<SEC-DOCUMENT>0001712543-25-000030.txt : 20250827
<SEC-HEADER>0001712543-25-000030.hdr.sgml : 20250827
<ACCEPTANCE-DATETIME>20250512161127
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001712543-25-000030
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20250512

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQUUS TOTAL RETURN, INC.
		CENTRAL INDEX KEY:			0000878932
		ORGANIZATION NAME:           	
		EIN:				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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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;<IMG SRC="image_031.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">May 12, 2025</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">Ms. Soo Im-Tang</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) 880-1783</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">email: <I>ImTangSo@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;) Preliminary Proxy Statement on Schedule 14A for the Fund&rsquo;s
2025 Annual Meeting of Stockholders (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 Ms. Im-Tang:</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 May 2, 2025 and subsequent thereto concerning the Fund&rsquo;s Preliminary Proxy Statement on Schedule 14A for the Fund&rsquo;s 2025
Annual Meeting of Stockholders, as filed with the Commission on April 23, 2025 (sometimes referred to hereinafter as the &ldquo;Pre14A&rdquo;).
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>Please define the &ldquo;Company&rdquo; in the second bullet
point of the cover letter of the Notice of the 2025 Annual Meeting of Stockholders. </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: This change has been implemented.</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"><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>Please confirm whether the Fund&rsquo;s advisors or any of
their affiliates have entered into a standstill agreement and, if so, please provide a copy of the agreement or direct Staff as to whether
the agreement is filed on EDGAR.</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: None of the Fund&rsquo;s advisors, nor any
of their respective affiliates, have entered into a standstill agreement.</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>41<SUP>ST</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="text-align: right; font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;<IMG SRC="image_032.jpg" ALT=""></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">Ms. Soo Im-Tang</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">May 12, 2025</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">Page 2 of 5</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>&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>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>On Page 2 under the heading &ldquo;Who is entitled to vote
at the meeting?&rdquo;, please identify the actual record date.</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: This change has been implemented.</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 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>Because the first three proposals on the Pre14A are considered
routine for broker discretionary voting, please revise your disclosure on page 4 under the subheading &ldquo;<I>Broker Discretionary Voting</I>&rdquo;
accordingly.</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: This change has been implemented.</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></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>For clarity and ease of understanding, please identify each
of the proposals summarized on page 4 under the subheading &ldquo;<I>Broker Discretionary Voting</I>&rdquo; by corresponding proposal
number.</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: This change has been implemented.</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 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>For clarity and ease of understanding, please identify each
of the proposals summarized on page 5 under the heading &ldquo;<I>How are votes counted?</I>&rdquo; by corresponding proposal number.</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: This change has been implemented.</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"><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>Under Proposal 1, if applicable, for each director, please
include a column entitled &ldquo;Number of Portfolios in Fund Complex Overseen by Director/Director Nominee&rdquo;. Please see Item 22(b)
of Schedule 14A 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: Equus is a single fund and is not associated
with any other funds or advisors. We therefore consider this inapplicable to Equus.</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>41<SUP>ST</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="text-align: right; font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;<IMG SRC="image_033.jpg" ALT=""></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Ms. Soo Im-Tang</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">May 12, 2025</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">Page 3 of 5</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 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>Under Proposal 1, if applicable, for each director, please
explain any family relationships of each director listed. Please see Item 22(b) of Schedule 14A 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: There are no family relationships of any
kind, as defined pursuant to Item 22(b) of Schedule 14A, regarding any of the Equus directors nominated for election.</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 0 0 1.5in; text-indent: -1.5in"></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>Under Proposal 1, if applicable, for each director, please
confirm that all applicable disclosures required under Item 22(b) of Schedule 14A have been included in the Pre14A.</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: All applicable disclosures required under
Item 22(b) of Schedule 14A have been included.</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 0 0 1.5in; text-indent: -1.5in"></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>Under Proposal 2, for the last two fiscal years, please disclose
the aggregate non-audit fees billed by the Fund&rsquo;s accountant for services rendered to the Fund, and to the Fund&rsquo;s investment
adviser, if the Fund has an investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted
with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that
provides ongoing services to the Fund for each of the last two fiscal years of the Fund. Please see Item 9(e) of Schedule 14A 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: This disclosure has been added. Please note
that the Company is internally managed and does not have an investment adviser providing services to the Company or any of its subsidiaries.</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 0 0 1.5in; text-indent: -1.5in"></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">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Under Proposal 4, please disclose any percentage limit (expressed
in terms of percentage of outstanding shares) on the issuance of the Fund&rsquo;s common stock under this proposal.</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: This disclosure has been added.</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"><B>700 LOUISIANA STREET</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>41<SUP>ST</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"><B></B></P>

<P STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;<IMG SRC="image_034.jpg" ALT=""></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">Ms. Soo Im-Tang</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">May 12, 2025</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">Page 4 of 5</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>&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">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Under Proposal 4, please bold the following sentence in the
bottom paragraph of page 33 that reads &ldquo;There will be no limit on the percentage below net asset value per share at which shares
may be sold by the Company or number of offerings that the Company may conduct under this proposal for the one-year period that authorization
is granted.&rdquo;</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: This change has been implemented.</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 0 0 1.5in; text-indent: -1.5in"></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">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Under Proposal 4 in the table on page 39 under the heading
&ldquo;Example of Dilutive Effect of a Future Issuance of Shares Below NAV&rdquo;, please include an example that displays the maximum
possible discount from NAV.</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: This example has been added to the table
on page 30 of the Amended Pre14A.</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"><B></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">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Under Proposal 4 under the heading &ldquo;Required Vote&rdquo;
on page 40, please ensure that this Section conforms to the requirements of Section 2(a), subpart 42, of the Investment Company Act of
1940.</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 believe this Section conforms to the requirements
of Section 2(a), subpart 42, of the Investment Company Act of 1940.</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 0 0 1.5in; text-indent: -1.5in"></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>Under Proposal 6, please clarify in the disclosure if the
Fund&rsquo;s Board of Directors has the discretion to abandon the reverse stock split, even it is approved by stockholders.</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: This clarification has been included.</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>41<SUP>ST</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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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;<IMG SRC="image_035.jpg" ALT=""></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">Ms. Soo Im-Tang</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">May 12, 2025</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">Page 5 of 5</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>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>COMMENT 16:&#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>On the sample proxy card included with the Pre14A, please
bold the statement that reads &ldquo;To withhold authority to vote for any individual nominee(s), mark &lsquo;For All Except&rsquo; and
write the number(s) of the nominee(s) on the line below&rdquo;.</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: This change has been implemented.</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; 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 801 816 2511 or respond via email
to <I>kdenos@equuscap.com</I> 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"></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>41<SUP>ST</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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<DOCUMENT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
