13F-HR 1 form13f.txt JL ADVISORS, LLC 13F 3-31-2007 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Quarter Ended: 3/31/07 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: JL Advisors, LLC ---------------- Address: 400 Madison Avenue, 5th Floor New York, NY 10017 Form 13F File Number: 28-5227 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: Michael Lewittes Title: Managing Member Phone: (212) 593-2392 Signature, Place, and Date of Signing: Michael Lewittes New York, NY 5/11/2007 [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 manager(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: [If there are no entries in this list, omit this section.] Form 13F File Number Name 28- ------------------- --------------------------------- [Repeat as necessary.] Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: NONE Form 13F Information Table Entry Total: 45 Form 13F Information Table Value Total: $ 2,027,681 (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. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] No. Form 13F File Number Name 28- ---- ----------------- ----------------------------- [Repeat as necessary.] None

FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- ------- --- ---- ------- -------- ------- ------ ---- ~~ACCREDITED~~ADVANCED ~~HOME~~MAGNETICS ~~LENDRS~~INC ~~HLDG~~ COM ~~00437P107~~00753P103 ~~16187~~9161 ~~450400~~152000 SH SOLE ~~SOLE~~152000 0 0 ~~ADVANCED~~ALCAN ~~MAGNETICS~~ INC COM ~~00753P103~~013716105 ~~10249~~26302 ~~300565~~503869 SH SOLE ~~SOLE~~503869 0 0 ~~AEROPOSTALE~~ALCOA INC COM ~~007865108~~013817101 ~~53730~~15211 ~~1838166~~448700 SH SOLE ~~SOLE~~448700 0 0 ~~ALCAN~~ALTRIA GROUP INC COM ~~013716105~~02209S103 ~~8100~~134833 ~~203163~~1535507 SH SOLE ~~SOLE~~1535507 0 0 ~~ANNTAYLOR~~APPLEBEES ~~STORES~~INTL ~~CORP~~INC COM ~~036115103~~037899101 ~~14567~~35465 ~~348000~~1431204 SH SOLE ~~SOLE~~1431204 0 0 ~~ARBITRON~~ATLAS AIR WORLDWIDE HLDGS INC COM ~~03875Q108~~049164205 ~~12028~~14720 ~~325000~~279152 SH SOLE ~~SOLE~~279152 0 0 ~~ASBURY~~AVON ~~AUTOMOTIVE~~PRODS ~~GROUP~~ INC COM ~~043436104~~054303102 ~~19533~~20355 ~~948200~~546306 SH SOLE ~~SOLE~~546306 0 0 ~~BARR~~BERRY ~~PHARMACEUTICALS~~PETE ~~INC~~CO ~~COM~~CL ~~068306109~~A ~~28951~~085789105 ~~557391~~21985 717055 SH SOLE ~~SOLE~~717055 0 0 ~~BEARINGPOINT~~BRINKER INTL INC COM ~~074002106~~109641100 ~~23389~~74016 ~~2975748~~2263490 SH SOLE ~~SOLE~~2263490 0 0 ~~BRUNSWICK~~CERIDIAN CORP NEW COM ~~117043109~~156779100 ~~41271~~77749 ~~1323206~~2231600 SH SOLE ~~SOLE~~2231600 0 0 ~~CAPITAL~~CHEMTURA ~~ONE FINL~~ CORP COM ~~14040H105~~163893100 ~~65374~~7109 ~~831100~~650395 SH SOLE ~~SOLE~~650395 0 0 ~~CAREMARK~~CKX RX INC COM ~~141705103~~12562M106 ~~75487~~17516 ~~1332040~~1577982 SH SOLE ~~SOLE~~1577982 0 0 ~~CHRISTOPHER~~CVS ~~& BANKS~~ CORP COM ~~171046105~~126650100 ~~37761~~196799 ~~1280906~~5764458 SH SOLE ~~SOLE~~5764458 0 0 ~~CKE~~ENDO ~~RESTAURANTS~~PHARMACEUTICALS ~~INC~~HLDGS I COM ~~12561E105~~29264F205 ~~42133~~58380 ~~2519894~~1985700 SH SOLE ~~SOLE~~1985700 0 0 ~~CKX~~EQUITABLE RES INC COM ~~12562M106~~294549100 ~~19646~~14736 ~~1577982~~304972 SH SOLE ~~SOLE~~304972 0 0 ~~CVS~~EXPRESS ~~CORP~~SCRIPTS ~~COM~~INC ~~126650100~~CALL ~~106167~~302182900 ~~3305309~~15550 SH500000 ~~SOLE~~CALL SOLE 500000 0 0 ~~DENDREON~~FELCOR ~~CORP~~LODGING TR INC COM ~~24823Q107~~31430F101 ~~9301~~22932 ~~2080794~~883035 SH SOLE ~~SOLE~~883035 0 0 ELFREEPORT-MCMORAN ~~PASO~~COPPER ~~CORP~~&GO ~~COM~~CALL ~~28336L109~~35671D907 ~~29997~~43092 ~~2199200~~1047200 SHCALL SOLE ~~SOLE~~1047200 0 0 ~~ENDO~~GENERAL ~~PHARMACEUTICALS~~MTRS ~~HLDGS~~CORP I COM ~~29264F205~~370442105 ~~46863~~45960 ~~1439710~~1500000 SH SOLE ~~SOLE~~1500000 0 0 ~~ELECTRONIC~~GENERAL ~~ARTS~~MTRS ~~INC~~CORP ~~PUT~~CALL ~~285512959~~370442905 ~~2385~~4550 ~~900000~~500000 ~~PUT~~CALL SOLE ~~SOLE~~500000 0 0 ~~GAMESTOP~~HANOVER ~~CORP~~COMPRESSOR ~~NEW~~CO CLCOM A410768105 ~~36467W109~~15575 ~~9603~~700000 ~~207500~~ SH SOLE ~~SOLE~~700000 0 0 ~~GAMESTOP~~HESS CORP ~~NEW~~CALL CL42809H907 B38700 ~~36467W208~~1500000 ~~63573~~CALL ~~1421903 SH~~ SOLE ~~SOLE~~1500000 0 0 ~~HOUSTON~~HILTON ~~EXPL~~HOTELS COCORP ~~COM~~CALL ~~442120101~~432848909 ~~56514~~7015 ~~1024725~~1150000 SHCALL SOLE ~~SOLE~~1150000 0 0 ICO GLOBAL COMM HLDGS LTD DE CL A 44930K108 ~~11086~~7391 1895102 SH SOLE ~~SOLE~~1895102 0 0 ~~ISHARES~~INGERSOLL-RAND TRCOMPANY ~~PUT~~LTD ~~464287951~~CALL ~~1600~~G4776G901 ~~500000~~22300 ~~PUT~~2000000 ~~SOLE~~CALL SOLE 2000000 0 0 ~~LIBERTY~~LAS ~~MEDIA~~VEGAS ~~HLDG~~SANDS CORP ~~INT~~ COM ~~SER~~517834107 A43368 ~~53071M104~~500724 ~~54497 2674024~~ SH SOLE ~~SOLE~~500724 0 0 LIMITED BRANDS INC ~~COM~~CALL ~~532716107~~532716907 ~~90162~~24600 ~~3403626~~4000000 SHCALL SOLE ~~SOLE~~4000000 0 0 MAGELLAN HEALTH SVCS INC COM NEW 559079207 ~~71832~~75819 ~~1686199~~1805214 SH SOLE ~~SOLE~~1805214 0 0 ~~MIDCAP~~MARTIN ~~SPDR~~MARIETTA TRMATLS ~~PUT~~INC ~~595635953~~CALL ~~5850~~573284906 ~~1500000~~41575 ~~PUT~~882700 ~~SOLE~~CALL SOLE 882700 0 0 ~~MULTIMEDIA~~MIDCAP ~~GAMES~~SPDR ~~INC~~TR ~~COM~~PUT ~~625453105~~595635953 ~~5254~~1601 ~~578668~~1830000 SHPUT SOLE ~~SOLE~~1830000 0 0 ~~NASDAQ~~MULTIMEDIA ~~100~~GAMES TRINC ~~PUT~~COM ~~631100954~~625453105 ~~1350~~6583 ~~2000000~~553154 ~~PUT~~SH SOLE ~~SOLE~~553154 0 0 ~~PETSMART~~NRG ENERGY INC COM ~~716768106~~NEW ~~67666~~629377508 ~~2437530~~125267 1738859 SH SOLE ~~SOLE~~1738859 0 0 ~~PHELPS~~NUTRI ~~DODGE~~SYS ~~CORP~~INC NEW COM ~~717265102~~67069D108 ~~29909~~2017 ~~353111~~38476 SH SOLE ~~SOLE~~38476 0 0 PHILLIPS VAN HEUSEN CORP COM 718592108 ~~70094~~74261 ~~1678090~~1262945 SH SOLE ~~SOLE~~1262945 0 0 ~~RCN~~PUBLIC ~~CORP~~SVC ~~COM~~ENTERPRISE ~~NEW~~GROUP ~~749361200~~CALL ~~5660~~744573906 ~~200000~~44180 SH1876000 ~~SOLE~~CALL SOLE 1876000 0 0 ~~REGAL~~RCN ~~ENTMT~~CORP ~~GROUP~~COM CLNEW A749361200 ~~758766109~~13046 ~~25208~~510600 ~~1271845~~ SH SOLE ~~SOLE~~510600 0 0 ROSS STORES INC COM 778296103 ~~55552~~145082 ~~2186230~~4217505 SH SOLE ~~SOLE~~4217505 0 0 ~~SEARS~~SHIRE ~~HLDGS~~PLC ~~CORP~~SPONSORED ~~COM~~ADR ~~812350106~~82481R106 ~~158186~~100570 ~~1000606~~1624724 SH SOLE ~~SOLE~~1624724 0 0 ~~SHIRE~~SOTHEBYS ~~PLC~~COM ~~CALL~~835898107 ~~82481R906~~104159 ~~9990~~2341700 ~~1665000~~SH ~~CALL~~ SOLE ~~SOLE~~2341700 0 0 SPDR TR PUT 78462F953 ~~7250~~5238 ~~2500000~~2870000 PUT SOLE ~~SOLE~~2870000 0 0 ~~STARWOOD~~TEVA ~~HOTELS&RESORTS~~PHARMACEUTICALS ~~WRLD~~INDS ~~COM~~LTD ~~85590A401~~CALL ~~28624~~881624909 ~~500500~~33197 SH2613900 ~~SOLE~~CALL SOLE 2613900 0 0 ~~STONE~~TIFFANY ~~ENERGY~~& ~~CORP~~CO NEW COM ~~861642106~~886547108 ~~13758~~122527 ~~339868~~2694090 SH SOLE ~~SOLE~~2694090 0 0 ~~WALGREEN~~UNION COPAC CORP COM ~~931422109~~907818108 ~~67348~~50307 ~~1517181~~495395 SH SOLE ~~SOLE~~495395 0 0 ~~WENDYS~~WERNER ~~INTL~~ENTERPRISES INC COM ~~950590109~~950755108 ~~178932~~8632 ~~2670622~~475062 SH SOLE ~~SOLE~~475062 0 0 ~~YANKEE~~YAHOO ~~CANDLE~~ INC ~~COM~~CALL ~~984757104~~984332906 ~~29307~~58250 ~~1001278~~5000000 SHCALL SOLE ~~SOLE~~5000000 0 0

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