Edgar Filing: Apollo Tactical Income Fund Inc.

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, 2018

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, 2018

Important Information on Paperless Delivery

Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, www.apollofunds.com, and you will be notified by mail each time a report is posted and provided with a web-site link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling (877) 864-4834.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with a Fund, you can call (877) 864-4834. Your election to receive paper reports applies to all funds held within the Fund complex.

TABLE OF CONTENTS


Manager Commentary (unaudited)			4
Financial Data
Apollo Senior Floating Rate Fund Inc. (unaudited)			5
Apollo Tactical Income Fund Inc. (unaudited)			6
Schedules of Investments
Apollo Senior Floating Rate Fund Inc.			7
Apollo Tactical Income Fund Inc.			16
Statements of Assets and Liabilities			24
Statements of Operations			25
Statements of Changes in Net Assets
Apollo Senior Floating Rate Fund Inc.			26
Apollo Tactical Income Fund Inc.			27
Statements of Cash Flows
Apollo Senior Floating Rate Fund Inc.			28
Apollo Tactical Income Fund Inc.			29
Financial Highlights
Apollo Senior Floating Rate Fund Inc.			30
Apollo Tactical Income Fund Inc.			31
Notes to Financial Statements			32
Report of Independent Registered Public Accounting Firm			48
Additional Information (unaudited)			49
Directors and Officers (unaudited)			51
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

As of December 31, 2018 (unaudited)

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.

2018 was a difficult year for investing across most capital markets, and the leveraged credit markets were not immune to the conditions creating these difficulties. Despite a fundamental backdrop that remains largely benign and in many ways improved from a similarly good 2017, and economic conditions in the US that can really only be described as robust, concerns about where the US economy might be with regards to the next cycle, the scope and impact of potentially tighter financial policies from the Fed, uncertainty around the implications of the administration’s trade policies and a more pronounced risk-off mentality across the investing community created periods of pronounced selling of risk assets that were considerably dilutive to returns. While these instances were almost entirely technical in nature, and despite the lack of any roots in fundamentals, consistently lower secondary levels into higher yields and wider spreads were a hallmark of November and particularly December. While we believe this selling has contributed to a much more attractive investing environment in these markets going forward, it did in many instances nearly completely deplete positive returns in 2018.

The negative technical conditions in the loan market in December in particular were truly historic. While most capital markets saw heavy outflows of capital throughout the period, leading to the many superlatives describing equity and credit market performance in the month, open-end leveraged loan mutual funds and ETFs in particular saw a reduction of interest at record levels that was further influenced by higher probabilities for a lower rate environment. The impact of these outflows from open-end mutual funds and ETFs is fairly profound; they must become sellers of assets into the market regardless of increased transaction costs and much greater levels of volatility. While this can create extremely attractive opportunities for funds structured differently, such as ours, it will drive prices lower in degrees commensurate with the outflows. The monthly outflow in December (by one commonly used measure) of $12.6Bn was a new monthly record for the loan mutual fund market, and handily eclipsed the previous record of $7.4Bn in December 2014. The four consecutive weekly outflows ending in early January 2019 would each have been a new weekly record on their own. The incident was comparable to previous mutual fund-driven market selloffs (August 2011, December 2014, and December 2015 – February 2016), though, in our opinion, the fact that prices only moved 3.7 points (from 96.81 – 93.11, using the S&P Leveraged Loan 100 index, representing the 100 largest loans in the market) from the highs to the lows of the month on this kind of transfer of risk speaks to market liquidity, the demand for loans trading at outsized spreads and yields, and the breadth of market participants compared to the earlier, similar periods mentioned previously. The fact that this happened at the same time fundamental credit performance across the Funds, and the broader market, generally has remained strong, default activity muted, and the capital markets largely open for refinancing activity, speaks to how meaningful market technicals can be.

Looking forward, coming into the new year the loan market was trading at 93.84 on price, or a yield to worst of 7.5% and spread to worst of 491, using widely recognized leveraged loan benchmark indices at the end of 2018; this compared to similar levels of 98.05, 6.3% and 410, respectively, at the beginning of 2018. We regularly speak of our intentions to use imbalances in supply and demand to maximize forward returns while remaining focused on limiting credit risk, and these continue to be our objectives now that a new opportunity set has clearly been established. We expect volatility to remain elevated in 2019. Concerns around various political and macroeconomic issues, expectations for a different approach from the Fed and the impact this has on rates and what should be a fulsome calendar for primary supply should all impact the loan and high yield bond markets. While the current fundamental performance of most industries we lend to remains strong, and the default environment is and should be expected to remain benign, there are enough signals of a nascent slowing in the economy combined with the aforementioned catalysts for economic and market shocks that it’s reasonable to expect we are closer to the threshold for flagging economic growth than would have been contemplated over most of last year. This coincides with a generally robust fundamental backdrop with, across the leveraged finance universe, relatively lower leverage levels given recent earnings growth and higher interest coverage ratios, strong underlying economic conditions in the US, and little to no maturity issues in the market until 2022. The confluence of these current conditions, with clearly rising probabilities for when the economy will begin to see growth stall, will in our view be the most significant tension as it relates to market volatility going forward.

We appreciate your interest and support in the Funds. If you have any questions about the Funds, please call (877) 864-4834, or visit our website at www.apollofunds.com.

Sincerely,

Apollo Credit Management, LLC

4 | Annual Report

Apollo Senior Floating Rate Fund Inc.

Financial Data

As of December 31, 2018 (unaudited)


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

Loans		89.9%
High Yield Bonds		8.8%
Equity/Other		1.3%

Portfolio Characteristics ^(a)

Weighted Average Floating-Rate Spread		4.15%
Weighted Average Fixed-Rate Coupon		6.89%
Weighted Average Maturity (in years) (floating assets)		4.94
Weighted Average Maturity (in years) (fixed assets)		5.96
Weighted Average Modified Duration (in years) (fixed assets)		4.39
Weighted Average Modified Duration (in years)^(h)		4.83
Average Position Size	$	2,188,946
Number of Positions		200
Weighted Average S&P Rating⁽ⁱ⁾		B
Weighted Average Rating Factor (Moody’s)⁽ⁱ⁾		3,005

Credit Quality ^(b)

BBB		2.2%
BB		10.9%
B		66.6%
CCC+ or Lower		17.6%
Not Rated		2.7%


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

High Tech Industries			13.0%
Healthcare & Pharmaceuticals			12.2%
Services: Business			10.4%
Telecommunications			8.8%
Banking, Finance, Insurance & Real Estate			8.8%
Total			53.2%

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

Frontier Communications Corp.			2.0%
Bausch Health Companies, Inc.			1.8%
Advantage Sales & Marketing, Inc.			1.8%
Asurion, LLC			1.8%
Intelsat Jackson Holdings S.A.			1.8%
DigiCert, Inc.			1.6%
Univision Communications, Inc.			1.6%
Air Medical Group Holdings, Inc.			1.6%
ION Trading Finance, Ltd.			1.4%
CenturyLink, Inc.			1.4%
Total			16.8%

Performance Comparison

YTD

5 Yr

Since
Inception^(j)

AFT - Market Price

(3.98%

)^(e)

2.79%

^(e)(f)

3.01%^(e)(f)

AFT - NAV

(0.98%

)^(e)

4.29%

^(e)(f)

5.31%^(e)(f)

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

0.44%

3.05%

^(f)

3.68%^(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 December 31, 2018. 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 Investors Service (“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 equity investments and includes fixed and floating rate assets. Floating rate loan duration is calculated by using 3 month LIBOR.

(i)	Excludes securities with no rating or in default as of December 31, 2018.

(j)	Inception date February 23, 2011.

Annual Report | 5

Apollo Tactical Income Fund Inc.

Financial Data

As of December 31, 2018 (unaudited)


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

Loans		79.7%
High Yield Bonds		10.9%
Structured Products		8.2%
Equity/Other		1.2%

Portfolio Characteristics ^(a)

Weighted Average Floating-Rate Spread		4.43%
Weighted Average Fixed-Rate Coupon		6.34%
Weighted Average Maturity (in years)
(floating assets)		5.31
Weighted Average Maturity (in years)
(fixed assets)		6.00
Weighted Average Modified Duration (in years)
(fixed assets)		4.73
Weighted Average Modified Duration (in years)^(h)		5.19
Average Position Size	$	2,092,303
Number of Positions		189
Weighted Average S&P Rating⁽ⁱ⁾		B
Weighted Average Rating Factor (Moody’s)⁽ⁱ⁾		2,919

Credit Quality ^(b)

BBB		1.7%
BB		11.4%
B		63.8%
CCC+ or Lower		16.7%
Not Rated		6.4%


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

Healthcare & Pharmaceuticals			11.8%
High Tech Industries			11.8%
Services: Business			9.6%
Banking, Finance, Insurance & Real Estate			9.4%
Telecommunications			8.2%
Total			50.8%

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

TIAA Churchhill Middle Market CLO			2.4%
Intelsat Jackson Holdings S.A.			2.0%
Advantage Sales & Marketing, Inc.			1.9%
Frontier Communications Corp.			1.8%
Air Medical Group Holdings, Inc.			1.7%
Univision Communications, Inc.			1.7%
Asurion, LLC			1.7%
ION Trading Finance, Ltd.			1.6%
AP Exhaust Acquisition, LLC			1.5%
Riverbed Technology, Inc.			1.4%
Total			17.7%

Performance Comparison

YTD

5 Yr

Since
Inception^(j)

AIF - Market Price

(4.67

%)^(e)

4.04

%^(e)(f)

2.56%^(e)(f)

AIF - NAV

0.47

%^(e)

5.59

%^(e)(f)

6.14%^(e)(f)

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

0.44

3.05

%^(f)

3.30%^(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 December 31, 2018. 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 8.2% of the portfolio as of December 31, 2018.

(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 equity investments and includes fixed and floating rate assets. Floating rate loan duration is calculated by using 3 month LIBOR.

(i)	Excludes securities with no rating or in default as of December 31, 2018.

(j)	Inception date February 25, 2013.

6 | Annual Report

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments

December 31, 2018


	Principal Amount ($)		Value ($)
Senior Loans - 141.1%^(a)

AEROSPACE & DEFENSE - 5.6%

MRO Holdings, Inc.
Initial Term Loan, (LIBOR + 4.75%, 1.00% Floor), 7.43%, 10/25/23^(b)		594,000		591,030
PAE Holding Corp.
First Lien Initial Term Loan,
(LIBOR + 5.50%, 1.00% Floor), 8.12%, 10/20/22^(b)		1,861,090		1,837,826
Second Lien Initial Term Loan,
(LIBOR + 9.50%, 1.00% Floor), 12.12%, 10/20/23^(b)		1,324,023		1,304,163
Photonis Technologies SAS
(France)
First Lien Initial Dollar Term
Loan, (LIBOR + 7.50%, 1.00%
Floor), 10.30%, 09/18/19^(b)(c)(d)		3,152,510		2,958,110
Science Applications
International Corp.
Term Loan B, (LIBOR + 1.75%, 0.00% Floor), 4.27%, 10/31/25^(b)(d)		2,000,000		1,915,000
StandardAero Aviation Holdings, Inc.
Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 6.27%, 07/07/22^(b)		1,989,087		1,970,747
Transdigm, Inc. 2018 New Tranche E Term
Loans, (LIBOR + 2.50%, 0.00%
Floor), 5.02%, 05/30/25^(b)		997,487		944,032
2018 New Tranche F Term Loan,
(LIBOR + 2.50%, 0.00% Floor), 5.02%, 06/09/23^(b)(d)		997,487		943,873
New Tranche G Term Loans,
(LIBOR + 2.50%, 0.00% Floor), 5.02%, 08/22/24^(b)		1,994,962		1,888,451

				14,353,232


AUTOMOTIVE - 3.4%

AP Exhaust Acquisition, LLC
First Lien Initial Term Loan,
(LIBOR + 5.00%, 1.00% Floor), 7.62%, 05/10/24^(b)(d)		6,000,000		5,460,000
Innovative XCessories &
Services, LLC
Term Loan, (LIBOR + 4.75%, 1.00% Floor), 7.26%, 11/29/22^(b)		3,217,838		3,137,392

				8,597,392


BANKING, FINANCE, INSURANCE & REAL ESTATE - 11.6%

AIS Holdco, LLC
First Lien Term Loan, (LIBOR + 5.00%, 0.00% Floor), 7.80%, 08/15/25^(b)		2,208,333		2,164,166


	Principal Amount ($)		Value ($)

BANKING, FINANCE, INSURANCE & REAL ESTATE (continued)

Alera Group Intermediate
Holdings, Inc.
Term Loan B, (LIBOR + 4.50%, 0.00% Floor), 7.02%, 08/01/25^(b)(d)		1,559,009		1,543,419
Aretec Group, Inc.
First Lien Term Loan, (LIBOR + 4.25%, 0.00% Floor), 6.77%, 10/01/25^(b)		1,447,254		1,414,691
Asurion, LLC
New Term Loan B-7, (LIBOR + 3.00%, 0.00% Floor), 5.52%, 11/03/24^(b)		1,736,243		1,666,255
Replacement Term Loan B-6,
(LIBOR + 3.00%, 0.00% Floor), 5.52%, 11/03/23^(b)(d)		3,585,252		3,446,323
Second Lien Replacement Term
Loan B-2, (LIBOR + 6.50%, 0.00% Floor), 9.02%, 08/04/25^(b).		2,136,429		2,119,081
Edelman Financial Center, LLC
First Lien Initial Term Loan,
(LIBOR + 3.25%, 0.00% Floor), 5.69%, 07/21/25^(b)(d)		2,000,000		1,932,850
Second Lien Initial Term Loan,
(LIBOR + 6.75%, 0.00% Floor), 9.19%, 07/20/26^(b)		500,000		477,500
First Data Corp.
2024A New Dollar Term Loan, (LIBOR + 2.00%, 0.00% Floor), 4.50%, 04/26/24^(b)(d)		1,000,000		957,750
Forest City Enterprises, L.P.
Initial Term Loan, (LIBOR + 4.00%, 0.00% Floor), 6.38%, 12/08/25^(b)(d)		1,371,191		1,342,622
Medical Card System, Inc.
Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 09/02/19^(b)(e)		5,039,600		4,559,517
Mitchell International, Inc.
First Lien Initial Term Loan,
(LIBOR + 3.25%, 0.00% Floor), 5.77%, 11/29/24^(b)		2,387,603		2,307,033
Second Lien Initial Term Loan,
(LIBOR + 7.25%, 0.00% Floor), 9.77%, 12/01/25^(b)		592,888		578,439
NFP Corp.
Term Loan B, (LIBOR + 3.00%, 0.00% Floor), 5.52%, 01/08/24^(b)		1,989,924		1,887,940
Sedgwick Claims Management
Services, Inc.
Term Loan, (LIBOR + 3.25%, 0.00% Floor), 3.25%, 12/31/25^(b)(d)		1,399,103		1,340,229
SG Acquisition, Inc.
Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 7.80%, 03/29/24^(b)		1,767,230		1,762,812

				29,500,627

See accompanying Notes to Financial Statements. | 7

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2018


	Principal Amount ($)		Value ($)
Senior Loans^(a)(continued)

BEVERAGE, FOOD & TOBACCO - 2.4%

JBS, S.A.
Initial Term Loan, (LIBOR + 2.50%, 0.75% Floor), 5.26%, 10/30/22^(b)		1,989,873		1,919,402
Winebow Holdings, Inc.
First Lien Term Loan, (LIBOR + 3.75%, 1.00% Floor), 6.27%, 07/01/21^(b)		3,309,641		2,887,661
Second Lien Term Loan, (LIBOR
+ 7.50%, 1.00% Floor), 10.02%, 01/02/22^(b)(e)		2,260,897		1,243,493

				6,050,556


CAPITAL EQUIPMENT - 1.4%

Altra Industrial Motion Corp.
Term Loan, (LIBOR + 2.00%, 0.00% Floor), 4.52%, 10/01/25^(b)		1,441,023		1,372,575
Safe Fleet Holdings, LLC
First Lien Initial Term Loan,
(LIBOR + 3.00%, 1.00% Floor), 5.38%, 02/03/25^(b)		994,987		953,944
Second Lien Initial Term Loan,
(LIBOR + 6.75%, 1.00% Floor), 9.13%, 02/02/26^(b)		1,403,846		1,333,654

				3,660,173


CHEMICALS, PLASTICS, & RUBBER - 6.5%

Archroma Finance S.A.R.L
(Luxembourg)
Facility B-2, (LIBOR + 4.00%, 0.00% Floor), 6.42%, 08/12/24^(b)(c)		2,100,634		2,083,997
Diamond (BC) B.V.
Initial Term Loan, (LIBOR + 3.00%, 0.00% Floor), 5.53%, 09/06/24^(b)		4,130,223		3,820,456
Polar US Borrower, LLC
Initial Term Loan, (LIBOR + 4.75%, 0.00% Floor), 7.19%, 10/15/25^(b)(d)		4,000,000		3,860,000
Starfruit US Holdco, LLC
Initial Dollar Term Loan, (LIBOR
+ 3.25%, 0.00% Floor), 5.60%, 10/01/25^(b)		5,011,718		4,811,249
Tronox Blocked Borrower, LLC
First Lien Blocked Dollar Term
Loan, (LIBOR + 3.00%, 0.00%
Floor), 5.52%, 09/23/24^(b)(d)		603,128		587,296
Tronox Finance, LLC
First Lien Initial Dollar Term
Loan, (LIBOR + 3.00%, 0.00%
Floor), 5.52%, 09/23/24^(b)(d)		1,391,834		1,355,298

				16,518,296


	Principal Amount ($)		Value ($)

CONSTRUCTION & BUILDING - 5.3%

Associated Asphalt Partners, LLC
Tranche B Term Loan, (LIBOR + 5.25%, 1.00% Floor), 7.77%, 04/05/24^(b)		5,468,523		5,304,467
Forterra Finance, LLC
Replacement Term Loan,
(LIBOR + 3.00%, 1.00% Floor), 5.52%, 10/25/23^(b)		1,994,898		1,808,944
KBR, Inc.
Term Loan B, (LIBOR + 3.75%, 0.00% Floor), 6.27%, 04/25/25^(b).		4,417,480		4,351,217
Terra Millennium Corp.
First Out Term Loan, (LIBOR + 6.75%, 1.00% Floor), 9.31%, 10/31/22^(b)		1,900,000		1,890,500

				13,355,128


CONSUMER GOODS: DURABLE - 0.9%

PT Holdings, LLC
First Lien Term Loan B, (LIBOR
+ 4.00%, 1.00% Floor), 6.80%, 12/09/24^(b)		1,611,049		1,578,828
Second Lien Initial Loan, (LIBOR
+ 8.00%, 1.00% Floor), 10.80%, 12/08/25^(b)(e)		625,000		618,750

				2,197,578


CONSUMER GOODS: NON-DURABLE - 2.5%

ABG Intermediate Holdings 2, LLC
First Lien Initial Term Loan,
(LIBOR + 3.50%, 1.00% Floor), 6.02%, 09/27/24^(b)		3,239,877		3,094,082
American Greetings Corp.
Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 7.01%, 04/06/24^(b)		3,395,160		3,348,477

				6,442,559


CONTAINERS, PACKAGING & GLASS - 2.4%

Anchor Glass Container Corp.
July 2017 Additional Term Loan,
(LIBOR + 2.75%, 1.00% Floor), 5.24%, 12/07/23^(b)(d)		4,287,030		3,613,366
Strategic Materials Holding Corp.
First Lien Initial Term Loan,
(LIBOR + 3.75%, 1.00% Floor), 6.29%, 11/01/24^(b)		2,878,344		2,576,118

				6,189,484


ENERGY: OIL & GAS - 1.5%

Ascent Resources - Marcellus, LLC
Exit Term Loan, (LIBOR + 6.50%, 1.00% Floor), 8.89%, 03/30/23^(b)		452,027		453,722
Oryx Southern Delaware Holdings,
LLC
Initial Term Loan, (LIBOR + 3.25%, 1.00% Floor), 5.77%, 02/28/25^(b)		2,047,039		1,903,746

8 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2018


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

ENERGY: OIL & GAS (continued)

Sheridan Investment Partners I, LLC
Deferred Principal Facility I, 10/01/19^(e)(f)		4,749		3,800
Tranche B-2 Term Loan, (LIBOR
+ 3.50%, 0.75% Floor), 6.24%, 10/01/19^(b)		1,437,563		1,279,431
Sheridan Production
Partners I-A, L.P.
Deferred Principal Facility I-A, 10/01/19^(e)(f)		629		504
Tranche B-2 Term Loan, (LIBOR
+ 3.50%, 0.75% Floor), 6.24%, 10/01/19^(b)		190,489		169,535
Sheridan Production
Partners I-M, L.P.
Deferred Principal Facility I-M, 10/01/19^(e)(f)		384		308
Tranche B-2 Term Loan, (LIBOR
+ 3.50%, 0.75% Floor), 6.24%, 10/01/19^(b)		116,352		103,553

				3,914,599


ENVIRONMENTAL INDUSTRIES - 2.8%

Emerald 2, Ltd. (United Kingdom)
Facility B-1, (LIBOR + 4.00%, 1.00% Floor), 6.80%, 05/14/21^(b)(c)		2,084,623		2,057,689
GFL Environmental, Inc. (Canada) 2018 Incremental Term Loan,
(LIBOR + 3.00%, 1.00% Floor), 5.52%, 05/30/25^(b)(c)(d)		5,485,815		5,131,980

				7,189,669


HEALTHCARE & PHARMACEUTICALS - 16.3%

Auris Luxembourg III S.A.R.L
(Luxembourg)
Term Loan, (LIBOR + 3.75%, 0.00% Floor), 3.75%, 07/24/25^(b)(c)(d)		1,887,324		1,843,689
Bausch Health Companies, Inc.
(Canada)
First Incremental Term Loan,
(LIBOR + 2.75%, 0.00% Floor), 5.13%, 11/27/25^(b)(c)		1,344,241		1,279,341
Initial Term Loan, (LIBOR + 3.00%, 0.00% Floor), 5.38%, 06/02/25^(b)(c)		2,467,949		2,364,097
BioClinica Holding I, LP
First Lien Initial Term Loan,
(LIBOR + 4.25%, 1.00% Floor), 6.75%, 10/20/23^(b)		2,195,421		2,038,998
BW NHHC HoldCo, Inc.
First Lien Initial Term Loan,
(LIBOR + 5.00%, 0.00% Floor), 7.47%, 05/15/25^(b)		2,033,187		1,992,523


	Principal Amount ($)		Value ($)

HEALTHCARE & PHARMACEUTICALS (continued)

Community Health Systems, Inc.
Incremental 2021 Term Loan H,
(LIBOR + 3.25%, 1.00% Floor), 5.96%, 01/27/21^(b)(d)		2,878,411		2,775,623
CT Technologies Intermediate
Hldgs, Inc.
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 6.77%, 12/01/21^(b)		3,947,335		3,292,729
Endo Luxembourg Finance I Co.
S.A.R.L
Initial Term Loan, (LIBOR + 4.25%, 0.75% Floor), 6.81%, 04/29/24^(b)		2,977,330		2,828,464
Hanger, Inc.
Term Loan B, (LIBOR + 3.50%, 0.00% Floor), 6.02%, 03/06/25^(b)		2,356,021		2,353,076
Inovalon Holdings, Inc.
Term Loan, (LIBOR + 3.50%, 0.00% Floor), 5.94%, 04/02/25^(b)		2,774,911		2,712,476
Lanai Holdings II, Inc.
First Lien Initial Term Loan,
(LIBOR + 4.75%, 1.00% Floor), 7.28%, 08/29/22^(b)		2,013,372		1,859,852
Lanai Holdings III, Inc.
Second Lien Initial Term Loan,
(LIBOR + 8.50%, 1.00% Floor), 11.03%, 08/28/23^(b)		869,565		795,652
Lantheus Medical Imaging, Inc.
New Term Loan B 2017, (LIBOR
+ 3.75%, 1.00% Floor), 6.27%, 06/30/22^(b)		1,032,961		1,014,884
Medical Solutions Holdings, Inc.
First Lien Closing Date Term
Loan, (LIBOR + 3.75%, 1.00%
Floor), 6.27%, 06/14/24^(b)		2,955,779		2,911,443
MModal, Inc.
Term Loan B, (LIBOR + 4.75%, 1.00% Floor), 7.53%, 02/13/23^(b)		2,020,446		2,017,931
One Call Corp.
First Lien Extended Term Loan,
(LIBOR + 5.25%, 1.00% Floor), 7.71%, 11/27/22^(b)(d)		3,527,281		3,135,753
Onex Schumacher Finance, LP
First Lien Initial Term Loan,
(LIBOR + 4.00%, 1.00% Floor), 6.52%, 07/29/22^(b)		1,928,690		1,856,364
Team Health Holdings, Inc.
Initial Term Loan, (LIBOR + 2.75%, 1.00% Floor), 5.27%, 02/06/24^(b)		2,390,329		2,148,308
U.S. Renal Care, Inc.
First Lien Initial Term Loan,
(LIBOR + 4.25%, 1.00% Floor), 7.05%, 12/30/22^(b)(d)		2,431,234		2,322,436

				41,543,639

See accompanying Notes to Financial Statements. | 9

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2018


	Principal Amount ($)		Value ($)
Senior Loans^(a)(continued)

HIGH TECH INDUSTRIES - 19.3%

Almonde, Inc.
First Lien Dollar Term Loan,
(LIBOR + 3.50%, 1.00% Floor), 6.30%, 06/13/24^(b)(d)		2,000,000		1,869,290
DigiCert, Inc.
First Lien Term Loan, (LIBOR + 4.00%, 1.00% Floor), 6.52%, 10/31/24^(b)		4,255,081		4,180,617
Second Lien Term Loan, (LIBOR
+ 8.00%, 1.00% Floor), 10.52%, 10/31/25^(b)		2,411,782		2,348,472
Entegris, Inc.
Tranche B Term Loan, (LIBOR + 2.00%, 0.00% Floor), 4.52%, 11/06/25^(b)(d		1,061,798		1,033,926
Flexera Software, LLC
First Lien Initial Term Loan,
(LIBOR + 3.25%, 1.00% Floor), 5.78%, 02/26/25^(b)		1,247,293		1,206,132
Second Lien Initial Term Loan,
(LIBOR + 7.25%, 1.00% Floor), 9.78%, 02/26/26^(b)		1,114,500		1,104,748
Help/Systems Holdings, Inc.
First Lien Term Loan, (LIBOR + 3.75%, 0.00% Floor), 6.27%, 03/28/25^(b)		2,125,377		2,045,675
Imperva, Inc.
Term Loan, (LIBOR + 4.00%, 0.00% Floor), 4.00%, 12/28/25^(b)(d)		1,422,222		1,402,666
ION Trading Technologies S.A.R.L
(Luxembourg )
Initial Dollar Term Loan, (LIBOR
+ 4.00%, 1.00% Floor), 6.52%, 11/21/24^(b)(c)		5,942,016		5,630,060
Ivanti Software, Inc.
First Lien Term Loan, (LIBOR + 4.25%, 1.00% Floor), 6.60%, 01/20/24^(b)		3,959,539		3,860,551
MA FinanceCo., LLC
Tranche B-3 Term Loan, (LIBOR
+ 2.50%, 0.00% Floor), 5.02%, 06/21/24^(b)		256,022		239,060
Ocean Bidco, Inc.
Initial Dollar Term Loan, (LIBOR
+ 4.75%, 1.00% Floor), 7.27%, 03/21/25^(b)(d)		1,074,385		1,068,341
Red Ventures, LLC
First Lien Term Loan B-1,
(LIBOR + 3.00%, 0.00% Floor), 5.52%, 11/08/24^(b)		1,015,637		969,933
Riverbed Technology, Inc.
First Amendment Term Loan,
(LIBOR + 3.25%, 1.00% Floor), 5.78%, 04/24/22^(b)		3,968,559		3,753,820


	Principal Amount ($)		Value ($)

HIGH TECH INDUSTRIES (continued)

Seattle SpinCo, Inc.
Initial Term Loan, (LIBOR + 2.50%, 0.00% Floor), 5.02%, 06/21/24^(b)		1,728,978		1,614,433
SS&C European Holdings, S.A.R.L
(Luxembourg)
Term Loan B-4, (LIBOR + 2.25%, 0.00% Floor), 4.77%, 04/16/25^(b)(c)		1,323,119		1,252,239
SS&C Technologies, Inc.
Term Loan B-3, (LIBOR + 2.25%, 0.00% Floor), 4.77%, 04/16/25^(b)		3,488,192		3,301,329
Syncsort, Inc.
First Lien Term Loan B, (LIBOR
+ 4.50%, 0.00% Floor), 7.02%, 08/16/24^(b)		997,518		988,480
Second Lien Initial Term Loan,
(LIBOR + 9.00%, 1.00% Floor), 11.52%, 08/18/25^(b)		2,500,000		2,489,588
Triple Point Group Holdings, Inc.
First Lien Term Loan, (LIBOR + 4.25%, 1.00% Floor), 6.77%, 07/10/20^(b)		3,915,190		3,269,184
Vertafore, Inc.
First Lien Initial Term Loan,
(LIBOR + 3.25%, 0.00% Floor), 6.05%, 07/02/25^(b)		2,999,783		2,860,098
Second Lien Initial Term Loan,
(LIBOR + 7.25%, 0.00% Floor), 10.05%, 07/02/26^(b)		2,720,000		2,616,871

				49,105,513


HOTEL, GAMING & LEISURE - 2.0%

Mohegan Tribal Gaming Authority
Term Loan A, (LIBOR + 3.75%, 0.00% Floor), 6.27%, 10/13/21^(b)		461,691		435,374
Penn National Gaming, Inc.
Term A Facility, (LIBOR + 1.25%, 0.00% Floor), 3.71%, 10/19/23^(b)(d)		1,000,000		969,375
Term B-1 Facility Loan, (LIBOR + 2.25%, 0.75% Floor), 4.71%, 10/15/25^(b)		2,824,978		2,732,290
Scientific Games International, Inc.
Initial Term Loan B-5, (LIBOR + 2.75%, 0.00% Floor), 5.25%, 08/14/24^(b)		997,487		939,419

				5,076,458


MEDIA: ADVERTISING, PRINTING & PUBLISHING - 4.2%

Acosta, Inc.
Tranche B-1 Loan, (LIBOR + 3.25%, 1.00% Floor), 5.77%, 09/26/21^(b)		634,150		389,568

10 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2018


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

MEDIA: ADVERTISING, PRINTING & PUBLISHING (continued)

Advantage Sales & Marketing, Inc.
First Lien Initial Term Loan,
(LIBOR + 3.25%, 1.00% Floor), 5.77%, 07/23/21^(b)		5,611,623		4,984,974
Incremental Term Loan B-2,
(LIBOR + 3.25%, 1.00% Floor), 5.77%, 07/23/21^(b)		2,624,435		2,333,556
F & W Media, Inc.
Term Loan B-1 (9.03% PIK),
(LIBOR + 6.50%, 1.50% Floor), 9.03%, 05/24/22^(b)(e)(g)		340,517		340,517
Term Loan B-2 (12.53% PIK),
(LIBOR + 10.00%, 1.50% Floor), 12.53%, 05/24/22^(b)(e)(g)		941,468		7,629
Getty Images, Inc.
Initial Term Loan, (LIBOR + 3.50%, 1.25% Floor), 6.02%, 10/18/19^(b)		2,815,352		2,747,615

				10,803,859


MEDIA: BROADCASTING & SUBSCRIPTION - 9.8%

CSC Holdings, LLC
October 2018 Incremental Term
Loan, (LIBOR + 2.25%, 0.00%
Floor), 2.25%, 01/15/26^(b)(d)		1,861,111		1,768,055
Emmis Operating Co.
Term Loan, (LIBOR + 7.50%, 1.00% Floor), 10.03%, 04/18/19^(b)		227,950		223,961
Global Eagle Entertainment, Inc.
Initial Term Loan, (LIBOR + 7.50%, 1.00% Floor), 10.02%, 01/06/23^(b)		4,856,313		4,904,876
Gray Television, Inc.
Incremental Term C, (LIBOR + 2.50%, 0.00% Floor), 2.50%, 01/02/26^(b)(d)		1,717,557		1,664,502
SESAC Holdco II, LLC
First Lien Initial Term Loan,
(LIBOR + 3.00%, 1.00% Floor), 5.51%, 02/23/24^(b)		1,234,296		1,209,302
Second Lien Initial Term Loan,
(LIBOR + 7.25%, 1.00% Floor), 9.76%, 02/24/25^(b)		725,278		714,399
Telenet Financing USD, LLC
(Netherlands)
Term Loan AN Facility, (LIBOR + 2.25%, 0.00% Floor), 4.71%, 08/15/26^(b)(c)		2,962,904		2,828,225
Unitymedia Hessen GmbH & Co.
KG (Germany)
Senior Facility B, (LIBOR + 2.25%, 0.00% Floor), 4.71%, 09/30/25^(b)(c)(d)		1,999,231		1,937,255
Univision Communications, Inc. 2017 Replacement Term Loan,
(LIBOR + 2.75%, 1.00% Floor), 5.27%, 03/15/24^(b)(d)		5,943,233		5,408,342


	Principal Amount ($)		Value ($)

MEDIA: BROADCASTING & SUBSCRIPTION (continued)

Urban One, Inc.
Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 6.53%, 04/18/23^(b)		1,366,818		1,317,272
Ziggo Secured Finance
Partnership (Netherlands)
Term Loan E, (LIBOR + 2.50%, 0.00% Floor), 4.96%, 04/15/25^(b)(c)		3,000,000		2,834,535

				24,810,724


MEDIA: DIVERSIFIED & PRODUCTION - 0.7%

Learfield Communications, LLC
First Lien Initial Term Loan,
(LIBOR + 3.25%, 1.00% Floor), 5.78%, 12/01/23^(b)		1,325,068		1,293,598
Second Lien Initial Term Loan,
(LIBOR + 7.25%, 1.00% Floor), 9.78%, 12/02/24^(b)(e)		375,000		375,000

				1,668,598


RETAIL - 6.9%

Academy, Ltd.
Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 6.35%, 07/01/22^(b)(d)		2,512,113		1,688,353
Charming Charlie, LLC
Term Loan A (5.00% PIK),
(LIBOR + 10.00%, 1.00% Floor), 12.49%, 04/24/23^(b)(e)(g)		794,642		64,183
Term Loan B (9.00% PIK),
(LIBOR + 10.00%, 1.00% Floor), 12.49%, 04/24/23^(b)(e)(g)		972,813		78,574
Vendor Payment Financing Facility, 20.00%, 05/15/19^(e)(h)		46,489		20,920
EG America, LLC
Additional Facility Loan, (LIBOR
+ 4.00%, 0.00% Floor), 6.81%, 02/07/25^(b)(d)		2,966,516		2,866,396
General Nutrition Centers, Inc.
First In Last Out Term Loan,
(LIBOR + 7.00%, 0.00% Floor), 9.53%, 12/31/22^(b)		3,072,350		3,054,423
Neiman Marcus Group, Inc.
Other Term Loan, (LIBOR + 3.25%, 1.00% Floor), 5.63%, 10/25/20^(b)		4,154,624		3,524,949
Petco Animal Supplies, Inc.
Term Loan, (LIBOR + 3.25%, 1.00% Floor), 5.78%, 01/26/23^(b)(d)		4,781,952		3,535,991
PetSmart, Inc.
Tranche B-2 Loan, (LIBOR + 3.00%, 1.00% Floor), 5.38%, 03/11/22^(b)		3,421,391		2,715,113

				17,548,902

See accompanying Notes to Financial Statements. 11

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2018


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

SERVICES: BUSINESS - 16.3%

Air Medical Group Holdings, Inc. 2017-2 New Term Loan, (LIBOR
+ 4.25%, 1.00% Floor), 6.75%, 03/14/25^(b)		4,440,468		4,148,662
2018 Term Loan, (LIBOR + 3.25%, 1.00% Floor), 5.68%, 04/28/22^(b)(d)		2,244,332		2,104,757
Allied Universal Holdco, LLC
First Lien Initial Term Loan,
(LIBOR + 3.75%, 1.00% Floor), 6.27%, 07/28/22^(b)(d)		2,198,629		2,091,995
Incremental Term Loan, (LIBOR + 4.25%, 1.00% Floor), 6.64%, 07/28/22^(b)(d)		795,719		761,901
EIG Investors Corp. 2018 Refinancing Term Loan, (LIBOR + 3.75%, 1.00% Floor), 6.44%, 02/09/23^(b)		2,805,197		2,722,794
Electro Rent Corp.
First Lien Initial Term Loan,
(LIBOR + 5.00%, 1.00% Floor), 7.49%, 01/31/24^(b)		2,244,522		2,213,659
Envision Healthcare Corp.
Initial Term Loan, (LIBOR + 3.75%, 0.00% Floor), 6.27%, 10/10/25^(b)		5,500,000		5,140,520
Evergreen Skills Lux S.A.R.L
(Luxembourg)
First Lien Initial Term Loan,
(LIBOR + 4.75%, 1.00% Floor), 7.27%, 04/28/21^(b)(c)(d)		4,924,559		4,011,447
Second Lien Initial Term Loan,
(LIBOR + 8.25%, 1.00% Floor), 10.77%, 04/28/22^(b)(c)		1,000,000		561,670
GI Revelation Acquisition, LLC
First Lien Term Loan, (LIBOR + 5.00%, 0.00% Floor), 7.52%, 04/16/25^(b)		917,940		905,319
Onex Carestream Finance, L.P.
Second Lien Term Loan, (LIBOR
+ 8.50%, 1.00% Floor), 10.84%, 12/07/19^(b)		2,143,089		2,137,067
R1 RCM, Inc.
Initial Term Loan, (LIBOR + 5.25%, 0.00% Floor), 7.77%, 05/08/25^(b)(e)		1,421,428		1,407,213
Refinitiv US Holdings, Inc.
Initial Dollar Term Loan, (LIBOR
+ 3.75%, 0.00% Floor), 6.27%, 10/01/25^(b)(d)		3,137,385		3,000,124
SGS Cayman, L.P.
Initial Cayman Term Loan,
(LIBOR + 5.38%, 1.00% Floor), 8.18%, 04/23/21^(b)		776,248		732,907
Solera, LLC
Dollar Term Loan, (LIBOR + 2.75%, 0.00% Floor), 5.27%, 03/03/23^(b)		2,077,697		1,966,031


	Principal Amount ($)		Value ($)

SERVICES: BUSINESS (continued)

STG-Fairway Acquisitions, Inc.
First Lien Term Loan, (LIBOR + 5.25%, 1.00% Floor), 7.78%, 06/30/22^(b)		2,577,911		2,532,798
Sutherland Global Services, Inc.
Initial U.S. Term Loan, (LIBOR + 5.38%, 1.00% Floor), 8.18%, 04/23/21^(b)		3,334,696		3,148,503
Verscend Holding Corp.
Term Loan B, (LIBOR + 4.50%, 0.00% Floor), 7.02%, 08/27/25^(b).		1,995,000		1,935,150

				41,522,517


SERVICES: CONSUMER - 2.2%

Laureate Education, Inc.
Series 2024 Term Loan, (LIBOR
+ 3.50%, 1.00% Floor), 6.03%, 04/26/24^(b)		3,219,334		3,164,605
USS Ultimate Holdings, Inc.
Second Lien Initial Term Loan,
(LIBOR + 7.75%, 1.00% Floor), 10.27%, 08/25/25^(b)		2,500,000		2,406,250

				5,570,855


TELECOMMUNICATIONS - 12.6%

CenturyLink, Inc.
Initial Term Loan B, (LIBOR + 2.75%, 0.00% Floor), 5.27%, 01/31/25^(b)		5,954,931		5,576,793
Flight Bidco, Inc.
First Lien Initial Term Loan,
(LIBOR + 3.50%, 0.00% Floor), 6.02%, 07/23/25^(b)		3,084,633		3,066,634
Frontier Communications Corp.
Initial Term Loan, (LIBOR + 2.75%, 0.00% Floor), 5.28%, 03/31/21^(b)		3,738,828		3,564,972
Term Loan, (LIBOR + 4.88%, 0.00% Floor), 7.41%, 10/12/21^(b)		4,271,252		4,079,046
Global Tel*Link Corp.
Term Loan, (LIBOR + 4.25%, 0.00% Floor), 6.96%, 11/29/25^(b).		1,156,495		1,129,514
Intelsat Jackson Holdings S.A.
(Luxembourg)
Tranche B-4 Term Loan, (LIBOR
+ 4.50%, 1.00% Floor), 7.01%, 01/02/24^(b)(c)		3,448,622		3,437,414
Tranche B-5 Term Loan, 6.63%, 01/02/24^(c)(h)		3,748,810		3,705,699
MLN US Holdco, LLC
First Lien Term Loan B, (LIBOR
+ 4.50%, 0.00% Floor), 7.02%, 11/30/25^(b)		1,543,860		1,500,447
U.S. TelePacific Corp.
Advance Term Loan, (LIBOR + 5.00%, 1.00% Floor), 7.80%, 05/02/23^(b)(d)		3,894,365		3,656,808

12 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2018


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

TELECOMMUNICATIONS (continued)

Zacapa, LLC
Initial Term Loan, (LIBOR + 5.00%, 0.75% Floor), 7.80%, 07/02/25^(b)		2,327,500		2,310,043

				32,027,370


TRANSPORTATION: CARGO - 1.6%

Avolon Holdings, Ltd.
Term Loan B-3, (LIBOR + 2.00%, 0.75% Floor), 4.47%, 01/15/25^(b)(d)		2,307,358		2,223,486
Savage Enterprises, LLC
Initial Term Loan, (LIBOR + 4.50%, 0.00% Floor), 6.88%, 08/01/25^(b)		1,903,017		1,881,608

				4,105,094


TRANSPORTATION: CONSUMER - 1.4%

American Airlines, Inc. 2017 Replacement Term Loan,
(LIBOR + 2.00%, 0.00% Floor), 4.39%, 10/10/21^(b)(d)		1,000,000		974,140
Travel Leaders Group, LLC 2018 Refinancing Term Loan,
(LIBOR + 4.00%, 0.00% Floor), 6.46%, 01/25/24^(b)		2,601,976		2,587,886

				3,562,026


UTILITIES: ELECTRIC - 1.5%

Brookfield WEC Holdings, Inc.
First Lien Initial Term Loan,
(LIBOR + 3.75%, 0.75% Floor), 6.27%, 08/01/25^(b)		3,000,000		2,915,895
Calpine Corp. 2017 Term Loan, (LIBOR + 1.75%, 0.00% Floor), 4.28%, 12/31/19^(b)(d)		844,165		838,783

				3,754,678

Total Senior Loans (Cost $376,485,242)				359,069,526


Corporate Notes and Bonds - 13.8%^(h)

BANKING, FINANCE, INSURANCE & REAL ESTATE - 0.7%

NFP Corp. 6.88%, 07/15/25⁽ⁱ⁾		2,000,000		1,800,000


BEVERAGE, FOOD & TOBACCO - 1.4%

JBS, S.A. 6.75%, 02/15/28⁽ⁱ⁾		2,000,000		1,957,500
Sigma Holdco B.V. (Netherlands) 7.88%, 05/15/26^(c)(i)		2,000,000		1,740,000

				3,697,500


CONTAINERS, PACKAGING & GLASS - 0.4%

Reynolds Group Holdings, Inc. 6.88%, 02/15/21		1,069,068		1,070,405


	Principal Amount ($)		Value ($)

ENERGY: OIL & GAS - 1.6%

Moss Creek Resources Holdings,
Inc. 7.50%, 01/15/26⁽ⁱ⁾		4,762,000		4,142,940


HEALTHCARE & PHARMACEUTICALS - 2.9%

Bausch Health Companies, Inc.
(Canada) 5.63%, 12/01/21^(c)(i)		1,081,000		1,065,461
5.88%, 05/15/23^(c)(i)		1,255,000		1,165,581
6.50%, 03/15/22^(c)(i)		1,500,000		1,511,250
Community Health Systems, Inc. 8.63%, 01/15/24⁽ⁱ⁾		2,005,000		1,984,950
Team Health Holdings, Inc. 6.38%, 02/01/25⁽ⁱ⁾		2,000,000		1,642,500

				7,369,742


HIGH TECH INDUSTRIES - 1.1%

Infor Software Parent, LLC 7.13%, 05/01/21⁽ⁱ⁾		1,000,000		977,500
Riverbed Technology, Inc. 8.88%, 03/01/23⁽ⁱ⁾		2,400,000		1,779,000

				2,756,500


HOTEL, GAMING & LEISURE - 1.8%

Churchill Downs, Inc. 4.75%, 01/15/28⁽ⁱ⁾		2,990,000		2,720,003
Scientific Games International, Inc. 5.00%, 10/15/25⁽ⁱ⁾		2,000,000		1,790,000

				4,510,003


MEDIA: BROADCASTING & SUBSCRIPTION - 1.7%

CSC Holdings, LLC 5.38%, 02/01/28⁽ⁱ⁾		2,000,000		1,844,360
10.88%, 10/15/25⁽ⁱ⁾		293,000		329,991
Univision Communications, Inc. 5.13%, 02/15/25⁽ⁱ⁾		1,077,000		947,760
Urban One, Inc. 7.38%, 04/15/22⁽ⁱ⁾		1,211,000		1,150,450

				4,272,561


METALS & MINING - 0.0%

ERP Iron Ore, LLC
LIBOR + 8.00%, 12/31/19^(e)(f)(j)		26,469		3,066
Magnetation, LLC / Mag Finance
Corp. 11.00%, 05/15/18^(e)(f)(i)(k)		639,000		—

				3,066


RETAIL - 0.2%

PetSmart, Inc. 5.88%, 06/01/25⁽ⁱ⁾		645,000		469,238


SERVICES: CONSUMER - 0.7%

NVA Holdings, Inc. 6.88%, 04/01/26⁽ⁱ⁾		2,000,000		1,800,000

See accompanying Notes to Financial Statements. | 13

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2018


	Share Quantity		Value ($)

Corporate Notes and Bonds^(h)(continued)

TELECOMMUNICATIONS - 1.3%

Orbcomm, Inc. 8.00%, 04/01/24⁽ⁱ⁾		3,194,000		3,273,850


Total Corporate Notes and Bonds (Cost $37,530,661)				35,165,805


Common Stocks - 0.6%

BANKING, FINANCE, INSURANCE & REAL ESTATE - 0.0%

Medical Card System, Inc.^(e)(f)		991,230		60,138


ENERGY: OIL & GAS - 0.6%
Ascent Resources Marcellus
Holdings, Inc.^(f)		324,739		936,385
HGIM Corp.^(e)(f)		9,820		407,530
Southcross Holdings Borrower, GP
LLC^(e)(f)		129		—
Southcross Holdings Borrower, LP,
Class A-II^(e)		129		64,500

				1,408,415


MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.0%

F & W Media, Inc.^(e)(f)		9,510		—


RETAIL - 0.0%
Charming Charlie, LLC^(e)(f)		8,890,519		—


Total Common Stock (Cost $2,032,380)				1,468,553

Share

Quantity

Value ($)

Preferred Stock - 1.5%

BANKING, FINANCE, INSURANCE & REAL ESTATE - 1.5%

Watford Holdings, Ltd. (Bermuda)

8.50% ^(c)(e)(i)

160,000

3,644,993

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

3,644,993

Warrants - 0.0%

ENERGY: OIL & GAS - 0.0%

Ascent Resources Marcellus

Holdings, Inc.^(e)(f)

84,077

2,522

Total Warrants

(Cost $8,408)

2,522

Total Investments-157.0%

399,351,399

(Cost of $419,976,691)

Other Assets & Liabilities,
Net-(1.6)%

(4,003,012

)

Loan Outstanding-(55.4)%^(l)(m)

(140,921,421

)

Net Assets (Applicable to Common
Shares)-100.0%

254,426,966

14 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Schedule of Investments (continued)

December 31, 2018

^(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, 2018. 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.

^(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, 2018, the 1, 2, 3 and 6 month LIBOR rates were 2.50%, 2.61%, 2.81% and 2.88%, respectively, and the Prime lending rate was 5.50%. 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)	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.

^(e)	Fair Value Level 3 security.

^(f)	Non-income producing asset.

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

^(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, 2018, these securities amounted to $37,737,327, or 14.83% of net assets.

^(j)	The issuer is in default of its payment obligations as of July 5, 2018, 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.

^(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 $78,579.

See accompanying Notes to Financial Statements. | 15

Apollo Tactical Income Fund Inc.

Schedule of Investments

December 31, 2018


	Principal Amount ($)		Value ($)

Senior Loans - 123.9%^(a)

AEROSPACE & DEFENSE - 5.4%

MRO Holdings, Inc.
Initial Term Loan, (LIBOR + 4.75%, 1.00% Floor), 7.43%, 10/25/23^(b)		594,000		591,030
PAE Holding Corp.
First Lien Initial Term Loan,
(LIBOR + 5.50%, 1.00% Floor), 8.12%, 10/20/22^(b)		1,861,090		1,837,826
Second Lien Initial Term Loan,
(LIBOR + 9.50%, 1.00% Floor), 12.12%, 10/20/23^(b)		1,404,834		1,383,761
Photonis Technologies SAS
(France)
First Lien Initial Dollar Term
Loan, (LIBOR + 7.50%, 1.00%
Floor), 10.30%, 09/18/19^(b)(c)(d)		3,152,510		2,958,110
StandardAero Aviation Holdings, Inc.
Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 6.27%, 07/07/22^(b)(d)		1,990,619		1,972,265
Transdigm, Inc. 2018 New Tranche E Term
Loans, (LIBOR + 2.50%, 0.00%
Floor), 5.02%, 05/30/25^(b)		997,487		944,032
2018 New Tranche F Term Loan,
(LIBOR + 2.50%, 0.00% Floor), 5.02%, 06/09/23^(b)(d)		997,487		943,872
New Tranche G Term Loans,
(LIBOR + 2.50%, 0.00% Floor), 5.02%, 08/22/24^(b)		1,994,962		1,888,451

				12,519,347


AUTOMOTIVE - 3.3%

AP Exhaust Acquisition, LLC
First Lien Initial Term Loan,
(LIBOR + 5.00%, 1.00% Floor), 7.62%, 05/10/24^(b)(d)		6,000,000		5,460,000
Innovative XCessories &
Services, LLC
Term Loan, (LIBOR + 4.75%, 1.00% Floor), 7.26%, 11/29/22^(b).		2,220,376		2,164,867

				7,624,867


BANKING, FINANCE, INSURANCE & REAL ESTATE - 10.8%

AIS Holdco, LLC
First Lien Term Loan, (LIBOR + 5.00%, 0.00% Floor), 7.80%, 08/15/25^(b)		2,208,333		2,164,166
Alera Group Intermediate
Holdings, Inc.
Term Loan B, (LIBOR + 4.50%, 0.00% Floor), 7.02%, 08/01/25^(b)(d)		1,559,009		1,543,419
Aretec Group, Inc.
First Lien Term Loan, (LIBOR + 4.25%, 0.00% Floor), 6.77%, 10/01/25^(b)		1,447,254		1,414,691


	Principal Amount ($)		Value ($)

BANKING, FINANCE, INSURANCE & REAL ESTATE (continued)

Asurion, LLC
New Term Loan B-7, (LIBOR + 3.00%, 0.00% Floor), 5.52%, 11/03/24^(b)		2,604,365		2,499,383
Replacement Term Loan B-6,
(LIBOR + 3.00%, 0.00% Floor), 5.52%, 11/03/23^(b)(d)		1,972,319		1,895,892
Second Lien Replacement Term
Loan B-2, (LIBOR + 6.50%, 0.00% Floor), 9.02%, 08/04/25^(b)		1,594,072		1,581,128
Edelman Financial Center, LLC
First Lien Initial Term Loan,
(LIBOR + 3.25%, 0.00% Floor), 5.69%, 07/21/25^(b)(d)		2,000,000		1,932,850
First Data Corp. 2024A New Dollar Term Loan,
(LIBOR + 2.00%, 0.00% Floor), 4.50%, 04/26/24^(b)(d)		1,000,000		957,750
Forest City Enterprises, L.P.
Initial Term Loan, (LIBOR + 4.00%, 0.00% Floor), 6.38%, 12/08/25^(b)(d)		1,371,191		1,342,622
Medical Card System, Inc.
Term Loan, (LIBOR + 4.50%, 1.00% Floor), 5.50%, 09/02/19^(b)(e)		4,651,939		4,208,784
Mitchell International, Inc.
First Lien Initial Term Loan,
(LIBOR + 3.25%, 0.00% Floor), 5.77%, 11/29/24^(b)		2,009,831		1,942,010
Second Lien Initial Term Loan,
(LIBOR + 7.25%, 0.00% Floor), 9.77%, 12/01/25^(b)		592,888		578,439
Sedgwick Claims Management
Services, Inc.
Term Loan, (LIBOR + 3.25%, 0.00% Floor), 3.25%, 12/31/25^(b)(d)		1,399,103		1,340,229
SG Acquisition, Inc.
Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 7.80%, 03/29/24^(b)		1,767,230		1,762,812
SquareTwo Financial Corp.
Closing Date Term Loan, (LIBOR
+ 10.00%, 1.00% Floor), 11.00%, 05/24/19^(b)(e)(f)(g)		1,003,755		16,680

				25,180,855


BEVERAGE, FOOD & TOBACCO - 1.7%

Winebow Holdings, Inc.
First Lien Term Loan, (LIBOR + 3.75%, 1.00% Floor), 6.27%, 07/01/21^(b)		3,085,130		2,691,776
Second Lien Term Loan, (LIBOR
+ 7.50%, 1.00% Floor), 10.02%, 01/02/22^(b)(e)		2,505,795		1,378,187

				4,069,963

16 | See accompanying Notes to Financial Statements.

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

December 31, 2018


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

CAPITAL EQUIPMENT -1.6%

Altra Industrial Motion Corp.
Term Loan, (LIBOR + 2.00%, 0.00% Floor), 4.52%, 10/01/25^(b)		1,441,023		1,372,575
Safe Fleet Holdings, LLC
First Lien Initial Term Loan,
(LIBOR + 3.00%, 1.00% Floor), 5.38%, 02/03/25^(b)		994,987		953,944
Second Lien Initial Term Loan,
(LIBOR + 6.75%, 1.00% Floor), 9.13%, 02/02/26^(b)		1,403,846		1,333,654

				3,660,173


CHEMICALS, PLASTICS, & RUBBER - 4.5%

Diamond (BC) B.V.
Initial Term Loan, (LIBOR + 3.00%, 0.00% Floor), 5.53%, 09/06/24^(b)		4,130,223		3,820,456
Polar US Borrower, LLC
Initial Term Loan, (LIBOR + 4.75%, 0.00% Floor), 7.19%, 10/15/25^(b)(d)		2,000,000		1,930,000
Starfruit US Holdco, LLC
Initial Dollar Term Loan, (LIBOR
+ 3.25%, 0.00% Floor), 5.60%, 10/01/25^(b)		5,011,718		4,811,249

				10,561,705


CONSTRUCTION & BUILDING - 4.7%

Associated Asphalt Partners, LLC
Tranche B Term Loan, (LIBOR + 5.25%, 1.00% Floor), 7.77%, 04/05/24^(b)		2,982,395		2,892,923
Forterra Finance, LLC
Replacement Term Loan,
(LIBOR + 3.00%, 1.00% Floor), 5.52%, 10/25/23^(b)		1,994,898		1,808,944
KBR, Inc.
Term Loan B, (LIBOR + 3.75%, 0.00% Floor), 6.27%, 04/25/25^(b)		4,417,480		4,351,217
Terra Millennium Corp.
First Out Term Loan, (LIBOR + 6.75%, 1.00% Floor), 9.31%, 10/31/22^(b)		1,900,000		1,890,500

				10,943,584


CONSUMER GOODS: DURABLE - 0.9%

PT Holdings, LLC
First Lien Term Loan B, (LIBOR
+ 4.00%, 1.00% Floor), 6.80%, 12/09/24^(b)		1,611,049		1,578,828
Second Lien Initial Loan, (LIBOR
+ 8.00%, 1.00% Floor), 10.80%, 12/08/25^(b)(e)		625,000		618,750

				2,197,578


	Principal Amount ($)		Value ($)

CONSUMER GOODS: NON-DURABLE - 1.4%

American Greetings Corp.
Initial Term Loan, (LIBOR + 4.50%, 1.00% Floor), 7.01%, 04/06/24^(b)		3,395,160		3,348,477


CONTAINERS, PACKAGING & GLASS - 2.7%

Anchor Glass Container Corp.
July 2017 Additional Term Loan,
(LIBOR + 2.75%, 1.00% Floor), 5.24%, 12/07/23^(b)(d)		4,287,030		3,613,366
Strategic Materials Holding Corp.
First Lien Initial Term Loan,
(LIBOR + 3.75%, 1.00% Floor), 6.29%, 11/01/24^(b)		2,878,344		2,576,118

				6,189,484


ENERGY: OIL & GAS - 0.3%

Ascent Resources -Marcellus, LLC
Exit Term Loan, (LIBOR + 6.50%, 1.00% Floor), 8.89%, 03/30/23^(b)		230,586		231,451
Sheridan Investment Partners I, LLC
Deferred Principal Facility I, 10/01/19^(e)(g)		4,749		3,799
Tranche B-2 Term Loan, (LIBOR
+ 3.50%, 0.75% Floor), 6.24%, 10/01/19^(b)		390,500		347,545
Sheridan Production
Partners I-A, L.P.
Deferred Principal Facility I-A, 10/01/19^(e)(g)		629		503
Tranche B-2 Term Loan, (LIBOR
+ 3.50%, 0.75% Floor), 6.24%, 10/01/19^(b)		51,745		46,053
Sheridan Production Partners I-M, L.P.
Deferred Principal Facility I-M, 10/01/19^(e)(g)		384		308
Tranche B-2 Term Loan, (LIBOR
+ 3.50%, 0.75% Floor), 6.24%, 10/01/19^(b)		31,605		28,129

				657,788


ENVIRONMENTAL INDUSTRIES - 1.7%

GFL Environmental, Inc. (Canada) 2018 Incremental Term Loan,
(LIBOR + 3.00%, 1.00% Floor), 5.52%, 05/30/25^(b)(c)(d)		4,189,474		3,919,253


HEALTHCARE & PHARMACEUTICALS - 15.6%

Bausch Health Companies, Inc.
(Canada)
Initial Term Loan, (LIBOR + 3.00%, 0.00% Floor), 5.38%, 06/02/25^(b)(c)		2,467,949		2,364,097
BioClinica Holding I, LP
First Lien Initial Term Loan,
(LIBOR + 4.25%, 1.00% Floor), 6.75%, 10/20/23^(b)		2,195,421		2,038,998

See accompanying Notes to Financial Statements. | 17

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

December 31, 2018


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

HEALTHCARE & PHARMACEUTICALS (continued)
BW NHHC HoldCo, Inc.
First Lien Initial Term Loan,
(LIBOR + 5.00%, 0.00% Floor), 7.47%, 05/15/25^(b)		2,033,187		1,992,523
Community Health Systems, Inc.
Incremental 2021 Term Loan
H, (LIBOR + 3.25%, 1.00% Floor), 5.96%, 01/27/21^(b)(d)		2,148,175		2,071,463
CT Technologies Intermediate
Hldgs, Inc.
Initial Term Loan, (LIBOR + 4.25%, 1.00% Floor), 6.77%, 12/01/21^(b)		3,947,335		3,292,729
Endo Luxembourg Finance I Co.
S.A.R.L
Initial Term Loan, (LIBOR + 4.25%, 0.75% Floor), 6.81%, 04/29/24^(b)		2,977,330		2,828,463
Hanger, Inc.
Term Loan B, (LIBOR + 3.50%, 0.00% Floor), 6.02%, 03/06/25^(b).		2,356,021		2,353,076
Inovalon Holdings, Inc.
Term Loan, (LIBOR + 3.50%, 0.00% Floor), 5.94%, 04/02/25^(b)		2,774,911		2,712,476
Lanai Holdings II, Inc.
First Lien Initial Term Loan,
(LIBOR + 4.75%, 1.00% Floor), 7.28%, 08/29/22^(b)		2,013,372		1,859,852
Lanai Holdings III, Inc.
Second Lien Initial Term Loan, (LIBOR + 8.50%, 1.00% Floor), 11.03%, 08/28/23^(b)		869,565		795,652
Lantheus Medical Imaging, Inc.
New Term Loan B 2017, (LIBOR + 3.75%, 1.00% Floor), 6.27%, 06/30/22^(b)		1,032,961		1,014,884
Medical Solutions Holdings, Inc.
First Lien Closing Date Term
Loan, (LIBOR + 3.75%, 1.00% Floor), 6.27%, 06/14/24^(b)		2,237,725		2,204,159
MModal, Inc.
Term Loan B, (LIBOR + 4.75%, 1.00% Floor), 7.53%, 02/13/23^(b)		2,020,446		2,017,931
One Call Corp.
First Lien Extended Term Loan, (LIBOR + 5.25%, 1.00% Floor), 7.71%, 11/27/22^(b)(d)		2,777,010		2,468,762
Onex Schumacher Finance, LP
First Lien Initial Term Loan,
(LIBOR + 4.00%, 1.00% Floor), 6.52%, 07/29/22^(b)		1,928,690		1,856,364
Team Health Holdings, Inc.
Initial Term Loan, (LIBOR + 2.75%, 1.00% Floor), 5.27%, 02/06/24^(b)		2,394,858		2,152,379


	Principal Amount ($)		Value ($)

HEALTHCARE & PHARMACEUTICALS (continued)
U.S. Renal Care, Inc.
First Lien Initial Term Loan,
(LIBOR + 4.25%, 1.00% Floor), 7.05%, 12/30/22^(b)(d)		2,431,234		2,322,436

				36,346,244


HIGH TECH INDUSTRIES - 17.3%
Almonde, Inc.
First Lien Dollar Term Loan,
(LIBOR + 3.50%, 1.00% Floor), 6.30%, 06/13/24^(b)(d)		1,000,000		934,645
DigiCert, Inc.
First Lien Term Loan, (LIBOR + 4.00%, 1.00% Floor), 6.52%, 10/31/24^(b)		4,255,081		4,180,617
Second Lien Term Loan, (LIBOR + 8.00%, 1.00% Floor), 10.52%, 10/31/25^(b)		811,782		790,472
Flexera Software, LLC
First Lien Initial Term Loan,
(LIBOR + 3.25%, 1.00% Floor), 5.78%, 02/26/25^(b)		1,247,293		1,206,132
Help/Systems Holdings, Inc.
First Lien Term Loan, (LIBOR + 3.75%, 0.00% Floor), 6.27%, 03/28/25^(b)		895,460		861,880
Imperva, Inc.
Term Loan, (LIBOR + 4.00%, 0.00% Floor), 4.00%, 12/28/25^(b)(d)		1,422,222		1,402,666
ION Trading Technologies
S.A.R.L (Luxembourg)
Initial Dollar Term Loan, (LIBOR + 4.00%, 1.00% Floor), 6.52%, 11/21/24^(b)(c)		5,942,016		5,630,060
Ivanti Software, Inc.
First Lien Term Loan, (LIBOR + 4.25%, 1.00% Floor), 6.60%, 01/20/24^(b)		2,961,938		2,887,889
MA FinanceCo., LLC
Tranche B-3 Term Loan, (LIBOR + 2.50%, 0.00% Floor), 5.02%, 06/21/24^(b)		256,022		239,060
Red Ventures, LLC
First Lien Term Loan B-1,
(LIBOR + 3.00%, 0.00% Floor), 5.52%, 11/08/24^(b)		1,015,637		969,933
Riverbed Technology, Inc.
First Amendment Term Loan,
(LIBOR + 3.25%, 1.00% Floor), 5.78%, 04/24/22^(b)		3,987,813		3,772,032
Seattle SpinCo, Inc.
Initial Term Loan, (LIBOR + 2.50%, 0.00% Floor), 5.02%, 06/21/24^(b)		1,728,978		1,614,433

18 | See accompanying Notes to Financial Statements.

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

December 31, 2018


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

HIGH TECH INDUSTRIES (continued)
SS&C European Holdings, S.A.R.L
(Luxembourg)
Term Loan B-4, (LIBOR + 2.25%, 0.00% Floor), 4.77%, 04/16/25^(b)(c)		1,323,119		1,252,239
SS&C Technologies, Inc.
Term Loan B-3, (LIBOR + 2.25%, 0.00% Floor), 4.77%, 04/16/25^(b)		3,488,192		3,301,329
Syncsort, Inc.
First Lien Term Loan B, (LIBOR
+ 4.50%, 0.00% Floor), 7.02%, 08/16/24^(b)		2,473,818		2,451,405
Second Lien Initial Term Loan,
(LIBOR + 9.00%, 1.00% Floor), 11.52%, 08/18/25^(b)		2,500,000		2,489,588
Triple Point Group Holdings, Inc.
First Lien Term Loan, (LIBOR + 4.25%, 1.00% Floor), 6.77%, 07/10/20^(b)		3,915,190		3,269,184
Vertafore, Inc.
First Lien Initial Term Loan,
(LIBOR + 3.25%, 0.00% Floor), 6.05%, 07/02/25^(b)		3,000,000		2,860,305

				40,113,869


HOTEL, GAMING & LEISURE - 1.0%

Mohegan Tribal Gaming Authority
Term Loan A, (LIBOR + 3.75%, 0.00% Floor), 6.27%, 10/13/21^(b).		461,691		435,374
Penn National Gaming, Inc.
Term A Facility, (LIBOR + 1.25%, 0.00% Floor), 3.71%, 10/19/23^(b)(d)		1,000,000		969,375
Scientific Games International, Inc.
Initial Term Loan B-5, (LIBOR + 2.75%, 0.00% Floor), 5.25%, 08/14/24^(b)		997,487		939,419

				2,344,168

MEDIA: ADVERTISING, PRINTING & PUBLISHING - 4.4%

Acosta, Inc.
Tranche B-1 Loan, (LIBOR + 3.25%, 1.00% Floor), 5.77%, 09/26/21^(b)		634,150		389,568
Advantage Sales & Marketing, Inc.
First Lien Initial Term Loan,
(LIBOR + 3.25%, 1.00% Floor), 5.77%, 07/23/21^(b)(d)		5,208,437		4,626,811
Incremental Term Loan B-2,
(LIBOR + 3.25%, 1.00% Floor), 5.77%, 07/23/21^(b)		2,433,002		2,163,340
F & W Media,Inc.
Term Loan B-1 (9.03% PIK),
(LIBOR + 6.50%, 1.50% Floor), 9.03%, 05/24/22^(b)(e)(h)		340,517		340,517
Term Loan B-2 (12.53% PIK),
(LIBOR + 10.00%, 1.50% Floor), 12.53%, 05/24/22^(b)(e)(h)		941,468		7,629


	Principal Amount ($)		Value ($)

MEDIA: ADVERTISING, PRINTING & PUBLISHING (continued)

Getty Images, Inc.
Initial Term Loan, (LIBOR + 3.50%, 1.25% Floor), 6.02%, 10/18/19^(b)		2,815,352		2,747,615

				10,275,480

MEDIA: BROADCASTING & SUBSCRIPTION - 5.8%
Emmis Operating Co.
Term Loan, (LIBOR + 7.50%, 1.00% Floor), 10.03%, 04/18/19^(b)		227,950		223,961
Global Eagle Entertainment, Inc.
Initial Term Loan, (LIBOR + 7.50%, 1.00% Floor), 10.02%, 01/06/23^(b)		4,855,473		4,904,027
Unitymedia Hessen GmbH & Co.
KG (Germany)
Senior Facility B, (LIBOR + 2.25%, 0.00% Floor), 4.71%, 09/30/25^(b)(c)(d)		999,615		968,627
Univision Communications, Inc. 2017 Replacement Term Loan,
(LIBOR + 2.75%, 1.00% Floor), 5.27%, 03/15/24^(b)(d)		4,721,608		4,296,663
Urban One, Inc.
Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 6.53%, 04/18/23^(b)		1,345,325		1,296,557
Ziggo Secured Finance Partnership (Netherlands)
Term Loan E, (LIBOR + 2.50%, 0.00% Floor), 4.96%, 04/15/25^(b)(c)		2,000,000		1,889,690

				13,579,525


MEDIA: DIVERSIFIED & PRODUCTION - 0.2%

Learfield Communications, LLC
Second Lien Initial Term Loan,
(LIBOR + 7.25%, 1.00% Floor), 9.78%, 12/02/24^(b)(e)		375,000		375,000


RETAIL - 7.2%

Academy, Ltd.
Initial Term Loan, (LIBOR + 4.00%, 1.00% Floor), 6.35%, 07/01/22^(b)(d)		2,512,113		1,688,353
Charming Charlie, LLC
Term Loan A (5.00% PIK),
(LIBOR + 10.00%, 1.00% Floor), 12.49%, 04/24/23^(b)(e)(h)		239,468		19,342
Term Loan B (9.00% PIK),
(LIBOR + 10.00%, 1.00% Floor), 12.49%, 04/24/23^(b)(e)(h)		293,161		23,679
Vendor Payment Financing
Facility, 20.00%, 05/15/19^(e)(i)		14,010		6,304
EG America, LLC
Additional Facility Loan, (LIBOR
+ 4.00%, 0.00% Floor), 6.81%, 02/07/25^(b)(d)		2,966,516		2,866,396

See accompanying Notes to Financial Statements. | 19

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

December 31, 2018


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

RETAIL (continued)
General Nutrition Centers, Inc.
First In Last Out Term Loan, (LIBOR + 7.00%, 0.00% Floor), 9.53%, 12/31/22^(b)		3,072,350		3,054,423
Neiman Marcus Group, Inc.
Other Term Loan, (LIBOR + 3.25%, 1.00% Floor), 5.63%, 10/25/20^(b)		3,655,335		3,101,332
Petco Animal Supplies, Inc.
Term Loan, (LIBOR + 3.25%, 1.00% Floor), 5.78%, 01/26/23^(b)(d)		4,781,952		3,535,991
PetSmart, Inc.
Tranche B-2 Loan, (LIBOR + 3.00%, 1.00% Floor), 5.38%, 03/11/22^(b)(d)		3,050,269		2,420,602

				16,716,422


SERVICES: BUSINESS - 15.0%

Air Medical Group Holdings, Inc. 2017-2 New Term Loan, (LIBOR + 4.25%, 1.00% Floor), 6.75%, 03/14/25^(b)		4,481,146		4,186,668
2018 Term Loan, (LIBOR + 3.25%, 1.00% Floor), 5.68%, 04/28/22^(b)(d)		2,244,332		2,104,757
Allied Universal Holdco, LLC
First Lien Initial Term Loan, (LIBOR + 3.75%, 1.00% Floor), 6.27%, 07/28/22^(b)(d)		2,198,629		2,091,995
Incremental Term Loan, (LIBOR + 4.25%, 1.00% Floor), 6.64%, 07/28/22^(b)(d)		795,719		761,901
Electro Rent Corp.
First Lien Initial Term Loan, (LIBOR + 5.00%, 1.00% Floor), 7.49%, 01/31/24^(b)		2,244,522		2,213,659
Envision Healthcare Corp.
Initial Term Loan, (LIBOR + 3.75%, 0.00% Floor), 6.27%, 10/10/25^(b)		5,500,000		5,140,520
Evergreen Skills Lux S.A.R.L
(Luxembourg)
First Lien Initial Term Loan, (LIBOR + 4.75%, 1.00% Floor), 7.27%, 04/28/21^(b)(c)(d)		4,924,559		4,011,447
Second Lien Initial Term Loan, (LIBOR + 8.25%, 1.00% Floor), 10.77%, 04/28/22^(b)(c)		1,000,000		561,670
Onex Carestream Finance, L.P.
Second Lien Term Loan, (LIBOR + 8.50%, 1.00% Floor), 10.84%, 12/07/19^(b)		1,000,000		997,190
R1 RCM, Inc.
Initial Term Loan, (LIBOR + 5.25%, 0.00% Floor), 7.77%, 05/08/25^(b)(e)		1,421,428		1,407,214


	Principal Amount ($)		Value ($)

SERVICES: BUSINESS (continued)

Refinitiv US Holdings, Inc.
Initial Dollar Term Loan, (LIBOR + 3.75%, 0.00% Floor), 6.27%, 10/01/25^(b)(d)		3,137,385		3,000,124
SGS Cayman, L.P.
Initial Cayman Term Loan,
(LIBOR + 5.38%, 1.00% Floor), 8.18%, 04/23/21^(b)		776,248		732,907
STG-Fairway Acquisitions, Inc.
First Lien Term Loan, (LIBOR + 5.25%, 1.00% Floor), 7.78%, 06/30/22^(b)		2,577,911		2,532,798
Sutherland Global Services, Inc.
Initial U.S. Term Loan, (LIBOR + 5.38%, 1.00% Floor), 8.18%, 04/23/21^(b)		3,334,696		3,148,503
Verscend Holding Corp.
Term Loan B, (LIBOR + 4.50%, 0.00% Floor), 7.02%, 08/27/25^(b)		1,995,000		1,935,150

				34,826,503


SERVICES: CONSUMER - 2.4%

Laureate Education, Inc.
Series 2024 Term Loan, (LIBOR + 3.50%, 1.00% Floor), 6.03%, 04/26/24^(b)		3,219,334		3,164,605
USS Ultimate Holdings, Inc.
Second Lien Initial Term Loan, (LIBOR + 7.75%, 1.00% Floor), 10.27%, 08/25/25^(b)		2,500,000		2,406,250

‘				5,570,855


TELECOMMUNICATIONS - 11.2%

CenturyLink, Inc.
Initial Term Loan B, (LIBOR + 2.75%, 0.00% Floor), 5.27%, 01/31/25^(b)		3,972,431		3,720,182
Flight Bidco, Inc.
First Lien Initial Term Loan,
(LIBOR + 3.50%, 0.00% Floor), 6.02%, 07/23/25^(b)		3,084,633		3,066,634
Frontier Communications Corp.
Initial Term Loan, (LIBOR + 2.75%, 0.00% Floor), 5.28%, 03/31/21^(b)		2,691,278		2,566,134
Term Loan, (LIBOR + 4.88%, 0.00% Floor), 7.41%, 10/12/21^(b)		4,271,252		4,079,046
Intelsat Jackson Holdings S.A.
(Luxembourg)
Tranche B-4 Term Loan, (LIBOR + 4.50%, 1.00% Floor), 7.01%, 01/02/24^(b)(c)		3,406,019		3,394,949
Tranche B-5 Term Loan, 6.63%, 01/02/24^(c)(i)		3,820,586		3,776,649
U.S. TelePacific Corp.
Advance Term Loan, (LIBOR + 5.00%, 1.00% Floor), 7.80%, 05/02/23^(b)		3,205,546		3,010,008

20 | See accompanying Notes to Financial Statements.

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

December 31, 2018


	Principal Amount ($)		Value ($)

Senior Loans^(a)(continued)

TELECOMMUNICATIONS (continued)

Zacapa, LLC
Initial Term Loan, (LIBOR + 5.00%, 0.75% Floor), 7.80%, 07/02/25^(b)		2,327,500		2,310,043

				25,923,645


TRANSPORTATION: CARGO - 1.8%

Avolon Holdings, Ltd.
Term Loan B-3, (LIBOR + 2.00%, 0.75% Floor), 4.47%, 01/15/25^(b)(d)		2,307,358		2,223,486
Savage Enterprises, LLC
Initial Term Loan, (LIBOR + 4.50%, 0.00% Floor), 6.88%, 08/01/25^(b)		1,928,788		1,907,089

				4,130,575


TRANSPORTATION: CONSUMER - 1.4%

American Airlines, Inc. 2017 Replacement Term Loan,
(LIBOR + 2.00%, 0.00% Floor), 4.39%, 10/10/21^(b)(d)		1,000,000		974,140
Travel Leaders Group, LLC 2018 Refinancing Term Loan,
(LIBOR + 4.00%, 0.00% Floor), 6.46%, 01/25/24^(b)		2,212,334		2,200,354

				3,174,494


UTILITIES: ELECTRIC - 1.6%

Brookfield WEC Holdings, Inc.
First Lien Initial Term Loan,
(LIBOR + 3.75%, 0.75% Floor), 6.27%, 08/01/25^(b)		3,000,000		2,915,895
Calpine Corp. 2017 Term Loan, (LIBOR + 1.75%, 0.00% Floor), 4.28%, 12/31/19^(b)(d)		844,165		838,783

				3,754,678


Total Senior Loans
(Cost $302,900,461)				288,004,532


Corporate Notes and Bonds - 16.9%⁽ⁱ⁾

AEROSPACE & DEFENSE - 0.5%

BBA U.S. Holdings, Inc. 5.38%, 05/01/26^(j)		1,240,000		1,177,988


BANKING, FINANCE, INSURANCE & REAL ESTATE - 2.2%

Greystar Real Estate Partners, LLC 5.75%, 12/01/25^(j)		1,500,000		1,470,000
NFP Corp. 6.88%, 07/15/25^(j)		2,000,000		1,800,000
Vantiv, LLC 4.38%, 11/15/25^(j)		2,000,000		1,837,500

				5,107,500


BEVERAGE, FOOD & TOBACCO - 1.2%

JBS, S.A. 6.75%, 02/15/28^(j)		1,000,000		978,750


	Principal Amount ($)		Value ($)

BEVERAGE, FOOD & TOBACCO (continued)

Sigma Holdco B.V. (Netherlands) 7.88%, 05/15/26^(c)(j)		2,000,000		1,740,000

				2,718,750


CAPITAL EQUIPMENT - 0.4%

Stevens Holding Co., Inc. 6.13%, 10/01/26^(j)		1,000,000		990,000


CONTAINERS, PACKAGING & GLASS - 0.4%

Reynolds Group Holdings, Inc. 6.88%, 02/15/21		1,069,414		1,070,751


ENERGY: OIL & GAS - 1.8%

Moss Creek Resources Holdings, Inc. 7.50%, 01/15/26^(j)		4,762,000		4,142,940


HEALTHCARE & PHARMACEUTICALS - 2.8%

Bausch Health Companies, Inc.
(Canada) 5.63%, 12/01/21^(c)(j)		303,000		298,644
5.88%, 05/15/23^(c)(j)		1,111,000		1,031,841
6.50%, 03/15/22^(c)(j)		500,000		503,750
Centene Escrow I Corp. 5.38%, 06/01/26^(j)		2,000,000		1,950,000
Community Health Systems, Inc. 8.63%, 01/15/24^(j)		1,005,000		994,950
Team Health Holdings, Inc. 6.38%, 02/01/25^(j)		2,000,000		1,642,500

				6,421,685


HIGH TECH INDUSTRIES - 1.0%

Infor Software Parent, LLC 7.13%, 05/01/21^(j)		1,000,000		977,500
Riverbed Technology, Inc. 8.88%, 03/01/23^(j)		1,920,000		1,423,200

				2,400,700


HOTEL, GAMING & LEISURE - 1.9%

Churchill Downs, Inc. 4.75%, 01/15/28^(j)		3,000,000		2,729,100
Scientific Games International, Inc. 5.00%, 10/15/25^(j)		2,000,000		1,790,000

				4,519,100


MEDIA: BROADCASTING & SUBSCRIPTION - 2.6%

CSC Holdings, LLC 5.38%, 02/01/28^(j)		1,000,000		922,180
10.88%, 10/15/25^(j)		477,000		537,221
Gray Escrow, Inc. 7.00%, 05/15/27^(j)		2,000,000		1,951,340
Univision Communications, Inc. 5.13%, 02/15/25^(j)		2,057,000		1,810,160
Urban One, Inc. 7.38%, 04/15/22^(j)		787,000		747,650

				5,968,551

See accompanying Notes to Financial Statements. | 21

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

December 31, 2018


	Share Quantity		Value ($)

Corporate Notes and Bonds⁽ⁱ⁾(continued)

METALS & MINING - 0.0%

ERP Iron Ore, LLC
LIBOR + 8.00%, 12/31/19^(e)(g)(k)		121,662		14,095
Magnetation, LLC / Mag
Finance Corp. 11.00%, 05/15/18^(e)(g)(j)(l)		2,937,000		—

				14,095


RETAIL - 0.3%

PetSmart, Inc. 5.88%, 06/01/25^(j)		933,000		678,758


SERVICES: CONSUMER - 0.4%

NVA Holdings, Inc. 6.88%, 04/01/26^(j)		1,000,000		900,000


TELECOMMUNICATIONS - 1.4%

Orbcomm, Inc. 8.00%, 04/01/24^(j)		3,194,000		3,273,850


Total Corporate Notes and Bonds
(Cost $41,960,978)				39,384,668


Structured Products - 12.7%^(m)
Anchorage Capital CLO, Ltd.
(Cayman Islands)
Series 2015-6A, Class ER, 8.79%, 07/15/30^(c)(j)(n)		4,400,000		4,098,103
Babson CLO Ltd. (Cayman Islands)
Series 2014-IA, Class E, 8.12%, 07/20/25^(c)(j)(n)		1,110,000		991,784
Fortress Credit Opportunities CLO,
Ltd. (Cayman Islands)
Series 2018-11A, Class E, 9.59%, 04/15/31^(c)(j)(n)		4,000,000		3,522,800
JFIN CLO, Ltd. (Cayman Islands)
Series 2015-1A, Class E, 7.79%, 03/15/26^(c)(j)(n)		4,500,000		4,161,915
OZLM, Ltd. (Cayman Islands)
Series 2014-8A, Class DRR, 8.54%, 10/17/29^(c)(j)(n)		2,500,000		2,293,660
Shackleton CLO, Ltd. (Cayman Islands)
Series 2015-8A, Class F, 9.32%, 10/20/27^(c)(j)(n)		3,300,000		3,125,183

Share

Quantity

Value ($)

TIAA Churchill Middle Market CLO

(Cayman Islands)

Series 2016-1A, Class ER, 10.44%, 10/20/30^(c)(j)(n)

5,000,000

4,935,555

Series 2017-1A, Class E, 9.79%, 01/24/30^(c)(j)(n)

4,000,000

3,859,532

Zais CLO, Ltd. (Cayman Islands)

Series 2016-2A, Series D, 9.44%, 10/15/28^(c)(j)(n)

1,000,000

929,538

Series 2017-2A, Series E, 9.59%, 04/15/30^(c)(j)(n)

1,750,000

1,549,800

Total Structured Products

(Cost $30,315,636)

29,467,870

Common Stocks - 0.3%

BANKING, FINANCE, INSURANCE & REAL ESTATE - 0.0%

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

914,981

55,512

ENERGY: OIL & GAS - 0.3%

Ascent Resources Marcellus

Holdings, Inc.^(g)

165,654

477,664

HGIM Corp.^(e)(g)

1,463

60,714

Southcross Holdings Borrower,

GP LLC^(e)(g)

129

—

Southcross Holdings Borrower,

LP, Class A-II^(e)

129

64,500

602,878

MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.0%

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

9,510

—

RETAIL - 0.0%

Charming Charlie, LLC^(e)(g)

2,679,190

—

Total Common Stock

(Cost $729,082)

658,390

Preferred Stock - 1.6%

BANKING, FINANCE, INSURANCE & REAL ESTATE - 1.6%

Watford Holdings, Ltd. (Bermuda)
8.50%,^(c)(e)(j)

160,000

3,644,993

Total Preferred Stock

(Cost $3,920,000)

3,644,993

Warrants - 0.0%

ENERGY: OIL & GAS - 0.0%

Ascent Resources Marcellus

Holdings, Inc.^(e)(g)

42,889

1,287

Total Warrants

(Cost $4,289)

1,287

Total Investments-155.4%

361,161,740

(Cost of $379,830,446)

Other Assets & Liabilities,

Net-(1.1)%

(2,461,199

)

Loan Outstanding-(54.3)%^(o)(p)

(126,268,575

)

Net Assets -100.0%

232,431,966

22 | See accompanying Notes to Financial Statements.

Apollo Tactical Income Fund Inc.

Schedule of Investments (continued)

December 31, 2018

^(a)

^(b)

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

^(d)	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.

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

⁽ⁱ⁾	Fixed rate asset.

^(j)	Securities exempt from registration pursuant to Rule 144A under the 1933 Act. These securities may only be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2018, these securities amounted to $71,412,685, or 30.72% of net assets.

^(k)	The issuer is in default of its payment obligations as of July 5, 2018, as such, income is no longer being accrued.

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

^(m)

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.

⁽ⁿ⁾	Floating rate asset. The interest rate shown reflects the rate in effect at December 31, 2018.

^(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 $126,500,000 less unamortized deferred financing costs of $231,425.

See accompanying Notes to Financial Statements. | 23

Apollo Senior Floating Rate Fund Inc.

Apollo Tactical Income Fund Inc.

Statements of Assets and Liabilities

December 31, 2018


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

Investment securities at fair value (cost $419,976,691 and $379,830,446, respectively)	$	399,351,399		$	361,161,740
Cash and cash equivalents		23,310,262			12,856,395
Interest receivable		2,030,777			2,390,952
Receivable for investment securities sold		25,245,424			26,913,563
Prepaid expenses		78,785			78,913


Total assets	$	450,016,647		$	403,401,563


Liabilities:

Borrowings under credit facility (principal $141,000,000 and $126,500,000, respectively, less unamortized deferred financing costs of $78,579 and $231,425, respectively) (Note 8)	$	140,921,421		$	126,268,575
Payable for investment securities purchased		53,739,175			43,974,882
Interest payable		296,187			176,870
Unrealized depreciation on unfunded loan commitments (Note 9)		26,245			—
Distributions payable to common shareholders		93,147			58,093
Investment advisory fee payable		341,935			310,405
Other payables and accrued expenses		171,571			180,772


Total liabilities		195,589,681			170,969,597


Commitments and Contingencies (Note 9)

Net Assets (Applicable to Common Shareholders)	$	254,426,966		$	232,431,966


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)	$	296,608,448		$	275,624,904
Total accumulated loss		(42,181,482	)		(43,192,938	)


Net Assets (Applicable to Common Shareholders)	$	254,426,966		$	232,431,966


Number of Common Shares Outstanding		15,573,061			14,464,026
Net Asset Value, per Common Share	$	16.34		$	16.07

24 | See accompanying Notes to Financial Statements.

Apollo Senior Floating Rate Fund Inc.

Apollo Tactical Income Fund Inc.

Statements of Operations

For the Year Ended December 31, 2018


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

Interest	$	29,672,544		$	28,429,222
Dividends		408,293			408,293


Total investment income		30,080,837			28,837,515


Expenses:

Investment advisory fee (Note 3)		4,161,850			3,806,360
Interest and commitment fee expense (Note 8)		4,344,497			3,895,512
Professional fees		275,006			267,418
Administrative services of the Adviser (Note 3)		722,000			717,000
Fund administration and accounting services (Note 3)		283,000			279,000
Insurance expense		311,473			311,473
Amortization of deferred financing costs (Note 8)		219,518			134,665
Board of Directors fees (Note 3)		124,035			124,035
Other operating expenses		111,299			121,299


Total expenses		10,552,678			9,656,762
Expense reimbursement waived by the Adviser (Note 3)		—			—


Net expenses		10,552,678			9,656,762


Net Investment Income		19,528,159			19,180,753


Net Realized and Unrealized Loss on Investments

Net realized loss on investments		(10,329,855	)		(4,191,263	)
Net change in unrealized depreciation on investments and unfunded loan commitments (Note 9)		(13,265,878	)