In my 2007 HD Dyna manual on 1-32 (right side of page)
It states:
3. Verify rear wheel alignment. ......
WARNING Check wheel bearing play .....
....
4.Tighten axle nut to 92-98 ft-lbs
5.Check to see if the retaining ring can be installed.
If required tighten nut just enough to align axle
hole and nut slots, but do not exceed 65 ft-lbs.

That last part, no matter how I try to read it just blows my mind. How (if I have already torqued the nuts to 92 ft-lbs) can I tighten them any more without exceeding 65 ft-lbs ??

 

In my 08 manual it just says install retaining clip

 

Well that is not quite as bad, leaving you only to figure on your own that you may need to torque the nut a bit more to get the holes to line up.
But I cannot figure how I would tighten it and torque it less at the same time as the 2007 says.

 

I would follow steps 1-5 and ignore the "If required" statement.

 

Sounds like its a procedure for a cotter pin. My 07 Dyna has a retaining ring but it can snap in the groove even before the nut is tightened. There are no "nut slots" or hole in the axle to align.

Maybe a left over from the older manuals?

 

This parts diagram for a 2007 laced wheel Dyna model shows a clip (#14 in image below):



IMO the axle hole and nut slots text refers to Dyna models (like my FXD 2003) which need a split pin (#1 in image below) to secure the nut (#5 in image below):


So +1 on this:

 

Thanks guys for all the excellent input. My bike (07 Street Bob) has a retaining ring which like the above reply post goes in the hole well before the nut tightens as I found out today.
It appears the 07 HD manual (though it covered other model scenario's) just dropped the ball on the FXDB in this area.
In fairness to HD in many places it does deliniate between the various models but not on this one.