O'Connor EQUUS – ‘N-23C3A’ for 5/22/15

On:  Friday, 5/22/15, at 8:56am ET   ·   Effective:  5/22/15   ·   For:  5/22/15   ·   Accession #:  1135428-15-399   ·   File #:  817-01277

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Notice of a Periodic Repurchase Offer   —   Rule 23c-3(b) Only
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-23C3A     Notice of a Periodic Repurchase Offer                 11     29K 

Document Table of Contents

N-23C3A
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UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-23c-3

Notification of Repurchase Offer
Pursuant to Rule 23c-3 [17 CFR 270.23c-3] 

--------------------------------------------------------------------------------
1. Investment Company Act File Number           Date of Notification  

811-22937                                    May 22, 2015       
--------------------------------------------------------------------------------
    2. Exact name of investment company as specified in registration statement

O'Connor EQUUS                                                  
--------------------------------------------------------------------------------
     3. Address of principal executive office: (number, street, city, state, zip
code)                                                           

One Freedom Valley Drive                                        
Oaks, Pennsylvania 19456                                        
--------------------------------------------------------------------------------
4. Check one of the following:                                        

A. [X] The notification pertains to a periodic repurchase offer under 
paragraph (b) of Rule 23c-3.                                    

    B. [ ] The notification pertains to a discretionary repurchase offer under
paragraph (c) of Rule 23c-3.                                    

C. [ ] The notification pertains to periodic repurchase offer under   
      paragraph (b) of Rule 23c-3 and a discretionary repurchase offer under
paragraph (c) of Rule 23c-3.                                    
--------------------------------------------------------------------------------

                                By: /S/ LISA WHITTAKER
                                              ----------------------------
                                LISA WHITTAKER
                                              VICE PRESIDENT AND ASSISTANT
                           SECRETARY

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O'CONNOR EQUUS
ONE FREEDOM VALLEY DRIVE
OAKS, PENNSYLVANIA 19456

NOTIFICATION OF REPURCHASE OFFER
PURSUANT TO RULE 23C-3
MAY 22, 2015                                                                    

Dear O'Connor EQUUS shareholder:                                                

Notice is hereby given to shareholders of O'Connor EQUUS (the "Fund") of the    
Fund's quarterly repurchase offer (the "Repurchase Offer"). This notice is to   
inform you about the Repurchase Offer. Please disregard this notice if you do   
not wish to tender your shares to the Fund.                                     

The Fund is structured as an interval fund which permits it to offer its        
shareholders the opportunity to tender shares of the Fund ("Shares") for        
repurchase by the Fund once quarterly. The Fund may conduct quarterly           
repurchases for between 5% and 25% of the Fund's outstanding Shares, subject to 
the approval of the Fund's Board of Trustees. On March 3, 2015, the Board of    
Trustees considered and approved the Repurchase Offer. The Fund is making this  
offer to repurchase up to 15% of its outstanding Shares pursuant to Rule 23c-3  
under the Investment Company Act of 1940, as amended.                           

Until June 16, 2015, you are entitled to request that the Fund repurchase Shares
you own. If you wish to do so, you should submit your request to Atlantic Fund  
Services, LLC, who can handle all the details for you. Your broker or financial 
intermediary may charge you a fee for this service. Fund investors              
("Shareholders") who choose to participate in the Repurchase Offer can expect   
payment for the Shares repurchased to be made on or before July 7, 2015. Please 
note that if the number of Shares tendered for repurchase by all Shareholders   
exceeds the number authorized for repurchase, repurchases may be made on a pro  
rata basis, as more fully described in the attached document. The net asset     
value of the Shares may fluctuate between June 16, 2015, the Repurchase Offer   
Request Deadline, and June 30, 2015, the Repurchase Pricing Date.               

The attached document contains a Repurchase Request Form. Your Repurchase       
Request Form must be received by Atlantic Fund Services, LLC in good order no   
later than 4:00 p.m. Eastern Time on June 16, 2015 for it to be honored, and    
your request will be executed at the Fund's closing net asset value per share on
June 30, 2015. THE REPURCHASE REQUEST FORM MUST BE RETURNED TO ATLANTIC FUND    
SERVICES, LLC ONLY. REPURCHASE REQUEST FORMS SHOULD NOT BE SENT DIRECTLY TO THE 
FUND.                                                                           

You do not need to take any action if you do not wish to tender your Shares.    

ALL REQUESTS TO TENDER SHARES MUST BE RECEIVED BY ATLANTIC FUND SERVICES, LLC AT
THE ADDRESS OR FAX BELOW IN GOOD ORDER BY 4:00 P.M. EASTERN TIME ON JUNE 16,    
2015.                                                                           

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REGULAR MAIL ADDRESS                                                            
O'Connor EQUUS                                                                  
P.O. Box 588                                                                    
Portland, ME 04112                                                              

EXPRESS MAIL ADDRESS                                                            
O'Connor EQUUS                                                                  
c/o Atlantic Fund Services, LLC                                                 
Three Canal Plaza, Ground Floor                                                 
Portland, ME 04101                                                              

FAX NUMBER                                                                      
207-347-2195                                                                    

NONE OF THE FUND, ITS BOARD OF TRUSTEES OR ITS INVESTMENT ADVISER IS MAKING ANY 
RECOMMENDATION TO ANY SHAREHOLDER AS TO WHETHER TO TENDER OR REFRAIN FROM       
TENDERING SHARES. EACH SHAREHOLDER IS URGED TO READ AND EVALUATE THE REPURCHASE 
OFFER AND ACCOMPANYING MATERIALS CAREFULLY.                                     

If you have questions about tendering your Shares, please contact your financial
advisor or UBS Global Asset Management at 888-793-8637 or refer to the enclosed 
Repurchase Offer that describes the process in detail.                          

Sincerely,                                                                      

O'Connor  EQUUS                                                                 

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O'CONNOR EQUUS
ONE FREEDOM VALLEY DRIVE
OAKS, PENNSYLVANIA 19456

REPURCHASE OFFER
MAY 22, 2015                                                                    

1. THE OFFER. O'Connor EQUUS (the "Fund") is offering to repurchase up to       
fifteen percent (15%) of its shares of beneficial interest ("Shares") issued and
outstanding as of June 16, 2015, at a share price equal to the net asset value  
per share ("NAV") on June 30, 2015 (the "Repurchase Offer"). The Repurchase     
Offer is made upon the terms and conditions stated in this Repurchase Offer, the
accompanying Letter of Transmittal (and the Repurchase Request Form attached    
thereto) and the Fund's Prospectus and Statement of Additional Information. The 
purpose of the Repurchase Offer is to provide liquidity to the Fund's investors 
("Shareholders"), because no secondary market exists for the Fund's Shares. The 
Repurchase Offer is not conditioned upon the tender for repurchase of any       
minimum number of Shares.                                                       

2. NET ASSET VALUE. The Fund's NAV as of the close of business on May 15, 2015  
was $958.89 per share. Because the Fund's NAV may fluctuate, please contact your
financial advisor or UBS Global Asset Management at 888-793-8637 for the Fund's 
current NAV information. The NAV can fluctuate, and the NAV on the Repurchase   
Pricing Date (as defined below) could be lower or higher than the NAV on the    
date you submitted your repurchase request.                                     

3. REPURCHASE REQUEST DEADLINE. Atlantic Fund Services, LLC must receive your   
properly completed Repurchase Request Form on or before June 16, 2015 at 4:00   
p.m. Eastern Time (the "Repurchase Request Deadline"). THE LETTER OF TRANSMITTAL
(AND REPURCHASE REQUEST FORM) MUST BE RETURNED TO ATLANTIC FUND SERVICES, LLC   
ONLY. LETTERS OF TRANSMITTAL SHOULD NOT BE SENT DIRECTLY TO THE FUND. You may   
withdraw or modify your repurchase request at any time prior to the Repurchase  
Request Deadline.                                                               

THE REPURCHASE REQUEST DEADLINE WILL BE STRICTLY OBSERVED. IF YOU FAIL TO SUBMIT
YOUR REPURCHASE REQUEST IN GOOD ORDER TO ATLANTIC FUND SERVICES, LLC BY THE     
REPURCHASE REQUEST DEADLINE, THE FUND WILL NOT REPURCHASE YOUR SHARES AS PART OF
THE REPURCHASE OFFER.                                                           

4. REPURCHASE PRICING DATE. The Fund will repurchase Shares at the NAV          
determined as of the close of regular trading on the New York Stock Exchange    
(the "NYSE") on June 30, 2015 (the "Repurchase Pricing Date"). Pursuant to Rule 
23c-3(a)(5)(iii) of the Investment Company Act of 1940, as amended, the Fund may
use an earlier repurchase pricing date than June 30, 2015 if, on or immediately 
following the Repurchase Request Deadline, it appears that the use of an earlier
repurchase pricing date is not likely to result in significant dilution of the  
NAV of either Shares that are tendered for repurchase or Shares that are not    
tendered.                                                                       

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Shareholders must decide whether to tender their Shares prior to the Repurchase 
Request Deadline, but the NAV at which the Fund will repurchase Shares will not 
be calculated until the Repurchase Pricing Date. Please be aware that the NAV of
the Shares may fluctuate between the Repurchase Request Deadline and the        
Repurchase Pricing Date and there can be no assurance that the NAV of the Shares
on the Repurchase Pricing Date will be as high as the NAV of the Shares on the  
Repurchase Request Deadline or the date you submitted your repurchase request.  

5. PAYMENT FOR SHARES REPURCHASED. Repurchase proceeds will be credited to your 
account no later than July 7, 2015, seven days after the Repurchase Pricing     
Date. The Fund expressly reserves the right, in its sole discretion, to delay   
payment for Shares in order to comply in whole or in part with any applicable   
law. Under no circumstances will the Fund pay interest on the repurchase price  
of the Shares to be paid by the Fund, regardless of any delay in making such    
payment.                                                                        

6. INCREASE IN NUMBER OF SHARES REPURCHASED: PRO RATA REPURCHASE. If share      
repurchase requests exceed the number of Shares in the Fund's Repurchase Offer, 
the Fund may (i) repurchase tendered Shares on a pro rata basis or (ii) increase
the number of Shares to be repurchased by up to two percent (2%) of the Fund's  
outstanding Shares on the Repurchase Request Deadline. If the Fund increases the
percentage to be repurchased but the share repurchase requests still exceed the 
number of Shares in the Fund's expanded offer, the Fund may repurchase tendered 
Shares on a pro rata basis. As a result, there can be no assurance that the Fund
will be able to fulfill your entire request even if you tender all Shares held  
in your account. In this event, you may be unable to liquidate some of your     
investment, and you would have to wait until a later date to tender the Shares  
that the Fund was unable to repurchase. Until such later date, you will be      
subject to the risk of NAV fluctuations. IN ANTICIPATION OF THE POSSIBILITY OF  
PRO RATION, SOME SHAREHOLDERS MAY TENDER MORE SHARES THAN THEY WISH TO HAVE     
REPURCHASED IN A PARTICULAR QUARTERLY PERIOD, THEREBY INCREASING THE LIKELIHOOD 
OF PRO RATION. THERE IS NO ASSURANCE THAT YOU WILL BE ABLE TO SELL AS MANY OF   
YOUR SHARES AS YOU DESIRE TO SELL IN A GIVEN QUARTERLY PERIOD OR IN ANY         
SUBSEQUENT QUARTERLY PERIOD.                                                    

7. WITHDRAWAL OF SHARES TO BE REPURCHASED. You may withdraw or modify your      
repurchase request at any time prior to the Repurchase Request Deadline by      
submitting written notice thereof to Atlantic Fund Services, LLC. In the event  
you decide to modify or withdraw your repurchase request, you should provide    
Atlantic Fund Services, LLC with sufficient notice prior to the Repurchase      
Request Deadline. All questions as to the form and validity, including time of  
receipt, of notices of withdrawal will be determined by the Fund, in its sole   
discretion, whose determination will be final and binding. None of the Fund or  
any other person will (a) be under any duty to give notification of any defects 
or irregularities in any notice of withdrawal or (b) incur any liability for    
failure to give any such notification.                                          

8. SUSPENSION OR POSTPONEMENT OF REPURCHASE OFFER. The Fund may suspend or      
postpone its offer in limited circumstances, and only by vote of a majority of  
the Fund's Board of Trustees, including a majority of the independent Trustees. 
These circumstances are limited and may include the following:                  

  (a)  if the repurchase of Shares would cause the Fund to lose its status
        as a regulated investment company under Subchapter M of the Internal
Revenue Code of 1986, as amended;                           

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    (b)  for any period during which the NYSE or any other market in which the
    portfolio securities owned by the Fund are principally traded is
        closed, other than customary weekend and holiday closings, or during
which trading in such market is restricted;                 

   (c)  for any period during which an emergency exists as a result of which
    disposal by the Fund of securities owned by it is not reasonably
         practicable, or during which it is not reasonably practicable for the
Fund fairly to determine the value of its net assets; or    

    (d)  for such other periods as the U.S. Securities and Exchange Commission
       may by order permit for the protection of Shareholders of the Fund.

You will be notified if the Fund suspends or postpones the offer, and will be   
notified again if the Fund resumes its offer.                                   

9. TAX CONSEQUENCES. You should consult your tax advisor regarding the specific 
tax consequences, including the federal, state and local tax consequences of    
Share repurchases. Shares tendered pursuant to the Fund's offer will be treated 
as a taxable sale of the Shares. Any gain or loss you recognize will be treated 
as a short-term capital gain or loss if you held your Shares less than twelve   
months and as a long-term capital gain or loss if you held your Shares for more 
than twelve months. However, if you have held your Shares for six months or less
and received a net capital gain distribution, any loss recognized on the Share  
repurchase will be treated as a long-term capital loss to the extent of the net 
capital gain distribution. In addition, the loss realized on a Share repurchase 
will be disallowed to the extent a Shareholder repurchases (or enters into a    
contract to or option to repurchase) Shares within a period of 61 days          
(beginning 30 days before and ending 30 days after the disposition of the       
Shares).                                                                        

10. DOCUMENTS IN GOOD ORDER. The Fund will have the sole discretion to determine
all questions as to the validity, form, eligibility (including time of receipt) 
and acceptance of repurchase requests. The Fund reserves the absolute right to  
reject any or all eligible repurchase requests or to refuse to accept for       
payment, purchase or pay for any Shares if, in the opinion of the Fund, doing so
would be unlawful. The Fund also reserves the absolute right to waive any of the
offer's conditions or any defect in any repurchase request. The Fund's          
determinations and interpretations of the terms and conditions of the offer     
shall be final and binding. Unless waived, any defects in a repurchase request  
must be corrected within a time period set by the Fund. A repurchase request    
will not be considered eligible until any defects have been corrected or waived.

11. REPURCHASE OFFER CONSEQUENCES; EXPENSES. Repurchases of Shares will have the
effect of decreasing the size of the Fund and increasing both the proportionate 
interest in the Fund of Shareholders who do not tender Shares and the Fund's    
expenses as a percentage of average net assets. A reduction in the aggregate    
assets of the Fund may result in Shareholders who do not tender Shares bearing  
higher costs to the extent that certain expenses borne by the Fund are          
relatively fixed and may not decrease if assets decline. Further, interest on   
any borrowings to finance Share repurchase transactions may reduce the Fund's   
returns. These effects may be reduced or eliminated to the extent that          
additional subscriptions for Shares are made from time to time.                 

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12. RECORD DATE. This Repurchase Offer is made to holders of record of the      
Fund's Shares as of May 8, 2015.                                                

NEITHER THE FUND NOR ITS BOARD OF TRUSTEES MAKES ANY RECOMMENDATION AS TO       
WHETHER YOU SHOULD SUBMIT A REPURCHASE REQUEST. EACH SHAREHOLDER MUST MAKE AN   
INDEPENDENT DECISION WHETHER TO TENDER SHARES AND, IF SO, HOW MANY SHARES TO    
TENDER. THE FUND HAS NOT AUTHORIZED ANYONE TO MAKE ANY RECOMMENDATION AS TO     
WHETHER YOU SHOULD SUBMIT A REPURCHASE REQUEST. THE FUND HAS NOT AUTHORIZED     
ANYONE TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATIONS IN CONNECTION WITH
THE OFFER OTHER THAN THOSE IN THIS DOCUMENT OR IN THE FUND'S PROSPECTUS OR      
STATEMENT OF ADDITIONAL INFORMATION.                                            

FOR THE FUND'S CURRENT NAV AND OTHER INFORMATION, OR FOR A COPY OF THE FUND'S   
PROSPECTUS, PLEASE CONTACT YOUR FINANCIAL ADVISOR OR UBS GLOBAL ASSET MANAGEMENT
AT 888-793-8637.                                                                

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LETTER OF TRANSMITTAL 

REGARDING SHARES IN 
O'CONNOR EQUUS

REPURCHASE OFFER PURSUANT TO RULE 23C-3 
DATED MAY 22, 2015

THE OFFER AND WITHDRAWAL RIGHTS WILL
EXPIRE AT, AND THIS LETTER OF 
TRANSMITTAL MUST BE RECEIVED BY ATLANTIC FUND SERVICES, LLC BY,           
4:00 P.M., EASTERN
TIME, ON TUESDAY, JUNE 16, 2015, UNLESS 
THE OFFER IS EXTENDED.
--------------------------------------------------------------------------------

Complete The Last Pages Of This Letter Of Transmittal And Fax 
Or Mail To Atlantic Fund Services, LLC. 

REGULAR MAIL ADDRESS
O'Connor EQUUS
P.O. Box 588
Portland, ME 04112

EXPRESS MAIL ADDRESS
O'Connor EQUUS
c/o Atlantic Fund Services, LLC 
Three Canal Plaza, Ground Floor 
Portland, ME 04101

FAX NUMBER
207-347-2195

FOR ADDITIONAL INFORMATION, PLEASE CONTACT YOUR FINANCIAL ADVISOR OR UBS GLOBAL 
ASSET MANAGEMENT AT 888-793-8637. 

IF YOU ARE NOT INTERESTED IN SELLING YOUR SHARES AT THIS
TIME, PLEASE DISREGARD THIS NOTICE. 

Ladies  and  Gentlemen:                                                         

The undersigned hereby tenders to O'Connor EQUUS, a closed-end, non-diversified,
management investment company organized under the laws of the State of Delaware 
(the "Fund"), the shares of beneficial interest ("Shares") or portion thereof   
held by the undersigned, described and specified below, on the terms and        
conditions set forth in the Repurchase Offer dated May 22, 2015, receipt of     
which is hereby acknowledged, and in this Letter of Transmittal (which together 
constitute the "Offer"). THE OFFER IS SUBJECT TO ALL THE TERMS AND CONDITIONS   
SET FORTH IN THE REPURCHASE OFFER, INCLUDING, BUT NOT LIMITED TO, THE ABSOLUTE  
RIGHT OF THE FUND TO REJECT ANY AND ALL TENDERS DETERMINED BY IT, IN ITS SOLE   
DISCRETION, NOT TO BE IN THE APPROPRIATE FORM.                                  

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The undersigned hereby sells to the Fund the Shares or portion thereof tendered 
hereby pursuant to the Offer. The undersigned hereby warrants that the          
undersigned has full authority to sell the Shares or portion thereof tendered   
hereby and that the Fund will acquire good title thereto, free and clear of all 
liens, charges, encumbrances, conditional sales agreements or other obligations 
relating to the sale thereof, and not subject to any adverse claim, when and to 
the extent the same are purchased by it. Upon request, the undersigned will     
execute and deliver any additional documents necessary to complete the sale in  
accordance with the terms of the Offer.                                         

The undersigned recognizes that under certain circumstances set forth in the    
Repurchase Offer, the Fund may not be required to purchase any of the Shares or 
portions thereof tendered hereby. The undersigned recognizes that, if the Offer 
is oversubscribed, not all of the undersigned's Shares will be purchased.       

THE UNDERSIGNED ACKNOWLEDGES THAT THE METHOD OF DELIVERY OF ANY DOCUMENTS IS AT 
THE ELECTION AND THE COMPLETE RISK OF THE UNDERSIGNED. UNLESS WAIVED, ANY       
DEFECTS OR IRREGULARITIES IN CONNECTION WITH TENDERS MUST BE CURED WITHIN SUCH  
TIME AS THE FUND SHALL DETERMINE. TENDERS WILL NOT BE DEEMED TO HAVE BEEN MADE  
UNTIL THE DEFECTS OR IRREGULARITIES HAVE BEEN CURED OR WAIVED.                  

All authority herein conferred or agreed to be conferred shall survive the death
or incapacity of the undersigned and the obligation of the undersigned hereunder
shall be binding on the heirs, personal representatives, successors and assigns 
of the undersigned. Except as stated in Section 7 of the Repurchase Offer, this 
tender is irrevocable.                                                          

--------------------------------------------------------------------------------
The Repurchase Offer period will begin on May 22, 2015, and end on June 16,     
2015. All requests to tender Shares must be received in good order by Atlantic  
Fund Services, LLC by 4:00 p.m. Eastern Time on June 16, 2015. Tenders of Shares
may be withdrawn or modified at any time prior to 4:00 p.m., Eastern Time on    
June 16, 2015, by submitting a written notice to Atlantic Fund Services, LLC.   
--------------------------------------------------------------------------------

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REPURCHASE REQUEST FORM 

O'CONNOR EQUUS

This form must be returned to Atlantic Fund Services, LLC in good order on or   
before June 16, 2015, at 4:00 p.m. Eastern Time if you wish to tender shares of 
O'Connor EQUUS. You may withdraw or modify your repurchase request at any time  
prior to 4:00 p.m. Eastern Time on June 16, 2015. IF YOU HAVE ANY QUESTIONS     
REGARDING THIS FORM, PLEASE CONTACT YOUR FINANCIAL ADVISOR OR UBS GLOBAL ASSET  
MANAGEMENT AT 888-793-8637.                                                     

NAME AND ADDRESS OF REGISTERED SHAREHOLDER(S):                                  

Registered Shareholder: ________________________________________________________

Street Address: ________________________________________________________________

City, State and Zip Code: ______________________________________________________

Account Number: ________________________________________________________________

Social Security Number: ________________________________________________________

Daytime Telephone Number:_______________________________________________________

Please provide a phone number where you can be reached if there are any         
questions about your request.                                                   

SECTION I.     SHARE REPURCHASE                                                 

I/We request that O'Connor EQUUS repurchase my/our fund shares at their net     
asset value on the Repurchase Pricing Date as follows:                          

A. _____ Partial Repurchase:                                          

Please repurchase _____________ shares from my/our account. 

Or                                                          

        Please repurchase $____________ worth of shares from my/our account.

B. _____ Full Repurchase:                                             

Please repurchase all shares from my/our account.           

SECTION II.     PAYMENT                                                         

Proceeds of your tender will be credited to your account.                       

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SECTION III.     SIGNATURE                                                      

PLEASE SIGN BELOW AND NOTE THE FOLLOWING IMPORTANT POINTS:                      

Your signature(s) below MUST CORRESPOND EXACTLY with the name(s) in which the   
shares are registered.                                                          

If the shares are held by two or more joint holders, ALL MUST SIGN.             

If the shares are in an IRA account, an authorized official of the Custodian of 
the IRA account must sign.                                                      

If the signer of the document is a trustee, executor, administrator, guardian,  
attorney in fact, officers of corporations or others acting in a fiduciary or   
representative capacity, they must so indicate when signing, and submit proper  
evidence satisfactory to the Fund of their authority to so act.                 

Signature(s) of owner(s) exactly as registered: _______________________________ 

                                          Date: ________________________________

                                                ________________________________

                                          Date: ________________________________

KINDLY NOTE THAT THE REPURCHASE REQUEST FORM MUST BE RETURNED TO ATLANTIC FUND
SERVICES, LLC ONLY. REPURCHASE REQUEST FORMS SHOULD NOT BE SENT DIRECTLY TO THE 
FUND. 

Dates Referenced Herein

				Referenced-On Page
This ‘N-23C3A’ Filing		Date		First		Last			Other Filings
		7/7/15		2		5			None on these Dates
		6/30/15		2		4
		6/16/15		2		10
Filed on / Effective on / For Period End:		5/22/15		1		9
		5/15/15		4
		5/8/15		7
		3/3/15		2
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