Edgar Filing: Apollo Tactical Income Fund Inc.

Gross unrealized appreciation

Gross unrealized depreciation

(8,961,083)

Net unrealized depreciation

(2,530,602)

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, 2017

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, 2017

(unaudited)

TABLE OF CONTENTS


Manager Commentary			4
Financial Data
Apollo Senior Floating Rate Fund Inc.			5
Apollo Tactical Income Fund Inc.			6
Schedules 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
Statements 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
Additional Information			50
Important Information About This Report			53

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, 2017

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. Much of this year has represented a continuation of the last as buoyant conditions for the corporate credit markets have persisted against the backdrop of benign fundamentals, and with most of this marked by a lack of volatility. There have been different versions of this largely positive market environment. Substantial demand for floating-rate credit over the first half of the year driven by expectations for higher rates flagged somewhat coming into the summer, as US Treasury yields came off their highest levels of 2017, but overall the US high-yield and leveraged loan markets have seen heavy demand over the first half of this year. The broader themes that have been most impactful on these markets not only in 2017 but over much of 2016 as well include a yield-starved investor base reaching increasingly farther afield and working a broader opportunity set to put capital to work at appropriate rates, and a supply of loans and bonds that has seen sporadic levels of more robust issuance but remains limited, relative to demand, by similarly limited corporate activity in the public markets and a difficult buyout environment for sponsors given lofty valuations for most companies, this despite historically low levels for the cost of acquisition capital. As per the broadly used BofA/Merrill Lynch US High Yield Index and the S&P/LSTA Leveraged Loan Index, the bond and loan markets returned +4.9% and +1.9%, respectively, over the first half of 2017. There have been examples of performance that have been potentially indicative of renewed periods of volatility, including a substantial rally in levels for energy-related loans and bonds in the first two months of the year that faded as commodity levels came under pressure, and a brief period in early June during which floating-rate fund flows turned slightly negative as market yields moved lower. But, for the most part, the broader loan and bond markets have experienced positive total returns in a nearly straight line over the course of the year.

The investing environment over the first half of 2017 was very different than the same period the year before. Wherein the first half of 2016 was marked by limited supply and more limited competition for paper, leading to tighter structures and generally higher pricing by rating than was experienced in the second half of the year and currently, the enormous inflows that open-ended floating-rate funds experienced beginning just after the election and into 2017 coupled with outsized CLO creation has led to a much more competitive dynamic around securing both bonds and loans at attractive rates and within attractive structures. At the same time, while the supply figures that represent market activity have been relatively high, a more nuanced view suggests the benefits of this supply to lenders have been limited and represented the taking advantage of issuer-friendly conditions by opportunistic borrowers. At the end of the second quarter of 2017 leveraged loan new-issue activity stood at $577Bn, which would be the second highest such annual total on record (behind just 2013) and compare to $161Bn in loan issuance over the same period in 2016. However, when you net that figure of repricing and refinancing activity, which in a positive market does not usually represent opportunities for investors to make new investments, that supply number stands at just $141Bn YTD, meaning nearly 76% of 2017’s new loan issuance has been for refinancing or repricing purposes. This kind of situation admittedly makes for more difficult periods for credit investors. The repricing phenomenon the leveraged loan markets have been experiencing essentially since the beginning of 2017 is a function of this heavy demand, limited supply, and a result of prevailing secondary loan prices moving through par. This phenomenon has impacted the Funds as it has impacted all corporate credit investors.

In such market conditions, when demand is overriding supply, our focus for the Funds is primarily on managing the existing portfolio, avoiding crowded situations where this demand is leading to activities on behalf of lenders being forced to put capital to work, and identifying opportunities that may be overlooked by the broader investing community or represent situations that others cannot participate in. Fundamentally, away from industries that are seeing unique competitive pressures due either to continued commodity volatility (Energy, Metals & Mining) or to changes in business models and consumer activities (Retail), we are generally seeing good fundamental performance in the corporate credit markets and in the areas where we invest. While the US leveraged loan default rate ticked up in June by 12 basis points to 1.54%, it stood much closer to the low of the last twelve months (1.41% in February) than the high of 2.17% in July 2016. That said, given where valuations have stretched on the basis of yield, spread and leverage, amongst other measures, we remain focused on positioning the portfolio defensibly where possible and on the fundamentals of the credits where we are invested. With regards to new opportunities, operating outside the consensus view is a particular focus at Apollo, and we believe active managers of funds that are closed to regular periods of inflows can operate more efficiently. As we regularly posit, we would welcome periods of volatility over the latter half of the year that would change the competitive dynamic and create the kinds of investing opportunities that have historically been most attractive to the Funds.

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 | Semi-Annual Report

Apollo Senior Floating Rate Fund Inc.

Financial Data

As of June 30, 2017 (unaudited)


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

Loans		89.8%
High Yield Bonds		9.2%
Equity/Other		1.0%

Portfolio Characteristics ^(a)

Weighted Average Floating-Rate Spread		4.60%
Weighted Average Fixed-Rate Coupon		7.75%
Weighted Average Maturity (in years) (floating assets)		4.95
Weighted Average Maturity (in years) (fixed assets)		5.39
Weighted Average Modified Duration (in years) (fixed assets)		2.80
Average Position Size	$	1,798,267
Number of Positions		240
Weighted Average S&P Rating^(h)		B
Weighted Average Rating Factor (Moody’s)^(h)		2,986

Credit Quality ^(b)

BBB		0.6%
BB		13.0%
B		67.0%
CCC+ or Lower		13.9%
Not Rated		5.5%

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

Services: Business		13.9%
High Tech Industries		11.4%
Healthcare & Pharmaceuticals		11.3%
Telecommunications		7.6%
Banking, Finance, Insurance & Real Estate		7.6%
Total		51.8%


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

Medical Solutions Holdings, Inc.			1.7%
Onex Carestream Finance, L.P.			1.6%
Asurion, LLC			1.6%
EIG Investors Corp.			1.5%
Intelsat Jackson Holdings S.A.			1.5%
William Morris Endeavor Entertainment, LLC			1.4%
NVA Holdings, Inc.			1.4%
Evergreen Skills Lux. S.A.R.L.			1.3%
Scientific Games International, Inc.			1.3%
Securus Technologies Holdings, Inc.			1.3%
Total			14.6%

Performance Comparison

Since

YTD

5 Yr

Inception⁽ⁱ⁾

AFT - Market Price

(0.01

)%^(e)

5.99

%^(e)(f)

4.44%^(e)(f)

AFT - NAV

3.19

%^(e)

7.11

%^(e)(f)

6.35%^(e)(f)

S&P/LSTA Leveraged
Loan Index ^(g)

1.91

4.58

%^(f)

4.14%^(f)

(a)	Averages based on par value of investment securities, except for the weighted average modified duration, which is based on market value.

(b)

Credit quality is calculated as a percentage of fair value of investment securities at June 30, 2017. The quality ratings reflected were issued by S&P Global Ratings (“S&P”), an internationally 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, an internationally 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, 2017.

(i)	Inception date February 23, 2011.

Semi-Annual Report | 5

Apollo Tactical Income Fund Inc.

Financial Data

As of June 30, 2017 (unaudited)


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

Loans		76.7%
High Yield Bonds		12.5%
Structured Products		9.8%
Equity/Other		1.0%

Portfolio Characteristics ^(a)

Weighted Average Floating-Rate Spread		5.15%
Weighted Average Fixed-Rate Coupon		7.38%
Weighted Average Maturity (in years) (floating assets)		5.46
Weighted Average Maturity (in years) (fixed assets)		5.17
Weighted Average Modified Duration (in years) (fixed assets)		2.95
Average Position Size	$	1,767,854
Number of Positions		227
Weighted Average S&P Rating^(h)		B
Weighted Average Rating Factor (Moody’s)^(h)		2,967

Credit Quality ^(b)

BBB		0.6%
BB		13.2%
B		58.8%
CCC+ or Lower		14.3%
Not Rated		13.1%

Top 5 Industries (as % of Current Market Value of
Investment Securities) ^(c)
Services: Business		12.8%
Healthcare & Pharmaceuticals		10.5%
High Tech Industries		10.4%
Telecommunications		6.8%
Retail		6.5%
Total		47.0%


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

Anchorage Capital CLO, Ltd.			1.9%
Medical Solutions Holdings, Inc.			1.8%
Onex Carestream Finance, L.P.			1.7%
EIG Investors Corp.			1.7%
Intelsat Jackson Holdings S.A.			1.6%
JFIN CLO, Ltd.			1.5%
Evergreen Skills Lux. S.A.R.L.			1.5%
Securus Technologies Holdings, Inc.			1.5%
OCP CLO, Ltd.			1.3%
Moss Creek Resources, LLC			1.3%
Total			15.8%


Performance Comparison

			Since
	YTD		Inception⁽ⁱ⁾
AIF - Market Price		9.75%^(e)		4.45%^(e)(f)
AIF - NAV		5.90%^(e)		7.32%^(e)(f)
S&P/LSTA Leveraged Loan Index ^(g)		1.91%		3.84%^(f)

(a)	Averages based on par value of investment securities, except for the weighted average modified duration, which is based on market value.

(b)

Credit quality is calculated as a percentage of fair value of investment securities at June 30, 2017. The quality ratings reflected were issued by S&P, an internationally 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, an internationally recognized statistical rating organization. The Top 5 Industries table above excludes Structured Products which represent 9.8% of the portfolio as of June 30, 2017.

(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, 2017.

(i)	Inception date February 25, 2013.

6 | Semi-Annual Report

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments

June 30, 2017 (unaudited)


	Principal Amount ($)		Value ($)
Senior Loans - 133.7%^(a)
AEROSPACE & DEFENSE - 4.0%
DAE Aviation Holdings, Inc. Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.98%, 07/07/22^(b)		3,697,115		3,732,238
ENGILITY Corp.
Term Loan B-1, (LIBOR + 3.25%, 0.00% Floor), 4.48%, 08/12/20^(b)		908,613		916,223
PAE Holding Corp.
First Lien Initial Term Loan, (LIBOR + 5.50%, 1.00% Floor), 6.73%, 10/20/22^(b)(c)		1,997,742		2,013,974
Second Lien Initial Term Loan, (LIBOR + 9.50%, 1.00% Floor), 10.73%, 10/20/23^(b)		1,404,834		1,415,370
Photonis Technologies SAS (France) First Lien Initial Dollar Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.70%, 09/18/19^(b)(d)		1,887,413		1,731,701
Sequa Mezzanine Holdings, LLC First Lien Initial Term Loan, (LIBOR + 5.50%, 1.00% Floor), 6.67%, 11/28/21^(b)		1,403,670		1,414,198

				11,223,704

AUTOMOTIVE - 3.2%
American Tire Distributors, Inc. Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.48%, 09/01/21^(b)		2,854,180		2,872,918
AP Exhaust Acquisition, LLC First Lien Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.18%, 05/10/24^(b)(e)		2,056,338		2,025,493
CH Hold Corp. Second Lien Initial Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.48%, 02/03/25^(b)(c)		500,000		514,063
Innovative XCessories & Services, LLC Term Loan, (LIBOR + 4.75%, 1.00% Floor), 6.04%, 11/29/22^(b)		1,293,579		1,304,898
U.S. Farathane, LLC Term Loan B-3, (LIBOR + 4.00%, 1.00% Floor), 5.30%, 12/23/21^(b)		2,232,994		2,260,906

				8,978,278

BANKING, FINANCE, INSURANCE & REAL ESTATE - 9.0%
Amwins Group, LLC Second Lien Term Loan, (LIBOR + 6.75%, 1.00% Floor), 7.98%, 01/25/25^(b)		342,857		350,571
AqGen Ascensus, Inc. Replacement Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.30%, 12/05/22^(b)		2,719,645		2,753,640


	Principal Amount ($)		Value ($)
BANKING, FINANCE, INSURANCE & REAL ESTATE (continued)
Asurion, LLC Replacement B-5 Term Loan, (LIBOR + 3.00%, 0.00% Floor), 4.23%, 11/03/23^(b)		5,105,913		5,141,016
Second Lien Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.73%, 03/03/21^(b)		1,399,109		1,407,853
Capital Automotive L.P. Tranche B Term Loan, (LIBOR + 6.00%, 1.00% Floor), 7.22%, 03/24/25^(b)		1,590,909		1,620,739
CRCI Holdings, Inc. Initial Term Loan, (LIBOR + 5.50%, 1.00% Floor), 6.80%, 08/31/23^(b)		2,110,164		2,125,991
Donnelley Financial Solutions, Inc. Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.08%, 09/29/23^(b)		662,857		670,172
iStar, Inc. First Lien Term Loan B, (LIBOR + 3.75%, 1.00% Floor), 4.90%, 07/01/20^(b)		1,387,918		1,400,062
Medical Card System, Inc. Term Loan, (LIBOR + 0.50%, 1.00% Floor), 1.50%, 05/31/19^(b)(e)		5,323,315		4,203,806
MMM Holdings, Inc. Term Loan, (LIBOR + 8.75%, 1.50% Floor), 10.25%, 06/30/19^(b)(e)		516,620		512,745
MPH Acquisition Holdings, LLC Tranche B Term Loan, (LIBOR + 3.00%, 1.00% Floor), 4.30%, 06/07/23^(b)		1,932,314		1,935,029
MSO of Puerto Rico, Inc. Term Loan, (LIBOR + 8.75%, 1.50% Floor), 10.25%, 06/30/19^(b)(e)		375,580		372,763
National Financial Partners Corp. Term Loan B, (LIBOR + 3.50%, 1.00% Floor), 4.80%, 01/08/24^(b)(c)		1,304,370		1,309,464
SG Acquisition, Inc. Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.30%, 03/29/24^(b)		1,409,318		1,400,510

				25,204,361

BEVERAGE, FOOD & TOBACCO - 2.8%
Arctic Glacier Group Holdings, Inc. Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.48%, 03/20/24^(b)		498,750		504,984
The Chef’s Warehouse, Inc. Term Loan, (LIBOR + 5.75%, 1.00% Floor), 6.98%, 06/22/22^(b)		1,082,448		1,097,332

See accompanying Notes to Financial Statements. | 7

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

June 30, 2017 (unaudited)


	Principal Amount ($)		Value ($)
Senior Loans^(a)(continued)
BEVERAGE, FOOD & TOBACCO (continued)
Constellation Brands Canada, Inc. (Canada) First Lien Initial Tranche B-1 Term Loan, (LIBOR + 3.75%, 1.00% Floor), 5.00%, 12/15/23^(b)(d)		497,500		501,853
PFS Holding Corp. First Lien Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.73%, 01/31/21^(b)		3,369,898		3,178,926
Winebow Holdings, Inc. (The Vintner Group, Inc.) First Lien Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.98%, 07/01/21^(b)		560,823		552,762
Second Lien Initial Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.73%, 01/02/22^(b)		2,260,897		2,113,939

				7,949,796

CAPITAL EQUIPMENT - 1.2%
MTS Systems Corp. Tranche B Term Loan, (LIBOR + 4.25%, 0.75% Floor), 5.33%, 07/05/23^(b)		3,308,333		3,341,416

CHEMICALS, PLASTICS & RUBBER - 3.8%
ASP Chromaflo Intermediate Holdings, Inc. Initial Tranche B-1 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.23%, 11/20/23^(b)		327,826		329,979
Initial Tranche B-2 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.23%, 11/20/23^(b)		426,279		429,078
Avantor Performance Materials Holdings, LLC First Lien Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.23%, 03/11/24^(b)		1,445,434		1,450,255
Second Lien Initial Term Loan, (LIBOR + 8.25%, 1.00% Floor), 9.48%, 03/10/25^(b)		977,528		992,802
Ineos Styrolution US Holding, LLC 2024 Dollar Term Loan, (LIBOR + 2.75%, 0.00% Floor), 4.05%, 03/29/24^(b)		1,394,344		1,405,673
KMG Chemicals, Inc. Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.75%, 06/15/24^(b)(c)		565,657		572,383
MacDermid, Inc. Tranche B-5 Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.73%, 06/07/20^(b)		655,049		658,186
Tranche B-6 Term Loan, (LIBOR + 3.00%, 1.00% Floor), 4.23%, 06/07/23^(b)		613,752		615,593


	Principal Amount ($)		Value ($)
CHEMICALS, PLASTICS & RUBBER (continued)
Nexeo Solutions, LLC Term Loan B, (LIBOR + 3.75%, 0.00% Floor), 4.92%, 06/09/23^(b)		1,065,600		1,075,813
Niacet Corporation First Lien Initial Dollar Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.80%, 02/01/24^(b)(e)		712,499		711,609
PetroChoice Holdings, Inc. First Lien Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.12%, 08/19/22^(b)		997,275		1,006,001
PQ Corp. Tranche B-1 Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.48%, 11/04/22^(b)		1,318,258		1,334,077

				10,581,449

CONSTRUCTION & BUILDING - 4.2%
Associated Asphalt Partners, LLC Tranche B Term Loan, (LIBOR + 5.25%, 1.00% Floor), 6.48%, 04/05/24^(b)		505,051		513,258
Henry Company, LLC Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.73%, 10/05/23^(b)		871,298		885,186
Infiltrator Water Technologies, LLC First Lien Term Loan B-1, (LIBOR + 3.50%, 1.00% Floor), 4.80%, 05/27/22^(b)		4,815,058		4,851,171
IPS Structural Adhesives Holdings, Inc. First Lien Initial Term Loan, (LIBOR + 5.25%, 1.00% Floor), 6.47%, 12/20/23^(b)		1,739,973		1,748,673
Morsco, Inc. Initial Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.23%, 10/31/23^(b)		1,927,009		1,949,893
Terra Millenium Corp. First Out Term Loan, (LIBOR + 6.25%, 1.00% Floor), 7.50%, 10/31/22^(b)(e)		1,975,000		1,984,875

				11,933,056

CONSUMER GOODS: DURABLE - 0.7%
Serta Simmons Holdings, LLC First Lien Initial Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.59%, 11/08/23^(b)(c)		2,000,000		2,001,260

CONSUMER GOODS: NON-DURABLE - 5.4%
ABG Intermediate Holdings 2, LLC Term Loan B-1, (LIBOR + 4.00%, 1.00% Floor), 5.30%, 05/27/21^(b)		4,810,442		4,843,514
LTI Holdings, Inc. First Lien Initial Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.92%, 05/16/24^(b)(c)		4,057,954		4,029,629

8 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

June 30, 2017 (unaudited)


	Principal Amount ($)		Value ($)
Senior Loans^(a)(continued)
CONSUMER GOODS: NON-DURABLE (continued)
Parfums Holding Co., Inc. First Lien Term Loan B, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 06/28/24^(b)(c)		1,614,776		1,608,721
Second Lien Term Loan, (LIBOR + 8.75%, 1.00% Floor), 9.75%, 06/29/25^(b)(c)		1,000,000		980,000
Revlon Consumer Products Corp. Initial Term Loan B, (LIBOR + 3.50%, 0.75% Floor), 4.73%, 09/07/23^(b)		3,899,841		3,649,277

				15,111,141

CONTAINERS, PACKAGING & GLASS - 3.4%
Anchor Glass Container Corp. Second Lien Term Loan, (LIBOR + 7.75%, 1.00% Floor), 8.81%, 12/07/24^(b)		2,291,667		2,337,500
Flex Acquisition Co, Inc. First Lien Term Loan, (LIBOR + 3.25%, 1.00% Floor), 4.40%, 12/29/23^(b)		1,650,320		1,656,855
Hoover Group, Inc. First Lien Initial Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.42%, 01/28/21^(b)(e)		1,461,926		1,344,972
Pkc Holding Corp. First Lien Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.68%, 05/08/24^(b)		820,513		823,081
Sprint Industrial Holdings, LLC First Lien Term Loan, (LIBOR + 5.75%, 1.25% Floor), 7.05%, 05/14/19^(b)(e)		2,566,011		2,219,600
TCB Holdings III Corp. First Lien Closing Date Term Loan, (LIBOR + 3.75%, 1.00% Floor), 5.05%, 11/30/23^(b)		1,160,178		1,171,960

				9,553,968

ENERGY: OIL & GAS - 4.1%
American Energy - Marcellus, LLC First Lien Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.34%, 08/04/20^(b)(f)(g)		2,561,807		1,650,226
Azure Midstream Energy, LLC Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.73%, 11/15/18^(b)		448,205		422,808
Drillships Financing Holding, Inc. Tranche B-1 Term Loan, (Prime + 4.00%, 1.00% Floor), 8.00%, 03/31/21^(b)(g)(h)		989,744		642,096
EMG Utica, LLC Term Loan, (LIBOR + 3.75%, 1.00% Floor), 5.19%, 03/27/20^(b)		559,230		560,804


	Principal Amount ($)		Value ($)
ENERGY: OIL & GAS (continued)
HGIM Corp. Senior Secured Term Loan A, (LIBOR + 4.25%, 1.00% Floor), 5.50%, 06/18/18^(b)		2,677,236		1,479,173
Moss Creek Resources, LLC Initial Term Loan, (LIBOR + 8.00%, 1.50% Floor), 9.50%, 04/07/22^(b)(e)		5,000,000		4,950,000
Sheridan Investment Partners I, LLC Deferred Principal Facility I, 10/01/19^(e)(g)		4,749		2,850
Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.73%, 10/01/19^(b)		1,639,593		1,389,555
Sheridan Production Partners I-A L.P. Deferred Principal Facility I-A, 10/01/19^(e)(g)		629		378
Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.73%, 10/01/19^(b)		217,260		184,127
Sheridan Production Partners I-M L.P. Deferred Principal Facility I-M, 10/01/19^(e)(g)		384		231
Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.73%, 10/01/19^(b)		132,703		112,466
Southcross Holdings Borrower, LP Tranche B Term Loan (5.5% PIK), 9.00%, 04/13/23^(i)(j)		121,640		107,652

				11,502,366

ENVIRONMENTAL INDUSTRIES - 1.0%
Emerald 2, Ltd. (United Kingdom) Facility B-1 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.30%, 05/14/21^(b)(c)(d)		2,809,998		2,669,499
HEALTHCARE & PHARMACEUTICALS - 15.5%
Alvogen Pharma US, Inc. First Lien Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.23%, 04/01/22^(b)		2,154,418		2,124,795
Bioclinica, Inc. First Lien Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.38%, 10/20/23^(b)		1,779,736		1,748,039
CT Technologies Intermediate Hldgs, Inc. Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.48%, 12/01/21^(b)		398,411		397,913
Endo Luxembourg Finance I Co. S.A.R.L Initial Term Loan, (LIBOR + 4.25%, 0.75% Floor), 5.50%, 04/29/24^(b)		4,598,802		4,649,113

See accompanying Notes to Financial Statements. | 9

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

June 30, 2017 (unaudited)


	Principal Amount ($)		Value ($)
Senior Loans^(a)(continued)
HEALTHCARE & PHARMACEUTICALS (continued)
Equian, LLC Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.93%, 05/20/24^(b)		667,379		673,429
ExamWorks Group, Inc. Term Loan B-1, (LIBOR + 3.25%, 1.00% Floor), 4.48%, 07/27/23^(b)		1,477,575		1,485,894
HCR Healthcare, LLC Initial Term Loan, (Prime + 4.50%, 1.50% Floor), 8.75%, 04/06/18^(b)(k)		3,456,101		3,326,497
Lanai Holdings II, Inc. First Lien Initial Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.98%, 08/29/22^(b)		2,231,706		2,187,072
Lanai Holdings III, Inc. Second Lien Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.73%, 08/28/23^(b)		869,565		852,174
Lantheus Medical Imaging, Inc. Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.73%, 06/30/22^(b)		1,048,732		1,054,410
Medical Solutions Holdings, Inc. First Lien Closing Date Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/14/24^(b)(c)		5,109,170		5,121,943
Second Lien Closing Date Loan, (LIBOR + 8.25%, 1.00% Floor), 9.25%, 06/16/25^(b)(c)		2,000,000		1,990,000
Nmsc Holdings, Inc. Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.30%, 04/19/23^(b)		561,524		562,928
Opal Acquisition, Inc. First Lien Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.24%, 11/27/20^(b)		4,986,071		4,640,187
Premier Dental Services, Inc. Term Loan, (LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/22/23^(b)(c)		878,661		876,464
Press Ganey Holdings, Inc. Second Lien Initial Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.48%, 10/21/24^(b)		1,250,000		1,281,250
Quorum Health Corp. Term Loan, (LIBOR + 6.75%, 1.00% Floor), 7.98%, 04/29/22^(b)(c)		2,718,750		2,737,618
Select Medical Corp. Tranche B Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.65%, 03/06/24^(b)		1,484,000		1,497,927
Surgery Center Holdings, Inc. First Lien Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.83%, 11/03/20^(b)		2,482,870		2,497,618


	Principal Amount ($)		Value ($)
HEALTHCARE & PHARMACEUTICALS (continued)
Tecomet, Inc. Closing Date Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.92%, 05/01/24^(b)		500,000		500,625
U.S. Renal Care, Inc. First Lien Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.55%, 12/30/22^(b)		1,994,937		1,934,460
Valeant Pharmaceuticals International, Inc. (Canada) Tranche Term Loan B, Series F-1, (LIBOR + 4.75%, 0.75% Floor), 5.83%, 04/01/22^(b)(c)(d)		1,352,371		1,372,305

				43,512,661

HIGH TECH INDUSTRIES - 16.2%
Almonde, Inc. First Lien Dollar Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.74%, 06/13/24^(b)		3,371,648		3,376,048
Second Lien Dollar Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.25%, 06/13/25^(b)(c)		500,000		510,580
Aptean, Inc. First Lien Term Loan B, (LIBOR + 4.25%, 1.00% Floor), 5.50%, 12/20/22^(b)(c)		2,155,910		2,167,368
Second Lien Initial Term Loan, (LIBOR + 9.50%, 1.00% Floor), 10.80%, 12/20/23^(b)		763,810		766,201
Aricent Technologies (Cayman Islands) First Lien Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.64%, 04/14/21^(b)(d)		3,482,398		3,497,651
Second Lien Initial Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.64%, 04/14/22^(b)(c)(d)		1,391,828		1,401,689
Aspect Software, Inc. First Lien Exit Term Loan, (LIBOR + 10.00%, 1.00% Floor), 11.22%, 05/25/20^(b)		1,050,834		1,044,923
Cortes NP Acquisition Corp. Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.23%, 11/30/23^(b)		4,838,362		4,865,578
Flexera Software, LLC Second Lien Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.30%, 04/02/21^(b)		2,987,571		2,982,581
Integrated Device Technology, Inc. Initial Term Loan B, (LIBOR + 3.00%, 0.00% Floor), 4.23%, 04/04/24^(b)(e)		778,537		783,403
Kronos Incorporated Refi Initial Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.56%, 11/01/23^(b)		1,117,200		1,126,121

10 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

June 30, 2017 (unaudited)


	Principal Amount ($)		Value ($)
Senior Loans^(a) (continued)
HIGH TECH INDUSTRIES (continued)
LANDesk Software Group, Inc.
First Lien Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.48%, 01/20/24^(b)		1,312,917		1,308,269
Lanyon Solutions, Inc.
First Lien Term Loan B, (LIBOR + 5.00%, 1.00% Floor), 6.23%, 11/13/20^(b)		1,941,917		1,966,191
MA FinanceCo., LLC
Tranche B3 Term Loan, (LIBOR + 2.75%, 0.00% Floor), 2.75%, 06/21/24^(b)(c)		264,223		265,015
Riverbed Technology, Inc.
First Amendment Term Loan, (LIBOR + 3.25%, 1.00% Floor), 4.48%, 04/24/22^(b)		2,000,000		1,974,000
Seattle SpinCo, Inc.
Term Loan, (LIBOR + 2.75%, 0.00% Floor), 2.75%, 06/21/24^(b)(c)		1,784,360		1,789,713
Sophia, L.P.
Term Loan B, (LIBOR + 3.25%, 1.00% Floor), 4.55%, 09/30/22^(b)		1,883,968		1,881,613
Synchronoss Technologies, Inc.
Initial Term Loan, (LIBOR + 2.75%, 0.00% Floor), 4.08%, 01/19/24^(b)(c)		2,826,250		2,781,736
TIBCO Software, Inc.
Term Loan B, (LIBOR + 4.50%, 1.00% Floor), 5.73%, 12/04/20^(b)		3,483,256		3,506,890
Triple Point Group Holdings, Inc.
First Lien Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.55%, 07/10/20^(b)(c)		3,087,836		2,912,231
Vision Solutions, Inc.
Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.75%, 06/16/22^(b)		3,465,152		3,469,483
Western Digital Corp.
Term Loan B-2, (LIBOR + 2.75%, 0.75% Floor), 3.98%, 04/29/23^(b)		1,365,392		1,373,502

				45,750,786

HOTEL, GAMING & LEISURE - 4.5%
Delta 2 (Lux) S.a.r.l. (Luxembourg)
New Facility B-3 Term Loan (USD), (LIBOR + 3.25%, 1.00% Floor), 4.50%, 02/01/24^(b)(d)		2,544,927		2,549,698
Equinox Holdings, Inc.
First Lien Initial Term Loan, (LIBOR + 3.25%, 1.00% Floor), 4.48%, 03/08/24^(b)		1,600,025		1,609,281
Second Lien Initial Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.23%, 09/06/24^(b)		272,109		277,977
Everi Payments, Inc.
Term Loan B, (LIBOR + 4.50%, 1.00% Floor), 5.75%, 05/09/24^(b)		1,677,565		1,691,464


	Principal Amount ($)		Value ($)
HOTEL, GAMING & LEISURE (continued)
The Intertain Group, Ltd. (Canada)
Initial Term Loan B, (LIBOR + 6.50%, 1.00% Floor), 7.80%, 04/08/22^(b)(d)		664,574		672,882
Mohegan Tribal Gaming Authority
Term Loan A, (LIBOR + 3.75%, 0.00% Floor), 4.98%, 10/13/21^(b)		2,312,500		2,330,329
Scientific Games International, Inc.
Term Loan B-3, (LIBOR + 4.00%, 0.75% Floor), 5.11%, 10/01/21^(b)		3,600,500		3,640,268

				12,771,899

MEDIA: ADVERTISING, PRINTING & PUBLISHING - 2.3%
Acosta Holdco, Inc.
Tranche B-1 Loan, (LIBOR + 3.25%, 1.00% Floor), 4.48%, 09/26/21^(b)		992,251		894,018
ALM Media, LLC
First Lien Term Loan B, (LIBOR + 4.50%, 1.00% Floor), 5.80%, 07/31/20^(b)		3,034,928		2,822,483
F & W Media, Inc.
Term Loan B-1, (LIBOR + 6.50%, 1.50% Floor), 8.00%, 05/24/22^(b)(e)		337,174		337,174
Term Loan B-2 (10.00% PIK), (LIBOR + 11.50%, 1.50% Floor), 13.00%, 05/24/22^(b)(e)(j)		790,869		790,869
Information Resources, Inc.
First Lien Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.47%, 01/18/24^(b)		1,500,038		1,507,770

				6,352,314

MEDIA: BROADCASTING & SUBSCRIPTION - 6.3%
Beasley Broadcast Group, Inc.
Initial Term Loan, (LIBOR + 6.00%, 1.00% Floor), 7.23%, 11/01/23^(b)		731,367		741,197
CBS Radio, Inc.
Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.72%, 10/17/23^(b)		1,395,901		1,401,136
Term Loan B-1, (LIBOR + 2.75%, 0.00% Floor), 2.75%, 10/17/23^(b)(c)		790,419		795,114
Emmis Operating Co.
Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.15%, 04/18/19^(b)		1,214,628		1,202,481
Hemisphere Media Holdings, LLC
Term Loan B-1, (LIBOR + 3.50%, 0.00% Floor), 4.73%, 02/14/24^(b)		2,425,143		2,429,690
SESAC Holdco II, LLC
Second Lien Initial Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.37%, 02/24/25^(b)		868,956		870,585
Univision Communications, Inc.
2017 Replacement Term Loan, (LIBOR + 2.75%, 1.00% Floor), 3.98%, 03/15/24^(b)		997,311		979,439

See accompanying Notes to Financial Statements. | 11

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

June 30, 2017 (unaudited)


	Principal Amount ($)		Value ($)
Senior Loans^(a)(continued)
MEDIA: BROADCASTING & SUBSCRIPTION (continued)
Urban One, Inc. Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.08%, 04/18/23^(b)		3,582,993		3,547,163
William Morris Endeavor Entertainment, LLC Term Loan B, (LIBOR + 3.25%, 1.00% Floor), 4.48%, 05/06/21^(b)		5,779,026		5,809,742

				17,776,547

MEDIA: DIVERSIFIED & PRODUCTION - 0.8%
A-L Parent, LLC First Lien Initial Term Loan, (LIBOR + 3.25%, 1.00% Floor), 4.48%, 12/01/23^(b)		1,164,290		1,171,567
Second Lien Initial Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.48%, 12/02/24^(b)		500,000		502,500
DHX Media Ltd. (Canada) Term Loan, (LIBOR + 3.75%, 1.00% Floor), 5.00%, 12/29/23^(b)(c)(d)		603,175		606,381

				2,280,448

METALS & MINING - 0.0%
Magnetation, LLC / Mag Finance Corp. DIP Term Loan, 12.00%, 10/14/16^(e)(g)(i)		245,303		—


RETAIL - 8.6%
Academy Ltd. Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.20%, 07/01/22^(b)(c)		3,275,077		2,554,560
Charming Charlie, LLC Initial Term Loan, (LIBOR + 8.00%, 1.00% Floor), 9.29%, 12/24/19^(b)		3,581,633		1,832,596
David’s Bridal, Inc. Initial Term Loan, (LIBOR + 4.00%, 1.25% Floor), 5.30%, 10/11/19^(b)		1,497,599		1,140,676
J. Crew Group, Inc. Initial Term Loan, (LIBOR + 3.00%, 1.00% Floor), 4.25%, 03/05/21^(b)		489,822		295,524
JC Penney Corp., Inc. Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.45%, 06/23/23^(b)		3,718,000		3,674,443
Jo-Ann Stores, LLC Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.39%, 10/20/23^(b)		1,987,506		1,982,120


	Principal Amount ($)		Value ($)
RETAIL (continued)
Leslie’s Poolmart, Inc. Tranche B-1 Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.87%, 08/16/23^(b)		712,011		715,350
Mister Car Wash Holdings, Inc. Term Loan, (LIBOR + 3.75%, 1.00% Floor), 5.00%, 08/20/21^(b)(c)		1,270,904		1,276,731
The Neiman Marcus Group, Inc. Other Term Loan, (LIBOR + 3.25%, 1.00% Floor), 4.34%, 10/25/20^(b)		2,487,147		1,877,796
Petco Animal Supplies, Inc. Second Amendment Term Loan, (LIBOR + 3.00%, 1.00% Floor), 4.17%, 01/26/23^(b)(c)		3,532,901		3,200,808
Sears Roebuck Acceptance Corp. (KMART Corp.) Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.72%, 06/30/18^(b)(c)		3,892,933		3,842,656
Vince, LLC (Vince Intermediate Holding LLC) Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.18%, 11/27/19^(b)(e)		2,103,817		1,914,473

				24,307,733

SERVICES: BUSINESS - 19.5%
Americold Realty Operating Partnership, L.P. Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.98%, 12/01/22^(b)		3,597,003		3,653,206
Camelot Finance LP New Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.73%, 10/03/23^(b)		2,601,074		2,619,893
Carecore National, LLC Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.23%, 03/05/21^(b)		2,348,403		2,377,758
Cypress Intermediate Holdings III, Inc. Second Lien Initial Term Loan, (LIBOR + 6.75%, 1.00% Floor), 7.98%, 04/28/25^(b)		570,851		586,549
EIG Investors Corp. Refinancing Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.24%, 02/09/23^(b)		4,216,345		4,234,349
Electro Rent Corp. First Lien Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.23%, 01/31/24^(b)		2,108,453		2,125,594

12 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

June 30, 2017 (unaudited)


	Principal Amount ($)		Value ($)
Senior Loans^(a) (continued)
SERVICES: BUSINESS (continued)
Evergreen Skills Lux S.A.R.L. (Luxembourg) First Lien Initial Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.98%, 04/28/21^(b)(d)		5,086,311		4,820,195
Second Lien Initial Term Loan, (LIBOR + 8.25%, 1.00% Floor), 9.48%, 04/28/22^(b)(d)		999,917		832,076
Explorer Holdings, Inc. First Lien Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.17%, 05/02/23^(b)		3,472,444		3,510,432
Garda World Security Corp. (Canada) Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.23%, 05/24/24^(b)(c)(d)		1,112,174		1,121,210
GCA Services Group, Inc. First Lien Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.95%, 03/01/23^(b)		1,337,478		1,344,860
IBC Capital Ltd. First Lien Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.98%, 09/09/21^(b)		2,992,347		2,952,444
Onex Carestream Finance L.P. First Lien Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.27%, 06/07/19^(b)		3,722,687		3,707,182
Second Lien Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.80%, 12/07/19^(b)		2,915,389		2,864,369
Packers Holdings, LLC Initial Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.55%, 12/02/21^(b)		1,170,536		1,176,389
SGS Cayman L.P. Initial Cayman Term Loan, (LIBOR + 5.37%, 1.00% Floor), 6.67%, 04/23/21^(b)(c)		681,749		649,366
SMG First Lien Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.84%, 02/27/20^(b)		2,286,535		2,295,830
Solera Holdings, Inc. Dollar Term Loan, (LIBOR + 3.25%, 1.00% Floor), 4.48%, 03/03/23^(b)		4,204,207		4,223,399
Sutherland Global Services, Inc. Initial U.S. Term Loan, (LIBOR + 5.37%, 1.00% Floor), 6.67%, 04/23/21^(b)(c)		2,928,762		2,789,646
Tempo Acquisition, LLC Initial Term Loan, (LIBOR + 3.00%, 0.00% Floor), 4.06%, 05/01/24^(b)		1,211,618		1,215,877


	Principal Amount ($)		Value ($)
SERVICES: BUSINESS (continued)
U.S. Security Associates Holdings, Inc. Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.30%, 07/14/23^(b)		2,000,152		2,025,154
USS Parent Holding Corp. Delayed Draw Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 08/11/23^(b)(c)		365,000		367,054
Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.71%, 08/11/23^(b)		3,444,106		3,463,479

				54,956,311

SERVICES: CONSUMER - 3.3%
Laureate Education, Inc. Series 2024 Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.73%, 04/26/24^(b)(c)		3,604,638		3,629,420
NVA Holdings, Inc. First Lien Term Loan B2, (LIBOR + 3.50%, 1.00% Floor), 4.80%, 08/14/21^(b)		3,052,162		3,073,146
Second Lien Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.30%, 08/14/22^(b)		2,637,888		2,667,564

				9,370,130

TELECOMMUNICATIONS - 7.8%
CenturyLink, Inc. Initial Term Loan B, (LIBOR + 2.75%, 0.00% Floor), 1.38%, 01/31/25^(b)		1,165,227		1,153,656
CPI International, Inc. Term Loan B, (LIBOR + 3.25%, 1.00% Floor), 4.48%, 04/07/21^(b)		731,554		734,298
Digicel International Finance Ltd. (Saint Lucia) First Lien Initial Term Loan B, (LIBOR + 3.75%, 1.00% Floor), 4.94%, 05/27/24^(b)(d)		884,562		891,612
Global Tel*Link Corp. First Lien Term Loan, (LIBOR + 3.75%, 1.25% Floor), 5.05%, 05/23/20^(b)		5,298,859		5,310,993
GTT Communications, Inc. Initial Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.25%, 01/09/24^(b)		497,500		500,301
Hargray Communications Group, Inc. Initial Term Loan, (LIBOR + 3.00%, 1.00% Floor), 4.23%, 05/16/24^(b)		1,062,087		1,064,742
Intelsat Jackson Holdings S.A. (Luxembourg) Tranche B-2 Term Loan, (LIBOR + 2.75%, 1.00% Floor), 4.00%, 06/30/19^(b)(d)		2,000,000		1,985,940

See accompanying Notes to Financial Statements. | 13

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

June 30, 2017 (unaudited)


	Principal Amount ($)		Value ($)
Senior Loans^(a)(continued)
TELECOMMUNICATIONS (continued)
Securus Technologies Holdings, Inc. First Lien, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 06/20/24^(b)(c)		2,123,636		2,124,528
Second Lien Initial Term Loan, (LIBOR + 7.75%, 1.25% Floor), 9.00%, 04/30/21^(b)		2,800,000		2,818,676
Second Lien Term Loan, (LIBOR + 8.25%, 1.00% Floor), 9.25%, 06/20/25^(b)(c)		549,280		553,056
TierPoint, LLC First Lien Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.98%, 05/06/24^(b)(c)		2,448,082		2,454,202
U.S. TelePacific Corp. Advance Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.23%, 05/02/23^(b)		2,439,024		2,414,939

				22,006,943

TRANSPORTATION: CARGO - 1.3%
Carrix, Inc. Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.73%, 01/07/19^(b)		3,791,040		3,762,607

TRANSPORTATION: CONSUMER - 0.4%
Travel Leaders Group, LLC Term Loan, (LIBOR + 5.25%, 0.00% Floor), 6.48%, 01/25/24^(b)		1,197,000		1,203,733

UTILITIES: ELECTRIC - 4.4%
EFS Cogen Holdings I, LLC Advance Term Loan B, (LIBOR + 3.50%, 1.00% Floor), 4.80%, 06/28/23^(b)		1,301,785		1,309,224
Green Energy Partners Advance Conversion Term B-1, (LIBOR + 5.50%, 1.00% Floor), 6.80%, 11/13/21^(b)		806,259		749,821
Construction B-2 Facility, (LIBOR + 5.50%, 1.00% Floor), 6.80%, 11/13/21^(b)(e)		340,909		317,045
Helix Gen Funding, LLC Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.96%, 06/03/24^(b)		1,227,369		1,236,359
Moxie Patriot, LLC Construction B-1 Facility, (LIBOR + 5.75%, 1.00% Floor), 7.05%, 12/19/20^(b)		2,768,924		2,557,793
Panda Liberty, LLC Construction B-1 Facility, (LIBOR + 6.50%, 1.00% Floor), 7.80%, 08/21/20^(b)		1,923,827		1,783,157


	Principal Amount ($)		Value ($)
UTILITIES: ELECTRIC (continued)
Pike Corp. First Lien Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.98%, 03/08/24^(b)		689,371		699,281
Second Lien Term Loan, (LIBOR + 8.00%, 1.00% Floor), 9.23%, 09/10/24^(b)(e)		955,430		972,150
Vistra Operations Company, LLC Initial Term Loan, (LIBOR + 2.75%, 0.75% Floor), 3.98%, 08/04/23^(b)		1,623,734		1,611,564
Initial Term Loan C, (LIBOR + 2.75%, 0.75% Floor), 3.79%, 08/04/23^(b)		372,186		369,397
WG Partners Acquisition, LLC Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.30%, 11/15/23^(b)(e)		859,691		861,840

				12,467,631

Total Senior Loans (Cost $380,955,614)				376,570,037


Corporate Notes and Bonds - 13.8%⁽ⁱ⁾
BANKING, FINANCE, INSURANCE & REAL ESTATE - 1.0%
Donnelley Financial Solutions, Inc. 8.25%, 10/15/24		2,476,000		2,630,750

CONTAINERS, PACKAGING & GLASS - 0.7%
Reynolds Group Holdings, Inc. 6.88%, 02/15/21		1,999,498		2,056,983

HEALTHCARE & PHARMACEUTICALS - 1.4%
CHS/Community Health Systems, Inc. 6.25%, 03/31/23		1,000,000		1,036,100
Valeant Pharmaceuticals International, Inc. (Canada) 5.38%, 03/15/20^(d)(l)		1,000,000		970,000
7.50%, 07/15/21^(d)(l)		2,000,000		1,945,000

				3,951,100

HIGH TECH INDUSTRIES - 0.7%
Riverbed Technology, Inc. 8.88%, 03/01/23^(l)		1,000,000		1,020,000
RP Crown Parent, LLC 7.38%, 10/15/24^(l)		1,000,000		1,042,500

				2,062,500

HOTEL, GAMING & LEISURE - 0.7%
Scientific Games International, Inc. 7.00%, 01/01/22^(l)		1,878,000		2,004,765

MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.3%
Acosta, Inc. 7.75%, 10/01/22^(l)		1,000,000		762,500

MEDIA: BROADCASTING & SUBSCRIPTION - 3.5%
Altice Financing S.A. (Luxembourg) 7.50%, 05/15/26^(d)(l)		1,000,000		1,112,500

14 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

June 30, 2017 (unaudited)


	Principal Amount ($)		Value ($)
Corporate Notes and Bonds⁽ⁱ⁾ (continued)
MEDIA: BROADCASTING & SUBSCRIPTION (continued)
Columbus International, Inc. (Barbados) 7.38%, 03/30/21^(d)(l)		1,285,000		1,366,919
CSC Holdings, LLC 5.50%, 04/15/27^(l)		1,000,000		1,060,000
10.13%, 01/15/23^(l)		105,000		122,063
10.88%, 10/15/25^(l)		293,000		353,431
SiTV, Inc. 10.38%, 07/01/19^(l)		3,420,000		2,428,200
Univision Communications, Inc. 5.13%, 02/15/25^(l)		1,000,000		993,750
Urban One, Inc. 7.38%, 04/15/22^(l)		1,516,000		1,576,640
WideOpenWest Finance, LLC 10.25%, 07/15/19		872,000		899,250

				9,912,753

METALS & MINING - 0.0%
ERP Iron Ore, LLC Libor + 8.00%, 12/31/19^(e)		40,739		14,014
Magnetation, LLC / Mag Finance Corp. 11.00%, 05/15/18^(e)(g)(l)(m)		639,000		—

				14,014

RETAIL - 0.7%
PetSmart, Inc. 5.88%, 06/01/25^(l)		2,116,000		2,049,875

SERVICES: BUSINESS - 1.2%
Camelot Finance S.A. (Luxembourg) 7.88%, 10/15/24^(d)(l)		1,080,000		1,166,400
EIG Investors Corp. 10.88%, 02/01/24		2,000,000		2,240,000

				3,406,400

TELECOMMUNICATIONS - 3.6%
GTT Communications, Inc. 7.88%, 12/31/24^(l)		1,788,000		1,917,630
Intelsat Jackson Holdings S.A. (Luxembourg) 7.25%, 04/01/19^(d)		2,000,000		2,003,000
8.00%, 02/15/24^(d)(l)		2,000,000		2,160,000
Orbcomm, Inc. 8.00%, 04/01/24^(l)		3,694,000		3,887,935

				9,968,565

Total Corporate Notes and Bonds (Cost $38,824,950)				38,820,205

Share
Quantity

Value ($)

Common Stocks - 0.0%

BANKING, FINANCE, INSURANCE & REAL ESTATE - 0.0%

Medical Card System, Inc.^(e)(g)

991,230

52,873

ENERGY: OIL & GAS - 0.0%

Southcross Holdings Borrower, GP LLC^(e)(g)

129

—

Southcross Holdings Borrower, LP, Class A-II^(e)(g)

129

76,433

MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.0%

F & W Media, Inc.^(e)(g)

9,510

—

Total Common Stock
(Cost $58,051)

129,306

Preferred Stock - 1.4%

BANKING, FINANCE, INSURANCE & REAL ESTATE - 1.4%

Watford Holdings, Ltd. (Bermuda)
8.50% ^(d)(e)(l)

160,000

3,902,696

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

3,902,696

Total Investments-148.9%
(Cost of $423,758,615) ⁽ⁿ⁾

419,422,244

Other Assets & Liabilities, Net-1.0%

2,803,289

Loan Outstanding-(49.9)%^(o)(p)

(140,591,032

)

Net Assets (Applicable to Common Shares)-100.0%

281,634,501

See accompanying Notes to Financial Statements. | 15

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

June 30, 2017 (unaudited)

^(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 June 30, 2017. 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 June 30, 2017, 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

Bass Pro Group, LLC		$3,726,495
Equian, LLC*		205,348
NVA Holdings, Inc.**		419,893
TCB Holdings III Corp.		116,601
USS Parent Holding Corp.		142,893

Total Unfunded Loan Commitments		$4,611,230

* The loan commitment was partially funded on July 6, 2017.

** The loan commitment was fully funded on July 26, 2017.

^(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 June 30, 2017, the 1, 3 and 6 month LIBOR rates were 1.22%, 1.30% and 1.45%, respectively, and the Prime lending rate was 4.25%. 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)	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.

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

^(e)	Fair Value Level 3 security.

^(f)	The issuer is in default of its payment obligations as of June 7, 2017, as such, income is no longer being accrued.

^(g)	Non-income producing asset.

^(h)	The issuer is in default of its payment obligations as of March 28, 2017, as such, income is no longer being accrued.

⁽ⁱ⁾	Fixed rate asset.

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

^(k)	The issuer is in default of its reporting and covenant obligations as of May 23, 2017, however it is current with its payment obligations and income is still being accrued.

^(l)	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, 2017, these securities amounted to $31,842,804, or 11.31% of net assets.

^(m)	The issuer is in default of its payment obligations as of May 5, 2015, as such, income is no longer being accrued.

⁽ⁿ⁾	The aggregate cost of securities for federal income tax purposes was $423,975,218. 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:



Gross unrealized appreciation	$	6,004,435
Gross unrealized depreciation		(10,557,409)

Net unrealized depreciation	$	(4,552,974)

^(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 $141,000,000 less unamortized deferred financing costs of $408,968.

16 | See accompanying Notes to Financial Statements.

Apollo Tactical Income Fund Inc.

Schedule of Investments

June 30, 2017 (unaudited)


	Principal Amount ($)		Value ($)
Senior Loans - 117.2%^(a)
AEROSPACE & DEFENSE - 3.0%
DAE Aviation Holdings, Inc.
Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.98%, 07/07/22^(b)		997,462		1,006,938
PAE Holding Corp.
First Lien Initial Term Loan, (LIBOR + 5.50%, 1.00% Floor), 6.73%, 10/20/22^(b)(c)		1,997,742		2,013,974
Second Lien Initial Term Loan, (LIBOR + 9.50%, 1.00% Floor), 10.73%, 10/20/23^(b)		1,404,834		1,415,370
Photonis Technologies SAS (France)
First Lien Initial Dollar Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.70%, 09/18/19^(b)(d)		1,887,413		1,731,701
Sequa Mezzanine Holdings, LLC
First Lien Initial Term Loan, (LIBOR + 5.50%, 1.00% Floor), 6.67%, 11/28/21^(b)		1,403,670		1,414,198

				7,582,181

AUTOMOTIVE - 3.4%
American Tire Distributors, Inc.
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.48%, 09/01/21^(b)		2,612,399		2,629,549
AP Exhaust Acquisition, LLC
First Lien Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.18%, 05/10/24^(b)(e)		2,056,338		2,025,493
CH Hold Corp.
Second Lien Initial Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.48%, 02/03/25^(b)		500,000		514,063
Innovative XCessories &
Services, LLC Term Loan, (LIBOR + 4.75%, 1.00% Floor), 6.04%, 11/29/22(b)		1,293,579		1,304,898
U.S. Farathane, LLC
Term Loan B-3, (LIBOR + 4.00%, 1.00% Floor), 5.30%, 12/23/21^(b).		2,232,994		2,260,906

				8,734,909

BANKING, FINANCE, INSURANCE & REAL ESTATE - 6.6%
Amwins Group, LLC
Second Lien Term Loan, (LIBOR + 6.75%, 1.00% Floor), 7.98%, 01/25/25^(b)		342,857		350,571
AqGen Ascensus, Inc.
Replacement Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.30%, 12/05/22^(b)		2,719,645		2,753,640


	Principal Amount ($)		Value ($)
BANKING, FINANCE, INSURANCE & REAL ESTATE (continued)
Asurion, LLC
Second Lien Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.73%, 03/03/21^(b)		1,000,000		1,006,250
CRCI Holdings, Inc.
Initial Term Loan, (LIBOR + 5.50%, 1.00% Floor), 6.80%, 08/31/23^(b)		2,110,164		2,125,991
Donnelley Financial Solutions, Inc.
Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.08%, 09/29/23^(b)		662,857		670,172
iStar, Inc.
First Lien Term Loan B, (LIBOR + 3.75%, 1.00% Floor), 4.90%, 07/01/20^(b)		1,387,918		1,400,062
Medical Card System, Inc.
Term Loan, (LIBOR + 0.50%, 1.00% Floor), 1.50%, 05/31/19^(b)(e)		4,913,829		3,880,436
MMM Holdings, Inc.
Term Loan, (LIBOR + 8.75%, 1.50% Floor), 10.25%, 06/30/19^(b)(e)		890,532		883,853
MSO of Puerto Rico, Inc.
Term Loan, (LIBOR + 8.75%, 1.50% Floor), 10.25%, 06/30/19^(b)(e)		647,412		642,557
National Financial Partners Corp.
Term Loan B, (LIBOR + 3.50%, 1.00% Floor), 4.80%, 01/08/24^(b)(c)		1,304,370		1,309,464
SG Acquisition, Inc.
Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.30%, 03/29/24^(b)		1,409,318		1,400,510
SquareTwo Financial Corp. Term Loan, (LIBOR +10.00%, 1.00% Floor), 13.05%, 05/01/19^(b)(e)(f)(g)		1,210,700		164,655

				16,588,161

BEVERAGE, FOOD & TOBACCO - 3.1%
Arctic Glacier Group Holdings, Inc.
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.48%, 03/20/24^(b)		498,750		504,984
The Chef’s Warehouse, Inc.
Term Loan, (LIBOR + 5.75%, 1.00% Floor), 6.98%, 06/22/22^(b)		1,082,448		1,097,332
PFS Holding Corp.
First Lien Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.73%, 01/31/21^(b)		2,997,684		2,827,805
Second Lien Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.48%, 01/31/22^(b)		499,800		458,981

See accompanying Notes to Financial Statements. | 17

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

June 30, 2017 (unaudited)


	Principal Amount ($)		Value ($)
Senior Loans^(a)(continued)
BEVERAGE, FOOD & TOBACCO (continued)
Winebow Holdings, Inc. (The Vintner Group, Inc.)
First Lien Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.98%, 07/01/21^(b)		560,823		552,762
Second Lien Initial Term Loan, (LIBOR + 7.50%, 1.00% Floor), 8.73%, 01/02/22^(b)		2,505,795		2,342,918

				7,784,782

CAPITAL EQUIPMENT - 1.3%
MTS Systems Corp.
Tranche B Term Loan, (LIBOR + 4.25%, 0.75% Floor), 5.33%, 07/05/23^(b)		3,308,333		3,341,416

CHEMICALS, PLASTICS & RUBBER - 1.8%
ASP Chromaflo Intermediate Holdings, Inc.
Initial Tranche B-1 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.23%, 11/20/23^(b)		327,826		329,979
Initial Tranche B-2 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.23%, 11/20/23^(b)		426,279		429,078
Avantor Performance Materials Holdings, LLC
First Lien Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.23%, 03/11/24^(b)		1,445,434		1,450,255
KMG Chemicals, Inc.
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.75%, 06/15/24^(b)(c)		565,657		572,383
Niacet Corporation
First Lien Initial Dollar Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.80%, 02/01/24^(b)(e)		712,499		711,609
PetroChoice Holdings, Inc.
First Lien Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.12%, 08/19/22^(b)		997,275		1,006,001

				4,499,305

CONSTRUCTION & BUILDING - 3.6%
Associated Asphalt Partners, LLC
Tranche B Term Loan, (LIBOR + 5.25%, 1.00% Floor), 6.48%, 04/05/24^(b)		505,051		513,258
Henry Company, LLC
Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.73%, 10/05/23^(b)		871,298		885,186
Infiltrator Water Technologies, LLC
First Lien Term Loan B-1, (LIBOR + 3.50%, 1.00% Floor), 4.80%, 05/27/22^(b)		1,991,031		2,005,964


	Principal Amount ($)		Value ($)
CONSTRUCTION & BUILDING (continued)
IPS Structural Adhesives Holdings, Inc.
First Lien Initial Term Loan, (LIBOR + 5.25%, 1.00% Floor), 6.47%, 12/20/23^(b)		1,739,973		1,748,673
Morsco, Inc.
Initial Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.23%, 10/31/23^(b)		1,927,009		1,949,893
Terra Millenium Corp.
First Out Term Loan, (LIBOR + 6.25%, 1.00% Floor), 7.50%, 10/31/22^(b)(e)		1,975,000		1,984,875

				9,087,849

CONSUMER GOODS: DURABLE - 0.8%
Serta Simmons Holdings, LLC
First Lien Initial Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.59%, 11/08/23^(b)(c)		2,000,000		2,001,260

CONSUMER GOODS: NON-DURABLE - 5.5%
ABG Intermediate Holdings 2, LLC
Term Loan B-1, (LIBOR + 4.00%, 1.00% Floor), 5.30%, 05/27/21^(b)		3,527,682		3,551,935
LTI Holdings, Inc.
First Lien Initial Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.92%, 05/16/24^(b)(c)		4,057,954		4,029,629
Parfums Holding Co., Inc.
First Lien Term Loan B, (LIBOR + 4.75%, 1.00% Floor), 5.75%, 06/28/24^(b)(c)		1,614,776		1,608,721
Second Lien Term Loan, (LIBOR + 8.75%, 1.00% Floor), 9.75%, 06/29/25^(b)(c)		1,000,000		980,000
Revlon Consumer Products Corp.
Initial Term Loan B, (LIBOR + 3.50%, 0.75% Floor), 4.73%, 09/07/23^(b)		3,984,950		3,728,917

				13,899,202

CONTAINERS, PACKAGING & GLASS - 2.4%
Anchor Glass Container Corp.
Second Lien Term Loan, (LIBOR + 7.75%, 1.00% Floor), 8.81%, 12/07/24^(b)		1,083,333		1,105,000
Hoover Group, Inc.
First Lien Initial Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.42%, 01/28/21^(b)(e)		759,757		698,976
Pkc Holding Corp.
First Lien Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.68%, 05/08/24^(b)		820,513		823,081
Sprint Industrial Holdings, LLC
First Lien Term Loan, (LIBOR + 5.75%, 1.25% Floor), 7.05%, 05/14/19^(b)(e)		2,566,011		2,219,600

18 | See accompanying Notes to Financial Statements.

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

June 30, 2017 (unaudited)


	Principal Amount ($)		Value ($)
Senior Loans^(a)(continued)
CONTAINERS, PACKAGING & GLASS (continued)
TCB Holdings III Corp. First Lien Closing Date Term Loan, (LIBOR + 3.75%, 1.00% Floor), 5.05%, 11/30/23^(b)		1,160,178		1,171,960

				6,018,617

ENERGY: OIL & GAS - 3.0%
American Energy - Marcellus, LLC
First Lien Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.34%, 08/04/20^(b)(g)(h)		1,306,817		841,806
Azure Midstream Energy, LLC
Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.73%, 11/15/18^(b)		448,205		422,808
Drillships Financing Holding, Inc. Tranche B-1 Term Loan, (Prime + 4.00%, 1.00% Floor), 8.00%, 03/31/21^(b)(g)(i)		989,744		642,096
HGIM Corp.
Senior Secured Term Loan A, (LIBOR + 4.25%, 1.00% Floor), 5.50%, 06/18/18^(b)		398,725		220,296
Moss Creek Resources, LLC
Initial Term Loan, (LIBOR + 8.00%, 1.50% Floor), 9.50%, 04/07/22^(b)(e)		5,000,000		4,950,000
Sheridan Investment
Partners I, LLC Deferred Principal Facility I, 10/01/19^(e)(g)		4,749		2,850
Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.73%, 10/01/19^(b)		445,380		377,460
Sheridan Production Partners I-A L.P.
Deferred Principal Facility I-A, 10/01/19^(e)(g)		629		378
Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.73%, 10/01/19^(b)		59,017		50,017
Sheridan Production Partners I-M L.P.
Deferred Principal Facility I-M, 10/01/19^(e)(g)		384		231
Tranche B-2 Term Loan, (LIBOR + 3.50%, 0.75% Floor), 4.73%, 10/01/19^(b)		36,048		30,550
Southcross Holdings Borrower, LP
Tranche B Term Loan (5.50% PIK), 9.00%, 04/13/23^(j)(k)		121,640		107,652

				7,646,144

ENVIRONMENTAL INDUSTRIES - 1.1%
Emerald 2, Ltd. (United Kingdom)
Facility B-1 Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.30%, 05/14/21^(b)(c)(d)		2,809,998		2,669,499


	Principal Amount ($)		Value ($)
HEALTHCARE & PHARMACEUTICALS - 14.5%
Alvogen Pharma US, Inc.
First Lien Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.23%, 04/01/22^(b)		1,770,260		1,745,919
Bioclinica, Inc.
First Lien Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.38%, 10/20/23^(b)		1,779,736		1,748,038
CT Technologies Intermediate Hldgs, Inc.
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.48%, 12/01/21^(b)		398,411		397,913
Endo Luxembourg Finance I Co. S.A.R.L
Initial Term Loan, (LIBOR + 4.25%, 0.75% Floor), 5.50%, 04/29/24^(b)		4,598,802		4,649,113
Equian, LLC
Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.93%, 05/20/24^(b)		667,379		673,429
HCR Healthcare, LLC
Initial Term Loan, (Prime + 4.50%, 1.50% Floor), 8.75%, 04/06/18^(b)(l)		3,456,101		3,326,497
Lanai Holdings II, Inc.
First Lien Initial Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.98%, 08/29/22^(b)		2,231,706		2,187,072
Lanai Holdings III, Inc.
Second Lien Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.73%, 08/28/23^(b)		869,565		852,174
Lantheus Medical Imaging, Inc.
Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.73%, 06/30/22^(b)		1,048,732		1,054,410
Medical Solutions Holdings, Inc.
First Lien Closing Date Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/14/24^(b)(c)		5,109,170		5,121,943
Second Lien Closing Date Loan, (LIBOR + 8.25%, 1.00% Floor), 9.25%, 06/16/25^(b)(c)		2,000,000		1,990,000
Nmsc Holdings, Inc.
Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.30%, 04/19/23^(b)		561,524		562,928
Opal Acquisition, Inc.
First Lien Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.24%, 11/27/20^(b)		4,986,071		4,640,187
Premier Dental Services, Inc.
Term Loan, (LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/22/23^(b)(c)		878,661		876,464

See accompanying Notes to Financial Statements. | 19

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

June 30, 2017 (unaudited)


	Principal Amount ($)		Value ($)
Senior Loans^(a) (continued)
HEALTHCARE & PHARMACEUTICALS (continued)
Press Ganey Holdings, Inc.
Second Lien Initial Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.48%, 10/21/24^(b)		500,000		512,500
Quorum Health Corp.
Term Loan, (LIBOR + 6.75%, 1.00% Floor), 7.98%, 04/29/22^(b)(c)		2,718,750		2,737,618
Surgery Center Holdings, Inc.
First Lien Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.83%, 11/03/20^(b)		920,889		926,359
U.S. Renal Care, Inc.
First Lien Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.55%, 12/30/22^(b)		1,994,937		1,934,460
Valeant Pharmaceuticals International, Inc. (Canada)
Tranche Term Loan B, Series F-1, (LIBOR + 4.75%, 0.75% Floor), 5.83%, 04/01/22^(b)(d)		695,528		705,780

				36,642,804

HIGH TECH INDUSTRIES - 15.1%
Almonde, Inc.
Second Lien Dollar Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.25%, 06/13/25^(b)(c)		500,000		510,580
Aptean, Inc.
First Lien Term Loan B, (LIBOR + 4.25%, 1.00% Floor), 5.50%, 12/20/22^(b)(c)		2,155,910		2,167,368
Second Lien Initial Term Loan, (LIBOR + 9.50%, 1.00% Floor), 10.80%, 12/20/23^(b)		470,000		471,471
Aricent Technologies (Cayman Islands)
First Lien Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.64%, 04/14/21^(b)(d)		3,482,398		3,497,651
Second Lien Initial Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.64%, 04/14/22^(b)(c)(d)		1,211,538		1,220,122
Aspect Software, Inc.
First Lien Exit Term Loan, (LIBOR + 10.00%, 1.00% Floor), 11.22%, 05/25/20^(b)		1,050,834		1,044,923
Cortes NP Acquisition Corp.
Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.23%, 11/30/23^(b)		4,838,362		4,865,578
Flexera Software, LLC
Second Lien Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.30%, 04/02/21^(b)		2,987,902		2,982,912
LANDesk Software Group, Inc.
First Lien Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.48%, 01/20/24^(b)		1,312,917		1,308,269


	Principal Amount ($)		Value ($)
HIGH TECH INDUSTRIES (continued)
Lanyon Solutions, Inc.
First Lien Term Loan B, (LIBOR + 5.00%, 1.00% Floor), 6.23%, 11/13/20^(b)		1,941,918		1,966,192
Second Lien Term Loan, (LIBOR + 9.50%, 1.00% Floor), 10.73%, 11/15/21^(b)		1,830,197		1,825,622
Riverbed Technology, Inc.
First Amendment Term Loan, (LIBOR + 3.25%, 1.00% Floor), 4.48%, 04/24/22^(b)		2,000,000		1,974,000
Sophia, L.P.
Term Loan B, (LIBOR + 3.25%, 1.00% Floor), 4.55%, 09/30/22^(b)		636,007		635,212
Synchronoss Technologies, Inc.
Initial Term Loan, (LIBOR + 2.75%, 0.00% Floor), 4.08%, 01/19/24^(b)(c)		2,826,250		2,781,736
TIBCO Software, Inc.
Term Loan B, (LIBOR + 4.50%, 1.00% Floor), 5.73%, 12/04/20^(b)		3,483,256		3,506,890
Triple Point Group Holdings, Inc.
First Lien Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.55%, 07/10/20^(b)(c)		3,087,836		2,912,231
Vision Solutions, Inc.
Term Loan, (LIBOR + 6.50%, 1.00% Floor), 7.75%, 06/16/22^(b)		3,465,152		3,469,483
Western Digital Corp.
Term Loan B-2, (LIBOR + 2.75%, 0.75% Floor), 3.98%, 04/29/23^(b)		1,024,044		1,030,127

				38,170,367

HOTEL, GAMING & LEISURE - 2.9%
Equinox Holdings, Inc.
Second Lien Initial Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.23%, 09/06/24^(b)		272,109		277,977
Everi Payments, Inc.
Term Loan B, (LIBOR + 4.50%, 1.00% Floor), 5.75%, 05/09/24^(b)		1,677,565		1,691,464
The Intertain Group, Ltd. (Canada)
Initial Term Loan B, (LIBOR + 6.50%, 1.00% Floor), 7.80%, 04/08/22^(b)(d)		664,574		672,882
Mohegan Tribal Gaming Authority
Term Loan A, (LIBOR + 3.75%, 0.00% Floor), 4.98%, 10/13/21^(b)		2,312,500		2,330,329
Scientific Games International, Inc.
Term Loan B-3, (LIBOR + 4.00%, 0.75% Floor), 5.11%, 10/01/21^(b)		2,330,727		2,356,470

				7,329,122

MEDIA: ADVERTISING, PRINTING & PUBLISHING - 2.5%
Acosta Holdco, Inc.
Tranche B-1 Loan, (LIBOR + 3.25%, 1.00% Floor), 4.48%, 09/26/21^(b)		992,251		894,018

20 | See accompanying Notes to Financial Statements.

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

June 30, 2017 (unaudited)


	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), 5.80%, 07/31/20^(b)		3,034,928		2,822,483
F & W Media, Inc.
Term Loan B-1, (LIBOR + 6.50%, 1.50% Floor), 8.00%, 05/24/22^(b)(e)		337,174		337,174
Term Loan B-2 (10.00% PIK), (LIBOR + 11.50%, 1.50% Floor), 13.00%, 05/24/22^(b)(e)(k)		790,869		790,869
Information Resources, Inc.
First Lien Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.47%, 01/18/24^(b)		1,500,038		1,507,770

				6,352,314

MEDIA: BROADCASTING & SUBSCRIPTION - 3.9%
Beasley Broadcast Group, Inc.
Initial Term Loan, (LIBOR + 6.00%, 1.00% Floor), 7.23%, 11/01/23^(b)		731,367		741,197
CBS Radio, Inc.
Term Loan, (LIBOR + 3.50%, 1.00% Floor), 4.72%, 10/17/23^(b)		1,395,901		1,401,136
Emmis Operating Co.
Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.15%, 04/18/19^(b)		1,214,628		1,202,481
Hemisphere Media Holdings, LLC
Term Loan B-1, (LIBOR + 3.50%, 0.00% Floor), 4.73%, 02/14/24^(b)		1,427,649		1,430,326
SESAC Holdco II, LLC
Second Lien Initial Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.37%, 02/24/25^(b)		648,285		649,501
Univision Communications, Inc.
2017 Replacement Term Loan, (LIBOR + 2.75%, 1.00% Floor), 3.98%, 03/15/24^(b)(c)		997,311		979,439
Urban One, Inc.
Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.08%, 04/18/23^(b)		3,582,993		3,547,163

				9,951,243

MEDIA: DIVERSIFIED & PRODUCTION - 0.4%
A-L Parent, LLC
Second Lien Initial Term Loan, (LIBOR + 7.25%, 1.00% Floor), 8.48%, 12/02/24^(b)		500,000		502,500
DHX Media Ltd. (Canada)
Term Loan, (LIBOR + 3.75%, 1.00% Floor), 5.00%, 12/29/23^(b)(c)(d)		603,175		606,381

				1,108,881


	Principal Amount ($)		Value ($)
METALS & MINING - 0.0%
Magnetation, LLC / Mag Finance Corp.
DIP Term Loan, 12.00%, 10/14/16^(e)(g)(j)		1,127,504		—

RETAIL - 9.1%
Academy Ltd.
Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.20%, 07/01/22^(b)(c)		3,275,077		2,554,560
Charming Charlie, LLC
Initial Term Loan, (LIBOR + 8.00%, 1.00% Floor), 9.29%, 12/24/19^(b)		1,079,338		552,259
David’s Bridal, Inc.
Initial Term Loan, (LIBOR + 4.00%, 1.25% Floor), 5.30%, 10/11/19^(b)		1,497,599		1,140,676
J. Crew Group, Inc.
Initial Term Loan, (LIBOR + 3.00%, 1.00% Floor), 4.25%, 03/05/21^(b)		489,822		295,524
JC Penney Corp., Inc.
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 5.45%, 06/23/23^(b)		3,730,341		3,686,641
Jo-Ann Stores, LLC
Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.39%, 10/20/23^(b)		1,987,506		1,982,120
Leslie’s Poolmart, Inc.
Tranche B-1 Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.87%, 08/16/23^(b)		712,011		715,350
Mister Car Wash Holdings, Inc.
Term Loan, (LIBOR + 3.75%, 1.00% Floor), 5.00%, 08/20/21^(b)(c)		1,270,904		1,276,731
The Neiman Marcus Group, Inc.
Other Term Loan, (LIBOR + 3.25%, 1.00% Floor), 4.34%, 10/25/20^(b)		2,487,147		1,877,796
Petco Animal Supplies, Inc.
Second Amendment Term Loan, (LIBOR + 3.00%, 1.00% Floor), 4.17%, 01/26/23^(b)(c)		3,532,901		3,200,808
Sears Roebuck Acceptance Corp. (KMART Corp.)
Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.72%, 06/30/18^(b)(c)		3,892,933		3,842,656
Vince, LLC (Vince Intermediate Holding LLC)
Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.18%, 11/27/19^(b)(e)		2,103,817		1,914,473

				23,039,594

See accompanying Notes to Financial Statements. | 21

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

June 30, 2017 (unaudited)


	Principal Amount ($)		Value ($)
Senior Loans^(a) (continued)
SERVICES: BUSINESS - 18.3%
Americold Realty Operating Partnership, L.P. Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.98%, 12/01/22^(b)		3,597,003		3,653,206
Carecore National, LLC Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.23%, 03/05/21^(b).		1,351,065		1,367,953
Cypress Intermediate Holdings III, Inc.
Second Lien Initial Term Loan, (LIBOR + 6.75%, 1.00% Floor), 7.98%, 04/28/25^(b)		570,851		586,549
EIG Investors Corp.
Refinancing Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.24%, 02/09/23^(b)		4,216,345		4,234,349
Electro Rent Corp.
First Lien Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.23%, 01/31/24^(b)		2,108,453		2,125,594
Evergreen Skills Lux S.A.R.L. (Luxembourg)
First Lien Initial Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.98%, 04/28/21^(b)(c)(d)		5,152,040		4,882,485
Second Lien Initial Term Loan, (LIBOR + 8.25%, 1.00% Floor), 9.48%, 04/28/22^(b)(d)		999,917		832,076
Explorer Holdings, Inc.
First Lien Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.17%, 05/02/23^(b)		3,472,444		3,510,432
Garda World Security Corp. (Canada)
Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.23%, 05/24/24^(b)(c)(d)		1,112,174		1,121,210
GCA Services Group, Inc.
First Lien Term Loan, (LIBOR + 4.75%, 1.00% Floor), 5.95%, 03/01/23^(b)		1,337,478		1,344,860
IBC Capital Ltd.
First Lien Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.98%, 09/09/21^(b)		2,992,347		2,952,444
Onex Carestream Finance L.P.
First Lien Term Loan, (LIBOR + 4.00%, 1.00% Floor), 5.27%, 06/07/19^(b)		3,870,622		3,854,501
Second Lien Term Loan, (LIBOR + 8.50%, 1.00% Floor), 9.80%, 12/07/19^(b)		3,000,000		2,947,500
SGS Cayman L.P.
Initial Cayman Term Loan, (LIBOR + 5.38%, 1.00% Floor), 6.67%, 04/23/21^(b)(c)		681,749		649,366


	Principal Amount ($)		Value ($)
SERVICES: BUSINESS (continued)
SMG
Second Lien Term Loan, (LIBOR + 8.25%, 1.00% Floor), 9.55%, 02/27/21^(b)		2,458,634		2,455,561
Solera Holdings, Inc.
Dollar Term Loan, (LIBOR + 3.25%, 1.00% Floor), 4.48%, 03/03/23^(b)		997,475		1,002,028
Sutherland Global Services, Inc.
Initial U.S. Term Loan, (LIBOR + 5.38%, 1.00% Floor), 6.67%, 04/23/21^(b)(c)		2,928,762		2,789,646
U.S. Security Associates
Holdings, Inc. Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.30%, 07/14/23^(b)		2,000,152		2,025,154
USS Parent Holding Corp.
Delayed Draw Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 08/11/23^(b)(c)		365,000		367,053
Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.71%, 08/11/23^(b)		3,444,106		3,463,479

				46,165,446

SERVICES: CONSUMER - 2.5%
Laureate Education, Inc.
Series 2024 Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.73%, 04/26/24^(b)(c)		3,604,638		3,629,420
NVA Holdings, Inc.
Second Lien Term Loan, (LIBOR + 7.00%, 1.00% Floor), 8.30%, 08/14/22^(b)		2,637,888		2,667,564

				6,296,984

TELECOMMUNICATIONS - 6.4%
CenturyLink, Inc.
Initial Term Loan B, (LIBOR + 2.75%, 0.00% Floor), 1.38%, 01/31/25^(b)		1,165,227		1,153,656
Digicel International Finance Ltd. (Saint Lucia)
First Lien Initial Term Loan B, (LIBOR + 3.75%, 1.00% Floor), 4.94%, 05/27/24^(b)(d)		884,562		891,612
Global Tel*Link Corp.
First Lien Term Loan, (LIBOR + 3.75%, 1.25% Floor), 5.05%, 05/23/20^(b)		2,530,580		2,536,375
GTT Communications, Inc.
Initial Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.25%, 01/09/24^(b)		497,500		500,301

22 | See accompanying Notes to Financial Statements.

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

June 30, 2017 (unaudited)


	Principal Amount ($)		Value ($)
Senior Loans^(a)(continued)
TELECOMMUNICATIONS (continued)
Intelsat Jackson Holdings S.A. (Luxembourg)
Tranche B-2 Term Loan, (LIBOR + 2.75%, 1.00% Floor), 4.00%, 06/30/19^(b)(d)		2,000,000		1,985,940
Securus Technologies
Holdings, Inc. First Lien, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 06/20/24^(b)(c)		2,123,636		2,124,528
Second Lien Initial Term Loan, (LIBOR + 7.75%, 1.25% Floor), 9.00%, 04/30/21^(b)		3,000,000		3,020,010
Second Lien Term Loan, (LIBOR + 8.25%, 1.00% Floor), 9.25%, 06/20/25^(b)(c)		491,052		494,428
TierPoint, LLC
First Lien Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.98%, 05/06/24^(b)(c)		1,000,000		1,002,500
U.S. TelePacific Corp.
Advance Term Loan, (LIBOR + 5.00%, 1.00% Floor), 6.23%, 05/02/23^(b)		2,439,024		2,414,939

				16,124,289

TRANSPORTATION: CARGO - 1.5%
Carrix, Inc.
Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.73%, 01/07/19^(b)		3,791,040		3,762,607

TRANSPORTATION: CONSUMER - 0.5%
Travel Leaders Group, LLC
Term Loan, (LIBOR + 5.25%, 0.00% Floor), 6.48%, 01/25/24^(b)		1,197,000		1,203,733

UTILITIES: ELECTRIC - 4.0%
EFS Cogen Holdings I, LLC
Advance Term Loan B, (LIBOR + 3.50%, 1.00% Floor), 4.80%, 06/28/23^(b)		1,301,785		1,309,224
Green Energy Partners
Advance Conversion Term B-1, (LIBOR + 5.50%, 1.00% Floor), 6.80%, 11/13/21^(b)		806,259		749,821
Construction B-2 Facility, (LIBOR + 5.50%, 1.00% Floor), 6.80%, 11/13/21^(b)(e)		340,909		317,045
Helix Gen Funding, LLC
Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.96%, 06/03/24^(b)		1,227,369		1,236,359
Moxie Patriot, LLC
Construction B-1 Facility, (LIBOR + 5.75%, 1.00% Floor), 7.05%, 12/19/20^(b)		2,768,924		2,557,793


	Principal Amount ($)		Value ($)
UTILITIES: ELECTRIC (continued)
Panda Liberty, LLC
Construction B-1 Facility, (LIBOR + 6.50%, 1.00% Floor), 7.80%, 08/21/20^(b)		1,923,827		1,783,156
Pike Corp.
First Lien Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 4.98%, 03/08/24^(b)		689,371		699,281
Second Lien Term Loan, (LIBOR + 8.00%, 1.00% Floor), 9.23%, 09/10/24^(b)(e)		700,565		712,825
WG Partners Acquisition, LLC
Term Loan B, (LIBOR + 4.00%, 1.00% Floor), 5.30%, 11/15/23^(b)(e)		859,691		861,840

				10,227,344

Total Senior Loans (Cost $299,425,876)				296,228,053

Corporate Notes and Bonds - 19.0%^(j)
BANKING, FINANCE, INSURANCE & REAL ESTATE - 1.0%
Donnelley Financial Solutions, Inc. 8.25%, 10/15/24		2,476,000		2,630,750

BEVERAGE, FOOD & TOBACCO - 1.2%
Land O’Lakes Capital Trust I 7.45%, 03/15/28^(m)		2,719,000		3,133,647

CAPITAL EQUIPMENT - 0.4%
Optimas OE Solutions
Holding, LLC 8.63%, 06/01/21^(m)		1,000,000		992,500

CHEMICALS, PLASTICS & RUBBER - 0.7%
TPC Group, Inc. (Texas Petrochemical) 8.75%, 12/15/20^(m)		2,007,000		1,816,335

CONTAINERS, PACKAGING & GLASS - 0.8%
Reynolds Group Holdings, Inc.
6.88%, 02/15/21		2,000,146		2,057,650

ENERGY: OIL & GAS - 0.2%
Northern Oil and Gas, Inc.
8.00%, 06/01/20		729,000		513,945

HEALTHCARE & PHARMACEUTICALS - 1.6%
CHS/Community Health Systems, Inc.
6.25%, 03/31/23		1,000,000		1,036,100
Valeant Pharmaceuticals
International, Inc. (Canada) 5.38%, 03/15/20^(d)(m)		1,000,000		970,000
7.50%, 07/15/21^(d)(m)		2,000,000		1,945,000

				3,951,100

HIGH TECH INDUSTRIES - 0.8%
Riverbed Technology, Inc.
8.88%, 03/01/23^(m)		1,000,000		1,020,000

See accompanying Notes to Financial Statements. | 23

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

June 30, 2017 (unaudited)


	Principal Amount ($)		Value ($)
Corporate Notes and Bonds^(j) (continued)
HIGH TECH INDUSTRIES (continued)
RP Crown Parent, LLC
7.38%, 10/15/24^(m)		1,000,000		1,042,500

				2,062,500

HOTEL, GAMING & LEISURE - 1.4%
Hilton Grand Vacations Borrower, LLC
6.13%, 12/01/24^(m)		1,100,000		1,203,125
Scientific Games International, Inc.
7.00%, 01/01/22^(m)		2,086,000		2,226,806

				3,429,931

MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.3%
Acosta, Inc.
7.75%, 10/01/22^(m)		1,000,000		762,500

MEDIA: BROADCASTING & SUBSCRIPTION - 4.5%
Altice Financing S.A. (Luxembourg)
7.50%, 05/15/26^(d)(m)		1,000,000		1,112,500
Columbus International, Inc. (Barbados)
7.38%, 03/30/21^(d)(m)		3,285,000		3,494,419
CSC Holdings, LLC
10.13%, 01/15/23^(m)		317,000		368,513
10.88%, 10/15/25^(m)		877,000		1,057,881
SiTV, Inc.
10.38%, 07/01/19^(m)		3,420,000		2,428,200
Univision Communications, Inc.
5.13%, 02/15/25^(m)		1,000,000		993,750
Urban One, Inc.
7.38%, 04/15/22^(m)		882,000		917,280
WideOpenWest Finance, LLC
10.25%, 07/15/19		868,000		895,125

				11,267,668

METALS & MINING - 0.0%
ERP Iron Ore, LLC
Libor + 8.00%, 12/31/19^(e)		187,253		64,415
Magnetation, LLC / Mag Finance Corp.
11.00%, 05/15/18^(e)(g)(m)(n)		2,937,000		—

				64,415

RETAIL - 0.8%
PetSmart, Inc.
5.88%, 06/01/25^(m)		2,116,000		2,049,875

SERVICES: BUSINESS - 1.4%
Camelot Finance S.A. (Luxembourg)
7.88%, 10/15/24^(d)(m)		1,080,000		1,166,400
EIG Investors Corp.
10.88%, 02/01/24		2,000,000		2,240,000

				3,406,400

TELECOMMUNICATIONS - 3.9%
GTT Communications, Inc.
7.88%, 12/31/24^(m)		1,788,000		1,917,630


	Principal Amount ($)		Value ($)
TELECOMMUNICATIONS (continued)
Intelsat Jackson Holdings S.A. (Luxembourg)
7.25%, 04/01/19^(d)		2,000,000		2,003,000
8.00%, 02/15/24^(d)(m)		2,000,000		2,160,000
Orbcomm, Inc.
8.00%, 04/01/24^(m)		3,694,000		3,887,936

				9,968,566

Total Corporate Notes and Bonds
(Cost $47,634,167)				48,107,782

Structured Products - 15.0%^(o)
Anchorage Capital CLO, Ltd. (Cayman Islands)
Series 2015-6A, Class ER, 6.35%, 07/15/30^(d)(m)(p)		4,400,000		4,225,320
Series 2015-7A, Class E2, 8.26%, 10/15/27^(d)(m)(p)		3,000,000		3,015,075
Babson CLO Ltd. (Cayman Islands)
Series 2014-IA, Class E, 6.81%, 07/20/25^(d)(m)(p)		1,110,000		1,009,035
Guggenheim 1828 CLO, LLC (Cayman Island)
Series 2016-1A, Class D, 8.16%, 04/15/28^(d)(m)(p)		4,000,000		4,043,704
Ivy Hill Middle Market Credit Fund, Ltd. (Cayman Islands)
Series 10A, Class D2, 8.46%, 07/24/27^(d)(m)(p)		2,350,000		2,349,868
JFIN CLO, Ltd. (Cayman Islands)
Series 2013-1I, Class E, 7.16%, 01/20/25^(d)(p)		2,000,000		1,781,504
Series 2015-1A, Class E, 6.25%, 03/15/26^(d)(m)(p)		4,500,000		4,145,827
NXT Capital CLO, LLC
Series 2014-1A, Class E, 6.65%, 04/23/26^(m)(p)		5,000,000		4,486,320
NZCG Funding, Ltd. (Cayman Islands)
Series 2015-2A, Class D, 7.47%, 04/27/27^(d)(m)(p)		1,500,000		1,497,633
OCP CLO, Ltd. (Cayman Islands)
Series 2016-11A, Class D2, 10.17%, 04/26/28^(d)(e)(m)(p)		5,000,000		5,010,085
Teachers Insurance and Annuity Association of America CLO, Ltd. (Cayman Islands)
Series 2016-1A, Class E2, 11.16%, 07/20/28^(d)(m)(p)		2,500,000		2,550,000
TIAA Churchill Middle Market CLO I (Cayman Islands)
Series 2016-1A, Class E2, 9.16%, 10/20/28^(d)(m)(p)		2,000,000		1,994,678
Voya CLO Ltd. (Cayman Islands)
Series 2015-3A, Series E, 7.66%, 10/20/27^(d)(m)(p)		1,000,000		922,951

24 | See accompanying Notes to Financial Statements.

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

June 30, 2017 (unaudited)


	Principal Amount ($)		Value ($)
Structured Products^(o)(continued)
Zais CLO Ltd. (Cayman Islands)
Series 2016-2A, Series D, 8.16%, 10/15/28^(d)(m)(p)		1,000,000		999,950

Total Structured Products (Cost $37,665,942)				38,031,950


	Share Quantity		Value ($)

Common Stocks - 0.1%
BANKING, FINANCE, INSURANCE & REAL ESTATE - 0.0%
Medical Card System, Inc.^(e)(g)		914,981		48,806

ENERGY: OIL & GAS - 0.1%
Southcross Holdings Borrower, GP LLC^(e)(g)		129		—
Southcross Holdings Borrower, LP, Class A-II^(e)(g)		129		76,433

				76,433

MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.0%
F & W Media, Inc.^(e)(g)		9,510		—

Total Common Stock (Cost $58,051)				125,239


	Share Quantity		Value ($)
Preferred Stock - 1.5%
BANKING, FINANCE, INSURANCE & REAL ESTATE - 1.5%
Watford Holdings, Ltd. (Bermuda) 8.50%,^(d)(e)(m)		160,000		3,902,696

Total Preferred Stock (Cost $3,920,000)				3,902,696


Total Investments-152.8%				386,395,720
(Cost of $388,704,036) ^(q)
Other Assets & Liabilities, Net-1.8%				4,431,271
Loan Outstanding-(54.6)%^(r)(s)				(137,969,885	)

Net Assets -100.0%				252,857,106

See accompanying Notes to Financial Statements. | 25

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

June 30, 2017 (unaudited)

^(a)


Borrower	Unfunded Loan Commitments

Bass Pro Group, LLC	$	3,726,495
Equian, LLC*		205,348
TCB Holdings III Corp.		116,601
USS Parent Holding Corp.		142,893

Total unfunded loan commitments	$	4,191,337

*The loan commitment was partially funded on July 6, 2017.

^(b)

^(c)	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.

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

^(e)	Fair Value Level 3 security.

^(f)	The issuer is in default of its payment obligations as of March 19, 2017, as such, income is no longer being accrued.

^(g)	Non-income producing asset.

^(h)	The issuer is in default of its payment obligations as of June 7, 2017, as such, income is no longer being accrued.

⁽ⁱ⁾	The issuer is in default of its payment obligations as of March 28, 2017, as such, income is no longer being accrued.

^(j)	Fixed rate asset.

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

^(l)	The issuer is in default of its reporting and covenant obligations as of May 23, 2017, however it is current with its payment obligations and income is still being accrued.

^(m)	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, 2017, these securities amounted to $76,819,940, or 30.38% of net assets.

⁽ⁿ⁾	The issuer is in default of its payment obligations as of May 5, 2015, as such, income is no longer being accrued.

^(o)

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.

^(p)	Floating rate asset. The interest rate shown reflects the rate in effect at June 30, 2017.

^(q)	The aggregate cost of securities for federal income tax purposes was $388,926,322. 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:

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

^(s)	Principal $138,000,000 less unamortized deferred financing costs of $30,115.

26 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Apollo Tactical Income Fund Inc.

Statements of Assets and Liabilities

June 30, 2017 (unaudited)


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

Investment securities at fair value (cost $423,758,615 and $388,704,036, respectively)		$	419,422,244			$	386,395,720
Cash and cash equivalents			15,400,977				9,588,155
Interest receivable			3,041,840				2,268,739
Receivable for investment securities sold			19,929,377				30,131,662
Prepaid expenses			246,426				246,701


Total assets		$	458,040,864			$	428,630,977


Liabilities:

Borrowings under credit facility (principal $141,000,000 and $138,000,000, respectively, less unamortized deferred financing costs of $408,968 and $30,115, respectively) (Note 8)		$	140,591,032			$	137,969,885
Payable for investment securities purchased			34,985,509				37,041,001
Interest payable			81,331				23,733
Net unrealized depreciation on unfunded loan commitments (Note 9)			56,079				58,966
Distributions payable to common shareholders			50,539				40,026
Investment advisory fee payable			348,091				321,595
Other payables and accrued expenses due to affiliates			70,638				58,801
Other payables and accrued expenses			223,144				259,864


Total liabilities			176,406,363				175,773,871


Commitments and Contingencies (Note 9)

Net Assets (Applicable to Common Shareholders)		$	281,634,501			$	252,857,106


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)		$	296,699,291			$	275,624,904
Undistributed net investment income (loss)			882,127				(115,490	)
Accumulated net realized loss from investments			(11,554,467	)			(20,285,026	)
Net unrealized depreciation on investments and unfunded loan commitments			(4,392,450	)			(2,367,282	)


Net Assets (Applicable to Common Shareholders)		$	281,634,501			$	252,857,106


Number of Common Shares Outstanding			15,573,061				14,464,026
Net Asset Value, per Common Share		$	18.08			$	17.48

See accompanying Notes to Financial Statements. | 27

Apollo Senior Floating Rate Fund Inc.

Apollo Tactical Income Fund Inc.

Statements of Operations

For the Six Months Ended June 30, 2017 (unaudited)


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

Interest		$	13,023,475			$	13,350,455
Dividends			170,000				170,000


Total investment income			13,193,475				13,520,455


Expenses:

Investment advisory fee (Note 3)			2,099,610				1,935,452
Interest and commitment fee expense (Note 8)			1,329,655				1,374,407
Professional fees			186,277				184,333
Administrative services of the Adviser (Note 3)			308,206				303,019
Fund administration and accounting services (Note 3)			130,903				125,277
Insurance expense			156,272				156,272
Amortization of deferred financing costs (Note 8)			109,063				21,336
Board of Directors fees (Note 3)			64,263				64,109
Other operating expenses			76,764				70,811


Total expenses			4,461,013				4,235,016
Expense reimbursement waived by the Adviser (Note 3)			—				—


Net expenses			4,461,013				4,235,016


Net Investment Income			8,732,462				9,285,439


Net Realized and Unrealized Gain/(Loss) on Investments

Net realized gain/(loss) on investments			562,530				(9,087,648	)
Net change in unrealized appreciation/(depreciation) on investments and unfunded loan commitments (Note 9)			(578,953	)			13,709,471


Net realized and unrealized gain/(loss) on investments			(16,423	)			4,621,823


Net Increase in Net Assets, Applicable to Common Shareholders, Resulting From Operations		$	8,716,039			$	13,907,262

28 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Statements of Changes in Net Assets


	Six Months Ended June 30, 2017 (unaudited)				Year Ended December 31, 2016

Increase/(Decrease) in Net Assets from:

Operations

Net investment income		$	8,732,462			$	19,368,995
Net realized gain/(loss) on investments			562,530				(4,249,370	)
Net change in unrealized appreciation/(depreciation) on investments and unfunded loan commitments			(578,953	)			22,141,583


Net increase in net assets from operations			8,716,039				37,261,208


Distributions to Common Shareholders

From net investment income			(8,409,453	)			(19,371,331	)

Total distributions to common shareholders			(8,409,453	)			(19,371,331	)


Total increase in net assets		$	306,586			$	17,889,877

Net Assets Applicable to Common Shares

Beginning of period			281,327,915				263,438,038

End of period		$	281,634,501			$	281,327,915


Undistributed net investment income		$	882,127			$	556,680

See accompanying Notes to Financial Statements. | 29

Apollo Tactical Income Fund Inc.

Statements of Changes in Net Assets


	Six Months Ended June 30, 2017 (unaudited)				Year Ended December 31, 2016

Increase/(Decrease) in Net Assets from:

Operations

Net investment income		$	9,285,439			$	21,714,036
Net realized loss on investments			(9,087,648	)			(7,130,897	)
Net change in unrealized appreciation on investments and unfunded loan commitments			13,709,471				24,787,359


Net increase in net assets from operations			13,907,262				39,370,498


Distributions to Common Shareholders

From net investment income			(9,473,937	)			(21,941,928	)

Total distributions to common shareholders			(9,473,937	)			(21,941,928	)


Total increase in net assets		$	4,433,325			$	17,428,570

Net Assets Applicable to Common Shares

Beginning of period			248,423,781				230,995,211

End of period		$	252,857,106			$	248,423,781


Undistributed net investment income/(loss)		$	(115,490	)		$	73,008

30 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Statement of Cash Flows

For the Six Months Ended June 30, 2017 (unaudited)



Cash Flows from Operating Activities:

Net increase in net assets from operations	$	8,716,039

Adjustments to Reconcile Net Increase in Net Assets from Operations to Net Cash Flows Provided by Operating Activities:
Net realized gain on investments		(562,530	)
Net change in unrealized depreciation on investments and unfunded loan commitments		578,953
Net amortization/(accretion) of premium/(discount)		(956,478	)
Purchase of investment securities		(281,080,091	)
Proceeds from disposition of investment securities and principal paydowns		278,024,960
Payment-in-kind interest		(605,823	)
Amortization of deferred financing costs		109,064
Changes in Operating Assets and Liabilities:
Increase in interest receivable		(411,706	)
Increase in prepaid expenses		(167,750	)
Decrease in interest payable		(272,352	)
Decrease in investment advisory fee payable		(9,161	)
Increase in other payables and accrued expenses due to affiliates		63,172
Decrease in other payables and accrued expenses		(29,671	)


Net cash flows provided by operating activities		3,396,626


Cash Flows from Financing Activities:
Distributions paid to common shareholders (net of change in distributions payable to common shareholders) ..		(8,500,412	)

Net cash flows used in financing activities		(8,500,412	)


Net Decrease in Cash and Cash Equivalents		(5,103,786	)

Cash and cash equivalents, beginning of period		20,504,763


Cash and cash equivalents, end of period	$	15,400,977


Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest and commitment fee	$	1,602,007

See accompanying Notes to Financial Statements. | 31

Apollo Tactical Income Fund Inc.

Statement of Cash Flows

For the Six Months Ended June 30, 2017 (unaudited)



Cash Flows from Operating Activities:

Net increase in net assets from operations	$	13,907,262
Adjustments to Reconcile Net Increase in Net Assets from Operations to Net Cash Flows Provided by Operating Activities:
Net realized loss on investments		9,087,648
Net change in unrealized appreciation on investments and unfunded loan commitments		(13,709,471	)
Net amortization/(accretion) of premium/(discount)		(1,042,720	)
Purchase of investment securities		(259,639,156	)
Proceeds from disposition of investment securities and principal paydowns		259,189,678
Payment-in-kind interest		(136,523	)
Amortization of deferred financing costs		21,336
Changes in Operating Assets and Liabilities:
Decrease in interest receivable		885,990
Increase in prepaid expenses		(167,788	)