UNITED STATES ~~SECURITIES~~ ~~AND EXCHANGE COMMISSION~~

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~~PURSUANT ofTO ~~Report~~SECTION ~~(Date~~13 ofOR ~~earliest event reported~~15(d): ~~November~~OF ~~10,~~THE ~~2011~~

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): December 31, 2012

NNN 2003 Value Fund, LLC

(Exact name of registrant as specified in its charter)

Delaware

0-51295

20-0122092

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

1551 N. Tustin Avenue, Suite 200, Santa Ana, California		92705
(Address of principal executive offices)		(Zip Code)

1551 N. Tustin Avenue, Suite 200, Santa Ana, California 92705

~~Registrant’s~~(Address ~~telephone~~of ~~number~~principal executive offices, including ~~area~~zip code~~: (714~~) ~~667-8252~~

Registrant’s telephone number, including area code: (714) 975-2999

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 (see General Instruction A.2. below):

o¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

¨	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))

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

~~Todd~~On A.December 31, ~~Mikles~~2012, ~~has~~Paul ~~been~~E. ~~appointed~~Henderson resigned as Principal ~~our~~Financial ~~principal~~Officer ~~executive~~of ~~officer by our manager,~~ NNN ~~Realty~~ ~~Investors,~~2003 ~~LLC~~Value ~~(formerly Grubb & Ellis Realty Investors~~Fund, LLC) (~~“NNN~~the ~~Realty~~“Company”)~~, effective November 10, 2011~~.

~~Todd~~On A.the ~~Mikles,~~same ~~age 40~~date, isNNN ~~the~~Realty ~~sole director~~Investors, LLC, ~~President~~the ~~and~~manager ~~Chief Executive Officer~~ of ~~Sovereign~~ ~~Capital~~the ~~Management~~Company ~~Group, Inc.~~ (our “~~Sovereign~~Manager”), aappointed ~~closely-held~~Todd ~~California corporation~~A. ~~Mr.~~ Mikles ~~has~~as ~~served~~Principal inFinancial ~~those~~Officer ~~capacities~~of ~~at Sovereign and its predecessors from January 1999 to~~ the ~~present~~ Company. ~~Since October~~Mr. ~~2010~~Mikles, ~~Sovereign has served~~ as ~~the~~Chief ~~manager~~Executive Officer of ~~Lakeside~~our ~~Mortgage Fund~~Manager, ~~LLC (“Lakeside”)~~currently ~~and~~serves ~~Mr. Mikles has served~~ as the ~~chief~~Principal ~~executive~~Executive ~~officer~~Officer of ~~Lakeside~~the Company. ~~Since August 2011,~~ Mr. Mikles ~~also~~ has served as ~~the~~president ~~President~~ and ~~Chief~~chief ~~Executive~~executive ~~Officer~~officer of ~~NNN~~our ~~Realty,~~Manager ~~which has been the manager of the company~~ since ~~June 2003~~August 2011. Mr. Mikles ~~began~~is ~~his~~also ~~career in finance in~~ the ~~Corporate~~ ~~Finance~~sole ~~department~~director, ofpresident ~~Lehman~~and ~~Brothers~~chief inexecutive ~~1996.~~officer ~~From~~of ~~there,~~Sovereign ~~Mr. Mikles~~Capital ~~joined~~Management ~~Amresco Advisors~~Group, a ~~Dallas, Texas~~closely-~~based firm that specialized in offering advisory services to major~~held ~~pension~~Delaware ~~funds~~corporation ~~and~~(“Sovereign”) ~~their~~that ~~trustees~~indirectly oncontrols ~~making~~our ~~real estate loans to grocery-anchored shopping centers in the western United States~~Manager.

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.

November 14, 2011


January 7, 2013	NNN 2003 VALUE FUND, LLC

	By:	/s/ Todd A. Mikles
		Todd A. Mikles
		Chief Executive Officer
		NNN Realty Investors, LLC,
		the Manager of NNN 2003 Value Fund, LLC
		(principal executive officer)

/s/ PAUL E. HENDERSON Paul E. Henderson Chief Accounting Officer NNN Realty Investors, LLC, the Manager of NNN 2003 Value Fund, LLC (principal financial officer)

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