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)          July 8, 2003
                                                --------------------------------


                          Capital Southwest Corporation
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             (Exact name of registrant as specified in its charter)


          Texas                       811-1056                75-1072796
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(State or other jurisdiction        (Commission              (IRS Employer
      of incorporation)             File Number)           Identification No.)


 12900 Preston Road, Suite 700, Dallas, Texas                    75230
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   (Address of principal executive offices)                    (Zip Code)


Registrant's telephone number, including area code       (972) 233-8242
                                                   -----------------------------








Item 5.  Other Events


Capital  Southwest  Corporation  is sorry to  announce  that James M.  Nolan,  a
director of the Company since 1980, passed away on June 30, 2003. A new director
has not been named to fill this position.



                                   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.



                                                   Capital Southwest Corporation
                                                   -----------------------------
                                                           (Registrant)



Date:  July 8, 2003                           By:  /s/ Susan K. Hodgson
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                                                   Susan K. Hodgson
                                                   Secretary - Treasurer