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): November 14, 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))

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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective November 15, 2011, S. Jay Brown resigned as the Chief Investment Officer (“CIO”) of Equus Total Return, Inc. (the “Fund”). Mr. Brown was appointed as CIO of the Fund on February 16, 2010.

Item 8.01 Other Events.

On November 14, 2011, the Fund issued a press release announcing its net asset value for the quarter ended September 30, 2011. 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 issued on November 14, 2011 by Equus Total Return, Inc.

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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:  November 16, 2011	By:	/s/ Kenneth I. Denos
	Name:   Kenneth I. Denos Title:     Secretary

EX-99.1

 Exhibit 99.1

Contact:

Patricia Baronowski
Pristine Advisers, LLC
(631) 756-2486

EQUUS ANNOUNCES THIRD QUARTER NET ASSET VALUE

HOUSTON, TX – November 14, 2011 – Equus Total Return, Inc. (NYSE: EQS) (the “Fund” or “Equus”) reports net assets as of September 30, 2011, of $38.97 million, a decrease of $2.46 million since June 30, 2011. Net assets per share decreased to $3.69 as of September 30, 2011 from $3.92 as of June 30, 2011. Comparative data is summarized below (in thousands, except per share amounts):

As of the Quarter Ended	9/30/2011	6/30/2011	3/31/2011	12/31/2010	9/30/2010
Net assets	$38,970	$41,432	$36,333	$38,051	$31,474
Shares outstanding	10,562	10,562	8,862	8,862	8,862
Net assets per share	$3.69	$3.92	$4.10	$4.29	$3.55

The overall decline in net asset value during the third quarter of 2011 resulted principally from the decrease in the fair values of the following portfolio holdings:

·Spectrum Management, LLC (“Spectrum”). The Fund made its initial investment in Spectrum in 1999. The fair value of this investment declined from $1.77 million to $0.98 million due to a decrease in the operating results of the company.

·Sovereign Business Forms, Inc. (“Sovereign”). The Fund made its initial investment in Sovereign in 1996. The fair value of this investment declined from $7.10 million to $6.65 million due to adverse market conditions in Sovereign’s industry sector during the quarter.

·Orco Germany, S.A. (“Orco Germany”). The Fund acquired 8,890 Orco Germany bonds in the second quarter of 2011. The fair value of these bonds declined from $5.75 million to $5.36 million as a result of changes in the U.S. Dollar-Euro exchange rate as at September 30, 2011.

The net asset value of the Fund was further reduced during the third quarter due to a net investment loss of $0.89 million. Contributing to the net investment loss were expenses relating to the Fund’s continuing efforts to dispose of underperforming investments, as well as non-recurring litigation expenses.

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.