Company: EQS
Filing Date: 2025-04-10
Form Type: 10-K
Source: 0001712543-25-000016
Chunk: 29

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-10
Form: 10-K
Item: Item 8
Chunk 29
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                                                                                                              16,364                     40,853  
  U. S. Treasury Bills                                                                                                                                                                                                                            
  U. S. Treasury Bill                                                                                  Government      December 2023      UST 0% 1/24                                                          44,955                     44,955  
  Total U. S. Treasury bills (represents 52.4% of total investments at                                                                                                                                         44,955                     44,955  
  Total Investments                                                                                                                                                                            $               61,319      $              85,808  

(1)Under Section 55 (a) of the 1940 Act,
qualifying assets must represent at least 70% of total assets at the time of acquisitions of any non-qualifying assets. As of none of
the Fund's total assets were considered non-qualifying assets. See Note 3 to the financial statements, Valuation of Investments.

(2)See Note 3 to the financial statements,
Valuation ofInvestments.

(3)Majority-owned investments are generally
defined under the Investment Company Act of 1940 as companies in which we own more than 50% of the votingsecurities
of the company.

(4)Level 3 PortfolioInvestments

(5)Income-producing

  48  

  TableOfContents  

SCHEDULE OF INVESTMENTS - (Continued)

DECEMBER 31,2023

(in thousands, except sharedata)

Our portfolio securities
are restricted from public sale without prior registration under the Securities Act of 1933 (hereafter, the “ Securities Act”).
We typically negotiate certain aspects of the method and timing of the disposition of our investment in each portfolio company, including
registration rights and related costs.

As a business
development company (“ BDC”), we may invest up to 30% of our assets in non-qualifying portfolio investments, as permitted by
the Investment Company Act of 1940 (the “1940 Act”). Specifically, we may invest up to 30% of our assets in entities that
are not considered “eligible portfolio companies” (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 December 31, 2023, we had invested 43.7% of our assets in securities of portfolio companies
that constituted qualifying investments under the 194