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

  


<ARTICLE>                                            6
<CIK>                         0000817473
<NAME>                        American Capital Strategies, ltd.
<MULTIPLIER>                                   1000
<CURRENCY>                                     U.S. Dollars

                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                             DEC-31-1998
<PERIOD-END>                               SEP-30-1999
<EXCHANGE-RATE>                                  1.000
<INVESTMENTS-AT-COST>                          256,577
<INVESTMENTS-AT-VALUE>                         264,921
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<PAYABLE-FOR-SECURITIES>                             0
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<OTHER-ITEMS-LIABILITIES>                        7,827
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<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       158,568
<SHARES-COMMON-STOCK>                           18,215
<SHARES-COMMON-PRIOR>                           11,081
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                           (927)
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<EXPENSES-NET>                                   5,189
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<APPREC-INCREASE-CURRENT>                        6,077
<NET-CHANGE-FROM-OPS>                           23,420
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       17,287
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          7,114
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                 20
<NET-CHANGE-IN-ASSETS>                          23,420
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                          (116)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                               3,245
<GROSS-EXPENSE>                                  5,189
<AVERAGE-NET-ASSETS>                           200,645
<PER-SHARE-NAV-BEGIN>                            13.80
<PER-SHARE-NII>                                   1.33
<PER-SHARE-GAIN-APPREC>                           0.56
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<RETURNS-OF-CAPITAL>                              0.00
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<EXPENSE-RATIO>                                  0.026
[AVG-DEBT-OUTSTANDING]                          92,894
[AVG-DEBT-PER-SHARE]                              6.25