-----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,
 FrHUmK+x7gNtJ1GXnyMfHnDqN3aEZeKPV3ABxiAGRsYztyf01OXHkqkHn7Mddaf1
 CCNtDdmEwjwWu+oMy2GSXA==

<SEC-DOCUMENT>0000950103-10-000765.txt : 20100312
<SEC-HEADER>0000950103-10-000765.hdr.sgml : 20100312
<ACCEPTANCE-DATETIME>20100312105743
ACCESSION NUMBER:		0000950103-10-000765
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20100312
DATE AS OF CHANGE:		20100312
EFFECTIVENESS DATE:		20100312

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PPF Investors, LLC
		CENTRAL INDEX KEY:			0001333416
		IRS NUMBER:				202588509
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-79216
		FILM NUMBER:		10676295

	BUSINESS ADDRESS:	
		STREET 1:		C/O MORGAN STANLEY REAL ESTATE ADVISOR
		STREET 2:		3424 PEACHTREE RD., NE, 9TH FL.
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30326
		BUSINESS PHONE:		(404) 846-1313

	MAIL ADDRESS:	
		STREET 1:		C/O MORGAN STANLEY REAL ESTATE ADVISOR
		STREET 2:		3424 PEACHTREE RD., NE, 9TH FL.
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30326

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PPF Investors LLC
		DATE OF NAME CHANGE:	20050718
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001333416</cik>
        <entityName>PPF Investors, LLC</entityName>
        <issuerAddress>
            <street1>c/o Morgan Stanley Real Estate Advisor</street1>
            <street2>1585 Broadway, Floor 37</street2>
            <city>New York</city>
            <stateOrCountry>NY</stateOrCountry>
            <zipCode>10036</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(404) 846-1407</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>PPF Investors LLC</previousName>
        </edgarPreviousNameList>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2005</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>-</firstName>
                <lastName>Morgan Stanley Real Estate Advisor, Inc.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1585 Broadway</street1>
                <street2>Floor 37</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager of PPF Investors, LLC</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Candice</firstName>
                <lastName>Todd</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Morgan Stanley Real Estate Advisor</street1>
                <street2>3424 Peachtree Rd., Suite 800</street2>
                <city>Atlanta</city>
                <stateOrCountry>GA</stateOrCountry>
                <zipCode>30326</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Director of Morgan Stanley Real Estate Advisor, Inc.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Scott</firstName>
                <middleName>A.</middleName>
                <lastName>Brown</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Morgan Stanley Real Estate Advisor</street1>
                <street2>1585 Broadway, Floor 37</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0000950103-09-000854</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2005-06-30</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>25000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>11471001</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>Without certain adjustments, such as equity exchanged and redeemed.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>84</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>Manager is entitled to receive management fee comprised of base management fee and incentive fee, each determined by a formula based on net asset value.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>PPF Investors, LLC</issuerName>
                <signatureName>/s/ Candice W. Todd</signatureName>
                <nameOfSigner>Candice W. Todd</nameOfSigner>
                <signatureTitle>Executive Director of the Manager of PPF Investors, LLC</signatureTitle>
                <signatureDate>2010-03-11</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----