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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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  	October 24, 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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  	&nbsp;&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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  	&nbsp;
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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>
  </P>
  <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 1.01 Entry into a Material Definitive Agreement.
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  The information reported in Item 2.03 of this Current Report on Form 8-K is incorporated herein by reference.
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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 24, 2007, in anticipation of our acquisition of certain real property and improvements known as The Sevens Building, located at 7777 Bonhomme Avenue, St. Louis, Missouri, we entered into an unsecured loan with NNN Realty Advisors, Inc., the parent company of Triple Net Properties, LLC, our manager, as evidenced by an Unsecured Promissory Note in the principal amount of $4,725,000. The Unsecured Promissory Note 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 Promissory Note also provides for a default interest rate of 8.72% per annum. Since NNN Realty Advisors, Inc. is the parent company of our manager, this unsecured loan is deemed a related party loan. The terms of the Unsecured Promissory Note were deemed fair, competitive and commercially reasonable and approved by our chief executive officer.
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  	Item 9.01 Financial Statements and Exhibits.
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  (d) Exhibits.<br><br>10.1 Unsecured Promissory Note by NNN 2003 Value Fund, LLC in favor of NNN Realty Advisors, Inc., dated October 24, 2007
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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>
  	October 30, 2007
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  	&nbsp;
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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
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	&nbsp;
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  	Description
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  	10.1
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  	&nbsp;
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  Unsecured Promissory Note by NNN 2003 Value Fund, LLC in favor of NNN Realty Advisors, Inc., dated October 24, 2007
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_23455.htm", "description": "LIVE FILING", "secsgml_size_bytes": 11228}]
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": "071199873"}, "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 24, 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 Item 2.03 of this Current Report on Form 8-K is incorporated herein by reference.
  Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
  On October 24, 2007, in anticipation of our acquisition of certain real property and improvements known as The Sevens Building, located at 7777 Bonhomme Avenue, St. Louis, Missouri, we entered into an unsecured loan with NNN Realty Advisors, Inc., the parent company of Triple Net Properties, LLC, our manager, as evidenced by an Unsecured Promissory Note in the principal amount of $4,725,000. The Unsecured Promissory Note 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 Promissory Note also provides for a default interest rate of 8.72% per annum. Since NNN Realty Advisors, Inc. is the parent company of our manager, this unsecured loan is deemed a related party loan. The terms of the Unsecured Promissory Note were deemed fair, competitive and commercially reasonable and approved by our chief executive officer.
  Item 9.01 Financial Statements and Exhibits.
  (d) Exhibits.
  10.1 Unsecured Promissory Note by NNN 2003 Value Fund, LLC in favor of NNN Realty Advisors, Inc., dated October 24, 2007
  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 30, 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
  Unsecured Promissory Note by NNN 2003 Value Fund, LLC in favor of NNN Realty Advisors, Inc., dated October 24, 2007