-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 AlSefMhWBzsZ/6TkIa87FoX08z/gILaQKcNUxpMrJJCZPcAMiUhpFVY6SCZoPtGY
 YXobefHTAuF+3fEdR8xKGQ==

<SEC-DOCUMENT>0001097940-10-000002.txt : 20100120
<SEC-HEADER>0001097940-10-000002.hdr.sgml : 20100120
<ACCEPTANCE-DATETIME>20100104143451
ACCESSION NUMBER:		0001097940-10-000002
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:		20090316
DATE AS OF CHANGE:		20100120
EFFECTIVENESS DATE:		20100104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WINSTON HEDGED EQUITY FUND LTD
		CENTRAL INDEX KEY:			0001097940
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D8

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-137392
		FILM NUMBER:		10501527

	BUSINESS ADDRESS:	
		STREET 1:		C/O BLENHEIM CORPORATE SERVICES LIMITED
		STREET 2:		125 MAIN STREET, P.O. BOX 144
		CITY:			ROAD TOWN, TORTOLA
		STATE:			D8
		ZIP:			00000
		BUSINESS PHONE:		284-494-2717

	MAIL ADDRESS:	
		STREET 1:		C/O BLENHEIM CORPORATE SERVICES LIMITED
		STREET 2:		125 MAIN STREET, P.O. BOX 144
		CITY:			ROAD TOWN, TORTOLA
		STATE:			D8
		ZIP:			00000
</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>0001097940</cik>
        <entityName>WINSTON HEDGED EQUITY FUND LTD</entityName>
        <issuerAddress>
            <street1>BLENHEIM CORPORATE SERVICES LIMITED</street1>
            <street2>125 MAIN STREET, #144</street2>
            <city>ROAD TOWN, TORTOLA</city>
            <stateOrCountry>D8</stateOrCountry>
            <zipCode>00000</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>284-494-2717</issuerPhoneNumber>
        <jurisdictionOfInc>VIRGIN ISLANDS, BRITISH</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>BRITISH VIRGIN ISLANDS INTERNATIONAL BUSINESS COMPANY</entityTypeOtherDesc>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>MARVIN</firstName>
                <middleName>P.</middleName>
                <lastName>BUSH</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1750 TYSONS BLVD.</street1>
                <street2>SUITE 200</street2>
                <city>MCLEAN</city>
                <stateOrCountry>VA</stateOrCountry>
                <zipCode>22102</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>JONATHAN</firstName>
                <lastName>SCANLON</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1750 TYSONS BLVD.</street1>
                <street2>SUITE 200</street2>
                <city>MCLEAN</city>
                <stateOrCountry>VA</stateOrCountry>
                <zipCode>22102</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>DAVID</firstName>
                <lastName>BREE</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>P.O. BOX 3190, DMS HOUSE</street1>
                <street2>20 GENESIS CLOSE</street2>
                <city>GRAND CAYMAN</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>KY1-1208</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>DON</firstName>
                <lastName>SEYMOUR</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>P.O. BOX 3190, DMS HOUSE</street1>
                <street2>20 GENESIS CLOSE</street2>
                <city>GRAND CAYMAN</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>KY1-1208</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</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>Over $100,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-99-110485</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>1999-10-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>100000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>ABURDENE ASSOCIATES, INC.</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1717 PENNSYLVANIA AVE., N.W.</street1>
                    <street2>SUITE 300</street2>
                    <city>WASHINGTON</city>
                    <stateOrCountry>DC</stateOrCountry>
                    <zipCode>20006</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>439924854</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>THE &quot;TOTAL AMOUNT SOLD&quot; IS THE NET ASSET VALUE OF THE ISSUER AS OF DECEMBER 31, 2008.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>0</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>63</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>2634068</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>24750662</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>WINSTON HEDGED EQUITY FUND LTD</issuerName>
                <signatureName>MARVIN P. BUSH</signatureName>
                <nameOfSigner>MARVIN P. BUSH</nameOfSigner>
                <signatureTitle>DIRECTOR</signatureTitle>
                <signatureDate>2010-01-04</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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