UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 13F

                               FORM 13F Cover Page



Report for the Calendar Year or Quarter Ended:   June 30, 2009

Check here if Amendment:           |_|; Amendment Number: ____

This Amendment (Check only one):   |_| is a restatement
                                   |_| adds new holding entries.

Institutional Manager Filing this Report:

Name:     JLF Asset Management, LLC

Address:  6682 Los Arboledas
          Rancho Santa Fe, CA 92067


13F File Number:   028-05321

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.


Person Signing this Report on Behalf of Reporting Manager:

   Name:  Jeffrey Feinberg
  Title:  Managing Member
  Phone:  (858) 259-3440


Signature, Place and Date of Signing:


  /s/ Jeffrey Feinberg        Rancho Santa Fe, California        July 27, 2009
- ------------------------     -----------------------------     -----------------
      [Signature]                    [City, State]                  [Date]




Report Type:  (Check only one):

[X]      13F HOLDINGS REPORT. (Check here if all holdings of this reporting
         manager are reported in this report).

[_]      13F NOTICE. (Check here if no holdings reported are in this report,
         and all holdings are reported by other reporting managers(s).)

[_]      13F COMBINATION REPORT. (Check here if a portion of the holdings for
         this reporting manager are reported in this report and a portion are
         reported by other reporting manager(s).)


List of Other Managers Reporting for this Manager:   None




                              Form 13F SUMMARY PAGE


Report Summary:

Number of Other Included Managers:         0

Form 13F Information Table Entry Total:    0

Form 13F Information Table Value Total:   $0
                                          (thousands)

List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.

1.   28-10801     JLF Offshore Fund, Ltd.
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