EQUUS TOTAL RETURN, INC. 2007 ANNUAL REPORT
Mid-Continent Bottlers Inc.
Video Rental of Pennsylvania, Inc.
1
CURRENT COMPANY PORTFOLIO HOLDINGS
December 31, 2007
Date of Initial
% of
Portfolio Company
Investment
Cost
Fair Value
Net Assets
Big Apple Entertainment Partners LLC
Entertainment and Leisure
October 2007
$3,000,000
$3,000,000
2.91%
The Bradshaw Group
Sells and services mid-range
and high-speed printing equipment
May 2000
1,794,547
485,000
0.47%
ConGlobal Industries Holding, Inc.
Shipping container repair and storage
February 1997
8,439,705
5,110,278
4.95%
Creekstone Florida Holdings, LLC
Real estate in Panama City, Florida
December 2005
4,166,003
4,166,003
4.04%
Equus Media Development Company, LLC
Media
January 2007
5,000,000
5,000,000
4.84%
HealthSPAC, LLC
Special Purpose Acquisition Companies
focused on healthcare
December 2006
565,000
565,000
0.55%
Infinia Corporation
Alternative Energy
June 2007
3,000,000
20,740,010
20.09%
Nickent Golf, Inc.
Golf club manufacturer
June 2007
8,066,667
8,066,667
7.81%
PalletOne, Inc.
Wooden pallet manufacturer
October 2001
350,000
—
0.00%
Riptide Entertainment, LLC
Entertainment and Leisure
December 2005
4,899,667
4,899,667
4.75%
RP&C International Investments LLC
Healthcare — Nursing homes in England and Germany
September 2006
3,304,549
3,304,549
3.20%
Sovereign Business Forms, Inc.
Business forms manufacturer
August 1996
8,157,307
6,693,907
6.48%
Spectrum Management, LLC
Business and personal property protection
December 1999
4,539,939
10,070,626
9.75%
Total
$55,283,384
$72,101,707
69.84%
2
We are pleased to report that 2007 was another successful year. In summary, we continued to
implement our new investment strategy, pay dividends, increase net asset value and generate capital gains
benefiting you, our shareholders. Below are some of the specific highlights of the past year:
Commitment to New Investment Philosophy. We continued to execute our new investment strategy,
seeking to capitalize on investment opportunities that reflect current and cutting-edge social