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^*

PIERCE NANCY

(Last)

(First)

(Middle)

C/O CARRIER ACCESS CORPORATION

5395 PEARL PARKWAY

(Street)

BOULDER

80301

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
CARRIER ACCESS CORP [ CACS ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/25/2003

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	08/25/2003	08/25/2003	S		500⁽³⁾	D	$4.36	10,395,500	I	Owned by an LLC, of which Ms Pierce is a managing member with shared voting and investment power.
Common Stock								2,170,558	I	Owned by Spouse.
Common Stock								1,000,000	D⁽²⁾
Common Stock								2,181,558	D
Common Stock	08/25/2003	08/25/2003	S		1,000	D	$4.37	10,394,500	I	Owned by an LLC, of which Ms Pierce is a managing member with shared voting and investment power.
Common Stock	08/25/2003	08/25/2003	S		1,000	D	$4.34	10,393,500	I	Owned by an LLC, of which Ms Pierce is a managing member with shared voting and investment power.
Common Stock	08/25/2003	08/25/2003	S		300⁽⁴⁾	D	$4.3	10,933,200	I	Owned by an LLC, of which Ms Pierce is a managing member with shared voting and investment power.
Common Stock	08/26/2003	08/26/2003	S		1,775⁽⁵⁾	D	$4.35	10,391,425	I	Owned by an LLC, of which Ms Pierce is a managing member with shared voting and investment power.
Common Stock	08/26/2003	08/26/2003	S		1,000	D	$4.28	10,390,425	I	Owned by an LLC, of which Ms Pierce is a managing member with shared voting and investment power.
Common Stock	08/26/2003	08/26/2003	S		2,225⁽⁶⁾	D	$4.33	10,388,200	I	Owned by an LLC, of which Ms Pierce is a managing member with shared voting and investment power.
Common Stock	08/26/2003	08/26/2003	S		500⁽⁷⁾	D	$4.301	10,387,700	I	Owned by an LLC, of which Ms Pierce is a managing member with shared voting and investment power.
Common Stock	08/26/2003	08/26/2003	S		1,500⁽⁸⁾	D	$4.3	10,386,200	I	Owned by an LLC, of which Ms Pierce is a managing member with shared voting and investment power.
Common Stock	08/27/2003	08/27/2003	S		600⁽⁹⁾	D	$4.37	10,385,600	I	Owned by an LLC, of which Ms Pierce is a managing member with shared voting and investment power.
Common Stock	08/27/2003	08/27/2003	S		1,000	D	$4.36	10,384,600	I	Owned by an LLC, of which Ms Pierce is a managing member with shared voting and investment power.
Common Stock	08/27/2003	08/27/2003	S		2,200⁽¹⁰⁾	D	$4.35	10,382,400	I	Owned by an LLC, of which Ms Pierce is a managing member with shared voting and investment power.
Common Stock	08/27/2003	08/27/2003	S		900	D	$4.38	10,381,500	I	Owned by an LLC, of which Ms Pierce is a managing member with shared voting and investment power.
Common Stock	08/27/2003	08/27/2003	S		500	D	$4.371	10,381,000	I	Owned by an LLC, of which Ms Pierce is a managing member with shared voting and investment power.

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)
Non-Qualified Stock Option (Right to Buy)	$12.063							10/26/2001⁽¹⁾	10/26/2005	Common Stock	1,000		1,000	D
Non-Qualified Stock Option (Right to Buy)	$36.75							05/25/2002⁽¹⁾	05/25/2006	Common Stock	3,500		3,500	D
Non-Qualified Stock Option (Right to Buy)	$37							05/27/2000⁽¹⁾	05/27/2004	Common Stock	3,500		3,500	D
Non-Qualified Stock Option (Right to Buy)	$12.063							10/26/2001⁽¹⁾	10/26/2005	Common Stock	1,000		1,000	I	Owned by Spouse.
Non-Qualified Stock Option (Right to Buy)	$36.75							05/25/2002⁽¹⁾	05/25/2006	Common Stock	3,500		3,500	I	Owned by Spouse.
Non-Qualified Stock Option (Right to Buy)	$37							05/27/2000⁽¹⁾	05/27/2004	Common Stock	3,500		3,500	I	Owned by Spouse

Explanation of Responses:

1. This stock option grant vests over a four year period as follows: One quarter vest on the first year anniversary of the date of the grant; the remainder vests 1/12th quarterly until fully vested.

2. These shares are held jointly by Ms. Pierce and her spouse.

3. Consists of two separate sale transactions of 300 shares and 200 shares of common stock.

4. Consists of two separate transactions of 200 shares and 100 shares of common stock.

5. Consists of three separate sale transaction of 475 shares, 300 shares, and 1000 shares of common stock.

6. Consists of three separate sale transactions of 500 shares, 1000 shares, and 725 shares of common stock.

7. Consists of two separate sales transactions of 200 shares and 300 shares of common stock.

8. Consists of three separate sale transactions of 1000 shares, 200 shares, and 300 shares of common stock.

9. Consists of two separate sale transactions of 300 shares of common stock each.

10. Consists of four separate sale transactions of 1100 shares, 500 shares, 100 shares and 500 shares of common stock.

	/s/ Nancy Pierce	08/27/2003
	** 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).
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.