Edgar Filing: Apollo Tactical Income Fund Inc.

Gross unrealized appreciation

Gross unrealized depreciation

(27,094,974)

Net unrealized depreciation

(26,167,872)

Apollo Tactical Income Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22591

Apollo Tactical Income Fund Inc.

(Exact name of registrant as specified in charter)

9 West 57th Street

New York, New York 10019

(Address of principal executive offices) (Zip code)

Joseph Moroney, President

9 West 57th Street

New York, New York 10019

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 515-3200

Date of fiscal year end: December 31

Date of reporting period: December 31, 2015

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

LOGO

Apollo Senior Floating Rate Fund Inc. (NYSE: AFT)

Apollo Tactical Income Fund Inc. (NYSE: AIF)

Annual Report

December 31, 2015

TABLE OF CONTENTS


Manager Commentary (unaudited)			4
Financial Data
Apollo Senior Floating Rate Fund Inc. (unaudited)			5
Apollo Tactical Income Fund Inc. (unaudited)			6
Schedule of Investments
Apollo Senior Floating Rate Fund Inc.			7
Apollo Tactical Income Fund Inc.			16
Statements of Assets and Liabilities			24
Statements of Operations			25
Statements of Changes in Net Assets
Apollo Senior Floating Rate Fund Inc.			26
Apollo Tactical Income Fund Inc.			27
Statement of Cash Flows
Apollo Senior Floating Rate Fund Inc.			28
Apollo Tactical Income Fund Inc.			29
Financial Highlights
Apollo Senior Floating Rate Fund Inc.			30
Apollo Tactical Income Fund Inc.			31
Notes to Financial Statements			32
Report of Independent Registered Public Accounting Firm			46
Additional Information (unaudited)			47
Directors and Officers (unaudited)			48
Important Information About This Report			50

Economic and market conditions change frequently.

There is no assurance that the trends described in this report will continue or commence.

This report, including the financial information herein, is transmitted to shareholders of the Funds for their information. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.

Apollo Senior Floating Rate Fund Inc.

Apollo Tactical Income Fund Inc.

Manager Commentary (unaudited)

As of December 31, 2015

Dear Shareholders,

We would like to start by saying thank you for your interest in the Apollo Senior Floating Rate Fund Inc. and the Apollo Tactical Income Fund Inc. (the “Funds”). We appreciate the trust and confidence you have placed with us through your investment in the Funds.

2015 represented a difficult year in the corporate credit markets as the performance of both leveraged loans and high yield bonds suffered due to a number of mainly macroeconomic oriented factors. The year started favorably, as January brought buyers back to the market after a commodity and outflow related move lower at the end of 2014 was replaced by buyers of quality bonds and loans seeking value at a discount. This more constructive backdrop continued through the spring before fading into the summer and breaking down more fully into year-end mainly as commodity prices moved lower. WTI crude oil hit a 2015 closing high of $61.43 per barrel on June 10, 2015; from that point it declined very steadily by 39.7% over the balance of the year and saw its weakening accelerate into the beginning of 2016. This topic is important as it relates to discussing the credit markets in 2015 given it represented what has become an increasingly meaningful overhang on performance, despite the fact that exposure to commodities was not the primary focus of the Funds. However, commodity weakness continues to be the major driver of outflows and outflow related selling in the loan and high yield markets. Continued selling has harmed liquidity and created dislocation in the secondary market for loans and bonds. This dislocation has weighed on performance and created more areas of value and opportunity in the secondary market and widened where we have been able to make investments in the primary market in a manner that has been accretive to the Funds.

Last year was for the most part a period of contrasting themes. After turning negative after a prolonged period of inflows in the spring of 2014, steady outflows from leveraged loan funds persisted throughout 2015 with $16.4 billion eventually pulled from loan funds during the year. These regularly negative flows created bouts of volatility in the secondary market on forced selling from open-ended funds that allowed us to optimize the portfolios and take advantage of weaker holders and buy credits that we liked at a discount. In contrast to mutual fund flows, CLO creation volumes for the year totaled $109.6 billion, the second highest annual total on record and trailing only the $131.9 billion in volume during 2014. This, in turn supported healthy volumes of issuance albeit at levels reduced from that in the years prior, with primary loan volumes of $326 billion compared to $467 billion the year prior. These reduced numbers are actually more positive for the Funds than the record levels of issuance in years prior in that they included lower levels of refinancing and repricing of loans and bonds to lower outright coupons, and work against trends towards looser structures with reduced levels of lender protection. Coupled with federal regulation that has really begun to limit the banks’ ability to sell fully or over leveraged deals, 2015 represented a very attractive time for the Funds to put capital to work in good businesses, in defensive industries at attractive rates of return.

However, despite this opportunity set which grew in variety and attractiveness as the year wore on, concerns over the implications of eventual Fed tightening of monetary policy, weakening prices for not only oil and gas but other mining related commodities and the implications of reduced liquidity in the credit markets combined to create what has become a much more punitive backdrop. Given periods of broad based selling by credit investors during periods of stress the investing environment also contains more opportunity than we have seen in much of our time managing the Funds. We anticipate continued volatility in these markets for the various reasons we have outlined and plan on remaining defensive accordingly, while working to identify opportunities within businesses where we see value when for market related reasons they become available at attractive prices.

We appreciate your interest and support in the Funds. If you have any questions about the Funds, please call 1-888-301-3838, or go to our website at www.agmfunds.com.

Sincerely,

Apollo Credit Management, LLC

4 | Annual Report

Apollo Senior Floating Rate Fund Inc.

Financial Data

As of December 31, 2015 (unaudited)


Portfolio Composition (as % of Current Market
Value of Investment Securities)

Loans		95.9%
High Yield Bonds		3.1%
Equity/Other		1.0%

Portfolio Characteristics ^(a)

Weighted Average Floating-Rate Spread		4.55%
Weighted Average Fixed-Rate Coupon		8.70%
Weighted Average Maturity (in years) (floating assets)		4.85
Weighted Average Maturity (in years) (fixed assets)		5.07
Weighted Average Modified Duration (in years) (fixed assets)		3.53
Average Position Size	$	2,173,635
Number of Positions		200
Weighted Average S&P Rating		B
Weighted Average Rating Factor (Moody’s)		2,679

Credit Quality ^(b)

BBB		1.2%
BB		17.7%
B		68.7%
CCC+ or Lower		8.3%
Not Rated		4.1%

Top 5 Industries (as % of Current Market Value of
Investment Securities) ^(c)

Healthcare & Pharmaceuticals		11.9%
Banking, Finance, Insurance & Real Estate		10.5%
High Tech Industries		10.2%
Media: Broadcasting & Subscription		8.7%
Retail		6.4%
Total		47.7%


Top 10 Issuers (as % of Current Market Value of
Investment Securities) ^(d)

Valeant Pharmaceuticals International, Inc.			1.6%
Amwins Group, LLC			1.4%
WideOpenWest Finance, LLC			1.4%
Asurion, LLC			1.3%
DAE Aviation Holdings, Inc.			1.3%
Avago Technologies, Ltd.			1.2%
Delta 2 (Lux) S.a.r.l.			1.2%
Opal Acquisition, Inc.			1.2%
Neptune Finco Corp.			1.2%
USI, Inc.			1.2%
Total			13.0%


Performance Comparison

	Year Ended December 31, 2015	Since Inception on February 23, 2011 to December 31, 2015

AFT - Market Price	(1.98)%^(e)	1.26%^(e)(f)
AFT - NAV	(0.52)%^(e)	4.58%^(e)(f)
S&P/LSTA Leveraged Loan Index ^(g)	(0.69)%	2.95%^(f)

(a)	Averages based on par value of investment securities, except for the weighted average modified duration, which is based on market value. The weighted average rating factor per Moody’s Investors Service (“Moody’s”) excludes securities with no rating or in default as of December 31, 2015.

(b)

Credit quality is calculated as a percentage of fair value of investment securities at December 31, 2015. The quality ratings reflected were issued by Standard & Poor’s Ratings Group (“S&P”), a nationally recognized statistical rating organization. Credit quality ratings reflect the rating agency’s opinion of the credit quality of the underlying positions in the Fund’s portfolio and not that of the Fund itself. Credit quality ratings are subject to change.

(c)	The industry classifications reported are from widely recognized market indexes or rating group indexes, and/or as defined by Fund management, with the primary source being Moody’s, a nationally recognized statistical rating organization.

(d)	Holdings are subject to change and are provided for informational purposes only.

(e)

Performance reflects total return assuming all distributions were reinvested at the dividend reinvestment rate. Past performance does not necessarily indicate how the Fund will perform in the future. The performance information provided does not reflect the deduction of taxes that a shareholder would pay on distributions received from the Fund.

(f)	Annualized.

(g)	The S&P/LSTA Leveraged Loan Index is a broad index designed to reflect the performance of the U.S. Dollar facilities in the leveraged loan market.

Annual Report | 5

Apollo Tactical Income Fund Inc.

Financial Data

As of December 31, 2015 (unaudited)


Portfolio Composition (as % of Current Market
Value of Investment Securities)

Loans		70.5%
High Yield Bonds		19.7%
Structured Products		8.8%
Equity/Other		1.0%

Portfolio Characteristics ^(a)

Weighted Average Floating-Rate Spread		5.26%
Weighted Average Fixed-Rate Coupon		8.40%
Weighted Average Maturity (in years) (floating assets)		5.67
Weighted Average Maturity (in years) (fixed assets)		5.36
Weighted Average Modified Duration (in years) (fixed assets)		3.61
Average Position Size	$	2,167,004
Number of Positions		188
Weighted Average S&P Rating		B
Weighted Average Rating Factor (Moody’s)		2,985

Credit Quality ^(b)

BBB		1.2%
BB		14.5%
B		58.2%
CCC+ or Lower		15.5%
Not Rated		10.6%

Top 5 Industries (as % of Current Market Value of
Investment Securities) ^(c)

High Tech Industries		10.8%
Healthcare & Pharmaceuticals		10.3%
Energy: Oil & Gas		8.3%
Media: Broadcasting & Subscription		6.8%
Banking, Finance, Insurance & Real Estate		6.3%
Total		42.5%


Top 10 Issuers (as % of Current Market Value of
Investment Securities) ^(d)

Anchorage Capital CLO, Ltd.			1.8%
Neptune Finco Corp.			1.8%
Valeant Pharmaceuticals International, Inc.			1.4%
Land O’ Lakes Capital Trust I			1.4%
JFIN CLO Ltd.			1.4%
Onex Carestream Finance, L.P.			1.4%
Laureate Education, Inc.			1.3%
Surgery Center Holdings, Inc.			1.3%
American Greetings Corp.			1.3%
BWay Intermediate Company, Inc.			1.3%
Total			14.4%


Performance Comparison

	Year Ended December 31, 2015	Since Inception on February 25, 2013 to December 31, 2015

AIF - Market Price	(3.65)%^(e)	(3.89)%^(e)(f)
AIF - NAV	(2.91)%^(e)	2.59%^(e)(f)
S&P/LSTA Leveraged Loan Index^(g)	(0.69)%	1.66%^(f)

(a)	Averages based on par value of investment securities, except for the weighted average modified duration, which is based on market value. The weighted average rating factor per Moody’s excludes securities with no rating or in default as of December 31, 2015.

(b)

Credit quality is calculated as a percentage of fair value of investment securities at December 31, 2015. The quality ratings reflected were issued by S&P, a nationally recognized statistical rating organization. Credit quality ratings reflect the rating agency’s opinion of the credit quality of the underlying positions in the Fund’s portfolio and not that of the Fund itself. Credit quality ratings are subject to change.

(c)

The industry classifications reported are from widely recognized market indexes or rating group indexes, and/or as defined by Fund management, with the primary source being Moody’s, a nationally recognized statistical rating organization. The Top 5 Industries table above excludes Structured Products which represent 8.8% of the portfolio as of December 31, 2015.

(d)	Holdings are subject to change and are provided for informational purposes only.

(e)

(f)	Annualized.

(g)	The S&P/LSTA Leveraged Loan Index is a broad index designed to reflect the performance of the U.S. Dollar facilities in the leveraged loan market.

6 | Annual Report

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments

December 31, 2015


	Principal Amount ($)		Value ($)
Senior Loans - 146.8%^(a)

AEROSPACE & DEFENSE - 7.2%
B/E Aerospace, Inc.
Term Loan, (LIBOR + 3.25%, 0.75% Floor), 4.00%, 12/16/21^(b)		2,484,238		2,486,722
Camp International Holding Co.
2013 First Lien Replacement Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 05/31/19^(b)		2,393,397		2,330,571
2013 Second Lien Replacement Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.25%, 11/29/19^(b)		1,000,000		935,000
DAE Aviation Holdings, Inc.
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 07/07/22^(b)		5,097,810		5,083,153
Photonis Technologies SAS
First Lien Initial Dollar Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.50%, 09/18/19^(b)		1,965,660		1,887,034
TASC, Inc.
First Lien New Term Loan, (LIBOR + 6.00%, 1.00% Floor), 7.00%, 05/22/20^(b)		458,769		453,034
First Lien Term Loan, (LIBOR + 6.00%, 1.00% Floor), 7.00%, 05/22/20^(b)		1,310,202		1,293,824
Second Lien Term Loan, 12.00%, 05/21/21^(c)		2,233,239		2,294,653
US Joiner Holding Co.
Term Loan, (LIBOR + 6.00%, 1.00% Floor), 7.00%, 04/16/20^(b)(d)		1,629,932		1,613,633
Vencore, Inc.
Second Lien Term Loan, (LIBOR + 8.00%, 1.00% Floor), 9.00%, 05/23/20^(b)		606,000		595,395

				18,973,019


AUTOMOTIVE - 1.4%

American Tire Distributors, Inc.
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/01/21^(b)		2,361,072		2,329,599
U.S. Farathane, LLC
Initial Term Loan, (LIBOR + 5.75%, 1.00% Floor), 6.75%, 12/23/21^(b)(d)(e)		1,361,382		1,349,470

				3,679,069


BANKING, FINANCE, INSURANCE & REAL ESTATE - 14.6%

Alliant Holdings I, LLC
Initial Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 08/12/22^(b)		3,989,975		3,903,951
Amwins Group, LLC
First Lien New Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/06/19^(b)		4,347,092		4,343,832


	Principal Amount ($)		Value ($)

BANKING, FINANCE, INSURANCE & REAL ESTATE (continued)

Amwins Group, LLC (continued)
Second Lien Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 09/04/20^(b)(e)		1,129,500		1,121,735
AqGen Island Intermediate Holdings, Inc.
First Lien Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 12/05/22^(b)		2,481,176		2,332,306
Asurion, LLC
Incremental Tranche B-1 Term Loan, (LIBOR + 3.75%, 1.25% Floor), 5.00%, 05/24/19^(b)(e)		2,490,765		2,340,547
Incremental Tranche B-4 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 08/04/22^(b)		1,867,343		1,712,354
Second Lien Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.50%, 03/03/21^(b)		1,399,109		1,203,933
Bats Global Markets, Inc.
Term Loan, (LIBOR + 3.75%, 0.00% Floor), 4.18%, 03/13/18^(b)		1,761,243		1,763,445
First Data Corp.
Term Loan C-1, (LIBOR + 3.50%, 0.00% Floor), 3.92%, 03/23/18^(b)		4,000,000		3,954,720
Hyperion Insurance Group, Ltd. (United Kingdom)
Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 04/29/22^(b)(f)		2,031,316		2,011,003
Jefferies Finance, LLC (JFIN Co-Issuer Corp.)
Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 05/14/20^(b)(d)		1,514,130		1,504,667
Medical Card System, Inc.
Term Loan (3.00% PIK), (LIBOR + 10.00%, 2.00% Floor), 11.07%, 03/17/17^(b)(d)(g)(h)		4,756,544		3,064,118
MMM Holdings, Inc.
MMM Term Loan, (LIBOR + 8.25%, 1.50% Floor), 9.75%, 12/12/17^(b)(d)		660,493		393,544
MSO of Puerto Rico, Inc.
MSO Term Loan, (LIBOR + 8.25%, 1.50% Floor), 9.75%, 12/12/17^(b)(d)		480,175		286,104
National Financial Partners Corp.
2014 Specified Refinancing Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 07/01/20^(b)		2,511,476		2,419,380
USI, Inc.
Initial Term Loan, (LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/27/19^(b)		4,987,245		4,843,862

See accompanying Notes to Financial Statements. | 7

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2015


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

BANKING, FINANCE, INSURANCE & REAL ESTATE (continued)

Walter Investment Management Corp.
Tranche B Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 12/18/20^(b)		1,439,252		1,245,859

				38,445,360


BEVERAGE, FOOD & TOBACCO - 5.4%

Charger OpCo B.V. (Oak Tea, Inc.) (Netherlands)
Term Loan B-1 (USD), (LIBOR + 3.50%, 0.75% Floor), 4.25%, 07/02/22^(b)(f)		3,646,622		3,637,506
Hearthside Group Holdings, LLC
Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/02/21^(b)		4,276,231		4,201,397
Performance Food Group, Inc.
Second Lien Initial Term Loan, (LIBOR + 5.25%, 1.00% Floor), 6.25%, 11/14/19^(b)		711,203		711,203
PFS Holding Corp.
First Lien Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 01/31/21^(b)		2,761,808		2,527,054
Winebow Holdings, Inc. (The Vintner Group, Inc.)
First Lien Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 07/01/21^(b)		997,468		972,532
Second Lien Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.50%, 01/02/22^(b)(d)		2,260,897		2,125,243

				14,174,935


CAPITAL EQUIPMENT - 0.9%

Zebra Technologies Corp.
Initial Term Loan, (LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/27/21^(b)		2,250,426		2,256,165


CHEMICALS, PLASTICS & RUBBER - 3.3%

Chemstralia Pty, Ltd. ( Chemstralia Finco, LLC) (Australia)
Initial Term Loan, (LIBOR + 6.25%, 1.00% Floor), 7.25%, 02/28/22^(b)(d)(f)		2,255,682		2,210,568
Magnetation, LLC / Mag Finance Corp.
Term Loan (3.00% PIK), 12.00%, 03/07/16^(c)(d)(h)		255,929		129,372
PetroChoice Holdings, Inc.
First Lien Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 08/19/22^(b)		1,012,500		997,313


	Principal Amount ($)		Value ($)

CHEMICALS, PLASTICS & RUBBER (continued)

Trinseo Materials Operating S.C.A.
(Trinseo Materials Finance, Inc.) (Luxembourg)
First Lien Term Loan B, (LIBOR + 3.25%, 1.00% Floor), 4.25%, 11/05/21^(b)(f)		3,078,959		3,040,472
Univar USA, Inc.
Term Loan, (LIBOR + 3.25%, 1.00% Floor), 4.25%, 07/01/22^(b)		2,343,073		2,273,425

				8,651,150


CONSTRUCTION & BUILDING - 0.2%

Headwaters, Inc.
Term Loan B, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 03/24/22^(b)		497,500		495,634


CONSUMER GOODS: DURABLE - 0.1%

Britax US Holdings, Inc.
Initial Dollar Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 10/15/20^(b)		459,015		326,426


CONSUMER GOODS: NON-DURABLE - 3.5%

ABG Intermediate Holdings 2, LLC
First Lien Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 05/27/21^(b)		3,487,876		3,441,382
BRG Sports, Inc.
First Lien Term Loan, (LIBOR + 5.50%, 1.00% Floor), 6.50%, 04/15/21^(b)		1,359,058		1,343,768
Fender Musical Instruments Corp.
Initial Term Loan, (LIBOR + 4.50%, 1.25% Floor), 5.75%, 04/03/19^(b)		265,000		262,681
Nine West Holdings, Inc.
Unsecured Initial Term Loan, (LIBOR + 5.25%, 1.00% Floor), 6.25%, 01/08/20^(b)		239,923		121,401
Polyconcept Investments B.V.
Term Loan, (LIBOR + 4.75%, 1.25% Floor), 6.00%, 06/28/19^(b)		2,893,580		2,875,495
The Topps Company, Inc.
Term Loan, (LIBOR + 6.00%, 1.25% Floor), 7.25%, 10/02/18^(b)(e)		1,108,971		1,088,178

				9,132,905


CONTAINERS, PACKAGING & GLASS - 4.8%

BWay Intermediate Company, Inc.
Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 08/14/20^(b)		4,801,468		4,630,439
Hoover Group, Inc.
Initial Term Loan, (LIBOR + 6.75%, 1.00% Floor), 7.75%, 01/28/21^(b)(d)		1,480,542		1,384,307

8 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2015


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

CONTAINERS, PACKAGING & GLASS (continued)

NVLX Acquisition, LLC
First Lien Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 12/05/21^(b)		2,534,471		2,535,104
Pelican Products, Inc.
First Lien Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 04/10/20^(b)		1,956,212		1,924,424
Tekni-Plex, Inc.
First Lien Tranche B-1 Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/01/22^(b)		2,266,258		2,236,990

				12,711,264


ENERGY: OIL & GAS - 7.0%

American Energy - Marcellus, LLC
First Lien Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/04/20^(b)		3,061,946		831,829
Azure Midstream Energy, LLC
Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 11/15/18^(b)(d)		498,651		296,697
BlackBrush Oil & Gas, L.P.
Closing Date Second Lien Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 07/30/21^(b)(e)		3,700,224		2,987,931
Chelsea Petroleum Products I, LLC
Term Loan B, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 10/28/22^(b)		1,761,092		1,717,065
Chief Exploration & Development, LLC
Second Lien Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 05/16/21^(b)		1,950,784		1,333,039
Drillships Financing Holding, Inc.
Tranche B-1 Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 03/31/21^(b)		2,683,081		1,090,002
EMG Utica, LLC
Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 03/27/20^(b)		2,192,039		1,994,755
HGIM Corp.
Term Loan A, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 06/18/18^(b)(d)		4,113,802		3,147,058
Sheridan Investment Partners I, LLC
Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.25%, 10/01/19^(b)(e)		474,168		278,574
Sheridan Production Partners I-A, L.P.
Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.25%, 10/01/19^(b)(e)		62,831		36,913


	Principal Amount ($)		Value ($)

ENERGY: OIL & GAS (continued)

Sheridan Production Partners I-M, L.P.
Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.25%, 10/01/19^(b)(e)		38,378		22,547
Southcross Energy Partners, L.P.
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/04/21^(b)(d)		1,573,481		1,125,039
Southcross Holdings Borrower, L.P.
Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 08/04/21^(b)		858,606		463,647
Sprint Industrial Holdings, LLC
First Lien Term Loan, (LIBOR + 5.75%, 1.25% Floor), 7.00%, 05/14/19^(b)		2,606,105		2,228,220
W3 Co.
First Lien Term Loan, (LIBOR + 4.50%, 1.25% Floor), 5.75%, 03/13/20^(b)		913,111		771,579

				18,324,895


ENVIRONMENTAL INDUSTRIES - 1.1%

Emerald 2, Ltd. (United Kingdom)
Facility B-1 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 05/14/21^(b)(f)		2,901,337		2,785,283


FOREST PRODUCTS & PAPER - 1.5%

Caraustar Industries, Inc.
Incremental Term Loan, (LIBOR + 6.75%, 1.25% Floor), 8.00%, 05/01/19^(b)		1,840,192		1,830,228
Term Loan, (LIBOR + 6.75%, 1.25% Floor), 8.00%, 05/01/19^(b)		2,259,641		2,252,580

				4,082,808


HEALTHCARE & PHARMACEUTICALS - 16.9%

ABB/Con- Cise Optical Group, LLC
Term Loan B-1, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 02/06/19^(b)		1,498,623		1,492,381
Alvogen Pharma US, Inc.
First Lien Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 04/01/22^(b)		1,235,351		1,209,100
ATI Holdings, Inc.
Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 12/20/19^(b)		1,498,098		1,489,671
Greatbatch, Ltd.
Term Loan B, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 10/27/22^(b)		3,689,270		3,662,763
HC Group Holdings III, Inc.
First Lien Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 04/07/22^(b)		498,750		496,880
Iasis Healthcare, LLC
Term Loan B-2, (LIBOR + 3.25%, 1.25% Floor), 4.50%, 05/03/18^(b)		527,512		519,071

See accompanying Notes to Financial Statements. | 9

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2015


	Principal Amount ($)		Value ($)

Senior Loans^(a) (continued)

HEALTHCARE & PHARMACEUTICALS (continued)

InVentiv Health, Inc.
Term Loan B-3, (LIBOR + 6.25%,
1.50% Floor), 7.75%, 05/15/18^(b)		723,864		717,530
Jaguar Holding Co. II
/Pharmaceutical Product
Development, LLC
Initial Term Loan, (LIBOR +
3.25%, 1.00% Floor), 4.25%,
08/18/22^(b)		4,767,670		4,645,499
Lanai Holdings III, Inc.
First Lien Term Loan B, (LIBOR
+ 4.25%, 1.00% Floor), 5.25%,
08/29/22^(b)(d)		2,011,364		1,971,137
Opal Acquisition, Inc.
Term Loan B, (LIBOR + 4.00%,
1.00% Floor), 5.00%, 11/27/20^(b)		5,869,931		4,906,265
Premier Dental Services, Inc.
New Term Loan, (LIBOR +
6.50%, 1.00% Floor), 7.50%,
11/01/18^(b)		4,728,833		4,149,551
Smile Brands Group, Inc.
Term Loan B (1.5% PIK), (LIBOR
+ 7.75%, 1.25% Floor), 9.00%,
08/16/19^(b)		3,607,211		2,611,621
Steward Health Care System, LLC
Term Loan, (LIBOR + 5.50%,
1.25% Floor), 6.75%,
04/10/20^(b)(d)		2,748,730		2,707,498
Surgery Center Holdings, Inc.
First Lien Initial Term Loan,
(LIBOR + 4.25%, 1.00% Floor),
5.25%, 11/03/20^(b)(e)		2,624,215		2,600,151
Second Lien Initial Term Loan,
(LIBOR + 7.50%, 1.00% Floor),
8.50%, 11/03/21^(b)		1,509,184		1,433,724
Team Health, Inc.
Term Loan B, (LIBOR + 3.75%,
0.75% Floor), 4.50%, 11/23/22^(b)		2,884,165		2,879,666
U.S. Renal Care, Inc.
Term Loan B, (LIBOR + 4.25%,
1.00% Floor), 5.25%,
12/30/22^(b)(e)		3,775,064		3,751,470
Valeant Pharmaceuticals International, Inc. (Canada)
Tranche B Term Loan Series
D-2, (LIBOR + 2.75%, 0.75%
Floor), 3.50%, 02/13/19^(b)(e)(f)		1,276,371		1,234,206
Tranche B Term Loan Series F-1,
(LIBOR + 3.25%, 0.75% Floor),
4.00%, 04/01/22^(b)(f)		2,205,062		2,126,507

				44,604,691


HIGH TECH INDUSTRIES - 15.5%

Avago Technologies Cayman Finance, Ltd. (Cayman Islands)
2022 Tranche B Term Loan,
(LIBOR + 3.50%, 0.75% Floor),
4.25%, 11/11/22^(b)(e)(f)		5,000,000		4,956,650


	Principal Amount ($)		Value ($)

HIGH TECH INDUSTRIES (continued)

Deltek, Inc.
First Lien Term Loan, (LIBOR +
4.00%, 1.00% Floor), 5.00%,
06/25/22^(b)		2,672,290		2,646,677
Second Lien Term Loan, (LIBOR
+ 8.50%, 1.00% Floor), 9.50%,
06/26/23^(b)		1,124,528		1,114,688
Flexera Software, LLC
Second Lien Term Loan, (LIBOR
+ 7.00%, 1.00% Floor), 8.00%,
04/02/21^(b)(e)		1,728,292		1,631,793
GTCR Valor Companies, Inc.
First Lien Initial Term Loan,
(LIBOR + 5.00%, 1.00% Floor),
6.00%, 05/30/21^(b)		2,360,143		2,348,342
Informatica Corp.
Dollar Term Loan, (LIBOR +
3.50%, 1.00% Floor), 4.50%,
08/05/22^(b)		3,496,252		3,374,513
Kronos, Inc.
First Lien Incremental Term
Loan, (LIBOR + 3.50%, 1.00%
Floor), 4.50%, 10/30/19^(b)(e)		3,269,439		3,224,501
Landslide Holdings, Inc. (Crimson
Acquisition Corp.)
Second Lien Term Loan, (LIBOR
+ 7.25%, 1.00% Floor), 8.25%,
02/25/21^(b)(d)		563,000		517,960
Lanyon Solutions, Inc. (Lanyon, Inc.)
First Lien Term Loan, (LIBOR +
4.50%, 1.00% Floor), 5.50%,
11/13/20^(b)		1,443,246		1,398,145
MSC.Software Corp.
First Lien Initial Term Loan,
(LIBOR + 4.00%, 1.00% Floor),
5.00%, 05/29/20^(b)		1,763,150		1,727,887
Riverbed Technology, Inc.
Term Loan, (LIBOR + 5.00%,
1.00% Floor), 6.00%, 04/25/22^(b)		2,065,019		2,059,856
RP Crown Parent, LLC
First Lien New Term Loan,
(LIBOR + 5.00%, 1.00% Floor),
6.00%, 12/21/18^(b)		3,572,602		3,194,924
Second Lien Term Loan, (LIBOR
+ 10.00%, 1.25% Floor), 11.25%,
12/21/19^(b)		1,000,000		825,830
Sophia, L.P.
Closing Date Term Loan, (LIBOR
+ 3.75%, 1.00% Floor), 4.75%,
09/30/22^(b)		3,712,809		3,675,681
SS&C Technologies Holdings Europe S.a.r.l. (Luxembourg)
Term Loan B-2, (LIBOR + 3.25%,
0.75% Floor), 4.00%,
07/08/22^(b)(f)		328,956		327,140
SS&C Technologies, Inc.
Term Loan B-1, (LIBOR + 3.25%,
0.75% Floor), 4.00%, 07/08/22^(b)		2,235,273		2,222,935

10 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2015


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

HIGH TECH INDUSTRIES (continued)

TIBCO Software, Inc.
Term Loan, (LIBOR + 5.50%,
1.00% Floor), 6.50%,
12/04/20^(b)(e)		2,799,157		2,550,732
Vision Solutions, Inc.
First Lien Term Loan, (LIBOR +
4.50%, 1.50% Floor), 6.00%,
07/23/16^(b)(d)		3,272,933		3,174,745

				40,972,999


HOTEL, GAMING & LEISURE - 9.6%

CDS U.S. Intermediate Holdings, Inc.
First Lien Initial Term Loan,
(LIBOR + 4.00%, 1.00% Floor),
5.00%, 07/08/22^(b)(e)		2,085,200		1,972,245
Delta 2 (Lux) S.a.r.l. (Luxembourg)
Facility B-3 Term Loan (USD),
(LIBOR + 3.75%, 1.00% Floor),
4.75%, 07/30/21^(b)(f)		5,105,263		4,952,105
Diamond Resorts Corp.
Term Loan, (LIBOR + 4.50%,
1.00% Floor), 5.50%, 05/09/21^(b)		2,488,546		2,466,772
Equinox Holdings, Inc.
First Lien New Initial Term Loan,
(LIBOR + 3.75%, 1.25% Floor),
5.00%, 01/31/20^(b)(e)		3,711,048		3,680,135
Global Cash Access, Inc.
Term Loan B, (LIBOR + 5.25%,
1.00% Floor), 6.25%, 12/18/20^(b)		1,419,278		1,327,025
The Intertain Group, Ltd. (The
Intertain Group Finance, LLC) (Canada)
Initial Term Loan B, (LIBOR +
6.50%, 1.00% Floor), 7.50%,
04/08/22^(b)(f)		797,203		795,210
Planet Fitness Holdings, LLC
Term Loan, (LIBOR + 3.75%,
1.00% Floor), 4.75%, 03/31/21^(b)		3,858,682		3,810,449
Scientific Games International, Inc.
Initial Term Loan B-2, (LIBOR +
5.00%, 1.00% Floor), 6.00%,
10/01/21^(b)		3,515,980		3,216,489
Initial Term Loan, (LIBOR +
5.00%, 1.00% Floor), 6.00%,
10/18/20^(b)		1,339,314		1,229,537
Seaworld Parks & Entertainment, Inc.
Term Loan B-3, (LIBOR + 3.25%,
0.75% Floor), 4.00%,
05/14/20^(b)(e)		1,850,244		1,806,301

				25,256,268


MEDIA: ADVERTISING, PRINTING & PUBLISHING - 3.4%

ALM Media, LLC
First Lien Term Loan B, (LIBOR
+ 4.50%, 1.00% Floor), 5.50%,
07/31/20^(b)(d)		3,871,288		3,774,506


	Principal Amount ($)		Value ($)

MEDIA: ADVERTISING, PRINTING & PUBLISHING (continued)

F & W Media, Inc.
Initial Term Loan, (LIBOR +
7.25%, 1.25% Floor), 8.50%,
06/30/19^(b)		3,173,407		3,141,673
Information Resources, Inc.
Term Loan, (LIBOR + 3.75%,
1.00% Floor), 4.75%, 09/30/20^(b)		1,969,773		1,959,924

				8,876,103


MEDIA: BROADCASTING & SUBSCRIPTION - 11.8%

Emmis Operating Corp.
Term Loan, (LIBOR + 6.00%,
1.00% Floor), 7.00%, 06/10/21^(b)		1,487,273		1,301,364
Hargray Communications Group, Inc. (HCP Acquisition, LLC)
Initial Term Loan, (LIBOR +
4.25%, 1.00% Floor), 5.25%,
06/26/19^(b)		4,154,513		4,144,126
Hemisphere Media Holdings, LLC
(Intermedia Espanol, Inc.)
New Term Loan B, (LIBOR +
4.00%, 1.00% Floor), 5.00%,
07/30/20^(b)		2,531,899		2,462,272
Learfield Communications, Inc.
Second Lien Initial Term Loan,
(LIBOR + 7.75%, 1.00% Floor),
8.75%, 10/08/21^(b)		1,102,393		1,091,369
Neptune Finco Corp.
Initial Term Loan, (LIBOR +
4.00%, 1.00% Floor), 5.00%,
10/09/22^(b)(e)		4,050,012		4,051,288
Numericable U.S., LLC
Dollar Denominated Tranche B-1
Term Loan, (LIBOR + 3.75%,
0.75% Floor), 4.50%,
05/21/20^(b)(e)		2,061,932		1,991,445
Dollar Denominated Tranche B-2
Term Loan, (LIBOR + 3.75%,
0.75% Floor), 4.50%,
05/21/20^(b)(e)		1,783,852		1,722,871
Numericable-SFR
Term Loan B-6 (USD), (LIBOR +
4.00%, 0.75% Floor), 4.75%,
02/10/23^(b)		1,271,286		1,224,751
SESAC Holdco II, LLC
First Lien Term Loan, (LIBOR +
4.25%, 1.00% Floor), 5.25%,
02/07/19^(b)		1,955,366		1,932,145
Telecommunications Management, LLC
First Lien Initial Term Loan,
(LIBOR + 3.75%, 1.00% Floor),
4.75%, 04/30/20^(b)		1,121,150		1,098,026
Second Lien Initial Term Loan,
(LIBOR + 8.00%, 1.00% Floor),
9.00%, 10/30/20^(b)(d)		710,475		692,713

See accompanying Notes to Financial Statements. | 11

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2015


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

MEDIA: BROADCASTING & SUBSCRIPTION (continued)

WideOpenWest Finance, LLC
Replacement Term Loan B,
(LIBOR + 3.50%, 1.00% Floor),
4.50%, 04/01/19^(b)		5,553,990		5,368,293
William Morris Endeavor Entertainment, LLC (IMG Worldwide Holdings, LLC)
First Lien Term Loan, (LIBOR +
4.25%, 1.00% Floor), 5.25%,
05/06/21^(b)		3,978,681		3,919,001

				30,999,664


MEDIA: DIVERSIFIED & PRODUCTION - 1.7%

Tech Finance & Co S.C.A.
(Luxembourg)
U.S. Term Loan, (LIBOR +
4.00%, 1.00% Floor), 5.00%,
07/11/20^(b)(f)		4,620,741		4,564,137


METALS & MINING - 0.8%

FMG Resources (August 2006) Pty, Ltd. (FMG America Finance, Inc.) (Australia)
Term Loan, (LIBOR + 3.25%,
1.00% Floor), 4.25%,
06/30/19^(b)(e)(f)		2,992,347		2,233,907


RETAIL - 9.8%

Academy, Ltd.
Initial Term Loan, (LIBOR +
4.00%, 1.00% Floor), 5.00%,
07/01/22^(b)(e)		2,992,044		2,894,174
Albertson’s, LLC
Term Loan B-2, (LIBOR + 4.50%,
1.00% Floor), 5.50%,
03/21/19^(b)(e)		1,154,431		1,152,267
Term Loan B-5, (LIBOR + 4.50%,
1.00% Floor), 5.50%,
12/21/22^(b)(e)		2,821,062		2,808,367
At Home Holding III, Inc.
Term Loan, (LIBOR + 4.00%,
1.00% Floor), 5.00%,
06/03/22^(b)(d)		474,553		460,316
Bass Pro Group, LLC
2015 New Term Loan, (LIBOR +
3.25%, 0.75% Floor), 4.00%,
06/05/20^(b)(e)		1,712,678		1,654,156
Belk, Inc.
Closing Date First Lien Term
Loan, (LIBOR + 4.75%, 1.00%
Floor), 5.75%, 12/12/22^(b)		2,330,709		2,062,677
Charming Charlie, LLC
Initial Term Loan, (LIBOR +
8.00%, 1.00% Floor), 9.00%,
12/24/19^(b)		5,255,297		4,467,003


	Principal Amount ($)		Value ($)

RETAIL (continued)

David’s Bridal, Inc.
Initial Term Loan, (LIBOR +
4.00%, 1.25% Floor), 5.25%,
10/11/19^(b)		1,174,845		978,646
HMK Intermediate Holdings, LLC
Term Loan, (LIBOR + 4.00%,
1.00% Floor), 5.00%, 03/30/19^(b)		1,098,972		1,096,225
Mattress Holding Corp.
Initial Term Loan, (LIBOR +
4.00%, 1.00% Floor), 5.00%,
10/20/21^(b)		2,659,285		2,640,444
PetSmart, Inc.
Tranche B-1 Term Loan, (LIBOR
+ 3.25%, 1.00% Floor), 4.25%,
03/11/22^(b)		2,662,863		2,599,287
Sears Roebuck Acceptance Corp. (KMART Corp.)
2015 Term Loan, (LIBOR +
4.50%, 1.00% Floor), 5.50%,
06/30/18^(b)		2,974,709		2,803,663
Vince, LLC (Vince Intermediate Holding, LLC)
Term Loan B, (LIBOR + 4.75%,
1.00% Floor), 5.75%,
11/27/19^(b)(d)		373,918		342,135

				25,959,360


SERVICES: BUSINESS - 8.8%

Americold Realty Operating Partnership, L.P.
Term Loan B, (LIBOR + 5.50%,
1.00% Floor), 6.50%, 12/01/22^(b)		1,459,459		1,452,162
Brock Holdings III, Inc.
First Lien Term Loan, (LIBOR +
4.50%, 1.50% Floor), 6.00%,
03/16/17^(b)		602,045		562,912
Carecore National, LLC
Term Loan, (LIBOR + 4.50%,
1.00% Floor), 5.50%, 03/05/21^(b)		1,398,869		1,217,016
EIG Investors Corp.
Term Loan, (LIBOR + 4.00%,
1.00% Floor), 5.00%, 11/09/19^(b)		3,627,325		3,543,443
Element Materials Technology Group U.S. Holdings, Inc.
(Element Materials Technology
Holding U.K., Ltd.)
Term Loan B, (LIBOR + 4.00%,
1.00% Floor), 5.00%, 08/06/21^(b)		641,655		641,655
Evergreen Skills Lux S.a.r.l.
First Lien Initial Term Loan,
(LIBOR + 4.75%, 1.00% Floor),
5.75%, 04/28/21^(b)		2,019,462		1,585,278
Second Lien Initial Term Loan,
(LIBOR + 8.25%, 1.00% Floor),
9.25%, 04/28/22^(b)		1,000,000		667,500
GCA Services Group, Inc.
Second Lien Initial Term Loan,
(LIBOR + 8.00%, 1.25% Floor),
9.25%, 11/02/20^(b)		834,400		823,970

12 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2015

Principal
Amount ($)

Value ($)

Senior Loans^(a)(continued)

SERVICES: BUSINESS (continued)

Genex Holdings, Inc.

First Lien Term Loan B, (LIBOR

+ 4.25%, 1.00% Floor), 5.25%,

05/28/21^(b)

1,907,204

1,878,596

IBC Capital, Ltd.

First Lien Initial Term Loan,

(LIBOR + 3.75%, 1.00% Floor),

4.75%, 09/09/21^(b)

1,985,000

1,809,655

Infogroup, Inc.

Term Loan B, (LIBOR + 5.50%,

1.50% Floor), 7.00%, 05/26/18^(b)

3,471,523

3,269,011

Onex Carestream Finance, L.P.

Second Lien Term Loan, (LIBOR

+ 8.50%, 1.00% Floor), 9.50%,

12/07/19^(b)

2,415,389

2,155,734

Packers Holdings, LLC

Term Loan B, (LIBOR + 4.00%,

1.00% Floor), 5.00%, 12/02/21^(b)

495,000

494,072

SGS Cayman, L.P.

Initial Cayman Term Loan,

(LIBOR + 5.00%, 1.00% Floor),

6.00%, 04/23/21^(b)

428,241

427,170

Sutherland Global Services, Inc.

Initial U.S. Term Loan, (LIBOR +

5.00%, 1.00% Floor), 6.00%,

04/23/21^(b)

1,839,701

1,835,102

Tyche Holdings, LLC

Term Loan B-1, (LIBOR + 3.75%,

1.00% Floor), 4.75%,

11/12/21^(b)(e)

735,938

731,339

23,094,615

SERVICES: CONSUMER - 3.2%

Laureate Education, Inc.

2018 New Series Extended Term

Loan, (LIBOR + 3.75%, 1.25%

Floor), 5.00%, 06/15/18^(b)

5,161,910

4,303,742

NVA Holdings, Inc.

First Lien Term Loan, (LIBOR +

3.75%, 1.00% Floor), 4.75%,

08/14/21^(b)(e)

3,172,601

3,156,738

Second Lien Term Loan, (LIBOR

+ 7.00%, 1.00% Floor), 8.00%,

08/14/22^(b)

955,026

939,110

8,399,590

TELECOMMUNICATIONS - 7.0%

Avaya, Inc.

Replacement Term Loan B-6,

(LIBOR + 5.50%, 1.00% Floor),

6.50%, 03/31/18^(b)

2,037,195

1,549,969

Global Tel*Link Corp.

First Lien Term Loan, (LIBOR +

3.75%, 1.25% Floor), 5.00%,

05/23/20^(b)

5,482,469

4,033,042

Principal
Amount ($)

Value ($)

TELECOMMUNICATIONS (continued)

Grande Communications

Networks, LLC

Initial Term Loan, (LIBOR +

3.50%, 1.00% Floor), 4.50%,

05/29/20^(b)

3,995,796

3,935,859

LTS Buyer LLC ( Sidera Networks, Inc.)

First Lien Term Loan B,

(LIBOR + 3.25%, 0.75%

Floor), 4.00%, 04/13/20^(b)

2,351,577

2,296,314

Second Lien Term Loan,

(LIBOR + 6.75%, 1.25%

Floor), 8.00%, 04/12/21^(b)

2,388,172

2,312,061

Securus Technologies Holdings,

Inc.

First Lien Initial Term Loan,

(LIBOR + 3.50%,

1.25% Floor), 4.75%,

04/30/20^(b)

2,427,203

1,765,790

Second Lien Initial Term Loan,

(LIBOR + 7.75%,

1.25% Floor),

9.00%, 04/30/21^(b)

2,800,000

1,584,800

U.S. TelePacific Corp. Advance Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%,

11/25/20^(b)

1,010,609

964,818

18,442,653

TRANSPORTATION: CARGO - 1.4%

Carrix, Inc.

Term Loan, (LIBOR + 3.50%,

1.00% Floor), 4.50%, 01/07/19^(b)

3,869,743

3,618,209

TRANSPORTATION: CONSUMER - 2.8%

Blue Bird Body Co.

Facility Term Loan, (LIBOR +

5.50%, 1.00% Floor), 6.50%,

06/26/20^(b)

905,068

898,846

Envision Healthcare Corp.

Tranche B-2 Term Loan,

(LIBOR + 3.50%, 1.00%

Floor), 4.50%, 10/28/22^(b)

2,260,704

2,251,096

Landmark Aviation FBO Canada,

Inc. (Canada)

Canadian Term Loan, (LIBOR +

3.75%, 1.00% Floor), 4.75%,

10/25/19^(b)(f)

85,886

85,645

LM U.S. Member, LLC (LM U.S.

Corp Acquisition, Inc.)

First Lien Initial Term Loan,

(LIBOR + 3.75%,

1.00% Floor),

4.75%, 10/25/19^(b)

2,336,075

2,329,510

Travel Leaders Group, LLC

Additional Tranche B Term

Loan, (LIBOR + 6.00%, 1.00%

Floor), 7.00%, 12/07/20^(b)

1,786,401

1,768,537

7,333,634

See accompanying Notes to Financial Statements. | 13

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2015

Principal
Amount ($)

Value ($)

Senior Loans^(a)(continued)

UTILITIES: ELECTRIC - 3.1%

Calpine Corp.

Term Loan B-6, (LIBOR +

3.00%, 1.00% Floor), 4.00%,

01/15/23^(b)(e)

2,886,076

2,773,043

Granite Acquisition, Inc.

Second Lien Term Loan B,

(LIBOR + 7.25%, 1.00% Floor),

8.25%, 12/19/22^(b)

1,112,864

868,034

Panda Sherman Power, LLC

Construction Term Loan

Advances, (LIBOR + 7.50%,

1.50% Floor), 9.00%,

09/14/18^(b)(d)

1,185,374

1,072,764

Pike Corp.

First Lien Initial Term Loan,

(LIBOR + 4.50%, 1.00%

Floor), 5.50%, 12/22/21^(b)

2,530,675

2,518,022

Second Lien Initial Term Loan,

(LIBOR + 8.50%, 1.00%

Floor), 9.50%, 06/22/22^(b)

1,000,000

980,830

8,212,693

Total Senior Loans
(Cost $410,684,748)

386,607,436

Corporate Notes and Bonds - 4.7%^(c)

CHEMICALS, PLASTICS & RUBBER - 0.0%

Magnetation, LLC / Mag Finance

Corp.

11.00%, 05/15/18^(d)(i)(j)

639,000

35,465

CONTAINERS, PACKAGING & GLASS - 0.4%

Reynolds Group Holdings, Inc.

6.88%, 02/15/21

996,000

1,028,370

HEALTHCARE & PHARMACEUTICALS - 1.2%

Valeant Pharmaceuticals

International, Inc. (Canada)

7.50%, 07/15/21^(f)(j)

3,200,000

3,208,000

MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.5%

Acosta, Inc.

7.75%, 10/01/22^(j)

1,600,000

1,416,000

MEDIA: BROADCASTING & SUBSCRIPTION - 1.6%

Columbus International, Inc.

(Barbados)

7.38%, 03/30/21^(f)(j)

1,285,000

1,276,969

Neptune Finco Corp.

10.13%, 01/15/23^(j)

105,000

109,725

10.88%, 10/15/25^(j)

687,000

721,350

Radio One, Inc.

7.38%, 04/15/22^(j)

882,000

788,287

9.25%, 02/15/20^(j)

1,484,000

1,179,780

4,076,111

Principal
Amount

Value ($)

MEDIA: DIVERSIFIED & PRODUCTION - 1.0%

SiTV, Inc.

10.38%, 07/01/19^(j)

3,420,000

2,753,100

Total Corporate Notes and

Bonds

(Cost $14,300,902)

12,517,046

Share
Quantity

Value ($)

Preferred Stock - 1.5%

BANKING, FINANCE, INSURANCE & REAL ESTATE - 1.5%

Watford Holdings, Ltd. (Bermuda)

8.50%^(d)(f)

160,000

3,826,088

Total Preferred Stock

(Cost $3,920,000)

3,826,088

Warrants - 0.0%

BANKING, FINANCE, INSURANCE & REAL ESTATE - 0.0%

Medical Card System, Inc.

07/26/18^(d)(k)

54,913

—

Total Warrants

(Cost $ — )

—

Total Investments-153.0%

402,950,570

(Cost of $428,905,650)^(l)

Other Assets & Liabilities,

Net-3.7%

9,717,763

Loan Outstanding-(56.7)%^(m)(n)

(149,230,295

)

Net Assets (Applicable to
Common Shares)-100.0%

263,438,038

14 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2015

^(a)

“Senior Loans” are senior, secured loans made to companies whose debt is rated below investment grade and investments with similar characteristics. Senior Loans typically hold a first lien priority and pay interest at rates that are determined periodically on the basis of a floating base lending rate plus a spread. Unless otherwise identified, all Senior Loans carry a variable rate of interest. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily the prime rate offered by one or more major U.S. banks and the certificate of deposit rate used by commercial lenders. The rates shown represent the weighted average rate at December 31, 2015. Senior Loans are generally not registered under the Securities Act of 1933 (the “1933 Act”) and often contain certain restrictions on resale and cannot be sold publicly. Senior Loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturity shown.

^(b)

The interest rate on this Senior Loan is subject to a base rate plus 1 month or 3 month LIBOR, which at December 31, 2015 was 0.43% and 0.61%, respectively. As the interest rate is subject to a minimum LIBOR floor which was greater than the 1 month or 3 month LIBOR rate at December 31, 2015, the prevailing rate in effect at December 31, 2015 was the base rate plus the LIBOR floor, except as otherwise indicated.

^(c)	Fixed rate asset.

^(d)	Fair Value Level 3 security. All remaining securities are categorized as Level 2.

^(e)	All or a portion of this Senior Loan position has not settled. Full contract rates do not take effect until settlement date, therefore, are subject to change.

^(f)	Foreign issuer traded in U.S. dollars.

^(g)	The issuer is in default of its payment obligations as of January 30, 2015, as such, income is no longer being accrued. Subsequent to year end, the issuer sent a notification of restructuring effective January 20, 2016 and is no longer in default.

^(h)	Represents a payment-in-kind (“PIK”) security which may pay interest in additional principal amount.

⁽ⁱ⁾	The issuer is in default of its payment obligations as of May 5, 2015, as such, income is no longer being accrued. Subsequent to year end, the issuer paid a cash dividend to all shareholders on record as of January 6, 2016 which was recorded as a cost basis adjustment.

^(j)	Securities exempt from registration pursuant to Rule 144A under the 1933 Act. These securities may only be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2015, these securities amounted to $11,488,676, or 4.4% of net assets.

^(k)	Non-income producing asset.

^(l)

The aggregate cost of securities for federal income tax purposes was $429,118,442. Cost for U.S. federal income tax purposes differs from book basis primarily due to the deferral of losses from wash sales and defaulted security interest adjustments. Unrealized appreciation and depreciation on investments were as follows:

^(m)	The Fund has granted a security interest in substantially all of its assets in the event of default under the credit facility.

⁽ⁿ⁾	Principal $149,269,000 less unamortized deferred financing costs of $38,705.

See accompanying Notes to Financial Statements. | 15

Apollo Tactical Income Fund Inc.

Schedule of Investments

December 31, 2015


	Principal Amount ($)		Value ($)

Senior Loans - 109.9%^(a)

AEROSPACE & DEFENSE - 5.4%

Camp International Holding Co.
2013 Second Lien Replacement
Term Loan, (LIBOR + 7.25%,
1.00% Floor), 8.25%, 11/29/19^(b)		1,350,000		1,262,250
DAE Aviation Holdings, Inc.
Initial Term Loan, (LIBOR +
4.25%, 1.00% Floor), 5.25%,
07/07/22^(b)		3,165,843		3,156,741
Photonis Technologies SAS
First Lien Initial Dollar Term
Loan, (LIBOR + 7.50%, 1.00%
Floor), 8.50%, 09/18/19^(b)		1,965,660		1,887,034
TASC, Inc.
First Lien New Term Loan,
(LIBOR + 6.00%, 1.00% Floor),
7.00%, 05/22/20^(b)		458,769		453,034
First Lien Term Loan, (LIBOR +
6.00%, 1.00% Floor), 7.00%,
05/22/20^(b)		1,310,202		1,293,824
Second Lien Term Loan,
12.00%, 05/21/21^(c)		2,233,239		2,294,653
US Joiner Holding Co.
Term Loan, (LIBOR + 6.00%,
1.00% Floor), 7.00%,
04/16/20^(b)(d)		1,629,932		1,613,633
Vencore, Inc.
Second Lien Term Loan, (LIBOR
+ 8.00%, 1.00% Floor), 9.00%,
05/23/20^(b)		606,000		595,395

				12,556,564


AUTOMOTIVE - 1.4%

American Tire Distributors, Inc.
Initial Term Loan, (LIBOR +
4.25%, 1.00% Floor), 5.25%,
09/01/21^(b)		1,862,328		1,837,503
U.S. Farathane, LLC
Initial Term Loan, (LIBOR +
5.75%, 1.00% Floor), 6.75%,
12/23/21^(b)(d)(e)		1,361,382		1,349,470

				3,186,973


BANKING, FINANCE, INSURANCE & REAL ESTATE - 6.0%

AqGen Island Intermediate
Holdings, Inc.
First Lien Term Loan, (LIBOR +
4.50%, 1.00% Floor), 5.50%,
12/05/22^(b)		2,481,176		2,332,306
Asurion, LLC
Incremental Tranche B-1 Term
Loan, (LIBOR + 3.75%, 1.25%
Floor), 5.00%, 05/24/19^(b)(e)		280,909		263,968
Incremental Tranche B-4 Term
Loan, (LIBOR + 4.00%, 1.00%
Floor), 5.00%, 08/04/22^(b)		193,503		177,442
Second Lien Term Loan, (LIBOR
+ 7.50%, 1.00% Floor), 8.50%,
03/03/21^(b)		4,141,792		3,564,012


	Principal Amount ($)		Value ($)

BANKING, FINANCE, INSURANCE & REAL ESTATE (continued)

Hyperion Insurance Group, Ltd.
(United Kingdom)
Initial Term Loan, (LIBOR +
4.50%, 1.00% Floor), 5.50%,
04/29/22^(b)(f)		2,031,316		2,011,003
Jefferies Finance, LLC (JFIN
Co-Issuer Corp.)
Term Loan, (LIBOR + 3.50%,
1.00% Floor), 4.50%,
05/14/20^(b)(d)		1,514,130		1,504,667
Medical Card System, Inc.
Term Loan (3.00% PIK), (LIBOR
+ 10.00%, 2.00% Floor), 11.07%,
03/17/17^(b)(d)(g)(h)		4,390,656		2,828,417
MMM Holdings, Inc.
MMM Term Loan, (LIBOR +
8.25%, 1.50% Floor), 9.75%,
12/12/17^(b)(d)		1,138,536		678,378
MSO of Puerto Rico, Inc.
MSO Term Loan, (LIBOR +
8.25%, 1.50% Floor), 9.75%,
12/12/17^(b)(d)		827,710		493,177

				13,853,370


BEVERAGE, FOOD & TOBACCO - 3.8%

Charger OpCo B.V. (Oak Tea, Inc.)
(Netherlands)
Term Loan B-1 (USD), (LIBOR +
3.50%, 0.75% Floor), 4.25%,
07/02/22^(b)(f)		3,646,622		3,637,506
Hearthside Group Holdings, LLC
Term Loan, (LIBOR + 3.50%,
1.00% Floor), 4.50%, 06/02/21^(b)		1,554,819		1,527,610
PFS Holding Corp.
Second Lien Term Loan, (LIBOR
+ 7.25%, 1.00% Floor), 8.25%,
01/31/22^(b)		499,800		354,858
Winebow Holdings, Inc. (The
Vintner Group, Inc.)
First Lien Term Loan, (LIBOR +
3.75%, 1.00% Floor), 4.75%,
07/01/21^(b)		997,468		972,532
Second Lien Term Loan, (LIBOR
+ 7.50%, 1.00% Floor), 8.50%,
01/02/22^(b)(d)		2,505,795		2,355,447

				8,847,953


CAPITAL EQUIPMENT - 1.0%

Zebra Technologies Corp.
Initial Term Loan, (LIBOR +
4.00%, 0.75% Floor), 4.75%,
10/27/21^(b)		2,250,426		2,256,165


CHEMICALS, PLASTICS & RUBBER - 1.6%

Chemstralia Pty, Ltd. ( Chemstralia
Finco, LLC) (Australia)
Initial Term Loan, (LIBOR +
6.25%, 1.00% Floor), 7.25%,
02/28/22^(b)(d)(f)		2,255,682		2,210,568

16 | See accompanying Notes to Financial Statements.

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

December 31, 2015


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

CHEMICALS, PLASTICS & RUBBER (continued)

Magnetation, LLC / Mag Finance
Corp.
Term Loan (3.00% PIK), 12.00%,
03/07/16^(c)(d)(h)		1,176,347		594,644
PetroChoice Holdings, Inc.
First Lien Initial Term Loan,
(LIBOR + 5.00%, 1.00% Floor),
6.00%, 08/19/22^(b)		1,012,500		997,313

				3,802,525


CONSUMER GOODS: NON-DURABLE - 3.9%

ABG Intermediate Holdings 2, LLC
First Lien Term Loan, (LIBOR +
4.50%, 1.00% Floor), 5.50%,
05/27/21^(b)		3,487,876		3,441,382
BRG Sports, Inc.
First Lien Term Loan, (LIBOR +
5.50%, 1.00% Floor), 6.50%,
04/15/21^(b)		1,359,058		1,343,768
Fender Musical Instruments Corp.
Initial Term Loan, (LIBOR +
4.50%, 1.25% Floor), 5.75%,
04/03/19^(b)		265,000		262,681
Nine West Holdings, Inc.
Unsecured Initial Term Loan,
(LIBOR + 5.25%, 1.00% Floor),
6.25%, 01/08/20^(b)		658,474		333,188
Polyconcept Investments B.V.
Term Loan, (LIBOR + 4.75%,
1.25% Floor), 6.00%, 06/28/19^(b)		2,538,880		2,523,012
The Topps Company, Inc.
Term Loan, (LIBOR + 6.00%,
1.25% Floor), 7.25%, 10/02/18^(b)		1,108,971		1,088,178

				8,992,209


CONTAINERS, PACKAGING & GLASS - 4.0%

BWay Intermediate Company, Inc.
Initial Term Loan, (LIBOR +
4.50%, 1.00% Floor), 5.50%,
08/14/20^(b)		4,771,373		4,601,417
Hoover Group, Inc.
Initial Term Loan, (LIBOR +
6.75%, 1.00% Floor), 7.75%,
01/28/21^(b)(d)		769,432		719,419
NVLX Acquisition, LLC
First Lien Term Loan, (LIBOR +
5.00%, 1.00% Floor), 6.00%,
12/05/21^(b)		2,038,221		2,038,730
Pelican Products, Inc.
First Lien Term Loan, (LIBOR +
4.25%, 1.00% Floor), 5.25%,
04/10/20^(b)		1,956,212		1,924,424

				9,283,990


ENERGY: OIL & GAS - 7.0%

American Energy - Marcellus, LLC
First Lien Initial Term Loan,
(LIBOR + 4.25%, 1.00% Floor),
5.25%, 08/04/20^(b)		1,561,946		424,329


	Principal Amount ($)		Value ($)

ENERGY: OIL & GAS (continued)

Azure Midstream Energy, LLC
Term Loan, (LIBOR + 6.50%,
1.00% Floor), 7.50%,
11/15/18^(b)(d)		498,651		296,697
BlackBrush Oil & Gas, L.P.
Closing Date Second Lien Term
Loan, (LIBOR + 6.50%, 1.00%
Floor), 7.50%, 07/30/21^(b)(e)		3,700,224		2,987,931
Chelsea Petroleum Products I, LLC
Term Loan B, (LIBOR + 4.25%,
1.00% Floor), 5.25%, 10/28/22^(b)		1,761,092		1,717,065
Chief Exploration & Development,
LLC
Second Lien Term Loan, (LIBOR
+ 6.50%, 1.00% Floor), 7.50%,
05/16/21^(b)		2,926,177		1,999,559
Drillships Financing Holding, Inc.
Tranche B-1 Term Loan, (LIBOR
+ 5.00%, 1.00% Floor), 6.00%,
03/31/21^(b)		2,683,081		1,090,002
EMG Utica, LLC
Term Loan, (LIBOR + 3.75%,
1.00% Floor), 4.75%, 03/27/20^(b)		1,849,136		1,682,714
HGIM Corp.
Term Loan A, (LIBOR + 4.00%,
1.00% Floor), 5.00%,
06/18/18^(b)(d)		612,675		468,696
Sheridan Investment Partners I,
LLC
Tranche B-2 Term Loan, (LIBOR
+ 3.50%, 0.75% Floor), 4.25%,
10/01/19^(b)(e)		474,168		278,574
Sheridan Production Partners I-A,
L.P.
Tranche B-2 Term Loan, (LIBOR
+ 3.50%, 0.75% Floor), 4.25%,
10/01/19^(b)(e)		62,831		36,913
Sheridan Production Partners I-M,
L.P.
Tranche B-2 Term Loan, (LIBOR
+ 3.50%, 0.75% Floor), 4.25%,
10/01/19^(b)(e)		38,378		22,547
Southcross Energy Partners, L.P.
Initial Term Loan, (LIBOR +
4.25%, 1.00% Floor), 5.25%,
08/04/21^(b)(d)		1,573,481		1,125,039
Southcross Holdings Borrower, L.P.
Term Loan, (LIBOR + 5.00%,
1.00% Floor), 6.00%, 08/04/21^(b)		858,606		463,647
Sprint Industrial Holdings, LLC
First Lien Term Loan, (LIBOR +
5.75%, 1.25% Floor), 7.00%,
05/14/19^(b)		2,606,105		2,228,220
Targa Resources Corp.
Term Loan, (LIBOR + 4.75%,
1.00% Floor), 5.75%, 02/27/22^(b)		371,251		361,042

See accompanying Notes to Financial Statements. | 17

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

December 31, 2015


	Principal Amount ($)	Value ($)

Senior Loans^(a)(continued)

ENERGY: OIL & GAS (continued)

W3 Co.
First Lien Term Loan, (LIBOR +
4.50%, 1.25% Floor), 5.75%,
03/13/20^(b)	1,095,589		925,773

			16,108,748


ENVIRONMENTAL INDUSTRIES - 1.2%

Emerald 2, Ltd. (United Kingdom)
Facility B-1 Term Loan, (LIBOR +
4.00%, 1.00% Floor), 5.00%,
05/14/21^(b)(f)	2,901,337		2,785,283


FOREST PRODUCTS & PAPER - 1.8%

Caraustar Industries, Inc.
Incremental Term Loan, (LIBOR
+ 6.75%, 1.25% Floor), 8.00%,
05/01/19^(b)	1,338,322		1,331,075
Term Loan, (LIBOR + 6.75%,
1.25% Floor), 8.00%, 05/01/19^(b)	2,711,090		2,702,618

			4,033,693


HEALTHCARE & PHARMACEUTICALS - 14.1%

Alvogen Pharma US, Inc.
First Lien Term Loan, (LIBOR +
5.00%, 1.00% Floor), 6.00%,
04/01/22^(b)	1,235,351		1,209,100
Greatbatch, Ltd.
Term Loan B, (LIBOR + 4.25%,
1.00% Floor), 5.25%, 10/27/22^(b)	3,689,270		3,662,763
HC Group Holdings III, Inc.
First Lien Initial Term Loan,
(LIBOR + 5.00%, 1.00% Floor),
6.00%, 04/07/22^(b)	498,750		496,880
Jaguar Holding Co. II
/Pharmaceutical Product
Development, LLC
Initial Term Loan, (LIBOR +
3.25%, 1.00% Floor), 4.25%,
08/18/22^(b)	2,569,041		2,503,209
Lanai Holdings III, Inc.
First Lien Term Loan B, (LIBOR
+ 4.25%, 1.00% Floor), 5.25%,
08/29/22^(b)(d)	2,011,364		1,971,137
Opal Acquisition, Inc.
Term Loan B, (LIBOR + 4.00%,
1.00% Floor), 5.00%, 11/27/20^(b)	4,460,896		3,728,550
Premier Dental Services, Inc.
New Term Loan, (LIBOR +
6.50%, 1.00% Floor), 7.50%,
11/01/18^(b)	3,363,933		2,951,851
Smile Brands Group, Inc.
Term Loan B (1.5% PIK), (LIBOR
+ 7.75%, 1.25% Floor), 9.00%,
08/16/19^(b)	3,607,211		2,611,621
Steward Health Care System, LLC
Term Loan, (LIBOR + 5.50%,
1.25% Floor), 6.75%,
04/10/20^(b)(d)	1,269,919		1,250,870


	Principal Amount ($)	Value ($)

HEALTHCARE & PHARMACEUTICALS (continued)

Surgery Center Holdings, Inc.
First Lien Initial Term Loan,
(LIBOR + 4.25%, 1.00% Floor),
5.25%, 11/03/20^(b)(e)	3,140,556		3,111,757
Second Lien Initial Term Loan,
(LIBOR + 7.50%, 1.00% Floor),
8.50%, 11/03/21^(b)	1,760,714		1,672,679
Team Health, Inc.
Term Loan B, (LIBOR + 3.75%,
0.75% Floor), 4.50%, 11/23/22^(b)	2,884,165		2,879,666
U.S. Renal Care, Inc.
Term Loan B, (LIBOR + 4.25%,
1.00% Floor), 5.25%,
12/30/22^(b)(e)	2,612,245		2,595,918
Valeant Pharmaceuticals
International, Inc. (Canada)
Tranche B Term Loan Series
D-2, (LIBOR + 2.75%, 0.75%
Floor), 3.50%, 02/13/19^(b)(e)(f)	731,402		707,240
Tranche B Term Loan Series F-1,
(LIBOR + 3.25%, 0.75% Floor),
4.00%, 04/01/22^(b)(f)	1,263,573		1,218,558

			32,571,799


HIGH TECH INDUSTRIES - 14.3%

Avago Technologies Cayman
Finance, Ltd. (Cayman Islands)
2022 Tranche B Term Loan,
(LIBOR + 3.50%, 0.75% Floor),
4.25%, 11/11/22^(b)(e)(f)	4,253,087		4,216,213
Deltek, Inc.
First Lien Term Loan, (LIBOR +
4.00%, 1.00% Floor), 5.00%,
06/25/22^(b)	1,850,162		1,832,428
Second Lien Term Loan, (LIBOR
+ 8.50%, 1.00% Floor), 9.50%,
06/26/23^(b)	1,124,528		1,114,688
Flexera Software, LLC
Second Lien Term Loan, (LIBOR
+ 7.00%, 1.00% Floor), 8.00%,
04/02/21^(b)(e)	2,628,292		2,481,541
GTCR Valor Companies, Inc.
First Lien Initial Term Loan,
(LIBOR + 5.00%, 1.00% Floor),
6.00%, 05/30/21^(b)	2,360,143		2,348,342
Informatica Corp.
Dollar Term Loan, (LIBOR +
3.50%, 1.00% Floor), 4.50%,
08/05/22^(b)	1,969,754		1,901,167
Landslide Holdings, Inc. (Crimson
Acquisition Corp.)
Second Lien Term Loan, (LIBOR
+ 7.25%, 1.00% Floor), 8.25%,
02/25/21^(b)(d)	1,682,000		1,547,440

18 | See accompanying Notes to Financial Statements.

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

December 31, 2015


	Principal Amount ($)	Value ($)

Senior Loans^(a)(continued)

HIGH TECH INDUSTRIES (continued)

Lanyon Solutions, Inc. (Lanyon, Inc.)
First Lien Term Loan, (LIBOR +
4.50%, 1.00% Floor), 5.50%,
11/13/20^(b)	576,827		558,801
Second Lien Term Loan, (LIBOR
+ 8.50%, 1.00% Floor), 9.50%,
11/15/21^(b)	2,219,037		2,082,200
MSC.Software Corp.
First Lien Initial Term Loan,
(LIBOR + 4.00%, 1.00% Floor),
5.00%, 05/29/20^(b)	887,485		869,735
Second Lien Initial Term Loan,
(LIBOR + 7.50%, 1.00% Floor),
8.50%, 05/31/21^(b)(d)	2,550,000		2,244,000
Riverbed Technology, Inc.
Term Loan, (LIBOR + 5.00%,
1.00% Floor), 6.00%, 04/25/22^(b)	2,065,019		2,059,856
RP Crown Parent, LLC
First Lien New Term Loan,
(LIBOR + 5.00%, 1.00% Floor),
6.00%, 12/21/18^(b)	3,075,140		2,750,051
Second Lien Term Loan, (LIBOR
+ 10.00%, 1.25% Floor), 11.25%,
12/21/19^(b)	1,000,000		825,830
Sophia, L.P.
Closing Date Term Loan, (LIBOR
+ 3.75%, 1.00% Floor), 4.75%,
09/30/22^(b)	3,712,809		3,675,681
TIBCO Software, Inc.
Term Loan, (LIBOR + 5.50%,
1.00% Floor), 6.50%,
12/04/20^(b)(e)	2,799,157		2,550,732

			33,058,705


HOTEL, GAMING & LEISURE - 5.5%

CDS U.S. Intermediate Holdings, Inc.
First Lien Initial Term Loan,
(LIBOR + 4.00%, 1.00% Floor),
5.00%, 07/08/22^(b)(e)	2,085,200		1,972,245
Delta 2 (Lux) S.a.r.l. (Luxembourg)
Facility B3 Term Loan (USD),
(LIBOR + 3.75%, 1.00% Floor),
4.75%, 07/30/21^(b)(f)	3,586,635		3,479,036
Diamond Resorts Corp.
Term Loan, (LIBOR + 4.50%,
1.00% Floor), 5.50%, 05/09/21^(b)	2,488,546		2,466,772
Global Cash Access, Inc.
Term Loan B, (LIBOR + 5.25%,
1.00% Floor), 6.25%, 12/18/20^(b)	1,104,023		1,032,262
The Intertain Group, Ltd. (The
Intertain Group Finance, LLC)
(Canada)
Initial Term Loan B, (LIBOR +
6.50%, 1.00% Floor), 7.50%,
04/08/22^(b)(f)	797,203		795,210


	Principal Amount ($)	Value ($)

HOTEL, GAMING & LEISURE (continued)

Planet Fitness Holdings, LLC
Term Loan, (LIBOR + 3.75%,
1.00% Floor), 4.75%, 03/31/21^(b)	1,808,851		1,786,241
Scientific Games International, Inc.
Initial Term Loan, (LIBOR +
5.00%, 1.00% Floor), 6.00%,
10/18/20^(b)	1,340,445		1,230,576

			12,762,342


MEDIA: ADVERTISING, PRINTING & PUBLISHING - 3.0%

ALM Media, LLC
First Lien Term Loan B, (LIBOR
+ 4.50%, 1.00% Floor), 5.50%,
07/31/20^(b)(d)	3,871,288		3,774,506
F & W Media, Inc.
Initial Term Loan, (LIBOR +
7.25%, 1.25% Floor), 8.50%,
06/30/19^(b)	3,173,407		3,141,673

			6,916,179


MEDIA: BROADCASTING & SUBSCRIPTION - 6.9%

Emmis Operating Corp.
Term Loan, (LIBOR + 6.00%,
1.00% Floor), 7.00%, 06/10/21^(b)	1,487,273		1,301,364
Hemisphere Media Holdings, LLC
(Intermedia Espanol, Inc.)
New Term Loan B, (LIBOR +
4.00%, 1.00% Floor), 5.00%,
07/30/20^(b)	2,531,899		2,462,272
Learfield Communications, Inc.
Second Lien Initial Term Loan,
(LIBOR + 7.75%, 1.00% Floor),
8.75%, 10/08/21^(b)	1,102,393		1,091,369
Neptune Finco Corp.
Initial Term Loan, (LIBOR +
4.00%, 1.00% Floor), 5.00%,
10/09/22^(b)(e)	4,050,012		4,051,288
Numericable-SFR (France)
Term Loan B-6 (USD), (LIBOR +
4.00%, 0.75% Floor), 4.75%,
02/10/23^(b)(f)	1,271,286		1,224,751
SESAC Holdco II, LLC
First Lien Term Loan, (LIBOR +
4.25%, 1.00% Floor), 5.25%,
02/07/19^(b)	1,943,116		1,920,041
Telecommunications Management, LLC
Second Lien Initial Term Loan,
(LIBOR + 8.00%, 1.00% Floor),
9.00%, 10/30/20^(b)(d)	1,065,712		1,039,069
William Morris Endeavor
Entertainment, LLC (IMG
Worldwide Holdings, LLC)
First Lien Term Loan, (LIBOR +
4.25%, 1.00% Floor), 5.25%,
05/06/21^(b)	2,988,170		2,943,348

			16,033,502

See accompanying Notes to Financial Statements. | 19

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

December 31, 2015


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

MEDIA: DIVERSIFIED & PRODUCTION - 1.7%

Tech Finance & Co S.C.A.
(Luxembourg)
U.S. Term Loan, (LIBOR +
4.00%, 1.00% Floor), 5.00%,
07/11/20^(b)(f)		3,926,640		3,878,539


METALS & MINING - 1.0%

FMG Resources (August 2006) Pty,
Ltd. (FMG America Finance, Inc.)
(Australia)
Term Loan, (LIBOR + 3.25%,
1.00% Floor), 4.25%,
06/30/19^(b)(e)(f)		2,992,347		2,233,907


RETAIL - 6.7%

Academy, Ltd.
Initial Term Loan, (LIBOR +
4.00%, 1.00% Floor), 5.00%,
07/01/22^(b)		2,176,033		2,104,855
Albertson’s, LLC
Term Loan B-2, (LIBOR + 4.50%,
1.00% Floor), 5.50%,
03/21/19^(b)(e)		334,987		334,359
Term Loan B-5, (LIBOR + 4.50%,
1.00% Floor), 5.50%,
12/21/22^(b)(e)		910,531		906,434
At Home Holding III, Inc.
Term Loan, (LIBOR + 4.00%,
1.00% Floor), 5.00%,
06/03/22^(b)(d)		474,553		460,316
Bass Pro Group, LLC
2015 New Term Loan, (LIBOR +
3.25%, 0.75% Floor), 4.00%,
06/05/20^(b)(e)		1,712,678		1,654,156
Belk, Inc.
Closing Date First Lien Term
Loan, (LIBOR + 4.75%, 1.00%
Floor), 5.75%, 12/12/22^(b)		2,330,709		2,062,677
Charming Charlie, LLC
Initial Term Loan, (LIBOR +
8.00%, 1.00% Floor), 9.00%,
12/24/19^(b)		1,208,489		1,027,216
David’s Bridal, Inc.
Initial Term Loan, (LIBOR +
4.00%, 1.25% Floor), 5.25%,
10/11/19^(b)		1,174,845		978,646
Mattress Holding Corp.
Initial Term Loan, (LIBOR +
4.00%, 1.00% Floor), 5.00%,
10/20/21^(b)		2,659,285		2,640,444
Sears Roebuck Acceptance Corp.
(KMART Corp.)
2015 Term Loan, (LIBOR +
4.50%, 1.00% Floor), 5.50%,
06/30/18^(b)		3,126,498		2,946,724


	Principal Amount ($)		Value ($)

RETAIL (continued)

Vince, LLC (Vince Intermediate
Holding, LLC)
Term Loan B, (LIBOR + 4.75%,
1.00% Floor), 5.75%,
11/27/19^(b)(d)		373,918		342,135

				15,457,962


SERVICES: BUSINESS - 9.0%

Americold Realty Operating
Partnership, L.P.
Term Loan B, (LIBOR + 5.50%,
1.00% Floor), 6.50%, 12/01/22^(b)		1,459,459		1,452,162
Carecore National, LLC
Term Loan, (LIBOR + 4.50%,
1.00% Floor), 5.50%, 03/05/21^(b)		989,925		861,234
EIG Investors Corp.
Term Loan, (LIBOR + 4.00%,
1.00% Floor), 5.00%, 11/09/19^(b)		1,861,541		1,818,493
Element Materials Technology
Group U.S. Holdings, Inc.
(Element Materials Technology
Holding U.K., Ltd.)
Term Loan B, (LIBOR + 4.00%,
1.00% Floor), 5.00%, 08/06/21^(b)		641,655		641,655
Evergreen Skills Lux S.a.r.l.
First Lien Initial Term Loan,
(LIBOR + 4.75%, 1.00% Floor),
5.75%, 04/28/21^(b)		992,462		779,083
Second Lien Initial Term Loan,
(LIBOR + 8.25%, 1.00% Floor),
9.25%, 04/28/22^(b)		1,000,000		667,500
Genex Holdings, Inc.
First Lien Term Loan B, (LIBOR
+ 4.25%, 1.00% Floor), 5.25%,
05/28/21^(b)		1,907,204		1,878,596
Infogroup, Inc.
Term Loan B, (LIBOR + 5.50%,
1.50% Floor), 7.00%, 05/26/18^(b)		3,350,297		3,154,857
Onex Carestream Finance, L.P.
Second Lien Term Loan, (LIBOR
+ 8.50%, 1.00% Floor), 9.50%,
12/07/19^(b)		5,448,718		4,862,981
SGS Cayman, L.P.
Initial Cayman Term Loan,
(LIBOR + 5.00%, 1.00% Floor),
6.00%, 04/23/21^(b)		428,241		427,170
SMG
2014 Second Lien Term Loan,
(LIBOR + 8.25%, 1.00% Floor),
9.25%, 02/27/21^(b)(d)		2,490,000		2,502,450
Sutherland Global Services, Inc.
Initial U.S. Term Loan, (LIBOR +
5.00%, 1.00% Floor), 6.00%,
04/23/21^(b)		1,839,701		1,835,102

				20,881,283


SERVICES: CONSUMER - 2.0%

Laureate Education, Inc.
2018 New Series Extended Term
Loan, (LIBOR + 3.75%, 1.25%
Floor), 5.00%, 06/15/18^(b)		4,297,355		3,582,920

20 | See accompanying Notes to Financial Statements.

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

December 31, 2015


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

SERVICES: CONSUMER (continued)

NVA Holdings, Inc.
Second Lien Term Loan, (LIBOR
+ 7.00%, 1.00% Floor), 8.00%,
08/14/22^(b)		955,026		939,110

				4,522,030


TELECOMMUNICATIONS - 3.0%

Avaya, Inc.
Term Loan B-3, (LIBOR + 4.50%,
0.00% Floor), 4.93%,
10/26/17^(b)(e)		559,825		432,815
Global Tel*Link Corp.
First Lien Term Loan, (LIBOR +
3.75%, 1.25% Floor), 5.00%,
05/23/20^(b)		1,192,030		876,887
LTS Buyer LLC ( Sidera Networks,
Inc.)
Second Lien Term Loan, (LIBOR
+ 6.75%, 1.25% Floor), 8.00%,
04/12/21^(b)		1,931,507		1,869,950
Securus Technologies Holdings,
Inc.
Second Lien Initial Term Loan,
(LIBOR + 7.75%, 1.25% Floor),
9.00%, 04/30/21^(b)		5,000,000		2,830,000
U.S. TelePacific Corp.
Advance Term Loan, (LIBOR +
5.00%, 1.00% Floor), 6.00%,
11/25/20^(b)		1,010,609		964,818

				6,974,470


TRANSPORTATION: CARGO - 1.6%

Carrix, Inc.
Term Loan, (LIBOR + 3.50%,
1.00% Floor), 4.50%, 01/07/19^(b)		3,869,743		3,618,209


TRANSPORTATION: CONSUMER - 2.1%

Blue Bird Body Co.
Facility Term Loan, (LIBOR +
5.50%, 1.00% Floor), 6.50%,
06/26/20^(b)		905,068		898,846
Envision Healthcare Corp.
Tranche B-2 Term Loan, (LIBOR
+ 3.50%, 1.00% Floor), 4.50%,
10/28/22^(b)		2,260,704		2,251,096
Travel Leaders Group, LLC
Additional Tranche B Term Loan,
(LIBOR + 6.00%, 1.00% Floor),
7.00%, 12/07/20^(b)		1,786,401		1,768,537

				4,918,479


UTILITIES: ELECTRIC - 1.9%

Granite Acquisition, Inc.
Second Lien Term Loan B,
(LIBOR + 7.25%, 1.00% Floor),
8.25%, 12/19/22^(b)		1,112,864		868,034
Pike Corp.
First Lien Initial Term Loan,
(LIBOR + 4.50%, 1.00% Floor),
5.50%, 12/22/21^(b)		2,530,675		2,518,022


	Principal Amount ($)		Value ($)

UTILITIES: ELECTRIC (continued)

Second Lien Initial Term Loan,
(LIBOR + 8.50%, 1.00% Floor),
9.50%, 06/22/22^(b)		1,000,000		980,830

				4,366,886

Total Senior Loans (Cost $273,532,216)				253,901,765


Corporate Notes and Bonds - 30.7%^(c)

AUTOMOTIVE - 0.4%

American Tire Distributors, Inc.
10.25%, 03/01/22⁽ⁱ⁾		1,028,000		945,760


BANKING, FINANCE, INSURANCE & REAL ESTATE - 2.2%

National Financial Partners Corp.
9.00%, 07/15/21⁽ⁱ⁾		4,000,000		3,675,000
SquareTwo Financial Corp.
11.63%, 04/01/17		2,647,000		1,522,025

				5,197,025


BEVERAGE, FOOD & TOBACCO - 4.0%

Chiquita Brands International, Inc. /
LLC
7.88%, 02/01/21		2,462,000		2,588,177
Land O’Lakes Capital Trust I
7.45%, 03/15/28⁽ⁱ⁾		4,719,000		5,025,735
NBTY, Inc.
9.00%, 10/01/18		1,625,000		1,649,196

				9,263,108


CAPITAL EQUIPMENT - 1.1%

Optimas OE Solutions Holding,
LLC
8.63%, 06/01/21⁽ⁱ⁾		3,000,000		2,580,000


CHEMICALS, PLASTICS & RUBBER - 1.8%

Magnetation, LLC / Mag Finance
Corp.
11.00%, 05/15/18^(d)(i)(j)		2,937,000		163,003
TPC Group, Inc. (Texas
Petrochemical)
8.75%, 12/15/20⁽ⁱ⁾		6,000,000		3,930,000

				4,093,003

CONSUMER GOODS: NON-DURABLE - 2.1%

American Greetings Corp.
7.38%, 12/01/21		4,529,000		4,749,789


CONTAINERS, PACKAGING & GLASS - 0.4%

Reynolds Group Holdings, Inc.
6.88%, 02/15/21		996,000		1,028,370


ENERGY: OIL & GAS - 5.9%

Carrizo Oil & Gas, Inc.
7.50%, 09/15/20		2,158,000		1,896,342
CITGO Holding, Inc.
10.75%, 02/15/20⁽ⁱ⁾		3,000,000		2,913,750
Northern Oil and Gas, Inc.
8.00%, 06/01/20		1,519,000		1,017,730
ONEOK, Inc.
7.50%, 09/01/23		3,417,000		2,853,195
Sidewinder Drilling, Inc.
9.75%, 11/15/19^(d)(i)		6,000,000		2,670,000

See accompanying Notes to Financial Statements. | 21

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

December 31, 2015


	Principal Amount ($)		Value ($)

Corporate Notes and Bonds^(c)(continued)

ENERGY: OIL & GAS (continued)

Summit Midstream Holdings, LLC /
Summit Midstream Finance
Corp.
7.50%, 07/01/21		2,700,000		2,308,500

				13,659,517


HEALTHCARE & PHARMACEUTICALS - 2.1%

Team Health Holdings, Inc.
7.25%, 12/15/23⁽ⁱ⁾		1,473,000		1,528,237
Valeant Pharmaceuticals
International, Inc. (Canada)
7.50%, 07/15/21^(f)(i)		3,200,000		3,208,000

				4,736,237


HIGH TECH INDUSTRIES - 2.5%

Cimpress NV (Netherlands)
7.00%, 04/01/22^(f)(i)		4,000,000		3,855,000
Riverbed Technology, Inc.
8.88%, 03/01/23⁽ⁱ⁾		2,000,000		1,857,500

				5,712,500


MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.6%

Acosta, Inc.
7.75%, 10/01/22⁽ⁱ⁾		1,600,000		1,416,000


MEDIA: BROADCASTING & SUBSCRIPTION - 3.7%

Columbus International, Inc.
(Barbados)
7.38%, 03/30/21^(f)(i)		3,285,000		3,264,469
Neptune Finco Corp.
10.13%, 01/15/23⁽ⁱ⁾		317,000		331,265
10.88%, 10/15/25⁽ⁱ⁾		2,053,000		2,155,650
Radio One, Inc.
7.38%, 04/15/22⁽ⁱ⁾		882,000		788,287
9.25%, 02/15/20⁽ⁱ⁾		2,484,000		1,974,780

				8,514,451


MEDIA: DIVERSIFIED & PRODUCTION - 1.2%

SiTV, Inc.
10.38%, 07/01/19⁽ⁱ⁾		3,420,000		2,753,100


SERVICES: CONSUMER - 0.5%

Laureate Education, Inc.
9.25%, 09/01/19⁽ⁱ⁾		2,000,000		1,247,500


TELECOMMUNICATIONS - 2.2%

Altice US Finance I Corp.
5.38%, 07/15/23⁽ⁱ⁾		1,333,000		1,339,665
Avaya, Inc.
9.00%, 04/01/19⁽ⁱ⁾		4,922,000		3,802,245

				5,141,910


Total Corporate Notes and Bonds (Cost $86,152,620)				71,038,270


	Principal Amount ($)		Value ($)

Structured Products - 13.7%^(k)

Anchorage Capital CLO, Ltd.
(Cayman Islands)
Series 2015-6A, Class E2, 7.16%,
04/15/27^(d)(f)(i)(l)		4,400,000		3,909,426
Series 2015-7A, Class E2, 7.50%,
10/15/27^(d)(f)(i)(l)		3,000,000		2,737,839
Atlas Senior Loan Fund, Ltd.
(Cayman Islands)
Series 2012-1A, Class B3L,
7.86%, 08/15/24^(d)(f)(i)(l)		5,000,000		4,470,970
Cent CLO, L.P. (Cayman Islands)
Series 2013-17A, Class D, 6.32%,
01/30/25^(d)(f)(i)(l)		4,000,000		3,380,928
ECP CLO, Ltd. (Cayman Islands)
Series 2014-6, 6.87%,
07/15/26^(d)(f)(i)(l)		4,000,000		2,960,000
Ivy Hill Middle Market Credit Fund,
Ltd. 10 (Cayman Islands)
7.58%, 07/18/27^(d)(f)(i)		2,350,000		2,121,486
JFIN CLO, Ltd. (Cayman Islands)
Series 2013-1I, Class E, 6.32%,
01/20/25^(d)(f)(l)		2,000,000		1,262,200
Series 2015-1A, Class E, 5.51%,
03/15/26^(f)(i)(l)		4,500,000		3,619,800
NXT Capital CLO, LLC
Series 2014-1, 5.82%, 04/23/26^(i)(l)		5,000,000		4,072,600
OCP CLO, Ltd. (Cayman Islands)
Series 2014-5A, Class E, 5.57%,
04/26/26^(d)(f)(i)(l)		3,000,000		1,651,770
Octagon Investment Partners XIV,
Ltd. (Cayman Islands)
Series 2012-1A, Class E, 6.82%,
01/15/24^(d)(f)(i)(l)		2,200,000		1,429,230

Total Structured Products (Cost $37,641,648)				31,616,249



	Share Quantity		Value ($)
Preferred Stock - 1.7%

BANKING, FINANCE, INSURANCE & REAL ESTATE - 1.7%

Watford Holdings, Ltd. (Bermuda)
8.50%^(d)(f)		160,000		3,826,088

Total Preferred Stock (Cost $3,920,000)				3,826,088

Warrants - 0.0%

BANKING, FINANCE, INSURANCE & REAL ESTATE - 0.0%

Medical Card System, Inc.
07/26/18^(d)(m)		50,689		—

Total Warrants (Cost $ — )				—

Total Investments-156.0%				360,382,372
(Cost of $401,246,484)⁽ⁿ⁾
Other Assets & Liabilities,
Net-3.7%				8,599,751
Loan Outstanding-(59.7)%^(o)(p)				(137,986,912	)

Net Assets -100.0%				230,995,211

22 | See accompanying Notes to Financial Statements.

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

December 31, 2015

^(a)

“Senior Loans” are senior, secured loans made to companies whose debt is rated below investment grade and investments with similar characteristics. Senior Loans typically hold a first lien priority and pay interest at rates that are determined periodically on the basis of a floating base lending rate plus a spread. Unless otherwise identified, all Senior Loans carry a variable rate of interest. These base lending rates are primarily the LIBOR and secondarily the prime rate offered by one or more major U.S. banks and the certificate of deposit rate used by commercial lenders. The rates shown represent the weighted average rate at December 31, 2015. Senior Loans are generally not registered under the 1933 Act and often contain certain restrictions on resale and cannot be sold publicly. Senior Loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturity shown.

^(b)

^(c)	Fixed rate asset.

^(d)	Fair Value Level 3 security. All remaining securities are categorized as Level 2.

^(e)	All or a portion of this Senior Loan position has not settled. Full contract rates do not take effect until settlement date, therefore, are subject to change.

^(f)	Foreign issuer traded in U.S. dollars.

^(g)	The issuer is in default of its payment obligations as of January 30, 2015, as such, income is no longer being accrued. Subsequent to year end, the issuer sent a notification of restructuring effective January 20, 2016 and is no longer in default.

^(h)	Represents a PIK security which may pay interest in additional principal amount.

⁽ⁱ⁾	Securities exempt from registration pursuant to Rule 144A under the 1933 Act. These securities may only be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2015, these securities amounted to $81,778,995, or 35.4% of net assets.

^(j)	The issuer is in default of its payment obligations as of May 5, 2015, as such, income is no longer being accrued. Subsequent to year end, the issuer paid a cash dividend to all shareholders on record as of January 6, 2016 which was recorded as a cost basis adjustment.

^(k)

Structured Products include collateralized loan obligations (“CLOs”). A CLO typically takes the form of a financing company (generally called a special purpose vehicle or “SPV”), created to reapportion the risk and return characteristics of a pool of assets. While the assets underlying CLOs are often Senior Loans or corporate notes and bonds, the assets may also include (i) subordinated loans; (ii) debt tranches of other CLOs; and (iii) equity securities incidental to investments in Senior Loans. The Fund may invest in lower tranches of CLOs, which typically experience a lower recovery, greater risk of loss or deferral or non-payment of interest than more senior tranches of the CLO. A key feature of the CLO structure is the prioritization of the cash flows from a pool of debt securities among the several classes of the CLO. The SPV is a company founded for the purpose of securitizing payment claims arising out of this asset pool. On this basis, marketable securities are issued by the SPV and the redemption of these securities typically takes place at maturity out of the cash flow generated by the collected claims.

^(l)	Floating rate asset. The interest rate shown reflects the rate in effect at December 31, 2015.

^(m)	Non-income producing asset.

⁽ⁿ⁾

The aggregate cost of securities for federal income tax purposes was $401,610,361. Cost for U.S. federal income tax purposes differs from book basis primarily due to the deferral of losses from wash sales and defaulted security interest adjustments. Unrealized appreciation and depreciation on investments were as follows: