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 *

LYNCH LELAND T 		2. Issuer Name and Ticker or Trading Symbol

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

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

800 LASALLE AVENUE, SUITE 120 		3. Date of Earliest Transaction (MM/DD/YYYY)

2/26/2008
(Street)

MINNEAPOLIS, MN 55402
(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   2/7/2008     G   V 10000   D $0.00   106700   D    
Common Stock   2/26/2008     U    106700   D $18.00   0   D    
Common Stock   2/26/2008     U    20000   D $18.00   0   I   Owned by Spouse  
Common Stock   2/26/2008     U    17000   D $18.00   0   I   Held in Retirement Plan  
Common Stock   2/26/2008     U    13300   D $18.00   0   I   In Custodial Account  
Common Stock   2/26/2008     U    8000   D $18.00   0   I   In Custodial Account   (1)

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
Non-Qualified Stock Option   $19.575                   1/2/2005   (2) 1/2/2009   Common Stock   6000     6000   D    
Non-Qualified Stock Option   $22.60                   1/3/2006   (3) 1/3/2010   Common Stock   6000     6000   D    
Non-Qualified Stock Option   $25.53                   1/3/2007   (3) 1/3/2011   Common Stock   6000     6000   D    
Non-Qualified Stock Option   $16.28                   1/3/2008   (3) 1/3/2012   Common Stock   6000     6000   D    
Non-Qualified Stock Option   $12.94                   1/14/2008   (3) 1/2/2013   Common Stock   6000     6000   D    

Explanation of Responses:
( 1)  These shares are held in a custodial account for the benefit of the reporting person's grandchildren. The reporting person's spouse is the custodian of the account.
( 2)  Exercisable in 25% annual installments beginning one year after the date of issuance.
( 3)  In connection with the announcement on January 14, 2008 by Terex Corporation 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.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
LYNCH LELAND T
800 LASALLE AVENUE
SUITE 120
MINNEAPOLIS, MN 55402 		X



Signatures
Leland T. Lynch by Thomas R. Karges, as Attorney-in-Fact 2/28/2008
** 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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