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<P ALIGN="CENTER"><B>U.S. SECURITIES AND EXCHANGE COMMISSION</P>
<P ALIGN="CENTER">Washington, D.C. 20549</P>
<P ALIGN="CENTER"></P>
<FONT SIZE=4><P ALIGN="CENTER">FORM 8-K</P>
</FONT><P ALIGN="CENTER"></P>
<FONT SIZE=4><P ALIGN="CENTER">CURRENT REPORT</P>
</B></FONT><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</P>
<P>Date of Report (Date of earliest event reported): May 10, 2007</P>
<B><FONT SIZE=4><P ALIGN="CENTER">Equus Total Return, Inc.</P>
</B></FONT><P ALIGN="CENTER">(Exact name of registrant as specified in its charter)</P>
<B><P ALIGN="CENTER">Delaware</P>
</B><P ALIGN="CENTER">(State or other jurisdiction of incorporation)</P>
<P>&#9;&#9;&#9;   <B>0-19509</B>&#9;&#9;&#9;&#9;       <B>76-0345915</P><DIR>
<DIR>
</B><P>(Commission File Number) &#9;&#9;(I.R.S. Employer Identification No.)</P>
</DIR>
</DIR>
<B><P ALIGN="CENTER">2727 Allen Parkway, 13<SUP>th</SUP> Floor, Houston, Texas 77019</P>
</B><P ALIGN="CENTER">(Address of principal executive offices, zip code)</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Registrant's telephone number, including area code: <B>(713) 529-0900</P>
</B><P ALIGN="CENTER"></P>
<B><P ALIGN="CENTER">N/A</P>
</B><P ALIGN="CENTER">(Former name or former address, if changed since last report)</P>
<P>&nbsp;</P>
<P>&#9;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:</P>
<P>[  ] Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
<P>[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
<P>[  ]  Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange act (17 CFR 240.14d-2(b))</P>
<P>[  ]  Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange act (17 CFR 240.13e-4(c))</P>
<P>&nbsp;</P>
<B><P>Item 2.02.&#9;Results of Operations and Financial Condition.</P>
</B>
<P>&#9;On May 15, 2007, Equus Total Return, Inc. (the &quot;Fund&quot;) issued a press release announcing its net assets and net asset value for the quarter ended March 31, 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&nbsp;2.02 and shall not be deemed &quot;filed&quot; for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934 (the &quot;Exchange Act&quot;), or subject to the liabilities of that Section.&nbsp;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. </P>
<B><P>Item 8.01.&#9;Other Events.</P>
</B>
<P>&#9;On May 10, 2007, the Fund issued a press release announcing a second 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.</P>
<B><P>Item 9.01.&#9;Financial Statements and Exhibits.</P>
</B>
<P>&#9;(d)&#9;<U>Exhibits</U>.</P>
<P>&#9;99.1&#9;Press Release, dated May 15, 2007.</P>
<P>&#9;99.2&#9;Press Release, dated May 10, 2007.</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<B><P ALIGN="CENTER">SIGNATURE</P>
</B>
<P>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.</P>
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<B><P>EQUUS TOTAL RETURN, INC.</B></TD>
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<TR><TD WIDTH="46%" VALIGN="MIDDLE" COLSPAN=3>&nbsp;</TD>
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<P>Dated: May 16, 2007</TD>
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<P>By:</TD>
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<P>/s/ L'Sheryl D. Hudson</P>
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<P>L'Sheryl D. Hudson</P>
<P>Vice President and Chief Financial Officer</TD>
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U
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): May 10, 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 May 15, 2007, Equus Total Return, Inc. (the "Fund") issued a press release announcing its net assets and net asset value for the quarter ended March 31, 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 May 10, 2007, the Fund issued a press release announcing a second 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 May 15, 2007.
99.2	Press Release, dated May 10, 2007.
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: May 16, 2007
By:
/s/ L'Sheryl D. Hudson
L'Sheryl D. Hudson
Vice President and Chief Financial Officer