<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, 1995
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
REQUIRED INFORMATION
The Raymond Corporation Savings Plan is subject to the Employee Retirement
Income Security Act of 1974 ("ERISA"). Therefore, in lieu of the requirements of
Items 1-3 of Form 11-K, the financial statements and schedules of the Plan for
the two fiscal years ended December 31, 1995 and 1994, which have been prepared
in accordance with the financial reporting requirements of ERISA, are attached
hereto as Appendix 1 and incorporated herein by this reference.
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 28, 1996 /s/ William B. Lynn
------------------------------------
William B. Lynn
Trustee
<PAGE> 3
APPENDIX 1
The Raymond Corporation Savings Plan
FINANCIAL STATEMENTS AS OF AND
FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994,
SUPPLEMENTAL SCHEDULES AS OF AND FOR THE YEAR ENDED
DECEMBER 31, 1995, AND INDEPENDENT AUDITORS' REPORT
<PAGE> 4
The Raymond Corporation Savings Plan
Index
December 31, 1995
Page
----
I Required Information:
Report of Independent Auditors .................................. 5
Statement of Net Assets Available for Benefits, With Fund
Information - 1995 ............................................. 6
Statement of Net Assets Available for Benefits, With Fund
Information - 1994 ............................................. 7
Statement of Changes in Net Assets Available for Benefits, With
Fund Information - 1995 ........................................ 8
Statement of Changes in Net Assets Available for Benefits, With
Fund Information - 1994 ........................................ 9
Notes to Financial Statements ................................... 10
Schedules
Schedule of Assets Held for Investment Purposes as of
December 31, 1995 .............................................. 15
Schedule of Reportable Transactions ............................. 16
II Exhibit A - Consent of Independent Auditors ..................... 19
<PAGE> 5
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, 1995 and 1994, 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, 1995 and 1994, 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, 1995, 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.
Syracuse, New York
June 24, 1996
<PAGE> 6
The Raymond Corporation Savings Plan
Statement of Net Assets Available for Benefits, With Fund Information
<TABLE>
<CAPTION>
December 31, 1995
Fund Information
------------------------------------------------------------------------------------------------
Retirement
Corporate Basic International Reserves
Bond Value Capital Equity Raymond Money Loan
Fund Fund Fund Fund Stock Fund Market Fund Fund Total
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets
Investments, at fair
value $1,162,708 $2,657,173 $2,327,348 $1,011,423 $2,109,411 $481,770 $9,749,833
Participant loans
receivable $490,692 490,692
------------------------------------------------------------------------------------------------------------
Total investments 1,162,708 2,657,173 2,327,348 1,011,423 2,109,411 481,770 490,692 10,240,525
Receivables:
Employee
contribution 1,377 3,127 3,047 1,528 2,870 682 12,631
Interest and
dividends 2,126 2,126
Interfund
receivable -
------------------------------------------------------------------------------------------------------------
Total receivables 1,377 3,127 3,047 1,528 2,870 2,808 - 14,757
Cash 18,180 42,653 39,881 19,201 15,137 135,052
------------------------------------------------------------------------------------------------------------
Total assets 1,182,265 2,702,953 2,370,276 1,032,152 2,127,418 484,578 490,692 10,390,334
Liabilities
Interfund payable -
------------------------------------------------------------------------------------------------------------
Net assets available
for benefits $1,182,265 $2,702,953 $2,370,276 $1,032,152 $2,127,418 $484,578 $490,692 $10,390,334
============================================================================================================
</TABLE>
See notes to financial statements.
<PAGE> 7
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 Market Raymond Loan
Fund Fund Fund Stock Fund Fund Total
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Assets
Investments, at fair value $ 2,254,541 $ 2,984,282 $ 888,335 $ 1,158,048 $ 7,285,206
Participant loans receivable $ 368,444 368,444
-----------------------------------------------------------------------------------------------
Total investments 2,254,541 2,984,282 888,335 1,158,048 368,444 7,653,650
Receivables:
Employee contribution (3,503) (12,079) 19,308 9,118 12,844
Interest and dividends 31,667 31,667
Interfund receivable 34,068 107,598 141,666
-----------------------------------------------------------------------------------------------
Total receivables 28,164 21,989 19,308 116,716 186,177
Cash -
-----------------------------------------------------------------------------------------------
Total assets 2,282,705 3,006,271 907,643 1,274,764 368,444 7,839,827
Liabilities
Interfund payable 103,430 38,236 141,666
-----------------------------------------------------------------------------------------------
Net assets available for benefits $ 2,179,275 $ 3,006,271 $ 869,407 $ 1,274,764 $ 368,444 $ 7,698,161
===============================================================================================
</TABLE>
See notes to financial statements.
<PAGE> 8
The Raymond Corporation
Statement of Changes in Net Assets Available for Benefits,
With Fund Information
<TABLE>
<CAPTION>
Year ended December 31, 1995
Fund Information
--------------------------------------------------------------------------------------
Paine Webber Merrill Lynch Trust Company
------------------------------------------ -----------------------------
Money
Equity Market Raymond Conversion Corporate
Bond Fund Fund Fund Stock Fund Fund Bond Fund
------------- -------------- ------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
Additions to net assets
attributed to:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ 152,970 $ 541,842 $ 310,141 $ 28,192
Interest and dividends 59,361 28,694 $ 25,924 956 $ 67,657 19,101
------------- -------------- ------------- ------------- -------------- --------------
212,331 570,536 25,924 311,097 67,657 47,293
Employee contributions 167,299 301,848 144,654 275,964 55,415 120,548
Other additions 70,889
------------- -------------- ------------- ------------- -------------- --------------
Total additions 379,630 872,384 170,578 587,061 193,961 167,841
Deductions from net assets
attributed to:
Benefits paid to participants 165,585 159,649 129,622 81,736 - 10,007
------------- -------------- ------------- ------------- -------------- --------------
Net increase (decrease) prior to
transfers 214,045 712,735 40,956 505,325 193,961 157,834
Transfer (from) Paine Webber to
Merrill Lynch (2,387,612) (3,597,271) (949,460) 6,934,343
Interfund transfers, net (5,708) (121,735) 39,097 347,329 (7,128,304) 1,024,431
------------- -------------- ------------- ------------- -------------- --------------
Net increase (decrease) (2,179,275) (3,006,271) (869,407) 852,654 - 1,182,265
Net assets available for benefits:
Beginning of year 2,179,275 3,006,271 869,407 1,274,764 - -
------------- -------------- ------------- ------------- -------------- --------------
End of year $ - $ - $ - $ 2,127,418 $ - $ 1,182,265
============= ============== ============= ============= ============== ==============
</TABLE>
<PAGE>
(RESTUBBED TABLE)
<TABLE>
<CAPTION>
Year ended December 31, 1995
Fund Information
-------------------------------------------------------------------------
Merrill Lynch Trust Company
------------------------------------------------------------
Retirement
Basic Capital International Reserves
Value Fund Fund Equity Fund Money Fund Loan Fund Total
------------- -------------- -------------- --------------- ------------ --------------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ 71,658 $ (33,973) $ 14,527 $ 1,085,357
Interest and dividends 67,783 181,972 1,433 $ 10,529 $ 26,008 489,418
------------- -------------- -------------- --------------- ------------ --------------
139,441 147,999 15,960 10,529 26,008 1,574,775
Employee contributions 305,613 292,278 128,924 60,468 1,853,011
Other additions 70,889
------------- -------------- -------------- --------------- ------------ --------------
Total additions 445,054 440,277 144,884 70,997 26,008 3,498,675
Deductions from net assets
attributed to:
Benefits paid to participants 53,083 13,420 11,566 181,834 - 806,502
------------- -------------- -------------- --------------- ------------ --------------
Net increase (decrease) prior to
transfers 391,971 426,857 133,318 (110,837) 26,008 2,692,173
Transfer (from) Paine Webber to
Merrill Lynch -
Interfund transfers, net 2,310,982 1,943,419 898,834 595,415 96,240 -
------------- -------------- -------------- --------------- ------------ --------------
Net increase (decrease) 2,702,953 2,370,276 1,032,152 484,578 122,248 2,692,173
Net assets available for benefits:
Beginning of year - - - - 368,444 7,698,161
------------- -------------- -------------- --------------- ------------ --------------
End of year $ 2,702,953 $ 2,370,276 $ 1,032,152 $ 484,578 $ 490,692 $ 10,390,334
============= ============== ============== =============== ============ ==============
</TABLE>
See notes to financial statements.
<PAGE> 9
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 Market Raymond Loan
Fund Fund Fund Stock Fund Fund Total
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net (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) 25,732 148,452 18,826 31,526
Employee contributions 367,604 580,320 136,383 139,434 1,223,741
-----------------------------------------------------------------------------------
Total additions 253,776 532,664 162,115 287,886 18,826 1,255,267
Deductions from net assets attributed to:
Benefits paid to participants 129,054 99,815 55,070 155,290 439,229
-----------------------------------------------------------------------------------
Net increase prior to interfund transfers 124,722 432,849 107,045 132,596 18,826 816,038
Interfund transfers, net (393,746) 184,446 (78,376) 206,298 81,378 -
-----------------------------------------------------------------------------------
Net (decrease) increase (269,024) 617,295 28,669 338,894 100,204 816,038
Net assets available for benefits:
Beginning of year 2,448,299 2,388,976 840,738 935,870 268,240 6,882,123
-----------------------------------------------------------------------------------
End of year $2,179,275 $3,006,271 $869,407 $1,274,764 $368,444 $7,698,161
===================================================================================
</TABLE>
See notes to financial statements.
<PAGE> 10
The Raymond Corporation Savings Plan
Notes to Financial Statements
December 31, 1995 and 1994
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.
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
one year of service and their twenty-first birthday. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
<PAGE> 11
The Raymond Corporation Savings Plan
Notes to Financial Statements (Continued)
2. Description of the Plan (Continued)
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 through June 30, 1995 and between 1% and 15% of their
compensation thereafter to the Plan through direct payroll withholdings up to a
maximum contribution of $9,240 for 1995 and 1994. The payroll deduction can be
changed quarterly. Individual participant accounts are credited for the
respective gains or losses of the funds selected.
The Plan accepts rollover contributions or transfers from other qualified plans.
Investment Options
Investments since July 1, 1995 are held by Merrill Lynch Trust Company. Upon
enrollment in the Plan, participants have a choice of allocating their
contributions in 1% increments to six funds. Investment elections can be changed
daily through Interactive Voice Response. A brief description of these
investment options follows:
Raymond Stock Fund
The Raymond Stock Fund invests in common stock of The Raymond Corporation.
During 1995 the stock's market price ranged from a high of $23.50 to a low
of $15.00. At December 31, 1995 and June 24, 1996 the market price was
$22.75 and $17.00, respectively. The 1996 stock price includes the effect
of the 5% stock dividend paid March 28, 1996.
Corporate Bond Fund
The Corporate Bond Fund invests primarily in corporate fixed-income
securities, such as corporate bonds and notes, convertible securities and
preferred stocks.
Basic Value Fund
The Basic Value Fund seeks capital appreciation and income by investing in
securities, primarily equities, that management of the fund believes are
undervalued compared to their historical valuation.
<PAGE> 12
The Raymond Corporation Savings Plan
Notes to Financial Statements (Continued)
2. Description of the Plan (Continued)
Capital Fund
The Capital Fund seeks to achieve the highest total investment return
consistent with prudent risk utilizing equity, debt, and convertible
securities.
International Equity Fund
The International Equity Fund seeks capital appreciation and income by
investing in equity securities of issuers located in countries other than
the United States.
Retirement Reserves Money Fund
The Retirement Reserves Money Fund seeks current income, the preservation of
capital and liquidity, available from investing in a diversified portfolio
of short-term money market securities.
Participant Loans Receivable
Participants may borrow from their fund accounts a minimum of $1,000 up to a
maximum equal to the lesser of $50,000 or 50% of their account balance. Loan
terms range from 1-5 years or up to 25 years for the purchase of a primary
residence. The loans are secured by the balance in the participant's account and
bear interest at a rate commensurate with local prevailing rates as determined
yearly by the Administrative Committee. Interest rates range from 6% to 11%.
Principal and interest is paid ratably through monthly payroll deductions.
The Conversion Fund represents a temporary investment conduit account which was
utilized for the transfer of assets from Paine Webber to Merrill Lynch.
Until July 1995, the following three investment options, in addition to the
Raymond Stock Fund, were available through Paine Webber:
Paine Webber Bond Fund
The Paine Webber Bond Fund invests mainly in fixed-income obligations,
including government and private bonds, debentures, notes and certificates
of deposit.
<PAGE> 13
The Raymond Corporation Savings Plan
Notes to Financial Statements (Continued)
2. Description of the Plan (Continued)
Paine Webber Equity Fund
The Paine Webber Equity Fund invests primarily in capital stock of
businesses other than the Company, bonds or other securities convertible
into capital stock and shares of mutual funds.
Paine Webber Money Market Fund
Paine Webber Money Market Fund invests in short-term government obligations,
bank certificates of deposit, commercial paper, banker's acceptances and
shares of money market mutual funds.
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
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 $4,793 and $232,401 at December 31, 1995 and 1994, are reconciling
items between the Plan financial statements and Form 5500.
<PAGE> 14
The Raymond Corporation Savings Plan
Notes to Financial Statements (Continued)
4. Investments
The fair value of individual investments that represent 5% or more of the Plan's
net assets as of December 31, 1995 and 1994 is as follows:
<TABLE>
<CAPTION>
1995 1994
-----------------------------------
<S> <C> <C>
Common Stock:
The Raymond Corporation $ 1,901,991 $ 1,151,144
Mutual Funds:
Merrill Lynch Trust Company Basic Value Fund 2,657,173
Merrill Lynch Trust Company Capital Fund 2,327,348
Merrill Lynch Trust Company Corporate Bond Fund 1,162,708
Merrill Lynch Trust Company International Equity Fund 1,011,423
Money Funds:
RMA Money Market Portfolio 888,335
SANSOM ST Money Market Portfolio 736,827
</TABLE>
5. Income Tax Status
The Internal Revenue Service has determined and informed the Company by a letter
dated April 22, 1996 that the Plan is designed in accordance with applicable
sections of the Internal Revenue Code (IRC). The plan administrator believes
that the Plan is designed and is currently being operated in compliance with
the applicable requirements of the IRC.
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.
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> 15
The Raymond Corporation Savings Plan
Schedule of Assets Held for Investment Purposes as of December 31, 1995
<TABLE>
<CAPTION>
Description of Investment
Including Maturity Date,
Identity of Issue, Borrower, 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 83,604 shares $ 1,303,612 $ 1,901,991
CMA Government Securities Money Fund 207,420 shares 207,420 207,420
-------------------------------------
Total Raymond Stock Fund $ 1,511,032 $ 2,109,411
=====================================
Merrill Lynch Mutual Funds
Merrill Lynch Trust Company Basic Value Fund 93,946 shares $ 2,584,882 $ 2,657,173
Merrill Lynch Trust Company Capital Fund 76,373 shares 2,359,969 2,327,348
Merrill Lynch Trust Company Corporate Bond
Fund 98,829 shares 1,134,058 1,162,708
Merrill Lynch Trust Company International
Equity Fund 90,959 shares 994,477 1,011,423
=====================================
Total Mutual Funds $ 7,073,386 $ 7,158,652
=====================================
Merrill Lynch Money Fund
Merrill Lynch Trust Company Retirement
Reserves 481,770 shares $ 481,770 $ 481,770
=====================================
Loan Fund
Participant loans 6.00% - 10.00% $ -- $ 490,692
=====================================
Total investments $ 9,066,188 $ 10,240,525
=====================================
</TABLE>
<PAGE> 16
The Raymond Corporation Savings Plan
Schedule of Reportable Transactions
Year ended December 31, 1995
<TABLE>
<CAPTION>
Current
Number of Number Cost or Value or Net Gain
Description Purchases of Sales Proceeds Cost (Loss)
- -------------------------------------------- --------------- ------------ ------------------- ----------------- -------------------
Category (i) - A Single Transaction in Excess of 5% of Plan Assets
<S> <C> <C> <C> <C> <C>
Merrill Lynch International Equity
Fund 1 $ 897,177 $ 897,177
Merrill Lynch Basic Value Fund 1 2,297,149 2,297,149
Merrill Lynch Capital Fund 1 1,921,809 1,921,809
Merrill Lynch Corporate Bond 1 1,023,929 1,023,929
CMA Government Securities Fund 1 6,927,593 6,927,593
1 516,706 516,706
1 6,069,176 6,069,176
Merrill Lynch Retirement Reserves
Fund 1 582,110 582,110
Paine Webber Retirement Money 1 1,685,521 1,685,521
Fund 1 1,685,521 1,685,521
1 1,834,571 1,834,571
1 416,164 416,164
1 416,164 416,164
1 1,159,806 1,159,806
1 1,159,806 1,159,806
SANSOM ST Money Market 1 454,028 454,028
Portfolio 1 802,435 802,435
1 761,968 761,968
1 1,094,829 1,094,829
1 1,094,829 1,094,829
RMA Money Market Portfolio 1 947,903 947,903
</TABLE>
<PAGE> 17
The Raymond Corporation Savings Plan
Schedule of Reportable Transactions (Continued)
Year ended December 31, 1995
<TABLE>
<CAPTION>
Current
Number of Number Cost or Value or Net Gain
Description Purchases of Sales Proceeds Cost (Loss)
- -------------------------------------------- --------------- ------------ ------------------- ----------------- -------------------
Category (iii) - A Series of Transactions in Excess of 5% of Plan Assets
<S> <C> <C> <C> <C> <C>
CMA Government Securities Fund 42 $ 8,175,605 $ 8,175,605
33 8,175,605 8,175,605
Merrill Lynch Retirement Reserves 27 657,553 657,553
Fund 9 190,319 190,319
Merrill Lynch International Equity 11 1,022,187 1,022,187
Fund 12 26,220 26,755 $ (535)
Merrill Lynch Basic Value Fund 18 2,659,700 2,659,700
12 74,793 74,298 495
Merrill Lynch Capital Fund 17 2,389,587 2,389,587
12 25,569 25,294 275
Merrill Lynch Corporate Bond 15 1,158,590 1,158,590
Fund 7 21,263 21,058 205
Raymond Stock Fund 15 554,768 554,768
24 372,948 285,193 87,755
Paine Webber Retirement Money 95 6,506,073 6,506,073
Fund 62 6,778,152 6,778,152
SANSOM ST Money Market 195 4,575,556 4,575,556
Portfolio 110 5,312,383 5,312,383
RMA Money Market Portfolio 36 239,688 239,688
8 1,128,023 1,128,023
U.S. Treasury Note, 6.25%, due 2 70,422 70,422
February 15, 2003 3 221,738 377,111 (155,373)
U.S. Treasury Bill due June 15,
1995 3 443,544 443,544
</TABLE>
<PAGE> 18
The Raymond Corporation Savings Plan
Schedule of Reportable Transactions (Continued)
Year ended December 31, 1995
<TABLE>
<CAPTION>
Current
Number of Number Cost or Value or Net Gain
Description Purchases of Sales Proceeds Cost (Loss)
- -------------------------------------------- --------------- ------------ ------------------- ------------------ ---------------
<S> <C> <C> <C> <C> <C>
U.S. Treasury Note, 6.0%, due 2 $ 345,556 $ 345,556
June 30, 1996 2 336,000 345,841 $ (9,841)
U.S. Treasury Note, 7.25%, due 1 53,609 53,609
May 15, 2016 2 365,761 399,083 (33,322)
U.S. Treasury Note, 6.5%, due 2 290,693 290,693
September 30, 1996 1 283,136 292,235 (9,099)
U.S. Treasury Note, 4.25%, due 1 235,924 235,924
December 31, 1995 3 234,881 241,732 (6,851)
</TABLE>
<PAGE> 19
II. 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 June 24, 1996, 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, 1995.
/S/ Ernst & Young LLP
Syracuse, New York
June 24, 1996
