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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, 1999

                                       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 [X]

The aggregate market value of the registrant's common stock held by
non-affiliates of the registrant as of November 30, 1999, was approximately
$14,025,654 based upon the average bid and asked price for shares of the
registrant's common stock on that date. As of November 30, 1999, there were
1,619,097 shares of the registrant's common stock outstanding, of which
approximately 1,015,432 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, 1999, 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 22, 2000, 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, 1999, 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, 1999, the Corporation made
total investments of $5,697,574 in six new portfolio companies and in follow-on
investments in three 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 2000.

         During fiscal year 1999, the Corporation recorded $5,142,177 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, 1999, 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          56   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            53   Director, Executive Vice President      Director, Executive Vice 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           44   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, 1999 (the "1999 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 1999 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 1999 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
1999 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 1999 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) Reporting
Compliance" of the Corporation's definitive proxy statement in connection with
its 2000 Annual Meeting of Stockholders, scheduled to be held on February 22,
2000 (the "2000 Proxy Statement"). Information in response to this Item also is
included under the caption "Executive Officers of the Registrant" 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 2000 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
2000 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 $811,260 for fiscal year 1999. Incentive fees
under the Investment Advisory Agreements on a consolidated basis amounted to
$1,338,957 for fiscal 1999.

         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 35% of the
issued and outstanding shares. As of November 30, 1999, Zions and the Bank were
the beneficial owners of approximately 455,981 shares of the Corporation's
Common Stock, representing approximately 28.16% 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 1999 Annual Report.

                         Consolidated Balance Sheet at September 30, 1999
                         Consolidated Statement of Operations for the year ended
                                  September 30, 1999
                         Consolidated Statements of Changes in Net Assets for
                                  the years ended September 30, 1999, and
                                  September 30, 1998
                         Consolidated Statement of Cash Flows for the year ended
                                  September 30, 1999
                         Notes to Consolidated Financial Statements
                         Consolidated Schedule of Investments as of
                                  September 30, 1999
                         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 1999 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.

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

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



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

                  13            1999 Annual Report to Stockholders.

                  21            Subsidiary of the Corporation and jurisdiction
                                of incorporation.

                  27            Financial Data Schedule

                  *      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.

(b)      Reports on Form 8-K.

         No Reports on Form 8-K were filed during the three months ended
September 30, 1999.




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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 15, 1999.





                                /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 15, 1999
--------------------------------------------           -----------------
Paul M. Bass, Jr.
Chairman of the Board of Directors


/s/ David R. Schroder                                  December 15, 1999
--------------------------------------------           -----------------
David R. Schroder
Director, President and Secretary


/s/ Robert A. Comey                                    December 15, 1999
--------------------------------------------           -----------------
Robert A. Comey
Director, Executive Vice President
and Treasurer


/s/ Henry T. Madden                                    December 15, 1999
--------------------------------------------           -----------------
Henry T. Madden
Director



/s/ John D. Wolfe                                      December 15, 1999
--------------------------------------------           -----------------
John D. Wolfe
Director



/s/ Michael W. Dunn                                    December 15, 1999
--------------------------------------------           -----------------
Michael W. Dunn
Director



/s/ James L. Miller                                    December 15, 1999
--------------------------------------------           -----------------
James L. Miller
Director



/s/ Todd J. Stevens                                    December 15, 1999
--------------------------------------------           -----------------
Todd J. Stevens
Director



--------------------------------------------           -----------------
Jeri J. Harman
Director




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