Apollo Tactical Income Fund (XAIFX) NPORT-P Apollo Tactical Income Fund Inc. (Sep 2023 report)

Apollo Tactical Income Fund Inc.
Consolidated Schedule of Investments
September 30, 2023 (unaudited)
	Principal
	Amount ($)	Value ($)
Senior Loans - 112.6%(a)
AEROSPACE & DEFENSE - 3.5%
Peraton Corporation
First Lien Term Loan B, (1M SOFR + 3.75%, 0.75% Floor), 9.17%, 02/01/28(c)	7,445,780	7,439,600
BANKING, FINANCE, INSURANCE & REAL ESTATE - 9.2%
Asurion, LLC
Second Lien Term Loan B4, (1M SOFR + 5.25%, 0.00% Floor), 10.68%, 01/20/29(c)	2,885,398	2,570,052
Higginbotham Insurance Agency, Inc.
First Lien Delayed Draw Term Loan, (1M SOFR + 5.50%, 0.75% Floor), 10.92%, 11/25/26(c)(d)	250,181	250,181
First Lien Term Loan, (1M SOFR + 5.50%, 1.00% Floor), 10.92%, 11/24/28(c)(d)	858,116	858,116
Howden Group Holdings Ltd (United Kingdom)
First Lien Term Loan, (1M SOFR + 5.25%, 0.75% Floor), 10.57%, 11/12/27(c)(d)(e)	7,000,000	7,000,000
Insight XI Aggregator, L.P. (Cayman Islands)
First Lien Term Loan, (1M SOFR + 3.85%, 0.00% Floor), 9.17%, 08/28/24(c)(d)(e)	2,000,000	2,000,000
SG Acquisition, Inc.
First Lien Incremental Term Loan, (1M SOFR + 6.00%, 0.50% Floor), 11.42%, 01/27/27(c)(d)	3,990,000	3,900,225
First Lien Term Loan, (1M SOFR + 6.00%, 0.50% Floor), 11.42%, 01/27/27(c)(d)	848,936	829,835
The Edelman Financial Center, LLC
Second Lien Term Loan, (1M SOFR + 6.75%, 0.00% Floor), 12.18%, 07/20/26(c)	1,966,751	1,964,292
		19,372,701
BEVERAGE, FOOD & TOBACCO - 0.9%
Ultimate Baked Goods Midco LLC
First Lien Term Loan L, (1M SOFR + 6.25%, 1.00% Floor), 11.67%, 08/13/27(c)(d)	2,015,453	1,971,314
CAPITAL EQUIPMENT - 0.6%
Safe Fleet Holdings, LLC
Second Lien Term Loan, (1M SOFR + 6.75%, 1.00% Floor), 12.17%, 02/02/26(c)	1,403,846	1,364,945
CHEMICALS, PLASTICS, & RUBBER - 6.0%
LSF11 A5 Holdco LLC
First Lien Term Loan, (1M SOFR + 4.25%, 0.50% Floor), 9.67%, 10/15/28(c)	5,922,006	5,855,383
Luxembourg Investment Company 428 SARL (Luxembourg)
First Lien Term Loan B, (3M SOFR + 5.00%, 0.50% Floor), 10.54%, 01/03/29(c)(e)	4,695,549	3,451,229
Olympus Water US Holding Corporation
First Lien Incremental Term Loan, (3M SOFR + 5.00%, 0.50% Floor), 10.39%, 11/09/28(c)	1,909,000	1,910,193
W.R. Grace Holdings, LLC
First Lien Term Loan B, (3M SOFR + 3.75%, 0.50% Floor), 9.40%, 09/22/28(c)	1,424,857	1,415,360
		12,632,165
CONSUMER GOODS: DURABLE - 0.7%
Varsity Brands Holding Co., Inc.
First Lien Term Loan, (1M SOFR + 5.00%, 1.00% Floor), 10.43%, 12/15/26(c)	498,744	489,185
Weber-Stephen Products LLC
First Lien Term Loan, (1M SOFR + 3.25%, 0.75% Floor), 8.68%, 10/30/27(c)	975,555	883,077
		1,372,262
CONSUMER GOODS: NON-DURABLE - 3.2%
ABG Intermediate Holdings 2 LLC
First Lien Term Loan B2, (1M SOFR + 4.00%, 0.00% Floor), 9.42%, 12/21/28(c)	1,507,722	1,509,614
Second Lien Term Loan, (1M SOFR + 6.00%, 0.50% Floor), 11.42%, 12/20/29(c)	684,230	691,073
Iconix Brand Group
First Lien Term Loan, (3M SOFR + 6.00%, 1.00% Floor), 11.54%, 08/22/29(c)(d)	1,800,000	1,777,500

Apollo Tactical Income Fund Inc.
Consolidated Schedule of Investments (continued)
September 30, 2023 (unaudited)
	Principal
	Amount ($)	Value ($)
Senior Loans - 112.6%(a) (continued)
CONSUMER GOODS: NON-DURABLE - 3.2% (continued)
KDC/ONE Development Corporation, Inc. (Canada)
First Lien Term Loan, (1M SOFR + 5.00%, 0.00% Floor), 10.32%, 08/15/28(c)(e)	2,827,596	2,732,872
		6,711,059
CONTAINERS, PACKAGING & GLASS - 3.2%
Anchor Glass Container Corporation
First Lien Term Loan, (3.75% PIK), (6M SOFR + 5.00%, 1.00% Floor), 10.90%, 12/07/25(c)(f)	5,683,788	4,724,649
Trident TPI Holdings, Inc.
First Lien Incremental Term Loan, (3M SOFR + 5.25%, 0.50% Floor), 10.64%, 09/15/28(c)	1,985,000	1,985,824
		6,710,473
ENVIRONMENTAL INDUSTRIES - 2.4%
LTR Intermediate Holdings, Inc.
First Lien Term Loan, (1M SOFR + 4.50%, 1.00% Floor), 9.93%, 05/05/28(c)	5,251,626	4,978,542
FOREST PRODUCTS & PAPER - 0.5%
Spa US Holdco, Inc. (Finland)
First Lien Term Loan B, (3M SOFR + 4.00%, 0.75% Floor), 9.65%, 02/04/28(c)(e)	1,141,715	1,115,455
HEALTHCARE & PHARMACEUTICALS - 20.9%
Advarra Holdings, Inc.
First Lien Term Loan, (1M SOFR + 5.25%, 0.75% Floor), 10.57%, 08/24/29(c)(d)	6,371,700	6,339,842
Athenahealth, Inc.
First Lien Term Loan B, (1M SOFR + 3.25%, 0.50% Floor), 8.57%, 02/15/29(c)	4,021,984	3,957,894
Azurity Pharmaceuticals, Inc.
First Lien Term Loan B, (1M SOFR + 6.62%, 0.75% Floor), 12.05%, 09/20/27(c)	3,418,447	3,301,656
Bausch Health Companies, Inc.
First Lien Term Loan B, (1M SOFR + 5.25%, 0.50% Floor), 10.67%, 02/01/27(b)(c)	3,564,140	2,910,209
Gainwell Acquisition Corporation
First Lien Term Loan B, (3M SOFR + 4.00%, 0.75% Floor), 9.49%, 10/01/27(c)	8,498,341	8,312,440
Gateway US Holdings, Inc.
First Lien Delayed Draw Term Loan, (3M/6M SOFR + 5.50%, 0.75% Floor), 8.68%, 09/22/26(c)(d)	122,076	121,466
First Lien Eighth AMD Delayed Draw, (3M SOFR + 6.50%, 0.75% Floor), 12.04%, 09/22/26(c)(d)	642,300	639,089
First Lien Term Loan, (3M SOFR + 6.50%, 0.75% Floor), 12.04%, 09/22/26(c)(d)	2,796,018	2,782,038
Inovalon Holdings, Inc.
First Lien Term Loan, (2.75% PIK), (3M SOFR + 3.50%, 0.75% Floor), 9.14%, 11/24/28(c)(d)(f)	6,487,216	6,357,472
Second Lien Term Loan, (16.18% PIK), (3M SOFR + 10.50%, 0.75% Floor), 16.18%, 11/25/33(c)(d)(f)	126,940	124,401
Medical Solutions Holdings, Inc.
First Lien Term Loan, (3M SOFR + 3.25%, 0.50% Floor), 8.77%, 11/01/28(c)	2,664,750	2,584,807
Tivity Health, Inc.
First Lien Term Loan, (3M SOFR + 6.00%, 0.75% Floor), 11.39%, 06/28/29(c)(d)	4,950,000	4,888,125
Zest Acquisition Corp.
First Lien Term Loan, (1M SOFR + 5.50%, 0.00% Floor), 10.82%, 02/08/28(c)	1,985,000	1,952,754
		44,272,193

Apollo Tactical Income Fund Inc.
Consolidated Schedule of Investments (continued)
September 30, 2023 (unaudited)
	Principal
	Amount ($)	Value ($)
Senior Loans - 112.6%(a) (continued)
HIGH TECH INDUSTRIES - 24.4%
Anaplan, Inc.
First Lien Term Loan, (1M SOFR + 6.50%, 0.75% Floor), 11.82%, 06/21/29(c)(d)	5,650,529	5,678,781
Avalara, Inc.
First Lien Term Loan, (3M SOFR + 7.25%, 0.75% Floor), 12.64%, 10/19/28(c)(d)	4,545,455	4,488,636
Cloud Software Group, Inc.
First Lien Term Loan A, (3M SOFR + 4.50%, 0.50% Floor), 9.99%, 09/29/28(c)	2,983,176	2,870,068
Coupa Software, Inc.
First Lien Term Loan, (1M SOFR + 7.50%, 0.75% Floor), 12.82%, 02/27/30(c)(d)	1,727,637	1,680,126
DCert Buyer, Inc.
First Lien Term Loan, (1M SOFR + 4.00%, 0.00% Floor), 9.32%, 10/16/26(c)	4,123,470	4,104,275
Second Lien Term Loan, (1M SOFR + 7.00%, 0.00% Floor), 12.32%, 02/19/29(c)	3,933,068	3,690,535
Electronics for Imaging, Inc.
First Lien Term Loan, (1M SOFR + 5.00%, 0.00% Floor), 10.42%, 07/23/26(c)	982,725	659,226
Evergreen IX Borrower 2023, LLC
First Lien Term Loan, (3M SOFR + 6.00%, 0.75% Floor), 11.39%, 09/29/30(c)(d)	3,602,484	3,512,422
Imperva, Inc.
First Lien Term Loan, (3M SOFR + 4.00%, 1.00% Floor), 9.63%, 01/12/26(c)	5,020,070	5,035,758
Imprivata, Inc.
First Lien Term Loan, (1M SOFR + 3.75%, 0.50% Floor), 9.18%, 12/01/27(c)	491,184	491,122
Second Lien Term Loan, (1M SOFR + 6.25%, 0.50% Floor), 11.57%, 12/01/28(c)(d)	2,205,882	2,128,676
IQN Holding Corp.
First Lien Term Loan, (3M SOFR + 5.25%, 0.75% Floor), 10.67%, 05/02/29(c)(d)	4,058,690	4,058,690
Riverbed Technology, Inc.
First Lien Term Loan, (3M SOFR + 4.50%, 1.00% Floor), 9.89%, 07/01/28(c)	303,171	197,819
Sovos Compliance, LLC
First Lien Term Loan, (1M SOFR + 4.50%, 0.50% Floor), 9.93%, 08/11/28(c)	3,450,521	3,401,713
UKG, Inc.
First Lien Term Loan, (3M SOFR + 3.75%, 0.00% Floor), 9.22%, 05/04/26(c)	3,800,698	3,801,306
Virtusa Corporation
First Lien Term Loan, (1M SOFR + 3.75%, 0.75% Floor), 9.17%, 02/15/29(c)	2,735,858	2,726,282
Zendesk, Inc.
First Lien Term Loan, (3.25% PIK), (3M SOFR + 6.75%, 0.75% Floor), 12.15%, 11/22/28(c)(d)(f)	3,008,549	3,008,549
		51,533,984
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 9.7%
Accelerate360 Holdings, LLC
First Lien Revolving Term Loan, (3M SOFR + 6.00%, 0.00% Floor), 11.65%, 02/04/27(c)(d)	1,017,747	1,022,836
First Lien Term Loan, (3M SOFR + 6.00%, 0.00% Floor), 11.65%, 02/04/27(c)(d)	4,046,082	4,066,313
Associations Inc.
First Lien Term Loan, (2.50% PIK), (3M SOFR + 6.50%, 1.00% Floor), 12.15%, 07/02/27(c)(d)(f)	3,096,211	3,096,211
Houghton Mifflin Harcourt Company
First Lien Term Loan B, (1M SOFR + 5.25%, 0.50% Floor), 10.67%, 04/09/29(c)	4,138,775	3,928,401
McGraw-Hill Education, Inc.
First Lien Term Loan, (1M SOFR + 4.75%, 0.50% Floor), 10.18%, 07/28/28(b)(c)	5,266,164	5,177,851
R. R. Donnelley & Sons Company
First Lien Term Loan, (1M SOFR + 7.25%, 0.75% Floor), 12.67%, 03/17/28(c)	3,314,525	3,320,740
		20,612,352

Apollo Tactical Income Fund Inc.
Consolidated Schedule of Investments (continued)
September 30, 2023 (unaudited)
	Principal
	Amount ($)	Value ($)
Senior Loans - 112.6%(a) (continued)
MEDIA: BROADCASTING & SUBSCRIPTION - 1.8%
Anuvu Holdings 2, LLC
First Lien Delayed Draw Term Loan, (3M LIBOR + 7.00%, 1.00% Floor), 12.50%, 03/25/24(c)(d)	69,796	67,004
First Lien Term Loan, (3M SOFR + 8.00%, 1.00% Floor), 13.50%, 03/24/25(c)	2,346,207	2,305,148
First Lien Term Loan, (8.25% PIK), (3M SOFR + 8.25%, 1.00% Floor), 13.75%, 03/23/26(c)(d)(f)	2,040,936	1,530,702
		3,902,854
RETAIL - 3.0%
Claire’s Stores, Inc.
First Lien Term Loan B, (1M SOFR + 6.50%, 0.00% Floor), 11.92%, 12/18/26(c)	2,013,452	1,867,477
PetSmart, Inc.
First Lien Term Loan, (1M SOFR + 3.75%, 0.75% Floor), 9.17%, 02/11/28(c)	4,373,531	4,366,883
		6,234,360
SERVICES: BUSINESS - 12.5%
Advantage Sales & Marketing Inc.
First Lien Term Loan B1, (3M SOFR + 4.50%, 0.75% Floor), 10.04%, 10/28/27(c)	1,480,002	1,429,823
BDO USA, P.A.
First Lien Term Loan, (1M SOFR + 6.00%, 2.00% Floor), 11.32%, 08/31/28(c)(d)	8,000,000	7,840,000
Carestream Health, Inc.
First Lien Term Loan, (3M SOFR + 7.50%, 1.00% Floor), 12.99%, 09/30/27(c)(d)	54,489	38,415
Coretrust Purchasing Group LLC
First Lien Term Loan, (1M SOFR + 6.75%, 0.75% Floor), 12.07%, 10/01/29(c)(d)	2,305,883	2,236,707
eResearchTechnology, Inc.
First Lien Term Loan B, (1M SOFR + 4.50%, 1.00% Floor), 9.93%, 02/04/27(c)	3,003,390	2,952,978
Planet US Buyer LLC
First Lien Term Loan, (3M SOFR + 6.75%, 0.75% Floor), 12.12%, 02/01/30(c)(d)	2,763,889	2,694,792
Solera, LLC
First Lien Term Loan B, (1M SOFR + 4.00%, 0.50% Floor), 9.43%, 06/02/28(c)	2,809,984	2,697,585
Second Lien Term Loan, (3M SOFR + 9.00%, 1.00% Floor), 14.52%, 06/04/29(c)	4,903,653	4,474,583
Wellsky
First Lien Term Loan, (1M SOFR + 5.75%, 0.75% Floor), 11.18%, 03/10/28(c)(d)	1,980,000	1,975,050
		26,339,933
SERVICES: CONSUMER - 3.2%
Mavis Tire Express Services Corporation
First Lien Term Loan B, (1M SOFR + 4.00%, 0.75% Floor), 9.43%, 05/04/28(c)	5,586,368	5,579,385
MH Sub I, LLC
First Lien Term Loan, (1M SOFR + 4.25%, 0.50% Floor), 9.57%, 05/03/28(c)	1,269,064	1,229,901
		6,809,286
TELECOMMUNICATIONS - 4.7%
CommScope, Inc.
First Lien Term Loan B, (1M SOFR + 3.25%, 0.00% Floor), 8.68%, 04/06/26(c)	1,008,057	943,793
Flight Bidco, Inc.
First Lien Term Loan, (1M SOFR + 3.50%, 0.00% Floor), 8.93%, 07/23/25(c)	2,365,477	2,331,225
MLN US Holdco LLC
First Lien Term Loan, (3M SOFR + 6.44%, 1.00% Floor), 11.85%, 10/18/27(c)(d)	382,882	366,610
First Lien Second Out Term Loan, (3M SOFR + 6.70%, 1.00% Floor), 12.11%, 10/18/27(c)(d)	2,284,497	1,839,020

Apollo Tactical Income Fund Inc.
Consolidated Schedule of Investments (continued)
September 30, 2023 (unaudited)
	Principal
	Amount ($)	Value ($)
Senior Loans - 112.6%(a) (continued)
TELECOMMUNICATIONS - 4.7% (continued)
U.S. TelePacific Corp.
First Lien Term Loan, (6.00% PIK), (6M SOFR + 7.25%, 1.00% Floor), 12.57%, 05/02/26(c)(f)	3,239,786	1,281,740
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), 9.39%, 03/22/29(c)(e)	2,753,722	2,738,012
Zayo Group Holdings, Inc.
First Lien Term Loan, (1M SOFR + 4.33%, 0.50% Floor), 9.64%, 03/09/27(c)	612,059	500,358
		10,000,758
TRANSPORTATION: CARGO - 0.8%
Channelside AcquisitionCo, Inc.
First Lien Term Loan, (1M SOFR + 6.75%, 1.00% Floor), 12.09%, 06/30/28(c)(d)	1,759,848	1,733,450
WHOLESALE - 1.5%
LBM Acquisition, LLC
First Lien Term Loan B, (1M SOFR + 3.75%, 0.75% Floor), 9.17%, 12/17/27(c)	3,196,668	3,127,652
Total Senior Loans
(Cost $243,812,189)		238,235,338
Corporate Notes and Bonds - 21.9%
AUTOMOTIVE - 2.2%
Carvana Co.
(12.00% PIK), 12.00%, 12/01/28(f)(h)(i)	1,379,000	1,082,963
(13.00% PIK), 13.00%, 06/01/30(f)(h)(i)	2,069,000	1,629,338
(14.00% PIK), 14.00%, 06/01/31(f)(h)(i)	2,448,000	1,900,260
		4,612,561
BANKING, FINANCE, INSURANCE & REAL ESTATE - 1.7%
Alliant Holdings Intermediate, LLC
5.88%, 11/01/29(h)(i)	3,400,000	2,960,187
KCF Puerto Rico, LLC (Puerto Rico)
0.00%, 06/28/28(d)(e)(j)	814,642	559,284
		3,519,471
CHEMICALS, PLASTICS, & RUBBER - 0.9%
W.R. Grace Holdings, LLC
4.88%, 06/15/27(h)(i)	2,000,000	1,838,930
CONTAINERS, PACKAGING & GLASS - 0.8%
LABL, Inc.
5.88%, 11/01/28(h)(i)	2,000,000	1,808,607
ENERGY: OIL & GAS - 2.5%
Moss Creek Resources Holdings, Inc.
7.50%, 01/15/26(h)(i)	1,433,000	1,389,020
Sitio Finance Corp.
7.88%, 11/01/28(h)(i)	1,000,000	1,003,500
Venture Global LNG, Inc.
8.13%, 06/01/28(h)(i)	3,000,000	2,971,875
		5,364,395

Apollo Tactical Income Fund Inc.
Consolidated Schedule of Investments (continued)
September 30, 2023 (unaudited)
	Principal
	Amount ($)	Value ($)
Corporate Notes and Bonds - 21.9%(continued)
FOREST PRODUCTS & PAPER - 0.6%
Spa US Holdco, Inc. (Finland)
4.88%, 02/04/28(e)(h)(i)	1,500,000	1,254,483
HEALTHCARE & PHARMACEUTICALS - 0.6%
Bausch Health Companies, Inc.
5.50%, 11/01/25(h)(i)	500,000	444,375
Embecta Corp.
5.00%, 02/15/30(h)(i)	1,063,000	837,633
		1,282,008
HIGH TECH INDUSTRIES - 3.0%
Austin BidCo Inc.
7.13%, 12/15/28(h)(i)	2,000,000	1,617,500
Wolfspeed, Inc.
9.88%, 06/23/30(d)(h)(i)	5,000,000	4,816,000
		6,433,500
HOTEL, GAMING & LEISURE - 3.6%
Carnival Corporation
10.38%, 05/01/28(h)(i)	2,028,000	2,176,997
CDI Escrow Issuer, Inc.
6.75%, 05/01/31(h)(i)	2,500,000	2,369,757
5.75%, 04/01/30(h)(i)	2,000,000	1,810,000
NCL Corporation Ltd.
9.75%, 02/22/28(d)(h)(i)	1,153,000	1,198,543
		7,555,297
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.8%
Outfront Media Capital, LLC
5.00%, 08/15/27(h)(i)	2,000,000	1,778,244
METALS & MINING - 0.0%
ERP Iron Ore, LLC
LIBOR + 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 - 0.9%
PetSmart, Inc.
7.75%, 02/15/29(h)(i)	2,000,000	1,867,250
SERVICES: BUSINESS - 1.9%
Advantage Sales & Marketing Inc.
6.50%, 11/15/28(h)(i)	2,683,000	2,311,539
Allied Universal Holdco LLC
4.63%, 06/01/28(h)(i)	2,000,000	1,670,000
		3,981,539
SERVICES: CONSUMER - 1.0%
Mavis Tire Express Services Corporation
6.50%, 05/15/29(h)(i)	2,405,000	2,033,019

Apollo Tactical Income Fund Inc.
Consolidated Schedule of Investments (continued)
September 30, 2023 (unaudited)
	Principal
	Amount ($)	Value ($)
Corporate Notes and Bonds - 21.9%(continued)
TELECOMMUNICATIONS - 0.9%
Frontier Communications Holdings, LLC
8.63%, 03/15/31(h)(i)	2,000,000	1,887,956
WHOLESALE - 0.5%
LBM Acquisition, LLC
6.25%, 01/15/29(h)(i)	1,344,000	1,103,760
Total Corporate Notes and Bonds
(Cost $50,660,107)		46,321,020
Convertible Bonds - 1.1%
HOTEL, GAMING & LEISURE - 1.1%
Peloton Interactive, Inc.
0.00%, 02/15/26(h)(j)	3,000,000	2,276,250
Total Convertible Bonds
(Cost $2,475,388)		2,276,250
Structured Products - 10.8%(m)
Basswood Park CLO Ltd (Cayman Islands)
2021-1, Class E 11.74%, 04/20/34(e)(i)(n)	2,000,000	1,879,680
Churchill Middle Market CLO, Ltd. (Cayman Islands)
2021-1A E, Class E 13.77%, 10/24/33(e)(i)(n)	4,000,000	3,610,236
Fortress Credit BSL CLO, Ltd. (Cayman Islands)
2021-3 Class E 12.65%, 07/20/34(e)(i)(n)	3,000,000	2,731,047
Fortress Credit Opportunities CLO, Ltd. (Cayman Islands)
2018-11A, Class E 12.72%, 04/15/31(e)(i)(n)	4,000,000	3,747,288
Franklin Park Place CLO, Ltd. (Cayman Islands)
2022-1A, Class E 12.81%, 04/14/35(e)(i)(n)	2,000,000	1,856,152
Golub Capital Partners CLO, Ltd. (Cayman Islands)
2021-55A, Class E 12.15%, 07/20/34(e)(i)(n)	2,000,000	1,879,856
KKR Financial CLO, Ltd. (Cayman Islands)
2017, Class ER 12.96%, 04/15/34(e)(i)(n)	2,750,000	2,574,091
TIAA Churchill Middle Market CLO, Ltd. (Cayman Islands)
2016-1A, Class ER 13.22%, 10/20/30(e)(i)(n)	5,000,000	4,614,490
Total Structured Products
(Cost $24,340,135)		22,892,840
	Quantity	Value ($)
Common Stocks - 0.3%
AUTOMOTIVE - 0.0%
APC Parent, Inc.(d)(j)	241,972	–
ENERGY: OIL & GAS - 0.0%
RDV Resources, Inc.(d)(j)	7,743	5,923
HIGH TECH INDUSTRIES - 0.0%
Vector Capitano Holdings, LP Class B-1 (Cayman Islands)(d)(e)(j)	8,085	–
Vector Capitano Holdings, LP Class B-2 (Cayman Islands)(d)(e)(j)	6,295	–
		–
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.0%
Acosta, Inc.(d)(j)	3,133	33,045

Apollo Tactical Income Fund Inc.
Consolidated Schedule of Investments (continued)
September 30, 2023 (unaudited)
		Quantity	Value ($)
Common Stocks - 0.3% (continued)
MEDIA: BROADCASTING & SUBSCRIPTION - 0.1%
Anuvu Corp.(d)(j)		102,608	193,929
SERVICES: BUSINESS - 0.2%
Carestream Health, Inc.(d)(j)		55,323	459,181
Total Common Stocks
(Cost $3,197,792)			692,078
Preferred Stock - 0.1%
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.1%
Acosta, Inc., (14.50% PIK)(d)(f)		4,138	202,914
Total Preferred Stock
(Cost $170,424)			202,914
Total Investments - 146.8%
(Cost of $324,656,035)			310,620,440
Other Assets & Liabilities, Net - 10.4%			21,889,095
Loan Outstanding - (57.2)%(k)(l)			(120,900,622)
Net Assets (Applicable to Common Shares) - 100.0%			211,608,913
(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 September 30, 2023. 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 primarily the Secured Overnight Financing Rate (“SOFR”) and secondarily the synthetic London Interbank Offered Rate (“LIBOR”) 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 LIBOR/SOFR/Prime rate. As of September 30, 2023, the 1, 3 and 6 month LIBOR rates were 5.43%, 5.66% and 5.90%, respectively, the 1, 3 and 6 month SOFR rates were 5.32%, 5.40%, and 5.47%, 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 LIBOR, 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 September 30, 2023, these securities amounted to $68,654,576, or 32.44% 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 $99,378.
(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 September 30, 2023.

Apollo Tactical Income Fund Inc.

Notes to Consolidated Schedule of Investments (continued)

September 30, 2023 (unaudited)

Security Valuation

Apollo Tactical Income Fund Inc. (the “Fund”) values its investments primarily using the mean of the bid and ask prices provided by a nationally recognized security pricing service or broker. Senior Loans, corporate notes and bonds, common stock, structured products, preferred stock and warrants are priced based on valuations provided by an approved independent pricing service or broker, if available. If market or broker quotations are not available, or a price is not available from an independent pricing service or broker, or if the price provided by the independent pricing service or broker is believed to be unreliable, the security will be fair valued by the Adviser as the valuation designee approved by the Fund’s board of directors (the “Board”). In general, the fair value of a security is the amount that the Fund might reasonably expect to receive upon the sale of an asset or pay to transfer a liability in an orderly transaction between willing market participants at the reporting date. Fair value procedures generally take into account any factors deemed relevant, which may include, among others, (i) the nature and pricing history of the security, (ii) the liquidity or illiquidity of the market for the particular security, (iii) recent purchases or sales transactions for the particular security or similar securities and (iv) press releases and other information published about the issuer. In these cases, the Fund’s net asset value (“NAV”) will reflect the affected portfolio securities’ fair value as determined by the valuation designee instead of being determined by the market. Using a fair value pricing methodology to value securities may result in a value that is different from a security’s most recent sale price and from the prices used by other investment companies to calculate their NAV. Determination of fair value is uncertain because it involves subjective judgments and estimates. There can be no assurance that the Fund’s valuation of a security will not differ from the amount that it realizes upon the sale of such security.

Fair Value Measurements

The Fund’s valuation designee has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. The levels of fair value inputs used to measure the Fund’s investments are characterized into a fair value hierarchy. The three levels of the fair value hierarchy are described below:

Level 1 — Quoted unadjusted prices for identical assets and liabilities in active markets to which the Fund has access at the date of measurement;

Level 2 — Quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, but are valued based on executed trades, broker quotations that constitute an executable price, and alternative pricing sources supported by observable inputs which, in each case, are either directly or indirectly observable for the asset in connection with market data at the measurement date; and

Level 3 — Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. In certain cases, investments classified within Level 3 may include securities for which the Fund has obtained indicative quotes from broker-dealers that do not necessarily represent prices the broker may be willing to trade on, as such quotes can be subject to material management judgment. Unobservable inputs are those inputs that reflect the valuation designee’s own assumptions that market participants would use to price the asset or liability based on the best available information.

At the end of each reporting period, management evaluates the Level 2 and Level 3 assets, if any, for changes in liquidity, including but not limited to: whether a broker is willing to execute at the quoted price, the depth and consistency of prices from independent pricing services, and the existence of contemporaneous, observable trades in the market.

The valuation techniques used by the valuation designee to measure fair value at September 30, 2023 maximized the use of observable inputs and minimized the use of unobservable inputs. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Apollo Tactical Income Fund Inc.

Notes to Consolidated Schedule of Investments (continued)

September 30, 2023 (unaudited)

A summary of the Fund’s investments categorized in the fair value hierarchy as of September 30, 2023 is as follows:

Apollo Tactical Income Fund Inc.
	Total Fair Value at September 30, 2023			Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Cash and Cash Equivalents	$	14,853,240		$	14,853,240	$	-	$	-
Senior Loans		238,235,338			-		145,332,744		92,902,594
Corporate Notes and Bonds		46,321,020			-		39,747,193		6,573,827
Convertible Bonds		2,276,250			-		2,276,250		-
Structured Products		22,892,840			-		22,892,840		-
Common Stocks		692,078			-		-		692,078
Preferred Stock		202,914			-		-		202,914
Unrealized appreciation on Unfunded Commitments		58,562			-		4,295		54,267
Total Assets	$	325,532,242		$	14,853,240	$	210,253,322	$	100,425,680
Liabilities:
Unrealized depreciation on Unfunded Commitments		(26,996	)		-		-		(26,996	)
Total Liabilities		(26,996	)		-		-		(26,996	)
	$	325,505,246		$	14,853,240	$	210,253,322	$	100,398,684

The following is a reconciliation of Level 3 holdings for which significant unobservable inputs were used in determining fair value for the period January 1, 2023 through September 30, 2023:

Apollo Tactical Income Fund Inc.
	Total			Senior Loans			Corporate Notes and Bonds		Common Stocks			Preferred Stocks			Unfunded Commitments
Total Fair Value, beginning of period	$	75,631,009		$	73,159,804		$	551,046	$	1,753,260		$	188,448		$	(21,549	)
Purchases, including capitalized PIK		38,541,272			32,599,802			5,941,470		-			-			-
Sales/Paydowns		(11,756,295	)		(11,742,202	)		-		(14,093	)		-			-
Accretion/(amortization) of discounts/ (premiums)		130,503			129,061			1,442		-			-			-
Net realized gain/(loss)		(2,592,080	)		(2,117,932	)		-		14,093			(488,241	)		-
Change in net unrealized appreciation/ (depreciation)		3,745,931			4,175,717			79,869		(1,061,182	)		502,707			48,820
Transfers into Level 3		-			-			-		-			-			-
Transfers out of Level 3		(3,301,656	)		(3,301,656	)		-		-			-			-
Total Fair Value, end of period	$	100,398,684		$	92,902,594		$	6,573,827	$	692,078		$	202,914		$	27,271

Assets were transferred from Level 2 to Level 3 or from Level 3 to Level 2 as a result of changes in levels of liquid market observability when subject to various criteria as discussed above. The net change in unrealized appreciation/(depreciation) attributable to Level 3 investments still held at September 30, 2023 was $(655,057).

Apollo Tactical Income Fund Inc.

Notes to Consolidated Schedule of Investments (continued)

September 30, 2023 (unaudited)

The following table provides quantitative measures used to determine the fair values of the Level 3 investments as of September 30, 2023:

Assets/Liabilities	Fair Value at September 30, 2023			Valuation Technique(s)(a)	Unobservable Input(s)	Range of Unobservable Input(s) Utilized	Weighted Average Unobservable Input(s)
Senior Loans	$	78,441,875		Discounted Cash Flow (b)	Discount Rate (b)	8.59% - 31.45%	11.64%
		-		Recoverability (c)	Estimated Proceeds (c)	$-	$-
		14,460,719		Transaction Appraoch (d)	Cost (d)	N/A	N/A
Corporate Notes and Bonds		6,014,543		Discounted Cash Flow (b)	Discount Rate (b)	8.31% - 12.53%	11.42%
		559,284		Discounted Cash Flow (b)	Discount Rate (b)	5.40%	5.40%
				Recoverability (c)	Estimated Proceeds (c)	$55.5m	$55.5m
		-		Recoverability (c)	Estimated Proceeds (c)	$-	$-
Common Stocks		-		Recoverability (c)	Estimated Proceeds (c)	$-	$-
		5,923		Discounted Cash Flow (b)	Discount Rate (b)	5.45%	5.45%
				Recoverability (c)	Estimated Proceeds (c)	$9.1m	$9.1m
		492,226		Guideline Public Company (e)	TEV / EBITDA Multiple (e)	2.75x - 7.00x	3.50x
		193,929		Guideline Public Company (e)	TEV / EBITDA Multiple (e)	2.50x - 3.50x	3.00x
				Guideline Public Company (f)	TEV / Revenue (f)	1.35x - 1.55x	1.45x
Preferred Stock		202,914		Guideline Public Company (e)	TEV / EBITDA Multiple (e)	7.00x	7.00x
Unfunded Commitments		27,442		Discounted Cash Flow (b)	Discount Rate (b)	9.48% - 25.49%	14.91%
		(171	)	Transaction Appraoch (d)	Cost (d)	N/A	N/A
Total Fair Value	$	100,398,684

(a)	For the assets which have multiple valuation techniques, the Fund may rely on the techniques individually or in aggregate based on a weight ranging from 0-100%
(b)	The Fund utilized a discounted cash flow model to fair value this security. The significant unobservable input used in the valuation model was the discount rate, which was determined based on the market rates an investor would expect for a similar investment with similar risks. The discount rate was applied to present value the projected cash flows in the valuation model. Significant increases in the discount rate may significantly lower the fair value of an investment; conversely, significant decreases in the discount rate may significantly increase the fair value of an investment.
(c)	The Fund utilized a recoverability approach to fair value this security, specifically a liquidation analysis.  There are various, company specific inputs used in the valuation analysis that relate to the liquidation value of a company’s assets.  The significant unobservable input used in the valuation model was estimated proceeds. Significant increases or decreases in the input in isolation may result in a significantly higher or lower fair value measurement.
(d)	The Fund utilized a recent transaction, specifically purchase price, to fair value this security.
(e)	The Fund utilized a guideline public company method to fair value this security. The significant unobservable inputs used in the valuation model were total enterprise value (“TEV”) and earnings before interest, taxes, depreciation and amortization (“EBITDA”) based on comparable multiples for a similar investment with similar risks. Significant increases or decreases in either of these inputs in isolation may result in a significantly higher or lower fair value measurement.
(f)	The Fund utilized a guideline public company method to fair value this security. The significant unobservable inputs used in the valuation model were total enterprise value (“TEV”) and revenue based on comparable multiples for a similar investment with similar risks. Significant increases or decreases in either of these inputs in isolation may result in a significantly higher or lower fair value measurement.

Apollo Tactical Income Fund Inc.

Notes to Consolidated Schedule of Investments (continued)

September 30, 2023 (unaudited)

General Commitments and Contingencies

As of September 30, 2023, the Fund had unfunded commitments outstanding, which could be extended at the option of the borrower, as detailed below:

Borrower	Unfunded Commitments
ABG Intermediate Holdings 2, LLC Delayed Draw Term Loan*	$	288,889
Accelerate 360 Holdings, LLC Revolving Term Loan		508,873
Advarra Holdings, Inc. Delayed Draw Term Loan		580,151
Anaplan, Inc. Revolving Term Loan		349,471
Anuvu Holdings 2, LLC Delayed Draw Term Loan		33,195
Anuvu Holdings 2, LLC Delayed Draw Term Loan B		550,829
Avalara, Inc. Revolving Term Loan		454,545
Channelside AcquisitionCo, Inc. Delayed Draw Term Loan**		65,000
Channelside AcquisitionCo, Inc. Revolving Term Loan		166,667
Coretrust Purchasing Group, LLC Delayed Draw Term Loan		338,346
Coretrust Purchasing Group, LLC  Revolving Term Loan		338,346
Coupa Software, Inc. Delayed Draw Term Loan		154,253
Coupa Software, Inc. Revolving Term Loan		118,110
Evergreen IX Borrower 2023, LLC Revolving Term Loan		397,516
Gateway US Holdings, Inc. Delayed Draw Term Loan**		23,728
Gateway US Holdings, Inc. Revolving Term Loan		112,686
Higginbotham Insurance Agency, Inc. 3rd Amd. Delayed Draw Term Loan**		888,889
Inovalon Holdings, Inc. Delayed Draw Term Loan		660,211
IQN Holding Corp. Delayed Draw Term Loan		420,856
IQN Holding Corp. Revolving Term Loan		320,856
NCL Corporation Ltd. Backstop Notes		694,000
NCL Corporation Ltd. Class B Bridge Notes		1,153,000
Planet US Buyer LLC Revolving Term Loan		222,222
Riverbed Technology, Inc. Revolving Term Loan		75,542
Ultimate Baked Goods Midco, LLC Revolving Term Loan		248,649
Zendesk, Inc. Delayed Draw Term Loan		739,130
Zendesk, Inc. Revolving Term Loan		304,348
	$	10,208,308

*Subsequent to September 30, 2023, the outstanding loan commitment was terminated.

**Subsequent to September 30, 2023, all or a portion of the outstanding unfunded commitment was funded.

Additionally, from time to time, the Adviser and its affiliates may commit to an investment on behalf of the funds it manages, including the Fund. Certain terms of these investments are not finalized at the time of the commitment and each respective fund’s allocation may change prior to the date of the funding. In this regard, the Fund may have to fund additional commitments in the future that it is currently not obligated to but may at a future point in time.

For more information with regard to significant accounting policies, see the Fund’s most recent semi-annual report filed with the Securities and Exchange Commission.