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* ATLAS MANAGEMENT PARTNERS LLC (Last) (First) (Middle) ONE SOUTH MAIN STREET STE 1660 (Street) SALT LAKE CITY UT 84133 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 07/30/2003	3. Issuer Name and Ticker or Trading Symbol MACC PRIVATE EQUITIES INC [ MACC ]
		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) 08/11/2003
			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	95,219(1)	D

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

1. Name and Address of Reporting Person* ATLAS MANAGEMENT PARTNERS LLC (Last) (First) (Middle) ONE SOUTH MAIN STREET STE 1660 (Street) SALT LAKE CITY UT 84133 (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* MADSEN ROBERT (Last) (First) (Middle) ONE SOUTH MAIN STREET SUITE 1660 (Street) SALT LAKE CITY UT 84133 (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* MADSEN KENT (Last) (First) (Middle) ONE SOUTH MAIN STREET SUITE 1660 (Street) SALT LAKE CITY UT 84133 (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. These securities are owned solely by Robert Madsen, who is a member of a "group" with Atlas Management Partners, LLC and Kent Madsen for purposes of Section 13(d) of the Exchange Act. This amendment is being filed to (i) correct the number of shares that was inadvertently incorrectly reported on the Form 3 and (ii) indicate that the Form 3 is a Group Filing, not an Individual Filing.

Remarks:

See Exhibit 99 - Joint Filer Information

	Kent Madsen, Manager of Atlas Management Partners, LLC, a Utah limited liability company.	10/07/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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