Company: EQS
Filing Date: 2025-02-04
Form Type: 40-17F2
Source: 0001712543-25-000005
Chunk: 0

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-02-04
Form: 40-17F2
Chunk 0
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number, 
 street, city, state, zip code)                     
 700 Louisiana Street, 41st                         
 Floor, Houston, Texas 77002                        |                  |     |    |     |    |     |             |     |                             |     |    |

INSTRUCTIONS

This Form must be completed by the investment companies
that have custody of securities or similar investments.

Investment Company

| 1. | All items must be completed by the investment company. |

| 2. | 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.                                                            |

Accountant

| 3. | 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’s principal office in Washington, D.C., one copy with the regional office for the region in which the investment company’s        
 principal business operations are conducted, and one copy with the appropriate state administrator(s), if applicable.                        |

<div align='center'>THIS FORM MUST BE GIVEN TO YOUR
INDEPENDENT PUBLIC ACCOUNTANT</div>

| 2 |

<div align='center'>Management Statement Regarding Compliance with

Certain Provisions of the Investment Company Act of 1940</div>

February 4, 2025

BDO USA, P.C.

2929 Allen Parkway, 20 Floor

Houston, Texas 77019

We, as members of management of Equus Total Return,
Inc. (the “Fund”), are responsible for complying with the requirements of subsections (b) and (c) of Rule 17f-2, “Custody
of Investments by Registered Management Investment Companies”, of the Investment Company Act of 1940 (the “Act”). We
are also responsible for establishing and maintaining effective internal controls over compliance with those requirements. We have performed
an evaluation of the Fund’s compliance with the requirements of subsections (b) and (c) of Rule 17f-2 as of December 18, 2024, and
from November 12, 2024 (the date of our last examination) through December 18, 2024.

Based on this evaluation, we assert that the Fund
was in compliance with the requirements of subsections (b) and