X0202 3 2006-10-20 0 0001092492 AXESSTEL INC AFT 0001349475 Stephens Investment Management, LLC ONE SANSOME STREET SUITE 2900 SAN FRANCISCO CA 94104 0 0 0 1 See footnotes 0001366497 STEPHENS PAUL BARTLETT ONE SANSOME STREET SUITE 2900 SAN FRANCISCO CA 94104 0 0 0 1 See footnotes 0001366498 STEPHENS WILLIAM BRADFORD ONE SANSOME STREET SUITE 2900 SAN FRANCISCO CA 94104 0 0 0 1 See footnotes Common Stock, $.0001 par value per share 1541280 I By: Nanocap Qualified Fund, L.P. Common Stock, $.0001 par value per share 959123 I By: Orphan Fund, L.P. Common Stock, $.0001 par value per share 837497 I By: Nanocap Fund, L.P. 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. 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. Stephens Investment Management, LLC; By: Paul Bartlett Stephens, its Managing Member; /s/ P. Bartlett Stephens 2006-10-27 Paul Bartlett Stephens; /s/ Paul Bartlett Stephens 2006-10-27 W. Bradford Stephens; /s/ W. Bradford Stephens 2006-10-27