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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): April 28, 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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<TR><TD WIDTH="33%" VALIGN="MIDDLE">&nbsp;</TD>


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


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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 FACE="Arial" SIZE=2>


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


<P>On April 28, 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 April 28, 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">Notice to Directors and Executive Officers </P>


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





<B><P>Important Notice Concerning Your Ability to Trade in American Capital Strategies, Ltd. Common Stock: </P>


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


<B><P>April 28, 2006 </P></DIR>





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





<P>This notice is to inform you that you generally will not be able to purchase or sell shares of American Capital Strategies, Ltd. common stock, $0.01 par value, during the period beginning on June 3, 2006, 12:00 a.m. Eastern Time, and ending on or about June 26, 2006 at 8:30 a.m. Eastern Time. </P></DIR>





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





<P>Effective June 3, 2006, the American Capital Strategies, Ltd. Employee Investment and Stock Ownership Plan (the &quot;Plan&quot;) will be changing its recordkeeper and custodians.  As a result of this change, participants in the Plan generally will be unable to direct or diversify investments in their individual accounts or obtain a distribution from the Plan from 12:00 a.m. Eastern Time on June 3, 2006 to on or about June 26, 2006 at 8:30 a.m. Eastern Time (the &quot;blackout period&quot;).  This notice is provided to you pursuant to Rule 104 of Regulation BTR promulgated under the Exchange Act of 1934 and Section 306 of the Sarbanes-Oxley Act of 2002.  Pursuant to these rules, 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></DIR>





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





<P>You will receive notice if the blackout period changes for any reason. 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>


<FONT SIZE=2>


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





<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>


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<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>


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


</TR>


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


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


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<FONT SIZE=2><P>Dated:  April 28, 2006</FONT></TD>


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


</FONT></TD>


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


<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>


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


<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": "06791185"}, "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): April 28, 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 April 28, 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 April 28, 2006, by the administrator of the American Capital Strategies, Ltd. Employee Investment and Stock Ownership Plan:
American Capital Strategies, Ltd.
Notice to Directors and Executive Officers
Important Notice Concerning Your Ability to Trade in American Capital Strategies, Ltd. Common Stock:
April 28, 2006
This notice is to inform you that you generally will not be able to purchase or sell shares of American Capital Strategies, Ltd. common stock, $0.01 par value, during the period beginning on June 3, 2006, 12:00 a.m. Eastern Time, and ending on or about June 26, 2006 at 8:30 a.m. Eastern Time.
Effective June 3, 2006, the American Capital Strategies, Ltd. Employee Investment and Stock Ownership Plan (the "Plan") will be changing its recordkeeper and custodians.  As a result of this change, participants in the Plan generally will be unable to direct or diversify investments in their individual accounts or obtain a distribution from the Plan from 12:00 a.m. Eastern Time on June 3, 2006 to on or about June 26, 2006 at 8:30 a.m. Eastern Time (the "blackout period").  This notice is provided to you pursuant to Rule 104 of Regulation BTR promulgated under the Exchange Act of 1934 and Section 306 of the Sarbanes-Oxley Act of 2002.  Pursuant to these rules, 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 if the blackout period changes for any reason. 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.
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:  April 28, 2006
By:
/s/    SAMUEL A. FLAX
Samuel A. Flax
Executive Vice President, General
Counsel and Secretary