FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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OMB Number: 3235-0287
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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 *

WILKUS MALON 		2. Issuer Name and Ticker or Trading Symbol

AMERICAN CAPITAL, LTD [ ACAS ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
CEO
(Last)          (First)          (Middle)

AMERICAN CAPITAL, LTD., 2 BETHESDA METRO CENTER, 14TH FLOOR 		3. Date of Earliest Transaction (MM/DD/YYYY)

12/21/2016
(Street)

BETHESDA, MD 20814
(City)        (State)        (Zip)
4. 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 Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   12/21/2016     M    154281   A $2.51   2777109   D  
 
Common Stock   12/21/2016     M    118760   A $2.71   2777109   D  
 
Common Stock   12/21/2016     M    154281   A $2.15   2777109   D  
 
Common Stock   12/21/2016     M    13735   A $2.77   2777109   D  
 
Common Stock                  91963   I   Owned by Spouse  
Common Stock                  80934   I   401(k)  
Common Stock                  1306   I   IRA  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options   $2.51   (1) 12/21/2016     M         154281    5/26/2010   5/26/2019   Common Stock   154281   $0   0   D  
 
Stock Options   $2.71   12/21/2016     M         118760    6/23/2010   6/23/2019   Common Stock   118760   $0   0   D  
 
Stock Options   $2.15   (2) 12/21/2016     M         154281    4/24/2010   4/24/2019   Common Stock   154281   $0   0   D  
 
Stock Options   $2.77   12/21/2016     M         13735    11/11/2010   11/11/2019   Common Stock   13735   $0   177592   D  
 

Explanation of Responses:
( 1)  On June 11, 2009, the company declared a stock dividend payable to all holders of record of common stock on June 22, 2009. Pursuant to the anti-dilution provisions of the Company's stock option plan, an option for 118,760 shares of common stock with an exercise price of $3.26 held by the reporting person on June 22, 2009 became exercisable for 154,281 shares of common stock with an exercise price of $2.51.
( 2)  On June 11, 2009, the company declared a stock dividend payable to all holders of record of common stock on June 22, 2009. Pursuant to the anti-dilution provisions of the Company's stock option plan, an option for 118,760 shares of common stock with an exercise price of $2.79 held by the reporting person on June 22, 2009 became exercisable for 154,281 shares of common stock with an exercise price of $2.15.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
WILKUS MALON
AMERICAN CAPITAL, LTD.
2 BETHESDA METRO CENTER, 14TH FLOOR
BETHESDA, MD 20814

CEO

Signatures
Malon Wilkus 12/23/2016
** 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 4(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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