Edgar Filing: Apollo Tactical Income Fund Inc.

Gross unrealized appreciation

Gross unrealized depreciation

(15,024,052)

Net unrealized depreciation

(12,416,332)

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: June 30, 2016

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)

Semi-Annual Report

June 30, 2016

(unaudited)

TABLE OF CONTENTS


Manager Commentary			4
Financial Data
Apollo Senior Floating Rate Fund Inc.			5
Apollo Tactical Income Fund Inc.			6
Schedule of Investments
Apollo Senior Floating Rate Fund Inc.			7
Apollo Tactical Income Fund Inc.			16
Statements of Assets and Liabilities			25
Statements of Operations			26
Statements of Changes in Net Assets
Apollo Senior Floating Rate Fund Inc.			27
Apollo Tactical Income Fund Inc.			28
Statement of Cash Flows
Apollo Senior Floating Rate Fund Inc.			29
Apollo Tactical Income Fund Inc.			30
Financial Highlights
Apollo Senior Floating Rate Fund Inc.			31
Apollo Tactical Income Fund Inc.			32
Notes to Financial Statements			33
Additional Information			48
Important Information About This Report			51

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 June 30, 2016

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.

The beginning of 2016 started off much like 2015 had ended for the corporate credit markets, with both leveraged loans and high yield bonds continuing to move lower. This same move lower marked the end of the year prior for very similar reasons, primarily continued weakness in commodity prices and the negative impact this was having on retail demand for loans and bonds. Most of January and the first half of February looked very much like the months that had preceded them with regular selling by credit managers in the secondary market and a frozen primary market marked by equity and commodity price volatility. In mid-February, this dynamic reversed as commodity prices stabilized, equities began to move higher and managers of loan and high yield funds in particular saw inflows to mutual funds. After steadily climbing over the back half of 2015 and into 2016, average yields in the high yield market hit a high of 10.5% in mid-February. This peak, combined with the previously mentioned coinciding factors in equities and commodities, ended up being the point at which capital was committed to the loan and bond markets in enough size to eventually reverse nearly all of the move lower that began in early June 2015. The market movements subsequent to this have been substantial. Since the 2016 lows for high yield, on February 11, and for the loan market, on February 17, these markets are up +15.8%¹ and +6.1%² through June 30, respectively.

While this steady improvement has been almost entirely one-directional and lacking in any real volatility, aside from the short-lived period of volatility created by the United Kingdom’s referendum to exit European Union membership (“Brexit”) in late June, it was not without opportunity as it relates to investing on behalf of the Funds. There was a backup in the capital markets early this year created by market volatility that caused the forward calendar of deals scheduled to be syndicated to balloon. As conditions eased, dealers competed to bring substantial financings of many kinds to market, and the pricing and structure for most of these deals represented attractive investment opportunities relative to almost any period in the year preceding. Pricing for loans across the ratings spectrum widened compared to similar credits priced over most of 2015, with generally better terms and call protection as well. These represented opportunities for the Funds to refinance into what we believe are better credit profiles for businesses at greater rates of return, with enhanced lender protection. After the anemic totals of loan issuance in January and February, issuance increased fairly steadily into the summer with June’s institutional loan new-issuance volume of $73.0 billion the third highest on record, and sixth consecutive monthly increase in a row. While the most attractive pricing and terms of the early part of the rally have diminished, this kind of supply is important for the Fund’s ability to optimize their positionings and investments and has been healthy in the process of portfolio management.

As it relates to aforementioned Brexit, both the volatility and opportunity this created for the Funds was short-lived. Though we were able to add at the margin to existing positions that we liked at lower levels given initial selling on the event, this selling occurred over only a brief period of time and there was a substantial amount of demand waiting for it which limited the move lower in prices. Over the two weeks that followed, inflows into high yield funds in particular were historically high, and the reversal in any move lower in prices did not take long to play out. If anything, the broader reaction to the event as an immediate buying opportunity suggests a broader theme that we see as only beginning, which is that of a global search for yield in an environment of declining returns increasingly focused on the United States. While we feel the Funds are set up quite well to take advantage of increased demand, we are cognizant that it may create certain distortions in the capital markets and will remain focused on what this may bring.

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

Sincerely,

Apollo Credit Management, LLC

¹JPMorgan Domestic High Yield Index, June 30, 2016

²S&P/LSTA Leveraged Loan Total Return Index, June 30, 2016

4 | Semi-Annual Report

Apollo Senior Floating Rate Fund Inc.

Financial Data

As of June 30, 2016 (unaudited)


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

Loans		93.1%
High Yield Bonds		5.9%
Equity/Other		1.0%

Portfolio Characteristics ^(a)

Weighted Average Floating-Rate Spread		4.79%
Weighted Average Fixed-Rate Coupon		8.23%
Weighted Average Maturity (in years) (floating assets)		4.69
Weighted Average Maturity (in years) (fixed assets)		5.36
Weighted Average Modified Duration (in years)
(fixed assets)		3.63
Average Position Size	$	2,068,715
Number of Positions		201
Weighted Average S&P Rating		B
Weighted Average Rating Factor (Moody’s)^(h)		2,925

Credit Quality ^(b)

BBB		1.3%
BB		12.2%
B		68.0%
CCC+ or Lower		13.5%
Not Rated		5.0%

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

High Tech Industries		12.1%
Healthcare & Pharmaceuticals		10.2%
Banking, Finance, Insurance & Real Estate		10.0%
Media: Broadcasting & Subscription		9.6%
Services: Business		8.3%
Total		50.2%


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

Scientific Games International, Inc.			1.5%
Amwins Group, LLC			1.5%
BWay Intermediate Company, Inc.			1.4%
Asurion, LLC			1.4%
Valeant Pharmaceuticals International, Inc.			1.4%
NVA Holdings, Inc.			1.4%
First Data Corp.			1.3%
DAE Aviation Holdings, Inc.			1.3%
NVLX Acquisition, LLC			1.3%
Kronos, Inc.			1.3%
Total			13.8%


Performance Comparison

	Six Months Ended June 30, 2016		Since Inception on February 23, 2011, to June 30, 2016

AFT - Market Price		8.10%^(e)		2.63%^(e)(f)
AFT - NAV		7.39%^(e)		5.55%^(e)(f)
S&P/LSTA Leveraged Loan Index ^(g)		4.51%		3.54%^(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 June 30, 2016.

(b)

Credit quality is calculated as a percentage of fair value of investment securities at June 30, 2016. 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.

(h)	Excludes securities with no rating or in default as of June 30, 2016.

Semi-Annual Report | 5

Apollo Tactical Income Fund Inc.

Financial Data

As of June 30, 2016 (unaudited)


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

Loans		73.6%
High Yield Bonds		15.3%
Structured Products		10.0%
Equity/Other		1.1%

Portfolio Characteristics ^(a)

Weighted Average Floating-Rate Spread		5.38%
Weighted Average Fixed-Rate Coupon		7.55%
Weighted Average Maturity (in years) (floating assets)		5.67
Weighted Average Maturity (in years) (fixed assets)		5.22
Weighted Average Modified Duration (in years) (fixed assets)		3.75
Average Position Size	$	2,023,004
Number of Positions		199
Weighted Average S&P Rating		B
Weighted Average Rating Factor (Moody’s)^(h)		2,995

Credit Quality ^(b)
BBB		0.8%
BB		16.5%
B		54.2%
CCC+ or Lower		17.0%
Not Rated		11.5%

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

High Tech Industries		10.2%
Healthcare & Pharmaceuticals		8.9%
Media: Broadcasting & Subscription		8.2%
Retail		8.0%
Banking, Finance, Insurance & Real Estate		7.6%
Total		42.9%


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

Anchorage Capital CLO, Ltd.			1.9%
OCP CLO. Ltd.			1.8%
Land O’ Lakes Capital Trust I			1.4%
Laureate Education, Inc.			1.4%
Riverbed Technology, Inc.			1.4%
Valeant Pharmaceuticals International, Inc.			1.4%
Onex Carestream Finance, L.P.			1.4%
TPC Group, Inc. (Texas Petrochemical)			1.3%
EIG Investors Corp.			1.3%
Pike Corp.			1.2%
Total			14.5%


Performance Comparison

	Six Months Ended June 30, 2016		Since Inception on February 25, 2013, to June 30, 2016

AIF - Market Price		9.29%^(e)		-0.72%^(e)(f)
AIF - NAV		6.72%^(e)		4.22%^(e)(f)
S&P/LSTA Leveraged Loan Index ^(g)		4.51%		2.80%^(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 June 30, 2016.

(b)

Credit quality is calculated as a percentage of fair value of investment securities at June 30, 2016. 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 10.0% of the portfolio as of June 30, 2016.

(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.

(h)	Excludes securities with no rating or in default as of June 30, 2016.

6 | Semi-Annual Report

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments

June 30, 2016 (unaudited)


	Principal Amount ($)		Value ($)
Senior Loans - 134.1%^(a)

AEROSPACE & DEFENSE - 5.0%
Camp International Holding Co.
2013 First Lien Replacement Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 05/31/19^(b)		2,381,107		2,374,416
2013 Second Lien Replacement
Term Loan, (LIBOR + 7.25%,
1.00% Floor), 8.25%, 11/29/19^(b)		1,000,000		980,000
DAE Aviation Holdings, Inc.
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 07/07/22^(b)		5,072,257		5,069,898
Photonis Technologies SAS
(France) First Lien Initial Dollar Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.50%, 09/18/19^(b)(c)		1,897,815		1,698,544
TASC, Inc.
First Lien New Term Loan, (LIBOR + 6.00%, 1.00% Floor), 7.00%, 05/22/20^(b)		521,575		522,879
First Lien Term Loan, (LIBOR + 6.00%, 1.00% Floor), 7.00%, 05/22/20^(b)		1,433,344		1,436,927
Second Lien Term Loan, 12.00%, 05/21/21^(d)		1,637,357		1,649,637

				13,732,301


AUTOMOTIVE - 2.7%

American Tire Distributors, Inc.
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/01/21^(b)		3,989,899		3,865,235
KAR Auction Services, Inc.
Tranche B-3 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.25%, 03/09/23^(b)		997,500		1,002,069
U.S. Farathane, LLC
Term Loan B-2, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 12/23/21^(b)(e)		2,349,737		2,352,674

				7,219,978


BANKING, FINANCE, INSURANCE & REAL ESTATE - 12.9%

Alliant Holdings I, LLC
Initial Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 08/12/22^(b)		1,705,979		1,684,654
Amwins Group, LLC
First Lien Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 09/06/19^(b)		4,053,215		4,055,383
Second Lien Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 09/04/20^(b)		1,764,500		1,768,911


	Principal Amount ($)		Value ($)

BANKING, FINANCE, INSURANCE & REAL ESTATE (continued)

AqGen Island Intermediate
Holdings, Inc. First Lien Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 12/05/22^(b)		2,469,136		2,439,815
Asurion, LLC
Incremental Tranche B-1 Term Loan, (LIBOR + 3.75%, 1.25% Floor), 5.00%, 05/24/19^(b)		4,336,273		4,321,834
Second Lien Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.50%, 03/03/21^(b)		1,399,109		1,352,938
First Data Corp.
2021 New Dollar Term Loan, (LIBOR + 4.00%, 0.00% Floor), 4.44%, 03/24/21^(b)		5,302,959		5,294,130
Global Payments, Inc.
Initial Term Loan, (LIBOR + 3.50%, 0.00% Floor), 3.94%, 04/22/23^(b)		1,096,639		1,105,412
Hyperion Insurance Group, Ltd.
(United Kingdom) Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 04/29/22^(b)(c)		488,528		464,102
iStar, Inc.
Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 07/01/20^(b)(f)		1,398,773		1,400,521
Jefferies Finance, LLC (JFIN
Co-Issuer Corp.) Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 05/14/20^(b)(e)		1,506,522		1,491,456
Medical Card System, Inc.
Term Loan, (LIBOR + 0.50%, 1.00% Floor), 1.50%, 05/31/19^(b)(e)(g)		5,323,315		3,064,118
MMM Holdings, Inc.
MMM Term Loan, (LIBOR + 8.25%, 1.50% Floor), 9.75%, 12/12/17^(b)(e)		638,237		488,251
MPH Acquisition Holdings, LLC
Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 06/07/23^(b)		3,759,494		3,774,532
MSO of Puerto Rico, Inc.
MSO Term Loan, (LIBOR + 8.25%, 1.50% Floor), 9.75%, 12/12/17^(b)(e)		463,995		354,956
Sedgwick Claims Management
Services, Inc. Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 03/01/21^(b)		1,933,981		1,938,816

See accompanying Notes to Financial Statements. | 7

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

June 30, 2016 (unaudited)


	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)		363,523		292,485

				35,292,314


BEVERAGE, FOOD & TOBACCO - 4.8%

AdvancePierre Foods, Inc.
Effective Date Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 06/02/23^(b)		2,189,189		2,186,452
The Chef’s Warehouse, Inc.
Delayed Draw Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 06/22/22^(b)		52,575		52,444
Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 06/22/22^(b)		1,145,384		1,142,520
Dole Food Company, Inc.
Tranche B Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 11/01/18^(b)(f)		1,336,386		1,333,673
NBTY, Inc.
Dollar Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 05/05/23^(b)		3,051,903		3,033,378
PFS Holding Corp.
First Lien Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 01/31/21^(b)		2,745,439		2,476,386
Winebow Holdings, Inc. (The
Vintner Group, Inc.) First Lien Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 07/01/21^(b)		992,405		967,595
Second Lien Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.50%, 01/02/22^(b)		2,260,897		2,012,198

				13,204,646


CAPITAL EQUIPMENT - 1.2%

MTS Systems Corp.
Term Loan B, (LIBOR + 4.25%, 0.75% Floor), 5.00%, 06/28/23^(b)(f)		3,333,333		3,328,133


CHEMICALS, PLASTICS & RUBBER - 3.0%

The Chemours Co.
Tranche B Term Loan, (LIBOR + 3.00%, 0.75% Floor), 3.75%, 05/12/22^(b)		568,988		551,777
MacDermid, Inc. (Platform
Specialty Products Corp.) Tranche B-2 Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 06/07/20^(b)		739,124		731,042


	Principal Amount ($)		Value ($)

CHEMICALS, PLASTICS & RUBBER (continued)

MacDermid, Inc. (Platform Specialty Products Corp.) (continued)
Tranche B-3 Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 06/07/20^(b)		1,122,173		1,109,829
Magnetation, LLC / Mag Finance Corp.
Term Loan (12.00% PIK), 12.00%, 07/07/16^(d)(e)(g)(h)		263,692		606
Nexeo Solutions, LLC
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/09/23^(b)		1,076,336		1,077,009
PetroChoice Holdings, Inc.
First Lien Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 08/19/22^(b)(e)		1,007,425		997,351
PQ Corp.
Tranche B-1 Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 11/04/22^(b)		1,268,428		1,270,889
Styrolution US Holding, LLC
First Lien Dollar Tranche B-1 Term Loan, (LIBOR + 5.50%, 1.00% Floor), 6.50%, 11/07/19^(b)		2,559,467		2,562,666

				8,301,169


CONSTRUCTION & BUILDING - 1.1%

Infiltrator Water Technologies, LLC
First Lien Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 05/27/22^(b)		2,849,324		2,850,520


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)		456,534		376,641


CONSUMER GOODS: NON-DURABLE - 2.1%

ABG Intermediate Holdings 2, LLC
First Lien Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 05/27/21^(b)		3,341,749		3,299,977
Nine West Holdings, Inc.
Unsecured Initial Term Loan, (LIBOR + 5.25%, 1.00% Floor), 6.25%, 01/08/20^(b)		239,923		57,582
Polyconcept Investments B.V.
Term Loan, (LIBOR + 4.75%, 1.25% Floor), 6.00%, 06/28/19^(b)		2,491,519		2,466,604

				5,824,163


CONTAINERS, PACKAGING & GLASS - 4.4%

BWay Intermediate Company, Inc.
Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.52%, 08/14/20^(b)		5,716,934		5,706,214

8 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

June 30, 2016 (unaudited)


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

CONTAINERS, PACKAGING & GLASS (continued)

Hoover Group, Inc.
Initial Term Loan, (LIBOR + 6.75%, 1.00% Floor), 7.75%, 01/28/21^(b)(e)		1,473,083		1,369,968
NVLX Acquisition, LLC
First Lien Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 12/05/21^(b)		5,024,918		5,045,018

				12,121,200


ENERGY: OIL & GAS - 6.7%

American Energy - Marcellus, LLC
First Lien Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/04/20^(b)		2,712,161		1,464,567
Azure Midstream Energy, LLC
Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 11/15/18^(b)		498,651		330,356
BlackBrush Oil & Gas, L.P.
Closing Date Second Lien Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 07/30/21^(b)(f)		3,363,109		3,358,905
Chelsea Petroleum Products I, LLC
Tranche B Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 10/28/22^(b)		1,727,942		1,702,023
Chief Exploration & Development, LLC
Second Lien Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 05/16/21^(b)		1,950,784		1,769,732
Drillships Financing Holding, Inc.
Tranche B-1 Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 03/31/21^(b)		997,436		397,977
EMG Utica, LLC
Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 03/27/20^(b)		2,181,024		2,080,151
HGIM Corp.
Term Loan A, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/18/18^(b)		3,722,011		2,844,230
Sheridan Investment Partners I, LLC
Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.25%, 10/01/19^(b)		276,621		163,035
Sheridan Production Partners I-A, L.P.
Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.25%, 10/01/19^(b)		36,654		21,603
Sheridan Production Partners I-M, L.P.
Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.25%, 10/01/19^(b)		22,389		13,196


	Principal Amount ($)		Value ($)

ENERGY: OIL & GAS (continued)

Southcross Energy Partners, L.P.
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/04/21^(b)		1,565,494		1,293,490
Southcross Holdings Borrower LP
Tranche B Term Loan (5.50% PIK), 9.00%, 04/13/23^(d)(g)		115,058		98,374
Sprint Industrial Holdings, LLC
First Lien Term Loan, (LIBOR + 5.75%, 1.25% Floor), 7.00%, 05/14/19^(b)(e)		2,592,741		1,970,483
W3 Co.
First Lien Term Loan, (LIBOR + 4.50%, 1.25% Floor), 5.75%, 03/13/20^(b)		908,416		714,242

				18,222,364


ENVIRONMENTAL INDUSTRIES - 1.0%

Emerald 2, Ltd. (United Kingdom)
Facility B-1 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 4.63%, 05/14/21^(b)(c)		2,901,337		2,703,088


FOREST PRODUCTS & PAPER - 1.5%

Caraustar Industries, Inc.
Incremental Term Loan, (LIBOR + 6.75%, 1.25% Floor), 8.00%, 05/01/19^(b)		1,830,906		1,830,219
Term Loan, (LIBOR + 6.75%, 1.25% Floor), 8.00%, 05/01/19^(b)		2,247,659		2,244,388

				4,074,607


HEALTHCARE & PHARMACEUTICALS - 13.6%

Alvogen Pharma US, Inc.
First Lien Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 04/01/22^(b)		2,926,858		2,903,077
CHG Healthcare Services, Inc.
First Lien Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 06/07/23^(b)(f)		548,842		549,701
Concentra, Inc.
Second Lien Initial Term Loan, (LIBOR + 8.00%, 1.00% Floor), 9.00%, 06/01/23^(b)		1,000,000		990,000
ExamWorks Group, Inc.
Term Loan B, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 08/31/23^(b)(f)		1,488,722		1,489,191
HCR ManorCare, Inc.
Initial Term Loan, (LIBOR + 3.50%, 1.50% Floor), 5.00%, 04/06/18^(b)		2,083,684		1,708,621
InVentiv Health, Inc.
Term Loan B-3, (LIBOR + 6.25%, 1.50% Floor), 7.75%, 05/15/18^(b)		723,864		722,507
Lanai Holdings II, Inc.
First Lien Term Loan B, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 08/29/22^(b)(f)		2,731,706		2,697,560

See accompanying Notes to Financial Statements. | 9

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

June 30, 2016 (unaudited)


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

HEALTHCARE & PHARMACEUTICALS (continued)

Lanai Holdings III, Inc.
Second Lien Initial Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 08/28/23^(b)(e)(f)		869,565		856,522
Nmsc Holdings, Inc.
First Lien Term Loan B, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 04/19/23^(b)		561,524		564,332
Opal Acquisition, Inc.
Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/27/20^(b)		3,499,213		3,074,934
Premier Dental Services, Inc.
New Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 11/01/18^(b)(e)		4,728,833		4,563,324
Smile Brands Group, Inc.
Term Loan B (1.50% PIK), (LIBOR + 7.75%, 1.25% Floor), 9.00%, 08/16/19^(b)(g)		3,618,767		3,169,443
Steward Health Care System, LLC
Term Loan, (LIBOR + 5.50%, 1.25% Floor), 6.75%, 04/10/20^(b)(e)		2,734,634		2,707,287
Surgery Center Holdings, Inc.
First Lien Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 11/03/20^(b)		3,678,202		3,669,006
U.S. Renal Care, Inc.
Term Loan B, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 12/30/22^(b)		3,756,189		3,756,207
Second Lien Term Loan, (LIBOR + 8.00%, 1.00% Floor), 9.00%, 12/29/23^(b)		1,025,000		1,009,625
Valeant Pharmaceuticals
International, Inc. (Canada) Tranche B Term Loan Series C-2, (LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/11/19^(b)(c)		1,543,406		1,502,892
Tranche B Term Loan Series D-2, (LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/13/19^(b)(c)		530,561		517,132
Tranche B Term Loan Series E-1, (LIBOR + 4.00%, 0.75% Floor), 4.75%, 08/05/20^(b)(c)(f)		660,640		642,628

				37,093,989


HIGH TECH INDUSTRIES - 16.9%

Deltek, Inc.
First Lien Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 06/25/22^(b)		2,672,290		2,669,378
Second Lien Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 06/26/23^(b)		1,724,528		1,747,162
Flexera Software, LLC
Second Lien Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.00%, 04/02/21^(b)		1,999,281		1,929,306


	Principal Amount ($)		Value ($)

HIGH TECH INDUSTRIES (continued)

Informatica Corp.
Dollar Term Loan, (LIBOR +
3.50%, 1.00% Floor), 4.50%,
08/05/22^(b)		2,992,462		2,919,790
Kronos, Inc.
Second Lien Initial Term Loan,
(LIBOR + 8.50%, 1.25% Floor),
9.75%, 04/30/20^(b)		4,998,571		5,044,408
Landslide Holdings, Inc. (Crimson Acquisition Corp.)
First Lien New Term Loan,
(LIBOR + 4.00%, 1.00% Floor),
5.00%, 02/25/20^(b)		2,940,979		2,929,950
Second Lien Term Loan, (LIBOR
+ 7.25%, 1.00% Floor), 8.25%,
02/25/21^(b)(e)		610,438		595,178
Lanyon Solutions, Inc. (Lanyon, Inc.)
First Lien Term Loan, (LIBOR +
4.50%, 1.00% Floor), 5.50%,
11/13/20^(b)		1,435,886		1,425,713
MSC.Software Corp.
First Lien Initial Term Loan,
(LIBOR + 4.00%, 1.00% Floor),
5.00%, 05/29/20^(b)		1,754,200		1,666,490
ON Semiconductor Corp.
First Lien Term Loan B, (LIBOR
+ 4.50%, 0.75% Floor), 5.25%,
03/31/23^(b)		3,096,210		3,113,951
Riverbed Technology, Inc.
Term Loan B, (LIBOR + 4.00%,
1.00% Floor), 5.00%, 04/25/22^(b)		3,439,865		3,443,924
RP Crown Parent, LLC
First Lien New Term Loan,
(LIBOR + 5.00%, 1.00% Floor),
6.00%, 12/21/18^(b)		2,231,861		2,105,616
Second Lien Term Loan, (LIBOR
+ 10.0%, 1.25% Floor), 11.25%,
12/21/19^(b)(f)		1,250,000		1,042,712
Sophia, L.P.
Closing Date Term Loan, (LIBOR
+ 3.75%, 1.00% Floor), 4.75%,
09/30/22^(b)		2,982,462		2,952,638
TIBCO Software, Inc.
Term Loan, (LIBOR + 5.50%,
1.00% Floor), 6.50%,
12/04/20^(b)(f)		3,300,520		3,034,416
VF Holdings Corp.
Term Loan B, (LIBOR + 3.75%,
1.00% Floor), 4.75%, 06/30/23^(b)		1,475,728		1,472,504
Vision Solutions, Inc.
Term Loan, (LIBOR + 6.50%,
1.00% Floor), 7.50%,
06/16/22^(b)(e)		4,000,000		3,980,000
Western Digital Corp.
Term Loan B, (LIBOR + 5.50%,
0.75% Floor), 6.25%, 04/29/23^(b)		4,000,000		4,021,880

				46,095,016

10 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

June 30, 2016 (unaudited)


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

HOTEL, GAMING & LEISURE - 7.3%

CDS U.S. Intermediate Holdings, Inc.
First Lien Initial Term Loan,
(LIBOR + 4.00%, 1.00% Floor),
5.00%, 07/08/22^(b)		880,907		859,712
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)(c)		5,105,263		4,924,179
Diamond Resorts Corp.
Term Loan, (LIBOR + 4.50%,
1.00% Floor), 5.50%, 05/09/21^(b)		2,488,546		2,490,886
Equinox Holdings, Inc.
First Lien New Initial Term Loan,
(LIBOR + 3.75%, 1.25% Floor),
5.00%, 01/31/20^(b)		3,692,210		3,687,595
Everi Payments, Inc.
Term Loan B, (LIBOR + 5.25%,
1.00% Floor), 6.25%, 12/18/20^(b)		1,361,763		1,264,166
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)(c)(e)		747,069		746,135
Scientific Games International, Inc.
Initial Term Loan B-2, (LIBOR +
5.00%, 1.00% Floor), 6.00%,
10/01/21^(b)		3,498,223		3,454,932
Initial Term Loan, (LIBOR +
5.00%, 1.00% Floor), 6.00%,
10/18/20^(b)		2,493,606		2,466,339

				19,893,944


MEDIA: ADVERTISING, PRINTING & PUBLISHING - 2.2%

ALM Media, LLC
First Lien Term Loan B, (LIBOR
+ 4.50%, 1.00% Floor), 5.50%,
07/31/20^(b)		3,555,131		3,412,926
F & W Media, Inc.
Initial Term Loan, (LIBOR +
7.50%, 1.25% Floor), 8.75%,
06/30/19^(b)		3,135,887		2,587,107

				6,000,033


MEDIA: BROADCASTING & SUBSCRIPTION - 11.0%

Emmis Operating Co.
Term Loan, (LIBOR + 6.00%,
1.00% Floor), 7.00%, 06/10/21^(b)		1,437,553		1,225,514
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		4,159,706


	Principal Amount ($)		Value ($)

MEDIA: BROADCASTING & SUBSCRIPTION (continued)

Hemisphere Media Holdings, LLC (Intermedia Espanol, Inc.)
New Term Loan B, (LIBOR +
4.00%, 1.00% Floor), 5.00%,
07/30/20^(b)		2,437,329		2,425,143
Intelsat Jackson Holdings S.A. (Luxembourg)
Tranche B-2 Term Loan, (LIBOR
+ 2.75%, 1.00% Floor), 3.75%,
06/30/19^(b)(c)(f)		4,635,849		4,234,848
Neptune Finco Corp.
Initial Term Loan, (LIBOR +
4.00%, 1.00% Floor), 5.00%,
10/09/22^(b)		4,050,012		4,064,188
Numericable U.S., LLC
Term Loan B-7, (LIBOR + 4.25%,
0.75% Floor), 5.00%, 01/15/24^(b)		3,155,128		3,138,043
SESAC Holdco II, LLC
First Lien Term Loan, (LIBOR +
4.25%, 1.00% Floor), 5.25%,
02/07/19^(b)		1,945,359		1,945,359
Telecommunications Management, LLC
First Lien Initial Term Loan,
(LIBOR + 3.75%, 1.00% Floor),
4.75%, 04/30/20^(b)		1,199,800		1,139,810
Second Lien Initial Term Loan,
(LIBOR + 8.00%, 1.00% Floor),
9.00%, 10/30/20^(b)(e)		710,475		682,056
WideOpenWest Finance, LLC Replacement Term Loan B,
(LIBOR + 3.50%, 1.00% Floor),
4.50%, 04/01/19^(b)(f)		1,994,949		1,992,316
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)(f)		4,970,609		4,960,668

				29,967,651


METALS & MINING - 0.2%

Global Brass and Copper, Inc.
Term Loan B, (LIBOR + 4.25%,
1.00% Floor), 5.25%,
06/16/23^(b)(f)		596,026		596,026


RETAIL - 10.2%

Academy, Ltd.
Initial Term Loan, (LIBOR +
4.00%, 1.00% Floor), 5.00%,
07/01/22^(b)(f)		4,145,736		3,917,720
Albertson’s, LLC
Term Loan B-6, (LIBOR + 3.75%,
1.00% Floor), 4.75%, 06/22/23^(b)		1,851,243		1,851,011
Belk, Inc.
Closing Date First Lien Term
Loan, (LIBOR + 4.75%, 1.00%
Floor), 5.75%, 12/12/22^(b)		921,028		739,701

See accompanying Notes to Financial Statements. | 11

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

June 30, 2016 (unaudited)


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

RETAIL (continued)

Charming Charlie, LLC
Initial Term Loan, (LIBOR +
8.00%, 1.00% Floor), 9.00%,
12/24/19^(b)		3,717,687		2,602,381
David’s Bridal, Inc.
Initial Term Loan, (LIBOR +
4.00%, 1.25% Floor), 5.25%,
10/11/19^(b)		2,000,000		1,800,000
J. Crew Group, Inc.
Initial Term Loan, (LIBOR +
3.00%, 1.00% Floor), 4.00%,
03/05/21^(b)(f)		1,500,000		1,033,597
J.C. Penney Corp., Inc.
2016 Term Loan, (LIBOR +
4.25%, 1.00% Floor), 5.25%,
06/23/23^(b)(f)		2,813,333		2,794,878
Mattress Holding Corp.
Initial Term Loan, (LIBOR +
5.25%, 1.00% Floor), 6.25%,
10/20/21^(b)		2,595,566		2,543,655
2016 Incremental Term Loan,
(LIBOR + 5.25%, 1.00% Floor),
6.25%, 10/20/21^(b)		1,190,549		1,165,994
The Neiman Marcus Group, Inc.
Other Term Loan, (LIBOR +
3.25%, 1.00% Floor), 4.25%,
10/25/20^(b)(f)		2,500,000		2,251,987
Petco Animal Supplies, Inc.
Tranche B-1 Term Loan, (LIBOR
+ 4.00%, 1.00% Floor), 5.00%,
01/26/23^(b)		2,319,188		2,311,523
Tranche B-2 Term Loan, (LIBOR
+ 4.25%, 0.00% Floor), 4.73%,
01/26/23^(b)		1,608,871		1,602,982
PetSmart, Inc.
Tranche B-1 Term Loan, (LIBOR
+ 3.25%, 1.00% Floor), 4.25%,
03/11/22^(b)		1,000,000		997,130
Sears Roebuck Acceptance Corp. (KMART Corp.)
2015 Term Loan, (LIBOR +
4.50%, 1.00% Floor), 5.50%,
06/30/18^(b)		1,719,062		1,642,418
Vince, LLC (Vince Intermediate Holding, LLC)
Term Loan B, (LIBOR + 4.75%,
1.00% Floor), 5.75%,
11/27/19^(b)(e)		514,815		489,074

				27,744,051


SERVICES: BUSINESS - 12.0%

Americold Realty Operating Partnership, L.P.
Term Loan B, (LIBOR + 5.50%,
1.00% Floor), 6.50%,
12/01/22^(b)(f)		3,203,165		3,223,185


	Principal Amount ($)		Value ($)

SERVICES: BUSINESS (continued)

Carecore National, LLC
Term Loan, (LIBOR + 4.50%,
1.00% Floor), 5.50%, 03/05/21^(b)		1,373,148		1,273,595
EIG Investors Corp.
Term Loan, (LIBOR + 5.48%,
1.00% Floor), 6.48%, 11/09/19^(b)		2,922,543		2,795,895
Term Loan, (LIBOR + 5.00%,
1.00% Floor), 6.00%,
02/09/23^(b)(e)		1,980,000		1,861,200
Evergreen Skills Lux S.a.r.l.
First Lien Initial Term Loan,
(LIBOR + 4.75%, 1.00% Floor),
5.75%, 04/28/21^(b)		2,076,797		1,656,245
Second Lien Initial Term Loan,
(LIBOR + 8.25%, 1.00% Floor),
9.25%, 04/28/22^(b)		1,000,000		475,000
Explorer Holdings, Inc.
Initial Term Loan, (LIBOR +
5.00%, 1.00% Floor), 6.00%,
05/02/23^(b)		500,000		501,250
GCA Services Group, Inc.
First Lien Term Loan, (LIBOR +
4.75%, 1.00% Floor), 5.75%,
03/01/23^(b)		1,362,103		1,367,211
IBC Capital, Ltd.
First Lien Initial Term Loan,
(LIBOR + 3.75%, 1.00% Floor),
4.75%, 09/09/21^(b)		3,923,803		3,802,813
Infogroup, Inc.
Term Loan B, (LIBOR + 5.50%,
1.50% Floor), 7.00%, 05/28/18^(b)		1,167,455		1,133,161
Netsmart Technologies, Inc.
First Lien Term Loan, (LIBOR +
4.75%, 1.00% Floor), 5.75%,
04/19/23^(b)(e)		586,047		585,314
Onex Carestream Finance, L.P.
2013 First Lien Term Loan,
(LIBOR + 4.00%, 1.00% Floor),
5.00%, 06/07/19^(b)(f)		1,971,014		1,892,174
Second Lien Term Loan, (LIBOR
+ 8.50%, 1.00% Floor), 9.50%,
12/07/19^(b)		2,415,389		2,198,004
Packers Holdings, LLC
Term Loan B, (LIBOR + 4.00%,
1.00% Floor), 4.00%, 12/02/21^(b)		989,975		988,124
SGS Cayman, L.P.
Initial Cayman Term Loan,
(LIBOR + 5.00%, 1.00% Floor),
6.00%, 04/23/21^(b)		426,076		425,011
SMG
Term Loan B, (LIBOR + 3.50%,
1.00% Floor), 4.50%,
02/27/20^(b)(f)		3,156,339		3,081,376
Solera, LLC (Solera Finance, Inc.)
Dollar Term Loan, (LIBOR +
4.75%, 1.00% Floor), 5.75%,
03/03/23^(b)(f)		3,744,262		3,747,763

12 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

June 30, 2016 (unaudited)


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

SERVICES: BUSINESS (continued)

Sutherland Global Services, Inc.
Initial U.S. Term Loan, (LIBOR +
5.00%, 1.00% Floor), 6.00%,
04/23/21^(b)		1,830,386		1,825,810

				32,833,131


SERVICES: CONSUMER - 3.8%

Laureate Education, Inc.
2018 New Series Extended Term
Loan, (LIBOR + 3.75%, 1.25%
Floor), 5.00%, 06/15/18^(b)		5,135,048		4,989,547
NVA Holdings, Inc.
First Lien Incremental Term Loan
B-1, (LIBOR + 4.50%, 1.00%
Floor), 5.50%, 08/14/21^(b)		852,918		853,984
First Lien Term Loan, (LIBOR +
3.75%, 1.00% Floor), 4.75%,
08/14/21^(b)		3,156,565		3,148,673
Second Lien Term Loan, (LIBOR
+ 7.00%, 1.00% Floor), 8.00%,
08/14/22^(b)		1,391,776		1,379,598

				10,371,802


TELECOMMUNICATIONS - 5.4%

Avaya, Inc.
Term Loan B-3, (LIBOR + 4.50%,
0.00% Floor), 5.13%,
10/26/17^(b)(f)		1,601,294		1,247,672
Ciena Corp.
2016 Term Loan, (LIBOR +
3.50%, 0.75% Floor), 4.25%,
04/25/21^(b)(e)		590,674		591,412
Global Tel*Link Corp.
First Lien Term Loan, (LIBOR +
3.75%, 1.25% Floor), 5.00%,
05/23/20^(b)		5,396,800		4,887,477
Grande Communications Networks, LLC
Initial Term Loan, (LIBOR +
3.50%, 1.00% Floor), 4.50%,
05/29/20^(b)		2,980,454		2,939,473
LTS Buyer, LLC (Sidera Networks, Inc.)
Second Lien Term Loan, (LIBOR
+ 6.75%, 1.25% Floor), 8.00%,
04/12/21^(b)		1,500,000		1,485,000
Securus Technologies Holdings, Inc.
First Lien Initial Term Loan,
(LIBOR + 3.50%, 1.25% Floor),
4.75%, 04/30/20^(b)		986,295		935,136
Second Lien Initial Term Loan,
(LIBOR + 7.75%, 1.25% Floor),
9.00%, 04/30/21^(b)		2,800,000		2,524,662

				14,610,832


	Principal Amount ($)		Value ($)

TRANSPORTATION: CARGO - 1.3%

Carrix, Inc.
Term Loan, (LIBOR + 3.50%,
1.00% Floor), 4.50%, 01/07/19^(b)		3,847,770		3,645,762


TRANSPORTATION: CONSUMER - 0.6%

Travel Leaders Group, LLC
Additional Tranche B Term Loan,
(LIBOR + 6.00%, 1.00% Floor),
7.00%, 12/07/20^(b)		1,736,779		1,723,753


UTILITIES: ELECTRIC - 3.1%

EFS Cogen Holdings I, LLC
Term Loan B, (LIBOR + 4.25%,
1.00% Floor), 5.25%,
06/28/23^(b)(f)		2,620,253		2,630,079
Granite Acquisition, Inc.
Second Lien Term Loan B,
(LIBOR + 7.25%, 1.00% Floor),
8.25%, 12/19/22^(b)		1,112,864		1,054,577
Pike Corp.
First Lien Initial Term Loan,
(LIBOR + 4.50%, 1.00% Floor),
5.50%, 12/22/21^(b)		2,134,220		2,132,887
Second Lien Initial Term Loan,
(LIBOR + 8.50%, 1.00% Floor),
9.50%, 06/22/22^(b)		2,500,000		2,518,750

				8,336,293

Total Senior Loans
(Cost $376,576,839)				366,163,407


Corporate Notes and Bonds - 8.6%^(d)

AUTOMOTIVE - 0.2%

American Tire Distributors, Inc.
10.25%, 03/01/22⁽ⁱ⁾		600,000		529,500


CHEMICALS, PLASTICS & RUBBER - 0.0%

Magnetation, LLC / Mag Finance Corp.
11.00%, 05/15/18^(e)(h)(i)(j)		639,000		—


CONTAINERS, PACKAGING & GLASS - 0.8%

Reynolds Group Holdings, Inc.
6.88%, 02/15/21		1,996,000		2,055,880


HEALTHCARE & PHARMACEUTICALS - 1.0%

Valeant Pharmaceuticals
International, Inc. (Canada)
7.50%, 07/15/21^(c)(i)		3,200,000		2,838,000


HIGH TECH INDUSTRIES - 0.6%

Riverbed Technology, Inc.
8.88%, 03/01/23⁽ⁱ⁾		1,500,000		1,560,000


MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.3%

Acosta, Inc.
7.75%, 10/01/22⁽ⁱ⁾		1,000,000		882,500

See accompanying Notes to Financial Statements. | 13

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

June 30, 2016 (unaudited)


	Principal Amount ($)		Value ($)

Corporate Notes and Bonds^(d) (continued)

MEDIA: BROADCASTING & SUBSCRIPTION - 2.9%

Columbus International, Inc.
(Barbados)
7.38%, 03/30/21^(c)(i)		1,285,000		1,361,779
Neptune Finco Corp.
10.13%, 01/15/23⁽ⁱ⁾		105,000		117,862
10.88%, 10/15/25⁽ⁱ⁾		293,000		335,667
Numericable-SFR S.A. (France)
7.38%, 05/01/26^(c)(i)		2,233,000		2,210,670
Radio One, Inc.
7.38%, 04/15/22⁽ⁱ⁾		1,516,000		1,455,360
9.25%, 02/15/20⁽ⁱ⁾		1,484,000		1,320,760
WideOpenWest Finance, LLC
10.25%, 07/15/19		1,000,000		1,040,000

				7,842,098

MEDIA: DIVERSIFIED & PRODUCTION - 1.0%

SiTV, Inc.
10.38%, 07/01/19⁽ⁱ⁾		3,420,000		2,650,500

RETAIL - 1.1%

JC PENNEY Corp., Inc.
5.88%, 07/01/23⁽ⁱ⁾		1,000,000		1,008,750
Jo-Ann Stores, Inc.
8.13%, 03/15/19⁽ⁱ⁾		2,000,000		1,925,000

				2,933,750

TELECOMMUNICATIONS - 0.7%

Altice Financing S.A. (Luxembourg)
7.50%, 05/15/26^(c)(i)		2,076,000		2,039,670

Total Corporate Notes and
Bonds
(Cost $25,232,371)				23,331,898


	Share Quantity		Value ($)

Common Stocks - 0.0%

BANKING, FINANCE, INSURANCE & REAL ESTATE - 0.0%

Medical Card System, Inc.^(e)(h)		936,317		—

ENERGY: OIL & GAS - 0.0%

Southcross Holdings Borrower GP
LLC^(e)(h)		129		—
Southcross Holdings Borrower LP,
Class A-II^(e)(h)		129		50,310

				50,310


Total Common Stock
(Cost $58,050)				50,310


	Share Quantity		Value ($)

Preferred Stock - 1.5%

BANKING, FINANCE, INSURANCE & REAL ESTATE - 1.5%

Watford Holdings, Ltd. (Bermuda)
8.50%^(c)(e)(i)		160,000		3,992,960

Total Preferred Stock
(Cost $3,920,000)				3,992,960


Warrants - 0.0%

BANKING, FINANCE, INSURANCE & REAL ESTATE - 0.0%

Medical Card System, Inc.
07/26/18^(e)(h)(i)		54,913		—

Total Warrants
(Cost $ — )				—

Total Investments - 144.2%				393,538,575
(Cost of $405,787,260)^(k)
Other Assets & Liabilities, Net-5.1%				14,069,561
Loan Outstanding-(49.3)%^(l)(m)				(134,620,923	)

Net Assets (Applicable to Common Shares)-100.0%				272,987,213

14 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

June 30, 2016 (unaudited)

^(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 June 30, 2016. 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.

Senior Loan assets may have additional unfunded loan commitments. As of June 30, 2016, the Fund had unfunded loan commitments, which could be extended at the option of the borrower, pursuant to the following loan agreements:


Borrower	Unfunded Loan Commitments
The Chef’s Warehouse, Inc.	$	135,532
Mitel Networks Corp.		5,700,000

Total unfunded loan commitments	$	5,835,532

^(b)

The interest rate on this Senior Loan is subject to a base rate plus 1 month or 3 month LIBOR, which at June 30, 2016, was 0.47% and 0.65%, 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 June 30, 2016, the prevailing rate in effect at June 30, 2016, was the base rate plus the LIBOR floor, except as otherwise indicated.

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

^(d)	Fixed rate asset.

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

^(f)	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.

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

^(h)	Non-income producing asset.

⁽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 June 30, 2016, these securities amounted to $24,228,978, or 8.9% 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. 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)	The aggregate cost of securities for federal income tax purposes was $405,954,907. Cost for U.S. federal income tax purposes differs from book basis primarily due to the deferral of losses from wash sales. Unrealized appreciation and depreciation on investments were as follows:

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

^(m)	Principal $135,250,000 less unamortized deferred financing costs of $629,077.

See accompanying Notes to Financial Statements. | 15

Apollo Tactical Income Fund Inc.

Schedule of Investments

June 30, 2016 (unaudited)


	Principal Amount ($)		Value ($)
Senior Loans - 113.6%^(a)

AEROSPACE & DEFENSE - 4.5%

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		1,323,000
DAE Aviation Holdings, Inc.
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 07/07/22^(b)		3,985,763		3,983,910
Photonis Technologies SAS (France)
First Lien Initial Dollar Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.50%, 09/18/19^(b)(c)		1,897,815		1,698,544
TASC, Inc.
First Lien New Term Loan, (LIBOR + 6.00%, 1.00% Floor), 7.00%, 05/22/20^(b)		521,575		522,879
First Lien Term Loan, (LIBOR + 6.00%, 1.00% Floor), 7.00%, 05/22/20^(b)		1,433,344		1,436,927
Second Lien Term Loan, 12.00%, 05/21/21^(d)		1,637,357		1,649,637

				10,614,897


AUTOMOTIVE - 1.3%

American Tire Distributors, Inc.
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/01/21^(b)		797,980		773,047
U.S. Farathane, LLC
Term Loan B-2, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 12/23/21^(b)(e)		2,349,737		2,352,674

				3,125,721


BANKING, FINANCE, INSURANCE & REAL ESTATE - 9.2%

AqGen Island Intermediate Holdings, Inc.
First Lien Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 12/05/22^(b)		2,469,136		2,439,815
Asurion, LLC
Incremental Tranche B-4 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 08/04/22^(b)		993,655		981,979
Second Lien Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.50%, 03/03/21^(b)		2,000,000		1,934,000
First Data Corp.
Dollar Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 07/08/22^(b)		1,750,000		1,737,969
Hyperion Insurance Group, Ltd. (United Kingdom)
Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 04/29/22^(b)(c)		488,528		464,102


	Principal Amount ($)		Value ($)

BANKING, FINANCE, INSURANCE & REAL ESTATE (continued)

iStar, Inc.
Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 07/01/20^(b)(f)		1,398,773		1,400,521
Jefferies Finance, LLC (JFIN Co-Issuer Corp.)
Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 05/14/20^(b)(e)		1,506,522		1,491,456
Medical Card System, Inc.
Term Loan, (LIBOR + 0.50%, 1.00% Floor), 1.50%, 05/31/19^(b)(e)(g)		4,913,829		2,828,416
MMM Holdings, Inc.
MMM Term Loan, (LIBOR + 8.25%, 1.50% Floor), 9.75%, 12/12/17^(b)(e)		1,100,171		841,631
MPH Acquisition Holdings, LLC
Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 06/07/23^(b)		3,759,494		3,774,532
MSO of Puerto Rico, Inc.
MSO Term Loan, (LIBOR + 8.25%, 1.50% Floor), 9.75%, 12/12/17^(b)(e)		799,818		611,861
Sedgwick Claims Management Services, Inc.
Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 03/01/21^(b)		1,933,981		1,938,816
SquareTwo Financial Corp.
Term Loan, (10.50% PIK) (LIBOR + 9.50%, 1.00% Floor), 10.50%, 05/24/19^(b)(e)(g)		173,034		173,034
Term Loan, (11.00% PIK) (LIBOR +10.00%, 1.00% Floor), 11.00%, 05/16/49^(b)(e)(g)		1,720,550		851,301

				21,469,433


BEVERAGE, FOOD & TOBACCO - 3.3%

The Chef’s Warehouse, Inc.
Delayed Draw Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 06/22/22^(b)		52,575		52,444
Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 06/22/22^(b)		1,145,384		1,142,520
NBTY, Inc.
Dollar Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 05/05/23^(b)		3,051,903		3,033,378
PFS Holding Corp.
Second Lien Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.25%, 01/31/22^(b)		499,800		356,732
Winebow Holdings, Inc. (The Vintner Group, Inc.)
First Lien Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 07/01/21^(b)		992,405		967,595

16 | See accompanying Notes to Financial Statements.

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

June 30, 2016 (unaudited)


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

BEVERAGE, FOOD & TOBACCO (continued)

Winebow Holdings, Inc. (The
Vintner Group, Inc.) (continued) Second Lien Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.50%, 01/02/22^(b)		2,505,795		2,230,158

				7,782,827


CAPITAL EQUIPMENT - 1.4%

MTS Systems Corp.
Term Loan B, (LIBOR + 4.25%, 0.75% Floor), 5.00%, 06/28/23^(b)(f)		3,333,333		3,328,133


CHEMICALS, PLASTICS & RUBBER - 3.1%

The Chemours Co.
Tranche B Term Loan, (LIBOR + 3.00%, 0.75% Floor), 3.75%, 05/12/22^(b)		489,310		474,508
MacDermid, Inc. (Platform Specialty Products Corp.)
Tranche B-2 Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 06/07/20^(b)		491,752		486,375
Tranche B-3 Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 06/07/20^(b)		872,802		863,201
Magnetation, LLC / Mag Finance Corp.
Term Loan (12.00% PIK), 12.00%, 07/07/16^(d)(e)(g)(h)		1,212,029		2,788
Nexeo Solutions, LLC
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/09/23^(b)		1,076,336		1,077,009
PetroChoice Holdings, Inc.
First Lien Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 08/19/22^(b)(e)		1,007,425		997,351
PQ Corp.
Tranche B-1 Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 11/04/22^(b)		1,268,428		1,270,889
Styrolution US Holding, LLC
First Lien Dollar Tranche B-1 Term Loan, (LIBOR + 5.50%, 1.00% Floor), 6.50%, 11/07/19^(b)		1,994,937		1,997,430

				7,169,551


CONSUMER GOODS: NON-DURABLE - 2.4%

ABG Intermediate Holdings 2, LLC
First Lien Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 05/27/21^(b)		3,341,749		3,299,977
Nine West Holdings, Inc.
Unsecured Initial Term Loan, (LIBOR + 5.25%, 1.00% Floor), 6.25%, 01/08/20^(b)		658,474		158,034


	Principal Amount ($)		Value ($)

CONSUMER GOODS: NON-DURABLE (continued)

Polyconcept Investments B.V.
Term Loan, (LIBOR + 4.75%, 1.25% Floor), 6.00%, 06/28/19^(b)		2,186,105		2,164,244

				5,622,255


CONTAINERS, PACKAGING & GLASS - 3.3%

BWay Intermediate Company, Inc.
Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.52%, 08/14/20^(b)		3,883,202		3,875,921
Hoover Group, Inc.
Initial Term Loan, (LIBOR + 6.75%, 1.00% Floor), 7.75%, 01/28/21^(b)(e)		765,555		711,967
NVLX Acquisition, LLC
First Lien Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 12/05/21^(b)		3,192,069		3,204,837

				7,792,725


ENERGY: OIL & GAS - 6.1%

American Energy - Marcellus, LLC
First Lien Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/04/20^(b)		1,383,515		747,098
Azure Midstream Energy, LLC
Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 11/15/18^(b)		498,651		330,356
BlackBrush Oil & Gas, L.P.
Closing Date Second Lien Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 07/30/21^(b)(f)		3,363,109		3,358,905
Chelsea Petroleum Products I, LLC
Tranche B Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 10/28/22^(b)		1,727,942		1,702,023
Chief Exploration & Development, LLC
Second Lien Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 05/16/21^(b)		2,926,177		2,654,598
Drillships Financing Holding, Inc.
Tranche B-1 Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 03/31/21^(b)		997,436		397,977
HGIM Corp.
Term Loan A, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/18/18^(b)		554,325		423,596
Sheridan Investment Partners I, LLC
Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.25%, 10/01/19^(b)		276,621		163,035
Sheridan Production Partners I-A, L.P.
Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.25%, 10/01/19^(b)		36,655		21,603

See accompanying Notes to Financial Statements. | 17

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

June 30, 2016 (unaudited)


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

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)		22,389		13,196
Southcross Energy Partners, L.P.
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/04/21^(b)		1,565,494		1,293,490
Southcross Holdings Borrower LP
Tranche B Term Loan (5.50% PIK), 9.00%, 04/13/23^(d)(g)		115,058		98,374
Sprint Industrial Holdings, LLC
First Lien Term Loan, (LIBOR + 5.75%, 1.25% Floor), 7.00%, 05/14/19^(b)(e)		2,592,741		1,970,483
Targa Resources Corp.
Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 02/27/22^(b)		371,251		369,395
W3 Co.
First Lien Term Loan, (LIBOR + 4.50%, 1.25% Floor), 5.75%, 03/13/20^(b)		1,089,956		856,978

				14,401,107


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)(c)		2,901,337		2,703,088


FOREST PRODUCTS & PAPER - 1.3%

Caraustar Industries, Inc.
Incremental Term Loan, (LIBOR + 6.75%, 1.25% Floor), 8.00%, 05/01/19^(b)		1,331,568		1,331,069
Term Loan, (LIBOR + 6.75%, 1.25% Floor), 8.00%, 05/01/19^(b)		1,699,372		1,696,900

				3,027,969


HEALTHCARE & PHARMACEUTICALS - 11.8%

Alvogen Pharma US, Inc.
First Lien Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 04/01/22^(b)		2,117,778		2,100,571
CHG Healthcare Services, Inc.
First Lien Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 06/07/23^(b)(f)		548,842		549,701
ExamWorks Group, Inc.
Term Loan B, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 08/31/23^(b)(f)		1,488,722		1,489,191
HCR ManorCare, Inc.
Initial Term Loan, (LIBOR + 3.50%, 1.50% Floor), 5.00%, 04/06/18^(b)		2,083,684		1,708,621


	Principal Amount ($)		Value ($)

HEALTHCARE & PHARMACEUTICALS (continued)

Lanai Holdings II, Inc.
First Lien Term Loan B, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 08/29/22^(b)(f)		2,731,706		2,697,560
Lanai Holdings III, Inc.
Second Lien Initial Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 08/28/23^(b)(e)(f)		869,565		856,522
Nmsc Holdings, Inc.
First Lien Term Loan B, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 04/19/23^(b)		561,524		564,332
Opal Acquisition, Inc.
Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/27/20^(b)		3,499,213		3,074,934
Premier Dental Services, Inc.
New Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 11/01/18^(b)(e)		3,363,933		3,246,195
Smile Brands Group, Inc.
Term Loan B (1.50% PIK), (LIBOR + 7.75%, 1.25% Floor), 9.00%, 08/16/19^(b)(g)		3,618,767		3,169,443
Steward Health Care System, LLC
Term Loan, (LIBOR + 5.50%, 1.25% Floor), 6.75%, 04/10/20^(b)(e)		1,263,406		1,250,772
Surgery Center Holdings, Inc.
First Lien Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 11/03/20^(b)		1,994,937		1,989,949
U.S. Renal Care, Inc.
Term Loan B, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 12/30/22^(b)		2,947,434		2,947,449
Valeant Pharmaceuticals
International, Inc. (Canada) Tranche B Term Loan Series D-2, (LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/13/19^(b)(c)(f)		2,182,058		2,126,830

				27,772,070


HIGH TECH INDUSTRIES - 14.0%

Deltek, Inc.
Second Lien Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 06/26/23^(b)		1,124,528		1,139,287
Flexera Software, LLC
Second Lien Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.00%, 04/02/21^(b)		2,000,000		1,930,000
Landslide Holdings, Inc. (Crimson Acquisition Corp.)
First Lien New Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 02/25/20^(b)		997,449		993,709

18 | See accompanying Notes to Financial Statements.

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

June 30, 2016 (unaudited)


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

HIGH TECH INDUSTRIES (continued)

Landslide Holdings, Inc. (Crimson
Acquisition Corp.) (continued)
Second Lien Term Loan, (LIBOR
+ 7.25%, 1.00% Floor), 8.25%,
02/25/21^(b)(e)		1,823,726		1,778,132
Lanyon Solutions, Inc. (Lanyon, Inc.)
First Lien Term Loan, (LIBOR +
4.50%, 1.00% Floor), 5.50%,
11/13/20^(b)		573,885		569,819
Second Lien Term Loan, (LIBOR
+ 8.50%, 1.00% Floor), 9.50%,
11/15/21^(b)		2,219,037		2,182,977
MSC.Software Corp.
First Lien Initial Term Loan,
(LIBOR + 4.00%, 1.00% Floor),
5.00%, 05/29/20^(b)		882,980		838,831
Second Lien Initial Term Loan,
(LIBOR + 7.50%, 1.00% Floor),
8.50%, 05/31/21^(b)(e)		2,550,000		2,167,500
ON Semiconductor Corp.
First Lien Term Loan B, (LIBOR
+ 4.50%, 0.75% Floor), 5.25%,
03/31/23^(b)		3,096,210		3,113,951
Riverbed Technology, Inc.
Term Loan B, (LIBOR + 4.00%,
1.00% Floor), 5.00%, 04/25/22^(b)		3,430,055		3,434,101
RP Crown Parent, LLC
First Lien New Term Loan,
(LIBOR + 5.00%, 1.00% Floor),
6.00%, 12/21/18^(b)(f)		2,231,861		2,105,616
Second Lien Term Loan, (LIBOR
+ 10.0%, 1.25% Floor), 11.25%,
12/21/19^(b)(f)		1,250,000		1,042,712
TIBCO Software, Inc.
Term Loan, (LIBOR + 5.50%,
1.00% Floor), 6.50%,
12/04/20^(b)(f)		3,300,520		3,034,416
VF Holdings Corp.
Term Loan B, (LIBOR + 3.75%,
1.00% Floor), 4.75%,
06/30/23^(b)(f)		1,475,728		1,472,504
Vision Solutions, Inc.
Term Loan, (LIBOR + 6.50%,
1.00% Floor), 7.50%,
06/16/22^(b)(e)		4,000,000		3,980,000
Western Digital Corp.
Term Loan B, (LIBOR + 5.50%,
0.75% Floor), 6.25%, 04/29/23^(b)		3,000,000		3,016,410

				32,799,965


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)		880,907		859,712


	Principal Amount ($)		Value ($)

HOTEL, GAMING & LEISURE (continued)

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)(c)(f)		3,000,000		2,893,590
Second Lien, (LIBOR + 6.75%,
1.00% Floor), 7.75%,
07/29/22^(b)(c)(f)		1,000,000		953,750
Diamond Resorts Corp.
Term Loan, (LIBOR + 4.50%,
1.00% Floor), 5.50%, 05/09/21^(b)		2,488,546		2,490,886
Everi Payments, Inc.
Term Loan B, (LIBOR + 5.25%,
1.00% Floor), 6.25%, 12/18/20^(b)		1,059,284		983,365
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)(c)(e)		747,069		746,135
Scientific Games International, Inc.
Initial Term Loan, (LIBOR +
5.00%, 1.00% Floor), 6.00%,
10/18/20^(b)		3,979,592		3,936,075

				12,863,513


MEDIA: ADVERTISING, PRINTING & PUBLISHING - 2.6%

ALM Media, LLC
First Lien Term Loan B, (LIBOR
+ 4.50%, 1.00% Floor), 5.50%,
07/31/20^(b)		3,555,131		3,412,926
F & W Media, Inc.
Initial Term Loan, (LIBOR +
7.50%, 1.25% Floor), 8.75%,
06/30/19^(b)		3,135,887		2,587,107

				6,000,033


MEDIA: BROADCASTING & SUBSCRIPTION - 8.4%

Emmis Operating Co.
Term Loan, (LIBOR + 6.00%,
1.00% Floor), 7.00%, 06/10/21^(b)		1,437,553		1,225,514
Hemisphere Media Holdings, LLC
(Intermedia Espanol, Inc.)
New Term Loan B, (LIBOR +
4.00%, 1.00% Floor), 5.00%,
07/30/20^(b)		2,437,329		2,425,143
Intelsat Jackson Holdings S.A. (Luxembourg)
Tranche B-2 Term Loan, (LIBOR
+ 2.75%, 1.00% Floor), 3.75%,
06/30/19^(b)(c)(f)		3,817,620		3,487,396
Neptune Finco Corp.
Initial Term Loan, (LIBOR +
4.00%, 1.00% Floor), 5.00%,
10/09/22^(b)		2,050,012		2,057,188
Numericable U.S., LLC
Term Loan B-7, (LIBOR + 4.25%,
0.75% Floor), 5.00%, 01/15/24^(b)		3,567,146		3,547,830

See accompanying Notes to Financial Statements. | 19

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

June 30, 2016 (unaudited)


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

MEDIA: BROADCASTING & SUBSCRIPTION (continued)

SESAC Holdco II, LLC
First Lien Term Loan, (LIBOR +
4.25%, 1.00% Floor), 5.25%,
02/07/19^(b)		1,933,172		1,933,172
Telecommunications Management, LLC
Second Lien Initial Term Loan,
(LIBOR + 8.00%, 1.00% Floor),
9.00%, 10/30/20^(b)(e)		1,065,712		1,023,083
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)(f)		3,985,126		3,977,156

				19,676,482


METALS & MINING - 0.2%

Global Brass and Copper, Inc.
Term Loan B, (LIBOR + 4.25%,
1.00% Floor), 5.25%,
06/16/23^(b)(f)		596,026		596,026


RETAIL - 10.7%

Academy, Ltd.
Initial Term Loan, (LIBOR +
4.00%, 1.00% Floor), 5.00%,
07/01/22^(b)(f)		4,112,679		3,886,482
Albertson’s, LLC
Term Loan B-6, (LIBOR + 3.75%,
1.00% Floor), 4.75%, 06/22/23^(b)		2,920,611		2,920,246
Belk, Inc.
Closing Date First Lien Term
Loan, (LIBOR + 4.75%, 1.00%
Floor), 5.75%, 12/12/22^(b)		921,028		739,701
Charming Charlie, LLC
Initial Term Loan, (LIBOR +
8.00%, 1.00% Floor), 9.00%,
12/24/19^(b)		1,120,338		784,237
David’s Bridal, Inc.
Initial Term Loan, (LIBOR +
4.00%, 1.25% Floor), 5.25%,
10/11/19^(b)		2,000,000		1,800,000
J. Crew Group, Inc.
Initial Term Loan, (LIBOR +
3.00%, 1.00% Floor), 4.00%,
03/05/21^(b)(f)		1,500,000		1,033,597
J.C. Penney Corp., Inc.
2016 Term Loan, (LIBOR +
4.25%, 1.00% Floor), 5.25%,
06/23/23^(b)		1,813,333		1,801,438
Mattress Holding Corp.
Initial Term Loan, (LIBOR +
5.25%, 1.00% Floor), 6.25%,
10/20/21^(b)		2,595,566		2,543,655
2016 Incremental Term Loan,
(LIBOR + 5.25%, 1.00% Floor),
6.25%, 10/20/21^(b)		1,190,549		1,165,994


	Principal Amount ($)		Value ($)

RETAIL (continued)

The Neiman Marcus Group, Inc.
Other Term Loan, (LIBOR +
3.25%, 1.00% Floor), 4.25%,
10/25/20^(b)(f)		2,500,000		2,251,987
Petco Animal Supplies, Inc.
Tranche B-1 Term Loan, (LIBOR
+ 4.00%, 1.00% Floor), 5.00%,
01/26/23^(b)		2,319,188		2,311,523
Tranche B-2 Term Loan, (LIBOR
+ 4.25%, 0.00% Floor), 4.73%,
01/26/23^(b)		1,608,871		1,602,982
Sears Roebuck Acceptance Corp. (KMART Corp.)
2015 Term Loan, (LIBOR +
4.50%, 1.00% Floor), 5.50%,
06/30/18^(b)		1,806,779		1,726,224
Vince, LLC (Vince Intermediate Holding, LLC)
Term Loan B, (LIBOR + 4.75%,
1.00% Floor), 5.75%,
11/27/19^(b)(e)		514,815		489,074

				25,057,140


SERVICES: BUSINESS - 11.4%

Americold Realty Operating Partnership, L.P.
Term Loan B, (LIBOR + 5.50%,
1.00% Floor), 6.50%,
12/01/22^(b)(f)		3,203,165		3,223,185
Carecore National, LLC
Term Loan, (LIBOR + 4.50%,
1.00% Floor), 5.50%, 03/05/21^(b)		971,723		901,273
EIG Investors Corp.
Term Loan, (LIBOR + 5.48%,
1.00% Floor), 6.48%,
11/09/19^(b)(f)		1,950,866		1,866,325
Term Loan, (LIBOR + 5.00%,
1.00% Floor), 6.00%,
02/09/23^(b)(e)(f)		2,970,000		2,791,800
Evergreen Skills Lux S.a.r.l.
First Lien Initial Term Loan,
(LIBOR + 4.75%, 1.00% Floor),
5.75%, 04/28/21^(b)		1,230,665		981,455
Second Lien Initial Term Loan,
(LIBOR + 8.25%, 1.00% Floor),
9.25%, 04/28/22^(b)		1,000,000		475,000
Explorer Holdings, Inc.
Initial Term Loan, (LIBOR +
5.00%, 1.00% Floor), 6.00%,
05/02/23^(b)		500,000		501,250
GCA Services Group, Inc.
First Lien Term Loan, (LIBOR +
4.75%, 1.00% Floor), 5.75%,
03/01/23^(b)		1,362,103		1,367,211
Infogroup, Inc.
Term Loan B, (LIBOR + 5.50%,
1.50% Floor), 7.00%, 05/28/18^(b)		1,126,687		1,093,591

20 | See accompanying Notes to Financial Statements.

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

June 30, 2016 (unaudited)


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

SERVICES: BUSINESS (continued)

Netsmart Technologies, Inc.
First Lien Term Loan, (LIBOR +
4.75%, 1.00% Floor), 5.75%,
04/19/23^(b)(e)		586,047		585,314
Onex Carestream Finance, L.P.
Second Lien Term Loan, (LIBOR
+ 8.50%, 1.00% Floor), 9.50%,
12/07/19^(b)		5,448,718		4,958,334
SGS Cayman, L.P.
Initial Cayman Term Loan,
(LIBOR + 5.00%, 1.00% Floor),
6.00%, 04/23/21^(b)		426,076		425,011
SMG
2014 Second Lien Term Loan,
(LIBOR + 8.25%, 1.00% Floor),
9.25%, 02/27/21^(b)(e)		2,458,634		2,366,435
Solera, LLC (Solera Finance, Inc.)
Dollar Term Loan, (LIBOR +
4.75%, 1.00% Floor), 5.75%,
03/03/23^(b)		3,327,341		3,330,452
Sutherland Global Services, Inc.
Initial U.S.Term Loan, (LIBOR +
5.00%, 1.00% Floor), 6.00%,
04/23/21^(b)		1,830,386		1,825,810

				26,692,446


SERVICES: CONSUMER - 2.4%

Laureate Education, Inc.
2018 New Series Extended Term
Loan, (LIBOR + 3.75%, 1.25%
Floor), 5.00%, 06/15/18^(b)		4,274,993		4,153,861
NVA Holdings, Inc.
Second Lien Term Loan, (LIBOR
+ 7.00%, 1.00% Floor), 8.00%,
08/14/22^(b)		1,391,776		1,379,598

				5,533,459


TELECOMMUNICATIONS - 3.7%

Avaya, Inc.
Term Loan B-3, (LIBOR + 4.50%,
0.00% Floor), 5.13%,
10/26/17^(b)(f)		5,000,000		3,895,825
Global Tel*Link Corp.
First Lien Term Loan, (LIBOR +
3.75%, 1.25% Floor), 5.00%,
05/23/20^(b)		1,173,404		1,062,664
Securus Technologies Holdings, Inc.
Second Lien Initial Term Loan,
(LIBOR + 7.75%, 1.25% Floor),
9.00%, 04/30/21^(b)		4,000,000		3,606,660

				8,565,149


TRANSPORTATION: CARGO - 1.6%

Carrix, Inc.
Term Loan, (LIBOR + 3.50%,
1.00% Floor), 4.50%, 01/07/19^(b)		3,847,770		3,645,762


	Principal Amount ($)		Value ($)

TRANSPORTATION: CONSUMER - 0.7%

Travel Leaders Group, LLC
Additional Tranche B Term Loan,
(LIBOR + 6.00%, 1.00% Floor),
7.00%, 12/07/20^(b)		1,736,779		1,723,753


UTILITIES: ELECTRIC - 3.6%

EFS Cogen Holdings I, LLC
Term Loan B, (LIBOR + 4.25%,
1.00% Floor), 5.25%,
06/28/23^(b)(f)		2,620,253		2,630,079
Granite Acquisition, Inc.
Second Lien Term Loan B,
(LIBOR + 7.25%, 1.00% Floor),
8.25%, 12/19/22^(b)		1,112,864		1,054,577
Pike Corp.
First Lien Initial Term Loan,
(LIBOR + 4.50%, 1.00% Floor),
5.50%, 12/22/21^(b)		2,134,220		2,132,887
Second Lien Initial Term Loan,
(LIBOR + 8.50%, 1.00% Floor),
9.50%, 06/22/22^(b)		2,500,000		2,518,750

				8,336,293

Total Senior Loans (Cost $276,249,331)				266,299,797


Corporate Notes and Bonds - 23.6%^(d)

AUTOMOTIVE - 0.6%
American Tire Distributors, Inc.
10.25%, 03/01/22⁽ⁱ⁾		1,628,000		1,436,710


BANKING, FINANCE, INSURANCE & REAL ESTATE - 0.8%
National Financial Partners Corp.
9.00%, 07/15/21⁽ⁱ⁾		2,000,000		1,935,000


BEVERAGE, FOOD & TOBACCO - 2.2%
Land O’Lakes Capital Trust I
7.45%, 03/15/28⁽ⁱ⁾		4,719,000		5,131,912


CAPITAL EQUIPMENT - 0.6%
Optimas OE Solutions Holding, LLC
8.63%, 06/01/21⁽ⁱ⁾		2,000,000		1,410,000


CHEMICALS, PLASTICS & RUBBER - 2.0%
Magnetation, LLC / Mag Finance Corp.
11.00%, 05/15/18^(e)(h)(i)(j)		2,937,000		—
TPC Group, Inc. (Texas Petrochemical)
8.75%, 12/15/20⁽ⁱ⁾		5,966,000		4,698,225

				4,698,225


CONSTRUCTION & BUILDING - 0.9%
GCP Applied Technologies, Inc.
9.50%, 02/01/23⁽ⁱ⁾		1,946,000		2,179,520


CONSUMER GOODS: NON-DURABLE - 1.1%
American Greetings Corp.
7.38%, 12/01/21		2,529,000		2,633,321

See accompanying Notes to Financial Statements. | 21

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

June 30, 2016 (unaudited)


	Principal Amount ($)		Value ($)

Corporate Notes and Bonds^(d)(continued)

CONTAINERS, PACKAGING & GLASS - 0.4%

Reynolds Group Holdings, Inc.
6.88%, 02/15/21		996,000		1,025,880


ENERGY: OIL & GAS - 2.6%

Northern Oil and Gas, Inc.
8.00%, 06/01/20		1,519,000		1,154,440
Northern Tier Energy, LLC /
Northern Tier
7.13%, 11/15/20		1,804,000		1,844,590
Sidewinder Drilling, Inc.
9.75%, 11/15/19⁽ⁱ⁾		6,000,000		360,000
Summit Midstream Holdings, LLC / Summit Midstream Finance Corp.
7.50%, 07/01/21		2,700,000		2,605,500

				5,964,530


HEALTHCARE & PHARMACEUTICALS - 1.9%

Team Health Holdings Inc.
7.25%, 12/15/23⁽ⁱ⁾		1,473,000		1,579,969
Valeant Pharmaceuticals
International, Inc. (Canada)
7.50%, 07/15/21^(c)(i)		3,200,000		2,838,000

				4,417,969


HIGH TECH INDUSTRIES - 1.7%

Cimpress NV (Netherlands)
7.00%, 04/01/22^(c)(i)		2,391,000		2,379,045
Riverbed Technology, Inc.
8.88%, 03/01/23⁽ⁱ⁾		1,500,000		1,560,000

				3,939,045


MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.4%

Acosta, Inc.
7.75%, 10/01/22⁽ⁱ⁾		1,000,000		882,500


MEDIA: BROADCASTING & SUBSCRIPTION - 4.3%

Columbus International, Inc. (Barbados)
7.38%, 03/30/21^(c)(i)		3,285,000		3,481,279
Neptune Finco Corp.
10.13%, 01/15/23⁽ⁱ⁾		317,000		355,832
10.88%, 10/15/25⁽ⁱ⁾		877,000		1,004,709
Numericable-SFR S.A. (France)
7.38%, 05/01/26^(c)(i)		1,233,000		1,220,670
Radio One, Inc.
7.38%, 04/15/22⁽ⁱ⁾		882,000		846,720
9.25%, 02/15/20⁽ⁱ⁾		2,484,000		2,210,760
WideOpenWest Finance, LLC
10.25%, 07/15/19		1,000,000		1,040,000

				10,159,970


MEDIA: DIVERSIFIED & PRODUCTION - 1.1%

SiTV, Inc.
10.38%, 07/01/19⁽ⁱ⁾		3,420,000		2,650,500


RETAIL - 1.7%

JC Penney Corp., Inc.
5.88%, 07/01/23⁽ⁱ⁾		1,000,000		1,008,750


	Principal Amount ($)		Value ($)

RETAIL (continued)

Jo-Ann Stores, Inc.
8.13%, 03/15/19⁽ⁱ⁾		3,000,000		2,887,500

				3,896,250


SERVICES: CONSUMER - 0.4%

Laureate Education, Inc.
10.00%, 09/01/19⁽ⁱ⁾		1,000,000		880,000


TELECOMMUNICATIONS - 0.9%

Altice Financing S.A. (Luxembourg)
7.50%, 05/15/26^(c)(i)		2,076,000		2,039,670

Total Corporate Notes and Bonds (Cost $66,781,790)				55,281,002


Structured Products - 15.4%^(k)

ACAS CLO, Ltd. (Cayman Islands)
Series 2016-1A, Class D1,
9.19%, 04/15/25^(c)(e)(i)(l)		2,000,000		1,939,650
Anchorage Capital CLO, Ltd. (Cayman Islands)
Series 2015-6A, Class E2,
7.46%, 04/15/27^(c)(e)(i)(l)		4,400,000		4,034,567
Series 2015-7A, Class E2,
7.73%, 10/15/27^(c)(e)(i)(l)		3,000,000		2,829,237
Atlas Senior Loan Fund, Ltd. (Cayman Islands)
Series 2012-1A, Class B3L,
8.13%, 08/15/24^(c)(i)(l)		5,000,000		3,925,000
Carlyle Global Market Strategies CLO, Ltd. (Cayman Islands)
Series 2014-5A, Class E, 6.54%,
10/16/25^(c)(e)(i)(l)		1,000,000		735,000
ECP CLO, Ltd. (Cayman Islands)
Series 2014-6A, Class D2,
7.18%, 07/15/26^(c)(i)(l)		4,000,000		2,626,630
Ivy Hill Middle Market Credit Fund, Ltd. (Cayman Islands)
Series 10A, Class D2, 7.93%,
07/18/27^(c)(i)(l)		2,350,000		1,955,670
JFIN CLO, Ltd. (Cayman Islands)
Series 2013-1I, Class E, 6.63%,
01/20/25^(c)(e)(l)		2,000,000		1,013,710
Series 2015-1A, Class E, 5.65%,
03/15/26^(c)(i)(l)		4,500,000		2,773,283
NXT Capital CLO, LLC (Cayman Islands)
Series 2014-1A, Class E, 6.14%,
04/23/26^(c)(i)(l)		5,000,000		3,842,645
NZCG Funding, Ltd. (Cayman Islands)
Series 2015-2A, Class D, 6.93%,
04/27/27^(c)(e)(i)(l)		1,500,000		1,307,740
OCP CLO, Ltd. (Cayman Islands)
Series 2014-5A, Class E, 5.89%,
04/26/26^(c)(i)(l)		3,000,000		1,548,617
Series 2016-11A, Class D2,
9.64%, 04/26/28^(c)(e)(i)(l)		5,000,000		5,009,625

22 | See accompanying Notes to Financial Statements.

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

June 30, 2016 (unaudited)


	Principal Amount ($)		Value ($)

Structured Products^(k)(continued)
Teachers Insurance and Annuity
Association of America CLO, Ltd.
(Cayman Islands)
Series 2016-1A, Class E2,
10.69%, 07/20/28^(c)(e)(i)(l)		2,500,000		2,481,887

Total Structured Products (Cost $43,126,021)				36,023,261



	Share Quantity		Value ($)

Common Stocks - 0.0%

BANKING, FINANCE, INSURANCE & REAL ESTATE - 0.0%

Medical Card System, Inc.^(e)(h)		864,292		—

ENERGY: OIL & GAS - 0.0%
Southcross Holdings Borrower
GP LLC^(e)(h)		129		—
Southcross Holdings Borrower
LP, Class A-II^(e)(h)		129		50,310

				50,310

Total Common Stock (Cost $58,050)				50,310


Preferred Stock - 1.7%

BANKING, FINANCE, INSURANCE & REAL ESTATE - 1.7%

SquareTwo Financial Corp.
11.63%,^(e)		2,647		—
Watford Holdings, Ltd. (Bermuda)
8.50%,^(c)(e)(i)		160,000		3,992,960

				3,992,960

Total Preferred Stock (Cost $4,906,669)				3,992,960


	Share Quantity		Value ($)

Warrants - 0.0%

BANKING, FINANCE, INSURANCE & REAL ESTATE - 0.0%

Medical Card System, Inc.
07/26/18^(e)(h)(i)		50,689		—

Total Warrants (Cost $ — )				—