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
                                                                                  
OMB APPROVAL
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 *

OBRIEN GORDON 		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)
Pres., Specialty Fin. & Ops.
(Last)          (First)          (Middle)

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

11/7/2014
(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                  9030   I   ESOP/401(k)  
Common Stock   11/7/2014     M    20000   A $4.81   295603.47   D  
 
Common Stock   11/7/2014     M    60000   A $3.48   295603.47   D  
 
Common Stock   11/7/2014     S    80000   D $15.8217   (1) 295603.47   D  
 
Common Stock   11/10/2014     M    44424   A $4.81   295603.47   D  
 
Common Stock   11/10/2014     S    44424   D $15.60   295603.47   D  
 
Common Stock   11/11/2014     M    50000   A $4.81   295603.47   D  
 
Common Stock   11/11/2014     S    50000   D $15.545   295603.47   D  
 
Common Stock   11/12/2014     M    19700   A $4.81   288641.47   D  
 
Common Stock   11/12/2014     S    19700   D $15.40   288641.47   D  
 
Common Stock   11/12/2014     S    6962   (2) D $15.4454   288641.47   D  
 

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
Options   $4.81   (3) 11/12/2014     M         19700    1/7/2010   1/7/2019   Common Stock   19700   $0   223128   D  
 
Options   $4.81   (3) 11/11/2014     M         50000    1/7/2010   1/7/2019   Common Stock   50000   $0   242828   D  
 
Options   $4.81   (3) 11/10/2014     M         44424    1/7/2010   1/7/2019   Common Stock   44424   $0   292828   D  
 
Options   $3.48   11/7/2014     M         60000    2/10/2011   2/10/2020   Common Stock   60000   $0   0   D  
 
Options   $4.81   (3) 11/7/2014     M         20000    1/7/2010   1/7/2019   Common Stock   20000   $0   337252   D  
 

Explanation of Responses:
( 1)  Price reflects weighted average sales price; actual sale prices ranged from $15.80 to $15.84. The reporting person undertakes to provide, upon request by the Commission staff, the issuer or a security holder of the issuer, information regarding the number of shares sold at each separate price.
( 2)  Sales made pursuant to a previously established Rule 10b5-1 Plan.
( 3)  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 275,000 shares of common stock with an exercise price of $6.24 held by the reporting person on August 13, 2009 became exercisable for 357,252 shares of common stock with an exercise price of $4.81.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
OBRIEN GORDON
2 BETHESDA METRO CENTER
14TH FLOOR
BETHESDA, MD 20814

Pres., Specialty Fin. & Ops.

Signatures
Gordon O'Brien 11/12/2014
** 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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