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  <TITLE> NNN 2003 Value Fund, LLC (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	November 10, 2006
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  	NNN 2003 Value Fund, LLC
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Delaware
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  	000-51295
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  	20-122092
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	&nbsp;
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  	&nbsp;
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  	1551 N. Tustin Avenue, Suite 200, Santa Ana, California
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  	92705
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
  	(Zip Code)
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  	Registrant&#146;s telephone number, including area code:
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  	(877) 888-7348
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
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  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  <B>
  	Item 7.01 Regulation FD Disclosure.
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  On November 10, 2006, we distributed a letter (the "Investor Letter") to the investors of NNN 2003 Value Fund, LLC regarding 2006 leasing, disposition and acquisition activity of the company.  The full text of the Investor Letter is attached as Exhibit 99.1 to this report and is incorporated by reference into this Item 7.01.<br><br>The information furnished under this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.<br><br> <br><br>
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  	Item 9.01 Financial Statements and Exhibits.
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  99.1 - Investor Letter dated November 10, 2006
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	NNN 2003 Value Fund, LLC
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  	&nbsp;&nbsp;
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  <I>
  	November 13, 2006
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  	By:
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  <I>
  	/s/ Steven S. Fradin
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  	&nbsp;
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  <I>
  	Name: Steven S. Fradin
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  <I>
  	Title: Chief Accounting Officer
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	Description
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  	99.1
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  Investor Letter dated November 10, 2006
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_16349.htm", "description": "LIVE FILING", "secsgml_size_bytes": 10324}]
metadata_filer: {"company-data": {"conformed-name": "NNN 2003 VALUE FUND LLC", "cik": "0001260429", "assigned-sic": "6512", "irs-number": "000000000"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51295", "film-number": "061210091"}, "business-address": {"street1": "1551 N TUSTIN AVE", "street2": "SUITE 650", "city": "SANTA ANA", "state": "CA", "zip": "92705", "phone": "877-888-7348"}}
text: NNN 2003 Value Fund, LLC (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  November 10, 2006
  NNN 2003 Value Fund, LLC
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Delaware
  000-51295
  20-122092
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  1551 N. Tustin Avenue, Suite 200, Santa Ana, California
  92705
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  (877) 888-7348
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 7.01 Regulation FD Disclosure.
  On November 10, 2006, we distributed a letter (the "Investor Letter") to the investors of NNN 2003 Value Fund, LLC regarding 2006 leasing, disposition and acquisition activity of the company.  The full text of the Investor Letter is attached as Exhibit 99.1 to this report and is incorporated by reference into this Item 7.01.
  The information furnished under this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
  Item 9.01 Financial Statements and Exhibits.
  99.1 - Investor Letter dated November 10, 2006
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  NNN 2003 Value Fund, LLC
  November 13, 2006
  By:
  /s/ Steven S. Fradin
  Name: Steven S. Fradin
  Title: Chief Accounting Officer
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  99.1
  Investor Letter dated November 10, 2006