Company: EQS
Filing Date: 2025-02-04
Form Type: 40-17F2
Source: 0001712543-25-000005
Chunk: 2

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-02-04
Form: 40-17F2
Chunk 2
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 agents; and

• Reconciliation of all such securities to
the books and records of the Fund and the Custodian.

We believe that our examination provides a reasonable
basis for our opinion. Our examination does not provide a legal determination on the Fund’s compliance with specified requirements.

We are required to be independent and to meet our
other ethical responsibilities in accordance with relevant ethical requirements relating to the engagement.

In our opinion, management’s assertion that
the Fund complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Act as of December 18, 2024, with respect to securities
reflected in the investment account of the Fund is fairly stated, in all material respects.

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.

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