<SEC-DOCUMENT>0001391609-15-000075.txt : 20150403
<SEC-HEADER>0001391609-15-000075.hdr.sgml : 20150403
<ACCEPTANCE-DATETIME>20150402174248
ACCESSION NUMBER:		0001391609-15-000075
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20150402
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150403
DATE AS OF CHANGE:		20150402

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQUUS TOTAL RETURN, INC.
		CENTRAL INDEX KEY:			0000878932
		IRS NUMBER:				760345915
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00098
		FILM NUMBER:		15749255

	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_equus040215.htm
<DESCRIPTION>FORM 8-K
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<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):
April 2, 2015</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">
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    <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>700 Louisiana Street, 48<SUP>th</SUP> Floor
        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>77002</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>

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<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>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></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 8.01 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 April 2, 2015, Equus Total Return, Inc. issued
a press release announcing its net asset value for the quarter and year ended December 31, 2014. 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 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 <A HREF="ex99_1pressrelease.htm">Press release issued on April 2, 2015</A>.</P>


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<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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Equus Total Return, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Date:&nbsp;&nbsp;April 2, 2015</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">By:&nbsp;&nbsp;<U>/s/ Kenneth I. Denos</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Name: Kenneth I. Denos</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Title: Secretary</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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



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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1pressrelease.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red; text-align: right"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><A HREF="f8k_equus040215.htm">Exhibit 99.1</A>&nbsp;</B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><B>&nbsp;</B><IMG SRC="image_001.jpg" ALT=""></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS ANNOUNCES 2014 YEAR-END 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; April 2, 2015 &ndash;
Equus Total Return, Inc. (NYSE: EQS) </B>(the &ldquo;Fund&rdquo; or &ldquo;Equus&rdquo;)<B> </B>reports net assets as of December
31, 2014, of $36.2 million, a decrease of approximately $1.4 million since September 30, 2014. Net assets per share decreased to
$2.86 as of December 31, 2014 from $2.97 as of September 30, 2014. Comparative data is summarized below (in thousands, except per
share amounts):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</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-decoration: underline; text-align: center"><font style="font-size: 9pt"><u>12/31/2014</u></font></td>
    <td style="width: 17%; padding-right: -0.25in; padding-bottom: 5pt; text-decoration: underline; text-align: center"><font style="font-size: 9pt"><u>9/30/2014</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>6/30/2014</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-decoration: underline; text-align: center"><font style="font-size: 9pt"><u>3/31/2014</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>12/31/2013</u></font></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <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">$36,201</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$37,604</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$38,041</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$32,679</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$33,217</font></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <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">12,674</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">12,674</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">12,674</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; background-color: rgb(204,238,255)">
    <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">$2.86</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">$3.00</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$3.09</font></td>
    <td style="padding-right: -0.25in; padding-bottom: 5pt; text-align: center"><font style="font-size: 9pt">$3.14</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#9;</P>

<P STYLE="font: 11pt 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">In addition to regular operating costs, the
following contributed to the Fund&rsquo;s decrease in net asset value (NAV) during the fourth quarter of 2014:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&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: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 11pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Decrease in Value of MVC Shares.</B>
The price of MVC Capital, Inc.&rsquo;s (&ldquo;MVC&rdquo;) common stock declined from $10.76 on September 30, 2014 to $9.83 on
December 31, 2014. The Fund received an MVC share dividend during the fourth quarter. Nevertheless, the decline in share price
led to a reduction in NAV of $372,746 during the fourth quarter of 2014<FONT STYLE="color: #4F81BD"><B>.</B></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">On May 14, 2014, Equus announced
that the Fund intended to effect a reorganization pursuant to Section 2(a)(33) of the Investment Company Act of 1940 (the &ldquo;1940
Act&rdquo;). As a first step to consummating the reorganization, Equus sold to MVC 2,112,000 newly-issued shares of the Fund&rsquo;s
common stock in exchange for 395,839 shares of MVC common stock (such transaction is hereinafter referred to as the &ldquo;Share
Exchange&rdquo;). MVC is a business development company traded on the New York Stock Exchange that provides long-term debt and
equity investment capital to fund growth, acquisitions and recapitalizations of companies in a variety of industries. The Share
Exchange was calculated based on the Fund&rsquo;s and MVC&rsquo;s respective net asset value per share. At the time of the Share
Exchange, the number of MVC shares received by Equus represented approximately 1.73% of MVC&rsquo;s total outstanding shares of
common stock.</P>

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

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    <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>
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<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">&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>Champion Window Settlement.</B> In January
2006, Equus sold its 31.5% ownership interest in Champion Window, Inc. (&ldquo;Champion&rdquo;), a portfolio company of the Fund,
to Atrium Companies Inc. (&ldquo;Atrium&rdquo;) pursuant to a Stock Purchase Agreement (&ldquo;SPA&rdquo;) dated December 22, 2005.
The SPA contained certain limited rights of indemnification for Atrium in connection with its purchase of such ownership interest.</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 0 0 0.5in; text-align: justify">In 2011, more than five years after
the closing of the Fund&rsquo;s sale of its Champion interest, Atrium filed suit in Texas state court, which was subsequently consolidated
into an Arbitration Action, against two former officers of Champion, Equus, and another former Champion shareholder. The suit alleged
breaches of fiduciary duty against Champion&rsquo;s former officers for hiring undocumented workers that were discovered as a result
of an investigation by the U.S. Immigration and Customs Enforcement agency (&ldquo;ICE&rdquo;) into Atrium&rsquo;s hiring practices.
The suit also sought indemnification under the SPA from Equus and another former Champion shareholder, for a payment of $2.0 million
made to ICE in settlement of the investigation, associated legal costs of approximately $2.0 million, and for lost profits as a
result of the investigation.</P>

<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 0 0 0.5in; text-align: justify">On February 4, 2015, without admitting
any liability on the part of Equus, the Fund entered into a settlement agreement with Atrium and its associated companies. In view
of the estimated costs of protracted litigation and the associated disruption to the operations of the Fund, Equus paid $500,000,
in complete settlement of the lawsuit. The settlement payment was made on February 6, 2015. Atrium filed a motion to dismiss the
lawsuit with prejudice on February 4, 2015.</P>

<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 0 0 0.5in; text-align: justify">In addition to incurring litigation
expenses of $106,217 during the three months ended December 31, 2014 in connection with the Atrium lawsuit, the Fund accrued the
$500,000 Atrium settlement at December 31, 2014.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; 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>Decrease in Value of OPG Notes. </B>
Equus received &euro;290,374 [$357,736] in interest and principal redemption payments during the fourth quarter of 2014 in respect
of the Fund&rsquo;s holding of notes of Orco Property Group S.A. (&ldquo;OPG&rdquo;). However, the strengthening of the U.S. dollar
as well as other factors contributed to a decrease in NAV of $287,552. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt 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">Significant events which occurred during 2014
and shortly thereafter included the following:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; 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>Plan of Reorganization and Share Exchange
with MVC Capital.</B> As described above, on May 14, 2014, Equus announced that the Fund intended to effect a reorganization and
entered into a Share Exchange with MVC. Pursuant to the terms of a Share Exchange Agreement, dated May 12, 2014, entered into by
Equus and MVC, Equus intends to finalize the reorganization by pursuing a merger or consolidation with MVC, a subsidiary of MVC,
or one or more of MVC&rsquo;s portfolio companies (the &ldquo;Consolidation&rdquo;). Absent Equus merging or consolidating with/into
MVC or a subsidiary thereof, the Fund&rsquo;s current intention is for Equus to (i) consummate the Consolidation with a portfolio
company of MVC, (ii) terminate its election to be classified as a business development company under the 1940 Act, and (iii) be
restructured as a publicly-traded operating company focused on the energy and/or financial services sector. The Fund&rsquo;s original
intention was to consummate the Consolidation within one year from the date of its announcement, although actual completion may
require additional time.</FONT></TD></TR></TABLE>

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

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    <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 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>Sale of Holdings in Spectrum and Security
Monitor Holdings.</B> On January 6, 2015, the Fund sold its interest in Spectrum Management, L.L.C. (&ldquo;Spectrum&rdquo;) in
exchange for $3.0 million in cash and a 1-year secured subordinated promissory note in the principal amount of $914,509. The note
bears interest at 14% per annum and matures one year from the date of issuance. The Fund made its initial investment into Spectrum
in December 1999. The Fund&rsquo;s interest was purchased by 5<SUP>TH</SUP> Element Tracking LLC, a Boston-based technology holding
company.</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 0 0 0.5in; text-align: justify">Also on January 6, 2015, the Fund&rsquo;s
debt investment in Security Monitor Holdings, LLC (&ldquo;SMH&rdquo;) was repaid, wherein the Fund received $582,833 in cash, which
included the original principal amount of the debt and all interest, as accrued. The Fund made its debt investment in SMH in November
2013.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&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>Sale/Redemption of OPG Notes.</B> During
2014, Equus sold its remaining 73,666 ordinary shares of OPG for proceeds of &euro;45,650 [$62,595], and also received &euro;290,374
[$357,736] in interest and principal redemption payments in respect of the OPG notes. On February 20, 2015, Equus sold its remaining
OPG notes for &euro;846,059 [$953,117] in net cash proceeds.</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; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>About Equus<BR>
<BR>
</B></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: 12pt/11.25pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif">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,</FONT>
<FONT STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif">the performance of the Fund, including our ability to achieve our expected
financial and business objectives, our ability to execute our reorganization and complete the transactions contemplated thereby,
the performance of our new investment in MVC and the other 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.</FONT></P>



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