Full equilibrium calculations of the sequence of condensation of the elements from cosmic gases made by total vaporization of dust-enriched systems were performed in order to investigate the oxidation state of the resulting condensates. The computations included 23 elements and 374 gas species, and were done over a range of Ptot from 10⁻³ to 10⁻⁶ bar and for enrichments up to 1000× in dust of Cl composition relative to a system of solar composition. Because liquids are stable condensates in dust-enriched systems, the MELTS nonideal solution model for silicate liquids (Ghiorso and Sack, 1995) was incorporated into the computer code. Condensation at 10⁻³ bar and dust enrichments of 100×, 500×, and 1000× occur at oxygen fugacities of IW-3.1, IW-1.7, and IW-1.2, respectively, and, at the temperature of cessation of direct condensation of olivine from the vapor, yields XFa of 0.019, 0.088, and 0.164, respectively. Silicate liquid is a stable condensate at dust enrichments >∼12.5× at 10⁻³ bar and >∼425× at 10⁻⁶ bar. At 500×, the liquid field is >1000 K wide and accounts for a maximum of 48% of the silicon at 10⁻³ bar, and is 240 K wide and accounts for 25% of the silicon at 10⁻⁶ bar. At the temperature of disappearance of liquid, XFa of coexisting olivine is 0.025, 0.14, and 0.31 at 100×, 500×, and 1000×, respectively, almost independent of Ptot. At 1000×, the Na2O and K2O contents of the last liquid reach 10.1 and 1.3 wt.%, respectively, at 10⁻³ bar but are both negligible at 10⁻⁶ bar. At 10⁻³ bar, iron sulfide liquids are stable condensates at dust enrichments at least as low as 500× and coexist with silicate liquid at 1000×. No sulfide liquid is found at 10⁻⁶ bar. At 10⁻³ bar, the predicted distribution of Fe between metal, silicate and sulfide at 1310 K and a dust enrichment of 560× matches that found in H-group chondrites, and at 1330 K and 675× matches that of L-group chondrites prior to metal loss.