<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001507124</cik>
        <entityName>NoteSouth Investment Fund, LLC</entityName>
        <issuerAddress>
            <street1>817 W. PEACHTREE STREET NW</street1>
            <street2>SUITE 400</street2>
            <city>ATLANTA</city>
            <stateOrCountry>GA</stateOrCountry>
            <stateOrCountryDescription>GEORGIA</stateOrCountryDescription>
            <zipCode>30308</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>404-815-1234</issuerPhoneNumber>
        <jurisdictionOfInc>GEORGIA</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2010</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>James</firstName>
                <middleName>R.</middleName>
                <lastName>Borders</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>817 W. Peachtree Street</street1>
                <street2>Suite 400</street2>
                <city>Atlanta</city>
                <stateOrCountry>GA</stateOrCountry>
                <stateOrCountryDescription>GEORGIA</stateOrCountryDescription>
                <zipCode>30308</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>The Issuer is an investment fund managed and controlled by a sponsor known as NoteSouth Partners, LLC.  The above listed person serves as co-Managing Director of NoteSouth Partners, LLC and on the board of directors of NoteSouth Partners, LLC.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>R.</firstName>
                <middleName>Brand</middleName>
                <lastName>Morgan</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3328 Peachtree Road, NE</street1>
                <street2>Suite 400</street2>
                <city>Atlanta</city>
                <stateOrCountry>GA</stateOrCountry>
                <stateOrCountryDescription>GEORGIA</stateOrCountryDescription>
                <zipCode>30326</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>The Issuer is an investment fund managed and controlled by a sponsor known as NoteSouth Partners, LLC.  The above listed person serves as co-Managing Director of NoteSouth Partners, LLC and on the board of directors of NoteSouth Partners, LLC.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Philip</firstName>
                <middleName>V.</middleName>
                <lastName>Keb</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>38 High Top Circle</street1>
                <city>Atlanta</city>
                <stateOrCountry>GA</stateOrCountry>
                <stateOrCountryDescription>GEORGIA</stateOrCountryDescription>
                <zipCode>30328</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>The Issuer is an investment fund managed and controlled by a sponsor known as NoteSouth Partners, LLC.  The above listed person serves as a director of NoteSouth Partners, LLC.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Joel</firstName>
                <middleName>T.</middleName>
                <lastName>Murphy</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2599 Dellwood Drive</street1>
                <city>Atlanta</city>
                <stateOrCountry>GA</stateOrCountry>
                <stateOrCountryDescription>GEORGIA</stateOrCountryDescription>
                <zipCode>30305</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>The Issuer is an investment fund managed and controlled by a sponsor known as NoteSouth Partners, LLC.  The above listed person serves as a director of NoteSouth Partners, LLC.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kris</firstName>
                <lastName>Miller</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1339 Ragley Hall Road</street1>
                <city>Atlanta</city>
                <stateOrCountry>GA</stateOrCountry>
                <stateOrCountryDescription>GEORGIA</stateOrCountryDescription>
                <zipCode>30319</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>The Issuer is an investment fund managed and controlled by a sponsor known as NoteSouth Partners, LLC.  The above listed person serves as a director of NoteSouth Partners, LLC.</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Commercial</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>$1 - $1,000,000</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
            <item>3C.5</item>
            <item>3C.6</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001507124-11-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2010-12-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>50000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>25000000</totalOfferingAmount>
            <totalAmountSold>5160000</totalAmountSold>
            <totalRemaining>19840000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>31</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>103200</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>All of the proceeds from the offering are to be used for investments to be made by the Issuer, subject to an annual management fee to the Issuer's manager in the amount of 2% of investments in the Issuer, which equals $103,200 based on current investments</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>NoteSouth Investment Fund, LLC</issuerName>
                <signatureName>G Gardiner Thompson</signatureName>
                <nameOfSigner>G. Gardiner Thompson</nameOfSigner>
                <signatureTitle>EVP - COO and General Counsel</signatureTitle>
                <signatureDate>2011-04-11</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
