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 * STEPHENS WARREN A   2. Issuer Name and Ticker or Trading Symbol POWER ONE INC [PWER] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 111 CENTER STREET 3. Date of Earliest Transaction (Month/Day/Year) 09/08/2006 (Street) LITTLE ROCK, AR 72201 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 09/08/2006   J(1)   276,510 D $ 0 0 (1) I By LLC Common Stock 09/08/2006   J(1)   11,686 A $ 0 107,247 I By Warren A. Stephens Trust Common Stock 09/08/2006   J(2)   123,267 D $ 0 0 I By Stephens Investment Partners 2001 LLC Common Stock 09/08/2006   J(2)   1,717 A $ 0 1,717 D   Common Stock 09/08/2006   J(1)   8,277 A $ 0 65,348 I By Harriet C. Stephens Trust Common Stock 09/08/2006   J(1)   4,696 A $ 0 40,171 I By Warren Miles Amerine Stephens Trust Common Stock 09/08/2006   J(1)   4,696 A $ 0 40,171 I By John Calhoun Stehpens Trust Common Stock 09/08/2006   J(1)   4,696 A $ 0 40,171 I By Laura Whitaker Stephens Trust Common Stock 09/08/2006   J(1)   2,921 A $ 0 5,089 I By Children's Trust Common Stock               145,816 I By IRA Common Stock               696,057 (3) I By Voting Trust

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
STEPHENS WARREN A 111 CENTER STREET LITTLE ROCK, AR 72201		X

Signatures

Todd Ferguson, attorney in fact for reporting person		09/12/2006
**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)	Reflects receipt of shares through a pro rata liquidating distribution by Stephens di/dt LLC, of which reporting person is a non-managing member. In prior reports, reporting person reported beneficial ownership of all shares held by the LLC.
(2)	Reflects pro rata distribution by Stephens Investment Partners 2001 LLC, of which reporting person is a member. In prior reports, reporting reported beneficial ownership of all shares held by the LLC.
(3)	Includes 15,000 shares beneficially owned by Jackson T. Stephens Trust One, 106,752 shares beneficially owned by Warren A. Stephens Trust, and 90,000 shares beneficially owned by each of Warren Miles Amerine Stephens Trust, Laura Whitaker Stephens Trust and John Calhoun Stephens Trust. Reporting person is a trustee for each of these trusts. Also includes 200,001 shares beneficially owned by Warren and Harriet Stephens Children's Trust for benefit of reporting person's children, 50,000 shares beneficially owned by Harriet Calhoun Stephens Trust and 54,304 shares beneficially owned by Warren A. Stephens IRA.

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