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
OMB APPROVAL
OMB Number: 3235-0104
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
  Morgan Bennett J
 2. Date of Event Requiring Statement (Month/Day/Year)
11/02/2004		 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)
VP & GM ATVs
 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 35,590
D
 
Common Stock 3,148
I
By ESOP

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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.

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
Emp Stock Options (Right to Buy) 05/08/1999 05/08/2006 Common Stock 3,600 $ 16.875 D  
Emp Stock Options (Right to Buy) 03/11/2000 03/11/2007 Common Stock 3,800 $ 12.875 D  
Emp Stock Options (Right to Buy) 03/06/2001 03/06/2008 Common Stock 4,400 $ 16.875 D  
Emp Stock Options (Right to Buy) 04/01/2002 04/01/2009 Common Stock 5,000 $ 15.7813 D  
Emp Stock Options (Right to Buy) 04/03/2003 04/03/2010 Common Stock 6,000 $ 14.7188 D  
Emp Stock Options (Right to Buy) 07/02/2004 07/02/2011 Common Stock 6,800 $ 22.25 D  
Emp Stock Options (Right to Buy) 10/07/2005 10/07/2012 Common Stock 10,000 $ 28.495 D  
Emp Stock Options (Right to Buy) 11/03/2006 11/03/2013 Common Stock 14,000 $ 43.015 D  
Emp Stock Options (Right to Buy) 11/01/2007 11/01/2014 Common Stock 16,000 $ 59.45 D  
Emp Stock Options (Right to Buy) 04/01/2002 04/01/2009 Common Stock 200 $ 15.7813 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Morgan Bennett J
2100 HIGHWAY 55
MEDINA, MN 55340		       VP & GM ATVs  

Signatures

Cela A. Sandin, Attorney-in-fact 11/12/2004
**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.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.