-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DFUDZR7XqOQwXLa82jvsesAB9jWL019Z7rk7Gs4EtxRXwKahEnS5ij1GaxuurvsA SXHpyWXeyoQk1SpMPRH4cA== 0000897069-97-000289.txt : 19970701 0000897069-97-000289.hdr.sgml : 19970701 ACCESSION NUMBER: 0000897069-97-000289 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970630 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HARLEY DAVIDSON INC CENTRAL INDEX KEY: 0000793952 STANDARD INDUSTRIAL CLASSIFICATION: MOTORCYCLES, BICYCLES & PARTS [3751] IRS NUMBER: 391382325 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09183 FILM NUMBER: 97632663 BUSINESS ADDRESS: STREET 1: 3700 W JUNEAU AVE CITY: MILWAUKEE STATE: WI ZIP: 53208 BUSINESS PHONE: 4143424680 11-K 1 Form 11-K SECURITY AND EXCHANGE COMMISSION Washington, D.C. 20549 [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year end December 31, 1996 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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: Holiday Rambler Employees' Retirement Plan 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 Holiday Rambler Employees' Retirement Plan (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 Holiday Rambler Employees' Retirement Plan Financial Statements and Supplemental Schedules Years ended December 31, 1996 and 1995 Contents 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 . . . . . . . . . . . . . . . . . . . 10-14 Supplemental Schedules Assets Held for Investment . . . . . . . . . . . . . . . . . . . . . 15 Transactions or Series of Transactions in Excess of 5 Percent of the Current Value of Plan Assets . . . . . . . . . . . . 16 Report of Ernst & Young LLP, Independent Auditors Holiday Rambler LLC Employees' Retirement Plan Committee We have audited the accompanying statements of net assets available for plan benefits of Holiday Rambler Employees' Retirement Plan (the Plan) as of December 31, 1996 and 1995, 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, 1996 and 1995, 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 performed 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, 1996, and transactions or series of transactions in excess of 5 percent of the current value of the 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 statements of net assets available for plan benefits and the statements 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 audits 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 9, 1997 Holiday Rambler Employees' Retirement Plan Statement of Net Assets Available for Plan Benefits December 31, 1996
Harley- Diversified Growth Davidson,Inc. Equity MaGic+ Equity Balanced Common Total Fund Fund Fund Fund Stock Fund ASSETS Investments: Investments in securities of unaffiliated issuers, at fair value (Note 3): Common trust funds $10,877,436 $2,365,959 $3,315,908 $1,752,807 $1,691,366 $ 28,821 Investments in securities of affiliated issuers, at fair value (Note 6): Harley-Davidson, Inc. Common Stock 9,838,980 - - - - 9,838,980 Participant Loans 743,482 - - - - - ---------- --------- --------- --------- --------- --------- Total investments 21,459,898 2,365,959 3,315,908 1,752,807 1,691,366 9,867,801 Cash 72,959 12,497 60,462 - - - Employer contribution receivable 726,702 139,609 309,525 83,177 58,790 25,317 Accrued interest and dividends 174,527 719 1,798 505 - 133,435 ---------- --------- --------- --------- --------- --------- Total Assets 22,434,086 2,518,784 3,687,693 1,836,489 1,750,156 10,026,553 LIABILITIES Accounts payable 216,842 62 8,800 13,956 17,868 113,507 ---------- --------- --------- --------- --------- --------- Net assets available for plan benefits $22,217,244 $2,518,722 $3,678,893 $1,822,533 $1,732,288 $9,913,046 ========== ========= ========= ========= ========= ========= Fidelity International Contra Participant Fund Fund Loans ASSETS Investments: Investments in securities of unaffiliated issuers, at fair value (Note 3): Common trust funds $693,815 $1,028,760 $ - Investments in securities of affiliated issuers, at fair value (Note 6): Harley- Davidson, Inc. Common Stock - - - Participant Loans - - 743,482 ---------- ---------- --------- Total investments 693,815 1,028,760 743,482 Cash - - - Employer contribution receivable 42,180 68,104 - Accrued interest and dividends 1,824 - 36,246 ---------- --------- --------- Total Assets 737,819 1,096,864 779,728 LIABILITIES Accounts payable 11,891 6,523 44,235 ---------- --------- --------- Net assets available for plan benefits $725,928 $1,090,341 $735,493 ========= ========= =========
See accompanying notes. Holiday Rambler Employees' Retirement Plan Statement of Net Assets Available for Plan Benefits December 31, 1995
Harley- Diversified Growth Davidson,Inc. Equity MaGic+ Equity Balanced Common Total Fund Fund Fund Fund Stock Fund ASSETS Investments: Investments in securities of unaffiliated issuers, at fair value (Note 3): Common trust funds $22,505,747 $3,752,225 $ 9,999,569 $3,128,175 $2,841,509 $ 118,935 Investments in securities of affiliated issuers, at fair value (Note 6): Harley-Davidson, Inc. Common Stock 14,676,128 - - - - 14,676,128 Participant Loans 2,120,884 - - - - - Investment in insurance company guaranteed investment contracts, at contract value (Note 4) 500,000 - 500,000 - - - ---------- --------- ---------- --------- --------- ---------- Total investments 39,802,759 3,752,225 10,499,569 3,128,175 2,841,509 14,795,063 Cash 14,810 3,117 - 1,890 922 - Employer contribution receivable 1,609,507 154,055 430,302 129,088 109,313 603,724 Accrued interest and dividends 189,255 13 30,036 10 10 158,074 ---------- --------- ---------- --------- --------- ---------- Total Assets 41,616,331 3,909,410 10,959,907 3,259,163 2,951,754 15,556,861 LIABILITIES Accounts payable 84,720 3,116 608 1,890 923 68,200 ---------- --------- ---------- --------- --------- ---------- Net assets available for plan benefits $41,531,611 $3,906,294 $10,959,299 $3,257,273 $2,950,831 $15,488,661 ========== ========= ========== ========= ========= ========== Fidelity International Contra Participant Fund Fund Loans ASSETS Investments: Investments in securities of unaffiliated issuers, at fair value (Note 3): Common trust funds $1,292,083 $1,373,251 $ - Investments in securities of affiliated issuers, at fair value (Note 6): Harley-Davidson, Inc. Common Stock - - - Participant Loans - - 2,120,884 Investment in insurance company guaranteed investment contracts, at contract value (Note 4) - - - ---------- --------- --------- Total investments 1,292,083 1,373,251 2,120,884 Cash - 1,743 7,138 Employer contribution receivable 101,939 81,086 - Accrued interest and dividends 1,108 4 - ---------- --------- ---------- Total Assets 1,395,130 1,456,084 2,128,022 LIABILITIES Accounts payable 1,102 1,743 7,138 ---------- --------- ---------- Net assets available for plan benefits $1,394,028 $1,454,341 $2,120,884 ========== ========= ==========
See accompanying notes. Holiday Rambler Employees' Retirement Plan Statement of Changes in Net Assets Available for Plan Benefits Year Ended December 31, 1996
Harley- Diversified Growth Davidson, Inc. Equity MaGic+ Equity Balanced Common Total Fund Fund Fund Fund Stock Fund Additions: Investment income: Net appreciation in fair value of investments (Note 3): $ 8,515,331 $ 525,981 $ 293,672 $ 365,708 $ 162,928 $ 6,914,413 Interest and dividends 340,111 37,739 60,091 17,551 75,521 66,095 ---------- --------- --------- --------- --------- ---------- Net investment income 8,855,442 563,720 353,763 383,259 238,449 6,980,508 Contributions: Employer 727,249 139,609 309,525 83,396 59,118 25,317 Participants 1,832,337 209,577 426,540 168,691 127,302 653,133 ---------- --------- --------- ---------- ---------- ---------- 2,559,586 349,186 736,065 252,087 186,420 678,450 ---------- --------- --------- ---------- ---------- ---------- Total additions 11,415,028 912,906 1,089,828 635,346 424,869 7,658,958 Deductions: Benefit and withdrawal payments (30,693,741) (2,578,811) (8,406,820) (1,970,557) (1,750,544) (12,680,903) Administrative expenses (35,654) (935) (2,446) (755) (796) (30,055) Net transfers in (out) - 279,268 39,032 (98,774) 107,928 (523,615) ---------- --------- --------- ---------- ---------- ---------- Total deductions (30,729,395) (2,300,478) (8,370,234) (2,070,086) (1,643,412) (13,234,573) ---------- --------- --------- ---------- ---------- ---------- Net increase (decrease) (19,314,367) (1,387,572) (7,280,406) (1,434,740) (1,218,543) (5,575,615) Net assets available for plan benefits at beginning of year 41,531,611 3,906,294 10,959,299 3,257,273 2,950,831 15,488,661 ---------- --------- --------- ---------- ---------- ---------- Net assets available for plan benefits at end of year $22,217,244 $2,518,722 $3,678,893 $1,822,533 $1,732,288 $9,913,046 ========== ========== ========= ========== ========== ========== Fidelity International Contra Participant Fund Fund Loans Additions: Investment income: Net appreciation in fair value of investments (Note 3): $ 51,308 $ 201,321 $ - Interest and dividends 2,390 (583) 81,307 -------- -------- -------- Net investment income 53,698 200,738 81,307 Contributions: Employer 42,180 68,104 - Participants 120,287 126,807 - -------- -------- -------- 162,467 194,911 - -------- -------- -------- Total additions 216,165 395,649 81,307 Deductions: Benefit and withdrawal payments (733,304) (1,049,748) (1,523,054) Administrative expenses (300) (367) - Net transfers in (out) (150,661) 290,466 56,356 -------- -------- --------- Total deductions (884,265) (759,649) (1,466,698) -------- -------- --------- Net increase (decrease) (668,100) (364,000) (1,385,391) Net assets available for plan benefits at beginning of year 1,394,028 1,454,341 2,120,884 --------- --------- --------- Net assets available for plan benefits at end of year $725,928 $1,090,341 $735,493 ========= ========== =========
See accompanying notes. Holiday Rambler Employees' Retirement Plan Statement of Changes in Net Assets Available for Plan Benefits Year Ended December 31, 1995
Harley- Diversified Growth Davidson, Inc. Equity MaGic+ Equity Balanced Common Total Fund Fund Fund Fund Stock Fund Additions: Investment income: Net appreciation in fair value of investments (Note 3): $2,956,479 $ 751,879 $ 605,053 $ 583,978 $ 433,686 $ 476,560 Interest and dividends 517,857 78,561 57,681 43,875 93,242 84,821 --------- --------- --------- --------- --------- ---------- Net investment income 3,474,336 830,440 662,734 627,853 526,928 561,381 Contributions: Employer 1,609,507 154,055 430,302 129,088 109,313 603,724 Participants 4,167,948 429,506 962,512 410,196 263,167 1,584,573 --------- --------- --------- --------- --------- ---------- 5,777,455 583,561 1,392,814 539,284 372,480 2,188,297 --------- --------- --------- --------- --------- ---------- Total additions 9,251,791 1,414,001 2,055,548 1,167,137 899,408 2,749,678 Deductions: Benefit and withdrawal payments (2,077,282) (148,641) (870,536) (124,866) (88,275) (656,572) Administrative expenses (113,920) (14,867) (34,800) (13,720) (8,492) (35,787) Net transfers in (out) - 347,774 (66,377) (211,364) 294,254 (1,039,336) ---------- --------- --------- --------- --------- ---------- Total deductions (2,191,202) 184,266 (971,713) (349,950) 197,487 (1,731,695) ---------- --------- --------- --------- --------- ---------- Net increase (decrease) 7,060,589 1,598,267 1,083,835 817,187 1,096,895 1,017,983 Net assets available for plan benefits at beginning of year 34,471,022 2,308,027 9,875,464 2,440,086 1,853,936 14,470,678 ----------- --------- --------- --------- --------- ---------- Net assets available for plan benefits at end of year $41,531,611 $3,906,294 $10,959,299 $3,257,273 $2,950,831 $15,488,661 =========== ========== =========== ========== ========== ========== Fidelity International Contra Participant Fund Fund Loans Additions: Investment income: Net appreciation in fair value of investments (Note 3): $ 69,765 $ 35,558 $ - Interest and dividends 751 4 158,922 --------- --------- --------- Net investment income 70,516 35,562 158,922 Contributions: Employer 101,939 81,086 - Participants 344,882 173,112 - --------- ---------- ---------- 446,821 254,198 - --------- ---------- ---------- Total additions 517,337 289,760 158,922 Deductions: Benefit and withdrawal payments (70,578) (36) (117,778) Administrative expenses (5,235) (1,019) - Net transfers in (out) (747,481) 1,165,636 256,894 --------- ---------- --------- Total deductions (823,294) 1,164,581 139,116 --------- ---------- --------- Net increase (decrease) (305,957) 1,454,341 298,038 Net assets available for plan benefits at beginning of year 1,699,985 - 1,822,846 --------- --------- --------- Net assets available for plan benefits at end of year $1,394,028 $1,454,341 $2,120,884 ========= ========= =========
See accompanying notes. Holiday Rambler Employees' Retirement Plan Notes to Financial Statements December 31, 1996 1. Plan Description General The Holiday Rambler Employees' Retirement Plan (the "Plan") is a contributory defined contribution plan that covers substantially all employees of Holiday Rambler LLC (the "Company"), which was a wholly owned subsidiary of Harley Davidson, Inc. During 1996, Harley-Davidson, Inc. sold substantially all of the assets and related operations of Holiday Rambler LLC (the "Holiday Rambler disposition"). All participants whose employment was terminated as a result of the Holiday Rambler disposition, became 100% vested in the balance of their account attributable to the Company's contributions. At December 31, 1996, some former Holiday Rambler LLC employees are still in the process of transferring their account balances to the Plan(s) of their current employers. Participants should refer to the Plan Agreement or Summary Plan Description booklet for a complete description of the Plan. Company and Participant Contributions Participants may elect to have up to 16%, up to a limit of $9,500 in 1996, of their compensation contributed to the Plan on a tax-deferred basis under Section 401(k) of the Internal Revenue Code. These contributions are excluded from the participant's current wages for federal income tax purposes. No federal income tax is paid on the tax-deferred contributions and earnings thereon until they are withdrawn from the Plan by the participant. Matching Company contributions are made equal to 100% of the participant deferral contributions up to 3% of participant compensation, net of forfeitures, provided the Company is not in a negative retained earnings position. In the event the Company has negative retained earnings, the Company, at its discretion, may make a matching employer contribution in such amounts as the Company shall determine. The Company, at its discretion, also may make matching contributions in excess of 3% of participant compensation for any plan year in which the Company has net income. There were no discretionary Company contributions made in 1996 or 1995. Participant Accounts Each participant's account is credited with the participant's contribution, the related Company contribution and earnings thereon. The account is charged for benefit payments and administrative expenses. Forfeitures of terminated participants' nonvested accounts revert to the Company to be used to reduce future contributions. Funds in a participant's account can be directed by the participant in any one or combination of the following funds: MaGic+Fund, Diversified Equity Fund, Growth Equity Fund, Balanced Fund, Fidelity Contra Fund, International Fund, and Harley-Davidson, Inc. Common Stock Fund. Vesting Participants eligible to participate prior to January 1, 1991, are vested 100% in the balance of their account attributable to Company contributions. Participants eligible to participate on or after January 1, 1991, vest 20% per year of service in the balance of their account attributable to Company contributions. Participants are always 100% vested in the balance of their account attributable to their contributions. All participants whose employment was terminated as a result of the Holiday Rambler disposition, became 100% vested in the balance of their account attributable to Company's contributions. Benefit Payments and Withdrawals Upon normal retirement at or after age 65; death or disability, if earlier; or termination of employment (regarding vested benefits), the balance in the participant's account is paid to the participant or the participant's beneficiary either in a lump sum, in installments over a fixed period, or by transfer to another qualified plan. Withdrawals are also permitted for financial hardship. Eligible employees may take out a loan to the lesser of $50,000 or 50% of their vested benefits. Any such loan shall be repaid, with interest, over a period not to exceed five years unless the loan is used to purchase a principal residence. Administrative Expenses The Plan pays for substantially all of the Plan's administrative expenses. Expenses not paid by the Plan are paid by the Company. Income Tax Status The Internal Revenue Service informed the Company on May 1, 1995, that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the "Code"). As such, the Plan and related trust are exempt from federal income taxes under the provisions of Section 501(a) of the Code. The Company 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 Plan is intended to satisfy the requirements under Section 404(c) of the Employer Retirement Income Security Act of 1974, and therefore, provides that participants may choose to direct their contributions and/or all or part of their account balances among any of the Plan's seven investment alternatives every day. 2. Summary of Significant Accounting Policies Investments Investments in common trust funds are valued at fair value, determined by using the quoted redemption prices reported by the issuer on the last business day of the year. The Plan's investment in Harley-Davidson, Inc. common stock is valued at fair value by using its quoted market price reported on the last business day of the year. Participant loans are valued at their unpaid principal balance, which approximates fair value. Insurance company guaranteed investment contracts are valued at contract value as reported by the insurance company. Contract value represents contributions made under the contract, plus interest at the contract rate, less funds used to pay benefits and expenses. Contributions Participant contributions are recorded in the period the participant incurs the salary reduction. Company contributions are accrued in the period in which they become obligations of the Company in accordance with terms of the Plan. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. 3. Investments The Plan's investments, except for its unallocated insurance contracts (see Note 4), are held by Society National Bank, Indiana (the "Trustee") and Society Trust Company, N.A. under a trust agreement effective October 21, 1985. During 1995 and 1994, investments held by the Plan (including investments bought, sold, as well as held during the year) appreciated in fair value as follows: Net Appreciation in Fair Value Year ended December 31 1996 1995 Common trust funds $1,600,918 $2,479,919 Harley-Davidson, Inc. common stock 6,914,413 476,560 ---------- ---------- $8,515,331 $2,956,479 ========== ========== The fair value of individual investments that represent 5% or more of the Plan's net assets are as follows: December 31 1996 1995 Common Trust Funds: MaGic+ Fund $ 3,315,908 $ 9,999,569 Victory Value Fund 2,365,959 3,752,225 Victory International Growth Fund 693,815 1,292,083 American Balanced Fund 1,691,366 2,841,509 Victory Special Value Fund 1,752,807 3,128,175 Fidelity ContraFund 1,028,760 1,373,251 Harley-Davidson, Inc. Common Stock 9,838,980 14,676,128 4. Insurance Company Contracts The contract values of insurance company contracts owned by the Plan are summarized as follows: December 31 1996 1995 Guaranteed investment contracts: John Alden Life, due May 16, 1996, 9.38% $ - $500,000 ======== ======== The guaranteed investment contracts are subject to restrictions on early withdrawal that include varying early withdrawal penalties. The estimated fair value of that contract approximates its contract value. The average yields on the insurance company investment contracts were the same as their crediting rates shown above. 5. Plan Termination The Company is considering merging the Plan with a Harley-Davidson, Inc. retirement plan; however, no timetable has been established for the merger or termination of the Plan. All participants whose employment was terminated as a result of the Holiday Rambler disposition, became 100% vested in the balance of their account attributable to the Company's contributions. 6. Transactions with Parties-In-Interest The following Harley-Davidson, Inc. common stock transactions occurred during the years ended December 31, 1996 and 1995: 1996 1995 Shares held at beginning of year 510,474 495,587 Shares purchased 81,014 132,149 Shares sold (382,285) (111,370) Distributions and other 137 (5,892) -------- -------- Shares held at end of year 209,340 510,474 ======== ======== All purchase and sale transactions were executed at market value on the transaction dates. The Plan received dividends of $60,447 on Harley- Davidson, Inc. common stock in 1996 and $95,082 in 1995. 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. Holiday Rambler Employees' Retirement Plan Date: June 27, 1997 By: /S/ James L. Ziemer James L. Ziemer Vice President SUPPLEMENTAL SCHEDULES Holiday Rambler Employees' Retirement Plan Assets Held for Investment December 31, 1996 Current Description Shares Cost Value Unaffiliated issuers: Common trust funds: Victory Value Fund 166,149 $ 1,897,089 $ 2,365,959 MaGic+ Fund 289,695 3,100,074 3,315,908 American Balanced Fund 116,245 1,584,285 1,691,366 Victory International Growth Fund 53,247 651,938 693,815 Victory Money Market Fund 28,821 28,821 28,821 Victory Special Value Fund 127,015 1,447,869 1,752,807 Fidelity ContraFund 84,165 887,796 1,028,760 --------- ---------- 9,597,872 10,877,436 Affiliated issuer: Harley-Davidson, Inc. Common Stock 209,340 5,023,901 9,838,980 Participant loans - 743,482 ---------- ---------- Total Investments $14,621,773 $21,459,898 ========== ========== Holiday Rambler Employees' Retirement Plan Transactions or Series of Transactions in Excess of 5 Percent of the Current Value of Plan assets Year ended December 31, 1996
Number of Number of Cost of Proceeds Purchase Sales Purchases From Sales Cost of Gain Transaction Description Transactions Transactions During the Year During the Year Sales* On Disposals* Category(iii)-- Series of transactions: Money Market Fund 276 281 $11,404,204 $11,427,287 $11,427,287 $ - Victory Value Fund 86 68 999,805 2,809,702 2,310,338 499,364 Discretionary Victory Special Value Fund Discretionary 75 73 811,239 2,325,779 1,919,040 406,739 American Balanced Fund 76 66 631,636 1,944,706 1,850,128 94,578 Prism - Magic Fund 74 88 1,664,879 8,642,212 8,328,492 313,720 Fidelity ContraFund 77 54 928,495 1,465,044 1,387,891 77,153 Harley-Davidson, Inc. Common Stock 133 156 3,039,040 3,414,178 1,901,670 1,512,508 There were no Category (i), (ii) or (iv) reportable transactions during 1996. *Based on historical cost
EXHIBIT INDEX Exhibit No. Description 23 Consent of Independent Auditors EX-23 2 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 Holiday Rambler Employees' Retirement Plan (the Plan) of our report dated May 9, 1997, 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, 1996. ERNST & YOUNG LLP Milwaukee, Wisconsin June 27, 1997 -----END PRIVACY-ENHANCED MESSAGE-----