Company: EQS
Filing Date: 2025-02-04
Form Type: 40-17F2
Source: 0001712543-25-000005
Chunk: 1

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-02-04
Form: 40-17F2
Chunk 1
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 (c) of Rule 17f-2 of the Act as of December 18, 2024, and from November
12, 2024 (the date of our last examination) through December 18, 2024, with respect to securities reflected in the investment account
of the Fund.

| Equus Total Return, Inc. |                          |
| By:                      | /s/ Kenneth I. Denos     |
|                          | Kenneth I. Denos         |
|                          | Chief Compliance Officer |

| 3 |

<div align='center'>Report of Independent Registered Public Accounting Firm</div>

To the Board of Directors of

Equus Total Return, Inc.

We have examined management’s assertion, included
in the accompanying Management Statement Regarding Compliance with Certain Provisions of the Investment Company Act of 1940, that Equus
Total Return, Inc. (the “Fund”) complied with the requirements of subsections (b) and (c) of Rule 17f-2 under the Investment
Company Act of 1940 (the “Act”) (the specified requirements) as of December 18, 2024. Management is responsible for its assertion
and the Fund’s compliance with those requirements. Our responsibility is to express an opinion on management’s assertion about
the Fund’s compliance with the specific requirements based on our examination.

Our examination was conducted in accordance with
the standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established
by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain
reasonable assurance about whether managements assertion about compliance with the specified requirements is fairly stated, in all material
respects and, accordingly, included examining, on a test basis, evidence about the Fund’s compliance with those requirements and
performing such other procedures as we considered necessary in the circumstances. Included among our procedures were the following tests
performed as of December 18, 2024, and with respect to agreement of security purchases and sales, for the period from November 12, 2024
(the date of our last examination) through December 18, 2024:

• Count and inspection of all securities
located in the vault of the Amegy Bank (the “Custodian”) in Houston, Texas with prior notice to management;

• Confirmation of all securities hypothecated,
pledged, placed in escrow, or out for transfer with brokers, pledgees, or transfer