FORM 4
		
		
			UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
		
		
			 
		
	
	
		
			
			    
			
		
		
			
				Check this box if no longer subject to Section 16.

				Form 4 or Form 5 obligations may continue. See

				Instruction 1(b).
		
		
			STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP


			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*

			Caputo Arthur
		
		
			2. Issuer Name and Ticker or Trading Symbol

			Waters Corp.
			WAT
		
		
			6. Relationship of Reporting Person(s) to Issuer

			(Check all applicable)
			

			    
			Director
			    
			10% Owner
			

			 X 
			Officer (give title below)
			    
			Other (specify below)
			

			
			President
		
	
	
		
			(Last)            
			          (First)
			                 
			     (Middle)


	        34 Maple Street
		
		
			3. I.R.S. Identification
Number of Reporting
Person, if an entity
(voluntary)


		
		
			4. Statement for Month/Day/Year

			03/03/03
		
	
	
		
			(Street)


			MIlford
			MA
			01757
		
		
			5. If Amendment, Date of Original (Month/Day/Year)


		
		
			7. 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 Acquired, Disposed of, or Beneficially Owned
	
	
		
			1.
			Title of Security
(Instr. 3)
		
		
			2.
			Transaction Date
			
(Month/Day/Year)
		
		
			2A.
			Deemed
Execution Date,
if any
			
(Month/Day/Year)
		
		
			3.
			Transaction
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
		 03/03/03      1.
		 03/03/03
		 M
		 
		 150,000
		 A
		 $4.07
		 
		 D
		 
	

	
		 Common Stock
		 03/03/03     2.
		 03/03/03
		 S
		 
		 150,000
		 D
		 $23.1579
		 479,604
		 D
		 
	
	
		 Common Stock
		 
		 
		 
		 
		 
		 
		 
		 101,618.497
		 I
		 by 401K Plan
	
	
		 Common Stock
		 
		 
		 
		 
		 
		 
		 
		 1,840
		 I   3.
		 by Daughters
	
	
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
	
	
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
	
	
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
	
	
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
	
	
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
	
	
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
	


	 
	 
	 
	 


	
		Table II -
		  Derivative Securities Acquired, Disposed of, or Beneficially
		  Owned
(e.g., puts, calls, warrants, options, convertible
		  securities)
		
	
	
		
			1.
			Title of Derivative Security

			(Instr.3)
		
		
			2.
			Conversion or Exercise Price of Derivative Security
		
		
			3.
			Transaction Date

			(Month/Day/Year)
		
		
			3A.
			Deemed
Execution Date,
if any
			
(Month/Day/Year)
		
		
			4.
			Transaction Code
(Instr. 8)
		
		
			5.
			Number of Derivative Securities Acquired (A) or Disposed of (D)

			(Instr. 3, 4 and 5)
		
		
			6.
			Date Exerciseable and Expiration Date

			(Month/Day/Year)
		
		
			7.
			Title and Amount of Underlying Securities

			(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 Securities: 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
	
	
		 Stock Option (Right to Buy)
		 $4.07
		 03/03/03     2.
		 03/03/03
		 M
		 
		 
		 150,000
		 8/18/95
		 8/18/04
		 Common Stock
		 150,000
		 
		 521,824
		 D
		 
	
	
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
	
	
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
	
	
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
	
	
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
	
	
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
	
	
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
	
	
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
	
	
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
	
	
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
	





	
		Explanation of Responses:
	
	
		
			1. Acquisition of Common Stock was made under a sale plan established pursuant to the requirement of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.

2.  Disposition of Common Stock was made under a sale plan established pursuant to the requirement of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.

3. The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for the purposes of Section 16 or for any other purpose. 
		
	
	
		 
	
	
		
			 
		
		
			/s/ Arthur Caputo
		
		
			  03/03/03
		
		
			 
		
	
	
		
			 
		
		
			**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, on of which must be manually signed. If space is insufficient,
				see Instruction 6 for procedure
		
	






	
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