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

                                    FORM 10-K

[X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934 FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2001

                                       OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

                           COMMISSION FILE NO. 0-24412

                           MACC PRIVATE EQUITIES INC.
               (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)

                     Delaware                           42-1421406
           (State or Other Jurisdiction              (I.R.S. Employer
                 of Incorporation)                  Identification No.

         101 Second Street, S.E., Ste. 800                 52401
         Cedar Rapids, Iowa                             (Zip Code)

                          Registrant's Telephone Number
                       Including Area Code: (319) 363-8249

           Securities Registered Pursuant to Section 12(b) of the Act:

                                                 Name of Each Exchange
           Title of Each Class                   On Which Registered
           -------------------                   -------------------
                 None                                    None

           Securities Registered Pursuant to Section 12(g) of the Act:
                          Common Stock, $.01 par value

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days. YES  X   NO
                                       ---

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K [  ]

The aggregate market value of the registrant's common stock held by
non-affiliates of the registrant as of November 30, 2001, was approximately
$7,909,637 based upon the average bid and asked price for shares of the
registrant's common stock on that date. As of November 30, 2001, there were
2,329,255 shares of the registrant's common stock outstanding, of which
approximately 1,307,378 shares were held by non-affiliates.

                       DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant's Annual Report to Stockholders for the year ended
September 30, 2001, are incorporated by reference into Parts II and IV of this
Report. Portions of the registrant's definitive Proxy Statement for the Annual
Meeting of Stockholders to be held on February 26, 2002, are incorporated by
reference into Part III of this Report.

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                                     PART I

ITEM 1.  BUSINESS.

     GENERAL

     MACC Private Equities Inc. (the "Corporation") was formed as a Delaware
corporation on March 3, 1994. It is qualified as a business development company
("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act").

     The Corporation has one direct wholly-owned subsidiary, MorAmerica Capital
Corporation ("MorAmerica Capital"). As of September 30, 2001, MorAmerica Capital
comprised approximately 99% of the Corporation's assets. MorAmerica Capital is
an Iowa corporation incorporated in 1959 and which has been licensed as a small
business investment company since that year. It has also elected treatment as a
BDC under the 1940 Act.


     THE CORPORATION'S OPERATION AS A BDC

     As noted above, both the Corporation and its wholly-owned subsidiary,
MorAmerica Capital, have elected treatment as BDCs under the 1940 Act. Under the
1940 Act, a BDC may not acquire any asset other than Qualifying Assets as
defined under the 1940 Act, unless, at the time the acquisition is made,
Qualifying Assets represent at least 70 percent of the value of the BDC's total
assets. The principal categories of Qualifying Assets relevant to the business
of the Corporation are the following:

     (1)  Securities purchased in transactions not involving any public offering
          from the issuer of such securities, which issuer is an eligible
          portfolio company. An eligible portfolio company is defined in the
          1940 Act as any issuer that:

          (a)  is organized under the laws of, and has its principal place of
               business in, the United States;

          (b)  is not an investment company; and

          (c)  does not have any class of securities with respect to which a
               broker may extend margin credit.

          The Corporation's investment in all of the issued and outstanding
          common stock of MorAmerica Capital is also a Qualifying Asset under
          the 1940 Act.

     (2)  Cash, cash items, government securities, or high quality debt
          securities maturing in one year or less from the time of investment.

     In addition, a BDC must have been organized (and have its principal place
of business) in the United States for the purpose of making investments in the
types of securities described in (1)


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above and, in order to count the securities as Qualifying Assets for the purpose
of the 70 percent test, the BDC must make available to the issuers of the
securities significant managerial assistance. Making available significant
managerial assistance means, among other things, any arrangement whereby the
BDC, through its directors, officers or employees offers to provide, and, if
accepted, does so provide, significant guidance and counsel concerning the
management, operations or business objectives and policies of a portfolio
company.

     Under the 1940 Act, once a company has elected to be regulated as a BDC, it
may not change the nature of its business so as to cease to be, or withdraw its
election as, a BDC unless authorized by vote of a majority, as defined in the
1940 Act, of the company's shares. In order to maintain their status as BDCs,
the Corporation and MorAmerica Capital each must have at least 50% of their
total assets invested in the types of portfolio companies described by Sections
55(a)(1) though 55(a)(3) of the 1940 Act. Accordingly, the Corporation and
MorAmerica Capital may not withdraw their BDC elections or otherwise change
their business so as to cease to qualify as BDCs without shareholder approval.


     INVESTMENTS AND DIVESTITURES

     For the fiscal year ended September 30, 2001, the Corporation made total
investments of $6,918,993 in 4 new portfolio companies and in follow-on
investments in 11 existing portfolio companies. The Corporation's
investment-level objectives on a consolidated basis call for new and follow-on
investments of approximately $11,000,000 during fiscal year 2002.

     During fiscal year 2001, the Corporation recorded $3,168,350 in net
realized gains.


ITEM 2.  PROPERTIES.

     The Corporation does not own or lease any properties or other tangible
assets. Its business premises and equipment are furnished by InvestAmerica
Investment Advisors, Inc. (the "Investment Advisor"), the investment advisor to
the Corporation.


ITEM 3.  LEGAL PROCEEDINGS.

     There are no items to report.


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     There are no items to report.


     EXECUTIVE OFFICERS OF THE REGISTRANT.

     The following table sets forth the names, ages and positions of the
Corporation's Executive Officers as of December 15, 2001, as well as certain
other information with respect to such persons:


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<TABLE>
<CAPTION>
                               Positions Currently Held           Principal Occupations
Name                  Age        with the Corporation          During the Past Five Years
----                  ---        --------------------          --------------------------
<S>                   <C>      <C>                             <C>
David R. Schroder     58       Director, President and         Director, President and Secretary
                               Secretary                       of the Investment Advisor;
                                                               MorAmerica Capital; InvestAmerica
                                                               Venture Group, Inc.; InvestAmerica
                                                               N.D. Management, Inc.; and
                                                               InvestAmerica N.D., L.L.C.

Robert A. Comey       55       Director, Executive Vice        Director, Executive Vice President
                               President and Treasurer         and Treasurer of MorAmerica
                                                               Capital, the Investment Advisor,
                                                               InvestAmerica Venture Group, Inc.;
                                                               InvestAmerica N.D. Management, Inc.
                                                               and InvestAmerica N.D., L.L.C.

Kevin F. Mullane      46       Senior Vice President           Senior Vice President of MorAmerica
                                                               Capital; Senior Vice President and
                                                               Director of the Investment Advisor;
                                                               InvestAmerica Venture Group, Inc.;
                                                               InvestAmerica N.D. Management,
                                                               Inc.; and InvestAmerica N.D., L.L.C.
</TABLE>


                                     PART II


ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

     Information in response to this Item is incorporated by reference to the
"Shareholder Information" section of the Corporation's Annual Report to
Shareholders for the fiscal year ended September 30, 2001 (the "2001 Annual
Report").


ITEM 6.  SELECTED FINANCIAL DATA.

     Information in response to this Item is incorporated by reference to the
"Selected Financial Data" section of the 2001 Annual Report.


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ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS.

     Information in response to this Item is incorporated by reference to the
"Management's Discussion and Analysis" section of the 2001 Annual Report.


ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     Information in response to this Item is incorporated by reference to the
"Quantitative and Qualitative Disclosures About Market Risk" section of the 2001
Annual Report.


ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

     Information in response to this Item is incorporated by reference to the
Consolidated Financial Statements, notes thereto and report therein contained in
the 2001 Annual Report.


ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE.

     There are no items to report.


                                    PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

     Information in response to this Item is incorporated by reference to the
identification of directors and nominees contained in the "Election of
Directors" section and the subsection captioned "Section 16(a) Beneficial
Ownership Reporting Compliance" of the Corporation's definitive proxy statement
in connection with its 2002 Annual Meeting of Stockholders, scheduled to be held
on February 26, 2002 (the "2002 Proxy Statement"). Information in response to
this Item also is included under the caption "Executive Officers of the
Registrant" in Part I of this Report.


ITEM 11. EXECUTIVE COMPENSATION.

     Information in response to this Item is incorporated by reference to the
subsection captioned "Compensation of Directors and Executive Officers" of the
2002 Proxy Statement.


ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

     Information in response to this Item is incorporated by reference to the
subsection captioned "Stock Ownership of Certain Beneficial Owners" of the 2002
Proxy Statement.


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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

     The Corporation and MorAmerica Capital each have executed an Investment
Advisory Agreement with the Investment Advisor. With respect to the Corporation,
the Investment Advisory Agreement provides for a management fee payable to the
Investment Advisor equal to 2.5% of Assets Under Management (as that term is
defined in the Investment Advisory Agreement). With respect to MorAmerica
Capital, the management fee is equal to 2.5% of Capital Under Management (as
that term is defined in the Investment Advisory Agreement), not to exceed 2.5%
of Assets Under Management or 7.5% of Regulatory Capital. In addition, the
Investment Advisor is entitled to an incentive fee under both of the Investment
Advisory Agreements equal to 13.4% of the net capital gains, before taxes, on
portfolio investments and from the disposition of other assets or property
managed by the Investment Advisor.

     Management fees under the Investment Advisory Agreements on a consolidated
basis amounted to $1,064,571 for fiscal year 2001. Incentive fees under the
Investment Advisory Agreements on a consolidated basis amounted to $110 for
fiscal year 2001.

     The Investment Advisor is owned by its three principal officers and
directors, all of whom are also officers and/or directors of the Corporation.
These individuals and their positions held with the Investment Advisor are:

               Name                          Offices
               ----                          -------

         David R. Schroder     Director, President and Secretary

         Robert A. Comey       Director, Executive Vice President, and
                               Treasurer

         Kevin F. Mullane      Director and Senior Vice President

     Under the Agreement dated May 13, 1996 (the "Agreement"), between the
Corporation, Zions Bancorporation ("Zions") and Zions First National Bank (the
"Bank"), as amended, Zions and the Bank are permitted to increase their
collective ownership of the Corporation's common stock to up to 40% of the
issued and outstanding shares. As of November 30, 2001, Zions and the Bank were
the beneficial owners of approximately 802,641 shares of the Corporation's
Common Stock, representing approximately 34.46% of the outstanding shares.



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                                     PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.

(a)  Documents filed as part of this Report:

     1.   A.   The following financial statements are incorporated by reference
               to the 2001 Annual Report.

               Consolidated Balance Sheet at September 30, 2001
               Consolidated Statement of Operations for the year ended
                    September 30, 2001
               Consolidated Statements of Changes in Net Assets for the years
                    ended September 30, 2001 and September 30, 2000
               Consolidated Statement of Cash Flows for the year ended
                    September 30, 2001
               Notes to Consolidated Financial Statements
               Consolidated Schedule of Investments as of  September 30, 2001
               Notes to the Consolidated Schedule of Investments

          B.   The Report of Independent Accountants with respect to the
               financial statements listed in A. above is incorporated by
               reference to the 2001 Annual Report.

     2.   No financial statement schedules of the Corporation are filed herewith
          because (i) such schedules are not required or (ii) the information
          required has been presented in the aforementioned financial statements
          and schedule of investments.

     3.   The following exhibits are filed herewith or incorporated by reference
          as set forth below:

          3.1*           Certificate of Incorporation of the Corporation.

          3.2**          By-Laws of the Corporation.

          4.             See Exhibits 3.1 and 3.2.

          10.1**         Investment Advisory Agreement between the Corporation
                         and InvestAmerica Investment Advisors, Inc., dated
                         March 1, 1998.

          10.1.a.        First Amendment to Investment Advisory Agreement
                         between the Corporation and InvestAmerica Investment
                         Advisors, Inc., dated February 22, 2000.

          10.1.b.        Second Amendment to Investment Advisory Agreement
                         between the Corporation and InvestAmerica Investment
                         Advisors, Inc., dated February 27, 2001.


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          10.2***        Investment Advisory Agreement between MorAmerica
                         Capital Corporation and InvestAmerica Investment
                         Advisors, Inc., dated March 1, 1999.

          10.2.a.        First Amendment to Investment Advisory Agreement
                         between MorAmerica Capital Corporation and
                         InvestAmerica Investment Advisors, Inc., dated February
                         27, 2001.

          10.3.a.****    Agreement between the Corporation and Zions
                         Bancorporation, dated May 13, 1996.

          10.3.b.**      First Amendment to Agreement between the Corporation,
                         Zions Bancorporation and Zions First National Bank,
                         dated April 29, 1998

          10.3.c.*****   Second Amendment to Agreement between the Corporation,
                         Zions Bancorporation and Zions First National Bank,
                         dated February 27, 2001

          13             2001 Annual Report to Stockholders.

          21             Subsidiary of the Corporation and jurisdiction of
                         incorporation.

          *      Incorporated by reference to the Corporation's Quarterly Report
                 on Form 10-Q for the quarterly period ended March 31, 1997, as
                 filed with the Commission on May 14, 1997.

          **     Incorporated by reference to the Corporation's Annual Report on
                 Form 10-K for the year ended September 30, 1998, as filed with
                 the Commission on December 29, 1998.

          ***    Incorporated by reference to the Corporation's Quarterly Report
                 on Form 10-Q for the three months ended March 31, 1999, as
                 filed with the Commission on May 12, 1999.

          ****   Incorporated by reference to the Corporation's Current Report
                 on Form 8-K, dated May 13, 1996, filed with the Commission on
                 May 13, 1996.

          *****  Incorporated by reference to the Corporation's Quarterly Report
                 on Form 10-Q for the three months ended March 31, 2001, as
                 filed with the Commission on May 14, 2001.

(b)  Reports on Form 8-K.

     No Reports on Form 8-K were filed during the three months ended September
30, 2001.


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                                   SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized on December 28, 2001.




                                             /s/ David R. Schroder
                                             -----------------------------------
                                             David R. Schroder
                                             President and Secretary





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     Pursuant to the requirements of the Securities Exchange Act of 1934, this
Report has been signed below by the following persons on behalf of the
Registrant in the capacities and on the dates indicated.

             Signature                              Date
             ---------                              ----

/s/ Paul M. Bass, Jr.                               December 28, 2001
----------------------------------           ------------------------
Paul M. Bass, Jr.
Chairman of the Board of Directors


/s/ David R. Schroder                               December 28, 2001
----------------------------------           ------------------------
David R. Schroder
Director, President and Secretary


/s/ Robert A. Comey                                 December 28, 2001
----------------------------------           ------------------------
Robert A. Comey
Director, Executive Vice President
and Treasurer


/s/ Henry T. Madden                                 December 28, 2001
----------------------------------           ------------------------
Henry T. Madden
Director


/s/ John D. Wolfe                                   December 28, 2001
----------------------------------           ------------------------
John D. Wolfe
Director


/s/ Michael W. Dunn                                 December 28, 2001
----------------------------------           ------------------------
Michael W. Dunn
Director


/s/ Gordon J. Roth                                  December 28, 2001
----------------------------------           ------------------------
Gordon J. Roth
Director


/s/ Todd J. Stevens                                 December 28, 2001
----------------------------------           ------------------------
Todd J. Stevens
Director

/s/ Jeri J. Harman                                  December 28, 2001
----------------------------------           ------------------------
Jeri J. Harman
Director


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