SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

SCHEDULE 13D
(Amendment No. 1)
Under the Securities and Exchange Act of 1934

  Equus II Inc.
(Name of Issuer)

Common Stock
(Title of Class of Securities)

294766100
(CUSIP Number)

George W. Karpus, President
Karpus Management, Inc. d/b/a
Karpus Investment Management
183 Sullys Trail
Pittsford, New York 14534
(716) 586-4680

(Name, Address, and Telephone Number of Person Authorized to Receive
Notices and Communications)

December 7, 2001
(Date of Event which Requires Filing of this Statement)

If the person has previously filed a statement on Schedule 13G to
report the Acquisition which is the subject of this Schedule 13D,
 and is filing this schedule because of Rule 13d-1 (b) (3) or (4), check
the following box. [ ]

(Page 1 of 4 pages)
There are no exhibits.

















ITEM 1	Security and Issuer
		Common Stock
		Equus II Inc.
		Equus Capital Management Corp
		The America Tower
		2929 Allen Parkway
		Suite 2500
		Houston, Texas   77019-2120
ITEM 2	Identity and Background
a) Karpus Management, Inc. d/b/a Karpus Investment
Management ("KIM")
George W. Karpus, President, Director and Controlling
Stockholder
		JoAnn VanDegriff, Vice President and Director
		Sophie Karpus, Director
		b) 183 Sullys Trail
		Pittsford, New York 14534
c) Principal business and occupation - Investment Management
for individuals, pension and profit sharing plans, corporations,
		endowments, trust and others, specializing in conservative asset
		management (i.e. fixed income investments).
d) None of George W. Karpus, JoAnn VanDegriff, or Sophie
Karpus ("the Principals") or KIM has been convicted in the past
five years of any criminal proceeding (excluding traffic
violations).
e) During the last five years none of the principals or KIM has
been a party to a civil proceeding as a result of which any of them
is subject to a judgment, decree or final order enjoining future
violations of or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with
respect to such laws.
		f) Each of the Principals is a United States citizen.
		KIM is a New York corporation.
ITEM 3	Source and Amount of Funds or Other Considerations
KIM, an independent investment advisor, has accumulated shares
of EQS on behalf of accounts that are managed by KIM ("the
Accounts") under limited powers of attorney.  All funds that
have been utilized in making such purchases are from such
Accounts.
ITEM 4	Purpose of Transaction
KIM has purchased Shares for investment purposes.  Being
primarily a fixed income manager, with a specialty focus in the
closed end fund sector, the profile of EQS fit the investment
guidelines for various Accounts.  Shares have been acquired
since  January 13, 2000.
ITEM 5 	Interest in Securities of the Issuer
A) As of the date of this Report, KIM owns 412,242 shares,
which represents 6.02% of the outstanding Shares.  Karpus Investment
Management Profit Sharing Plan presently owns 3325 shares purchased
on January 13, 2000 at $10.19 (600 shares), September 13, 14, 22, 26, 27,
& 29 at $10.63 (1100 shares), October 6 at $10.56 (100 shares), 10 at
$10.50 (50 shares), & 23 at $9.88 (50 shares), November 6 at $10 (100
shares), December 8 at $8.81 (500 shares), April 17, 2001 at $8.85 (200
shares), May 1 at $9.11 (50 shares), 2, 4, & 17 at $9.23 (200 shares), 10
at $9.05 (100 shares), June 21 at $9.25 (25 shares), and September 24 at
$8.35 (250 shares).  None of the other Principles of KIM presently owns
shares of EQS.
b) KIM has the sole power to dispose of and to vote all of such
Shares under limited powers of attorney.
c)  Open market purchases for the last 60 days for the Accounts.
There have been no dispositions and no acquisitions, other than
by such open market purchases,
DATE
SHARES
PRICE PER

DATE
SHARES
PRICE PER


SHARE



SHARE
10/3/2001
325
8.47

11/5/2001
275
8.45
10/9/2001
250
8.49

11/6/2001
2900
8.45
10/9/2001
- -225
8.46

11/7/2001
500
8.46
10/10/2001
200
8.47

11/8/2001
5275
8.49
10/11/2001
1750
8.55

11/12/2001
5000
8.46
10/12/2001
1200
8.5

11/13/2001
6800
8.46
10/15/2001
3250
8.5

11/15/2001
700
8.4
10/16/2001
1400
8.47

11/16/2001
2450
8.4
10/17/2001
2450
8.55

11/20/2001
1000
8.47
10/17/2001
- -450
8.51

11/21/2001
4500
8.4
10/22/2001
7000
8.45

11/23/2001
5500
8.39
10/23/2001
600
8.37

11/28/2001
1850
8.36
10/24/2001
2575
8.38

11/29/2001
- -300
7.71
10/25/2001
300
8.38

11/29/2001
36992
7.5
10/26/2001
2700
8.4

11/30/2001
5625
7.67
10/31/2001
2800
8.4




* Shares purchased on 11/29 were the result of a stock dividend.
The Accounts have the right to receive all dividends from, any
proceeds from the sale of the Shares.  KIM reserves the right to
further accumulate or sell shares. None of the Accounts has an
interest in shares constituting  more than 5% of the Shares
outstanding.
ITEM 6	Contracts, Arrangements, Understandings, or Relationships
	with Respect to Securities of the Issuer.
Except as described above, there are no contracts,
arrangements, understandings or relationships of any kind
among the Principals and KIM and between any of them and any
other person with respect to any of EQS Securities.
ITEM 7	Materials to be Filed as Exhibits
		Not applicable.
Signature
	After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete,
and correct.
						Karpus Management, Inc.



December 7, 2001 			      By:________________________
           Date						   Signature
						George W. Karpus, President
   Name/Title