SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES 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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1. Name and Address of Reporting Person* Stephens Investment Management, LLC (Last) (First) (Middle) ONE SANSOME STREET SUITE 2900 (Street) SAN FRANCISCO CA 94104 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 10/20/2006	3. Issuer Name and Ticker or Trading Symbol AXESSTEL INC [ AFT ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner Officer (give title below) X Other (specify below) See footnotes	5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, $.0001 par value per share	1,541,280	I	By: Nanocap Qualified Fund, L.P.(1)(2)
Common Stock, $.0001 par value per share	959,123	I	By: Orphan Fund, L.P.(1)(2)
Common Stock, $.0001 par value per share	837,497	I	By: Nanocap Fund, L.P.(1)(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* Stephens Investment Management, LLC (Last) (First) (Middle) ONE SANSOME STREET SUITE 2900 (Street) SAN FRANCISCO CA 94104 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See footnotes

1. Name and Address of Reporting Person* STEPHENS PAUL BARTLETT (Last) (First) (Middle) ONE SANSOME STREET SUITE 2900 (Street) SAN FRANCISCO CA 94104 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See footnotes

1. Name and Address of Reporting Person* STEPHENS WILLIAM BRADFORD (Last) (First) (Middle) ONE SANSOME STREET SUITE 2900 (Street) SAN FRANCISCO CA 94104 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See footnotes

Explanation of Responses:

1. These securities are held directly by Orphan Fund, L.P., Nanocap Fund, L.P. and Nanocap Qualified Fund, L.P., U.S. investment limited partnerships (the "Partnerships"), none of which, for Section 16 purposes, is itself the beneficial owner of more than 10% of the issuer's common stock. Stephens Investment Management, LLC ("SIM") is the general partner and investment manager of each of the Partnerships. Paul Bartlett Stephens and William Bradford Stephens are each managing members and minority owners of SIM and each also holds limited partnership interests in Nanocap Fund, L.P. Each of SIM, Paul Bartlett Stephens, W. Bradford Stephens and each Partnership expressly disclaims beneficial ownership in these securities, except to the extent of their respective pecuniary interests therein.

2. None of the securities listed on this Form 3 is newly acquired. Prior to October 20, 2006, SIM had been registered as an investment adviser under Section 203 of the Investment Advisers Act of 1940, as amended. SIM terminated that registration as of October 20, 2006 and therefore ceased to be eligible to rely on Rule 16a-1(a)(1)(v) under the Securities Exchange Act of 1934, as amended. Accordingly, SIM, Paul Bartlett Stephens and William Bradford Stephens are filing this Form 3 to report the beneficial ownership of the securities listed in this Form 3. These securities have been previously reported on a Form 3 and Form 4s by Paul Harbour Stephens, who is also a managing member and minoriy owner of SIM.

Remarks:

	Stephens Investment Management, LLC; By: Paul Bartlett Stephens, its Managing Member; /s/ P. Bartlett Stephens	10/27/2006
	Paul Bartlett Stephens; /s/ Paul Bartlett Stephens	10/27/2006
	W. Bradford Stephens; /s/ W. Bradford Stephens	10/27/2006
	** 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 5 (b)(v).
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