SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* AQUAMARINE FUND INC (Last) (First) (Middle) Citco Building Wickhams Cay P.O. Box 662, Road Town (Street) Tortola, B. Virgin Islands D8 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 08/01/2003	3. Issuer Name and Ticker or Trading Symbol EVCI CAREER COLLEGES INC [ EVCI ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of 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

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock(1)	471,698	D
Common Stock	471,698	I	Aquamarine Investment Management Corp.(2)
Common Stock	471,698	I	Aquamarine, LLC(3)
Common Stock	471,698	I	Guy Spier(4)
Common Stock	415,094	I	Tilson Growth Fund, LP(5)
Common Stock	415,094	I	Tilson Capital Partners, LLC(6)
Common Stock	56,604	I	Tilson Offshore Fund, Ltd.(7)
Common Stock	56,604	I	Tilson Offshore Partners, LLC(8)
Common Stock	471,698	I	Whitney Tilson(9)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrants	08/01/2003	08/01/2008	Common Stock	117,925	$2.12	D
Warrants	08/01/2003	08/01/2008	Common Stock	117,925	$2.12	I	Aquamarine Investment Management Corp.(2)
Warrants	08/01/2003	08/01/2008	Common Stock	117,925	$2.12	I	Aquamarine, LLC(3)
Warrants	08/01/2003	08/01/2008	Common Stock	117,925	$2.12	I	Guy Spier(4)
Warrants	08/01/2003	08/01/2008	Common Stock	103,774	$2.12	I	Tilson Growth Fund, LP(5)
Warrants	08/01/2003	08/01/2008	Common Stock	103,774	$2.12	I	Tilson Capital Partners, LLC(6)
Warrants	08/01/2003	08/01/2008	Common Stock	14,151	$2.12	I	Tilson Offshore Fund, Ltd.(7)
Warrants	08/01/2003	08/01/2008	Common Stock	14,151	$2.12	I	Tilson Offshore Partners, LLC(8)
Warrants	08/01/2003	08/01/2008	Common Stock	117,925	$2.12	I	Whitney Tilson(9)

1. Name and Address of Reporting Person* AQUAMARINE FUND INC (Last) (First) (Middle) Citco Building Wickhams Cay P.O. Box 662, Road Town (Street) Tortola, B. Virgin Islands D8 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* TILSON GROWTH FUND LP (Last) (First) (Middle) 1165 FIFTH AVENUE, SUITE 4C (Street) NEW YORK, NY 10029 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. The reporting persons listed below, including Aquamarine Fund, Inc., are filing this form jointly as a group.

2. Aquamarine Investment Management Corp. Citco Building Wickhams Cay P.O. Box 662, Road Town Tortola, British Virgin Islands

3. Aquamarine, LLC 40 West 55th Street, 5A New York, NY 10019

4. Guy Spier 40 West 55th Street, 5A New York, NY 10019

5. Tilson Growth Fund, LP 1165 Fifth Avenue, Suite 4C New York, NY 10029

6. Tilson Capital Partners, LLC 1165 Fifth Avenue, Suite 4C New York, NY 10029

7. Tilson Offshore Fund Ltd. c/o Walkers SPV Ltd. P.O. Box 908 GT Walkers House Mary Street, George Town Cayman Islands

8. Tilson Offshore Partners, LLC 1165 Fifth Avenue, Suite 4C New York, NY 10029

9. Whitney Tilson 1165 Fifth Avenue, Suite 4C New York, NY 10029

Remarks:

The reporting persons listed below, including Aquamarine Fund, Inc., are filing this form jointly as a group.

	Aquamarine Fund, Inc.	08/11/2003
	Aquamarine Investment Management Corp.	08/11/2003
	Aquamarine, LLC	08/11/2003
	Guy Spier	08/11/2003
	Tilson Growth Fund, LP	08/11/2003
	Tilson Capital Partners, LLC	08/11/2003
	Tilson Offshore Fund Ltd	08/11/2003
	Tilson Offshore Partners, LLC	08/11/2003
	Whitney Tilson	08/11/2003
	** Signature of Reporting Person	Date
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