424B3 1 jd10-21_prospectus.txt Prospectus Supplement Filed Pursuant to Rule 424(b)(3) (To Prospectus dated August 19, 2003) Registration Number 333-106391 $420,000,000 COMVERSE TECHNOLOGY, INC. Zero Yield Puttable Securities (ZYPS) due May 15, 2023 initially convertible into 23,366,574 shares of Common Stock, par value $.10 per share --------------------- This prospectus supplement relates to the resale by holders of our Zero Yield Puttable Securities (ZYPS) due May 15, 2023, or ZYPS, and the shares of common stock issuable upon conversion of the ZYPS. This prospectus supplement is part of and should be read in conjunction with our prospectus dated August 19, 2003, and the information incorporated therein by reference. NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. --------------- The date of this prospectus supplement is October 21, 2003. The information appearing in the following table supplements the information in the table under the caption "Selling Holders," beginning on page 36 of our prospectus and was provided by or on behalf of the selling holders.

PRINCIPAL NUMBER OF NUMBER OF SHARES AMOUNT OF ZYPS SHARES OF NUMBER OF OF COMMON STOCK BENEFICIALLY PERCENTAGE OF COMMON STOCK SHARES OF BENEFICIALLY OWNED AND ZYPS BENEFICIALLY COMMON STOCK OWNED AFTER SELLING HOLDER OFFERED HEREBY OUTSTANDING OWNED(1)(2) TO BE SOLD(1) THE OFFERING(2) -------------- -------------- ----------- ----------- ------------- --------------- 1976 Distribution Trust FBO A.R. Lauder/Zinterhofer..................... 8,000 * 445 445 -- 2000 Revocable Trust FBO A.R. Lauder/Zinterhofer..................... 7,000 * 389 389 -- Advent Convertible Master (Cayman) L.P. ......................... 7,374,000 1.76% 410,250 410,250 -- Alcon Laboratories..................... 391,000 * 21,753 21,753 -- Allentown City Firefighters Pension Plan........................... 14,000 * 778 778 -- Allentown City Officers and Employees Pension Fund................. 16,000 * 890 890 -- Allentown City Police Pension Fund........................... 24,000 * 1,335 1,335 -- Alpha US Sub Fund 4 LLC................ 329,000 * 18,303 18,303 -- Arapahoe County Colorado............... 49,000 * 2,726 2,726 -- Arlington County Employees Retirement System...................... 676,000 * 37,609 37,609 -- Asante Health Systems.................. 101,000 * 5,619 5,619 -- British Virgin Island Social Security Board......................... 88,000 * 4,895 4,895 -- City and County of San Francisco Retirement System...................... 1,493,000 * 83,062 83,062 -- City of New Orleans.................... 206,000 * 11,460 11,460 -- City University of New York............ 152,000 * 8,456 8,456 -- Delaware Public Employees Retirement System...................... 1,565,000 * 87,068 87,068 -- GLG Market Neutral Fund................ 7,500,000 1.79% 417,260 417,260 -- Grady Hospital Foundation.............. 134,000 * 7,455 7,455 -- Hfr Arbitrage Fund..................... 353,000 * 19,639 19,639 -- Jersey (IMA) Ltd. ..................... 3,000,000 * 166,904 166,904 -- 2 PRINCIPAL NUMBER OF NUMBER OF SHARES AMOUNT OF ZYPS SHARES OF NUMBER OF OF COMMON STOCK BENEFICIALLY PERCENTAGE OF COMMON STOCK SHARES OF BENEFICIALLY OWNED AND ZYPS BENEFICIALLY COMMON STOCK OWNED AFTER SELLING HOLDER OFFERED HEREBY OUTSTANDING OWNED(1)(2) TO BE SOLD(1) THE OFFERING(2) -------------- -------------- ----------- ----------- ------------- --------------- KBC Financial Products (Cayman Islands) Ltd................... 5,000,000 1.19% 278,173 278,173 -- LibertyView Funds LP................... 12,000,000 2.86% 667,616 667,616 -- Lyxor.................................. 875,000 * 48,680 48,680 -- Municipal Employees.................... 242,000 * 13,463 13,463 -- New Orleans Firefighters Pension/Relief Fund.................... 137,000 * 7,621 7,621 -- Occidental Petroleum Corporation....... 272,000 * 15,132 15,132 -- Pro-Mutual............................. 759,000 * 42,226 42,226 -- State of Maryland Retirement Agency.... 3,237,000 * 180,089 180,089 -- Tag Associates......................... 69,000 * 3,838 3,838 -- The Grable Foundation.................. 89,000 * 4,951 4,951 -- Trustmark Insurance.................... 340,000 * 18,915 18,915 --

----------------------------------------- * Less than 1%. (1) Assumes conversion of the full amount of ZYPS held by such holder at the initial conversion rate of 55.6347 shares per $1,000 principal amount of ZYPS; such conversion rate is subject to adjustment as described under "Description of the ZYPS--Conversion Rights." Accordingly, the number of shares of common stock issuable upon conversion of the ZYPS may increase or decrease from time to time. Under the terms of the indenture, cash will be paid in lieu of issuing fractional shares, if any, upon conversion of the ZYPS. Furthermore, the rights of the holders of ZYPS to convert their ZYPS into shares of common stock are subject to certain conditions described under "Description of ZYPS - Conversion Rights." (2) The number of shares of common stock beneficially owned by each holder named in this prospectus supplement is less than 1% of CTI's outstanding common stock as of October 20, 2003. 3