<SEC-DOCUMENT>0001322410-20-000035.txt : 20210122
<SEC-HEADER>0001322410-20-000035.hdr.sgml : 20210122
<ACCEPTANCE-DATETIME>20201130170638
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001322410-20-000035
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20201130

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQUUS TOTAL RETURN, INC.
		CENTRAL INDEX KEY:			0000878932
		IRS NUMBER:				760345915
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		700 LOUISIANA STREET
		STREET 2:		48TH FLOOR
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
		BUSINESS PHONE:		7135290900

	MAIL ADDRESS:	
		STREET 1:		700 LOUISIANA STREET
		STREET 2:		48TH FLOOR
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUUS II INC
		DATE OF NAME CHANGE:	19970422
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<P STYLE="text-align: right; margin: 0; text-indent: 380pt">&nbsp; EQUUS TOTAL RETURN, INC.</P>



<P STYLE="text-align: right; margin: 0; text-indent: 380pt">&nbsp;<IMG SRC="image_004.jpg" ALT="" STYLE="width: 132px; height: 37px"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">November 30, 2020</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>VIA EDGAR</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Mr. Jeff Long</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">Division of Investment Management</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">100 F Street, N.E.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Telephone:&#9;(202) 551-6983</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">email: <I>longjw@sec.gov</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>Equus Total Return, Inc. (&ldquo;Equus&rdquo; or the &ldquo;Fund&rdquo;) Annual Report on Form 10-K for the Year Ended December
31, 2019 (File No. 814-0098)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Dear Mr. Long:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As you know, Equus is a closed-end fund that
has elected to be classified as a business development company (&ldquo;BDC&rdquo;) pursuant to the Investment Company Act of 1940
(the &ldquo;1940 Act&rdquo;). On behalf of Equus, this letter serves as the Fund&rsquo;s response to comments received from the
Division of Investment Management (the &ldquo;Division&rdquo;) on behalf of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
via telephone on September 23, 2020 concerning the Fund&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2019,
as filed with the Commission on March 30, 2020 (sometimes referred to hereinafter as the &ldquo;2019 10-K&rdquo;) and the Fund&rsquo;s
subsequent disclosure obligations pursuant to the 1940 Act and the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;).
We thank you for your input and this letter is intended to respond accordingly. Each paragraph number of this letter corresponds
to your comments as set forth below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in"><B>COMMENT 1:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>On the Equus Schedule of Investments, please perform,
or confirm that Equus has performed, the analysis required pursuant to Rules 3-09 and 4-08(g) of Regulation S-X regarding its investments
including, in particular, with respect to the Fund&rsquo;s investment in PalletOne, Inc. </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">RESPONSE: Rule 3-09 of Regulation S-X, as promulgated
by the Commission, requires that the audited financial statements of a &ldquo;significant&rdquo; unconsolidated subsidiary of an
Exchange Act reporting company be separately included in the reporting company&rsquo;s annual report on Form 10-K if certain ratios
of the subsidiary and reporting company exceed various tests established therein. For the reasons given below, we do not believe
PalletOne should be considered a &ldquo;significant subsidiary&rdquo; as defined in the Rule and should not have its financial
statements included with those of the Fund in its annual filings with the Commission.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>700 LOUISIANA STREET</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>48<SUP>TH</SUP> FLOOR</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>HOUSTON, TX 77002</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>TEL: (713) 529-0900</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>FAX: (713) 529-9545</B></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Mr. Jeff Long</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">Division of Investment Management</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">November 30, 2020</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Page 2 of 13</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A subsidiary is deemed a &ldquo;significant
subsidiary&rdquo; under Rule 3-09 if any one of the following three tests are satisfied:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD><U>Investment Test</U>. The registrant&rsquo;s and its other subsidiaries&rsquo; investments in and advances to the subsidiary
exceed 20 percent of the total assets of the registrant and its subsidiaries consolidated as of the end of the most recently completed
fiscal year . . . .; or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD><U>Asset Test</U>. The registrant&rsquo;s and its other subsidiaries&rsquo; proportionate share of the total assets (after
intercompany eliminations) of the subsidiary exceeds 20 percent of the total assets of the registrant and its subsidiaries consolidated
as of the end of the most recently completed fiscal year; or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD><U>Income Test</U>. The registrant&rsquo;s and its other subsidiaries&rsquo; equity in the income from continuing operations
before income taxes, extraordinary items and cumulative effect of a change in accounting principle of the subsidiary exceeds 20
percent of such income of the registrant and its subsidiaries consolidated for the most recently completed fiscal year. For investment
company registrants, the registrant must compare realized and unrealized gains in net assets, as well as investment income, in
determining income for purposes of this test. If the investment company has an unrealized investment loss for the period, the resulting
number should be included in the calculation using its absolute value (the negative sign should be disregarded).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">According to the plain language of Rule 3-09
above, applying the asset and income tests to the Fund&rsquo;s holding in PalletOne would result in PalletOne being considered
as a &ldquo;significant subsidiary&rdquo; of Equus. However, inasmuch as a number of other BDCs do not include financial statements
of non-control positions in high growth portfolio companies, we believe additional analysis is warranted to determine if such inclusion
is within the spirit of the Rule and the disclosure requirements of the Exchange Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Analysis</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Equus presently holds a non-controlling interest
of 17.1% of PalletOne&rsquo;s common stock outstanding on a fully-diluted basis (since reduced from 18.7% as of December 31, 2019).
Pursuant to a Shareholders Agreement entered into by the Fund and the various stockholders of PalletOne at the time of its initial
investment (since restated with non-material changes), Equus is entitled to appoint two directors to PalletOne&rsquo;s seven member
board of directors, although the Fund presently has only one representative on the PalletOne board.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Even though Equus is PalletOne&rsquo;s largest
shareholder, it can neither unilaterally determine the outcome of any shareholder measure or block any such measure proposed by
other shareholders. Further, although Equus has the right to appoint two of PalletOne&rsquo;s seven directors, it does not control
the PalletOne board and cannot, by contract or otherwise, unilaterally compel PalletOne or its board to adopt any particular course
of action.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>700 LOUISIANA STREET</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>48<SUP>TH</SUP> FLOOR</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>HOUSTON, TX 77002</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>TEL: (713) 529-0900</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>FAX: (713) 529-9545</B></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Mr. Jeff Long</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">Division of Investment Management</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">November 30, 2020</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Page 3 of 13</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As a general rule, the financial statements
of non-control positions in operating businesses are generally not consolidated with those of the non-controlling shareholder,
particularly when the shareholder is an investment company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Accounting Standards Codification (ASC) 45-1
states that, with exceptions not relevant here:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">use of the equity method of accounting by an investment
company is not appropriate. Rather, those noncontrolling ownership interests held by an investment company shall be measured in
accordance with guidance in Subtopic 946-320, which requires investments in debt and equity securities to be subsequently measured
at fair value.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Where ownership is less than 20%, as is the
case with PalletOne, the presumption is that &ldquo;significant influence&rdquo; does not exist but can be rebutted by a preponderance
of evidence suggesting otherwise. The ASC then provides a list of useful criteria to examine in determining the validity of the
presumption. According to ASC 323-10-15-6:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Ability to exercise significant influence over operating
and financial policies of an investee may be indicated in several ways, including the following:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-indent: 0.5in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representation
on the board of directors</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-indent: 0.5in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participation
in policy-making processes</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-indent: 0.5in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Material
intra-entity transactions</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-indent: 0.5in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interchange
of managerial personnel</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-indent: 0.5in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technological
dependency</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 22.5pt">f.</TD><TD>Extent of ownership by an investor in relation to the concentration of other shareholdings (but substantial or majority ownership
of the voting stock of an investee by another investor does not necessarily preclude the ability to exercise significant influence
by the investor).</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 58.5pt; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Applying the ASC criteria above makes clear
that significant influence does not exist in connection with the Fund&rsquo;s shareholding in PalletOne. Although Equus has a representative
on the PalletOne board of directors, it does not participate in PalletOne&rsquo;s policy-making process, does not have any material
intra-entity transactions with PalletOne, has no commonality of managerial personnel, does not share any technology with PalletOne,
and does not exert significant influence in concert with another PalletOne shareholder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our response to the Division&rsquo;s comments
regarding the diversification requirements of the Internal Revenue Service for regulated investment companies (RICs) in Comment
7 below is also instructive concerning this matter. Among other requirements, these statutes prohibit a RIC from</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>700 LOUISIANA STREET</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>48<SUP>TH</SUP> FLOOR</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>HOUSTON, TX 77002</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>TEL: (713) 529-0900</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>FAX: (713) 529-9545</B></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Mr. Jeff Long</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">Division of Investment Management</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">November 30, 2020</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Page 4  of 13</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">investing more
than 25% of its total assets in the securities of a single issuer.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>[1]</SUP></FONT>
However, the statutes and applicable commentary have confirmed that changes in the value of the security following initial investment,
absent a follow-on investment or other subsequent investment transaction involving the security, will not result in a violation
of RIC requirements.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>[2]</SUP></FONT> In other words, the 25% portfolio
limitation applicable to RICs has been designed to avoid punishment for investments in growth companies such as PalletOne and,
absent a follow-on investment, does not require subsequent revaluation to determine ongoing compliance.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#9;This concept has relevance to the Fund&rsquo;s shareholding
in PalletOne. In October 2001, Equus invested $350,000 to acquire 350,000 shares of PalletOne common stock. Equus has not made
a follow-on investment in PalletOne since that time. The appreciation in the fair value of this holding, from $0 at December 31,
2009 to $26.5 million at December 31, 2019, should not, absent an interim investment or similar transaction involving the securities
of PalletOne, penalize Equus for holding onto its investment and working to increase its value.&#9; Moreover, a policy requiring
public disclosure of the financial statements of non-controlled portfolio investments such as PalletOne would likely place BDCs
at a disadvantage relative to other private and public funds. Such a policy would, in our view, discourage non-control investments
in high growth private companies due to the resistance of private company owners to public disclosure of their financial results.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding the foregoing analysis and discussion,
to the extent the Division disagrees with our conclusions concerning this matter, we respectfully request that the Office of the
Chief Accountant consider waiving this requirement for the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>[1]</SUP></FONT>
<FONT STYLE="font-size: 9pt">26 USC &sect;851(b)(3)(B)(i). The fair value of the Fund&rsquo;s holding in PalletOne represented
35.3% and 37.1% of the Fund&rsquo;s total assets at December 31, 2019 and September 30, 2020, respectively.</FONT></P>

<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">[1]</FONT> <FONT STYLE="font-size: 9pt"><I>See</I>
26 USC &sect;851(d)(1). <I>See also </I><U>Taxation of Regulated Investment Companies</U>, Tax Management, Inc. (1999) (&ldquo;An
investment company will not lose its status as a RIC even though it fails to satisfy the diversification requirements of &sect;851(b)(3)
if the discrepancy results from fluctuations in the market value of the securities in the investment company&rsquo;s portfolio
.. . .&rdquo;).</FONT></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>700 LOUISIANA STREET</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>48<SUP>TH</SUP> FLOOR</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>HOUSTON, TX 77002</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>TEL: (713) 529-0900</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>FAX: (713) 529-9545</B></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Mr. Jeff Long</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">Division of Investment Management</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">November 30, 2020</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Page 5   of 13</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>COMMENT 2:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Regarding the Equus Schedule of Investments, please
explain how a &ldquo;Non Affiliate&rdquo; investment can also be made in a &ldquo;Related Party&rdquo; as in the case of the Fund&rsquo;s
investment in 5<FONT STYLE="font-variant: small-caps"><SUP>th</SUP></FONT> Element Tracking, LLC.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">RESPONSE: The Fund&rsquo;s investment in 5<FONT STYLE="font-variant: small-caps"><SUP>th</SUP></FONT>
Element Tracking, LLC is characterized as a &lsquo;Non-Affiliate Investment&rsquo; in the Fund&rsquo;s Schedule of Investments.
It is not categorized under &lsquo;Related Party&rsquo; investments. I believe the confusion results from the formatting of the
table. In our upcoming Annual Report on Form 10-K for the year ended December 31, 2020, we will include spaces between the rows
of categories of investments for clarity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>COMMENT 3:&#9;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Pursuant to Article 12 of Regulation S-X, in the Equus
Schedule of Investments, please designate any security held by the Fund that is non-income producing.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">RESPONSE: In the footnotes to the Equus Schedule
of Investments, we have historically designated the securities held by the Fund that are income producing. In our upcoming Annual
Report for the year ended December 31, 2020, we will also note those securities held by the Fund that are non-income producing.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in"><B>COMMENT 4:&#9;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Pursuant to Rule 12-14 of Regulation S-X, please designate
that Schedule 12-14, the Equus Schedule of Investments and Advances to Affiliates included at the end of the Notes to the Financial
Statements, has been audited.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">RESPONSE: In the Report of Independent Registered
Public Accounting Firm included in the 2019 10-K, the Fund&rsquo;s independent accountant states the following:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">We have audited the accompanying balance sheets of Equus
Total Return, Inc. (the &ldquo;Fund&rdquo;), including the schedule of investments, as of December 31, 2019 and 2018, the related
statements of operations, changes in net assets and cash flows for each of the three years in the period ended December 31, 2019
and the selected per share data and ratios for each of the five years in the period ended December 31, 2019, and the related notes
and financial statement schedule listed in the Table of Contents in Item 15(a)(1).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">I note to you that one of the financial statement
schedules listed in the table of contents of the 2019 10-K is Schedule 12-14. Moreover, as our independent accountants denote that
the audit encompasses all of the financial statements and schedules, we do not include the term &ldquo;audited&rdquo; as a header
on the Fund&rsquo;s Statement of Operations, Balance Sheet, or schedules, such as Schedule 12-14.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>700 LOUISIANA STREET</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>48<SUP>TH</SUP> FLOOR</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>HOUSTON, TX 77002</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>TEL: (713) 529-0900</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>FAX: (713) 529-9545</B></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>


<!-- Field: Page; Sequence: 5 -->
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Mr. Jeff Long</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">Division of Investment Management</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">November 30, 2020</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Page 6   of 13</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>COMMENT 5:&#9;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Pursuant to Rule 12-14 of Regulation S-X, please include
a column in Schedule 12-14, the Equus Schedule of Investments and Advances to Affiliates, that includes increases/decreases of
unrealized depreciation for the period covered by the Schedule.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">RESPONSE: Below is the revised Schedule 12-14
that includes the requested column. We will include this column in Schedule 12-14 in our upcoming Annual Report on 10-K for the
year ended December 31, 2020.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: middle">
    <TD COLSPAN="15" STYLE="font-size: 10pt; font-weight: bold; text-align: center">SCHEDULE 12-14</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD COLSPAN="15" STYLE="font-size: 10pt; font-weight: bold; text-align: center">EQUUS TOTAL RETURN, INC.&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle; background-color: yellow">
    <TD COLSPAN="15" STYLE="font-size: 10pt; font-weight: bold; text-align: center">SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="15" STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic">(in thousands)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 23%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 15%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%"><P STYLE="margin-top: 0; margin-bottom: 0">Year Ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">December 31, 2019</P></TD>
    <TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 7%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 8%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid">Portfolio Company</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid">Investment <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-style: normal; font-weight: 700"><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt"><P STYLE="margin-top: 0; margin-bottom: 0">Amount of Interest</P>
                                                                                                                                          <P STYLE="margin-top: 0; margin-bottom: 0">or Dividend</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Credited to Income<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-style: normal; font-weight: 700"><SUP>(d)</SUP></FONT></P></TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">As of</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">December 31, 2018 Fair Value</P></TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: yellow">Unrealized Gains/(Losses)</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Gross Additions<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-style: normal; font-weight: 700"><SUP>(b)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Gross Reductions<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-style: normal; font-weight: 700"><SUP>(c)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">As of</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">December 31, 2019 Fair Value</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: center">Control investments:&nbsp;&nbsp;Majority-owned</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Equus Energy, LLC</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Member interest (100%)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,000</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,000)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">Equus Media Development Company, LLC</TD>
    <TD STYLE="vertical-align: top">Member interest (100%)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total Control investments:&nbsp;&nbsp;Majority-owned</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,210</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,211)</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,000</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total Control investments</TD>
    <TD STYLE="vertical-align: bottom; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1</TD>
    <TD STYLE="vertical-align: bottom; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,210</TD>
    <TD STYLE="vertical-align: top; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,211)</TD>
    <TD STYLE="vertical-align: bottom; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,000</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: center">Affiliate Investments</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">PalletOne, Inc.</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">350,000&nbsp;shares&nbsp;of&nbsp;common stock</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,500</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,000</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,500</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total Affiliate investments</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,500</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,000</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,500</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">Total Investments In and Advances to Affiliates</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,710</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,789</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34,500</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 8pt">This schedule should be read in conjunction with our Financial Statements, including our Schedule of Portfolio Securities and Notes 3 and 4 to the Financial Statements.</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt"><SUP>(a)</SUP></TD>
    <TD COLSPAN="14" STYLE="font-size: 8pt; text-align: left">Common stock, warrants, options and equity interests are generally non-income producing and restricted. In some cases, preferred stock may also be non-income producing. The principal amount for debt and the number of shares of common stock and preferred stock is shown in the Schedule of Portfolio Securities as of December&nbsp;31, 2009.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt"><SUP>(b)</SUP></TD>
    <TD COLSPAN="14" STYLE="font-size: 8pt; text-align: left">Gross additions include increases in investments resulting from new portfolio company investments, paid-in-kind interest or dividends, the amortization of discounts and fees, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in unrealized depreciation.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt"><SUP>(c)</SUP></TD>
    <TD COLSPAN="14" STYLE="font-size: 8pt; text-align: left">Gross reductions include decreases in investments resulting from principal collections related to investment repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in unrealized depreciation or net decreases in unrealized appreciation.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt"><SUP>(d)</SUP></TD>
    <TD COLSPAN="14" STYLE="font-size: 8pt; text-align: left">Debt is on non-accrual status as of December&nbsp;31, 2011, and is therefore considered non-income producing.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt"><SUP>(e)</SUP></TD>
    <TD COLSPAN="14" STYLE="font-size: 8pt; text-align: left">Represents the total amount of interest or dividends credited to income for the portion of the year an investment was a control investment (more than 25% owned) or an affiliate investment (5% to 25% owned), respectively. All dividend income is non-cash unless otherwise noted.</TD></TR>
<TR>
    <TD STYLE="font-size: 8pt; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">**</TD>
    <TD COLSPAN="14" STYLE="font-size: 8pt; text-align: left">Information related to the amount of equity in the net profit and loss for the period for the investments listed has not been included in this schedule. This information is not considered to be meaningful due to the complex capital structures of the portfolio companies, with different classes of equity securities outstanding with different preferences in liquidation. These investments are neither consolidated nor accounted for under the equity method of accounting.</TD></TR>
</TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>700 LOUISIANA STREET</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>48<SUP>TH</SUP> FLOOR</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>HOUSTON, TX 77002</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>TEL: (713) 529-0900</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>FAX: (713) 529-9545</B></P>


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<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Mr. Jeff Long</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">Division of Investment Management</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">November 30, 2020</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Page    7 of 13</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>COMMENT 6:&#9;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Regarding the Fund&rsquo;s investment in a promissory
note issued by 5<FONT STYLE="font-variant: small-caps"><SUP>th</SUP></FONT> Element Tracking, LLC, as the maturity date of the
note has since passed, in future filings where this investment is summarized, please provide summary detail regarding whether the
note is in default and, if collection efforts or litigation has ensued, the status of the same.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">RESPONSE: In our upcoming Annual Report on 10-K
for the year ended December 31, 2020, we will include summary detail regarding whether the promissory note issued to the Fund by
5<FONT STYLE="font-variant: small-caps"><SUP>th</SUP></FONT> Element Tracking, LLC is in default and the status of litigation regarding
the same.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>COMMENT 7:&#9;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Please confirm that Equus is in compliance with applicable
IRS diversification rules.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">RESPONSE: Equus qualifies as a pass-through
entity for federal taxation purposes (a regulated investment company &ndash; &ldquo;RIC&rdquo;) pursuant to Regulation M of the
Internal Revenue Code. In relevant part, a RIC must be a domestic issuer registered under the Investment Company Act of 1940 that
meets both of the following requirements:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(i)</FONT></TD><TD><FONT STYLE="font-size: 11pt">no more than 25% of the issuer&rsquo;s gross assets are invested in any one portfolio company
or any two portfolio companies controlled by the issuer that are in the same or similar business; and </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(ii)</FONT></TD><TD><FONT STYLE="font-size: 11pt">at least fifty percent (50%) of the value of the company&rsquo;s total assets must be represented
by &ldquo;qualifying assets&rdquo; &ndash; cash and cash equivalents, receivables, and portfolio investments where:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 11pt">less than 5% of the company&rsquo;s assets are represented by any individual investment (calculated
at the time of investment); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 11pt">the company holds not more than 10% of the voting securities of the portfolio company.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The applicable commentary to the 25% diversification requirement
of the RIC test confirms that the requirement is based on the value of the holding at the time of the initial or follow-on investment,
rather than a continuous process based on the changes in fair value of the investment after the date of investment.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>[3]</SUP></FONT>
We can therefore confirm that Equus meets these RIC diversification requirements as of December 31, 2019 and has continued to meet
such requirements for each of the periods represented in subsequent filings on Form 10-Q in 2020.</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>700 LOUISIANA STREET</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>48<SUP>TH</SUP> FLOOR</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>HOUSTON, TX 77002</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>TEL: (713) 529-0900</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>FAX: (713) 529-9545</B></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Mr. Jeff Long</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">Division of Investment Management</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">November 30, 2020</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Page 8     of 13</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>COMMENT 8:&#9;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>To the extent that the Fund receives interest that
consists of cash and PIK, please disclose the amount of each component within the Fund&rsquo;s Schedule of Investments in future
reports filed with the Commission.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">RESPONSE: The tables on pages 32-33 and the
narrative on page 34 of the 2019 10-K discloses payments of cash and PIK received during the reporting period. Please let us know
if you believe additional disclosure is necessary for our upcoming Annual Report on Form 10-K for the year ended December 31, 2020.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>COMMENT 9:&#9;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Pursuant to Article 12-12 of Regulation S-X, in the
Equus Schedule of Investments, please identify each portfolio holding of the Fund that is considered a Level III investment.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">RESPONSE: Please see the Equus Schedule of Investments
as of December 31, 2019 on the following page with the added footnote. We will also include the footnote in the Schedule of Investments
contained in our upcoming Annual Report on Form 10-K for the year ended December 31, 2020.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-size: 11pt"><BR STYLE="clear: both">
</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>700 LOUISIANA STREET</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>48<SUP>TH</SUP> FLOOR</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>HOUSTON, TX 77002</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>TEL: (713) 529-0900</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>FAX: (713) 529-9545</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

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<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>




<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Mr. Jeff Long</P>


<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">Division of Investment Management</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">November 30, 2020</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Page 9     of 13</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 7.5pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">EQUUS TOTAL RETURN, INC.&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">SCHEDULE OF INVESTMENTS</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 1pt; width: 32%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 12%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 10%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 19%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 11%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 7%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 9%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Name and location of</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold">Date&nbsp;of&nbsp;Initial</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;Cost of&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;Fair&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid">Portfolio&nbsp;Company</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid">Industry</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid">Investment</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid">Investment</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid">Principal</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid">Investment</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Value<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-weight: 700"><U><SUP>(1)</SUP></U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid">Control Investments:&nbsp;&nbsp;Majority-owned <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(3)</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-weight: 700">:</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Equus Energy, LLC <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-weight: 400"><SUP>(6)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houston, TX</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;Energy&nbsp;</TD>
    <TD>&nbsp;December 2011&nbsp;</TD>
    <TD>&nbsp;Member interest (100%)&nbsp;</TD>
    <TD STYLE="font-size: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,050</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">Total Control Investments: Majority-owned (represents 11.5% of total investments at fair value)</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;7,050</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Affiliate Investments <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-weight: 700"><SUP>(4)</SUP>:</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top-color: Black; border-top-width: 0.5pt">PalletOne, Inc.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-weight: 400"><SUP>(6)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bartow, FL</FONT></TD>
    <TD STYLE="border-top-color: Black; border-top-width: 0.5pt">&nbsp;Shipping products and services&nbsp;</TD>
    <TD STYLE="border-top-color: Black; border-top-width: 0.5pt">&nbsp;October 2001&nbsp;</TD>
    <TD STYLE="border-top-color: Black; border-top-width: 0.5pt">&nbsp;350,000&nbsp;shares&nbsp;of&nbsp;common stock (18.7%)&nbsp;</TD>
    <TD STYLE="font-size: 4pt; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,500</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">Total Affiliate Investments (represents 38.1% of total investments at fair value)</TD>
    <TD STYLE="font-size: 4pt; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,500</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid">Non-Affiliate Investments - Related Party (less than 5% owned):</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">MVC Capital, Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase, NY</TD>
    <TD STYLE="vertical-align: top">Financial services</TD>
    <TD STYLE="vertical-align: top">May 2014</TD>
    <TD STYLE="vertical-align: top">563,894 shares of common stock (1.7%)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,912</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,171</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">Total Non-Affiliate Investments - Related Party (represents 7.4% of total investments at fair value)</TD>
    <TD STYLE="font-weight: bold; border-top: black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,912</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,171</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid">Non-Affiliate Investments (less than 5% owned):</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top-color: Black; border-top-width: 0.5pt">5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-weight: 400"><SUP>TH</SUP> Element Tracking, LLC <SUP>&nbsp;(6) </SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston, MA</FONT></TD>
    <TD STYLE="border-top-color: Black; border-top-width: 0.5pt">Business products and services</TD>
    <TD STYLE="border-top-color: Black; border-top-width: 0.5pt">January 2015</TD>
    <TD STYLE="border-top-color: Black; border-top-width: 0.5pt">14% promissory note due 5/18 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid">Total Non-Affiliate Investments (represents 1.4% of total investments at fair value)</TD>
    <TD STYLE="font-weight: bold; border-top: black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: black 0.5pt solid; border-top-color: black; border-top-width: 0.5pt">Total Investment in Portfolio Securities</TD>
    <TD STYLE="font-weight: bold; border-bottom: black 0.5pt solid; border-top-color: black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: black 0.5pt solid; border-top-color: black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: black 0.5pt solid; border-top-color: black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: left; border-top-color: black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;$&nbsp;&nbsp;15,289</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,648</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Temporary Cash Investments</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">U.S. Treasury Bill</TD>
    <TD STYLE="vertical-align: bottom">Government</TD>
    <TD STYLE="vertical-align: bottom">December 2019</TD>
    <TD STYLE="vertical-align: bottom">UST 0% 01/20</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,991</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,991</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,991</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">Total Temporary Cash Investments (represents 41.6% of total investments at fair value)</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;$&nbsp;&nbsp;28,991</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,991</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: black 0.5pt solid; border-top-color: black; border-top-width: 0.5pt">Total Investments</TD>
    <TD STYLE="font-weight: bold; border-bottom: black 0.5pt solid; border-top-color: black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: black 0.5pt solid; border-top-color: black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: black 0.5pt solid; border-top-color: black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: left; border-top-color: black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;$&nbsp;&nbsp;44,280</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,639</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP> See Note 3 to the financial statements, Valuation of Investments.&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP> Income producing.</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 24px; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 24px; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 24px; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 24px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-weight: 400"><SUP>(3)</SUP> Majority-owned investments are generally defined under the Investment Company Act of 1940 as companies in which we own more than 50% of the voting securities of the company.&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-weight: 400"><SUP>(4)</SUP> Affiliate investments are generally defined under the Investment Company Act of 1940 as companies in which we own at least 5% but not more than 25% voting securities of the company.&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-weight: 400"><SUP>(5)</SUP> Income- impaired.</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 24px; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: yellow"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-weight: 400"><SUP>(6)</SUP> Level 3 investments&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 24px; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 24px; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>700 LOUISIANA STREET</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>48<SUP>TH</SUP> FLOOR</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>HOUSTON, TX 77002</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>TEL: (713) 529-0900</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>FAX: (713) 529-9545</B></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Mr. Jeff Long</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">Division of Investment Management</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">November 30, 2020</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Page 10      of 13</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>COMMENT 10:&#9;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Regarding the $561,000 in &ldquo;accounts receivable
from affiliates&rdquo; as noted in the Balance Sheet, please provide more detail in correspondence including, for example, whether
such receivable is a loan and the repayment terms thereof.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">RESPONSE: From time to time since its inception
in 2011 to the third quarter of 2020, Equus Energy, LLC received periodic advances from the Fund that were considered loans and
not contributions of equity. These amounts, totaling $561,000, were characterized by the Fund as &ldquo;accounts receivable from
affiliates&rdquo; and were subject to an Intercompany Loan Agreement between Equus and Equus Energy, as well as a promissory note
executed by Equus Energy in favor of the Fund. On September 30, 2020, Equus converted the entire amount of this loan into additional
equity of Equus Energy. This amount was added to the Fund&rsquo;s cost of investment in the Fund&rsquo;s Schedule of Investments
in its quarterly report on Form 10-Q for the nine months ended September 30, 2020.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>COMMENT 11:&#9;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Pursuant to Rule 6-07(1) of Regulation S-X, to the
extent that &ldquo;other income&rdquo; in the Fund&rsquo;s Statement of Operations exceeds more than 15% of total investment income,
please break out separately the principal items comprising this figure to the extent any such item exceeds 5%.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">RESPONSE: The &ldquo;Other Income&rdquo; consists
entirely of directorship fees from a portfolio company. In our upcoming Annual Report on Form 10-K for the year ended December
31, 2020, we will add a note to the financial statements that discloses the composition of &lsquo;other income&rsquo; in the Fund&rsquo;s
Statement of Operations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>COMMENT 12:&#9;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Pursuant to Rule 6-07(2) of Regulation S-X, to the
extent that &ldquo;general and administrative expenses&rdquo; in the Statement of Operations exceed 5% of total expenses, each
item (or group of items, if a considerable number) comprising this figure should be separately stated therein.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">RESPONSE: Please see the Fund&rsquo;s updated
Statement of Operations for the year ended December 31, 2019 on the following page with the broken-out items separately highlighted.
We will also include such items in our Statement of Operations for the year ended December 31, 2020 in our upcoming Annual Report
on Form 10-K for the year ended December 31, 2020.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>700 LOUISIANA STREET</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>48<SUP>TH</SUP> FLOOR</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>HOUSTON, TX 77002</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>TEL: (713) 529-0900</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>FAX: (713) 529-9545</B></P>




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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Mr. Jeff Long</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">Division of Investment Management</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">November 30, 2020</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Page 11      of 13</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS TOTAL RETURN, INC.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>STATEMENTS OF OPERATIONS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: center">Year Ended December 31,</TD></TR>
<TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; width: 61%">&nbsp;(in thousands, except per share amounts)&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">2019</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">2018</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">2017</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">Investment income:</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income:</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-affiliate investments - related party</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-affiliate investments&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest and dividend income</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest from temporary cash investments</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income</TD>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">Expenses:</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction costs</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;-&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,501</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation expense</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,706</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,731</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,231</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,254</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,294</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director fees and expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531</TD></TR>
<TR STYLE="background-color: yellow">
    <TD STYLE="vertical-align: middle">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236</TD></TR>
<TR STYLE="background-color: yellow">
    <TD STYLE="vertical-align: middle">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional liability expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mailing, printing and other expenses&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense</TD>
    <TD STYLE="text-decoration: underline; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before merger termination fee</TD>
    <TD STYLE="text-decoration: underline; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,742</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,035</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,074</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merger termination fee (See Note 6)</TD>
    <TD STYLE="text-decoration: underline; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,500)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses, net of merger termination fee</TD>
    <TD STYLE="text-decoration: underline; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,742</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,035</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,574</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Net investment loss</TD>
    <TD STYLE="text-decoration: underline; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,391)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,555)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,014)</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">Net realized (loss) gain:</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,789)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Temporary cash investments</TD>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (loss) gain</TD>
    <TD STYLE="text-decoration: underline; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,736)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle; background-color: yellow">
    <TD>Net change in net unrealized appreciation of portfolio securities</TD>
    <TD STYLE="text-decoration: underline; text-align: right"><U>&nbsp;</U></TD>
    <TD STYLE="text-decoration: underline; text-align: right"><U>&nbsp;</U></TD>
    <TD STYLE="text-decoration: underline; text-align: right"><U>&nbsp;</U></TD>
    <TD STYLE="text-decoration: underline; text-align: right"><U>&nbsp;</U></TD>
    <TD STYLE="text-decoration: underline; text-align: right"><U>&nbsp;</U></TD></TR>
<TR STYLE="background-color: yellow">
    <TD STYLE="vertical-align: middle">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control investments&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,790</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,750</TD></TR>
<TR STYLE="background-color: yellow">
    <TD STYLE="vertical-align: middle">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,812</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486</TD></TR>
<TR STYLE="background-color: yellow">
    <TD STYLE="vertical-align: middle">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-affiliate investments - related party</TD>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510</TD>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: right"><U>&nbsp;</U></TD>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,215)</TD>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: right"><U>&nbsp;</U></TD>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954</TD></TR>
<TR STYLE="background-color: yellow">
    <TD STYLE="vertical-align: middle">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-affiliate investments&nbsp;</TD>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,299</TD>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: right"><U>&nbsp;</U></TD>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,597</TD>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: right"><U>&nbsp;</U></TD>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,189</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation of portfolio securities</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Net increase in net assets resulting from operations</TD>
    <TD STYLE="text-decoration: underline; text-underline-style: double; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,173</TD>
    <TD STYLE="text-underline-style: double; text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-underline-style: double; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51</TD>
    <TD STYLE="text-underline-style: double; text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-underline-style: double; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(830)</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: left">Net increase in net assets resulting from operations per share:</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted</TD>
    <TD STYLE="text-decoration: underline; text-underline-style: double; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16</TD>
    <TD STYLE="text-underline-style: double; text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-underline-style: double; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00</TD>
    <TD STYLE="text-underline-style: double; text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-underline-style: double; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06)</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: left">Weighted average shares outstanding:</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted</TD>
    <TD STYLE="text-decoration: underline; text-underline-style: double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,518</TD>
    <TD STYLE="text-underline-style: double; text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-underline-style: double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,518</TD>
    <TD STYLE="text-underline-style: double; text-align: right">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-underline-style: double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,345</TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>700 LOUISIANA STREET</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>48<SUP>TH</SUP> FLOOR</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>HOUSTON, TX 77002</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>TEL: (713) 529-0900</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>FAX: (713) 529-9545</B></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Mr. Jeff Long</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">Division of Investment Management</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">November 30, 2020</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Page 12      of 13</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>COMMENT 13:&#9;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Pursuant to Article 6-07(2) of Regulation S-X, in the
Notes to the Equus Financial Statements, please break out the items comprising Unrealized Gains/Losses and Realized Gains/Losses
set forth in the Fund&rsquo;s Statement of Operations regarding control investments.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">RESPONSE: Please see the revised Statement of
Operations on the preceding page. We will accordingly revise the Statement of Operations in our upcoming Annual Report on 10-K
for the year ended December 31, 2020.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>COMMENT 14:&#9;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Please disclose the Fund&rsquo;s Portfolio Turnover
Rate.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">RESPONSE: The table below shows the Fund&rsquo;s
portfolio turnover rate for each of the years 2015 through 2019. For each such year, we calculated the rate based on the following:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(i)</FONT></TD><TD><FONT STYLE="font-size: 11pt">the lesser of: (x) Fund purchases or (y) Fund dispositions during the year, and dividing by:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(ii)</FONT></TD><TD><FONT STYLE="font-size: 11pt">the average net assets of the Fund for the year.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #C6D9F1">
    <TD COLSPAN="5" STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Equus Total Return, Inc.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Portfolio Turnover Rate</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="width: 24%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="width: 18%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2018</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3.09%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.00%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.65%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.00%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.00%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>COMMENT 15:&#9;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Please disclose costs, for federal income tax purposes,
comprising &ldquo;net unrealized losses&rdquo; in the Fund&rsquo;s Statements of Operations, which should display the aggregate
cost of the securities and the gross unrealized gains netted against gross unrealized losses. Please see Article 12-12 of Regulation
S-X for guidance.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">RESPONSE: In the 2019 10-K, the Fund&rsquo;s
Schedule of Investments discloses the aggregate costs of the securities. Pursuant to Footnote (6) Federal Income Tax Matters, there
are no material book to tax differences for net investment income/losses, realized gains or unrealized appreciation/depreciation.
Therefore, the Fund&rsquo;s Statements of Operations already displays the aggregate cost of the securities and the gross unrealized
gains netted against gross unrealized losses.</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>700 LOUISIANA STREET</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>48<SUP>TH</SUP> FLOOR</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>HOUSTON, TX 77002</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>TEL: (713) 529-0900</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>FAX: (713) 529-9545</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Mr. Jeff Long</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">Division of Investment Management</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">November 30, 2020</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Page 13      of 13</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">*&#9;*&#9;*&#9;*</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will file this letter as correspondence via
EDGAR contemporaneous with its dispatch to you via email. In the meantime, please feel free to call me at the number above or respond
via email or facsimile if you have any further comments or questions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 189pt">Sincerely,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 189pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 189pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 189pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 189pt"><U>/s/ Kenneth I. Denos&#9;</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 189pt">Kenneth I. Denos</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 189pt">Secretary and Chief Compliance Officer</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 189pt">Equus Total Return, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>700 LOUISIANA STREET</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>48<SUP>TH</SUP> FLOOR</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>HOUSTON, TX 77002</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>TEL: (713) 529-0900</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>FAX: (713) 529-9545</B></P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 9pt"></FONT></P>

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