-----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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 aZ0AjtGZaextQs67A8y1+Q==

<SEC-DOCUMENT>0001342577-10-000001.txt : 20100204
<SEC-HEADER>0001342577-10-000001.hdr.sgml : 20100204
<ACCEPTANCE-DATETIME>20100204162615
ACCESSION NUMBER:		0001342577-10-000001
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:		20100204
DATE AS OF CHANGE:		20100204
EFFECTIVENESS DATE:		20100204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEW MILLENNIUM FUNDAMENTAL HEDGED EQUITY LP
		CENTRAL INDEX KEY:			0001342577
		IRS NUMBER:				364124607
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-82671
		FILM NUMBER:		10574432

	BUSINESS ADDRESS:	
		STREET 1:		115 S. LASALLE ST.
		STREET 2:		27TH FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60603
		BUSINESS PHONE:		312-334-7300

	MAIL ADDRESS:	
		STREET 1:		115 S. LASALLE ST.
		STREET 2:		27TH FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60603
</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>0001342577</cik>
        <entityName>NEW MILLENNIUM FUNDAMENTAL HEDGED EQUITY LP</entityName>
        <issuerAddress>
            <street1>115 S. LASALLE ST.</street1>
            <street2>27TH FLOOR</street2>
            <city>CHICAGO</city>
            <stateOrCountry>IL</stateOrCountry>
            <zipCode>60603</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>312-334-7300</issuerPhoneNumber>
        <jurisdictionOfInc>NEVADA</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Mitchell</firstName>
                <middleName>A</middleName>
                <lastName>Kovitz</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>115 S. LaSalle St.</street1>
                <street2>27th Floor</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60603</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer, Director, Promoter, Member of Kovitz Investment Group, LLC, General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Marc</firstName>
                <middleName>S</middleName>
                <lastName>Brenner</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>115 S. LaSalle St.</street1>
                <street2>27th Floor</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60603</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer, Director, Promoter, Member of Kovitz Investment Group, LLC, General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jonathan</firstName>
                <middleName>A</middleName>
                <lastName>Shapiro</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>115 S. LaSalle St.</street1>
                <street2>27th Floor</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60603</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer, Director, Promoter, Member of Kovitz Investment Group, LLC, General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Bruce</firstName>
                <middleName>A</middleName>
                <lastName>Weininger</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>115 S. LaSalle St.</street1>
                <street2>27th Floor</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60603</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer, Director, Promoter, Member of Kovitz Investment Group, LLC, General Partner of the Issuer</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>0001178694-09-000004</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>1997-01-02</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>Kovitz Securities, LLC</recipientName>
                <recipientCRDNumber>129878</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>115 S. LaSalle St.</street1>
                    <street2>27th Floor</street2>
                    <city>Chicago</city>
                    <stateOrCountry>IL</stateOrCountry>
                    <zipCode>60603</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AL</state>
                    <state>AZ</state>
                    <state>CA</state>
                    <state>CO</state>
                    <state>CT</state>
                    <state>DC</state>
                    <state>FL</state>
                    <state>GA</state>
                    <state>HI</state>
                    <state>IL</state>
                    <state>IN</state>
                    <state>IA</state>
                    <state>KY</state>
                    <state>LA</state>
                    <state>ME</state>
                    <state>MD</state>
                    <state>MA</state>
                    <state>MI</state>
                    <state>MN</state>
                    <state>MO</state>
                    <state>MT</state>
                    <state>NE</state>
                    <state>NV</state>
                    <state>NJ</state>
                    <state>NM</state>
                    <state>NY</state>
                    <state>NC</state>
                    <state>OH</state>
                    <state>OR</state>
                    <state>PA</state>
                    <state>SC</state>
                    <state>TN</state>
                    <state>TX</state>
                    <state>VA</state>
                    <state>WA</state>
                    <state>WV</state>
                    <state>WI</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Donald L. Roseen</recipientName>
                <recipientCRDNumber>3184246</recipientCRDNumber>
                <associatedBDName>Rothschild Investment Corp.</associatedBDName>
                <associatedBDCRDNumber>728</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>311 S. Wacker Drive</street1>
                    <street2>Suite 6500</street2>
                    <city>Chicago</city>
                    <stateOrCountry>IL</stateOrCountry>
                    <zipCode>60606</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NJ</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Elgin State Bank</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1001 S. Randall Rd.</street1>
                    <city>Elgin</city>
                    <stateOrCountry>IL</stateOrCountry>
                    <zipCode>60123</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>FL</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Jonathan B. Townes</recipientName>
                <recipientCRDNumber>1214785</recipientCRDNumber>
                <associatedBDName>ProEquities, Inc.</associatedBDName>
                <associatedBDCRDNumber>15708</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2801 Highway 280 South</street1>
                    <city>Birmingham</city>
                    <stateOrCountry>AL</stateOrCountry>
                    <zipCode>35223</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>IL</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>40830000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>141</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>400000</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>13000</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>Includes pmts by General Partner (GP) to its employees, who are also employees of Kovitz Securities, which is under common ownership with GP. Finders' Fees are payments to unaffiliated third parties who have referred investors to Issuer.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>1970000</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>Estimate based on annual management fees paid by issuer to Kovitz Investment Group, LLC, General Partner (GP), since inception of offering. Individuals named in Item 3 are members of the GP.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>NEW MILLENNIUM FUNDAMENTAL HEDGED EQUITY LP</issuerName>
                <signatureName>Marc S. Brenner</signatureName>
                <nameOfSigner>Marc S. Brenner</nameOfSigner>
                <signatureTitle>President, Kovitz Investment Group, LLC, General Partner</signatureTitle>
                <signatureDate>2010-02-04</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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