<SEC-DOCUMENT>0001712543-23-000093.txt : 20231221
<SEC-HEADER>0001712543-23-000093.hdr.sgml : 20231221
<ACCEPTANCE-DATETIME>20231221155711
ACCESSION NUMBER:		0001712543-23-000093
CONFORMED SUBMISSION TYPE:	40-17F2
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20231221
DATE AS OF CHANGE:		20231221
EFFECTIVENESS DATE:		20231221

SUBJECT COMPANY:	

	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:		40-17F2
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	814-00098
		FILM NUMBER:		231505195

	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

FILED BY:		

	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:		40-17F2

	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>
<DOCUMENT>
<TYPE>40-17F2
<SEQUENCE>1
<FILENAME>n17f2_equus12122023.htm
<DESCRIPTION>SECURITY COUNT
<TEXT>
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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>U.S. Securities and Exchange
Commission </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>Washington, D.C. 20549 </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>FORM N-17f-2 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>CERTIFICATE OF ACCOUNTING
OF SECURITIES AND SIMILAR INVESTMENTS IN </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>THE CUSTODY OF MANAGEMENT
INVESTMENT COMPANIES </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>Pursuant to Rule 17f-2 [17
CRF 270.17f-2] </B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">1. Investment Company Act File Number:</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>814-00098</B></P>
    <P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Date&nbsp;examination&nbsp;completed:</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">December 13, 2023</P>
    <P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="13" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">2. State Identification Number:</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>
    <P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">AL</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">AK</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">AZ</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">AR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">CA</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">CO</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">CT</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">DE</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">DC</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">FL</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">GA</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">HI</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">ID</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">IL</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">IN</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">IA</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">KS</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">KY</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">LA</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">ME</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">MD</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">MA</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">MI</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">MN</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">MS</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">MO</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">MT</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">NE</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">NV</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">NH</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">NJ</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">NM</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">NY</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">NC</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">ND</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">OH</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">OK</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">OR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">PA</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">RI</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">SC</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">SD</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">TN</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">TX</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">UT</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">VT</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">VA</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">WA</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">WV</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">WI</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">WY</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">PUERTO&nbsp;RICO</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="12" STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Other (specify):</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="13" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">3. Exact name of investment company as specified
    in registration statement:</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>Equus Total Return, Inc.</B></P>
    <P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="13" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">4. Address of principal executive office: (number,
    street, city, state, zip code)</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>700 Louisiana Street, 48<SUP>th</SUP>
    Floor, Houston, Texas 77002</B></P>
    <P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>INSTRUCTIONS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">This Form must be completed by the investment companies
that have custody of securities or similar investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Investment Company </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.45pt">1.</TD><TD>All items must be completed by the investment company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.45pt">2.</TD><TD>Give this Form to the independent public accountant who, in compliance with Rule 17f-2 under the Act and applicable state law, examines
securities and similar investments in the custody of the investment company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Accountant </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.45pt">3.</TD><TD>Submit this Form to the Securities and Exchange Commission and appropriate state securities administrators when filing the certificate
of accounting required by Rule 17f-2 under the Act and applicable state law. File the original and one copy with the Securities and Exchange
Commission&rsquo;s principal office in Washington, D.C., one copy with the regional office for the region in which the investment company&rsquo;s
principal business operations are conducted, and one copy with the appropriate state administrator(s), if applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">THIS FORM MUST BE GIVEN TO YOUR
INDEPENDENT PUBLIC ACCOUNTANT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-bottom: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-bottom: 0; margin-left: 0"><BR>
<BR STYLE="clear: both">
<B>Management Statement Regarding Compliance with </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Certain Provisions of the Investment Company Act
of 1940 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</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">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2929 Allen Parkway, 20<SUP>th</SUP> Floor</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Houston, Texas 77019</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">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We, as members of management of Equus Total Return,
Inc. (the &ldquo;Fund&rdquo;), are responsible for complying with the requirements of subsections (b) and (c) of Rule 17f-2, &ldquo;Custody
of Investments by Registered Management Investment Companies&rdquo;, of the Investment Company Act of 1940 (the &ldquo;Act&rdquo;). We
are also responsible for establishing and maintaining effective internal controls over compliance with those requirements. We have performed
an evaluation of the Fund&rsquo;s compliance with the requirements of subsections (b) and (c) of Rule 17f-2 as of December 13, 2023, and
from October 10, 2023 (the date of our last examination) through December 13, 2023.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on this evaluation, we assert that the Fund
was in compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the Act as of December 13, 2023, and from October
10, 2023 (the date of our last examination) through December 13, 2023, with respect to securities reflected in the investment account
of the Fund.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 92%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Equus Total Return, Inc.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">By:&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt"><U>/s/ Kenneth I. Denos</U></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 4pt; line-height: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">Kenneth I. Denos</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 4pt; line-height: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">Chief Compliance Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="margin: 0"><IMG SRC="image_006.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 211.3pt; color: #685040">Tel: 713-960-<FONT STYLE="letter-spacing: -0.2pt">1706</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 211.3pt; color: #685040">Fax: 713-960-<FONT STYLE="letter-spacing: -0.2pt">9549</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 211.3pt; color: #685040"><FONT STYLE="letter-spacing: -0.1pt"><B>www.bdo.com</B></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 211.3pt; color: #685040">2929 Allen Parkway, 20th Floor Houston,
TX 77019-7100</P>


<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 7.5pt"><BR>
<BR STYLE="clear: both">
</FONT><FONT STYLE="font-size: 10pt"><B>Report of Independent Registered Public Accounting Firm</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">To the Board of Directors of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Equus Total Return, Inc.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify">We have examined management&rsquo;s assertion,
included in the accompanying Management Statement Regarding Compliance With Certain Provisions of the Investment Company Act of 1940,
that Equus Total Return, Inc. (the &ldquo;Fund&rdquo;) complied with the requirements of subsections (b)&nbsp;and (c)&nbsp;of Rule 17f-2
under the Investment Company Act of 1940 (the &ldquo;Act&rdquo;) as of December 13, 2023. Management is responsible for the Fund&rsquo;s
compliance with those requirements. Our responsibility is to express an opinion on management&rsquo;s assertion about the Fund&rsquo;s
compliance based on our examination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify">Our examination was conducted in accordance
with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis,
evidence about the Fund&rsquo;s compliance with those requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests performed as of December 13, 2023 and with respect to agreement
of security purchases and sales, for the period from October 10, 2023 (the date of our last examination) through December 13, 2023:&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD STYLE="text-align: justify">Count and inspection of all securities located in the vault of the Amegy Bank (the &ldquo;Custodian&rdquo;)
in Houston, Texas with prior notice to management;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD STYLE="text-align: justify">Confirmation of all securities hypothecated, pledged, placed in escrow, or out for transfer with brokers,
pledgees, or transfer agents; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">&bull;</TD><TD STYLE="text-align: justify">Reconciliation of all such securities to the books and records of the Fund and the Custodian.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify">We believe that our examination provides a reasonable
basis for our opinion. Our examination does not provide a legal determination on the Fund&rsquo;s compliance with specified requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify">In our opinion, management&rsquo;s assertion
that the Fund complied with the requirements of subsections (b)&nbsp;and (c)&nbsp;of Rule 17f-2 of the Act as of December 13, 2023 with
respect to securities reflected in the investment account of the Fund is fairly stated, in all material respects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">This report is intended solely for the information
and use of management and the Board of Directors of the Fund and the Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 9.05pt 9.9pt 0 5pt; text-align: justify">/s/ BDO USA, P.C.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.25pt 0 0"></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.15pt 0 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 363.5pt 0 5pt">Houston, Texas</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 363.5pt 0 5pt">December 21, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 6pt/102% Trebuchet MS, Times, Serif; margin: 0.05pt 0 0 5pt; color: #685040">BDO USA, P.C., a Virginia professional corporation,
is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of
independent member firms.</P>

<P STYLE="font: 6pt Trebuchet MS, Times, Serif; margin: 4pt 0 0 5pt; color: #685040">BDO is the brand name for the BDO network and for
each of the BDO Member <FONT STYLE="letter-spacing: -0.1pt">Firms.</FONT></P>


<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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