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<P ALIGN="CENTER">&nbsp;</P>


</FONT><B><FONT SIZE=5><P ALIGN="CENTER">U.S. SECURITIES AND EXCHANGE COMMISSION</P>


</FONT><P ALIGN="CENTER">Washington, D.C. 20549 </P>


</B><FONT SIZE=1><P>&nbsp;</P>


</FONT><B><FONT SIZE=5><P ALIGN="CENTER">FORM 8-K </P>


</B></FONT><FONT SIZE=1><P>&nbsp;</P>


</FONT><B><P ALIGN="CENTER">CURRENT REPORT </P>


</B><FONT SIZE=1><P>&nbsp;</P>


</FONT><B><P ALIGN="CENTER">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 </P>


</B><FONT SIZE=1><P>&nbsp;</P>


</FONT><B><FONT SIZE=2><P ALIGN="CENTER">Date of Report (Date of earliest event reported): December 21, 2006 </P>


</B></FONT><FONT SIZE=1><P>&nbsp;</P>


</FONT><P ALIGN="CENTER"><IMG SRC="amcaplogo.jpg"></P>


<B><FONT SIZE=5><P ALIGN="CENTER">American Capital Strategies, Ltd. </P>


</FONT><FONT SIZE=1><P ALIGN="CENTER">(Exact name of registrant as specified in its charter) </P>


</B><P>&nbsp;</P></FONT>


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<B><FONT SIZE=2><P ALIGN="CENTER">DELAWARE</B></FONT></TD>


<TD WIDTH="33%" VALIGN="BOTTOM">


<B><FONT SIZE=2><P ALIGN="CENTER">814-00149</B></FONT></TD>


<TD WIDTH="33%" VALIGN="BOTTOM">


<B><FONT SIZE=2><P ALIGN="CENTER">52-1451377</B></FONT></TD>


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<FONT SIZE=2><P ALIGN="CENTER">(State&nbsp;or&nbsp;other&nbsp;jurisdiction</P>


<P ALIGN="CENTER">of incorporation)</FONT></TD>


<TD WIDTH="33%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">(Commission</P>


<P ALIGN="CENTER">File Number)</FONT></TD>


<TD WIDTH="33%" VALIGN="BOTTOM">


<FONT SIZE=2><P ALIGN="CENTER">(I.R.S. Employer</P>


<P ALIGN="CENTER">Identification No.)</FONT></TD>


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<FONT SIZE=1><P>&nbsp;</P>


<P>&nbsp;</P>


</FONT><B><FONT SIZE=2><P ALIGN="CENTER">2 Bethesda Metro Center, 14th Floor Bethesda, MD 20814 </P>


</B><P ALIGN="CENTER">(Address of principal executive offices, zip code) </P>


</FONT><FONT SIZE=1><P>&nbsp;</P>


</FONT><FONT SIZE=2><P ALIGN="CENTER">Registrant's telephone number, including area code: <B>(301) 951-6122</B> </P>


<B><P ALIGN="CENTER">N/A </P>


</B><P ALIGN="CENTER">(Former name or former address, if changed since last report) </P>


</FONT><FONT SIZE=1><P>&nbsp;</P>


</FONT><FONT SIZE=2><P>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P>


</FONT><FONT SIZE=1><P>&nbsp;</P><DIR>





</FONT><FONT SIZE=2><P>[ ] Written communications pursuant to Rule 425 under the Securities Act </P></DIR>





</FONT><FONT SIZE=1><P>&nbsp;</P><DIR>





</FONT><FONT SIZE=2><P>[ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act </P></DIR>





</FONT><FONT SIZE=1><P>&nbsp;</P><DIR>





</FONT><FONT SIZE=2><P>[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act </P></DIR>





</FONT><FONT SIZE=1><P>&nbsp;</P><DIR>





</FONT><FONT SIZE=2><P>[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act </P></DIR>





</FONT><FONT SIZE=1><P>&nbsp;</P>


</FONT><B><FONT SIZE=2>


</FONT><P>Item 5.05.  Amendments to the Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics.</P>





</B><P>On December 21, 2006, the Board of Directors of American Capital Strategies, Ltd. (the &quot;Company&quot;) granted a waiver concerning a procedural departure from the Company's Personal Investments Code (the &quot;Code&quot;), which forms part of the Company's Code of Ethics, to Malon Wilkus for several private placement investments and an initial public offering investment by Mr. Wilkus.  The investments, which were unrelated to the Company's investment activities, were generally reported on Mr. Wilkus' periodic securities reports in accordance with the Code, but not approved in advance.</P>





<P>&nbsp;</P>


<B><P>Item 8.01.  Other Events.</P>





</B><P>On December 21, 2006, the Company's Board of Directors (the &quot;Board&quot;) approved an amendment to the Company's Certificate of Incorporation, which would have the effect of declassifying the Board's membership.  The charter amendment approved by the Board provides that, subject to stockholder approval, all members of the Board would be subject to annual elections beginning at the Company's annual meeting to be held in 2008.  The charter amendment will be on the agenda for stockholder approval at the 2007 annual meeting and will be included in the proxy materials for that meeting. </P>


<B><FONT SIZE=2><P ALIGN="CENTER"></P>


<P ALIGN="CENTER">SIGNATURE </P>


</B></FONT><FONT SIZE=1><P>&nbsp;</P>


</FONT><FONT SIZE=2><P>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </P>


</FONT><FONT SIZE=1><P>&nbsp;</P></FONT>


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<FONT SIZE=1><P>&nbsp;</FONT></TD>


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<B><FONT SIZE=2><P>AMERICAN CAPITAL STRATEGIES, LTD.</B></FONT></TD>


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<TR><TD WIDTH="48%" VALIGN="MIDDLE" COLSPAN=2 HEIGHT=16><P></P></TD>


<TD WIDTH="4%" VALIGN="MIDDLE" HEIGHT=16><P></P></TD>


<TD WIDTH="48%" VALIGN="MIDDLE" COLSPAN=2 HEIGHT=16><P></P></TD>


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<FONT SIZE=2><P>Dated:  December 21, 2006</FONT></TD>


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<FONT SIZE=2><P>By:</DIR>


</FONT></TD>


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<FONT SIZE=2><P>/s/&nbsp;&nbsp;&nbsp;&nbsp;SAMUEL A. FLAX</P>


</FONT><FONT SIZE=1><P ALIGN="CENTER">&nbsp;</FONT></TD>


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<FONT SIZE=1><P>&nbsp;</FONT></TD>


<TD WIDTH="45%" VALIGN="TOP">


<FONT SIZE=1><P>&nbsp;</FONT></TD>


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<FONT SIZE=1><P>&nbsp;</FONT></TD>


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<FONT SIZE=2><P>Samuel A. Flax</P>


<P>Executive Vice President, General</P>


<P>Counsel and Secretary</FONT></TD>


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{"company-data": {"conformed-name": "AMERICAN CAPITAL STRATEGIES LTD", "cik": "0000817473", "irs-number": "521451377"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "814-00149", "film-number": "061293355"}, "business-address": {"street1": "2 BETHESDA METRO CENTER", "street2": "14TH FL", "city": "BETHESDA", "state": "MD", "zip": "20814", "phone": "3019516122"}, "mail-address": {"street1": "2 BETHESDA METRO CENTER", "street2": "14TH FL", "city": "BETHESDA", "state": "MD", "zip": "20814"}}
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 21, 2006
American Capital Strategies, Ltd.
(Exact name of registrant as specified in its charter)
DELAWARE
814-00149
52-1451377
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
2 Bethesda Metro Center, 14th Floor Bethesda, MD 20814
(Address of principal executive offices, zip code)
Registrant's telephone number, including area code:
(301) 951-6122
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
[ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
Item 5.05.  Amendments to the Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics.
On December 21, 2006, the Board of Directors of American Capital Strategies, Ltd. (the "Company") granted a waiver concerning a procedural departure from the Company's Personal Investments Code (the "Code"), which forms part of the Company's Code of Ethics, to Malon Wilkus for several private placement investments and an initial public offering investment by Mr. Wilkus.  The investments, which were unrelated to the Company's investment activities, were generally reported on Mr. Wilkus' periodic securities reports in accordance with the Code, but not approved in advance.
Item 8.01.  Other Events.
On December 21, 2006, the Company's Board of Directors (the "Board") approved an amendment to the Company's Certificate of Incorporation, which would have the effect of declassifying the Board's membership.  The charter amendment approved by the Board provides that, subject to stockholder approval, all members of the Board would be subject to annual elections beginning at the Company's annual meeting to be held in 2008.  The charter amendment will be on the agenda for stockholder approval at the 2007 annual meeting and will be included in the proxy materials for that meeting.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AMERICAN CAPITAL STRATEGIES, LTD.
Dated:  December 21, 2006
By:
/s/    SAMUEL A. FLAX
Samuel A. Flax
Executive Vice President, General
Counsel and Secretary