Harley-Davidson Master Trust Fund

No. The trust is a single-sponsor defined-benefit pension plan exclusively for Harley-Davidson's eligible U.S. employees and retirees. It does not manage outside assets, accept third-party capital, or participate in pooled investment vehicles alongside other institutional investors in a co-investor capacity.

The salaried plan was closed to new hires in 2010 and frozen to all future benefit accruals in February 2023. The hourly plan covering union-represented workers remains subject to collective bargaining agreements, but no new hourly participants outside those agreements enter the trust. Current employees receive retirement benefits through the company's 401(k) plan.

Harley-Davidson does not publicly disclose the full membership of its Retirement Plans Committee. Governance filings indicate oversight by senior officers, typically including the CFO, treasurer, and human-resources leadership, with ultimate fiduciary responsibility resting with the board-appointed committee and the CEO.

Harley-Davidson reported $200 million in voluntary contributions to the Master Trust in 2023 as part of a de-risking effort following the pension freeze. Precise funded ratios are disclosed annually in the company's 10-K; the company has not publicly stated a target termination date or indicated plans for an annuity buyout.

The trust's assets are managed independently from the operating company. While the plan's trust agreement permits company stock holdings within limits, there is no public indication that the Master Trust allocates meaningfully to Harley-Davidson shares or motorcycle-industry private investments. The portfolio is structured to meet ERISA diversification requirements.