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(Do not use this space) UNITED STATES ------------------------------
- ----------------------- SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
Washington, D.C. 20549 ------------------------------
OMB Number: 3235-02340
Expires: May 31, 2000
Estimated average burden
hours per response ...... 1.00
FORM N-23-C-1
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STATEMENT BY REGISTERED CLOSED-END
INVESTMENT COMPANY WITH RESPECT TO PURCHASE OF ITS OWN
SECURITIES PURSUANT TO RULE N-23C-1 DURING THE LAST CALENDAR MONTH
(See rules and instructions on back of this form. If acknowledgment is desired,
file this form the with Commission in triplicate.)
REPORT FOR CALENDAR MONTH ENDING December 31, 1999
American Capital Strategies Ltd.
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(Name of registered closed-end investment company)
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<CAPTION>
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Approximate Asset
Date of Number of Price Value or Approximate Name of Seller
Each Identification Shares Per Asset Coverage Per Share or of
Transaction of Security Purchased Share at Time of Purchase Seller's Broker
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12/9/99 Warrants to 307,338 $5.50 $13.64 Friedman, Billings,
Purchase Ramsey & Co., Inc.
Common Stock
($15.00 exercise
price)
12/16/99 Warrants to 86,337 $5.50 $13.64 Friedman, Billings,
Purchase Ramsey & Co., Inc.
Common Stock
($15.00 exercise
price)
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REMARKS: American Capital Strategies, Ltd.
Asset value shown is ---------------------------------
estimated net asset value Name of Registrant
of Common Stock to be
purchased upon exercise of By John Erickson
the Warrants ------------------------------
(Name)
Date of Statement 1/10/00 Chief Financial Officer
------------------- ------------------------------
(Title)
Potential persons who are to 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.
CCH S92235 0228 SEC 1580 (5-97)
