Harley-Davidson Motorcycle Trust 2005-1
BUSINESS        This Annual Report on Form 10-K (the “Report”) is filed with respect to Harley-Davidson Motorcycle Trust 2005-1 (the “Trust”).  In 2005, the Trust issued $730,000,000.00 in aggregate principal amount of asset-backed notes (the “Notes”).  Certain information otherwise required to be included in this Report by the Instructions to Form 10-K has been omitted in reliance on the letter relief granted by the staff of the SEC to other companies in similar circumstances.
RISK FACTORS      Not applicable.
UNRESOLVED STAFF COMMENTS      None.
PROPERTIES      The assets of the Trust primarily include a pool of conditional sales contracts and promissory notes and security agreements secured by new or used motorcycles.      ITEM   3.       LEGAL   PROCEEDINGS      There were no legal proceedings.      ITEM   4.       SUBMISSION   OF MATTERS TO A VOTE OF SECURITY HOLDERS      There were no matters submitted to a vote of the Trust’s security holders during the fourth quarter of 2005.   PART II
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED   STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES      There were less than 300 participants per trust in the DTC system holding positions in the Cede Certificates as of December 31, 2005.  The following were noteholders of record as of the end of the reporting year:          Series 2005-1 Class A-1       Cede & Co.         Series 2005-1 Class A-2       Cede & Co.         Series 2005-1 Class B       Cede & Co.        There is no established public trading market for the Notes.      ITEM   6.       SELECTED   FINANCIAL DATA        Not applicable.
MANAGEMENT’S DISCUSSION AND   ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS               Not applicable.     ITEM   7A.       QUANTITATIVE   AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK     Not applicable.
FINANCIAL STATEMENTS AND   SUPPLEMENTARY DATA      Not applicable.      ITEM   9.       CHANGES   IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE      There were no changes in and/or disagreements with Accountants on Accounting and Financial Disclosures.      ITEM   9A.       CONTROLS   AND PROCEDURES      Not applicable.      ITEM   9B.       OTHER   INFORMATION      Not applicable.   PART III      ITEM   10.       DIRECTORS   AND EXECUTIVE OFFICERS OF THE COMPANY      Not applicable.
EXECUTIVE   COMPENSATION      Not applicable.
SECURITY   OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT      The Notes are represented by one or more notes registered in the name of Cede & Co., the nominee of The Depository Trust Company.  An investor holding Notes is not entitled to receive a certificate representing such Notes, except in limited circumstances.  Accordingly, Cede & Co. is the sole holder of Notes, which it holds on behalf of brokers, dealers, banks and other participants in the DTC system.  Such participants may hold Notes for their own accounts or for the accounts of their customers.  The address of Cede & Co. is: Cede & Co. c/o The Depository Trust Company Seven Hanover Square New York, New York 10004      ITEM   13.       CERTAIN   RELATIONSHIPS AND RELATED TRANSACTIONS      Nothing to report.      ITEM   14.       PRINCIPAL   ACCOUNTING FEES AND SERVICES      Not applicable.              PART IV
EXHIBITS, FINANCIAL STATEMENT SCHEDULE      (a)                                  The following documents are filed as part of this Form 10-K.                           1.             Not applicable.   2.                                       Not applicable.   3.                                       Exhibits 31.1 Certification Pursuant to Section 302(A) of the Sarbanes-Oxley Act of 2002. 99.1  Annual Servicer Statement. 99.2  Management’s Report on Internal Control Over the Servicing and Preparation of Monthly Servicer’s Certificates. 99.3  Report of Independent Accountants.   (b)                                 The Registrant has filed Current Reports on Form 8-K with the Securities and Exchange Commission dated March 15, 2005, April 15, 2005, May 16, 2005, June 15, 2005, July 15, 2005, August 15, 2005, September 15, 2005, October 17, 2005, November 15, 2005, December 15, 2005, and January 17, 2006.   (c)                                  Not applicable.            SIGNATURES   Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.   HARLEY-DAVIDSON MOTORCYCLE TRUST 2005-1      By:      Harley-Davidson   Credit Corp.,           as Administrator                 By:   /s/ Perry A. Glassgow         Perry A. Glassgow         Vice President and Treasurer          March 30, 2006              Index to Exhibits      Exhibit Number       Exhibit     31.1       Certification Pursuant to Section 302(A) of the   Sarbanes-Oxley Act of 2002.     99.1       Annual   Servicer Statement.     99.2       Management’s   Report on Internal Control Over the Servicing and Preparation of Monthly   Servicer’s Certificates.     99.3       Report   of Independent Accountants.                    EX-31.1 2 a06-2140_1ex31d1.htm 302 CERTIFICATION       EXHIBIT 31.1                     CERTIFICATION PURSUANT TO SECTION 302(A) OF THE SARBANES-OXLEY ACT OF 2002       I, Perry Glassgow, certify that:   1. I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of Harley-Davidson Motorcycle Trust 2005-1;   2. Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report;   3. Based on my knowledge, the distribution of servicing information required to be provided to the trustee by the servicer under the sale and servicing agreement is included in these reports;   4. I am responsible for reviewing the activities performed by the servicer under the sale and servicing agreement and based upon my knowledge and the annual compliance review required under the sale and servicing agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under the sale and servicing agreement; and   5. The reports disclose all significant deficiencies relating to the servicer’s compliance with the minimum servicing standards based upon the report provided by an independent accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the sale and servicing agreement that is included in these reports.        By:   /s/ Perry A. Glassgow         Perry A. Glassgow         Vice President and Treasurer          March 30, 2006                   EX-99.1 3 a06-2140_1ex99d1.htm EXHIBIT 99       Exhibit 99.1   Harley-Davidson Motorcycle Trust 2005-1 Annual Servicer Statement As of December 31, 2005                    A-1   Notes       A-1   Notes       A-2   Notes       A-2   Notes       B Notes       B Notes       Ending       Servicer       Trustee                 Distribution       Monthly       Monthly       Monthly       Monthly       Monthly       Monthly       Principal       Fees       Fees                 Date       Principal   **       Interest-3.28%       Principal       Interest-3.76%       Principal   **       Interest-3.66%       Balance       1.00%       0.00185%       Shortfalls                                                                                                   January-05       $   —       $   —       $   —       $   —       $   —       $   —       $   —       $   —       $   —       $   —         February-05       —       —       —       —       —       —       —       —       —       —         March-05       14,677,884.50       1,473,175.56       —       963,019.56       936,886.24       164,761.00       714,385,229.26       403,392.39       1,125.42       —         April-05       17,811,893.66       1,154,347.12       —       780,826.67       1,136,929.38       130,732.50       695,436,406.22       390,380.08       1,101.34       —         May-05       20,768,620.94       1,105,661.27       —       780,826.67       1,325,656.66       127,264.86       673,342,128.62       579,530.34       1,072.13       —         June-05       19,319,254.28       1,048,893.71       —       780,826.67       1,233,143.89       123,221.61       652,789,730.45       561,118.44       1,038.07       —         July-05       18,498,645.95       996,087.75       —       780,826.67       1,180,764.64       119,460.52       633,110,319.86       543,991.44       1,006.38       —         August-05       18,665,869.09       945,524.78       —       780,826.67       1,191,438.45       115,859.19       613,253,012.32       527,591.93       976.05       —         September-05       20,474,684.48       894,504.74       —       780,826.67       1,306,894.75       112,225.30       591,471,433.09       511,044.18       945.43       —         October-05       18,639,856.66       838,540.60       —       780,826.67       1,189,778.08       108,239.27       571,641,798.35       492,892.86       911.85       —         November-05       18,493,204.19       787,591.66       —       780,826.67       1,180,417.29       104,610.45       551,968,176.87       476,368.17       881.28       —         December-05       16,807,002.87       737,043.57       —       780,826.67       1,072,787.42       101,010.18       534,088,386.58       459,973.48       850.95       —                                                                                                   Totals       $   184,156,916.62       $   9,981,370.76       $   —       $   7,990,459.59       $   11,754,696.80       $   1,207,384.88               $   4,946,283.31       $   9,908.90       $   —                                              ** Principal payments are allocated 94.0% to the Class A notes and 6.0% to the Class B notes.               EX-99.2 4 a06-2140_1ex99d2.htm EXHIBIT 99         Exhibit 99.2   Management’s Report on Internal Control Over the Servicing and Preparation of Monthly Servicer’s Certificates       January 13, 2006     The management of Harley-Davidson Credit Corp. (the “Company”) is responsible for establishing and maintaining effective internal control over the servicing requirements identified in Article V, and the reporting requirements identified in Article IX of the Sale and Servicing Agreement (the “Servicing Agreement”), dated as of February 1, 2005 between Harley-Davidson Motorcycle Trust 2005-1, as Issuer, Harley-Davidson Customer Funding Corp., as Trust Depositor, Harley-Davidson Credit Corp., as Servicer and BNY Midwest Trust Company as Indenture Trustee for the year ended December 31, 2005.  Under the supervision and with the participation of our management, we conducted an evaluation of the effectiveness of our internal control over the servicing of motorcycle loan contracts in accordance with Article V of the Servicing Agreement (the “servicing requirements”) and the preparation of monthly Servicer’s Certificates in accordance with Article IX of the Servicing Agreement (the “reporting requirements”) based on the framework in “Internal Control-Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission.  Based on our evaluation under the framework in Internal Control-Integrated Framework, our management concluded that our internal control over the servicing requirements and reporting requirements was effective as of December 31, 2005.  Our management’s assessment of the effectiveness of our internal control over the servicing requirements and reporting requirements as of December 31, 2005 has been examined by Ernst & Young LLP, as stated in their report which is included herein.     Perry A. Glassgow Vice President and Treasurer Harley-Davidson Credit Corp.                 EX-99.3 5 a06-2140_1ex99d3.htm EXHIBIT 99         Exhibit 99.3   Report of Independent Registered Public Accounting Firm on Internal Control Over the Servicing and Preparation of Monthly Servicer’s Certificates     Board of Directors Harley-Davidson Credit Corp.   We have examined management’s assertion, included in the accompanying “Management’s Report on Internal Control Over the Servicing and Preparation of Monthly Servicer’s Certificates” that Harley-Davidson Credit Corp. maintained effective internal control over the servicing requirements identified in Article V, and the reporting requirements identified in Article IX of the Sale and Servicing Agreement (the “Servicing Agreement”), dated as of February 1, 2005 between Harley-Davidson Motorcycle Trust 2005-1, as Issuer, Harley-Davidson Customer Funding Corp., as Trust Depositor, Harley-Davidson Credit Corp., as Servicer and BNY Midwest Trust Company as Indenture Trustee for the year ended December 31, 2005, based on criteria established in “Internal Control-Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission.  Harley-Davidson Credit Corp.’s management is responsible for maintaining effective internal control over the servicing requirements and the reporting requirements identified in the Servicing Agreement.  Our responsibility is to express an opinion on management’s assertion based on our examination.   Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included obtaining an understanding of the internal control over the servicing requirements and reporting requirements identified in the Servicing Agreement, testing and evaluating the design and operating effectiveness of the internal control, and performing such other procedures as we considered necessary in the circumstances.  We believe that our examination provides a reasonable basis for our opinion.   Because of inherent limitations in any internal control, misstatements due to error or fraud may occur and not be detected.  Also, projections of any evaluation of the internal control over the servicing requirements and reporting requirements identified in the Servicing Agreement relative to future periods are subject to the risk that the internal controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.   In our opinion, management’s assertion that the management of Harley-Davidson Credit Corp. maintained effective internal control over the servicing requirement and reporting requirements of the Servicing Agreement as of December 31, 2005 is fairly stated, in all material respects, based on criteria established in “Internal Control-Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission.                                     /s/ ERNST & YOUNG LLP   January 13, 2006                 -----END PRIVACY-ENHANCED MESSAGE-----