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): February 19, 2008

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 September 16, 2008, Equus Total Return, Inc. (the "Fund") issued a press release announcing a repurchase of shares, resulting in an increase in net asset value. 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 September 16, 2008.

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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: September 17, 2008	By:	/s/ L'Sheryl D. Hudson
		L'Sheryl D. Hudson
		Vice President and Chief Financial Officer

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EX-99

Exhibit 99.1

Equus Total Return, Inc. Announces Repurchase of Shares Resulting in Increase in Net Asset Value per Share

HOUSTON, TX - September 16, 2008 - Equus Total Return, Inc. (NYSE: EQS) (the "Fund") has repurchased an aggregate of 423,960 shares of its common stock, representing 4.9% of its outstanding shares, from unaffiliated third parties in a private transaction. In compliance with federal law, the sale was effected at the shares' market price computed as the 5-day volume-weighted average closing price prior to the date of sale, which was September 11, 2008. The shares were repurchased at a discount to the Fund's net asset value and subsequently retired. This increased the net asset value per share (as adjusted for cash and share dividends to be paid in the third quarter) from approximately $11.78 to $12.02.

In the Fund's quarterly report for the period ended June 30, 2008, in its last annual report mailed to shareholders on or about April 30, 2008, and in other public documents, the Fund informed shareholders of its intention to possibly repurchase a portion of its stock. The disclosures stated that the Board of Directors has determined that it would be in the best interest of the stockholders for the Fund to be authorized to attempt to reduce or eliminate the market value discount from net asset value. Accordingly, from time to time the Fund may, but is not required to, repurchase its shares in an attempt to reduce or eliminate the discount or to increase the net asset value of the remaining shares.

Discussing the present share repurchase, Kenneth I. Denos, the Fund's CEO and President, commented that: "With the Fund's shares currently trading at a significant discount from their net asset value, we viewed the share repurchase as a prudent use of the Fund's resources."

The Fund's share repurchase was not made in a manner or on a basis which discriminates unfairly against any Fund shareholders.

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.

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