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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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  	January 17, 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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  	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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  	Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
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  (c)	Effective January 17, 2006, Michael F. O&#x2019;Flynn, 33, was appointed to serve in the capacity of chief accounting officer for NNN 2003 Value Fund, LLC.  Mr. O&#x2019;Flynn is responsible for all areas of finance, including accounting and financial reporting, on our behalf.  Mr. O&#x2019;Flynn will also continue to serve in his capacity as financial reporting manager for Triple Net Properties, LLC, our Manager, a position he assumed in August 2005.  From December 2003 to August 2005, Mr. O&#x2019;Flynn gained public accounting and auditing experience while employed as an auditor with Ernst and Young, LLP, specializing in the audits of real estate companies.  Prior to joining Ernst and Young, LLP, from September 1999 until December 2003, Mr. O&#x2019;Flynn worked as an auditor with Corbin and Company, a regional public accounting firm, where he worked on the audits of a variety of public and private entities.  Mr. O&#x2019;Flynn is a Certified Public Accountant and received his B.A. in Business Economics and a concentration in Accounting from UC Santa Barbara.
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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>
  	February 1, 2006
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  	By:
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  <I>
  	/s/ Richard T. Hutton, Jr.
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  	&nbsp;
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  <I>
  	Name: Richard T. Hutton, Jr.
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  <I>
  	Title: Chief Executive Officer and President
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_9926.htm", "description": "LIVE FILING", "secsgml_size_bytes": 9412}]
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": "06568655"}, "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):
  January 17, 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 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
  (c)	Effective January 17, 2006, Michael F. O'Flynn, 33, was appointed to serve in the capacity of chief accounting officer for NNN 2003 Value Fund, LLC.  Mr. O'Flynn is responsible for all areas of finance, including accounting and financial reporting, on our behalf.  Mr. O'Flynn will also continue to serve in his capacity as financial reporting manager for Triple Net Properties, LLC, our Manager, a position he assumed in August 2005.  From December 2003 to August 2005, Mr. O'Flynn gained public accounting and auditing experience while employed as an auditor with Ernst and Young, LLP, specializing in the audits of real estate companies.  Prior to joining Ernst and Young, LLP, from September 1999 until December 2003, Mr. O'Flynn worked as an auditor with Corbin and Company, a regional public accounting firm, where he worked on the audits of a variety of public and private entities.  Mr. O'Flynn is a Certified Public Accountant and received his B.A. in Business Economics and a concentration in Accounting from UC Santa Barbara.
  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
  February 1, 2006
  By:
  /s/ Richard T. Hutton, Jr.
  Name: Richard T. Hutton, Jr.
  Title: Chief Executive Officer and President