Article: Equus Total Return, Inc. Announces Plans to 'Internalize' Management.

Equus Total Return, Inc. (NYSE: EQS) (the "Fund") and its Board of Directors announced their plans to "internalize" Fund management. This means that the Fund would directly employ its management team and incur the costs and expenses associated with Fund operations. There would be no outside investment advisory organization providing services to the Fund under a fee-based advisory agreement, or an administrative organization charging the Fund for services rendered. The Board expects to internalize Fund management on or about July 1, 2009 (see also Equus Total Return, Inc.).

The Board will oversee the Fund's business operations. Gregory J. Flanagan, the Fund's ...

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