SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

BREGMAN ZEEV

(Last)

(First)

(Middle)

C/O COMVERSE

23 HABARAZEL STREET, RAMAT HACHAYAL

(Street)

TEL AVIV, ISRAEL

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
COMVERSE TECHNOLOGY INC/NY/ [ CMVT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Executive Officer /Subsidiary

3. Date of Earliest Transaction (Month/Day/Year)
01/14/2004

4. If Amendment, Date of Original Filed (Month/Day/Year)

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. 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	01/14/2004		M		64,500	A	$10.52	147,236	D
Common Stock	01/14/2004		M		35,500	A	$10.52	182,736	D
Common Stock	01/14/2004		S		10,000	D	$18.83	172,736	D
Common Stock	01/14/2004		S		10,000	D	$18.8	162,736	D
Common Stock	01/14/2004		S		10,000	D	$10.8	152,736	D
Common Stock	01/14/2004		S		20,000	D	$18.8	132,736	D
Common Stock	01/14/2004		S		30,000	D	$18.8	102,736	D
Common Stock	01/14/2004		S		5,000	D	$18.98	97,736	D
Common Stock	01/14/2004		S		15,000	D	$18.98	82,736	D

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 Exercisable and Expiration Date (Month/Day/Year)		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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (Right to Buy)	$10.52	01/14/2004		M			64,500	⁽¹⁾	10/18/2009	Common Stock	64,500	$0⁽²⁾	0	D
Stock Option (Right to Buy)	$10.52	01/14/2004		M			35,500	⁽³⁾	11/30/2010	Common Stock	35,500	$0⁽²⁾	177,000⁽⁴⁾	D

Explanation of Responses:

1. These options were granted on December 23, 2002 becoming exercisable as follows: 39,000 options on June 23, 2003 and 25,500 options on October 18, 2003.

2. The zero ("0") in this column is solely for the purpose of permitting the use of a descriptive footnote stating that the price is not applicable.

3. These options were granted on December 23, 2002 as part of a grant becoming exercisable as follows: 132,812 options on June 23, 2003, 13,281 options on August 30, 2003, 13,282 options on November 30, 2003, 13,281 options on February 29, 2004, 13,282 options on May 31, 2004, 13,281 options on August 31, 2004, and 13,281 options on November 30, 2004.

4. As of the date hereof, Mr. Bregman beneficially owns total options to purchase 643,300 shares (251,374 vested options and 391,926 unvested options), including the 177,000 options reported herein.

Remarks:

	Frances B. Rail, as Attorney in Fact for Zeev Bregman	01/14/2004
	** 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 Number.