0001526697falseN-CSRSPresented on a non-consolidated basis. (Note 1) Calculated by subtracting the Fund’s total liabilities (not including the borrowings outstanding) from the Fund’s total assets, and dividing this by the amount of borrowings outstanding. 0001526697 2024-01-01 2024-06-30 0001526697 2020-12-31 0001526697 2021-12-31 0001526697 2022-12-31 0001526697 2023-12-31 0001526697 2024-06-30 0001526697 2014-12-31 0001526697 2015-12-31 0001526697 2016-12-31 0001526697 2017-12-31 0001526697 2018-12-31 0001526697 2019-12-31 0001526697 aif:CommonSharesMember 2024-01-01 2024-06-30 0001526697 aif:SpreadRiskMember 2024-01-01 2024-06-30 0001526697 aif:PrepaymentRisksMember 2024-01-01 2024-06-30 0001526697 aif:SeniorLoansRiskMember 2024-01-01 2024-06-30 0001526697 aif:SubordinatedLoansRiskMember 2024-01-01 2024-06-30 0001526697 aif:GeneralRiskMember 2024-01-01 2024-06-30 0001526697 aif:DistressedAndDefaultedSecuritiesRiskMember 2024-01-01 2024-06-30 0001526697 aif:LeverageRiskMember 2024-01-01 2024-06-30 0001526697 aif:ReferenceRateRiskMember 2024-01-01 2024-06-30 0001526697 aif:ClosedEndStructureMarketDiscountfromNetAssetValueMember 2024-01-01 2024-06-30 0001526697 aif:BelowInvestmentGradeInstrumentsRiskMember 2024-01-01 2024-06-30 0001526697 aif:MarketRiskMember 2024-01-01 2024-06-30 0001526697 aif:ReinvestmentRiskMember 2024-01-01 2024-06-30 0001526697 us-gaap:InterestRateRiskMember 2024-01-01 2024-06-30 0001526697 aif:CreditRisksMember 2024-01-01 2024-06-30 0001526697 aif:IssuerRiskMember 2024-01-01 2024-06-30 0001526697 aif:FixedIncomeInstrumentRiskMember 2024-01-01 2024-06-30 0001526697 aif:CovenantLiteLoanRiskMember 2024-01-01 2024-06-30 0001526697 aif:DerivativesRiskMember 2024-01-01 2024-06-30 xbrli:shares iso4217:USD iso4217:USD xbrli:shares
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)
James Vanek, 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, 2024
 

Item 1. Reports to Stockholders.
 
(a)
The Report to Shareholders is attached herewith.


 
Apollo Senior Floating Rate Fund Inc. (NYSE: AFT)
Apollo Tactical Income Fund Inc. (NYSE: AIF)
Semi-Annual Report
June 30, 2024
(unaudited)
 
 

TABLE OF CONTENTS
 
Manager Commentary      1  
Financial Data and Fund Performance   
     3  
     5  
Consolidated Schedules of Investments   
     7  
     13  
Consolidated Statements of Assets and Liabilities      20  
Consolidated Statements of Operations      21  
Consolidated Statements of Changes in Net Assets   
     22  
     23  
Consolidated Statements of Cash Flows   
     24  
     25  
Consolidated Financial Highlights   
     26  
     28  
Notes to Consolidated Financial Statements      30  
Report of Independent Registered Public Accounting Firm      52  
Fund Investment Objectives, Policies and Risks      53  
Additional Information      68  
Important Information About This Report      72  
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
June 30, 2024 (unaudited)
 
Dear Shareholders,
We would like to start by saying thank you for your interest in Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc. (the “Funds”). We appreciate the trust and confidence you have placed with us through your investment in the Funds.
WHAT HAPPENED IN MARKETS
The performance of risk assets during the second quarter can be characterized as
good, but not great.
The Federal Reserve (the “Fed”) appeared to have regained its touch with signs that its restrictive monetary policy was finally bringing down inflation toward its long-term target. The core consumer price index—which excludes food and energy costs—rose 0.1% sequentially in June, the smallest monthly advance in three years and the headline inflation rate declined month-over-month for the first time since 2020. Additionally, US hiring and wage growth decelerated in June as the unemployment rate ticked up, leading Fed Chair Jerome Powell to describe the labor market as “no longer overheated”, at a mid-July conference.
1
Risk markets cheered the news but struggled to replicate the strength we saw in the last two months of 2023 and the first quarter of 2024. The S&P 500 Index touched its 30th record high of the year by the end of June, nearing the historic 5,500 level. Still, the benchmark’s 3.9% advance in the second quarter was less than half of the 10.2% and 11.2% gains notched in the previous two quarters.
1
The same was true for high yield spreads, which narrowed to a 17-year low of 335 basis points on May 6th but finished the quarter eight basis points wider at 351 basis points, the first spread widening in two years.
2
The ICE BofA CCC-rated High Yield Index, which rallied 4.3% on average during the past six quarters, added just 0.2% in the second quarter.
1
Similarly, capital markets activity downshifted in the second quarter. US investment grade issuance was a respectable $326 billion in the second quarter, but well below the $514 billion printed in the first three months of 2024. US high yield issuance also took a pause, falling $10 billion from the three-year high of $85 billion reached in the first quarter. Finally, the value of mergers and acquisitions (“M&A”) deals globally totaled $1.5 trillion in the first six months of 2024. While the activity slightly picked up from the same period last year, it still lags the 10-year average for the first six months of the year by more than $300 billion.
2
A slow start to the second quarter was mostly to blame for the moderating performance in risk markets. A hot March US jobs report and CPI reading temporarily moved interest rates higher while a largely unsuccessful missile and drone attack by Iran and its proxies on Israel elicited an Israeli retaliatory strike that threatened to escalate the conflict in the Middle East. Surprising election outcomes in Mexico and India in early June created some stirrings of volatility in local equity indices and currency markets, and President Emmanuel Macron’s failed election gambit pushed French government bonds to their widest spread to German Bunds in 10 years.
1
The US high yield corporate and S&P 500 indices mostly shrugged off these concerns posting 1% and 3.5% returns, respectively, in June.
1
,
3
Following indications that inflation is on a slow and steady path lower, traders are now pricing two rate cuts before the end of 2024. Additionally, economists have grown more optimistic that the global economy can avoid recession and are now projecting a 30% and 20% probability of a recession in the US and Europe, respectively, over the next 12 months, down meaningfully since February. Still, even if we assume the interest rate futures market is correct in pricing in cuts of 50 basis points this year and 100 basis points next year, short-term interest rates would end 2025 at around 4%, which would still be the highest level for overnight rates since 2007, if we exclude the recent Fed hiking cycle.
4
THE OPPORTUNITY FOR PRIVATE CREDIT
We continued to witness a solid opportunity set for private credit throughout the first half of 2024. Despite the strong return of the syndicated credit markets this year, Leveraged Commentary & Data indicates that the volume of private credit loans taken out by the broadly syndicated loan (“BSL”) market slowed during the second quarter. Additionally, while the rebound in syndicated credit markets was driven by refinancings and repricings, most M&A and leveraged buy out (“LBO”) deals—or de novo issuance—have been financed by the private credit market.
5
Executives at major
 
1
 
Bloomberg, July 2024
2
 
J.P. Morgan–North America Credit Research, July 2024
3
 
“High Yield Corporate” represented by the ICE BofA US High Yield Index
4
 
Bloomberg, June 2024
5
 
PitchBook LCD, Data through June 30, 2024
 
Semi-Annual Report | 1

Apollo Senior Floating Rate Fund Inc.
Apollo Tactical Income Fund Inc.
Manager Commentary (continued)
June 30, 2024 (unaudited)
 
US banks said during recent earning calls that they’re seeing more dialogue on M&A and predicted that dealmaking will continue to progress. Ultimately, as discussed in previous letters, we believe that for credit markets to function effectively, both types of lending—public and private—need to co-exist and provide tailored solutions that depend on the borrower’s profile, investment lifecycle and specific needs.
We believe this continued growth is the result of two key features of private credit: risk adjusted returns and excess spread per unit of risk. Creditor protection is a fundamental principle of direct lending, given the nature of the business in which lenders own the debt until maturity. This differs from the syndicated market where banks can decide to sell the instrument to a third party and exit a transaction at any time. One of the main reasons we will often say no to deals is when we identify potential weak creditor protections. Looking at corporate credit, spreads in the public market have tightened considerably in the last six months to the lowest levels since the Global Financial Crisis.
2
We’ve seen spreads in the private market trace tighter alongside those in the public market but importantly, the incremental spread available in private credit remains stable during this period of tightening—just as it did when rates began to rise in the first quarter of 2022. It’s this relationship and consistent availability of incremental spread we look to take advantage of in the private credit markets.
Turning to the higher-for-longer interest rate environment, elevated borrowing costs have several implications for direct lenders. With short-term dated base rates above 5% and five-year SOFR swaps slightly below 4% as of mid-July, we believe direct lending continues to represent a compelling total return opportunity.
6
At the same time, higher borrowing costs continue to pressure issuers, especially highly leveraged companies. A recent report from Morningstar indicated that as of June 2024, about 10% of private credit issuers were seeking covenant relief, and that more than half of this cohort carried ratings of CCC or lower.
7
This is unsurprising as rates have now been elevated for two years, which has increased interest expense burdens for floating-rate borrowers. This highlights the importance of the vintage of a fund’s portfolio as well as credit selection as many companies that tapped the market in 2021—when the low-rate environment in the aftermath of the pandemic fed a dealmaking frenzy—now face a steep maturity wall and higher interest rates.
OUTLOOK
We continue to believe that the opportunity set to lend to bigger businesses on a first lien, senior secured basis at elevated yields remains attractive. We expect sponsors and large corporations to continue to seek private solutions, especially amid the ongoing debate about the timing and extent of interest rate cuts. Apollo expects a higher rate environment for a longer period.
Still, we remain cognizant of several risks and potential sources of volatility, including upside risks to inflation, further geopolitical tensions, and uncertainty leading into the November US elections. We continue to monitor several pro-inflationary trends including deglobalization, energy transition, higher defense spending and the elevated US fiscal deficit. We are keeping a close watch on geopolitical risks including the current stalemate in Ukraine and the ongoing war in the Middle East, where any escalation could impact energy markets and the broader global economy. Finally, we are tracking the heightened uncertainty less than four months before the US elections, which we expect to introduce further market volatility.
We continue to maintain a cautious approach, but we believe this environment may provide an attractive opportunity for large, scaled investors, and we expect our “credit first” philosophy to be on full display as we seek to deliver more stable returns through a tumultuous and uncertain 2024.
Sincerely,
Apollo Credit Management, LLC
 
6
 
Federal Reserve Bank of New York, retrieved from FRED, Federal Reserve Bank of St. Louis, July 2024
7
 
Morningstar, June 2024
 
2 | Semi-Annual Report

Apollo Senior Floating Rate Fund Inc.
Financial Data
June 30, 2024 (unaudited)
 
Portfolio Composition (as % of Current Market
Value of Investment Securities)
Loans
      91.5%
High Yield Bonds
      8.1%
Equity/Other
      0.4%
Portfolio Characteristics
(a)
Weighted Average Floating-Rate Spread
      4.77%
Weighted Average Fixed-Rate Coupon
      6.83%
Weighted Average Maturity (in years) (floating assets)
      4.20
Weighted Average Maturity (in years) (fixed assets)
      4.46
Weighted Average Modified Duration (in years)
(e)
      0.18
Average Position Size by Issuer
(f)
    $ 3,596,029
Number of Issuers
(f)
      95
Floating Rate Exposure
      93.55%
Weighted Average S&P Rating
(g)
      B
Weighted Average Rating Factor (Moody’s)
(g)
      3,190
Credit Quality
(b)
A
      0.7%
BB
      3.9%
B
      52.5%
CCC+ or Lower
      6.7%
Not Rated
      36.2%
Top 5 Industries (as % of Current Market Value of
Investment Securities)
(c)
Services: Business
      17.8%
High Tech Industries
      15.8%
Healthcare & Pharmaceuticals
      13.7%
Banking, Finance, Insurance & Real Estate
      12.3%
Media: Advertising, Printing & Publishing
      4.7%
Total
   
 
64.3%
Top 10 Issuers (as % of Current Market Value of
Investment Securities)
(d)
Garda World Security Corporation
      2.6%
Gainwell Acquisition Corporation
      2.5%
DCert Buyer, Inc.
      2.5%
BDO USA, P.A.
      2.4%
LSF11 A5 Holdco LLC
      2.3%
Solera, LLC
      2.1%
Advarra Holdings, Inc.
      2.0%
eResearch Technology, Inc.
      2.0%
Deerfield Dakota Holding, LLC
      1.9%
EG Group Limited
      1.9%
Total
   
 
22.2%
 
(a)
 
Averages based on par value of investment securities, except for the percentage of floating rate exposure and the weighted average modified duration, which are based on market value.
(b)
 
Credit quality is calculated as a percentage of fair value of investment securities at June 30, 2024. 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)
 
Excludes equity investments and includes fixed and floating rate assets.
(f)
 
Excludes equity investments.
(g)
 
Excludes securities with no rating or non-performing defaulted securities as of June 30, 2024.
 
Semi-Annual Report | 3

Apollo Senior Floating Rate Fund Inc.
Fund Performance
June 30, 2024 (unaudited)
 
Apollo Senior Floating Rate Fund Inc. (“AFT”) returned 4.95% on a net asset value (“NAV”) per share basis and 16.26% on a market price per share basis for the period ending June 30, 2024, outperforming the S&P/LSTA Leveraged Loan Index, which returned 4.40% for the period. As of June 30, 2024, AFT held 91.5% of its fair value of investment securities in first and second lien leveraged loans, 8.1% in high-yield bonds and 0.4% in equities and other securities. Outperformance in AFT relative to the index was driven mostly through credit selection, with an emphasis on downside protection and capital preservation. Additionally, AFT benefitted from performance of the private assets held in the Fund.
 
Performance Comparison
                 
    
YTD
  
5 Yr
 
10 Yr
 
Since
Inception
(d)
AFT - Market Price
       16.26%
(a)
 
       8.39%
(a)(b)
 
      6.07%
(a)(b)
 
      5.49%
(a)(b)
 
AFT - NAV
       4.95%
(a)
 
       6.30%
(a)(b)
 
      5.67%
(a)(b)
 
      6.05%
(a)(b)
 
S&P/LSTA Leveraged Loan Index
(c)
       4.40%        5.53%
(b)
 
      4.60%
(b)
 
      4.66%
(b)
 
 
     
Distributions
(e)
Current Monthly Distribution (per share)
       $0.140  
Current Distribution Rate at Market Price
(f)
       11.55 %
Current Distribution Rate at NAV
(f)
       11.28 %
 
 
LOGO
 
(a)
 
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.
(b)
 
Annualized.
(c)
 
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.
(d)
 
Inception date February 23, 2011.
(e)
 
All or a portion of the Fund’s distributions may be comprised of ordinary income, capital gains and/or return of capital. Refer to Note 7 in the Notes to the Consolidated Financial Statements.
(f)
Distribution rates represent the latest declared regular distribution, annualized, relative to the most recent month-end market price and NAV. Special distributions are not included in the calculation.
 
 
4 | Semi-Annual Report

Apollo Tactical Income Fund Inc.
Financial Data
June 30, 2024 (unaudited)
 
Portfolio Composition (as % of Current Market
Value of Investment Securities)
Loans
      75.7%
High Yield Bonds
      16.6%
Structured Products
      7.5%
Equity/Other
      0.2%
Portfolio Characteristics
(a)
Weighted Average Floating-Rate Spread
      5.29%
Weighted Average Fixed-Rate Coupon
      6.49%
Weighted Average Maturity (in years) (floating assets)
      4.52
Weighted Average Maturity (in years) (fixed assets)
      4.57
Weighted Average Modified Duration (in years)
(e)
      0.45
Average Position Size by Issuer
(f)
    $ 3,335,564
Number of Issuers
(f)
      97
Floating Rate Exposure
      85.32%
Weighted Average S&P Rating
(g)
      B
Weighted Average Rating Factor (Moody’s)
(g)
      3,129
Credit Quality
(b)
A
      0.5%
BB
      11.1%
B
      38.8%
CCC+ or Lower
      7.2%
Not Rated
      42.4%
Top 5 Industries (as % of Current Market Value of
Investment Securities)
(c)
Healthcare & Pharmaceuticals
      18.0%
High Tech Industries
      15.1%
Banking, Finance, Insurance & Real Estate
      10.5%
Services: Business
      7.4%
Media: Advertising, Printing & Publishing
      6.1%
Total
   
 
57.1%
Top 10 Issuers (as % of Current Market Value of
Investment Securities)
(d)
   
Churchill Middle Market CLO, Ltd.
      3.0%
Gainwell Acquisition Corporation
      2.7%
Mavis Tire Express Services Corporation
      2.6%
DCert Buyer, Inc.
      2.5%
Inovalon Holdings, Inc.
      2.3%
Fortress Credit CLO, Ltd.
      2.3%
Advarra Holdings, Inc.
      2.1%
PetSmart, Inc.
      2.0%
Stretto, Inc.
      1.9%
LSF11 A5 Holdco LLC
      1.9%
Total
   
 
23.3%
 
(a)
 
Averages based on par value of investment securities, except for the percentage of floating rate exposure and the weighted average modified duration, which are based on market value.
(b)
 
Credit quality is calculated as a percentage of fair value of investment securities at June 30, 2024. 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 represents 7.5% of the portfolio as of June 30, 2024.
(d)
 
Holdings are subject to change and are provided for informational purposes only.
(e)
 
Excludes equity investments and includes fixed and floating rate assets.
(f)
 
Excludes equity investments.
(g)
 
Excludes securities with no rating or in default as of June 30, 2024.
 
Semi-Annual Report | 5

Apollo Tactical Income Fund Inc.
Fund Performance
June 30, 2024 (unaudited)
 
Apollo Tactical Income Fund Inc. (“AIF”) returned 5.88% on a net asset value (“NAV”) per share basis and 11.03% on a market price per share basis for the period ending June 30, 2024, outperforming the S&P/LSTA Leveraged Loan Index, which returned 4.40% for the period. As of June 30, 2024, AIF held 75.7% of its fair value of investment securities in first and second lien leveraged loans, 16.6% in high-yield bonds, 7.5% in collateralized loan obligations (“CLOs”), and 0.2% in equities and other securities. Outperformance in AIF relative to the index was primarily driven by credit selection, with a focus on high quality credit selection and risk mitigation, and caution on certain sectors that appear more vulnerable to negative macro trends. Additionally, AIF benefitted from performance of the private assets held in the Fund.
 
Performance Comparison
    
YTD
  
5 Yr
  
10 Yr
  
Since
Inception
(d)
AIF - Market Price
       11.03 %
(a)
       9.21 %
(a)(b)
       7.16 %
(a)(b)
       6.36 %
(a)(b)
AIF - NAV
       5.88 %
(a)
       6.63 %
(a)(b)
       6.39 %
(a)(b)
       6.87 %
(a)(b)
S&P/LSTA Leveraged Loan Index
(c)
       4.40 %        5.53 %
(b)
       4.60 %
(b)
       4.64 %
(b)
 
Distributions
(e)
Current Monthly Distribution (per share)
    
 
 
 
    
 
 
 
       $0.144
Current Distribution Rate at Market Price
(f)
    
 
 
 
    
 
 
 
       11.80 %
Current Distribution Rate at NAV
(f)
                 11.70 %
 
 
LOGO
 
(a)
 
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.
(b)
 
Annualized.
(c)
 
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.
(d)
 
Inception date February 25, 2013.
(e)
 
All or a portion of the Fund’s distributions may be comprised of ordinary income, capital gains and/or return of capital. Refer to Note 7 in the Notes to the Consolidated Financial Statements.
(f)
 
Distribution rates represent the latest declared regular distribution, annualized, relative to the most recent month-end market price and NAV. Special distributions are not included in the calculation.
 
6 | Semi-Annual Report

Apollo Senior Floating Rate Fund Inc.
Consolidated Schedule of Investments
June 30, 2024 (unaudited)
 
    
Principal
Amount
    
Value ($)
 
Senior Loans - 127.5%
(a)
 
AEROSPACE & DEFENSE - 2.3%
 
Peraton Corporation
     
First Lien Term Loan B, (1M SOFR + 3.75%, 0.75% Floor), 9.19%, 02/01/28
(c)
   $ 5,402,982        5,410,141  
     
 
 
 
AUTOMOTIVE - 1.5%
             
Champions Financing, Inc.
     
First Lien Term Loan B, (3M SOFR + 4.75%, 0.00% Floor), 10.08%, 02/23/29
(c)
     2,250,000        2,262,184  
Truck-Lite Co., LLC
     
First Lien Revolving Term Loan, (1M SOFR + 5.75%, 0.75% Floor), 11.08%, 02/13/30
(c)(d)
     4,444        4,376  
First Lien Term Loan, (3M SOFR + 5.75%, 0.75% Floor), 11.07%, 02/13/31
(c)(d)
     1,230,250        1,211,304  
     
 
 
 
        3,477,864  
     
 
 
 
BANKING, FINANCE, INSURANCE & REAL ESTATE - 17.0%
 
Apex Group Treasury, LLC
     
First Lien Term Loan, (3M SOFR + 3.75%, 0.50% Floor), 9.33%, 07/27/28
(c)
     2,896,941        2,904,183  
First Lien Term Loan, (3M SOFR + 5.00%, 0.50% Floor), 10.32%, 07/27/28
(c)
     1,539,063        1,548,682  
AssuredPartners, Inc.
     
First Lien Term Loan B5, (1M SOFR + 3.50%, 0.50% Floor), 8.84%, 02/14/31
(c)
     3,694,444        3,708,299  
Asurion, LLC
     
First Lien Term Loan B9, (1M SOFR + 3.25%, 0.00% Floor), 8.71%, 07/31/27
(c)
     992,308        976,962  
Second Lien Term Loan B4, (1M SOFR + 5.25%, 0.00% Floor), 10.71%, 01/20/29
(c)
     3,866,174        3,577,719  
Chrysaor Bidco Sarl (Luxembourg)
     
First Lien Term Loan B, (SOFR + 3.50%, 0.50% Floor), 4.00%, 05/14/31
(b)(c)(e)
     465,569        468,190  
Evoriel (France)
     
First Lien Delayed Draw Term Loan, (0.25% PIK), (3M EURIBOR + 5.25%, 0.00% Floor), 9.12%, 04/02/31
(c)(d)(e)(f)
  
13,048        13,694  
First Lien Term Loan, (0.25% PIK), (3M EURIBOR + 5.25%, 0.00% Floor), 9.12%, 04/02/31
(c)(d)(e)(f)
  
 1,141,669        1,198,218  
Higginbotham Insurance Agency, Inc.
     
First Lien First AMD Delayed Draw Term Loan, (1M SOFR + 5.50%, 1.00% Floor), 10.94%, 11/24/28
(c)(d)
   $ 248,288        248,288  
First Lien Term Loan, (1M SOFR + 5.50%, 1.00% Floor), 10.94%, 11/24/28
(c)(d)
     851,565        851,566  
    
Principal
Amount
    
Value ($)
 
BANKING, FINANCE, INSURANCE & REAL ESTATE (continued)
 
First Lien Third AMD Delayed Draw Term Loan, (1M SOFR + 5.50%, 1.00% Floor), 10.94%, 11/24/28
(c)(d)
   $ 882,964        882,964  
Howden Group Holdings Ltd (United Kingdom)
     
First Lien Term Loan B, (1M SOFR + 3.50%, 0.50% Floor), 8.84%, 02/15/31
(c)(e)
     4,738,125        4,754,306  
Insight XI Aggregator, L.P. (Cayman Islands)
     
First Lien Term Loan, (4.35% PIK), (1M SOFR + 3.85%, 0.00% Floor), 9.19%, 08/28/24
(c)(d)(e)(f)
     2,323,585        2,323,585  
First Lien Term Loan Add-on, (4.35% PIK), (1M SOFR + 3.85%, 0.00% Floor), 9.19%, 08/28/24
(c)(d)(e)
(f)
     28,870        28,870  
Mercury Borrower, Inc.
     
First Lien Term Loan, (1M SOFR + 3.50%, 0.50% Floor), 8.96%, 08/02/28
(c)
     1,984,314        1,988,283  
Redfin Corporation
     
First Lien Delayed Draw Term Loan, (SOFR + 5.75%, 1.50% Floor), 7.25%, 10/20/28
(c)(d)
     1,745,625        1,706,348  
First Lien Term Loan, (6M SOFR + 5.75%, 1.50% Floor), 11.05%, 10/20/28
(c)(d)
     1,736,875        1,697,795  
SG Acquisition, Inc.
     
First Lien Term Loan, (3M SOFR + 5.00%, 0.75% Floor), 10.32%, 04/03/30
(c)(d)
     4,823,879        4,775,640  
Stretto, Inc.
     
First Lien Term Loan, (1M SOFR + 6.00%, 1.00% Floor), 11.33%, 10/13/28
(c)(d)
     5,925,000        5,895,375  
     
 
 
 
        39,548,967  
     
 
 
 
CAPITAL EQUIPMENT - 4.2%
             
Cube Industrials Buyer, Inc.
     
First Lien Term Loan, (3M SOFR + 6.00%, 1.00% Floor), 11.33%, 10/18/30
(c)(d)
     3,577,241        3,568,298  
Husky Technologies Limited (Canada)
     
First Lien Term Loan B, (6M SOFR + 5.00%, 0.00% Floor), 10.33%, 02/15/29
(c)(e)
     3,675,343        3,688,371  
JPW Industries Holding Corporation
     
First Lien Term Loan, (3M SOFR + 5.88%, 2.00% Floor), 11.20%, 11/22/28
(c)(d)
      2,487,500        2,437,750  
     
 
 
 
        9,694,419  
     
 
 
 
CHEMICALS, PLASTICS, & RUBBER - 5.2%
 
LSF11 A5 Holdco LLC
     
First Lien Term Loan B, (1M SOFR + 3.50%, 0.50% Floor), 8.96%, 10/15/28
(c)
     7,578,233        7,573,497  
 
See
accompanying Notes to Consolidated Financial Statements. | 7

Apollo Senior Floating Rate Fund Inc.
Consolidated Schedule of Investments (continued)
June 30, 2024 (unaudited)
 
    
Principal
Amount
    
Value ($)
 
Senior Loans
(a)
(continued)
 
CHEMICALS, PLASTICS, & RUBBER (continued)
 
Luxembourg Investment Company 437 SARL (Luxembourg)
     
First Lien Term Loan, (2.00% PIK), (SOFR + 10.00%, 1.00% Floor), 0.00%, 04/30/24
(c)(d)(f)(g)(j)
   $ 815,421        191,624  
First Lien Term Loan B, (SOFR + 7.00%, 0.50% Floor), 0.00%, 01/03/29
(c)(d)(e)(g)(j)
     4,719,027         
Olympus Water US Holding Corporation
     
First Lien Term Loan B5, (3M SOFR + 3.50%, 0.50% Floor), 8.85%, 06/20/31
(c)
     4,305,632        4,319,087  
     
 
 
 
        12,084,208  
     
 
 
 
CONSTRUCTION & BUILDING - 0.9%
 
Foundation Building Materials, Inc.
     
First Lien Term Loan B2, (3M SOFR + 4.00%, 0.00% Floor), 9.33%, 01/29/31
(c)
     1,995,000        1,989,464  
     
 
 
 
CONSUMER GOODS: DURABLE - 0.9%
 
Poly-Wood, LLC
     
First Lien Term Loan, (3M SOFR + 5.75%, 1.00% Floor), 11.08%, 03/20/30
(c)(d)
     1,450,909        1,418,264  
Varsity Brands Holding Co., Inc.
     
First Lien Term Loan, (1M SOFR + 5.00%, 1.00% Floor), 10.46%, 12/15/26
(c)
     603,721        610,664  
     
 
 
 
        2,028,928  
     
 
 
 
CONSUMER GOODS:
NON-DURABLE
- 5.4%
 
ABG Intermediate Holdings 2 LLC
     
First Lien Term Loan B1, (1M SOFR + 2.75%, 0.00% Floor), 8.09%, 12/21/28
(c)
      4,206,230        4,215,294  
Amer Sports Company (Finland)
     
First Lien Term Loan B, (3M SOFR + 3.25%, 0.00% Floor), 8.58%, 02/17/31
(c)(e)
     704,118        709,398  
Iconix Brand Group
     
First Lien Term Loan 7yr, (3M SOFR + 6.00%, 1.00% Floor), 11.48%, 08/22/29
(c)(d)
     1,765,385        1,747,731  
First Lien Term Loan, (3M SOFR + 6.00%, 1.00% Floor), 11.48%, 08/22/29
(c)(d)
     810,598        802,492  
First Lien Incremental Term Loan, (3M SOFR + 6.00%, 1.00% Floor), 11.48%, 08/22/29
(c)(d)
     439,306        434,913  
KDC/ONE Development Corporation, Inc. (Canada)
     
First Lien Term Loan B, (1M SOFR + 4.50%, 0.00% Floor), 9.84%, 08/15/28
(c)(e)
     2,820,527        2,831,697  
Protein For Pets Opco, LLC
     
First Lien Term Loan, (1M SOFR + 5.25%, 1.00% Floor), 10.59%, 09/20/30
(c)(d)
     905,660        892,075  
    
Principal
Amount
    
Value ($)
 
CONSUMER GOODS:
NON-DURABLE
(continued)
 
The Men’s Wearhouse, LLC
     
First Lien Term Loan, (3M SOFR + 6.50%, 0.00% Floor), 11.84%, 02/26/29
(c)
   $ 958,480        956,884  
     
 
 
 
        12,590,484  
     
 
 
 
CONTAINERS, PACKAGING & GLASS - 4.3%
 
Anchor Glass Container Corporation
     
First Lien Term Loan, (3.75% PIK), (3M SOFR + 5.00%, 1.00% Floor), 10.59%, 12/07/25
(c)(f)
     5,819,342        4,703,978  
Trident TPI Holdings, Inc.
     
First Lien Term Loan B6, (1M SOFR + 4.00%, 0.50% Floor), 9.34%, 09/15/28
(c)
     5,252,960        5,267,196  
     
 
 
 
        9,971,174  
     
 
 
 
ENVIRONMENTAL INDUSTRIES - 2.4%
 
Dispatch Acquisition Holdings, LLC
     
First Lien Term Loan, (3M SOFR + 4.63%, 0.75% Floor), 10.11%, 03/27/28
(c)
     462,973        400,009  
First Lien Term Loan B, (3M SOFR + 4.25%, 0.75% Floor), 9.73%, 03/27/28
(c)
     2,910,000        2,514,240  
Heritage Environmental Services, Inc.
     
First Lien Term Loan, (3M SOFR + 5.50%, 0.75% Floor), 10.83%, 01/31/31
(c)(d)
     879,121        876,923  
LTR Intermediate Holdings, Inc.
     
First Lien Term Loan, (1M SOFR + 4.50%, 1.00% Floor), 9.96%, 05/05/28
(c)
     1,875,050        1,848,097  
     
 
 
 
        5,639,269  
     
 
 
 
HEALTHCARE & PHARMACEUTICALS - 18.9%
 
Advarra Holdings, Inc.
     
First Lien Term Loan, (1M SOFR + 5.25%, 0.75% Floor), 10.59%, 08/24/29
(c)(d)
      6,323,551        6,323,551  
Allied Benefit Systems Intermediate LLC
     
First Lien Term Loan, (1M SOFR + 5.25%, 0.75% Floor), 10.59%, 10/31/30
(c)(d)
     3,372,990        3,372,990  
Athenahealth, Inc.
     
First Lien Term Loan B, (1M SOFR + 3.25%, 0.50% Floor), 8.59%, 02/15/29
(c)
     5,212,913        5,202,331  
Azurity Pharmaceuticals, Inc.
     
First Lien Term Loan B, (1M SOFR + 6.62%, 0.75% Floor), 12.08%, 09/20/27
(c)
     2,624,835        2,615,819  
Bausch Health Companies, Inc.
     
First Lien Term Loan B, (1M SOFR + 5.25%, 0.50% Floor), 10.69%, 02/01/27
(b)(c)
     4,737,796        4,335,818  
Gainwell Acquisition Corporation
     
First Lien Term Loan B, (3M SOFR + 4.00%, 0.75% Floor), 9.43%, 10/01/27
(c)
     8,432,801        8,186,817  
 
8 | See accompanying Notes to Consolidated Financial Statements.

Apollo Senior Floating Rate Fund Inc.
Consolidated Schedule of Investments (continued)
June 30, 2024 (unaudited)
 
    
Principal
Amount
    
Value ($)
 
Senior Loans
(a)
(continued)
 
HEALTHCARE & PHARMACEUTICALS (continued)
 
Loire Finco Luxembourg SARL (United Kingdom)
     
First Lien Term Loan B, (1M SOFR + 3.75%, 0.75% Floor), 9.19%, 04/21/27
(c)(e)
   $ 1,935,966        1,925,483  
LSCS Holdings, Inc.
     
First Lien Term Loan, (1M SOFR + 4.50%, 0.50% Floor), 9.96%, 12/16/28
(c)
     2,988,279        2,960,279  
Medical Solutions Holdings, Inc.
     
First Lien Term Loan, (1M SOFR + 3.25%, 0.50% Floor), 8.69%, 11/01/28
(c)
     1,911,826        1,457,423  
OMH-Healthedge Holdings, Inc.
     
First Lien Term Loan, (6M SOFR + 6.00%, 1.00% Floor), 11.23%, 10/08/29
(c)(d)
     5,400,000        5,373,000  
Zest Acquisition Corp.
     
First Lien Term Loan, (3M SOFR + 5.50%, 0.00% Floor), 10.83%, 02/08/28
(c)
     1,970,000        1,987,237  
     
 
 
 
        43,740,748  
     
 
 
 
HIGH TECH INDUSTRIES - 19.4%
 
Anaplan, Inc.
     
First Lien Term Loan, (3M SOFR + 5.75%, 0.75% Floor), 11.08%, 06/21/29
(c)(d)
      5,650,529        5,650,529  
Avalara, Inc.
     
First Lien Term Loan, (3M SOFR + 7.25%, 0.75% Floor), 12.58%, 10/19/28
(c)(d)
     4,545,455        4,579,545  
Crewline Buyer, Inc.
     
First Lien Term Loan, (3M SOFR + 6.75%, 1.00% Floor), 12.08%, 11/08/30
(c)(d)
     1,811,321        1,811,321  
DCert Buyer, Inc.
     
First Lien Term Loan, (1M SOFR + 4.00%, 0.00% Floor), 9.34%, 10/16/26
(c)
     4,544,844        4,439,745  
Second Lien Term Loan, (1M SOFR + 7.00%, 0.00% Floor), 12.34%, 02/19/29
(c)
     3,927,401        3,524,842  
Electronics for Imaging, Inc.
     
First Lien Term Loan, (3M SOFR + 5.00%, 0.00% Floor), 10.43%, 07/23/26
(c)
     4,828,431        4,107,571  
Evergreen IX Borrower 2023, LLC
     
First Lien Term Loan, (3M SOFR + 6.00%, 0.75% Floor), 11.33%, 09/30/30
(c)(d)
     3,584,472        3,584,472  
Flexera Software LLC
     
First Lien Term Loan B, (3M SOFR + 3.50%, 0.75% Floor), 8.83%, 03/03/28
(c)
     3,329,589        3,346,237  
Imprivata, Inc.
     
Second Lien Term Loan, (3M SOFR + 6.25%, 0.50% Floor), 11.58%, 12/01/28
(c)
     2,205,882        2,117,647  
    
Principal
Amount
    
Value ($)
 
HIGH TECH INDUSTRIES (continued)
 
Riverbed Technology, Inc.
     
First Lien Term Loan, (2.00% PIK), (3M SOFR + 4.50%, 1.00% Floor), 9.83%, 07/01/28
(c)(f)
   $ 344,728        212,381  
UKG, Inc.
     
First Lien Term Loan B, (1M SOFR + 3.25%, 0.00% Floor), 8.55%, 02/10/31
(c)
     3,458,722        3,475,721  
Virtusa Corporation
     
First Lien Term Loan B2, (1M SOFR + 3.25%, 0.75% Floor), 8.59%, 02/15/29
(c)
     3,692,715        3,707,135  
Zendesk, Inc.
     
First Lien Term Loan, (3.25% PIK), (3M SOFR + 6.25%, 0.75% Floor), 11.60%, 11/22/28
(c)(d)(f)
     4,534,730        4,534,730  
     
 
 
 
        45,091,876  
     
 
 
 
HOTEL, GAMING & LEISURE - 1.9%
 
Caesars Entertainment, Inc.
     
First Lien Term Loan B1, (3M SOFR + 2.75%, 0.50% Floor), 8.10%, 02/06/31
(c)
     2,992,500        2,998,575  
Peloton Interactive Inc.
     
First Lien Term Loan B, (6M SOFR + 6.00%, 0.00% Floor), 11.35%, 05/23/29
(c)
     1,500,000        1,504,125  
     
 
 
 
        4,502,700  
     
 
 
 
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 6.1%
 
Houghton Mifflin Harcourt Company
     
First Lien Term Loan B, (3M SOFR + 5.25%, 0.50% Floor), 10.70%, 04/09/29
(c)
      4,552,525        4,343,905  
McGraw-Hill Education, Inc.
     
First Lien Term Loan, (3M SOFR + 4.75%, 0.50% Floor), 10.20%, 07/28/28
(c)
     5,154,403        5,169,789  
Planet US Buyer LLC
     
First Lien Term Loan B, (3M SOFR + 3.50%, 0.00% Floor), 8.82%, 02/07/31
(c)
     1,500,000        1,511,437  
R. R. Donnelley & Sons Company
     
First Lien Term Loan B, (1M SOFR + 5.00%, 0.75% Floor), 10.44%, 03/27/26
(c)(d)
     3,079,585        3,079,585  
     
 
 
 
        14,104,716  
     
 
 
 
MEDIA: BROADCASTING & SUBSCRIPTION - 1.9%
 
Anuvu Holdings 2, LLC
     
First Lien Term Loan, (6.00% PIK), (3M SOFR + 8.00%, 1.00% Floor), 13.44%, 03/24/25
(c)(d)(f)
     2,479,047        2,162,968  
First Lien Term Loan, (13.69% PIK), (3M SOFR + 8.25%, 1.00% Floor), 13.69%, 03/23/26
(c)(d)(f)
     2,291,149        1,220,037  
CSC Holdings, LLC
     
First Lien Term Loan, (1M SOFR + 4.50%, 0.00% Floor), 9.83%, 01/18/28
(c)
     988,547        952,539  
     
 
 
 
        4,335,544  
     
 
 
 
 
See accompanying Notes to Consolidated Financial Statements. | 9

Apollo Senior Floating Rate Fund Inc.
Consolidated Schedule of Investments (continued)
June 30, 2024 (unaudited)
 
    
Principal
Amount
    
Value ($)
 
Senior Loans
(a)
(continued)
 
RETAIL - 2.8%
             
EG Group Limited (United Kingdom)
     
First Lien Term Loan, (3M SOFR + 5.50%, 0.00% Floor), 11.07%, 02/07/28
(c)(e)
   $ 1,980,038        1,959,415  
PetSmart, Inc.
     
First Lien Term Loan, (1M SOFR + 3.75%, 0.75% Floor), 9.19%, 02/11/28
(c)
     4,666,819        4,659,025  
     
 
 
 
        6,618,440  
     
 
 
 
SERVICES: BUSINESS - 22.6%
             
Advantage Sales & Marketing Inc.
     
First Lien Term Loan, (3M SOFR + 4.25%, 0.75% Floor), 9.82%, 10/28/27
(c)
     2,934,644        2,865,871  
Allied Universal Holdco LLC
     
First Lien Term Loan, (1M SOFR + 3.75%, 0.50% Floor), 9.19%, 05/12/28
(c)
     4,987,737        4,974,196  
BDO USA, P.A.
     
First Lien Term Loan, (1M SOFR + 6.00%, 2.00% Floor), 11.34%, 08/31/28
(c)(d)
     7,940,000        7,863,776  
Carestream Health, Inc.
     
First Lien Term Loan, (3M SOFR + 7.50%, 1.00% Floor), 12.93%, 09/30/27
(c)
     115,428        103,404  
Coretrust Purchasing Group LLC
     
First Lien Term Loan, (1M SOFR + 5.25%, 0.75% Floor), 10.59%, 10/01/29
(c)(d)
     2,700,000        2,673,000  
Deerfield Dakota Holding, LLC
     
First Lien Term Loan, (3M SOFR + 3.75%, 1.00% Floor), 9.08%, 04/09/27
(c)
     6,173,635        6,178,204  
eResearchTechnology, Inc.
     
First Lien Term Loan B, (1M SOFR + 4.00%, 1.00% Floor), 9.34%, 02/04/27
(c)
     6,278,180        6,316,289  
Garda World Security Corporation (Canada)
     
First Lien Term Loan B, (3M SOFR + 4.25%, 0.00% Floor), 9.59%, 02/01/29
(c)(e)
      8,227,394        8,289,100  
Grant Thornton LLP of Chicago
     
First Lien Term Loan B, (3M SOFR + 3.25%, 0.00% Floor), 8.60%, 06/02/31
(c)
     1,500,000        1,506,172  
Ingenovis Health, Inc.
     
First Lien Term Loan, (1M SOFR + 4.25%, 0.50% Floor), 9.69%, 03/06/28
(c)
     985,000        861,875  
First Lien Term Loan B, (1M SOFR + 4.25%, 0.75% Floor), 9.71%, 03/06/28
(c)
     2,895,934        2,481,468  
Solera, LLC
     
First Lien Term Loan B, (3M SOFR + 4.00%, 0.50% Floor), 9.59%, 06/02/28
(c)
     3,962,409        3,965,559  
Second Lien Term Loan, (3M SOFR + 9.00%, 1.00% Floor), 14.45%, 06/04/29
(c)
     2,969,201        2,941,365  
    
Principal
Amount
    
Value ($)
 
SERVICES: BUSINESS (continued)
 
Wellsky
     
First Lien Term Loan, (1M SOFR + 3.50%, 0.00% Floor), 8.96%, 03/10/28
(c)
   $ 1,496,250        1,501,629  
     
 
 
 
        52,521,908  
     
 
 
 
SERVICES: CONSUMER - 3.4%
 
2U, Inc.
     
First Lien Term Loan B, (3M SOFR + 6.50%, 0.75% Floor), 11.83%, 12/28/26
(c)
     1,464,603        1,356,134  
Excelligence Learning Corporation
     
First Lien Revolving Term Loan, (Prime + 4.75%, 1.00% Floor), 13.25%, 01/18/30
(c)(d)
     67,533        66,182  
First Lien Term Loan, (3M SOFR + 5.75%, 1.00% Floor), 11.08%, 01/18/30
(c)(d)
     3,443,425        3,374,556  
Mavis Tire Express Services Corporation
     
First Lien Term Loan B, (1M SOFR + 3.75%, 0.75% Floor), 9.09%, 05/04/28
(c)
     2,969,770        2,980,075  
     
 
 
 
        7,776,947  
     
 
 
 
TELECOMMUNICATIONS - 4.9%
 
CommScope, Inc.
     
First Lien Term Loan B, (1M SOFR + 3.25%, 0.00% Floor), 8.71%, 04/06/26
(c)
     4,105,653        3,633,503  
MLN US Holdco LLC
     
First Lien Term Loan, (3M SOFR + 6.44%, 1.00% Floor), 11.87%, 10/18/27
(c)(d)
     638,138        582,301  
First Lien Second Out Term Loan, (3M SOFR + 6.70%, 1.00% Floor), 12.13%, 10/18/27
(c)(d)
     3,807,495        2,075,085  
U.S. TelePacific Corp.
     
First Lien Term Loan, (6.25% PIK), (3M SOFR + 7.25%, 1.00% Floor), 12.75%, 05/02/26
(c)(f)
     3,382,012        1,363,226  
Third Lien Term Loan, 0.00%, 05/02/27
(c)(d)(j)
     319,086         
Zacapa SARL (Luxembourg)
     
First Lien Term Loan, (3M SOFR + 4.00%, 0.50% Floor), 9.33%, 03/22/29
(c)(e)
      3,715,176        3,716,922  
     
 
 
 
        11,371,037  
     
 
 
 
TRANSPORTATION: CARGO - 0.8%
 
Channelside AcquisitionCo, Inc.
     
First Lien Incremental Term Loan, (1M SOFR + 4.75%, 0.75% Floor), 10.09%, 06/30/28
(c)(d)
     1,780,081        1,775,631  
First Lien Revolving Term Loan, (3M SOFR + 4.75%, 0.75% Floor), 10.07%, 07/01/26
(c)(d)
     44,444        44,333  
     
 
 
 
        1,819,964  
     
 
 
 
 
10 | See accompanying Notes to Consolidated Financial Statements.

Apollo Senior Floating Rate Fund Inc.
Consolidated Schedule of Investments (continued)
June 30, 2024 (unaudited)
 
    
Principal
Amount
    
Value ($)
 
Senior Loans
(a)
(continued)
 
WHOLESALE - 0.6%
             
LBM Acquisition, LLC
     
First Lien Term Loan B, (1M SOFR + 3.75%, 0.75% Floor), 9.19%, 12/17/27
(c)
   $ 1,394,113        1,393,535  
     
 
 
 
Total Senior Loans
(Cost $307,792,397)
     
 
295,712,333
 
     
 
 
 
Corporate Notes and Bonds - 11.3%
 
BANKING, FINANCE, INSURANCE & REAL ESTATE - 0.1%
 
KCF Puerto Rico, LLC (Puerto Rico) 0.00%, 06/28/28
(d)(e)(j)(m)
     882,529        319,809  
     
 
 
 
CONSUMER GOODS: DURABLE - 1.5%
 
Varsity Brands Holding Co., Inc.
     
(3M SOFR + 6.50%, 1.00% Floor), 11.82%, 12/15/26
(d)(i)
      3,500,000        3,508,750  
     
 
 
 
ENERGY: OIL & GAS - 0.5%
 
Moss Creek Resources Holdings, Inc. 7.50%, 01/15/26
(h)(i)
     1,051,000        1,053,106  
     
 
 
 
FOREST PRODUCTS & PAPER - 0.6%
 
Spa US Holdco, Inc. (Finland)
4.88%, 02/04/28
(e)(h)(i)
     1,500,000        1,406,250  
     
 
 
 
HEALTHCARE & PHARMACEUTICALS - 0.3%
 
Bausch Health Companies, Inc.
5.50%, 11/01/25
(h)(i)
     750,000        700,313  
     
 
 
 
HIGH TECH INDUSTRIES - 2.5%
 
Wolfspeed, Inc.
9.88%, 06/23/30
(d)(h)(i)
     6,000,000        5,836,200  
     
 
 
 
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.4%
 
McGraw-Hill Education, Inc.
5.75%, 08/01/28
(h)(i)
     1,000,000        965,010  
     
 
 
 
MEDIA: BROADCASTING & SUBSCRIPTION - 0.6%
 
CSC Holdings, LLC
4.13%, 12/01/30
(h)(i)
     2,000,000        1,297,500  
     
 
 
 
METALS & MINING - 0.0%
 
ERP Iron Ore, LLC
     
SOFR + 8.00%, 0.00%, 12/31/19
(d)(g)(j)
     18,879         
Magnetation, LLC / Mag Finance Corp.
0.00%, 05/15/18
(d)(g)(h)(i)(j)
     639,000         
     
 
 
 
         
     
 
 
 
RETAIL - 1.8%
 
EG Group Limited (United Kingdom)
     
(3.75% PIK), (D SOFR + 7.50%, 0.00% Floor), 12.90%, 11/30/28
(d)(e)(f)(i)
     3,083,892        3,176,409  
12.00%, 11/30/28
(e)(h)(i)
     976,000        1,037,254  
     
 
 
 
        4,213,663  
     
 
 
 
    
Principal
Amount
    
Value ($)
 
SERVICES: BUSINESS - 1.7%
 
Advantage Sales & Marketing Inc. 6.50%, 11/15/28
(h)(i)
   $ 3,327,000        3,015,975  
Allied Universal Holdco LLC
4.63%, 06/01/28
(h)(i)
      1,000,000        911,250  
     
 
 
 
        3,927,225  
     
 
 
 
TELECOMMUNICATIONS - 1.3%
 
Frontier Communications Holdings, LLC
5.00%, 05/01/28
(h)(i)
     3,239,000        3,044,142  
     
 
 
 
Total Corporate Notes and Bonds (Cost $26,644,133)
     
 
26,271,968
 
     
 
 
 
     
    
Quantity
    
Value ($)
 
Common Stocks - 0.5%
 
ENERGY: OIL & GAS - 0.0%
 
RDV Resources, Inc.
(d)(j)(m)
     28,252        18,794  
     
 
 
 
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.0%
 
Acosta, Inc.
(d)(j)(m)
     3,133        38,540  
     
 
 
 
MEDIA: BROADCASTING & SUBSCRIPTION - 0.0%
 
Anuvu Corp.
(d)(j)(m)
     108,418         
     
 
 
 
SERVICES: BUSINESS - 0.5%
 
Carestream Health, Inc.
(d)(j)(m)
     118,564        972,225  
     
 
 
 
Total Common Stocks
(Cost $4,452,636)
     
 
1,029,559
 
     
 
 
 
Preferred Stock - 0.1%
     
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.1%
 
Acosta, Inc., (14.50% PIK)
(d)(f)(m)
     4,761        236,717  
     
 
 
 
Total Preferred Stock
(Cost $170,424)
     
 
236,717
 
     
 
 
 
Partnership Interest - 0.0%
 
  
Vector Capitano Holdings, LP
Class B-1
(Cayman Islands)
(d)(e)(j)(m)
     9,055         
Vector Capitano Holdings, LP
Class B-2
(Cayman Islands)
(d)(e)(j)(m)
     7,051         
     
 
 
 
Total Partnership Interest
(Cost $0)
     
 
 
     
 
 
 
Total Investments - 139.4%
(Cost of $339,059,590)
     
 
323,250,577
 
Other Assets & Liabilities,
Net - 16.6%
     
 
38,643,115
 
Loan Outstanding - (56.0)%
(k)(l)
     
 
(129,977,383
     
 
 
 
Net Assets (Applicable to Common Shares) - 100.0%
     
 
231,916,309
 
     
 
 
 
 
See accompanying Notes to Consolidated Financial Statements. | 11

Apollo Senior Floating Rate Fund Inc.
Consolidated Schedule of Investments (continued)
June 30, 2024 (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, 2024. 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)
 
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.
(c)
 
The interest rate on this Senior Loan is subject to a base lending rate plus a spread. These base lending rates are the Secured Overnight Financing Rate (“SOFR”), the Euro Interbank Offered Rate (“EURIBOR”), or 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 EURIBOR/SOFR/Prime rate. As of June 30, 2024, the 1, 3 and 6 month EURIBOR rates were 3.63%, 3.71%, and 3.68%, respectively, the Daily SOFR (“D SOFR”), 1, 3 and 6 month SOFR rates were 5.33%, 5.34%, 5.32%, and 5.25%, respectively, and the Prime lending rate was 8.50%. Senior Loans may contain multiple contracts of the same issuer which may be subject to base lending rates of EURIBOR, SOFR and Prime (“Variable”) in addition to the stated spread.
(d)
 
Fair Value Level 3 security.
(e)
 
Foreign issuer traded in U.S. dollars.
(f)
 
Represents a
payment-in-kind
(“PIK”) security, which may pay interest in additional principal amount/share quantity.
(g)
 
Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
(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 June 30, 2024, these securities amounted to $25,952,159, or 11.19% of net assets.
(j)
 
Non-income
producing asset.
(k)
 
The Fund has granted a security interest in substantially all of its assets in the event of default under the credit facility.
(l)
 
Principal of $130,000,000 less unamortized deferred financing costs of $22,617.
(m)
 
Securities may be deemed to be “restricted securities” under the Securities Act of 1933. As of June 30, 2024, the restricted securities were as follows:
 
Issuer
 
Investment Type
 
Acquisition Date
   
Cost
   
Value
   
Value as
Percentage of
Net Assets
Applicable to
Common Shares
 
Acosta, Inc.
  Common Stock     12/31/2019     $ 27,644     $ 38,540       0.02
Acosta, Inc.
  Preferred Stock     12/31/2019       170,424       236,717       0.10
Anuvu Corp.
  Common Stock     3/23/2021       2,303,882             0.00
Carestream Health, Inc.
  Common Stock     9/30/2022       2,121,110       972,225       0.42
KCF Puerto Rico, LLC
  Corporate Note     12/28/2021             319,809       0.14
RDV Resources, Inc.
  Common Stock     3/30/2020             18,794       0.01
Vector Capitano Holdings, LP
  Partnership Interest-
Class B-1
    7/3/2023                   0.00
Vector Capitano Holdings, LP
  Partnership Interest-
Class B-2
    7/3/2023                   0.00
     
 
 
   
 
 
   
 
 
 
      $ 4,623,060     $ 1,586,085       0.69
     
 
 
   
 
 
   
 
 
 
Outstanding Forward Foreign Currency Contracts
 
Counterparty
 
Settlement
Date
   
Fund Receiving
   
Value
   
Fund Delivering
   
Value
   
Unrealized
Appreciation
 
Mizuho Capital Markets, LLC
    9/18/2024       USD     $ 1,250,746       EUR     $ 1,233,735     $ 17,011  
           
 
 
 
           
$
17,011
 
           
 
 
 
 
12 | See accompanying Notes to Consolidated Financial Statements.

Apollo Tactical Income Fund Inc.
Consolidated Schedule of Investments
June 30, 2024 (unaudited)
 
    
Principal

Amount
    
Value ($)
 
       
Senior Loans - 108.0%
(a)
 
AEROSPACE & DEFENSE - 2.5%
 
Peraton Corporation
     
First Lien Term Loan B, (1M SOFR + 3.75%, 0.75% Floor), 9.19%, 02/01/28
(c)
   $ 5,402,982        5,410,141  
     
 
 
 
AUTOMOTIVE - 1.6%
             
Champions Financing, Inc.
     
First Lien Term Loan B, (3M SOFR + 4.75%, 0.00% Floor), 10.08%, 02/23/29
(c)
     2,250,000        2,262,184  
Truck-Lite Co., LLC
     
First Lien Revolving Term Loan, (1M SOFR + 5.75%, 0.75% Floor), 11.08%, 02/13/30
(c)(d)
     4,444        4,376  
First Lien Term Loan, (3M SOFR + 5.75%, 0.75% Floor), 11.07%, 02/13/31
(c)(d)
     1,230,250        1,211,304  
     
 
 
 
        3,477,864  
     
 
 
 
BANKING, FINANCE, INSURANCE & REAL ESTATE - 13.2%
 
Asurion, LLC
     
Second Lien Term Loan B4, (1M SOFR + 5.25%, 0.00% Floor), 10.71%, 01/20/29
(c)
     2,885,398        2,670,118  
Evoriel (France)
     
First Lien Delayed Draw Term Loan, (0.25% PIK), (3M EURIBOR + 5.25%, 0.00% Floor), 9.12%, 04/02/31
(c)(d)(e)(f)
  
13,048        13,694  
First Lien Term Loan, (0.25% PIK), (3M EURIBOR + 5.25%, 0.00% Floor), 9.12%, 04/02/31
(c)(d)(e)(f)
  
 1,141,669        1,198,218  
Higginbotham Insurance Agency, Inc.
     
First Lien First AMD Delayed Draw Term Loan, (1M SOFR + 5.50%, 1.00% Floor), 10.94%, 11/24/28
(c)(d)
   $ 248,288        248,288  
First Lien Term Loan, (1M SOFR + 5.50%, 1.00% Floor), 10.94%, 11/24/28
(c)(d)
     851,565        851,566  
First Lien Third AMD Delayed Draw Term Loan, (1M SOFR + 5.50%, 1.00% Floor), 10.94%, 11/24/28
(c)(d)
     882,964        882,964  
Howden Group Holdings Ltd (United Kingdom)
     
First Lien Term Loan B, (1M SOFR + 3.50%, 0.50% Floor), 8.84%, 02/15/31
(c)(e)
     4,738,125        4,754,306  
    
Principal

Amount
    
Value ($)
 
BANKING, FINANCE, INSURANCE & REAL ESTATE (continued)
 
Insight XI Aggregator, L.P. (Cayman Islands)
     
First Lien Term Loan, (4.35% PIK), (1M SOFR + 3.85%, 0.00% Floor), 9.19%, 08/28/24
(c)(d)(e)(f)
   $ 1,549,057        1,549,057  
First Lien Term Loan Add-on, (4.35% PIK), (1M SOFR + 3.85%, 0.00% Floor), 9.19%, 08/28/24
(c)(d)(e)
(f)
     19,246        19,246  
Mercury Borrower, Inc.
     
First Lien Term Loan, (1M SOFR + 3.50%, 0.50% Floor), 8.96%, 08/02/28
(c)
     1,984,314        1,988,283  
Redfin Corporation
     
First Lien Delayed Draw Term Loan, (SOFR + 5.75%, 1.50% Floor), 7.25%, 10/20/28
(c)(d)
      1,745,625        1,706,348  
First Lien Term Loan, (6M SOFR + 5.75%, 1.50% Floor), 11.05%, 10/20/28
(c)(d)
     1,736,875        1,697,795  
SG Acquisition, Inc.
     
First Lien Term Loan, (3M SOFR + 5.00%, 0.75% Floor), 10.32%, 04/03/30
(c)(d)
     4,823,879        4,775,640  
Stretto, Inc.
     
First Lien Term Loan, (1M SOFR + 6.00%, 1.00% Floor), 11.33%, 10/13/28
(c)(d)
     5,925,000        5,895,375  
     
 
 
 
        28,250,898  
     
 
 
 
BEVERAGE, FOOD & TOBACCO - 1.0%
 
Ultimate Baked Goods Midco LLC
     
First Lien Revolving Term Loan, (1M SOFR + 6.25%, 1.00% Floor), 11.69%, 08/13/27
(c)(d)
     46,622        46,603  
First Lien Term Loan L, (1M SOFR + 6.25%, 1.00% Floor), 11.69%, 08/13/27
(c)(d)
     2,000,068        2,000,068  
     
 
 
 
        2,046,671  
     
 
 
 
CAPITAL EQUIPMENT - 4.5%
             
Cube Industrials Buyer, Inc.
     
First Lien Term Loan, (3M SOFR + 6.00%, 1.00% Floor), 11.33%, 10/18/30
(c)(d)
     3,577,241        3,568,298  
Husky Technologies Limited (Canada)
     
First Lien Term Loan B, (6M SOFR + 5.00%, 0.00% Floor), 10.33%, 02/15/29
(c)(e)
     3,675,343        3,688,372  
JPW Industries Holding Corporation
     
First Lien Term Loan, (3M SOFR + 5.88%, 2.00% Floor), 11.20%, 11/22/28
(c)(d)
     2,487,500        2,437,750  
     
 
 
 
        9,694,420  
     
 
 
 
 
See accompanying Notes to Consolidated Financial Statements. | 13

Apollo Tactical Income Fund Inc.
Consolidated Schedule of Investments (continued)
June 30, 2024 (unaudited)
 
    
Principal

Amount
    
Value ($)
 
Senior Loans
(a)
(continued)
 
CHEMICALS, PLASTICS, & RUBBER - 3.7%
 
LSF11 A5 Holdco LLC
     
First Lien Term Loan B, (1M SOFR + 3.50%, 0.50% Floor), 8.96%, 10/15/28
(c)
   $  5,877,290        5,873,617  
Luxembourg Investment Company 437 SARL (Luxembourg)
     
First Lien Term Loan, (2.00% PIK), (SOFR + 10.00%, 1.00% Floor), 0.00%, 04/30/24
(c)(d)(f)(g)(j)
     815,421        191,624  
First Lien Term Loan B, (SOFR + 7.00%, 0.50% Floor), 0.00%, 01/03/29
(c)(d)(e)(g)(j)
     4,719,027         
Olympus Water US Holding Corporation
     
First Lien Term Loan B5, (3M SOFR + 3.50%, 0.50% Floor), 8.85%, 06/20/31
(c)
      1,757,007        1,762,498  
     
 
 
 
        7,827,739  
     
 
 
 
CONSTRUCTION & BUILDING - 0.9%
 
Foundation Building Materials, Inc.
     
First Lien Term Loan B2, (3M SOFR + 4.00%, 0.00% Floor), 9.33%, 01/29/31
(c)
     1,995,000        1,989,464  
     
 
 
 
CONSUMER GOODS: DURABLE - 0.6%
 
Poly-Wood, LLC
     
First Lien Term Loan, (3M SOFR + 5.75%, 1.00% Floor), 11.08%, 03/20/30
(c)(d)
     725,455        709,132  
Varsity Brands Holding Co., Inc.
     
First Lien Term Loan, (1M SOFR + 5.00%, 1.00% Floor), 10.46%, 12/15/26
(c)
     596,120        602,975  
     
 
 
 
        1,312,107  
     
 
 
 
CONSUMER GOODS:
NON-DURABLE
- 4.3%
 
ABG Intermediate Holdings 2 LLC
     
First Lien Term Loan B1, (1M SOFR + 2.75%, 0.00% Floor), 8.09%, 12/21/28
(c)
     1,496,271        1,499,496  
Iconix Brand Group
     
First Lien Term Loan 7yr, (3M SOFR + 6.00%, 1.00% Floor), 11.48%, 08/22/29
(c)(d)
     1,765,385        1,747,731  
First Lien Incremental Term Loan, (3M SOFR + 6.00%, 1.00% Floor), 11.48%, 08/22/29
(c)(d)
     439,306        434,913  
First Lien Term Loan, (3M SOFR + 6.00%, 1.00% Floor), 11.48%, 08/22/29
(c)(d)
     810,598        802,492  
KDC/ONE Development Corporation, Inc. (Canada)
     
First Lien Term Loan B, (1M SOFR + 4.50%, 0.00% Floor), 9.84%, 08/15/28
(c)(e)
     2,820,527        2,831,697  
    
Principal

Amount
    
Value ($)
 
CONSUMER GOODS:
NON-DURABLE
(continued)
 
Protein For Pets Opco, LLC
                       
First Lien Term Loan, (1M SOFR + 5.25%, 1.00% Floor), 10.59%, 09/20/30
(c)(d)
   $ 905,660        892,075  
The Men’s Wearhouse, LLC
     
First Lien Term Loan, (3M SOFR + 6.50%, 0.00% Floor), 11.84%, 02/26/29
(c)
     958,480        956,884  
     
 
 
 
        9,165,288  
     
 
 
 
CONTAINERS, PACKAGING & GLASS - 3.1%
 
Anchor Glass Container Corporation
     
First Lien Term Loan, (3.75% PIK), (3M SOFR + 5.00%, 1.00% Floor), 10.59%, 12/07/25
(c)(f)
     5,641,052        4,559,860  
Trident TPI Holdings, Inc.
     
First Lien Term Loan B6, (1M SOFR + 4.00%, 0.50% Floor), 9.34%, 09/15/28
(c)
     1,975,000        1,980,352  
     
 
 
 
        6,540,212  
     
 
 
 
ENVIRONMENTAL INDUSTRIES - 1.3%
 
Heritage Environmental Services, Inc.
     
First Lien Term Loan, (3M SOFR + 5.50%, 0.75% Floor), 10.83%, 01/31/31
(c)(d)
     879,121        876,923  
LTR Intermediate Holdings, Inc.
     
First Lien Term Loan, (1M SOFR + 4.50%, 1.00% Floor), 9.96%, 05/05/28
(c)
     1,875,050        1,848,097  
     
 
 
 
        2,725,020  
     
 
 
 
HEALTHCARE & PHARMACEUTICALS - 24.2%
 
Advarra Holdings, Inc.
     
First Lien Term Loan, (1M SOFR + 5.25%, 0.75% Floor), 10.59%, 08/24/29
(c)(d)
      6,323,551        6,323,551  
Allied Benefit Systems Intermediate LLC
     
First Lien Term Loan, (1M SOFR + 5.25%, 0.75% Floor), 10.59%, 10/31/30
(c)(d)
     2,529,742        2,529,742  
Athenahealth, Inc.
     
First Lien Term Loan B, (1M SOFR + 3.25%, 0.50% Floor), 8.59%, 02/15/29
(c)
     3,991,437        3,983,334  
Azurity Pharmaceuticals, Inc.
     
First Lien Term Loan B, (1M SOFR + 6.62%, 0.75% Floor), 12.08%, 09/20/27
(c)
     3,324,791        3,313,370  
Bausch Health Companies, Inc.
     
First Lien Term Loan B, (1M SOFR + 5.25%, 0.50% Floor), 10.69%, 02/01/27
(b)(c)
     3,748,515        3,430,472  
 
14 | See accompanying Notes to Consolidated Financial Statements.

Apollo Tactical Income Fund Inc.
Consolidated Schedule of Investments (continued)
June 30, 2024 (unaudited)
 
    
Principal

Amount
    
Value ($)
 
Senior Loans
(a)
(continued)
 
HEALTHCARE & PHARMACEUTICALS (continued)
 
Gainwell Acquisition Corporation
     
First Lien Term Loan B, (3M SOFR + 4.00%, 0.75% Floor), 9.43%, 10/01/27
(c)
   $ 8,432,801        8,186,817  
Gateway US Holdings, Inc.
     
First Lien Delayed Draw Term Loan, (3M SOFR + 5.50%, 0.75% Floor), 10.98%, 09/22/26
(c)(d)
     144,770        144,770  
First Lien Eighth AMD Delayed Draw, (3M SOFR + 5.50%, 0.75% Floor), 10.98%, 09/22/26
(c)(d)
     637,483        637,483  
First Lien Term Loan, (3M SOFR + 5.50%, 0.75% Floor), 10.98%, 09/22/26
(c)(d)
     2,774,890        2,774,890  
Inovalon Holdings, Inc.
     
First Lien Delayed Draw Term Loan, (2.75% PIK), (3M SOFR + 6.25%, 0.75% Floor), 11.84%, 11/24/28
(c)(d)(f)
     503,119        498,087  
First Lien Term Loan, (2.75% PIK), (3M SOFR + 6.25%, 0.75% Floor), 11.84%, 11/24/28
(c)(d)(f)
     6,609,914        6,494,241  
Second Lien Term Loan, (16.07% PIK), (3M SOFR + 10.50%, 0.75% Floor), 16.09%,
11/25/33
(c)(d)(f)
     141,307        134,242  
Medical Solutions Holdings, Inc.
     
First Lien Term Loan, (1M SOFR + 3.25%, 0.50% Floor), 8.69%, 11/01/28
(c)
     2,594,941        1,978,175  
OMH-Healthedge Holdings, Inc.
     
First Lien Term Loan, (6M SOFR + 6.00%, 1.00% Floor), 11.23%, 10/08/29
(c)(d)
     4,500,000        4,477,500  
Tivity Health, Inc.
     
First Lien Term Loan, (1M SOFR + 6.00%, 0.75% Floor), 11.34%, 06/28/29
(c)(d)
      4,912,500        4,887,938  
Zest Acquisition Corp.
     
First Lien Term Loan, (3M SOFR + 5.50%, 0.00% Floor), 10.83%, 02/08/28
(c)
     1,970,000        1,987,237  
     
 
 
 
        51,781,849  
     
 
 
 
HIGH TECH INDUSTRIES - 18.5%
 
Anaplan, Inc.
     
First Lien Term Loan, (3M SOFR + 5.75%, 0.75% Floor), 11.08%, 06/21/29
(c)(d)
     5,650,529        5,650,529  
Avalara, Inc.
     
First Lien Term Loan, (3M SOFR + 7.25%, 0.75% Floor), 12.58%, 10/19/28
(c)(d)
     4,545,455        4,579,545  
    
Principal

Amount
    
Value ($)
 
HIGH TECH INDUSTRIES (continued)
 
Crewline Buyer, Inc.
     
First Lien Term Loan, (3M SOFR + 6.75%, 1.00% Floor), 12.08%, 11/08/30
(c)(d)
   $ 1,811,321        1,811,321  
DCert Buyer, Inc.
     
First Lien Term Loan, (1M SOFR + 4.00%, 0.00% Floor), 9.34%, 10/16/26
(c)
     4,091,422        3,996,808  
Second Lien Term Loan, (1M SOFR + 7.00%, 0.00% Floor), 12.34%, 02/19/29
(c)
     3,933,068        3,529,928  
Electronics for Imaging, Inc.
     
First Lien Term Loan, (3M SOFR + 5.00%, 0.00% Floor), 10.43%, 07/23/26
(c)
     1,636,666        1,392,320  
Evergreen IX Borrower 2023, LLC
     
First Lien Term Loan, (3M SOFR + 6.00%, 0.75% Floor), 11.33%, 09/30/30
(c)(d)
     3,584,472        3,584,472  
Imprivata, Inc.
     
First Lien Term Loan, (3M SOFR + 3.50%, 0.50% Floor), 8.83%, 12/01/27
(c)
     487,443        490,446  
Second Lien Term Loan, (3M SOFR + 6.25%, 0.50% Floor), 11.58%, 12/01/28
(c)
     2,205,882        2,117,647  
IQN Holding Corp.
     
First Lien Revolving Term Loan, (3M SOFR + 5.25%, 0.75% Floor), 10.60%, 05/02/28
(c)(d)
     37,433        37,433  
First Lien Term Loan, (3M SOFR + 5.25%, 0.75% Floor), 10.60%, 05/02/29
(c)(d)
     4,027,956        4,027,956  
Riverbed Technology, Inc.
     
First Lien Term Loan, (2.00% PIK), (3M SOFR + 4.50%, 1.00% Floor), 9.83%, 07/01/28
(c)(f)
     307,793        189,626  
UKG, Inc.
     
First Lien Term Loan B, (1M SOFR + 3.25%, 0.00% Floor), 8.55%, 02/10/31
(c)
      2,305,815        2,317,148  
Virtusa Corporation
     
First Lien Term Loan B2, (1M SOFR + 3.25%, 0.75% Floor), 8.59%, 02/15/29
(c)
     2,715,165        2,725,768  
Zendesk, Inc.
     
First Lien Term Loan, (3.25% PIK), (3M SOFR + 6.25%, 0.75% Floor), 11.60%, 11/22/28
(c)(d)(f)
     3,033,537        3,033,537  
     
 
 
 
        39,484,484  
     
 
 
 
 
See accompanying Notes to Consolidated Financial Statements. | 15

Apollo Tactical Income Fund Inc.
Consolidated Schedule of Investments (continued)
June 30, 2024 (unaudited)
 
    
Principal

Amount
    
Value ($)
 
Senior Loans
(a)
(continued)
 
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 7.7%
 
Accelerate360 Holdings, LLC
     
First Lien Revolving Term Loan, (3M SOFR + 5.50%, 0.00% Floor), 11.09%, 02/04/27
(c)(d)
   $  1,445,201        1,445,201  
First Lien Term Loan, (3M SOFR + 5.50%, 0.00% Floor), 11.10%, 02/04/27
(c)(d)
     3,607,603        3,607,603  
Houghton Mifflin Harcourt Company
     
First Lien Term Loan B, (3M SOFR + 5.25%, 0.50% Floor), 10.70%, 04/09/29
(c)
     3,271,666        3,121,742  
McGraw-Hill Education, Inc.
     
First Lien Term Loan, (3M SOFR + 4.75%, 0.50% Floor), 10.20%, 07/28/28
(c)
      5,225,862        5,241,461  
R. R. Donnelley & Sons Company
     
First Lien Term Loan B, (1M SOFR + 5.00%, 0.75% Floor), 10.44%, 03/27/26
(c)(d)
     3,079,585        3,079,585  
     
 
 
 
        16,495,592  
     
 
 
 
MEDIA: BROADCASTING & SUBSCRIPTION - 1.5%
 
Anuvu Holdings 2, LLC
     
First Lien Term Loan, (6.00% PIK), (3M SOFR + 8.00%, 1.00% Floor), 13.44%, 03/24/25
(c)(d)(f)
     2,346,207        2,047,066  
First Lien Term Loan, (13.69% PIK), (3M SOFR + 8.25%, 1.00% Floor), 13.69%, 03/23/26
(c)(d)(f)
     2,168,378        1,154,661  
     
 
 
 
        3,201,727  
     
 
 
 
RETAIL - 2.0%
             
PetSmart, Inc.
     
First Lien Term Loan, (1M SOFR + 3.75%, 0.75% Floor), 9.19%, 02/11/28
(c)
     4,340,060        4,332,812  
     
 
 
 
SERVICES: BUSINESS - 8.4%
             
Advantage Sales & Marketing Inc.
     
First Lien Term Loan, (3M SOFR + 4.25%, 0.75% Floor), 9.82%, 10/28/27
(c)
     1,348,226        1,316,631  
BDO USA, P.A.
     
First Lien Term Loan, (1M SOFR + 6.00%, 2.00% Floor), 11.34%, 08/31/28
(c)(d)
     3,970,000        3,931,888  
Carestream Health, Inc.
     
First Lien Term Loan, (3M SOFR + 7.50%, 1.00% Floor), 12.93%, 09/30/27
(c)
     53,861        48,250  
Coretrust Purchasing Group LLC
     
First Lien Term Loan, (1M SOFR + 5.25%, 0.75% Floor), 10.59%, 10/01/29
(c)(d)
     2,700,000        2,673,000  
    
Principal

Amount
    
Value ($)
 
SERVICES: BUSINESS (continued)
 
eResearchTechnology, Inc.
     
First Lien Term Loan B, (1M SOFR + 4.00%, 1.00% Floor), 9.34%, 02/04/27
(c)
   $ 2,980,108        2,998,197  
Solera, LLC
     
First Lien Term Loan B, (3M SOFR + 4.00%, 0.50% Floor), 9.59%, 06/02/28
(c)
     2,788,479        2,790,696  
Second Lien Term Loan, (3M SOFR + 9.00%, 1.00% Floor), 14.45%, 06/04/29
(c)
     2,716,678        2,691,209  
Wellsky
     
First Lien Term Loan, (1M SOFR + 3.50%, 0.00% Floor), 8.96%, 03/10/28
(c)
      1,496,250        1,501,629  
     
 
 
 
        17,951,500  
     
 
 
 
SERVICES: CONSUMER - 4.2%
             
Excelligence Learning Corporation
     
First Lien Revolving Term Loan, (Prime + 4.75%, 1.00% Floor), 13.25%, 01/18/30
(c)(d)
     67,533        66,182  
First Lien Term Loan, (3M SOFR + 5.75%, 1.00% Floor), 11.08%, 01/18/30
(c)(d)
     3,443,425        3,374,556  
Mavis Tire Express Services Corporation
     
First Lien Term Loan B, (1M SOFR + 3.75%, 0.75% Floor), 9.09%, 05/04/28
(c)
     5,544,220        5,563,458  
     
 
 
 
        9,004,196  
     
 
 
 
TELECOMMUNICATIONS - 3.9%
 
CommScope, Inc.
     
First Lien Term Loan B, (1M SOFR + 3.25%, 0.00% Floor), 8.71%, 04/06/26
(c)
     2,959,259        2,618,944  
MLN US Holdco LLC
     
First Lien Second Out Term Loan, (3M SOFR + 6.70%, 1.00% Floor), 12.13%, 10/18/27
(c)(d)
     2,284,497        1,245,051  
First Lien Term Loan, (3M SOFR + 6.44%, 1.00% Floor), 11.87%, 10/18/27
(c)(d)
     382,882        349,380  
U.S. TelePacific Corp.
     
First Lien Term Loan, (6.25% PIK), (3M SOFR + 7.25%, 1.00% Floor), 12.75%, 05/02/26
(c)(f)
     3,382,012        1,363,226  
Third Lien Term Loan, 0.00%, 05/02/27
(c)(d)(j)
     319,086         
Zacapa SARL (Luxembourg)
     
First Lien Term Loan, (3M SOFR + 4.00%, 0.50% Floor), 9.33%, 03/22/29
(c)(e)
     2,732,761        2,734,045  
     
 
 
 
        8,310,646  
     
 
 
 
 
16 | See accompanying Notes to Consolidated Financial Statements.

Apollo Tactical Income Fund Inc.
Consolidated Schedule of Investments (continued)
June 30, 2024 (unaudited)
 
    
Principal

Amount
    
Value ($)
 
Senior Loans
(a)
(continued)
 
TRANSPORTATION: CARGO - 0.9%
 
Channelside AcquisitionCo, Inc.
     
First Lien Incremental Term Loan, (1M SOFR + 4.75%, 0.75% Floor), 10.09%, 06/30/28
(c)(d)
   $  1,780,081        1,775,631  
First Lien Revolving Term Loan, (3M SOFR + 4.75%, 0.75% Floor), 10.07%, 07/01/26
(c)(d)
     44,444        44,333  
     
 
 
 
        1,819,964  
     
 
 
 
Total Senior Loans
(Cost $240,753,468)
     
 
230,822,594
 
     
 
 
 
Corporate Notes and Bonds - 23.8%
 
AEROSPACE & DEFENSE - 1.0%
 
Transdigm, Inc.
7.13%, 12/01/31
(h)(i)
     2,000,000        2,063,750  
     
 
 
 
BANKING, FINANCE, INSURANCE & REAL ESTATE - 1.6%
 
Alliant Holdings Intermediate, LLC
     
5.88%, 11/01/29
(h)(i)
     3,400,000        3,179,000  
KCF Puerto Rico, LLC (Puerto Rico)
     
0.00%, 06/28/28
(d)(e)(j)(o)
     814,642        295,208  
     
 
 
 
        3,474,208  
     
 
 
 
CHEMICALS, PLASTICS, & RUBBER - 0.9%
 
W.R. Grace Holdings, LLC
4.88%, 06/15/27
(h)(i)
     2,000,000        1,929,540  
     
 
 
 
CONSUMER GOODS: DURABLE - 1.6%
 
Varsity Brands Holding Co., Inc.
     
(3M SOFR + 6.50%, 1.00% Floor), 11.82%, 12/15/26
(d)(i)
     3,500,000        3,508,750  
     
 
 
 
ENERGY: OIL & GAS - 2.1%
             
Moss Creek Resources Holdings, Inc.
7.50%, 01/15/26
(h)(i)
     1,433,000        1,435,872  
Venture Global LNG, Inc.
8.13%, 06/01/28
(h)(i)
     3,000,000        3,097,075  
     
 
 
 
        4,532,947  
     
 
 
 
FOREST PRODUCTS & PAPER - 0.7%
 
Spa US Holdco, Inc. (Finland)
4.88%, 02/04/28
(e)(h)(i)
     1,500,000        1,406,250  
     
 
 
 
HEALTHCARE & PHARMACEUTICALS - 1.5%
 
Bausch Health Companies, Inc.
5.50%, 11/01/25
(h)(i)
     500,000        466,875  
CHS/Community Health Systems, Inc.
5.63%, 03/15/27
(h)(i)
     3,000,000        2,795,595  
     
 
 
 
        3,262,470  
     
 
 
 
    
Principal

Amount
    
Value ($)
 
HIGH TECH INDUSTRIES - 3.1%
 
Austin BidCo Inc.
7.13%, 12/15/28
(h)(i)
   $ 2,000,000        1,862,400  
Wolfspeed, Inc.
9.88%, 06/23/30
(d)(h)(i)
      5,000,000        4,863,500  
     
 
 
 
        6,725,900  
     
 
 
 
HOTEL, GAMING & LEISURE - 2.1%
 
CDI Escrow Issuer, Inc.
5.75%, 04/01/30
(h)(i)
     2,000,000        1,944,643  
6.75%, 05/01/31
(h)(i)
     2,500,000        2,521,518  
     
 
 
 
        4,466,161  
     
 
 
 
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.9%
 
Outfront Media Capital, LLC
5.00%, 08/15/27
(h)(i)
     2,000,000        1,936,631  
     
 
 
 
METALS & MINING - 0.0%
             
ERP Iron Ore, LLC
     
SOFR + 8.00%, 0.00%, 12/31/19
(d)(g)(j)
     86,775         
Magnetation, LLC / Mag Finance Corp.
0.00%, 05/15/18
(d)(g)(h)(i)(j)
     2,937,000         
     
 
 
 
         
     
 
 
 
RETAIL - 2.9%
             
EG Group Limited (United Kingdom)
     
(3.75% PIK), (D SOFR + 7.50%, 0.00% Floor), 12.90%, 11/30/28
(d)(e)(f)(i)
     3,083,892        3,176,409  
12.00%, 11/30/28
(e)(h)(i)
     976,000        1,037,254  
PetSmart, Inc.
7.75%, 02/15/29
(h)(i)
     2,000,000        1,950,445  
     
 
 
 
        6,164,108  
     
 
 
 
SERVICES: BUSINESS - 2.0%
 
Advantage Sales & Marketing Inc.
6.50%, 11/15/28
(h)(i)
      2,683,000        2,432,180  
Allied Universal Holdco LLC
4.63%, 06/01/28
(h)(i)
     2,000,000        1,822,500  
     
 
 
 
        4,254,680  
     
 
 
 
SERVICES: CONSUMER - 1.1%
 
Mavis Tire Express Services Corporation
6.50%, 05/15/29
(h)(i)
     2,405,000        2,239,055  
     
 
 
 
TELECOMMUNICATIONS - 1.0%
 
Frontier Communications Holdings, LLC
8.63%, 03/15/31
(h)(i)
     2,000,000        2,063,750  
     
 
 
 
 
See accompanying Notes to Consolidated Financial Statements. | 17

Apollo Tactical Income Fund Inc.
Consolidated Schedule of Investments (continued)
June 30, 2024 (unaudited)
 
    
Principal

Amount
    
Value ($)
 
Corporate Notes and Bonds (continued)
 
TRANSPORTATION: CARGO - 1.3%
 
Genesee & Wyoming Inc.
6.25%, 04/15/32
(h)(i)
   $  2,717,000        2,711,905  
     
 
 
 
Total Corporate Notes and Bonds
(Cost $50,782,526)
     
 
50,740,105
 
     
 
 
 
Structured Products - 10.7%
(m)
 
Basswood Park CLO Ltd (Cayman Islands)
2021-1,
Class E 11.74%, 04/20/34
(e)(i)(n)
     2,000,000        2,010,486  
Churchill Middle Market CLO, Ltd. (Cayman Islands)
2021-1A
E, Class E 13.74%, 10/24/33
(e)(i)(n)
     4,000,000        4,002,144  
Fortress Credit BSL CLO, Ltd. (Cayman Islands)
2021-3
Class E 12.65%, 07/20/34
(e)(i)(n)
     3,000,000        3,000,654  
Fortress Credit Opportunities CLO, Ltd. (Cayman Islands)
2018-11A,
Class E 12.74%, 04/15/31
(e)(i)(n)
     4,000,000        4,019,588  
Golub Capital Partners CLO, Ltd. (Cayman Islands)
2021-55A,
Class E 12.15%, 07/20/34
(e)(i)(n)
     2,000,000        2,016,068  
KKR Financial CLO, Ltd. (Cayman Islands)
2017, Class ER 12.98%, 04/15/34
(e)(i)(n)
     2,750,000        2,767,479  
TIAA Churchill Middle Market CLO, Ltd. (Cayman Islands)
2016-1A,
Class ER 13.56%, 10/20/30
(e)(i)(n)
     5,000,000        5,001,880  
     
 
 
 
Total Structured Products
(Cost $22,425,325)
     
 
22,818,299
 
     
 
 
 
     
    
Quantity
    
Value $
 
Common Stocks - 0.2%
     
ENERGY: OIL & GAS - 0.0%
             
RDV Resources, Inc.
(d)(j)(o)
     7,743        5,151  
     
 
 
 
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.0%
 
Acosta, Inc.
(d)(j)(o)
     3,133        38,540  
     
 
 
 
MEDIA: BROADCASTING & SUBSCRIPTION - 0.0%
 
Anuvu Corp.
(d)(j)(o)
      102,608         
     
 
 
 
SERVICES: BUSINESS - 0.2%
 
Carestream Health, Inc.
(d)(j)(o)
     55,323        453,649  
     
 
 
 
Total Common Stocks
(Cost $3,197,792)
     
 
497,340
 
     
 
 
 
Preferred Stock - 0.1%
     
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.1%
 
Acosta, Inc., (14.50% PIK)
(d)(f)(o)
     4,761        236,717  
     
 
 
 
Total Preferred Stock
(Cost $170,424)
     
 
236,717
 
     
 
 
 
Partnership Interests - 0.0%
 
  
HIGH TECH INDUSTRIES - 0.0%
 
Vector Capitano Holdings, LP
Class B-1
(Cayman Islands)
(d)(e)(j)(o)
     8,085         
Vector Capitano Holdings, LP
Class B-2
(Cayman Islands)
(d)(e)(j)(o)
     6,295         
     
 
 
 
Total Partnership Interests
(Cost $0)
         
     
 
 
 
Total Investments - 142.8%
(Cost of $317,329,535)
     
 
305,115,055
 
Other Assets & Liabilities,
Net - 13.8%
     
 
29,480,069
 
Loan Outstanding - (56.2)%
(k)(l)
     
 
(120,965,991
     
 
 
 
Net Assets (Applicable to Common Shares) - 100.0%
     
 
213,629,133
 
  
 
 
 
 
18 | See accompanying Notes to Consolidated Financial Statements.

Apollo Tactical Income Fund Inc.
Consolidated Schedule of Investments (continued)
June 30, 2024 (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, 2024. 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)
 
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.
(c)
 
The interest rate on this Senior Loan is subject to a base lending rate plus a spread. These base lending rates are the Secured Overnight Financing Rate (“SOFR”), the Euro Interbank Offered Rate (“EURIBOR”), or 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 EURIBOR/SOFR/Prime rate. As of June 30, 2024, the 1, 3 and 6 month EURIBOR rates were 3.63%, 3.71%, and 3.68%, respectively, the Daily SOFR (“D SOFR”), 1, 3 and 6 month SOFR rates were 5.33%, 5.34%, 5.32%, and 5.25%, respectively, and the Prime lending rate was 8.50%. Senior Loans may contain multiple contracts of the same issuer which may be subject to base lending rates of EURIBOR, SOFR and Prime (“Variable”) in addition to the stated spread.
(d)
 
Fair Value Level 3 security.
(e)
 
Foreign issuer traded in U.S. dollars.
(f)
 
Represents a
payment-in-kind
(“PIK”) security, which may pay interest in additional principal amount/share quantity.
(g)
 
Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
(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 June 30, 2024, these securities amounted to $73,263,196, or 34.29% of net assets.
(j)
 
Non-income
producing asset.
(k)
 
The Fund has granted a security interest in substantially all of its assets in the event of default under the credit facility.
(l)
 
Principal of $121,000,000 less unamortized deferred financing costs of $34,009.
(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, 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 June 30, 2024.
(o)
 
Securities may be deemed to be “restricted securities” under the Securities Act of 1933. As of June 30, 2024, the restricted securities were as follows:
 
Issuer
 
Investment Type
   
Acquisition Date
   
Cost
   
Value
   
Value as
Percentage of
Net Assets
Applicable to
Common Shares
 
Acosta, Inc.
    Common Stock       12/31/2019     $ 27,644     $ 38,540       0.02
Acosta, Inc.
    Preferred Stock       12/31/2019       170,424       236,717       0.11
Anuvu Corp.
    Common Stock       3/23/2021       2,180,420             0.00
Carestream Health, Inc.
    Common Stock       9/30/2022       989,728       453,649       0.21
KCF Puerto Rico, LLC
    Corporate Note       12/28/2021             295,208       0.14
RDV Resources, Inc.
    Common Stock       3/30/2020             5,151       0.00
Vector Capitano Holdings, LP
   
Partnership Interest- Class B-1
      7/3/2023                   0.00
Vector Capitano Holdings, LP
    Partnership Interest-
Class B-2
      7/3/2023                   0.00
     
 
 
   
 
 
   
 
 
 
      $ 3,368,216     $ 1,029,265       0.48
     
 
 
   
 
 
   
 
 
 
Outstanding Forward Foreign Currency Contracts
 
Counterparty
 
Settlement
Date
   
Fund Receiving
   
Value
   
Fund Delivering
   
Value
   
Unrealized
Appreciation
 
Mizuho Capital Markets, LLC
    9/18/2024       USD     $ 1,250,746       EUR     $ 1,233,735     $ 17,011  
           
 
 
 
           
$
17,011
 
           
 
 
 
 
See accompanying Notes to Consolidated Financial Statements. | 19

Apollo Senior Floating Rate Fund Inc.
Apollo Tactical Income Fund Inc.
Consolidated Statements of Assets and Liabilities
June 30, 2024 (unaudited)
 
     
Apollo
Senior
Floating Rate
Fund Inc.
   
Apollo
Tactical
Income
Fund Inc.
 
Assets:
    
Investment securities at fair value (cost $339,059,590 and $317,329,535, respectively)
   $ 323,250,577     $ 305,115,055  
Cash and cash equivalents
     34,998,842       23,495,597  
Interest receivable
     1,815,042       2,503,260  
Receivable for investment securities sold
     3,275,925       4,239,239  
Net unrealized appreciation on unfunded commitments (Note 10)
     93,446       88,500  
Net unrealized appreciation on forward foreign currency contracts (Note 3)
     17,011       17,011  
Receivable from affiliate
     208,639       271,415  
Prepaid expenses
     300,551       300,663  
  
 
 
   
 
 
 
Total assets
   $ 363,960,033     $ 336,030,740  
  
 
 
   
 
 
 
Liabilities:
    
Borrowings under credit facility (principal $130,000,000 and $121,000,000, respectively, less unamortized deferred financing costs of $22,617 and $34,009, respectively) (Note 9)
   $ 129,977,383     $ 120,965,991  
Payable for investment securities purchased
     996,360       427,975  
Interest payable
     617,089       572,094  
Investment advisory fee payable
     297,718       275,105  
Other payables and accrued expenses due to affiliates
     93,789       78,711  
Other payables and accrued expenses
     61,385       81,731  
  
 
 
   
 
 
 
Total liabilities
   $ 132,043,724     $ 122,401,607  
  
 
 
   
 
 
 
Commitments and Contingencies (Note 10)
    
Net Assets (Applicable to Common Shareholders)
  
$
231,916,309
 
 
$
213,629,133
 
  
 
 
   
 
 
 
Net Assets Consist of: