<SEC-DOCUMENT>0000721748-13-000833.txt : 20131118
<SEC-HEADER>0000721748-13-000833.hdr.sgml : 20131118
<ACCEPTANCE-DATETIME>20131118165410
ACCESSION NUMBER:		0000721748-13-000833
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20131118
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20131118
DATE AS OF CHANGE:		20131118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQUUS TOTAL RETURN, INC.
		CENTRAL INDEX KEY:			0000878932
		IRS NUMBER:				760345915
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0604

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00098
		FILM NUMBER:		131227546

	BUSINESS ADDRESS:	
		STREET 1:		EIGHT GREENWAY PLAZA
		STREET 2:		SUITE 930
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046
		BUSINESS PHONE:		7135290900

	MAIL ADDRESS:	
		STREET 1:		EIGHT GREENWAY PLAZA
		STREET 2:		SUITE 930
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUUS II INC
		DATE OF NAME CHANGE:	19970422
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_equus111813.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>___________________________________________</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):
November 18, 2013</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS TOTAL RETURN, INC.</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in its
Charter)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center"><B>814-00098</B></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>76-0345915</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">(State or Other Jurisdiction</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">(Commission File</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">(IRS Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Of Incorporation)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Number)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Eight Greenway Plaza, Suite 930 Houston,
        Texas</B></P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>77046</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">(Address of Principal Executive Offices)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registrant&rsquo;s telephone number, including
area code: (713) 529-0900</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>N/A</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">(Former Name or Former Address,
if Changed Since Last Report)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-k filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 8.01&#9;Other Events.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On November 18, 2013, Equus Total Return, Inc.
issued a press release announcing its net asset value for the quarter ended September 30, 2013. The text of the press release is
included as Exhibit 99.1 to this Current Report and is incorporated herein by reference.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 9.01 &#9;Financial Statements and Exhibits.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>(d) Exhibits.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">99.1&#9;Press release issued on November 18, 2013.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>SIGNATURES</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>Equus Total Return, Inc.</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">Date: November 18, 2013</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Kenneth I. Denos</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Name: Kenneth I. Denos<BR>Title: Secretary</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1pressrelease.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><A HREF="f8k_equus111813.htm">Exhibit 99.1</A></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Contact:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Patricia Baronowski</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Pristine Advisers, LLC</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(631) 756-2486</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS ANNOUNCES THIRD QUARTER NET ASSET VALUE
</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; color: navy">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>HOUSTON, TX &ndash; November 18, 2013 &ndash;
Equus Total Return, Inc. (NYSE: EQS) </B>(the &ldquo;Fund&rdquo; or &ldquo;Equus&rdquo;)<B> </B>reports net assets as of September
30, 2013, of $29.4 million, a decrease of approximately $0.8 million since June 30, 2013. Net assets per share decreased to $2.78
as of September 30, 2013 from $2.86 as of June 30, 2013. Comparative data is summarized below (in thousands, except per share amounts):</P>

<table cellspacing="0" cellpadding="0" style="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 27%; padding-right: -0.25in; padding-bottom: 5pt; text-align: justify"><font style="font-size: 9pt">As of the Quarter Ended</font></td>
    <td style="width: 14%; padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt"><u>9/30/2013</u></font></td>
    <td style="width: 17%; padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt"><u>6/30/2013</u></font></td>
    <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-align: center"><u>3/31/2013</u></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-align: center">&nbsp;</P></td>
    <td style="width: 13%; padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt"><u>12/31/2012</u></font></td>
    <td style="width: 15%; padding-right: 5.4pt; padding-bottom: 5pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9/30/2012</u></font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: justify"><font style="font-size: 9pt">Net assets</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$29,373</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$30,167</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$31,416</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$32,875</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$31,664</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: justify"><font style="font-size: 9pt">Shares outstanding</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">10,562</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">10,562</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">10,562</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">10,562</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">10,562</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: justify"><font style="font-size: 9pt">Net assets per share</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$2.78</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$2.86</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$2.97</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$3.11</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$3.00</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Changes in the fair values of the Fund&rsquo;s
portfolio holdings largely consisted of the following:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Equus Energy, LLC (&ldquo;Equus Energy&rdquo;).</B>
Organized in November 2011, the Fund established Equus Energy as a wholly-owned subsidiary to be used as a platform for energy-related
investments, with particular emphasis on oil and gas enterprises. The Fund initially invested $250,000 into Equus Energy in December
2011, and invested an additional $6.8 million in December 2011, primarily to fund the purchase of various working interests, which
are presently derived from 129 producing and non-producing oil and gas wells, including associated development rights of approximately
23,000 acres, situated on 13 separate properties in Texas and Oklahoma.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Equus Energy generated revenue of
$552,000 and $1,758,000 during the three and nine months ended September 30, 2013, respectively. Revenue exceeded direct operating
expenses by $320,000 and $874,000 for the three and nine months ended September 30, 2013, respectively. After factoring in depletion,
depreciation, and amortization costs, as well as general and administrative costs, Equus Energy generated a net loss of $198,519
for the three months ended September 30, 2013 and a net loss of $328,816 for the nine months ended September 30, 2013.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Since the effective date of the acquisition
of the well interests, Equus Energy has invested $509,036 in respect of three projects. Based on a reserve report, dated January
1, 2013, prepared by Lee Keeling &amp; Associates, Inc. (a Tulsa-based oil &amp; gas engineering firm), these projects have resulted
in an estimated increase of 20,000 additional barrel of oil equivalents (&ldquo;BOE&rdquo;) to Equus Energy&rsquo;s proven developed
reserves. A fourth project, the recompletion of the EB Cope #6 well in the Conger Field, was commenced by Chevron in August 2013.
Equus Energy&rsquo;s required contribution for the recompletion was estimated by Chevron at $314,800. As of September 30, 2013,
Equus Energy has incurred $117,396 in capital expenditures for this recompletion.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Orco Property Group (&ldquo;OPG&rdquo;).</B>
The Fund initially invested in the bonds of Orco Germany S.A., a controlled subsidiary of OPG, in 2011, in exchange for shares
of the Fund&rsquo;s common stock. These bonds were subsequently converted into 1,573,666 ordinary shares and &euro;1.2 million
in notes of OPG. In 2012, 1,500,000 of the OPG shares were sold for cash. To date, the Fund has received approximately $6.5 million
in cash as a result of this transaction. The fair value of the OPG notes ($1.5 million) and the remaining 73,666 OPG shares ($0.2
million) increased by $75,218 to approximately $1.7 million during the third quarter of 2013, principally due to changes in the
USD-EUR exchange rate.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>About Equus</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is a business development company
that trades as a closed-end fund on the New York Stock Exchange, under the symbol &quot;EQS&quot;. Additional information on the
Fund may be obtained from the Fund&rsquo;s website at <I>www.equuscap.com</I>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8.5pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This press release may contain certain
forward-looking statements regarding future circumstances. These forward-looking statements are based upon the Fund&rsquo;s current
expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially
from those contemplated in such forward-looking statements including, in particular, the risks and uncertainties described in the
Fund&rsquo;s filings with the SEC. Actual results, events, and performance may differ. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as to the date hereof. Except as required by law, the Fund undertakes
no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does
not constitute an admission by the Fund or any other person that the events or circumstances described in such statements are material.</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"``K`'8#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T>WBUQ$N"
MQOR!?R/RTA/V7[3D@9/7R]NW'.W<!SBI;*74+Z]L[^&>ZFTK[;/L\N5LF$Q8
M7>`<G]X&QNY&1G%=1>RS6\+2HZ$`CY2O]<U3MM0N+BX2+*+NSSM]OK0!GVUI
MJ4.I:B)GO6C(B:`K,S#B$AL9.,[^QZG!-.L[?5?^$>OX;YYGN8RWD31/(C38
MC&T[<Y4YX(S@D$]#6M=RWELF]3&Z=_EP1^M6()M]HDTA`RN2>PH`Y1+76DTT
M?/?-(^DH(AYK%UO,8;=D_P"YC/R\-Z\WK>"^M_$D\T[7LEO'81.%620QM/NE
MW@+G'1DX]AZ<:T5\UU<&.!0$`R7;_"EN[J6S*L55XV./0@T`<R#X@\V*VO!<
MLT&KB3S[?>$DMF#-@XQD*3M(/H*F\5C6+N.Q?2$O$<QW&]4=X^L9";L$<YP1
MGOZ5TT4ZW4.Z)]I[\<BLDZI=`D97C_9H`S["'4)M?NVN6U+[#((Q"&:1"&,0
M#'@[5'+D]/FP1S4-G::L++2IY'U'S$U64W2M-(2;?=/LRN>1\T7'H!Z5UZ!_
M*&Y\L1UQ5`ZF87FCD4,R$A2.,_6@#G!!K4/B>-LZ@=/5[<28D=O^63AN"<%=
MQ7<>O0^XT-%74=*E>*_DNKNV<Q+:3.S,XWEBRN">JG`W=<$9Z&N@MFDE@61V
MY<9X'2J\AO%NDB612K@G<4Z8H`YVYLM8N-2U4VMU>V\JWL<MD7>0PLJP+N0C
MIL+[@?<Y':KMA#J#3R?V@MXD9MX/(6.9CM8#,@8@\MNZENHQ[U?.H2/.L$.U
MB6QYC#^E76%RBY5TD(_A*XS^-`#X)#-!'*8WC+J&V2##+D="/6BH+.Z>Y>7>
MFS:0`OI10`FJ?\>+_4?SK*L'5+V-G8*HSDD^QK5U3_CQ?ZC^=9>F\W\7X_R-
M`&G%.EW=2HOS1A-N?7/6J=^7@M(+;/;+8[^E:$5NL-X[HN%=>0.F<UFW^Z:,
M3@Y4.R?AVH`ET9>9F^@_G5G5%S8L?1@:KZ,>)A]#_.K&J,/L+>Y`H`S=-F,5
MXHS\K_*:JM]YOJ:LZ=$9+U"!POS&JS?>;ZFF(ZA/N+]*YR\_X_)O]\UT:?<7
MZ5SEY_Q^3?[YI#-VS_X\X?\`<%$P+3(H."4<#]*+/_CSA_W!3+MBAW*<,(W(
M/X"@#!^>*3NKJ?R-:,6L,`!+'N]U./TJR(+?48%F88<C!*\'-4+O39+=2ZG>
M@ZGN*8C3M)(I9)98F^_C*GJ#16'#)+&Y,1(8C'%%(#;O8Y9X&B2/J1R6JE:V
M%S;W*2E%(7/&[VK8HH&4[G[9+&4BC5,]26YI;2U*61@F4').1FK=%`&=%8O:
M3^9&V^(_>4]<51EN!<R-&SB.(ON!()QV[5OUAZI$D=P"BA=PR<4"+>G>5YTB
MP`E%498_Q&H[K2F:1G@88)SM-7K.)(K9-B@9&3[FIZ!E.%KU(PCPH2!C<7Q5
M:YTR65C*'0R-RRXP/PK5HH`S[8WT$0B:V#@<`[P*E:&:6.5I-N\QLJ(O09]_
M6K=%`&=;V=Q9G=%(K@_>0\?E5B8SRPM&D.UF&"688'Y59HH`J6=BEJ"2=SG@
'FBK=%`'_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
