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<B><FONT face="serif">U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549</FONT></B></P>
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<B><FONT size=4 face="serif">FORM 8-K</FONT></B><BR>
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<B><FONT size=4 face="serif">CURRENT REPORT</FONT></B><BR>
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<FONT face="serif">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></P>
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<FONT face="serif">Date of Report (Date of earliest event reported): August 22, 2007</FONT></P>
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<B><FONT size=4 face="serif">Equus Total Return, Inc.</FONT></B><BR>
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<FONT face="serif">(Exact name of registrant as specified in its charter)</FONT></P>
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<B><FONT face="serif">Delaware</FONT></B><BR>
<FONT face="serif">(State or other jurisdiction of incorporation)</FONT><BR>
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<B><FONT face="serif">0-19509</FONT></B>&nbsp;
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<B><FONT face="serif">76-0345915</FONT></B>&nbsp;
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<FONT face="serif">(Commission File Number)</FONT>&nbsp;
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<FONT face="serif">(I.R.S. Employer Identification No.)</FONT>&nbsp;
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<B><FONT face="serif">2727 Allen Parkway, 13</FONT></B><B><SUP><FONT face="serif">th</FONT></SUP></B><B><FONT face="serif"> Floor, Houston, Texas 77019</FONT></B></P>
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<FONT face="serif">(Address of principal executive offices, zip code)</FONT></P>
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<FONT face="serif">Registrant&#146;s telephone number, including area code: </FONT><B><FONT face="serif">(713) 529-0900</FONT></B></P>
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<B><FONT face="serif">N/A</FONT></B></P>
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<FONT face="serif">(Former name or former address, if changed since last report)</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">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:</FONT></P>
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<FONT face="serif">[ ] Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>
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<FONT face="serif">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>
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<FONT face="serif">[ ] Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange act (17 CFR 240.14d-2(b))</FONT></P>
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<FONT face="serif">[ ] Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange act (17 CFR 240.13e-4(c))</FONT></P>

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<B><FONT face="serif">Item 8.01.</FONT></B><BR>
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<B><FONT face="serif">Other Events.</FONT></B><BR>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">On August 22, 2007, Equus Total Return, Inc. issued a press release announcing a &#36;2 million investment in Nickent Golf, Inc., a California corporation. The text of the press release is included as
Exhibit 99.1 to this Current Report and is incorporated herein by reference. </FONT></P>
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<B><FONT face="serif">Item 9.01. Financial Statements and Exhibits.</FONT></B></P>
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<FONT face="serif">(d)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
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<U><FONT face="serif">Exhibits</FONT></U><FONT face="serif">.</FONT>	</TD>
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<FONT face="serif">99.1 Press Release, dated August 22, 2007.</FONT>	</TD>
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<FONT face="serif">1</FONT></P>

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<B><FONT face="serif">SIGNATURE</FONT></B><BR>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">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.</FONT></P>
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<B><FONT face="serif">EQUUS TOTAL RETURN, INC.</FONT></B><BR>
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<FONT face="serif">Dated: August 23, 2007</FONT><BR>
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<FONT face="serif">By: /s/ L&#146;Sheryl D. Hudson</FONT><BR>
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<FONT face="serif">L&#146;Sheryl D. Hudson</FONT><BR>
<FONT face="serif">Vice President and Chief Financial Officer</FONT><BR>
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<FONT face="serif">2</FONT></P>

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DC2421.pdf -- Converted by SEC Publisher 4.2, created by BCL Technologies Inc., for SEC Filing
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): August 22, 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 8.01.
Other Events.
On August 22, 2007, Equus Total Return, Inc. issued a press release announcing a $2 million investment in Nickent Golf, Inc., a California corporation. The text of the press release is included as
Exhibit 99.1 to this Current Report and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d)
Exhibits
.
99.1 Press Release, dated August 22, 2007.
1
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: August 23, 2007
By: /s/ L'Sheryl D. Hudson
L'Sheryl D. Hudson
Vice President and Chief Financial Officer
2