FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(X) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE 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 33-35311
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
HARLEY-DAVIDSON
RETIREMENT SAVINGS PLAN FOR MILWAUKEE
AND TOMAHAWK HOURLY BARGAINING UNIT EMPLOYEES
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
Harley-Davidson, Inc.
3700 West Juneau Avenue
Milwaukee, Wisconsin 53208
REQUIRED INFORMATION
1. Not Applicable.
2. Not Applicable.
3. Not Applicable.
4. The Harley-Davidson Retirement Savings Plan for Milwaukee and Tomahawk
Hourly Bargaining Unit Employees (the "Plan") is subject to the
requirements of the Employee Retirement Income Security Act of 1974
("ERISA"). Attached hereto is a copy of the most recent financial
statements and schedules of the Plan prepared in accordance with the
financial reporting requirements of ERISA.
Exhibits
23. Consent of Independent Auditors
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the Plan) have duly caused this annual
report to be signed by the undersigned thereunto duly authorized.
Harley-Davidson
Retirement Savings Plan for
Milwaukee and Tomahawk Hourly
Bargaining Unit Employees
Date: June 28, 1995 By: /S/ James M. Brostowitz
James M. Brostowitz
Administrative Committee Member
CONTENTS
Harley-Davidson Retirement Savings Plan for Milwaukee and
Tomahawk Hourly Bargaining Unit Employees
Page
Report of independent auditors 5
Financial statements
Statements of net assets available for plan benefits 6-7
Statements of changes in net assets available for plan
benefits 8-9
Notes to financial statements 10-15
Supplemental schedules Schedules
Assets held for investment 1
Transactions or series of transactions in excess of
5 percent of current value of plan assets 2
A schedule of party-in-interest transactions has not been
presented because there were no party-in-interest transactions
that are prohibited by ERISA Section 406 and for which there
is no statutory or administrative exemption.
Report of Independent Auditors
Plan Administrative Committee
Harley-Davidson Retirement Savings
Plan for Milwaukee and Tomahawk Hourly
Bargaining Unit Employees
We have audited the accompanying statements of net assets available for plan
benefits of Harley-Davidson Retirement Savings Plan for Milwaukee and Tomahawk
Hourly Bargaining Unit Employees (the Plan) as of December 31, 1994 and 1993,
and the related statements of changes in net assets available for plan benefits
for the years then ended. These financial statements are the responsibility of
the Plan's management. 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 plan benefits of the Plan at
December 31, 1994 and 1993, and the changes in its net assets available for plan
benefits for the years then ended, in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental schedules
of assets held for investment as of December 31, 1994, and transactions or
series of transactions in excess of five percent of the current value of plan
assets 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 basic financial statements. The Fund Information in the statement of net
assets available for plan benefits and the statement of changes in net assets
available for plan benefits is presented for purposes of additional analysis
rather than to present the net assets available for plan benefits and changes in
net assets available for plan benefits of each fund. The supplemental schedules
and Fund Information have been subjected to the auditing procedures applied in
our audit of the basic financial statements and, in our opinion, are fairly
stated in all material respects in relation to the basic financial statements
taken as a whole.
Milwaukee, Wisconsin ERNST & YOUNG LLP
May 4, 1995
<TABLE>
HARLEY-DAVIDSON
RETIREMENT SAVINGS PLAN FOR MILWAUKEE AND
TOMAHAWK HOURLY BARGAINING UNIT EMPLOYEES
STATEMENT OF NET ASSETS
AVAILABLE FOR PLAN BENEFITS
December 31, 1994
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Harley-
Strong Davidson, Fidelity
Asset Participant Inc. Fidelity Blue Chip
Allocation Loan Insurance Common Balanced Growth
ASSETS Total Fund Income Fund Fund Account Stock Fund Fund Fund
Investments:
Investments in securities of unaffiliated issuers, at fair value:
Mutual fund - Fidelity
Balanced Fund $ 1,430,364$ - $ - $ -$ - $ -$1,430,364$ -
Mutual fund - Fidelity
Blue Chip Growth Fund 2,649,821 - - - - - - 2,649,821
Mutual fund - Strong
Asset Allocation Fund 1,427,894 1,427,894 - - - - - -
Bank common trust fund -
Marshall Money Market Fund 336,871 13,072 247,024 - - 31,897 14,645 30,233
5,844,950 1,440,966 247,024 - - 31,897 1,445,009 2,680,054
Investments in securities of
affiliated issuer, at fair value-
common stock of
Harley-Davidson, Inc. 3,069,079 - - - - 3,069,079 - -
Investments other than securities:
Insurance company group annuity contracts, at
contract value (Note D) 9,907,916 - 9,907,916 - - - - -
Life insurance policies,at cash
surrender value (Note E) 191,769 - - - 191,769 - - -
Notes receivable from
participants 1,041,933 - - 1,041,933 - - - -
11,141,618 - 9,907,916 1,041,933 - - - -
Total investments 20,055,647 1,440,996 10,154,940 1,041,933 191,769 3,100,976 1,445,009 2,680,054
Interest receivable 292 15 128 - - 80 27 42
Cash 474 - - 474 - - - -
Other assets - Participant
contributions receivable 166,440 13,055 82,423 - - 25,960 17,168 27,834
Net assets available for
plan benefits $20,222,853$1,454,036 $10,237,491 $1,042,407$191,769$3,127,016$1,462,204$2,707,930
</TABLE>
<TABLE>
HARLEY-DAVIDSON
RETIREMENT SAVINGS PLAN FOR MILWAUKEE AND
TOMAHAWK HOURLY BARGAINING UNIT EMPLOYEES
STATEMENT OF NET ASSETS
AVAILABLE FOR PLAN BENEFITS
December 31, 1993
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Harley-
Strong Davidson Fidelity
Asset Participant Inc. Fidelity Blue Chip
Allocation Loan Insurance Common Balanced Growth
ASSETS Total Fund Income Fund Fund Account Stock Fund Fund Fund
Investments:
Investments in securities of unaffiliated issuers, at fair value:
Mutual fund - Fidelity
Balanced Fund $ 1,042,742$ - $ - $ -$ -$ -$1,042,742$ -
Mutual fund - Fidelity
Blue Chip Growth Fund 1,388,831 - - - - - - 1,388,831
Mutual fund - Strong
Asset Allocation Fund 1,263,247 1,263,247 - - - - - -
Bank common trust fund -
Marshall Money Market Fund 136,395 9,802 87,400 - - 13,842 11,674 13,677
3,831,215 1,273,049 87,400 - - 13,842 1,054,416 1,402,508
Investments in securities of
affiliated issuer, at fair value-
common stock of
Harley-Davidson, Inc. 1,754,718 - - - - 1,754,718 - -
Investments other than securities:
Insurance company group annuity contracts, at
contract value (Note D) 9,334,956 - 9,334,956 - - - - -
Life insurance policies, at cash
surrender value (Note E) 167,833 - - - 167,833 - - -
Notes receivable from
participants 1,021,617 - - 1,021,617 - - - -
10,524,406 - 9,334,956 1,021,617 167,833 - - -
Total investments 16,110,339 1,273,049 9,422,356 1,021,617 167,833 1,768,560 1,054,416 1,402,508
Interest receivable 236 15 141 - - 43 17 20
Cash 336 - - 336 - - - -
Other assets - Participant
contributions receivable 100,705 7,938 53,006 - - 11,847 11,481 16,433
Net assets available for
plan benefits $16,211,616$1,281,002 $9,475,503 $1,021,953$167,833$1,780,450$1,065,914$1,418,961
</TABLE>
<TABLE>
HARLEY-DAVIDSON
RETIREMENT SAVINGS PLAN FOR MILWAUKEE AND
TOMAHAWK HOURLY BARGAINING UNIT EMPLOYEES
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR PLAN BENEFITS
Year Ended December 31, 1994
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Harley-
Strong Davidson Fidelity
Asset Participant Inc. Fidelity Blue Chip
Allocation Loan Insurance Common Balanced Growth
ADDITIONS Total Fund Income Fund Fund Account Stock Fund Fund Fund
Investment income (loss):
Net appreciation (depreciation)
in fair value of investments
(Note C) $ 538,817$ (71,935)$ -$ - $ -$ 523,274$ (124,165)$ 211,643
Interest and dividend income 754,589 53,109 568,986 72,240 - 14,173 45,573 508
Net investment income (loss) 1,293,406 (18,826) 568,986 72,240 - 537,447 (78,592) 212,151
Participant contributions 3,430,001 283,504 1,771,396 - - 415,221 385,114 574,766
Total additions 4,723,407 264,678 2,340,382 72,240 - 952,668 306,522 786,917
DEDUCTIONS
Benefit payments and
withdrawals (699,941) (66,491) (513,887) (7,486) - (59,909) (35,339) (16,829)
Life insurance expense, less
increase in cash surrender
value (12,229) - - - (12,229) - - -
Net transfers in (out) - (25,153) (1,064,507) (44,300) 36,165 453,807 125,107 518,881
Total deductions (712,170) (91,644) (1,578,394) (51,786) 23,936 393,898 89,768 502,052
Increase in net assets available
for plan benefits 4,011,237 173,034 761,988 20,454 23,936 1,346,566 396,290 1,288,969
Net assets available for plan
benefits:
Beginning of year 16,211,616 1,281,002 9,475,503 1,021,953 167,833 1,780,450 1,065,914 1,418,961
End of year $20,222,853$1,454,036 $10,237,491$1,042,407 $191,769$3,127,016$1,462,204$2,707,930
</TABLE>
<TABLE>
HARLEY-DAVIDSON
RETIREMENT SAVINGS PLAN FOR MILWAUKEE AND
TOMAHAWK HOURLY BARGAINING UNIT EMPLOYEES
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR PLAN BENEFITS
Year Ended December 31, 1993
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Strong Harley-
Asset Participant Davidson, Fidelity Fidelity
Allocation Loan Insurance Inc. Balanced Blue Chip
ADDITIONS Total Fund Income Fund Fund Account Stock Fund Fund Growth Fund
Investment income:
Net appreciation in fair value
of investments (Note C) $ 621,159$ 97,100 $ - $ -$ -$ 264,881 $ 64,211 $ 194,967
Interest and dividend income 663,283 45,706 507,662 73,111 - 5,341 30,842 621
Net investment income 1,284,442 142,806 507,662 73,111 - 270,222 95,053 195,588
Proceeds from insurance
policies 44,242 - - - 44,242 - - -
Participant contributions 2,948,130 246,591 1,825,174 - - 316,412 240,009 319,944
Total additions 4,276,814 389,397 2,332,836 73,111 44,242 586,634 335,062 515,532
DEDUCTIONS
Benefit payments and
withdrawals (509,155) (5,068) (370,082) (31,423) (36,764) (48,136) (4,499) (13,183)
Life insurance expense, less
increase in cash surrender
value (15,481) - - - (15,481) - - -
Net transfers in (out) - (105,530) (943,866) 77,711 25,391 185,264 386,763 374,267
Total deductions (524,636) (110,598)(1,313,948) 46,288 (26,854) 137,128 382,264 361,084
Increase in net assets available
for plan benefits 3,752,178 278,799 1,018,888 119,399 17,388 723,762 717,326 876,616
Net assets available for plan
benefits:
Beginning of year 12,459,438 1,002,203 8,456,615 902,554 150,445 1,056,688 348,588 542,345
End of year $16,211,616$1,281,002 $9,475,503$1,021,953$167,833$1,780,450 $1,065,914 $1,418,961
</TABLE>
HARLEY-DAVIDSON
RETIREMENT SAVINGS PLAN FOR MILWAUKEE AND
TOMAHAWK HOURLY BARGAINING UNIT EMPLOYEES
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
Note A - Description of the Plan
The following brief description of the Harley-Davidson Retirement Savings Plan
for Milwaukee and Tomahawk Hourly Bargaining Unit Employees (the "Plan"),
formerly known as Harley-Davidson, Inc. Retirement Savings Plan for Milwaukee
and Tomahawk Hourly Bargaining Unit Employees, is provided for general
information purposes only. Participants should refer to the Plan agreement for
more complete information.
General - The Plan is a defined contribution plan that covers hourly employees
of Harley-Davidson Motor Company's (the "Company") Milwaukee and Tomahawk plants
subject to a union bargaining agreement and meeting minimum eligibility
requirements. It is subject to the provisions of the Employee Retirement Income
Security Act of 1974 ("ERISA").
Contributions - Participants have the right to make salary deferral
contributions of not less than 1% or more than 15% of their base compensation
(as defined in the Plan); limited to $9,240 (indexed for future inflation)
annually. Participants have the option of investing their contributions in one
or a combination of several different investment funds. Such voluntary
contributions are nonforfeitable, accounted for in a separate Voluntary
Contribution Account for each participant in the various funds, and can be
withdrawn as provided in the Plan. The Company may make discretionary matching
contributions; however, no such contributions were made during 1994 or 1993.
Participant contributions below the statutory limit are made with tax-deferred
dollars under Section 401(k) of the Internal Revenue Code (the "Code"). These
contributions are excluded from the participant's current wages for federal
income tax purposes. No federal income tax is paid for the tax-deferred
contributions, earnings thereon or Company contributions, if any, until the
participant withdraws them from the Plan.
Participants' accounts - A separate account is maintained for each applicable
fund for each participant. The account balances are adjusted on a monthly basis
for participants' contributions, net investment income, Company contributions,
and distributions of participants' benefits or withdrawals.
Note A - Description of the Plan (continued)
Vesting - Participants are currently 100% vested in their accounts.
Payment of benefits - Benefit and withdrawal payments consist of the following:
(1) Upon retirement, death, disability, or termination of employment, the
balance in a participant's separate account(s) is paid to the participant
or beneficiary in a lump sum.
(2) A participant may withdraw at any time all or any portion of the vested
balance of his separate account(s) that does not pertain to contributions
made under provisions of Section 401(k) of the Code.
(3) A participant may not withdraw prior to retirement, death, disability, or
termination of employment any portion of his separate account(s) pertaining
to contributions made under provisions of Section 401(k) of the Code,
except for financial hardships, as defined in the Code, or after the
participant attains age 59-1/2.
Investment provisions - In accordance with Plan provisions, participants may
direct their contributions, and the corresponding Company contributions, to be
invested in one or a combination of the following funds: the Strong Asset
Allocation Fund, previously known as the Strong Investment Fund, the Income
Fund, the Harley-Davidson, Inc. Common Stock Fund, the Fidelity Balanced Fund,
or the Fidelity Blue Chip Growth Fund.
The Strong Asset Allocation Fund is a mutual fund that invests in common and
preferred stocks, bonds, government issues and short-term investments at the
discretion of the investment manager.
The Income Fund consists primarily of investments in contracts with insurance
companies whereby (a) principal generally is guaranteed (subject to certain
market value withdrawal provisions) and (b) interest is credited at a specific
rate, or is guaranteed at a minimum level, for a certain period of time. The
Plan invests in group annuity contracts with Aetna Life Insurance Company
("Aetna"), which has discretionary authority over the investment of the
contracts' funds subject to certain limitations contained in the contracts.
Note A - Description of the Plan (continued)
The Harley-Davidson, Inc. Common Stock Fund invests all contributions directly
in the common stock of Harley-Davidson, Inc., an affiliate of the sponsor of the
Plan.
The Fidelity Balanced Fund is a conservatively managed growth and income mutual
fund. The fund seeks to maintain a balance between quality bonds and high-
yielding stocks throughout all market conditions. The fund invests in a balance
of stocks and bonds in order to provide both current income consistent with the
preservation of capital, and the opportunity for potential capital growth over
the long term. The fund's asset proportions are adjusted depending on market
conditions, but at least 25% of the total holdings always consist of fixed-
income securities.
The Fidelity Blue Chip Growth Fund is a moderately aggressive stock mutual fund,
with investments in well-established companies. The fund seeks growth of
capital over the long term by investing in a diversified portfolio of common
stocks of well-known and established companies. All investments in this fund
must be in publicly-held companies with market values of at least $200 million.
The securities of these companies are included in the Standard & Poor's Daily
Stock Price Index of 500 Common Stocks or the Dow Jones Industrial Average.
Participants may purchase life insurance policies with a portion of their
contributions. The amount of funds invested in such policies is subject to
limitations as described in the Plan document. Each policy designates the
trustee as the owner of the policy. All benefits, rights, and privileges under
each policy, which are available while the member is living, are vested in the
trustee.
Participants may borrow from their separate account balances subject to Code
provisions, which include a surtax on loans in excess of 50% of the
participant's vested separate account balance and require a market rate of
interest to be charged on the loans. The Plan administrator has discretion to
make such loans under the Plan and determine the rate of interest for such loans
(within Code guidelines). Amounts loaned to a participant will not share in the
allocation of the Plan earnings, but will be credited with the interest earned
on the loan balance payable by the participant.
The Plan's security investments were held in 1993 and 1994 by the Marshall &
Ilsley Trust Company under a nondiscretionary trust agreement dated October 1,
1989. The Administrative Committee directs the Trustee to invest and reinvest
amounts with the current investment managers.Note A - Description of the Plan
(continued)
Plan termination - While the Company has not expressed any intent to terminate
the Plan, it is free to do so at any time. In the event of termination, Company
contributions automatically become vested to the extent of the balance in each
participant's separate account(s).
Administrative expenses - Administrative expenses generally are paid by the
Company.
Note B - Summary of significant accounting policies
Valuation of investments - The investments in the mutual funds and bank common
trust funds are stated at fair value and are based on the quoted market or
redemption values on the last business day of the plan year. Securities traded
on a national securities exchange (including the Harley-Davidson, Inc. common
stock) are valued at the closing market price on the last business day of the
plan year.
The unallocated insurance contract is valued at contract value as reported by
Aetna. Contract value represents contributions made under the contract, plus
interest at the contract rate, less funds used to pay retirement and other
benefits. The Aetna contract is a "fully benefit responsive" investment
contract, as that terminology is defined in Statement of Position (SOP) 94-4,
"Reporting of Investment Contracts Held by Health and Welfare Benefit Plans and
Defined Contribution Pension Plans". As such, this contract will continue to be
carried at contract value once SOP 94-4 becomes effective.
The individual life insurance policies owned by the plan are valued at cash
surrender values as determined by First Colony Life Insurance Company.
Notes receivable from participants are stated at their unpaid principal balances
which approximates fair value.
Note C - Net appreciation in fair value of investments
During 1994 and 1993 investments held by the Plan (including investments bought,
sold, as well as held during the year) appreciated in fair value as follows (as
determined by reference to quoted market prices as discussed in Note B):
1994 1993
Net appreciation
in fair value of investments
by investment type:
Mutual funds $ 15,543 $356,278
Common stock -
Harley Davidson, Inc. 523,274 264,881
$538,817 $621,159
Note D - Insurance company contracts
Insurance company contracts owned by the Plan at December 31, 1994 and 1993, are
summarized as follows:
At contract value
1994 1993
Aetna Life Insurance Company
group annuity contract #14077 $9,907,916 $9,334,956
Under the group annuity contract, Aetna informs the Plan of the credited
interest rate to be applied for the upcoming six month period, based on Aetna's
investment experience and other factors. The contract can be discontinued by the
Company or Aetna subject to certain minimum notification requirements and market
value withdrawal penalties. The credited interest rate for contract number
14077 during the six months ended June 30, 1994 and the six months ended
December 31, 1994 was 6.10% and 6.48%, respectively.
Note E - Life insurance policies
The individual life insurance policies are issued by First Colony Life Insurance
Company and are held by Marshall & Ilsley Trust Company. These policies are
recorded at their cash surrender values. Cash surrender values at December 31,
1994 and 1993 were $191,769 and $167,833, respectively.
Note F - Related party transactions
The following Harley-Davidson, Inc. common stock transactions occurred:
1994 1993
Shares held at beginning of year 39,767 27,756
Shares purchased 29,123 21,182
Shares received in stock split 44,541 -
Shares sold (2,764) (9,171)
Shares distributed to terminated
participants (1,057) -
Shares held at end of year 109,610 39,767
All transactions in Harley-Davidson, Inc. common stock were executed at market
prices on the dates of the transactions.
The Plan received dividends of $12,944 on the common stock in 1994 and $4,694 in
1993.
Note G - Income tax status
The Plan has received a favorable determination from the U.S. Treasury
Department substantiating that the Plan is qualified under Section 401(a) of the
Code. As such, the Plan is exempt from federal income taxes. Once qualified, a
plan is required to operate in conformity with the Code to maintain its
qualification. Certain amendments have been made to the Plan for which an
updated determination letter has not been received. The Administrative
Committee believes that an updated favorable determination letter will
ultimately be issued.
Note H - Subsequent events
Effective May 1, 1995, the Plan changed trustees from Marshall & Ilsley Trust
Company to Fidelity Institutional Retirement Services Company.
SUPPLEMENTAL SCHEDULES
<TABLE>
Schedule 1
HARLEY-DAVIDSON
RETIREMENT SAVINGS PLAN FOR THE MILWAUKEE AND
TOMAHAWK HOURLY BARGAINING UNIT EMPLOYEES
ASSETS HELD FOR INVESTMENT
December 31, 1994
<S> <C> <C> <C>
Shares or Current
Description face amount Cost value
Mutual funds-
Fidelity Balanced Fund 116,384 $ 1,519,948 $ 1,430,364
Fidelity Blue Chip Growth Fund 102,113 2,464,699 2,649,821
Strong Asset Allocation Fund 79,726 1,507,443 1,427,894
Bank common trust fund-
Marshall Money Market Fund 336,871 336,871 336,871
Common stock -
Harley Davidson, Inc. 109,610 2,091,309 3,069,079
Insurance company investments -
administration contracts:
Aetna Life Insurance
Company group annuity
contract #14077 $9,907,916 9,907,916 9,907,916
Cash surrender value of individual
life insurance policies -
First Colony Life Insurance
Company $ 191,769 191,769 191,769
Participant loans, at various
interest rates (ranging from
7% to 11%) and maturities $1,041,933 1,041,933 1,041,933
Total investments $19,061,888 $20,055,647
</TABLE>
<TABLE>
Schedule 2
HARLEY-DAVIDSON
RETIREMENT SAVINGS PLAN FOR THE MILWAUKEE AND
TOMAHAWK HOURLY BARGAINING UNIT EMPLOYEES
TRANSACTIONS OR SERIES OF TRANSACTIONS
IN EXCESS OF 5 PERCENT
OF THE CURRENT VALUE OF PLAN ASSETS
Year ended December 31, 1994
<S> <C> <C> <C> <C>
Cost of Proceeds
purchases from sales Net
Number of (1) during during gain
Description transactions the year the year (loss)
Category (iii)-Series of Transactions in excess of 5% of plan assets
Insurance company contracts-
Aetna Life Insurance Company
group annuity contract 30P;12S $1,818,253 $1,245,293 $ -
Bank common trust fund -
Marshall Money Market Fund 505P;283S 5,675,810 5,475,334 -
Mutual fund -
Fidelity Balanced Fund 25P;8S 766,221 254,433 (10,544)
Fidelity Blue Chip Growth Fund 28P;4S 1,198,025 91,324 7,640
Strong Asset Allocation Fund 25P;11S 386,289 149,707 7,224
Common stock -
Harley-Davidson, Inc. 40P;18S 967,366 176,158 58,483
There were no category (i), (ii) or (iv) reportable transactions during 1994.
(1) P=Purchases; S=Sales
</TABLE>
EXHIBIT 23
CONSENT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration
Statement (Form S-8 No. 33-35311) pertaining to the Harley-Davidson
Retirement Savings Plan for Milwaukee and Tomahawk Hourly
Bargaining Unit Employees (the Plan) of our report dated May 4,
1995, with respect to the financial statements and schedules of the
Plan included in this Annual Report (Form 11-K) for the year ended
December 31, 1994.
Milwaukee, Wisconsin ERNST & YOUNG LLP
June 28, 1995
