-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 Lh2B9x3vHI2Q/q147byN3A==

<SEC-DOCUMENT>0001430917-10-000003.txt : 20101206
<SEC-HEADER>0001430917-10-000003.hdr.sgml : 20101206
<ACCEPTANCE-DATETIME>20101206093935
ACCESSION NUMBER:		0001430917-10-000003
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:		20101206
DATE AS OF CHANGE:		20101206
EFFECTIVENESS DATE:		20101206

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HERITAGE HEDGED EQUITY FUND LTD
		CENTRAL INDEX KEY:			0001430917
		IRS NUMBER:				980575569
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-116453
		FILM NUMBER:		101233186

	BUSINESS ADDRESS:	
		STREET 1:		42 NORTH CHURCH STREET
		STREET 2:		HARBOUR CENTRE
		CITY:			GEORGE TOWN, GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108
		BUSINESS PHONE:		901 761-8080

	MAIL ADDRESS:	
		STREET 1:		6075 POPLAR AVENUE
		STREET 2:		STE. 700
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38119
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001430917</cik>
        <entityName>HERITAGE HEDGED EQUITY FUND LTD</entityName>
        <issuerAddress>
            <street1>42 NORTH CHURCH STREET</street1>
            <street2>HARBOUR CENTRE</street2>
            <city>GEORGE TOWN, GRAND CAYMAN</city>
            <stateOrCountry>E9</stateOrCountry>
            <stateOrCountryDescription>CAYMAN ISLANDS</stateOrCountryDescription>
            <zipCode>KY1-1108</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>901 761-8080</issuerPhoneNumber>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Vincent</firstName>
                <lastName>King</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>107 Shirley Street</street1>
                <city>Nassau</city>
                <stateOrCountry>C5</stateOrCountry>
                <stateOrCountryDescription>BAHAMAS</stateOrCountryDescription>
                <zipCode>none</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ben</firstName>
                <lastName>Miller</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>107 Shirley Street</street1>
                <city>Nassau</city>
                <stateOrCountry>C5</stateOrCountry>
                <stateOrCountryDescription>BAHAMAS</stateOrCountryDescription>
                <zipCode>none</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>E.</firstName>
                <middleName>Lee</middleName>
                <lastName>Giovannetti</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>6075 Poplar Avenue</street1>
                <street2>Suite 700</street2>
                <city>Memphis</city>
                <stateOrCountry>TN</stateOrCountry>
                <stateOrCountryDescription>TENNESSEE</stateOrCountryDescription>
                <zipCode>38119</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001430917-10-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2004-08-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>500000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Carolinas Investment Consulting LLC</recipientName>
                <recipientCRDNumber>104379</recipientCRDNumber>
                <associatedBDName>Carolinas Investment Consulting LLC</associatedBDName>
                <associatedBDCRDNumber>104379</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5605 Carnegie Boulevard</street1>
                    <street2>Ste. 400</street2>
                    <city>Charlotte</city>
                    <stateOrCountry>NC</stateOrCountry>
                    <stateOrCountryDescription>NORTH CAROLINA</stateOrCountryDescription>
                    <zipCode>28209</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>CO</state>
                    <description>COLORADO</description>
                    <state>CT</state>
                    <description>CONNECTICUT</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                    <state>GA</state>
                    <description>GEORGIA</description>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                    <state>IN</state>
                    <description>INDIANA</description>
                    <state>KY</state>
                    <description>KENTUCKY</description>
                    <state>ME</state>
                    <description>MAINE</description>
                    <state>MA</state>
                    <description>MASSACHUSETTS</description>
                    <state>MI</state>
                    <description>MICHIGAN</description>
                    <state>MS</state>
                    <description>MISSISSIPPI</description>
                    <state>MO</state>
                    <description>MISSOURI</description>
                    <state>NH</state>
                    <description>NEW HAMPSHIRE</description>
                    <state>NJ</state>
                    <description>NEW JERSEY</description>
                    <state>NM</state>
                    <description>NEW MEXICO</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>NC</state>
                    <description>NORTH CAROLINA</description>
                    <state>OH</state>
                    <description>OHIO</description>
                    <state>SC</state>
                    <description>SOUTH CAROLINA</description>
                    <state>TN</state>
                    <description>TENNESSEE</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                    <state>VA</state>
                    <description>VIRGINIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Windship Capital Markets, LLC</recipientName>
                <recipientCRDNumber>138494</recipientCRDNumber>
                <associatedBDName>Windship Capital Markets, LLC</associatedBDName>
                <associatedBDCRDNumber>138494</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1861 American Walk</street1>
                    <street2>Suite 1660</street2>
                    <city>Lawrenceville</city>
                    <stateOrCountry>GA</stateOrCountry>
                    <stateOrCountryDescription>GEORGIA</stateOrCountryDescription>
                    <zipCode>30043</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AL</state>
                    <description>ALABAMA</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>GA</state>
                    <description>GEORGIA</description>
                    <state>MS</state>
                    <description>MISSISSIPPI</description>
                    <state>NC</state>
                    <description>NORTH CAROLINA</description>
                    <state>TN</state>
                    <description>TENNESSEE</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>59513939</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>31</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>101550</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>The above estimate is the amount of sales commission paid to the listed Broker Dealers during 2009.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>HERITAGE HEDGED EQUITY FUND LTD</issuerName>
                <signatureName>E. LEE GIOVANNETI</signatureName>
                <nameOfSigner>E. Lee Giovannetti</nameOfSigner>
                <signatureTitle>Director</signatureTitle>
                <signatureDate>2010-12-01</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----