Company: EQS
Filing Date: 2025-05-12
Form Type: CORRESP
Source: 0001712543-25-000030
Chunk: 2

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-12
Form: CORRESP
Chunk 2
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-audit fees billed by the Fund’s accountant for services rendered to the Fund, and to the Fund’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.

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.

COMMENT 11:

Under Proposal 4, please disclose any percentage limit (expressed in terms of percentage of outstanding shares) on the issuance of the Fund’s common stock under this proposal.

RESPONSE: This disclosure has been added.

700 LOUISIANA STREET

41 STFLOOR

HOUSTON, TX 77002

TEL: (713) 529-0900

FAX: (713) 529-9545

Ms. Soo Im-Tang

Division of Investment Management

U.S. Securities and Exchange Commission

May 12, 2025

Page 4 of 5

COMMENT 12:

Under Proposal 4, please bold the following sentence in the bottom paragraph of page 33 that reads “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.”

RESPONSE: This change has been implemented.

COMMENT 13:

Under Proposal 4 in the table on page 39 under the heading “Example of Dilutive Effect of a Future Issuance of Shares Below NAV”, please include an example that displays the maximum possible discount from NAV.

RESPONSE: This example has been added to the table
on page 30 of the Amended Pre14A.

COMMENT 14:

Under Proposal 4 under the heading “Required Vote” 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.

RESPONSE: We believe this Section conforms to the requirements
of Section 2(a), subpart 42, of the Investment Company Act of 1940.

COMMENT 15:

Under Proposal 6