-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 TCBPIIi/XA+XXBmtUICt8NySYr7YnbFiG8sjS2Kq11RlcMobDa6HqfAiYHTcilzs
 RxBDvPnzqJvRyeGxlChTnA==

<SEC-DOCUMENT>0001171520-03-000255.txt : 20030821
<SEC-HEADER>0001171520-03-000255.hdr.sgml : 20030821
<ACCEPTANCE-DATETIME>20030821175303
ACCESSION NUMBER:		0001171520-03-000255
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030820
FILED AS OF DATE:		20030821

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WATTS INDUSTRIES INC
		CENTRAL INDEX KEY:			0000795403
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS FABRICATED METAL PRODUCTS [3490]
		IRS NUMBER:				042916536
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		815 CHESTNUT ST
		CITY:			NORTH ANDOVER
		STATE:			MA
		ZIP:			01845
		BUSINESS PHONE:		9786881811

	MAIL ADDRESS:	
		STREET 1:		815 CHESTNUT STREET
		CITY:			NORTH ANDOVER
		STATE:			MA
		ZIP:			01845

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ELLIOTT ERNEST E
		CENTRAL INDEX KEY:			0001234684

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11499
		FILM NUMBER:		03860992

	BUSINESS ADDRESS:	
		STREET 1:		WATTS INDUSTRIES INC
		STREET 2:		ROUTE 815 CHESTNUT ST
		CITY:			NORTH ANDOVER
		STATE:			MA
		ZIP:			01845
		BUSINESS PHONE:		9786881811

	MAIL ADDRESS:	
		STREET 1:		WATTS INDUSTRIES INC
		STREET 2:		ROUTE 815 CHESTNUT ST
		CITY:			NORTH ANDOVER
		STATE:			MA
		ZIP:			01845
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>eps1253_ex.xml
<DESCRIPTION>ERNEST E. ELLIOTT
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-08-20</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000795403</issuerCik>
        <issuerName>WATTS INDUSTRIES INC</issuerName>
        <issuerTradingSymbol>WTS</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001234684</rptOwnerCik>
            <rptOwnerName>ELLIOTT ERNEST E</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O WATTS INDUSTRIES INC</rptOwnerStreet1>
            <rptOwnerStreet2>815 CHESTNUT ST</rptOwnerStreet2>
            <rptOwnerCity>NORTH ANDOVER</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>01845</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>1</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
         <officerTitle>Executive VP of Marketing</officerTitle>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Class A Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-08-20</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>5000</value>
            <footnoteId id="F17"/>
         </transactionShares>
         <transactionPricePerShare>
           <value>15.35</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>6915</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Class A Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-08-20</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>5000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>18.707</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>1915</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeHolding>
      <securityTitle>
         <value>Class A Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>50</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>By Spouse</value>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
 </nonDerivativeTable>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>Incentive Stock Option</value>
            <footnoteId id="F1"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>15.35</value>
            <footnoteId id="F12"/>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-08-20</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>5000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>15.35</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
            <footnoteId id="F2"/>
      </exerciseDate>
      <expirationDate>
         <value>2004-09-01</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class A Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>5000</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>11245</value>
            <footnoteId id="F12"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
   <derivativeHolding>
      <securityTitle>
         <value>Incentive Stock Option</value>
            <footnoteId id="F1"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>15.107</value>
            <footnoteId id="F12"/>
      </conversionOrExercisePrice>
      <exerciseDate>
            <footnoteId id="F3"/>
      </exerciseDate>
      <expirationDate>
         <value>2005-09-01</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class A Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>16245</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>16245</value>
            <footnoteId id="F12"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
         <value>Restricted Stock Unit</value>
            <footnoteId id="F4"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>7.7937</value>
            <footnoteId id="F12"/>
      </conversionOrExercisePrice>
      <exerciseDate>
            <footnoteId id="F5"/>
      </exerciseDate>
      <expirationDate>
            <footnoteId id="F6"/>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class A Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>4410</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>4410</value>
            <footnoteId id="F12"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
         <value>Incentive Stock Option</value>
            <footnoteId id="F8"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>16.40</value>
            <footnoteId id="F12"/>
      </conversionOrExercisePrice>
      <exerciseDate>
            <footnoteId id="F7"/>
      </exerciseDate>
      <expirationDate>
         <value>2007-08-05</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class A Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>19340</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>19340</value>
            <footnoteId id="F12"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
         <value>Restricted Stock Unit</value>
            <footnoteId id="F4"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>12.30</value>
            <footnoteId id="F12"/>
      </conversionOrExercisePrice>
      <exerciseDate>
            <footnoteId id="F5"/>
      </exerciseDate>
      <expirationDate>
            <footnoteId id="F6"/>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class A Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>3063</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>3063</value>
            <footnoteId id="F12"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
         <value>Incentive Stock Option</value>
            <footnoteId id="F8"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>11.916</value>
            <footnoteId id="F12"/>
      </conversionOrExercisePrice>
      <exerciseDate>
            <footnoteId id="F9"/>
      </exerciseDate>
      <expirationDate>
         <value>2006-08-06</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class A Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>12279</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>12279</value>
            <footnoteId id="F12"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
         <value>Restricted Stock Unit</value>
            <footnoteId id="F10"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>7.984</value>
            <footnoteId id="F12"/>
      </conversionOrExercisePrice>
      <exerciseDate>
            <footnoteId id="F5"/>
      </exerciseDate>
      <expirationDate>
            <footnoteId id="F6"/>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class A Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>7116</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>7116</value>
            <footnoteId id="F12"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
         <value>Incentive Stock Option</value>
            <footnoteId id="F8"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>12.441</value>
            <footnoteId id="F12"/>
      </conversionOrExercisePrice>
      <exerciseDate>
            <footnoteId id="F11"/>
      </exerciseDate>
      <expirationDate>
         <value>2009-08-10</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class A Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>18565</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>18565</value>
            <footnoteId id="F12"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
         <value>Restricted Stock Unit</value>
            <footnoteId id="F10"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>8.336</value>
            <footnoteId id="F12"/>
      </conversionOrExercisePrice>
      <exerciseDate>
            <footnoteId id="F5"/>
      </exerciseDate>
      <expirationDate>
            <footnoteId id="F6"/>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class A Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>4970</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>4970</value>
            <footnoteId id="F12"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
         <value>Incentive Stock Option</value>
            <footnoteId id="F8"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>11.375</value>
      </conversionOrExercisePrice>
      <exerciseDate>
            <footnoteId id="F13"/>
      </exerciseDate>
      <expirationDate>
         <value>2010-07-25</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class A Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>15000</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>15000</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
         <value>Restricted Stock Unit</value>
            <footnoteId id="F10"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>9.547</value>
      </conversionOrExercisePrice>
      <exerciseDate>
            <footnoteId id="F5"/>
      </exerciseDate>
      <expirationDate>
            <footnoteId id="F6"/>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class A Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>3021</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>3021</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
         <value>Restricted Stock Unit</value>
            <footnoteId id="F10"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>10.00</value>
      </conversionOrExercisePrice>
      <exerciseDate>
            <footnoteId id="F5"/>
      </exerciseDate>
      <expirationDate>
            <footnoteId id="F6"/>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class A Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>4195</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>4195</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
         <value>Incentive Stock Option</value>
            <footnoteId id="F8"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>15.45</value>
      </conversionOrExercisePrice>
      <exerciseDate>
            <footnoteId id="F14"/>
      </exerciseDate>
      <expirationDate>
         <value>2011-08-20</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class A Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>15000</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>15000</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
         <value>Restricted Stock Unit</value>
            <footnoteId id="F10"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>9.3667</value>
      </conversionOrExercisePrice>
      <exerciseDate>
            <footnoteId id="F5"/>
      </exerciseDate>
      <expirationDate>
            <footnoteId id="F6"/>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class A Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>2187</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>2187</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
         <value>Incentive Stock Option</value>
            <footnoteId id="F8"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>15.75</value>
      </conversionOrExercisePrice>
      <exerciseDate>
            <footnoteId id="F15"/>
      </exerciseDate>
      <expirationDate>
         <value>2012-07-24</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class A Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>15000</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>15000</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
         <value>Restricted Stock Unit</value>
            <footnoteId id="F10"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>10.51</value>
      </conversionOrExercisePrice>
      <exerciseDate>
            <footnoteId id="F5"/>
      </exerciseDate>
      <expirationDate>
            <footnoteId id="F6"/>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class A Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>6066</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>6066</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
         <value>Incentive Stock Option</value>
            <footnoteId id="F13"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>17.50</value>
      </conversionOrExercisePrice>
      <exerciseDate>
            <footnoteId id="F16"/>
      </exerciseDate>
      <expirationDate>
         <value>2013-08-06</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class A Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>15000</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>15000</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
 </derivativeTable>
   <footnotes>
      <footnote id="F1"> Granted pursuant to the Watts Industries, Inc. 1986 Incentive Stock Option plan in a transaction exempt from Section 16b of the Exchange Act.</footnote>

      <footnote id="F2"> 16,245 shares currently exercisable.</footnote>

      <footnote id="F3"> 16,245 shares currently exercisable.</footnote>

      <footnote id="F4"> Awarded pursuant to the Watts Industries, Inc. Management Stock Purchase Plan in a transaction exempt under Rule 16b-3(d) promulgated under the Exchange Act. RSUs are awarded in lieu of all or a portion of the reporting person's annual bonus at the reporting person's election at a price equal to 75% of the fair market value of the Class A common Stock on the date of award.</footnote>

      <footnote id="F5"> Restricted Stock Units (RSUs) vest three years from the date of award and entitle the owner to one share of Class A Common Stock for each vested RSU on such date or a later date if a deferral period was selected by such owner.</footnote>

      <footnote id="F6"> All or a portion of the non-vested RSUs will be canceled in the event of termination of employment, death or permanent disability.</footnote>

      <footnote id="F7"> 19,340 shares are currently exercisable.</footnote>

      <footnote id="F8"> Granted pursuant to the Watts Industries, Inc. 1996 Stock Option Plan in a transaction exempt from Section 16b of the Exchange Act.</footnote>

      <footnote id="F9"> 12,279 shares are currently exercisable.</footnote>

      <footnote id="F10"> Awarded pursuant to the Watts Industries, Inc. Management Stock Purchase Plan in a transaction exempt under Rule 16b-3(d) promulgated under the Exchange Act. RSUs are awarded in lieu of all or a portion of the reporting person's annual bonus at the reporting person's election at a price equal to 67% of the fair market value of the Class A Common Stock on the date of award.</footnote>

      <footnote id="F11"> 3,713 shares exercisable on each of August 10th, 2000, 2001, 2002, 2003 and 2004.</footnote>

      <footnote id="F12"> The number of shares underlying options and exercise prices and the number of shares underlying Restricted Stock Units (RSUs) and the price of such RSUs were adjusted equally for all of the Company's Class A Common Stock to reflect the Company's spin-off of CIRCOR International, Inc. on October 18, 1999. Shareholders of the Company received a dividend of one share of common stock in CIRCOR for every two shares of Company common stock. The dividend and options/RSUs adjustment are exempt in accordance with Rule 16a-9(a) under the Exchange Act.</footnote>

      <footnote id="F13"> 3,000 shares exercisable on each of July 25, 2001, 2002, 2003, 2004, 2005.</footnote>

      <footnote id="F14"> 3,000 shares exercisable on each of August 20, 2002, 2003, 2004, 2005, and 2006.</footnote>

      <footnote id="F15"> 3,000 shares exercisable on each July 24, 2003, 2004, 2005, 2006 and 2007.</footnote>

      <footnote id="F16"> 3,000 shares exercisable on each August 6, 2004, 2005, 2006, 2007, and 2008.</footnote>

      <footnote id="F17"> Shares acquired pursuant to the cashless exercise of stock options.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>Ernest Elliot</signatureName>
      <signatureDate>2003-08-21</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
