Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Dougherty Michael D.
 2. Date of Event Requiring Statement (Month/Day/Year)
11/12/2007		 3. Issuer Name and Ticker or Trading Symbol
POLARIS INDUSTRIES INC/MN [PII]
(Last)
(First)
(Middle)
2100 HIGHWAY 55		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
V.P. & GM, ATV Division
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

MEDINA, MN 55340		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 2,395
I
By ESOP
Common Stock 15,350
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Options (Right to Buy) 03/06/2001 03/06/2008 Common Stock 760 $ 16.875 D  
Employee Stock Options (Right to Buy) 03/08/2002 04/01/2009 Common Stock 200 $ 15.7813 D  
Employee Stock Options (Right to Buy) 04/01/2002 04/01/2009 Common Stock 1,000 $ 15.7813 D  
Employee Stock Options (Right to Buy) 04/03/2003 04/03/2010 Common Stock 2,600 $ 14.7188 D  
Employee Stock Options (Right to Buy) 07/02/2004 07/02/2011 Common Stock 3,000 $ 22.25 D  
Employee Stock Options (Right to Buy) 10/07/2005 10/07/2012 Common Stock 5,000 $ 28.495 D  
Employee Stock Options (Right to Buy) 11/03/2006 11/03/2013 Common Stock 6,000 $ 43.015 D  
Employee Stock Options (Right to Buy) 11/01/2007 11/01/2014 Common Stock 7,500 $ 59.45 D  
Employee Stock Options (Right to Buy) 11/01/2008 11/01/2015 Common Stock 11,000 $ 44.91 D  
Employee Stock Options (Right to Buy) 01/29/2010 01/29/2017 Common Stock 11,000 $ 46.66 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Dougherty Michael D.
2100 HIGHWAY 55
MEDINA, MN 55340		       V.P. & GM, ATV Division  

Signatures

Peggy James, Attorney-in-Fact 11/16/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

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