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                U. S. SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                     FORM 3

            INITIAL STATEMENT OF 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(f) of the Investment Company Act of 1940

(Print or Type Responses)
________________________________________________________________________________
1.   Name and Address of Reporting Person*

     Karpus,                        George                      W.
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    (Last)                       (First)                   (Middle)

c/o meVC Draper Fisher Jurvetson Fund I, Inc., 3000 Sand Hill Road,
    Building 1, Suite 155
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                                    (Street)

    Menlo Park                           CA                  94025
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    (City)                            (State)                (Zip)

________________________________________________________________________________
2.  Date of Event Requiring Statement (Month/Day/Year)

    03/06/03
________________________________________________________________________________
3.  I.R.S. Identification Number of Reporting Person, if an entity
    (Voluntary)

________________________________________________________________________________
4.  Issuer Name and Ticker or Trading Symbol

    MEVC DRAPER FISHER JURVETSON FUND I, INC. (MVC)
________________________________________________________________________________
5.  Relationship of Reporting Person to Issuer
    (Check all applicable)

    |X|  Director                             |_|  10% Owner
    |_|  Officer (give title Below)           |_|  Other (Specify below)

     ____________________________________________________________________
________________________________________________________________________________
6.  If Amendment, Date of Original (Month/Day/Year)


________________________________________________________________________________




7.   Individual or Joint/Group Filing  (Check applicable line)

     |X|  Form filed by One Reporting Person

     |_|  Form filed by More than One Reporting Person

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             Table I -- Non-Derivative Securities Beneficially Owned
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                                                                 3. Ownership Form:
                                      2. Amount of Securities       Direct (D) or
1. Title of Security                     Beneficially Owned         Indirect (I)       4. Nature of Indirect Beneficial Ownership
   (Instr. 4)                            (Instr. 4)                 (Instr. 5)            (Instr. 5)
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 Common Stock, $.01 par value
  ("Common Stock")                         6,000                       D
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 Common Stock                            652,981                       I                   (FN1)
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FORM 3 (continued)

Table II -- Derivative Securities Beneficially Owned
            (e.g., puts, calls, warrants, options, convertible securities)

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                                                                                                        5. Owner-
                                                    3. Title and Amount of Securities                      ship
                                                       Underlying Derivative Security                      Form of
                         2. Date Exercisable           (Instr. 4)                                          Derivative
                            and Expiration Date     ---------------------------------    4. Conver-        Security:
                            (Month/Day/Year)                               Amount           sion or        Direct      6. Nature of
                         ----------------------                            or               Exercise       (D) or         Indirect
                         Date       Expira-                                Number           Price of       Indirect       Beneficial
1. Title of Derivative   Exer-      tion                                   of               Derivative     (I)            Ownership
   Security (Instr. 4)   cisable    Date            Title                  Shares           Security       (Instr. 5)     (Instr. 5)
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Reminder: Report on a separate line for each class of securities beneficially
          owned directly or indirectly.

Explanation of Responses:

(FN1)  Represented  by (a) 3,400 shares of Common Stock  ("Shares")  held by The
Karpus Investment Management profit sharing fund ("KIM") and (b) 649,581 Shares
held by clients of KIM. The  Reporting  Person,  as a co-trustee  of KIM, may be
deemed to beneficially own these Shares.


    /s/ George W. Karpus                                       March 17, 2003
---------------------------------------------            -----------------------
      **Signature of Reporting Person                             Date

*    If the Form is filed by more than one Reporting Person, see instruction
     5(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).

Note:  File three copies of this Form, one of which must be manually signed.
       If space provided is insufficient, See Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
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