|  UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
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| Form 10-K                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| (Mark one)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
| R                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | For the fiscal year ended December 31, 2011 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
| £                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | For the transition period from _________ to __________ |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | Commission file number 000-24412 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
| MACC PEI Liquidating Trust                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| (Exact name of registrant as specified in its charter)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
| Delaware                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 45-6510799 |
| (State or other jurisdiction of incorporation or organization)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (I.R.S. Employer Identification No.) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
| 24040 Camino Del Avion #A307 Monarch Beach, California                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 92629 |
| (Address of principal executive offices)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (Zip Code) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
| Registrant’s telephone number (319) 363-8249                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
| Securities registered under Section 12(b) of the Exchange Act:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| None.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Securities registered under Section 12(g) of the Exchange Act:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| None.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes £    No R                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act.*  Yes £    No £                                                                                                                                                                                                                                                                                                                                                                                                |
| 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 (the Exchange Act) 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 £     No £                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).*  Yes £     No £                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) 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.* £                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | Large accelerated filer  £ | Accelerated filer  £ |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | Non-accelerated filer    R | Smaller reporting Company  £ |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (Do not check if a smaller reporting company)  |   |   |
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes £ No R State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter: Not applicable. There is no established market for the beneficial interests of the registrant.  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

| As of December 31, 2011 there were 2,464,621 units of beneficial interest of MACC PEI Liquidating Trust. |
|----------------------------------------------------------------------------------------------------------|

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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                               |   |   13 |
| Item 9A. | Controls and Procedures                                                                                            |   |   13 |
| Item 9B. | Other Information                                                                                                  |   |   14 |
|     | Part III                                                                                                           |   |   |
| Item 10. | Directors, Executive Officers and Corporate Governance                                                             |   |   14 |
| Item 11. | Executive Compensation                                                                                             |   |   14 |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management                                                     |   |   14 |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence                                          |   |   14 |
| Item 14. | Principal Accountant Fees and Services                                                                             |   |   15 |
|     | Part IV                                                                                                            |   |   |
| Item 15. | Exhibits and Financial Statement Schedules                                                                         |   |   16 |

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|   | 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 company filings for MACC PEI Liquidating Trust. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                       | December 31,         2011 |                      September 29,                                 2011** |
|----------------------------------------------------------------------------|------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ASSETS                                                                     |                                                                   |                                                                                                                                                                                                                                                                                                                                                    |
| Current Assets                                                             |                                                                   |                                                                                                                                                                                                                                                                                                                                                    |
|   Total Cash                                                     | $   307,351                                             |   $   118,004                                                                                                                                                                                                                                                                                                                  |
|  Other Current Assets                                                 |                                                                   |                                                                                                                                                                                                                                                                                                                                                    |
|    Accrued Dividends                                        |        32,465                       | 40,307                                                                                                                                                                                                                                                                                                                                                  |
|    Accrued Interest Receivable                              |        37,401                       | 15,416                                                                                                                                                                                                                                                                                                                                                  |
|    Escrowed Holdbacks                                       |      337,435                                  | 337,435                                                                                                                                                                                                                                                                                                                                                 |
|    Prepaid Expenses                                         |        30,300                       |                                                                                                                                                                                                                                                                                                                                                    |
|                                                                       |                                                                   |                                                                                                                                                                                                                                                                                                                                                    |
| Total Current Assets                                                       |  $  744,952                                             | $  511,162                                                                                                                                                                                                                                                                                                                                    |
|                                                                       |                                                                   |                                                                                                                                                                                                                                                                                                                                                    |
| Other Assets                                                               |                                                                   |                                                                                                                                                                                                                                                                                                                                                    |
|    Total Portfolio Company   Debt Securities | $ 4,258,740                                                            | 4,289,990                                                                                                                                                                                                                                                                                                                                               |
|   Total Equity in Portfolio  Company Securities        |    3,771,665                                            | 2,931,434                                                                                                                                                                                                                                                                                                                                               |
|   Total Loans to Portfolio  Companies                  |         75,339                 | 152,339                                                                                                                                                                                                                                                                                                                                                 |
|   Total Warrants – Portfolio  Companies          |       972,694                            | 972,694                                                                                                                                                                                                                                                                                                                                                 |
| Total Other Assets                                                         | $  9,078,438                                                 | $  8,346,457                                                                                                                                                                                                                                                                                                                                  |
|                                                                       |                                                                   |                                                                                                                                                                                                                                                                                                                                                    |
| Total Assets                                                               | $  9,823,390                                                 | $  8,857,619                                                                                                                                                                                                                                                                                                                                  |
|                                                                       |                                                                   |                                                                                                                                                                                                                                                                                                                                                    |
|                                                                       |                                                                   |                                                                                                                                                                                                                                                                                                                                                    |
| LIABILITIES                                                                |                                                                   |                                                                                                                                                                                                                                                                                                                                                    |
|  Current Liabilities                                                  |                                                                   |                                                                                                                                                                                                                                                                                                                                                    |
|    Accounts Payable                                         | $    127,551                                       | $    317,998                                                                                                                                                                                                                                                                                                                        |
|                                                                       |                                                                   |                                                                                                                                                                                                                                                                                                                                                    |
|  Other Current Liabilities                                            |                                                                   |                                                                                                                                                                                                                                                                                                                                                    |
|    Accrued Interest Payable                                 |         12,233                 | -                                                                                                                                                                                                                                                                                                                                                       |
|    Note Payable                                             |    2,100,000                                            | 1,922,179                                                                                                                                                                                                                                                                                                                                               |
|  Total Other Current Liabilities                                 |  $ 2,112,233                                                      |  $ 1,922,179                                                                                                                                                                                                                                                                                                                                       |
| Total Current Liabilities                                                  | $  2,239,785                                                 | $  2,240,177                                                                                                                                                                                                                                                                                                                                  |
|                                                                       |                                                                   |                                                                                                                                                                                                                                                                                                                                                    |
| Total Liabilities                                                          | $  2,239,785                                                 | $  2,240,177                                                                                                                                                                                                                                                                                                                                  |
|                                                                       |                                                                   |                                                                                                                                                                                                                                                                                                                                                    |
| Net Assets in Liquidation                                                  | $  7,583,605                                                 | $  6,617,442                                                                                                                                                                                                                                                                                                                                  |
|                                                                       |                                                                   |                                                                                                                                                                                                                                                                                                                                                    |
|                                                                       |                                                                   |                                                                                                                                                                                                                                                                                                                                                    |

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|       |          |                            |                 | September 29 - December 31, 2011 |
|------------|---------------|---------------------------------|----------------------|----------------------------------|
|       | Income        |                            |
|       |          | Dividends - Portfolio Companies | $ 34,787             |
|       |          | Interest on MM Accounts         | 11                   |
|       |          | Portfolio Interest Income       | 156,896              |
|       | Total Income  | 191,694                         |
|       | Expense       |                            |
|       |          | Accrued Interest                | 17,529               |
|       |          | Bank Service Charges            | 64                   |
|       |          | Finance Charges                 | 10,746               |
|       |          | Interest - Bank Loan            | 10,902               |
|       |          | Postage & Delivery          | 158                  |
|       |          | Professional Services           |                 |
|       |          |                            | Accounting Services  | 1,288                            |
|       |          |                            | Legal                | 15,223                           |
|       |          |                            | Portfolio Management | 9,000                            |
|       |          | Total Professional Services     | 25,511               |
|       |          | Supplies                        | 265                  |
|       |          | Trustee Services                | 5,231                |
|       | Total Expense | 70,406                          |
| Net Income | $ 121,288     |

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|   | 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”). |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

| Company                                                                                | Security                                                         |   |    | Value           |   |   |
|----------------------------------------------------------------------------------------|------------------------------------------------------------------|--------|---------|-----------------|--------|--------|
|                                                                                   |                                                             |   |    |            |   |   |
| Manufacturing:                                                                         |                                                             |   |    |            |   |   |
|                                                                                   |                                                             |   |    |            |   |   |
|  Aviation Manufacturing Group, LLC                                                |  14% debt security, due December 31, 2011                   |   |  $ | 616,000         |   |   |
|     Yankton, South Dakota                                          | 154,000 units preferred                                          |   |    | 154,000         |   |   |
|    Manufacturer of flight critical parts for   airplanes | Membership interest                                         |   |    | 2,723,418  |   |   |
|                                                                                   |                                                             |   |    | 3,493,418       |   |   |
|                                                                                   |                                                             |   |    |            |   |   |
|                                                                                   |                                                             |   |    |            |   |   |
| Detroit Tool Metal Products Co.                                                        | 12% debt security, due March 31, 2015                            |   |    | 1,820,291       |   |   |
|     Lebanon, Missouri                                              | 19,853.94 shares Series A preferred                              |   |    | ---             |   |   |
|          Metal stamping                   | 7,887.17 shares common                                           |   |    | ---             |   |   |
|                                                                                   | 8% debt security, due March 31, 2015                             |   |    | 33,342          |   |   |
|                                                                                   |                                                             |   |    | 1,853,633       |   |   |
|                                                                                   |                                                             |   |    |            |   |   |
|                                                                                   |                                                             |   |    |            |   |   |
| Magnum Systems, Inc.                                                                   | 12% debt security, due October 31, 2013                          |   |    | 430,622         |   |   |
| Parsons, Kansas                                                                        | 48,038 common shares                                             |   |    | 48,038          |   |   |
| Manufacturer of industrial bagging equipment                                           | 292,800 shares preferredWarrant to purchase 56,529 common shares |   |    | 304,512972,694  |   |   |
|                                                                                   |                                                             |   |    | 1,755,866       |   |   |
|                                                                                   |                                                             |   |    |            |   |   |
|                                                                                   |                                                             |   |    |            |   |   |

|                                                                     |                                     |   |   |    |   |   |
|--------------------------------------------------------------------------|------------------------------------------|--------|--------|---------|--------|--------|
| Spectrum Products, LLC                                                   | Escrow                                   |   |   | 221,662 |   |   |
| Missoula, Montana                                                        |                                     |   |   |    |   |   |
|     Manufacturer of equipment for the                |                                     |   |   |    |   |   |
| swimming pool industry                                                   |                                     |   |   |    |   |   |
|                                                                     |                                     |   |   |    |   |   |
|                                                                     |                                     |   |   |    |   |   |
| Superior Holding, Inc.                                                   | 6% debt security, due April 1, 2013      |   |   | 187,036 |   |   |
|     Wichita, Kansas                                  | Warrant to purchase 11,143 common shares |   |   | --      |   |   |
|        Manufacturer of industrial and | 6% debt security, due April 1, 2013      |   |   | 51,580  |   |   |
|        commercial boilers and shower  | 121,457 common shares                    |   |   | ---     |   |   |
|        doors, frames and enclosures   | 6% debt security, due April 1, 2013      |   |   | 75,930  |   |   |
|                                                                     | 312,000 common shares                    |   |   | ---     |   |   |
|                                                                     | 12% debt security, due April 1, 2014     |   |   | 11,879  |   |   |
|                                                                     | 12% debt security, due April 1, 2014     |   |   | 11,879  |   |   |
|                                                                     |                                     |   |   | 338,304 |   |   |
|                                                                     |                                     |   |   |    |   |   |
|                                                                     |                                     |   |   |    |   |   |
|    Total Manufacturing |   |  $ |                    7,662,883 |   |   |   |
|---------------------------------------|--------|---------|------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|

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| SCHEDUSCHEDULE OF INVESTMENTS CONTINUED (UNAUDITED)DECEMBER 31, 2011 |   |
|----------------------------------------------------------------------|--------|

| Company                                                  | Security                                     |   |   | Value     |   |   |
|----------------------------------------------------------|----------------------------------------------|--------|--------|-----------|--------|--------|
|                                                     |                                         |   |   |      |   |   |
| Service:                                                 |                                         |   |   |      |   |   |
|                                                     |                                         |   |   |      |   |   |
| Monitronics International, Inc.                          | Escrow                                       |   | $      | 26,517    |   |   |
| Dallas, Texas                                            |                                         |   |   |      |   |   |
| Provides home security systems monitoring services       |                                         |   |   |      |   |   |
|                                                     |                                         |   |   |      |   |   |
|                                                     |                                         |   |   |      |   |   |
| Morgan Ohare, Inc.                                       | 0% debt security, due January 1, 2013        |   |   | 729,687   |   |   |
| Addison, Illinois                                        | 10% debt security, due December 1, 2013      |   |   | 145,833   |   |   |
|    Fastener plating and heat treating     | 57 common shares                             |   |   | ---       |   |   |
|                                                     |                                         |   |   | 875,520   |   |   |
|                                                     |                                         |   |   |      |   |   |
|                                                     |                                         |   |   |      |   |   |
| SMWC Acquisition Co., Inc.                               | 12% debt security due October 31, 2014       |   |   | 220,000   |   |   |
| Kansas City, Missouri                                    | 113,847 shares Series A preferred            |   |   | 227,694   |   |   |
|     Steel warehouse distribution and |                                         |   |   | 447,694   |   |   |
| processing                                               |                                         |   |   |      |   |   |
|                                                     |                                         |   |   |      |   |   |
|                                                     |                                         |   |   |      |   |   |
|                                                     |                                         |   |   |      |   |   |
|    Total Service                          |                                         |   |   | 1,349,731 |   |   |
|                                                     |                                         |   |   |      |   |   |
| Technology and Communications:                           |                                         |   |   |      |   |   |
|                                                     |                                         |   |   |      |   |   |
| Feed Management Systems, Inc.                            | Escrow                                       |   |   | 22,167    |   |   |
| Brooklyn Center, Minnesota                               |                                         |   |   |      |   |   |
|     Batch feed software and systems  |                                         |   |   |      |   |   |
|     and B2B internet services        |                                         |   |   |      |   |   |
|                                                     |                                         |   |   |      |   |   |
|                                                     |                                         |   |   |      |   |   |
| Portrait Displays, Inc.                                  | 637,292 shares Series B preferred            |   |   | 314,003   |   |   |
| Pleasanton, California                                   | Warrant to purchase 39,400 common shares (c) |   |   | ---       |   |   |
| Designs and markets pivot                                |                                         |   |   | 314,003   |   |   |
| enabling software for LCD                                |                                         |   |   |      |   |   |
| computer monitors                                        |                                         |   |   |      |   |   |
|                                                     |                                         |   |   |      |   |   |
|                                                     |                                         |   |   |      |   |   |
|   Total Technology and Communications          |                                         |   |   | 336,170   |   |   |
|                                                     |                                         |   |   |      |   |   |
|                                                     |                                         |   |   |      |   |   |
| Total loans and investments in portfolio securities      |                                         |   | $      | 9,348,784 |   |   |

| (4) | NOTES PAYABLE |
|-----|---------------|

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| (5) | MANAGEMENT AGREEMENTS |
|-----|-----------------------|

|   | NL Strategies, Inc. |
|--------|---------------------|

| (6) | COMMITMENTS AND CONTINGENCIES |
|-----|-------------------------------|

|  (7) | SUBSEQUENT EVENTS |
|-----------|-------------------|

|   | On January 18, 2012, the Trust paid $2,118,083 to Farmers & Merchants Savings Bank (“F&M Bank”) as payment in full of all principal and interest due F&M Bank on the promissory note executed November 17,2011. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (8) | TAX INFORMATION FOR FORMER MACC SHAREHOLDERS AND TRUST UNIT HOLDERS |
|-----|---------------------------------------------------------------------|

| The following is the per share income attributable to former shareholders of MACC  reported on Form 1099-DIV for the tax year ended December 31, 2011 as a result of the transfer of net assets of MACC into the Trust: |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  Per Share Distribution                                                                                                                                                                                                      | $2.685 |   |   |   |   |   |   |   |

| The information below reflects the aggregate and per unit income, deductions and credits reported for the Trust for the tax year ended December 31, 2011.  These items have been reported on the Fiduciary Form 1041 Grantor Letter. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |
| Income                                                                                                                                                                                                                                         | Total | Per Unit |   |   |   |   |   |   |
| Interest Income                                                                                                                                                                                                                                | 156,896 | $0.063659 |   |   |   |   |   |   |
| Dividend Income                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |
| Ordinary Dividends                                                                                                                                                                                                                             | 11 | $0.000004 |   |   |   |   |   |   |
| Qualifying Dividends                                                                                                                                                                                                                           | 34,787 | $0.014115 |   |   |   |   |   |   |
| Deductions                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |
| Interest Expense                                                                                                                                                                                                                               | 39,240 | $0.015921 |   |   |   |   |   |   |
| Trustee Services                                                                                                                                                                                                                               | 5,231 | $0.002122 |   |   |   |   |   |   |
| Misc Deductions Subject to Floor Limitation                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |
| Management Fees                                                                                                                                                                                                                                | 9,000 | $0.003652 |   |   |   |   |   |   |
| Postage and Delivery                                                                                                                                                                                                                           | 158 | $0.000064 |   |   |   |   |   |   |
| Supplies Expenses                                                                                                                                                                                                                              | 266 | $0.000108 |   |   |   |   |   |   |
| Attorney and Legal Fees                                                                                                                                                                                                                        | 16,511 | $0.006699 |   |   |   |   |   |   |
|                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |

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|   Portfolio Company |   9/29/11 Value |   Payments | Unrealized Appreciation / (Depreciation) |   12/31/11 Value |
|-------------------------------|---------------------------|----------------------|------------------------------------------|----------------------------|
| Aviation Manufacturing Group  |  2,725,543           |  (77,000)       |  844,875                            |  3,493,418            |
| Morgan Ohare                  | 906,770                   | (31,250)             |                                     | 875,520                    |
| Portrait Displays, Inc.       | 318,647                   | (4,644)              |                                     | 314,003                    |

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

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

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

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

|   | Trustee |
|--------|---------|

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

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

|   | (1) | Statement of Net Assets for the year ended December 31, 2011 |
|--------|-----|--------------------------------------------------------------|

|   | (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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| Signature                                                         | Date   |
|-------------------------------------------------------------------|--------|
|                                                              |   |
| /s/  Kevin J. Gadawski                                  |   |  April 24, 2012 |
| Kevin J. Gadawski, PresidentNL Strategies, Inc., Managing Trustee |   |
|                                                              |   |
|                                                              |   |

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