WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

  


<ARTICLE>                                            6
<CIK>                         817473
<NAME>                        American Capital Strategies, Ltd.
<MULTIPLIER>                                   1
<CURRENCY>                                     U.S. Dollars

                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                              DEC-31-1999
<PERIOD-START>                                 DEC-31-1998
<PERIOD-END>                                   JUN-30-1999
<EXCHANGE-RATE>                                1.000
<INVESTMENTS-AT-COST>                          270,432
<INVESTMENTS-AT-VALUE>                         280,372
<RECEIVABLES>                                  2,329
<ASSETS-OTHER>                                 2,318
<OTHER-ITEMS-ASSETS>                           13,718
<TOTAL-ASSETS>                                 300,495
<PAYABLE-FOR-SECURITIES>                       53,992
<SENIOR-LONG-TERM-DEBT>                        82,900
<OTHER-ITEMS-LIABILITIES>                      7,800
<TOTAL-LIABILITIES>                            144,692
<SENIOR-EQUITY>                                0
<PAID-IN-CAPITAL-COMMON>                       158,568
<SHARES-COMMON-STOCK>                          11,962
<SHARES-COMMON-PRIOR>                          11,122
<ACCUMULATED-NII-CURRENT>                      856
<OVERDISTRIBUTION-NII>                         0
<ACCUMULATED-NET-GAINS>                        0
<OVERDISTRIBUTION-GAINS>                       0
<ACCUM-APPREC-OR-DEPREC>                       10,290
<NET-ASSETS>                                   155,803
<DIVIDEND-INCOME>                              260
<INTEREST-INCOME>                              12,084
<OTHER-INCOME>                                 1,331
<EXPENSES-NET>                                 3,048
<NET-INVESTMENT-INCOME>                        10,627
<REALIZED-GAINS-CURRENT>                       867
<APPREC-INCREASE-CURRENT>                      2,507
<NET-CHANGE-FROM-OPS>                          0
<EQUALIZATION>                                 0
<DISTRIBUTIONS-OF-INCOME>                      0
<DISTRIBUTIONS-OF-GAINS>                       0
<DISTRIBUTIONS-OTHER>                          0
<NUMBER-OF-SHARES-SOLD>                        0
<NUMBER-OF-SHARES-REDEEMED>                    0
<SHARES-REINVESTED>                            0
<NET-CHANGE-IN-ASSETS>                         13,185
<ACCUMULATED-NII-PRIOR>                        0
<ACCUMULATED-GAINS-PRIOR>                      0
<OVERDISTRIB-NII-PRIOR>                        0
<OVERDIST-NET-GAINS-PRIOR>                     0
<GROSS-ADVISORY-FEES>                          0
<INTEREST-EXPENSE>                             1,896
<GROSS-EXPENSE>                                0
<AVERAGE-NET-ASSETS>                           154,263
<PER-SHARE-NAV-BEGIN>                          0
<PER-SHARE-NII>                                0
<PER-SHARE-GAIN-APPREC>                        0.31
<PER-SHARE-DIVIDEND>                           0.00
<PER-SHARE-DISTRIBUTIONS>                      0.84
<RETURNS-OF-CAPITAL>                           0.00
<PER-SHARE-NAV-END>                            13.80
<EXPENSE-RATIO>                                0.019
[AVG-DEBT-OUTSTANDING]                         61,950
[AVG-DEBT-PER-SHARE]                           5.57