-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 C3W3LwFteK45Bfte0bI0TmzKSHLBBXqYcV5I7hG1zA4WIv59FU6LwiuxOde8A8Uk
 1CVflHSTbrgxUjRjDHXx+w==

<SEC-DOCUMENT>0001181431-04-003247.txt : 20040120
<SEC-HEADER>0001181431-04-003247.hdr.sgml : 20040119
<ACCEPTANCE-DATETIME>20040120151250
ACCESSION NUMBER:		0001181431-04-003247
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040120
FILED AS OF DATE:		20040120

ISSUER:		

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

	BUSINESS ADDRESS:	
		STREET 1:		2929 ALLEN PKWY STE 2500
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77019
		BUSINESS PHONE:		7135290900

	MAIL ADDRESS:	
		STREET 1:		2929 ALLEN PARKWAY
		STREET 2:		STE 2500
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77019

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LEHMANN NOLAN
		CENTRAL INDEX KEY:			0001029704

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00098
		FILM NUMBER:		04532452

	BUSINESS ADDRESS:	
		STREET 1:		2929 ALLEN PKWY
		STREET 2:		25TH FLOOR
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77019
		BUSINESS PHONE:		7135299545

	MAIL ADDRESS:	
		STREET 1:		2929 ALLEN PARKWAY
		STREET 2:		25TH FLOOR
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77019
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd29559.xml
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2004-01-20</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000878932</issuerCik>
        <issuerName>EQUUS II INC</issuerName>
        <issuerTradingSymbol>EQS</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001029704</rptOwnerCik>
            <rptOwnerName>LEHMANN NOLAN</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2929 ALLEN PARKWAY</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 2500</rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>President</officerTitle></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2004-01-16</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>J</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F1"/></transactionCoding><transactionAmounts><transactionShares><value>13850</value></transactionShares><transactionPricePerShare><value>7.919</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>171131</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></
ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2004-01-16</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>J</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F1"/></transactionCoding><transactionAmounts><transactionShares><value>3235</value></transactionShares><transactionPricePerShare><value>7.919</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>38832</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>Shares owned by Lehmann Investments, LP of which Mr. Lehmann is the general partner.</value></natureOfOwnership></ownershipNature></nonDerivativeTran
saction><nonDerivativeTransaction><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2004-01-16</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>J</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F1"/></transactionCoding><transactionAmounts><transactionShares><value>525</value></transactionShares><transactionPricePerShare><value>7.919</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>6303</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>Held by wife</value></natureOfOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><footnotes><footnote id="F1">Dividend paid in stock</footnote></footnotes><owner
Signature><signatureName>Dana Hiller</signatureName><signatureDate>2004-01-20</signatureDate></ownerSignature></ownershipDocument>



</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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