UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                         PURSUANT TO SECTION 13 OR 15(D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)

                                October 31, 2009

                                    814-00201
                            (Commission File Number)

                                MVC CAPITAL, INC.
                                  (THE "FUND")
             (Exact name of registrant as specified in its charter)

                               DELAWARE, 943346760
      (Jurisdiction of Incorporation) (IRS Employer Identification Number)

                              RIVERVIEW AT PURCHASE
                                287 BOWMAN AVENUE
                                    2ND FLOOR
                               PURCHASE, NY 10577
              (Address of registrant's principal executive office)

                                 (914) 701-0310
                         (Registrant's telephone number)
                     ---------------------------------------

          (FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

/ / Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)

/ / Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)

/ / Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17 CFR 240.14d-2(b))

/ / Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))






ITEM 8.01. OTHER EVENTS.

As part of its regular  quarter-end  review, the Fund's Valuation Committee made
determinations,  consistent  with the Fund's  valuation  procedures and FAS 157,
regarding the fair values of the Fund's  investments,  resulting in an aggregate
net  increase  of  approximately  $32.3  million or $1.33 per  share,  effective
October 31, 2009.  The fair values of the  following  portfolio  companies  were
adjusted: Amersham Corporation,  Custom Alloy Corporation,  MVC Automotive Group
B.V., MVC Partners, LLC, Ohio Medical Corporation, Security Holdings, B.V., SGDA
Sanierungsgesellschaft  fur Deponien und Altlasten  GmbH,  Summit Research Labs,
Inc.,  U.S.  Gas  &  Electric,   Inc.,  Vendio  Services,   Inc.,  and  Vitality
Foodservice, Inc.

The foregoing increase takes into account a substantial upward adjustment to the
fair valuation of the Fund's investment in U.S. Gas & Electric,  Inc. ("USG&E"),
one of the Fund's  portfolio  companies.  This adjustment was based upon,  among
other things:  (i) USG&E's  materially  improved  financing  options,  (ii) cost
savings  and  other  tangible  operational   improvements   resulting  from  the
integration of its recent purchase of Energy Service  Providers,  Inc. ("ESPI"),
(iii) USG&E's  continued  strong income growth,  as well as a rapidly  expanding
customer base, and (iv) increased market multiples for comparable companies.

The Fund's net asset value as of October 31,  2009 is  approximately  $17.47 per
share.






                                   SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.



MVC CAPITAL, INC.


By: /s/ Michael Tokarz
    ------------------
        Michael Tokarz
        Chairman



Dated November 2, 2009