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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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  	October 25, 2007
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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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  	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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  ___________<BR>
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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
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  	Former name or former address, if changed since last report
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  	&nbsp;
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  Check the appropriate box below if the Form 8-K filing is intended to
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  [&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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  	Item 1.01 Entry into a Material Definitive Agreement.
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  The information reported in Items 2.01 and 2.03 of this Current Report on Form 8-K is incorporated herein by reference.
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  	Item 2.01 Completion of Acquisition or Disposition of Assets.
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  On September 19, 2007, Triple Net Properties, LLC, or Triple Net Properties, or our Manager, entered into a Purchase and Sale Agreement, or the Agreement, with Sevens St. Louis L.L.C., an unaffiliated third party, or the Seller, for the purchase of certain real property and improvements known as The Sevens Building, located at 7777 Bonhomme Avenue, St. Louis, Missouri, for a purchase price of $28,250,000.<br><br>On October 24, 2007, Triple Net Properties and the Seller entered into a First Amendment to Purchase and Sale Agreement, or the Amendment. The material terms of the Amendment extended the closing date of the acquisition to October 25, 2007.<br><br>On October 25, 2007, Triple Net Properties executed an Assignment and Assumption of Purchase and Sale Agreement, or the Assignment, to assign its rights, title and interest as the buyer in the Agreement to NNN VF 7777 Bonhomme Avenue, LLC, our wholly-owned subsidiary.<br><br>On October 25, 2007, we acquired The Sevens Building from the Seller for a purchase price of $28,250,000, plus closing costs.  We financed the purchase price of The Sevens Building with an initial advance of $21,000,000 from a $23,500,000 secured loan from General Electric Capital Corporation, or GE Capital (as described in Item 2.03 below); $4,725,000 from an unsecured loan with NNN Realty Advisors, Inc., the parent company of Triple Net Properties, as described in Item 2.03 below; and $3,884,000 from available cash from operations. An acquisition fee of $847,500, or 3.0% of the purchase price, and a loan fee of $118,000, or 0.5% of the principal amount of the secured loan, was paid to our Manager and its affiliate.<br><br>The above descriptions of the Agreement, Amendment and Assignment are qualified in their entirety by the terms of the agreements attached as Exhibits 10.1 through 10.3 to this Current Report on Form 8-K.
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  	Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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  On October 25, 2007, we, through NNN VF 7777 Bonhomme Avenue, LLC, entered into a secured loan with GE Capital. The secured loan is evidenced by a Loan Agreement and a Promissory Note in the principal amount of up to $23,500,000. The Promissory Note is secured by a Deed of Trust, Security Agreement and Fixture Filing on The Sevens Building, or the Deed of Trust. The secured loan matures on October 31, 2010, but may be extended for one 12 month period subject to satisfaction of certain conditions, including payment of an extension fee equal to 0.25% of the sum of the outstanding principal balance of the secured loan. The initial advance of $21,000,000 under the secured loan bears interest at a fixed rate of 5.95% per annum. All future advances shall bear interest at a variable rate of interest equal to 2.25% per annum in excess of the one month LIBOR. At our option, we may convert all or a portion of future advances, in minimum increments of $500,000, to a fixed rate equal to 1.5% per annum in excess of the then applicable swap rate, as defined in the Loan Agreement. Should we exercise our option to extend, the secured loan shall bear interest at a rate equal to 2.25% in excess of the one month LIBOR. The secured loan provides for monthly interest-only payments due (i) on the closing date, for the period from the closing date through the last day of that month, and (ii) thereafter on the 1st day of each month, beginning on December 1, 2007. If any monthly installment that is not received by GE Capital within five days after the date on which the installment is due, the secured loan provides for a late charge equal to 5.0% of such monthly installment, not to exceed the maximum amount of interest allowed by applicable law. In the event of default, the secured loan also provides for a default interest rate equal to the lesser of (i) the maximum amount per annum rate of interest allowed by applicable law, or (ii) 10.95% per annum. The secured loan does not allow for prepayment, in whole or in part, through April 30, 2009.  Beginning May 1, 2009, the secured loan may be prepaid, in whole but not in part, upon payment of a prepayment premium equal to the Make Whole Breakage Amount, as defined in the Loan Agreement.  The secured loan is subject to a repayment fee of $235,000, however, should the secured loan be refinanced with GE Capital, GE Capital shall waive 50% of the repayment fee. The secured loan documents contain certain customary representations, warranties, covenants and indemnities, as well as provisions for reserves.<br><br>The material terms of the secured loan are qualified in their entirety by the terms of the Loan Agreement, Promissory Note, Deed of Trust, Joinder Agreements and Hazardous Materials Indemnity Agreement attached hereto as Exhibits 10.4 through 10.9 to this Current Report on Form 8-K.<br><br>As previously reported in the Current Report on Form 8-K we filed on October 30, 2007, we obtained a $4,725,000 unsecured loan with NNN Realty Advisors, Inc., as evidenced by an Unsecured Promissory Note.  The unsecured loan has a maturity date of January 22, 2008, bears interest at a fixed rate of 6.72% per annum and requires monthly interest-only payments beginning on November 1, 2007. The unsecured loan also provides for a default interest rate of 8.72% per annum. The material terms of the unsecured loan are qualified in their entirety by the terms of the Unsecured Promissory Note previously filed as Exhibit 10.1 to our Current Report on Form 8-K filed on October 30, 2007.
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  	Item 7.01 Regulation FD Disclosure.
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  On October 31, 2007, we issued a press release announcing the acquisition of The Sevens Building.  A copy of the press release, which is hereby incorporated into this filing in its entirety, is attached to this Current Report on Form 8-K as Exhibit 99.1.<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 Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
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  	Item 9.01 Financial Statements and Exhibits.
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  (a) Financial Statements.<br><br>It is not practical to provide the required financial statements at this time.  Such financial statements will be filed as an amendment to this Current Report on Form 8-K no later than 71 days after the deadline for filing this Form 8-K.<br><br>(b) Pro Forma Financial Information.<br><br>See paragraph (a) above.<br><br>(d) Exhibits.<br><br>10.1 Purchase and Sale Agreement by and between Sevens St. Louis L.L.C. and Triple Net Properties, LLC, dated September 19, 2007<br><br>10.2 First Amendment to Purchase and Sale Agreement by and between Sevens St. Louis, LLC and Triple Net Properties, LLC, dated October 24, 2007<br><br>10.3 Assignment and Assumption of Purchase and Sale Agreement by and between Triple Net Properties, LLC and NNN VF 7777 Bonhomme Avenue, LLC, dated October 25, 2007<br><br>10.4 Loan Agreement between General Electric Capital Corporation and NNN VF 7777 Bonhomme Avenue, LLC, dated October 25, 2007<br><br>10.5 Promissory Note by NNN VF 7777 Bonhomme Avenue, LLC in favor of General Electric Capital Corporation, dated October 25, 2007<br><br>10.6 Deed of Trust, Security Agreement and Fixture Filing for the benefit of General Electric Capital Corporation, dated October 25, 2007<br><br>10.7 Hazardous Materials Indemnity Agreement by NNN VF 7777 Bonhomme Avenue, LLC and NNN 2003 Value Fund, LLC for the benefit of General Electric Capital Corporation, dated October 25, 2007<br><br>10.8 Joinder Agreement by NNN 2003 Value Fund, LLC in favor of General Electric Capital Corporation, dated October 25, 2007<br><br>10.9 Joinder Agreement by NNN Realty Advisors, Inc. in favor of General Electric Capital Corporation, dated October 25, 2007<br><br>10.10* Unsecured Promissory Note by NNN 2003 Value Fund, LLC in favor of NNN Realty Advisors, Inc., dated October 24, 2007 (included as Exhibit 10.1 to our Form 8-K filed October 30, 2007 and incorporated herein by reference)<br><br>99.1 NNN 2003 Value Fund, LLC Press Release, dated October 31, 2007<br><br>* Previously Filed
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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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  	October 31, 2007
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  	/s/ Richard T. Hutton, Jr.
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  	Name: Richard T. Hutton, Jr.
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  	Title: Chief Executive Officer
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	Description
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  	10.1
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  Purchase and Sale Agreement by and between Sevens St. Louis L.L.C. and Triple Net Properties, LLC, dated September 19, 2007
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  	10.2
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  First Amendment to Purchase and Sale Agreement by and between Sevens St. Louis, LLC and Triple Net Properties, LLC, dated October 24, 2007
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  Assignment and Assumption of Purchase and Sale Agreement by and between Triple Net Properties, LLC and NNN VF 7777 Bonhomme Avenue, LLC, dated October 25, 2007
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  <TR VALIGN="BOTTOM">
  <TD VALIGN="TOP" WIDTH="8%" nowrap>
  <FONT SIZE="2">
  <DIV ALIGN="LEFT">
  	10.4
  </DIV>
  </FONT>
  </TD>
  <TD WIDTH="15%">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
  <FONT SIZE="2">
  Loan Agreement between General Electric Capital Corporation and NNN VF 7777 Bonhomme Avenue, LLC, dated October 25, 2007
  </FONT>
  </TD>
  </TR>
  <TR VALIGN="BOTTOM">
  <TD VALIGN="TOP" WIDTH="8%" nowrap>
  <FONT SIZE="2">
  <DIV ALIGN="LEFT">
  	10.5
  </DIV>
  </FONT>
  </TD>
  <TD WIDTH="15%">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
  <FONT SIZE="2">
  Promissory Note by NNN VF 7777 Bonhomme Avenue, LLC in favor of General Electric Capital Corporation, dated October 25, 2007
  </FONT>
  </TD>
  </TR>
  <TR VALIGN="BOTTOM">
  <TD VALIGN="TOP" WIDTH="8%" nowrap>
  <FONT SIZE="2">
  <DIV ALIGN="LEFT">
  	10.6
  </DIV>
  </FONT>
  </TD>
  <TD WIDTH="15%">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
  <FONT SIZE="2">
  Deed of Trust, Security Agreement and Fixture Filing for the benefit of General Electric Capital Corporation, dated October 25, 2007
  </FONT>
  </TD>
  </TR>
  <TR VALIGN="BOTTOM">
  <TD VALIGN="TOP" WIDTH="8%" nowrap>
  <FONT SIZE="2">
  <DIV ALIGN="LEFT">
  	10.7
  </DIV>
  </FONT>
  </TD>
  <TD WIDTH="15%">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
  <FONT SIZE="2">
  Hazardous Materials Indemnity Agreement by NNN VF 7777 Bonhomme Avenue, LLC and NNN 2003 Value Fund, LLC for the benefit of General Electric Capital Corporation, dated October 25, 2007
  </FONT>
  </TD>
  </TR>
  <TR VALIGN="BOTTOM">
  <TD VALIGN="TOP" WIDTH="8%" nowrap>
  <FONT SIZE="2">
  <DIV ALIGN="LEFT">
  	10.8
  </DIV>
  </FONT>
  </TD>
  <TD WIDTH="15%">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
  <FONT SIZE="2">
  Joinder Agreement by NNN 2003 Value Fund, LLC in favor of General Electric Capital Corporation, dated October 25, 2007
  </FONT>
  </TD>
  </TR>
  <TR VALIGN="BOTTOM">
  <TD VALIGN="TOP" WIDTH="8%" nowrap>
  <FONT SIZE="2">
  <DIV ALIGN="LEFT">
  	10.9
  </DIV>
  </FONT>
  </TD>
  <TD WIDTH="15%">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
  <FONT SIZE="2">
  Joinder Agreement by NNN Realty Advisors, Inc. in favor of General Electric Capital Corporation, dated October 25, 2007
  </FONT>
  </TD>
  </TR>
  <TR VALIGN="BOTTOM">
  <TD VALIGN="TOP" WIDTH="8%" nowrap>
  <FONT SIZE="2">
  <DIV ALIGN="LEFT">
  	99.1
  </DIV>
  </FONT>
  </TD>
  <TD WIDTH="15%">
  <FONT SIZE="2">
  	&nbsp;
  </FONT>
  </TD>
  <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
  <FONT SIZE="2">
  NNN 2003 Value Fund, LLC Press Release, dated October 31, 2007
  </FONT>
  </TD>
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_23498.htm", "description": "LIVE FILING", "secsgml_size_bytes": 22012}]
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": "071203862"}, "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):
  October 25, 2007
  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 1.01 Entry into a Material Definitive Agreement.
  The information reported in Items 2.01 and 2.03 of this Current Report on Form 8-K is incorporated herein by reference.
  Item 2.01 Completion of Acquisition or Disposition of Assets.
  On September 19, 2007, Triple Net Properties, LLC, or Triple Net Properties, or our Manager, entered into a Purchase and Sale Agreement, or the Agreement, with Sevens St. Louis L.L.C., an unaffiliated third party, or the Seller, for the purchase of certain real property and improvements known as The Sevens Building, located at 7777 Bonhomme Avenue, St. Louis, Missouri, for a purchase price of $28,250,000.
  On October 24, 2007, Triple Net Properties and the Seller entered into a First Amendment to Purchase and Sale Agreement, or the Amendment. The material terms of the Amendment extended the closing date of the acquisition to October 25, 2007.
  On October 25, 2007, Triple Net Properties executed an Assignment and Assumption of Purchase and Sale Agreement, or the Assignment, to assign its rights, title and interest as the buyer in the Agreement to NNN VF 7777 Bonhomme Avenue, LLC, our wholly-owned subsidiary.
  On October 25, 2007, we acquired The Sevens Building from the Seller for a purchase price of $28,250,000, plus closing costs.  We financed the purchase price of The Sevens Building with an initial advance of $21,000,000 from a $23,500,000 secured loan from General Electric Capital Corporation, or GE Capital (as described in Item 2.03 below); $4,725,000 from an unsecured loan with NNN Realty Advisors, Inc., the parent company of Triple Net Properties, as described in Item 2.03 below; and $3,884,000 from available cash from operations. An acquisition fee of $847,500, or 3.0% of the purchase price, and a loan fee of $118,000, or 0.5% of the principal amount of the secured loan, was paid to our Manager and its affiliate.
  The above descriptions of the Agreement, Amendment and Assignment are qualified in their entirety by the terms of the agreements attached as Exhibits 10.1 through 10.3 to this Current Report on Form 8-K.
  Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
  On October 25, 2007, we, through NNN VF 7777 Bonhomme Avenue, LLC, entered into a secured loan with GE Capital. The secured loan is evidenced by a Loan Agreement and a Promissory Note in the principal amount of up to $23,500,000. The Promissory Note is secured by a Deed of Trust, Security Agreement and Fixture Filing on The Sevens Building, or the Deed of Trust. The secured loan matures on October 31, 2010, but may be extended for one 12 month period subject to satisfaction of certain conditions, including payment of an extension fee equal to 0.25% of the sum of the outstanding principal balance of the secured loan. The initial advance of $21,000,000 under the secured loan bears interest at a fixed rate of 5.95% per annum. All future advances shall bear interest at a variable rate of interest equal to 2.25% per annum in excess of the one month LIBOR. At our option, we may convert all or a portion of future advances, in minimum increments of $500,000, to a fixed rate equal to 1.5% per annum in excess of the then applicable swap rate, as defined in the Loan Agreement. Should we exercise our option to extend, the secured loan shall bear interest at a rate equal to 2.25% in excess of the one month LIBOR. The secured loan provides for monthly interest-only payments due (i) on the closing date, for the period from the closing date through the last day of that month, and (ii) thereafter on the 1st day of each month, beginning on December 1, 2007. If any monthly installment that is not received by GE Capital within five days after the date on which the installment is due, the secured loan provides for a late charge equal to 5.0% of such monthly installment, not to exceed the maximum amount of interest allowed by applicable law. In the event of default, the secured loan also provides for a default interest rate equal to the lesser of (i) the maximum amount per annum rate of interest allowed by applicable law, or (ii) 10.95% per annum. The secured loan does not allow for prepayment, in whole or in part, through April 30, 2009.  Beginning May 1, 2009, the secured loan may be prepaid, in whole but not in part, upon payment of a prepayment premium equal to the Make Whole Breakage Amount, as defined in the Loan Agreement.  The secured loan is subject to a repayment fee of $235,000, however, should the secured loan be refinanced with GE Capital, GE Capital shall waive 50% of the repayment fee. The secured loan documents contain certain customary representations, warranties, covenants and indemnities, as well as provisions for reserves.
  The material terms of the secured loan are qualified in their entirety by the terms of the Loan Agreement, Promissory Note, Deed of Trust, Joinder Agreements and Hazardous Materials Indemnity Agreement attached hereto as Exhibits 10.4 through 10.9 to this Current Report on Form 8-K.
  As previously reported in the Current Report on Form 8-K we filed on October 30, 2007, we obtained a $4,725,000 unsecured loan with NNN Realty Advisors, Inc., as evidenced by an Unsecured Promissory Note.  The unsecured loan has a maturity date of January 22, 2008, bears interest at a fixed rate of 6.72% per annum and requires monthly interest-only payments beginning on November 1, 2007. The unsecured loan also provides for a default interest rate of 8.72% per annum. The material terms of the unsecured loan are qualified in their entirety by the terms of the Unsecured Promissory Note previously filed as Exhibit 10.1 to our Current Report on Form 8-K filed on October 30, 2007.
  Item 7.01 Regulation FD Disclosure.
  On October 31, 2007, we issued a press release announcing the acquisition of The Sevens Building.  A copy of the press release, which is hereby incorporated into this filing in its entirety, is attached to this Current Report on Form 8-K as Exhibit 99.1.
  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 Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
  Item 9.01 Financial Statements and Exhibits.
  (a) Financial Statements.
  It is not practical to provide the required financial statements at this time.  Such financial statements will be filed as an amendment to this Current Report on Form 8-K no later than 71 days after the deadline for filing this Form 8-K.
  (b) Pro Forma Financial Information.
  See paragraph (a) above.
  (d) Exhibits.
  10.1 Purchase and Sale Agreement by and between Sevens St. Louis L.L.C. and Triple Net Properties, LLC, dated September 19, 2007
  10.2 First Amendment to Purchase and Sale Agreement by and between Sevens St. Louis, LLC and Triple Net Properties, LLC, dated October 24, 2007
  10.3 Assignment and Assumption of Purchase and Sale Agreement by and between Triple Net Properties, LLC and NNN VF 7777 Bonhomme Avenue, LLC, dated October 25, 2007
  10.4 Loan Agreement between General Electric Capital Corporation and NNN VF 7777 Bonhomme Avenue, LLC, dated October 25, 2007
  10.5 Promissory Note by NNN VF 7777 Bonhomme Avenue, LLC in favor of General Electric Capital Corporation, dated October 25, 2007
  10.6 Deed of Trust, Security Agreement and Fixture Filing for the benefit of General Electric Capital Corporation, dated October 25, 2007
  10.7 Hazardous Materials Indemnity Agreement by NNN VF 7777 Bonhomme Avenue, LLC and NNN 2003 Value Fund, LLC for the benefit of General Electric Capital Corporation, dated October 25, 2007
  10.8 Joinder Agreement by NNN 2003 Value Fund, LLC in favor of General Electric Capital Corporation, dated October 25, 2007
  10.9 Joinder Agreement by NNN Realty Advisors, Inc. in favor of General Electric Capital Corporation, dated October 25, 2007
  10.10* Unsecured Promissory Note by NNN 2003 Value Fund, LLC in favor of NNN Realty Advisors, Inc., dated October 24, 2007 (included as Exhibit 10.1 to our Form 8-K filed October 30, 2007 and incorporated herein by reference)
  99.1 NNN 2003 Value Fund, LLC Press Release, dated October 31, 2007
  * Previously Filed
  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
  October 31, 2007
  By:
  /s/ Richard T. Hutton, Jr.
  Name: Richard T. Hutton, Jr.
  Title: Chief Executive Officer
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  10.1
  Purchase and Sale Agreement by and between Sevens St. Louis L.L.C. and Triple Net Properties, LLC, dated September 19, 2007
  10.2
  First Amendment to Purchase and Sale Agreement by and between Sevens St. Louis, LLC and Triple Net Properties, LLC, dated October 24, 2007
  10.3
  Assignment and Assumption of Purchase and Sale Agreement by and between Triple Net Properties, LLC and NNN VF 7777 Bonhomme Avenue, LLC, dated October 25, 2007
  10.4
  Loan Agreement between General Electric Capital Corporation and NNN VF 7777 Bonhomme Avenue, LLC, dated October 25, 2007
  10.5
  Promissory Note by NNN VF 7777 Bonhomme Avenue, LLC in favor of General Electric Capital Corporation, dated October 25, 2007
  10.6
  Deed of Trust, Security Agreement and Fixture Filing for the benefit of General Electric Capital Corporation, dated October 25, 2007
  10.7
  Hazardous Materials Indemnity Agreement by NNN VF 7777 Bonhomme Avenue, LLC and NNN 2003 Value Fund, LLC for the benefit of General Electric Capital Corporation, dated October 25, 2007
  10.8
  Joinder Agreement by NNN 2003 Value Fund, LLC in favor of General Electric Capital Corporation, dated October 25, 2007
  10.9
  Joinder Agreement by NNN Realty Advisors, Inc. in favor of General Electric Capital Corporation, dated October 25, 2007
  99.1
  NNN 2003 Value Fund, LLC Press Release, dated October 31, 2007