Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
WYNNEFIELD PARTNERS SMALL CAP VALUE LP
  2. Issuer Name and Ticker or Trading Symbol
MVC CAPITAL, INC. [MVC]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
450 SEVENTH AVENUE,, SUITE 509
3. Date of Earliest Transaction (Month/Day/Year)
11/14/2008
(Street)

NEW YORK, NY 10123
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, par value $.01 per share 11/14/2008   P   4,200 A $ 10.57 2,588,500 (1) (2) (3) (4) (5) (6) (7) (8) D (1) (2)  
Common Stock, par value $.01 per share 11/14/2008   P   5,800 A $ 10.57 2,588,500 (1) (2) (3) (4) (5) (6) (7) (8) I See Footnote (3) (4)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
WYNNEFIELD PARTNERS SMALL CAP VALUE LP
450 SEVENTH AVENUE,
SUITE 509
NEW YORK, NY 10123
    X    
WYNNEFIELD PARTNERS SMALL CAP VALUE LP I
450 SEVENTH AVENUE,
SUITE 509
NEW YORK, NY 10123
    X    
WYNNEFIELD SMALL CAP VALUE OFFSHORE FUND LTD
450 SEVENTH AVENUE,
SUITE 509
NEW YORK, NY 10123
    X    
WYNNEFIELD CAPITAL MANAGEMENT LLC
450 SEVENTH AVENUE,
SUITE 509
NEW YORK, NY 10123
    X    
WYNNEFIELD CAPITAL INC
450 SEVENTH AVENUE,
SUITE 509
NEW YORK, NY 10123
    X    
CHANNEL PARTNERSHIP II L P
450 SEVENTH AVENUE,
SUITE 509
NEW YORK, NY 10123
    X    
Wynnefield Capital, Inc. Profit Sharing Plan
450 SEVENTH AVENUE,
SUITE 509
NEW YORK, NY 10123
    X    
OBUS NELSON
450 SEVENTH AVENUE,
SUITE 509
NEW YORK, NY 10123
    X    
LANDES JOSHUA
450 SEVENTH AVENUE
SUITE 509
NEW YORK, NY 10123
    X    

Signatures

 WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P., By: Wynnefield Capital Management, LLC, General Partner, /s/ Nelson Obus, Managing Member   11/18/2008
**Signature of Reporting Person Date

 WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P. I, By: Wynnefield Capital Management, LLC, General Partner, /s/ Nelson Obus, Managing Member   11/18/2008
**Signature of Reporting Person Date

 WYNNEFIELD SMALL CAP VALUE OFFSHORE FUND, LTD., By: Wynnefield Capital, Inc., /s/ Nelson Obus, President   11/18/2008
**Signature of Reporting Person Date

 WYNNEFIELD CAPITAL MANAGEMENT, LLC, /s/ Nelson Obus, Managing Member   11/18/2008
**Signature of Reporting Person Date

 WYNNEFIELD CAPITAL, INC., /s/ Nelson Obus, President   11/18/2008
**Signature of Reporting Person Date

 CHANNEL PARTNERSHIP II, L.P., /s/ Nelson Obus, General Partner   11/18/2008
**Signature of Reporting Person Date

 WYNNEFIELD CAPITAL, INC. PROFIT SHARING PLAN, /s/ Nelson Obus, Authorized Signatory   11/18/2008
**Signature of Reporting Person Date

 /s/ Nelson Obus, Individually   11/18/2008
**Signature of Reporting Person Date

 /s/ Joshua Landes, Individually   11/18/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) On the date hereof, Wynnefield Partners Small Cap Value, L.P., (the "Reporting Person") directly beneficially owns 704,736 shares of common stock, par value $.01 per share ("Common Stock") of MCV Capital, Inc. (MVC). Wynnefield Capital Management, LLC, as the sole general partner of the Reporting Person, has an indirect beneficial ownership interest in the shares of Common Stock that the Reporting Person directly beneficially owns. Wynnefield Capital Management, LLC, which maintains offices at the same address as the Reporting Person, is filing this Form jointly with the Reporting Person. Nelson Obus and Joshua Landes, as co-managing members of Wynnefield Capital Management, LLC, have an indirect beneficial ownership interest in the shares of Common Stock that the Reporting Person directly beneficially owns.
(2) (continued from footnote 1) Mr. Obus and Mr. Landes, who maintain offices at the same address as the Reporting Person, are filing this Form jointly with the Reporting Person (see remarks below).
(3) On the date hereof, the Reporting Person has an indirect beneficial ownership interest in 1,000,751 shares of Common Stock, which are directly beneficially owned by Wynnefield Partners Small Cap Value, L.P. I, as members of a group under Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Wynnefield Partners Small Cap Value, L.P. I, which maintains offices at the same address as the Reporting Person, is filing this Form jointly with the Reporting Person.
(4) (continued from footnote 3) Wynnefield Capital Management, LLC, as the sole general partner of Wynnefield Partners Small Cap Value, L.P. I, has an indirect beneficial ownership interest in the shares of Common Stock that Wynnefield Partners Small Cap Value L.P. I directly beneficially owns. Mr. Obus and Mr. Landes, as co-managing members of Wynnefield Capital Management, LLC, have an indirect beneficial ownership interest in the shares of Common Stock that Wynnefield Partners Small Cap Value L.P. I directly beneficially owns.
(5) On the date hereof, the Reporting Person has an indirect beneficial ownership interest in 805,513 shares of Common Stock, which are directly beneficially owned by Wynnefield Small Cap Value Offshore Fund, Ltd., as members of a group under Section 13(d) of the Exchange Act. Wynnefield Small Cap Value Offshore Fund, Ltd., which maintains offices at the same address as the Reporting Person, is filing this Form jointly with the Reporting Person. Wynnefield Capital, Inc. as the sole investment manager of Wynnefield Small Cap Value Offshore Fund, Ltd., has an indirect beneficial ownership interest in the shares of Common Stock that Wynnefield Small Cap Value Offshore Fund, Ltd. directly beneficially owns. Wynnefield Capital, Inc., which maintains offices at the same address as the Reporting Person, is filing this Form jointly with the Reporting Person.
(6) (continued from footnote 5) Mr. Obus and Mr. Landes, as principal executive officers of Wynnefield Capital, Inc., have an indirect beneficial ownership interest in the shares of Common Stock that Wynnefield Small Cap Value Offshore Fund, Ltd. directly beneficially owns.
(7) On the date hereof, the Reporting Person has an indirect beneficial ownership interest in 42,500 shares of Common Stock, which are directly beneficially owned by Channel Partnership II, L.P., as members of a group under Section 13(d) of the Exchange. Channel Partnership II, L.P., which maintains offices at the same address as the Reporting Person, is filing this Form jointly with the Reporting Person. Mr. Obus, as the sole general partner of Channel Partnership II, L.P., has an indirect beneficial ownership interest in the shares of Common Stock that Channel Partnership II, L.P. directly beneficially owns.
(8) On the date hereof, the Reporting Person has an indirect beneficial ownership interest in 35,000 shares of Common Stock, which are directly beneficially owned by Wynnefield Capital, Inc. Profit Sharing Plan, as members of a group under Section 13(d) of the Exchange Act. Wynnefield Capital, Inc. Profit Sharing Plan, which maintains offices at the same address as the Reporting Person, is filing this Form jointly with the Reporting Person. Mr. Obus has the power to vote and dispose of Wynnefield Capital, Inc. Profit Sharing Plan's investments in securities and has an indirect beneficial ownership interest in the shares of Common Stock that Wynnefield Capital, Inc. Profit Sharing Plan directly beneficially owns.
 
Remarks:
Mr. Obus and Mr. Landes disclaim beneficial ownership of the securities described in this statement, except to the extent of
 their individual pecuniary interest in such securities.  The filing of this statement shall not be deemed an admission that
 Mr. Obus and Mr. Landes are, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owner of any
 securities specified in this statement.

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