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* AUSTIN VENTURES IV A LP (Last) (First) (Middle) 300 WEST SIXTH STREET SUITE 2300 (Street) AUSTIN TX 78701 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol CROSSROADS SYSTEMS INC [ CRDS ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner Officer (give title below) X Other (specify below) 10% Owner and Director
	3. Date of Earliest Transaction (Month/Day/Year) 12/30/2003
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X 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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	12/30/2003		J(1)		193,674	D	$0.00	391,139	D(7)
Common Stock	12/30/2003		J(2)		406,326	D	$0.00	820,601	D(8)
Common Stock	12/30/2003		J(1)(2)		600,000	D	$0.00	1,211,740	I(9)	(AV4A,AV4B)
Common Stock	12/30/2003		J(1)(2)		600,000	D	$0.00	1,211,740	I(10)	(AV4A,AV4B)
Common Stock	12/30/2003		J(3)		127,745	A	$0.00	139,279	D(9)
Common Stock	12/30/2003		J(3)		127,745	A	$0.00	139,279	I(10)	(AVP4)
Common Stock	12/30/2003		J(4)		139,279	D	$0.00	0	D(9)
Common Stock	12/30/2003		J(4)		139,279	D	$0.00	0	I(10)	(AVP4)
Common Stock	12/30/2003		J(5)		1,543	A	$0.00	8,803	D(10)
Common Stock	12/30/2003		J(6)		25,442	A	$0.00	445,127	I(10)	(SILV)
Common Stock								291,793	D(11)
Common Stock								8,207	D(12)
Common Stock								300,000	I(13)	(AV6,AV6Aff)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* AUSTIN VENTURES IV A LP (Last) (First) (Middle) 300 WEST SIXTH STREET SUITE 2300 (Street) AUSTIN TX 78701 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) 10% Owner and Director

1. Name and Address of Reporting Person* AUSTIN VENTURES IV B LP (Last) (First) (Middle) 300 WEST SIXTH STREET SUITE 2300 (Street) AUSTIN TX 78701 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* AV PARTNERS IV LP (Last) (First) (Middle) 300 WEST SIXTH STREET SUITE 2300 (Street) AUSTIN TX 78701 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* AUSTIN VENTURES VI L P (Last) (First) (Middle) 300 WEST SIXTH STREET SUITE 2300 (Street) AUSTIN TX 78701 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* AUSTIN VENTURES VI AFFILIATES FUND LP (Last) (First) (Middle) 300 WEST SIXTH STREET SUITE 2300 (Street) AUSTIN TX 78701 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* AV PARTNERS VI LP (Last) (First) (Middle) 300 WEST SIXTH STREET SUITE 2300 (Street) AUSTIN TX 78701 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* WOOD WILLIAM P (Last) (First) (Middle) 1011 NORTH LAMAR BLVD. (Street) AUSTIN TX 78703 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. Distribution without additional consideration by Austin Ventures IV-A, LP ("AV4A") to its partners in pro-rata distributions pursuant to its partnership agreement.

2. Distribution without additional consideration by Austin Ventures IV-B, LP ("AV4B") to its partners in pro-rata distributions pursuant to its partnership agreement.

3. Shares received by AV Partners IV, LP ("AVP4") from distributions mentioned in footnotes (1) and (2) above. AVP4 is the general partner of AV4A and AV4B.

4. Distribution without additional consideration by AVP4 to its partners in pro-rata distributions pursuant to its partnership agreement.

5. Shares received by William P. Wood ("WPW") from the distribution mentioned in footnote (4) above. WPW is a partner of AVP4.

6. Shares received by Silverton Partners ("SILV") from the distribution mentioned in footnote (4) above. WPW is a general partner of SILV.

7. Directly owned by AV4A

8. Directly owned by AV4B

9. Owned by AVP4

10. Owned by WPW, a Director of Issuer

11. Directly owned by Austin Ventures VI, LP ("AV6")

12. Directly owned by Austin Ventures VI Affiliates Fund, LP ("AV6Aff")

13. Owned by AV Partners VI, LP, the general partner of AV6 and AV6Aff

Remarks:

The joint filers reporting disclaim formation of a "group" for purposes of Section 13(d) of the Exchange Act and also disclaim beneficial ownership of the securities reported hereon except to the extent of their respective pecuniary interest.

	By Kevin A. Kunz, as power of attorney for all reporting entities and individuals	12/31/2003
	By Kevin A. Kunz, as power of attorney for all reporting entities and individuals	12/31/2003
	By Kevin A. Kunz, as power of attorney for all reporting entities and individuals	12/31/2003
	By Kevin A. Kunz, as power of attorney for all reporting entities and individuals	12/31/2003
	By Kevin A. Kunz, as power of attorney for all reporting entities and individuals	12/31/2003
	By Kevin A. Kunz, as power of attorney for all reporting entities and individuals	12/31/2003
	By Kevin A. Kunz, as power of attorney for all reporting entities and individuals	12/31/2003
	** 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).
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