SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

SCHEDULE 13D/A
(Amendment No. 16)
Under the Securities and Exchange Act of 1934

MVC Capital
(Name of Issuer)

Common Stock
(Title of Class of Securities)

553829102
(CUSIP Number)

George W. Karpus, President
Karpus Management, Inc. d/b/a
Karpus Investment Management
183 Sullys Trail
Pittsford, New York 14534
(585) 586-4680

(Name, Address, and Telephone Number of Person Authorized to Receive
Notices and Communications)

September 9, 2003
(Date of Event which Requires Filing of this Statement)

If the person has previously filed a statement on Schedule 13G to
report the Acquisition which is the subject of this Schedule 13D,
 and is filing this schedule because of Rule 13d-1 (b) (3) or (4), check
the following box. [ ]

(Page 1 of 5 pages)
There are no exhibits.

















ITEM 1	Security and Issuer
		Common Stock
		MVC Capital
		meVC Advisors, Inc.
		3000 Sand Hill Road, Building One-Suite 155
		Menlo Park, CA   94025
ITEM 2	Identity and Background
a) Karpus Management, Inc. d/b/a Karpus Investment
Management (?KIM?)
George W. Karpus, President, Director and Controlling
Stockholder
		JoAnn Van Degriff, Vice President and Director
		Sophie Karpus, Director
		b) 183 Sullys Trail
		Pittsford, New York 14534
c) Principal business and occupation - Investment Management
for individuals, pension and profit sharing plans, corporations,
		endowments, trust and others, specializing in conservative asset
		management (i.e. fixed income investments).
d) None of George W. Karpus, JoAnn Van Degriff, or Sophie
Karpus (?the Principals?) or KIM has been convicted in the past
five years of any criminal proceeding (excluding traffic
violations).
e) During the last five years none of the principals or KIM has
been a party to a civil proceeding as a result of which any of them
is subject to a judgment, decree or final order enjoining future
violations of or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with
respect to such laws.
		f) Each of the Principals is a United States citizen.
		KIM is a New York corporation.
ITEM 3	Source and Amount of Funds or Other Considerations
KIM, an independent investment advisor, has accumulated shares
of MVC on behalf of accounts that are managed by KIM (?the
Accounts?) under limited powers of attorney.  All funds that
have been utilized in making such purchases are from such
Accounts.
ITEM 4	Purpose of Transaction
KIM has purchased Shares for investment purposes.  Being
primarily a fixed income manager, with a specialty focus in the
closed end fund sector, the profile of MVC fit the investment
guidelines for various Accounts.  Shares have been acquired
since  October 31, 2000.
ITEM 5 	Interest in Securities of the Issuer
A) As of the date of this Report, KIM owns 763,336 shares,
which represents 4.63% of the outstanding Shares.  Karpus Investment
Management Profit Sharing Plan presently owns 4500 shares purchased
on December 20, 2000 at $9.94 (500 shares), January 17, 2001 at $11.69
(100 shares), February 7 and 8 at $11.68 (900 shares), March 16 at
$10.80 (200 shares), March 22 at $9.97 (100 shares), March 23 at $10.63
(50 shares), March 27 at $10.46 (300 shares), March 28 at $10.20 (100
shares), April 30 at $11.30 (200 shares), May 2 at $11.05 (50 shares),
September 21 at $9.60, January 9 and 10, 2002 at $9.94 (100 shares),
January 11 at $9.82 (100 shares), January 14 at $9.80 (50 shares), January
15 at $9.76 (50 shares), January 16 at $9.56 (50 shares), January 17 at
$9.61 (100 shares), January 18 at $9.60 (200 shares), January 29 at $9.47
(50 shares), May 5 at $8.85 (50 shares), August 29 at $7.86 (100
shares), and July 8, 2003 at $8.44 (1050 shares).  George W. Karpus
presently owns 6000 shares purchased on December 28, 2001 at $9.88
(1000 shares), January 10, 2002 at $9.93 (50 shares), January 15 at $9.76
(50 shares), January 18 at $9.61 (100 shares), January 29 at $9.47 (50
shares), February 20 and 21 at $8.83 (1000 shares), March 21 at $8.94 (25
shares), July 5 at $8.32 (725 shares), August 12 at $7.44 (1000 shares),
August 26 at $7.93 (50 shares), August 29 at $7.86 (100 shares),
September 11, 12, & 16 at $7.75 (250 shares), September 24 at $7.74 (200
shares), September 25 at $7.76 (100 shares) and at $7.74 (100 shares),
October 7 at $7.62 (200 shares), October 8 at $7.57 (200 shares), October
11 at $7.65 (150 shares), October 28 at $7.92 (300 shares), and November
22 at $8.16 (350 shares).  Dana R. Consler currently owns 685 shares
purchased on March 23, 2001 at $10.63 (50 shares), March 28 at $10.20
(100 shares), April 30 at $11.29 (25 shares) and at $11.30 (200 shares),
May 2 at $11.05 (25 shares), August 13 at $10.90 (100 shares), January
29, 2002 at $9.47 (50 shares), March 5 at $8.85 (50 shares), February 3,
2003 at $8.51 (50 shares), and February 19 at $8.23 (35 shares).  Jo Ann
Van Degriff presently owns 500 shares purchased November 6, 2002 at
$8.00 per share.  None of the other Principals of KIM presently owns
shares of MVC.
      b) KIM has the sole power to dispose of and to vote all of such
Shares under limited powers of attorney.
c)  Open market purchases for the last 60 days for the Accounts.
There have been no dispositions and no acquisitions, other than
by such open market purchases,
DATE
SHARES
PRICE PER

DATE
SHARES
PRICE PER


SHARE



SHARE
7/8/2003
1675
8.44

8/11/2003
- -1500
7.88
7/9/2003
400
8.48




7/11/2003
600
8.47




7/14/2003
800
8.46




7/15/2003
1150
8.41




7/16/2003
225
8.35




7/18/2003
2500
8.4




7/21/2003
3000
8.3




The Accounts have the right to receive all dividends from, any
proceeds from the sale of the Shares.  KIM reserves the right to
further accumulate or sell shares. None of the Accounts has an
interest in shares constituting  more than 5% of the Shares
outstanding.
ITEM 6	Contracts, Arrangements, Understandings, or Relationships
	with Respect to Securities of the Issuer.
Except as described above, there are no contracts,
arrangements, understandings or relationships of any kind
among the Principals and KIM and between any of them and any
other person with respect to any of MVC Securities.
ITEM 7	Materials to be Filed as Exhibits
		Not applicable.


























Signature
	After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete,
and correct.
						Karpus Management, Inc.



September 9, 2003 			      By:________________________
          Date						   Signature
					  	Dana R. Consler, Vice President
         Name/Title