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|   | R | ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|---|--------------------------------------------------------------------------------|

|   | £ | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|--------|------------------------------------------------------------------------------------|

| Delaware                                                       |   | 45-6510799                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification No.) |

| 24040 Camino Del Avion #A307Monarch Beach, California |   | 92629      |
|-------------------------------------------------------|--------|------------|
| (Address of principal executive offices)              |   | (Zip Code) |

| Registrant’s telephone number (402) 964-5000 |
|----------------------------------------------------|

|   | Large accelerated filer  ☐           |  Accelerated filer  £         |   |
|--------|-------------------------------------------------|----------------------------------------------|--------|
|   | Non-accelerated filer    ☑ |  Smaller reporting Company  £ |   |
|   | (Do not check if a smaller reporting company)   |                                         |   |

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|     | Part I                                                                                                             | Page   |
|----------|--------------------------------------------------------------------------------------------------------------------|--------|
|     |                                                                                                               |   |
| Item 1.  | Business                                                                                                           | 3      |
|     |                                                                                                               |   |
| Item 1A. | Risk Factors                                                                                                       | 4      |
|     |                                                                                                               |   |
| Item 1B. | Unresolved Staff Comments                                                                                          | 4      |
|     |                                                                                                               |   |
| Item 2.  | Properties                                                                                                         | 4      |
|     |                                                                                                               |   |
| Item 3.  | Legal Proceedings                                                                                                  | 4      |
|     |                                                                                                               |   |
| Item 4.  | Mine Safety Disclosures                                                                                            | 5      |
|     |                                                                                                               |   |
|     | Part II                                                                                                            |   |
|     |                                                                                                               |   |
| Item 5.  | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 5      |
|     |                                                                                                               |   |
| Item 6.  | Selected Financial Data                                                                                            | 5      |
|     |                                                                                                               |   |
| Item 7.  | Management’s Discussion and Analysis of Financial Conditions and Results of Operation                        | 5      |
|     |                                                                                                               |   |
| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk                                                         | 5      |
|     |                                                                                                               |   |
| Item 8.  | Financial Statements and Supplementary Data                                                                        | 6      |
|     |                                                                                                               |   |
| Item 9.  | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                               | 11     |
|     |                                                                                                               |   |
| Item 9A. | Controls and Procedures                                                                                            | 11     |
|     |                                                                                                               |   |
| Item 9B. | Other Information                                                                                                  | 11     |
|     |                                                                                                               |   |
|     | Part III                                                                                                           |   |
|     |                                                                                                               |   |
| Item 10. | Directors, Executive Officers and Corporate Governance                                                             | 12     |
|     |                                                                                                               |   |
| Item 11. | Executive Compensation                                                                                             | 12     |
|     |                                                                                                               |   |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management                                                     | 12     |
|     |                                                                                                               |   |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence                                          | 12     |
|     |                                                                                                               |   |
| Item 14. | Principal Accountant Fees and Services                                                                             | 12     |
|     |                                                                                                               |   |
|     | Part IV                                                                                                            |   |
|     |                                                                                                               |   |
| Item 15. | Exhibits and Financial Statement Schedules                                                                         | 12     |

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Table of Contents

| Item 1. | Business. |
|---------|-----------|

|   | 1. | the complete liquidation and dissolution of MACC and the transfer of all of MACC’s assets and certain liabilities to a liquidating trust established for the sole purpose of distributing MACC's assets to the Shareholders (the “Liquidation”); and |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | the withdrawal of MACC’s election to be regulated as a business development company under the Investment Company Act of 1940, as amended (the “1940 Act”). |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ☐ | Following the end of each calendar year, the Trust will mail to each registered unit holder the appropriate Internal Revenue Service form to report the unit holder’s pro rata share of each item of income, gain and loss of the Trust for the preceding calendar year. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ☐ | The Trust will file reports with the SEC under Form 8-K respecting any material events impacting the Trust investment portfolio, such as material sales of portfolio securities. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ☐ | The Trust will file an annual report with the SEC respecting the Trust’s activities, including unaudited financials, with the SEC following the end of each calendar year. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ☐ | All items filed with the SEC may be found on the SEC’s web site (www.sec.gov) by reviewing filings for MACC PEI Liquidating Trust. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

| Item 1A. | Risk Factors. |
|----------|---------------|

| Item 1B. | Unresolved Staff Comments. |
|----------|----------------------------|

| Item 2. | Properties. |
|---------|-------------|

| Item 3. | Legal Proceedings. |
|---------|--------------------|

| Item 4. | Mine Safety Disclosures. |
|---------|--------------------------|

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Table of Contents

| Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. |
|---------|---------------------------------------------------------------------------------------------------------------------|

| Item 6. | Selected Financial Data. |
|---------|--------------------------|

| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operation. |
|---------|---------------------------------------------------------------------------------------------|

| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk. |
|----------|-------------------------------------------------------------|

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Table of Contents

| Item 8. | Financial Statements and Supplementary Data. |
|---------|----------------------------------------------|

|                                    |   | December 31, 2014 |      |   | December 31, 2013 |   |
|-----------------------------------------|--------|-------------------|-----------|--------|-------------------|--------|
| ASSETS                                  |   |                   |      |   |                   |   |
| Current Assets                          |   |                   |      |   |                   |   |
| Total Cash                              |   | $                 | 1,526,436 |   |              | $      | 393,003 |   |
| Other Current Assets                    |   |              |      |   |              |   |   |   |
| Escrowed Holdbacks                      |   |              | 152,216   |   |              |   | 340,831 |   |
| Prepaid Expenses                        |   |              | 16,500    |   |              |   | 16,500 |   |
| Total Current Assets                    |   |              | 1,695,152 |   |              |   | 750,334 |   |
|                                    |   |              |      |   |              |   |   |   |
| OtherAssets                             |   |              |      |   |              |   |   |   |
| Total Portfolio Company Debt Securities |   |              | -         |   |              |   | 482,965 |   |
| Total Equity in Portfolio Companies     |   |              | 287,310   |   |              |   | 532,888 |   |
| Total Loans to Portfolio Companies      |   |              | 143,000   |   |              |   | 75,339 |   |
| Total Other Assets                      |   |              | 430,310   |   |              |   | 1,091,192 |   |
|                                    |   |              |      |   |              |   |   |   |
| Total Assets                            |   |              | 2,125,462 |   |              |   | 1,841,526 |   |
|                                    |   |              |      |   |              |   |   |   |
| LIABILITIES                             |   |              |      |   |              |   |   |   |
| Current Liabilities                     |   |              |      |   |              |   |   |   |
| Accounts Payable                        |   |              | 13,500    |   |              |   | 13,500 |   |
| Accrued Expenses                        |   |              | -         |   |              |   | - |   |
| Total Current Liabilities               |   |              | 13,500    |   |              |   | 13,500 |   |
|                                    |   |              |      |   |              |   |   |   |
| Total Liabilities                       |   |              | 13,500    |   |              |   | 13,500 |   |
|                                    |   |              |      |   |              |   |   |   |
| Net Assets In Liquidation               |   | $                 | 2,111,962 |   |              | $      | 1,828,026 |   |

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Table of Contents

|                                     |   |   |   |   | Twelve Months EndedDecember 31, 2014 |    |
|------------------------------------------|--------|--------|--------|--------|--------------------------------------|---------|
|                                     |   |        |   |   |                                      |    |
| INCOME                                   |   |        |   |   |                                      |    |
| Dividends – Portfolio Companies    |   |        |   |   | $                                    | 39,315  |   |
| Gain on Sale of Assets                   |   |        |   |   |                                 | 287,700 |   |
| Interest Income from Portfolio Companies |   |   |   | 54,715 |                                 |
| Interest on Money Market Accounts        |   |        |   |   |                                 | 1,425   |   |
| Total Income                             |   |        |   |   |                                 | 383,155 |   |
|                                     |   |        |   |   |                                 |    |   |
| EXPENSE                                  |   |        |   |   |                                 |    |   |
| Insurance Expense                        |   |   |   |   |                                 |    | 22,000 |   |
| Banks Service Charges                    |   |   |   |   |                                 |    | 76 |   |
| Postage & Delivery                   |   |   |        |   |                                 |    | 511 |   |
|                                     |   |   |   |   |                                 |    |   |   |
| Professional Services                    |   |   |   |   |                                 |    |   |   |
| Accounting Services                      |   |   |   |   |                                 |    | 2,500 |   |
| Legal Services                           |   |   |   |   |                                 |    | 26,863 |   |
| Portfolio Management                     |   |   |   |   |                                 |    | 17,980 |   |
| Resident Trustee Services                |   |   |   |   |                                 |    | 2,500 |   |
| Total Professional Services              |   |   |   |   |                                 |    | 49,843 |   |
|                                     |   |   |   |   |                                 |    |   |   |
| Transfer Agent                           |   |   |   |   |                                 |    | 22,797 |   |
| Trustee Services                         |   |   |   |   |                                 |    | 3,990 |   |
| Total Expense                            |   |   |   |   |                                 |    | 99,218 |   |
|                                     |   |   |   |   |                                 |    |   |   |
| Net Income                               |   |   |   |   |                                 | $       | 283,938 |   |

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Table of Contents

| (1) | PURPOSE OF THE LIQUIDATING TRUST |
|-----|----------------------------------|

|   | 1. | the complete liquidation and dissolution of MACC and the transfer of all of MACC’s assets and certain liabilities to a liquidating trust established for the sole purpose of distributing MACC's assets to the Shareholders (the “Liquidation”); and |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | the withdrawal of MACC’s election to be regulated as a business development company under the Investment Company Act of 1940, as amended (the “1940 Act”). |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|-----|--------------------------------------------|

|  | (a) | Basis of Presentation |
|--|-----|-----------------------|

|  | (b) | Cash |
|--|-----|------|

|  | (c) | Income Taxes |
|--|-----|--------------|

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Table of Contents

|  (3) | INVESTMENTS |
|-----------|-------------|

| Company                         | Security                               |   | Value  |    |
|---------------------------------|----------------------------------------|--------|--------|---------|
| Detroit Tool Metal Products Co. | Sale Escrow Holdbacks                  |   | $      | 152,216 |   |
|                            |                                   |   |   |    |   |
| SMWC Acquisition Co., Inc.      | 12% debt security, due October 1, 2014 |   |   | 143,000 |   |
|                            |                                   |   |   |    |   |
|                            |                                   |   |   |    |   |
| Portrait Display Labs, Inc.     | 637,292 shares Series B Preferred      |   |   | 287,310 |   |
|                            |                                   |   |   |    |   |
|                            |                                   |   |   |    |   |
| Total Investments               |                                   |   | $      | 582,526 |   |

| (4) | MANAGEMENT AGREEMENTS |
|-----|-----------------------|

| (5) | COMMITMENTS AND CONTINGENCIES |
|-----|-------------------------------|

| (6) | SUBSEQUENT EVENTS |
|-----|-------------------|

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Table of Contents

| (7) | TAX INFORMATION FOR TRUST UNIT HOLDERS |
|-----|----------------------------------------|

| Income                                      |   | Total  |    |   | Per Unit |   |
|---------------------------------------------|--------|--------|---------|--------|----------|--------|
| Interest Income                             |   | $      | 56,140  |   |     | $      | 0.022778 |   |
| Gain On Sale of Investments                 |   |   | 287,700 |   |     | $      | 0.116732 |   |
| Dividend Income                             |   |   |    |   |     |   |   |   |
| Ordinary Dividends                          |   |   |    |   |     |   |   |   |
| Qualifying Dividends                        |   |   | 39,315  |   |     | $      | 0.015952 |   |
| Deductions                                  |   |   |    |   |     |   |   |   |
| Interest Expense                            |   |   | -       |   |     | $      | 0.000000 |   |
| Trustee Services                            |   |   | 3,990   |   |     | $      | 0.001619 |   |
| Misc Deductions Subject to Floor Limitation |   |   |    |   |     |   |   |   |
| Insurance                                   |   |   | 22,000  |   |     | $      | 0.008926 |   |
| Postage and Delivery                        |   |   | 511     |   |     | $      | 0.000234 |   |
| Miscellaneous Expenses                      |   |   | 22,873  |   |     | $      | 0.009281 |   |
| Legal and Professional Fees                 |   |   | 49,843  |   |     | $      | 0.020223 |   |

| (8) | SUMMARY OF PORTFOLIO CHANGES DURING THE PERIOD |
|-----|------------------------------------------------|

| Portfolio Company               |   |  12/31/13 Value |      |   |  Payments |   |       |  RealizedGain(Loss) |   | UnrealizedAppreciation / (Depreciation) |    |  12/31/14 Value |    |
|---------------------------------|--------|----------------------|-----------|--------|----------------|--------|------------|--------------------------|--------|-----------------------------------------|---------|----------------------|---------|
|                            |   |                      |      |   |                |   |       |                          |   |                                    |    |                      |    |
| SMWC Acquisition Corp           |   | $                    | 447,694   |   |           |   | (304,694   | )                        |   |                                    | -       |                 |    |   | $ | 143,000 |   |
| Detroit Tool Metal Products Co. |   |                 | 340,831   |   |           |   | (188,615   | )                        |   |                                    | -       |                 |    |   |   | 152,216 |   |
| Portrait Displays, Inc.         |   |                 | 305,194   |   |           |   | (17,884    | )                        |   |                                    |    |                 |    |   |   | 287,310 |   |
| Superior Holding, Inc.          |   |                 | 338,304   |   |           |   | (626,004   | )                        |   |                                    | 287,700 |                 |    |   |   | - |   |
|                            |   |                 |      |   |           |   |       |                     |   |                                    |    |                 |    |   |   |   |   |
|                            |   |                 |      |   |           |   |       |                     |   |                                    |    |                 |    |   |   |   |   |
| Totals                          |   | $                    | 1,432,023 |   |           |   | (1,137,197 | )                        |   |                                    | 287,700 |                 |  - |   | $ | 582,526 |   |

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Table of Contents

| Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. |
|---------|---------------------------------------------------------------------------------------|

| Item 9A. | Controls and Procedures. |
|----------|--------------------------|

|  | (a) | Evaluation of Disclosure Controls and Procedures |
|--|-----|--------------------------------------------------|

|  | (b) | Management’s Report on Internal Control Over Financial Reporting |
|--|-----|------------------------------------------------------------------------|

|  | (c) | Changes in Internal Control over Financial Reporting |
|--|-----|------------------------------------------------------|

| Item 9B. | Other Information. |
|----------|--------------------|

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Table of Contents

| Item 10. | Directors, Executive Officers and Corporate Governance |
|----------|--------------------------------------------------------|

| Item 11. | Executive Compensation. |
|----------|-------------------------|

| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. |
|----------|-------------------------------------------------------------------------------------------------|

| Item 13. | Certain Relationships and Related Transactions, and Director Independence. |
|----------|----------------------------------------------------------------------------|

| Item 14. | Principal Accounting Fees and Services. |
|----------|-----------------------------------------|

| Item 15. | Exhibits and Financial Statement Schedules. |
|----------|---------------------------------------------|

| (a) | Documents filed as part of this Report: |
|-----|-----------------------------------------|

|  | (1) | Statement of Net Assets for the year ended December 31, 2014Statements of Changes in Net Assets for the year ended December 31, 2014Notes to Financial Statements |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

|  | (2) | No financial statement schedules of the Trust 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: |
|--|-----|--------------------------------------------------------------------------------------------|

|  | 31.1 | Section 302 Certification of Kevin J. Gadawski, (President of Managing Trustee). |
|--|------|----------------------------------------------------------------------------------|

|  | 32.1 | Section 906 Certification of Kevin J. Gadawski (President of Managing Trustee). |
|--|------|---------------------------------------------------------------------------------|

| (b) | Exhibits |
|-----|----------|

| (c) | Financial Statement Schedules |
|-----|-------------------------------|

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Table of Contents

|   | MACC PEI LIQUIDATING TRUST |                                  |   |
|--------|----------------------------|---------------------------------------|--------|
|   |                       |                                  |   |   |
|   | By:                        | /s/ Kevin J. Gadawski                 |   |   |
|   |                       | Kevin J. Gadawski, President          |   |   |
|   |                       | NL Strategies, Inc., Managing Trustee |   |   |

| Signature | Date |
|-----------|------|

| /s/ Kevin J. Gadawski                                                   |   | October 30, 2015 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|
| Kevin J. Gadawski, PresidentNL Strategies, Inc., Managing Trustee                                                                                                                                                                                                                                                                 |   |             |

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