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 SALARIED 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 Salaried 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
Salaried Employees
Date: June 28, 1995 By: /S/ James M. Brostowitz
James M. Brostowitz
Administrative Committee Member
CONTENTS
Harley-Davidson Retirement Savings
Plan for Salaried 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
Supplementary schedules Schedules
Assets held for investment 1
Transactions or series of transactions in excess
of 5 percent of the 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 Salaried Employees
We have audited the accompanying statements of net assets available for plan
benefits of the Harley-Davidson Retirement Savings Plan for Salaried 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 SALARIED EMPLOYEES
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31, 1994
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Harley-
Davidson Fidelity
Strong Asset Inc. Fidelity Blue Chip
Allocation Participant Insurance Common Balanced Growth
ASSETS Total Fund Income Fund Loan Fund Account Stock Fund Fund Fund
Investments:
Investments in securities of unaffiliated issuers, at fair value:
Mutual fund - Fidelity
Balanced Fund $ 2,579,833 $ - $ - $ -$ - $ - $2,579,833$ -
Mutual fund - Fidelity
Blue Chip Growth Fund 4,991,102 - - - - - - 4,991,102
Mutual fund - Strong Asset
Allocation Fund 2,372,467 2,372,467 - - - - - -
Bank common trust fund -
Marshall Money Market Fund 443,246 22,389 121,396 - - 121,091 83,122 95,248
10,386,648 2,394,856 121,396 - - 121,091 2,662,955 5,086,350
Investments in securities of affiliated issuer,
at fair value-common stock of
Harley-Davidson, Inc. 8,293,181 - - - - 8,293,181 - -
Investments other than securities:
Insurance group annuity investment contracts, at
contract value (Note D) 15,192,282 - 15,192.282 - - - - -
Life insurance policies, at cash
surrender value (Note E) 248,368 - - - 248,368 - - -
Notes receivable from
participants 1,331,016 - - 1,331,016 - - - -
16,771,666 - 15,192,282 1,331,016 248,368 - - -
Total investments 35,451,495 2,394,856 15,313,678 1,331,016 248,368 8,414,272 2,662,955 5,086,350
Interest receivable 727 22 166 - - 272 129 138
Cash 57 - - 57 - - - -
Other assets:
Participant contributions receivable 133,502 12,011 46,754 - - 28,961 15,526 30,250
Employer contributions receivable 1,325,565 - - - - 1,325,565 - -
Net assets available for
plan benefits $36,911,346$2,406,889 $15,360,598$1,331,073$248,368 $9,769,070 $2,678,610$5,116,738
</TABLE>
<TABLE>
HARLEY-DAVIDSON
RETIREMENT SAVINGS PLAN FOR SALARIED 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 $ 2,237,993$ -$ -$ -$ - $ - $2,237,993 $ -
Mutual fund - Fidelity
Blue Chip Growth Fund 2,580,921 - - - - - - 2,580,921
Mutual fund - Strong Asset
Allocation Fund 2,163,408 2,163,408 - - - - - -
Bank common trust fund - Marshall
Money Market Fund 272,079 24,556 123,954 - - 46,041 35,758 41,770
7,254,401 2,187,964 123,954 - - 46,041 2,273,751 2,622,691
Investments in securities of affiliated issuer,
at fair value-common stock of
Harley-Davidson, Inc. 4,188,743 - - - - 4,188,743 - -
Investments other than securities:
Insurance group annuity investment contracts, at
contract value (Note D) 15,873,963 - 15,873,963 - - - - -
Life insurance policies, at cash
surrender value (Note E) 219,266 - - - 219,266 - - -
Notes receivable from participants 1,239,134 - - 1,239,134 - - - -
17,332,363 - 15,873,963 1,239,134 219,266 - - -
Total investments 28,775,507 2,187,964 15,997,917 1,239,134 219,266 4,234,784 2,273,751 2,622,691
Interest receivable 364 28 133 - - 90 41 72
Cash 492 - - 492 - - - -
Other assets:
Participant contributions receivable 14,401 3,919 7,887 - - 926 725 944
Employer contributions receivable 1,174,827 - - - - 1,174,827 - -
Net assets available for
plan benefits $29,965,591$2,191,911$16,005,937$1,239,626 $219,266$5,410,627 $2,274,517 $2,623,707
</TABLE>
<TABLE>
HARLEY-DAVIDSON
RETIREMENT SAVINGS PLAN FOR SALARIED 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-
Davidson, Fidelity
Strong Asset Inc. Fidelity Blue Chip
Allocation Participant Insurance Common Balanced Growth
ADDITIONS Total Fund Income Fund Loan Fund Account Stock Fund Fund Fund
Investment income (loss):
Net appreciation (depreciation)
in fair value of investments
(Note C) $ 1,499,559 $ (123,932)$ - $ - $ - $1,460,704$ (234,616)$ 397,403
Interest and dividend income 1,213,395 89,711 907,774 89,263 - 39,828 85,706 1,113
Net investment income (loss) 2,712,954 (34,221) 907,774 89,263 - 1,500,532 (148,910) 398,516
Employer contribution 1,311,374 - - - - 1,311,374 - -
Participant contributions 4,938,015 439,912 1,706,484 - - 1,007,299 703,790 1,080,530
Total additions 8,962,343 405,691 2,614,258 89,263 - 3,819,205 554,880 1,479,046
DEDUCTIONS
Benefit payments and
withdrawals (2,006,299) (74,730)(1,534,031) (21,086) - (209,800) (44,284) (122,368)
Life insurance expense, less
increase in cash surrender
value (10,289) - - - (10,289) - - -
Net transfers in (out) - (115,983)(1,725,566) 23,270 39,391 749,038 (106,503)1,136,353
Total deductions (2,016,588) (190,713)(3,259,597) 2,184 29,102 539,238 (150,787)1,013,985
Increase (decrease) in net assets
available for plan benefits 6,945,755 214,978 (645,339) 91,447 29,102 4,358,443 404,093 2,493,031
Net assets available for plan
benefits:
Beginning of year 29,965,591 2,191,911 16,005,937 1,239,626 219,266 5,410,627 2,274,517 2,623,707
End of year $36,911,346 $2,406,889$15,360,598 $1,331,073 $248,368 $9,769,070$2,678,610$5,116,738
</TABLE>
<TABLE>
HARLEY-DAVIDSON
RETIREMENT SAVINGS PLAN FOR SALARIED 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>
Harley- Fidelity
Strong Asset Davidson, Inc. Fidelity Blue Chip
Allocation Participant Insurance Common Balanced Growth
ADDITIONS Total Fund Income Fund Loan Fund Account Stock Fund Fund Fund
Investment income:
Net appreciation in fair value
of investments (Note C) $ 1,339,939 $ 188,973$ - $ - $ - $ 571,389 $ 179,966$ 399,611
Interest and dividend income 1,166,777 87,955 902,104 86,192 - 12,369 76,923 1,234
Net investment income 2,506,716 276,928 902,104 86,192 - 583,758 256,889 400,845
Proceeds from insurance
policies 11,687 1,778 5,334 - 4,575 - - -
Employer contribution 1,174,827 - - - - 1,174,827 - -
Participant contributions 4,014,394 362,523 2,043,721 - - 638,738 446,141 523,271
Total additions 7,707,624 641,229 2,951,159 86,192 4,575 2,397,323 703,030 924,116
DEDUCTIONS
Benefit payments and
withdrawals (1,285,030) (84,709) (987,005) (3,427) (2,120) (83,346) (86,191) (38,232)
Life insurance expense, less
increase in cash surrender
value (14,024) - - - (14,024) - - -
Net transfers in (out) - (497,052)(1,798,153) 223,820 33,198 554,728 867,696 615,763
Total deductions (1,299,054) (581,761)(2,785,158) 220,393 17,054 471,382 781,505 577,531
Increase in net assets available
for plan benefits 6,408,570 59,468 166,001 306,585 21,629 2,868,705 1,484,535 1,501,647
Net assets available for plan
benefits:
Beginning of year 23,557,021 2,132,443 15,839,936 933,041 197,637 2,541,922 789,982 1,122,060
End of year $29,965,591 $2,191,911$16,005,937 $1,239,626 $219,266 $5,410,627 $2,274,517$2,623,707
</TABLE>
HARLEY-DAVIDSON
RETIREMENT SAVINGS PLAN FOR SALARIED 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 Salaried Employees (the "Plan"), formerly known as the Harley-Davidson, Inc.
Retirement Savings Plan for Salaried 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 salaried employees
of Harley-Davidson, Inc., Harley-Davidson Motor Company (the "Sponsor") and H-D
Michigan, Inc. 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 salaried 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. Effective January 1, 1993, the Sponsor
established a match provision for discretionary contributions. The Sponsor
match provision begins at 25% of employee contributions up to 6% of pay if
certain financial criteria are met and increases up to 50% determined by an
established variable schedule. A contribution of $1,311,374 was made in 1995
for fiscal 1994 and was recorded as a contribution receivable by the plan at
December 31, 1994. The money that the Sponsor contributes is invested in Harley-
Davidson, Inc. common stock. The value of the Sponsor match cannot be
transferred or directed to any other investment option in the Plan unless the
participant is age 55 or older.
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 and earnings thereon 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, Sponsor contributions, net investment income
and distributions of participants' benefits or withdrawals.
Note A - Description of the Plan (continued)
Vesting - Participants are currently 100% vested in their accounts. Sponsor
contributions vest at the earlier of the end of the participant's fifth year of
employment, retirement, or death. Forfeitures of non-vested contributions are
used by the Sponsor to pay future Sponsor matching contributions (none in 1994).
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 accounts 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 accounts 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 accounts 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 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.
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.
Note A - Description of the Plan (continued)
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 of 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 be charged on the loans. The Plan administrator has discretion to make
such loans under the Plan and to 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.
Plan termination - While the Sponsor has not expressed any intent to terminate
the Plan, it is free to do so at any time. In the event of termination, Sponsor
contributions automatically become vested to the extent of the balance in each
participant's separate accounts.
Administrative expenses - Administrative expenses generally are paid by the
Sponsor.
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 $ 38,855 $ 768,550
Common stock -
Harley-Davidson,Inc. 1,460,704 571,389
$1,499,559 $1,339,939
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 $15,192,282 $15,873,963
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 Sponsor 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 $248,368 and $219,266, respectively.
Note F - Related-party transactions
The following Harley-Davidson, Inc. common stock transactions occurred:
1994 1993
Shares held at beginning of year 94,929 67,431
Shares purchased 88,229 39,205
Shares received in stock split 134,518 -
Shares sold (16,556) (11,707)
Shares distributed to terminated
participants (4,935) -
Shares held at end of year 296,185 94,929
All transactions in Harley-Davidson, Inc. common stock were executed at market
prices on the dates of the transactions.
The Plan received dividends of $36,480 and $10,970 on the common stock in 1994
and 1993, respectively.
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 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
Schedule 1
HARLEY-DAVIDSON
RETIREMENT SAVINGS PLAN FOR SALARIED EMPLOYEES
ASSETS HELD FOR INVESTMENT
December 31, 1994
Shares
or face Current
Description amount Cost value
Mutual funds -
Fidelity Balanced Fund 209,913 $ 2,725,125 $ 2,579,833
Fidelity Blue Chip Growth Fund 192,335 4,617,098 4,991,102
Strong Asset Allocation Fund 132,466 2,511,278 2,372,467
Bank common trust fund -
Marshall Money Market Fund 443,246 443,246 443,246
Common stock -
Harley-Davidson, Inc. 296,185 5,611,117 8,293,181
Insurance company investments -
administration contracts:
Aetna Life Insurance
Company group annuity
contract #14077 $15,192,282 15,192,282 15,192,282
Cash surrender value of
life insurance policies -
First Colony Life
Insurance Company $248,368 248,368 248,368
Participant loans, at various
interest rates (ranging
from 7% to 11%) and
maturities $1,331,016 1,331,016 1,331,016
Total assets held for
investment $32,679,530 $35,451,495
Schedule 2
HARLEY-DAVIDSON
RETIREMENT SAVINGS PLAN FOR SALARIED EMPLOYEES
TRANSACTIONS OR SERIES OF TRANSACTIONS IN EXCESS
OF 5 PERCENT OF THE CURRENT VALUE OF PLAN ASSETS
Year ended December 31, 1994
Cost of
purchases Proceeds from
Number of (1) during Sales Net
Description transactions the year during the year gain
Category (iii) - Series of transactions in excess of 5 percent of plan assets
Insurance company contracts:
Aetna Life Insurance
Company group
annuity contract 28P;15S $1,889,777 $2,571,459 $ -
Bank common trust funds -
Marshall Money Market
Fund 494P;360S 9,354,826 9,183,659 -
Mutual fund -
Fidelity Balanced
Fund 26P;5S 1,094,729 518,272 (16,715)
Fidelity Blue Chip
Growth Fund 26P;5S 2,206,250 86,183 7,942
Common stock -
Harley-Davidson, Inc. 55P;34S 3,371,186 727,452 187,705
There were no category (i), (ii), or (iv) reportable transactions during 1994.
(1) P=Purchase; S=Sale
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 Salaried 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.
ERNST & YOUNG LLP
Milwaukee, Wisconsin
June 28, 1995
