $ 305,988 $ 305,988
The Raymond Corporation
common stock $945,203 945,203
U.S. Government securities 1,549,549 $643,733 2,193,282
Common stock $2,002,405 2,002,405
Mutual funds 261,128 88,986 350,114
Money funds 332,461 322,274 7,656 206,710 869,101
Participant loans receivable $268,240 268,240
----------------------------------------------------------------------------------
Total investments 2,449,126 2,413,665 952,859 850,443 268,240 6,934,333
Receivables:
Employee contribution 5,838 1,236 (2,184) 6,770 11,660
Interest and dividends 21,873 21,873
----------------------------------------------------------------------------------
Total receivables 27,711 1,236 (2,184) 6,770 33,533
Cash 1,476 663 (1,788) 351
----------------------------------------------------------------------------------
Total assets 2,478,313 2,415,564 948,887 857,213 268,240 6,968,217
Liabilities
Benefits payable 30,014 26,588 13,017 16,475 86,094
----------------------------------------------------------------------------------
Net assets available for benefits $2,448,299 $2,388,976 $935,870 $840,738 $268,240 $6,882,123
==================================================================================
</TABLE>
See notes to financial statements.
<PAGE> 6
The Raymond Corporation Savings Plan
Statement of Changes in Net Assets Available for Benefits, With Fund Information
<TABLE>
<CAPTION>
Year ended December 31, 1994
Fund Information
---------------------------------------------------------------------------------
Money
Bond Equity Raymond Market Loan
Fund Fund Stock Fund Fund Fund Total
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Investment income:
Net realized and unrealized
(depreciation) appreciation
in fair value of investments $ (245,559) $ (96,577) $ 148,452 $ (193,684)
Interest and dividend income 131,731 48,921 $ 25,732 $ 18,826 225,210
------------------------------------------------------------------------------------
(113,828) (47,656) 148,452 25,732 18,826 31,526
Employee contributions (Note 2) 367,604 580,320 139,434 136,383 1,223,741
------------------------------------------------------------------------------------
Total additions 253,776 532,664 287,886 162,115 18,826 1,255,267
Deductions from net assets
attributed to:
Benefits paid to participants 129,054 99,815 155,290 55,070 439,229
------------------------------------------------------------------------------------
Net increase prior to interfund
transfers 124,722 432,849 132,596 107,045 18,826 816,038
Interfund transfers, net (393,746) 184,446 206,298 (78,376) 81,378 --
------------------------------------------------------------------------------------
Net (decrease) increase (269,024) 617,295 338,894 28,669 100,204 816,038
Net assets available for benefits:
Beginning of year 2,448,299 2,388,976 935,870 840,738 268,240 6,882,123
------------------------------------------------------------------------------------
End of year $2,179,275 $3,006,271 $1,274,764 $869,407 $368,444 $7,698,161
====================================================================================
</TABLE>
See notes to financial statements.
<PAGE> 7
The Raymond Corporation Savings Plan
Statement of Changes in Net Assets Available for Benefits, With Fund Information
<TABLE>
<CAPTION>
Year ended December 31, 1993
Fund Information
---------------------------------------------------------------------------------
Money
Bond Equity Raymond Market Loan
Fund Fund Stock Fund Fund Fund Total
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Net realized and unrealized
appreciation (depreciation) in
fair value $ 92,002 $ (162,955) $ 83,555 $ 12,602
Interest and dividend income 89,751 62,120 $ 16,436 $ 13,937 182,244
-----------------------------------------------------------------------------------
181,753 (100,835) 83,555 16,436 13,937 194,846
Employee contributions (Note 2) 374,984 422,452 111,913 134,527 1,043,876
-----------------------------------------------------------------------------------
Total additions 556,737 321,617 195,468 150,963 13,937 1,238,722
Deductions from net assets
attributed to:
Benefits paid to participants 100,587 131,775 42,764 103,131 378,257
-----------------------------------------------------------------------------------
Net increase prior to interfund
transfers 456,150 189,842 152,704 47,832 13,937 860,465
Interfund transfers, net (50,660) 65,519 5,728 (89,597) 69,010 --
-----------------------------------------------------------------------------------
Net increase (decrease) 405,490 255,361 158,432 (41,765) 82,947 860,465
Net assets available for benefits:
Beginning of year 2,042,809 2,133,615 777,438 882,503 185,293 6,021,658
-----------------------------------------------------------------------------------
End of year $2,448,299 $2,388,976 $935,870 $840,738 $268,240 $6,882,123
===================================================================================
</TABLE>
See notes to financial statements.
<PAGE> 8
The Raymond Corporation Savings Plan
Notes to Financial Statements
December 31, 1994 and 1993
1. Significant Accounting Policies
The accounting records of The Raymond Corporation Savings Plan (the "Plan") are
maintained on the accrual basis.
Investments are stated at fair value. Securities which are traded on a national
securities exchange are valued at the last reported sales price on the last
business day of the year; securities traded in the over-the-counter market and
listed securities, for which no sale was reported on that date, are valued at
the average of the last reported bid and ask prices.
Participant loans are stated at their unpaid balances which approximate market
value in the aggregate.
The Plan presents in the statement of changes in net assets, the net
appreciation (depreciation) in the fair value of its investments, which consists
of the realized gains or losses and the unrealized appreciation (depreciation)
on those investments.
Purchases and sales of securities are reflected on a trade-date basis. Gains or
losses on sale of securities are based on the specific cost of investments sold.
Dividend income is recorded on the ex-dividend date. Income from other
investments is recorded as earned on an accrual basis.
Benefits are recorded when paid.
Reclassification
Certain items in the 1993 financial statements have been reclassified to conform
to the 1994 presentation.
2. Description of the Plan
General
The Plan is a defined contribution 401(k) salary reduction plan. Substantially
all employees of The Raymond Corporation (the "Company") are eligible to
participate in the Plan. Employees become eligible subsequent to completion of
<PAGE> 9
The Raymond Corporation Savings Plan
Notes to Financial Statements (Continued)
2. Description of the Plan (Continued)
one year of service or their twenty-first birthday, whichever occurs first. The
Plan is subject to the provisions of the Employee Retirement Income Security Act
of 1974 (ERISA).
Contributions
The Plan is funded entirely by employee contributions, which immediately become
100% vested. Participants elect to make pre-tax contributions between 1% and 20%
of their compensation to the Plan through direct payroll withholdings up to a
maximum contribution of $9,240 and $8,994 for 1994 and 1993, respectively. The
Plan has four investment funds to which participants may allocate their
contributions. Allocations are required in 5% multiples between a diversified
income investment (bond) fund, diversified investment (equity) fund, employer
common stock fund, and money market fund. The payroll deduction and investment
election can be changed quarterly. Individual participant accounts are
maintained which are credited for the respective gains or losses of the funds
selected.
The Plan accepts rollover contributions or transfers from other qualified plans.
Payment of Benefits
Withdrawals from the Plan may be made upon the attainment of age 59-1/2.
Participants may borrow up to 50% of their accounts within certain specific
limitations. Hardship withdrawals of up to 100% of employee contributions are
available if Internal Revenue Service guidelines are met. Distributions
resulting from retirement upon reaching the age of 65, death, or termination are
made in the form of lump sum payments representing the entire amount of the
participant's account at the valuation date.
Other
Detailed information about the plan agreement, the vesting and benefit
provisions, and the allocation and investment provisions is provided in the
Summary Plan Description which is available from the trustees of the Plan.
3. Differences Between Financial Statements and Form 5500
During 1994, the Plan changed its method of accounting for liabilities to former
Plan participants to conform with changes made in the AICPA Audit and Accounting
Guide for Audits of Employee Benefit Plans. Under the prior method, a liability
<PAGE> 10
The Raymond Corporation Savings Plan
Notes to Financial Statements (Continued)
3. Differences Between Financial Statements and Form 5500 (Continued)
was recorded for amounts which had been allocated to persons that had withdrawn
from the Plan. The effect of this was not material to net assets available for
benefits.
Such obligations do not require accrual in Plan financial statements, but are
required to be reported as liabilities in the Plan's Form 5500 (Annual
Return/Report of Employee Benefit Plans). Accordingly, benefits payable,
which amount to $232,401 at December 31, 1994, is a reconciling item
between the Plan financial statements and Form 5500.
4. Investments
The fair value of individual investments that represent 5% or more of the Plan's
net assets as of December 31, 1994 and 1993 is as follows:
1994 1993
------------------------
Common Stock:
The Raymond Corporation $1,151,144 $945,203
Money Funds:
RMA Money Market Portfolio 888,335 --
SANSOM ST Money Market Portfolio 736,827 --
5. Income Tax Status
The Internal Revenue Service ruled on September 24, 1993 that the Plan qualifies
under Sections 401(a) and 401(k) of the Internal Revenue Code (IRC) and,
therefore, is not subject to tax under present income tax law. The plan
administrator is not aware of any course of action or series of events that have
occurred that might adversely affect the Plan's qualified status.
The Summary Plan Description for the Plan includes a discussion of the income
tax rules applicable to participants with respect to the Plan.
6. Plan Termination
Although it has not expressed any intent to do so, the Company has the right
under the Plan, at any time, to terminate the Plan subject to the provisions of
ERISA. In the event of plan termination, the fund shall be administered for the
sole benefit of the participants and their beneficiaries. In addition, each
participant would continue to be fully vested in the value of his or her
account. At termination, the net assets of the Plan would be distributed to each
participant based upon his or her account balance as of the distribution date.
<PAGE> 11
The Raymond Corporation Savings Plan
Notes to Financial Statements (Continued)
7. Transactions With Parties-in-Interest
The Raymond Corporation pays all legal, accounting and other administrative fees
of the Plan. Each participant pays their allocated portion of investment
transaction fees. The Plan has had no other agreements or transactions with
parties-in-interest.
<PAGE> 12
The Raymond Corporation Savings Plan
Schedule of Assets Held for Investment Purposes as of December 31, 1994
<TABLE>
<CAPTION>
Description of Investment Including
Identity of Issue, Borrower, Maturity Date, Rate of Interest, Current
Lessor, or Similar Party Par or Maturity Value Cost Value
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Raymond Stock Fund
The Raymond Corporation Common Stock 62,224 shares $822,343 $1,151,144
Paine Webber Retirement Money Fund 6,904 6,904
--------------------------
Total Raymond Stock Fund $829,247 $1,158,048
==========================
Equity Fund
Common Stock:
Airtouch Communications, Inc. Dela 460 shares $ 11,992 $ 13,398
ALC Communications Corp. 270 shares 8,889 8,404
American International Group, Inc. 95 shares 8,468 9,310
Applied Materials, Inc. 425 shares 20,741 17,956
Automatic Data Processing 355 shares 18,117 20,768
Autozone, Inc. 1,315 shares 34,639 31,889
Browning-Ferris Industrial 155 shares 4,508 4,398
Cabletron Systems, Inc. 200 shares 20,004 9,300
Capital Cities/ABC, Inc. 675 shares 50,285 57,544
Cardinal Health, Inc. 250 shares 9,908 11,594
Carnival Corp. CL A 540 shares 12,405 11,475
Coca Cola Co. Com 300 shares 12,899 15,450
Compaq Computer Corp. 385 shares 13,394 15,208
Computer Sciences 205 shares 8,714 10,455
Compuware Corp. 140 shares 6,790 5,040
Dean Witter Discover & Co. 245 shares 9,308 8,299
Enron Corp. 1,360 shares 44,574 41,480
Equity Residential PPTYS TR 665 shares 20,730 19,950
Federal National Mortgage Association 575 shares 46,350 41,903
Federal Home Loan Mortgage Com 225 shares 12,220 11,363
First Data Corp. 680 shares 28,179 32,215
First Financial Management Corp. 305 shares 16,849 18,796
First USA, Inc. 635 shares 22,639 20,876
General Instrument Corp. New 330 shares 8,652 9,900
Gillette Company 230 shares 14,374 17,221
Harley Davidson, Inc. 370 shares 9,672 10,360
Hewlett Packard Co. 310 shares 28,209 30,961
Home Depot, Inc. 1,365 shares 56,886 62,790
Hong Kong Telecomm Ltd. 510 shares 8,899 9,754
Humana, Inc. 525 shares 10,549 11,878
--------------------------
579,843 589,935
</TABLE>
<PAGE> 13
The Raymond Corporation Savings Plan
Schedule of Assets Held for Investment Purposes
as of December 31, 1994 (Continued)
<TABLE>
<CAPTION>
Description of Investment Including
Identity of Issue, Borrower, Maturity Date, Rate of Interest, Current
Lessor, or Similar Party Par or Maturity Value Cost Value
- ---------------------------------------------------------------------------------------------------------------------
Common Stock (Continued):
<S> <C> <C> <C>
Balance brought forward $ 579,843 $ 589,935
Kohls Corp. 275 shares 13,200 10,931
L M Ericsson Tele Co Adr New CL
SEK 10 (Sweden) 740 shares 36,257 40,793
Lowes Companies, Inc. 495 shares 17,795 17,201
Manpower, Inc. Wis 250 shares 6,892 7,031
MBNA Corp. 1,515 shares 34,135 35,413
MCI Communications Corp. 330 shares 7,495 6,064
Medtronic, Inc. 260 shares 14,027 14,463
Mercury Fin Co. 660 shares 10,404 8,580
MGIC Investment Corp. WIS 475 shares 13,267 15,734
Microsoft Corp. 1,030 shares 42,793 62,959
Motorola, Inc. 1,250 shares 58,986 72,500
Office Depot, Inc. 1,225 shares 28,362 28,825
Oracle Systems Corp. 850 shares 22,799 37,506
Pittston Services Group 490 shares 13,812 12,863
Sensormatic Electronics Corp. 630 shares 21,711 22,680
Sunbeam Oster, Inc. 295 shares 7,227 7,596
Toys R Us 190 shares 7,006 5,819
U.S. Healthcare, Inc 1,455 shares 57,360 60,019
United Healthcare Corp. 1,265 shares 52,569 57,083
Wal Mart Stores, Inc. 1,860 shares 49,061 39,525
Abbott Labs 1,900 shares 50,030 61,988
AT & T 1,100 shares 63,186 55,275
Bemis Co., Inc. 2,500 shares 54,005 60,000
Bristol Myers Squibb Co. 1,000 shares 58,093 57,875
Cable & Wireless PLC Sponsored ADR
(U.K.) 3,000 shares 60,661 52,875
Clayton Homes, Inc. 4,375 shares 61,020 68,906
Colgate Palmolive Co. 1,000 shares 54,867 63,375
Emerson Electric Co. 1,000 shares 59,311 62,375
Equifax, Inc. 2,100 shares 59,424 55,388
General Motors Corp. CL E 1,600 shares 59,200 61,400
Great Lakes Chemical CRP 1,000 shares 59,378 57,000
Helmerick & Payne, Inc. 1,100 shares 39,600 28,188
Hubbell, Inc. CL B 1,100 shares 61,411 58,575
Hunt J B Trans Services, Inc. 3,700 shares 75,312 56,425
--------------------------
1,910,499 1,953,165
</TABLE>
<PAGE> 14
The Raymond Corporation Savings Plan
Schedule of Assets Held for Investment Purposes
as of December 31, 1994 (Continued)
<TABLE>
<CAPTION>
Description of Investment Including
Identity of Issue, Borrower, Maturity Date, Rate of Interest, Current
Lessor, or Similar Party Par or Maturity Value Cost Value
- ---------------------------------------------------------------------------------------------------------------------
Common Stock (Continued):
<S> <C> <C> <C>
Balance brought forward 1,910,499 1,953,165
Intel Corp. 1,000 shares 59,800 63,875
Interpublic Group of Companies 1,800 shares 47,593 57,825
Kimberly Clark Corp. 1,200 shares 58,837 60,450
Mattel, Inc. 2,100 shares 55,970 52,763
McDonalds Corp. 2,100 shares 53,111 61,421
Molex, Inc. 2,000 shares 51,675 69,000
Pepsico, Inc. 1,700 shares 60,287 61,625
Pitney Bowes, Inc. 1,800 shares 70,577 57,150
Sensormatic Electronics Corp. 1,700 shares 48,700 61,200
Sherwin Williams Co. 1,900 shares 64,820 63,412
----------------------------
2,481,869 2,561,886
Money Funds:
Paine Webber Retirement Money Fund 46 46
SAMSON ST Money Market Portfolio 422,350 422,350
----------------------------
422,396 422,396
----------------------------
Total Equity Fund $2,904,265 $2,984,282
============================
Bond Fund
U.S. Government Securities:
U.S. Treasury Bill $123,000 principal amount, due
September 21, 1995 $ 116,558 $ 117,052
U.S. Treasury Note $50,000 principal amount, 6.50%,
due May 15, 1997 49,523 48,641
U.S. Treasury Note $150,000 principal amount, 5.625%,
due January 31, 1998 153,562 141,141
U.S. Treasury Note $55,000 principal amount, 5.125%,
due June 30, 1998 55,986 50,514
U.S. Treasury Note $120,000 principal amount, 6.00%,
due October 15, 1999 123,556 111,338
U.S. Treasury Note $50,000 principal amount, 6.375%,
due January 15, 2000 52,343 47,016
----------------------------
551,528 515,702
</TABLE>
<PAGE> 15
The Raymond Corporation Savings Plan
Schedule of Assets Held for Investment Purposes
as of December 31, 1994 (Continued)
<TABLE>
<CAPTION>
Description of Investment Including
Identity of Issue, Borrower, Maturity Date, Rate of Interest, Current
Lessor, or Similar Party Par or Maturity Value Cost Value
- ---------------------------------------------------------------------------------------------------------------------
U.S. Government Securities (Continued):
<S> <C> <C> <C>
Balance brought forward 551,528 515,702
U.S. Treasury Note $150,000 principal amount, 5.50%,
due April 15, 2000 150,796 135,236
U.S. Treasury Note $255,000 principal amount, 6.375%,
due August 15, 2002 247,983 233,565
U.S. Treasury Note $175,000 principal amount, 6.25%,
due February 15, 2003 176,526 158,267
U.S. Treasury Note $25,000 principal amount, 7.25%,
due August 15, 2004 23,945 24,007
U.S. Treasury Note $310,000 principal amount, 5.125%,
due April 30, 1998 295,285 285,879
U.S. Treasury Note $120,000 principal amount, 6.25%,
due February 15, 2003 113,914 108,525
U.S. Treasury Bond $315,000 principal amount, 7.25%,
due May 15, 2016 310,147 291,180
----------------------------
1,870,124 1,752,361
Corporate Bonds and Notes:
Associates Corp. No American Notes $100,000 principal amount, 6.00%,
due June 15, 2000 99,300 89,307
Dean Witter Discover & Co. Notes $110,000 principal amount, 6.875%,
due March 1, 2003 114,165 98,396
----------------------------
213,465 187,703
Money Funds:
SANSOM ST Money Market Portfolio 314,477 314,477
----------------------------
Total Bond Fund $2,398,066 $2,254,541
============================
Money Market Fund
RMA Money Market Portfolio $ 888,335 $ 888,335
============================
Loan Fund
Participant loans 6.00% - 11.02% - $ 368,444
============================
Total investments $7,653,650
==========
</TABLE>
<PAGE> 16
The Raymond Corporation Savings Plan
Schedule of Reportable Transactions
Year ended December 31, 1994
<TABLE>
<CAPTION>
Current Value of Asset
Number of Number Cost or on Transaction Date Net Gain
Description Purchases of Sales Proceeds or Cost (Loss)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Category (i)--A Single Transaction in Excess of 5% of Plan Assets
RMA Money Market Portfolio 1 $ 723,095 $ 723,095
Category (iii)--A Series of Transactions in Excess of 5% of Plan Assets
Paine Webber Retirement Money Fund 200 3,943,403 3,943,403
251 3,916,999 3,916,999
RMA Money Market Portfolio 13 200,992 200,992
64 987,258 987,258
Paine Webber AM Money Market 112 2,306,999 2,306,999
Portfolio 276 2,249,611 2,249,611
SANSOM ST Money Market Portfolio 37 671,153 671,153
97 731,047 731,047
U.S. Treasury Note, 6.25%, due 2 298,138 327,274 $ (29,136)
February 15, 2003 8 495,761 495,761
U.S. Treasury Note, 6.375%, due 4 275,895 281,081 (5,186)
August 15, 2002 5 335,805 335,805
U.S. Treasury Note, 5.125%, due 2 290,452 299,743 (9,291)
June 30, 1998 2 114,993 114,993
</TABLE>
There were no category (ii) or (iv) reportable transactions during 1994.
<PAGE> 17
II. SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees have duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized.
The Raymond Corporation Savings Plan
------------------------------------
(Name of Plan)
Date June 26, 1995 /s/ William B. Lynn
------------------------------------
William B. Lynn
Trustee
<PAGE> 18
III. Exhibit A
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement (Form
S-8 No. 33-63806) pertaining to The Raymond Corporation Savings Plan of our
report dated May 25, 1995, with respect to the financial statements and
schedules of The Raymond Corporation Savings Plan included in
this Annual Report (Form 11-K) for the year ended December 31, 1994.
/S/ Ernst & Young LLP
Syracuse, New York
June 23, 1995
