-----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,
 JDMI7sJGhPzJ8lgrHtFAu9YfyViu3AEbNtkOw7vx6uidS4TFado10ZJT3OF1iJ90
 CRqYOuhwRW8wykRQb3/IYQ==

<SEC-DOCUMENT>0001452543-10-000002.txt : 20100407
<SEC-HEADER>0001452543-10-000002.hdr.sgml : 20100407
<ACCEPTANCE-DATETIME>20100407113918
ACCESSION NUMBER:		0001452543-10-000002
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20100407
DATE AS OF CHANGE:		20100407
EFFECTIVENESS DATE:		20100407

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LANDSMITH APPRECIATION FUND LLC
		CENTRAL INDEX KEY:			0001452543
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-125371
		FILM NUMBER:		10736293

	BUSINESS ADDRESS:	
		STREET 1:		975 HIGH STREET
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94301
		BUSINESS PHONE:		650-328-4663

	MAIL ADDRESS:	
		STREET 1:		975 HIGH STREET
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94301
</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>0001452543</cik>
        <entityName>LANDSMITH APPRECIATION FUND LLC</entityName>
        <issuerAddress>
            <street1>975 HIGH STREET</street1>
            <city>PALO ALTO</city>
            <stateOrCountry>CA</stateOrCountry>
            <zipCode>94301</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>650-328-4663</issuerPhoneNumber>
        <jurisdictionOfInc>CALIFORNIA</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2008</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>James</firstName>
                <lastName>Breitenstein</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>975 High Street</street1>
                <city>Palo Alto</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>94301</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Other Real Estate</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-08-048994</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <yetToOccur>true</yetToOccur>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isOtherType>true</isOtherType>
            <descriptionOfOtherType>Limited liability company membership interests</descriptionOfOtherType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>50000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>No sales compensation</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>none</street1>
                    <city>none</city>
                    <stateOrCountry>XX</stateOrCountry>
                    <zipCode>none</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <state>CO</state>
                    <state>IL</state>
                    <state>TX</state>
                    <state>UT</state>
                    <state>WA</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>20000100</totalOfferingAmount>
            <totalAmountSold>0</totalAmountSold>
            <totalRemaining>20000100</totalRemaining>
            <clarificationOfResponse>Regarding minimum investment amount, some minimum investments may be lower per approval by the Manager.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>0</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>LANDSMITH APPRECIATION FUND LLC</issuerName>
                <signatureName>James Breitenstein</signatureName>
                <nameOfSigner>James Breitenstein</nameOfSigner>
                <signatureTitle>Managing Member</signatureTitle>
                <signatureDate>2010-04-07</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----