<SEC-DOCUMENT>0001712543-23-000090.txt : 20240108
<SEC-HEADER>0001712543-23-000090.hdr.sgml : 20240108
<ACCEPTANCE-DATETIME>20231121142524
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001712543-23-000090
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20231121

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQUUS TOTAL RETURN, INC.
		CENTRAL INDEX KEY:			0000878932
		ORGANIZATION NAME:           	
		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
</SEC-HEADER>
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<TYPE>CORRESP
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">&nbsp;<IMG SRC="image_002.jpg" ALT=""></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"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">November 21, 2023</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></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, 2022 (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 follow-up 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 November 6, 2023 concerning the Fund&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Commission
on March 31, 2023 (sometimes referred to hereinafter as the &ldquo;2022 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;). This letter supplements our previous
response filed on October 19, 2023. We thank you for your input and this letter is intended to respond accordingly.</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"><B>COMMENT:</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>On the Schedule of Investments in the 2022 10-K, please identify
non-qualified assets and explain in the footnotes to the Schedule the significance of non-qualified assets.</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: We have added a footnote to the Schedule
of Investments in our most recent filing on Form 10-Q which states 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: 0.25in"><FONT STYLE="font-size: 9pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 9pt">Under Section 55(a) of the 1940 Act, qualifying assets must represent at least 70% of the total assets
of the Fund at the time of acquisition of such qualifying assets. As of September 30, 2023 none of the Fund&rsquo;s total assets were
considered non-qualifying assets.</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; text-indent: 0.5in">In the notes to the financial statements, we have provided
further clarification as follows:</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">As a business development company (&ldquo;BDC&rdquo;), we may
invest up to 30% of our assets in non-qualifying portfolio investments, as permitted by the Investment Company Act of 1940 (the &ldquo;1940
Act&rdquo;). Specifically, we may invest up to 30% of our assets in entities that are not considered &ldquo;eligible portfolio companies&rdquo;
(as defined in the 1940 Act), including companies located outside of the United States, entities that are operating pursuant to certain
exceptions under the 1940 Act, and publicly-traded entities with a market capitalization exceeding $250 million. As of September 30, 2023,
we had invested 50.4% of our assets in securities of portfolio companies that constituted qualifying investments under the 1940 Act. As
of September 30, 2023, none of our investments are considered non-qualifying assets as all of our investments are in enterprises that
are considered eligible portfolio companies the 1940 Act. We provide significant managerial assistance to our portfolio companies that
comprise 100% of the total value of the investments in portfolio securities as of September 30, 2023.</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">&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 14, 2023</P>
<P STYLE="text-align: right; 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: 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: 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: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We note that the above paragraph was included in previous
10-K filings of the Fund but, as per our discussion, as been adjusted to make it more clear to the reader.</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: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
