**UNITEDSTATES**

**SECURITIESAND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 

**FORM 10-K**

 

**(MarkOne)**

ý**                                    ANNUALREPORT PURSUANT TO SECTION 13 OR 15(D) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**For thefiscal year ended December 31, 2005**

 

o**                                    TRANSITIONREPORT PURSUANT TO SECTION 13 OR 15(D) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from                   to           .**

 

**Commission file number:  333-98975-04**

 

**HARLEY-DAVIDSONMOTORCYCLE TRUST 2005-1**

**(Harley-DavidsonCustomer Funding Corp)**

(Exact name of registrant as specified in itscharter)

 
| **Delaware**                                                    | ** ** | ** ** | ** ** | **20**-**6422275**                   |
|-----------------------------------------------------------------|------------|------------|------------|--------------------------------------|
| (State or other jurisdiction of incorporation or  organization) |       |       |       | (I.R.S. Employer Identification No.) |

 

 

**Rodney Square North**

**1100 North Market Street**

**Wilmington,Delaware    19890-0001**

(Addressof principal executive offices) (zip code)

 

Registrant’s telephone number, including area code:   **(302) 651-1000**

 

Securitiesregistered pursuant to Section 12(b) of the Act: None.

 

Securities registered pursuant to section 12(g) of the Act:  None.

 

Indicate by checkmark if the registrant is awell-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yeso  No ý

 

Indicate by checkmark if the registrant isnot required to file reports pursuant to Section 13 or 15(d) of the Act.

Yeso  No ý

 

Indicateby check mark whether the registrant (1) has filed all reports required to befiled by section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to uch filingrequirements for the past 90 days.                                                                               Yesý  No o

 

Indicate by check mark if disclosure of delinquentfilers pursuant to Item 405 of Regulation S-K is not contained herein, and willnot be contained, to the best of registrant’s knowledge, in definitive proxy orinformation statements incorporated by reference in Part III of this Form 10-Kor any amendment to this Form 10-K    ý

 

Indicate by check markwhether the registrant is a large accelerated filer, an accelerated filer, or anon-accelerated filer.   See definition of “accelerated filer and large accelerated filer”in Rule 12b-2 of the Exchange Act.

 
|   | Large accelerated filer |   | o |   | Accelerated filer o |   | Non-accelerated filer |   | ý |
|--------|-------------------------|--------|---|--------|---------------------|--------|-----------------------|--------|--------|

 

Indicate by check mark whether the registrantis a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yeso  No ý

 

 

 

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**PART I**

 
| **ITEM 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 inaggregate principal amount of asset-backed notes (the “Notes”).  Certain information otherwise required to beincluded in this Report by the Instructions to Form 10-K has been omitted inreliance on the letter relief granted by the staff of the SEC to othercompanies in similar circumstances.

 
| **ITEM 1A.** | ** ** | **RISK FACTORS** |
|--------------|------------|------------------|

 

Not applicable.

 
| **ITEM 1B.** | ** ** | **UNRESOLVED STAFF COMMENTS** |
|--------------|------------|-------------------------------|

 

None.

 
| **ITEM 2.** | ** ** | **PROPERTIES** |
|-------------|------------|----------------|

 

The assets of the Trust primarily include apool of conditional sales contracts and promissory notes and securityagreements 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** |
|--------------|------------|----------------------------------------------------------|

 

Therewere no matters submitted to a vote of the Trust’s security holders during thefourth quarter of 2005.

** **

**PART II**

** **
| **ITEM 5.** | ** ** | **MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED  STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES** |
|-------------|------------|------------------------------------------------------------------------------------------------------------------------|

 

There were less than 300 participants pertrust in the DTC system holding positions in the Cede Certificates as ofDecember 31, 2005.  The following werenoteholders 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.

 
| **ITEM 7** | ** ** | **MANAGEMENT’S DISCUSSION AND  ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** |
|------------|------------|-------------------------------------------------------------------------------------------------|

 

 

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Not applicable.

 
| **ITEM  7A.** | ** ** | **QUANTITATIVE  AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK** |
|---------------|------------|-----------------------------------------------------------------|

 

Not applicable.

 
| **ITEM 8.** | ** ** | **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 disagreementswith Accountants on Accounting and Financial Disclosures.

 
| **ITEM  9A.** | ** ** | **CONTROLS  AND PROCEDURES** |
|---------------|------------|------------------------------|

 

Notapplicable.

 
| **ITEM  9B.** | ** ** | **OTHER  INFORMATION** |
|---------------|------------|------------------------|

 

Notapplicable.

 

**PART III**

 
| **ITEM  10.** | ** ** | **DIRECTORS  AND EXECUTIVE OFFICERS OF THE COMPANY** |
|---------------|------------|------------------------------------------------------|

 

Notapplicable.

 
| **ITEM 11.** | ** ** | **EXECUTIVE  COMPENSATION** |
|--------------|------------|-----------------------------|

 

Notapplicable.

 
| **ITEM 12.** | ** ** | **SECURITY  OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT** |
|--------------|------------|---------------------------------------------------------------------|

 

The Notes are represented by one or more notesregistered in the name of Cede & Co., the nominee of The Depository TrustCompany.  An investor holding Notes isnot entitled to receive a certificate representing such Notes, except inlimited 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 theirown accounts or for the accounts of their customers.  The address of Cede & Co. is:

Cede & Co.

c/o The DepositoryTrust Company

SevenHanover Square

NewYork, New York 10004

 
| **ITEM  13.** | ** ** | **CERTAIN  RELATIONSHIPS AND RELATED TRANSACTIONS** |
|---------------|------------|-----------------------------------------------------|

 

Nothingto report.

 
| **ITEM  14.** | ** ** | **PRINCIPAL  ACCOUNTING FEES AND SERVICES** |
|---------------|------------|---------------------------------------------|

 

Notapplicable.

 

 

 

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**PART IV**

 
| **ITEM 15.** | ** ** | **EXHIBITS, FINANCIAL STATEMENT SCHEDULE** |
|--------------|------------|--------------------------------------------|

 

(a)                                  The following documents arefiled as part of this Form 10-K.

 

                        1.             Not applicable.

 

2.                                       Not applicable.

 

3.                                       Exhibits

31.1 Certification Pursuantto Section 302(A) of the Sarbanes-Oxley Act of 2002.

99.1  Annual Servicer Statement.

99.2  Management’s Report onInternal Control Over the Servicing and Preparation of Monthly Servicer’sCertificates.

99.3  Report of Independent Accountants.

 

(b)                                 The Registrant has filedCurrent Reports on Form 8-K with the Securities and Exchange Commission datedMarch 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.

 

 

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**SIGNATURES**

 

Pursuant to therequirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, theregistrant has duly caused this report to be signed on its behalf by theundersigned, thereunto duly authorized.

 

HARLEY-DAVIDSONMOTORCYCLE TRUST 2005-1

 
| By:    | Harley-Davidson  Credit Corp., |   |
|--------|--------------------------------|--------|
|   | as Administrator               |   |
|   |                           |
| By:    | /s/ Perry A. Glassgow          |
|   | Perry A. Glassgow              |
|   | Vice President and Treasurer   |

 

 

 

March30, 2006

 

 

 

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**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.                                                                                        |

 

 

 

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