FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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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(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

KARGES THOMAS R 		2. Issuer Name and Ticker or Trading Symbol

ASV INC /MN/ [ ASVI ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Chief Financial Officer, Secy
(Last)          (First)          (Middle)

840 LILY LANE 		3. Date of Earliest Transaction (MM/DD/YYYY)

1/31/2008
(Street)

GRAND RAPIDS, MN 55744
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   1/31/2008     M    15000   A $6.125   119556   D    
Common Stock   1/31/2008     M    16000   A $5.455   135556   D    
Common Stock   1/31/2008     M    15000   A $4.415   150556   D    
Common Stock                  11048   I   Held in 401(K) Plan  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Incentive Stock Option   $6.125   1/31/2008     M        15000    2/1/2002   (1) 2/1/2008   Common Stock   15000   $0.00   0   D    
Incentive Stock Option   $5.455   1/31/2008     M        16000    2/26/2003   (1) 2/26/2009   Common Stock   16000   $0.00   0   D    
Incentive Stock Option   $4.415   1/31/2008     M        15000    1/31/2004   (1) 1/31/2010   Common Stock   15000   $0.00   0   D    
Non-Qualified Stock Option   $4.415                   1/31/2004   (1) 1/31/2010   Common Stock   105000     105000   D    
Incentive Stock Option   $16.00                   2/6/2005   (2) 2/6/2011   Common Stock   9600     9600   D    
Non-Qualified Stock Option   $16.00                   2/6/2005   (2) 2/6/2011   Common Stock   10400     10400   D    
Incentive Stock Option   $19.825                   3/31/2006   (2) 3/31/2012   Common Stock   4680     4680   D    
Non-Qualified Stock Option   $19.825                   3/31/2006   (2) 3/31/2012   Common Stock   3320     3320   D    
Non-Qualified Stock Option   $17.44                   1/14/2008   (2) 6/1/2012   Common Stock   12643     12643   D    

Explanation of Responses:
( 1)  Exercisable in 25% annual installments beginning one year after the date of issuance.
( 2)  In connection with the announcement on January 14, 2008 by Terex Corp. that it will acquire 100% of the outstanding common shares of A.S.V., Inc. at $18.00 per share through a tender offer, all outstanding stock options fully vested and became exercisable in their entirety on that date, in accordance with the terms of the original option grant.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
KARGES THOMAS R
840 LILY LANE
GRAND RAPIDS, MN 55744

Chief Financial Officer, Secy

Signatures
Thomas R. Karges 1/31/2008
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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