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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001179110-06-022472.txt : 20061129
<SEC-HEADER>0001179110-06-022472.hdr.sgml : 20061129
<ACCEPTANCE-DATETIME>20061129134842
ACCESSION NUMBER:		0001179110-06-022472
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20061129
FILED AS OF DATE:		20061129
DATE AS OF CHANGE:		20061129

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NETLIST INC
		CENTRAL INDEX KEY:			0001282631
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				954812784
		STATE OF INCORPORATION:			DE

	MAIL ADDRESS:	
		STREET 1:		475 GODDARD
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92618

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Kim Lee
		CENTRAL INDEX KEY:			0001379753

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33170
		FILM NUMBER:		061244687

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		949-435-0025

	MAIL ADDRESS:	
		STREET 1:		C/O NETLIST, INC.
		STREET 2:		475 GODDARD
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92618
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 3 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2006-11-29</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001282631</issuerCik>
        <issuerName>NETLIST INC</issuerName>
        <issuerTradingSymbol>NLST</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001379753</rptOwnerCik>
            <rptOwnerName>Kim Lee</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O NETLIST, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>475 GODDARD</rptOwnerStreet2>
            <rptOwnerCity>IRVINE</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>92618</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>VP, CFO and Secretary</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Employee Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.55</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2016-01-13</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>127500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Employee Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>7.00</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2016-08-07</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>85000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The option vests as to 31,875 shares on January 13, 2007.  Thereafter, the option vests in 36 equal monthly installments.  The first such installment of 2,656 shares will vest on February 13, 2007.</footnote>
        <footnote id="F2">The option vests in sixteen equal quarterly installments.  The first such installment of 5,313 shares vested on November 7, 2006.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ David Kuo, by Power of Attorney</signatureName>
        <signatureDate>2006-11-29</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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