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

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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^*

ZEFF DANIEL

(Last)

(First)

(Middle)

50 CALIFORNIA STREET

SUITE 1500

(Street)

SAN FRANCISCO

94111

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
CASTELLE \CA\ [ CSTL ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
04/30/2004

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)
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⁽¹⁾	04/30/2004		P		8,000⁽²⁾	A	$3.411	213,495	I	See footnote⁽²⁾
Common Stock⁽¹⁾	04/30/2004		P		7,000⁽³⁾	A	$3.411	169,628	I	See footnote⁽³⁾
Common Stock⁽¹⁾	05/03/2004		P		14,760⁽²⁾	A	$3.207	228,255	I	See footnote⁽²⁾
Common Stock⁽¹⁾	05/03/2004		P		14,000⁽³⁾	A	$3.207	183,628	I	See footnote⁽³⁾
Common Stock⁽¹⁾	05/04/2004		P		13,829⁽²⁾	A	$3.237	242,084	I	See footnote⁽²⁾
Common Stock⁽¹⁾	05/04/2004		P		11,800⁽³⁾	A	$3.237	195,428	I	See footnote⁽³⁾
Common Stock⁽¹⁾	05/05/2004		P		2,000⁽²⁾	A	$3.345	244,084	I	See footnote⁽²⁾
Common Stock⁽¹⁾	05/05/2004		P		1,950⁽³⁾	A	$3.345	197,378	I	See footnote⁽³⁾
Common Stock⁽¹⁾	05/06/2004		P		2,600⁽²⁾	A	$3.268	246,684	I	See footnote⁽²⁾
Common Stock⁽¹⁾	05/06/2004		P		2,400⁽³⁾	A	$3.268	199,778	I	See footnote⁽³⁾
Common Stock⁽¹⁾	05/11/2004		P		5,500⁽²⁾	A	$3.181	252,184	I	See footnote⁽²⁾
Common Stock⁽¹⁾	05/12/2004		P		7,400⁽²⁾	A	$3.278	259,584	I	See footnote⁽²⁾
Common Stock⁽¹⁾	05/12/2004		P		2,600⁽³⁾	A	$3.278	202,378	I	See footnote⁽³⁾
Common Stock⁽¹⁾	05/13/2004		P		5,800⁽²⁾	A	$3.304	265,384	I	See footnote⁽²⁾
Common Stock⁽¹⁾	05/13/2004		P		4,400⁽³⁾	A	$3.304	206,778	I	See footnote⁽³⁾
Common Stock⁽¹⁾	05/17/2004		P		2,400⁽²⁾	A	$3.224	267,784	I	See footnote⁽²⁾
Common Stock⁽¹⁾	05/17/2004		P		2,100⁽³⁾	A	$3.224	208,878	I	See footnote⁽³⁾
Common Stock⁽¹⁾	05/19/2004		P		1,200⁽²⁾	A	$3.138	268,984	I	See footnote⁽²⁾
Common Stock⁽¹⁾	05/19/2004		P		800⁽³⁾	A	$3.138	209,678	I	See footnote⁽³⁾
Common Stock⁽¹⁾	05/20/2004		P		2,185⁽²⁾	A	$3.098	271,169	I	See footnote⁽²⁾
Common Stock⁽¹⁾	05/20/2004		P		1,900⁽³⁾	A	$3.098	211,578	I	See footnote⁽³⁾
Common Stock⁽¹⁾	05/25/2004		P		2,800⁽²⁾	A	$3.103	273,969	I	See footnote⁽²⁾
Common Stock⁽¹⁾	05/25/2004		P		1,700⁽³⁾	A	$3.103	216,278	I	See footnote⁽³⁾
Common Stock⁽¹⁾	05/26/2004		P		1,700⁽²⁾	A	$3.059	275,669	I	See footnote⁽²⁾
Common Stock⁽¹⁾	05/26/2004		P		1,400⁽³⁾	A	$3.059	214,678	I	See footnote⁽³⁾
Common Stock⁽¹⁾	05/28/2004		P		2,000⁽²⁾	A	$3.097	277,669	I	See footnote⁽²⁾
Common Stock⁽¹⁾	05/28/2004		P		2,000⁽³⁾	A	$3.097	216,678	I	See footnote⁽³⁾
Common Stock⁽¹⁾	06/03/2004		P		2,000⁽²⁾	A	$2.99	279,669	I	See footnote⁽²⁾
Common Stock⁽¹⁾	06/03/2004		P		3,000⁽³⁾	A	$2.99	219,678	I	See footnote⁽³⁾
Common Stock⁽¹⁾	06/04/2004		P		400⁽²⁾	A	$3.108	280,069	I	See footnote⁽²⁾

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)

1. Name and Address of Reporting Person^*

ZEFF DANIEL

(Last)

(First)

(Middle)

50 CALIFORNIA STREET

SUITE 1500

(Street)

SAN FRANCISCO

94111

(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^*

Zeff Holding Company, LLC

(Last)

(First)

(Middle)

50 CALIFORNIA STREET

(Street)

SAN FRANCISCO

94111

(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^*

Zeff Capital Partners I, L.P.

(Last)

(First)

(Middle)

C/O ZEFF HOLDING COMPANY, LLC

50 CALIFORNIA STREET

(Street)

SAN FRANCISCO

94111

(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^*

Spectrum Galaxy Fund Ltd.

(Last)

(First)

(Middle)

9 COLUMBUS CENTER

PELICAN DRIVE

(Street)

ROAD TOWN TORTOLA, VIRGIN

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. This Form 4 is being filed by Daniel Zeff, Zeff Holding Company, LLC ("Holding"), Zeff Capital Partners I, L.P. ("Capital") and Spectrum Galaxy Fund Ltd. ("Spectrum"). Because the SEC's electronic filing system does not allow for the disclosure of more than 30 transactions on one Form 4, the reporting persons are filing 3 simultaneous Form 4s to report their reportable transactions all of which together shall be deemed a single report filed on this date. This is the 1st Form 4 of the 3 filings.

2. This transaction was effected through Capital. Mr. Zeff is the sole manager and member of Holding, which in turn serves as the general partner for Capital. In accordance with Instruction 4(b)(iv) of Form 4, the entire amount of the Issuer's securities held by Capital is reported herein. Each of Mr. Zeff and Holding disclaims, for purposes of Section 16 of the Securities Exchange Act of 1934, beneficial ownership of such securities, except to the extent of its/his indirect pecuniary interest therein, and this report shall not be deemed an admission that any of Mr. Zeff or Holding is the beneficial owner of such securities for purposes of Section 16 or for any other purposes.

3. This transaction was effected through Spectrum. Mr. Zeff provides discretionary investment management services to Zeff Capital Offshore Fund, a class of shares of Spectrum, a company incorporated in the British Virgin Islands. In accordance with Instruction 4(b)(iv) of Form 4, the entire amount of the Issuer's securities held by Spectrum is reported herein. Mr. Zeff disclaims, for purposes of Section 16 of the Securities Exchange Act of 1934, beneficial ownership of such securities, except to the extent of his indirect pecuniary interest therein, and this report shall not be deemed an admission that Mr. Zeff is the beneficial owner of such securities for purposes of Section 16 or for any other purposes.

	/s/ Daniel Zeff	12/30/2004
	** 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).
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