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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.) |

|                                         |
|-----------------------------------------|
|                                         |  |  |
| Title of each class                     |   | Name of each exchangeon which registered |
| Common Stock, $0.01 par value per share |   | The NASDAQ Stock Market LLC(NASDAQ Global Select Market) |

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |
| 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 | 40 |
| Item 3.                                 | Quantitative and Qualitative Disclosure About Market Risk | 58 |
| Item 4.                                 | Controls and Procedures | 59 |
|                                    |   |   |
| PART II. OTHER INFORMATION              |   |
|                                    |   |   |
| Item 1.                                 | Legal Proceedings | 60 |
| Item 1A.                                | Risk Factors | 60 |
| Item 2.                                 | Unregistered Sales of Equity Securities and Use of Proceeds | 60 |
| Item 3.                                 | Defaults Upon Senior Securities | 60 |
| Item 4.                                 | Mine Safety Disclosures | 60 |
| Item 5.                                 | Other Information | 60 |
| Item 6.                                 | Exhibits | 61 |
| Signatures                              | 62 |
|                                    |   |   |

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Table of Contents

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

|                                                                                                                                |
|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                |  |  |  |  |  |  |  |
|                                                                                                                           | March 31, |   | December 31, |
|                                                                                                                           | 2014 |   | 2013 |
|                                                                                                                           | (unaudited) |   |   |
| Assets                                                                                                                         |   |   |   |
| Investments at fair value                                                                                                      |   |   |   |
| Non-Control/Non-Affiliate investments (cost of $1,578 and $1,338, respectively)                                                | $ | 1,324 |  |   | $ | 1,085 |  |
| Affiliate investments (cost of $247 and $302, respectively)                                                                    | 201 |  |   | 282 |  |
| Control investments (cost of $3,640 and $3,908, respectively)                                                                  | 3,495 |  |   | 3,705 |  |
| Total investments at fair value (cost of $5,465 and $5,548, respectively)                                                      | 5,020 |  |   | 5,072 |  |
| Cash and cash equivalents                                                                                                      | 468 |  |   | 315 |  |
| Restricted cash and cash equivalents                                                                                           | 104 |  |   | 74 |  |
| Interest and dividend receivable                                                                                               | 32 |  |   | 38 |  |
| Deferred tax asset, net                                                                                                        | 419 |  |   | 414 |  |
| Other                                                                                                                          | 91 |  |   | 96 |  |
| Total assets                                                                                                                   | $ | 6,134 |  |   | $ | 6,009 |  |
| Liabilities and Shareholders’ Equity                                                                                     |   |   |   |
| Debt ($5 and $5 due within one year, respectively)                                                                             | $ | 790 |  |   | $ | 791 |  |
| Trade date settlement liability                                                                                                | 202 |  |   | 15 |  |
| Other                                                                                                                          | 64 |  |   | 77 |  |
| Total liabilities                                                                                                              | 1,056 |  |   | 883 |  |
| Commitments and contingencies                                                                                                  |   |   |   |
| 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, 267.9 and 274.8 issued and 263.3 and 270.2 outstanding, respectively | 3 |  |   | 3 |  |
| Capital in excess of par value                                                                                                 | 6,178 |  |   | 6,296 |  |
| Distributions in excess of net realized earnings                                                                               | (748 | ) |   | (774 | ) |
| Net unrealized depreciation of investments                                                                                     | (355 | ) |   | (399 | ) |
| Total shareholders’ equity                                                                                               | 5,078 |  |   | 5,126 |  |
| Total liabilities and shareholders’ equity                                                                               | $ | 6,134 |  |   | $ | 6,009 |  |
| Net Asset Value Per Common Share Outstanding                                                                                   | $ | 19.29 |  |   | $ | 18.97 |  |

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Table of Contents

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |
|                                                                              | Three Months Ended March 31, |
|                                                                              | 2014 |   | 2013 |
| Operating Revenue                                                                 |   |   |   |
| Interest and dividend income                                                      |   |   |   |
| Non-Control/Non-Affiliate investments                                             | $ | 13 |  |   | $ | 68 |  |
| Affiliate investments                                                             | — |  |   | 10 |  |
| Control investments                                                               | 58 |  |   | 44 |  |
| Total interest and dividend income                                                | 71 |  |   | 122 |  |
| Fee income                                                                        |   |   |   |
| Non-Control/Non-Affiliate investments                                             | 1 |  |   | 1 |  |
| Control investments                                                               | 12 |  |   | 10 |  |
| Total fee income                                                                  | 13 |  |   | 11 |  |
| Total operating revenue                                                           | 84 |  |   | 133 |  |
| Operating Expenses                                                                |   |   |   |
| Interest                                                                          | 12 |  |   | 11 |  |
| Salaries, benefits and stock-based compensation                                   | 42 |  |   | 41 |  |
| General and administrative                                                        | 14 |  |   | 13 |  |
| Total operating expenses                                                          | 68 |  |   | 65 |  |
| Net Operating Income Before Income Taxes                                          | 16 |  |   | 68 |  |
| Tax provision                                                                     | (11 | ) |   | (22 | ) |
| Net Operating Income                                                              | 5 |  |   | 46 |  |
| Net realized gain (loss)                                                          |   |   |   |
| Non-Control/Non-Affiliate investments                                             | 2 |  |   | — |  |
| Affiliate investments                                                             | 19 |  |   | — |  |
| Control investments                                                               | — |  |   | (7 | ) |
| Foreign currency transactions                                                     | 2 |  |   | — |  |
| Derivative agreements                                                             | 1 |  |   | (14 | ) |
| Tax (provision) benefit                                                           | (3 | ) |   | 13 |  |
| Total net realized gain (loss)                                                    | 21 |  |   | (8 | ) |
| Net unrealized appreciation (depreciation)                                        |   |   |   |
| Portfolio company investments                                                     | 35 |  |   | 335 |  |
| Foreign currency translation                                                      | (4 | ) |   | (40 | ) |
| Derivative agreements and other                                                   | 1 |  |   | 13 |  |
| Tax benefit                                                                       | 12 |  |   | — |  |
| Total net unrealized appreciation                                                 | 44 |  |   | 308 |  |
| Total net gain                                                                    | 65 |  |   | 300 |  |
| Net Increase in Net Assets Resulting from Operations (“Net Earnings”) | $ | 70 |  |   | $ | 346 |  |
|                                                                              |   |   |   |
| Net Operating Income Per Common Share                                             |   |   |   |
| Basic                                                                             | $ | 0.02 |  |   | $ | 0.15 |  |
| Diluted                                                                           | $ | 0.02 |  |   | $ | 0.14 |  |
| Net Earnings Per Common Share                                                     |   |   |   |
| Basic                                                                             | $ | 0.26 |  |   | $ | 1.13 |  |
| Diluted                                                                           | $ | 0.25 |  |   | $ | 1.09 |  |
| Weighted Average Shares of Common Stock Outstanding                               |   |   |   |
| Basic                                                                             | 270.7 |  |   | 305.4 |  |
| Diluted                                                                           | 283.4 |  |   | 317.9 |  |

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Table of Contents

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |
|                                                                  | Three Months Ended March 31, |
|                                                                  | 2014 |   | 2013 |
| Operations                                                            |   |   |   |
| Net operating income                                                  | $ | 5 |  |   | $ | 46 |  |
| Net realized gain (loss)                                              | 21 |  |   | (8 | ) |
| Net unrealized appreciation                                           | 44 |  |   | 308 |  |
| Net earnings                                                          | 70 |  |   | 346 |  |
| Capital Share Transactions                                            |   |   |   |
| Proceeds from issuance of common stock upon exercise of stock options | 13 |  |   | 12 |  |
| Repurchase of common stock                                            | (137 | ) |   | (128 | ) |
| Stock-based compensation                                              | 1 |  |   | 7 |  |
| Other                                                                 | 5 |  |   | 3 |  |
| Net decrease in net assets resulting from capital share transactions  | (118 | ) |   | (106 | ) |
| Total (decrease) increase in net assets                               | (48 | ) |   | 240 |  |
| Net assets at beginning of period                                     | 5,126 |  |   | 5,429 |  |
| Net assets at end of period                                           | $ | 5,078 |  |   | $ | 5,669 |  |
|                                                                  |   |   |   |
| Net asset value per common share outstanding                          | $ | 19.29 |  |   | $ | 19.04 |  |
| Common shares outstanding at end of period                            | 263.3 |  |   | 297.8 |  |

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Table of Contents

|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |  |  |  |  |
|                                                                                | Three Months Ended March 31, |
|                                                                                | 2014 |   | 2013 |
| Operating Activities                                                                |   |   |   |
| Net earnings                                                                        | $ | 70 |  |   | $ | 346 |  |
| Adjustments to reconcile net earnings to net cash provided by operating activities: |   |   |   |
| Net unrealized appreciation of investments                                          | (32 | ) |   | (308 | ) |
| Net realized (gain) loss on investments                                             | (24 | ) |   | 21 |  |
| Accrued PIK interest and dividends on investments                                   | (5 | ) |   | (43 | ) |
| Depreciation of property and equipment                                              | 2 |  |   | 2 |  |
| Stock-based compensation                                                            | 10 |  |   | 7 |  |
| Decrease in deferred tax asset, net                                                 | — |  |   | 6 |  |
| Decrease (increase) in interest and dividend receivable                             | 5 |  |   | (4 | ) |
| Decrease in other assets                                                            | 8 |  |   | 14 |  |
| (Decrease) increase in other liabilities                                            | (21 | ) |   | 11 |  |
| Other                                                                               | (5 | ) |   | (2 | ) |
| Net cash provided by operating activities                                           | 8 |  |   | 50 |  |
| Investing Activities                                                                |   |   |   |
| Purchases and originations of investments                                           | (143 | ) |   | (125 | ) |
| Fundings on portfolio company revolving credit facility investments, net            | (3 | ) |   | (23 | ) |
| Principal repayments on debt investments                                            | 35 |  |   | 157 |  |
| Proceeds from loan syndications and loan sales                                      | 20 |  |   | 4 |  |
| Payment of accrued PIK notes and dividend and accreted original issue discounts     | 63 |  |   | 60 |  |
| Proceeds from equity investments                                                    | 324 |  |   | 60 |  |
| Increase in cash collateral on total return swaps                                   | (35 | ) |   | — |  |
| Other                                                                               | (1 | ) |   | (16 | ) |
| Net cash provided by investing activities                                           | 260 |  |   | 117 |  |
| Financing Activities                                                                |   |   |   |
| Payments on notes payable from asset securitizations                                | — |  |   | (113 | ) |
| Proceeds from issuance of common stock upon exercise of stock options               | 13 |  |   | 12 |  |
| Repurchase of common stock                                                          | (137 | ) |   | (128 | ) |
| Decrease in debt service escrows                                                    | — |  |   | 87 |  |
| Other                                                                               | 9 |  |   | 4 |  |
| Net cash used in financing activities                                               | (115 | ) |   | (138 | ) |
| Net increase in cash and cash equivalents                                           | 153 |  |   | 29 |  |
| Cash and cash equivalents at beginning of period                                    | 315 |  |   | 331 |  |
| Cash and cash equivalents at end of period                                          | $ | 468 |  |   | $ | 360 |  |

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Table of Contents

|                                                                                |
|--------------------------------------------------------------------------------|
|                                                                                |  |  |  |  |  |  |  |
|                                                                           | Three Months Ended March 31, |
|                                                                           | 2014 |   | 2013 |
| Per Share Data                                                                 |   |   |   |
| Net asset value at beginning of the period                                     | $ | 18.97 |  |   | $ | 17.84 |  |
| Net operating income(1)                                                        | 0.02 |  |   | 0.15 |  |
| Net realized gain (loss)(1)                                                    | 0.08 |  |   | (0.03 | ) |
| Net unrealized appreciation(1)                                                 | 0.16 |  |   | 1.01 |  |
| Net earnings(1)                                                                | 0.26 |  |   | 1.13 |  |
| Issuance of common stock from stock compensation plans                         | (0.09 | ) |   | (0.08 | ) |
| Repurchase of common stock                                                     | 0.13 |  |   | 0.14 |  |
| Other, net(2)                                                                  | 0.02 |  |   | 0.01 |  |
| Net asset value at end of period                                               | $ | 19.29 |  |   | $ | 19.04 |  |
| Ratio/Supplemental Data                                                        |   |   |   |
| Per share market value at end of period                                        | $ | 15.80 |  |   | $ | 14.60 |  |
| Total investment return(3)                                                     | 0.99 | % |   | 21.42 | % |
| Shares outstanding at end of period                                            | 263.3 |  |   | 297.8 |  |
| Net assets at end of period                                                    | $ | 5,078 |  |   | $ | 5,669 |  |
| Average net assets(4)                                                          | $ | 5,102 |  |   | $ | 5,549 |  |
| Average debt outstanding(5)                                                    | $ | 800 |  |   | $ | 727 |  |
| Average debt outstanding per common share(1)                                   | $ | 2.96 |  |   | $ | 2.38 |  |
| Portfolio turnover rate(6)                                                     | 12.40 | % |   | 11.86 | % |
| Ratio of operating expenses to average net assets(6)                           | 5.41 | % |   | 4.75 | % |
| Ratio of operating expenses, net of interest expense, to average net assets(6) | 4.45 | % |   | 3.95 | % |
| Ratio of interest expense to average net assets(6)                             | 0.95 | % |   | 0.80 | % |
| Ratio of net operating income to average net assets(6)                         | 0.40 | % |   | 3.36 | % |

|     |                                        |
|-----|----------------------------------------|
| (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 US 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. |

|     |                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------|
| (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, 2014(unaudited)(in millions, except share data) |
|---------------------------------------------------------------------------------------------------------------------|
|                                                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                          |   | Industry |   | Investments |   | Cash InterestRate(2) | PIKInterestRate(2) |   | MaturityDate(2) |   | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| NON-CONTROL / NON-AFFILIATE INVESTMENTS                                                                             |   |   |   |   |   |   |   |   |
| Accellent Inc.                                                                                                      |   | Health Care Equipment & Supplies |   | Senior Debt(6) |   | 4.5 | % | N/A |  |   | 3/21 |   |   |   | $ | 5.0 |  |   | $ | 5.0 |  |   | $ | 5.0 |  |
| Aderant North America, Inc.                                                                                         |   | Software |   | Senior Debt(6) |   | 10.0 | % | N/A |  |   | 6/19 |   |   |   | 16.0 |  |   | 15.8 |  |   | 16.2 |  |
| Air Distribution Technologies Inc.                                                                                  |   | Commercial Services & Supplies |   | Senior Debt(6) |   | 9.3 | % | N/A |  |   | 5/20 |   |   |   | 7.0 |  |   | 6.9 |  |   | 7.2 |  |
| AlixPartners, LLP                                                                                                   |   | Diversified Financial Services |   | Senior Debt(6) |   | 4.0 | % | N/A |  |   | 7/20 |   |   |   | 5.0 |  |   | 5.1 |  |   | 5.1 |  |
| American Acquisition, LLC(8)                                                                                        |   | Capital Markets |   | Senior Debt(6) |   | 3.7 | % | 15.6 | % |   | 6/14 |   |   |   | 3.0 |  |   | 3.0 |  |   | 2.9 |  |
| American Renal Holdings Inc.                                                                                        |   | Health Care Providers & Services |   | Senior Debt(6) |   | 4.5 | % | N/A |  |   | 8/19 |   |   |   | 1.0 |  |   | 1.0 |  |   | 1.0 |  |
| Asurion, LLC                                                                                                        |   | Commercial Services & Supplies |   | Senior Debt(6) |   | 5.0 | % | N/A |  |   | 5/19 |   |   |   | 7.5 |  |   | 7.5 |  |   | 7.5 |  |
| Atlantic Power Limited Partnership(9)                                                                               |   | Independent Power and Renewable Electricity Producers |   | Senior Debt(6) |   | 4.8 | % | N/A |  |   | 2/21 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Blue Wolf Capital Fund II, L.P.(8)                                                                                  |   | Capital Markets |   | Limited Partnership Interest(4) |   |   |   |   |   |   |   |   |   |   | 8.2 |  |   | 8.0 |  |
| BWay Holding Company                                                                                                |   | Containers & Packaging |   | Senior Debt(6) |   | 4.5 | % | N/A |  |   | 8/17 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| CAMP International Holding Co.                                                                                      |   | Transportation Infrastructure |   | Senior Debt(6) |   | 8.3 | % | N/A |  |   | 12/19 |   |   |   | 15.0 |  |   | 15.0 |  |   | 15.0 |  |
| CEC Entertainment, Inc.                                                                                             |   | Hotels, Restaurants & Leisure |   | Senior Debt(6) |   | 4.3 | % | N/A |  |   | 2/21 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Centaur Acquisition, LLC                                                                                            |   | Hotels, Restaurants & Leisure |   | Senior Debt(6) |   | 5.3 | % | N/A |  |   | 2/19 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| CGSC of Delaware Holdings Corporation(7)                                                                            |   | Insurance |   | Senior Debt(6) |   | 8.3 | % | N/A |  |   | 10/20 |   |   |   | 2.0 |  |   | 2.0 |  |   | 2.0 |  |
| CIBT Investment Holdings, LLC                                                                                       |   | Commercial Services & Supplies |   | Common Stock(4)(6) |   |   |   |   |   |   | 13,381 |  |   |   |   | 8.9 |  |   | 16.4 |  |
| CPG International LLC                                                                                               |   | Building Products |   | Senior Debt(6) |   | 4.8 | % | N/A |  |   | 9/20 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Datapipe, Inc.                                                                                                      |   | IT Services |   | Senior Debt(6) |   | 9.3 | % | N/A |  |   | 9/19 |   |   |   | 12.5 |  |   | 12.3 |  |   | 12.8 |  |
| Del Monte Foods, Inc.(9)                                                                                            |   | Food Products |   | Senior Debt(6) |   | 4.3 | % | N/A |  |   | 2/21 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Delsey Holding S.A.S.(7)                                                                                            |   | Textiles, Apparel & Luxury Goods |   | Senior Debt(6) |   | 6.7 | % | 3.3 | % |   | 12/16 |   |   |   | 15.1 |  |   | 15.1 |  |   | 15.5 |  |
|                                                                                                                |   |   | Mezzanine Debt(5)(6) |   | N/A |  | 11.0 | % |   | 12/22 |   |   |   | 1.9 |  |   | 1.8 |  |   | 0.2 |  |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 16.9 |  |   | 15.7 |  |
| Dole Food Company, Inc.                                                                                             |   | Food Products |   | Senior Debt(6) |   | 4.5 | % | N/A |  |   | 11/18 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Duff & Phelps Corporation                                                                                       |   | Capital Markets |   | Senior Debt(6) |   | 4.5 | % | N/A |  |   | 4/20 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Easton Bell Sports, LLC                                                                                             |   | Leisure Products |   | Redeemable Preferred Stock(4) |   |   |   |   |   |   | 1,171 |  |   |   |   | 1.2 |  |   | 1.7 |  |
|                                                                                                                |   |   | Common Units(4) |   |   |   |   |   |   | 3,830,068 |  |   |   |   | 0.7 |  |   | — |  |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 1.9 |  |   | 1.7 |  |
| FAMS Acquisition, Inc.                                                                                              |   | Diversified Financial Services |   | Mezzanine Debt(6) |   | 12.3 | % | 2.5 | % |   | 11/14 |   |   |   | 46.9 |  |   | 46.9 |  |   | 46.9 |  |
|                                                                                                                |   |   | Redeemable Preferred Stock(6) |   |   |   |   |   |   | 919 |  |   |   |   | 2.1 |  |   | 1.8 |  |
|                                                                                                                |   |   |   | Convertible Preferred Stock(4)(6) |   |   |   |   |   |   | 861,364 |  |   |   |   | 20.9 |  |   | 13.7 |  |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 69.9 |  |   | 62.4 |  |
| First Data Corporation                                                                                              |   | IT Services |   | Senior Debt(6) |   | 4.0 | % | N/A |  |   | 3/21 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Foamex Innovations, Inc.                                                                                            |   | Household Durables |   | Common Stock(4) |   |   |   |   |   |   | 2,708 |  |   |   |   | — |  |   | 0.4 |  |
| Genex Services, Inc.                                                                                                |   | Insurance |   | Senior Debt(6) |   | 5.3 | % | N/A |  |   | 7/18 |   |   |   | 0.3 |  |   | 0.3 |  |   | 0.3 |  |
| Global Tel*Link Corporation                                                                                         |   | Diversified Telecommunication Services |   | Senior Debt(6) |   | 5.0 | % | N/A |  |   | 5/20 |   |   |   | 4.7 |  |   | 4.7 |  |   | 4.7 |  |
| Great Wolf Resorts, Inc.                                                                                            |   | Hotels, Restaurants & Leisure |   | Senior Debt(6) |   | 4.5 | % | N/A |  |   | 8/20 |   |   |   | 5.5 |  |   | 5.5 |  |   | 5.5 |  |
| Hub International Limited                                                                                           |   | Insurance |   | Senior Debt(6) |   | 4.8 | % | N/A |  |   | 10/20 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Hudson Products Holdings Inc.                                                                                       |   | Machinery |   | Senior Debt(6) |   | 5.0 | % | N/A |  |   | 3/19 |   |   |   | 1.5 |  |   | 1.5 |  |   | 1.5 |  |
| Information Resources, Inc.                                                                                         |   | Professional Services |   | Senior Debt(6) |   | 4.8 | % | N/A |  |   | 9/20 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Inmar, Inc.                                                                                                         |   | Professional Services |   | Senior Debt(6) |   | 7.3 | % | N/A |  |   | 1/21-1/22 |   |   |   | 24.9 |  |   | 24.7 |  |   | 24.7 |  |
| Iotum Global Holdings, Inc.(7)                                                                                      |   | Diversified Telecommunication Services |   | Senior Debt(6) |   | N/A |  | 10.0 | % |   | 5/17 |   |   |   | 3.4 |  |   | 3.4 |  |   | 3.4 |  |
| Landslide Holdings, Inc.                                                                                            |   | IT Services |   | Senior Debt(6) |   | 7.1 | % | N/A |  |   | 2/20-2/21 |   |   |   | 13.9 |  |   | 13.9 |  |   | 13.9 |  |
| Leonardo Acquisition Corp.                                                                                          |   | Internet & Catalog Retail |   | Senior Debt(6) |   | 4.3 | % | N/A |  |   | 2/21 |   |   |   | 3.0 |  |   | 3.0 |  |   | 3.0 |  |
| Mirror Bidco Corp.                                                                                                  |   | Air Freight & Logistics |   | Senior Debt(6) |   | 4.3 | % | N/A |  |   | 12/19 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2014(unaudited)(in millions, except share data) |
|---------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                            |   | Industry |   | Investments |   | Cash InterestRate(2) | PIKInterestRate(2) |   | MaturityDate(2) |   | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Mitchell International, Inc.                                                                                                          |   | IT Services |   | Senior Debt(6) |   | 7.6 | % | N/A |  |   | 10/20-10/21 |   |   |  |   | 9.0 |  |   | 8.9 |  |   | 8.9 |  |
| Net1 Las Colinas Manager, LLC                                                                                                         |   | Real Estate |   | Senior Debt(5)(6) |   | 7.7 | % | N/A |  |   | 10/15 |   |   |  |   | 1.5 |  |   | 1.4 |  |   | 0.5 |  |
| Opal Acquisition, Inc.                                                                                                                |   | Insurance |   | Senior Debt(6) |   | 5.0 | % | N/A |  |   | 11/20 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Parts Holding Coörperatief U.A(7)                                                                                                |   | Distributors |   | Membership Entitlements(4) |   |   |   |   |   |   | 173,060 |  |   |   |   | 6.4 |  |   | 1.5 |  |
| PharMEDium Healthcare Corporation                                                                                                     |   | Life Sciences Tools & Services |   | Senior Debt(6) |   | 4.3 | % | N/A |  |   | 1/21 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Qualium I(7)                                                                                                                          |   | Capital Markets |   | Common Stock(4) |   |   |   |   |   |   | 247,939 |  |   |   |   | 5.3 |  |   | 5.2 |  |
| Quikrete Holdings, Inc.                                                                                                               |   | Construction Materials |   | Senior Debt(6) |   | 4.0 | % | N/A |  |   | 9/20 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Renaissance Learning, Inc.                                                                                                            |   | Software |   | Senior Debt(6) |   | 10.0 | % | N/A |  |   | 5/21 |   |   |   | 15.0 |  |   | 14.8 |  |   | 14.8 |  |
| Roark - Money Mailer, LLC                                                                                                             |   | Media |   | Common Membership Units(4) |   |   |   |   |   |   | 3.5 | % |   |   |   | — |  |   | 0.8 |  |
| Sabre GLBL Inc.                                                                                                                       |   | Software |   | Senior Debt(6) |   | 4.5 | % | N/A |  |   | 2/19 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Securus Technologies Holdings, Inc                                                                                                    |   | Diversified Telecommunication Services |   | Senior Debt(6) |   | 4.8 | % | N/A |  |   | 4/20 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Sedgwick Claims Management Services, Inc.                                                                                             |   | Insurance |   | Senior Debt(6) |   | 6.8 | % | N/A |  |   | 2/22 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Serta Simmons Holdings, LLC                                                                                                           |   | Household Durables |   | Senior Debt(6) |   | 4.3 | % | N/A |  |   | 10/19 |   |   |   | 4.7 |  |   | 4.7 |  |   | 4.7 |  |
| Sheridan Holdings, Inc.                                                                                                               |   | Health Care Providers & Services |   | Senior Debt(6) |   | 4.5 | % | N/A |  |   | 6/18 |   |   |   | 4.3 |  |   | 4.4 |  |   | 4.4 |  |
| Soil Safe Holdings, LLC                                                                                                               |   | Professional Services |   | Senior Debt(6) |   | 8.9 | % | N/A |  |   | 1/16-6/16 |   |   |   | 37.9 |  |   | 37.7 |  |   | 38.1 |  |
|                                                                                                                                  |   |   |   | Mezzanine Debt(6) |   | 12.3 | % | 3.3 | % |   | 7/16-11/16 |   |   |   | 44.9 |  |   | 44.7 |  |   | 43.8 |  |
|                                                                                                                                  |   |   |   | Mezzanine Debt(5)(6) |   | N/A |  | 17.5 | % |   | 8/17 |   |   |   | 50.2 |  |   | 29.1 |  |   | 26.5 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 111.5 |  |   | 108.4 |  |
| Spin Holdco Inc.                                                                                                                      |   | Diversified Consumer Services |   | Senior Debt(6) |   | 4.3 | % | N/A |  |   | 11/19 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| SPL Acquisition Corp.                                                                                                                 |   | Pharmaceuticals |   | Senior Debt(6) |   | 11.0 | % | N/A |  |   | 3/15 |   |   |   | 45.3 |  |   | 45.3 |  |   | 45.3 |  |
|                                                                                                                                  |   |   |   | Mezzanine Debt(6) |   | 12.0 | % | 3.3 | % |   | 6/15-6/16 |   |   |   | 59.5 |  |   | 59.3 |  |   | 59.5 |  |
|                                                                                                                                  |   |   |   | Convertible Preferred Stock(6) |   |   |   |   |   |   | 84,043 |  |   |   |   | 72.7 |  |   | 72.8 |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 84,043 |  |   |   |   | — |  |   | 54.2 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 177.3 |  |   | 231.8 |  |
| Station Casinos LLC                                                                                                                   |   | Hotels, Restaurants & Leisure |   | Senior Debt(6) |   | 4.3 | % | N/A |  |   | 3/20 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Survey Sampling International, LLC                                                                                                    |   | Media |   | Senior Debt(6) |   | 9.5 | % | N/A |  |   | 6/20 |   |   |   | 38.8 |  |   | 38.1 |  |   | 38.1 |  |
| Syniverse Holdings, Inc.                                                                                                              |   | IT Services |   | Senior Debt(6) |   | 4.0 | % | N/A |  |   | 4/19 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Systems Maintenance Services Holding, Inc.                                                                                            |   | IT Services |   | Senior Debt(6) |   | 9.3 | % | N/A |  |   | 10/20 |   |   |   | 28.0 |  |   | 27.8 |  |   | 27.8 |  |
| Tectum Holdings, Inc.                                                                                                                 |   | Building Products |   | Senior Debt(6) |   | 10.3 | % | N/A |  |   | 3/19 |   |   |   | 25.0 |  |   | 24.9 |  |   | 24.9 |  |
| The Brickman Group Ltd. LLC                                                                                                           |   | Commercial Services & Supplies |   | Senior Debt(6) |   | 4.0 | % | N/A |  |   | 12/20 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| TMS International Corp.                                                                                                               |   | Metals & Mining |   | Senior Debt(6) |   | 4.5 | % | N/A |  |   | 10/20 |   |   |   | 5.0 |  |   | 5.1 |  |   | 5.1 |  |
| TNS, Inc.                                                                                                                             |   | IT Services |   | Senior Debt(6) |   | 5.0 | % | N/A |  |   | 2/20 |   |   |   | 4.0 |  |   | 4.0 |  |   | 4.0 |  |
| TransUnion LLC                                                                                                                        |   | Professional Services |   | Senior Debt(6) |   | 4.0 | % | N/A |  |   | 3/21 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| 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 |  |   | 2.9 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   | 3.9 |  |   | 3.0 |  |
| USIC Holdings, Inc.                                                                                                                   |   | Construction & Engineering |   | Senior Debt(6) |   | 4.0 | % | N/A |  |   | 7/20 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| W3 CO.                                                                                                                                |   | Health Care Equipment & Supplies |   | Senior Debt(6) |   | 9.3 | % | N/A |  |   | 9/20 |   |   |   | 17.0 |  |   | 16.8 |  |   | 17.3 |  |
| WaveDivision Holdings, LLC                                                                                                            |   | Diversified Telecommunication Services |   | Senior Debt(6) |   | 4.0 | % | N/A |  |   | 10/19 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Wilsonart LLC                                                                                                                         |   | Building Products |   | Senior Debt(6) |   | 4.0 | % | N/A |  |   | 10/19 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| WP CPP Holdings, LLC                                                                                                                  |   | Aerospace & Defense |   | Senior Debt(6) |   | 8.8 | % | N/A |  |   | 4/21 |   |   |   | 40.0 |  |   | 39.8 |  |   | 39.8 |  |
| WRH, Inc.                                                                                                                             |   | Life Sciences Tools & Services |   | Mezzanine Debt(6) |   | 9.5 | % | 5.7 | % |   | 8/18 |   |   |   | 91.9 |  |   | 91.6 |  |   | 85.4 |  |
|                                                                                                                                  |   |   | Convertible Preferred Stock(4)(6) |   |   |   |   |   |   | 2,008,575 |  |   |   |   | 200.9 |  |   | 24.4 |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 502,144 |  |   |   |   | 49.9 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 342.4 |  |   | 109.8 |  |
| Yonkers Racing Corporation                                                                                                            |   | Hotels, Restaurants & Leisure |   | Senior Debt(6) |   | 4.3 | % | N/A |  |   | 8/19 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CMBS INVESTMENTS                                                                                                                      |   |   |   |   |   |   |   |   |
| CD 2007-CD5 Mortgage Trust(8)                                                                                                         |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) |   | 6.3 | % | N/A |  |   | 12/17 |   |   |   | 14.8 |  |   | 7.7 |  |   | 2.4 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2014(unaudited)(in millions, except share data) |
|---------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                            |   | Industry |   | Investments |   | Cash InterestRate(2) | PIKInterestRate(2) |   | MaturityDate(2) |   | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Citigroup Commercial Mortgage Securities Trust 2007-C6(8)                                                                             |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) |   | 5.7 | % | N/A |  |   | 7/17 |   |   |   | 30.9 |  |   | 17.9 |  |   | 5.4 |  |
| COBALT CMBS Commercial Mortgage Trust 2007-C3(8)                                                                                      |   | Real Estate |   | Commercia1 Mortgage Pass-Through Certificates(4)(6) |   | 5.2 | % | N/A |  |   | 10/17 |   |   |   | 0.2 |  |   | 0.2 |  |   | 0.1 |  |
| Credit Suisse Commercial Mortgage Trust Series 2007-C4(8)                                                                             |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) |   | 6.1 | % | N/A |  |   | 8/17 |   |   |   | 20.8 |  |   | 8.4 |  |   | 1.0 |  |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-LDP11(8)                                                                  |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) |   | 5.8 | % | N/A |  |   | 7/17 |   |   |   | 58.2 |  |   | — |  |   | 1.9 |  |
| LB-UBS Commercial Mortgage Trust 2007-C6(8)                                                                                           |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) |   | 6.2 | % | N/A |  |   | 8/17 |   |   |   | 12.0 |  |   | 5.0 |  |   | 1.5 |  |
| ML-CFC Commercial Mortgage Trust Series 2006-1(8)                                                                                     |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) |   | 5.6 | % | N/A |  |   | 3/16 |   |   |   | 8.0 |  |   | 0.3 |  |   | 0.3 |  |
| ML-CFC Commercial Mortgage Trust Series 2006-2(8)                                                                                     |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) |   | 5.9 | % | N/A |  |   | 2/16 |   |   |   | 5.4 |  |   | 0.6 |  |   | 0.6 |  |
| Wachovia Bank Commercial Mortgage Trust 2005-C22(8)                                                                                   |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(6) |   | 5.5 | % | N/A |  |   | 3/16 |   |   |   | 15.0 |  |   | 1.1 |  |   | 1.1 |  |
| Wachovia Bank Commercial Mortgage Trust 2006-C24(8)                                                                                   |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) |   | 5.7 | % | N/A |  |   | 3/16 |   |   |   | 14.5 |  |   | 1.0 |  |   | 1.0 |  |
| Wachovia Bank Commercial Mortgage Trust 2007-C31(8)                                                                                   |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) |   | 5.7 | % | N/A |  |   | 5/17 |   |   |   | 20.0 |  |   | 10.5 |  |   | 0.8 |  |
| Wachovia Bank Commercial Mortgage Trust, Series 2007-C32(8)                                                                           |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) |   | 5.7 | % | N/A |  |   | 10/17 |   |   |   | 38.9 |  |   | 9.5 |  |   | 2.0 |  |
| Wachovia Bank Commercial Mortgage Trust, Series 2007-C34(8)                                                                           |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) |   | 6.1 | % | N/A |  |   | 10/17-12/20 |   |   |   | 5.6 |  |   | 5.6 |  |   | 2.2 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CLO INVESTMENTS                                                                                                                       |   |   |   |   |   |   |   |   |
| ACAS CLO 2007-1, Ltd.(7)(8)                                                                                                           |   |   |   | Secured Notes(6) |   |   |   |   |   |   |   |   | 8.5 |  |   | 8.4 |  |   | 8.0 |  |
|                                                                                                                                  |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 25.9 |  |   | 10.5 |  |   | 16.4 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 18.9 |  |   | 24.4 |  |
| ACAS CLO 2013-2, Ltd(7)(8)                                                                                                            |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 8.0 |  |   | 8.3 |  |   | 7.4 |  |
| ACAS CLO 2014-1, Ltd(7)(8)                                                                                                            |   |   |   | Subordinated Notes(4)(6) |   |   |   |   |   |   |   |   | 45.0 |  |   | 45.0 |  |   | 45.0 |  |
| APIDOS CLO XIV(7)(8)                                                                                                                  |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 3.6 |  |   | 3.3 |  |   | 3.6 |  |
| Ares IIIR/IVR CLO Ltd.(7)(8)                                                                                                          |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 20.0 |  |   | 12.2 |  |   | 11.8 |  |
| Avalon Capital Ltd. 3(7)(8)                                                                                                           |   |   |   | Preferred Securities(4)(6) |   |   |   |   |   |   | 13,796 |  |   |   |   | 3.8 |  |   | 0.1 |  |
| Babson CLO Ltd. 2006-II(7)(8)                                                                                                         |   |   |   | Income Notes(6) |   |   |   |   |   |   |   |   | 15.0 |  |   | 7.6 |  |   | 11.6 |  |
| BALLYROCK CLO 2006-2 LTD.(7)(8)                                                                                                       |   |   |   | Deferrable Notes(6) |   |   |   |   |   |   |   |   | 2.0 |  |   | 1.7 |  |   | 1.9 |  |
| Blue Hill CLO, Ltd.(7)(8)                                                                                                             |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 5.6 |  |   | 5.2 |  |   | 5.2 |  |
| Carlyle Global Market Strategies CLO 2013-3, Ltd.(7)(8)                                                                               |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 2.3 |  |   | 2.0 |  |   | 2.0 |  |
| Cent CDO 12 Limited(7)(8)                                                                                                             |   |   |   | Income Notes(6) |   |   |   |   |   |   |   |   | 26.4 |  |   | 9.8 |  |   | 20.8 |  |
| Cent CLO 18 Limited(7)(8)                                                                                                             |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 3.8 |  |   | 3.3 |  |   | 3.7 |  |
| Cent CLO 19 Limited(7)(8)                                                                                                             |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 2.3 |  |   | 2.2 |  |   | 2.2 |  |
| Centurion CDO 8 Limited(7)(8)                                                                                                         |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 5.0 |  |   | 2.6 |  |   | 2.2 |  |
| Champlain CLO(7)(8)                                                                                                                   |   |   |   | Preferred Securities(4)(6) |   |   |   |   |   |   | 1,000,000 |  |   |   |   | 0.4 |  |   | 0.1 |  |
| CoLTs 2005-1 Ltd.(7)(8)                                                                                                               |   |   |   | Preference Shares(4)(6) |   |   |   |   |   |   | 360 |  |   |   |   | 1.9 |  |   | 0.3 |  |
| CoLTs 2005-2 Ltd.(7)(8)                                                                                                               |   |   |   | Preference Shares(6) |   |   |   |   |   |   | 34,170,000 |  |   |   |   | 18.1 |  |   | 5.5 |  |
| CREST Exeter Street Solar 2004-2(7)(8)                                                                                                |   |   |   | Preferred Securities(4)(6) |   |   |   |   |   |   | 3,500,000 |  |   |   |   | 5.9 |  |   | 0.1 |  |
| Dryden 31 Senior Loan Fund(7)(8)                                                                                                      |   |   |   | Subordinated Note(6) |   |   |   |   |   |   |   |   | 2.3 |  |   | 2.1 |  |   | 2.1 |  |
| Eaton Vance CDO X plc(7)(8)                                                                                                           |   |   |   | Secured Subordinated Income Notes(6) |   |   |   |   |   |   |   |   | 15.0 |  |   | 11.6 |  |   | 9.4 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2014(unaudited)(in millions, except share data) |
|---------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                            |   | Industry |   | Investments |   | Cash InterestRate(2) | PIKInterestRate(2) |   | MaturityDate(2) |   | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Essex Park CDO Ltd.(7)(8)                                                                                                             |   |   |   | Preferred Securities(6) |   |   |   |   |   |   | 5,750,000 |  |   |   |   | 4.5 |  |   | 3.0 |  |
| Flagship CLO V(7)(8)                                                                                                                  |   |   |   | Deferrable Notes(6) |   |   |   |   |   |   |   |   | 1.7 |  |   | 1.4 |  |   | 1.6 |  |
|                                                                                                                                  |   |   |   | Subordinated Securities(6) |   |   |   |   |   |   | 15,000 |  |   |   |   | 7.2 |  |   | 6.5 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 8.6 |  |   | 8.1 |  |
| Galaxy III CLO, Ltd(7)(8)                                                                                                             |   |   |   | Subordinated Notes(4) |   |   |   |   |   |   |   |   | 4.0 |  |   | 0.8 |  |   | 0.4 |  |
| Galaxy XVI CLO, Ltd.(7)(8)                                                                                                            |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 2.3 |  |   | 2.1 |  |   | 2.1 |  |
| Halcyon Loan Advisors Funding 2014-1 Ltd(7)(8)                                                                                        |   |   |   | Subordinated Note(6) |   |   |   |   |   |   |   |   | 1.3 |  |   | 1.2 |  |   | 1.2 |  |
| Herbert Park B.V.(7)(8)                                                                                                               |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 28.6 |  |   | 30.0 |  |   | 28.8 |  |
| LightPoint CLO IV, LTD(7)(8)                                                                                                          |   |   |   | Income Notes(6) |   |   |   |   |   |   |   |   | 6.7 |  |   | 7.9 |  |   | 4.6 |  |
| LightPoint CLO VII, Ltd.(7)(8)                                                                                                        |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 9.0 |  |   | 3.3 |  |   | 4.0 |  |
| LightPoint CLO VIII, Ltd.(7)(8)                                                                                                       |   |   |   | Deferrable Notes(6) |   |   |   |   |   |   |   |   | 7.0 |  |   | 6.7 |  |   | 7.1 |  |
| Mayport CLO Ltd.(7)(8)                                                                                                                |   |   |   | Income Notes |   |   |   |   |   |   |   |   | 14.0 |  |   | 8.4 |  |   | 4.8 |  |
| Neuberger Berman CLO XV, Ltd.(7)(8)                                                                                                   |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 2.8 |  |   | 2.6 |  |   | 2.6 |  |
| NYLIM Flatiron CLO 2006-1 LTD.(7)(8)                                                                                                  |   |   |   | Subordinated Securities(6) |   |   |   |   |   |   | 10,000 |  |   |   |   | 3.5 |  |   | 5.4 |  |
| Octagon Investment Partners VII, Ltd.(7)(8)                                                                                           |   |   |   | Preferred Securities(4)(6) |   |   |   |   |   |   | 5,000,000 |  |   |   |   | 1.1 |  |   | — |  |
| Octagon Investment Partners XIV, Ltd.(7)(8)                                                                                           |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 4.5 |  |   | 3.6 |  |   | 4.1 |  |
| Octagon XIX CLO Warehouse(7)(8)                                                                                                       |   |   |   | Subordinated Notes(4)(6) |   |   |   |   |   |   |   |   | 25.0 |  |   | 25.0 |  |   | 25.0 |  |
| Sapphire Valley CDO I, Ltd.(7)(8)                                                                                                     |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 14.0 |  |   | 14.1 |  |   | 12.3 |  |
| Vitesse CLO, Ltd.(7)(8)                                                                                                               |   |   |   | Preferred Securities(6) |   |   |   |   |   |   | 20,000,000 |  |   |   |   | 12.4 |  |   | 9.0 |  |
| Subtotal Non-Control / Non-Affiliate Investments (26% of total investments at fair value)                                             |   |   |   | $ | 1,578.4 |  |   | $ | 1,324.3 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |
| AFFILIATE INVESTMENTS                                                                                                                 |   |   |   |   |   |   |   |   |
| Egenera, Inc.                                                                                                                         |   | Technology Hardware, Storage & Peripherals |   | Mezzanine Debt(5) |   | N/A |  | 15.0 | % |   | 5/14 |   |   |   | $ | 6.1 |  |   | $ | 3.2 |  |   | $ | 1.0 |  |
|                                                                                                                                  |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 8,569,905 |  |   |   |   | 25.4 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 28.6 |  |   | 1.0 |  |
| IS Holdings I, Inc.                                                                                                                   |   | Software |   | Common Stock(4)(6) |   |   |   |   |   |   | 1,165,930 |  |   |   |   | — |  |   | 9.9 |  |
| Neways Holdings, L.P.                                                                                                                 |   | Personal Products |   | Senior Debt(5)(6) |   | 7.8 | % | 5.2 | % |   | 8/17-2/18 |   |   |   | 38.6 |  |   | 34.5 |  |   | 17.5 |  |
|                                                                                                                                  |   |   |   | Common Units(4)(6) |   |   |   |   |   |   | 11.3 | % |   |   |   | 9.5 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 44.0 |  |   | 17.5 |  |
| Primrose Holding Corporation                                                                                                          |   | Diversified Consumer Services |   | Common Stock(4)(6) |   |   |   |   |   |   | 4,213 |  |   |   |   | — |  |   | 3.8 |  |
| Qualitor Component Holdings, LLC                                                                                                      |   | Auto Components |   | Redeemable Preferred Units(4) |   |   |   |   |   |   | 3,150,000 |  |   |   |   | 3.2 |  |   | 2.9 |  |
|                                                                                                                                  |   |   | Common Units(4) |   |   |   |   |   |   | 350,000 |  |   |   |   | 0.3 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 3.5 |  |   | 2.9 |  |
| The Tensar Corporation                                                                                                                |   | Construction & Engineering |   | Senior Debt(6) |   | 11.9 | % | 3.4 | % |   | 10/15 |   |   |   | 106.0 |  |   | 105.2 |  |   | 107.5 |  |
|                                                                                                                                  |   |   | Convertible Preferred Stock(4)(6) |   |   |   |   |   |   | 12,135,088 |  |   |   |   | 61.8 |  |   | 55.0 |  |
|                                                                                                                                  |   |   |   | Common Stock Warrants(4) |   |   |   |   |   |   | 8,563,949 |  |   |   |   | 1.3 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |  |   |   |   | 168.3 |  |   | 162.5 |  |
| WFS Holding, LLC                                                                                                                      |   | Software |   | Preferred Membership Units |   |   |   |   |   |   | 20,403,772 |  |   |   |   | 2.1 |  |   | 3.0 |  |
| Subtotal Affiliate Investments (4% of total investments at fair value)                                                                |   |   |   | $ | 246.5 |  |   | $ | 200.6 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |
| CONTROL INVESTMENTS                                                                                                                   |   |   |   |   |   |   |   |   |
| ACAS Real Estate Holdings Corporation                                                                                                 |   | Real Estate |   | Mezzanine Debt(5)(6) |   | N/A |  | 15.0 | % |   | 5/16 |   |   |   | $ | 7.8 |  |   | $ | 3.7 |  |   | $ | 2.8 |  |
|                                                                                                                                  |   |   | Common Stock(6) |   |   |   |   |   |   | 100 | % |   |   |   | 11.2 |  |   | 21.4 |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 14.9 |  |   | 24.2 |  |
| AC Corporate Holdings, Inc.                                                                                                           |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 100 |  |   |   |   | 238.3 |  |   | — |  |
| Affordable Care Holding Corp.                                                                                                         |   | Health Care Providers & Services |   | Convertible Preferred Stock(6) |   |   |   |   |   |   | 81,087 |  |   |   |   | 72.0 |  |   | 124.4 |  |
|                                                                                                                                  |   | Common Stock(4)(6) |   |   |   |   |   |   | 20,139,669 |  |   |   |   | 15.7 |  |   | 29.3 |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |  |   |   |  |   | 87.7 |  |   | 153.7 |  |
| American Capital Asset Management, LLC                                                                                                |   | Capital Markets |   | Senior Debt(6) |   | 5.0 | % | N/A |  |   | 9/16 |   |   |   | 33.0 |  |   | 33.0 |  |   | 33.0 |  |
|                                                                                                                                  |   |   | Common Membership Interest(6) |   |   |   |   |   |   | 100 | % |   |   |   | 137.6 |  |   | 772.1 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 170.6 |  |   | 805.1 |  |
| American Driveline Systems, Inc.                                                                                                      |   | Diversified Consumer Services |   | Redeemable Preferred Stock(4)(6) |   |   |   |   |   |   | 6,805,008 |  |   |   |   | 79.5 |  |   | 24.7 |  |
|                                                                                                                                  |   | Common Stock(4)(6) |   |   |   |   |   |   | 197,161 |  |   |   |   | 18.2 |  |   | — |  |
|                                                                                                                                  |   |   |   | Common Stock Warrants(4)(6) |   |   |   |   |   |   | 136,183 |  |   |   |   | 9.9 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 107.6 |  |   | 24.7 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2014(unaudited)(in millions, except share data) |
|---------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                            |   | Industry |   | Investments |   | Cash InterestRate(2) | PIKInterestRate(2) |   | MaturityDate(2) |   | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| ASAP Industries Holdings, LLC                                                                                                         |   | Energy Equipment & Services |   | Mezzanine Debt(6) |   | 12.0 | % | 2.0 | % |   | 12/18 |   |   |   | 20.2 |  |   | 20.0 |  |   | 20.2 |  |
|                                                                                                                                  |   | Membership Units(4)(6) |   |   |   |   |   |   | 100,000 |  |   |   |   | 28.9 |  |   | 22.4 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 48.9 |  |   | 42.6 |  |
| Avalon Laboratories Holding Corp.                                                                                                     |   | Health Care Equipment & Supplies |   | Mezzanine Debt(6) |   | 12.0 | % | 2.0 | % |   | 8/20 |   |   |   | 12.6 |  |   | 12.5 |  |   | 12.6 |  |
| Convertible Preferred Stock(6)                                                                                                        |   |   |   |   |   |   | 145,316 |  |   |   |   | 26.5 |  |   | 53.5 |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 13,031 |  |   |   |   | 1.8 |  |   | 4.5 |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |  |   |   |   | 40.8 |  |   | 70.6 |  |
| BMR Energy LLC                                                                                                                        |   | Independent Power and Renewable Electricity Producers |   | Preferred Units(6) |   |   |   |   |   |   | 1,256 |  |   |   |   | 1.3 |  |   | 1.3 |  |
| Capital.com, Inc.                                                                                                                     |   | Diversified Financial Services |   | Common Stock(4)(6) |   |   |  |   |   |   |   | 8,500,100 |  |   |   |   | 0.9 |  |   | 0.1 |  |
| CH Holding Corp.                                                                                                                      |   | Leisure Products |   | Senior Debt(5)(6) |   | — | % | 7.2 | % |   | 7/19 |   |   |   | 21.7 |  |   | 14.0 |  |   | 7.3 |  |
|                                                                                                                                  |   | Redeemable Preferred Stock(4)(6) |   |   |   |   |   |   | 21 |  |   |   |   | 42.8 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 56.8 |  |   | 7.3 |  |
| CML Pharmaceuticals, Inc.                                                                                                             |   | Life Sciences Tools & Services |   | Senior Debt(6) |   | 8.0 | % | N/A |  |   | 12/15-10/20 |   |   |   | 294.4 |  |   | 291.4 |  |   | 294.4 |  |
|                                                                                                                                  |   | Convertible Preferred Stock(4)(6) |   |   |   |   |   |   | 243,642 |  |   |   |   | 144.6 |  |   | 76.7 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 436.0 |  |   | 371.1 |  |
| CMX Inc.                                                                                                                              |   | Construction & Engineering |   | Senior Debt(5)(6) |   | 3.4 | % | N/A |  |   | 6/14 |   |   |   | 4.5 |  |   | 4.4 |  |   | — |  |
| Contour Semiconductor, Inc.                                                                                                           |   | Semiconductors & Semiconductor Equipment |   | Senior Debt(6) |   | N/A |  | 8.0 | % |   | 11/14 |   |   |   | 5.6 |  |   | 5.6 |  |   | 5.6 |  |
|                                                                                                                                  |   | Convertible Preferred Stock(4)(6) |   |   |   |   |   |   | 77,504,840 |  |   |   |   | 13.5 |  |   | 5.5 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   | 19.1 |  |   | 11.1 |  |
| Core Financial Holdings, LLC(8)                                                                                                       |   | Diversified Financial Services |   | Common Units(4)(6) |   |   |   |   |   |   | 57,940,360 |  |   |   |   | 44.2 |  |   | 0.9 |  |
| Dyno Holding Corp.                                                                                                                    |   | Auto Components |   | Senior Debt(6) |   | 9.1 | % | 2.1 | % |   | 11/15 |   |   |   | 35.2 |  |   | 35.1 |  |   | 35.2 |  |
|                                                                                                                                  |   |   | Mezzanine Debt(5)(6) |   | N/A |  | 4.2 | % |   | 11/16 |   |   |   | 33.6 |  |   | 25.5 |  |   | 8.3 |  |
|                                                                                                                                  |   |   |   | Convertible Preferred Stock(4)(6) |   |   |   |   |   |   | 389,759 |  |   |   |   | 40.5 |  |   | — |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 97,440 |  |   |   |   | 10.1 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 111.2 |  |   | 43.5 |  |
| ECA Medical Instruments                                                                                                               |   | Health Care Equipment & Supplies |   | Senior Debt(6) |   | 10.0 | % | N/A |  |   | 3/16 |   |   |   | 7.0 |  |   | 7.0 |  |   | 7.0 |  |
|                                                                                                                                  |   | Mezzanine Debt(6) |   | 13.0 | % | 3.5 | % |   | 7/16 |   |   |   | 17.6 |  |   | 17.5 |  |   | 17.6 |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 583 |  |   |   |   | 11.1 |  |   | 5.0 |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 35.6 |  |   | 29.6 |  |
| eLynx Holdings, Inc.                                                                                                                  |   | IT Services |   | Convertible Preferred Stock(4)(6) |   |   |   |   |   |   | 11,728 |  |   |   |   | 24.5 |  |   | 21.2 |  |
|                                                                                                                                  |   |   |   | Redeemable Preferred Stock(4)(6) |   |   |   |   |   |   | 21,113 |  |   |   |   | 9.0 |  |   | — |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 11,261 |  |   |   |   | 1.1 |  |   | — |  |
|                                                                                                                                  |   |   |   | Common Stock Warrants(4)(6) |   |   |   |   |   |   | 1,078,792 |  |   |   |   | 13.1 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 47.7 |  |   | 21.2 |  |
| European Capital Limited(7)(8)(10)                                                                                                    |   | Diversified Financial Services |   | Ordinary Shares(4)(6) |   |   |   |   |   |   | 100 | % |   |   |   | 992.1 |  |   | 800.6 |  |
| EXPL Pipeline Holdings LLC(8)                                                                                                         |   | Oil, Gas & Consumable Fuels |   | Senior Debt(6) |   | 8.1 | % | N/A |  |   | 1/17 |   |   |   | 46.1 |  |   | 45.6 |  |   | 46.1 |  |
|                                                                                                                                  |   | Common Membership Units(4)(6) |   |   |   |   |   |   | 58,297 |  |   |   |   | 44.6 |  |   | 16.8 |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 90.2 |  |   | 62.9 |  |
| FL Acquisitions Holdings, Inc.                                                                                                        |   | Technology Hardware, Storage & Peripherals |   | Senior Debt(6) |   | 8.2 | % | N/A |  |   | 12/15 |   |   |   | 42.4 |  |   | 42.4 |  |   | 42.4 |  |
|                                                                                                                                  |   | Mezzanine Debt(6) |   | 12.0 | % | 5.0 | % |   | 12/15 |   |   |   | 21.1 |  |   | 16.4 |  |   | 15.3 |  |
|                                                                                                                                  |   |   | Mezzanine Debt(5)(6) |   | 1.4 | % | 20.1 | % |   | 12/15 |   |   |   | 65.5 |  |   | 19.8 |  |   | — |  |
|                                                                                                                                  |   |   | Redeemable Preferred Stock(4) |   |   |   |   |   |   | 583,000 |  |   |   |   | 0.6 |  |   | — |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 129,514 |  |   |   |   | 15.6 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 94.8 |  |   | 57.7 |  |
| Fosbel Global Services (LUXCO) S.C.A.                                                                                                 |   | Commercial Services & Supplies |   | Mezzanine Debt(6) |   | N/A |  | 17.0 | % |   | 10/18 |   |   |   | 8.6 |  |   | 8.6 |  |   | 8.3 |  |
|                                                                                                                                  |   | Mezzanine Debt(5)(6) |   | N/A |  | 17.0 | % |   | 10/18 |   |   |   | 40.1 |  |   | 19.1 |  |   | 3.8 |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 27.7 |  |   | 12.1 |  |
| FPI Holding Corporation                                                                                                               |   | Food Products |   | Senior Debt(5)(6) |   | N/A |  | 7.9 | % |   | 1/19 |   |   |   | 29.8 |  |   | 25.6 |  |   | 10.6 |  |
| Future Food, Inc.                                                                                                                     |   | Food Products |   | Senior Debt(5)(6) |   | 8.0 | % | N/A |  |   | 3/15 |   |   |   | 1.6 |  |   | 1.6 |  |   | 1.9 |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 64,917 |  |   |   |   | 13.0 |  |   | — |  |
|                                                                                                                                  |   |   |   | Common Stock Warrants(4)(6) |   |   |   |   |   |   | 6,500 |  |   |   |   | 1.3 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 15.9 |  |   | 1.9 |  |
| Group Montana, Inc.                                                                                                                   |   | Textiles, Apparel & Luxury Goods |   | Senior Debt(6) |   | 6.3 | % | N/A |  |   | 1/17 |   |   |   | 6.7 |  |   | 6.7 |  |   | 6.7 |  |
|                                                                                                                                  |   |   | Convertible Preferred Stock(6) |   |   |   |   |   |   | 4,000 |  |   |   |   | 3.9 |  |   | 8.4 |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 100 | % |   |   |   | 12.5 |  |   | 2.1 |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 23.1 |  |   | 17.2 |  |
| Halex Holdings, Inc.                                                                                                                  |   | Construction Materials |   | Senior Debt(5)(6) |   | — | % | 12.0 | % |   | 12/14 |   |   |   | 16.8 |  |   | 13.4 |  |   | 13.5 |  |
|                                                                                                                                  |   |   |   | Redeemable Preferred Stock(4)(6) |   |   |   |   |   |   | 6,482,972 |  |   |   |   | 6.6 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 20.0 |  |   | 13.5 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2014(unaudited)(in millions, except share data) |
|---------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                            |   | Industry |   | Investments |   | Cash InterestRate(2) | PIKInterestRate(2) |   | MaturityDate(2) |   | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| HALT Medical, Inc.                                                                                                                    |   | Health Care Equipment & Supplies |   | Convertible Senior Debt(5)(6) |   | N/A |  | 22.0 | % |   | 3/15 |   |   |   | 30.2 |  |   | 30.2 |  |   | 29.4 |  |
|                                                                                                                                  |   |   | Convertible Preferred Stock(4)(6) |   |   |   |   |   |   | 12,811,818 |  |   |   |   | 2.6 |  |   | — |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 22,416,432 |  |   |   |   | 6.4 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 39.2 |  |   | 29.4 |  |
| Hard 8 Games, LLC                                                                                                                     |   | Hotels, Restaurants & Leisure |   | Membership Unit(4)(6) |   |   |   |   |   |   | 1 |  |   |   |   | 19.0 |  |   | 28.8 |  |
| Hollyhock Limited(7)                                                                                                                  |   | Independent Power and Renewable Electricity Producers |   | Common Stock(4)(6) |   |   |   |   |   |   | 12,000,000 |  |   |   |   | 12.0 |  |   | 11.4 |  |
| LLSC Holdings Corporation                                                                                                             |   | Personal Products |   | Convertible Preferred Stock(4)(6) |   |   |   |   |   |   | 7,496 |  |   |   |   | 8.1 |  |   | 7.6 |  |
| Mirion Technologies, Inc.                                                                                                             |   | Electrical Equipment |   | Convertible Preferred Stock(6) |   |   |   |   |   |   | 313,327 |  |   |   |   | 66.3 |  |   | 113.0 |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 55,290 |  |   |   |   | 5.5 |  |   | 8.3 |  |
|                                                                                                                                  |   |   |   | Common Stock Warrants(4)(6) |   |   |   |   |   |   | 222,414 |  |   |   |   | 18.6 |  |   | 33.6 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 90.4 |  |   | 154.9 |  |
| Montgomery Lane, LLC(8)                                                                                                               |   | Diversified Financial Services |   | Common Membership Units(4)(6) |   |   |   |   |   |   | 100 |  |   |   |   | 0.6 |  |   | 7.1 |  |
| MW Acquisition Corporation                                                                                                            |   | Health Care Providers & Services |   | Mezzanine Debt(6) |   | 14.4 | % | 1.0 | % |   | 2/19 |   |   |   | 23.8 |  |   | 23.7 |  |   | 23.8 |  |
|                                                                                                                                  |   | Redeemable Preferred Stock(6) |   |   |   |   |   |   | 2,485 |  |   |   |   | 2.1 |  |   | 2.1 |  |
|                                                                                                                                  |   |   |   | Convertible Preferred Stock(6) |   |   |   |   |   |   | 51,351 |  |   |   |   | 29.4 |  |   | 30.8 |  |
|                                                                                                                                  |   |   |   | Common Stock(4) |   |   |   |   |   |   | 64,546 |  |   |   |   | — |  |   | 1.2 |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 55.2 |  |   | 57.9 |  |
| NECCO Holdings, Inc.                                                                                                                  |   | Food Products |   | Senior Debt(5)(6) |   | 3.6 | % | 8.0 | % |   | 11/15-12/15 |   |   |   | 12.7 |  |   | 8.7 |  |   | 4.1 |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 860,189 |  |   |   |   | 0.1 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 8.8 |  |   | 4.1 |  |
| NECCO Realty Investments, LLC                                                                                                         |   | Real Estate |   | Senior Debt(5)(6) |   | 3.0 | % | 11.0 | % |   | 12/17 |   |   |   | 61.4 |  |   | 32.8 |  |   | 31.0 |  |
|                                                                                                                                  |   |   | Common Membership Units(4)(6) |   |   |   |   |   |   | 7,450 |  |   |   |   | 4.9 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 37.7 |  |   | 31.0 |  |
| Orchard Brands Corporation                                                                                                            |   | Internet & Catalog Retail |   | Common Stock(4)(6) |   |   |   |   |   |   | 86,514 |  |   |   |   | 55.0 |  |   | 39.2 |  |
| PHC Sharp Holdings, Inc.                                                                                                              |   | Commercial Services & Supplies |   | Senior Debt(6) |   | 12.5 | % | N/A |  |   | 12/14 |   |   |   | 1.4 |  |   | 1.4 |  |   | 1.4 |  |
|                                                                                                                                  |   |   | Mezzanine Debt(6) |   | N/A |  | 17.0 | % |   | 12/15 |   |   |   | 14.8 |  |   | 14.8 |  |   | 14.8 |  |
|                                                                                                                                  |   |   |   | Mezzanine Debt(5)(6) |   | N/A |  | 19.0 | % |   | 12/15 |   |   |   | 21.6 |  |   | 7.2 |  |   | 5.5 |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 367,881 |  |   |   |   | 4.2 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 27.6 |  |   | 21.7 |  |
| PHI Acquisitions, Inc.                                                                                                                |   | Internet & Catalog Retail |   | Mezzanine Debt(6) |   | 12.0 | % | 3.3 | % |   | 3/16 |   |   |   | 28.6 |  |   | 28.5 |  |   | 28.6 |  |
|                                                                                                                                  |   |   | Redeemable Preferred Stock(6) |   |   |   |   |   |   | 36,267 |  |   |   |   | 29.3 |  |   | 36.1 |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 40,295 |  |   |   |   | 3.9 |  |   | 1.5 |  |
|                                                                                                                                  |   |   |   | Common Stock Warrants(4)(6) |   |   |   |   |   |   | 116,065 |  |   |   |   | 11.6 |  |   | 4.1 |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 73.3 |  |   | 70.3 |  |
| Plumbing Holding Corporation                                                                                                          |   | Building Products |   | Common Stock(4)(6) |   |   |   |   |   |   | 342,500 |  |   |   |   | 11.1 |  |   | 2.0 |  |
| RD Holdco Inc.                                                                                                                        |   | Household Durables |   | Senior Debt(6) |   | 11.3 | % | N/A |  |   | 6/17 |   |   |   | 16.9 |  |   | 14.0 |  |   | 16.9 |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 458,596 |  |   |   |   | 23.6 |  |   | 12.8 |  |
|                                                                                                                                  |   |   |   | Common Stock Warrants(4)(6) |   |   |   |   |   |   | 56,372 |  |   |   |   | 2.9 |  |   | 1.6 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 40.5 |  |   | 31.3 |  |
| Rebellion Media Group Corp.(7)                                                                                                        |   | Internet Software & Services |   | Senior Debt(6) |   | N/A |  | 5.8 | % |   | 7/14-12/15 |   |   |   | 14.4 |  |   | 13.9 |  |   | 14.4 |  |
|                                                                                                                                  |   | Senior Debt(5)(6) |   | N/A |  | 8.0 | % |   | 12/15 |   |   |   | 8.7 |  |   | 7.5 |  |   | 0.3 |  |
|                                                                                                                                  |   |   | Convertible Preferred Stock(4)(6) |   |   |   |   |   |   | 2,081,879 |  |   |   |   | 7.6 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 29.0 |  |   | 14.7 |  |
| Scanner Holdings Corporation                                                                                                          |   | Technology Hardware, Storage & Peripherals |   | Mezzanine Debt(6) |   | 12.0 | % | 2.0 | % |   | 10/16 |   |   |   | 16.5 |  |   | 16.5 |  |   | 16.5 |  |
|                                                                                                                                  |   | Convertible Preferred Stock(6) |   |   |   |   |   |   | 77,447,018 |  |   |   |   | 8.9 |  |   | 9.7 |  |
|                                                                                                                                  |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 97,540 |  |   |   |   | 0.1 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |  |   | 25.5 |  |   | 26.2 |  |
| SEHAC Holding Corporation                                                                                                             |   | Diversified Consumer Services |   | Convertible Preferred Stock(6) |   |   |   |   |   |   | 14,850 |  |   |   |   | 14.8 |  |   | 54.2 |  |
|                                                                                                                                  |   | Common Stock(6) |   |   |   |   |   |   | 150 |  |   |   |   | 0.2 |  |   | 0.5 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 15.0 |  |   | 54.7 |  |
| SMG Holdings, Inc.                                                                                                                    |   | Hotels, Restaurants & Leisure |   | Convertible Preferred Stock(6) |   |   |   |   |   |   | 661,004 |  |   |   |   | 66.6 |  |   | 54.0 |  |
|                                                                                                                                  |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 907,536 |  |   |   |   | 84.1 |  |   | 61.4 |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 150.7 |  |   | 115.4 |  |
| Specialty Brands Holdings, Inc.                                                                                                       |   | Food Products |   | Redeemable Preferred Stock(6) |   |   |   |   |   |   | 122,017 |  |   |   |   | 15.3 |  |   | 20.9 |  |
|                                                                                                                                  |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 184,994 |  |   |   |   | 3.7 |  |   | 35.7 |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 19.0 |  |   | 56.6 |  |
| Spring Air International, LLC                                                                                                         |   | Household Durables |   | Common Membership Units(4) |   |   |  |   |   |   |   | 49 | % |   |   |   | 1.9 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2014(unaudited)(in millions, except share data) |
|---------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                            |   | Industry |   | Investments |   | Cash InterestRate(2) | PIKInterestRate(2) |   | MaturityDate(2) |   | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| TestAmerica Environmental Services, LLC                                                                                               |   | Commercial Services & Supplies |   | Mezzanine Debt(5)(6) |   | 10.0 | % | 2.5 | % |   | 6/18 |   |   |   | 32.1 |  |   | 26.5 |  |   | — |  |
|                                                                                                                                  |   | Common Units(4)(6) |   |   |   |   |   |   | 490,000 |  |   |   |   | 2.0 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   | 28.5 |  |   | — |  |
| Unwired Holdings, Inc.                                                                                                                |   | Electronic Equipment, Instruments & Components |   | Senior Debt(6) |   | 8.3 | % | N/A |  |   | 6/15 |   |   |   | 10.4 |  |   | 10.4 |  |   | 10.4 |  |
|                                                                                                                                  |   |   | Mezzanine Debt(6) |   | N/A |  | 15.4 | % |   | 6/14-6/15 |   |   |   | 54.6 |  |   | 39.1 |  |   | 54.6 |  |
|                                                                                                                                  |   |   | Redeemable Preferred Stock |   |   |   |   |   |   | 1,890 |  |   |   |   | 5.6 |  |   | 7.4 |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 55.1 |  |   | 72.4 |  |
| Warner Power, LLC                                                                                                                     |   | Electrical Equipment |   | Mezzanine Debt(5)(6) |   | N/A |  | 14.6 | % |   | 9/14 |   |   |   | 8.1 |  |   | 5.1 |  |   | 1.3 |  |
|                                                                                                                                  |   |   |   | Redeemable Preferred Membership Units(4)(6) |   |   |   |   |   |   | 3,796,269 |  |   |   |   | 3.0 |  |   | — |  |
|                                                                                                                                  |   |   |   | Common Membership Units(4)(6) |   |   |   |   |   |   | 27,400 |  |   |   |   | 1.9 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 10.0 |  |   | 1.3 |  |
| WIS Holding Company, Inc.                                                                                                             |   | Commercial Services & Supplies |   | Convertible Preferred Stock(6) |   |   |   |   |   |   | 703,406 |  |   |   |   | 53.0 |  |   | 72.7 |  |
|                                                                                                                                  |   | Common Stock(4)(6) |   |   |   |   |   |   | 175,853 |  |   |   |   | 11.4 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 64.4 |  |   | 72.7 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CDO / CLO INVESTMENTS                                                                                                                 |   |   |   |   |   |   |   |   |
| ACAS Wachovia Investments, L.P.(8)                                                                                                    |   | Diversified Financial Services |   | Partnership Interest(4) |   |   |   |   |   |   | 90 | % |   |   |   | 6.7 |  |   | 0.8 |  |
| Subtotal Control Investments (70% of total investments at fair value)                                                                 |   |   |   |   |   | $ | 3,639.7 |  |   | $ | 3,495.0 |  |
| Total Investment Assets                                                                                                               |   |   |   |   |   | $ | 5,464.6 |  |   | $ | 5,019.9 |  |

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Counterparty                     |   | Instrument |   | InterestRate(2) |   | ExpirationDate(2) |   | # ofContracts |   | Notional |   | Cost |   | FairValue |
| DERIVATIVE AGREEMENTS            |   |   |   |   |   |   |   |   |   |   |   |   |
| European Capital Limited         |   | Total Return Swap |   |   |   | 12/19 |   | 1 |  |   |   |   | $ | — |  |   | $ | 2.4 |  |
| Citibank, N.A.                   |   | Total Return Swap |   |   |   | 12/14 |   | 1 |  |   | 187.9 |  |   | — |  |   | 0.2 |  |
| Subtotal Derivative Assets       |   |   |   |   |   |   |   |   |   | $ | — |  |   | $ | 2.6 |  |
|                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Citibank, N.A.                   |   | Interest Rate Swap - Pay Fixed/ Receive Floating(6) |   | 5.6%/LIBOR |   | 5/16-7/17 |   | 2 |  |   | $ | 27.5 |  |   | $ | — |  |   | $ | (4.0 | ) |
| BNP Paribas                      |   | Interest Rate Swap - Pay Fixed/ Receive Floating(6) |   | 5.7%/LIBOR |   | 7/17 |   | 1 |  |   | 22.3 |  |   | — |  |   | (3.4 | ) |
| Wells Fargo Bank, N.A            |   | Interest Rate Swap - Pay Fixed/ Receive Floating(6) |   | 5.6%/LIBOR |   | 8/16 |   | 1 |  |   | 11.9 |  |   | — |  |   | (1.4 | ) |
| Citibank, N.A.                   |   | Total Return Swap |   |   |   | 12/14 |   | 1 |  |   | 195.2 |  |   | — |  |   | (0.9 | ) |
| Subtotal Derivative Liabilities  |   |   |   |   |   |   |   |   |   | $ | — |  |   | $ | (9.7 | ) |
| Total Derivative Agreements, Net |   |   |   |   |   |   |   |   |   | $ | — |  |   | $ | (7.1 | ) |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2014(unaudited)(in millions, except share data) |
|---------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                       |  |  |  |  |  |  |  |  |
| Funds                                                                                                                                 |   | Cost |   | FairValue |
| MONEY MARKET FUNDS(3)(6)                                                                                                              |   |   |
| BofA Funds Series Trust - BofA Money Market Reserves                                                                                  |   | $ | 33.0 |  |   | $ | 33.0 |  |
| Dreyfus Institutional Cash Advantage Fund                                                                                             |   | 25.0 |  |   | 25.0 |  |
| Wells Fargo Advantage Heritage Money Market Fund                                                                                      |   | 20.1 |  |   | 20.1 |  |
| Fidelity Institutional Money Market Fund                                                                                              |   | 15.0 |  |   | 15.0 |  |
| Federated Prime Cash Obligations Fund                                                                                                 |   | 5.1 |  |   | 5.1 |  |
| Total Money Market Funds                                                                                                              |   | $ | 98.2 |  |   | $ | 98.2 |  |

|     |                                                                                       |
|-----|---------------------------------------------------------------------------------------|
| (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) | Non-U.S. company or principal place of business outside the U.S. and as a result is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company 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) | Excepted from the definition of investment company under Section 3(c) of the Investment Company Act and as a result is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company 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. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | Publicly traded company or a consolidated subsidiary of a public company that has securities listed on a national exchange with a market capitalization in excess of $250 million at the time of our purchase and therefore is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company 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. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (10) | In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services-Investment Companies (“ASC 946”), European Capital Limited has one unconsolidated portfolio company in which our proportionate share of their investment in the portfolio company, FB Raphael 1 Limited, exceeds 5% of our shareholders’ equity as of March 31, 2014. Below is a list of the securities and its values in Euros as of March 31, 2014 for European Capital’s investment in FB Raphael 1 Limited, which is located in the UK with an industry of Household Products: |

|                 |
|-----------------|
|                 |  |  |  |  |  |  |  |  |  |  |  |
| Investment      | Shares/Warrants | Principal | Cost | Fair Value |
| Preferred Stock |   | € | 106.3 |  | € | 121.8 |  | € | 109.5 |  |
| Common Stock    | 68,125 |  |   | 0.1 |  | 113.6 |  |
| Warrants        | 4,058 |  |   | — |  | 6.8 |  |
|            |   |   | € | 121.9 |  | € | 229.9 |  |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTSDecember 31, 2013(in millions, except share data) |
|-------------------------------------------------------------------------------------------------------------|
|                                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                  |   | Industry |   | Investments |   | Cash InterestRate(2) | PIKInterestRate(2) |   | MaturityDate(2) |   | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| NON-CONTROL / NON-AFFILIATE INVESTMENTS                                                                     |   |   |   |   |   |   |   |   |
| Aderant North America, Inc.                                                                                 |   | Software |   | Senior Debt(6) |   | 10.0 | % | N/A |  |   | 6/19 |   |   |   | $ | 16.0 |  |   | $ | 15.8 |  |   | $ | 16.2 |  |
| Air Distribution Technologies Inc.                                                                          |   | Commercial Services & Supplies |   | Senior Debt(6) |   | 9.3 | % | N/A |  |   | 5/20 |   |   |   | 7.0 |  |   | 6.9 |  |   | 7.2 |  |
| American Acquisition, LLC(8)                                                                                |   | Capital Markets |   | Senior Debt(6) |   | 3.3 | % | 16.1% |  |   | 6/14 |   |   |   | 5.4 |  |   | 5.4 |  |   | 5.3 |  |
| Blue Wolf Capital Fund II, L.P.(8)                                                                          |   | Capital Markets |   | Limited Partnership Interest(4) |   |   |   |   |   |   |   |   |   |   | 8.2 |  |   | 8.4 |  |
| CAMP International Holding Co.                                                                              |   | Transportation Infrastructure |   | Senior Debt(6) |   | 8.3 | % | N/A |  |   | 12/19 |   |   |   | 15.0 |  |   | 15.0 |  |   | 15.0 |  |
| CGSC of Delaware Holdings Corporation(7)                                                                    |   | Insurance |   | Senior Debt(6) |   | 8.3 | % | N/A |  |   | 10/20 |   |   |   | 2.0 |  |   | 2.0 |  |   | 2.0 |  |
| CIBT Investment Holdings, LLC                                                                               |   | Commercial Services & Supplies |   | Common Stock(4)(6) |   |   |   |   |   |   | 13,381 |  |   |   |   | 8.9 |  |   | 18.3 |  |
| Datapipe, Inc.                                                                                              |   | IT Services |   | Senior Debt(6) |   | 9.3 | % | N/A |  |   | 9/19 |   |   |   | 12.5 |  |   | 12.3 |  |   | 12.7 |  |
| Delsey Holding S.A.S.(7)                                                                                    |   | Textiles, Apparel & Luxury Goods |   | Senior Debt(6) |   | 6.7 | % | 3.3% |  |   | 12/16 |   |   |   | 15.0 |  |   | 15.0 |  |   | 15.7 |  |
|                                                                                                        |   |   | Mezzanine Debt(6) |   | N/A |  | 11.0% |  |   | 12/22 |   |   |   | 1.9 |  |   | 1.9 |  |   | 1.5 |  |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 16.9 |  |   | 17.2 |  |
| Digital Insight Corporation                                                                                 |   | Internet Software & Services |   | Senior Debt(6) |   | 8.8 | % | N/A |  |   | 10/20 |   |   |   | 5.0 |  |   | 5.0 |  |   | 5.0 |  |
| Easton Bell Sports, LLC                                                                                     |   | Leisure Products |   | Redeemable Preferred Stock |   |   |   |   |   |   | 1,171 |  |   |   |   | 2.4 |  |   | 2.1 |  |
|                                                                                                        |   |   | Common Units(4) |   |   |   |   |   |   | 3,830,068 |  |   |   |   | 0.7 |  |   | — |  |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 3.1 |  |   | 2.1 |  |
| FAMS Acquisition, Inc.                                                                                      |   | Diversified Financial Services |   | Mezzanine Debt(6) |   | 12.3 | % | 2.5% |  |   | 11/14 |   |   |   | 46.6 |  |   | 46.6 |  |   | 46.6 |  |
|                                                                                                        |   |   | Redeemable Preferred Stock(6) |   |   |   |   |   |   | 919 |  |   |   |   | 2.0 |  |   | 2.0 |  |
|                                                                                                        |   |   |   | Convertible Preferred Stock(4)(6) |   |   |   |   |   |   | 861,364 |  |   |   |   | 21.0 |  |   | 15.2 |  |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 69.6 |  |   | 63.8 |  |
| Foamex Innovations, Inc.                                                                                    |   | Household Durables |   | Common Stock(4) |   |   |   |   |   |   | 2,708 |  |   |   |   | — |  |   | 0.1 |  |
| Iotum Global Holdings, Inc.(7)                                                                              |   | Diversified Telecommunication Services |   | Senior Debt(6) |   | N/A |  | 10.0% |  |   | 5/17 |   |   |   | 3.5 |  |   | 3.5 |  |   | 3.5 |  |
| Mitchell International, Inc.                                                                                |   | IT Services |   | Senior Debt(6) |   | 8.5 | % | N/A |  |   | 10/21 |   |   |  |   | 7.0 |  |   | 6.9 |  |   | 6.9 |  |
| Net1 Las Colinas Manager, LLC                                                                               |   | Real Estate |   | Senior Debt(5)(6) |   | 7.7 | % | N/A |  |   | 10/15 |   |   |  |   | 1.7 |  |   | 1.6 |  |   | 0.7 |  |
| Parts Holding Coörperatief U.A(7)                                                                      |   | Distributors |   | Membership Entitlements(4) |   |   |   |   |   |   | 173,060 |  |   |   |   | 6.4 |  |   | 1.2 |  |
| Qualium I(7)                                                                                                |   | Capital Markets |   | Common Stock(4) |   |   |   |   |   |   | 247,939 |  |   |   |   | 5.3 |  |   | 5.3 |  |
| Renaissance Learning, Inc.                                                                                  |   | Software |   | Senior Debt(6) |   | 8.8 | % | N/A |  |   | 5/21 |   |   |   | 15.0 |  |   | 14.8 |  |   | 14.8 |  |
| Roark - Money Mailer, LLC                                                                                   |   | Media |   | Common Membership Units(4) |   |   |   |   |   |   | 3.5 | % |   |   |   | — |  |   | 0.5 |  |
| Soil Safe Holdings, LLC                                                                                     |   | Professional Services |   | Senior Debt(6) |   | 8.9 | % | N/A |  |   | 1/16-6/16 |   |   |   | 38.4 |  |   | 38.3 |  |   | 38.7 |  |
|                                                                                                        |   |   |   | Mezzanine Debt(6) |   | 12.3 | % | 3.3% |  |   | 7/16-11/16 |   |   |   | 44.5 |  |   | 44.3 |  |   | 44.4 |  |
|                                                                                                        |   |   |   | Mezzanine Debt(5)(6) |   | N/A |  | 17.5% |  |   | 8/17 |   |   |   | 48.1 |  |   | 45.3 |  |   | 41.7 |  |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 127.9 |  |   | 124.8 |  |
| SPL Acquisition Corp.                                                                                       |   | Pharmaceuticals |   | Senior Debt(6) |   | 11.0 | % | N/A |  |   | 3/15 |   |   |   | 45.5 |  |   | 45.4 |  |   | 45.5 |  |
|                                                                                                        |   |   |   | Mezzanine Debt(6) |   | 12.0 | % | 3.3 | % |   | 6/15-6/16 |   |   |   | 59.0 |  |   | 58.8 |  |   | 59.0 |  |
|                                                                                                        |   |   |   | Convertible Preferred Stock(6) |   |   |   |   |   |   | 84,043 |  |   |   |   | 71.3 |  |   | 71.3 |  |
|                                                                                                        |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 84,043 |  |   |   |   | — |  |   | 47.5 |  |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 175.5 |  |   | 223.3 |  |
| Survey Sampling International, LLC                                                                          |   | Media |   | Senior Debt(6) |   | 9.5 | % | N/A |  |   | 6/20 |   |   |   | 51.3 |  |   | 50.3 |  |   | 50.3 |  |
| Systems Maintenance Services Holding, Inc.                                                                  |   | IT Services |   | Senior Debt(6) |   | 9.3 | % | N/A |  |   | 10/20 |   |   |   | 28.0 |  |   | 27.7 |  |   | 27.7 |  |
| 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 |  |   | 2.9 |  |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   | 3.9 |  |   | 3.0 |  |
| W3 CO.                                                                                                      |   | Health Care Equipment & Supplies |   | Senior Debt(6) |   | 9.3 | % | N/A |  |   | 9/20 |   |   |   | 17.0 |  |   | 16.8 |  |   | 17.3 |  |
| WP CPP Holdings, LLC                                                                                        |   | Aerospace & Defense |   | Senior Debt(6) |   | 8.8 | % | N/A |  |   | 4/21 |   |   |   | 40.0 |  |   | 39.8 |  |   | 39.8 |  |
| WRH, Inc.                                                                                                   |   | Life Sciences Tools & Services |   | Mezzanine Debt(6) |   | 9.6 | % | 5.6% |  |   | 8/18 |   |   |   | 90.6 |  |   | 90.3 |  |   | 90.3 |  |
|                                                                                                        |   |   | Convertible Preferred Stock(4)(6) |   |   |   |   |   |   | 2,008,575 |  |   |   |   | 200.9 |  |   | 27.2 |  |
|                                                                                                        |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 502,144 |  |   |   |   | 49.9 |  |   | — |  |
|                                                                                                        |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 341.1 |  |   | 117.5 |  |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CMBS INVESTMENTS                                                                                            |   |   |   |   |   |   |   |   |
| CD 2007-CD5 Mortgage Trust(8)                                                                               |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) |   | 6.1 | % | N/A |  |   | 12/17 |   |   |   | 14.8 |  |   | 7.7 |  |   | 1.7 |  |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2013(in millions, except share data) |
|-------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                    |   | Industry |   | Investments |   | Cash InterestRate(2) | PIKInterestRate(2) |   | MaturityDate(2) |   | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Citigroup Commercial Mortgage Securities Trust 2007-C6(8)                                                                     |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) |   | 5.7 | % | N/A |  |   | 7/17 |   |   |   | 30.9 |  |   | 18.0 |  |   | 5.1 |  |
| COBALT CMBS Commercial Mortgage Trust 2007-C3(8)                                                                              |   | Real Estate |   | Commercia1 Mortgage Pass-Through Certificates(4)(6) |   | 5.2 | % | N/A |  |   | 10/17 |   |   |   | 0.2 |  |   | 0.2 |  |   | 0.1 |  |
| Credit Suisse Commercial Mortgage Trust Series 2007-C4(8)                                                                     |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) |   | 5.8 | % | N/A |  |   | 8/17 |   |   |   | 20.8 |  |   | 10.1 |  |   | 1.6 |  |
| GS Mortgage Securities Trust 2007-GG10(8)                                                                                     |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4) |   | 5.8 | % | N/A |  |   | 6/17 |   |   |   | 15.0 |  |   | — |  |   | 0.4 |  |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-LDP11(8)                                                          |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) |   | 5.8 | % | N/A |  |   | 7/17 |   |   |   | 136.1 |  |   | 8.4 |  |   | 5.7 |  |
| LB-UBS Commercial Mortgage Trust 2007-C6(8)                                                                                   |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) |   | 6.2 | % | N/A |  |   | 8/17 |   |   |   | 12.0 |  |   | 5.0 |  |   | 1.2 |  |
| Wachovia Bank Commercial Mortgage Trust 2007-C31(8)                                                                           |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) |   | 5.8 | % | N/A |  |   | 5/17 |   |   |   | 20.0 |  |   | 10.7 |  |   | 0.8 |  |
| Wachovia Bank Commercial Mortgage Trust, Series 2007-C32(8)                                                                   |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) |   | 5.7 | % | N/A |  |   | 10/17 |   |   |   | 38.9 |  |   | 10.2 |  |   | 1.7 |  |
| Wachovia Bank Commercial Mortgage Trust, Series 2007-C34(8)                                                                   |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) |   | 5.9 | % | N/A |  |   | 10/17-12/20 |   |   |   | 5.6 |  |   | 5.6 |  |   | 2.4 |  |
| Wachovia Bank Commercial Trust 2006-C28(8)                                                                                    |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) |   | 5.9 | % | N/A |  |   | 11/16 |   |   |   | 0.5 |  |   | 0.5 |  |   | 0.3 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CLO INVESTMENTS                                                                                                               |   |   |   |   |   |   |   |   |
| ACAS CLO 2007-1, Ltd.(7)(8)                                                                                                   |   |   |   | Secured Notes(6) |   |   |   |   |   |   |   |   | 8.5 |  |   | 8.4 |  |   | 8.0 |  |
|                                                                                                                          |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 25.9 |  |   | 10.9 |  |   | 17.2 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 19.3 |  |   | 25.2 |  |
| ACAS CLO 2013-2, Ltd(7)(8)                                                                                                    |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 8.0 |  |   | 8.1 |  |   | 8.1 |  |
| ACAS CLO 2014-1, Ltd(7)(8)                                                                                                    |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 20.0 |  |   | 20.0 |  |   | 20.0 |  |
| APIDOS CLO XIV(7)(8)                                                                                                          |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 3.6 |  |   | 3.4 |  |   | 3.4 |  |
| Ares IIIR/IVR CLO Ltd.(7)(8)                                                                                                  |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 20.0 |  |   | 13.1 |  |   | 12.7 |  |
| Ares VIII CLO, Ltd.(7)(8)                                                                                                     |   |   |   | Preference Shares(4)(6) |   |   |   |   |   |   | 6,241 |  |   |   |   | 3.7 |  |   | — |  |
| Avalon Capital Ltd. 3(7)(8)                                                                                                   |   |   |   | Preferred Securities(6) |   |   |   |   |   |   | 13,796 |  |   |   |   | 3.9 |  |   | 0.2 |  |
| Babson CLO Ltd. 2006-II(7)(8)                                                                                                 |   |   |   | Income Notes(6) |   |   |   |   |   |   |   |   | 15.0 |  |   | 7.8 |  |   | 12.3 |  |
| BALLYROCK CLO 2006-2 LTD.(7)(8)                                                                                               |   |   |   | Deferrable Notes(6) |   |   |   |   |   |   |   |   | 2.0 |  |   | 1.7 |  |   | 1.9 |  |
| Blue Hill CLO, Ltd.(7)(8)                                                                                                     |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 5.6 |  |   | 5.1 |  |   | 5.1 |  |
| Carlyle Global Market Strategies CLO 2013-3, Ltd.(7)(8)                                                                       |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 2.3 |  |   | 2.3 |  |   | 2.3 |  |
| Cent CDO 12 Limited(7)(8)                                                                                                     |   |   |   | Income Notes(6) |   |   |   |   |   |   |   |   | 26.4 |  |   | 10.4 |  |   | 21.4 |  |
| Cent CLO 18 Limited(7)(8)                                                                                                     |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 3.8 |  |   | 3.8 |  |   | 3.8 |  |
| Cent CLO 19 Limited(7)(8)                                                                                                     |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 2.3 |  |   | 2.1 |  |   | 2.1 |  |
| Centurion CDO 8 Limited(7)(8)                                                                                                 |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 5.0 |  |   | 2.6 |  |   | 2.4 |  |
| Champlain CLO(7)(8)                                                                                                           |   |   |   | Preferred Securities(4)(6) |   |   |   |   |   |   | 1,000,000 |  |   |   |   | 0.4 |  |   | 0.1 |  |
| CoLTs 2005-1 Ltd.(7)(8)                                                                                                       |   |   |   | Preference Shares(4)(6) |   |   |   |   |   |   | 360 |  |   |   |   | 2.0 |  |   | 0.4 |  |
| CoLTs 2005-2 Ltd.(7)(8)                                                                                                       |   |   |   | Preference Shares(6) |   |   |   |   |   |   | 34,170,000 |  |   |   |   | 19.5 |  |   | 6.2 |  |
| CREST Exeter Street Solar 2004-2(7)(8)                                                                                        |   |   |   | Preferred Securities(4)(6) |   |   |   |   |   |   | 3,500,000 |  |   |   |   | 5.9 |  |   | 0.1 |  |
| Eaton Vance CDO X plc(7)(8)                                                                                                   |   |   |   | Secured Subordinated Income Notes(6) |   |   |   |   |   |   |   |   | 15.0 |  |   | 11.8 |  |   | 10.2 |  |
| Essex Park CDO Ltd.(7)(8)                                                                                                     |   |   |   | Preferred Securities(6) |   |   |   |   |   |   | 5,750,000 |  |   |   |   | 4.4 |  |   | 3.2 |  |
| Flagship CLO V(7)(8)                                                                                                          |   |   |   | Deferrable Notes(6) |   |   |   |   |   |   |   |   | 1.7 |  |   | 1.4 |  |   | 1.6 |  |
|                                                                                                                          |   |   |   | Subordinated Securities(6) |   |   |   |   |   |   | 15,000 |  |   |   |   | 7.4 |  |   | 7.4 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 8.8 |  |   | 9.0 |  |
| Galaxy III CLO, Ltd(7)(8)                                                                                                     |   |   |   | Subordinated Notes(4) |   |   |   |   |   |   |   |   | 4.0 |  |   | 0.9 |  |   | 0.5 |  |
| Galaxy XVI CLO, Ltd.(7)(8)                                                                                                    |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 2.3 |  |   | 2.1 |  |   | 2.1 |  |
| Herbert Park B.V.(7)(8)                                                                                                       |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 28.6 |  |   | 28.7 |  |   | 28.8 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2013(in millions, except share data) |
|-------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                    |   | Industry |   | Investments |   | Cash InterestRate(2) | PIKInterestRate(2) |   | MaturityDate(2) |   | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| LightPoint CLO IV, LTD(7)(8)                                                                                                  |   |   |   | Income Notes(6) |   |   |   |   |   |   |   |   | 6.7 |  |   | 7.6 |  |   | 4.3 |  |
| LightPoint CLO VII, Ltd.(7)(8)                                                                                                |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 9.0 |  |   | 3.5 |  |   | 4.9 |  |
| LightPoint CLO VIII, Ltd.(7)(8)                                                                                               |   |   |   | Deferrable Notes(6) |   |   |   |   |   |   |   |   | 7.0 |  |   | 6.7 |  |   | 7.1 |  |
| Mayport CLO Ltd.(7)(8)                                                                                                        |   |   |   | Income Notes |   |   |   |   |   |   |   |   | 14.0 |  |   | 8.6 |  |   | 5.4 |  |
| Neuberger Berman CLO XV, Ltd.(7)(8)                                                                                           |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 2.8 |  |   | 2.6 |  |   | 2.6 |  |
| NYLIM Flatiron CLO 2006-1 LTD.(7)(8)                                                                                          |   |   |   | Subordinated Securities(6) |   |   |   |   |   |   | 10,000 |  |   |   |   | 3.7 |  |   | 5.6 |  |
| Octagon Investment Partners VII, Ltd.(7)(8)                                                                                   |   |   |   | Preferred Securities(4)(6) |   |   |   |   |   |   | 5,000,000 |  |   |   |   | 1.1 |  |   | — |  |
| Octagon Investment Partners XIV, Ltd.(7)(8)                                                                                   |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 4.5 |  |   | 3.8 |  |   | 4.2 |  |
| Octagon XIX CLO Warehouse(7)(8)                                                                                               |   |   |   | Subordinated Notes(4)(6) |   |   |   |   |   |   |   |   | 15.0 |  |   | 15.0 |  |   | 15.0 |  |
| Sapphire Valley CDO I, Ltd.(7)(8)                                                                                             |   |   |   | Subordinated Notes(6) |   |   |   |   |   |   |   |   | 14.0 |  |   | 14.1 |  |   | 14.8 |  |
| Vitesse CLO, Ltd.(7)(8)                                                                                                       |   |   |   | Preferred Securities(6) |   |   |   |   |   |   | 20,000,000 |  |   |   |   | 12.5 |  |   | 9.1 |  |
| Subtotal Non-Control / Non-Affiliate Investments (21% of total investments at fair value)                                     |   |   |   | $ | 1,338.0 |  |   | $ | 1,085.4 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |
| AFFILIATE INVESTMENTS                                                                                                         |   |   |   |   |   |   |   |   |
| Anchor Drilling Fluids USA, Inc.                                                                                              |   | Energy Equipment & Services |   | Senior Debt(6) |   | 10.5 | % | 0.8% |  |   | 3/14 |   |   |   | $ | 6.4 |  |   | $ | 6.4 |  |   | $ | 6.5 |  |
|                                                                                                                          |   | Redeemable Preferred Stock(6) |   |   |   |   |   |   | 859 |  |   |   |   | 2.4 |  |   | 2.5 |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 3,061 |  |   |   |   | 5.0 |  |   | 13.7 |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |  |   |   |   | 13.8 |  |   | 22.7 |  |
| Egenera, Inc.                                                                                                                 |   | Technology Hardware, Storage & Peripherals |   | Mezzanine Debt(5) |   | N/A |  | 15.0% |  |   | 3/14 |   |   |   | 5.9 |  |   | 3.2 |  |   | — |  |
|                                                                                                                          |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 8,569,905 |  |   |   |   | 25.4 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 28.6 |  |   | — |  |
| HALT Medical, Inc.                                                                                                            |   | Health Care Equipment & Supplies |   | Convertible Senior Debt(6) |   | N/A |  | 20.2% |  |   | 1/14 |   |   |   | 26.8 |  |   | 26.8 |  |   | 26.7 |  |
|                                                                                                                          |   |   | Convertible Preferred Stock(4)(6) |   |   |   |   |   |   | 5,592,367 |  |   |   |   | 9.0 |  |   | — |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 131,315 |  |   |   |   | 0.1 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 35.9 |  |   | 26.7 |  |
| IS Holdings I, Inc.                                                                                                           |   | Software |   | Common Stock(6) |   |   |   |   |   |   | 1,165,930 |  |   |   |   | — |  |   | 13.5 |  |
| Neways Holdings, L.P.                                                                                                         |   | Personal Products |   | Senior Debt(6) |   | 11.5 | % | N/A |  |   | 8/17 |   |   |   | 26.7 |  |   | 26.5 |  |   | 22.0 |  |
|                                                                                                                          |   |   |   | Senior Debt(5)(6) |   | N/A |  | 16.0 | % |   | 2/18 |   |   |   | 12.1 |  |   | 8.9 |  |   | 3.4 |  |
|                                                                                                                          |   |   |   | Common Units(4)(6) |   |   |   |   |   |   | 11.3 | % |   |   |   | 9.5 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 44.9 |  |   | 25.4 |  |
| Primrose Holding Corporation                                                                                                  |   | Diversified Consumer Services |   | Common Stock(6) |   |   |   |   |   |   | 4,213 |  |   |   |   | — |  |   | 3.4 |  |
| Qualitor Component Holdings, LLC                                                                                              |   | Auto Components |   | Redeemable Preferred Units(4) |   |   |   |   |   |   | 3,150,000 |  |   |   |   | 3.2 |  |   | 2.1 |  |
|                                                                                                                          |   |   | Common Units(4) |   |   |   |   |   |   | 350,000 |  |   |   |   | 0.4 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 3.6 |  |   | 2.1 |  |
| The Tensar Corporation                                                                                                        |   | Construction & Engineering |   | Senior Debt(6) |   | 11.9 | % | 3.4% |  |   | 10/15 |   |   |   | 105.1 |  |   | 104.2 |  |   | 106.0 |  |
|                                                                                                                          |   |   | Convertible Preferred Stock(6) |   |   |   |   |   |   | 12,135,088 |  |   |   |   | 66.9 |  |   | 79.2 |  |
|                                                                                                                          |   |   |   | Common Stock Warrants(4) |   |   |   |   |   |   | 8,563,949 |  |   |   |   | 1.3 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |  |   |   |   | 172.4 |  |   | 185.2 |  |
| WFS Holding, LLC                                                                                                              |   | Software |   | Preferred Membership Units |   |   |   |   |   |   | 20,403,772 |  |   |   |   | 2.3 |  |   | 2.6 |  |
| Subtotal Affiliate Investments (6% of total investments at fair value)                                                        |   |   |   | $ | 301.5 |  |   | $ | 281.6 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |
| CONTROL INVESTMENTS                                                                                                           |   |   |   |   |   |   |   |   |
| ACAS Real Estate Holdings Corporation                                                                                         |   | Real Estate |   | Mezzanine Debt(5)(6) |   | N/A |  | 15.0% |  |   | 5/16 |   |   |   | $ | 7.5 |  |   | $ | 3.7 |  |   | $ | 3.3 |  |
|                                                                                                                          |   |   | Common Stock(6) |   |   |   |   |   |   | 100 | % |   |   |   | 11.1 |  |   | 23.7 |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 14.8 |  |   | 27.0 |  |
| Affordable Care Holding Corp.                                                                                                 |   | Health Care Providers & Services |   | Convertible Preferred Stock(6) |   |   |   |   |   |   | 81,087 |  |   |   |   | 70.3 |  |   | 138.2 |  |
|                                                                                                                          |   | Common Stock(4)(6) |   |   |   |   |   |   | 20,139,669 |  |   |   |   | 15.7 |  |   | 32.6 |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |  |   |   |  |   | 86.0 |  |   | 170.8 |  |
| American Capital Asset Management, LLC                                                                                        |   | Capital Markets |   | Senior Debt(6) |   | 5.0 | % | N/A |  |   | 9/16 |   |   |   | 33.0 |  |   | 33.0 |  |   | 33.0 |  |
|                                                                                                                          |   |   | Common Membership Interest(6) |   |   |   |   |   |   | 100 | % |   |   |   | 322.8 |  |   | 836.5 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 355.8 |  |   | 869.5 |  |
| American Driveline Systems, Inc.                                                                                              |   | Diversified Consumer Services |   | Redeemable Preferred Stock(4)(6) |   |   |   |   |   |   | 6,805,008 |  |   |   |   | 78.2 |  |   | 30.2 |  |
|                                                                                                                          |   | Common Stock(4)(6) |   |   |   |   |   |   | 128,681 |  |   |   |   | 10.8 |  |   | — |  |
|                                                                                                                          |   |   |   | Common Stock Warrants(4)(6) |   |   |   |   |   |   | 204,663 |  |   |   |   | 17.3 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 106.3 |  |   | 30.2 |  |
| ASAP Industries Holdings, LLC                                                                                                 |   | Energy Equipment & Services |   | Mezzanine Debt(6) |   | 12.0 | % | 2.0% |  |   | 12/18 |   |   |   | 20.1 |  |   | 19.9 |  |   | 20.1 |  |
|                                                                                                                          |   | Membership Units(4)(6) |   |   |   |   |   |   | 100,000 |  |   |   |   | 28.9 |  |   | 17.8 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 48.8 |  |   | 37.9 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2013(in millions, except share data) |
|-------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                    |   | Industry |   | Investments |   | Cash InterestRate(2) | PIKInterestRate(2) |   | MaturityDate(2) |   | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Avalon Laboratories Holding Corp.                                                                                             |   | Health Care Equipment & Supplies |   | Mezzanine Debt(6) |   | 12.0 | % | 2.0% |  |   | 8/20 |   |   |   | 12.6 |  |   | 12.4 |  |   | 12.6 |  |
| Convertible Preferred Stock(6)                                                                                                |   |   |   |   |   |   | 145,316 |  |   |   |   | 26.1 |  |   | 59.4 |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 13,031 |  |   |   |   | 1.8 |  |   | 5.0 |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |  |   |   |   | 40.3 |  |   | 77.0 |  |
| Capital.com, Inc.                                                                                                             |   | Diversified Financial Services |   | Common Stock(4)(6) |   |   |  |   |   |   |   | 8,500,100 |  |   |   |   | 0.9 |  |   | 0.1 |  |
| CH Holding Corp.                                                                                                              |   | Leisure Products |   | Senior Debt(5)(6) |   | — | % | 7.2% |  |   | 5/14 |   |   |   | 21.3 |  |   | 14.0 |  |   | 4.5 |  |
|                                                                                                                          |   | Redeemable Preferred Stock(4)(6) |   |   |   |   |   |   | 21 |  |   |   |   | 42.7 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 56.7 |  |   | 4.5 |  |
| CML Pharmaceuticals, Inc.                                                                                                     |   | Life Sciences Tools & Services |   | Senior Debt(6) |   | 8.0 | % | N/A |  |   | 12/15-10/20 |   |   |   | 288.3 |  |   | 285.4 |  |   | 288.3 |  |
|                                                                                                                          |   | Convertible Preferred Stock(4)(6) |   |   |   |   |   |   | 243,642 |  |   |   |   | 144.6 |  |   | 104.3 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 430.0 |  |   | 392.6 |  |
| CMX Inc.                                                                                                                      |   | Construction & Engineering |   | Senior Debt(5)(6) |   | 3.4 | % | N/A |  |   | 2/14 |   |   |   | 4.5 |  |   | 4.4 |  |   | — |  |
| Contour Semiconductor, Inc.                                                                                                   |   | Semiconductors & Semiconductor Equipment |   | Senior Debt(6) |   | N/A |  | 8.0% |  |   | 2/14 |   |   |   | 5.4 |  |   | 5.4 |  |   | 5.4 |  |
|                                                                                                                          |   | Convertible Preferred Stock(4)(6) |   |   |   |   |   |   | 77,504,840 |  |   |   |   | 13.6 |  |   | 8.0 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   | 19.0 |  |   | 13.4 |  |
| Core Financial Holdings, LLC(8)                                                                                               |   | Diversified Financial Services |   | Common Units(4)(6) |   |   |   |   |   |   | 57,940,360 |  |   |   |   | 44.2 |  |   | 0.9 |  |
| Dyno Holding Corp.                                                                                                            |   | Auto Components |   | Senior Debt(6) |   | 9.1 | % | 2.1% |  |   | 11/15 |   |   |   | 35.2 |  |   | 35.1 |  |   | 35.2 |  |
|                                                                                                                          |   |   | Mezzanine Debt(5)(6) |   | N/A |  | 4.2% |  |   | 11/16 |   |   |   | 33.2 |  |   | 25.5 |  |   | 12.3 |  |
|                                                                                                                          |   |   |   | Convertible Preferred Stock(4)(6) |   |   |   |   |   |   | 389,759 |  |   |   |   | 40.5 |  |   | — |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 97,440 |  |   |   |   | 10.1 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 111.2 |  |   | 47.5 |  |
| ECA Medical Instruments                                                                                                       |   | Health Care Equipment & Supplies |   | Senior Debt(6) |   | 10.0 | % | N/A |  |   | 3/16 |   |   |   | 5.8 |  |   | 5.8 |  |   | 5.8 |  |
|                                                                                                                          |   | Mezzanine Debt(6) |   | 13.0 | % | 3.5% |  |   | 7/16 |   |   |   | 17.4 |  |   | 17.4 |  |   | 17.4 |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 583 |  |   |   |   | 11.1 |  |   | 5.0 |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 34.3 |  |   | 28.2 |  |
| eLynx Holdings, Inc.                                                                                                          |   | IT Services |   | Convertible Preferred Stock(4)(6) |   |   |   |   |   |   | 11,728 |  |   |   |   | 24.1 |  |   | 22.1 |  |
|                                                                                                                          |   |   |   | Redeemable Preferred Stock(4)(6) |   |   |   |   |   |   | 21,113 |  |   |   |   | 8.9 |  |   | — |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 11,261 |  |   |   |   | 1.1 |  |   | — |  |
|                                                                                                                          |   |   |   | Common Stock Warrants(4)(6) |   |   |   |   |   |   | 1,078,792 |  |   |   |   | 13.1 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 47.2 |  |   | 22.1 |  |
| European Capital Limited(7)(8)(9)                                                                                             |   | Diversified Financial Services |   | Ordinary Shares(4)(6) |   |   |   |   |   |   | 100 | % |   |   |   | 1,092.8 |  |   | 841.0 |  |
| EXPL Pipeline Holdings LLC(8)                                                                                                 |   | Oil, Gas & Consumable Fuels |   | Senior Debt(6) |   | 8.1 | % | N/A |  |   | 1/17 |   |   |   | 45.8 |  |   | 45.4 |  |   | 45.8 |  |
|                                                                                                                          |   | Common Membership Units(4)(6) |   |   |   |   |   |   | 58,297 |  |   |   |   | 44.5 |  |   | 16.8 |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 89.9 |  |   | 62.6 |  |
| FL Acquisitions Holdings, Inc.                                                                                                |   | Technology Hardware, Storage & Peripherals |   | Senior Debt(6) |   | 8.2 | % | N/A |  |   | 12/15 |   |   |   | 41.9 |  |   | 41.9 |  |   | 41.9 |  |
|                                                                                                                          |   | Mezzanine Debt(5)(6) |   | 4.1 | % | 16.3% |  |   | 12/15 |   |   |   | 83.2 |  |   | 35.9 |  |   | 15.1 |  |
|                                                                                                                          |   |   | Redeemable Preferred Stock(4) |   |   |   |   |   |   | 583,000 |  |   |   |   | 0.6 |  |   | — |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 129,514 |  |   |   |   | 15.6 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 94.0 |  |   | 57.0 |  |
| Fosbel Global Services (LUXCO) S.C.A.                                                                                         |   | Commercial Services & Supplies |   | Mezzanine Debt(6) |   | 17.0 | % | N/A |  |   | 10/18 |   |   |   | 7.4 |  |   | 7.4 |  |   | 7.4 |  |
|                                                                                                                          |   | Mezzanine Debt(5)(6) |   | N/A |  | 17.0 | % |   | 10/18 |   |   |   | 38.4 |  |   | 19.1 |  |   | 7.7 |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 26.5 |  |   | 15.1 |  |
| FPI Holding Corporation                                                                                                       |   | Food Products |   | Senior Debt(5)(6) |   | N/A |  | 8.0% |  |   | 1/19 |   |   |   | 28.2 |  |   | 24.6 |  |   | 10.2 |  |
| Future Food, Inc.                                                                                                             |   | Food Products |   | Senior Debt(5)(6) |   | 8.0 | % | N/A |  |   | 3/14 |   |   |   | 1.7 |  |   | 1.7 |  |   | 1.5 |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 64,917 |  |   |   |   | 12.9 |  |   | — |  |
|                                                                                                                          |   |   |   | Common Stock Warrants(4)(6) |   |   |   |   |   |   | 6,500 |  |   |   |   | 1.3 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 15.9 |  |   | 1.5 |  |
| Group Montana, Inc.                                                                                                           |   | Textiles, Apparel & Luxury Goods |   | Senior Debt(6) |   | 6.3 | % | N/A |  |   | 1/17 |   |   |   | 6.9 |  |   | 6.9 |  |   | 7.1 |  |
|                                                                                                                          |   |   | Convertible Preferred Stock(6) |   |   |   |   |   |   | 4,000 |  |   |   |   | 3.7 |  |   | 10.1 |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 100 | % |   |   |   | 12.6 |  |   | 2.6 |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 23.2 |  |   | 19.8 |  |
| Halex Holdings, Inc.                                                                                                          |   | Construction Materials |   | Senior Debt(5)(6) |   | — | % | 12.0% |  |   | 12/14 |   |   |   | 16.3 |  |   | 9.8 |  |   | 10.7 |  |
|                                                                                                                          |   |   |   | Redeemable Preferred Stock(4)(6) |   |   |   |   |   |   | 6,482,972 |  |   |   |   | 6.6 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 16.4 |  |   | 10.7 |  |
| Hard 8 Games, LLC                                                                                                             |   | Hotels, Restaurants & Leisure |   | Membership Unit(4)(6) |   |   |   |   |   |   | 1 |  |   |   |   | 13.0 |  |   | 22.8 |  |
| Hollyhock Limited(7)                                                                                                          |   | Independent Power and Renewable Electricity Producers |   | Common Stock(4)(6) |   |   |   |   |   |   | 12,000,000 |  |   |   |   | 12.0 |  |   | 11.4 |  |
| LLSC Holdings Corporation                                                                                                     |   | Personal Products |   | Convertible Preferred Stock(4)(6) |   |   |   |   |   |   | 7,496 |  |   |   |   | 8.1 |  |   | 7.1 |  |
| Mirion Technologies, Inc.                                                                                                     |   | Electrical Equipment |   | Convertible Preferred Stock(6) |   |   |   |   |   |   | 313,327 |  |   |   |   | 64.5 |  |   | 125.5 |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 55,290 |  |   |   |   | 5.5 |  |   | 9.3 |  |
|                                                                                                                          |   |   |   | Common Stock Warrants(4)(6) |   |   |   |   |   |   | 222,414 |  |   |   |   | 18.6 |  |   | 37.3 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 88.6 |  |   | 172.1 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2013(in millions, except share data) |
|-------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                    |   | Industry |   | Investments |   | Cash InterestRate(2) | PIKInterestRate(2) |   | MaturityDate(2) |   | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Montgomery Lane, LLC(8)                                                                                                       |   | Diversified Financial Services |   | Common Membership Units(4)(6) |   |   |   |   |   |   | 100 |  |   |   |   | 0.8 |  |   | 7.0 |  |
| MW Acquisition Corporation                                                                                                    |   | Health Care Providers & Services |   | Mezzanine Debt(6) |   | 14.4 | % | 1.0% |  |   | 2/19 |   |   |   | 23.7 |  |   | 23.7 |  |   | 23.7 |  |
|                                                                                                                          |   | Redeemable Preferred Stock(6) |   |   |   |   |   |   | 2,485 |  |   |   |   | 2.0 |  |   | 2.0 |  |
|                                                                                                                          |   |   |   | Convertible Preferred Stock(6) |   |   |   |   |   |   | 51,351 |  |   |   |   | 28.8 |  |   | 30.1 |  |
|                                                                                                                          |   |   |   | Common Stock(4) |   |   |   |   |   |   | 64,546 |  |   |   |   | — |  |   | 1.4 |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 54.5 |  |   | 57.2 |  |
| NECCO Holdings, Inc.                                                                                                          |   | Food Products |   | Senior Debt(5)(6) |   | 4.3 | % | 6.1% |  |   | 11/15-12/15 |   |   |   | 15.7 |  |   | 12.1 |  |   | 5.8 |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 860,189 |  |   |   |   | 0.1 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 12.2 |  |   | 5.8 |  |
| NECCO Realty Investments, LLC                                                                                                 |   | Real Estate |   | Senior Debt(5)(6) |   | 3.0 | % | 11.0% |  |   | 12/17 |   |   |   | 59.7 |  |   | 32.8 |  |   | 31.0 |  |
|                                                                                                                          |   |   | Common Membership Units(4)(6) |   |   |   |   |   |   | 7,450 |  |   |   |   | 4.9 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 37.7 |  |   | 31.0 |  |
| Orchard Brands Corporation                                                                                                    |   | Internet & Catalog Retail |   | Common Stock(4)(6) |   |   |   |   |   |   | 86,514 |  |   |   |   | 55.0 |  |   | 39.2 |  |
| PHC Sharp Holdings, Inc.                                                                                                      |   | Commercial Services & Supplies |   | Senior Debt(6) |   | 12.5 | % | N/A |  |   | 12/14 |   |   |   | 1.9 |  |   | 1.9 |  |   | 1.9 |  |
|                                                                                                                          |   |   | Mezzanine Debt(6) |   | N/A |  | 17.0 | % |   | 12/15 |   |   |   | 14.1 |  |   | 14.1 |  |   | 14.1 |  |
|                                                                                                                          |   |   |   | Mezzanine Debt(5)(6) |   | N/A |  | 19.0 | % |   | 12/15 |   |   |   | 20.7 |  |   | 7.2 |  |   | 5.6 |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 367,881 |  |   |   |   | 4.2 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 27.4 |  |   | 21.6 |  |
| PHI Acquisitions, Inc.                                                                                                        |   | Internet & Catalog Retail |   | Mezzanine Debt(6) |   | 12.0 | % | 3.3% |  |   | 3/16 |   |   |   | 28.4 |  |   | 28.3 |  |   | 28.4 |  |
|                                                                                                                          |   |   | Redeemable Preferred Stock(6) |   |   |   |   |   |   | 36,267 |  |   |   |   | 28.5 |  |   | 40.1 |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 40,295 |  |   |   |   | 3.9 |  |   | 1.6 |  |
|                                                                                                                          |   |   |   | Common Stock Warrants(4)(6) |   |   |   |   |   |   | 116,065 |  |   |   |   | 11.6 |  |   | 4.6 |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 72.3 |  |   | 74.7 |  |
| Plumbing Holding Corporation                                                                                                  |   | Building Products |   | Common Stock(4)(6) |   |   |   |   |   |   | 342,500 |  |   |   |   | 11.1 |  |   | 2.6 |  |
| RD Holdco Inc.                                                                                                                |   | Household Durables |   | Senior Debt(6) |   | 11.3 | % | N/A |  |   | 6/17 |   |   |   | 16.9 |  |   | 13.8 |  |   | 16.9 |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 458,596 |  |   |   |   | 23.6 |  |   | 12.6 |  |
|                                                                                                                          |   |   |   | Common Stock Warrants(4)(6) |   |   |   |   |   |   | 56,372 |  |   |   |   | 2.9 |  |   | 1.6 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 40.3 |  |   | 31.1 |  |
| RDR Holdings, Inc.                                                                                                            |   | Household Durables |   | Redeemable Preferred Stock(4)(6) |   |   |   |   |   |   | 133 |  |   |   |   | 13.3 |  |   | — |  |
|                                                                                                                          |   |   |   | Convertible Preferred Stock(4)(6) |   |   |   |   |   |   | 539 |  |   |   |   | 92.1 |  |   | — |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 1,013,471 |  |   |   |   | 132.9 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 238.3 |  |   | — |  |
| Rebellion Media Group Corp.(7)                                                                                                |   | Internet Software & Services |   | Senior Debt(6) |   | N/A |  | 5.7 | % |   | 7/14-12/15 |   |   |   | 14.2 |  |   | 13.4 |  |   | 14.2 |  |
|                                                                                                                          |   | Senior Debt(5)(6) |   | N/A |  | 8.0 | % |   | 12/15 |   |   |   | 8.6 |  |   | 7.5 |  |   | — |  |
|                                                                                                                          |   |   | Convertible Preferred Stock(4)(6) |   |   |   |   |   |   | 2,081,879 |  |   |   |   | 7.6 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 28.5 |  |   | 14.2 |  |
| Scanner Holdings Corporation                                                                                                  |   | Technology Hardware, Storage & Peripherals |   | Mezzanine Debt(6) |   | 12.0 | % | 2.0% |  |   | 10/16 |   |   |   | 16.4 |  |   | 16.4 |  |   | 16.4 |  |
|                                                                                                                          |   | Convertible Preferred Stock(6) |   |   |   |   |   |   | 77,447,018 |  |   |   |   | 8.7 |  |   | 9.6 |  |
|                                                                                                                          |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 97,540 |  |   |   |   | 0.1 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |  |   | 25.2 |  |   | 26.0 |  |
| SEHAC Holding Corporation                                                                                                     |   | Diversified Consumer Services |   | Convertible Preferred Stock(6) |   |   |   |   |   |   | 14,850 |  |   |   |   | 14.8 |  |   | 46.8 |  |
|                                                                                                                          |   | Common Stock(6) |   |   |   |   |   |   | 150 |  |   |   |   | 0.2 |  |   | 0.5 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 15.0 |  |   | 47.3 |  |
| SMG Holdings, Inc.                                                                                                            |   | Hotels, Restaurants & Leisure |   | Convertible Preferred Stock(4)(6) |   |   |   |   |   |   | 1,101,673 |  |   |   |   | 180.6 |  |   | 186.7 |  |
|                                                                                                                          |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 275,419 |  |   |   |   | 27.6 |  |   | 8.0 |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 208.2 |  |   | 194.7 |  |
| Specialty Brands Holdings, Inc.                                                                                               |   | Food Products |   | Redeemable Preferred Stock(6) |   |   |   |   |   |   | 122,017 |  |   |   |   | 14.8 |  |   | 20.5 |  |
|                                                                                                                          |   |   | Common Stock(4)(6) |   |   |   |   |   |   | 184,994 |  |   |   |   | 3.7 |  |   | 28.4 |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 18.5 |  |   | 48.9 |  |
| Spring Air International, LLC                                                                                                 |   | Household Durables |   | Common Membership Units(4) |   |   |  |   |   |   |   | 49 | % |   |   |   | 1.9 |  |   | — |  |
| TestAmerica Environmental Services, LLC                                                                                       |   | Commercial Services & Supplies |   | Mezzanine Debt(5)(6) |   | 10.0 | % | 2.5% |  |   | 6/18 |   |   |   | 31.1 |  |   | 26.5 |  |   | — |  |
|                                                                                                                          |   | Common Units(4)(6) |   |   |   |   |   |   | 490,000 |  |   |   |   | 2.0 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   | 28.5 |  |   | — |  |
| Unwired Holdings, Inc.                                                                                                        |   | Electronic Equipment, Instruments & Components |   | Senior Debt(6) |   | 8.0 | % | N/A |  |   | 6/15 |   |   |   | 11.9 |  |   | 11.9 |  |   | 11.9 |  |
|                                                                                                                          |   |   | Mezzanine Debt(6) |   | N/A |  | 15.0% |  |   | 6/15 |   |   |   | 48.9 |  |   | 33.5 |  |   | 48.9 |  |
|                                                                                                                          |   |   | Redeemable Preferred Stock(4) |   |   |   |   |   |   | 1,890 |  |   |   |   | 1.9 |  |   | 3.7 |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 47.3 |  |   | 64.5 |  |
| Warner Power, LLC                                                                                                             |   | Electrical Equipment |   | Mezzanine Debt(6) |   | N/A |  | 14.0% |  |   | 9/14 |   |   |   | 3.1 |  |   | 3.0 |  |   | 3.0 |  |
|                                                                                                                          |   |   |   | Mezzanine Debt(5)(6) |   | N/A |  | 15.0% |  |   | 9/14 |   |   |   | 4.7 |  |   | 3.1 |  |   | 0.8 |  |
|                                                                                                                          |   |   |   | Redeemable Preferred Membership Units(4)(6) |   |   |   |   |   |   | 3,796,269 |  |   |   |   | 3.0 |  |   | — |  |
|                                                                                                                          |   |   |   | Common Membership Units(4)(6) |   |   |   |   |   |   | 27,400 |  |   |   |   | 1.9 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 11.0 |  |   | 3.8 |  |
| WIS Holding Company, Inc.                                                                                                     |   | Commercial Services & Supplies |   | Convertible Preferred Stock(6) |   |   |   |   |   |   | 703,406 |  |   |   |   | 51.5 |  |   | 76.4 |  |
|                                                                                                                          |   | Common Stock(4)(6) |   |   |   |   |   |   | 175,853 |  |   |   |   | 11.4 |  |   | 5.3 |  |
|                                                                                                                          |   |   |   |   |   |   |  |   |   |   |   |   |   |   |   | 62.9 |  |   | 81.7 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2013(in millions, except share data) |
|-------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                    |   | Industry |   | Investments |   | Cash InterestRate(2) | PIKInterestRate(2) |   | MaturityDate(2) |   | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| CDO / CLO INVESTMENTS                                                                                                         |   |   |   |   |   |   |   |   |
| ACAS Wachovia Investments, L.P.(8)                                                                                            |   | Diversified Financial Services |   | Partnership Interest |   |   |   |   |   |   | 90 | % |   |   |   | 6.7 |  |   | 0.8 |  |
| Subtotal Control Investments (73% of total investments at fair value)                                                         |   |   |   |   |   | $ | 3,908.2 |  |   | $ | 3,705.1 |  |
| Total Investment Assets                                                                                                       |   |   |   |   |   | $ | 5,547.7 |  |   | $ | 5,072.1 |  |

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Counterparty                     |   | Instrument |   | InterestRate(2) |   | ExpirationDate(2) |   | # ofContracts |   | Notional |   | Cost |   | FairValue |
| DERIVATIVE AGREEMENTS            |   |   |   |   |   |   |   |   |   |   |   |   |
| European Capital Limited         |   | Total Return Swap |   |   |   | 12/19 |   | 1 |  |   |   |   | $ | — |  |   | $ | 1.9 |  |
| Subtotal Derivative Assets       |   |   |   |   |   |   |   |   |   | $ | — |  |   | $ | 1.9 |  |
|                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Citibank, N.A.                   |   | Interest Rate Swap - Pay Fixed/ Receive Floating(6) |   | 5.6%/LIBOR |   | 5/16-7/17 |   | 2 |  |   | $ | 27.5 |  |   | $ | — |  |   | $ | (4.5 | ) |
| BNP Paribas                      |   | Interest Rate Swap - Pay Fixed/ Receive Floating(6) |   | 5.7%/LIBOR |   | 7/17 |   | 1 |  |   | 22.3 |  |   | — |  |   | (4.0 | ) |
| Wells Fargo Bank, N.A            |   | Interest Rate Swap - Pay Fixed/ Receive Floating(6) |   | 5.6%/LIBOR |   | 8/16 |   | 1 |  |   | 11.9 |  |   | — |  |   | (1.5 | ) |
| Citibank, N.A.                   |   | Total Return Swaps |   |   |   | 12/14 |   | 2 |  |   | 247.4 |  |   | — |  |   | (0.4 | ) |
| Subtotal Derivative Liabilities  |   |   |   |   |   |   |   |   |   | $ | — |  |   | $ | (10.4 | ) |
| Total Derivative Agreements, Net |   |   |   |   |   |   |   |   |   | $ | — |  |   | $ | (8.5 | ) |

|                                                                          |
|--------------------------------------------------------------------------|
|                                                                          |  |  |  |  |  |  |  |  |
| Funds                                                                    |   | Cost |   | FairValue |
| MONEY MARKET FUNDS(3)(6)                                                 |   |   |
| Wells Fargo Advantage Heritage Money Market Fund                         |   | $ | 40.1 |  |   | $ | 40.1 |  |
| BofA Funds Series Trust - BofA Money Market Reserves                     |   | 23.0 |  |   | 23.0 |  |
| Fidelity Institutional Money Market Funds - Prime Money Market Portfolio |   | 16.0 |  |   | 16.0 |  |
| JPMorgan Prime Money Market Fund                                         |   | 10.0 |  |   | 10.0 |  |
| Morgan Stanley Institutional Liquidity Funds - Prime Portfolio           |   | 10.0 |  |   | 10.0 |  |
| Blackrock Liquidity Tempfund Instl Shares #24                            |   | 5.0 |  |   | 5.0 |  |
| Dreyfus Institutional Cash Advantage Fund                                |   | 5.0 |  |   | 5.0 |  |
| STIT - Liquid Assets Portfolio                                           |   | 5.0 |  |   | 5.0 |  |
| Federated Prime Obligations Institutional Fund                           |   | 5.0 |  |   | 5.0 |  |
| Fidelity Institutional Money Market Fund                                 |   | 5.0 |  |   | 5.0 |  |
| Federated Prime Cash Obligations Fund                                    |   | 0.1 |  |   | 0.1 |  |
| Total Money Market Funds                                                 |   | $ | 124.2 |  |   | $ | 124.2 |  |

|     |                                                                                       |
|-----|---------------------------------------------------------------------------------------|
| (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) | Non-U.S. company or principal place of business outside the U.S. and as a result is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company 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) | Excepted from the definition of investment company under Section 3(c) of the Investment Company Act and as a result is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company 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. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | In accordance with ASC 946, European Capital Limited has one unconsolidated portfolio company in which our proportionate share of their investment in the portfolio company, FB Raphael 1 Limited, exceeds 5% of our shareholders’ equity as of December 31, 2013. Below is a list of the securities and its values in Euros as of December 31, 2013 for European Capital’s investment in FB Raphael 1 Limited, which is located in the UK with an industry of Household Products: |

|                 |
|-----------------|
|                 |  |  |  |  |  |  |  |  |  |  |  |
| Investment      | Shares/Warrants | Principal | Cost | Fair Value |
| Preferred Stock |   | € | 105.3 |  | € | 118.6 |  | € | 105.3 |  |
| Common Stock    | 68,125 |  |   | 0.1 |  | 98.9 |  |
| Warrants        | 4,058 |  |   | — |  | 5.9 |  |
|            |   |   | € | 118.7 |  | € | 210.1 |  |

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|         |                                                     |
|---------|-----------------------------------------------------|
| Note 1. | Unaudited Interim Consolidated Financial Statements |

|         |             |
|---------|-------------|
| Note 3. | Investments |

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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, that 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, 2014 |
|                                      |  Level 1 |   |  Level 2 |   |  Level 3 |   |  Total |
|  Senior Debt                         | $ | — |  |   | $ | 168 |  |   | $ | 1,125 |  |   | $ | 1,293 |  |
|  Mezzanine Debt                      | — |  |   | — |  |   | 497 |  |   | 497 |  |
|  Preferred Equity                    | — |  |   | — |  |   | 900 |  |   | 900 |  |
|  Common Equity                       | — |  |   | — |  |   | 2,027 |  |   | 2,027 |  |
|  Structured Products                 | — |  |   | — |  |   | 303 |  |   | 303 |  |
|  Escrow Receivables                  | — |  |   | — |  |   | 33 |  |   | 33 |  |
|  Derivative Agreements, net          | — |  |   | (7 | ) |   | — |  |   | (7 | ) |
|       Total | $ | — |  |   | $ | 161 |  |   | $ | 4,885 |  |   | $ | 5,046 |  |
|                                      |   |   |   |   |   |   |   |
|                                      | December 31, 2013 |
|                                      |  Level 1 |   |  Level 2 |   |  Level 3 |   |  Total |
|  Senior Debt                         | $ | — |  |   | $ | — |  |   | $ | 1,060 |  |   | $ | 1,060 |  |
|  Mezzanine Debt                      | — |  |   | — |  |   | 520 |  |   | 520 |  |
|  Preferred Equity                    | — |  |   | — |  |   | 1,125 |  |   | 1,125 |  |
|  Common Equity                       | — |  |   | — |  |   | 2,091 |  |   | 2,091 |  |
|  Structured Products                 | — |  |   | — |  |   | 276 |  |   | 276 |  |
|  Derivative Agreements, net          | — |  |   | (9 | ) |   | — |  |   | (9 | ) |
|       Total | $ | — |  |   | $ | (9 | ) |   | $ | 5,072 |  |   | $ | 5,063 |  |

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|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                       | Senior Debt |   | Mezzanine Debt |   | Preferred Equity |   | Common Equity |   | Structured Products |   | Escrow Receivable |   | 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 |  |

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                       | Senior Debt |   | Mezzanine Debt |   | Preferred Equity |   | Common Equity |   | Structured Products |   | Total |
| Balances, January 1, 2013                                                  | $ | 843 |  |   | $ | 1,114 |  |   | $ | 1,194 |  |   | $ | 1,867 |  |   | $ | 247 |  |   | $ | 5,265 |  |
| Net realized gain (loss)(1)                                                | 1 |  |   | (19 | ) |   | 29 |  |   | (14 | ) |   | (5 | ) |   | (8 | ) |
| Reversal of prior period net (appreciation) depreciation on realization(2) | — |  |   | (4 | ) |   | (31 | ) |   | 18 |  |   | 5 |  |   | (12 | ) |
| Net unrealized appreciation (depreciation)(2)(3)                           | 6 |  |   | (24 | ) |   | (16 | ) |   | 349 |  |   | (8 | ) |   | 307 |  |
| Purchases(4)                                                               | 75 |  |   | 54 |  |   | 23 |  |   | 2 |  |   | — |  |   | 154 |  |
| Sales(5)                                                                   | (4 | ) |   | — |  |   | (69 | ) |   | (12 | ) |   | — |  |   | (85 | ) |
| Settlements, net(6)                                                        | (72 | ) |   | (133 | ) |   | 1 |  |   | — |  |   | (6 | ) |   | (210 | ) |
| Balances, March 31, 2013                                                   | $ | 849 |  |   | $ | 988 |  |   | $ | 1,131 |  |   | $ | 2,210 |  |   | $ | 233 |  |   | $ | 5,411 |  |

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

|     |                                                                                                                                                                                                                                                                       |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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, closing fees and sale proceeds held in escrow. |

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

|     |                                                                                                                                                                                                                                                                                   |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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. |

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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 |
|                                   | $ | 4,821 |  |   |   |   |   |   |   |   |   |
|                                   |   |   |   |   |   |   |   |   |   |

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|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |
|                                   |   |   |   |   |   |   | Range |   |
|                                   | Fair Value |   | Valuation Techniques |   | Unobservable Inputs |   | Minimum | Maximum | Weighted Average |
|                                   |   |   |   |
| Enterprise Value Waterfall Methodology |   |   |   |   |   |   |
| Senior Debt                            | $ | 375 |  |   | Enterprise discounted cash flow |   | Discount rate |   | 9% | 59% | 17% |
|                                   |   |   |   |   | Terminal value growth rate |   | —% | 4% | 3% |
|                                   |   |   | Public comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (55)% | (10)% | (31)% |
|                                   |   |   |   |   | Control premium |   | —% | 21% | 13% |
|                                   |   |   | Sales of comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (35)% | (20)% | (29)% |
| Mezzanine Debt                         | $ | 817 |  |   | Enterprise discounted cash flow |   | Discount rate |   | 13% | 91% | 18% |
|                                   |   |   |   |   | Terminal value growth rate |   | 3% | 5% | 3% |
|                                   |   |   | Public comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (58)% | 5% | (27)% |
|                                   |   |   |   |   | Control premium |   | —% | 21% | 13% |
|                                   |   |   | Sales of comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (50)% | 5% | (22)% |
| Preferred Equity                       | $ | 1,055 |  |   | Enterprise discounted cash flow |   | Discount rate |   | 11% | 59% | 14% |
|                                   |   |   |   |   | Terminal value growth rate |   | 2% | 8% | 4% |
|                                   |   |   | Public comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (58)% | 15% | (19)% |
|                                   |   |   |   |   | Control premium |   | 9% | 21% | 16% |
|                                   |   |   | Sales of comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (50)% | 10% | (8)% |
| Common Equity                          | $ | 2,210 |  |   | Enterprise discounted cash flow |   | Discount rate |   | 9% | 91% | 16% |
|                                   |   |   |   |   | Terminal value growth rate |   | 3% | 10% | 3% |
|                                   |   |   | Public comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (60)% | 15% | (17)% |
|                                   |   |   |   |   | Control premium |   | —% | 27% | 10% |
|                                   |   |   | Sales of comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (45)% | 10% | (13)% |
|                                   |   |   |   |   |   |   |   |   |   |
| Market Yield Valuation Methodology     |   |   |   |   |   |   |
| Senior Debt                            | $ | 474 |  |   | Discounted cash flow |   | Market yield |   | 7% | 30% | 13% |
|                                   |   |   |   |   | Estimated remaining life |   | 0 yr | 4 yrs | 2 yrs |
| Mezzanine Debt                         | $ | 171 |  |   | Discounted cash flow |   | Market yield |   | 13% | 25% | 18% |
|                                   |   |   |   |   | Estimated remaining life |   | 1 yr | 4 yrs | 3 yrs |
| Preferred Equity                       | $ | 76 |  |   | Discounted cash flow |   | Market yield |   | 18% | 22% | 22% |
|                                   |   |   |   |   | Estimated remaining life |   | 1 yr | 3 yrs | 1 yr |
| Structured Products                    | $ | 233 |  |   | Discounted cash flow |   | Discount rate |   | 6% | 133% | 12% |
|                                   |   |   |   |   | Constant prepayment rate |   | 30% | 30% | 30% |
|                                   |   |   |   |   | Constant default rate |   | 2% | 4% | 2% |
|                                   | $ | 5,411 |  |   |   |   |   |   |   |   |   |
|                                   |   |   |   |   |   |   |   |   |

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|                     |
|---------------------|
|                     |  |  |  |  |  |
|                | March 31, 2014 |   | December 31, 2013 |
| Cost                |   |   |   |
| Senior Debt         | 24.5 | % |   | 19.9 | % |
| Mezzanine Debt      | 10.6 | % |   | 10.6 | % |
| Preferred Equity    | 20.9 | % |   | 24.5 | % |
| Common Equity       | 37.1 | % |   | 38.6 | % |
| Structured Products | 6.9 | % |   | 6.4 | % |
| Total               | 100.0 | % |   | 100.0 | % |
|                |   |   |   |
| Fair Value          |   |   |   |
| Senior Debt         | 25.8 | % |   | 20.9 | % |
| Mezzanine Debt      | 9.9 | % |   | 10.3 | % |
| Preferred Equity    | 17.9 | % |   | 22.2 | % |
| Common Equity       | 40.4 | % |   | 41.2 | % |
| Structured Products | 6.0 | % |   | 5.4 | % |
| Total               | 100.0 | % |   | 100.0 | % |

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|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |
|                                          | March 31, 2014 |   | December 31, 2013 |
| Cost                                          |   |   |   |
| Life Sciences Tools and Services              | 18.8 | % |   | 18.5 | % |
| Household Durables                            | 6.9 | % |   | 6.7 | % |
| Hotels, Restaurants and Leisure               | 4.7 | % |   | 5.3 | % |
| Capital Markets                               | 4.6 | % |   | 9.0 | % |
| Construction and Engineering                  | 4.3 | % |   | 4.2 | % |
| Pharmaceuticals                               | 4.3 | % |   | 4.2 | % |
| Commercial Services and Supplies              | 4.2 | % |   | 3.9 | % |
| Technology Hardware, Storage and Peripherals  | 3.6 | % |   | 3.5 | % |
| Health Care Providers and Services            | 3.6 | % |   | 3.4 | % |
| Professional Services                         | 3.4 | % |   | 3.1 | % |
| Health Care Equipment and Supplies            | 3.3 | % |   | 3.0 | % |
| Internet and Catalog Retail                   | 3.1 | % |   | 3.0 | % |
| Diversified Consumer Services                 | 3.0 | % |   | 2.9 | % |
| IT Services                                   | 3.0 | % |   | 2.3 | % |
| Real Estate and Real Estate Investment Trusts | 2.9 | % |   | 3.1 | % |
| Diversified Financial Services                | 2.9 | % |   | 2.8 | % |
| Auto Components                               | 2.7 | % |   | 2.7 | % |
| Electrical Equipment                          | 2.4 | % |   | 2.4 | % |
| Oil, Gas and Consumable Fuels                 | 2.2 | % |   | 2.1 | % |
| Food Products                                 | 1.9 | % |   | 1.7 | % |
| Other                                         | 14.2 | % |   | 12.2 | % |
| Total                                         | 100.0 | % |   | 100.0 | % |

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|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |
|                                             | March 31, 2014 |   | December 31, 2013 |
| Fair Value                                       |   |   |   |
| Capital Markets                                  | 21.0 | % |   | 22.3 | % |
| Life Sciences Tools and Services                 | 12.3 | % |   | 12.8 | % |
| Pharmaceuticals                                  | 5.9 | % |   | 5.6 | % |
| Health Care Providers and Services               | 5.5 | % |   | 5.7 | % |
| Hotels, Restaurants and Leisure                  | 4.3 | % |   | 5.5 | % |
| Construction and Engineering                     | 4.3 | % |   | 4.8 | % |
| Electrical Equipment                             | 4.0 | % |   | 4.4 | % |
| Health Care Equipment and Supplies               | 3.9 | % |   | 3.8 | % |
| Commercial Services and Supplies                 | 3.6 | % |   | 3.6 | % |
| Professional Services                            | 3.5 | % |   | 3.1 | % |
| Internet and Catalog Retail                      | 2.9 | % |   | 2.9 | % |
| IT Services                                      | 2.5 | % |   | 1.7 | % |
| Diversified Consumer Services                    | 2.2 | % |   | 2.0 | % |
| Technology Hardware, Storage and Peripherals     | 2.2 | % |   | 2.1 | % |
| Food Products                                    | 2.1 | % |   | 1.7 | % |
| Real Estate and Real Estate Investment Trusts    | 1.9 | % |   | 2.0 | % |
| Diversified Financial Services                   | 1.9 | % |   | 1.8 | % |
| Electronic Equipment, Instruments and Components | 1.9 | % |   | 1.7 | % |
| Oil, Gas & Consumable Fuels                  | 1.6 | % |   | 1.6 | % |
| Other                                            | 12.5 | % |   | 10.9 | % |
| Total                                            | 100.0 | % |   | 100.0 | % |

|         |            |
|---------|------------|
| Note 4. | Borrowings |

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |
|                                                                       | March 31, 2014 |   | December 31, 2013 |
| Secured revolving credit facility due August 2016, $250 million commitment | $ | — |  |   | $ | — |  |
| Secured term loan due August 2017, net of discount                         | 447 |  |   | 449 |  |
| Unsecured private notes due September 2018, net of discount                | 343 |  |   | 342 |  |
| Total                                                                      | $ | 790 |  |   | $ | 791 |  |

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|                                   |
|-----------------------------------|
|                                   |  |
| September 15, 2015                | 103.250% |
| September 15, 2016                | 101.625% |
| September 15, 2017 and thereafter | 100.000% |

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|                                 |
|---------------------------------|
|                                 |  |
| August 22, 2014                 | $4.5 million |
| August 21, 2015                 | $4.5 million |
| August 22, 2016                 | $4.5 million |
| Maturity Date (August 22, 2017) | Outstanding Balance |

|         |               |
|---------|---------------|
| Note 5. | Stock Options |

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|         |                            |
|---------|----------------------------|
| Note 6. | Deferred Compensation Plan |

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|          |                                                             |
|----------|-------------------------------------------------------------|
| Note  7. |  Net Operating Income and Net Earnings Per Common Share |

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |  |
|                                                                  |   | Three Months Ended March 31, |
|                                                                  |   | 2014 |   | 2013 |
| Numerator for basic and diluted net operating income per common share |   | $ | 5 |  |   | $ | 46 |  |
| Numerator for basic and diluted net earnings per common share         |   | $ | 70 |  |   | $ | 346 |  |
| Denominator for basic weighted average common shares                  |   | 270.7 |  |   | 305.4 |  |
| Employee stock options and stock awards                               |   | 12.7 |  |   | 12.5 |  |
| Denominator for diluted weighted average common shares                |   | 283.4 |  |   | 317.9 |  |
| Basic net operating income per common share                           |   | $ | 0.02 |  |   | $ | 0.15 |  |
| Diluted net operating income per common share                         |   | $ | 0.02 |  |   | $ | 0.14 |  |
| Basic net earnings per common share                                   |   | $ | 0.26 |  |   | $ | 1.13 |  |
| Diluted net earnings per common share                                 |   | $ | 0.25 |  |   | $ | 1.09 |  |

|         |                               |
|---------|-------------------------------|
| Note 8. | Commitments and Contingencies |

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|         |                            |
|---------|----------------------------|
| Note 9. | Shareholders’ Equity |

|                                                                  |
|------------------------------------------------------------------|
|                                                                  |  |  |  |  |  |
|                                                             | Three Months Ended March 31, |
|                                                             | 2014 |   | 2013 |
| Common stock outstanding at beginning of period                  | 270.2 |  |   | 304.4 |  |
| Issuance of common stock under stock option plans                | 2.0 |  |   | 2.0 |  |
| Repurchase of common stock                                       | (8.9 | ) |   | (9.0 | ) |
| Distribution of common stock held in deferred compensation trust | — |  |   | 0.4 |  |
| Common stock outstanding at end of period                        | 263.3 |  |   | 297.8 |  |

|          |              |
|----------|--------------|
| Note 10. | Income Taxes |

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|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |
|                                                 | Three Months Ended March 31, |
|                                                 | 2014 |   | 2013 |
| Tax on income computed at federal statutory tax rate | $ | 25 |  |   | $ | 124 |  |
| State taxes, net of federal tax benefit              | 3 |  |   | 15 |  |
| Valuation allowance                                  | (32 | ) |   | (132 | ) |
| Dividends received deduction                         | (2 | ) |   | (1 | ) |
| Change in state tax rate                             | 10 |  |   | — |  |
| Other                                                | (2 | ) |   | 3 |  |
| Total tax provision                                  | $ | 2 |  |   | $ | 9 |  |

|          |                          |
|----------|--------------------------|
| Note 11. | Significant Subsidiaries |

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |
|                     | Three Months Ended March 31, |
|                     | 2014 |   | 2013 |
| Total revenue            | $ | 175 |  |   | $ | 162 |  |
| Total operating expenses | $ | 152 |  |   | $ | 134 |  |
| Net operating income     | $ | 23 |  |   | $ | 28 |  |
| Net income               | $ | 14 |  |   | $ | 32 |  |

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|          |                   |
|----------|-------------------|
| Note 12. | Subsequent Events |

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

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|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |  |
| Company                           |   | Business Line |   | Industry |   | Fair Value |   | Cost Basis |
| American Capital Asset Management, LLC |   | Asset Management |   | Capital Markets |   | $ | 805 |  |   | $ | 171 |  |
| European Capital Limited               |   | European Capital |   | Diversified Financial Services |   | 801 |  |   | 992 |  |
| CML Pharmaceuticals, Inc.              |   | American Capital One Stop Buyouts® |   | Life Sciences Tools & Services |   | 371 |  |   | 436 |  |
| SPL Acquisition Corp.                  |   | American Capital One Stop Buyouts® |   | Pharmaceuticals |   | 232 |  |   | 177 |  |
| The Tensar Corporation                 |   | Sponsor Finance Investments |   | Construction & Engineering |   | 163 |  |   | 168 |  |
| Mirion Technologies, Inc.              |   | American Capital One Stop Buyouts® |   | Electrical Equipment |   | 155 |  |   | 90 |  |
| Affordable Care Holding Corp.          |   | American Capital One Stop Buyouts® |   | Health Care Providers & Services |   | 154 |  |   | 88 |  |
| SMG Holdings, Inc.                     |   | American Capital One Stop Buyouts® |   | Hotels, Restaurants & Leisure |   | 115 |  |   | 151 |  |
| WRH, Inc.                              |   | American Capital One Stop Buyouts® |   | Life Sciences Tools & Services |   | 110 |  |   | 342 |  |
| Soil Safe Holdings, LLC                |   | Sponsor Finance Investments |   | Professional Services |   | 108 |  |   | 112 |  |
| Total                                  |   |   |   |   |   | $ | 3,014 |  |   | $ | 2,727 |  |

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|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |
|                      | Three Months Ended March 31, |
| Type                      | 2014 |   | 2013 |
|  Senior Debt         | $ | 264 |  |   | $ | 80 |  |
|  Mezzanine Debt      | 4 |  |   | — |  |
|  Preferred Equity    | 1 |  |   | 2 |  |
|  Common Equity       | 13 |  |   | 16 |  |
|  Structured Products | 39 |  |   | — |  |
| Total by type             | $ | 321 |  |   | $ | 98 |  |

|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |
|                                                                         | Three Months Ended March 31, |
| Use                                                                          | 2014 |   | 2013 |
| Senior Floating Rate Loans                                                   | $ | 199 |  |   | $ | — |  |
| Sponsor Finance Investments                                                  | 62 |  |   | 29 |  |
| Investments in ACAM and Fund Development                                     | 34 |  |   | — |  |
| Structured Products                                                          | 19 |  |   | — |  |
| American Capital One Stop Buyouts®                                      | — |  |   | 27 |  |
| Add-on financing for growth and working capital                              | 4 |  |   | 3 |  |
| Add-on financing for working capital in distressed situations                | 3 |  |   | 3 |  |
| Add-on financing for recapitalizations, not including distressed investments | — |  |   | 36 |  |
| Total by use                                                                 | $ | 321 |  |   | $ | 98 |  |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |
|                                    | Three Months Ended March 31, |
| Business Line                           | 2014 |   | 2013 |
| Senior Floating Rate Loans              | $ | 199 |  |   | $ | — |  |
| Sponsor Finance Investments             | 62 |  |   | 59 |  |
| Asset Management                        | 34 |  |   | — |  |
| Structured Products                     | 19 |  |   | — |  |
| American Capital One Stop Buyouts® | 5 |  |   | 37 |  |
| Direct and Other Investments            | 2 |  |   | 2 |  |
| Total by business line                  | $ | 321 |  |   | $ | 98 |  |

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|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |
|                                                       | Three Months Ended March 31, |
| Source                                                     | 2014 |   | 2013 |
| Equity investments                                         | $ | 324 |  |   | $ | 60 |  |
| Payment of accrued PIK notes and dividend and accreted OID | 63 |  |   | 60 |  |
| Loan syndications and sales                                | 20 |  |   | 4 |  |
| Scheduled principal amortization                           | 19 |  |   | 9 |  |
| Principal prepayments                                      | 16 |  |   | 148 |  |
| Total by source                                            | $ | 442 |  |   | $ | 281 |  |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |
|                                    | Three Months Ended March 31, |
| Business Line                           | 2014 |   | 2013 |
| Asset Management                        | $ | 198 |  |   | $ | 8 |  |
| European Capital                        | 104 |  |   | — |  |
| American Capital One Stop Buyouts® | 66 |  |   | 169 |  |
| Sponsor Finance Investments             | 56 |  |   | 86 |  |
| Structured Products                     | 17 |  |   | 5 |  |
| Direct and Other Investments            | 1 |  |   | 13 |  |
| Total by business line                  | $ | 442 |  |   | $ | 281 |  |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | Three Months Ended March 31, |
| Business Line                            | 2014 |   | 2013 |
| American Capital One Stop Buyouts®  | $ | 50 |  |   | $ | 41 |  |
| Asset Management                         | 23 |  |   | 32 |  |
| Sponsor Finance Investments              | (8 | ) |   | 35 |  |
| Structured Products                      | 12 |  |   | 19 |  |
| Direct and Other Investments             | 7 |  |   | 4 |  |
| European Capital                         | — |  |   | 2 |  |
| Total operating revenue by business line | $ | 84 |  |   | $ | 133 |  |

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|                  |
|------------------|
|                  |  |  |  |  |  |  |  |  |  |  |
| Fund             |   | Fund type |   | Established |   | Assets under management |   | Investment types |   | Capital type |
| European Capital |   | Private Equity Fund |   | 2005 |   | $1.1 Billion |   | Senior and Mezzanine Debt, Equity, Structured Products |   | Permanent |
| AGNC             |   | Publicly Traded REIT  - NASDAQ (AGNC) |   | 2008 |   | $67.3 Billion |   | Agency Securities |   | Permanent |
| MTGE             |   | Publicly Traded REIT  - NASDAQ (MTGE) |   | 2011 |   | $7.3 Billion |   | Mortgage Investments |   | Permanent |
| ACSF             |   | Publicly Traded BDC - NASDAQ (ACSF) |   | 2014 |   | $0.3 Billion |   | Senior Floating Rate Loans |   | Permanent |
| ACE I       |   | Private Equity Fund |   | 2006 |   | $0.5 Billion |   | Equity |   | Finite Life |
| ACE II      |   | Private Equity Fund |   | 2007 |   | $0.2 Billion |   | Equity |   | Finite Life |
| ACAS CLO 2007-1  |   | CLO |   | 2006 |   | $0.4 Billion |   | Senior Debt |   | Finite Life |
| ACAS CLO 2012-1  |   | CLO |   | 2012 |   | $0.4 Billion |   | Senior Debt |   | Finite Life |
| ACAS CLO 2013-1  |   | CLO |   | 2013 |   | $0.4 Billion |   | Senior Debt |   | Finite Life |
| ACAS CLO 2013-2  |   | CLO |   | 2013 |   | $0.4 Billion |   | Senior Debt |   | Finite Life |

----

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|                                         |
|-----------------------------------------|
|                                         |  |  |
|                                    | March 31, 2014 |
| Business Line                           |   |
| European Capital One Stop Buyouts® | 49 | % |
| Sponsor Finance Investments             | 44 | % |
| Direct and Other Investments            | 5 | % |
| Structured Products                     | 2 | % |
| Total by business line                  | 100 | % |

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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. The consolidated operating results were as follows (in millions): |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |
|                                    | Three Months Ended March 31, |
|                                    | 2014 |   | 2013 |
| Operating revenue                       | $ | 84 |  |   | $ | 133 |  |
| Operating expenses                      | 68 |  |   | 65 |  |
| NOI before income taxes                 | 16 |  |   | 68 |  |
| Tax provision                           | (11 | ) |   | (22 | ) |
| NOI                                     | 5 |  |   | 46 |  |
| Net realized gain (loss), net of tax    | 21 |  |   | (8 | ) |
| Net realized earnings                   | 26 |  |   | 38 |  |
| Net unrealized appreciation, net of tax | 44 |  |   | 308 |  |
| Net earnings                            | $ | 70 |  |   | $ | 346 |  |

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|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |
|                                                     | Three Months Ended March 31, |
|                                                     | 2014 |   | 2013 |
| Interest income on debt investments                      | $ | 29 |  |   | $ | 68 |  |
| Interest income on Structured Products investments       | 12 |  |   | 19 |  |
| Dividend income on private finance portfolio investments | 16 |  |   | 8 |  |
| Dividend income from ACAM                                | 14 |  |   | 27 |  |
| Interest and dividend income                             | 71 |  |   | 122 |  |
| Portfolio company advisory and administrative fees       | 3 |  |   | 4 |  |
| Advisory and administrative services - ACAM              | 9 |  |   | 5 |  |
| Other fees                                               | 1 |  |   | 2 |  |
| Fee income                                               | 13 |  |   | 11 |  |
| Total operating revenue                                  | $ | 84 |  |   | $ | 133 |  |

|                                                                                                                               |
|-------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                               |  |  |  |  |  |  |  |
|                                                                                                                          | Three Months Ended March 31, |
|                                                                                                                          | 2014 |   | 2013 |
| Debt investments at cost(1)                                                                                                   | $ | 1,754 |  |   | $ | 1,941 |  |
| Average non-accrual debt investments at cost(2)                                                                               | $ | 301 |  |   | $ | 286 |  |
| Effective interest rate on debt investments                                                                                   | 6.7 | % |   | 14.1 | % |
| Effective interest rate on debt investments, excluding non-accrual prior period adjustments                                   | 9.7 | % |   | 10.6 | % |
| Structured Products investments at cost(1)                                                                                    | $ | 358 |  |   | $ | 380 |  |
| Effective interest rate on Structured Products investments                                                                    | 13.1 | % |   | 19.4 | % |
| Debt and Structured Products investments at cost(1)                                                                           | $ | 2,112 |  |   | $ | 2,321 |  |
| Effective interest rate on debt and Structured Products investments                                                           | 7.8 | % |   | 15.0 | % |
| Average daily one-month LIBOR                                                                                                 | 0.2 | % |   | 0.2 | % |
| Equity investments - private finance portfolio at cost(1)(3)                                                                  | $ | 2,067 |  |   | $ | 2,012 |  |
| Effective dividend yield on equity investments - private finance portfolio(3)                                                 | 3.0 | % |   | 1.6 | % |
| Effective dividend yield on equity investments - private finance portfolio, excluding non-accrual prior period adjustments(3) | 3.5 | % |   | 4.2 | % |
| Debt, Structured Products and equity investments at cost(1)(3)                                                                | $ | 4,179 |  |   | $ | 4,333 |  |
| Effective yield on debt, Structured Products and equity investments(3)                                                        | 5.4 | % |   | 8.8 | % |
| Effective yield on debt, Structured Products and equity investments, excluding non-accrual prior period adjustments(3)        | 7.0 | % |   | 8.4 | % |

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

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

|     |                                                              |
|-----|--------------------------------------------------------------|
| (3) | Excludes our equity investment in ACAM and European Capital. |

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|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |
|                                            | Three Months Ended March 31, |
|                                            | 2014 |   | 2013 |
| Interest                                        | $ | 12 |  |   | $ | 11 |  |
| Salaries, benefits and stock-based compensation | 42 |  |   | 41 |  |
| General and administrative                      | 14 |  |   | 13 |  |
| Total operating expenses                        | $ | 68 |  |   | $ | 65 |  |

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |
|                                                  | Three Months Ended March 31, |
|                                                  | 2014 |   | 2013 |
| Base salaries                                         | $ | 15 |  |   | $ | 17 |  |
| Incentive compensation                                | 12 |  |   | 14 |  |
| Benefits                                              | 5 |  |   | 3 |  |
| Stock-based compensation                              | 10 |  |   | 7 |  |
| Total salaries, benefits and stock-based compensation | $ | 42 |  |   | $ | 41 |  |

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|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |
|                                               | Three Months Ended March 31, |
|                                               | 2014 |   | 2013 |
| Tax provision - net operating income               | $ | (11 | ) |   | $ | (22 | ) |
| Tax (provision) benefit - net realized gain (loss) | (3 | ) |   | 13 |  |
| Tax benefit - net unrealized appreciation          | 12 |  |   | — |  |
| Total tax provision                                | $ | (2 | ) |   | $ | (9 | ) |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | Three Months Ended March 31, |
|                                     | 2014 |   | 2013 |
| Anchor Drilling Fluids USA, Inc.         | $ | 19 |  |   | $ | — |  |
| Mirion Technologies, Inc.                | — |  |   | 27 |  |
| Other, net                               | 6 |  |   | 4 |  |
| Total gross realized portfolio gain      | 25 |  |   | 31 |  |
|                                     |   |   |   |
| Paradigm Precision Holdings, LLC         | — |  |   | (30 | ) |
| Other, net                               | (4 | ) |   | (8 | ) |
| Total gross realized portfolio loss      | (4 | ) |   | (38 | ) |
| Total net realized portfolio gain (loss) | 21 |  |   | (7 | ) |
| Foreign currency transactions            | 2 |  |   | — |  |
| Derivative agreements                    | 1 |  |   | (14 | ) |
| Tax (provision) benefit                  | (3 | ) |   | 13 |  |
| Total net realized gain (loss)           | $ | 21 |  |   | $ | (8 | ) |

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|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |  |  |  |  |
|                                                                                | Three Months Ended March 31, |
|                                                                                | 2014 |   | 2013 |
| Gross unrealized appreciation of American Capital One Stop Buyouts®            | $ | 29 |  |   | $ | 54 |  |
| Gross unrealized depreciation of American Capital One Stop Buyouts®            | (142 | ) |   | (45 | ) |
| Gross unrealized appreciation of Sponsor Finance, Direct and Other Investments      | 7 |  |   | 28 |  |
| Gross unrealized depreciation of Sponsor Finance, Direct and Other Investments      | (40 | ) |   | (24 | ) |
| Net unrealized (depreciation) appreciation of private finance portfolio investments | (146 | ) |   | 13 |  |
| Net unrealized appreciation of European Capital investment                          | 64 |  |   | 111 |  |
| Net unrealized appreciation of European Capital foreign currency translation        | — |  |   | 17 |  |
| Net unrealized appreciation of ACAM                                                 | 121 |  |   | 214 |  |
| Net unrealized depreciation of Structured Products investments                      | (2 | ) |   | (8 | ) |
| Reversal of prior period net unrealized appreciation upon realization               | (2 | ) |   | (12 | ) |
| Net unrealized appreciation of portfolio investments                                | 35 |  |   | 335 |  |
| Foreign currency translation - European Capital                                     | (4 | ) |   | (38 | ) |
| Foreign currency translation - other                                                | — |  |   | (2 | ) |
| Derivative agreements and other                                                     | 1 |  |   | 13 |  |
| Tax benefit                                                                         | 12 |  |   | — |  |
| Net unrealized appreciation                                                         | $ | 44 |  |   | $ | 308 |  |

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|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |
|                                             | March 31, 2014 |   | December 31, 2013 |
| Debt investments at fair value                   | € | 334 |  |   | € | 406 |  |
| Equity investments at fair value                 | 371 |  |   | 364 |  |
| Other assets and liabilities, net                | 71 |  |   | 56 |  |
| Third-party unsecured debt at cost               | (107 | ) |   | (107 | ) |
| NAV (Euros)                                      | € | 669 |  |   | € | 719 |  |
| Exchange rate                                    | 1.38 |  |   | 1.38 |  |
| NAV (U.S. dollars)                               | $ | 923 |  |   | $ | 992 |  |
| Fair value of American Capital equity investment | $ | 801 |  |   | $ | 841 |  |
| Implied discount to NAV                          | 13.2 | % |   | 15.2 | % |

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|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| August 22, 2014                                            | $4.5 million |
| August 21, 2015                                            | $4.5 million |
| August 22, 2016                                            | $4.5 million |
| Secured Term Loans Maturity Date (August 22, 2017)         | Outstanding Balance |
| Unsecured Private Notes Maturity Date (September 15, 2018) | Outstanding Balance |

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|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |
|                                                                        | March 31, 2014 |   | December 31, 2013 |
| Current                                                                     | $ | 1,605 |  |   | $ | 1,377 |  |
| 0 - 30 days past due                                                        | — |  |   | 26 |  |
| 31 - 60 days past due                                                       | — |  |   | — |  |
| 61 - 90 days past due                                                       | — |  |   | — |  |
| Greater than 90 days past due                                               | — |  |   | — |  |
| Total past due accruing loans at cost                                       | — |  |   | 26 |  |
| Non-accruing loans at cost                                                  | 315 |  |   | 287 |  |
| Total loans at cost                                                         | $ | 1,920 |  |   | $ | 1,690 |  |
| Non-accruing loans at fair value                                            | $ | 165 |  |   | $ | 154 |  |
| Total loans at fair value                                                   | $ | 1,790 |  |   | $ | 1,580 |  |
| Non-accruing loans at cost as a percent of total loans at cost              | 16.4 | % |   | 17.0 | % |
| Non-accruing loans at fair value as a percent of total loans at fair value  | 9.2 | % |   | 9.7 | % |
| Non-accruing loans at fair value as a percent of non-accruing loans at cost | 52.4 | % |   | 53.7 | % |

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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          |   | $ | 27 |  |   | $ | 16 |  |   | $ | 11 |  |   | $ | 11 |  |
| Up 300 basis points          |   | $ | 18 |  |   | $ | 11 |  |   | $ | 7 |  |   | $ | 7 |  |
| Up 200 basis points          |   | $ | 8 |  |   | $ | 6 |  |   | $ | 2 |  |   | $ | 2 |  |
| Up 100 basis points          |   | $ | 1 |  |   | $ | 2 |  |   | $ | (1 | ) |   | $ | (1 | ) |
| Down 100 basis points        |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |

|         |                         |
|---------|-------------------------|
| 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 |

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |
|                                        | Total Number of Shares Purchased(1) |   | Average Price Paid Per Share |   | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2) |   | Maximum Number of Shares That May Yet Be Purchased Under the Publicly Announced Plans or Programs |
| February 12, 2014 through February 28, 2014 | 6.3 |  |   | $ | 15.35 |  |   | 6.3 |  |   | N/A |
| March 3, 2014 through March 10, 2014        | 2.6 |  |   | $ | 15.47 |  |   | 2.6 |  |   | N/A |
| First Quarter 2014                          | 8.9 |  |   | $ | 15.38 |  |   | 8.9 |  |   | N/A |

|     |                                                                                                                      |
|-----|----------------------------------------------------------------------------------------------------------------------|
| (1) | All shares were purchased by us pursuant to the stock repurchase and dividend program described in footnote 2 below. |

|     |                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------|
| (2) | Under the program, we will consider quarterly setting an amount to be utilized for stock repurchases or dividends. |

|         |                                 |
|---------|---------------------------------|
| 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.  | Amendment No. 2 to the Senior Secured Term Loan Credit Agreement, dated as of February 26, 2014, among American Capital, Ltd., as Borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, 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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|        |
|--------|
|        |  |  |
|   | AMERICAN CAPITAL, LTD. |
|   |   |   |
|   | By: | /s/    RICHARD E. KONZMANN         |
|   |   | Richard E. KonzmannSenior Vice President, Accounting |