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Securities Exchange Act of 1934

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EQUUS TOTAL RETURN, INC.

(Name of Registrant as Specified in Its Charter)

Kenneth I. Denos, 2727 Allen Parkway, 13^th Floor, Houston, TX 77019

(Name of Person(s) Filing Proxy Statement)

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ADJOURNMENT NOTICE

Equus Total Return, Inc.

March 6, 2007

Dear Stockholder:

The Special Meeting of Stockholders of Equus Total Return, Inc. (the “Fund”) has been adjourned until Thursday, March 22, 2007 at 9:00 a.m., Central Daylight time, at Wortham Tower, Meeting Room 3, 2727 Allen Parkway, Houston, TX 77019. The adjournment will provide stockholders with additional time to register their vote with respect to Proposal 1. In Proposal 1, the Fund is requesting that stockholders authorize the offer and sale, or the issuance of rights to acquire, shares of the Fund’s common stock at a price below the current net asset value of such stock.

Sincerely,

Anthony R. Moore

Chief Executive Officer and Co-Chairman