Edgar Filing: Apollo Tactical Income Fund Inc.

Gross unrealized appreciation

Gross unrealized depreciation

(10,503,574)

Net unrealized depreciation

(4,134,820)

Apollo Tactical Income Fund

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, 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)

Annual Report

December 31, 2016

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.			17
Statements of Assets and Liabilities			27
Statements of Operations			28
Statements of Changes in Net Assets
Apollo Senior Floating Rate Fund Inc.			29
Apollo Tactical Income Fund Inc.			30
Statement of Cash Flows
Apollo Senior Floating Rate Fund Inc.			31
Apollo Tactical Income Fund Inc.			32
Financial Highlights
Apollo Senior Floating Rate Fund Inc.			33
Apollo Tactical Income Fund Inc.			34
Notes to Financial Statements			35
Report of Independent Registered Public Accounting Firm			51
Additional Information (unaudited)			52
Directors and Officers (unaudited)			53
Important Information About This Report			55

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, 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.

Despite a difficult beginning, 2016 ended up being a very positive year for the corporate credit markets with performance for both leveraged loans and high yield bonds exceeding the expectations of most as a number of catalysts played out in their favor. After concerns over commodity prices weighed heavily on high-yield in particular in late 2015, and leading into 2016, a move higher in these prices at a period of low interest rates in mid-February led to heavy inflows of capital into both high yield and leveraged loan mutual funds. This spurred a rally in both loans and bonds that continued, almost without interruption, over the balance of the year; using widely-reference indices, from its low point on February 11th the high yield market rallied +24.5% while from its low point on February 17th the leveraged loan market rallied +11.8%, both through year end. Where certain capital markets had broken down to an extent heading into the year that in many cases new syndications of leveraged loans could not be completed by banks due to a lack of demand, this early-2016 moderation created the type of conditions that allowed these markets to function again, at relatively attractive return profiles, in a manner that begat further, incremental improvement. With price points established and supply at the banks starting to clear, and the commodity environment diffused of much of the volatility that had marked it over the preceding two years, more normalized high yield and loan markets allowed for the kind of investment opportunities that the Funds can most directly benefit from.

There were many elements of both of these markets in 2016 that spoke to both the causes for the extended rally that we experienced and the reasons why this was occurring at all. Leveraged loan funds recorded inflows of $6.3Bn in 2016, including $5.0Bn into exchange-traded funds (“ETFs”), but the annual number does not reflect the timing of inflows which was weighted very heavily towards the back half of the year – inflows were recorded in 23 of the last 26 weeks for a total inflow of $11.8Bn over that period versus an outflow of -$5.6Bn over the first 26 weeks of the year. Concurrently, after reaching a low of 1.36% on July 8th, the yield on the 10Yr US Treasury moved steadily higher over the back half of the year, hitting a high yield for 2016 of 2.60% on December 15th. Regardless of why rates were rising, either ahead of or after the election, the probability we are entering an environment of higher rates is being taken by the market to be rising and as such, floating-rate debt has been in growing demand. This move in interest rates did not, however, present an obstacle to continued outperformance for the high yield market; since the low point for the 10Yr US Treasury, through the end of the year, the high yield market returned +6.6%.

Against this rates backdrop and a broader environment that saw greatly reduced levels of volatility across nearly all of the capital markets towards year-end, fundamentals in the corporate credit market remain resilient. The lagging twelve-month leveraged loan default rate hit a ten-month low of 1.58% by principal amount at month-end December, this after falling for five consecutive months. Of the twenty issuers that defaulted in 2016, more than half were by companies in the oil & gas and metals & mining sectors. If you look at fundamental performance, we see similarly positive performance. Excluding commodity-oriented companies, revenue growth within high yield in Q3 ’16 year over year was +5.8%, while earnings before interest, tax, depreciation and amortization (“EBITDA”) growth was +6.1% year over year; the same analysis put Q3 leverage for non-commodity companies at 4.03x, lower quarter over quarter with higher levels of EBITDA. While this generalizes what is clearly a complicated picture across the various industries represented in the leveraged loan and high yield markets, the default rate remains low in an environment where the capital markets are open to companies looking to refinance debt and optimize capital structures, and fundamentals are generally benign.

Despite what was a broadly positive 2016 for the credit markets, or perhaps because of how well these markets have performed of late, we are expecting to deal with greater volatility than that which presented itself over the preceding three quarters in 2017. With a new administration potentially pursuing divergent policies around tax, trade, etc. against a changing rate environment, in which business models in various industries are regularly changing and coming under pressure from new competitors, the Funds should see the kind of opportunities to invest in the coming year that have historically been fruitful, periods of limited demand from other sources of capital. As such, we regularly work to identify opportunities within businesses where we see value when for market related reasons they become available at attractive prices, while positioning ourselves defensively when valuations may be more stretched.

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

4 | Annual Report

Apollo Senior Floating Rate Fund Inc.

Financial Data

As of December 31, 2016 (unaudited)


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

Loans		92.1%
High Yield Bonds		7.0%
Equity/Other		0.9%

Portfolio Characteristics ^(a)

Weighted Average Floating-Rate Spread		4.70%
Weighted Average Fixed-Rate Coupon		7.93%
Weighted Average Maturity (in years) (floating assets)		4.81
Weighted Average Maturity (in years) (fixed assets)		5.42
Weighted Average Modified Duration (in years) (fixed assets)		3.13
Average Position Size	$	1,832,899
Number of Positions		231
Weighted Average S&P Rating		B
Weighted Average Rating Factor (Moody’s)^(h)		2,885

Credit Quality ^(b)

BBB		0.8%
BB		14.6%
B		69.5%
CCC+ or Lower		11.4%
Not Rated		3.7%

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

High Tech Industries		11.6%
Services: Business		11.3%
Banking, Finance, Insurance & Real Estate		10.6%
Healthcare & Pharmaceuticals		9.9%
Media: Broadcasting & Subscription		9.2%
Total		52.6%


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

Asurion, LLC			1.6%
Riverbed Technology, Inc.			1.5%
Amwins Group, LLC			1.5%
NVA Holdings, Inc.			1.5%
EIG Investors Corp.			1.4%
BWay Holding Company, Inc.			1.4%
Global Tel^*Link Corporation			1.3%
Community Health Systems, Inc.			1.3%
William Morris Endeavor Entertainment, LLC			1.3%
Cortes NP Acquisition Corp.			1.2%
Total			14.0%


Performance Comparison

	Year Ended December 31, 2016		December 31, 2012, to December 31, 2016

AFT - Market Price		24.03%^(e)		9.32%^(e)(f)
AFT - NAV		15.33%^(e)		7.99%^(e)(f)
S&P/LSTA Leveraged Loan Index ^(g)		10.16%		5.11%^(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, 2016.

(b)

Credit quality is calculated as a percentage of fair value of investment securities at December 31, 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 December 31, 2016.

Annual Report | 5

Apollo Tactical Income Fund Inc.

Financial Data

As of December 31, 2016 (unaudited)


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

Loans		74.5%
High Yield Bonds		13.6%
Structured Products		10.9%
Equity/Other		1.0%

Portfolio Characteristics ^(a)

Weighted Average Floating-Rate Spread		5.27%
Weighted Average Fixed-Rate Coupon		6.93%
Weighted Average Maturity (in years) (floating assets)		5.48
Weighted Average Maturity (in years) (fixed assets)		5.03
Weighted Average Modified Duration (in years) (fixed assets)		3.23
Average Position Size	$	1,810,889
Number of Positions		223
Weighted Average S&P Rating		B
Weighted Average Rating Factor (Moody’s)^(h)		2,937

Credit Quality ^(b)

BBB		0.7%
BB		16.3%
B		58.3%
CCC+ or Lower		14.2%
Not Rated		10.5%

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

High Tech Industries		11.0%
Service: Business		9.9%
Media: Broadcasting & Subscription		8.6%
Healthcare & Pharmaceuticals		8.5%
Banking, Finance, Insurance & Real Estate		8.4%
Total		46.4%


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

Anchorage Capital CLO, Ltd.			2.0%
OCP CLO. Ltd.			1.9%
Riverbed Technology, Inc.			1.5%
JFIN CLO, Ltd.			1.4%
Land O’ Lakes Capital Trust I			1.4%
Cortes NP Acquisition Corp.			1.3%
EIG Investors. Corp.			1.3%
Valeant Pharmaceuticals International, Inc.			1.3%
Atlas Senior Loan Fund, Ltd.			1.2%
Pike Corp.			1.2%
Total			14.5%


Performance Comparison

	Year Ended December 31, 2016		Since Inception on February 25, 2013, to December 31, 2016

AIF - Market Price		23.24%^(e)		2.53%^(e)(f)
AIF - NAV		19.34%^(e)		6.71%^(e)(f)
S&P/LSTA Leveraged Loan Index ^(g)		10.16%		3.83%^(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, 2016.

(b)

Credit quality is calculated as a percentage of fair value of investment securities at December 31, 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 10.9% of the portfolio as of December 31, 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 December 31, 2016.

6 | Annual Report

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments

December 31, 2016


	Principal Amount ($)		Value ($)
Senior Loans - 134.5%^(a)
AEROSPACE & DEFENSE - 4.0%
DAE Aviation Holdings, Inc. Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 07/07/22^(b)		4,049,229		4,084,680
Engility Corp.
Term Loan B-1, (LIBOR + 4.25%, 0.00% Floor), 5.02%, 08/12/20^(b)		957,727		969,847
Term Loan B-2, (Variable + 4.75%, 1.04% Floor), 5.79%, 08/14/23^(b)		1,812,299		1,843,561
PAE Holding Corp.
First Lien Initial Term Loan, (LIBOR + 5.50%, 1.00% Floor), 6.50%, 10/20/22^(b)		1,663,769		1,680,407
Second Lien Term Loan, (LIBOR + 9.50%, 1.00% Floor), 10.50%, 10/20/23^(b)		1,101,291		1,117,811
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		1,641,610

				11,337,916

AUTOMOTIVE - 3.0%
American Tire Distributors, Inc. Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/01/21^(b)		2,183,053		2,180,782
Innovative XCessories & Services, LLC First Lien Term Loan B, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 11/29/22^(b)		1,296,821		1,306,547
Tectum Holdings, Inc. First Lien Initial Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 08/24/23^(b)(d)		2,707,966		2,748,586
U.S. Farathane, LLC Term Loan B-2, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 12/23/21^(b)		2,290,250		2,300,751

				8,536,666

BANKING, FINANCE, INSURANCE & REAL ESTATE - 12.9%
Alliant Holdings Intermediate, LLC 2016 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.25%, 08/12/22^(b)		1,905,940		1,927,773
Amwins Group, LLC
First Lien Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 09/06/19^(b)		4,032,275		4,082,255
Second Lien Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 09/04/20^(b)		2,000,000		2,020,010


	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)		2,457,462		2,460,534
Asurion, LLC
Incremental Tranche B-5 Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 11/03/23^(b)		4,228,526		4,294,068
Replacement B-2 Term Loan, (LIBOR + 3.25%, 0.75% Floor), 4.02%, 07/08/20^(b)(e)		961,726		971,492
Second Lien Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.50%, 03/03/21^(b)		1,399,109		1,424,908
CRCI Holdings, Inc. Initial Term Loan, (LIBOR + 5.50%, 1.00% Floor), 6.50%, 08/31/23^(b)		2,244,375		2,249,043
Donnelley Financial Solutions, Inc. Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 09/29/23^(b)		857,143		867,501
First Data Corp. 2021 New Dollar Term Loan C, (LIBOR + 3.00%, 0.00% Floor), 3.76%, 03/24/21^(b)		1,976,165		2,001,548
Henry Company, LLC Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 10/05/23^(b)		875,676		886,626
iStar, Inc. Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 07/01/20^(b)		1,394,991		1,413,594
Medical Card System, Inc. Term Loan, (LIBOR + 0.50%, 1.00% Floor), 1.50%, 05/31/19^(b)(d)		5,323,315		3,550,474
MMM Holdings, Inc. Term Loan, (LIBOR + 8.25%, 1.50% Floor), 9.75%, 06/30/19^(b)(d)		525,781		513,951
MPH Acquisition Holdings, LLC Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 06/07/23^(b)		3,488,637		3,555,305
MSO of Puerto Rico, Inc. Term Loan, (LIBOR + 8.25%, 1.50% Floor), 9.75%, 06/30/19^(b)(d)		382,240		373,640
National Financial Partners Corp. First Lien Term Loan B, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/09/23^(b)(e)		3,574,850		3,611,492

				36,204,214

See accompanying Notes to Financial Statements. | 7

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2016


	Principal Amount ($)		Value ($)
Senior Loans^(a) (continued)
BEVERAGE, FOOD & TOBACCO - 2.9%
AdvancePierre Foods, Inc. Effective Date Loan, (LIBOR + 3.00%, 1.00% Floor), 4.00%, 06/02/23^(b)		1,032,195		1,050,130
The Chef’s Warehouse, Inc. Initial Term Loan, (LIBOR + 5.75%, 1.00% Floor), 6.75%, 06/22/22^(b)		1,088,380		1,095,868
Constellation Brands Canada, Inc. (Canada) First Lien Initial Tranche B-1 Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 12/15/23^(b)(c)(e)		500,000		506,407
PFS Holding Corp. First Lien Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 01/31/21^(b)		2,987,170		2,875,151
Winebow Holdings, Inc. (The Vintner Group Inc.)
First Lien Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 07/01/21^(b)		563,714		565,124
Second Lien Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.50%, 01/02/22^(b)		2,260,897		2,125,243

				8,217,923

CAPITAL EQUIPMENT - 1.2%
MTS Systems Corp. Term Loan B, (LIBOR + 4.25%, 0.75% Floor), 5.00%, 07/05/23^(b)		3,325,000		3,375,922

CHEMICALS, PLASTICS & RUBBER - 3.5%
ASP Chromaflo Intermediate
Holdings, Inc. First Lien Initial Tranche B-1 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/20/23^(b)		329,474		332,770
First Lien Initial Tranche B-2 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/20/23^(b)		428,421		432,708
The Chemours Co. Tranche B Term Loan, (LIBOR + 3.00%, 0.75% Floor), 3.75%, 05/12/22^(b)(e)		941,526		939,177
Ineos Styrolution US Holding, LLC Term Loan B, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 09/30/21^(b)		1,397,839		1,420,554
MacDermid, Inc.
Tranche B-4 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 06/07/23^(b)		735,405		746,256
Tranche B-5 Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/07/20^(b)		658,349		666,854


	Principal Amount ($)		Value ($)
CHEMICALS, PLASTICS & RUBBER (continued)
Nexeo Solutions, LLC Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/09/23^(b)		1,070,954		1,081,664
PetroChoice Holdings, Inc. First Lien Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 08/19/22^(b)		1,002,350		1,012,374
PQ Corp. Tranche B-1 Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 11/04/22^(b)		1,324,908		1,344,370
Tronox Pigments (Netherlands) B.V. Term Loan B, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 03/19/20^(b)(c)		1,994,841		2,005,503

				9,982,230

CONSTRUCTION & BUILDING - 3.7%
Infiltrator Water Technologies, LLC
Second Lien Term Loan, (LIBOR + 8.75%, 1.00% Floor), 9.75%, 05/26/23^(b)		835,131		839,307
Term Loan B-1, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 05/27/22^(b)		3,832,400		3,865,934
IPS Structural Adhesives Holdings, Inc. First Lien Term Loan, (LIBOR + 5.25%, 1.00% Floor), 6.25%, 12/20/23^(b)(d)(e)		1,623,060		1,621,031
Morsco, Inc. Initial Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.00%, 10/31/23^(b)		1,951,402		1,970,916
Terra Millenium Corp. Term Loan, (LIBOR + 6.25%, 1.00% Floor), 7.25%, 12/12/22^(b)(d)		2,000,000		1,990,000

				10,287,188

CONSUMER GOODS: DURABLE - 0.6%
Britax U.S. Holdings, Inc. Initial Dollar Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 10/15/20^(b)		454,053		388,669
Serta Simmons Holdings, LLC First Lien Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 11/08/23^(b)		1,378,907		1,396,143

				1,784,812

CONSUMER GOODS: NON-DURABLE - 2.8%
ABG Intermediate Holdings 2, LLC First Lien Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 05/27/21^(b)		3,750,072		3,782,885
Nine West Holdings, Inc. Unsecured Initial Term Loan, (LIBOR + 5.25%, 1.00% Floor), 6.25%, 01/08/20^(b)		239,923		56,581

8 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2016


	Principal Amount ($)		Value ($)
Senior Loans^(a) (continued)
CONSUMER GOODS: NON-DURABLE (continued)
Oak Parent, Inc. Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 10/26/23^(b)		1,051,763		1,057,680
Revlon Consumer Products Corp. Initial Term Loan B, (LIBOR + 3.50%, 0.75% Floor), 4.29%, 09/07/23^(b)		2,916,975		2,951,439

				7,848,585

CONTAINERS, PACKAGING & GLASS - 5.4%
Anchor Glass Container Corp. Second Lien Term Loan, (LIBOR + 7.75%, 1.00% Floor), 8.75%, 12/07/24^(b)(e)		2,000,000		2,045,000
BWAY Holding Co. Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 08/14/23^(b)		5,633,860		5,659,579
Flex Acquisition Co, Inc.
Bridge Loan, (LIBOR + 7.00%, 1.00% Floor), 8.00%, 12/06/25^(b)(d)(e)		1,278,000		1,279,598
First Lien Term Loan, (LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/29/23^(b)(e)		1,650,320		1,667,681
Hoover Group, Inc. Initial Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.25%, 01/28/21^(b)(d)		1,469,354		1,351,806
Sprint Industrial Holdings, LLC First Lien Term Loan, (LIBOR + 5.75%, 1.25% Floor), 7.00%, 05/14/19^(b)(d)		2,579,376		1,908,738
TCB Holdings III Corp. First Lien Closing Date Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 11/30/23^(b)		1,166,008		1,181,073

				15,093,475

ENERGY: ELECTRICITY - 1.8%
Vistra Operations Company, LLC
Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 08/04/23^(b)		4,071,429		4,126,474
Initial Term Loan C, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 08/04/23^(b)		928,571		941,126

				5,067,600

ENERGY: OIL & GAS - 3.1%
American Energy - Marcellus, LLC First Lien Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/04/20^(b)		2,712,161		1,500,733
Azure Midstream Energy, LLC Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 11/15/18^(b)		487,214		452,500


	Principal Amount ($)		Value ($)
ENERGY: OIL & GAS (continued)
Drillships Financing Holding, Inc. Tranche B-1 Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 03/31/21^(b)		992,308		647,977
EMG Utica, LLC Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 03/27/20^(b)		1,733,887		1,725,218
HGIM Corp. Term Loan A, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/18/18^(b)		3,199,623		2,925,000
Sheridan Investment Partners I, LLC
Deferred Principal Facility I, 10/01/19^(d)(f)		4,749		2,850
Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.34%, 10/01/19^(b)		123,430		106,397
Sheridan Production Partners I-A L.P.
Deferred Principal Facility I-A, 10/01/19^(d)(f)		629		378
Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.45%, 10/01/19^(b)		16,355		14,098
Sheridan Production Partners I-M L.P.
Deferred Principal Facility I-M, 10/01/19^(d)(f)		384		231
Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.45%, 10/01/19^(b)		9,990		8,611
Southcross Energy Partners L.P. Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/04/21^(b)		1,557,507		1,238,218
Southcross Holdings Borrower, LP Tranche B Term Loan (5.5% PIK), 9.00%, 04/13/23^(g)(h)		118,312		92,283

				8,714,494

ENVIRONMENTAL INDUSTRIES - 1.0%
Casella Waste Systems, Inc. Initial Term Loan, (LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/17/23^(b)		775,510		784,238
Emerald 2, Ltd. (United Kingdom) Facility B-1 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 05/14/21^(b)(c)		2,187,706		1,972,578

				2,756,816

FOREST PRODUCTS & PAPER - 0.9%
Caraustar Industries, Inc. Incremental Term Loan, (LIBOR + 6.75%, 1.25% Floor), 8.00%, 05/01/19^(b)		1,779,949		1,813,323

See accompanying Notes to Financial Statements. | 9

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2016


	Principal Amount ($)		Value ($)
Senior Loans^(a) (continued)
FOREST PRODUCTS & PAPER (continued)
Term Loan, (LIBOR + 6.75%, 1.25% Floor), 8.00%, 05/01/19^(b)		689,628		702,559

				2,515,882

HEALTHCARE & PHARMACEUTICALS - 13.7%
Alvogen Pharma US, Inc.
First Lien Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 04/01/22^(b)		2,849,151		2,763,677
Bioclinica, Inc.
First Lien Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 10/20/23^(b)		1,788,679		1,792,042
CHS/Community Health Systems, Inc.
Incremental Term Loan F, (LIBOR + 3.25%, 0.00% Floor), 4.18%, 12/31/18^(b)(e)		2,900,435		2,859,945
Term Loan A, (LIBOR + 2.50%, 0.00% Floor), 3.43%, 01/25/19^(b)(e)		2,497,618		2,467,959
ExamWorks Group, Inc.
Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 07/27/23^(b)		1,485,000		1,496,761
HCR ManorCare, Inc.
Initial Term Loan, (LIBOR + 3.50%, 1.50% Floor), 5.00%, 04/06/18^(b)		2,515,430		2,207,956
Jaguar Holding Co. II
Initial Term Loan, (LIBOR + 3.25%, 1.00% Floor), 4.25%, 08/18/22^(b)		859,696		870,442
Lanai Holdings II, Inc.
First Lien Term Loan B, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 08/29/22^(b)		2,731,706		2,728,291
Lanai Holdings III, Inc.
Second Lien Initial Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 08/28/23^(b)		869,565		843,478
Nmsc Holdings, Inc.
First Lien Term Loan B, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 04/19/23^(b)		561,524		567,841
Opal Acquisition, Inc.
Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/27/20^(b)		3,497,640		3,348,990
Premier Dental Services, Inc.
New Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 11/01/18^(b)(d)		4,728,833		4,711,100
Press Ganey Holdings, Inc.
Second Lien Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.25%, 10/21/24^(b)		1,250,000		1,275,000


	Principal Amount ($)		Value ($)
HEALTHCARE & PHARMACEUTICALS (continued)
Surgery Center Holdings, Inc.
First Lien Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 11/03/20^(b)		2,662,093		2,688,714
U.S. Renal Care, Inc.
Term Loan B, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 12/30/22^(b)		3,989,924		3,755,516
Valeant Pharmaceuticals International, Inc. (Canada) Delayed Draw First Lien Term Loan, (LIBOR + 3.75%, 0.00% Floor), 4.50%, 04/01/20^(b)(c)		140,734		139,081
Tranche B Term Loan Series C-2, (LIBOR + 4.50%, 0.75% Floor), 5.25%, 12/11/19^(b)(c)		2,027,695		2,027,877
Tranche B Term Loan Series D-2, (LIBOR + 4.25%, 0.75% Floor), 5.00%, 02/13/19^(b)(c)		374,455		374,830
Tranche B Term Loan Series E-1, (LIBOR + 4.50%, 0.75% Floor), 5.25%, 08/05/20^(b)(c)(e)		1,500,000		1,498,856

				38,418,356

HIGH TECH INDUSTRIES - 15.4%
Aptean, Inc.
First Lien Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 12/20/22^(b)(e)		1,610,687		1,626,794
Second Lien Term Loan B, (LIBOR + 9.50%, 1.00% Floor), 10.50%, 12/20/23^(b)(e)		763,810		764,127
Aricent Technologies (Cayman Islands)
First Lien Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 04/14/21^(b)(c)(e)		1,403,002		1,362,665
Cortes NP Acquisition Corp.
Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 11/30/23^(b)		5,000,000		5,075,000
Flexera Software, LLC
Second Lien Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.00%, 04/02/21^(b)		2,972,965		2,941,986
Informatica Corp.
Dollar Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 08/05/22^(b)		2,829,216		2,822,440
Kronos Incorporated
First Lien Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/01/23^(b)		1,122,807		1,138,599
Landslide Holdings, Inc. (Crimson Acquisition Corp.)
First Lien Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 09/27/22^(b)		1,920,176		1,948,979

10 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2016


	Principal Amount ($)		Value ($)
Senior Loans^(a) (continued)
HIGH TECH INDUSTRIES (continued)
Second Lien Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 09/27/23^(b)		1,000,000		1,015,000
Lanyon Solutions, Inc.
(Lanyon, Inc.) First Lien Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 11/13/20^(b)(e)		2,512,094		2,513,664
MSC.Software Corp.
First Lien Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 05/29/20^(b)		1,745,250		1,749,613
Second Lien Initial Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.50%, 05/31/21^(b)(d)		500,000		500,625
ON Semiconductor Corp.
Term Loan B, (LIBOR + 3.25%, 0.00% Floor), 4.02%, 03/31/23^(b)		2,202,956		2,235,009
Riverbed Technology, Inc.
Term Loan B, (LIBOR + 3.25%, 1.00% Floor), 4.25%, 04/25/22^(b)(e)		2,997,527		3,023,336
Sophia L.P.
Closing Date Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 09/30/22^(b)		2,955,848		2,988,185
TIBCO Software, Inc.
Term Loan, (LIBOR + 5.50%, 1.00% Floor), 6.50%, 12/04/20^(b)		3,096,040		3,114,756
Triple Point Group Holdings, Inc.
Term Loan B, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 07/10/20^(b)		1,384,346		1,234,380
Vision Solutions, Inc.
Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 06/16/22^(b)		3,975,000		3,979,969
Western Digital Corp.
Term Loan B-1, (LIBOR + 3.75%, 0.75% Floor), 4.52%, 04/29/23^(b)		3,184,000		3,239,720

				43,274,847

HOTEL, GAMING & LEISURE - 5.8%
Delta 2 (Lux) S.a.r.l. (Luxembourg)
Facility B-3 Term Loan (USD), (LIBOR + 3.75%, 1.00% Floor), 5.07%, 07/30/21^(b)(c)		2,839,596		2,872,649
Equinox Holdings, Inc.
First Lien New Initial Term Loan, (LIBOR + 3.75%, 1.25% Floor), 5.00%, 01/31/20^(b)		4,065,882		4,114,164
Everi Payments, Inc.
Term Loan B, (LIBOR + 5.25%, 1.00% Floor), 6.25%, 12/18/20^(b)		1,622,979		1,585,107
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)		705,821		711,997


	Principal Amount ($)		Value ($)
HOTEL, GAMING & LEISURE (continued)
Mohegan Tribal Gaming Authority
Term Loan A, (LIBOR + 4.25%, 0.00% Floor), 5.02%, 10/13/21^(b)		2,406,250		2,423,551
Scientific Games International, Inc.
Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 10/18/20^(b)		2,232,337		2,264,661
Initial Term Loan B-2, (LIBOR + 5.00%, 1.00% Floor), 5.83%, 10/01/21^(b)		2,364,295		2,398,104

				16,370,233

MEDIA: ADVERTISING, PRINTING & PUBLISHING - 3.6%
Advantage Sales & Marketing, Inc.
Second Lien Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 07/25/22^(b)		4,000,000		3,917,520
ALM Media, LLC
First Lien Term Loan B, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 07/31/20^(b)(d)		3,075,666		2,914,193
F & W Media, Inc.
Initial Term Loan, (LIBOR + 9.50%, 1.25% Floor), 10.75%, 06/30/19^(b)		2,218,425		1,830,200
Information Resources, Inc.
First Lien Term Loan B, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 12/20/23^(b)(e)		1,503,797		1,516,955

				10,178,868

MEDIA: BROADCASTING & SUBSCRIPTION - 10.2%
Beasley Broadcast Group, Inc.
First Lien Term Loan B, (LIBOR + 6.00%, 1.00% Floor), 7.00%, 11/01/23^(b)(d)		873,028		875,211
CBS Radio, Inc.
Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 10/17/23^(b)		1,403,650		1,420,017
CSC Holdings, LLC
Extended Term Loan, (LIBOR + 3.00%, 0.75% Floor), 3.88%, 10/11/24^(b)		1,007,495		1,020,088
Emmis Operating Co.
Term Loan, (LIBOR + 6.00%, 1.00% Floor), 7.00%, 06/10/21^(b)		1,277,784		1,181,950
Entercom Radio, LLC
Term Loan B, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 11/01/23^(b)		500,000		507,110
Grande Communications Networks, LLC
Initial Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 05/29/20^(b)		1,970,259		1,985,282
Hargray Communications Group, Inc.
Term Loan B-1, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 06/26/19^(b)		1,994,862		2,021,872

See accompanying Notes to Financial Statements. | 11

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2016


	Principal Amount ($)		Value ($)
Senior Loans^(a) (continued)
MEDIA: BROADCASTING & SUBSCRIPTION (continued)
Hemisphere Media Holdings, LLC
(Intermedia Espanol, Inc.) Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 07/30/20^(b)		2,437,329		2,464,749
Intelsat Jackson Holdings S.A.
(Luxembourg)
Tranche B-2 Term Loan, (LIBOR + 2.75%, 1.00% Floor), 3.75%, 06/30/19^(b)(c)		3,564,990		3,458,041
Numericable U.S., LLC (France)
Term Loan B-7, (LIBOR + 4.25%, 0.75% Floor), 5.14%, 01/15/24^(b)(c)		3,139,352		3,186,176
SESAC Holdco II, LLC
First Lien Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 02/08/19^(b)		1,908,258		1,913,029
Telecommunications Management, LLC
First Lien Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 04/30/20^(b)		1,193,626		1,190,272
Second Lien Initial Term Loan, (LIBOR + 8.00%, 1.00% Floor), 9.00%, 10/30/20^(b)(d)		710,475		691,825
WideOpenWest Finance, LLC
Term Loan B, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 08/18/23^(b)		1,441,576		1,459,077
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)		5,188,377		5,253,257

				28,627,956

MEDIA: DIVERSIFIED & PRODUCTION - 0.6%
A-L Parent, LLC
First Lien Term Loan B, (LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/01/23^(b)(e)		1,170,141		1,187,693
Second Lien Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.25%, 12/02/24^(b)		500,000		503,750

				1,691,443

METALS & MINING - 0.0%
Magnetation, LLC / Mag Finance Corp.
Term Loan (12.00% PIK), 12.00%, 10/14/16^(d)(g)(h)		279,932		—

RETAIL - 9.1%
Academy Ltd.
Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 07/01/22^(b)		2,853,042		2,646,196


	Principal Amount ($)		Value ($)
RETAIL (continued)
Bass Pro Group, LLC
Asset-Sale Term Loan, (LIBOR + 4.75%, 0.75% Floor), 5.72%, 06/08/18^(b)		593,258		593,445
First Lien Term Loan A, (LIBOR + 4.00%, 0.00% Floor), 4.97%, 04/01/22^(b)(e)		1,071,397		1,060,683
Initial Term Loan, (LIBOR + 5.00%, 0.75% Floor), 5.97%, 12/15/23^(b)		728,603		722,749
Belk, Inc.
Closing Date First Lien Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 12/12/22^(b)		323,871		280,418
Charming Charlie, LLC
Initial Term Loan, (LIBOR + 8.00%, 1.00% Floor), 9.00%, 12/24/19^(b)		3,581,633		1,993,770
David’s Bridal, Inc.
Initial Term Loan, (LIBOR + 4.00%, 1.25% Floor), 5.25%, 10/11/19^(b)		1,500,000		1,330,628
J. Crew Group, Inc.
Initial Term Loan, (LIBOR + 3.00%, 1.00% Floor), 4.00%, 03/05/21^(b)		492,347		282,484
JC Penney Corp., Inc.
2016 Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/23/23^(b)		3,789,500		3,812,388
Jo-Ann Stores, LLC
Initial Term Loan B, (LIBOR + 5.00%, 1.00% Floor), 6.26%, 10/20/23^(b)		2,758,620		2,784,482
Leslie’s Poolmart, Inc.
First Lien Term Loan B, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/16/23^(b)		715,598		724,993
Mister Car Wash Holdings, Inc.
First Lien Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/20/21^(b)(e)		712,460		715,872
The Neiman Marcus Group, Inc.
Other Term Loan, (LIBOR + 3.25%, 1.00% Floor), 4.25%, 10/25/20^(b)(e)		1,000,000		872,250
Petco Animal Supplies, Inc.
Tranche B-1 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 01/26/23^(b)		2,307,563		2,323,231
Tranche B-2 Term Loan, (LIBOR + 4.25%, 0.00% Floor), 5.14%, 01/26/23^(b)		1,600,806		1,612,644
Sears Roebuck Acceptance Corp.
(KMART Corp.) 2015 Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 06/30/18^(b)		2,493,573		2,398,506

12 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2016


	Principal Amount ($)		Value ($)
Senior Loans^(a) (continued)
RETAIL (continued)
Vince, LLC (Vince Intermediate Holding LLC)
Term Loan B, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 11/27/19^(b)(d)(e)		1,475,639		1,431,369

				25,586,108

SERVICES: BUSINESS - 15.8%
Americold Realty Operating Partnership, L.P.
Initial Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 12/01/22^(b)		3,191,527		3,233,432
Camelot Finance, LP
Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/03/23^(b)		2,614,145		2,649,540
Carecore National, LLC
Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 03/05/21^(b)		1,366,030		1,347,247
EIG Investors Corp.
Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 02/09/23^(b)		677,457		673,222
Term Loan, (LIBOR + 5.48%, 1.00% Floor), 6.48%, 11/09/19^(b)		5,272,294		5,253,340
Evergreen Skills Lux S.a.r.l.
First Lien Initial Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.84%, 04/28/21^(b)		884,560		810,757
Second Lien Initial Term Loan, (LIBOR + 8.25%, 1.00% Floor), 9.34%, 04/28/22^(b)		1,000,000		753,440
Explorer Holdings, Inc.
Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 05/02/23^(b)		3,489,981		3,572,868
GCA Services Group, Inc.
First Lien Term Loan, (Variable + 4.73%, 1.32% Floor), 6.05%, 03/01/23^(b)		1,344,305		1,364,476
IBC Capital Ltd.
First Lien Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.98%, 09/09/21^(b)		4,137,433		4,101,230
Infogroup, Inc.
Term Loan B, (LIBOR + 5.50%, 1.50% Floor), 7.00%, 05/28/18^(b)		1,161,294		1,149,501
Onex Carestream Finance L.P.
First Lien Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 06/07/19^(b)		2,389,776		2,328,036
Second Lien Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 12/07/19^(b)		2,415,389		1,992,696
Packers Holdings, LLC
Term Loan B, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 12/02/21^(b)		1,176,433		1,197,021


	Principal Amount ($)		Value ($)
SERVICES: BUSINESS (continued)
SGS Cayman L.P.
Initial Cayman Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 04/23/21^(b)		423,904		418,340
SMG
Term Loan B, (LIBOR + 3.50%, 1.00% Floor), 4.62%, 02/27/20^(b)		2,337,987		2,331,558
Solera, LLC (Solera Finance, Inc.)
Dollar Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 03/03/23^(b)		3,725,494		3,781,377
Sutherland Global Services, Inc.
Initial U.S. Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 04/23/21^(b)		1,821,071		1,797,170
U.S. Security Associates Holdings, Inc.
Term Loan B, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 07/14/23^(b)		2,010,229		2,025,306
USS Parent Holding Corp.
Delayed Draw Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 08/11/23^(b)		152,711		153,793
Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 08/11/23^(b)		3,461,456		3,485,981

				44,420,331

SERVICES: CONSUMER - 2.8%
Laureate Education, Inc.
Extended Term Loan Series 2021, (LIBOR + 8.00%, 0.00% Floor), 8.87%, 03/17/21^(b)		1,989,967		2,001,171
NVA Holdings, Inc.
First Lien Incremental Term Loan B-1, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 08/14/21^(b)		538,491		541,183
First Lien Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 08/14/21^(b)		3,140,528		3,166,045
Second Lien Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.00%, 08/14/22^(b)		2,308,152		2,317,777

				8,026,176

TELECOMMUNICATIONS - 3.7%
Avaya, Inc.
Term Loan B-7, (LIBOR + 5.25%, 1.00% Floor), 6.25%, 05/29/20^(b)		2,147,384		1,873,603
Global Tel*Link Corp.
First Lien Term Loan, (LIBOR + 3.75%, 1.25% Floor), 5.00%, 05/23/20^(b)		5,366,426		5,353,037
GTT Communications, Inc.
First Lien Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 12/13/23^(b)(e)		500,000		508,543

See accompanying Notes to Financial Statements. | 13

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2016


	Principal Amount ($)		Value ($)
Senior Loans^(a) (continued)
TELECOMMUNICATIONS (continued)
Securus Technologies Holdings, Inc.
Second Lien Initial Term Loan, (LIBOR + 7.75%, 1.25% Floor), 9.00%, 04/30/21^(b)		2,800,000		2,732,450

				10,467,633

TRANSPORTATION: CARGO - 1.4%
Carrix, Inc.
Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 01/07/19^(b)(e)		3,881,371		3,849,039

TRANSPORTATION: CONSUMER - 0.6%
Travel Leaders Group, LLC
Tranche B Term Loan, (LIBOR + 6.00%, 1.00% Floor), 7.00%, 12/07/20^(b)		1,687,157		1,684,348

UTILITIES: ELECTRIC - 5.0%
EFS Cogen Holdings I, LLC
Term Loan B, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/28/23^(b)(e)		2,864,503		2,893,148
Green Energy Partners
Term Loan B-2, (LIBOR + 5.50%, 1.00% Floor), 6.50%, 11/13/21^(b)(d)(e)		340,909		339,205
Green Energy Partners (Stonewall, LLC)
Term Loan B-1, (LIBOR + 5.50%, 1.00% Floor), 6.50%, 11/13/21^(b)(d)(e)		588,273		585,332
Moxie Patriot, LLC
Construction B-1 Advance, (LIBOR + 5.75%, 1.00% Floor), 6.75%, 12/19/20^(b)		3,001,407		2,986,400
Panda Liberty, LLC
Construction B-1 Advance, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 08/21/20^(b)		1,780,409		1,760,379


	Principal Amount ($)		Value ($)
UTILITIES: ELECTRIC (continued)
Pike Corp.
First Lien Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 12/22/21^(b)		2,097,104		2,110,210
Second Lien Initial Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 06/22/22^(b)		2,500,000		2,514,588
WG Partners Acquisition, LLC Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/15/23^(b)(d)		874,431		885,362

				14,074,624

Total Senior Loans (Cost $380,231,694)				378,393,685


Corporate Notes and Bonds - 10.2%^(g)
AUTOMOTIVE - 0.2%
American Tire Distributors, Inc.
10.25%, 03/01/22⁽ⁱ⁾		600,000		578,598

BANKING, FINANCE, INSURANCE & REAL ESTATE - 1.3%
Crescent Communities, LLC
8.88%, 10/15/21⁽ⁱ⁾		1,000,000		1,012,500
Donnelley Financial Solutions, Inc.
8.25%, 10/15/24⁽ⁱ⁾		2,539,000		2,589,780

				3,602,280

CONTAINERS, PACKAGING & GLASS - 0.7%
Reynolds Group Holdings, Inc.
6.88%, 02/15/21		1,999,498		2,057,487

HEALTHCARE & PHARMACEUTICALS - 0.7%
Valeant Pharmaceuticals International, Inc. (Canada)
5.38%, 03/15/20^(c)(i)		1,500,000		1,275,000
7.50%, 07/15/21^(c)(i)		1,000,000		851,250

				2,126,250

HIGH TECH INDUSTRIES - 1.5%
Riverbed Technology, Inc.
8.88%, 03/01/23⁽ⁱ⁾		3,000,000		3,180,000
RP Crown Parent, LLC
7.38%, 10/15/24⁽ⁱ⁾		1,000,000		1,040,000

				4,220,000

HOTEL, GAMING & LEISURE - 0.1%
Scientific Games International, Inc.
7.00%, 01/01/22⁽ⁱ⁾		253,000		272,607

MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.3%
Acosta, Inc.
7.75%, 10/01/22⁽ⁱ⁾		1,000,000		845,000

MEDIA: BROADCASTING & SUBSCRIPTION - 3.2%
Columbus International, Inc.
(Barbados)
7.38%, 03/30/21^(c)(i)		1,285,000		1,372,239
CSC Holdings, LLC
5.50%, 04/15/27⁽ⁱ⁾		1,125,000		1,141,875

14 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2016


	Principal Amount ($)		Value ($)
Corporate Notes and Bonds^(g) (continued)
MEDIA: BROADCASTING & SUBSCRIPTION (continued)
Neptune Finco Corp.
10.13%, 01/15/23⁽ⁱ⁾		105,000		121,537
10.88%, 10/15/25⁽ⁱ⁾		293,000		349,403
Radio One, Inc.
7.38%, 04/15/22⁽ⁱ⁾		1,516,000		1,508,420
9.25%, 02/15/20⁽ⁱ⁾		1,484,000		1,354,150
SiTV, Inc.
10.38%, 07/01/19⁽ⁱ⁾		3,420,000		2,103,300
WideOpenWest Finance, LLC
10.25%, 07/15/19		1,000,000		1,057,500

				9,008,424

METALS & MINING - 0.0%
Magnetation, LLC / Mag Finance Corp.
11.00%, 05/15/18^(d)(f)(i)(j)		639,000		—

RETAIL - 0.3%
Jo-Ann Stores, LLC
8.13%, 03/15/19⁽ⁱ⁾		796,000		794,010

SERVICES: BUSINESS - 0.8%
Camelot Finance S.A.
(Luxembourg)
7.88%, 10/15/24^(c)(i)		2,080,000		2,158,000

TELECOMMUNICATIONS - 1.1%
Altice Financing S.A. (Luxembourg)
7.50%, 05/15/26^(c)(i)		2,076,000		2,164,230
GTT Escrow Corp.
7.88%, 12/31/24⁽ⁱ⁾		788,000		823,618

				2,987,848


Total Corporate Notes and Bonds (Cost $30,559,557)				28,650,504



	Share Quantity		Value ($)

Common Stocks - 0.0%
BANKING, FINANCE, INSURANCE & REAL ESTATE - 0.0%
Medical Card System, Inc.^(d)(f)		991,230		—
ENERGY: OIL & GAS - 0.0%
Southcross Holdings Borrower, GP LLC^(d)(f)		129		—
Southcross Holdings Borrower, LP, Class A-II^(d)(f)		129		48,375

				48,375


Total Common Stock (Cost $58,051)				48,375

Share

Quantity

Value ($)

Preferred Stock - 1.4%

BANKING, FINANCE, INSURANCE & REAL ESTATE - 1.4%

Watford Holdings, Ltd. (Bermuda)
8.50% ^(c)(d)(i)

160,000

3,854,496

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

3,854,496

Total Investments-146.1%

410,947,060

(Cost of $414,769,302) ^(k)

Other Assets & Liabilities, Net-3.8%

10,862,823

Loan Outstanding-(49.9)%^(l)(m)

(140,481,968

)

Net Assets (Applicable to Common Shares)-100.0%

281,327,915

See accompanying Notes to Financial Statements. | 15

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2016

^(a)

“Senior Loans” are senior, secured loans made to companies whose debt is below investment grade as well as investments with similar economic characteristics. Senior Loans typically hold a first lien priority and, unless otherwise indicated, are required to pay interest at floating rates that are periodically reset by reference to a base lending rate plus a spread. In some instances, the rates shown represent the weighted average rate as of December 31, 2016. Senior Loans are generally not registered under the Securities Act of 1933 (the “1933 Act”) and often incorporate 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.

Senior Loan assets may have additional unfunded loan commitments. As of December 31, 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

Mister Car Wash Holdings, Inc.	$	142,857
TCB Holdings III Corp.		116,601
Team Health Holdings, Inc.		2,050,861
USS Parent Holding Corp.		357,219

Total unfunded loan commitments	$	2,667,538

^(b)

The interest rate on this Senior Loan is subject to a base lending rate plus a spread. 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 (“Prime”). The interest rate is subject to a minimum floor, which may be less than or greater than the prevailing period end LIBOR/Prime rate. As of December 31, 2016, the 1, 3 and 6 month LIBOR rates were 0.77%, 1.00% and 1.32%, respectively, and the Prime lending rate was 3.75%. Senior Loans may contain multiple contracts of the same issuer which may be subject to base lending rates of both LIBOR and Prime (“Variable”) in addition to the stated spread.

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

^(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 and therefore are subject to change.

^(f)	Non-income producing asset.

^(g)	Fixed rate asset.

^(h)	Represents a payment-in-kind (“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, 2016, these securities amounted to $29,390,013, or 10.45% 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 of 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 $415,081,880. 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 $141,000,000 less unamortized deferred financing costs of $518,032.

16 | See accompanying Notes to Financial Statements.

Apollo Tactical Income Fund Inc.

Schedule of Investments

December 31, 2016


	Principal Amount ($)		Value ($)
Senior Loans - 113.5%^(a)
AEROSPACE & DEFENSE - 4.1%
DAE Aviation Holdings, Inc.
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 07/07/22^(b)		3,965,684		4,000,404
Engility Corp.
Term Loan B-1, (LIBOR + 4.25%, 0.00% Floor), 5.02%, 08/12/20^(b)		957,727		969,847
Term Loan B-2, (Variable + 4.75%, 1.04% Floor), 5.79%, 08/14/23^(b)		860,329		875,170
PAE Holding Corp.
First Lien Initial Term Loan, (LIBOR + 5.50%, 1.00% Floor), 6.50%, 10/20/22^(b)		1,663,769		1,680,407
Second Lien Term Loan, (LIBOR + 9.50%, 1.00% Floor), 10.50%, 10/20/23^(b)		1,101,291		1,117,811
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		1,641,610

				10,285,249

AUTOMOTIVE - 3.2%
American Tire Distributors, Inc.
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/01/21^(b)		1,615,878		1,614,197
Innovative XCessories &
Services, LLC First Lien Term Loan B, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 11/29/22^(b)		1,296,821		1,306,547
Tectum Holdings, Inc.
First Lien Initial Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 08/24/23^(b)(d)		2,707,966		2,748,586
U.S. Farathane, LLC
Term Loan B-2, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 12/23/21^(b).		2,290,250		2,300,751

				7,970,081

BANKING, FINANCE, INSURANCE & REAL ESTATE - 9.8%
Alliant Holdings Intermediate, LLC
2016 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.25%, 08/12/22^(b)		2,338,762		2,365,553
AqGen Island Intermediate Holdings, Inc.
First Lien Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 12/05/22^(b)		2,457,462		2,460,534


	Principal Amount ($)		Value ($)
BANKING, FINANCE, INSURANCE & REAL ESTATE (continued)
Asurion, LLC
Incremental Tranche B-4 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 08/04/22^(b)		988,579		1,003,037
Incremental Tranche B-5 Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 11/03/23^(b)		615,763		625,307
Second Lien Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.50%, 03/03/21^(b)		1,000,000		1,018,440
CRCI Holdings, Inc.
Initial Term Loan, (LIBOR + 5.50%, 1.00% Floor), 6.50%, 08/31/23^(b)		2,244,375		2,249,043
Donnelley Financial Solutions, Inc.
Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 09/29/23^(b)		857,143		867,501
Henry Company, LLC
Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 10/05/23^(b)		875,676		886,626
iStar, Inc.
Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 07/01/20^(b)		1,394,991		1,413,594
Medical Card System, Inc.
Term Loan, (LIBOR + 0.50%, 1.00% Floor), 1.50%, 05/31/19^(b)(d)		4,913,829		3,277,363
MMM Holdings, Inc.
Term Loan, (LIBOR + 8.25%, 1.50% Floor), 9.75%, 06/30/19^(b)(d)		906,324		885,932
MPH Acquisition Holdings, LLC
Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 06/07/23^(b)		1,939,759		1,976,828
MSO of Puerto Rico, Inc.
Term Loan, (LIBOR + 8.25%, 1.50% Floor), 9.75%, 06/30/19^(b)(d)		658,893		644,068
National Financial Partners Corp.
First Lien Term Loan B, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/09/23^(b)(e)		3,574,850		3,611,492
SquareTwo Financial Corp.
Term Loan, (10.50% PIK) (LIBOR + 9.50%, 1.00% Floor), 10.50%, 05/24/19^(b)(d)(f)		182,497		182,497
Term Loan, (11.00% PIK) (LIBOR +10.00%, 1.00% Floor), 11.00%, 05/01/19^(b)(d)(f)		1,819,183		873,208

				24,341,023

BEVERAGE, FOOD & TOBACCO - 2.3%
The Chef’s Warehouse, Inc.
Initial Term Loan, (LIBOR + 5.75%, 1.00% Floor), 6.75%, 06/22/22^(b)		1,088,380		1,095,868

See accompanying Notes to Financial Statements. | 17

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

December 31, 2016


	Principal Amount ($)		Value ($)
Senior Loans^(a) (continued)
BEVERAGE, FOOD & TOBACCO (continued)
PFS Holding Corp.
First Lien Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 01/31/21^(b)		1,223,049		1,177,185
Second Lien Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.25%, 01/31/22^(b)		499,800		464,189
Winebow Holdings, Inc. (The Vintner Group Inc.)
First Lien Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 07/01/21^(b)		563,714		565,124
Second Lien Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.50%, 01/02/22^(b)		2,505,795		2,355,447

				5,657,813

CAPITAL EQUIPMENT - 1.4%
MTS Systems Corp.
Term Loan B, (LIBOR + 4.25%, 0.75% Floor), 5.00%, 07/05/23^(b)		3,325,000		3,375,922

CHEMICALS, PLASTICS & RUBBER - 0.7%
ASP Chromaflo Intermediate Holdings, Inc.
First Lien Initial Tranche B-1 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/20/23^(b)		329,474		332,770
First Lien Initial Tranche B-2 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/20/23^(b)		428,421		432,708
PetroChoice Holdings, Inc.
First Lien Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 08/19/22^(b)		1,002,350		1,012,374

				1,777,852

CONSTRUCTION & BUILDING - 2.3%
IPS Structural Adhesives Holdings, Inc.
First Lien Term Loan, (LIBOR + 5.25%, 1.00% Floor), 12/20/23^(b)(d)(e)		1,623,060		1,621,031
Morsco, Inc.
Initial Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.00%, 10/31/23^(b)		1,951,402		1,970,916
Terra Millenium Corp.
Term Loan, (LIBOR + 6.25%, 1.00% Floor), 7.25%, 12/12/22^(b)(d)		2,000,000		1,990,000

				5,581,947

CONSUMER GOODS: DURABLE - 0.6%
Serta Simmons Holdings, LLC
First Lien Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 11/08/23^(b)		1,378,907		1,396,143


	Principal Amount ($)		Value ($)
CONSUMER GOODS: NON-DURABLE - 1.6%
ABG Intermediate Holdings 2, LLC
First Lien Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 05/27/21^(b)		2,750,072		2,774,135
Nine West Holdings, Inc.
Unsecured Initial Term Loan, (LIBOR + 5.25%, 1.00% Floor), 6.25%, 01/08/20^(b)		658,474		155,288
Oak Parent, Inc.
Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 10/26/23^(b)		1,051,763		1,057,680

				3,987,103

CONTAINERS, PACKAGING & GLASS - 3.8%
Anchor Glass Container Corp.
Second Lien Term Loan, (LIBOR + 7.75%, 1.00% Floor), 8.75%, 12/07/24^(b)		500,000		511,250
BWAY Holding Co.
Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 08/14/23^(b)		3,826,775		3,844,244
Flex Acquisition Co, Inc.
Bridge Loan, (LIBOR + 7.00%, 1.00% Floor), 8.00%, 12/06/25^(b)(d)(e)		1,278,000		1,279,597
Hoover Group, Inc.
Initial Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.25%, 01/28/21^(b)(d)		763,617		702,528
Sprint Industrial Holdings, LLC
First Lien Term Loan, (LIBOR + 5.75%, 1.25% Floor), 7.00%, 05/14/19^(b)(d)		2,579,376		1,908,738
TCB Holdings III Corp.
First Lien Closing Date Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 11/30/23^(b)		1,166,008		1,181,073

				9,427,430

ENERGY: ELECTRICITY - 1.6%
Vistra Operations Company, LLC
Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 08/04/23^(b)		3,257,143		3,301,179
Initial Term Loan C, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 08/04/23^(b)		742,857		752,901

				4,054,080

ENERGY: OIL & GAS - 1.5%
American Energy - Marcellus, LLC
First Lien Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/04/20^(b)		1,383,515		765,547
Azure Midstream Energy, LLC
Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 11/15/18^(b)		487,214		452,500

18 | See accompanying Notes to Financial Statements.

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

December 31, 2016


	Principal Amount ($)		Value ($)
Senior Loans^(a) (continued)
ENERGY: OIL & GAS (continued)
Drillships Financing Holding, Inc.
Tranche B-1 Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 03/31/21^(b)		992,308		647,977
HGIM Corp.
Term Loan A, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/18/18^(b)		476,525		435,625
Sheridan Investment Partners I, LLC
Deferred Principal Facility I, 10/01/19^(d)(g)		4,749		2,850
Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.34%, 10/01/19^(b)		123,430		106,397
Sheridan Production Partners I-A L.P.
Deferred Principal Facility I-A, 10/01/19^(d)(g)		629		378
Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.45%, 10/01/19^(b)		16,355		14,098
Sheridan Production Partners I-M L.P.
Deferred Principal Facility I-M, 10/01/19^(d)(g)		384		231
Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.45%, 10/01/19^(b)		9,990		8,611
Southcross Energy Partners L.P.
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/04/21^(b)		1,557,507		1,238,218
Southcross Holdings Borrower, LP
Tranche B Term Loan (5.5% PIK), 9.00%, 04/13/23^(f)(h)		118,312		92,283

				3,764,715

ENVIRONMENTAL INDUSTRIES - 0.8%
Emerald 2, Ltd. (United Kingdom)
Facility B-1 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 05/14/21^(b)(c)		2,187,706		1,972,578

FOREST PRODUCTS & PAPER - 1.0%
Caraustar Industries, Inc.
Incremental Term Loan, (LIBOR + 6.75%, 1.25% Floor), 8.00%, 05/01/19^(b)		1,294,509		1,318,781
Term Loan, (LIBOR + 6.75%, 1.25% Floor), 8.00%, 05/01/19^(b)		1,175,006		1,197,037

				2,515,818

HEALTHCARE & PHARMACEUTICALS - 11.4%
Alvogen Pharma US, Inc.
First Lien Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 04/01/22^(b)		2,061,552		1,999,706


	Principal Amount ($)		Value ($)
HEALTHCARE & PHARMACEUTICALS (continued)
Bioclinica, Inc.
First Lien Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 10/20/23^(b)		1,788,679		1,792,042
CHS/Community Health Systems, Inc.
Incremental Term Loan F, (LIBOR + 3.25%, 0.00% Floor), 4.18%, 12/31/18^(b)(e)		1,933,623		1,906,630
Term Loan A, (LIBOR + 2.50%, 0.00% Floor), 3.43%, 01/25/19^(b).		1,807,299		1,785,838
HCR ManorCare, Inc.
Initial Term Loan, (LIBOR + 3.50%, 1.50% Floor), 5.00%, 04/06/18^(b)		2,515,430		2,207,956
Lanai Holdings II, Inc.
First Lien Term Loan B, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 08/29/22^(b)		2,731,706		2,728,291
Lanai Holdings III, Inc.
Second Lien Initial Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 08/28/23^(b)		869,565		843,478
Nmsc Holdings, Inc.
First Lien Term Loan B, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 04/19/23^(b)		561,524		567,842
Opal Acquisition, Inc.
Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/27/20^(b).		3,497,640		3,348,990
Premier Dental Services, Inc.
New Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 11/01/18^(b)(d)		3,363,933		3,351,318
Press Ganey Holdings, Inc.
Second Lien Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.25%, 10/21/24^(b)		500,000		510,000
Surgery Center Holdings, Inc.
First Lien Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 11/03/20^(b)		987,363		997,236
U.S. Renal Care, Inc.
Term Loan B, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 12/30/22^(b)		3,989,924		3,755,516

See accompanying Notes to Financial Statements. | 19

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

December 31, 2016


	Principal Amount ($)		Value ($)
Senior Loans^(a) (continued)
HEALTHCARE & PHARMACEUTICALS (continued)
Valeant Pharmaceuticals International, Inc. (Canada)
Delayed Draw First Lien Term Loan, (LIBOR + 3.75%, 0.00% Floor), 4.50%, 04/01/20^(b)(c)		578,790		571,989
Tranche B Term Loan Series C-2, (LIBOR + 4.50%, 0.75% Floor), 5.25%, 12/11/19^(b)(c)		496,156		496,200
Tranche B Term Loan Series D-2, (LIBOR + 4.25%, 0.75% Floor), 5.00%, 02/13/19^(b)(c)		1,540,087		1,541,627

				28,404,659

HIGH TECH INDUSTRIES - 15.5%
Aptean, Inc.
First Lien Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 12/20/22^(b)(e)		1,610,687		1,626,794
Second Lien Term Loan B, (LIBOR + 9.50%, 1.00% Floor), 10.50%, 12/20/23^(b)(e)		470,000		470,195
Aricent Technologies (Cayman Islands)
First Lien Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 04/14/21^(b)(c)(e)		1,403,002		1,362,665
Cortes NP Acquisition Corp.
Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 11/30/23^(b)		5,000,000		5,075,000
Flexera Software, LLC
Second Lien Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.00%, 04/02/21^(b)		2,973,684		2,942,698
Informatica Corp.
Dollar Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 08/05/22^(b)		943,072		940,813
Kronos Incorporated
First Lien Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/01/23^(b)		1,122,807		1,138,599
Landslide Holdings, Inc. (Crimson Acquisition Corp.)
First Lien Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 09/27/22^(b)		1,920,176		1,948,979
Second Lien Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 09/27/23^(b)		1,000,000		1,015,000
Lanyon Solutions, Inc. (Lanyon, Inc.)
Second Lien Term Loan, (LIBOR + 9.50%, 1.00% Floor), 11/15/21^(b)(e)		1,830,197		1,816,471


	Principal Amount ($)		Value ($)
HIGH TECH INDUSTRIES (continued)
Lanyon Solutions, Inc.
(Lanyon, Inc.) First Lien Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 11/13/20^(b)(e)		2,389,304		2,390,797
MSC.Software Corp.
First Lien Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 05/29/20^(b)		878,475		880,671
Second Lien Initial Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.50%, 05/31/21^(b)(d)		2,550,000		2,553,188
Riverbed Technology, Inc.
Term Loan B, (LIBOR + 3.25%, 1.00% Floor), 4.25%, 04/25/22^(b)(e)		3,497,332		3,527,444
TIBCO Software, Inc.
Term Loan, (LIBOR + 5.50%, 1.00% Floor), 6.50%, 12/04/20^(b)		3,096,040		3,114,756
Triple Point Group Holdings, Inc.
Term Loan B, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 07/10/20^(b)		1,384,346		1,234,380
Vision Solutions, Inc.
Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 06/16/22^(b)		3,975,000		3,979,969
Western Digital Corp.
Term Loan B-1, (LIBOR + 3.75%, 0.75% Floor), 4.52%, 04/29/23^(b)		2,388,000		2,429,790

				38,448,209

HOTEL, GAMING & LEISURE - 4.1%
Delta 2 (Lux) S.a.r.l. (Luxembourg)
Facility B-3 Term Loan (USD), (LIBOR + 3.75%, 1.00% Floor), 5.07%, 07/30/21^(b)(c)		2,000,000		2,023,280
Everi Payments, Inc.
Term Loan B, (LIBOR + 5.25%, 1.00% Floor), 6.25%, 12/18/20^(b)		1,450,965		1,417,106
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)		705,821		711,997
Mohegan Tribal Gaming Authority
Term Loan A, (LIBOR + 4.25%, 0.00% Floor), 5.02%, 10/13/21^(b)		2,406,250		2,423,551
Scientific Games International, Inc.
Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 10/18/20^(b)		3,562,628		3,614,214

				10,190,148

MEDIA: ADVERTISING, PRINTING & PUBLISHING - 2.9%
Advantage Sales & Marketing, Inc.
Second Lien Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 07/25/22^(b)		1,069,691		1,047,634

20 | See accompanying Notes to Financial Statements.

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

December 31, 2016


	Principal Amount ($)		Value ($)
Senior Loans^(a) (continued)
MEDIA: ADVERTISING, PRINTING & PUBLISHING (continued)
ALM Media, LLC
First Lien Term Loan B, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 07/31/20^(b)(d)		3,075,666		2,914,193
F & W Media, Inc.
Initial Term Loan, (LIBOR + 9.50%, 1.25% Floor), 10.75%, 06/30/19^(b)		2,218,425		1,830,200
Information Resources, Inc.
First Lien Term Loan B, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 12/20/23^(b)(e)		1,503,797		1,516,955

				7,308,982

MEDIA: BROADCASTING & SUBSCRIPTION - 8.5%
Beasley Broadcast Group, Inc.
First Lien Term Loan B, (LIBOR + 6.00%, 1.00% Floor), 7.00%, 11/01/23^(b)(d)		873,028		875,211
CBS Radio, Inc.
Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 10/17/23^(b)		1,403,650		1,420,017
Emmis Operating Co.
Term Loan, (LIBOR + 6.00%, 1.00% Floor), 7.00%, 06/10/21^(b)		1,277,784		1,181,950
Entercom Radio, LLC
Term Loan B, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 11/01/23^(b)		500,000		507,110
Hemisphere Media Holdings, LLC
(Intermedia Espanol, Inc.) Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 07/30/20^(b)		2,437,329		2,464,749
Intelsat Jackson Holdings S.A.
(Luxembourg) Tranche B-2 Term Loan, (LIBOR + 2.75%, 1.00% Floor), 3.75%, 06/30/19^(b)(c)		4,082,200		3,959,734
Numericable U.S., LLC (France)
Term Loan B-7, (LIBOR + 4.25%, 0.75% Floor), 5.14%, 01/15/24^(b)(c)		3,549,310		3,602,248
SESAC Holdco II, LLC
First Lien Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 02/08/19^(b)		1,896,303		1,901,044
Telecommunications Management, LLC
Second Lien Initial Term Loan, (LIBOR + 8.00%, 1.00% Floor), 9.00%, 10/30/20^(b)(d)		1,065,712		1,037,737
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)		4,159,719		4,211,736

				21,161,536


	Principal Amount ($)		Value ($)
MEDIA: DIVERSIFIED & PRODUCTION - 0.2%
A-L Parent, LLC
Second Lien Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.25%, 12/02/24^(b)(e)		500,000		503,750

METALS & MINING - 0.0%
Magnetation, LLC / Mag Finance Corp.
Term Loan (12.00% PIK), 12.00%, 10/14/16^(d)(f)(h)		1,286,674		—

RETAIL - 9.1%
Academy Ltd.
Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 07/01/22^(b)		2,853,042		2,646,196
Bass Pro Group, LLC
Asset-Sale Term Loan, (LIBOR + 4.75%, 0.75% Floor), 5.72%, 06/08/18^(b)		593,258		593,445
First Lien Term Loan A, (LIBOR + 4.00%, 0.00% Floor), 4.97%, 04/01/22^(b)(e)		1,071,397		1,060,683
Initial Term Loan, (LIBOR + 5.00%, 0.75% Floor), 5.97%, 12/15/23^(b)		728,603		722,749
Belk, Inc.
Closing Date First Lien Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 12/12/22^(b)		323,871		280,418
Charming Charlie, LLC
Initial Term Loan, (LIBOR + 8.00%, 1.00% Floor), 9.00%, 12/24/19^(b)		1,079,338		600,830
David’s Bridal, Inc.
Initial Term Loan, (LIBOR + 4.00%, 1.25% Floor), 5.25%, 10/11/19^(b)		1,500,000		1,330,628
J. Crew Group, Inc.
Initial Term Loan, (LIBOR + 3.00%, 1.00% Floor), 4.00%, 03/05/21^(b)		492,347		282,484
JC Penney Corp., Inc.
2016 Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/23/23^(b)		2,795,750		2,812,636
Jo-Ann Stores, LLC
Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.26%, 10/20/23^(b)		2,758,620		2,784,482
Leslie’s Poolmart, Inc.
First Lien Term Loan B, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/16/23^(b)		715,598		724,993
Mister Car Wash Holdings, Inc.
First Lien Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/20/21^(b)(e)		712,460		715,872

See accompanying Notes to Financial Statements. | 21

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

December 31, 2016


	Principal Amount ($)		Value ($)
Senior Loans^(a) (continued)
RETAIL (continued)
The Neiman Marcus Group, Inc.
Other Term Loan, (LIBOR + 3.25%, 1.00% Floor), 4.25%, 10/25/20^(b)(e)		1,000,000		872,250
Petco Animal Supplies, Inc.
Tranche B-1 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 01/26/23^(b)		1,810,069		1,822,359
Tranche B-2 Term Loan, (LIBOR + 4.25%, 0.00% Floor), 5.14%, 01/26/23^(b)		1,600,806		1,612,644
Sears Roebuck Acceptance Corp.
(KMART Corp.) 2015 Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 06/30/18^(b)		2,493,573		2,398,506
Vince, LLC (Vince Intermediate Holding LLC)
Term Loan B, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 11/27/19^(b)(d)(e)		1,475,639		1,431,369

				22,692,544

SERVICES: BUSINESS - 14.6%
Americold Realty Operating Partnership, L.P.
Initial Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 12/01/22^(b)		3,191,527		3,233,432
Camelot Finance, LP
Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/03/23^(b)		619,145		627,528
Carecore National, LLC
Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 03/05/21^(b)		966,686		953,394
EIG Investors Corp.
Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 02/09/23^(b)		1,100,166		1,093,290
Term Loan, (LIBOR + 5.48%, 1.00% Floor), 6.48%, 11/09/19^(b)		3,859,962		3,846,086
Evergreen Skills Lux S.a.r.l.
First Lien Initial Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.84%, 04/28/21^(b)		884,560		810,757
Second Lien Initial Term Loan,
(LIBOR + 8.25%, 1.00% Floor), 9.34%, 04/28/22^(b)		1,000,000		753,440
Explorer Holdings, Inc.
Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 05/02/23^(b)		3,489,981		3,572,868
GCA Services Group, Inc.
First Lien Term Loan, (Variable + 4.73%, 1.32% Floor), 6.05%, 03/01/23^(b)		1,344,305		1,364,476


	Principal Amount ($)		Value ($)
SERVICES: BUSINESS (continued)
IBC Capital Ltd.
First Lien Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.98%, 09/09/21^(b)(e)		997,462		988,734
Infogroup, Inc.
Term Loan B, (LIBOR + 5.50%, 1.50% Floor), 7.00%, 05/28/18^(b)		1,120,742		1,109,361
Onex Carestream Finance L.P.
First Lien Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 06/07/19^(b)		970,588		945,513
Second Lien Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 12/07/19^(b)		4,000,000		3,300,000
SGS Cayman L.P.
Initial Cayman Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 04/23/21^(b)		423,904		418,340
SMG
Second Lien Term Loan, (LIBOR + 8.25%, 1.13% Floor), 9.38%, 02/27/21^(b)		2,458,634		2,452,488
Solera, LLC (Solera Finance, Inc.)
Dollar Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 03/03/23^(b)		3,310,663		3,360,323
Sutherland Global Services, Inc.
Initial U.S. Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 04/23/21^(b)		1,821,071		1,797,170
U.S. Security Associates Holdings, Inc.
Term Loan B, (LIBOR + 5.00%, 1.00% Floor), 6.00%, 07/14/23^(b)		2,010,229		2,025,306
USS Parent Holding Corp.
Delayed Draw Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 08/11/23^(b)		152,711		153,791
Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 08/11/23^(b)		3,461,456		3,485,981

				36,292,278

SERVICES: CONSUMER - 1.3%
Laureate Education, Inc.
Extended Term Loan Series 2021, (LIBOR + 8.00%, 0.00% Floor), 8.87%, 03/17/21^(b)		994,984		1,000,585
NVA Holdings, Inc.
Second Lien Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.00%, 08/14/22^(b)		2,308,152		2,317,777

				3,318,362

TELECOMMUNICATIONS - 3.2%
Avaya, Inc.
Term Loan B-7, (LIBOR + 5.25%, 1.00% Floor), 6.25%, 05/29/20^(b)		2,147,384		1,873,603

22 | See accompanying Notes to Financial Statements.

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

December 31, 2016


	Principal Amount ($)		Value ($)
Senior Loans^(a) (continued)
TELECOMMUNICATIONS (continued)
Global Tel*Link Corp.
First Lien Term Loan, (LIBOR + 3.75%, 1.25% Floor), 5.00%, 05/23/20^(b)(e)		2,562,849		2,556,454
GTT Communications, Inc.
First Lien Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 12/13/23^(b)(e)		500,000		508,543
Securus Technologies Holdings, Inc.
Second Lien Initial Term Loan, (LIBOR + 7.75%, 1.25% Floor), 9.00%, 04/30/21^(b)		3,000,000		2,927,625

				7,866,225

TRANSPORTATION: CARGO - 1.6%
Carrix, Inc.
Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 01/07/19^(b)(e)		3,881,371		3,849,039

TRANSPORTATION: CONSUMER - 0.7%
Travel Leaders Group, LLC
Tranche B Term Loan, (LIBOR + 6.00%, 1.00% Floor), 7.00%, 12/07/20^(b)		1,687,157		1,684,348

UTILITIES: ELECTRIC - 5.7%
EFS Cogen Holdings I, LLC
Term Loan B, (LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/28/23^(b)(e)		2,864,503		2,893,148
Green Energy Partners
Term Loan B-2, (LIBOR + 5.50%, 1.00% Floor), 6.50%, 11/13/21^(b)(d)(e)		340,909		339,205
Green Energy Partners
(Stonewall, LLC) Term Loan B-1, (LIBOR + 5.50%, 1.00% Floor), 6.50%, 11/13/21^(b)(d)(e)		588,273		585,332
Moxie Patriot, LLC
Construction B-1 Advance, (LIBOR + 5.75%, 1.00% Floor), 6.75%, 12/19/20^(b)		3,001,407		2,986,400
Panda Liberty, LLC
Construction B-1 Advance, (LIBOR + 6.50%, 1.00% Floor), 7.50%, 08/21/20^(b)		1,780,409		1,760,379
Pike Corp.
First Lien Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 12/22/21^(b)		2,097,104		2,110,210
Second Lien Initial Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.50%, 06/22/22^(b)		2,500,000		2,514,588


	Principal Amount ($)		Value ($)
UTILITIES: ELECTRIC (continued)
WG Partners Acquisition, LLC
Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/15/23^(b)(d)		874,431		885,362

				14,074,624


Total Senior Loans (Cost $284,736,810)				281,902,458

Corporate Notes and Bonds - 20.6%^(h)
AUTOMOTIVE - 0.6%
American Tire Distributors, Inc.
10.25%, 03/01/22⁽ⁱ⁾		1,628,000		1,569,929

BANKING, FINANCE, INSURANCE & REAL ESTATE - 1.5%
Crescent Communities, LLC
8.88%, 10/15/21⁽ⁱ⁾		1,000,000		1,012,500
Donnelley Financial Solutions, Inc.
8.25%, 10/15/24⁽ⁱ⁾		2,539,000		2,589,780

				3,602,280

BEVERAGE, FOOD & TOBACCO - 2.1%
Land O’Lakes Capital Trust I
7.45%, 03/15/28⁽ⁱ⁾		4,719,000		5,120,115

CAPITAL EQUIPMENT - 0.6%
Optimas OE Solutions Holding, LLC
8.63%, 06/01/21⁽ⁱ⁾		2,000,000		1,590,000

CHEMICALS, PLASTICS & RUBBER - 1.7%
TPC Group, Inc. (Texas Petrochemical) 8.75%, 12/15/20⁽ⁱ⁾		4,957,000		4,213,450

CONSTRUCTION & BUILDING - 0.9%
GCP Applied Technologies, Inc.
9.50%, 02/01/23⁽ⁱ⁾		1,946,000		2,237,900

CONTAINERS, PACKAGING & GLASS - 0.8%
Reynolds Group Holdings, Inc.
6.88%, 02/15/21		2,000,146		2,058,154

ENERGY: OIL & GAS - 1.4%
Northern Oil and Gas, Inc.
8.00%, 06/01/20		1,519,000		1,268,365
Northern Tier Energy, LLC / Northern Tier
7.13%, 11/15/20		1,804,000		1,882,925
Sidewinder Drilling, Inc.
9.75%, 11/15/19^(g)(i)(j)		6,000,000		405,000

				3,556,290

HEALTHCARE & PHARMACEUTICALS - 1.5%
Team Health Holdings, Inc.
7.25%, 12/15/23⁽ⁱ⁾		1,473,000		1,679,220
Valeant Pharmaceuticals International, Inc. (Canada)
5.38%, 03/15/20^(c)(i)		1,500,000		1,275,000
7.50%, 07/15/21^(c)(i)		1,000,000		851,250

				3,805,470

See accompanying Notes to Financial Statements. | 23

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

December 31, 2016


	Principal Amount ($)		Value ($)
Corporate Notes and Bonds^(h) (continued)
HIGH TECH INDUSTRIES - 1.3%
Riverbed Technology, Inc.
8.88%, 03/01/23⁽ⁱ⁾		2,000,000		2,120,000
RP Crown Parent, LLC
7.38%, 10/15/24⁽ⁱ⁾		1,000,000		1,040,000

				3,160,000

HOTEL, GAMING & LEISURE - 0.5%
Hilton Grand Vacations Borrower, LLC
6.13%, 12/01/24⁽ⁱ⁾		1,100,000		1,148,125

MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.3%
Acosta, Inc.
7.75%, 10/01/22⁽ⁱ⁾		1,000,000		845,000

MEDIA: BROADCASTING & SUBSCRIPTION - 4.5%
Columbus International, Inc.
(Barbados) 7.38%, 03/30/21^(c)(i)		3,285,000		3,508,019
Neptune Finco Corp.
10.13%, 01/15/23⁽ⁱ⁾		317,000		366,927
10.88%, 10/15/25⁽ⁱ⁾		877,000		1,045,823
Radio One, Inc.
7.38%, 04/15/22⁽ⁱ⁾		882,000		877,590
9.25%, 02/15/20⁽ⁱ⁾		2,484,000		2,266,650
SiTV, Inc.
10.38%, 07/01/19⁽ⁱ⁾		3,420,000		2,103,300
WideOpenWest Finance, LLC
10.25%, 07/15/19		1,000,000		1,057,500

				11,225,809

METALS & MINING - 0.0%
Magnetation, LLC / Mag Finance Corp.
11.00%, 05/15/18^(d)(g)(i)(k)		2,937,000		—

RETAIL - 0.5%
Jo-Ann Stores, LLC
8.13%, 03/15/19⁽ⁱ⁾		1,208,000		1,204,980

SERVICES: BUSINESS - 0.5%
Camelot Finance S.A. (Luxembourg)
7.88%, 10/15/24^(c)(i)		1,080,000		1,120,500

SERVICES: CONSUMER - 0.4%
Laureate Education, Inc.
10.00%, 09/01/19⁽ⁱ⁾		1,000,000		1,026,250

TELECOMMUNICATIONS - 1.5%
Altice Financing S.A. (Luxembourg)
7.50%, 05/15/26^(c)(i)		2,743,000		2,859,577
GTT Escrow Corp.
7.88%, 12/31/24⁽ⁱ⁾		788,000		823,618

				3,683,195


Total Corporate Notes and Bonds (Cost $61,474,092)				51,167,447

Principal

Amount ($)

Value ($)

Structured Products - 16.6%^(l)

Anchorage Capital CLO, Ltd. (Cayman Islands)

Series 2015-6A, Class E2,

7.72%, 04/15/27^(c)(i)(m)

4,400,000

4,362,389

Series 2015-7A, Class E2,

7.98%, 10/15/27^(c)(i)(m)

3,000,000

3,008,988

Atlas Senior Loan Fund, Ltd. (Cayman Islands)

Series 2012-1A, Class B3L,

8.41%, 08/15/24^(c)(i)(m)

5,000,000

4,680,705

Carlyle Global Market Strategies CLO, Ltd. (Cayman Islands)

Series 2014-5A, Class E, 6.79%,

10/16/25^(c)(i)(m)

1,000,000

862,708

ECP CLO, Ltd. (Cayman Islands)

Series 2014-6A, Class D2,

7.43%, 07/15/26^(c)(i)(m)

4,000,000

3,620,000

Ivy Hill Middle Market Credit Fund, Ltd. (Cayman Islands)

Series 10A, Class D2, 8.18%,

07/18/27^(c)(i)(m)

2,350,000

2,135,224

JFIN CLO, Ltd. (Cayman Islands)

Series 2013-1I, Class E, 6.88%,

01/20/25^(c)(d)(m)

2,000,000

1,490,200

Series 2015-1A, Class E, 5.96%,

03/15/26^(c)(i)(m)

4,500,000

3,748,950

NXT Capital CLO, LLC

Series 2014-1A, Class E, 6.02%,

04/23/26^(i)(m)

5,000,000

4,262,350

NZCG Funding, Ltd. (Cayman Islands)

Series 2015-2A, Class D, 7.19%,

04/27/27^(c)(i)(m)

1,500,000

1,431,971

OCP CLO, Ltd. (Cayman Islands)

Series 2014-5A, Class E, 6.13%,

04/26/26^(c)(i)(m)

3,000,000

2,262,015

Series 2016-11A, Class D2,

9.88%, 04/26/28^(c)(i)(m)

5,000,000

5,027,710

Teachers Insurance and Annuity Association of America CLO, Ltd. (Cayman Islands)

Series 2016-1A, Class E2,

10.88%, 07/20/28^(c)(i)(m)

2,500,000

2,525,000

TIAA Churchill Middle Market CLO I (Cayman Islands)

Series 2016-1A, Class E2,

8.80%, 10/20/28^(c)(i)(m)

2,000,000

1,911,724

Total Structured Products
(Cost $43,216,047)

41,329,934

24 | See accompanying Notes to Financial Statements.

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

December 31, 2016


	Share Quantity		Value ($)
Common Stocks - 0.0%
BANKING, FINANCE, INSURANCE & REAL ESTATE - 0.0%
Medical Card System, Inc.^(d)(g)		914,981		—
ENERGY: OIL & GAS - 0.0%
Southcross Holdings Borrower, GP LLC^(d)(g)		129		—
Southcross Holdings Borrower, LP, Class A-II^(d)(g)		129		48,375

				48,375


Total Common Stock (Cost $58,051)				48,375

Share

Quantity

Value ($)

Preferred Stock - 1.6%

BANKING, FINANCE, INSURANCE & REAL ESTATE - 1.6%

SquareTwo Financial Corp.
11.63%,^(d)(g)

2,647

—

Watford Holdings, Ltd. (Bermuda) 8.50%,^(c)(d)(i)

160,000

3,854,496

Total Preferred Stock
(Cost $4,906,669)

3,854,496

Total Investments-152.3%

378,302,710

(Cost of $394,391,669) ⁽ⁿ⁾

Other Assets & Liabilities,
Net-3.3%

8,107,259

Loan Outstanding-(55.6)%^(o)(p)

(137,986,188

)

Net Assets -100.0%

248,423,781

See accompanying Notes to Financial Statements. | 25

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

December 31, 2016

^(a)


Borrower	Unfunded Loan Commitments

Mister Car Wash Holdings, Inc.	$	142,857
SquareTwo Financial Corp.		173,034
TCB Holdings III Corp.		116,601
Team Health Holdings, Inc.		2,050,861
USS Parent Holding Corp.		357,219

Total unfunded loan commitments	$	2,840,572

^(b)

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

^(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 and therefore are subject to change.

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

^(g)	Non-income producing asset.

^(h)	Fixed rate 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 December 31, 2016, these securities amounted to $88,594,733, or 35.66% of net assets.

^(j)	The issuer is in default of its payment obligations as of December 15, 2016, as such, income is no longer being accrued.

^(k)	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 of record as of January 6, 2016, which was recorded as a cost basis adjustment.

^(l)

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.

^(m)	Floating rate asset. The interest rate shown reflects the rate in effect at December 31, 2016.

⁽ⁿ⁾	The aggregate cost of securities for federal income tax purposes was $395,477,478. 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:

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

^(p)	Principal $138,000,000 less unamortized deferred financing costs of $13,812.

26 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Apollo Tactical Income Fund Inc.

Statements of Assets and Liabilities

December 31, 2016


	Apollo Senior Floating Rate Fund Inc.				Apollo Tactical Income Fund Inc.
Assets:

Investment securities at fair value (cost $414,769,302 and $394,391,669, respectively)		$	410,947,060			$	378,302,710
Cash and cash equivalents			20,504,763				11,235,672
Interest receivable			2,630,134				3,154,729
Receivable for investment securities sold			13,825,547				16,768,412
Unrealized appreciation on unfunded transactions (Note 9)			8,745				12,206
Prepaid expenses			78,676				78,913


Total assets		$	447,994,925			$	409,552,642


Liabilities:

Borrowings under credit facility (principal $141,000,000 and $138,000,000, respectively, less unamortized deferred financing costs of $518,032 and $13,812, respectively) (Note 8)		$	140,481,968			$	137,986,188
Payable for investment securities purchased			25,072,328				21,906,457
Interest payable			353,683				533,294
Distributions payable to common shareholders			141,498				96,240
Investment advisory fee payable			357,252				326,854
Other payables and accrued expenses due to affiliates			7,466				19,740
Other payables and accrued expenses			252,815				260,088


Total liabilities			166,667,010				161,128,861


Commitments and Contingencies (Note 9)

Net Assets (Applicable to Common Shareholders)		$	281,327,915			$	248,423,781


Net Assets Consist of:

Paid-in capital ($0.001 par value, 999,998,466 and 1,000,000,000 common shares authorized, respectively, and 15,573,061 and 14,464,026 issued and outstanding, respectively) (Note 6)		$	296,701,729			$	275,624,904
Undistributed net investment income			556,680				73,008
Accumulated net realized loss from investments			(12,116,997	)			(11,197,378	)
Net unrealized depreciation on investments and unfunded transactions			(3,813,497	)			(16,076,753	)


Net Assets (Applicable to Common Shareholders)		$	281,327,915			$	248,423,781


Number of Common Shares Outstanding			15,573,061				14,464,026
Net Asset Value, per Common Share		$	18.07			$	17.18

See accompanying Notes to Financial Statements. | 27

Apollo Senior Floating Rate Fund Inc.

Apollo Tactical Income Fund Inc.

Statements of Operations

For the Year Ended December 31, 2016


	Apollo Senior Floating Rate Fund Inc.				Apollo Tactical Income Fund Inc.
Investment Income:

Interest		$	27,772,107			$	29,306,217
Dividends			340,000				340,000


Total investment income			28,112,107				29,646,217


Expenses:

Investment advisory fee (Note 3)			4,143,148				3,740,829
Interest and commitment fee expense (Note 8)			2,580,185				2,365,818
Professional fees			342,509				378,038
Administrative services of the Adviser (Note 3)			544,011				536,903
Fund administration and accounting services (Note 3)			268,170				254,744
Insurance expense			329,424				329,424
Amortization of deferred financing costs (Note 8)			251,641				55,942
Board of Directors fees (Note 3)			127,250				122,250
Other operating expenses			156,774				148,233


Total expenses			8,743,112				7,932,181
Expense reimbursement waived by the Adviser (Note 3)			—				—


Net expenses			8,743,112				7,932,181


Net Investment Income			19,368,995				21,714,036


Net Realized and Unrealized Gain/(Loss) on Investments

Net realized loss on investments			(4,249,370	)			(7,130,897	)
Net change in unrealized appreciation/(depreciation) on investments and unfunded transactions (Note 9)			22,141,583				24,787,359


Net realized and unrealized gain on investments			17,892,213				17,656,462


Net Increase in Net Assets, Applicable to Common Shareholders, Resulting From Operations		$	37,261,208			$	39,370,498

28 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Statements of Changes in Net Assets


	Year Ended December 31, 2016				Year Ended December 31, 2015

Increase/(Decrease) in Net Assets from:

Operations

Net investment income		$	19,368,995			$	18,983,488
Net realized loss on investments			(4,249,370	)			(4,222,202	)
Net change in unrealized appreciation/(depreciation) on investments and unfunded transactions			22,141,583				(17,211,938	)


Net increase/(decrease) in net assets from operations			37,261,208				(2,450,652	)


Distributions to Common Shareholders

From net investment income			(19,371,331	)			(19,103,474	)

Total distributions to common shareholders			(19,371,331	)			(19,103,474	)


Total increase/(decrease) in net assets		$	17,889,877			$	(21,554,126	)

Net Assets Applicable to Common Shares

Beginning of year			263,438,038				284,992,164

End of year		$	281,327,915			$	263,438,038


Undistributed net investment income		$	556,680			$	421,196

See accompanying Notes to Financial Statements. | 29

Apollo Tactical Income F