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


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


<B>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): June 27, 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. </B></FONT><BR>


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


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


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=672>


<TR><TD WIDTH="33%" VALIGN="MIDDLE">&nbsp;</TD>


<TD WIDTH="33%" VALIGN="MIDDLE">&nbsp;</TD>


<TD WIDTH="33%" VALIGN="MIDDLE">&nbsp;</TD>


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


<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 </B></FONT> <BR>


<FONT SIZE=2> (Address of principal executive offices, zip code) </FONT><BR>


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


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


<B><FONT SIZE=2>N/A </B></FONT> <BR>


<FONT SIZE=2> (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: </FONT><BR>


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





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


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


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


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


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


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


</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 FACE="Arial" SIZE=2>


</FONT><P>Item 5.04. Temporary Suspension of Trading Under Registrant's Employee Benefit Plan.</P>


<P>On June 27, 2006, American Capital Strategies, Ltd. sent the following notice to its Directors and Executive Officers with regard to a matter as to which it had been notified on June 23, 2006, by the administrator of the American Capital Strategies, Ltd. Employee Investment and Stock Ownership Plan:</P>





<P ALIGN="CENTER">American Capital Strategies, Ltd. </P>


<P ALIGN="CENTER">Important Notice to Directors and Executive Officers </P>


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





<B><P ALIGN="CENTER">Supplemental Notice Concerning Your Ability to Trade in American Capital Strategies, Ltd. Common Stock:</P>


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


<P ALIGN="CENTER">Extension of Blackout Period to the Week of July 10, 2006</P>


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


<B><P>June 26, 2006 </P>


</B><P>By notice dated April 28, 2006, American Capital Strategies, Ltd. informed you of a &quot;blackout period&quot; beginning June 3, 2006, 12:00 a.m. Eastern Time and ending on or about June 26, 2006 at 8:30 a.m. Eastern Time under the American Capital Strategies, Ltd. Employee Investment and Stock Ownership Plan (the &quot;Plan&quot;) during which you generally have been unable to purchase or sell shares of American Capital Strategies, Ltd. common stock, $0.01 par value.</P>


<P>This notice is to inform you that the blackout period, required by the changing of recordkeepers from Krish Actuarial Consultants (&quot;Krish&quot;), the current recordkeeper, to Great-West Retirement Services (&quot;Great West&quot;), and investment custodians from Fidelity Investments (&quot;Fidelity&quot;) to Orchard Trust Company, LLC and Wells Fargo Bank, N.A. (&quot;Wells Fargo&quot;), has been extended and will now end during the week of July 10, 2006.  The extension of the blackout period is necessary due to Krish's delay in requesting the transfer of certain assets from Fidelity to Wells Fargo.  Pursuant to Rule 104 of Regulation BTR and Section 306 of the Sarbanes-Oxley Act of 2002, directors and executive officers generally may not directly or indirectly purchase, sell or otherwise acquire or transfer any equity security of the company for which they serve as a director or executive officer during the blackout period.  Accordingly, you may not engage in such transactions in American Capital Strategies, Ltd. common stock during the blackout period.</P>


<P>You will receive notice of any additional changes to the blackout period.  If you have any questions concerning this notice or whether the blackout period has ended, you may contact Samuel A. Flax, Executive Vice President and General Counsel, American Capital Strategies, Ltd., 2 Bethesda Metro Center, 14th Floor, Bethesda, Maryland 20814 or by telephone at 301-951-6122.</P></DIR>





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


<B><P>During the blackout period referenced in the above notice and for a period of two years after the ending of the blackout period, security holders or other interested persons may obtain, without charge, the actual beginning and ending dates of the blackout period by contacting the individual identified in the notice.</B> </P>


<FONT SIZE=2>


<B><P ALIGN="CENTER">&nbsp;</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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<TD WIDTH="46%" VALIGN="MIDDLE">&nbsp;</TD>


</TR>


<TR><TD WIDTH="48%" VALIGN="TOP" COLSPAN=2>


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


<TD WIDTH="4%" VALIGN="TOP">


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


<TD WIDTH="49%" VALIGN="TOP" COLSPAN=2>


<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="49%" VALIGN="MIDDLE" COLSPAN=2 HEIGHT=16><P></P></TD>


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<FONT SIZE=2><P>Dated:  June 29, 2006</FONT></TD>


<TD WIDTH="4%" VALIGN="TOP"><DIR>





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


</FONT></TD>


<TD WIDTH="49%" VALIGN="TOP" COLSPAN=2>


<P>  /s/ Samuel A. Flax</P>


<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>


<TD WIDTH="49%" VALIGN="TOP" COLSPAN=2>


<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": "06934371"}, "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): June 27, 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 5.04. Temporary Suspension of Trading Under Registrant's Employee Benefit Plan.
On June 27, 2006, American Capital Strategies, Ltd. sent the following notice to its Directors and Executive Officers with regard to a matter as to which it had been notified on June 23, 2006, by the administrator of the American Capital Strategies, Ltd. Employee Investment and Stock Ownership Plan:
American Capital Strategies, Ltd.
Important Notice to Directors and Executive Officers
Supplemental Notice Concerning Your Ability to Trade in American Capital Strategies, Ltd. Common Stock:
Extension of Blackout Period to the Week of July 10, 2006
June 26, 2006
By notice dated April 28, 2006, American Capital Strategies, Ltd. informed you of a "blackout period" beginning June 3, 2006, 12:00 a.m. Eastern Time and ending on or about June 26, 2006 at 8:30 a.m. Eastern Time under the American Capital Strategies, Ltd. Employee Investment and Stock Ownership Plan (the "Plan") during which you generally have been unable to purchase or sell shares of American Capital Strategies, Ltd. common stock, $0.01 par value.
This notice is to inform you that the blackout period, required by the changing of recordkeepers from Krish Actuarial Consultants ("Krish"), the current recordkeeper, to Great-West Retirement Services ("Great West"), and investment custodians from Fidelity Investments ("Fidelity") to Orchard Trust Company, LLC and Wells Fargo Bank, N.A. ("Wells Fargo"), has been extended and will now end during the week of July 10, 2006.  The extension of the blackout period is necessary due to Krish's delay in requesting the transfer of certain assets from Fidelity to Wells Fargo.  Pursuant to Rule 104 of Regulation BTR and Section 306 of the Sarbanes-Oxley Act of 2002, directors and executive officers generally may not directly or indirectly purchase, sell or otherwise acquire or transfer any equity security of the company for which they serve as a director or executive officer during the blackout period.  Accordingly, you may not engage in such transactions in American Capital Strategies, Ltd. common stock during the blackout period.
You will receive notice of any additional changes to the blackout period.  If you have any questions concerning this notice or whether the blackout period has ended, you may contact Samuel A. Flax, Executive Vice President and General Counsel, American Capital Strategies, Ltd., 2 Bethesda Metro Center, 14th Floor, Bethesda, Maryland 20814 or by telephone at 301-951-6122.
During the blackout period referenced in the above notice and for a period of two years after the ending of the blackout period, security holders or other interested persons may obtain, without charge, the actual beginning and ending dates of the blackout period by contacting the individual identified in the notice.
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:  June 29, 2006
By:
/s/ Samuel A. Flax
Samuel A. Flax
Executive Vice President, General
Counsel and Secretary