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|--------|
|        |  |  |
|   | x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|        |
|--------|
|        |  |  |
|   | o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |
| Delaware                                                      |   | 52-1451377 |
| (State or Other Jurisdiction ofIncorporation or Organization) |   | (I.R.S. EmployerIdentification No.) |

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|------------------------------------------------|
|                                                |  |  |  |  |
| Large accelerated filer  x |   |   |    | Accelerated filer  o |
| Non-accelerated filer  o             |   | (Do not check if a smaller reporting company) |    | Smaller Reporting Company  o |

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Table of Contents

| AMERICAN CAPITAL, LTD.TABLE OF CONTENTS |
|-----------------------------------------|
|                                         |  |  |
| PART I. FINANCIAL INFORMATION           |   |
|                                    |   |   |
| Item 1.                                 | Financial Statements | 3 |
| Item 2.                                 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 62 |
| Item 3.                                 | Quantitative and Qualitative Disclosure About Market Risk | 85 |
| Item 4.                                 | Controls and Procedures | 86 |
|                                    |   |   |
| PART II. OTHER INFORMATION              |   |
|                                    |   |   |
| Item 1.                                 | Legal Proceedings | 87 |
| Item 1A.                                | Risk Factors | 87 |
| Item 2.                                 | Unregistered Sales of Equity Securities and Use of Proceeds | 87 |
| Item 3.                                 | Defaults Upon Senior Securities | 87 |
| Item 4.                                 | Mine Safety Disclosures | 87 |
| Item 5.                                 | Other Information | 87 |
| Item 6.                                 | Exhibits | 88 |
| Signatures                              | 89 |
|                                    |   |   |

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Table of Contents

|         |                      |
|---------|----------------------|
| ITEM 1. | Financial Statements |

|                                                                                                                                |
|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                |  |  |  |  |  |  |  |
|                                                                                                                           | March 31, |   | December 31, |
|                                                                                                                           | 2015 |   | 2014 |
|                                                                                                                           | (unaudited) |   |   |
| Assets                                                                                                                         |   |   |   |
| Investments at fair value                                                                                                      |   |   |   |
| Non-Control/Non-Affiliate investments (cost of $4,466 and $3,846, respectively)                                                | $ | 4,167 |  |   | $ | 3,472 |  |
| Affiliate investments (cost of $26 and $29, respectively)                                                                      | 31 |  |   | 26 |  |
| Control investments (cost of $2,432 and $2,542, respectively)                                                                  | 2,837 |  |   | 2,782 |  |
| Total investments at fair value (cost of $6,924 and $6,417, respectively)                                                      | 7,035 |  |   | 6,280 |  |
| Cash and cash equivalents                                                                                                      | 469 |  |   | 676 |  |
| Restricted cash and cash equivalents                                                                                           | 81 |  |   | 167 |  |
| Interest and dividend receivable                                                                                               | 40 |  |   | 46 |  |
| Deferred tax asset, net                                                                                                        | 276 |  |   | 354 |  |
| Other                                                                                                                          | 133 |  |   | 117 |  |
| Total assets                                                                                                                   | $ | 8,034 |  |   | $ | 7,640 |  |
| Liabilities and Shareholders’ Equity                                                                                     |   |   |   |
| Debt ($5 and $5 due within one year, respectively)                                                                             | $ | 2,002 |  |   | $ | 1,703 |  |
| Trade date settlement liability                                                                                                | 385 |  |   | 191 |  |
| Long term incentive plan liability                                                                                             | 30 |  |   | 82 |  |
| Other                                                                                                                          | 191 |  |   | 192 |  |
| Total liabilities                                                                                                              | 2,608 |  |   | 2,168 |  |
| Commitments and contingencies (Note 12)                                                                                        |   |   |   |
| Shareholders’ equity:                                                                                                    |   |   |   |
| Undesignated preferred stock, $0.01 par value, 5.0 shares authorized, 0 issued and outstanding                                 | — |  |   | — |  |
| Common stock, $0.01 par value, 1,000.0 shares authorized, 273.9 and 271.1 issued and 269.7 and 266.9 outstanding, respectively | 3 |  |   | 3 |  |
| Capital in excess of par value                                                                                                 | 6,281 |  |   | 6,246 |  |
| Cumulative translation adjustment, net of tax                                                                                  | (134 | ) |   | (38 | ) |
| Distributions in excess of net realized earnings                                                                               | (668 | ) |   | (505 | ) |
| Net unrealized depreciation of investments                                                                                     | (56 | ) |   | (234 | ) |
| Total shareholders’ equity                                                                                               | 5,426 |  |   | 5,472 |  |
| Total liabilities and shareholders’ equity                                                                               | $ | 8,034 |  |   | $ | 7,640 |  |
| Net Asset Value Per Common Share Outstanding                                                                                   | $ | 20.12 |  |   | $ | 20.50 |  |

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Table of Contents

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |
|                                                                              | Three Months Ended March 31, |
|                                                                              | 2015 |   | 2014 |
| Operating Revenue                                                                 |   |   |   |
| Interest and dividend income                                                      |   |   |   |
| Non-Control/Non-Affiliate investments                                             | $ | 78 |  |   | $ | 13 |  |
| Control investments                                                               | 60 |  |   | 58 |  |
| Total interest and dividend income                                                | 138 |  |   | 71 |  |
| Fee income                                                                        |   |   |   |
| Non-Control/Non-Affiliate investments                                             | 2 |  |   | 1 |  |
| Control investments                                                               | 14 |  |   | 12 |  |
| Total fee income                                                                  | 16 |  |   | 13 |  |
| Total operating revenue                                                           | 154 |  |   | 84 |  |
| Operating Expenses                                                                |   |   |   |
| Interest                                                                          | 17 |  |   | 12 |  |
| Salaries, benefits and stock-based compensation                                   | 40 |  |   | 42 |  |
| European Capital management fees                                                  | 4 |  |   | — |  |
| General and administrative                                                        | 15 |  |   | 14 |  |
| Total operating expenses                                                          | 76 |  |   | 68 |  |
| Net Operating Income Before Income Taxes                                          | 78 |  |   | 16 |  |
| Tax provision                                                                     | (28 | ) |   | (11 | ) |
| Net Operating Income                                                              | 50 |  |   | 5 |  |
| Net realized gain (loss)                                                          |   |   |   |
| Non-Control/Non-Affiliate investments                                             | (8 | ) |   | 2 |  |
| Affiliate investments                                                             | — |  |   | 19 |  |
| Control investments                                                               | (198 | ) |   | — |  |
| Foreign currency transactions                                                     | (2 | ) |   | 2 |  |
| Derivative agreements and other                                                   | (48 | ) |   | 1 |  |
| Tax benefit (provision)                                                           | 43 |  |   | (3 | ) |
| Total net realized (loss) gain                                                    | (213 | ) |   | 21 |  |
| Net unrealized appreciation (depreciation)                                        |   |   |   |
| Portfolio company investments                                                     | 229 |  |   | 35 |  |
| Foreign currency translation                                                      | 19 |  |   | (4 | ) |
| Derivative agreements and other                                                   | 6 |  |   | 1 |  |
| Tax (provision) benefit                                                           | (76 | ) |   | 12 |  |
| Total net unrealized appreciation                                                 | 178 |  |   | 44 |  |
| Total net (loss) gain                                                             | (35 | ) |   | 65 |  |
| Net Increase in Net Assets Resulting from Operations (“Net Earnings”) | $ | 15 |  |   | $ | 70 |  |
|                                                                              |   |   |   |
| Net Operating Income Per Common Share                                             |   |   |   |
| Basic                                                                             | $ | 0.18 |  |   | $ | 0.02 |  |
| Diluted                                                                           | $ | 0.18 |  |   | $ | 0.02 |  |
| Net Earnings Per Common Share                                                     |   |   |   |
| Basic                                                                             | $ | 0.06 |  |   | $ | 0.26 |  |
| Diluted                                                                           | $ | 0.05 |  |   | $ | 0.25 |  |
| Weighted Average Shares of Common Stock Outstanding                               |   |   |   |
| Basic                                                                             | 271.1 |  |   | 270.7 |  |
| Diluted                                                                           | 282.9 |  |   | 283.4 |  |

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|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |
|                                                   | Three Months Ended March 31, |
|                                                   | 2015 |   | 2014 |
|                                                   |   |   |   |
| Net earnings                                           | $ | 15 |  |   | $ | 70 |  |
| Other comprehensive loss:                              |   |   |   |
| Cumulative translation adjustment, net of tax of ($21) | (96 | ) |   | — |  |
| Comprehensive (loss) income                            | $ | (81 | ) |   | $ | 70 |  |

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|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |
|                                                                  | Three Months Ended March 31, |
|                                                                  | 2015 |   | 2014 |
| Operations                                                            |   |   |   |
| Net operating income                                                  | $ | 50 |  |   | $ | 5 |  |
| Net realized (loss) gain, net of tax                                  | (213 | ) |   | 21 |  |
| Net unrealized appreciation, net of tax                               | 178 |  |   | 44 |  |
| Net earnings                                                          | 15 |  |   | 70 |  |
| Capital Share Transactions                                            |   |   |   |
| Proceeds from issuance of common stock upon exercise of stock options | 17 |  |   | 13 |  |
| Repurchase of common stock                                            | — |  |   | (137 | ) |
| Stock-based compensation                                              | 13 |  |   | 1 |  |
| Cumulative translation adjustment, net of tax                         | (96 | ) |   | — |  |
| Other                                                                 | 5 |  |   | 5 |  |
| Net decrease in net assets resulting from capital share transactions  | (61 | ) |   | (118 | ) |
| Total decrease in net assets                                          | (46 | ) |   | (48 | ) |
| Net assets at beginning of period                                     | 5,472 |  |   | 5,126 |  |
| Net assets at end of period                                           | $ | 5,426 |  |   | $ | 5,078 |  |
|                                                                  |   |   |   |
| Net asset value per common share outstanding                          | $ | 20.12 |  |   | $ | 19.29 |  |
| Common shares outstanding at end of period                            | 269.7 |  |   | 263.3 |  |

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Table of Contents

|                                                                                               |
|-----------------------------------------------------------------------------------------------|
|                                                                                               |  |  |  |  |  |  |  |
|                                                                                          | Three Months Ended March 31, |
|                                                                                          | 2015 |   | 2014 |
| Operating Activities                                                                          |   |   |   |
| Net earnings                                                                                  | $ | 15 |  |   | $ | 70 |  |
| Adjustments to reconcile net earnings to net cash (used in) provided by operating activities: |   |   |   |
| Net unrealized appreciation of investments                                                    | (254 | ) |   | (32 | ) |
| Net realized loss (gain) on investments                                                       | 256 |  |   | (24 | ) |
| Effects on exchange rate changes on assets and liabilities denominated in foreign currencies  | 3 |  |   | — |  |
| Accrued PIK interest and dividends on investments                                             | (25 | ) |   | (5 | ) |
| Stock-based compensation                                                                      | 7 |  |   | 10 |  |
| Decrease in interest and dividend receivable                                                  | 5 |  |   | 5 |  |
| Decrease in deferred tax asset, net                                                           | 62 |  |   | — |  |
| (Increase) decrease in other assets                                                           | (6 | ) |   | 8 |  |
| Decrease in other liabilities                                                                 | (27 | ) |   | (21 | ) |
| Payment of Long Term Incentive Plan Liability                                                 | (46 | ) |   | — |  |
| Other                                                                                         | (2 | ) |   | (3 | ) |
| Net cash (used in) provided by operating activities                                           | (12 | ) |   | 8 |  |
| Investing Activities                                                                          |   |   |   |
| Purchases and originations of investments                                                     | (807 | ) |   | (143 | ) |
| Repayments from (fundings on) portfolio company revolving credit facility investments, net    | 2 |  |   | (3 | ) |
| Principal repayments on debt investments                                                      | 61 |  |   | 35 |  |
| Proceeds from loan syndications and loan sales                                                | 54 |  |   | 20 |  |
| Payment of accrued PIK notes and dividend and accreted original issue discounts               | 17 |  |   | 63 |  |
| Proceeds from equity investments                                                              | 93 |  |   | 324 |  |
| Increase (decrease) in cash collateral on total return swaps                                  | 95 |  |   | (35 | ) |
| Other                                                                                         | (3 | ) |   | (1 | ) |
| Net cash (used in) provided by investing activities                                           | (488 | ) |   | 260 |  |
| Financing Activities                                                                          |   |   |   |
| Proceeds from revolving credit facilities, net                                                | 304 |  |   | — |  |
| Increase in debt service escrows                                                              | (11 | ) |   | — |  |
| Proceeds from issuance of common stock upon exercise of stock options                         | 17 |  |   | 13 |  |
| Repurchase of common stock                                                                    | — |  |   | (137 | ) |
| Other                                                                                         | 2 |  |   | 9 |  |
| Net cash provided by (used in) financing activities                                           | 312 |  |   | (115 | ) |
| Effect of currency rate changes on cash and cash equivalents                                  | (19 | ) |   | — |  |
| Net (decrease) increase in cash and cash equivalents                                          | (188 | ) |   | 153 |  |
| Cash and cash equivalents at beginning of period                                              | 676 |  |   | 315 |  |
| Cash and cash equivalents at end of period                                                    | $ | 469 |  |   | $ | 468 |  |

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|                                                                                |
|--------------------------------------------------------------------------------|
|                                                                                |  |  |  |  |  |  |  |
|                                                                           | Three Months Ended March 31, |
|                                                                           | 2015 |   | 2014 |
| Per Share Data                                                                 |   |   |   |
| Net asset value at beginning of the period                                     | $ | 20.50 |  |   | $ | 18.97 |  |
| Net operating income(1)                                                        | 0.18 |  |   | 0.02 |  |
| Net realized (loss) gain, net of tax(1)                                        | (0.78 | ) |   | 0.08 |  |
| Net unrealized appreciation, net of tax(1)                                     | 0.66 |  |   | 0.16 |  |
| Net earnings(1)                                                                | 0.06 |  |   | 0.26 |  |
| Issuance of common stock from stock compensation plans                         | (0.15 | ) |   | (0.09 | ) |
| Repurchase of common stock                                                     | — |  |   | 0.13 |  |
| Cumulative translation adjustment, net of tax                                  | (0.36 | ) |   | — |  |
| Other, net(2)                                                                  | 0.07 |  |   | 0.02 |  |
| Net asset value at end of period                                               | $ | 20.12 |  |   | $ | 19.29 |  |
| Ratio/Supplemental Data                                                        |   |   |   |
| Per share market value at end of period                                        | $ | 14.79 |  |   | $ | 15.80 |  |
| Total investment return(3)                                                     | 1.23 | % |   | 0.99 | % |
| Shares of common stock outstanding at end of period                            | 269.7 |  |   | 263.3 |  |
| Net assets at end of period                                                    | $ | 5,426 |  |   | $ | 5,078 |  |
| Average net assets(4)                                                          | $ | 5,449 |  |   | $ | 5,102 |  |
| Average debt outstanding(5)                                                    | $ | 1,845 |  |   | $ | 800 |  |
| Average debt outstanding per common share(1)                                   | $ | 6.81 |  |   | $ | 2.96 |  |
| Portfolio turnover rate(6)                                                     | 14.60 | % |   | 12.40 | % |
| Ratio of operating expenses to average net assets(6)                           | 5.66 | % |   | 5.41 | % |
| Ratio of operating expenses, net of interest expense, to average net assets(6) | 4.39 | % |   | 4.45 | % |
| Ratio of interest expense to average net assets(6)                             | 1.27 | % |   | 0.95 | % |
| Ratio of net operating income to average net assets(6)                         | 3.72 | % |   | 0.40 | % |

|     |                                        |
|-----|----------------------------------------|
| (1) | Weighted average basic per share data. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Represents the impact of (i) the other components in the changes in net assets, including other capital transactions such as the purchase of common stock held in deferred compensation trusts, stock-based compensation, income tax deductions related to the exercise of stock options and distribution of stock awards in excess of U.S. GAAP expense credited to additional paid-in capital and (ii) the different share amounts used in calculating per share data as a result of calculating certain per share data based upon the weighted average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end. |

|     |                                                                                                                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Total investment return is based on the change in the market value of our common stock taking into account dividends, if any, reinvested in accordance with the terms of our dividend reinvestment plan. The total investment return has not been annualized. |

|     |                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------|
| (4) | Based on the quarterly average of net assets as of the beginning and end of each period presented. |

|     |                                                                                                        |
|-----|--------------------------------------------------------------------------------------------------------|
| (5) | Based on a daily weighted average balance of debt outstanding, excluding discounts, during the period. |

|     |                        |
|-----|------------------------|
| (6) | Ratios are annualized. |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTSMarch 31, 2015(unaudited)(in millions, except share data) |
|---------------------------------------------------------------------------------------------------------------------|
|                                                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                          |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| AMERICAN CAPITAL NON-CONTROL / NON-AFFILIATE INVESTMENTS                                                            |   |   |   |   |   |   |   |
| 2 TransAm LLC(7)                                                                                                    |   | Real Estate |   | First Lien Senior Debt(6) | 5.4 | % | N/A |  | 1/18 |   |   | $ | 5.6 |  |   | $ | 5.6 |  |   | $ | 5.6 |  |
| Aderant North America, Inc.                                                                                         |   | Software |   | Second Lien Senior Debt(6) | 10.0 | % | N/A |  | 6/19 |   |   | 27.6 |  |   | 27.5 |  |   | 27.9 |  |
| American Acquisition, LLC(7)                                                                                        |   | Capital Markets |   | First Lien Senior Debt(6) | 19.4 | % | N/A |  | 6/15 |   |   | 2.4 |  |   | 2.4 |  |   | 2.4 |  |
| AmWINS Group, LLC                                                                                                   |   | Insurance |   | Second Lien Senior Debt | 9.5 | % | N/A |  | 9/20 |   |   | 46.0 |  |   | 44.9 |  |   | 46.1 |  |
| Bensussen Deutsch & Associates, LLC                                                                             |   | Distributors |   | Second Lien Senior Debt(6) | 12.0 | % | 2.0 | % |  9/19 |   |   | 45.5 |  |   | 43.2 |  |   | 45.5 |  |
|                                                                                                                |   |   | Common Stock |   |   |   | 1,224,089 |  |   |   |   | 2.6 |  |   | 7.9 |  |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   | 45.8 |  |   | 53.4 |  |
| BeyondTrust Software, Inc.                                                                                          |   | Software |   | First Lien Senior Debt(6) | 8.0 | % | N/A |  |  9/19 |   |   | 32.1 |  |   | 32.1 |  |   | 32.2 |  |
| Blue Wolf Capital Fund II, L.P.(7)                                                                                  |   | Capital Markets |   | Limited Partnership Interest(4) |   |   |   |   |   |   |   | 8.8 |  |   | 8.3 |  |
| BRG Sports, Inc.                                                                                                    |   | Leisure Products |   | Redeemable Preferred Stock(4) |   |   |   | 1,171 |  |   |   |   | 1.2 |  |   | 1.7 |  |
|                                                                                                                |   |   |   | Common Units(4) |   |   |   | 3,830,068 |  |   |   |   | 0.7 |  |   | — |  |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   |   | 1.9 |  |   | 1.7 |  |
| CAMP International Holding Company                                                                                  |   | Transportation Infrastructure |   | Second Lien Senior Debt(6) | 8.3 | % | N/A |  |  11/19 |   |   | 15.0 |  |   | 15.0 |  |   | 15.0 |  |
| CGSC of Delaware Holdings Corporation(7)                                                                            |   | Insurance |   | Second Lien Senior Debt(6) | 8.3 | % | N/A |  |  10/20 |   |   | 2.0 |  |   | 2.0 |  |   | 1.8 |  |
| Convergint Technologies, LLC                                                                                        |   | Commercial Services & Supplies |   | Second Lien Senior Debt(6) | 9.0 | % | N/A |  | 12/17-12/20 |   |   | 94.0 |  |   | 94.0 |  |   | 94.0 |  |
| CPI Buyer, LLC                                                                                                      |   | Trading Companies & Distributors |   | Second Lien Senior Debt(6) | 8.5 | % | N/A |  |  8/22 |   |   | 25.0 |  |   | 24.7 |  |   | 24.8 |  |
| Datapipe, Inc.                                                                                                      |   | IT Services |   | Second Lien Senior Debt(6) | 8.5 | % | N/A |  |  9/19 |   |   | 29.5 |  |   | 29.1 |  |   | 28.4 |  |
| Delsey Holding S.A.S.(7)                                                                                            |   | Textiles, Apparel & Luxury Goods |   | First Lien Senior Debt(6) | 6.5 | % | 3.2 | % |  12/16 |   |   | 15.4 |  |   | 15.4 |  |   | 13.0 |  |
|                                                                                                                |   |   | Mezzanine Debt(6) | N/A |  | 11.0 | % |  12/22 |   |   | 2.1 |  |   | 2.1 |  |   | 1.2 |  |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   |   | 17.5 |  |   | 14.2 |  |
| Electronic Warfare Associates, Inc.                                                                                 |   | IT Services |   | First Lien Senior Debt(6) | 12.0 | % | 3.0% |  |  2/19 |   |   | 21.6 |  |   | 20.8 |  |   | 20.8 |  |
|                                                                                                                |   |   | Common Stock Warrants |   |   |   | 863,887 |  |   |   |   | 0.8 |  |   | 0.8 |  |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   |   | 21.6 |  |   | 21.6 |  |
| Exchange South Owner, LLC(7)                                                                                        |   | Real Estate |   | First Lien Senior Debt(6) | 7.7 | % | N/A |  |  1/19 |   |   | 6.9 |  |   | 6.9 |  |   | 6.9 |  |
| Flexera Software LLC                                                                                                |   | Software |   | Second Lien Senior Debt(6) | 8.0 | % | N/A |  |  4/21 |   |   | 5.0 |  |   | 5.0 |  |   | 4.9 |  |
| Foamex Innovations, Inc.                                                                                            |   | Household Durables |   | Common Stock(4) |   |   |   | 2,708 |  |   |   |   | — |  |   | 0.6 |  |
|                                                                                                                |   |   |   | Common Stock Warrants(4)(6) |   |   |   | 7,067 |  |   |   |   | — |  |   | 0.2 |  |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   |   | — |  |   | 0.8 |  |
| Inmar, Inc.                                                                                                         |   | Commercial Services & Supplies |   | Second Lien Senior Debt(6) | 8.0 | % | N/A |  |  1/22 |   |   | 20.0 |  |   | 19.8 |  |   | 19.7 |  |
| Iotum Global Holdings, Inc.(7)                                                                                      |   | Diversified Telecommunication Services |   | First Lien Senior Debt(6) | N/A |  | 10.0 | % |  5/17 |   |   | 2.2 |  |   | 2.2 |  |   | 2.2 |  |
| iParadigms, LLC                                                                                                     |   | Internet Software & Services |   | Second Lien Senior Debt(6) | 8.3 | % | N/A |  |  7/22 |   |   | 27.0 |  |   | 26.8 |  |   | 26.6 |  |
| Jazz Acquisition, Inc.                                                                                              |   | Aerospace & Defense |   | Second Lien Senior Debt(6) | 7.8 | % | N/A |  |  6/22 |   |   | 25.0 |  |   | 24.9 |  |   | 24.5 |  |
| Landslide Holdings, Inc.                                                                                            |   | Software |   | Second Lien Senior Debt(6) | 8.3 | % | N/A |  |  2/21 |   |   | 9.0 |  |   | 9.0 |  |   | 8.7 |  |
| LTG Acquisition, Inc.                                                                                               |   | Communications Equipment |   | Second Lien Senior Debt(6) | 9.0 | % | N/A |  |  10/20 |   |   | 46.0 |  |   | 46.0 |  |   | 44.8 |  |
|                                                                                                                |   |   | Common Stock(4)(6) |   |   |   | 5,000 |  |   |   |   | 5.0 |  |   | 6.7 |  |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   |   | 51.0 |  |   | 51.5 |  |
| Mitchell International, Inc.                                                                                        |   | Software |   | Second Lien Senior Debt(6) | 8.5 | % | N/A |  |  10/21 |   |  |   | 7.0 |  |   | 6.9 |  |   | 7.0 |  |
| M-IV Lake Center LLC(7)                                                                                             |   | Real Estate |   | First Lien Senior Debt(6) | 5.4 | % | N/A |  |  12/17 |   |   | 7.0 |  |   | 7.0 |  |   | 7.0 |  |
| OnCourse Learning Corporation                                                                                       |   | Diversified Consumer Services |   | First Lien Senior Debt(6) | 8.5 | % | N/A |  |  2/19 |   |   | 20.0 |  |   | 19.8 |  |   | 19.8 |  |
| Parkeon S.A.S.(7)                                                                                                   |   | Electronic Equipment, Instruments & Components |   | First Lien Senior Debt(6) | 2.3 | % | N/A |  |  12/17 |   |   | 4.3 |  |   | 4.0 |  |   | 3.4 |  |
|                                                                                                                | Redeemable Preferred Stock(4)(6) |   |   |   | 5,234,743 |  |   |   |   | 0.5 |  |   | 1.6 |  |
|                                                                                                                |   |   |   |   |   |   |   |   | 4.5 |  |   | 5.0 |  |
| Parts Holding Coörperatief U.A(7)                                                                              |   | Distributors |   | Membership Entitlements(4) |   |   |   | 173,060 |  |   |   |   | 6.4 |  |   | 1.5 |  |
| Qualium I(7)                                                                                                        |   | Capital Markets |   | Common Stock(4) |   |   |   | 247,939 |  |   |   |   | 6.9 |  |   | 6.5 |  |
| Ranpak Corp.                                                                                                        |   | Containers & Packaging |   | Second Lien Senior Debt(6) | 8.3 | % | N/A |  |  10/22 |   |   | 25.0 |  |   | 25.0 |  |   | 25.1 |  |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2015 (unaudited)(in millions, except share data) |
|----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                             |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Roark - Money Mailer, LLC                                                                                                              |   | Media |   | Common Membership Units(4) |   |   |   | 3.5 | % |   |   |   | — |  |   | 0.8 |  |
| Sage Products Holdings III, LLC                                                                                                        |   | Health Care Equipment & Supplies |   | Second Lien Senior Debt(6) | 9.3 | % | N/A |  |  6/20 |   |   | 22.8 |  |   | 22.9 |  |   | 23.0 |  |
| Sparta Systems, Inc.                                                                                                                   |   | IT Services |   | First Lien Senior Debt(6) | 7.5 | % | N/A |  |  7/20 |   |   | 24.9 |  |   | 24.6 |  |   | 24.7 |  |
|                                                                                                                                   |   |   |   | Convertible Preferred Stock(6) |   |   |   | 743 |  |   |   |   | 0.8 |  |   | 0.8 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 25.4 |  |   | 25.5 |  |
| Systems Maintenance Services Holding, Inc.                                                                                             |   | IT Services |   | Second Lien Senior Debt(6) | 9.3 | % | N/A |  |  10/20 |   |   | 28.0 |  |   | 27.8 |  |   | 27.8 |  |
| Teasdale Foods, Inc.                                                                                                                   |   | Food & Staples Retailing |   | Second Lien Senior Debt(6) | 8.8 | % | N/A |  |  10/21 |   |   | 31.5 |  |   | 31.5 |  |   | 31.5 |  |
| Tectum Holdings, Inc.                                                                                                                  |   | Auto Components |   | Second Lien Senior Debt(6) | 9.8 | % | N/A |  |  1/21 |   |   | 41.5 |  |   | 40.9 |  |   | 40.9 |  |
|                                                                                                                                   |   |   |   | Convertible Preferred Stock(4)(6) |   |   |   | 25,000 |  |   |   |   | 2.5 |  |   | 2.5 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 43.4 |  |   | 43.4 |  |
| Tyche Holdings, LLC                                                                                                                    |   | IT Services |   | Second Lien Senior Debt(6) | 9.0 | % | N/A |  |  11/22 |   |   | 27.0 |  |   | 26.9 |  |   | 27.1 |  |
| Tyden Cayman Holdings Corp.(7)                                                                                                         |   | Electronic Equipment, Instruments & Components |   | Convertible Preferred Stock(4)(6) |   |  |   |   | 26,977 |  |   |   |   | 0.1 |  |   | 0.1 |  |
|                                                                                                                                   |   | Common Stock(4)(6) |   |  |   |   | 3,218,667 |  |   |   |   | 3.8 |  |   | 2.3 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   | 3.9 |  |   | 2.4 |  |
| W3 Co.                                                                                                                                 |   | Health Care Equipment & Supplies |   | Second Lien Senior Debt(6) | 9.3 | % | N/A |  |  9/20 |   |   | 17.0 |  |   | 16.8 |  |   | 14.2 |  |
| WP CPP Holdings, LLC                                                                                                                   |   | Aerospace & Defense |   | Second Lien Senior Debt(6) | 8.8 | % | N/A |  |  4/21 |   |   | 40.0 |  |   | 39.8 |  |   | 39.8 |  |
| WRH, Inc.(8)                                                                                                                           |   | Life Sciences Tools & Services |   | Mezzanine Debt(6) | 9.3 | % | 5.9 | % |  8/18 |   |   | 97.0 |  |   | 96.9 |  |   | 92.4 |  |
|                                                                                                                                   |   |   | Convertible Preferred Stock(4)(6) |   |   |   | 2,008,575 |  |   |   |   | 200.8 |  |   | 135.3 |  |
|                                                                                                                                   |   |   |   | Common Stock(4)(6) |   |   |   | 502,144 |  |   |   |   | 49.9 |  |   | — |  |
|                                                                                                                                   |   |   |   |   |   |  |   |   |   |   |   |   | 347.6 |  |   | 227.7 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EUROPEAN CAPITAL NON-CONTROL / NON-AFFILIATE INVESTMENTS                                                                               |   |   |   |   |   |   |   |
| Delsey Holding S.A.S.(7)                                                                                                               |   | Textiles, Apparel & Luxury Goods |   | First Lien Senior Debt | 6.5% |  | 3.3 | % | 12/16 |   |   | 80.5 |  |   | 80.5 |  |   | 78.9 |  |
|                                                                                                                                   |   |   | Mezzanine Debt | N/A |  | 11.0 | % | 12/22 |   |   | 11.2 |  |   | 11.2 |  |   | 7.2 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 91.7 |  |   | 86.1 |  |
| Financière Newglass S.A.S.(7)                                                                                                     |   | Building Products |   | Convertible Preferred Stock |   |   |   | 15,000,000 |  |   |   |   | 16.3 |  |   | 12.0 |  |
| Financière OFIC S.A.S.(7)                                                                                                         |   | Building Products |   | Warrants(4) |   |   |   | 1,574,600 |  |   |   |   | — |  |   | 2.5 |  |
| Financière Poult S.A.S.(7)                                                                                                        |   | Food Products |   | Mezzanine Debt | 5.3% |  | 5.3 | % | 6/22 |   |   | 14.7 |  |   | 14.7 |  |   | 14.4 |  |
| Financière Riskeco S.A.S.(7)                                                                                                      |   | Diversified Consumer Services |   | First Lien Senior Debt | 7.0% |  | 2.0 | % | 7/21 |   |   | 12.7 |  |   | 12.7 |  |   | 12.3 |  |
| The Flexitallic Group S.A.S.(7)                                                                                                        |   | Energy Equipment & Services |   | First Lien Senior Debt | 5.4% |  | 4.5 | % | 7/20 |   |   | 25.5 |  |   | 25.5 |  |   | 25.2 |  |
| Groupe INSEEC(7)                                                                                                                       |   | Diversified Consumer Services |   | First Lien Senior Debt | 6.5% |  | 3.0 | % | 12/20 |   |   | 42.3 |  |   | 42.3 |  |   | 41.3 |  |
| Hilding Anders AB(7)                                                                                                                   |   | Household Durables |   | Mezzanine Debt(5) | N/A |  | 12.0 | % | 12/19 |   |   | 33.3 |  |   | 15.9 |  |   | — |  |
| Legendre Holding 31 S.A.(7)                                                                                                            |   | Leisure Products |   | First Lien Senior Debt | 7.2% |  | N/A |  | 1/21 |   |   | 50.3 |  |   | 50.3 |  |   | 48.0 |  |
|                                                                                                                                   |   |   | Common Stock(4) |   |   |   | 51,975,983 |  |   |   |   | 5.6 |  |   | 5.6 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 55.9 |  |   | 53.6 |  |
| Modacin France S.A.S.(7)                                                                                                               |   | Specialty Retail |   | Mezzanine Debt(5) | — | % | 4.3 | % | 11/19 |   |   | 20.9 |  |   | 11.2 |  |   | 1.4 |  |
| MP Equity S.A.S.(7)                                                                                                                    |   | Food Products |   | Redeemable Preferred Stock(4) |   |   |   |   |   | 2.3 |  |   | 2.3 |  |   | — |  |
| Parts Holding Coörperatief U.A.(7)                                                                                                |   | Distributors |   | Common Stock(4) |   |   |   | 568,624 |  |   |   |   | — |  |   | 4.9 |  |
| Skrubbe Vermogensverwaltungsgesellschaft mbH(7)                                                                                        |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt | 4.5% |  | 3.0 | % | 7/20 |   |   | 11.5 |  |   | 11.5 |  |   | 11.3 |  |
| Sofa.com Bidco Limited                                                                                                                 |   | Household Durables |   | First Lien Senior Debt | 5.6% |  | 3.0 | % | 2/21 |   |   | 8.9 |  |   | 8.9 |  |   | 8.5 |  |
| Tiama 2 S.A.S.(7)                                                                                                                      |   | Machinery |   | Mezzanine Debt(5) | 4.7% |  | 5.0 | % | 2/17 |   |   | 47.3 |  |   | 25.0 |  |   | — |  |
| Tractel GmbH(7)                                                                                                                        |   | Construction & Engineering |   | Mezzanine Debt(5) | 3.5% |  | 5.3 | % | 6/17 |   |   | 8.1 |  |   | 7.6 |  |   | 7.5 |  |
| Unipex Neptune International SAS(7)                                                                                                    |   | Chemicals |   | Mezzanine Debt | 8.0% |  | 5.0 | % | 9/20 |   |   | 4.8 |  |   | 4.8 |  |   | 4.8 |  |
| Zodiac Marine and Pool S.A.(7)                                                                                                         |   | Marine |   | Second Lien Senior Debt(5) | — | % | 4.1 | % | 3/17 |   |   | 34.2 |  |   | 24.6 |  |   | — |  |
|                                                                                                                                   |   |   | Mezzanine Debt(5) | — | % | 8.3 | % | 9/17 |   |   | 71.4 |  |   | 38.8 |  |   | — |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 63.4 |  |   | — |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2015 (unaudited)(in millions, except share data) |
|----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                             |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SENIOR FLOATING RATE LOANS                                                                                                             |   |   |   |   |   |   |   |
| 1011778 B.C. Unlimited Liability Company(7)                                                                                            |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 12/21 |   |   | 16.8 |  |   | 16.7 |  |   | 17.0 |  |
| 24 Hour Fitness Worldwide, Inc.                                                                                                        |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 5/21 |   |   | 8.3 |  |   | 8.3 |  |   | 8.3 |  |
| Accellent Inc.                                                                                                                         |   | Health Care Equipment & Supplies |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 3/21 |   |   | 17.4 |  |   | 17.3 |  |   | 17.3 |  |
| Acosta Holdco, Inc.                                                                                                                    |   | Media |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 9/21 |   |   | 25.0 |  |   | 25.0 |  |   | 25.2 |  |
| Advantage Sales & Marketing Inc.                                                                                                   |   | Professional Services |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 7/21 |   |   | 25.9 |  |   | 25.9 |  |   | 25.9 |  |
|                                                                                                                                   |   |   | Second Lien Senior Debt(6) | 7.5 | % | N/A |  | 7/22 |   |   | 1.0 |  |   | 1.0 |  |   | 1.0 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 26.9 |  |   | 26.9 |  |
| Affinia Group Inc.                                                                                                                     |   | Auto Components |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 4/20 |   |   | 7.6 |  |   | 7.6 |  |   | 7.6 |  |
| Akorn, Inc.(7)                                                                                                                         |   | Pharmaceuticals |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 4/21 |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Albertson's LLC                                                                                                                        |   | Food & Staples Retailing |   | First Lien Senior Debt(6) | 5.4 | % | N/A |  | 3/19 |   |   | 2.0 |  |   | 2.0 |  |   | 2.0 |  |
| AlixPartners, LLP                                                                                                                      |   | Diversified Financial Services |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 7/20 |   |   | 19.0 |  |   | 19.0 |  |   | 19.0 |  |
| Alliance Laundry Systems LLC                                                                                                           |   | Machinery |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 12/18 |   |   | 6.2 |  |   | 6.2 |  |   | 6.2 |  |
| Alliant Holdings I, LLC                                                                                                                |   | Insurance |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 12/19 |   |   | 2.2 |  |   | 2.2 |  |   | 2.2 |  |
| Allison Transmission, Inc.(7)                                                                                                          |   | Auto Components |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 8/19 |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| American Airlines, Inc.(7)                                                                                                             |   | Airlines |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 6/19 |   |   | 9.9 |  |   | 9.9 |  |   | 9.9 |  |
| American Renal Holdings Inc.                                                                                                           |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 8/19 |   |   | 7.7 |  |   | 7.7 |  |   | 7.7 |  |
| American Tire Distributors, Inc.                                                                                                       |   | Distributors |   | First Lien Senior Debt(6) | 6.1 | % | N/A |  | 6/18-9/21 |   |   | 9.9 |  |   | 9.9 |  |   | 10.0 |  |
| AmSurg Corp.(7)                                                                                                                        |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 7/21 |   |   | 16.9 |  |   | 17.0 |  |   | 17.0 |  |
| AmWINS Group, LLC                                                                                                                      |   | Insurance |   | First Lien Senior Debt(6) | 5.3 | % | N/A |  | 9/19 |   |   | 8.8 |  |   | 8.8 |  |   | 8.9 |  |
| Anchor Glass Container Corporation                                                                                                     |   | Containers & Packaging |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 6/21 |   |   | 9.1 |  |   | 9.1 |  |   | 9.1 |  |
| Aquilex LLC                                                                                                                            |   | Commercial Services & Supplies |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 12/20 |   |   | 3.0 |  |   | 3.0 |  |   | 2.9 |  |
| Aramark Corporation(7)                                                                                                                 |   | Commercial Services & Supplies |   | First Lien Senior Debt(6) | 3.3 | % | N/A |  | 2/21 |   |   | 14.8 |  |   | 14.6 |  |   | 14.8 |  |
| Ardent Medical Services, Inc.                                                                                                          |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 6.8 | % | N/A |  | 7/18 |   |   | 0.3 |  |   | 0.3 |  |   | 0.3 |  |
| ARG IH Corporation                                                                                                                     |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 11/20 |   |   | 5.4 |  |   | 5.5 |  |   | 5.5 |  |
| Aristocrat Leisure Limited(7)                                                                                                          |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 10/21 |   |   | 4.9 |  |   | 4.8 |  |   | 4.9 |  |
| Ascend Learning, LLC                                                                                                                   |   | Diversified Consumer Services |   | First Lien Senior Debt(6) | 6.0 | % | N/A |  | 7/19 |   |   | 2.4 |  |   | 2.4 |  |   | 2.4 |  |
| Ascensus, Inc.                                                                                                                         |   | Commercial Services & Supplies |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 12/19 |   |   | 6.0 |  |   | 6.1 |  |   | 6.0 |  |
| Asurion, LLC                                                                                                                           |   | Commercial Services & Supplies |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 5/19 |   |   | 7.3 |  |   | 7.4 |  |   | 7.4 |  |
| Atlantic Power Limited Partnership(7)                                                                                                  |   | Independent Power & Renewable Electricity Producers |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 2/21 |   |   | 4.3 |  |   | 4.4 |  |   | 4.4 |  |
| Axalta Coating Systems Dutch Holding B B.V.(7)                                                                                         |   | Chemicals |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 2/20 |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| AZ Chem US Inc.                                                                                                                        |   | Chemicals |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 6/21 |   |   | 4.3 |  |   | 4.3 |  |   | 4.3 |  |
| BarBri, Inc.                                                                                                                           |   | Diversified Consumer Services |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 7/19 |   |   | 9.8 |  |   | 9.8 |  |   | 9.5 |  |
| Berlin Packaging L.L.C.                                                                                                                |   | Containers & Packaging |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 10/21 |   |   | 6.5 |  |   | 6.4 |  |   | 6.5 |  |
| Biomet, Inc.                                                                                                                           |   | Health Care Equipment & Supplies |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 7/17 |   |   | 13.3 |  |   | 13.2 |  |   | 13.3 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2015 (unaudited)(in millions, except share data) |
|----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                             |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| BJ's Wholesale Club, Inc.                                                                                                              |   | Food & Staples Retailing |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 9/19 |   |   | 4.9 |  |   | 4.9 |  |   | 4.9 |  |
| Blackboard Inc.                                                                                                                        |   | Software |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 10/18 |   |   | 4.9 |  |   | 5.0 |  |   | 4.9 |  |
| Boulder Brands, Inc.(7)                                                                                                                |   | Food Products |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 7/20 |   |   | 7.0 |  |   | 7.0 |  |   | 7.0 |  |
| Boyd Gaming Corporation(7)                                                                                                             |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 8/20 |   |   | 6.4 |  |   | 6.4 |  |   | 6.4 |  |
| The Brickman Group Ltd. LLC                                                                                                            |   | Commercial Services & Supplies |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 12/20 |   |   | 17.9 |  |   | 17.8 |  |   | 17.9 |  |
| Burlington Coat Factory Warehouse Corporation(7)                                                                                       |   | Specialty Retail |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 8/21 |   |   | 6.9 |  |   | 6.9 |  |   | 6.9 |  |
| BWay Intermediate Company, Inc.                                                                                                        |   | Containers & Packaging |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 8/20 |   |   | 4.0 |  |   | 3.9 |  |   | 4.0 |  |
| Camp International Holding Company                                                                                                     |   | Transportation Infrastructure |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 5/19 |   |   | 7.7 |  |   | 7.7 |  |   | 7.7 |  |
| Capital Automotive L.P.                                                                                                                |   | Real Estate |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 4/19 |   |   | 12.3 |  |   | 12.3 |  |   | 12.4 |  |
| Capital Safety North America Holdings Inc.                                                                                             |   | Commercial Services & Supplies |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 3/21 |   |   | 9.3 |  |   | 9.2 |  |   | 9.2 |  |
| Capsugel Holdings US, Inc.                                                                                                             |   | Pharmaceuticals |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 8/18 |   |   | 24.5 |  |   | 24.4 |  |   | 24.5 |  |
| Carecore National, LLC                                                                                                                 |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 3/21 |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Carros Finance Luxembourg S.A.R.L.(7)                                                                                                  |   | Machinery |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 9/21 |   |   | 9.0 |  |   | 9.0 |  |   | 9.0 |  |
| Catalent Pharma Solutions, Inc.(7)                                                                                                     |   | Pharmaceuticals |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 5/21 |   |   | 12.4 |  |   | 12.5 |  |   | 12.5 |  |
| CCM Merger, Inc.                                                                                                                       |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 8/21 |   |   | 4.7 |  |   | 4.7 |  |   | 4.8 |  |
| CEC Entertainment, Inc.                                                                                                                |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 2/21 |   |   | 12.4 |  |   | 12.3 |  |   | 12.3 |  |
| Cequel Communications, LLC                                                                                                             |   | Media |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 2/19 |   |   | 31.0 |  |   | 30.9 |  |   | 31.1 |  |
| Charter Communications Operating, LLC(7)                                                                                               |   | Media |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 9/21 |   |   | 1.3 |  |   | 1.2 |  |   | 1.3 |  |
| Checkout Holding Corp.                                                                                                                 |   | Media |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 4/21 |   |   | 5.0 |  |   | 5.0 |  |   | 4.3 |  |
| CHS/Community Health Systems, Inc.(7)                                                                                                  |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 1/21 |   |   | 10.0 |  |   | 10.0 |  |   | 10.0 |  |
| CityCenter Holdings, LLC                                                                                                               |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 10/20 |   |   | 23.6 |  |   | 23.6 |  |   | 23.7 |  |
| Compuware Corporation                                                                                                                  |   | Software |   | First Lien Senior Debt(6) | 6.3 | % | N/A |  | 12/21 |   |   | 2.0 |  |   | 1.9 |  |   | 1.9 |  |
| Connolly, LLC                                                                                                                          |   | Professional Services |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 5/21 |   |   | 6.6 |  |   | 6.6 |  |   | 6.7 |  |
|                                                                                                                                   |   |   |   | Second Lien Senior Debt(6) | 8.0 | % | N/A |  | 5/22 |   |   | 1.0 |  |   | 1.0 |  |   | 1.0 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 7.6 |  |   | 7.7 |  |
| Consolidated Communications, Inc.(7)                                                                                                   |   | Diversified Telecommunication Services |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 12/20 |   |   | 4.9 |  |   | 5.0 |  |   | 5.0 |  |
| CPG International Inc.                                                                                                                 |   | Building Products |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 9/20 |   |   | 7.4 |  |   | 7.4 |  |   | 7.3 |  |
| CPI Buyer, LLC                                                                                                                         |   | Trading Companies & Distributors |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 8/21 |   |   | 2.0 |  |   | 2.0 |  |   | 2.0 |  |
| CPI International Inc.                                                                                                                 |   | Electronic Equipment, Instruments & Components |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 11/17 |   |   | 10.4 |  |   | 10.4 |  |   | 10.4 |  |
| Crown Americas LLC(7)                                                                                                                  |   | Containers & Packaging |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 10/21 |   |   | 1.5 |  |   | 1.5 |  |   | 1.5 |  |
| CT Technologies Intermediate Holdings, Inc.                                                                                            |   | Health Care Technology |   | First Lien Senior Debt(6) | 6.0 | % | N/A |  | 12/21 |   |   | 3.0 |  |   | 3.0 |  |   | 3.0 |  |
| DAE Aviation Holdings, Inc.                                                                                                            |   | Aerospace & Defense |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 11/18 |   |   | 3.5 |  |   | 3.5 |  |   | 3.5 |  |
| Dave & Buster's, Inc.                                                                                                              |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 7/20 |   |   | 6.1 |  |   | 6.1 |  |   | 6.1 |  |
| Del Monte Foods, Inc.(7)                                                                                                               |   | Food Products |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 2/21 |   |   | 4.9 |  |   | 5.0 |  |   | 4.7 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2015 (unaudited)(in millions, except share data) |
|----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                             |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Dell International LLC                                                                                                                 |   | Technology Hardware, Storage & Peripherals |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 4/20 |   |   | 20.4 |  |   | 20.5 |  |   | 20.6 |  |
| Deltek, Inc.                                                                                                                           |   | Software |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 10/18 |   |   | 7.9 |  |   | 7.9 |  |   | 8.0 |  |
| Dialysis Newco, Inc.                                                                                                                   |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 4/21 |   |   | 11.9 |  |   | 11.9 |  |   | 11.9 |  |
| Dole Food Company, Inc.                                                                                                                |   | Food Products |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 11/18 |   |   | 15.0 |  |   | 15.0 |  |   | 15.0 |  |
| Dollar Tree, Inc.(7)                                                                                                                   |   | Multiline Retail |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 3/22 |   |   | 12.0 |  |   | 12.1 |  |   | 12.1 |  |
| DPX Holdings B.V.(7)                                                                                                                   |   | Life Sciences Tools & Services |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 3/21 |   |   | 6.9 |  |   | 6.9 |  |   | 6.9 |  |
| Drew Marine Group Inc.                                                                                                                 |   | Chemicals |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 11/20 |   |   | 4.9 |  |   | 5.0 |  |   | 4.9 |  |
| DTZ U.S. Borrower, LLC(7)                                                                                                              |   | Real Estate |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 11/21 |   |   | 2.0 |  |   | 2.0 |  |   | 2.0 |  |
| Duff & Phelps Corporation                                                                                                          |   | Capital Markets |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 4/20 |   |   | 13.4 |  |   | 13.4 |  |   | 13.4 |  |
| DynCorp International Inc.                                                                                                             |   | Aerospace & Defense |   | First Lien Senior Debt(6) | 6.3 | % | N/A |  | 7/16 |   |   | 1.0 |  |   | 1.0 |  |   | 1.0 |  |
| Eco Services Operations LLC                                                                                                            |   | Chemicals |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 12/21 |   |   | 2.0 |  |   | 2.0 |  |   | 2.0 |  |
| EFS Cogen Holdings I LLC                                                                                                               |   | Independent Power & Renewable Electricity Producers |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 12/20 |   |   | 14.2 |  |   | 14.2 |  |   | 14.3 |  |
| Electrical Components International, Inc.                                                                                              |   | Electrical Equipment |   | First Lien Senior Debt(6) | 5.8 | % | N/A |  | 5/21 |   |   | 3.0 |  |   | 3.0 |  |   | 3.0 |  |
| Emdeon Inc.                                                                                                                            |   | Health Care Technology |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 11/18 |   |   | 9.9 |  |   | 9.9 |  |   | 10.0 |  |
| Emerald Expositions Holding, Inc.                                                                                                      |   | Media |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 6/20 |   |   | 4.8 |  |   | 4.8 |  |   | 4.8 |  |
| Energy Transfer Equity, L.P.(7)                                                                                                        |   | Oil, Gas & Consumable Fuels |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 12/19 |   |   | 6.0 |  |   | 6.0 |  |   | 6.0 |  |
| Entravision Communications Corporation(7)                                                                                              |   | Media |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 5/20 |   |   | 1.9 |  |   | 1.9 |  |   | 1.9 |  |
| EquiPower Resources Holdings, LLC                                                                                                      |   | Independent Power & Renewable Electricity Producers |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 12/18-12/19 |   |   | 4.9 |  |   | 4.9 |  |   | 4.9 |  |
| Evergreen Acqco 1 LP                                                                                                                   |   | Multiline Retail |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 7/19 |   |   | 9.4 |  |   | 9.4 |  |   | 9.2 |  |
| EWT Holdings III Corp.                                                                                                                 |   | Machinery |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 1/21 |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Fairmount Minerals, Ltd.                                                                                                               |   | Metals & Mining |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 9/19 |   |   | 5.0 |  |   | 5.0 |  |   | 4.4 |  |
| FCA US LLC(7)                                                                                                                          |   | Automobiles |   | First Lien Senior Debt(6) | 3.3 | % | N/A |  | 12/18 |   |   | 9.9 |  |   | 9.9 |  |   | 9.9 |  |
| Ferro Corporation(7)                                                                                                                   |   | Chemicals |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 7/21 |   |   | 6.0 |  |   | 5.9 |  |   | 6.0 |  |
| Filtration Group Corporation                                                                                                           |   | Industrial Conglomerates |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 11/20 |   |   | 9.9 |  |   | 10.0 |  |   | 10.0 |  |
| First Data Corporation                                                                                                                 |   | IT Services |   | First Lien Senior Debt(6) | 3.7 | % | N/A |  | 3/18-3/21 |   |   | 32.4 |  |   | 32.4 |  |   | 32.5 |  |
| Fitness International, LLC                                                                                                             |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 7/20 |   |   | 3.6 |  |   | 3.6 |  |   | 3.4 |  |
| Flexera Software LLC                                                                                                                   |   | Software |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 4/20 |   |   | 5.2 |  |   | 5.2 |  |   | 5.2 |  |
| Fly Funding II S.à r.l.(7)                                                                                                        |   | Trading Companies & Distributors |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 8/19 |   |   | 4.5 |  |   | 4.5 |  |   | 4.5 |  |
| Flying Fortress Inc.(7)                                                                                                                |   | Capital Markets |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 6/17 |   |   | 5.3 |  |   | 5.3 |  |   | 5.3 |  |
| FMG Resources (August 2006) Pty LTD(7)                                                                                                 |   | Metals & Mining |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 6/19 |   |   | 5.0 |  |   | 4.9 |  |   | 4.5 |  |
| FullBeauty Brands, Inc.                                                                                                                |   | Internet & Catalog Retail |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 3/21 |   |   | 8.4 |  |   | 8.5 |  |   | 8.4 |  |
| Gates Global LLC                                                                                                                       |   | Machinery |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 7/21 |   |   | 18.1 |  |   | 17.9 |  |   | 18.0 |  |
| Generic Drug Holdings, Inc.                                                                                                            |   | Pharmaceuticals |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 8/20 |   |   | 3.5 |  |   | 3.5 |  |   | 3.5 |  |
| Global Tel*Link Corporation                                                                                                            |   | Diversified Telecommunication Services |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 5/20 |   |   | 6.3 |  |   | 6.2 |  |   | 6.2 |  |
| The Goodyear Tire & Rubber Company(7)                                                                                              |   | Auto Components |   | Second Lien Senior Debt(6) | 4.8 | % | N/A |  | 4/19 |   |   | 6.3 |  |   | 6.3 |  |   | 6.3 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2015 (unaudited)(in millions, except share data) |
|----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                             |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Great Wolf Resorts, Inc.                                                                                                               |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 5.8 | % | N/A |  | 8/20 |   |   | 4.9 |  |   | 4.9 |  |   | 4.9 |  |
| Greeneden U.S. Holdings II, LLC                                                                                                        |   | Software |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 2/20 |   |   | 18.9 |  |   | 18.8 |  |   | 18.9 |  |
| Grosvenor Capital Management Holdings, LLLP                                                                                            |   | Capital Markets |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 1/21 |   |   | 13.3 |  |   | 13.3 |  |   | 13.2 |  |
| Guggenheim Partners Investment Management Holdings, LLC                                                                                |   | Capital Markets |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 7/20 |   |   | 8.9 |  |   | 8.9 |  |   | 9.0 |  |
| H. J. Heinz Company                                                                                                                    |   | Food Products |   | First Lien Senior Debt(6) | 3.3 | % | N/A |  | 6/20 |   |   | 37.2 |  |   | 37.2 |  |   | 37.3 |  |
| Hampton Rubber Company                                                                                                                 |   | Energy Equipment & Services |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 3/21 |   |   | 4.0 |  |   | 4.0 |  |   | 3.4 |  |
| Harbor Freight Tools USA, Inc.                                                                                                         |   | Specialty Retail |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 7/19 |   |   | 25.1 |  |   | 25.2 |  |   | 25.3 |  |
| Hearthside Group Holdings, LLC                                                                                                         |   | Food Products |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 6/21 |   |   | 12.4 |  |   | 12.4 |  |   | 12.5 |  |
| Hemisphere Media Holdings, LLC(7)                                                                                                      |   | Media |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 7/20 |   |   | 0.9 |  |   | 0.9 |  |   | 0.9 |  |
| The Hertz Corporation(7)                                                                                                               |   | Road & Rail |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 3/18 |   |   | 15.0 |  |   | 14.9 |  |   | 15.0 |  |
| HFOTCO LLC                                                                                                                             |   | Oil, Gas & Consumable Fuels |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 8/21 |   |   | 1.0 |  |   | 1.0 |  |   | 1.0 |  |
| The Hillman Group, Inc.                                                                                                                |   | Machinery |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 6/21 |   |   | 10.9 |  |   | 11.0 |  |   | 11.0 |  |
| Hub International Limited                                                                                                              |   | Insurance |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 10/20 |   |   | 23.4 |  |   | 23.2 |  |   | 23.3 |  |
| Hudson Products Holdings Inc.                                                                                                          |   | Energy Equipment & Services |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 3/19 |   |   | 7.4 |  |   | 7.5 |  |   | 7.2 |  |
| Huntsman International LLC(7)                                                                                                          |   | Chemicals |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 10/21 |   |   | 7.0 |  |   | 7.0 |  |   | 7.0 |  |
| Hyland Software, Inc.                                                                                                                  |   | Software |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 2/21 |   |   | 9.0 |  |   | 9.0 |  |   | 9.0 |  |
| Ikaria, Inc.                                                                                                                           |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 2/21 |   |   | 7.6 |  |   | 7.7 |  |   | 7.6 |  |
| Immucor, Inc.                                                                                                                          |   | Health Care Equipment & Supplies |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 8/18 |   |   | 7.9 |  |   | 7.9 |  |   | 7.9 |  |
| IMS Health Incorporated(7)                                                                                                             |   | Health Care Technology |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 3/21 |   |   | 5.4 |  |   | 5.3 |  |   | 5.4 |  |
| Indra Holdings Corp.                                                                                                                   |   | Textiles, Apparel & Luxury Goods |   | First Lien Senior Debt(6) | 5.3 | % | N/A |  | 5/21 |   |   | 4.1 |  |   | 4.1 |  |   | 4.0 |  |
| Infinity Acquisition, LLC                                                                                                              |   | Software |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 8/21 |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Information Resources, Inc.                                                                                                            |   | Professional Services |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 9/20 |   |   | 12.9 |  |   | 13.0 |  |   | 13.0 |  |
| Inmar, Inc.                                                                                                                            |   | Commercial Services & Supplies |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 1/21 |   |   | 4.9 |  |   | 4.9 |  |   | 4.8 |  |
| Intelsat Jackson Holdings S.A.(7)                                                                                                      |   | Diversified Telecommunication Services |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 6/19 |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Interactive Data Corporation                                                                                                           |   | Media |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 5/21 |   |   | 11.4 |  |   | 11.5 |  |   | 11.5 |  |
| Ion Media Networks, Inc.                                                                                                               |   | Media |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 12/20 |   |   | 8.0 |  |   | 8.0 |  |   | 8.0 |  |
| J. Crew Group, Inc.                                                                                                                    |   | Specialty Retail |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 3/21 |   |   | 7.4 |  |   | 7.4 |  |   | 6.9 |  |
| J.C. Penney Corporation, Inc.(7)                                                                                                       |   | Multiline Retail |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 6/19 |   |   | 2.0 |  |   | 2.0 |  |   | 2.0 |  |
| Jazz Acquisition, Inc.                                                                                                                 |   | Aerospace & Defense |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 6/21 |   |   | 5.0 |  |   | 4.9 |  |   | 5.0 |  |
| Key Safety Systems, Inc.                                                                                                               |   | Auto Components |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 8/21 |   |   | 5.2 |  |   | 5.2 |  |   | 5.3 |  |
| Kindred Healthcare, Inc.(7)                                                                                                            |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 4/21 |   |   | 9.4 |  |   | 9.3 |  |   | 9.4 |  |
| La Frontera Generation, LLC                                                                                                            |   | Independent Power & Renewable Electricity Producers |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 9/20 |   |   | 12.7 |  |   | 12.7 |  |   | 12.7 |  |
| La Quinta Intermediate Holdings L.L.C.(7)                                                                                              |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 4/21 |   |   | 6.5 |  |   | 6.5 |  |   | 6.6 |  |
| Landmark Aviation FBO Canada, Inc.(7)                                                                                                  |   | Aerospace & Defense |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 10/19 |   |   | 0.3 |  |   | 0.3 |  |   | 0.3 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2015 (unaudited)(in millions, except share data) |
|----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                             |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Landslide Holdings, Inc.                                                                                                               |   | Software |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 2/20 |   |   | 7.3 |  |   | 7.4 |  |   | 7.3 |  |
| Learning Care Group (US) No. 2 Inc.                                                                                                    |   | Diversified Consumer Services |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 5/21 |   |   | 3.7 |  |   | 3.7 |  |   | 3.7 |  |
| Leonardo Acquisition Corp.                                                                                                             |   | Internet & Catalog Retail |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 1/21 |   |   | 12.4 |  |   | 12.4 |  |   | 12.4 |  |
| Level 3 Financing, Inc.(7)                                                                                                             |   | Diversified Telecommunication Services |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 1/22 |   |   | 4.0 |  |   | 4.0 |  |   | 4.0 |  |
| Libbey Glass Inc.(7)                                                                                                                   |   | Household Durables |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 4/21 |   |   | 4.5 |  |   | 4.5 |  |   | 4.5 |  |
| Liberty Cablevision of Puerto Rico LLC                                                                                                 |   | Media |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 1/22 |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| LM U.S. Member LLC                                                                                                                     |   | Aerospace & Defense |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 10/19 |   |   | 7.6 |  |   | 7.6 |  |   | 7.7 |  |
| MCC Iowa LLC                                                                                                                           |   | Media |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 1/20-6/21 |   |   | 14.3 |  |   | 14.3 |  |   | 14.3 |  |
| McJunkin Red Man Corporation(7)                                                                                                        |   | Trading Companies & Distributors |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 11/19 |   |   | 4.9 |  |   | 5.0 |  |   | 4.8 |  |
| Mediacom Illinois, LLC                                                                                                                 |   | Media |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 6/21 |   |   | 7.5 |  |   | 7.4 |  |   | 7.5 |  |
| The Men's Wearhouse, Inc.(7)                                                                                                           |   | Specialty Retail |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 6/21 |   |   | 10.0 |  |   | 10.0 |  |   | 10.0 |  |
| Michaels Stores, Inc.(7)                                                                                                               |   | Specialty Retail |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 1/20 |   |   | 29.6 |  |   | 29.7 |  |   | 29.7 |  |
| Midas Intermediate Holdco II, LLC                                                                                                      |   | Diversified Consumer Services |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 8/21 |   |   | 5.5 |  |   | 5.5 |  |   | 5.5 |  |
| Millennium Health, LLC                                                                                                                 |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 5.3 | % | N/A |  | 4/21 |   |   | 7.3 |  |   | 7.4 |  |   | 7.4 |  |
| Minerals Technologies Inc.(7)                                                                                                          |   | Chemicals |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 5/21 |   |   | 2.7 |  |   | 2.7 |  |   | 2.8 |  |
| Mirror Bidco Corp.(7)                                                                                                                  |   | Machinery |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 12/19 |   |   | 8.5 |  |   | 8.5 |  |   | 8.5 |  |
| Mitchell International, Inc.                                                                                                           |   | Software |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 10/20 |   |   | 9.3 |  |   | 9.3 |  |   | 9.3 |  |
| Mitel US Holdings, Inc.(7)                                                                                                             |   | Communications Equipment |   | First Lien Senior Debt(6) | 5.3 | % | N/A |  | 1/20 |   |   | 2.1 |  |   | 2.1 |  |   | 2.1 |  |
| Moneygram International, Inc.(7)                                                                                                       |   | IT Services |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 3/20 |   |   | 4.9 |  |   | 4.9 |  |   | 4.7 |  |
| MPG Holdco I Inc.                                                                                                                      |   | Auto Components |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 10/21 |   |   | 7.8 |  |   | 7.7 |  |   | 7.8 |  |
| MPH Acquisition Holdings LLC                                                                                                           |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 3/21 |   |   | 27.8 |  |   | 27.7 |  |   | 27.7 |  |
| Murray Energy Corporation                                                                                                              |   | Oil, Gas & Consumable Fuels |   | First Lien Senior Debt(6) | 5.3 | % | N/A |  | 12/19 |   |   | 4.5 |  |   | 4.5 |  |   | 4.4 |  |
| National Financial Partners Corp.                                                                                                      |   | Insurance |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 7/20 |   |   | 10.4 |  |   | 10.4 |  |   | 10.4 |  |
| National Surgical Hospitals, Inc                                                                                                       |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 5.3 | % | N/A |  | 8/19 |   |   | 5.4 |  |   | 5.5 |  |   | 5.5 |  |
| The Neiman Marcus Group Inc.                                                                                                           |   | Multiline Retail |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 10/20 |   |   | 18.4 |  |   | 18.3 |  |   | 18.4 |  |
| New Albertson's, Inc.                                                                                                                  |   | Food & Staples Retailing |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 6/21 |   |   | 4.0 |  |   | 3.9 |  |   | 4.0 |  |
| Numericable U.S. LLC(7)                                                                                                                |   | Media |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 5/20 |   |   | 4.0 |  |   | 4.0 |  |   | 4.0 |  |
| NVA Holdings, Inc.                                                                                                                     |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 8/21 |   |   | 10.4 |  |   | 10.4 |  |   | 10.5 |  |
| Onex Carestream Finance LP                                                                                                             |   | Health Care Equipment & Supplies |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 6/19 |   |   | 13.5 |  |   | 13.6 |  |   | 13.6 |  |
| Opal Acquisition, Inc.                                                                                                                 |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 11/20 |   |   | 9.9 |  |   | 10.0 |  |   | 9.9 |  |
| Ortho-Clinical Diagnostics S.A.(7)                                                                                                     |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 6/21 |   |   | 12.3 |  |   | 12.3 |  |   | 12.2 |  |
| OSG Bulk Ships, Inc.(7)                                                                                                                |   | Oil, Gas & Consumable Fuels |   | First Lien Senior Debt(6) | 5.3 | % | N/A |  | 8/19 |   |   | 2.8 |  |   | 2.8 |  |   | 2.8 |  |
| Oxbow Carbon LLC                                                                                                                       |   | Metals & Mining |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 7/19 |   |   | 4.8 |  |   | 4.8 |  |   | 4.7 |  |
| P2 Lower Acquisition, LLC                                                                                                              |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 10/20 |   |   | 1.8 |  |   | 1.8 |  |   | 1.8 |  |
| Par Pharmaceutical Companies, Inc.                                                                                                     |   | Pharmaceuticals |   | First Lien Senior Debt(6) | 4.1 | % | N/A |  | 9/19 |   |   | 18.6 |  |   | 18.6 |  |   | 18.6 |  |
| Party City Holdings Inc.                                                                                                               |   | Specialty Retail |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 7/19 |   |   | 15.6 |  |   | 15.4 |  |   | 15.6 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2015 (unaudited)(in millions, except share data) |
|----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                             |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Peabody Energy Corporation(7)                                                                                                          |   | Oil, Gas & Consumable Fuels |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 9/20 |   |   | 8.4 |  |   | 8.4 |  |   | 7.6 |  |
| Penn Engineering & Manufacturing Corp.                                                                                             |   | Building Products |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 8/21 |   |   | 6.5 |  |   | 6.4 |  |   | 6.5 |  |
| Performance Food Group, Inc.                                                                                                           |   | Food & Staples Retailing |   | Second Lien Senior Debt(6) | 6.3 | % | N/A |  | 11/19 |   |   | 4.0 |  |   | 4.0 |  |   | 4.0 |  |
| Petroleum GEO-Services ASA(7)                                                                                                          |   | Energy Equipment & Services |   | First Lien Senior Debt(6) | 3.3 | % | N/A |  | 3/21 |   |   | 5.0 |  |   | 4.9 |  |   | 4.3 |  |
| PetSmart, Inc.                                                                                                                         |   | Specialty Retail |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 3/22 |   |   | 2.0 |  |   | 2.0 |  |   | 2.0 |  |
| Pharmaceutical Product Development, Inc.                                                                                               |   | Life Sciences Tools & Services |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 12/18 |   |   | 39.1 |  |   | 39.2 |  |   | 39.2 |  |
| Pharmedium Healthcare Corporation                                                                                                      |   | Pharmaceuticals |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 1/21 |   |   | 6.2 |  |   | 6.2 |  |   | 6.2 |  |
| Phillips-Medisize Corporation                                                                                                          |   | Health Care Equipment & Supplies |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 6/21 |   |   | 6.0 |  |   | 6.0 |  |   | 6.0 |  |
| Pilot Travel Centers LLC                                                                                                               |   | Specialty Retail |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 10/21 |   |   | 16.0 |  |   | 16.0 |  |   | 16.1 |  |
| Pinnacle Foods Finance LLC(7)                                                                                                          |   | Food Products |   | First Lien Senior Debt(6) | 3.0 | % | N/A |  | 4/20 |   |   | 14.3 |  |   | 14.2 |  |   | 14.3 |  |
| Planet Fitness Holdings, LLC                                                                                                           |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 3/21 |   |   | 5.3 |  |   | 5.4 |  |   | 5.3 |  |
| PODS, LLC                                                                                                                              |   | Road & Rail |   | First Lien Senior Debt(6) | 5.3 | % | N/A |  | 2/22 |   |   | 6.0 |  |   | 6.1 |  |   | 6.1 |  |
| Post Holdings, Inc.(7)                                                                                                                 |   | Food Products |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 6/21 |   |   | 12.9 |  |   | 13.0 |  |   | 13.0 |  |
| PQ Corporation                                                                                                                         |   | Chemicals |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 8/17 |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Presidio, Inc.                                                                                                                         |   | IT Services |   | First Lien Senior Debt(6) | 6.3 | % | N/A |  | 2/22 |   |   | 3.1 |  |   | 3.0 |  |   | 3.1 |  |
| Quikrete Holdings, Inc.                                                                                                                |   | Construction Materials |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 9/20 |   |   | 25.0 |  |   | 24.9 |  |   | 25.1 |  |
| Quintiles Transnational Corp.(7)                                                                                                       |   | Life Sciences Tools & Services |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 6/18 |   |   | 10.0 |  |   | 10.0 |  |   | 10.0 |  |
| Ranpak Corp.                                                                                                                           |   | Containers & Packaging |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 10/21 |   |   | 0.5 |  |   | 0.5 |  |   | 0.5 |  |
| Renaissance Learning, Inc.                                                                                                             |   | Software |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 4/21 |   |   | 9.9 |  |   | 9.9 |  |   | 9.7 |  |
| Riverbed Technology, Inc.                                                                                                              |   | Communications Equipment |   | First Lien Senior Debt(6) | 6.0 | % | N/A |  | 2/22 |   |   | 13.0 |  |   | 13.1 |  |   | 13.1 |  |
| Road Infrastructure Investment, LLC                                                                                                    |   | Chemicals |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 3/21 |   |   | 12.4 |  |   | 12.4 |  |   | 12.2 |  |
| RPI Finance Trust(7)                                                                                                                   |   | Pharmaceuticals |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 11/20 |   |   | 4.0 |  |   | 4.0 |  |   | 4.0 |  |
| Sabre GLBL Inc.(7)                                                                                                                     |   | Software |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 2/19 |   |   | 7.4 |  |   | 7.4 |  |   | 7.4 |  |
| Schaeffler AG(7)                                                                                                                       |   | Auto Components |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 5/20 |   |   | 11.0 |  |   | 11.1 |  |   | 11.1 |  |
| Scientific Games International, Inc.(7)                                                                                                |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 6.0 | % | N/A |  | 10/21 |   |   | 4.0 |  |   | 4.0 |  |   | 4.0 |  |
| Sears Roebuck Acceptance Corp.(7)                                                                                                      |   | Multiline Retail |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 6/18 |   |   | 5.0 |  |   | 5.0 |  |   | 4.9 |  |
| Securus Technologies Holdings, Inc.                                                                                                    |   | Diversified Telecommunication Services |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 4/20 |   |   | 7.9 |  |   | 7.9 |  |   | 7.8 |  |
| Sedgwick Claims Management Services, Inc.                                                                                              |   | Insurance |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 3/21 |   |   | 20.9 |  |   | 20.6 |  |   | 20.7 |  |
|                                                                                                                                   |   |   | Second Lien Senior Debt(6) | 6.8 | % | N/A |  | 2/22 |   |   | 5.0 |  |   | 5.0 |  |   | 4.9 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   | 25.6 |  |   | 25.6 |  |
| Seminole Hard Rock Entertainment, Inc.                                                                                                 |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 5/20 |   |   | 5.9 |  |   | 5.9 |  |   | 5.9 |  |
| Serta Simmons Holdings, LLC                                                                                                            |   | Household Durables |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 10/19 |   |   | 20.8 |  |   | 20.8 |  |   | 20.9 |  |
| The Servicemaster Company, LLC(7)                                                                                                      |   | Diversified Consumer Services |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 7/21 |   |   | 6.5 |  |   | 6.4 |  |   | 6.5 |  |
| Ship Luxco 3 S.a r.l.(7)                                                                                                               |   | IT Services |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 11/19 |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Sinclair Television Group, Inc.(7)                                                                                                     |   | Media |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 7/21 |   |   | 4.0 |  |   | 4.0 |  |   | 4.0 |  |
| Southcross Energy Partners, L.P.(7)                                                                                                    |   | Oil, Gas & Consumable Fuels |   | First Lien Senior Debt(6) | 5.3 | % | N/A |  | 8/21 |   |   | 1.0 |  |   | 1.0 |  |   | 1.0 |  |
| Southwire Company, LLC                                                                                                                 |   | Electrical Equipment |   | First Lien Senior Debt(6) | 3.3 | % | N/A |  | 2/21 |   |   | 20.2 |  |   | 20.2 |  |   | 20.0 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2015 (unaudited)(in millions, except share data) |
|----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                             |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Spectrum Brands, Inc.(7)                                                                                                               |   | Household Products |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 9/19 |   |   | 1.2 |  |   | 1.2 |  |   | 1.2 |  |
| Spin Holdco Inc.                                                                                                                       |   | Diversified Consumer Services |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 11/19 |   |   | 14.4 |  |   | 14.4 |  |   | 14.4 |  |
| Standard Aero Limited(7)                                                                                                               |   | Aerospace & Defense |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 11/18 |   |   | 1.4 |  |   | 1.4 |  |   | 1.4 |  |
| Star West Generation LLC                                                                                                               |   | Independent Power & Renewable Electricity Producers |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 3/20 |   |   | 1.9 |  |   | 1.9 |  |   | 1.9 |  |
| Station Casinos LLC                                                                                                                    |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 3/20 |   |   | 14.4 |  |   | 14.4 |  |   | 14.5 |  |
| Steinway Musical Instruments, Inc.                                                                                                     |   | Leisure Products |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 9/19 |   |   | 4.9 |  |   | 4.9 |  |   | 4.9 |  |
| STHI Holding Corp.                                                                                                                     |   | Life Sciences Tools & Services |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 8/21 |   |   | 7.0 |  |   | 7.0 |  |   | 7.0 |  |
| STS Operating, Inc.                                                                                                                    |   | Trading Companies & Distributors |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 2/21 |   |   | 2.0 |  |   | 2.0 |  |   | 2.0 |  |
| SunGard Data Systems Inc.                                                                                                              |   | IT Services |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 3/20 |   |   | 11.5 |  |   | 11.5 |  |   | 11.6 |  |
| Syniverse Holdings, Inc.                                                                                                               |   | Wireless Telecommunication Services |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 4/19 |   |   | 15.0 |  |   | 14.9 |  |   | 14.2 |  |
| Tallgrass Operations, LLC                                                                                                              |   | Oil, Gas & Consumable Fuels |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 11/18 |   |   | 0.4 |  |   | 0.4 |  |   | 0.4 |  |
| TI Group Automotive Systems, L.L.C.(7)                                                                                                 |   | Auto Components |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 7/21 |   |   | 7.4 |  |   | 7.4 |  |   | 7.5 |  |
| TNS, Inc.                                                                                                                              |   | IT Services |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 2/20 |   |   | 3.6 |  |   | 3.6 |  |   | 3.6 |  |
| TPF II, LLC                                                                                                                            |   | Independent Power & Renewable Electricity Producers |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 10/21 |   |   | 2.0 |  |   | 2.0 |  |   | 2.0 |  |
| Trans Union LLC                                                                                                                        |   | Professional Services |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 4/21 |   |   | 30.8 |  |   | 30.8 |  |   | 30.9 |  |
| TransDigm Inc.(7)                                                                                                                      |   | Aerospace & Defense |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 2/20-6/21 |   |   | 13.4 |  |   | 13.4 |  |   | 13.4 |  |
| Travelport Finance (Luxembourg) S.à r.l.(7)                                                                                       |   | Internet Software & Services |   | First Lien Senior Debt(6) | 5.8 | % | N/A |  | 9/21 |   |   | 4.0 |  |   | 3.9 |  |   | 4.0 |  |
| Tribune Company(7)                                                                                                                     |   | Media |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 12/20 |   |   | 6.0 |  |   | 6.0 |  |   | 6.0 |  |
| TWCC Holding Corp.                                                                                                                     |   | Media |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 2/17 |   |   | 4.9 |  |   | 4.8 |  |   | 4.7 |  |
|                                                                                                                                   |   |   |   | Second Lien Senior Debt(6) | 7.0 | % | N/A |  | 6/20 |   |   | 5.0 |  |   | 5.0 |  |   | 4.5 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 9.8 |  |   | 9.2 |  |
| Tyche Holdings, LLC                                                                                                                    |   | IT Services |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 11/21 |   |   | 5.4 |  |   | 5.4 |  |   | 5.4 |  |
| U.S. Renal Care, Inc.                                                                                                                  |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 7/19 |   |   | 21.3 |  |   | 21.3 |  |   | 21.4 |  |
| United Air Lines, Inc.(7)                                                                                                              |   | Airlines |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 9/21 |   |   | 8.0 |  |   | 7.9 |  |   | 8.0 |  |
| Univision Communications Inc.                                                                                                          |   | Media |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 3/20 |   |   | 21.4 |  |   | 21.3 |  |   | 21.4 |  |
| USI, Inc.                                                                                                                              |   | Insurance |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 12/19 |   |   | 11.4 |  |   | 11.4 |  |   | 11.4 |  |
| USIC Holdings, Inc.                                                                                                                    |   | Construction & Engineering |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 7/20 |   |   | 14.9 |  |   | 14.7 |  |   | 14.8 |  |
| Valeant Pharmaceuticals International, Inc.(7)                                                                                         |   | Pharmaceuticals |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 2/19-8/20 |   |   | 14.7 |  |   | 14.7 |  |   | 14.7 |  |
| Vencore, Inc.                                                                                                                          |   | Aerospace & Defense |   | First Lien Senior Debt(6) | 5.8 | % | N/A |  | 11/19 |   |   | 4.2 |  |   | 4.2 |  |   | 4.2 |  |
| VWR Funding, Inc.(7)                                                                                                                   |   | Distributors |   | First Lien Senior Debt(6) | 3.3 | % | N/A |  | 4/17 |   |   | 2.6 |  |   | 2.6 |  |   | 2.6 |  |
| W3 Co.                                                                                                                                 |   | Commercial Services & Supplies |   | Second Lien Senior Debt(6) | 9.3 | % | N/A |  | 9/20 |   |   | 1.0 |  |   | 1.0 |  |   | 0.9 |  |
| Wall Street Systems Delaware, Inc.(7)                                                                                                  |   | Software |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 4/21 |   |   | 4.5 |  |   | 4.5 |  |   | 4.5 |  |
| Waste Industries USA Inc.                                                                                                              |   | Commercial Services & Supplies |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 2/20 |   |   | 3.0 |  |   | 3.0 |  |   | 3.0 |  |
| Wastequip, LLC                                                                                                                         |   | Machinery |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 8/19 |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| WaveDivision Holdings, LLC                                                                                                             |   | Media |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 10/19 |   |   | 8.4 |  |   | 8.4 |  |   | 8.4 |  |
| WideOpenWest Finance, LLC                                                                                                              |   | Media |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 4/19 |   |   | 2.2 |  |   | 2.2 |  |   | 2.2 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2015 (unaudited)(in millions, except share data) |
|----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                             |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| William Morris Endeavor Entertainment, LLC                                                                                             |   | Media |   | First Lien Senior Debt(6) | 5.3 | % | N/A |  | 5/21 |   |   | 4.0 |  |   | 4.0 |  |   | 4.0 |  |
| Wilsonart LLC                                                                                                                          |   | Building Products |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 10/19 |   |   | 10.4 |  |   | 10.4 |  |   | 10.4 |  |
| WP CPP Holdings, LLC                                                                                                                   |   | Aerospace & Defense |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 12/19 |   |   | 12.1 |  |   | 12.1 |  |   | 12.1 |  |
| XO Communications, LLC                                                                                                                 |   | Diversified Telecommunication Services |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 3/21 |   |   | 13.4 |  |   | 13.4 |  |   | 13.4 |  |
| Yankee Cable Acquisition, LLC                                                                                                          |   | Media |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 3/20 |   |   | 13.2 |  |   | 13.2 |  |   | 13.2 |  |
| Yonkers Racing Corporation                                                                                                             |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 8/19 |   |   | 4.8 |  |   | 4.8 |  |   | 4.6 |  |
| Zayo Group LLC(7)                                                                                                                      |   | Diversified Telecommunication Services |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 7/19 |   |   | 7.9 |  |   | 7.9 |  |   | 8.0 |  |
| Ziggo B.V.(7)                                                                                                                          |   | Media |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 1/22 |   |   | 10.0 |  |   | 9.9 |  |   | 10.0 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AMERICAN CAPITAL CMBS INVESTMENTS                                                                                                      |   |   |   |   |   |   |   |
| CD 2007-CD4 Commercial Mortgage Trust(7)                                                                                               |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 5.7 | % | N/A |  | 12/49 |   |   | 16.0 |  |   | 1.1 |  |   | 2.7 |  |
| CD 2007-CD5 Mortgage Trust(7)                                                                                                          |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 6.1 | % | N/A |  | 12/17 |   |   | 9.1 |  |   | 4.4 |  |   | 1.9 |  |
| Citigroup Commercial Mortgage Securities Trust 2007-C6(7)                                                                              |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 5.7 | % | N/A |  | 7/17 |   |   | 45.4 |  |   | 19.2 |  |   | 9.9 |  |
| Credit Suisse Commercial Mortgage Trust Series 2007-C4(7)                                                                              |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 5.9 | % | N/A |  | 8/17 |   |   | 5.9 |  |   | 2.2 |  |   | 2.0 |  |
| LB-UBS Commercial Mortgage Trust 2007-C6(7)                                                                                            |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 6.1 | % | N/A |  | 8/17 |   |   | 4.9 |  |   | 0.8 |  |   | 2.0 |  |
| Wachovia Bank Commercial Mortgage Trust 2005-C22(7)                                                                                    |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 5.4 | % | N/A |  | 3/16 |   |   | 15.0 |  |   | 1.1 |  |   | 4.1 |  |
| Wachovia Bank Commercial Mortgage Trust 2006-C24(7)                                                                                    |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 5.7 | % | N/A |  | 3/16 |   |   | 15.0 |  |   | 1.0 |  |   | 1.8 |  |
| Wachovia Bank Commercial Mortgage Trust 2007-C31(7)                                                                                    |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 5.8 | % | N/A |  | 5/17 |   |   | 20.0 |  |   | 10.6 |  |   | 1.4 |  |
| Wachovia Bank Commercial Mortgage Trust, Series 2007-C32(7)                                                                            |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 5.7 | % | N/A |  | 10/17 |   |   | 60.9 |  |   | 12.3 |  |   | 6.5 |  |
| Wachovia Bank Commercial Mortgage Trust, Series 2007-C34(7)                                                                            |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 5.9 | % | N/A |  | 10/17 |   |   | 5.2 |  |   | 5.2 |  |   | 4.2 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AMERICAN CAPITAL CLO INVESTMENTS                                                                                                       |   |   |   |   |   |   |   |
| ACAS CLO 2007-1, Ltd.(7)                                                                                                               |   |   |   | Secured Notes(6) |   |   | 4/21 |   |   | 8.5 |  |   | 8.4 |  |   | 8.3 |  |
|                                                                                                                                   |   |   | Subordinated Notes(6) |   |   | 4/21 |   |   | 25.9 |  |   | 9.7 |  |   | 13.8 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 18.1 |  |   | 22.1 |  |
| ACAS CLO 2013-2, Ltd.(7)                                                                                                               |   |   |   | Subordinated Notes(6) |   |   | 10/25 |   |   | 8.0 |  |   | 7.1 |  |   | 6.1 |  |
| Apidos CLO XIV(7)                                                                                                                      |   |   |   | Income Notes(6) |   |   | 4/25 |   |   | 8.1 |  |   | 7.1 |  |   | 7.1 |  |
| Apidos CLO XIX(7)                                                                                                                      |   |   |   | Subordinated Notes(6) |   |   | 10/26 |   |   | 10.5 |  |   | 9.7 |  |   | 9.7 |  |
| Apidos CLO XVIII, Ltd.(7)                                                                                                              |   |   |   | Subordinated Notes(6) |   |   | 7/26 |   |   | 34.0 |  |   | 32.3 |  |   | 29.2 |  |
| Ares IIIR/IVR CLO Ltd.(7)                                                                                                              |   |   |   | Subordinated Notes(6) |   |   | 4/21 |   |   | 20.0 |  |   | 10.7 |  |   | 6.8 |  |
| Ares XXIX CLO Ltd.(7)                                                                                                                  |   |   |   | Subordinated Notes(6) |   |   | 4/26 |   |   | 7.3 |  |   | 6.5 |  |   | 6.2 |  |
| Avery Point II CLO, Limited(7)                                                                                                         |   |   |   | Subordinated Notes(6) |   |   | 7/25 |   |   | 2.6 |  |   | 2.2 |  |   | 2.2 |  |
| A Voce CLO, Ltd.(7)                                                                                                                    |   |   |   | Subordinated Notes(6) |   |   | 7/26 |   |   | 10.5 |  |   | 8.5 |  |   | 8.5 |  |
| Babson CLO Ltd. 2006-II(7)                                                                                                             |   |   |   | Income Notes(6) |   |   | 10/20 |   |   | 15.0 |  |   | 8.4 |  |   | 8.9 |  |
| Babson CLO Ltd. 2014-II(7)                                                                                                             |   |   |   | Subordinated Notes(6) |   |   | 9/26 |   |   | 25.0 |  |   | 24.3 |  |   | 23.4 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2015 (unaudited)(in millions, except share data) |
|----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                             |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Babson CLO Ltd. 2014-III(7)                                                                                                            |   |   |   | Subordinated Notes(6) |   |   | 1/26 |   |   | 3.8 |  |   | 3.5 |  |   | 3.5 |  |
| Betony CLO, Ltd.(7)                                                                                                                    |   |   |   | Subordinated Notes(6) |   |   | 4/27 |   |   | 2.5 |  |   | 2.1 |  |   | 2.1 |  |
| Blue Hill CLO, Ltd.(7)                                                                                                                 |   |   |   | Subordinated Notes(6) |   |   | 1/26 |   |   | 10.6 |  |   | 18.9 |  |   | 18.0 |  |
| Carlyle Global Market Strategies CLO 2014-4, Ltd.(7)                                                                                   |   |   |   | Subordinated Notes(6) |   |   | 10/26 |   |   | 14.6 |  |   | 13.8 |  |   | 12.5 |  |
| Cent CDO 12 Limited(7)                                                                                                                 |   |   |   | Income Notes(6) |   |   | 11/20 |   |   | 26.4 |  |   | 10.5 |  |   | 32.4 |  |
| Cent CLO 18 Limited(7)                                                                                                                 |   |   |   | Subordinated Notes(6) |   |   | 7/25 |   |   | 3.8 |  |   | 3.0 |  |   | 3.1 |  |
| Cent CLO 19 Limited(7)                                                                                                                 |   |   |   | Subordinated Notes(6) |   |   | 10/25 |   |   | 5.3 |  |   | 4.5 |  |   | 4.2 |  |
| Cent CLO 22 Limited(7)                                                                                                                 |   |   |   | Subordinated Notes(6) |   |   | 11/26 |   |   | 35.0 |  |   | 34.6 |  |   | 33.6 |  |
| Centurion CDO 8 Limited(7)                                                                                                             |   |   |   | Subordinated Notes(4)(6) |   |   | 3/17 |   |   | 5.0 |  |   | 0.2 |  |   | — |  |
| CoLTs 2005-1 Ltd.(7)                                                                                                                   |   |   |   | Preference Shares(4)(6) |   |   | 3/15 | 360 |  |   |   |   | 1.9 |  |   | 0.3 |  |
| CoLTs 2005-2 Ltd.(7)                                                                                                                   |   |   |   | Preference Shares(4)(6) |   |   | 12/18 | 34,170,000 |  |   |   |   | 12.2 |  |   | 1.8 |  |
| CREST Exeter Street Solar 2004-1(7)                                                                                                    |   |   |   | Preferred Securities(4)(6) |   |   | 6/39 | 3,500,000 |  |   |   |   | 3.2 |  |   | — |  |
| Dryden 30 Senior Loan Fund(7)                                                                                                          |   |   |   | Subordinated Notes(6) |   |   | 11/25 |   |   | 3.9 |  |   | 2.9 |  |   | 2.9 |  |
| Dryden 31 Senior Loan Fund(7)                                                                                                          |   |   |   | Subordinated Notes(6) |   |   | 4/26 |   |   | 2.3 |  |   | 2.0 |  |   | 1.7 |  |
| Eaton Vance CDO X plc(7)                                                                                                               |   |   |   | Secured Subordinated Notes(6) |   |   | 2/27 |   |   | 15.0 |  |   | 11.4 |  |   | 8.7 |  |
| Flagship CLO V(7)                                                                                                                      |   |   |   | Deferrable Notes(6) |   |   | 9/19 |   |   | 1.7 |  |   | 1.5 |  |   | 1.6 |  |
|                                                                                                                                   |   |   |   | Subordinated Securities(6) |   |   | 9/19 | 15,000 |  |   |   |   | 7.0 |  |   | 2.7 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 8.5 |  |   | 4.3 |  |
| Galaxy III CLO, Ltd(7)                                                                                                                 |   |   |   | Subordinated Notes(4) |   |   | 8/16 |   |   | 4.0 |  |   | 0.2 |  |   | — |  |
| Galaxy XVI CLO, Ltd.(7)                                                                                                                |   |   |   | Subordinated Notes(6) |   |   | 11/25 |   |   | 2.3 |  |   | 2.0 |  |   | 2.0 |  |
| GoldenTree Loan Opportunities IX, Limited(7)                                                                                           |   |   |   | Subordinated Notes(6) |   |   | 10/26 |   |   | 40.8 |  |   | 38.8 |  |   | 38.8 |  |
| Halcyon Loan Advisors Funding 2014-1 Ltd.(7)                                                                                           |   |   |   | Subordinated Notes(6) |   |   | 2/26 |   |   | 1.3 |  |   | 1.1 |  |   | 1.1 |  |
| Halcyon Loan Advisors Funding 2015-2, Ltd.(7)                                                                                          |   |   |   | Subordinated Notes(4)(6) |   |   | 12/17 |   |   | 20.0 |  |   | 20.0 |  |   | 20.0 |  |
| Herbert Park B.V.(7)                                                                                                                   |   |   |   | Subordinated Notes(6) |   |   | 10/26 |   |   | 23.9 |  |   | 28.1 |  |   | 20.9 |  |
| Highbridge Loan Management 2013-2, Ltd.(7)                                                                                             |   |   |   | Subordinated Notes(6) |   |   | 10/24 |   |   | 27.0 |  |   | 22.3 |  |   | 22.3 |  |
| LightPoint CLO IV, LTD(7)                                                                                                              |   |   |   | Income Notes(4)(6) |   |   | 4/18 |   |   | 6.7 |  |   | 3.6 |  |   | — |  |
| LightPoint CLO VII, Ltd.(7)                                                                                                            |   |   |   | Subordinated Notes(6) |   |   | 5/21 |   |   | 9.0 |  |   | 2.8 |  |   | 2.3 |  |
| Limerock CLO III, Ltd.(7)                                                                                                              |   |   |   | Subordinated Notes(6) |   |   | 10/26 |   |   | 12.5 |  |   | 11.7 |  |   | 11.7 |  |
| Madison Park Funding XVI, Ltd.(7)                                                                                                      |   |   |   | Subordinated Notes(6) |   |   | 4/26 |   |   | 11.0 |  |   | 10.5 |  |   | 10.5 |  |
| Magnetite VIII, Limited(7)                                                                                                             |   |   |   | Subordinated Notes(6) |   |   | 4/26 |   |   | 6.7 |  |   | 6.3 |  |   | 5.9 |  |
| Magnetite XIV, Limited(7)                                                                                                              |   |   |   | Subordinated Notes(4)(6) |   |   | 6/16 |   |   | 20.0 |  |   | 27.5 |  |   | 27.5 |  |
| Mayport CLO Ltd.(7)                                                                                                                    |   |   |   | Income Notes |   |   | 2/20 |   |   | 14.0 |  |   | 9.1 |  |   | 3.2 |  |
| Neuberger Berman CLO XV, Ltd.(7)                                                                                                       |   |   |   | Subordinated Notes(6) |   |   | 10/25 |   |   | 2.8 |  |   | 2.3 |  |   | 2.3 |  |
| NYLIM Flatiron CLO 2006-1 LTD.(7)                                                                                                      |   |   |   | Subordinated Securities(6) |   |   | 8/20 | 10,000 |  |   |   |   | 3.7 |  |   | 3.8 |  |
| Och-Ziff VIII, Ltd.(7)                                                                                                                 |   |   |   | Subordinated Notes(6) |   |   | 9/26 |   |   | 16.0 |  |   | 15.5 |  |   | 15.0 |  |
| Octagon Investment Partners XIV, Ltd.(7)                                                                                               |   |   |   | Subordinated Notes(6) |   |   | 1/24 |   |   | 4.5 |  |   | 3.2 |  |   | 3.3 |  |
| Octagon Investment Partners XIX, Ltd.(7)                                                                                               |   |   |   | Subordinated Notes(6) |   |   | 4/26 |   |   | 25.0 |  |   | 20.9 |  |   | 22.2 |  |
| Octagon Investment Partners XX, Ltd.(7)                                                                                                |   |   |   | Subordinated Notes(6) |   |   | 8/26 |   |   | 2.5 |  |   | 2.3 |  |   | 2.3 |  |
| Octagon Investment Partners XXII, Ltd.(7)                                                                                              |   |   |   | Subordinated Notes(6) |   |   | 11/25 |   |   | 8.4 |  |   | 7.9 |  |   | 7.9 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2015 (unaudited)(in millions, except share data) |
|----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                             |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Octagon Loan Funding, Ltd.(7)                                                                                                          |   |   |   | Subordinated Notes(6) |   |   | 9/26 |   |   | 4.0 |  |   | 3.4 |  |   | 3.4 |  |
| OHA Credit Partners VIII, Ltd.(7)                                                                                                      |   |   |   | Subordinated Notes(6) |   |   | 4/25 |   |   | 5.0 |  |   | 4.4 |  |   | 4.4 |  |
| OHA Credit Partners XI, Ltd.(7)                                                                                                        |   |   |   | Subordinated Notes(4)(6) |   |   | 12/17 |   |   | 15.0 |  |   | 15.0 |  |   | 15.0 |  |
| Sapphire Valley CDO I, Ltd.(7)                                                                                                         |   |   |   | Subordinated Notes(6) |   |   | 12/22 |   |   | 14.0 |  |   | 14.9 |  |   | 11.5 |  |
| THL Credit Wind River 2013-1 CLO Ltd.(7)                                                                                               |   |   |   | Subordinated Notes(6) |   |   | 4/25 |   |   | 14.0 |  |   | 11.4 |  |   | 11.4 |  |
| THL Credit Wind River 2014-1 CLO Ltd.(7)                                                                                               |   |   |   | Subordinated Notes(6) |   |   | 4/26 |   |   | 16.0 |  |   | 14.0 |  |   | 13.5 |  |
| Vitesse CLO, Ltd.(7)                                                                                                                   |   |   |   | Preferred Securities(6) |   |   | 8/20 | 20,000,000 |  |   |   |   | 14.7 |  |   | 7.2 |  |
| Voya CLO 2014-2, Ltd.(7)                                                                                                               |   |   |   | Subordinated Notes(6) |   |   | 7/26 |   |   | 10.0 |  |   | 9.0 |  |   | 8.5 |  |
| Voya CLO 2014-4, Ltd.(7)                                                                                                               |   |   |   | Subordinated Notes(6) |   |   | 10/26 |   |   | 26.7 |  |   | 25.9 |  |   | 25.9 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EUROPEAN CAPITAL CLO INVESTMENTS                                                                                                       |   |   |   |   |   |   |   |
| Ares European III B.V.(7)                                                                                                              |   | Diversified Financial Services |   | Subordinated Notes |   |   | 8/24 |   |   | 5.4 |  |   | 2.4 |  |   | 3.0 |  |
| Cordatus CLO II plc(7)                                                                                                                 |   | Diversified Financial Services |   | Subordinated Notes |   |   | 7/24 |   |   | 5.4 |  |   | 1.3 |  |   | 5.6 |  |
| Eaton Vance CDO X plc(7)                                                                                                               |   | Diversified Financial Services |   | Secured Subordinated Notes |   |   | 2/27 |   |   | 7.6 |  |   | 1.2 |  |   | 4.6 |  |
| Euro-Galaxy II CLO B.V.(7)                                                                                                             |   | Diversified Financial Services |   | Income Notes |   |   | 10/22 |   |   | 2.8 |  |   | 2.5 |  |   | 2.5 |  |
|                                                                                                                                   |   | Subordinated Notes |   |   | 10/22 |   |   | 6.0 |  |   | 3.2 |  |   | 4.5 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 5.7 |  |   | 7.0 |  |
| Subtotal Non-Control / Non-Affiliate Investments (59% of total investments at fair value)                                              |   |   |   | $ | 4,465.7 |  |   | $ | 4,166.8 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |
| AMERICAN CAPITAL AFFILIATE INVESTMENTS                                                                                                 |   |   |   |   |   |   |   |
| IS Holdings I, Inc.                                                                                                                    |   | Software |   | Common Stock(4)(6) |   |   |   | 1,165,930 |  |   |   |   | $ | — |  |   | $ | 7.2 |  |
| Primrose Holding Corporation                                                                                                           |   | Diversified Consumer Services |   | Common Stock(4)(6) |   |   |   | 4,213 |  |   |   |   | — |  |   | 4.7 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EUROPEAN CAPITAL AFFILIATE INVESTMENTS                                                                                                 |   |   |   |   |   |   |   |
| Blue Topco GmbH(7)                                                                                                                     |   | Commercial Services & Supplies |   | First Lien Senior Debt | 3.0 | % | N/A |  | 6/16-6/18 |   |   | $ | 2.4 |  |   | 2.0 |  |   | 1.9 |  |
|                                                                                                                                   |   | Mezzanine Debt(5) | N/A |  | 3.5% |  | 12/18 |   |   | 7.7 |  |   | 6.8 |  |   | 3.2 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 8.8 |  |   | 5.1 |  |
| Mobipark S.A.S.(7)                                                                                                                     |   | Machinery |   | First Lien Senior Debt | 0.9 | % | N/A |  | 10/17-12/17 |   |   | 2.2 |  |   | 2.1 |  |   | 2.0 |  |
|                                                                                                                                   |   |   |   | Convertible Preferred Stock(4) |   |   |   | 23,082,525 |  |   |   |   | 8.3 |  |   | 4.8 |  |
|                                                                                                                                   |   |   |   | Redeemable Preferred Stock(4) |   |   |   | 25,751,312 |  |   |   |   | 7.1 |  |   | 7.6 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 17.5 |  |   | 14.4 |  |
| Subtotal Affiliate Investments (1% of total investments at fair value)                                                                 |   |   |   | $ | 26.3 |  |   | $ | 31.4 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |
| AMERICAN CAPITAL CONTROL INVESTMENTS                                                                                                   |   |   |   |   |   |   |   |
| ACAS Real Estate Holdings Corporation                                                                                                  |   | Real Estate |   | Mezzanine Debt(6) | N/A |  | 15.0 | % |  5/16 |   |   | $ | 3.0 |  |   | $ | 3.0 |  |   | $ | 3.0 |  |
|                                                                                                                                   |   |   | Mezzanine Debt(5)(6) | N/A |  | 15.0 | % |  5/16 |   |   | 5.8 |  |   | 3.2 |  |   | 3.7 |  |
|                                                                                                                                   |   |   | Common Stock(6) |   |   |   | 100 | % |   |   |   | 13.9 |  |   | 26.9 |  |
|                                                                                                                                   |   |   |   |   |   |  |   |   |   |   |   |   | 20.1 |  |   | 33.6 |  |
| American Capital Asset Management, LLC                                                                                                 |   | Capital Markets |   | Mezzanine Debt(6) | 5.0 | % | N/A |  |  9/16 |   |   | 35.0 |  |   | 35.0 |  |   | 35.0 |  |
|                                                                                                                                   |   |   | Common Membership Interest(6) |   |   |   | 100 | % |   |   |   | 406.1 |  |   | 1,138.0 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 441.1 |  |   | 1,173.0 |  |
| American Driveline Systems, Inc.                                                                                                       |   | Diversified Consumer Services |   | Mezzanine Debt(6) | 10.0 | % | 1.0 | % |  3/21 |   |   | 45.0 |  |   | 45.0 |  |   | 45.0 |  |
|                                                                                                                                   |   | Redeemable Preferred Stock(4)(6) |   |   |   | 6,825,008 |  |   |   |   | 82.6 |  |   | 19.3 |  |
|                                                                                                                                   |   | Common Stock(4)(6) |   |   |   | 197,161 |  |   |   |   | 18.2 |  |   | — |  |
|                                                                                                                                   |   |   |   | Common Stock Warrants(4)(6) |   |   |   | 136,183 |  |   |   |   | 9.8 |  |   | — |  |
|                                                                                                                                   |   |   |   |   |   |  |   |   |   |   |   |   | 155.6 |  |   | 64.3 |  |
| ASAP Industries Holdings, LLC                                                                                                          |   | Energy Equipment & Services |   | Mezzanine Debt(6) | 12.0 | % | 2.0 | % |  12/18 |   |   | 20.6 |  |   | 20.4 |  |   | 20.6 |  |
|                                                                                                                                   |   | Membership Units(4)(6) |   |   |   | 106,911 |  |   |   |   | 30.3 |  |   | 2.6 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 50.7 |  |   | 23.2 |  |
| BMR Energy LLC(7)                                                                                                                      |   | Independent Power & Renewable Electricity Producers |   | Preferred Units(6) |   |   |   | 11,620 |  |   |   |   | 12.2 |  |   | 12.2 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2015 (unaudited)(in millions, except share data) |
|----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                             |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Capital.com, Inc.                                                                                                                      |   | Diversified Financial Services |   | Common Stock(4)(6) |   |  |   |   | 8,500,100 |  |   |   |   | 0.9 |  |   | — |  |
| CML Pharmaceuticals, LLC                                                                                                               |   | Life Sciences Tools & Services |   | First Lien Senior Debt(6) | 6.5 | % | N/A |  |  3/17-10/20 |   |   | 100.0 |  |   | 99.0 |  |   | 100.0 |  |
|                                                                                                                                   |   | Mezzanine Debt(6) | 7.5 | % | 5.6% |  |  10/20 |   |   | 135.0 |  |   | 133.9 |  |   | 135.0 |  |
|                                                                                                                                   |   | Redeemable Preferred Stock(4)(6) |   |   |   | 84,936 |  |   |   |   | 61.1 |  |   | 59.1 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 294.0 |  |   | 294.1 |  |
| Contour Semiconductor, Inc.                                                                                                            |   | Semiconductors & Semiconductor Equipment |   | First Lien Senior Debt(6) | N/A |  | 8.0 | % |  5/15 |   |   | 3.5 |  |   | 3.5 |  |   | 3.3 |  |
|                                                                                                                                   |   | First Lien Senior Debt(5)(6) | N/A |  | 8.0 | % |  5/15 |   |   | 5.9 |  |   | 5.2 |  |   | — |  |
|                                                                                                                                   |   | Convertible Preferred Stock(4)(6) |   |   |   | 143,896,948 |  |   |   |   | 13.5 |  |   | — |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   | 22.2 |  |   | 3.3 |  |
| Core Financial Holdings, LLC(7)                                                                                                        |   | Diversified Financial Services |   | Common Units(4)(6) |   |   |   | 57,940,360 |  |   |   |   | 43.8 |  |   | 0.2 |  |
| Dyno Holding Corp.                                                                                                                     |   | Auto Components |   | First Lien Senior Debt(6) | 8.8 | % | 2.2 | % |  11/15 |   |   | 35.2 |  |   | 35.2 |  |   | 35.2 |  |
|                                                                                                                                   |   |   | Mezzanine Debt(5)(6) | N/A |  | 4.4 | % |  11/16 |   |   | 35.1 |  |   | 28.1 |  |   | 16.7 |  |
|                                                                                                                                   |   |   |   | Convertible Preferred Stock(4)(6) |   |   |   | 389,759 |  |   |   |   | 40.5 |  |   | — |  |
|                                                                                                                                   |   |   |   | Common Stock(4)(6) |   |   |   | 97,440 |  |   |   |   | 10.1 |  |   | — |  |
|                                                                                                                                   |   |   |   |   |   |  |   |   |   |   |   |   | 113.9 |  |   | 51.9 |  |
| ECA Medical Instruments                                                                                                                |   | Health Care Equipment & Supplies |   | First Lien Senior Debt(6) | 10.0 | % | N/A |  |  3/16 |   |   | 7.9 |  |   | 7.9 |  |   | 7.9 |  |
|                                                                                                                                   |   | Mezzanine Debt(6) | 13.0 | % | 3.5 | % |  7/16 |   |   | 18.2 |  |   | 18.2 |  |   | 18.2 |  |
|                                                                                                                                   |   |   |   | Common Stock(4)(6) |   |   |   | 583 |  |   |   |   | 13.4 |  |   | 2.1 |  |
|                                                                                                                                   |   |   |   |   |   |  |   |   |   |   |   |   | 39.5 |  |   | 28.2 |  |
| eLynx Holdings, Inc.                                                                                                                   |   | IT Services |   | Convertible Preferred Stock(4)(6) |   |   |   | 11,728 |  |   |   |   | 20.7 |  |   | 17.4 |  |
|                                                                                                                                   |   |   |   | Redeemable Preferred Stock(4)(6) |   |   |   | 21,113 |  |   |   |   | 8.9 |  |   | — |  |
|                                                                                                                                   |   |   |   | Common Stock(4)(6) |   |   |   | 11,261 |  |   |   |   | 1.1 |  |   | — |  |
|                                                                                                                                   |   |   |   | Common Stock Warrants(4)(6) |   |   |   | 1,002,678 |  |   |   |   | 5.5 |  |   | — |  |
|                                                                                                                                   |   |   |   |   |   |  |   |   |   |   |   |   | 36.2 |  |   | 17.4 |  |
| EXPL Pipeline Holdings LLC(7)                                                                                                          |   | Oil, Gas & Consumable Fuels |   | First Lien Senior Debt(6) | 8.1 | % | N/A |  |  1/17 |   |   | 45.2 |  |   | 44.8 |  |   | 45.6 |  |
|                                                                                                                                   |   | Common Membership Units(4)(6) |   |   |   | 58,297 |  |   |   |   | 44.5 |  |   | 22.4 |  |
|                                                                                                                                   |   |   |   |   |   |  |   |   |   |   |   |   | 89.3 |  |   | 68.0 |  |
| FAMS Acquisition, Inc.                                                                                                                 |   | Diversified Financial Services |   | Mezzanine Debt(6) | 12.3 | % | 2.7 | % |  1/16 |   |   | 38.1 |  |   | 38.1 |  |   | 36.0 |  |
| Fosbel Holding, Inc.                                                                                                                   |   | Commercial Services & Supplies |   | Mezzanine Debt(5)(6) | N/A |  | 17.0 | % |  10/18 |   |   | 58.5 |  |   | 28.3 |  |   | — |  |
| FPI Holding Corporation                                                                                                                |   | Food Products |   | First Lien Senior Debt(5)(6) | N/A |  | 5.3 | % |  1/16-1/19 |   |   | 33.5 |  |   | 11.9 |  |   | 12.3 |  |
| Group Montana, Inc.                                                                                                                    |   | Textiles, Apparel & Luxury Goods |   | First Lien Senior Debt(6) | 6.3 | % | N/A |  |  1/17 |   |   | 6.5 |  |   | 6.5 |  |   | 6.5 |  |
|                                                                                                                                   |   |   | Convertible Preferred Stock(6) |   |   |   | 4,000 |  |   |   |   | 5.0 |  |   | 6.5 |  |
|                                                                                                                                   |   |   |   | Common Stock(4)(6) |   |   |   | 100 | % |   |   |   | 12.5 |  |   | 1.6 |  |
|                                                                                                                                   |   |   |   |   |   |  |   |   |   |   |   |   | 24.0 |  |   | 14.6 |  |
| Halex Holdings, Inc.                                                                                                                   |   | Construction Materials |   | Second Lien Senior Debt(5)(6) | 8.5 | % | N/A |  |  1/18 |   |   | 15.8 |  |   | 15.8 |  |   | 15.8 |  |
|                                                                                                                                   |   |   |   | Common Stock(4)(6) |   |   |   | 718,063 |  |   |   |   | 9.3 |  |   | 3.1 |  |
|                                                                                                                                   |   |   |   |   |   |  |   |   |   |   |   |   | 25.1 |  |   | 18.9 |  |
| HALT Medical, Inc.                                                                                                                     |   | Health Care Equipment & Supplies |   | First Lien Senior Debt(5)(6) | N/A |  | 22.0 | % |  9/15 |   |   | 45.9 |  |   | 37.4 |  |   | 23.8 |  |
|                                                                                                                                   |   |   | Convertible Preferred Stock(4)(6) |   |   |   | 9,179,453 |  |   |   |   | 2.6 |  |   | — |  |
|                                                                                                                                   |   |   |   | Common Stock(4)(6) |   |   |   | 22,416,432 |  |   |   |   | 6.4 |  |   | — |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 46.4 |  |   | 23.8 |  |
| Hard 8 Games, LLC                                                                                                                      |   | Hotels, Restaurants & Leisure |   | First Lien Convertible Senior Debt | N/A |  | 6.0 | % |  7/15 |   |   | 11.7 |  |   | 11.7 |  |   | 11.7 |  |
|                                                                                                                                   |   |   | Membership Unit(4)(6) |   |   |   | 1 |  |   |   |   | 19.0 |  |   | 11.8 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 30.7 |  |   | 23.5 |  |
| Hollyhock Limited(7)                                                                                                                   |   | Independent Power & Renewable Electricity Producers |   | Common Stock(4)(6) |   |   |   | 22,000,000 |  |   |   |   | 22.0 |  |   | 21.2 |  |
| LLSC Holdings Corporation                                                                                                              |   | Personal Products |   | Convertible Preferred Stock(4)(6) |   |   |   | 7,496 |  |   |   |   | 8.1 |  |   | 13.8 |  |
| Montgomery Lane, LLC(7)                                                                                                                |   | Diversified Financial Services |   | Common Membership Units(4)(6) |   |   |   | 100 |  |   |   |   | — |  |   | 6.8 |  |
| MW Acquisition Corporation                                                                                                             |   | Health Care Providers & Services |   | Mezzanine Debt(6) | 14.4 | % | 1.0 | % |  2/19 |   |   | 24.0 |  |   | 24.0 |  |   | 24.0 |  |
|                                                                                                                                   |   | Redeemable Preferred Stock(6) |   |   |   | 2,485 |  |   |   |   | 2.4 |  |   | 2.4 |  |
|                                                                                                                                   |   |   |   | Convertible Preferred Stock(4)(6) |   |   |   | 51,351 |  |   |   |   | 21.4 |  |   | 21.5 |  |
|                                                                                                                                   |   |   |   |   |   |  |   |   |   |   |   |   | 47.8 |  |   | 47.9 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2015 (unaudited)(in millions, except share data) |
|----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                             |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| NECCO Holdings, Inc.                                                                                                                   |   | Food Products |   | First Lien Senior Debt(5)(6) | 6.5 | % | N/A |  |  12/15 |   |   | 11.0 |  |   | 8.7 |  |   | 5.4 |  |
|                                                                                                                                   |   |   |   | Second Lien Senior Debt(5)(6) | N/A |  | 18.0 | % |  11/15 |   |   | 6.7 |  |   | 3.2 |  |   | — |  |
|                                                                                                                                   |   |   |   | Common Stock(4)(6) |   |   |   | 860,189 |  |   |   |   | 0.1 |  |   | — |  |
|                                                                                                                                   |   |   |   |   |   |  |   |   |   |   |   |   | 12.0 |  |   | 5.4 |  |
| NECCO Realty Investments, LLC                                                                                                          |   | Real Estate |   | First Lien Senior Debt(5)(6) | 2.9 | % | 11.1 | % |  12/17 |   |   | 69.0 |  |   | 32.8 |  |   | 19.9 |  |
|                                                                                                                                   |   |   | Common Membership Units(4)(6) |   |   |   | 7,450 |  |   |   |   | 4.9 |  |   | — |  |
|                                                                                                                                   |   |   |   |   |   |  |   |   |   |   |   |   | 37.7 |  |   | 19.9 |  |
| Orchard Brands Corporation                                                                                                             |   | Internet & Catalog Retail |   | Common Stock(4)(6) |   |   |   | 87,838 |  |   |   |   | 55.1 |  |   | 91.7 |  |
| PHC Sharp Holdings, Inc.                                                                                                               |   | Commercial Services & Supplies |   | First Lien Senior Debt(6) | 12.5 | % | N/A |  |  12/15 |   |   | 1.4 |  |   | 1.4 |  |   | 1.4 |  |
|                                                                                                                                   |   |   | Mezzanine Debt(6) | N/A |  | 17.0 | % |  12/16 |   |   | 13.3 |  |   | 13.4 |  |   | 13.3 |  |
|                                                                                                                                   |   |   |   | Mezzanine Debt(5)(6) | N/A |  | 19.0 | % |  12/16 |   |   | 26.2 |  |   | 13.0 |  |   | 13.3 |  |
|                                                                                                                                   |   |   |   | Common Stock(4)(6) |   |   |   | 367,881 |  |   |   |   | 4.2 |  |   | — |  |
|                                                                                                                                   |   |   |   |   |   |  |   |   |   |   |   |   | 32.0 |  |   | 28.0 |  |
| RD Holdco Inc.                                                                                                                         |   | Household Durables |   | Second Lien Senior Debt(6) | 11.3 | % | N/A |  |  6/17 |   |   | 16.9 |  |   | 14.7 |  |   | 16.9 |  |
|                                                                                                                                   |   |   |   | Common Stock(4)(6) |   |   |   | 458,596 |  |   |   |   | 23.6 |  |   | 13.3 |  |
|                                                                                                                                   |   |   |   | Common Stock Warrants(4)(6) |   |   |   | 56,372 |  |   | — |  |   | 2.9 |  |   | 1.7 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 41.2 |  |   | 31.9 |  |
| Rebellion Media Group Corp.(7)                                                                                                         |   | Internet Software & Services |   | First Lien Senior Debt(6) | N/A |  | 12.0 | % |  4/15 |   |   | 4.4 |  |   | 4.4 |  |   | 4.4 |  |
|                                                                                                                                   |   | First Lien Senior Debt(5)(6) | N/A |  | 12.0 | % |  12/15 |   |   | 11.2 |  |   | 8.1 |  |   | 0.6 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 12.5 |  |   | 5.0 |  |
| Scanner Holdings Corporation                                                                                                           |   | Technology Hardware, Storage & Peripherals |   | Mezzanine Debt(6) | 14.8 | % | N/A |  |  10/16-7/17 |   |   | 20.5 |  |   | 20.5 |  |   | 20.5 |  |
|                                                                                                                                   |   | Convertible Preferred Stock(6) |   |   |   | 38,723,509 |  |   |   |   | 5.5 |  |   | 8.5 |  |
|                                                                                                                                   |   |   | Common Stock(4)(6) |   |   |   | 97,540 |  |   |   |   | 0.1 |  |   | — |  |
|                                                                                                                                   |   |   |   |   |   |  |   |   |   |   |   |  |   | 26.1 |  |   | 29.0 |  |
| SEHAC Holding Corporation                                                                                                              |   | Diversified Consumer Services |   | Convertible Preferred Stock(6) |   |   |   | 14,850 |  |   |   |   | 14.8 |  |   | 121.3 |  |
|                                                                                                                                   |   | Common Stock(6) |   |   |   | 150 |  |   |   |   | 0.2 |  |   | 1.2 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 15.0 |  |   | 122.5 |  |
| Soil Safe Acquisition Corp.                                                                                                            |   | Professional Services |   | First Lien Senior Debt(6) | 8.0 | % | N/A |  |  1/18-12/18 |   |   | 22.9 |  |   | 22.8 |  |   | 22.9 |  |
|                                                                                                                                   |   |   |   | Second Lien Senior Debt(6) | 10.8 | % | N/A |  |  7/19 |   |   | 12.7 |  |   | 12.7 |  |   | 12.7 |  |
|                                                                                                                                   |   |   |   | Mezzanine Debt(6) | 8.8 | % | 7.3 | % |  12/19 |   |   | 68.3 |  |   | 68.2 |  |   | 68.3 |  |
|                                                                                                                                   |   |   |   | Common Stock |   |   |   | 810 |  |   |   |   | 9.0 |  |   | 15.7 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 112.7 |  |   | 119.6 |  |
| Warner Power, LLC                                                                                                                      |   | Electrical Equipment |   | Mezzanine Debt(5)(6) | N/A |  | 14.6 | % |  6/15 |   |   | 10.0 |  |   | 5.7 |  |   | 2.6 |  |
|                                                                                                                                   |   |   |   | Redeemable Preferred Membership Units(4)(6) |   |   |   | 3,796,269 |  |   |   |   | 3.0 |  |   | — |  |
|                                                                                                                                   |   |   |   | Common Membership Units(4)(6) |   |   |   | 27,400 |  |   |   |   | 1.9 |  |   | — |  |
|                                                                                                                                   |   |   |   |   |   |  |   |   |   |   |   |   | 10.6 |  |   | 2.6 |  |
| WIS Holding Company, Inc.                                                                                                              |   | Commercial Services & Supplies |   | Convertible Preferred Stock(6) |   |   |   | 703,406 |  |   |   |   | 59.6 |  |   | 84.5 |  |
|                                                                                                                                   |   | Common Stock(4)(6) |   |   |   | 175,853 |  |   |   |   | 11.3 |  |   | 6.5 |  |
|                                                                                                                                   |   |   |   |   |   |  |   |   |   |   |   |   | 70.9 |  |   | 91.0 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EUROPEAN CAPITAL CONTROL INVESTMENTS                                                                                                   |   |   |   |   |   |   |   |
| Bellotto Holdings Limited(7)                                                                                                           |   | Household Durables |   | Redeemable Preferred Stock |   |   |   | 7,300,610 |  |   | 2.0 |  |   | 34.7 |  |   | 36.5 |  |
|                                                                                                                                   |   |   | Common Stock(4) |   |   |   | 2,697,010 |  |   |   |   | 95.5 |  |   | 89.6 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 130.2 |  |   | 126.1 |  |
| Columbo TopCo Limited(7)                                                                                                               |   | Commercial Services & Supplies |   | Redeemable Preferred Stock(4) |   |   |   | 34,301,257 |  |   | 21.6 |  |   | 73.2 |  |   | 63.9 |  |
|                                                                                                                                   |   |   | Common Stock(4) |   |   |   | 776,743 |  |   |   |   | 1.2 |  |   | — |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 74.4 |  |   | 63.9 |  |
| European Capital UK SME Debt LP(7)                                                                                                     |   | Diversified Financial Services |   | Partnership Interest |   |   |   | 500 |  |   |   |   | 5.0 |  |   | 4.9 |  |
| Financière H S.A.S.(7)                                                                                                            |   | Health Care Equipment & Supplies |   | Mezzanine Debt | 3.6% |  | 5.8 | % | 10/15 |   |   | 14.1 |  |   | 14.1 |  |   | 13.6 |  |
|                                                                                                                                   |   | Convertible Preferred Stock(4) |   |   |   | 930,558 |  |   |   |   | 51.9 |  |   | 21.6 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 66.0 |  |   | 35.2 |  |
| Financière Tarmac S.A.S.(7)                                                                                                       |   | Commercial Services & Supplies |   | First Lien Senior Debt | 4.0% |  | N/A |  | 12/20 |   |   | 4.5 |  |   | 3.6 |  |   | 4.6 |  |
|                                                                                                                                   |   | Mezzanine Debt | N/A |  | 4.0 | % | 12/21 |   |   | 20.0 |  |   | 20.0 |  |   | 20.0 |  |
|                                                                                                                                   |   |   |   | Mezzanine Debt(5) | N/A |  | 4.0 | % | 12/21 |   |   | 26.0 |  |   | 15.0 |  |   | 15.0 |  |
|                                                                                                                                   |   |   |   | Convertible Preferred Stock(4) |   |   |   | 8,665,001 |  |   |   |   | 9.4 |  |   | — |  |
|                                                                                                                                   |   |   |   | Redeemable Preferred Stock(4) |   |   |   |   |   | 3.3 |  |   | 7.2 |  |   | — |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 55.2 |  |   | 39.6 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2015 (unaudited)(in millions, except share data) |
|----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                             |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Holding Saint Augustine S.A.S.(7)                                                                                                      |   | Air Freight & Logistics |   | First Lien Senior Debt | N/A |  | N/A |  | 9/19 |   |   | 4.3 |  |   | 4.3 |  |   | 4.3 |  |
|                                                                                                                                   |   | Convertible Preferred Stock(4) |   |   |   | 1,982,668 |  |   |   |   | 13.4 |  |   | — |  |
|                                                                                                                                   |   |   |   | Redeemable Preferred Stock(4) |   |   |   | 1 |  |   |   |   | — |  |   | 1.0 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 17.7 |  |   | 5.3 |  |
| Miles 33 Limited(7)                                                                                                                    |   | Software |   | First Lien Senior Debt | 4.0% |  | N/A |  | 9/17 |   |   | 7.7 |  |   | 7.7 |  |   | 7.7 |  |
|                                                                                                                                   |   |   |   | Mezzanine Debt | 5.0% |  | 5.0 | % | 9/17 |   |   | 16.2 |  |   | 16.2 |  |   | 16.2 |  |
|                                                                                                                                   |   |   |   | Redeemable Preferred Stock(4) |   |   |   |   |   | 71.2 |  |   | 28.9 |  |   | 2.1 |  |
|                                                                                                                                   |   |   |   | Common Stock(4) |   |   |   | 600,000 |  |   |   |   | 0.9 |  |   | — |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 53.7 |  |   | 26.0 |  |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AMERICAN CAPITAL CONTROL CLO INVESTMENT                                                                                                |   |   |   |   |   |   |   |
| ACAS Wachovia Investments, L.P.(7)                                                                                                     |   | Diversified Financial Services |   | Partnership Interest(4) |   |   |   | 90 | % |   |   |  |   | 2.0 |  |   | 0.7 |  |
| Subtotal Control Investments (40% of total investments at fair value)                                                                  |   |   |   |   | $ | 2,431.9 |  |   | $ | 2,836.5 |  |
| Total Investment Assets                                                                                                                |   |   |   |   | $ | 6,923.9 |  |   | $ | 7,034.7 |  |

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Counterparty                       |   | Instrument |   | InterestRate(2) |   | ExpirationDate(2) |   | # ofContracts |   | Notional |   | Cost |   | FairValue |
| DERIVATIVE AGREEMENTS              |   |   |   |   |   |   |   |   |   |   |   |   |
|                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Citibank, N.A.                     |   | Interest Rate Swap - Pay Fixed/ Receive Floating(6) |   | 5.6%/LIBOR |   | 5/16-7/17 |   | 2 |  |   | $ | 27.5 |  |   | $ | — |  |   | $ | (3.0 | ) |
| BNP Paribas                        |   | Interest Rate Swap - Pay Fixed/ Receive Floating(6) |   | 5.7%/LIBOR |   | 7/17 |   | 1 |  |   | 22.3 |  |   | — |  |   | (2.6 | ) |
| Wells Fargo Bank, N.A              |   | Interest Rate Swap - Pay Fixed/ Receive Floating(6) |   | 5.6%/LIBOR |   | 8/16 |   | 1 |  |   | 11.9 |  |   | — |  |   | (0.9 | ) |
| American Capital Equity III, LP(8) |   | WRH, Inc. Equity Option |   |   |   | 4/15 |   | 1 |  |   |   |   | — |  |   | (110.8 | ) |
| Total Derivative Agreements        |   |   |   |   |   |   |   |   |   | $ | — |  |   | $ | (117.3 | ) |

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |
| Funds                                                   |   | Cost |   | FairValue |
| MONEY MARKET FUNDS(3)                                   |   |   |
| Deutsche Global Liquidity Managed Sterling Fund         |   | $ | 156.7 |  |   | $ | 156.7 |  |
| BofA Funds Series Trust - BofA Money Market Reserves(6) |   | 10.0 |  |   | 10.0 |  |
| Dreyfus Institutional Cash Advantage-I Fund(6)          |   | 10.0 |  |   | 10.0 |  |
| Fidelity Institutional Money Market Fund(6)             |   | 5.0 |  |   | 5.0 |  |
| JPMorgan Prime Money Market Fund(6)                     |   | 5.0 |  |   | 5.0 |  |
| Wells Fargo Advantage Heritage Money Market Fund(6)     |   | 2.5 |  |   | 2.5 |  |
| Total Money Market Funds                                |   | $ | 189.2 |  |   | $ | 189.2 |  |

|     |                                                                                       |
|-----|---------------------------------------------------------------------------------------|
| (1) | Certain of the securities are issued by affiliate(s) of the listed portfolio company. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Interest rates represent the weighted average annual stated interest rate on loans and debt securities in effect on the date presented, which are presented by the nature of indebtedness by a single issuer. Some loans and debt securities bear interest at variable rates, primarily one-month LIBOR, with interest rate floors. Payment-in-kind interest (“PIK”) represents contractually deferred interest that is typically compounded into the principal balance of the loan or debt security, if not paid on a current basis. PIK interest may be prepaid by the portfolio company’s election, but generally is paid upon a change of control transaction or maturity. The maturity date represents the latest date in which the loan or debt security is scheduled to terminate. |

|     |                                                                           |
|-----|---------------------------------------------------------------------------|
| (3) | Included in cash and cash equivalents on our consolidated balance sheets. |

|     |                                                         |
|-----|---------------------------------------------------------|
| (4) | Some or all of the securities are non-income producing. |

|     |                                                                              |
|-----|------------------------------------------------------------------------------|
| (5) | Loan is on non-accrual status and therefore considered non-income producing. |

|     |                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------|
| (6) | All or a portion of the investments or instruments are pledged as collateral under various secured financing arrangements. |

|     |                                                                                                                                                                                                                                                                                |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | Investments that are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. |

|     |                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | For further discussion on the WRH, Inc. Equity Option, see Note 14 to our interim consolidated financial statements in this Form 10-Q. |

----

Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTSDecember 31, 2014(in millions, except share data) |
|-------------------------------------------------------------------------------------------------------------|
|                                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                  |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| AMERICAN CAPITAL NON-CONTROL / NON-AFFILIATE INVESTMENTS                                                    |   |   |   |   |   |   |   |
| 2 TransAm LLC                                                                                               |   | Real Estate |   | First Lien Senior Debt(6) | 5.4 | % | N/A |  | 1/18 |   |   | $ | 5.6 |  |   | $ | 5.6 |  |   | $ | 5.6 |  |
| Aderant North America, Inc.                                                                                 |   | Software |   | Second Lien Senior Debt(6) | 10.0 | % | N/A |  | 6/19 |   |   | 16.0 |  |   | 15.8 |  |   | 16.2 |  |
| American Acquisition, LLC(7)                                                                                |   | Capital Markets |   | First Lien Senior Debt(6) | 19.3 | % | N/A |  | 3/15 |   |   | 2.7 |  |   | 2.7 |  |   | 2.7 |  |
| AmWINS Group, LLC                                                                                           |   | Insurance |   | Second Lien Senior Debt | 9.5 | % | N/A |  | 9/20 |   |   | 46.0 |  |   | 44.8 |  |   | 45.1 |  |
| Bensussen Deutsch & Associates, LLC                                                                     |   | Distributors |   | Second Lien Senior Debt(6) | 12.0 | % | 2.0 | % | 9/19 |   |   | 45.3 |  |   | 42.9 |  |   | 42.8 |  |
|                                                                                                        |   |   | Common Stock(4) |   |   |   | 1,224,089 |  |   |   |   | 2.5 |  |   | 4.7 |  |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   | 45.4 |  |   | 47.5 |  |
| BeyondTrust Software, Inc.                                                                                  |   | Software |   | First Lien Senior Debt(6) | 8.0 | % | N/A |  | 9/19 |   |   | 27.6 |  |   | 27.6 |  |   | 27.6 |  |
| Blue Wolf Capital Fund II, L.P.(7)                                                                          |   | Capital Markets |   | Limited Partnership Interest(4) |   |   |   |   |   |   |   | 8.8 |  |   | 8.6 |  |
| BRG Sports, Inc.                                                                                            |   | Leisure Products |   | Redeemable Preferred Stock(4) |   |   |   | 1,171 |  |   |   |   | 1.2 |  |   | 1.8 |  |
|                                                                                                        |   |   |   | Common Units(4) |   |   |   | 3,830,068 |  |   |   |   | 0.7 |  |   | — |  |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   | 1.9 |  |   | 1.8 |  |
| CAMP International Holding Company                                                                          |   | Transportation Infrastructure |   | Second Lien Senior Debt(6) | 8.3 | % | N/A |  | 11/19 |   |   | 15.0 |  |   | 15.0 |  |   | 15.1 |  |
| CGSC of Delaware Holdings Corporation(7)                                                                    |   | Insurance |   | Second Lien Senior Debt(6) | 8.3 | % | N/A |  | 10/20 |   |   | 2.0 |  |   | 2.0 |  |   | 1.8 |  |
| Convergint Technologies, LLC                                                                                |   | Commercial Services & Supplies |   | Second Lien Senior Debt(6) | 9.0 | % | N/A |  | 12/17-12/20 |   |   | 75.0 |  |   | 75.0 |  |   | 75.0 |  |
| CPI Buyer, LLC                                                                                              |   | Trading Companies & Distributors |   | Second Lien Senior Debt(6) | 8.5 | % | N/A |  | 8/22 |   |   | 25.0 |  |   | 24.6 |  |   | 24.7 |  |
| Datapipe, Inc.                                                                                              |   | IT Services |   | Second Lien Senior Debt(6) | 8.5 | % | N/A |  | 9/19 |   |   | 29.5 |  |   | 29.1 |  |   | 28.5 |  |
| Delsey Holding S.A.S.(7)                                                                                    |   | Textiles, Apparel & Luxury Goods |   | First Lien Senior Debt(6) | 6.5 | % | 3.3 | % | 12/16 |   |   | 15.3 |  |   | 15.2 |  |   | 13.9 |  |
|                                                                                                        |   |   | Mezzanine Debt(5)(6) | N/A |  | 11.0 | % | 12/22 |   |   | 2.1 |  |   | 1.8 |  |   | 0.4 |  |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   | 17.0 |  |   | 14.3 |  |
| Exchange South Owner, LLC(7)                                                                                |   | Real Estate |   | First Lien Senior Debt(6) | 7.7 | % | N/A |  | 1/19 |   |   | 6.9 |  |   | 6.9 |  |   | 6.9 |  |
| Flexera Software LLC                                                                                        |   | Software |   | Second Lien Senior Debt(6) | 8.0 | % | N/A |  | 4/21 |   |   | 5.0 |  |   | 5.0 |  |   | 4.8 |  |
| Foamex Innovations, Inc.                                                                                    |   | Household Durables |   | Common Stock(4) |   |   |   | 2,708 |  |   |   |   | — |  |   | 0.6 |  |
|                                                                                                        |   |   |   | Common Stock Warrants(4)(6) |   |   |   | 7,067 |  |   |   |   | — |  |   | 0.2 |  |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   | — |  |   | 0.8 |  |
| Inmar, Inc.                                                                                                 |   | Commercial Services & Supplies |   | Second Lien Senior Debt(6) | 8.0 | % | N/A |  | 1/22 |   |   | 20.0 |  |   | 19.8 |  |   | 19.6 |  |
| Iotum Global Holdings, Inc.(7)                                                                              |   | Diversified Telecommunication Services |   | First Lien Senior Debt(6) | N/A |  | 10.0 | % | 5/17 |   |   | 2.4 |  |   | 2.4 |  |   | 2.4 |  |
| iParadigms, LLC                                                                                             |   | Internet Software & Services |   | Second Lien Senior Debt(6) | 8.3 | % | N/A |  | 7/22 |   |   | 27.0 |  |   | 26.8 |  |   | 26.6 |  |
| Jazz Acquisition, Inc.                                                                                      |   | Aerospace & Defense |   | Second Lien Senior Debt(6) | 7.8 | % | N/A |  | 6/22 |   |   | 25.0 |  |   | 24.9 |  |   | 24.5 |  |
| Landslide Holdings, Inc.                                                                                    |   | Software |   | Second Lien Senior Debt(6) | 8.3 | % | N/A |  | 2/21 |   |   | 9.0 |  |   | 9.0 |  |   | 8.8 |  |
| LTG Acquisition, Inc.                                                                                       |   | Communications Equipment |   | Second Lien Senior Debt(6) | 9.0 | % | N/A |  | 10/20 |   |   | 46.0 |  |   | 46.0 |  |   | 45.6 |  |
|                                                                                                        |   |   | Common Stock(4)(6) |   |   |   | 5,000 |  |   |   |   | 5.0 |  |   | 7.3 |  |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   | 51.0 |  |   | 52.9 |  |
| Mitchell International, Inc.                                                                                |   | Software |   | Second Lien Senior Debt(6) | 8.5 | % | N/A |  | 10/21 |   |  |   | 7.0 |  |   | 6.9 |  |   | 7.0 |  |
| M-IV Lake Center LLC(7)                                                                                     |   | Real Estate |   | First Lien Senior Debt(6) | 5.4 | % | N/A |  | 12/17 |   |   | 6.1 |  |   | 6.1 |  |   | 6.1 |  |
| Parkeon S.A.S.(7)                                                                                           |   | Electronic Equipment, Instruments & Components |   | First Lien Senior Debt(6) | 2.4 | % | N/A |  | 12/17 |   |   | 4.3 |  |   | 4.0 |  |   | 3.6 |  |
|                                                                                                        | Redeemable Preferred Stock(4)(6) |   |   |   | 5,234,743 |  |   |   |   | 0.5 |  |   | 1.2 |  |
|                                                                                                        |   |   |   |   |   |   |   |   | 4.5 |  |   | 4.8 |  |
| Parts Holding Coörperatief U.A(7)                                                                      |   | Distributors |   | Membership Entitlements(4) |   |   |   | 173,060 |  |   |   |   | 6.4 |  |   | 1.7 |  |
| Qualium I(7)                                                                                                |   | Capital Markets |   | Common Stock(4) |   |   |   | 247,939 |  |   |   |   | 6.9 |  |   | 6.9 |  |
| Ranpak Corp.                                                                                                |   | Containers & Packaging |   | Second Lien Senior Debt(6) | 8.3 | % | N/A |  | 10/22 |   |   | 25.0 |  |   | 25.0 |  |   | 25.0 |  |
| Roark - Money Mailer, LLC                                                                                   |   | Media |   | Common Membership Units |   |   |   | 3.5 | % |   |   |   | — |  |   | 0.8 |  |
| Sage Products Holdings III, LLC                                                                             |   | Health Care Equipment & Supplies |   | Second Lien Senior Debt(6) | 9.3 | % | N/A |  | 6/20 |   |   | 22.8 |  |   | 22.9 |  |   | 22.6 |  |
| Sparta Systems, Inc.                                                                                        |   | IT Services |   | First Lien Senior Debt(6) | 6.3 | % | 1.5% |  | 7/20 |   |   | 24.9 |  |   | 24.7 |  |   | 24.7 |  |
|                                                                                                        |   |   |   | Convertible Preferred Stock(6) |   |   |   | 743 |  |   |   |   | 0.8 |  |   | 0.8 |  |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   | 25.5 |  |   | 25.5 |  |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2014 (in millions, except share data) |
|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                     |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Systems Maintenance Services Holding, Inc.                                                                                     |   | IT Services |   | Second Lien Senior Debt(6) | 9.3 | % | N/A |  | 10/20 |   |   | 28.0 |  |   | 27.8 |  |   | 27.8 |  |
| Teasdale Foods, Inc.                                                                                                           |   | Food & Staples Retailing |   | Second Lien Senior Debt(6) | 8.8 | % | N/A |  | 10/21 |   |   | 31.5 |  |   | 31.5 |  |   | 31.5 |  |
| Tectum Holdings, Inc.                                                                                                          |   | Auto Components |   | Second Lien Senior Debt(6) | 9.8 | % | N/A |  | 1/21 |   |   | 41.5 |  |   | 40.9 |  |   | 40.9 |  |
|                                                                                                                           |   |   |   | Convertible Preferred Stock(4)(6) |   |   |   | 25,000 |  |   |   |   | 2.5 |  |   | 2.5 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 43.4 |  |   | 43.4 |  |
| Tyche Holdings, LLC                                                                                                            |   | IT Services |   | Second Lien Senior Debt(6) | 9.0 | % | N/A |  | 11/22 |   |   | 27.0 |  |   | 26.9 |  |   | 26.7 |  |
| Tyden Cayman Holdings Corp.(7)                                                                                                 |   | Electronic Equipment, Instruments & Components |   | Convertible Preferred Stock(4)(6) |   |  |   |   | 26,977 |  |   |   |   | 0.1 |  |   | 0.1 |  |
|                                                                                                                           |   | Common Stock(4)(6) |   |  |   |   | 3,218,667 |  |   |   |   | 3.8 |  |   | 2.3 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   | 3.9 |  |   | 2.4 |  |
| W3 Co.                                                                                                                         |   | Health Care Equipment & Supplies |   | Second Lien Senior Debt(6) | 9.3 | % | N/A |  | 9/20 |   |   | 17.0 |  |   | 16.8 |  |   | 16.4 |  |
| WP CPP Holdings, LLC                                                                                                           |   | Aerospace & Defense |   | Second Lien Senior Debt(6) | 8.8 | % | N/A |  | 4/21 |   |   | 40.0 |  |   | 39.8 |  |   | 38.2 |  |
| WRH, Inc.(8)                                                                                                                   |   | Life Sciences Tools & Services |   | Mezzanine Debt(6) | 9.3 | % | 5.9 | % | 8/18 |   |   | 95.8 |  |   | 95.6 |  |   | 92.5 |  |
|                                                                                                                           |   |   | Convertible Preferred Stock(4)(6) |   |   |   | 2,008,575 |  |   |   |   | 200.9 |  |   | 96.9 |  |
|                                                                                                                           |   |   |   | Common Stock(4)(6) |   |   |   | 502,144 |  |   |   |   | 49.8 |  |   | — |  |
|                                                                                                                           |   |   |   |   |   |  |   |   |   |   |   |   | 346.3 |  |   | 189.4 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EUROPEAN CAPITAL NON-CONTROL / NON-AFFILIATE INVESTMENTS                                                                       |   |   |   |   |   |   |   |
| Delsey Holding S.A.S.(7)                                                                                                       |   | Textiles, Apparel & Luxury Goods |   | First Lien Senior Debt | 6.5% |  | 2.0 | % | 12/16 |   |   | 89.4 |  |   | 89.4 |  |   | 84.2 |  |
|                                                                                                                           |   |   | Mezzanine Debt(5) | N/A |  | 11.0 | % | 12/22 |   |   | 12.2 |  |   | 10.5 |  |   | 2.4 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 99.9 |  |   | 86.6 |  |
| Financière OFIC S.A.S.(7)                                                                                                 |   | Building Products |   | Warrants(4) |   |   |   | 1,574,600 |  |   |   |   | — |  |   | 2.8 |  |
| Financière Poult S.A.S.(7)                                                                                                |   | Food Products |   | Mezzanine Debt | 5.0% |  | 5.3 | % | 6/22 |   |   | 16.2 |  |   | 16.2 |  |   | 15.9 |  |
| Financière Riskeco S.A.S.(7)                                                                                              |   | Diversified Consumer Services |   | First Lien Senior Debt | 6.5% |  | 2.0 | % | 7/21 |   |   | 14.1 |  |   | 14.1 |  |   | 13.7 |  |
| The Flexitallic Group S.A.S.(7)                                                                                                |   | Energy Equipment & Services |   | First Lien Senior Debt | 4.5% |  | 4.5 | % | 7/20 |   |   | 26.6 |  |   | 26.6 |  |   | 26.3 |  |
| Groupe INSEEC(7)                                                                                                               |   | Education Services |   | First Lien Senior Debt | 6.0% |  | 3.0 | % | 12/20 |   |   | 47.1 |  |   | 47.1 |  |   | 45.8 |  |
| Hilding Anders AB(7)                                                                                                           |   | Household Durables |   | Mezzanine Debt(5) | N/A |  | 12.0 | % | 12/19 |   |   | 36.2 |  |   | 17.7 |  |   | — |  |
| Legendre Holding 31 S.A.(7)                                                                                                    |   | Leisure Products |   | First Lien Senior Debt | 5.7% |  | N/A |  | 1/21 |   |   | 68.4 |  |   | 68.4 |  |   | 65.0 |  |
|                                                                                                                           |   |   | Common Stock(4) |   |   |   | 51,975,983 |  |   |   |   | 6.3 |  |   | 6.3 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 74.7 |  |   | 71.3 |  |
| Modacin France S.A.S.(7)                                                                                                       |   | Textiles, Apparel & Luxury Goods |   | Mezzanine Debt(5) | 4.0% |  | 4.5 | % | 5/17 |   |   | 23.2 |  |   | 12.6 |  |   | — |  |
| Parts Holding Coörperatief U.A.(7)                                                                                        |   | Auto Components |   | Common Stock(4) |   |   |   | 568,624 |  |   |   |   | — |  |   | 5.4 |  |
| Skrubbe Vermogensverwaltungsgesellschaft mbH(7)                                                                                |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt | 4.5% |  | 3.0 | % | 7/20 |   |   | 12.3 |  |   | 12.3 |  |   | 12.1 |  |
| Tiama 2 S.A.S.(7)                                                                                                              |   | Machinery |   | Mezzanine Debt(5) | 4.5% |  | 5.0 | % | 2/17 |   |   | 49.1 |  |   | 28.1 |  |   | — |  |
| Unipex Neptune International SAS(7)                                                                                            |   | Chemicals |   | Mezzanine Debt | 7.0% |  | 5.0 | % | 9/20 |   |   | 5.3 |  |   | 5.3 |  |   | 5.3 |  |
| Zodiac Marine and Pool S.A.(7)                                                                                                 |   | Marine |   | Second Lien Senior Debt(5) | — | % | 4.0 | % | 3/17 |   |   | 38.0 |  |   | 27.6 |  |   | — |  |
|                                                                                                                           |   |   | Mezzanine Debt(5) | — | % | 8.0 | % | 9/17 |   |   | 69.9 |  |   | 38.8 |  |   | — |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 66.4 |  |   | — |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SENIOR FLOATING RATE LOANS                                                                                                     |   |   |   |   |   |   |   |
| 1011778 B.C. Unlimited Liability Company(7)                                                                                    |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 12/21 |   |   | 17.0 |  |   | 16.8 |  |   | 17.0 |  |
| 24 Hour Fitness Worldwide, Inc.                                                                                                |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 5/21 |   |   | 8.3 |  |   | 8.4 |  |   | 8.0 |  |
| Accellent Inc.                                                                                                                 |   | Health Care Equipment & Supplies |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 3/21 |   |   | 7.4 |  |   | 7.4 |  |   | 7.3 |  |
| Acosta Holdco, Inc.                                                                                                            |   | Media |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 9/21 |   |   | 16.0 |  |   | 15.9 |  |   | 16.0 |  |
| Advantage Sales & Marketing Inc.                                                                                           |   | Professional Services |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 7/21 |   |   | 16.0 |  |   | 16.0 |  |   | 15.8 |  |
|                                                                                                                           |   |   | Second Lien Senior Debt(6) | 7.5 | % | N/A |  | 7/22 |   |   | 1.0 |  |   | 1.0 |  |   | 1.0 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 17.0 |  |   | 16.8 |  |
| Aecom Technology Corp(7)                                                                                                       |   | Construction & Engineering |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 10/21 |   |   | 4.2 |  |   | 4.2 |  |   | 4.2 |  |
| Affinia Group Inc.                                                                                                             |   | Auto Components |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 4/20 |   |   | 7.6 |  |   | 7.6 |  |   | 7.6 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2014 (in millions, except share data) |
|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                     |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Akorn, Inc.(7)                                                                                                                 |   | Pharmaceuticals |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 4/21 |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Albertson's LLC                                                                                                                |   | Food & Staples Retailing |   | First Lien Senior Debt(6) | 4.6 | % | N/A |  | 3/19-8/21 |   |   | 2.0 |  |   | 2.0 |  |   | 2.0 |  |
| AlixPartners, LLP                                                                                                              |   | Diversified Financial Services |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 7/20 |   |   | 12.0 |  |   | 12.0 |  |   | 11.9 |  |
| Alliance Laundry Systems LLC                                                                                                   |   | Machinery |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 12/18 |   |   | 4.5 |  |   | 4.5 |  |   | 4.4 |  |
| American Airlines, Inc.(7)                                                                                                     |   | Airlines |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 6/19 |   |   | 9.9 |  |   | 9.9 |  |   | 9.9 |  |
| American Renal Holdings Inc.                                                                                                   |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 8/19 |   |   | 7.7 |  |   | 7.7 |  |   | 7.7 |  |
| American Tire Distributors, Inc.                                                                                               |   | Distributors |   | First Lien Senior Debt(6) | 5.8 | % | N/A |  | 6/18 |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| AmSurg Corp.(7)                                                                                                                |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 7/21 |   |   | 10.0 |  |   | 10.0 |  |   | 9.9 |  |
| AmWINS Group, LLC                                                                                                              |   | Insurance |   | First Lien Senior Debt(6) | 5.3 | % | N/A |  | 9/19 |   |   | 8.8 |  |   | 8.8 |  |   | 8.8 |  |
| Anchor Glass Container Corporation                                                                                             |   | Containers & Packaging |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 6/21 |   |   | 7.5 |  |   | 7.5 |  |   | 7.4 |  |
| Aquilex LLC                                                                                                                    |   | Commercial Services & Supplies |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 12/20 |   |   | 3.0 |  |   | 3.0 |  |   | 2.9 |  |
| Aramark Corporation(7)                                                                                                         |   | Commercial Services & Supplies |   | First Lien Senior Debt(6) | 3.3 | % | N/A |  | 2/21 |   |   | 14.8 |  |   | 14.6 |  |   | 14.6 |  |
| Ardent Medical Services, Inc.                                                                                                  |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 6.8 | % | N/A |  | 7/18 |   |   | 0.3 |  |   | 0.3 |  |   | 0.3 |  |
| ARG IH Corporation                                                                                                             |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 11/20 |   |   | 5.5 |  |   | 5.5 |  |   | 5.5 |  |
| Aristocrat Leisure Limited(7)                                                                                                  |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 10/21 |   |   | 5.0 |  |   | 4.9 |  |   | 4.9 |  |
| Ascend Learning, LLC                                                                                                           |   | Diversified Consumer Services |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 7/19 |   |   | 2.4 |  |   | 2.4 |  |   | 2.4 |  |
| Ascensus, Inc.                                                                                                                 |   | Commercial Services & Supplies |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 12/19 |   |   | 6.0 |  |   | 6.1 |  |   | 6.0 |  |
| Asurion, LLC                                                                                                                   |   | Commercial Services & Supplies |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 5/19 |   |   | 7.4 |  |   | 7.4 |  |   | 7.3 |  |
| Atlantic Power Limited Partnership(7)                                                                                          |   | Independent Power & Renewable Electricity Producers |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 2/21 |   |   | 4.5 |  |   | 4.5 |  |   | 4.5 |  |
| AZ Chem US Inc.                                                                                                                |   | Chemicals |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 6/21 |   |   | 9.6 |  |   | 9.7 |  |   | 9.4 |  |
| BarBri, Inc.                                                                                                                   |   | Diversified Consumer Services |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 7/19 |   |   | 9.8 |  |   | 9.8 |  |   | 9.6 |  |
| Berlin Packaging L.L.C.                                                                                                        |   | Containers & Packaging |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 10/21 |   |   | 6.5 |  |   | 6.4 |  |   | 6.5 |  |
| Biomet, Inc.                                                                                                                   |   | Health Care Equipment & Supplies |   | First Lien Senior Debt(6) | 3.7 | % | N/A |  | 7/17 |   |   | 4.0 |  |   | 4.0 |  |   | 4.0 |  |
| BJ’s Wholesale Club, Inc.                                                                                                |   | Food & Staples Retailing |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 9/19 |   |   | 4.9 |  |   | 4.9 |  |   | 4.9 |  |
| Blackboard Inc.                                                                                                                |   | Software |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 10/18 |   |   | 5.0 |  |   | 5.0 |  |   | 4.9 |  |
| Boulder Brands, Inc.(7)                                                                                                        |   | Food Products |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 7/20 |   |   | 7.1 |  |   | 7.1 |  |   | 7.1 |  |
| Boyd Gaming Corporation(7)                                                                                                     |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 8/20 |   |   | 6.4 |  |   | 6.4 |  |   | 6.3 |  |
| The Brickman Group Ltd. LLC                                                                                                    |   | Commercial Services & Supplies |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 12/20 |   |   | 5.0 |  |   | 5.0 |  |   | 4.8 |  |
| Burlington Coat Factory Warehouse Corporation(7)                                                                               |   | Specialty Retail |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 8/21 |   |   | 4.0 |  |   | 4.0 |  |   | 3.9 |  |
| BWAY Intermediate Company, Inc.                                                                                                |   | Containers & Packaging |   | First Lien Senior Debt(6) | 5.6 | % | N/A |  | 8/20 |   |   | 4.0 |  |   | 3.9 |  |   | 4.0 |  |
| Camp International Holding Company                                                                                             |   | Transportation Infrastructure |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 5/19 |   |   | 7.7 |  |   | 7.7 |  |   | 7.7 |  |
| Capital Automotive L.P.                                                                                                        |   | Real Estate |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 4/19 |   |   | 12.3 |  |   | 12.3 |  |   | 12.1 |  |
| Capital Safety North America Holdings Inc.                                                                                     |   | Commercial Services & Supplies |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 3/21 |   |   | 9.4 |  |   | 9.2 |  |   | 9.2 |  |
| Capsugel Holdings US, Inc.                                                                                                     |   | Pharmaceuticals |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 8/18 |   |   | 11.5 |  |   | 11.5 |  |   | 11.3 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2014 (in millions, except share data) |
|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                     |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Carecore National, LLC                                                                                                         |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 3/21 |   |   | 5.0 |  |   | 5.0 |  |   | 4.9 |  |
| Carros Finance Luxembourg S.A.R.L.(7)                                                                                          |   | Machinery |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 9/21 |   |   | 9.0 |  |   | 9.0 |  |   | 8.9 |  |
| Catalent Pharma Solutions, Inc.(7)                                                                                             |   | Pharmaceuticals |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 5/21 |   |   | 12.4 |  |   | 12.5 |  |   | 12.4 |  |
| CCM Merger Inc.                                                                                                                |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 8/21 |   |   | 4.9 |  |   | 4.9 |  |   | 4.8 |  |
| CEC Entertainment, Inc.                                                                                                        |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 2/21 |   |   | 12.4 |  |   | 12.3 |  |   | 12.1 |  |
| Cequel Communications, LLC                                                                                                     |   | Media |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 2/19 |   |   | 15.1 |  |   | 14.9 |  |   | 15.0 |  |
| Charter Communications Operating, LLC(7)                                                                                       |   | Media |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 9/21 |   |   | 1.3 |  |   | 1.2 |  |   | 1.3 |  |
| Checkout Holding Corp.                                                                                                         |   | Media |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 4/21 |   |   | 5.0 |  |   | 5.0 |  |   | 4.8 |  |
| CityCenter Holdings, LLC                                                                                                       |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 10/20 |   |   | 12.5 |  |   | 12.4 |  |   | 12.4 |  |
| Connolly, LLC                                                                                                                  |   | Professional Services |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 5/21 |   |   | 8.8 |  |   | 8.8 |  |   | 8.8 |  |
|                                                                                                                           |   |   |   | Second Lien Senior Debt(6) | 8.0 | % | N/A |  | 5/22 |   |   | 1.0 |  |   | 1.0 |  |   | 1.0 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 9.8 |  |   | 9.8 |  |
| Consolidated Communications, Inc.(7)                                                                                           |   | Diversified Telecommunication Services |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 12/20 |   |   | 5.0 |  |   | 5.0 |  |   | 4.9 |  |
| CPG International Inc.                                                                                                         |   | Building Products |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 9/20 |   |   | 7.4 |  |   | 7.5 |  |   | 7.4 |  |
| CPI Buyer, LLC                                                                                                                 |   | Trading Companies & Distributors |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 8/21 |   |   | 2.0 |  |   | 2.0 |  |   | 2.0 |  |
| CPI International Inc.                                                                                                         |   | Electronic Equipment, Instruments & Components |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 11/17 |   |   | 10.4 |  |   | 10.4 |  |   | 10.3 |  |
| CT Technologies Intermediate Holdings, Inc.                                                                                    |   | Health Care Technology |   | First Lien Senior Debt(6) | 6.0 | % | N/A |  | 12/21 |   |   | 3.0 |  |   | 3.0 |  |   | 3.0 |  |
| DAE Aviation Holdings, Inc.                                                                                                    |   | Aerospace & Defense |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 11/18 |   |   | 3.6 |  |   | 3.6 |  |   | 3.6 |  |
| Dave & Buster's, Inc.                                                                                                      |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 7/20 |   |   | 6.1 |  |   | 6.1 |  |   | 6.1 |  |
| Del Monte Foods, Inc.(7)                                                                                                       |   | Food Products |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 2/21 |   |   | 5.0 |  |   | 5.0 |  |   | 4.6 |  |
| Dell International LLC                                                                                                         |   | Technology Hardware, Storage & Peripherals |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 4/20 |   |   | 9.5 |  |   | 9.4 |  |   | 9.5 |  |
| Deltek, Inc.                                                                                                                   |   | Software |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 10/18 |   |   | 5.0 |  |   | 4.9 |  |   | 4.9 |  |
| Dialysis Newco, Inc.                                                                                                           |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 4/21 |   |   | 11.9 |  |   | 12.0 |  |   | 11.9 |  |
| Dole Food Company, Inc.                                                                                                        |   | Food Products |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 11/18 |   |   | 10.2 |  |   | 10.3 |  |   | 10.1 |  |
| DPX Holdings B.V. (7)                                                                                                          |   | Life Sciences Tools & Services |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 3/21 |   |   | 7.0 |  |   | 6.9 |  |   | 6.8 |  |
| Drew Marine Group Inc.                                                                                                         |   | Chemicals |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 11/20 |   |   | 5.0 |  |   | 5.0 |  |   | 4.9 |  |
| DTZ U.S. Borrower, LLC(7)                                                                                                      |   | Real Estate |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 11/21 |   |   | 2.0 |  |   | 2.0 |  |   | 2.0 |  |
| Duff & Phelps Corporation                                                                                                  |   | Capital Markets |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 4/20 |   |   | 10.4 |  |   | 10.5 |  |   | 10.3 |  |
| Dunkin' Brands, Inc.(7)                                                                                                        |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 3.3 | % | N/A |  | 2/21 |   |   | 7.5 |  |   | 7.4 |  |   | 7.3 |  |
| DynCorp International Inc.                                                                                                     |   | Aerospace & Defense |   | First Lien Senior Debt(6) | 6.3 | % | N/A |  | 7/16 |   |   | 1.0 |  |   | 1.0 |  |   | 1.0 |  |
| Eco Services Operations LLC                                                                                                    |   | Chemicals |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 12/21 |   |   | 2.0 |  |   | 2.0 |  |   | 2.0 |  |
| EFS Cogen Holdings I, LLC                                                                                                      |   | Independent Power & Renewable Electricity Producers |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 12/20 |   |   | 11.3 |  |   | 11.3 |  |   | 11.2 |  |
| Electrical Components International, Inc.                                                                                      |   | Electrical Equipment |   | First Lien Senior Debt(6) | 5.8 | % | N/A |  | 5/21 |   |   | 3.0 |  |   | 3.0 |  |   | 3.0 |  |
| Emdeon Inc.                                                                                                                    |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 11/18 |   |   | 10.0 |  |   | 9.9 |  |   | 9.8 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2014 (in millions, except share data) |
|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                     |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Emerald Expositions Holding, Inc.                                                                                              |   | Media |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 6/20 |   |   | 4.8 |  |   | 4.8 |  |   | 4.7 |  |
| Entravision Communications Corporation(7)                                                                                      |   | Media |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 5/20 |   |   | 1.9 |  |   | 1.9 |  |   | 1.8 |  |
| EquiPower Resources Holdings, LLC                                                                                              |   | Independent Power & Renewable Electricity Producers |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 12/18-12/19 |   |   | 4.9 |  |   | 4.9 |  |   | 4.8 |  |
| Evergreen Acqco 1 LP                                                                                                           |   | Multiline Retail |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 7/19 |   |   | 12.4 |  |   | 12.5 |  |   | 12.0 |  |
| EWT Holdings III Corp.                                                                                                         |   | Machinery |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 1/21 |   |   | 5.0 |  |   | 5.0 |  |   | 4.9 |  |
| Fairmount Minerals, Ltd.                                                                                                       |   | Metals & Mining |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 9/19 |   |   | 5.0 |  |   | 5.0 |  |   | 4.5 |  |
| FCA US LLC(7)                                                                                                                  |   | Automobiles |   | First Lien Senior Debt(6) | 3.3 | % | N/A |  | 12/18 |   |   | 9.9 |  |   | 9.9 |  |   | 9.9 |  |
| Ferro Corporation(7)                                                                                                           |   | Chemicals |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 7/21 |   |   | 6.0 |  |   | 6.0 |  |   | 5.9 |  |
| Filtration Group Corporation                                                                                                   |   | Industrial Conglomerates |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 11/20 |   |   | 10.0 |  |   | 10.0 |  |   | 9.9 |  |
| First Data Corporation                                                                                                         |   | IT Services |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 3/18-3/21 |   |   | 17.4 |  |   | 17.4 |  |   | 17.2 |  |
| Fitness International, LLC                                                                                                     |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 7/20 |   |   | 3.6 |  |   | 3.6 |  |   | 3.5 |  |
| Flexera Software LLC                                                                                                           |   | Software |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 4/20 |   |   | 5.4 |  |   | 5.4 |  |   | 5.3 |  |
| Fly Funding II S.à r.l.(7)                                                                                                |   | Trading Companies & Distributors |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 8/19 |   |   | 4.6 |  |   | 4.6 |  |   | 4.5 |  |
| Flying Fortress Inc.(7)                                                                                                        |   | Capital Markets |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 6/17 |   |   | 5.3 |  |   | 5.3 |  |   | 5.3 |  |
| FMG Resources (August 2006) Pty LTD(7)                                                                                         |   | Metals & Mining |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 6/19 |   |   | 5.0 |  |   | 5.0 |  |   | 4.5 |  |
| FullBeauty Brands, Inc.                                                                                                        |   | Internet & Catalog Retail |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 3/21 |   |   | 11.5 |  |   | 11.5 |  |   | 11.4 |  |
| Gates Global LLC                                                                                                               |   | Machinery |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 7/21 |   |   | 18.1 |  |   | 18.0 |  |   | 17.7 |  |
| Global Tel*Link Corporation                                                                                                    |   | Diversified Telecommunication Services |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 5/20 |   |   | 4.3 |  |   | 4.3 |  |   | 4.2 |  |
| The Goodyear Tire & Rubber Company(7)                                                                                      |   | Auto Components |   | Second Lien Senior Debt(6) | 4.8 | % | N/A |  | 4/19 |   |   | 7.5 |  |   | 7.5 |  |   | 7.5 |  |
| Great Wolf Resorts, Inc.                                                                                                       |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 5.8 | % | N/A |  | 8/20 |   |   | 7.9 |  |   | 8.0 |  |   | 7.9 |  |
| Greeneden U.S. Holdings II, LLC                                                                                                |   | Software |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 2/20 |   |   | 5.0 |  |   | 4.9 |  |   | 4.9 |  |
| Grosvenor Capital Management Holdings, LLLP                                                                                    |   | Capital Markets |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 1/21 |   |   | 13.6 |  |   | 13.5 |  |   | 13.3 |  |
| Guggenheim Partners Investment Management Holdings, LLC                                                                        |   | Capital Markets |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 7/20 |   |   | 9.0 |  |   | 8.9 |  |   | 8.9 |  |
| H. J. Heinz Company                                                                                                            |   | Food Products |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 6/20 |   |   | 25.9 |  |   | 25.9 |  |   | 25.8 |  |
| Hampton Rubber Company                                                                                                         |   | Energy Equipment & Services |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 3/21 |   |   | 4.0 |  |   | 4.0 |  |   | 3.8 |  |
| Harbor Freight Tools USA, Inc.                                                                                                 |   | Specialty Retail |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 7/19 |   |   | 10.6 |  |   | 10.6 |  |   | 10.6 |  |
| Hearthside Group Holdings, LLC                                                                                                 |   | Food Products |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 6/21 |   |   | 10.4 |  |   | 10.5 |  |   | 10.4 |  |
| Hemisphere Media Holdings, LLC(7)                                                                                              |   | Media |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 7/20 |   |   | 0.9 |  |   | 0.9 |  |   | 0.9 |  |
| HFOTCO LLC                                                                                                                     |   | Oil, Gas & Consumable Fuels |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 8/21 |   |   | 1.0 |  |   | 1.0 |  |   | 1.0 |  |
| The Hillman Group, Inc.                                                                                                        |   | Machinery |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 6/21 |   |   | 9.0 |  |   | 9.0 |  |   | 8.9 |  |
| Hub International Limited                                                                                                      |   | Insurance |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 10/20 |   |   | 8.5 |  |   | 8.4 |  |   | 8.2 |  |
| Hudson Products Holdings Inc.                                                                                                  |   | Energy Equipment & Services |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 3/19 |   |   | 7.5 |  |   | 7.5 |  |   | 7.2 |  |
| Hyland Software, Inc.                                                                                                          |   | Software |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 2/21 |   |   | 4.0 |  |   | 4.0 |  |   | 4.0 |  |
| Ikaria, Inc.                                                                                                                   |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 2/21 |   |   | 8.2 |  |   | 8.3 |  |   | 8.2 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2014 (in millions, except share data) |
|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                     |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Immucor, Inc.                                                                                                                  |   | Health Care Equipment & Supplies |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 8/18 |   |   | 7.9 |  |   | 8.0 |  |   | 7.8 |  |
| IMS Health Incorporated(7)                                                                                                     |   | Health Care Technology |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 3/21 |   |   | 5.4 |  |   | 5.3 |  |   | 5.3 |  |
| Indra Holdings Corp.                                                                                                           |   | Textiles, Apparel & Luxury Goods |   | First Lien Senior Debt(6) | 5.3 | % | N/A |  | 4/21 |   |   | 4.1 |  |   | 4.2 |  |   | 4.1 |  |
| Infinity Acquisition LLC                                                                                                       |   | Software |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 8/21 |   |   | 5.0 |  |   | 5.0 |  |   | 4.9 |  |
| Information Resources, Inc.                                                                                                    |   | Professional Services |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 9/20 |   |   | 7.4 |  |   | 7.5 |  |   | 7.4 |  |
| Inmar, Inc.                                                                                                                    |   | Commercial Services & Supplies |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 1/21 |   |   | 4.9 |  |   | 4.9 |  |   | 4.8 |  |
| Intelsat Jackson Holdings S.A.(7)                                                                                              |   | Diversified Telecommunication Services |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 6/19 |   |   | 5.0 |  |   | 5.0 |  |   | 4.9 |  |
| Interactive Data Corporation                                                                                                   |   | Media |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 4/21 |   |   | 8.5 |  |   | 8.5 |  |   | 8.4 |  |
| Ion Media Networks, Inc.                                                                                                       |   | Media |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 12/20 |   |   | 5.0 |  |   | 5.0 |  |   | 4.9 |  |
| J. Crew Group, Inc.                                                                                                            |   | Specialty Retail |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 3/21 |   |   | 7.5 |  |   | 7.4 |  |   | 7.1 |  |
| J.C. Penney Corporation, Inc.(7)                                                                                               |   | Multiline Retail |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 6/19 |   |   | 2.0 |  |   | 2.0 |  |   | 1.9 |  |
| Jazz Acquisition, Inc.                                                                                                         |   | Aerospace & Defense |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 6/21 |   |   | 5.0 |  |   | 5.0 |  |   | 4.9 |  |
| The Kenan Advantage Group, Inc.                                                                                                |   | Road & Rail |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 6/16 |   |   | 4.9 |  |   | 5.0 |  |   | 4.9 |  |
| Key Safety Systems, Inc.                                                                                                       |   | Auto Components |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 8/21 |   |   | 5.2 |  |   | 5.2 |  |   | 5.2 |  |
| Kindred Healthcare, Inc.(7)                                                                                                    |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 4/21 |   |   | 7.4 |  |   | 7.3 |  |   | 7.2 |  |
| La Frontera Generation, LLC                                                                                                    |   | Independent Power & Renewable Electricity Producers |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 9/20 |   |   | 8.7 |  |   | 8.7 |  |   | 8.6 |  |
| La Quinta Intermediate Holdings L.L.C.(7)                                                                                      |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 4/21 |   |   | 6.8 |  |   | 6.8 |  |   | 6.7 |  |
| Landmark Aviation FBO Canada, Inc.(7)                                                                                          |   | Aerospace & Defense |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 10/19 |   |   | 0.3 |  |   | 0.3 |  |   | 0.3 |  |
| Landslide Holdings, Inc.                                                                                                       |   | Software |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 2/20 |   |   | 7.4 |  |   | 7.4 |  |   | 7.2 |  |
| Learning Care Group (US) No. 2 Inc.                                                                                            |   | Diversified Consumer Services |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 5/21 |   |   | 3.7 |  |   | 3.7 |  |   | 3.7 |  |
| Leonardo Acquisition Corp.                                                                                                     |   | Internet & Catalog Retail |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 1/21 |   |   | 10.4 |  |   | 10.4 |  |   | 10.2 |  |
| Level 3 Financing, Inc.(7)                                                                                                     |   | Diversified Telecommunication Services |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 1/22 |   |   | 4.0 |  |   | 4.0 |  |   | 4.0 |  |
| Libbey Glass Inc.(7)                                                                                                           |   | Household Durables |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 4/21 |   |   | 4.5 |  |   | 4.5 |  |   | 4.4 |  |
| Liberty Cablevision of Puerto Rico LLC                                                                                         |   | Media |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 1/22 |   |   | 5.0 |  |   | 5.0 |  |   | 4.9 |  |
| LM U.S. Member LLC                                                                                                             |   | Aerospace & Defense |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 10/19 |   |   | 7.7 |  |   | 7.6 |  |   | 7.6 |  |
| MCC Iowa LLC                                                                                                                   |   | Media |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 1/20-6/21 |   |   | 14.3 |  |   | 14.3 |  |   | 14.0 |  |
| McJunkin Red Man Corporation(7)                                                                                                |   | Trading Companies & Distributors |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 11/19 |   |   | 5.0 |  |   | 5.0 |  |   | 4.6 |  |
| Mediacom Illinois, LLC                                                                                                         |   | Media |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 6/21 |   |   | 7.5 |  |   | 7.4 |  |   | 7.3 |  |
| The Men’s Wearhouse, Inc.(7)                                                                                             |   | Specialty Retail |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 6/21 |   |   | 10.0 |  |   | 10.0 |  |   | 10.0 |  |
| Michaels Stores, Inc.(7)                                                                                                       |   | Specialty Retail |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 1/20 |   |   | 19.7 |  |   | 19.7 |  |   | 19.3 |  |
| Midas Intermediate Holdco II, LLC                                                                                              |   | Diversified Consumer Services |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 8/21 |   |   | 2.0 |  |   | 2.0 |  |   | 2.0 |  |
| Millennium Health, LLC                                                                                                         |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 5.3 | % | N/A |  | 4/21 |   |   | 7.3 |  |   | 7.4 |  |   | 7.3 |  |
| Minerals Technologies Inc.(7)                                                                                                  |   | Chemicals |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 5/21 |   |   | 2.8 |  |   | 2.8 |  |   | 2.8 |  |
| Mirror Bidco Corp.(7)                                                                                                          |   | Machinery |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 12/19 |   |   | 7.8 |  |   | 7.9 |  |   | 7.8 |  |
| Mitchell International, Inc.                                                                                                   |   | Software |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 10/20 |   |   | 9.4 |  |   | 9.5 |  |   | 9.3 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2014 (in millions, except share data) |
|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                     |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Mitel US Holdings, Inc.(7)                                                                                                     |   | Communications Equipment |   | First Lien Senior Debt(6) | 5.3 | % | N/A |  | 1/20 |   |   | 2.3 |  |   | 2.3 |  |   | 2.3 |  |
| Moneygram International, Inc.(7)                                                                                               |   | IT Services |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 3/20 |   |   | 5.0 |  |   | 4.9 |  |   | 4.6 |  |
| MPG Holdco I Inc.                                                                                                              |   | Auto Components |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 10/21 |   |   | 7.8 |  |   | 7.8 |  |   | 7.9 |  |
| MPH Acquisition Holdings LLC                                                                                                   |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 3/21 |   |   | 16.5 |  |   | 16.4 |  |   | 16.1 |  |
| Murray Energy Corporation                                                                                                      |   | Oil, Gas & Consumable Fuels |   | First Lien Senior Debt(6) | 5.3 | % | N/A |  | 12/19 |   |   | 4.5 |  |   | 4.5 |  |   | 4.3 |  |
| National Financial Partners Corp.                                                                                              |   | Insurance |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 7/20 |   |   | 6.5 |  |   | 6.5 |  |   | 6.4 |  |
| National Surgical Hospitals, Inc                                                                                               |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 5.3 | % | N/A |  | 8/19 |   |   | 5.5 |  |   | 5.5 |  |   | 5.4 |  |
| The Neiman Marcus Group Inc.                                                                                                   |   | Multiline Retail |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 10/20 |   |   | 10.5 |  |   | 10.4 |  |   | 10.2 |  |
| Numericable U.S. LLC(7)                                                                                                        |   | Media |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 5/20 |   |   | 4.0 |  |   | 4.0 |  |   | 4.0 |  |
| NVA Holdings, Inc.                                                                                                             |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 8/21 |   |   | 8.5 |  |   | 8.5 |  |   | 8.4 |  |
| Onex Carestream Finance LP                                                                                                     |   | Health Care Equipment & Supplies |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 6/19 |   |   | 14.1 |  |   | 14.2 |  |   | 14.1 |  |
| Opal Acquisition, Inc.                                                                                                         |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 11/20 |   |   | 5.0 |  |   | 5.0 |  |   | 4.9 |  |
| Ortho-Clinical Diagnostics S.A.(7)                                                                                             |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 6/21 |   |   | 12.3 |  |   | 12.4 |  |   | 12.2 |  |
| OSG Bulk Ships, Inc.(7)                                                                                                        |   | Oil, Gas & Consumable Fuels |   | First Lien Senior Debt(6) | 5.3 | % | N/A |  | 8/19 |   |   | 8.7 |  |   | 8.8 |  |   | 8.5 |  |
| Oxbow Carbon LLC                                                                                                               |   | Metals & Mining |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 7/19 |   |   | 4.9 |  |   | 4.9 |  |   | 4.5 |  |
| P2 Lower Acquisition, LLC                                                                                                      |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 10/20 |   |   | 1.9 |  |   | 1.8 |  |   | 1.8 |  |
| Party City Holdings Inc.                                                                                                       |   | Specialty Retail |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 7/19 |   |   | 11.6 |  |   | 11.5 |  |   | 11.4 |  |
| Peabody Energy Corporation(7)                                                                                                  |   | Metals & Mining |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 9/20 |   |   | 7.5 |  |   | 7.5 |  |   | 6.8 |  |
| Penn Engineering & Manufacturing Corp.                                                                                     |   | Building Products |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 8/21 |   |   | 6.5 |  |   | 6.5 |  |   | 6.5 |  |
| Performance Food Group, Inc.                                                                                                   |   | Food & Staples Retailing |   | Second Lien Senior Debt(6) | 6.3 | % | N/A |  | 11/19 |   |   | 4.0 |  |   | 4.0 |  |   | 3.9 |  |
| Petroleum GEO-Services ASA(7)                                                                                                  |   | Energy Equipment & Services |   | First Lien Senior Debt(6) | 3.3 | % | N/A |  | 3/21 |   |   | 5.0 |  |   | 4.9 |  |   | 4.2 |  |
| Pharmaceutical Product Development, Inc.                                                                                       |   | Life Sciences Tools & Services |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 12/18 |   |   | 28.2 |  |   | 28.3 |  |   | 28.0 |  |
| PharMEDium Healthcare Corporation                                                                                              |   | Pharmaceuticals |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 1/21 |   |   | 4.7 |  |   | 4.8 |  |   | 4.6 |  |
| Phillips-Medisize Corporation                                                                                                  |   | Health Care Equipment & Supplies |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 6/21 |   |   | 6.0 |  |   | 6.0 |  |   | 6.0 |  |
| Pilot Travel Centers LLC                                                                                                       |   | Specialty Retail |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 10/21 |   |   | 10.0 |  |   | 9.9 |  |   | 10.0 |  |
| Pinnacle Foods Finance LLC(7)                                                                                                  |   | Food Products |   | First Lien Senior Debt(6) | 3.0 | % | N/A |  | 4/20 |   |   | 14.3 |  |   | 14.2 |  |   | 13.9 |  |
| Planet Fitness Holdings, LLC                                                                                                   |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 3/21 |   |   | 5.3 |  |   | 5.4 |  |   | 5.3 |  |
| Post Holdings Inc.(7)                                                                                                          |   | Food Products |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 6/21 |   |   | 8.0 |  |   | 8.0 |  |   | 7.9 |  |
| PQ Corporation                                                                                                                 |   | Chemicals |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 8/17 |   |   | 5.0 |  |   | 5.0 |  |   | 4.9 |  |
| Presidio, Inc.                                                                                                                 |   | IT Services |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 3/17 |   |   | 4.6 |  |   | 4.7 |  |   | 4.6 |  |
| Quikrete Holdings, Inc.                                                                                                        |   | Construction Materials |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 9/20 |   |   | 12.5 |  |   | 12.4 |  |   | 12.3 |  |
| Quintiles Transnational Corp.(7)                                                                                               |   | Life Sciences Tools & Services |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 6/18 |   |   | 3.0 |  |   | 2.9 |  |   | 2.9 |  |
| Renaissance Learning, Inc.                                                                                                     |   | Software |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 4/21 |   |   | 9.9 |  |   | 9.9 |  |   | 9.7 |  |
| Road Infrastructure Investment, LLC                                                                                            |   | Chemicals |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 3/21 |   |   | 12.4 |  |   | 12.4 |  |   | 11.9 |  |
| RPI Finance Trust(7)                                                                                                           |   | Pharmaceuticals |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 11/20 |   |   | 4.0 |  |   | 4.0 |  |   | 4.0 |  |
| Sabre GLBL Inc.(7)                                                                                                             |   | Software |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 2/19 |   |   | 7.4 |  |   | 7.5 |  |   | 7.3 |  |
| Sage Products Holdings III, LLC                                                                                                |   | Health Care Equipment & Supplies |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 12/19 |   |   | 2.0 |  |   | 2.0 |  |   | 2.0 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2014 (in millions, except share data) |
|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                     |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Schaeffler AG(7)                                                                                                               |   | Auto Components |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 5/20 |   |   | 1.0 |  |   | 1.0 |  |   | 1.0 |  |
| Scientific Games International Inc.(7)                                                                                         |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 6.0 | % | N/A |  | 10/21 |   |   | 4.0 |  |   | 4.0 |  |   | 4.0 |  |
| Sears Roebuck Acceptance Corp.(7)                                                                                              |   | Multiline Retail |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 6/18 |   |   | 5.0 |  |   | 5.0 |  |   | 4.8 |  |
| Securus Technologies Holdings, Inc.                                                                                            |   | Diversified Telecommunication Services |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 4/20 |   |   | 4.9 |  |   | 5.0 |  |   | 4.9 |  |
| Sedgwick Claims Management Services, Inc.                                                                                      |   | Insurance |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 3/21 |   |   | 13.9 |  |   | 13.7 |  |   | 13.6 |  |
|                                                                                                                           |   |   | Second Lien Senior Debt(6) | 6.8 | % | N/A |  | 2/22 |   |   | 5.0 |  |   | 5.0 |  |   | 4.7 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   | 18.7 |  |   | 18.3 |  |
| Seminole Hard Rock Entertainment, Inc.                                                                                         |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 5/20 |   |   | 5.9 |  |   | 5.9 |  |   | 5.7 |  |
| Serta Simmons Holdings, LLC                                                                                                    |   | Household Durables |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 10/19 |   |   | 8.8 |  |   | 8.8 |  |   | 8.7 |  |
| The Servicemaster Company, LLC(7)                                                                                              |   | Diversified Consumer Services |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 7/21 |   |   | 5.5 |  |   | 5.4 |  |   | 5.4 |  |
| Ship Luxco 3 S.a.r.l(7)                                                                                                        |   | IT Services |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 11/19 |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Sinclair Television Group, Inc.(7)                                                                                             |   | Media |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 7/21 |   |   | 4.0 |  |   | 4.0 |  |   | 4.0 |  |
| Southcross Energy Partners, L.P.(7)                                                                                            |   | Oil, Gas & Consumable Fuels |   | First Lien Senior Debt(6) | 5.3 | % | N/A |  | 8/21 |   |   | 1.0 |  |   | 1.0 |  |   | 0.9 |  |
| Southwire Company, LLC                                                                                                         |   | Electrical Equipment |   | First Lien Senior Debt(6) | 3.3 | % | N/A |  | 2/21 |   |   | 20.3 |  |   | 20.2 |  |   | 19.6 |  |
| Spectrum Brands, Inc(7)                                                                                                        |   | Household Products |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 9/19 |   |   | 1.2 |  |   | 1.2 |  |   | 1.2 |  |
| Spin Holdco Inc.                                                                                                               |   | Diversified Consumer Services |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 11/19 |   |   | 7.4 |  |   | 7.5 |  |   | 7.3 |  |
| Standard Aero Limited(7)                                                                                                       |   | Aerospace & Defense |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 11/18 |   |   | 1.4 |  |   | 1.4 |  |   | 1.4 |  |
| Star West Generation LLC                                                                                                       |   | Independent Power & Renewable Electricity Producers |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 3/20 |   |   | 2.0 |  |   | 2.0 |  |   | 2.0 |  |
| Station Casinos LLC                                                                                                            |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 3/20 |   |   | 12.0 |  |   | 11.9 |  |   | 11.7 |  |
| Steinway Musical Instruments, Inc.                                                                                             |   | Leisure Products |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 9/19 |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| STHI Holding Corp.                                                                                                             |   | Life Sciences Tools & Services |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 8/21 |   |   | 7.0 |  |   | 7.0 |  |   | 6.9 |  |
| STS Operating, Inc.                                                                                                            |   | Trading Companies & Distributors |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 2/21 |   |   | 2.0 |  |   | 2.0 |  |   | 2.0 |  |
| Syniverse Holdings, Inc.                                                                                                       |   | Wireless Telecommunication Services |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 4/19 |   |   | 15.0 |  |   | 14.9 |  |   | 14.6 |  |
| Tallgrass Operations, LLC                                                                                                      |   | Oil, Gas & Consumable Fuels |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 11/18 |   |   | 8.4 |  |   | 8.4 |  |   | 8.3 |  |
| TI Group Automotive Systems, L.L.C.(7)                                                                                         |   | Auto Components |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 7/21 |   |   | 7.5 |  |   | 7.4 |  |   | 7.4 |  |
| TMS International Corp.                                                                                                        |   | Metals & Mining |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 10/20 |   |   | 12.8 |  |   | 12.9 |  |   | 12.8 |  |
| TNS, Inc.                                                                                                                      |   | IT Services |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 2/20 |   |   | 4.0 |  |   | 4.0 |  |   | 3.9 |  |
| TPF II LC, LLC                                                                                                                 |   | Independent Power & Renewable Electricity Producers |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 9/21 |   |   | 2.0 |  |   | 2.0 |  |   | 2.0 |  |
| TransDigm Inc.(7)                                                                                                              |   | Aerospace & Defense |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 6/21 |   |   | 7.5 |  |   | 7.4 |  |   | 7.4 |  |
| Trans Union LLC                                                                                                                |   | Professional Services |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 4/21 |   |   | 19.9 |  |   | 19.8 |  |   | 19.7 |  |
| Travelport Finance (Luxembourg) S.à r.l.(7)                                                                               |   | Internet Software & Services |   | First Lien Senior Debt(6) | 6.0 | % | N/A |  | 9/21 |   |   | 4.0 |  |   | 3.9 |  |   | 4.0 |  |
| TWCC Holding Corp.                                                                                                             |   | Media |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 2/17 |   |   | 5.0 |  |   | 4.9 |  |   | 4.9 |  |
|                                                                                                                           |   |   |   | Second Lien Senior Debt(6) | 7.0 | % | N/A |  | 6/20 |   |   | 5.0 |  |   | 5.0 |  |   | 4.8 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 9.9 |  |   | 9.7 |  |
| Tyche Holdings, LLC                                                                                                            |   | IT Services |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 11/21 |   |   | 5.4 |  |   | 5.4 |  |   | 5.4 |  |
| U.S. Renal Care, Inc.                                                                                                          |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 7/19 |   |   | 13.3 |  |   | 13.4 |  |   | 13.2 |  |
| United Air Lines, Inc.(7)                                                                                                      |   | Airlines |   | First Lien Senior Debt(6) | 3.8 | % | N/A |  | 9/21 |   |   | 8.0 |  |   | 7.9 |  |   | 7.9 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2014 (in millions, except share data) |
|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                     |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Univision Communications Inc.                                                                                                  |   | Media |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 2/20-3/20 |   |   | 12.5 |  |   | 12.4 |  |   | 12.2 |  |
| USIC Holdings, Inc.                                                                                                            |   | Construction & Engineering |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 7/20 |   |   | 14.9 |  |   | 14.8 |  |   | 14.6 |  |
| USI, Inc.                                                                                                                      |   | Insurance |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 12/19 |   |   | 8.4 |  |   | 8.5 |  |   | 8.3 |  |
| Valeant Pharmaceuticals International, Inc.(7)                                                                                 |   | Pharmaceuticals |   | First Lien Senior Debt(6) | 3.5 | % | N/A |  | 2/19 |   |   | 8.7 |  |   | 8.7 |  |   | 8.6 |  |
| Vencore, Inc.                                                                                                                  |   | Aerospace & Defense |   | First Lien Senior Debt(6) | 5.8 | % | N/A |  | 11/19 |   |   | 4.2 |  |   | 4.2 |  |   | 4.2 |  |
| Veyance Technologies, Inc.                                                                                                     |   | Machinery |   | First Lien Senior Debt(6) | 5.3 | % | N/A |  | 9/17 |   |   | 1.9 |  |   | 1.9 |  |   | 1.9 |  |
| VWR Funding, Inc.(7)                                                                                                           |   | Distributors |   | First Lien Senior Debt(6) | 3.4 | % | N/A |  | 4/17 |   |   | 9.9 |  |   | 9.9 |  |   | 9.9 |  |
| Wall Street Systems Delaware, Inc.(7)                                                                                          |   | Software |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 4/21 |   |   | 4.9 |  |   | 4.8 |  |   | 4.9 |  |
| Wastequip, LLC                                                                                                                 |   | Machinery |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 8/19 |   |   | 5.0 |  |   | 5.0 |  |   | 4.9 |  |
| WaveDivision Holdings, LLC                                                                                                     |   | Media |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 10/19 |   |   | 8.4 |  |   | 8.5 |  |   | 8.3 |  |
| WideOpenWest Finance, LLC                                                                                                      |   | Media |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 4/19 |   |   | 5.0 |  |   | 5.0 |  |   | 4.9 |  |
| Wilsonart LLC                                                                                                                  |   | Building Products |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 10/19 |   |   | 8.4 |  |   | 8.4 |  |   | 8.2 |  |
| WP CPP Holdings, LLC                                                                                                           |   | Aerospace & Defense |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 12/19 |   |   | 7.1 |  |   | 7.1 |  |   | 7.1 |  |
| XO Communications, LLC                                                                                                         |   | Diversified Telecommunication Services |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 3/21 |   |   | 10.4 |  |   | 10.4 |  |   | 10.3 |  |
| Yankee Cable Acquisition, LLC                                                                                                  |   | Media |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 2/20-3/20 |   |   | 13.3 |  |   | 13.3 |  |   | 13.3 |  |
| Yonkers Racing Corporation                                                                                                     |   | Hotels, Restaurants & Leisure |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 8/19 |   |   | 4.8 |  |   | 4.8 |  |   | 4.3 |  |
| York Risk Services Holding Corp.(7)                                                                                            |   | Insurance |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 10/21 |   |   | 1.0 |  |   | 1.0 |  |   | 1.0 |  |
| Zayo Group LLC                                                                                                                 |   | Diversified Telecommunication Services |   | First Lien Senior Debt(6) | 4.0 | % | N/A |  | 7/19 |   |   | 5.0 |  |   | 5.0 |  |   | 4.9 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AMERICAN CAPITAL CMBS INVESTMENTS                                                                                              |   |   |   |   |   |   |   |
| CD 2007-CD4 Commercial Mortgage Trust(7)                                                                                       |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 5.7 | % | N/A |  | 12/49 |   |   | 16.0 |  |   | 1.1 |  |   | 2.5 |  |
| CD 2007-CD5 Mortgage Trust(7)                                                                                                  |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 6.1 | % | N/A |  | 12/17 |   |   | 14.8 |  |   | 7.3 |  |   | 1.8 |  |
| Citigroup Commercial Mortgage Securities Trust 2007-C6(7)                                                                      |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 5.7 | % | N/A |  | 7/17 |   |   | 30.9 |  |   | 17.5 |  |   | 7.4 |  |
| Credit Suisse Commercial Mortgage Trust Series 2007-C4(7)                                                                      |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 5.9 | % | N/A |  | 8/17 |   |   | 20.8 |  |   | 7.8 |  |   | 1.4 |  |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-LDP11(7)                                                           |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 5.8 | % | N/A |  | 7/17 |   |   | 25.2 |  |   | — |  |   | 2.6 |  |
| LB-UBS Commercial Mortgage Trust 2007-C6(7)                                                                                    |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 6.2 | % | N/A |  | 8/17 |   |   | 12.0 |  |   | 3.0 |  |   | 1.4 |  |
| Wachovia Bank Commercial Mortgage Trust 2005-C22(7)                                                                            |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 5.4 | % | N/A |  | 3/16 |   |   | 15.0 |  |   | 1.1 |  |   | 4.0 |  |
| Wachovia Bank Commercial Mortgage Trust 2006-C24(7)                                                                            |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 5.7 | % | N/A |  | 3/16 |   |   | 15.0 |  |   | 1.0 |  |   | 2.1 |  |
| Wachovia Bank Commercial Mortgage Trust 2007-C31(7)                                                                            |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 5.8 | % | N/A |  | 5/17 |   |   | 20.0 |  |   | 10.6 |  |   | 1.1 |  |
| Wachovia Bank Commercial Mortgage Trust, Series 2007-C32(7)                                                                    |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 5.7 | % | N/A |  | 10/17 |   |   | 60.9 |  |   | 12.3 |  |   | 6.9 |  |
| Wachovia Bank Commercial Mortgage Trust, Series 2007-C34(7)                                                                    |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 5.9 | % | N/A |  | 10/17-12/20 |   |   | 5.6 |  |   | 5.6 |  |   | 3.9 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2014 (in millions, except share data) |
|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                     |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| AMERICAN CAPITAL CLO INVESTMENTS                                                                                               |   |   |   |   |   |   |   |
| ACAS CLO 2007-1, Ltd.(7)                                                                                                       |   |   |   | Secured Notes(6) |   |   | 4/21 |   |   | 8.5 |  |   | 8.4 |  |   | 8.3 |  |
|                                                                                                                           |   |   | Subordinated Notes(6) |   |   | 4/21 |   |   | 25.9 |  |   | 9.8 |  |   | 14.4 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 18.2 |  |   | 22.7 |  |
| ACAS CLO 2013-2, Ltd.(7)                                                                                                       |   |   |   | Subordinated Notes(6) |   |   | 10/25 |   |   | 8.0 |  |   | 7.0 |  |   | 6.6 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Apidos CLO XIV(7)                                                                                                              |   |   |   | Income Notes(6) |   |   | 4/25 |   |   | 8.1 |  |   | 7.3 |  |   | 7.3 |  |
| Apidos CLO XIX(7)                                                                                                              |   |   |   | Subordinated Notes(6) |   |   | 10/26 |   |   | 10.5 |  |   | 9.4 |  |   | 9.4 |  |
| Apidos CLO XVIII, Ltd.(7)                                                                                                      |   |   |   | Subordinated Notes(6) |   |   | 7/26 |   |   | 34.0 |  |   | 33.9 |  |   | 32.2 |  |
| Ares IIIR/IVR CLO Ltd.(7)                                                                                                      |   |   |   | Subordinated Notes(6) |   |   | 4/21 |   |   | 20.0 |  |   | 10.8 |  |   | 7.8 |  |
| Ares XXIX CLO Ltd.(7)                                                                                                          |   |   |   | Subordinated Notes(6) |   |   | 4/26 |   |   | 7.3 |  |   | 6.6 |  |   | 6.6 |  |
| Avery Point II CLO, Limited(7)                                                                                                 |   |   |   | Subordinated Notes(6) |   |   | 7/25 |   |   | 2.6 |  |   | 2.2 |  |   | 2.2 |  |
| Babson CLO Ltd. 2006-II(7)                                                                                                     |   |   |   | Income Notes(6) |   |   | 10/20 |   |   | 15.0 |  |   | 7.9 |  |   | 9.5 |  |
| Babson CLO Ltd. 2014-II(7)                                                                                                     |   |   |   | Subordinated Notes(6) |   |   | 9/26 |   |   | 25.0 |  |   | 23.6 |  |   | 23.6 |  |
| Babson CLO Ltd. 2014-III(7)                                                                                                    |   |   |   | Subordinated Notes(6) |   |   | 1/26 |   |   | 3.8 |  |   | 3.4 |  |   | 3.4 |  |
| Blue Hill CLO, Ltd.(7)                                                                                                         |   |   |   | Subordinated Notes(6) |   |   | 1/26 |   |   | 10.7 |  |   | 9.2 |  |   | 9.1 |  |
| Carlyle Global Market Strategies CLO 2013-3, Ltd.(7)                                                                           |   |   |   | Subordinated Notes(6) |   |   | 7/25 |   |   | 2.3 |  |   | 1.8 |  |   | 1.8 |  |
| Carlyle Global Market Strategies CLO 2014-4, Ltd.(7)                                                                           |   |   |   | Subordinated Notes(6) |   |   | 10/26 |   |   | 14.6 |  |   | 13.4 |  |   | 12.9 |  |
| Cent CDO 12 Limited(7)                                                                                                         |   |   |   | Income Notes(6) |   |   | 11/20 |   |   | 26.4 |  |   | 9.3 |  |   | 28.0 |  |
| Cent CLO 18 Limited(7)                                                                                                         |   |   |   | Subordinated Notes(6) |   |   | 7/25 |   |   | 3.8 |  |   | 3.0 |  |   | 3.4 |  |
| Cent CLO 19 Limited(7)                                                                                                         |   |   |   | Subordinated Notes(6) |   |   | 10/25 |   |   | 5.3 |  |   | 4.6 |  |   | 4.6 |  |
| Cent CLO 22 Limited(7)                                                                                                         |   |   |   | Subordinated Notes(6) |   |   | 11/26 |   |   | 35.0 |  |   | 33.7 |  |   | 33.7 |  |
| Centurion CDO 8 Limited(7)                                                                                                     |   |   |   | Subordinated Notes(4)(6) |   |   | 3/17 |   |   | 5.0 |  |   | 0.2 |  |   | — |  |
| CoLTs 2005-1 Ltd.(7)                                                                                                           |   |   |   | Preference Shares(4)(6) |   |   | 3/15 | 360 |  |   |   |   | 1.9 |  |   | 0.3 |  |
| CoLTs 2005-2 Ltd.(7)                                                                                                           |   |   |   | Preference Shares(4)(6) |   |   | 12/18 | 34,170,000 |  |   |   |   | 12.5 |  |   | 1.8 |  |
| CREST Exeter Street Solar 2004-1(7)                                                                                            |   |   |   | Preferred Securities(4)(6) |   |   | 6/39 | 3,500,000 |  |   |   |   | 3.2 |  |   | — |  |
| Dryden 31 Senior Loan Fund(7)                                                                                                  |   |   |   | Subordinated Notes(6) |   |   | 3/26 |   |   | 2.3 |  |   | 2.0 |  |   | 2.0 |  |
| Eaton Vance CDO X plc(7)                                                                                                       |   |   |   | Secured Subordinated Notes(6) |   |   | 2/27 |   |   | 15.0 |  |   | 11.4 |  |   | 9.1 |  |
| Flagship CLO V(7)                                                                                                              |   |   |   | Deferrable Notes(6) |   |   | 9/19 |   |   | 1.7 |  |   | 1.5 |  |   | 1.6 |  |
|                                                                                                                           |   |   |   | Subordinated Securities(6) |   |   | 9/19 | 15,000 |  |   |   |   | 7.0 |  |   | 2.3 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 8.5 |  |   | 3.9 |  |
| Galaxy III CLO, Ltd(7)                                                                                                         |   |   |   | Subordinated Notes(4) |   |   | 8/16 |   |   | 4.0 |  |   | 0.2 |  |   | — |  |
| Galaxy XVI CLO, Ltd.(7)                                                                                                        |   |   |   | Subordinated Notes(6) |   |   | 11/25 |   |   | 2.3 |  |   | 2.1 |  |   | 2.1 |  |
| GoldenTree Loan Opportunities IX, Limited(7)                                                                                   |   |   |   | Subordinated Notes(6) |   |   | 10/26 |   |   | 40.8 |  |   | 37.7 |  |   | 37.7 |  |
| Halcyon Loan Advisors Funding 2014-1 Ltd.(7)                                                                                   |   |   |   | Subordinated Notes(6) |   |   | 2/26 |   |   | 1.3 |  |   | 1.1 |  |   | 1.1 |  |
| Halcyon Loan Advisors Funding 2015-2, Ltd.(7)                                                                                  |   |   |   | Subordinated Notes(4)(6) |   |   | 12/17 |   |   | 15.0 |  |   | 15.0 |  |   | 15.0 |  |
| Herbert Park B.V.(7)                                                                                                           |   |   |   | Subordinated Notes(6) |   |   | 10/26 |   |   | 26.7 |  |   | 27.7 |  |   | 22.4 |  |
| Highbridge Loan Management 2013-2, Ltd.(7)                                                                                     |   |   |   | Subordinated Notes(6) |   |   | 10/24 |   |   | 27.0 |  |   | 22.9 |  |   | 22.9 |  |
| LightPoint CLO IV, LTD(7)                                                                                                      |   |   |   | Income Notes(6) |   |   | 4/18 |   |   | 6.7 |  |   | 9.1 |  |   | 5.5 |  |
| LightPoint CLO VII, Ltd.(7)                                                                                                    |   |   |   | Subordinated Notes(6) |   |   | 5/21 |   |   | 9.0 |  |   | 3.0 |  |   | 2.5 |  |
| Limerock CLO III, Ltd.(7)                                                                                                      |   |   |   | Subordinated Notes(6) |   |   | 10/26 |   |   | 12.5 |  |   | 11.4 |  |   | 11.4 |  |
| Magnetite VIII, Limited(7)                                                                                                     |   |   |   | Subordinated Notes(6) |   |   | 5/26 |   |   | 6.7 |  |   | 6.5 |  |   | 6.2 |  |
| Magnetite XIV, Limited(7)                                                                                                      |   |   |   | Subordinated Notes(4)(6) |   |   | 6/16 |   |   | 20.0 |  |   | 20.0 |  |   | 20.0 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2014 (in millions, except share data) |
|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                     |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Mayport CLO Ltd.(7)                                                                                                            |   |   |   | Income Notes |   |   | 2/20 |   |   | 14.0 |  |   | 8.6 |  |   | 3.2 |  |
| Neuberger Berman CLO XV, Ltd.(7)                                                                                               |   |   |   | Subordinated Notes(6) |   |   | 10/25 |   |   | 2.8 |  |   | 2.3 |  |   | 2.3 |  |
| NYLIM Flatiron CLO 2006-1 LTD.(7)                                                                                              |   |   |   | Subordinated Securities(6) |   |   | 8/20 | 10,000 |  |   |   |   | 3.5 |  |   | 4.3 |  |
| Och-Ziff VIII, Ltd.(7)                                                                                                         |   |   |   | Subordinated Notes(6) |   |   | 9/26 |   |   | 16.0 |  |   | 15.1 |  |   | 15.1 |  |
| Octagon Investment Partners VII, Ltd.(7)                                                                                       |   |   |   | Preferred Securities(4)(6) |   |   | 12/16 | 5,000,000 |  |   |   |   | 1.1 |  |   | — |  |
| Octagon Investment Partners XIV, Ltd.(7)                                                                                       |   |   |   | Subordinated Notes(6) |   |   | 1/24 |   |   | 4.5 |  |   | 3.3 |  |   | 3.4 |  |
| Octagon Investment Partners XIX, Ltd.(7)                                                                                       |   |   |   | Subordinated Notes(6) |   |   | 4/26 |   |   | 25.0 |  |   | 21.5 |  |   | 22.8 |  |
| Octagon Investment Partners XX, Ltd.(7)                                                                                        |   |   |   | Subordinated Notes(6) |   |   | 8/26 |   |   | 2.5 |  |   | 2.5 |  |   | 2.5 |  |
| Octagon Investment Partners XXII, Ltd.(7)                                                                                      |   |   |   | Subordinated Notes(6) |   |   | 11/25 |   |   | 8.4 |  |   | 7.7 |  |   | 7.7 |  |
| Octagon Loan Funding, Ltd.(7)                                                                                                  |   |   |   | Subordinated Notes(6) |   |   | 9/26 |   |   | 4.0 |  |   | 3.6 |  |   | 3.6 |  |
| OHA Credit Partners VIII, Ltd.(7)                                                                                              |   |   |   | Subordinated Notes(6) |   |   | 4/25 |   |   | 5.0 |  |   | 4.5 |  |   | 4.5 |  |
| Sapphire Valley CDO I, Ltd.(7)                                                                                                 |   |   |   | Subordinated Notes(6) |   |   | 12/22 |   |   | 14.0 |  |   | 14.5 |  |   | 11.1 |  |
| THL Credit Wind River 2014-1 CLO Ltd.(7)                                                                                       |   |   |   | Subordinated Notes(6) |   |   | 4/26 |   |   | 16.0 |  |   | 14.4 |  |   | 13.9 |  |
| Vitesse CLO, Ltd.(7)                                                                                                           |   |   |   | Preferred Securities(6) |   |   | 8/20 | 20,000,000 |  |   |   |   | 12.9 |  |   | 7.2 |  |
| Voya CLO 2014-2, Ltd.(7)                                                                                                       |   |   |   | Subordinated Notes(6) |   |   | 7/26 |   |   | 10.0 |  |   | 10.0 |  |   | 9.1 |  |
| Voya CLO 2014-4, Ltd.(7)                                                                                                       |   |   |   | Subordinated Notes(6) |   |   | 10/26 |   |   | 26.7 |  |   | 25.0 |  |   | 25.0 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EUROPEAN CAPITAL CLO INVESTMENTS                                                                                               |   |   |   |   |   |   |   |
| Ares European III B.V.(7)                                                                                                      |   | Diversified Financial Services |   | Subordinated Notes |   |   | 8/24 |   |   | 6.1 |  |   | 3.4 |  |   | 3.5 |  |
| Cordatus CLO II plc(7)                                                                                                         |   | Diversified Financial Services |   | Subordinated Notes |   |   | 7/24 |   |   | 6.1 |  |   | 2.2 |  |   | 6.1 |  |
| Eaton Vance CDO X plc(7)                                                                                                       |   | Diversified Financial Services |   | Secured Subordinated Notes |   |   | 2/27 |   |   | 8.5 |  |   | 1.4 |  |   | 5.2 |  |
| Euro-Galaxy II CLO B.V.(7)                                                                                                     |   | Diversified Financial Services |   | Income Notes |   |   | 10/22 |   |   | 3.0 |  |   | 2.7 |  |   | 2.8 |  |
|                                                                                                                           |   | Subordinated Notes |   |   | 10/22 |   |   | 6.7 |  |   | 3.3 |  |   | 5.0 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 6.0 |  |   | 7.8 |  |
| Subtotal Non-Control / Non-Affiliate Investments (55% of total investments at fair value)                                      |   |   |   | $ | 3,846.1 |  |   | $ | 3,472.1 |  |
|                                                                                                                           |   |   |   |   |   |   |   |
| AMERICAN CAPITAL AFFILIATE INVESTMENTS                                                                                         |   |   |   |   |   |   |   |
| IS Holdings I, Inc.                                                                                                            |   | Software |   | Common Stock(4)(6) |   |   |   | 1,165,930 |  |   |   |   | $ | — |  |   | $ | 7.9 |  |
| Primrose Holding Corporation                                                                                                   |   | Diversified Consumer Services |   | Common Stock(4)(6) |   |   |   | 4,213 |  |   |   |   | — |  |   | 4.6 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EUROPEAN CAPITAL AFFILIATE INVESTMENTS                                                                                         |   |   |   |   |   |   |   |
| Blue Topco GmbH(7)                                                                                                             |   | Commercial Services & Supplies |   | First Lien Senior Debt | 2.3 | % | N/A |  | 6/16-6/18 |   |   | $ | 2.7 |  |   | 2.1 |  |   | 2.1 |  |
|                                                                                                                           |   | Mezzanine Debt(5) | N/A |  | 3.1% |  | 12/18 |   |   | 8.6 |  |   | 7.6 |  |   | 2.6 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 9.7 |  |   | 4.7 |  |
| Mobipark S.A.S.(7)                                                                                                             |   | Machinery |   | First Lien Senior Debt | 1.3 | % | N/A |  | 10/17-12/17 |   |   | 1.7 |  |   | 1.7 |  |   | 1.6 |  |
|                                                                                                                           |   |   | Second Lien Senior Debt | — | % | N/A |  | 11/17 |   |   | 0.7 |  |   | 0.7 |  |   | 0.6 |  |
|                                                                                                                           |   |   |   | Convertible Preferred Stock(4) |   |   |   | 23,082,525 |  |   |   |   | 9.3 |  |   | 1.7 |  |
|                                                                                                                           |   |   |   | Redeemable Preferred Stock(4) |   |   |   | 25,751,312 |  |   |   |   | 7.9 |  |   | 4.4 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 19.6 |  |   | 8.3 |  |
| Subtotal Affiliate Investments (1% of total investments at fair value)                                                         |   |   |   | $ | 29.3 |  |   | $ | 25.5 |  |
|                                                                                                                           |   |   |   |   |   |   |   |
| AMERICAN CAPITAL CONTROL INVESTMENTS                                                                                           |   |   |   |   |   |   |   |
| ACAS Real Estate Holdings Corporation                                                                                          |   | Real Estate |   | Mezzanine Debt(5)(6) | N/A |  | 15.0 | % | 5/16 |   |   | $ | 8.7 |  |   | $ | 4.7 |  |   | $ | 5.0 |  |
|                                                                                                                           |   |   | Common Stock(6) |   |   |   | 100 | % |   |   |   | 13.8 |  |   | 25.7 |  |
|                                                                                                                           |   |   |   |   |   |  |   |   |   |   |   |   | 18.5 |  |   | 30.7 |  |
| American Capital Asset Management, LLC                                                                                         |   | Capital Markets |   | Mezzanine Debt(6) | 5.0 | % | N/A |  | 9/16 |   |   | 33.0 |  |   | 33.0 |  |   | 33.0 |  |
|                                                                                                                           |   |   | Common Membership Interest(6) |   |   |   | 100 | % |   |   |   | 395.5 |  |   | 1,131.4 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 428.5 |  |   | 1,164.4 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2014 (in millions, except share data) |
|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                     |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| American Driveline Systems, Inc.                                                                                               |   | Diversified Consumer Services |   | Redeemable Preferred Stock(4)(6) |   |   |   | 6,818,008 |  |   |   |   | 81.9 |  |   | 20.6 |  |
|                                                                                                                           |   | Common Stock(4)(6) |   |   |   | 197,161 |  |   |   |   | 18.2 |  |   | — |  |
|                                                                                                                           |   |   |   | Common Stock Warrants(4)(6) |   |   |   | 136,183 |  |   |   |   | 9.9 |  |   | — |  |
|                                                                                                                           |   |   |   |   |   |  |   |   |   |   |   |   | 110.0 |  |   | 20.6 |  |
| ASAP Industries Holdings, LLC                                                                                                  |   | Energy Equipment & Services |   | Mezzanine Debt(6) | 12.0 | % | 2.0 | % | 12/18 |   |   | 20.5 |  |   | 20.3 |  |   | 20.5 |  |
|                                                                                                                           |   | Membership Units(4)(6) |   |   |   | 106,911 |  |   |   |   | 30.3 |  |   | 15.0 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 50.6 |  |   | 35.5 |  |
| BMR Energy LLC                                                                                                                 |   | Independent Power & Renewable Electricity Producers |   | Preferred Units(6) |   |   |   | 11,620 |  |   |   |   | 11.9 |  |   | 11.9 |  |
| Capital.com, Inc.                                                                                                              |   | Diversified Financial Services |   | Common Stock(4)(6) |   |  |   |   | 8,500,100 |  |   |   |   | 0.9 |  |   | — |  |
| CML Pharmaceuticals, Inc.                                                                                                      |   | Life Sciences Tools & Services |   | First Lien Senior Debt(6) | 8.0 | % | N/A |  | 12/15-10/20 |   |   | 315.7 |  |   | 313.1 |  |   | 289.8 |  |
|                                                                                                                           |   | Convertible Preferred Stock(4)(6) |   |   |   | 243,642 |  |   |   |   | 144.6 |  |   | — |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 457.7 |  |   | 289.8 |  |
| Contour Semiconductor, Inc.                                                                                                    |   | Semiconductors & Semiconductor Equipment |   | First Lien Senior Debt(6) | N/A |  | 8.0 | % | 3/15-4/15 |   |   | 9.3 |  |   | 9.3 |  |   | 9.3 |  |
|                                                                                                                           |   | Convertible Preferred Stock(4)(6) |   |   |   | 143,896,948 |  |   |   |   | 13.5 |  |   | — |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   | 22.8 |  |   | 9.3 |  |
| Core Financial Holdings, LLC(7)                                                                                                |   | Diversified Financial Services |   | Common Units(4)(6) |   |   |   | 57,940,360 |  |   |   |   | 43.8 |  |   | 0.2 |  |
| Dyno Holding Corp.                                                                                                             |   | Auto Components |   | First Lien Senior Debt(6) | 8.9 | % | 2.2 | % | 11/15 |   |   | 35.2 |  |   | 35.1 |  |   | 35.2 |  |
|                                                                                                                           |   |   | Mezzanine Debt(5)(6) | N/A |  | 4.3 | % | 11/16 |   |   | 34.7 |  |   | 28.1 |  |   | 16.7 |  |
|                                                                                                                           |   |   |   | Convertible Preferred Stock(4)(6) |   |   |   | 389,759 |  |   |   |   | 40.5 |  |   | — |  |
|                                                                                                                           |   |   |   | Common Stock(4)(6) |   |   |   | 97,440 |  |   |   |   | 10.1 |  |   | — |  |
|                                                                                                                           |   |   |   |   |   |  |   |   |   |   |   |   | 113.8 |  |   | 51.9 |  |
| ECA Medical Instruments                                                                                                        |   | Health Care Equipment & Supplies |   | First Lien Senior Debt(6) | 10.0 | % | N/A |  | 3/16 |   |   | 6.8 |  |   | 6.8 |  |   | 6.8 |  |
|                                                                                                                           |   | Mezzanine Debt(6) | 13.0 | % | 3.5 | % | 7/16 |   |   | 18.1 |  |   | 18.1 |  |   | 18.1 |  |
|                                                                                                                           |   |   |   | Common Stock(4)(6) |   |   |   | 583 |  |   |   |   | 13.4 |  |   | 4.7 |  |
|                                                                                                                           |   |   |   |   |   |  |   |   |   |   |   |   | 38.3 |  |   | 29.6 |  |
| eLynx Holdings, Inc.                                                                                                           |   | IT Services |   | Convertible Preferred Stock(4)(6) |   |   |   | 11,728 |  |   |   |   | 20.6 |  |   | 16.0 |  |
|                                                                                                                           |   |   |   | Redeemable Preferred Stock(4)(6) |   |   |   | 21,113 |  |   |   |   | 9.0 |  |   | — |  |
|                                                                                                                           |   |   |   | Common Stock(4)(6) |   |   |   | 11,261 |  |   |   |   | 1.1 |  |   | — |  |
|                                                                                                                           |   |   |   | Common Stock Warrants(4)(6) |   |   |   | 1,002,678 |  |   |   |   | 5.5 |  |   | — |  |
|                                                                                                                           |   |   |   |   |   |  |   |   |   |   |   |   | 36.2 |  |   | 16.0 |  |
| EXPL Pipeline Holdings LLC(7)                                                                                                  |   | Oil, Gas & Consumable Fuels |   | First Lien Senior Debt(6) | 8.1 | % | N/A |  | 1/17 |   |   | 46.0 |  |   | 45.7 |  |   | 46.8 |  |
|                                                                                                                           |   | Common Membership Units(4)(6) |   |   |   | 58,297 |  |   |   |   | 44.5 |  |   | 20.1 |  |
|                                                                                                                           |   |   |   |   |   |  |   |   |   |   |   |   | 90.2 |  |   | 66.9 |  |
| FAMS Acquisition, Inc.                                                                                                         |   | Diversified Financial Services |   | Mezzanine Debt(6) | 12.3 | % | 2.6 | % | 1/16 |   |   | 42.8 |  |   | 42.8 |  |   | 40.7 |  |
| Fosbel Holding, Inc.                                                                                                           |   | Commercial Services & Supplies |   | Mezzanine Debt(6) | N/A |  | 17.0 | % | 10/18 |   |   | 9.8 |  |   | 9.8 |  |   | 9.8 |  |
|                                                                                                                           |   |   | Mezzanine Debt(5)(6) | N/A |  | 17.0 | % | 10/18 |   |   | 45.6 |  |   | 19.1 |  |   | 3.7 |  |
|                                                                                                                           |   |   |   |   |   |  |   |   |   |   |   |   | 28.9 |  |   | 13.5 |  |
| FPI Holding Corporation                                                                                                        |   | Food Products |   | First Lien Senior Debt(5)(6) | N/A |  | 5.2 | % | 1/19 |   |   | 32.6 |  |   | 11.6 |  |   | 11.6 |  |
| Group Montana, Inc.                                                                                                            |   | Textiles, Apparel & Luxury Goods |   | First Lien Senior Debt(6) | 6.3 | % | N/A |  | 1/17 |   |   | 6.4 |  |   | 6.4 |  |   | 6.4 |  |
|                                                                                                                           |   |   | Convertible Preferred Stock(6) |   |   |   | 4,000 |  |   |   |   | 4.7 |  |   | 6.7 |  |
|                                                                                                                           |   |   |   | Common Stock(4)(6) |   |   |   | 100 | % |   |   |   | 12.5 |  |   | 1.6 |  |
|                                                                                                                           |   |   |   |   |   |  |   |   |   |   |   |   | 23.6 |  |   | 14.7 |  |
| Halex Holdings, Inc.                                                                                                           |   | Construction Materials |   | Second Lien Senior Debt(5)(6) | — | % | 12.0 | % | 3/15 |   |   | 18.3 |  |   | 18.3 |  |   | 18.8 |  |
|                                                                                                                           |   |   |   | Redeemable Preferred Stock(4)(6) |   |   |   | 6,482,972 |  |   |   |   | 6.6 |  |   | — |  |
|                                                                                                                           |   |   |   |   |   |  |   |   |   |   |   |   | 24.9 |  |   | 18.8 |  |
| HALT Medical, Inc.                                                                                                             |   | Health Care Equipment & Supplies |   | First Lien Senior Debt(5)(6) | N/A |  | 22.0 | % | 3/15 |   |   | 45.2 |  |   | 36.5 |  |   | 35.6 |  |
|                                                                                                                           |   |   | Convertible Preferred Stock(4)(6) |   |   |   | 12,811,818 |  |   |   |   | 2.6 |  |   | — |  |
|                                                                                                                           |   |   |   | Common Stock(4)(6) |   |   |   | 22,416,432 |  |   |   |   | 6.4 |  |   | — |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 45.5 |  |   | 35.6 |  |
| Hard 8 Games, LLC                                                                                                              |   | Hotels, Restaurants & Leisure |   | First Lien Convertible Senior Debt(6) | N/A |  | 6.0 | % | 2/15 |   |   | 8.2 |  |   | 8.2 |  |   | 8.2 |  |
|                                                                                                                           |   |   | Membership Unit(4)(6) |   |   |   | 1 |  |   |   |   | 19.0 |  |   | 28.8 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 27.2 |  |   | 37.0 |  |
| Hollyhock Limited(7)                                                                                                           |   | Independent Power & Renewable Electricity Producers |   | Common Stock(4)(6) |   |   |   | 22,000,000 |  |   |   |   | 22.0 |  |   | 21.2 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2014 (in millions, except share data) |
|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                     |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| LLSC Holdings Corporation                                                                                                      |   | Personal Products |   | Convertible Preferred Stock(4)(6) |   |   |   | 7,496 |  |   |   |   | 8.1 |  |   | 13.8 |  |
| Montgomery Lane, LLC(7)                                                                                                        |   | Diversified Financial Services |   | Common Membership Units(4)(6) |   |   |   | 100 |  |   |   |   | — |  |   | 6.9 |  |
| MW Acquisition Corporation                                                                                                     |   | Health Care Providers & Services |   | Mezzanine Debt(6) | 14.4 | % | 1.0 | % | 2/19 |   |   | 24.0 |  |   | 23.9 |  |   | 24.0 |  |
|                                                                                                                           |   | Redeemable Preferred Stock(6) |   |   |   | 2,485 |  |   |   |   | 2.3 |  |   | 2.3 |  |
|                                                                                                                           |   |   |   | Convertible Preferred Stock(4)(6) |   |   |   | 51,351 |  |   |   |   | 23.0 |  |   | 17.9 |  |
|                                                                                                                           |   |   |   |   |   |  |   |   |   |   |   |   | 49.2 |  |   | 44.2 |  |
| NECCO Holdings, Inc.                                                                                                           |   | Food Products |   | First Lien Senior Debt(5)(6) | 6.5 | % | N/A |  | 12/15 |   |   | 13.9 |  |   | 11.8 |  |   | 8.9 |  |
|                                                                                                                           |   |   |   | Second Lien Senior Debt(5)(6) | N/A |  | 18.0 | % | 11/15 |   |   | 6.4 |  |   | 3.2 |  |   | — |  |
|                                                                                                                           |   |   |   | Common Stock(4)(6) |   |   |   | 860,189 |  |   |   |   | 0.1 |  |   | — |  |
|                                                                                                                           |   |   |   |   |   |  |   |   |   |   |   |   | 15.1 |  |   | 8.9 |  |
| NECCO Realty Investments, LLC                                                                                                  |   | Real Estate |   | First Lien Senior Debt(5)(6) | 2.9 | % | 11.1 | % | 12/17 |   |   | 67.0 |  |   | 32.8 |  |   | 19.9 |  |
|                                                                                                                           |   |   | Common Membership Units(4)(6) |   |   |   | 7,450 |  |   |   |   | 4.9 |  |   | — |  |
|                                                                                                                           |   |   |   |   |   |  |   |   |   |   |   |   | 37.7 |  |   | 19.9 |  |
| Orchard Brands Corporation                                                                                                     |   | Internet & Catalog Retail |   | Common Stock(4)(6) |   |   |   | 87,838 |  |   |   |   | 55.1 |  |   | 87.9 |  |
| PHC Sharp Holdings, Inc.                                                                                                       |   | Commercial Services & Supplies |   | First Lien Senior Debt(6) | 12.5 | % | N/A |  | 12/15 |   |   | 1.4 |  |   | 1.4 |  |   | 1.4 |  |
|                                                                                                                           |   |   | Mezzanine Debt(6) | N/A |  | 17.0 | % | 12/16 |   |   | 13.6 |  |   | 13.6 |  |   | 13.6 |  |
|                                                                                                                           |   |   |   | Mezzanine Debt(5)(6) | N/A |  | 19.0 | % | 12/16 |   |   | 25.0 |  |   | 11.0 |  |   | 12.0 |  |
|                                                                                                                           |   |   |   | Common Stock(4)(6) |   |   |   | 367,881 |  |   |   |   | 4.2 |  |   | — |  |
|                                                                                                                           |   |   |   |   |   |  |   |   |   |   |   |   | 30.2 |  |   | 27.0 |  |
| RD Holdco Inc.                                                                                                                 |   | Household Durables |   | Second Lien Senior Debt(6) | 11.3 | % | N/A |  | 6/17 |   |   | 16.9 |  |   | 14.6 |  |   | 17.1 |  |
|                                                                                                                           |   |   |   | Common Stock(4)(6) |   |   |   | 458,596 |  |   |   |   | 23.6 |  |   | 18.6 |  |
|                                                                                                                           |   |   |   | Common Stock Warrants(4)(6) |   |   |   | 56,372 |  |   |   |   | 2.9 |  |   | 2.3 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 41.1 |  |   | 38.0 |  |
| Rebellion Media Group Corp.(7)                                                                                                 |   | Internet Software & Services |   | First Lien Senior Debt(6) | N/A |  | 12.0 | % | 3/15 |   |   | 4.3 |  |   | 4.3 |  |   | 3.5 |  |
|                                                                                                                           |   | First Lien Senior Debt(5)(6) | N/A |  | 12.0 | % | 12/15 |   |   | 10.8 |  |   | 8.1 |  |   | — |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 12.4 |  |   | 3.5 |  |
| Scanner Holdings Corporation                                                                                                   |   | Technology Hardware, Storage & Peripherals |   | Mezzanine Debt(6) | 14.8 | % | N/A |  | 10/16-7/17 |   |   | 20.5 |  |   | 20.5 |  |   | 20.5 |  |
|                                                                                                                           |   | Convertible Preferred Stock(6) |   |   |   | 38,723,509 |  |   |   |   | 5.4 |  |   | 5.4 |  |
|                                                                                                                           |   |   | Common Stock(4)(6) |   |   |   | 97,540 |  |   |   |   | 0.1 |  |   | — |  |
|                                                                                                                           |   |   |   |   |   |  |   |   |   |   |   |  |   | 26.0 |  |   | 25.9 |  |
| SEHAC Holding Corporation                                                                                                      |   | Diversified Consumer Services |   | Convertible Preferred Stock(6) |   |   |   | 14,850 |  |   |   |   | 14.8 |  |   | 103.6 |  |
|                                                                                                                           |   | Common Stock(6) |   |   |   | 150 |  |   |   |   | 0.2 |  |   | 1.0 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 15.0 |  |   | 104.6 |  |
| Soil Safe Acquisition Corp.                                                                                                    |   | Professional Services |   | First Lien Senior Debt(6) | 8.0 | % | N/A |  | 1/18-12/18 |   |   | 23.5 |  |   | 23.4 |  |   | 23.5 |  |
|                                                                                                                           |   |   |   | Second Lien Senior Debt(6) | 10.8 | % | N/A |  | 7/19 |   |   | 12.7 |  |   | 12.7 |  |   | 12.7 |  |
|                                                                                                                           |   |   |   | Mezzanine Debt(6) | 8.9 | % | 7.2 | % | 12/19 |   |   | 67.1 |  |   | 66.3 |  |   | 67.1 |  |
|                                                                                                                           |   |   |   | Common Stock |   |   |   | 810 |  |   |   |   | 9.5 |  |   | 9.2 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 111.9 |  |   | 112.5 |  |
| TestAmerica Environmental Services, LLC                                                                                        |   | Commercial Services & Supplies |   | Mezzanine Debt(5)(6) | 10.0 | % | 2.5 | % | 6/18 |   |   | 35.2 |  |   | 26.5 |  |   | — |  |
|                                                                                                                           |   | Common Units(4)(6) |   |   |   | 490,000 |  |   |   |   | 2.0 |  |   | — |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 28.5 |  |   | — |  |
| Warner Power, LLC                                                                                                              |   | Electrical Equipment |   | Mezzanine Debt(5)(6) | N/A |  | 14.6 | % | 3/15 |   |   | 9.7 |  |   | 5.7 |  |   | 2.6 |  |
|                                                                                                                           |   |   |   | Redeemable Preferred Membership Units(4)(6) |   |   |   | 3,796,269 |  |   |   |   | 3.0 |  |   | — |  |
|                                                                                                                           |   |   |   | Common Membership Units(4)(6) |   |   |   | 27,400 |  |   |   |   | 1.9 |  |   | — |  |
|                                                                                                                           |   |   |   |   |   |  |   |   |   |   |   |   | 10.6 |  |   | 2.6 |  |
| WIS Holding Company, Inc.                                                                                                      |   | Commercial Services & Supplies |   | Convertible Preferred Stock(6) |   |   |   | 703,406 |  |   |   |   | 57.9 |  |   | 82.9 |  |
|                                                                                                                           |   | Common Stock(4)(6) |   |   |   | 175,853 |  |   |   |   | 11.4 |  |   | 16.9 |  |
|                                                                                                                           |   |   |   |   |   |  |   |   |   |   |   |   | 69.3 |  |   | 99.8 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EUROPEAN CAPITAL CONTROL INVESTMENTS                                                                                           |   |   |   |   |   |   |   |
| Bellotto Holdings Limited(7)                                                                                                   |   | Household Durables |   | Redeemable Preferred Stock |   |   |   | 7,300,610 |  |   | 2.0 |  |   | 34.6 |  |   | 36.5 |  |
|                                                                                                                           |   |   | Common Stock(4) |   |   |   | 2,697,010 |  |   |   |   | 100.0 |  |   | 103.6 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 134.6 |  |   | 140.1 |  |
| European Capital UK SME Debt LP(7)                                                                                             |   |   |   | Partnership Interest |   |   |   | 500 |  |   |   |   | 0.6 |  |   | 0.6 |  |
| Financière H S.A.S.(7)                                                                                                    |   | Health Care Equipment & Supplies |   | Mezzanine Debt(5) | 3.0% |  | 5.8 | % | 10/15 |   |   | 15.0 |  |   | 9.7 |  |   | 9.5 |  |
|                                                                                                                           |   | Convertible Preferred Stock(4) |   |   |   | 930,558 |  |   |   |   | 58.1 |  |   | — |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 67.8 |  |   | 9.5 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2014 (in millions, except share data) |
|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                     |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Financière Newglass S.A.S.(7)                                                                                             |   | Building Products |   | Convertible Preferred Stock(4) |   |   |   | 1 |  |   |   |   | 26.1 |  |   | 26.1 |  |
|                                                                                                                           |   |   | Common Stock(4) |   |   |   | 8,000,000 |  |   |   |   | 9.7 |  |   | 6.2 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 35.8 |  |   | 32.3 |  |
| Financière Tarmac S.A.S.(7)                                                                                               |   | Commercial Services & Supplies |   | First Lien Senior Debt | 4.0% |  | N/A |  | 12/20 |   |   | 5.0 |  |   | 4.1 |  |   | 5.1 |  |
|                                                                                                                           |   | Mezzanine Debt | N/A |  | 4.0 | % | 12/21 |   |   | 22.1 |  |   | 22.1 |  |   | 22.1 |  |
|                                                                                                                           |   |   |   | Mezzanine Debt(5) | N/A |  | 4.0 | % | 12/21 |   |   | 28.8 |  |   | 17.2 |  |   | 17.2 |  |
|                                                                                                                           |   |   |   | Convertible Preferred Stock(4) |   |   |   | 8,665,001 |  |   |   |   | 10.5 |  |   | — |  |
|                                                                                                                           |   |   |   | Redeemable Preferred Stock(4) |   |   |   |   |   | 3.7 |  |   | 8.1 |  |   | — |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 62.0 |  |   | 44.4 |  |
| Holding Saint Augustine S.A.S.(7)                                                                                              |   | Air Freight & Logistics |   | First Lien Senior Debt | N/A |  | N/A |  | 9/19 |   |   | 4.9 |  |   | 4.9 |  |   | 4.9 |  |
|                                                                                                                           |   | Convertible Preferred Stock(4) |   |   |   | 1,982,668 |  |   |   |   | 15.0 |  |   | — |  |
|                                                                                                                           |   |   |   | Redeemable Preferred Stock(4) |   |   |   | 1 |  |   |   |   | — |  |   | 1.0 |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 19.9 |  |   | 5.9 |  |
| Miles 33 Limited(7)                                                                                                            |   | Media |   | First Lien Senior Debt | 3.5% |  | N/A |  | 9/17 |   |   | 8.3 |  |   | 8.3 |  |   | 8.3 |  |
|                                                                                                                           |   |   |   | Mezzanine Debt | 4.5% |  | 5.0 | % | 9/17 |   |   | 16.7 |  |   | 16.7 |  |   | 16.7 |  |
|                                                                                                                           |   |   |   | Redeemable Preferred Stock(4) |   |   |   |   |   | 71.9 |  |   | 30.3 |  |   | 8.6 |  |
|                                                                                                                           |   |   |   | Common Stock(4) |   |   |   | 600,000 |  |   |   |   | 0.9 |  |   | — |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | 56.2 |  |   | 33.6 |  |
| MP Equity S.A.S.(7)                                                                                                            |   | Food Products |   | Redeemable Preferred Stock(4) |   |   |   |   |   | 2.7 |  |   | 2.5 |  |   | — |  |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AMERICAN CAPITAL CONTROL CLO INVESTMENT                                                                                        |   |   |   |   |   |   |   |
| ACAS Wachovia Investments, L.P.(7)                                                                                             |   | Diversified Financial Services |   | Partnership Interest(4) |   |   |   | 90 | % |   |   |  |   | 2.2 |  |   | 0.6 |  |
| Subtotal Control Investments (44% of total investments at fair value)                                                          |   |   |   |   | $ | 2,541.5 |  |   | $ | 2,782.4 |  |
| Total Investment Assets                                                                                                        |   |   |   |   | $ | 6,416.9 |  |   | $ | 6,280.0 |  |

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Counterparty                       |   | Instrument |   | InterestRate(2) |   | ExpirationDate(2) |   | # ofContracts |   | Notional |   | Cost |   | FairValue |
| DERIVATIVE AGREEMENTS              |   |   |   |   |   |   |   |   |   |   |   |   |
|                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Citibank, N.A.                     |   | Interest Rate Swap - Pay Fixed/ Receive Floating(6) |   | 5.6%/LIBOR |   | 5/16-7/17 |   | 2 |  |   | $ | 27.5 |  |   | $ | — |  |   | $ | (3.4 | ) |
| BNP Paribas                        |   | Interest Rate Swap - Pay Fixed/ Receive Floating(6) |   | 5.7%/LIBOR |   | 7/17 |   | 1 |  |   | 22.3 |  |   | — |  |   | (3.1 | ) |
| Wells Fargo Bank, N.A              |   | Interest Rate Swap - Pay Fixed/ Receive Floating(6) |   | 5.6%/LIBOR |   | 8/16 |   | 1 |  |   | 11.9 |  |   | — |  |   | (1.0 | ) |
| Citibank, N.A.                     |   | Total Return Swaps |   |   |   | 12/14 |   | 2 |  |   | 27.1 |  |   | — |  |   | (3.0 | ) |
| American Capital Equity III, LP(8) |   | WRH, Inc. Equity Option |   |   |   | 4/15 |   | 1 |  |   |   |   | — |  |   | (73.6 | ) |
| Total Derivative Agreements        |   |   |   |   |   |   |   |   |   | $ | — |  |   | $ | (84.1 | ) |

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |  |
| Funds                                                                       |   | Cost |   | FairValue |
| MONEY MARKET FUNDS(3)                                                       |   |   |
| Deutsche Global Liquidity Managed Sterling Fund                             |   | $ | 264.9 |  |   | $ | 264.9 |  |
| Wells Fargo Advantage Heritage Money Market Fund(6)                         |   | 10.0 |  |   | 10.0 |  |
| Fidelity Institutional Money Market Fund(6)                                 |   | 10.0 |  |   | 10.0 |  |
| BofA Funds Series Trust - BofA Money Market Reserves(6)                     |   | 10.0 |  |   | 10.0 |  |
| Dreyfus Institutional Cash Advantage-I Fund(6)                              |   | 10.0 |  |   | 10.0 |  |
| STIT - Liquid Assets Portfolio(6)                                           |   | 5.0 |  |   | 5.0 |  |
| JPMorgan Prime Money Market Fund(6)                                         |   | 5.0 |  |   | 5.0 |  |
| Fidelity Institutional Money Market Funds - Prime Money Market Portfolio(6) |   | 5.0 |  |   | 5.0 |  |
| Total Money Market Funds                                                    |   | $ | 319.9 |  |   | $ | 319.9 |  |

|     |                                                                                       |
|-----|---------------------------------------------------------------------------------------|
| (1) | Certain of the securities are issued by affiliate(s) of the listed portfolio company. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Interest rates represent the weighted average annual stated interest rate on loans and debt securities in effect on the date presented, which are presented by the nature of indebtedness by a single issuer. Some loans and debt securities bear interest at variable rates, primarily one-month LIBOR, with interest rate floors. PIK represents contractually deferred interest that is typically compounded into the principal balance of the loan or debt security, if not paid on a current basis. PIK interest may be prepaid by the portfolio company’s election, but generally is paid upon a change of control transaction or maturity. The maturity date represents the latest date in which the loan or debt security is scheduled to terminate. |

|     |                                                                           |
|-----|---------------------------------------------------------------------------|
| (3) | Included in cash and cash equivalents on our consolidated balance sheets. |

|     |                                                         |
|-----|---------------------------------------------------------|
| (4) | Some or all of the securities are non-income producing. |

|     |                                                                              |
|-----|------------------------------------------------------------------------------|
| (5) | Loan is on non-accrual status and therefore considered non-income producing. |

|     |                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------|
| (6) | All or a portion of the investments or instruments are pledged as collateral under various secured financing arrangements. |

|     |                                                                                                                                                                                                                                                                                |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | Investments that are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. |

|     |                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | For further discussion on the WRH, Inc. Equity Option, see Note 14 to our interim consolidated financial statements in this Form 10-Q. |

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|         |                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 1: Level 1 inputs are unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. |

|         |                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 2: Level 2 inputs are inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. |

|         |                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------|
| • | Level 3: Level 3 inputs are unobservable and cannot be corroborated by observable market data. |

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|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                       | March 31, 2015 |
|                                       |  Level 1 |   |  Level 2 |   |  Level 3 |   |  Total |
| First Lien Senior Debt                     | $ | — |  |   | $ | 2,157 |  |   | $ | 688 |  |   | $ | 2,845 |  |
| Second Lien Senior Debt                    | — |  |   | 344 |  |   | 373 |  |   | 717 |  |
| Mezzanine Debt                             | — |  |   | — |  |   | 652 |  |   | 652 |  |
| Preferred Equity                           | — |  |   | — |  |   | 658 |  |   | 658 |  |
| Common Equity                              | — |  |   | — |  |   | 1,522 |  |   | 1,522 |  |
| Structured Products                        | — |  |   | — |  |   | 641 |  |   | 641 |  |
| Investments at Fair Value                  | — |  |   | 2,501 |  |   | 4,534 |  |   | 7,035 |  |
| Other Assets                               | — |  |   | — |  |   | 42 |  |   | 42 |  |
| Derivative Agreements                      | — |  |   | (6 | ) |   | (111 | ) |   | (117 | ) |
| Long Term Incentive Plan Liability         | — |  |   | — |  |   | (30 | ) |   | (30 | ) |
| Other Assets and Liabilities at Fair Value | — |  |   | (6 | ) |   | (99 | ) |   | (105 | ) |
| Total                                      | $ | — |  |   | $ | 2,495 |  |   | $ | 4,435 |  |   | $ | 6,930 |  |
|                                       |   |   |   |   |   |   |   |
|                                       | December 31, 2014 |
|                                       |  Level 1 |   |  Level 2 |   |  Level 3 |   |  Total |
| First Lien Senior Debt                     | $ | — |  |   | $ | 1,644 |  |   | $ | 870 |  |   | $ | 2,514 |  |
| Second Lien Senior Debt                    | — |  |   | 340 |  |   | 347 |  |   | 687 |  |
| Mezzanine Debt                             | — |  |   | — |  |   | 472 |  |   | 472 |  |
| Preferred Equity                           | — |  |   | — |  |   | 462 |  |   | 462 |  |
| Common Equity                              | — |  |   | — |  |   | 1,562 |  |   | 1,562 |  |
| Structured Products                        | — |  |   | — |  |   | 583 |  |   | 583 |  |
| Investments at Fair Value                  | — |  |   | 1,984 |  |   | 4,296 |  |   | 6,280 |  |
| Other Assets                               | — |  |   | — |  |   | 51 |  |   | 51 |  |
| Derivative Agreements                      | — |  |   | (10 | ) |   | (74 | ) |   | (84 | ) |
| Long Term Incentive Plan Liability         | — |  |   | — |  |   | (82 | ) |   | (82 | ) |
| Other Assets and Liabilities at Fair Value | — |  |   | (10 | ) |   | (105 | ) |   | (115 | ) |
| Total                                      | $ | — |  |   | $ | 1,974 |  |   | $ | 4,191 |  |   | $ | 6,165 |  |

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|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                       | Senior Debt |   | Mezzanine Debt |   | Preferred Equity |   | Common Equity |   | Structured Products |   | Other Assets |   | Long Term Incentive Plan Liability |   | Derivative Agreement |   | Total |
| Balances, January 1, 2015                                                  | $ | 1,217 |  |   | $ | 472 |  |   | $ | 462 |  |   | $ | 1,562 |  |   | $ | 583 |  |   | $ | 51 |  |   | $ | (82 | ) |   | $ | (74 | ) |   | $ | 4,191 |  |
| Net realized loss(1)                                                       | (24 | ) |   | (27 | ) |   | (144 | ) |   | (3 | ) |   | (8 | ) |   | — |  |   | (46 | ) |   | — |  |   | (252 | ) |
| Reversal of prior period net depreciation (appreciation) on realization(2) | 24 |  |   | 27 |  |   | 145 |  |   | 5 |  |   | 8 |  |   | — |  |   | 46 |  |   | — |  |   | 255 |  |
| Net unrealized (depreciation) appreciation(2)(3)                           | (14 | ) |   | (8 | ) |   | 74 |  |   | (41 | ) |   | (5 | ) |   | (3 | ) |   | (3 | ) |   | (37 | ) |   | (37 | ) |
| Purchases(4)                                                               | 95 |  |   | 70 |  |   | 98 |  |   | 20 |  |   | 75 |  |   | — |  |   | — |  |   | — |  |   | 358 |  |
| Sales(5)                                                                   | (10 | ) |   | — |  |   | (29 | ) |   | (11 | ) |   | (2 | ) |   | — |  |   | — |  |   | — |  |   | (52 | ) |
| Settlements, net(6)                                                        | (199 | ) |   | 128 |  |   | 59 |  |   | 3 |  |   | (7 | ) |   | (6 | ) |   | 46 |  |   | — |  |   | 24 |  |
| Effects of exchange rate changes                                           | (29 | ) |   | (10 | ) |   | (7 | ) |   | (13 | ) |   | (3 | ) |   | — |  |   | 9 |  |   | — |  |   | (53 | ) |
| Transfers in(7)                                                            | 3 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 3 |  |
| Transfers out(7)                                                           | (2 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (2 | ) |
| Balances, March 31, 2015                                                   | $ | 1,061 |  |   | $ | 652 |  |   | $ | 658 |  |   | $ | 1,522 |  |   | $ | 641 |  |   | $ | 42 |  |   | $ | (30 | ) |   | $ | (111 | ) |   | $ | 4,435 |  |

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                       | Senior Debt |   | Mezzanine Debt |   | Preferred Equity |   | Common Equity |   | Structured Products |   | Other Assets |   | Total |
| Balances, January 1, 2014                                                  | $ | 1,060 |  |   | $ | 520 |  |   | $ | 1,125 |  |   | $ | 2,091 |  |   | $ | 276 |  |   | $ | 29 |  |   | $ | 5,101 |  |
| Net realized gain (loss)(1)                                                | 3 |  |   | — |  |   | — |  |   | 23 |  |   | (2 | ) |   | — |  |   | 24 |  |
| Reversal of prior period net (appreciation) depreciation on realization(2) | — |  |   | — |  |   | — |  |   | (8 | ) |   | 6 |  |   | — |  |   | (2 | ) |
| Net unrealized (depreciation) appreciation(2)(3)                           | (4 | ) |   | (17 | ) |   | (111 | ) |   | 168 |  |   | (2 | ) |   | (1 | ) |   | 33 |  |
| Purchases(4)                                                               | 115 |  |   | (6 | ) |   | 12 |  |   | 18 |  |   | 42 |  |   | 5 |  |   | 186 |  |
| Sales(5)                                                                   | (20 | ) |   | — |  |   | (63 | ) |   | (327 | ) |   | — |  |   | — |  |   | (410 | ) |
| Settlements, net(6)                                                        | (29 | ) |   | — |  |   | (63 | ) |   | 62 |  |   | (17 | ) |   | — |  |   | (47 | ) |
| Balances, March 31, 2014                                                   | $ | 1,125 |  |   | $ | 497 |  |   | $ | 900 |  |   | $ | 2,027 |  |   | $ | 303 |  |   | $ | 33 |  |   | $ | 4,885 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                                  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Included in net realized (loss) gain in the consolidated statements of operations. Excludes (loss) gain on realized foreign currency transactions on American Capital other assets and liabilities that are denominated in a foreign currency and any tax benefit (provision). Also, excludes realized gain (loss) from other assets and liabilities not measured at fair value. |

|     |                                                                                       |
|-----|---------------------------------------------------------------------------------------|
| (2) | Included in net unrealized appreciation in the consolidated statements of operations. |

|     |                                                                                                                                                                                                                  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Excludes unrealized appreciation (depreciation) related to foreign currency translation for American Capital other assets and liabilities not measured at fair value that are denominated in a foreign currency. |

|     |                                                                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Includes increases in the cost basis of investments resulting from new and add-on portfolio investments, the accrual or allowance of PIK interest or cumulative dividends and the amortization of discounts, premiums and closing fees. |

|     |                                                                                                                |
|-----|----------------------------------------------------------------------------------------------------------------|
| (5) | Includes the sale of equity investments, collection of cumulative dividends, loan syndications and loan sales. |

|     |                                                                                                                                                                                                                                                                                   |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Includes principal repayments on debt investments, collection of PIK interest, collection of accreted loan discounts, the exchange of one or more existing securities for one or more new securities and net interest rate derivative periodic interest and termination payments. |

|     |                                                                                                                                                                                                                                                                                                                   |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | Investments were transferred into and out of Level 3 and Level 2 due to changes in the quantity and quality of inputs obtained to support the fair value of each investment. Our policy is to recognize transfers as of the first day of a reporting period for investments existing as of the end of the period. |

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|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |
|                                   |   |   |   |   |   |   | Range |   |
|                                   | Fair Value |   | Valuation Techniques |   | Unobservable Inputs |   | Minimum | Maximum | Weighted Average |
|                                   |   |   |   |
| Enterprise Value Waterfall Methodology |   |   |   |   |   |   |
| Senior Debt                            | $ | 346 |  |   | Enterprise discounted cash flow |   | Discount rate |   | 9% | 65% | 16% |
|                                   |   |   |   |   | Terminal value growth rate |   | 2% | 5% | 3% |
|                                   |   |   | Public comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (55)% | (30)% | (46)% |
|                                   |   |   |   |   | Control premium |   | —% | 15% | 11% |
|                                   |   |   | Sales of comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (45)% | —% | (33)% |
| Mezzanine Debt                         | $ | 482 |  |   | Enterprise discounted cash flow |   | Discount rate |   | 11% | 34% | 14% |
|                                   |   |   |   |   | Terminal value growth rate |   | 2% | 4% | 3% |
|                                   |   |   | Public comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (55)% | —% | (42)% |
|                                   |   |   |   |   | Control premium |   | 7% | 19% | 14% |
|                                   |   |   | Sales of comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (50)% | 5% | (26)% |
| Preferred Equity                       | $ | 655 |  |   | Enterprise discounted cash flow |   | Discount rate |   | 6% | 34% | 15% |
|                                   |   |   |   |   | Terminal value growth rate |   | 2% | 5% | 3% |
|                                   |   |   | Public comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (55)% | 25% | (37)% |
|                                   |   |   |   |   | Control premium |   | 7% | 19% | 12% |
|                                   |   |   | Sales of comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (50)% | 30% | (23)% |
| Common Equity                          | $ | 1,516 |  |   | Enterprise discounted cash flow |   | Discount rate |   | 4% | 65% | 14% |
|                                   |   |   |   |   | Terminal value growth rate |   | 2% | 5% | 3% |
|                                   |   |   | Public comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (55)% | 15% | (15)% |
|                                   |   |   |   |   | Control premium |   | —% | 19% | 13% |
|                                   |   |   | Sales of comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (50)% | 5% | (30)% |
| Long Term Incentive Plan Liability     | $ | (30 | ) |   | Discounted cash flow |   | Discount rate |   | 11% | 11% | 11% |
|                                   |   |   |   |   | (Discount) due to lack of control and marketability |   | (30)% | (5)% | (29)% |
|                                   |   |   |   |   |   |   |   |   |   |
| Market Yield Valuation Methodology     |   |   |   |   |   |   |
| Senior Debt                            | $ | 577 |  |   | Discounted cash flow |   | Market yield |   | 5% | 18% | 10% |
|                                   |   |   |   |   | Estimated remaining life |   | 1 yr | 4 yrs | 4 yrs |
| Mezzanine Debt                         | $ | 143 |  |   | Discounted cash flow |   | Market yield |   | 14% | 22% | 15% |
|                                   |   |   |   |   | Estimated remaining life |   | 0 yrs | 4 yrs | 1 yr |
| Preferred Equity                       | $ | 3 |  |   | Discounted cash flow |   | Market yield |   | 17% | 29% | 23% |
|                                   |   |   |   |   | Estimated remaining life |   | 3 yrs | 4 yrs | 4 yrs |
| Structured Products                    | $ | 641 |  |   | Discounted cash flow |   | Discount rate |   | 5% | 28% | 12% |
|                                   |   |   |   |   | Constant prepayment rate |   | 30% | 35% | 31% |
|                                   |   |   |   |   | Constant default rate |   | —% | 2% | 1% |
|                                   |   |   |   |   |   |   |   |   |   |
| Third-Party Vendor Pricing Service     |   |   |   |   |   |   |
| Senior Debt                            | $ | 3 |  |   |   |   |   |   | Vendor Quotes | Vendor Quotes | Vendor Quotes |
|                                   |   |   |   |   |   |   |   |   |   |
| Third-Party Transaction                |   |   |   |   |   |   |
| Senior Debt                            | $ | 135 |  |   |   |   |   |   | Transaction Price | Transaction Price | Transaction Price |
| Mezzanine Debt                         | $ | 27 |  |   |   |   |   |   | Transaction Price | Transaction Price | Transaction Price |
| Common Equity                          | $ | 6 |  |   |   |   |   |   | Transaction Price | Transaction Price | Transaction Price |

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|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |  |  |
|                  |   |   |   |   |   |   |   |   |   |
| Announced Transaction |   |   |   |   |   |   |
| Derivative Agreement  | $ | (111 | ) |   | Enterprise discounted cash flow |   | Discount rate |   | 12% | 12% | 12% |
|                  |   |   |   |   | Terminal value growth rate |   | 4% | 4% | 4% |
|                  |   |   | Public comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (35)% | (35)% | (35)% |
|                  |   |   |   |   | Control premium |   | 11% | 11% | 11% |
|                  |   |   | Sales of comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (20)% | (20)% | (20)% |
|                  |   |   |   |   |   |   |   |   |   |
| Total                 | $ | 4,393 |  |   |   |   |   |   |   |   |   |
|                  |   |   |   |   |   |   |   |   |   |

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|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |
|                                   |   |   |   |   |   |   | Range |   |
|                                   | Fair Value |   | Valuation Techniques |   | Unobservable Inputs |   | Minimum | Maximum | Weighted Average |
|                                   |   |   |   |
| Enterprise Value Waterfall Methodology |   |   |   |   |   |   |
| Senior Debt                            | $ | 635 |  |   | Enterprise discounted cash flow |   | Discount rate |   | 10% | 40% | 16% |
|                                   |   |   |   |   | Terminal value growth rate |   | 2% | 8% | 3% |
|                                   |   |   | Public comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (55)% | (20)% | (47)% |
|                                   |   |   |   |   | Control premium |   | —% | 23% | 16% |
|                                   |   |   | Sales of comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (45)% | (35)% | (45)% |
| Mezzanine Debt                         | $ | 253 |  |   | Enterprise discounted cash flow |   | Discount rate |   | 13% | 30% | 18% |
|                                   |   |   |   |   | Terminal value growth rate |   | 3% | 4% | 3% |
|                                   |   |   | Public comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (65)% | —% | (42)% |
|                                   |   |   |   |   | Control premium |   | 8% | 23% | 16% |
|                                   |   |   | Sales of comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (45)% | 5% | (17)% |
| Preferred Equity                       | $ | 422 |  |   | Enterprise discounted cash flow |   | Discount rate |   | 12% | 64% | 19% |
|                                   |   |   |   |   | Terminal value growth rate |   | 2% | 8% | 3% |
|                                   |   |   | Public comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (55)% | —% | (43)% |
|                                   |   |   |   |   | Control premium |   | 7% | 20% | 16% |
|                                   |   |   | Sales of comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (45)% | 5% | (24)% |
| Common Equity                          | $ | 1,868 |  |   | Enterprise discounted cash flow |   | Discount rate |   | 4% | 35% | 15% |
|                                   |   |   |   |   | Terminal value growth rate |   | 2% | 8% | 3% |
|                                   |   |   | Public comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (60)% | —% | (16)% |
|                                   |   |   |   |   | Control premium |   | —% | 23% | 5% |
|                                   |   |   | Sales of comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (45)% | 5% | (18)% |
|                                   |   |   |   |   |   |   |   |   |   |
| Market Yield Valuation Methodology     |   |   |   |   |   |   |
| Senior Debt                            | $ | 459 |  |   | Discounted cash flow |   | Market yield |   | 8% | 32% | 11% |
|                                   |   |   |   |   | Estimated remaining life |   | 0 yr | 4 yrs | 2 yrs |
| Mezzanine Debt                         | $ | 244 |  |   | Discounted cash flow |   | Market yield |   | 12% | 26% | 19% |
|                                   |   |   |   |   | Estimated remaining life |   | 0 yr | 4 yrs | 3 yrs |
| Preferred Equity                       | $ | 57 |  |   | Discounted cash flow |   | Market yield |   | 22% | 26% | 22% |
|                                   |   |   |   |   | Estimated remaining life |   | 0 yr | 4 yrs | 0 yr |
| Structured Products                    | $ | 303 |  |   | Discounted cash flow |   | Discount rate |   | 5% | 58% | 13% |
|                                   |   |   |   |   | Constant prepayment rate |   | 10% | 35% | 29% |
|                                   |   |   |   |   | Constant default rate |   | —% | 2% | 2% |
|                                   |   |   |   |   |   |   |   |   |   |
| Announced Transaction                  |   |   |   |   |   |   |
| Preferred Equity                       | $ | 421 |  |   |   |   |   |   | Transaction Price | Transaction Price | Transaction Price |
| Common Equity                          | $ | 159 |  |   |   |   |   |   | Transaction Price | Transaction Price | Transaction Price |
| Total                                  | $ | 4,821 |  |   |   |   |   |   |   |   |   |
|                                   |   |   |   |   |   |   |   |   |   |

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|                         |
|-------------------------|
|                         |  |  |  |  |  |
|                    | March 31, 2015 |   | December 31, 2014 |
| Cost                    |   |   |   |
| First Lien Senior Debt  | 41.8 | % |   | 40.5 | % |
| Second Lien Senior Debt | 10.7 | % |   | 11.2 | % |
| Mezzanine Debt          | 11.5 | % |   | 10.0 | % |
| Preferred Equity        | 11.9 | % |   | 13.4 | % |
| Common Equity           | 14.1 | % |   | 15.0 | % |
| Structured Products     | 10.0 | % |   | 9.9 | % |
| Total                   | 100.0 | % |   | 100.0 | % |
|                    |   |   |   |
| Fair Value              |   |   |   |
| First Lien Senior Debt  | 40.4 | % |   | 40.0 | % |
| Second Lien Senior Debt | 10.2 | % |   | 10.9 | % |
| Mezzanine Debt          | 9.3 | % |   | 7.5 | % |
| Preferred Equity        | 9.4 | % |   | 7.4 | % |
| Common Equity           | 21.6 | % |   | 24.9 | % |
| Structured Products     | 9.1 | % |   | 9.3 | % |
| Total                   | 100.0 | % |   | 100.0 | % |

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|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |
|                                          | March 31, 2015 |   | December 31, 2014 |
| Cost                                          |   |   |   |
| Life Sciences Tools and Services              | 11.2 | % |   | 14.5 | % |
| Capital Markets                               | 8.0 | % |   | 8.3 | % |
| Commercial Services and Supplies              | 7.2 | % |   | 6.4 | % |
| Diversified Consumer Services                 | 4.6 | % |   | 3.7 | % |
| Health Care Equipment and Supplies            | 4.0 | % |   | 4.0 | % |
| IT Services                                   | 3.7 | % |   | 3.2 | % |
| Software                                      | 3.6 | % |   | 3.2 | % |
| Household Durables                            | 3.5 | % |   | 3.5 | % |
| Health Care Providers and Services            | 3.4 | % |   | 2.9 | % |
| Auto Components                               | 3.3 | % |   | 3.3 | % |
| Media                                         | 3.2 | % |   | 2.4 | % |
| Professional Services                         | 3.0 | % |   | 2.8 | % |
| Hotels, Restaurants and Leisure               | 2.9 | % |   | 3.0 | % |
| Real Estate and Real Estate Investment Trusts | 2.4 | % |   | 2.7 | % |
| Food Products                                 | 2.3 | % |   | 2.2 | % |
| Textiles, Apparel and Luxury Goods            | 2.2 | % |   | 2.5 | % |
| Insurance                                     | 2.0 | % |   | 1.7 | % |
| Specialty Retail                              | 2.0 | % |   | 1.5 | % |
| Oil, Gas and Consumable Fuels                 | 1.8 | % |   | 2.0 | % |
| Aerospace and Defense                         | 1.8 | % |   | 1.7 | % |
| Diversified Financial Services                | 1.7 | % |   | 1.7 | % |
| Machinery                                     | 1.7 | % |   | 1.8 | % |
| Energy Equipment and Services                 | 1.5 | % |   | 1.6 | % |
| Other                                         | 19.0 | % |   | 19.4 | % |
| Total                                         | 100.0 | % |   | 100.0 | % |

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|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |
|                                          | March 31, 2015 |   | December 31, 2014 |
| Fair Value                                    |   |   |   |
| Capital Markets                               | 19.1 | % |   | 21.3 | % |
| Life Sciences Tools and Services              | 9.1 | % |   | 9.2 | % |
| Commercial Services and Supplies              | 6.3 | % |   | 5.8 | % |
| Diversified Consumer Services                 | 4.8 | % |   | 3.8 | % |
| IT Services                                   | 3.3 | % |   | 2.9 | % |
| Health Care Providers and Services            | 3.3 | % |   | 2.9 | % |
| Software                                      | 3.2 | % |   | 3.0 | % |
| Media                                         | 3.1 | % |   | 2.5 | % |
| Professional Services                         | 3.1 | % |   | 2.9 | % |
| Household Durables                            | 3.0 | % |   | 3.3 | % |
| Health Care Equipment and Supplies            | 2.8 | % |   | 2.7 | % |
| Hotels, Restaurants and Leisure               | 2.7 | % |   | 3.2 | % |
| Auto Components                               | 2.3 | % |   | 2.3 | % |
| Food Products                                 | 2.1 | % |   | 2.0 | % |
| Insurance                                     | 2.0 | % |   | 1.7 | % |
| Real Estate and Real Estate Investment Trusts | 1.9 | % |   | 2.1 | % |
| Aerospace and Defense                         | 1.8 | % |   | 1.7 | % |
| Specialty Retail                              | 1.8 | % |   | 1.3 | % |
| Internet and Catalog Retail                   | 1.8 | % |   | 1.9 | % |
| Textiles, Apparel and Luxury Goods            | 1.8 | % |   | 2.1 | % |
| Oil, Gas and Consumable Fuels                 | 1.4 | % |   | 1.6 | % |
| Other                                         | 19.3 | % |   | 19.8 | % |
| Total                                         | 100.0 | % |   | 100.0 | % |

|                                                                                            |
|--------------------------------------------------------------------------------------------|
|                                                                                            |  |  |  |  |  |  |  |
|                                                                                       | March 31, 2015 |   | December 31, 2014 |
| Secured revolving credit facility due August 2016, $250 million commitment                 | $ | — |  |   | $ | — |  |
| Secured revolving credit facility due March 2017, $1,250 million commitment                | 799 |  |   | 726 |  |
| Secured revolving credit facility due October 2016, $500 million commitment                | 282 |  |   | 51 |  |
| Secured term loan due August 2017, net of discount                                         | 444 |  |   | 444 |  |
| Unsecured Private Notes due September 2018, net of discount                                | 344 |  |   | 344 |  |
| European Capital unsecured senior notes, Series 2006-I due January 2022, €52 million | 57 |  |   | 64 |  |
| European Capital unsecured senior notes, Series 2007-I due July 2022, $37.5 million        | 38 |  |   | 37 |  |
| European Capital unsecured senior notes, Series 2007-II due July 2022, $37.5 million       | 38 |  |   | 37 |  |
| Total                                                                                      | $ | 2,002 |  |   | $ | 1,703 |  |

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|                                                         |
|---------------------------------------------------------|
|                                                         |  |
| August 2015                                             | $4.5 million |
| August 2016                                             | $4.5 million |
| Secured Term Loans due August 2017                      | Outstanding Balance |
| Unsecured Private Notes due September 2018              | Outstanding Balance |
| Unsecured senior notes (Series 2006-I) due January 2022 | Outstanding Balance |
| Unsecured senior notes (Series 2007-I) due July 2022    | Outstanding Balance |
| Unsecured senior notes (Series 2007-II) due July 2022   | Outstanding Balance |

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|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                       | Class A |   | Class B |   | Class C |   | Class D |   | Class E |   | Class F |   | Total |
| Balance, December 31, 2014 | 412 |  |   | 413 |  |   | 589 |  |   | 100 |  |   | 100 |  |   | 100 |  |   | 1,714 |  |
| Shares Issued              | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Shares Redeemed            | (68 | ) |   | (68 | ) |   | (98 | ) |   | — |  |   | — |  |   | — |  |   | (234 | ) |
| Balance, March 31, 2015    | 344 |  |   | 345 |  |   | 491 |  |   | 100 |  |   | 100 |  |   | 100 |  |   | 1,480 |  |

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |  |
|                                                                  |   | Three Months Ended March 31, |
|                                                                  |   | 2015 |   | 2014 |
| Numerator for basic and diluted net operating income per common share |   | $ | 50 |  |   | $ | 5 |  |
| Numerator for basic and diluted net earnings per common share         |   | $ | 15 |  |   | $ | 70 |  |
| Denominator for basic weighted average common shares                  |   | 271.1 |  |   | 270.7 |  |
| Employee stock options and awards                                     |   | 11.8 |  |   | 12.7 |  |
| Denominator for diluted weighted average common shares                |   | 282.9 |  |   | 283.4 |  |
| Basic net operating income per common share                           |   | $ | 0.18 |  |   | $ | 0.02 |  |
| Diluted net operating income per common share                         |   | $ | 0.18 |  |   | $ | 0.02 |  |
| Basic net earnings per common share                                   |   | $ | 0.06 |  |   | $ | 0.26 |  |
| Diluted net earnings per common share                                 |   | $ | 0.05 |  |   | $ | 0.25 |  |

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|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |  |  |
|                       | Severance |   | Excess Office Facilities |   | Total |
| Balance, December 31, 2014 | $ | 8 |  |   | $ | 5 |  |   | $ | 13 |  |
| Restructuring charges      | 6 |  |   | — |  |   | 6 |  |
| Cash payments              | (7 | ) |   | (1 | ) |   | (8 | ) |
| Balance, March 31, 2015    | $ | 7 |  |   | $ | 4 |  |   | $ | 11 |  |

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |
|                                              | Three Months Ended March 31, |
|                                              | 2015 |   | 2014 |
| Common stock outstanding at beginning of period   | 266.9 |  |   | 270.2 |  |
| Issuance of common stock under stock option plans | 2.8 |  |   | 2.0 |  |
| Repurchase of common stock                        | — |  |   | (8.9 | ) |
| Common stock outstanding at end of period         | 269.7 |  |   | 263.3 |  |

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|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |
|                                                 | Three Months Ended March 31, |
|                                                 | 2015 |   | 2014 |
| Tax on income computed at federal statutory tax rate | $ | 27 |  |   | $ | 25 |  |
| State taxes, net of federal tax benefit              | 3 |  |   | 3 |  |
| Valuation allowance                                  | (21 | ) |   | (32 | ) |
| Change in state tax rate                             | — |  |   | 10 |  |
| Earnings of European Capital                         | 18 |  |   | — |  |
| Capital gain on tax deconsolidation of subsidiary    | 35 |  |   | — |  |
| Other                                                | (1 | ) |   | (4 | ) |
| Total provision for income taxes                     | $ | 61 |  |   | $ | 2 |  |

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |
| Unrecognized tax benefits - January 1, 2015                 | $ | 48 |  |
| Increase related to positions taken during the current year | — |  |
| Unrecognized tax benefits - March 31, 2015                  | $ | 48 |  |

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|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |
|                     | Three Months Ended March 31, |
|                     | 2015 |   | 2014 |
| Total revenue            | $ | 124 |  |   | $ | 91 |  |
| Total operating expenses | $ | 93 |  |   | $ | 87 |  |
| Net operating income     | $ | 31 |  |   | $ | 4 |  |
| Net income               | $ | 21 |  |   | $ | 4 |  |

|          |                            |
|----------|----------------------------|
| Note 15. | Related Party Transactions |

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|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |
|                                               | Three Months Ended March 31, |
|                                               | 2015 |   | 2014 |
| Operating Revenue - Control Investments            |   |   |   |
| Interest and dividend income - control investments | $ | 60 |  |   | $ | 58 |  |
| Fee income - control investments                   | $ | 14 |  |   | $ | 12 |  |

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|         |                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------|
| ITEM 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations (in millions, except per share data) |

|         |                                                    |
|---------|----------------------------------------------------|
| • | American Capital Agency Corp. (“AGNC”) |

|         |                                                                 |
|---------|-----------------------------------------------------------------|
| • | American Capital Mortgage Investment Corp. (“MTGE”) |

|         |                                                             |
|---------|-------------------------------------------------------------|
| • | American Capital Senior Floating, Ltd. (“ACSF”) |

|         |                                                      |
|---------|------------------------------------------------------|
| • | American Capital Equity I, LLC (“ACE I”) |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | American Capital Equity II, LP (“ACE II”) |

|         |                                                         |
|---------|---------------------------------------------------------|
| • | American Capital Equity III, LP (“ACE III”) |

|         |                                                                  |
|---------|------------------------------------------------------------------|
| • | European Capital UK SME Debt LP (“ECAS UK SME Debt”) |

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | European Capital Private Debt LP (“ECAS Private Debt”) |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | ACAS CLO 2007-1, Ltd. (“ACAS CLO 2007-1”) |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | ACAS CLO 2012-1, Ltd. (“ACAS CLO 2012-1”) |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | ACAS CLO 2013-1, Ltd. (“ACAS CLO 2013-1”) |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | ACAS CLO 2013-2, Ltd. (“ACAS CLO 2013-2”) |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | ACAS CLO 2014-1, Ltd. (“ACAS CLO 2014-1”) |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | ACAS CLO 2014-2, Ltd. (“ACAS CLO 2014-2”) |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | ACAS CLO 2015-1, Ltd. (“ACAS CLO 2015-1”) |

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|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |  |
| Company                           |   | Business Line |   | Industry |   | Cost Basis |   | Fair Value |
| American Capital Asset Management, LLC |   | American Capital Asset Management |   | Capital Markets |   | $ | 441 |  |   | $ | 1,173 |  |
| CML Pharmaceuticals, LLC               |   | American Capital One Stop Buyouts® |   | Life Sciences Tools & Services |   | 294 |  |   | 294 |  |
| WRH, Inc.(1)                           |   | American Capital One Stop Buyouts® |   | Life Sciences Tools & Services |   | 348 |  |   | 228 |  |
| Bellotto Holdings Limited              |   | European Capital |   | Household Durables |   | 130 |  |   | 126 |  |
| SEHAC Holding Corporation              |   | American Capital One Stop Buyouts® |   | Diversified Consumer Services |   | 15 |  |   | 123 |  |
| Soil Safe Acquisition Corp.            |   | Sponsor Finance Investments |   | Professional Services |   | 113 |  |   | 120 |  |
| Delsey Holdings S.A.S.                 |   | Sponsor Finance Investments and European Capital |   | Textiles, Apparel & Luxury Goods |   | 109 |  |   | 14 |  |
| Convergint Technologies, LLC           |   | Sponsor Finance Investments |   | Commercial Services & Supplies |   | 94 |  |   | 94 |  |
| Orchard Brands Corporation             |   | Sponsor Finance Investments |   | Internet & Catalog Retail |   | 55 |  |   | 92 |  |
| WIS Holding Company, Inc.              |   | American Capital One Stop Buyouts® |   | Commercial Services & Supplies |   | 71 |  |   | 91 |  |
| Total                                  | $ | 1,670 |  |   | $ | 2,355 |  |

|     |                                                                                                                                                                                                                                                                                          |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | On April 1, 2015, ACE III exercised their option to acquire our equity investment in WRH, Inc. (fair value of $111 million as of March 31, 2015) for an exercise price of $24 million. See Note 14 to our interim consolidated financial statements included in this Form 10-Q. |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |
|                                    | March 31, 2015 |   | December 31, 2014 |
| Cost                                    |   |   |   |
| American Capital One Stop Buyouts® | 23.2 | % |   | 26.9 | % |
| Sponsor Finance Investments             | 16.8 | % |   | 17.2 | % |
| European Capital                        | 12.2 | % |   | 13.1 | % |
| American Capital Asset Management       | 6.4 | % |   | 6.7 | % |
| Structured Products                     | 9.8 | % |   | 9.7 | % |
| Senior Floating Rate Loans              | 31.6 | % |   | 26.4 | % |
| Total                                   | 100.0 | % |   | 100.0 | % |
|                                    |   |   |   |
| Fair Value                              |   |   |   |
| American Capital One Stop Buyouts® | 18.0 | % |   | 19.3 | % |
| Sponsor Finance Investments             | 16.6 | % |   | 17.3 | % |
| European Capital                        | 8.9 | % |   | 9.4 | % |
| American Capital Asset Management       | 16.7 | % |   | 18.5 | % |
| Structured Products                     | 8.8 | % |   | 8.9 | % |
| Senior Floating Rate Loans              | 31.0 | % |   | 26.6 | % |
| Total                                   | 100.0 | % |   | 100.0 | % |

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|                         |
|-------------------------|
|                         |  |  |  |  |  |
|                    | March 31, 2015 |   | December 31, 2014 |
| Cost                    |   |   |   |
| First Lien Senior Debt  | 41.8 | % |   | 40.5 | % |
| Second Lien Senior Debt | 10.7 | % |   | 11.2 | % |
| Mezzanine Debt          | 11.5 | % |   | 10.0 | % |
| Preferred Equity        | 11.9 | % |   | 13.4 | % |
| Common Equity           | 14.1 | % |   | 15.0 | % |
| Structured Products     | 10.0 | % |   | 9.9 | % |
| Total                   | 100.0 | % |   | 100.0 | % |
|                    |   |   |   |
| Fair Value              |   |   |   |
| First Lien Senior Debt  | 40.4 | % |   | 40.0 | % |
| Second Lien Senior Debt | 10.2 | % |   | 10.9 | % |
| Mezzanine Debt          | 9.3 | % |   | 7.5 | % |
| Preferred Equity        | 9.4 | % |   | 7.4 | % |
| Common Equity           | 21.6 | % |   | 24.9 | % |
| Structured Products     | 9.1 | % |   | 9.3 | % |
| Total                   | 100.0 | % |   | 100.0 | % |

----

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|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |
|                    | Three Months Ended March 31, |
| Type                    | 2015 |   | 2014 |
| First Lien Senior Debt  | $ | 747 |  |   | $ | 197 |  |
| Second Lien Senior Debt | 12 |  |   | 67 |  |
| Mezzanine Debt          | 54 |  |   | 4 |  |
| Preferred Equity        | 90 |  |   | 1 |  |
| Common Equity           | 2 |  |   | 13 |  |
| Structured Products     | 47 |  |   | 39 |  |
| Total by type           | $ | 952 |  |   | $ | 321 |  |

|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |
|                                                                         | Three Months Ended March 31, |
| Use                                                                          | 2015 |   | 2014 |
| Senior Floating Rate Loans                                                   | $ | 603 |  |   | $ | 199 |  |
| European Capital(1)                                                          | 169 |  |   | — |  |
| Structured Products                                                          | 47 |  |   | 19 |  |
| Sponsor Finance Investments                                                  | 41 |  |   | 62 |  |
| Investments in ACAM and Fund Development                                     | 19 |  |   | 34 |  |
| Add-on financing for recapitalizations, not including distressed investments | 46 |  |   | — |  |
| Add-on financing for growth and working capital                              | 21 |  |   | 4 |  |
| Add-on financing for working capital in distressed situations                | 6 |  |   | 3 |  |
| Total by use                                                                 | $ | 952 |  |   | $ | 321 |  |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | Three Months Ended March 31, |
| Business Line                            | 2015 |   | 2014 |
| Senior Floating Rate Loans               | $ | 603 |  |   | $ | 199 |  |
| European Capital(1)                      | 169 |  |   | — |  |
| Sponsor Finance Investments              | 63 |  |   | 64 |  |
| American Capital One Stop Buyouts®  | 51 |  |   | 5 |  |
| Structured Products                      | 47 |  |   | 19 |  |
| Investments in ACAM and Fund Development | 19 |  |   | 34 |  |
| Total by business line                   | $ | 952 |  |   | $ | 321 |  |

|     |                                                                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Effective October 1, 2014, European Capital’s financial results have been consolidated with the financial results of American Capital.   |

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|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |
|                                                       | Three Months Ended March 31, |
| Source                                                     | 2015 |   | 2014 |
| Equity investments                                         | $ | 93 |  |   | $ | 324 |  |
| Loan syndications and sales                                | 54 |  |   | 20 |  |
| Scheduled principal amortization                           | 32 |  |   | 19 |  |
| Principal prepayments                                      | 29 |  |   | 16 |  |
| Payment of accrued PIK notes and dividend and accreted OID | 17 |  |   | 63 |  |
| Total by source                                            | $ | 225 |  |   | $ | 442 |  |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |
|                                    | Three Months Ended March 31, |
| Business Line                           | 2015 |   | 2014 |
| European Capital(1)                     | $ | 110 |  |   | $ | 104 |  |
| Senior Floating Rate Loans              | 91 |  |   | — |  |
| American Capital One Stop Buyouts® | 14 |  |   | 66 |  |
| Structured Products                     | 5 |  |   | 17 |  |
| American Capital Asset Management       | 3 |  |   | 198 |  |
| Sponsor Finance Investments             | 2 |  |   | 57 |  |
| Total by business line                  | $ | 225 |  |   | $ | 442 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Effective October 1, 2014, European Capital’s financial results have been consolidated with the financial results of American Capital. Prior to October 1, 2014, European Capital business line cash proceeds were comprised of dividend distributions on our equity investment in European Capital. Effective October 1, 2014, European Capital business line cash proceeds are comprised of cash proceeds from realizations and repayments on European Capital’s portfolio investments.  |

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|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |
| Fund              |   | Fund type |   | Established |   | Assets under management |   | Investment types |   | Capital type |
| AGNC              |   | Publicly Traded REIT  - NASDAQ (AGNC) |   | 2008 |   | $73.1 Billion |   | Agency Securities |   | Permanent |
| MTGE              |   | Publicly Traded REIT  - NASDAQ (MTGE) |   | 2011 |   | $6.9 Billion |   | Mortgage Investments |   | Permanent |
| ACSF              |   | Publicly Traded BDC - NASDAQ (ACSF) |   | 2014 |   | $290 Million |   | Senior Floating Rate Loans |   | Permanent |
| ACE I        |   | Private Equity Fund |   | 2006 |   | $302 Million |   | Equity |   | Finite Life |
| ACE II       |   | Private Equity Fund |   | 2007 |   | $149 Million |   | Equity |   | Finite Life |
| ACE III      |   | Private Equity Fund |   | 2014 |   | $580 Million |   | Equity |   | Finite Life |
| ECAS UK SME Debt  |   | Private Equity Fund |   | 2014 |   | $10 Million(1) |   | Senior and Mezzanine Debt |   | Finite Life |
| ECAS Private Debt |   | Private Equity Fund |   | 2015 |   | $0 Million(2) |   | Senior and Mezzanine Debt |   | Finite Life |
| ACAS CLO 2007-1   |   | CLO |   | 2006 |   | $316 Million |   | Senior Debt |   | Finite Life |
| ACAS CLO 2012-1   |   | CLO |   | 2012 |   | $352 Million |   | Senior Debt |   | Finite Life |
| ACAS CLO 2013-1   |   | CLO |   | 2013 |   | $403 Million |   | Senior Debt |   | Finite Life |
| ACAS CLO 2013-2   |   | CLO |   | 2013 |   | $401 Million |   | Senior Debt |   | Finite Life |
| ACAS CLO 2014-1   |   | CLO |   | 2014 |   | $601 Million |   | Senior Debt |   | Finite Life |
| ACAS CLO 2014-2   |   | CLO |   | 2014 |   | $400 Million |   | Senior Debt |   | Finite Life |

|     |                                                                                                                   |
|-----|-------------------------------------------------------------------------------------------------------------------|
| (1) | $165 million in committed capital in ECAS UK SME Debt fund, which remained largely unfunded as of March 31, 2015. |

|     |                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------|
| (2) | $257 million in committed capital in ECAS Private Debt fund, which was unfunded as of March 31, 2015. |

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----

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|                         |
|-------------------------|
|                         |  |  |  |  |  |
|                    | March 31, 2015 |   | December 31, 2014 |
| Cost                    |   |   |   |
| First Lien Senior Debt  | 29.6 | % |   | 33.1 | % |
| Second Lien Senior Debt | 2.9 | % |   | 3.3 | % |
| Mezzanine Debt          | 23.7 | % |   | 24.1 | % |
| Preferred Equity        | 29.8 | % |   | 24.0 | % |
| Common Equity           | 12.7 | % |   | 14.0 | % |
| Structured Products     | 1.3 | % |   | 1.5 | % |
| Total                   | 100.0 | % |   | 100.0 | % |
|                    |   |   |   |
| Fair Value              |   |   |   |
| First Lien Senior Debt  | 39.2 | % |   | 46.0 | % |
| Second Lien Senior Debt | — | % |   | — | % |
| Mezzanine Debt          | 16.4 | % |   | 15.7 | % |
| Preferred Equity        | 23.9 | % |   | 13.3 | % |
| Common Equity           | 17.3 | % |   | 21.3 | % |
| Structured Products     | 3.2 | % |   | 3.7 | % |
| Total                   | 100.0 | % |   | 100.0 | % |

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|         |                                                                                                                                                                                                                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The first element is “Net operating income” (“NOI”), which is primarily the interest, dividends, prepayment fees, finance and transaction fees and portfolio company management fees earned from investing in debt and equity securities and the fees we earn from fund asset management, less our operating expenses and provision or benefit for income taxes. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The second element is “Net realized gain (loss),” which reflects the difference between the proceeds from an exit of an investment and the cost at which the investment was carried on our consolidated balance sheets and periodic interest settlements and termination receipts or payments on derivatives, foreign currency transaction gains or losses and taxes on realized gains or losses. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The third element is “Net unrealized appreciation (depreciation),” which is the net change in the estimated fair value of our portfolio investments and of our interest rate derivatives at the end of the period compared with their estimated fair values at the beginning of the period or their stated costs, as appropriate, and taxes on unrealized gains or losses. In addition, our net unrealized depreciation includes the foreign currency translation from converting the cost basis of our assets and liabilities denominated in a foreign currency to the U.S. dollar. |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |
|                                    | Three Months Ended March 31, |
|                                    | 2015 |   | 2014 |
| Operating revenue                       | $ | 154 |  |   | $ | 84 |  |
| Operating expenses                      | 76 |  |   | 68 |  |
| NOI before income taxes                 | 78 |  |   | 16 |  |
| Tax provision                           | (28 | ) |   | (11 | ) |
| NOI                                     | 50 |  |   | 5 |  |
| Net realized (loss) gain, net of tax    | (213 | ) |   | 21 |  |
| Net realized (loss) earnings            | (163 | ) |   | 26 |  |
| Net unrealized appreciation, net of tax | 178 |  |   | 44 |  |
| Net earnings                            | $ | 15 |  |   | $ | 70 |  |

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|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |
|                                    | Three Months Ended March 31, |
| Business Line                           | 2015 |   | 2014 |
| American Capital Asset Management       | $ | 33 |  |   | $ | 23 |  |
| American Capital One Stop Buyouts® | 28 |  |   | 50 |  |
| Sponsor Finance Investments             | 27 |  |   | (1 | ) |
| Structured Products                     | 24 |  |   | 12 |  |
| European Capital(1)                     | 23 |  |   | — |  |
| Senior Floating Rate Loans              | 19 |  |   | — |  |
| Total by business line                  | $ | 154 |  |   | $ | 84 |  |

|     |                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Effective October 1, 2014, European Capital’s financial results have been consolidated with the financial results of American Capital. |

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|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |
|                                                    | Three Months Ended March 31, |
|                                                    | 2015 |   | 2014 |
| Interest income on debt investments                     | $ | 62 |  |   | $ | 29 |  |
| Interest income on Structured Products investments      | 23 |  |   | 12 |  |
| Dividend income from equity investments, excluding ACAM | 4 |  |   | 16 |  |
| Dividend income from ACAM                               | 26 |  |   | 14 |  |
| Interest and dividend income                            | 115 |  |   | 71 |  |
| Portfolio company advisory and administrative fees      | 5 |  |   | 3 |  |
| Advisory and administrative services - ACAM             | 7 |  |   | 9 |  |
| Other fees                                              | 4 |  |   | 1 |  |
| Fee income                                              | 16 |  |   | 13 |  |
| Total operating revenue                                 | $ | 131 |  |   | $ | 84 |  |

|                                                                                                                        |
|------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                        |  |  |  |  |  |  |  |
|                                                                                                                   | Three Months Ended March 31, |
|                                                                                                                   | 2015 |   | 2014 |
| Debt investments at cost(1)                                                                                            | $ | 1,792 |  |   | $ | 1,709 |  |
| Average non-accrual debt investments at cost(2)                                                                        | $ | 193 |  |   | $ | 301 |  |
| Effective interest rate on debt investments                                                                            | 9.4 | % |   | 6.8 | % |
| Effective interest rate on debt investments, excluding non-accrual prior period adjustments                            | 9.0 | % |   | 10.0 | % |
| Structured Products investments at cost(1)                                                                             | $ | 645 |  |   | $ | 360 |  |
| Effective interest rate on Structured Products investments                                                             | 14.5 | % |   | 13.1 | % |
| Debt and Structured Products investments at cost(1)                                                                    | $ | 2,437 |  |   | $ | 2,069 |  |
| Effective interest rate on debt and Structured Products investments                                                    | 10.8 | % |   | 7.9 | % |
| Average daily one-month LIBOR                                                                                          | 0.2 | % |   | 0.2 | % |
| Equity investments at cost(1)(3)                                                                                       | $ | 1,220 |  |   | $ | 2,059 |  |
| Effective dividend yield on equity investments(3)                                                                      | 1.4 | % |   | 3.0 | % |
| Effective dividend yield on equity investments, excluding non-accrual prior period adjustments(3)                      | 1.9 | % |   | 3.6 | % |
| Debt, Structured Products and equity investments at cost(1)(3)                                                         | $ | 3,657 |  |   | $ | 4,128 |  |
| Effective yield on debt, Structured Products and equity investments(3)                                                 | 7.6 | % |   | 5.5 | % |
| Effective yield on debt, Structured Products and equity investments, excluding non-accrual prior period adjustments(3) | 7.6 | % |   | 7.0 | % |

|     |                                                  |
|-----|--------------------------------------------------|
| (1) | Monthly weighted average of investments at cost. |

|     |                                           |
|-----|-------------------------------------------|
| (2) | Quarterly average of investments at cost. |

|     |                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------|
| (3) | Excludes our equity investment in ACAM and our investment in European Capital for the three months ended March 31, 2014. |

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|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |
|                                            | Three Months Ended March 31, |
|                                            | 2015 |   | 2014 |
| Interest                                        | $ | 17 |  |   | $ | 12 |  |
| Salaries, benefits and stock-based compensation | 40 |  |   | 42 |  |
| European Capital management fees                | 4 |  |   | — |  |
| General and administrative                      | 15 |  |   | 14 |  |
| Total operating expenses                        | $ | 76 |  |   | $ | 68 |  |

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |
|                                                  | Three Months Ended March 31, |
|                                                  | 2015 |   | 2014 |
| Base salaries                                         | $ | 12 |  |   | $ | 15 |  |
| Incentive compensation                                | 11 |  |   | 12 |  |
| Benefits                                              | 4 |  |   | 5 |  |
| Stock-based compensation                              | 3 |  |   | 10 |  |
| Severance related costs                               | 10 |  |   | — |  |
| Total salaries, benefits and stock-based compensation | $ | 40 |  |   | $ | 42 |  |

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|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |
|                                                  | Three Months Ended March 31, |
|                                                  | 2015 |   | 2014 |
| Tax provision- net operating income                   | $ | (28 | ) |   | $ | (11 | ) |
| Tax benefit (provision) - net realized (loss) gain    | 43 |  |   | (3 | ) |
| Tax (provision) benefit - net unrealized appreciation | (76 | ) |   | 12 |  |
| Total tax provision                                   | $ | (61 | ) |   | $ | (2 | ) |

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|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | Three Months Ended March 31, |
|                                     | 2015 |   | 2014 |
| Anchor Drilling Fluids USA, Inc.         | $ | — |  |   | $ | 19 |  |
| Other, net                               | 5 |  |   | 6 |  |
| Total gross realized portfolio gain      | 5 |  |   | 25 |  |
|                                     |   |   |   |
| CML Pharmaceuticals, LLC                 | (168 | ) |   | — |  |
| TestAmerica Environmental Services, LLC  | (28 | ) |   | — |  |
| Other, net                               | (15 | ) |   | (4 | ) |
| Total gross realized portfolio loss      | (211 | ) |   | (4 | ) |
| Total net realized portfolio (loss) gain | (206 | ) |   | 21 |  |
| Foreign currency transactions            | (2 | ) |   | 2 |  |
| Derivative agreements                    | (2 | ) |   | 1 |  |
| Long term incentive plan liability       | (46 | ) |   | — |  |
| Tax benefit (provision)                  | 43 |  |   | (3 | ) |
| Total net realized (loss) gain           | $ | (213 | ) |   | $ | 21 |  |

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|                                                                                      |
|--------------------------------------------------------------------------------------|
|                                                                                      |  |  |  |  |  |  |  |
|                                                                                 | Three Months Ended March 31, |
|                                                                                 | 2015 |   | 2014 |
| Gross unrealized appreciation of American Capital One Stop Buyouts®             | $ | 69 |  |   | $ | 29 |  |
| Gross unrealized depreciation of American Capital One Stop Buyouts®             | (65 | ) |   | (142 | ) |
| Gross unrealized appreciation of Sponsor Finance Investments                         | 25 |  |   | 7 |  |
| Gross unrealized depreciation of Sponsor Finance Investments                         | (25 | ) |   | (40 | ) |
| Gross unrealized appreciation of European Capital investments                        | 38 |  |   | — |  |
| Gross unrealized depreciation of European Capital investments                        | (36 | ) |   | — |  |
| Net unrealized appreciation of investment in European Capital                        | — |  |   | 64 |  |
| Net unrealized (depreciation) appreciation of ACAM                                   | (4 | ) |   | 121 |  |
| Net unrealized appreciation of Senior Floating Rate Loans                            | 21 |  |   | — |  |
| Net unrealized depreciation of Structured Products investments                       | (3 | ) |   | (2 | ) |
| Reversal of prior period net unrealized depreciation (appreciation) upon realization | 209 |  |   | (2 | ) |
| Net unrealized appreciation of portfolio investments                                 | 229 |  |   | 35 |  |
| Foreign currency translation - investment in European Capital                        | — |  |   | (4 | ) |
| Foreign currency translation - European Capital investments                          | 28 |  |   | — |  |
| Foreign currency translation - other                                                 | (9 | ) |   | — |  |
| Derivative agreements and other                                                      | 43 |  |   | 1 |  |
| WRH, Inc. Equity Option                                                              | (37 | ) |   | — |  |
| Tax (provision) benefit                                                              | (76 | ) |   | 12 |  |
| Net unrealized appreciation                                                          | $ | 178 |  |   | $ | 44 |  |

----

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|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |
|                                             | March 31, 2014 |
| Debt investments at fair value                   | € | 334 |  |
| Equity investments at fair value                 | 371 |  |
| Other assets and liabilities, net                | 71 |  |
| Third-party unsecured debt at cost               | (107 | ) |
| NAV (Euros)                                      | € | 669 |  |
| Exchange rate                                    | 1.38 |  |
| NAV (U.S. dollars)                               | $ | 923 |  |
| Fair value of American Capital equity investment | $ | 801 |  |
| Implied discount to NAV                          | 13.2 | % |

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|                                                         |
|---------------------------------------------------------|
|                                                         |  |
| August 2015                                             | $4.5 million |
| August 2016                                             | $4.5 million |
| Secured Term Loans due August 2017                      | Outstanding Balance |
| Unsecured Private Notes due September 2018              | Outstanding Balance |
| Unsecured senior notes (Series 2006-I) due January 2022 | Outstanding Balance |
| Unsecured senior notes (Series 2007-I) due July 2022    | Outstanding Balance |
| Unsecured senior notes (Series 2007-II) due July 2022   | Outstanding Balance |

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |
|                                                                        | March 31, 2015 |
| Secured revolving credit facility due August 2016, $250 million commitment  | $ | — |  |
| Secured revolving credit facility due March 2017, $1,250 million commitment | 799 |  |
| Secured revolving credit facility due October 2016, $500 million commitment | 282 |  |
| Total                                                                       | $ | 1,081 |  |

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|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |
|                                                                        | March 31, 2015 |   | December 31, 2014 |
| Current                                                                     | $ | 3,776 |  |   | $ | 3,248 |  |
| 0 - 30 days past due                                                        | — |  |   | — |  |
| 31 - 60 days past due                                                       | — |  |   | — |  |
| 61 - 90 days past due                                                       | — |  |   | — |  |
| Greater than 90 days past due                                               | — |  |   | — |  |
| Total past due accruing loans at cost                                       | — |  |   | — |  |
| Non-accruing loans at cost                                                  | 186 |  |   | 201 |  |
| Total loans at cost                                                         | $ | 3,962 |  |   | $ | 3,449 |  |
| Non-accruing loans at fair value                                            | $ | 98 |  |   | $ | 116 |  |
| Total loans at fair value                                                   | $ | 3,865 |  |   | $ | 3,311 |  |
| Non-accruing loans at cost as a percent of total loans at cost              | 4.7 | % |   | 5.8 | % |
| Non-accruing loans at fair value as a percent of total loans at fair value  | 2.5 | % |   | 3.5 | % |
| Non-accruing loans at fair value as a percent of non-accruing loans at cost | 52.7 | % |   | 57.7 | % |

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|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |
|                                                                        | March 31, 2015 |   | December 31, 2014 |
| Current                                                                     | $ | 340 |  |   | $ | 340 |  |
| 0 - 30 days past due                                                        | — |  |   | — |  |
| 31 - 60 days past due                                                       | — |  |   | — |  |
| 61 - 90 days past due                                                       | — |  |   | — |  |
| Greater than 90 days past due                                               | — |  |   | — |  |
| Total past due accruing loans at cost                                       | — |  |   | — |  |
| Non-accruing loans at cost                                                  | 137 |  |   | 170 |  |
| Total loans at cost                                                         | $ | 477 |  |   | $ | 510 |  |
| Non-accruing loans at fair value                                            | $ | 20 |  |   | $ | 32 |  |
| Total loans at fair value                                                   | $ | 349 |  |   | $ | 361 |  |
| Non-accruing loans at cost as a percent of total loans at cost              | 28.7 | % |   | 33.3 | % |
| Non-accruing loans at fair value as a percent of total loans at fair value  | 5.7 | % |   | 8.9 | % |
| Non-accruing loans at fair value as a percent of non-accruing loans at cost | 14.6 | % |   | 18.8 | % |

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|         |                                                           |
|---------|-----------------------------------------------------------|
| ITEM 3. | Quantitative and Qualitative Disclosure About Market Risk |

----

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|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Basis Point Change |   | InterestIncome |   | InterestExpense |   | NetOperating Income |   | Net Earnings |
| Up 400 basis points          |   | $ | 124 |  |   | $ | 47 |  |   | $ | 77 |  |   | $ | 77 |  |
| Up 300 basis points          |   | $ | 87 |  |   | $ | 35 |  |   | $ | 52 |  |   | $ | 52 |  |
| Up 200 basis points          |   | $ | 50 |  |   | $ | 22 |  |   | $ | 28 |  |   | $ | 28 |  |
| Up 100 basis points          |   | $ | 14 |  |   | $ | 10 |  |   | $ | 4 |  |   | $ | 4 |  |
| Down 100 basis points        |   | $ | — |  |   | $ | (1 | ) |   | $ | 1 |  |   | $ | 1 |  |

|         |                         |
|---------|-------------------------|
| Item 4. | Controls and Procedures |

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|         |                   |
|---------|-------------------|
| Item 1. | Legal Proceedings |

|            |                    |
|------------|--------------------|
| Item   1A. | Risk Factors  |

|         |                                                             |
|---------|-------------------------------------------------------------|
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |

|         |                                 |
|---------|---------------------------------|
| Item 3. | Defaults Upon Senior Securities |

|         |                         |
|---------|-------------------------|
| Item 4. | Mine Safety Disclosures |

|         |                   |
|---------|-------------------|
| Item 5. | Other Information |

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|         |                |
|---------|----------------|
| Item 6. | Exhibits  |

|        |
|--------|
|        |  |
| *3.1.  | American Capital, Ltd. (f/k/a American Capital Strategies, Ltd.) Third Amended and Restated Certificate of Incorporation, as amended, incorporated herein by reference to Exhibit 3.1 to Form 10-Q for the quarter ended March 31, 2012 (File No. 814-00149), filed May 7, 2012. |
|   |   |
| *3.2.  | American Capital, Ltd. (f/k/a American Capital Strategies, Ltd.) Second Amended and Restated Bylaws, as amended, incorporated herein by reference to Exhibit 3.2 to Form 10-Q for the quarter ended June 30, 2008 (File No. 814-00149), filed August 11, 2008. |
|   |   |
| *4.1.  | Instruments defining the rights of holders of securities: See Article IV of our Third Amended and Restated Certificate of Incorporation, as amended, incorporated herein by reference to Exhibit 3.1 to Form 10-Q for the quarter ended March 31, 2012 (File No. 814-00149), filed May 7, 2012. |
|   |   |
| *4.2.  | Instruments defining the rights of holders of securities: See Section I of our Second Amended and Restated Bylaws, as amended, incorporated herein by reference to Exhibit 3.2 to Form 10-Q for the quarter ended June 30, 2008 (File No. 814-00149), filed August 11, 2008. |
|   |   |
| 10.1.  | Amended and Restated Credit Agreement dated as of March 6, 2015, among ACAS Funding I, LLC, a Delaware limited liability company, the lenders party thereto, and Bank of America, N.A., as Administrative Agent, filed herewith. |
|   |   |
| 10.2.  | Agreement and Release dated as of March 12, 2015, between American Capital, Ltd. and Malon Wilkus, filed herewith. |
|   |   |
| 31.1.  | Certification of CEO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|   |   |
| 31.2.  | Certification of CFO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|   |   |
| 32.    | Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |

|   |                       |
|---|-----------------------|
| * | Previously filed  |

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Table of Contents

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|        |  |  |
|   | AMERICAN CAPITAL, LTD. |
|   |   |   |
|   | By: | /s/    JOHN R. ERICKSON |
|   |   | John R. EricksonChief Financial Officer(Principal Financial Officer) |