-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 HaM39BgmgxXhtWYJ9Gj/gHOwm3DQQBW9GhO5AMHxRB33cHESDj80+kqMHrcxHdWC
 vAioltnJUgxlO8TveLRLVQ==

<SEC-DOCUMENT>0001460420-09-000004.txt : 20090603
<SEC-HEADER>0001460420-09-000004.hdr.sgml : 20090603
<ACCEPTANCE-DATETIME>20090603142427
ACCESSION NUMBER:		0001460420-09-000004
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(1)
FILED AS OF DATE:		20090603
DATE AS OF CHANGE:		20090603
EFFECTIVENESS DATE:		20090603

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CMBS Value Fund, LLC
		CENTRAL INDEX KEY:			0001460420
		IRS NUMBER:				264479840
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-129330
		FILM NUMBER:		09870889

	BUSINESS ADDRESS:	
		STREET 1:		101 N. MAIN STREET
		STREET 2:		12TH FLOOR
		CITY:			GREENVILLE
		STATE:			SC
		ZIP:			29601
		BUSINESS PHONE:		864.672.4842

	MAIL ADDRESS:	
		STREET 1:		101 N. MAIN STREET
		STREET 2:		12TH FLOOR
		CITY:			GREENVILLE
		STATE:			SC
		ZIP:			29601
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0401</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001460420</cik>
        <entityName>CMBS Value Fund, LLC</entityName>
        <issuerAddress>
            <street1>101 N. MAIN STREET</street1>
            <street2>12TH FLOOR</street2>
            <city>GREENVILLE</city>
            <stateOrCountry>SC</stateOrCountry>
            <zipCode>29601</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>864.672.4842</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>x</firstName>
                <middleName>x</middleName>
                <lastName>CMBS Calue Fund Management, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>101 N. Main Street, 12th Floor</street1>
                <street2></street2>
                <city>Greenville</city>
                <stateOrCountry>SC</stateOrCountry>
                <zipCode>29601</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>W</middleName>
                <lastName>Boyd</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>101 N. Main Street, 12th Floor</street1>
                <street2></street2>
                <city>Greenville</city>
                <stateOrCountry>SC</stateOrCountry>
                <zipCode>29601</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Paul</firstName>
                <middleName>M</middleName>
                <lastName>Aiesi</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>101 N. Main Street, 12th Floor</street1>
                <street2></street2>
                <city>Greenville</city>
                <stateOrCountry>SC</stateOrCountry>
                <zipCode>29601</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of Manager of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Andrew</firstName>
                <middleName></middleName>
                <lastName>Reiken</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o CMBS Value Fund Management, LLC</street1>
                <street2>101 N. Main Street, 12th Floor</street2>
                <city>Greenville</city>
                <stateOrCountry>SC</stateOrCountry>
                <zipCode>29601</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Donald</firstName>
                <middleName></middleName>
                <lastName>Spalding</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o CMBS Value Fund Management, LLC</street1>
                <street2>101 N. Main Street, 12th Floor</street2>
                <city>Greenville</city>
                <stateOrCountry>SC</stateOrCountry>
                <zipCode>29601</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>x</firstName>
                <middleName>x</middleName>
                <lastName>TIC Properties, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>101 N. Main Street, 12th Floor</street1>
                <street2></street2>
                <city>Greenville</city>
                <stateOrCountry>SC</stateOrCountry>
                <zipCode>29601</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>x</firstName>
                <middleName>x</middleName>
                <lastName>Graycliff Capital Partners</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>101 N. Main Street, 12th Floor</street1>
                <street2></street2>
                <city>Greenville</city>
                <stateOrCountry>SC</stateOrCountry>
                <zipCode>29601</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>REITS and Finance</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001460420-09-000003</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-04-13</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>100000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>SANDLAPPER Securities</recipientName>
                <recipientCRDNumber>137906</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>101 N. Main Street, 12th Floor</street1>
                    <street2></street2>
                    <city>Greenville</city>
                    <stateOrCountry>SC</stateOrCountry>
                    <zipCode>29601</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <state>CO</state>
                    <state>FL</state>
                    <state>GA</state>
                    <state>MN</state>
                    <state>NY</state>
                    <state>NC</state>
                    <state>OH</state>
                    <state>OK</state>
                    <state>SC</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Gretchen Schorr</recipientName>
                <recipientCRDNumber>704073</recipientCRDNumber>
                <associatedBDName>Independent Financial Group</associatedBDName>
                <associatedBDCRDNumber>7717</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>32621 Avenida Lestonnac</street1>
                    <street2></street2>
                    <city>Temecula</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <zipCode>92590</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <state>CA</state>
                    <state>MD</state>
                    <state>NV</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Philip Garner Oleson</recipientName>
                <recipientCRDNumber>3129451</recipientCRDNumber>
                <associatedBDName>Independent Financial Group</associatedBDName>
                <associatedBDCRDNumber>7717</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>844 W. Bogus View Drive</street1>
                    <street2></street2>
                    <city>Eagle</city>
                    <stateOrCountry>ID</stateOrCountry>
                    <zipCode>83616</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <state>ID</state>
                    <state>MT</state>
                    <state>OR</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Richard E. Woolen</recipientName>
                <recipientCRDNumber>1342719</recipientCRDNumber>
                <associatedBDName>Harrison Douglas, Inc.</associatedBDName>
                <associatedBDCRDNumber>16515</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>4301 Belknap Road</street1>
                    <street2></street2>
                    <city>Charlotte</city>
                    <stateOrCountry>NC</stateOrCountry>
                    <zipCode>28211</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <state>GA</state>
                    <state>NC</state>
                    <state>SC</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Mark C. Pedersen</recipientName>
                <recipientCRDNumber>1283866</recipientCRDNumber>
                <associatedBDName>Harrison Douglas, Inc.</associatedBDName>
                <associatedBDCRDNumber>16515</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5116 Saddle Horn Trail</street1>
                    <street2></street2>
                    <city>Matthews</city>
                    <stateOrCountry>NC</stateOrCountry>
                    <zipCode>28104</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <state>CT</state>
                    <state>NC</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Jack Charles Bixler</recipientName>
                <recipientCRDNumber>22331</recipientCRDNumber>
                <associatedBDName>SANDLAPPER Securities</associatedBDName>
                <associatedBDCRDNumber>137906</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>101 N. Main Street</street1>
                    <street2>12th Floor</street2>
                    <city>Greenville</city>
                    <stateOrCountry>SC</stateOrCountry>
                    <zipCode>29601</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <state>GA</state>
                    <state>MN</state>
                    <state>OH</state>
                    <state>SC</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Pacific West Securities</recipientName>
                <recipientCRDNumber>6390</recipientCRDNumber>
                <associatedBDName>Pacific West Securities</associatedBDName>
                <associatedBDCRDNumber>6390</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>555 S. Renton Village Place</street1>
                    <street2>Suite 700</street2>
                    <city>Renton</city>
                    <stateOrCountry>WA</stateOrCountry>
                    <zipCode>98057</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Christina Nielson</recipientName>
                <recipientCRDNumber>4866971</recipientCRDNumber>
                <associatedBDName>OMNI Brokerage, Inc.</associatedBDName>
                <associatedBDCRDNumber>16878</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>One City Boulevard West</street1>
                    <street2>Suite 870</street2>
                    <city>Orange</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <zipCode>92868</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <state>AR</state>
                    <state>CA</state>
                    <state>GA</state>
                    <state>HI</state>
                    <state>MT</state>
                    <state>NH</state>
                    <state>NJ</state>
                    <state>NY</state>
                    <state>OR</state>
                    <state>PA</state>
                    <state>TX</state>
                    <state>VA</state>
                    <state>WA</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>James F. Seramba</recipientName>
                <recipientCRDNumber>2580051</recipientCRDNumber>
                <associatedBDName>Cambridge Investment Research, Inc.</associatedBDName>
                <associatedBDCRDNumber>39543</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>701 Green Valley Road</street1>
                    <street2>Suite 304</street2>
                    <city>Greensboro</city>
                    <stateOrCountry>NC</stateOrCountry>
                    <zipCode>27408</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CO</state>
                    <state>FL</state>
                    <state>KS</state>
                    <state>NJ</state>
                    <state>NY</state>
                    <state>NC</state>
                    <state>VA</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Haynes Lentz Kendall, Jr.</recipientName>
                <recipientCRDNumber>1274737</recipientCRDNumber>
                <associatedBDName>Independent Financial Group, LLC</associatedBDName>
                <associatedBDCRDNumber>7717</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>30448 Rancho Viejo Road</street1>
                    <street2>#175A</street2>
                    <city>San Juan Capistrano</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <zipCode>92675</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <state>CA</state>
                    <state>CO</state>
                    <state>MO</state>
                    <state>NV</state>
                    <state>NJ</state>
                    <state>OR</state>
                    <state>TX</state>
                    <state>VA</state>
                    <state>WA</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Joshua Cory Koehnen</recipientName>
                <recipientCRDNumber>4551444</recipientCRDNumber>
                <associatedBDName>Independent Financial Group, LLC</associatedBDName>
                <associatedBDCRDNumber>7717</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5075 Shoreham Place</street1>
                    <street2>#200</street2>
                    <city>San Diego</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <zipCode>92122</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <state>CA</state>
                    <state>FL</state>
                    <state>KY</state>
                    <state>NV</state>
                    <state>OH</state>
                    <state>SC</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Jeffrey Jon Cullen</recipientName>
                <recipientCRDNumber>4408760</recipientCRDNumber>
                <associatedBDName>Cambridge Investment Research, Inc.</associatedBDName>
                <associatedBDCRDNumber>39543</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>25434 Prairiewood Lane</street1>
                    <street2></street2>
                    <city>Shorewood</city>
                    <stateOrCountry>IL</stateOrCountry>
                    <zipCode>60404</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <state>CO</state>
                    <state>GA</state>
                    <state>IL</state>
                    <state>IN</state>
                    <state>IA</state>
                    <state>KS</state>
                    <state>VA</state>
                    <state>WA</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>50000000</totalOfferingAmount>
            <totalAmountSold>2450000</totalAmountSold>
            <totalRemaining>47550000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>18</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>5250000</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>500000</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>CMBS Value Fund, LLC</issuerName>
                <signatureName>John W. Boyd</signatureName>
                <nameOfSigner>John W. Boyd</nameOfSigner>
                <signatureTitle>Chief Executive Officer</signatureTitle>
                <signatureDate>2009-06-03</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----