-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 FqG+qB1v4uAYNPWTXVmaa1ddTHj3z7EbCm9nvgCs3ea5/ujrDKMdDuTkQGQDdo0P
 Yg6zST1RucbsXqcAKA56cg==

<SEC-DOCUMENT>0001179110-06-022475.txt : 20061129
<SEC-HEADER>0001179110-06-022475.hdr.sgml : 20061129
<ACCEPTANCE-DATETIME>20061129135122
ACCESSION NUMBER:		0001179110-06-022475
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:			Portnoy Alan H
		CENTRAL INDEX KEY:			0001381337

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33170
		FILM NUMBER:		061244699

	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>0001381337</rptOwnerCik>
            <rptOwnerName>Portnoy Alan H</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>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></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>2015-03-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>25000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Employee Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.55</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2015-03-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>10000</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="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2016-08-14</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>10000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The option became exercisable as to 6,250 shares upon grant on March 31, 2005.  The option vests as to the remaining shares in three equal annual installments, the first such installment of 6,250 shares vested on March 31, 2006.</footnote>
        <footnote id="F2">The option vests in four equal annual installments.  The first installment of 6,250 shares vested March 31, 2006.</footnote>
        <footnote id="F3">The option vests in sixteen equal quarterly installments.  The first installment of 625 shares vested on November 1, 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>
-----END PRIVACY-ENHANCED MESSAGE-----