SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
(Amendment No. 13)
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)
June 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 6 pages)
There is one attached exhibit.
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
a) 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.
b) Although originally purchased for investment purposes only, the
Board?s delay in informing Fund Shareholders of their decision relative to
conducting the tender offer proposed on the last Fund proxy, prompted us
to send the attached letter to the Fund Directors (See Exhibit One).
ITEM 5 Interest in Securities of the Issuer
A) As of the date of this Report, KIM owns 697,866 shares,
which represents 4.23% of the outstanding Shares. Karpus Investment
Management Profit Sharing Plan presently owns 3450 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), and August 29 at $7.86 (100
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
4/1/2003
150
8.02
5/1/2003
900
7.88
4/3/2003
300
8.1
5/2/2003
1150
7.9
4/7/2003
400
8.13
5/5/2003
800
7.92
4/8/2003
2950
8.12
5/6/2003
1200
7.93
4/15/2003
650
8.06
5/8/2003
1500
7.94
4/17/2003
450
8.05
5/8/2003
450
7.91
4/21/2003
500
8.05
5/13/2003
300
7.91
4/22/2003
400
8.1
5/14/2003
1000
7.92
4/24/2003
400
7.82
5/19/2003
250
7.94
5/20/2003
400
7.94
5/21/2003
3750
8.02
5/22/2003
-600
8.04
5/29/2003
800
8.01
5/30/2003
1250
7.98
* The 1,500 shares from May 8 were delivered into our firm.
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.
June 9, 2003 By:________________________
Date Signature
Scott D. Nasca, Corporate Vice President
Name/Title
EXHIBIT ONE
Letter Sent to Directors on April 10
April 10, 2003
Board of Directors of MVC Capital
666 5th Avenue, 8th Floor
New York, NY 10103
Mr. Robert Knapp
Mr. Gerald Hellerman
Mr. Bruce W. Shewmaker
Mr .George W. Karpus
Mr. Emilio A. Dominianni
Mr .Robert S. Everett
Mr. Terry Feeney
Gentlemen,
Congratulations on your victory in obtaining the Board of Director for
MVC Capital. Your hard work and dedication to look out for the best
interests of all shareholders is commended.
I know there are many challenges ahead for the directors of the Fund.
Evaluating the holdings and deciding on an investment manger are important
steps that have to be completed.
As you address the many needs of MVC, we at Karpus Investment Management
hope that you will listen to the resounding declaration of the shareholders and
institute the tender offer proposal that was overwhelmingly passed at the last
meeting. By instituting this tender offer, the board will send a positive
signal to the investing community that it is looking for ways to generate
the best results for the shareholders of the fund. It is our hope that as you
make decisions concerning the direction of this fund, a tender offer be
included as well.
Sincerely,
Scott Nasca
Corporate VP and
Director of Equity Investments