8-K

U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 9, 2007

Equus Total Return, Inc.

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation)

0-19509	76-0345915
(Commission File Number)	(I.R.S. Employer Identification No.)

2727 Allen Parkway, 13^th Floor, Houston, Texas 77019

(Address of principal executive offices, zip code)

Registrant’s telephone number, including area code: (713) 529-0900

N/A

(Former name or former address, if changed since last report)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

     On November 14, 2007, Equus Total Return, Inc. (the “Fund”) issued a press release announcing its net assets and net asset value for the quarter ended September 30, 2007. The text of the press release is included as Exhibit 99.1 to this Current Report and is incorporated herein by reference. The press release is furnished pursuant to Item 2.02 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01.

Other Events.

     On November 9, 2007, the Fund issued a press release announcing a fourth quarter dividend for 2007 and setting the record date, election date to receive cash in lieu of stock and payment date for such dividend. The text of the press release is included as Exhibit 99.2 to this Current Report and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d)	Exhibits.
	99.1	Press Release, dated November 14, 2007.
	99.2	Press Release, dated November 9, 2007.

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SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EQUUS TOTAL RETURN, INC.

Dated: November 14, 2007

By: /s/ L’Sheryl D. Hudson

L’Sheryl D. Hudson
Vice President and Chief Financial Officer

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EX-99.1

FOR IMMEDIATE RELEASE	CONTACT:	BRETT CHILES
		(713) 529-0900

EQUUS TOTAL RETURN, INC. ANNOUNCES THIRD QUARTER NET ASSET VALUE

HOUSTON, TX – November 14, 2007 – Equus Total Return, Inc. (NYSE: EQS) (the “Fund”) reports net assets as of September 30, 2007, of $87.9 million, or $10.54 per share. Comparative data is summarized below:

		9/30/07	6/30/07	3/31/07	12/31/06
Net assets		$87,861,656	$92,163,028	$92,097,959	$93,235,863
Shares outstanding		8,333,248	8,265,829	8,216,899	8,164,249
Net assets per share		$10.54	$11.15	$11.21	$11.42
Significant events for the quarter were as follows:
·	Sports and Leisure. On August 16, 2007, the Fund made a $2,000,000 equity follow-on
	investment in Nickent Golf, Inc. (“Nickent”). Nickent is a definitive market leader in the
	rapidly growing and expanding, hybrid club segment of the golf industry and is an
	emerging leader in game-enhancement technology.
·	Dividend. On September 24, 2007, in accordance with the Fund’s managed distribution
	policy, the Fund paid a $0.125 per share dividend in the form of cash and stock.

Subsequently, on October 4, 2007, the Fund made a $3,000,000 mezzanine loan to Big Apple Entertainment Partners LLC in connection with the Ripley’s Times Square venue.

The Fund had approximately $34 million in cash at the end of the quarter.

Equus Total Return, Inc. is a business development company that trades as a closed-end fund on the New York Stock Exchange, under the symbol "EQS". Additional information on Equus Total Return, Inc. may be obtained from the Equus website at www.equuscap.com.

This press release may contain certain forward-looking statements regarding future circumstances. These forward-looking statements are based upon the Fund’s current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements

including, in particular, the risks and uncertainties described in the Fund’s filings with the Securities and Exchange Commission. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. The Fund undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by the Fund or any other person that the events or circumstances described in such statements are material.

EX-99.2

FOR IMMEDIATE RELEASE	CONTACT:	Brett Chiles
		(713) 529-0900

EQUUS TOTAL RETURN, INC. ANNOUNCES FOURTH QUARTER DIVIDEND

HOUSTON, TX – November 9, 2007 – Equus Total Return, Inc. (NYSE: EQS) (“Equus” or the “Fund”), in accordance with the Fund’s managed distribution policy, announced a dividend of $0.125 per share for the fourth quarter of 2007. The dividend will be payable on December 17, 2007, to shareholders of record as of the close of business on November 19, 2007. Equus shares will trade ex-dividend beginning November 15, 2007. The dividend will be payable in shares of common stock or in cash by specific election. Such election must be made by shareholders no later than December 10, 2007. If no election is made, shareholders will receive stock. Stock issued in the dividend will be valued at the average closing market price of EQS for the ten trading days ending December 10, 2007. Cash will be paid in lieu of issuing any fractional shares.

Equus is a business development company that trades as a closed-end fund on the New York Stock Exchange, under the symbol "EQS". Additional information on Equus may be obtained from the Equus website at www.equuscap.com.

This press release may contain certain forward-looking statements regarding future circumstances. These forward-looking statements are based upon the Fund’s current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements including, in particular, the risks and uncertainties described in the Fund’s filings with the Securities and Exchange Commission. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. The Fund undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by the Fund or any other person that the events or circumstances described in such statements are material.