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): May 15, 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 2.02. Results of Operations and Financial Condition.

On May 15, 2008, Equus Total Return, Inc. (the "Fund") issued a press release announcing its net assets and net asset value for the quarter ended March 31, 2008. 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 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press Release, dated May 15, 2008.

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

EX-99.1

FOR IMMEDIATE RELEASE CONTACT: BRETT CHILES

(713) 529-0900

EQUUS TOTAL RETURN, INC. ANNOUNCES

FIRST QUARTER NET ASSET VALUE

HOUSTON, TX - May 15, 2008 - Equus Total Return, Inc. (NYSE: EQS) (the "Fund") reports net assets as of March 31, 2008, of $103.7 million, or $12.20 per share. Comparative data is summarized below (in thousands, except per share amounts):

For the Quarter Ended	March 31, 2008	December 31, 2007	September 30, 2007	June 30, 2007
Net assets	$103,661	$103,243	$87,862	$92,163
Shares outstanding	8,496	8,401	8,333	8,266
Net assets per share	$12.20	$12.29	$10.54	$11.15
Dividend per share	$0.158	$0.125	$0.125	$0.125

Significant events for the quarter were as follows:

• Entertainment. On January 3, 2008, the Fund made a $3.0 million mezzanine loan to 1848 Capital Partners LLC.
• Alternative Energy. On February 14, 2008, the Fund made a $5.0 million follow-on equity investment in Infinia Corporation. Based in Kennewick, WA, Infinia Corporation is a solar technology company currently seeking to commercialize its Infinia Solar System, a solar power generation product that converts concentrated solar energy into electricity.
• Revised Managed Distribution Policy. On February 19, 2008, the Fund revised its managed distribution policy to pay 10% of the Fund's market value based on the 2007 year-end closing price of $6.31. On March 31, 2008, in accordance with the revised managed distribution policy, the Fund paid a $0.158 per share dividend in the form of cash and stock.
• Sports and Leisure. On February 29, 2008, the Fund made a $1.0 million follow-on equity 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.

As of March 31, 2008, the Fund had approximately $22.8 million in cash. Approximately $14.7 million has been allocated for follow-on investments with $7.8 million, $3.5 million, and $3.4 million committed to RP&C International Investments LLC, Riptide Entertainment, LLC and HealthSPAC, LLC, respectively.

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.