MACC Private Equities Inc. (MACC) is a business development company (BDC). Its existing portfolio investments consist of securities acquired directly from their issuers in private transactions. MACC is designed for long-term investors. As a BDC, MACC invests a large portion of its assets in restricted securities issued by small, private companies, some of which have operated at losses or have experienced substantial fluctuations in operating results. As of September 30, 2010, MACC�s existing portfolio investments consisted of securities acquired directly from their issuers in private transactions. As of September 30, 2010, MACC must have at least 70% of its total assets invested in qualifying assets. MACC�s existing portfolio generally consists of investments in debt securities with terms of 2 to 10 years, which the Company generally hold until maturity.