FORM 3
        
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

McHale Thomas

2. Date of Event Requiring Statement (MM/DD/YYYY)
1/1/2016 

3. Issuer Name and Ticker or Trading Symbol

AMERICAN CAPITAL, LTD [ACAS]

(Last)        (First)        (Middle)

AMERICAN CAPITAL, LTD., 2 BETHESDA METRO CENTER, 12TH FLOOR

4. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                            _____ 10% Owner
___ X ___ Officer (give title below)          _____ Other (specify below)
EVP and Senior Managing Dir. /

(Street)

BETHESDA, MD 20814       

(City)              (State)              (Zip)
5. If Amendment, Date Original Filed (MM/DD/YYYY)

 

6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person


Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4) 		2. Amount of Securities Beneficially Owned
(Instr. 4) 		3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5) 		4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock   181438   D  
 
Common Stock   7221.404   I   By 401(k)  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 4) 		2. Date Exercisable and Expiration Date
(MM/DD/YYYY) 		3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4) 		4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5) 		6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Options   4/29/2011   (1) 4/29/2020   Stock   30092   $6.45   D  
 
Options   10/21/2011   (2) 10/21/2020   Stock   112500   $6.51   D  
 
Options   7/22/2011   (3) 7/22/2020   Stock   112500   $5.19   D  
 
Options   2/1/2012   (4) 2/1/2021   Stock   190000   $8.47   D  
 
Options   4/28/2012   (5) 4/28/2021   Stock   190000   $10.19   D  
 
Options   7/24/2009   (1) 7/24/2018   Stock   8186   $16.71   D  
 
Options   1/7/2010   (1) 1/7/2019   Stock   59032   $4.81   D  
 
Options   7/24/2010   (1) 7/24/2019   Stock   32742   $16.71   D  
 
Options   7/21/2012   (6) 7/21/2021   Stock   107302   $10.08   D  
 
Options   10/25/2013   (7) 10/25/2022   Stock   48184.865   $11.79   D  
 
Options   1/29/2014   (8) 1/29/2023   Stock   39304   $13.10   D  
 
Options   8/13/2010   (1) 8/13/2019   Stock   3744   $2.96   D  
 
Options   11/12/2010   (1) 11/12/2019   Stock   10203   $2.77   D  
 
Options   2/11/2011   (1) 2/11/2020   Stock   10090   $3.48   D  
 
Options   10/20/2012   (9) 10/20/2021   Stock   107302   $6.77   D  
 
Options   1/31/2013   (10) 1/31/2022   Stock   107302   $8.22   D  
 
Options   4/27/2013   (11) 4/27/2022   Stock   94823   $9.64   D  
 

Explanation of Responses:
( 1)  All such options have vested.
( 2)  The option vests in five equal installments beginning on October 21, 2011.
( 3)  The option vests in five equal installments beginning on July 22, 2011.
( 4)  The option vests in five equal installments beginning on February 1, 2012.
( 5)  The option vests in five equal installments beginning on April 28, 2012.
( 6)  The option vests in five equal installments beginning on July 21, 2012.
( 7)  The option vests in five equal installments beginning on October 25, 2013.
( 8)  The option vests in five equal installments beginning on January 29, 2014.
( 9)  The option vests in five equal installments beginning on October 20, 2012.
( 10)  The option vests in five equal installments beginning on January 31, 2013.
( 11)  The option vests in five equal installments beginning on April 27, 2013.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
McHale Thomas
AMERICAN CAPITAL, LTD.
2 BETHESDA METRO CENTER, 12TH FLOOR
BETHESDA, MD 20814

EVP and Senior Managing Dir.

Signatures
Thomas McHale 1/11/2016
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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