DONALDSON Co INC — Director's Dealing 2003

Oct 1, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DONALDSON CO INC (DCI)
CIK: 0000029644
Period of Report: 2003-09-30

Reporting Person: SANGER STEPHEN W (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-30	Common Stock	M	4000	$11.00	Acquired	33273	Direct
2003-09-30	Common Stock	F	812	$54.18	Disposed	32461	Direct
2003-09-30	Common Stock	M	4000	$12.31	Acquired	36461	Direct
2003-09-30	Common Stock	F	909	$54.18	Disposed	35569	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-30	Option (right to buy)	$11.00	M	4000	Disposed	2004-12-01	Common Stock (4000)	Direct
2003-09-30	Option (right to buy)	$12.31	M	4000	Disposed	2005-12-01	Common Stock (4000)	Direct