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 14, 2006

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 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

On November 20, 2006, Equus Total Return, Inc. (the “Fund”) issued a press release announcing that L’Sheryl D. Hudson, age 42, was appointed Chief Financial Officer of the Fund effective November 14, 2006, and that James M. Walsh resigned as a Director of the Fund effective November 14, 2006. A copy of the press release is attached hereto as Exhibit 99.1 and the contents thereof are incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d)	Exhibits.
99.1	Press Release, dated November 20, 2006.

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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 20, 2006	By:	/s/ James Philip Walters
		James Philip Walters Vice President

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EX-99.1

Exhibit 99.1

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

EQUUS TOTAL RETURN, INC. ANNOUNCES APPOINTMENT OF L’SHERYL D. HUDSON AS CHIEF FINANCIAL OFFICER AND RESIGNATION OF JAMES M. WALSH AS DIRECTOR

HOUSTON, TX – November 20 , 2006 – Equus Total Return, Inc. (NYSE: EQS) (“Equus” or the “Fund”) today announced that on November 14, 2006, the Fund’s Board of Directors appointed L’Sheryl D. Hudson as the Fund’s Chief Financial Officer. Prior to joining the Fund, Ms. Hudson served as Associate Director of WestLB Asset Management (US), LLC (“WestAM”) from 2002 to 2006. While at WestAM, she managed the financial operations including, portfolio accounting, trade settlement and performance measurement for privately held and publicly-traded domestic and international fixed income funds and separate accounts. Prior to her tenure at WestAM, Ms. Hudson served as Director of Portfolio Management and Valuation at Enron Corporation from 1998 to 2001.

“We are pleased that Ms. Hudson has joined Equus. She further enhances our professional team that serves the Fund,” commented Anthony Moore, Co-Chairman, CEO and President of the Fund.

The Fund’s Board of Directors has asked James M. Walsh to provide financial advisory services to the Fund. Pursuant to the Board’s request, Mr. Walsh resigned his position as a director of the Fund, effective November 14, 2006. Following Mr. Walsh’s resignation, the Fund entered into a formal consulting agreement with Walsh Advisors, LLC.

“With Mr. Walsh’s more than 25 years experience in the investment banking business, we look forward to working with him in this new capacity,” stated Mr. Moore.

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 its website at www.equuscap.com.