8-K

UNITED STATES

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):  March 18, 2011

EQUUS TOTAL RETURN, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware	814-00098	76-0345915
(State or Other Jurisdiction	(Commission File	(IRS Employer
Of Incorporation)	Number)	Identification No.)

Eight Greenway Plaza, Suite 930 Houston, Texas	77046
(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 communications 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 communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01     Other Events.

On March 18, 2011, Equus Total Return, Inc. (the “Fund”) issued two press releases.  The first press release concerned the engagement of Pristine Advisers, LLC as the Fund’s public relations and investor relations firm.  The second press release concerned the announcement by the Fund of its net asset value for the quarter ended December 31, 2010. The texts of both press releases are included as Exhibits 99.1 and 99.2 to this Current Report and are incorporated herein by reference.

Item 9.01     Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press release issued on March 18, 2011 by Equus Total Return, Inc. concerning the engagement of Pristine Advisers, LLC.

99.2 Press release issued on March 18, 2011 by Equus Total Return, Inc. concerning the announcement of its net asset value for the quarter ended December 31, 2010.

SIGNATURES

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.
Date:  March 18, 2011	By:	/s/ Kenneth I. Denos
		Kenneth I. Denos
		Secretary

EX-99.1

Exhibit 99.1

March 18, 2011

Equus Total Return, Inc.

Hires Pristine Advisers LLC

HOUSTON, TX--(MARKETWIRE)-- Equus Total Return, Inc. (NYSE: EQS) ("Equus" or the "Fund") today announced that it has hired Pristine Advisers, LLC, to provide strategic investor relations and financial communications services.

“Pristine Advisers brings a significant level of experience from twenty-two years of working with closed-end funds. Their ability to generate increased exposure for Equus Total Return, Inc. within the professional investment community will be an asset as we continue to grow and expand our business,” commented John Hardy, Executive Chairman of Equus.

Pristine Advisers will work closely with Equus’ executive management team to develop an ongoing comprehensive investor relations message to solidify investor support and to develop, maintain and broaden the Fund’s investor base through a unified and focused investor awareness strategy. In addition, Pristine Advisers will assist in the development of customized, high-quality, high-impact and fully integrated media communications programs designed to increase industry and investor awareness of the Company’s growth strategies.

About Equus:  The Fund 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 the Fund may be obtained from the Fund's website at www.equuscap.com.

About Pristine Advisers: Pristine Advisers LLC, is a one-stop investor relations, public relations, social media/ media relations firm with a special niche in closed-end funds. Pristine Advisers has extensive contacts in all areas of the financial industry including global media, institutional shareholders, analysts and brokers.  Pristine Advisers focuses on the development and implementation of investor relations campaigns specifically designed to achieve clients’ fundamental goals.  www.pristineadvisers.com

Contacts

Patricia Baronowski / 631-756-2486 / pbaronowski@pristineadvisers.com

EX-99.2

Exhibit 99.2

Contact:

Patricia Baronowski

Pristine Advisers, LLC

(631) 756-2486

EQUUS ANNOUNCES FOURTH QUARTER NET ASSET VALUE

AND PORTFOLIO UPDATES

HOUSTON, TX – March 18, 2011 – Equus Total Return, Inc. (NYSE: EQS) (the “Fund” or “Equus”)reports net assets as of December 31, 2010, of $38.1 million, an increase of $6.6 million since September 30, 2010.  Net assets per share increased to $4.29 as of December 31, 2010 from $3.55 as of September 30, 2010.  Comparative data is summarized below (in thousands, except per share amounts):

As of the Quarter Ended	12/31/2010	9/30/2010	6/30/2010	3/31/2010	12/31/2009
Net assets	$38,051	$31,474	$37,888	$50,151	$50,901
Shares outstanding	8,862	8,862	8,862	8,862	8,862
Net assets per share	$4.29	$3.55	$4.28	$5.66	$5.74

The overall increase in net asset value during the fourth quarter of 2010 resulted principally from the following events and other changes in the fair values of certain portfolio holdings as summarized below:

·   Sale of Assets by Riptide Entertainment, LLC (“Riptide”) and the Fund’s Holdings in 1848 Capital Partners, LLC (“1848”), Big Apple Entertainment Partners, LLC (“Big Apple”), and London Bridge Entertainment Partners Ltd (“London Bridge”).  On January 26, 2011, Riptide, a controlled subsidiary of the Fund, sold certain assets and the Fund sold its interests in 1848, Big Apple, and London Bridge, collectively in exchange for $10.0 million in cash to Capital Markets Acquisition Partners, LLC (“CMAP”). The Fund was introduced to CMAP, as the buyer of these holdings, in mid-January, 2011.  The dispositions resulted in an increase in the collective values for Riptide, 1848, Big Apple, and London Bridge from $3.4 million to $9.2 million.

·   ConGlobal Industries Holding, Inc. (“ConGlobal”).  The Fund increased the fair value of its holding in ConGlobal from $6.0 million to $8.4 million due to an increase in operating results and the indicative value resulting from a partial share buyback that occurred during the quarter.

·   Sovereign Business Forms, Inc. (“Sovereign”).  The Fund wrote down the fair value of its holding in Sovereign from $7.7 million to $6.6 million due to decreased operating results and the repayment to the Fund of $0.4 million during the quarter.

·   Spectrum Management, LLC (“Spectrum”).  The Fund wrote down the fair value of its investment in Spectrum from $2.3 million to $1.4 million due to decreased operating results.

In addition to the disposal of certain assets of Riptide and the sale of the Fund’s holdings in 1848, Big Apple, and London Bridge, the other significant event subsequent to the end of 2010 included the receipt by the Fund of $0.8 million from the sale and redemption of its remaining membership interest in RP&C International Investments, LLC.

About Equus

The Fund 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 the Fund may be obtained from the Fund’s 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 SEC. 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.