-----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,
 Wx8Jvqp+XL141lbfmlC0ajLyBQmP8taU928jsYZ02yMOeZV46xmIz8aaAH6dQiwQ
 WjbmMRcnkIohdIHh3Hk7OA==

<SEC-DOCUMENT>0000820027-03-000700.txt : 20031016
<SEC-HEADER>0000820027-03-000700.hdr.sgml : 20031016
<ACCEPTANCE-DATETIME>20031016101921
ACCESSION NUMBER:		0000820027-03-000700
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031015
FILED AS OF DATE:		20031016

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADVISORY HEDGED OPPORTUNITY FUND
		CENTRAL INDEX KEY:			0001210679
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	MAIL ADDRESS:	
		STREET 1:		200 AXP FINANCIAL CENTER
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55474

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			AMERICAN EXPRESS FINANCIAL CORP
		CENTRAL INDEX KEY:			0000820027
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21288
		FILM NUMBER:		03943035

	BUSINESS ADDRESS:	
		STREET 1:		200 AXP FINANCIAL CENTER
		STREET 2:		H27/52
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55474
		BUSINESS PHONE:		612-671-2711

	MAIL ADDRESS:	
		STREET 1:		200 AXP FINANCIAL CENTER
		STREET 2:		H27/52
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55474

	FORMER NAME:	
		FORMER CONFORMED NAME:	AMERICAN EXPRESS FINANCIAL ADVISORS
		DATE OF NAME CHANGE:	19950711

	FORMER NAME:	
		FORMER CONFORMED NAME:	IDS FINANCIAL CORP/MN/
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>

<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2003-10-15</periodOfReport>


    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001210679</issuerCik>
        <issuerName>ADVISORY HEDGED OPPORTUNITY FUND</issuerName>
        <issuerTradingSymbol>none</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000820027</rptOwnerCik>
            <rptOwnerName>AMERICAN EXPRESS FINANCIAL CORP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>200 AXP FINANCIAL CENTER</rptOwnerStreet1>
            <rptOwnerStreet2>H27/52</rptOwnerStreet2>
            <rptOwnerCity>MINNEAPOLIS</rptOwnerCity>
            <rptOwnerState>MN</rptOwnerState>
            <rptOwnerZipCode>55474</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>Investment Adviser</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>

        <nonDerivativeHolding>
            <securityTitle>
                <value>Shares of Beneficial Interest</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <postTransactionAmounts>
                <valueOwnedFollowingTransaction>
                    <value>0</value>
                </valueOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>

    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">* AEFC is filing on behalf of all its affiliates.</footnote>
    </footnotes>


    <ownerSignature>
        <signatureName>/s/ Stephen W. Roszell</signatureName>
        <signatureDate>2003-10-15</signatureDate>
    </ownerSignature>

</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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