Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Lupinetti Alexander R
   2. Issuer Name and Ticker or Trading Symbol
CSP INC /MA/ [CSPI] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
CEO/President/Chairman
(Last)
(First)
(Middle)
43 MANNING ROAD		 3. Date of Earliest Transaction (Month/Day/Year)
01/11/2008
(Street)

BILLERICA, MA 01821		 4. If Amendment, Date 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
(City)
(State)
(Zip)
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 01/11/2008   M(1)(2)   9,425 A $ 4.25 25,842 D  
Common Stock 01/11/2008   S(1)   9,425 D $ 7 16,417 D  
Common Stock 01/11/2008   S(1)   13,911 D $ 7 2,506 D  

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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 Underlying Securities
(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 of Derivative Security: 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
Stock Option Right to Buy $ 6.4             10/07/1998 10/07/2008 Common Stock 60,500   60,500 D  
Stock Option Right to Buy $ 5             10/18/1999 10/18/2009 Common Stock 74,437   74,437 D  
Stock Option Right to Buy $ 10.03             12/30/2004 12/30/2014 Common Stock 40,000   40,000 D  
Stock Option Right to Buy $ 6.5             01/17/2006 01/17/2016 Common Stock 20,000   20,000 D  
Stock Option Right to Buy $ 9.3             02/21/2007 02/21/2017 Common Stock 16,000   16,000 D  
Stock Option Right to Buy $ 6.82             12/12/2007 12/12/2017 Common Stock 20,000   20,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Lupinetti Alexander R
43 MANNING ROAD
BILLERICA, MA 01821		       CEO/President/Chairman  

Signatures

 Alexander R Lupinetti   01/15/2008
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) The acquisition and sale reported on this Form 4 was effected pursuant to a rule 10b5-1 trading plan adopted by Mr. Lupinetti on 12/14/07
(2) Stock Option

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