Apollo Senior Floating Rate Fund Inc.
Schedule of Investments
September 30, 2020 (unaudited)
	Principal Amount ($)		Value ($)
Senior Loans - 141.8%(a)
AEROSPACE & DEFENSE - 6.6%
Alion Science and Technology Corp.
First Lien Term Loan, (2M LIBOR + 3.75%, 1.00% Floor), 4.75%, 07/23/24(c)		2,322,581		2,333,230
Bleriot US Bidco, Inc.
First Lien Delayed Draw Term Loan, (3M LIBOR + 4.75%, 0.00% Floor), 4.97%, 10/31/26(c)		410,094		408,386
First Lien Term Loan, (3M LIBOR + 4.75%, 0.00% Floor), 4.97%, 10/30/26(c)		2,624,600		2,613,668
Guidehouse, LLP
First Lien Term Loan, (1M LIBOR + 4.50%, 0.00% Floor), 4.66%, 05/01/25(c)		2,868,168		2,846,671
Kestrel Bidco, Inc. (Canada)
First Lien Term Loan B, (6M LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/11/26(c)(e)		2,143,835		1,868,588
MRO Holdings, Inc.
First Lien Term Loan B, (3M LIBOR + 5.00%, 0.00% Floor), 5.22%, 06/04/26(b)(c)		4,238,557		3,390,845
PAE Holding Corp.
First Lien Term Loan, (3M LIBOR + 5.50%, 1.00% Floor), 6.50%, 10/20/22(c)		1,680,150		1,674,556
Second Lien Term Loan, (3M LIBOR + 9.50%, 1.00% Floor), 10.50%, 10/20/23(c)		642,645		626,579
				15,762,523
AUTOMOTIVE - 0.6%
APC Parent, Inc.
First Lien Exit Term Loan, (3M LIBOR + 10.00%, 1.00% Floor), 11.00%, 07/24/25(c)(d)		1,512,578		1,436,949
BANKING, FINANCE, INSURANCE & REAL ESTATE - 12.3%
AIS Holdco, LLC
First Lien Term Loan, (3M LIBOR + 5.00%, 0.00% Floor), 5.26%, 08/15/25(c)(d)		2,111,111		1,942,222
Alliant Holdings Intermediate, LLC
First Lien Term Loan B, (1M LIBOR + 3.25%, 0.00% Floor), 3.40%, 05/09/25(c)		4,803,141		4,725,594
AssuredPartners, Inc.
First Lien Incremental Term Loan, (1M LIBOR + 4.50%, 1.00% Floor), 5.50%, 02/12/27(c)		589,630		589,630
First Lien Term Loan B, (1M LIBOR + 3.50%, 0.00% Floor), 3.65%, 02/12/27(c)		3,259,444		3,170,966
Asurion, LLC
First Lien Term Loan B4, (1M LIBOR + 3.00%, 0.00% Floor), 3.15%, 08/04/22(c)		694,577		687,919
First Lien Term Loan B6, (1M LIBOR + 3.00%, 0.00% Floor), 3.15%, 11/03/23(c)		4,411,368		4,353,932
First Lien Term Loan B7, (1M LIBOR + 3.00%, 0.00% Floor), 3.15%, 11/03/24(c)		864,996		851,843
Second Lien Term Loan B2, (1M LIBOR + 6.50%, 0.00% Floor), 6.65%, 08/04/25(c)		2,006,948		2,014,264
Edelman Financial Center, LLC
First Lien Term Loan B, (1M LIBOR + 3.00%, 0.00% Floor), 3.14%, 07/21/25(c)		4,847,461		4,693,336
Second Lien Term Loan, (1M LIBOR + 6.75%, 0.00% Floor), 6.89%, 07/20/26(c)		543,048		521,836
NFP Corp.
First Lien Term Loan, (1M LIBOR + 3.25%, 0.00% Floor), 3.40%, 02/15/27(c)		1,992,688		1,918,800
Sedgwick Claims Management Services, Inc.
First Lien Term Loan B, (1M LIBOR + 4.00%, 0.00% Floor), 4.15%, 09/03/26(c)		3,833,384		3,787,863
First Lien Term Loan B3, (1M LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/03/26(c)		297,761		296,272
				29,554,477
BEVERAGE, FOOD & TOBACCO - 3.0%
Froneri US, Inc. (United Kingdom)
First Lien Term Loan B2, (1M LIBOR + 2.25%, 0.00% Floor), 2.40%, 01/29/27(c)(e)		1,736,621		1,673,052
Second Lien Term Loan, (1M LIBOR + 5.75%, 0.00% Floor), 5.90%, 01/31/28(c)(e)		559,322		557,924
Shearer's Foods, LLC
First Lien Term Loan, (3M LIBOR + 4.00%, 0.75% Floor), 4.75%, 09/23/27(b)(c)		1,598,635		1,590,649
Winebow Holdings, Inc.
First Lien Term Loan, (1M LIBOR + 3.75%, 1.00% Floor), 4.75%, 07/01/21(c)		3,990,053		3,323,595
				7,145,220
CAPITAL EQUIPMENT - 2.0%
Safe Fleet Holdings, LLC
First Lien Term Loan, (6M LIBOR + 3.00%, 1.00% Floor), 4.00%, 02/03/25(c)		3,907,039		3,688,499
Second Lien Term Loan, (6M LIBOR + 6.75%, 1.00% Floor), 7.75%, 02/02/26(c)		1,403,846		1,186,250
				4,874,749
CHEMICALS, PLASTICS, & RUBBER - 7.4%
Archroma Finance S.A.R.L (Luxembourg)
First Lien Term Loan B2, (6M LIBOR + 4.25%, 0.00% Floor), 5.48%, 08/12/24(c)(e)		3,966,209		3,777,814
Diamond (BC) B.V.
First Lien Incremental Term Loan, (3M LIBOR + 5.00%, 1.00% Floor), 6.00%, 09/06/24(c)		3,181,818		3,189,773
First Lien Term Loan, (3M LIBOR + 3.00%, 0.00% Floor), 3.26%, 09/06/24(c)		997,436		936,343
Perstorp Holding AB (Sweden)
First Lien Term Loan, (6M LIBOR + 4.75%, 0.00% Floor), 5.02%, 02/27/26(c)(e)		2,619,567		2,401,816
Polar US Borrower, LLC
First Lien Term Loan, (1M LIBOR + 4.75%, 0.00% Floor), 4.91%, 10/15/25(c)		1,984,848		1,915,379
Starfruit US Holdco, LLC (Netherlands)
First Lien Term Loan B, (1M LIBOR + 3.00%, 0.00% Floor), 3.15%, 10/01/25(c)(e)		5,836,951		5,670,190
				17,891,315
CONSTRUCTION & BUILDING - 1.7%
Associated Asphalt Partners, LLC
First Lien Term Loan B, (1M LIBOR + 5.25%, 1.00% Floor), 6.25%, 04/05/24(c)		5,161,011		4,190,121
CONSUMER GOODS: NON-DURABLE - 0.7%
Coty, Inc.
First Lien Term Loan A, (1M LIBOR + 1.75%, 0.00% Floor), 1.91%, 04/05/23(c)		1,831,756		1,676,057
CONTAINERS, PACKAGING & GLASS - 2.4%
Anchor Glass Container Corp.
First Lien Term Loan, (1M LIBOR + 2.75%, 1.00% Floor), 3.75%, 12/07/23(c)		2,248,574		1,753,888
Graham Packaging Company, Inc.
First Lien Initial Term Loan, (1M LIBOR + 3.75%, 0.75% Floor), 4.50%, 08/04/27(c)		1,798,839		1,791,851
Strategic Materials Holding Corp.
First Lien Term Loan, (3M LIBOR + 3.75%, 1.00% Floor), 4.75%, 11/01/24(c)		2,827,464		2,210,285
				5,756,024
ENERGY: OIL & GAS - 0.0%
RDV Resources, Inc.
First Lien Term Loan, (14.00% PIK), (1M LIBOR + 14.50%, 1.00% Floor), 15.50%, 03/29/24(c)(d)(f)		455,203		102,284
HEALTHCARE & PHARMACEUTICALS - 18.5%
Amneal Pharmaceuticals, LLC
First Lien Initial Term Loan, (1M LIBOR + 3.50%, 0.00% Floor), 3.69%, 05/04/25(c)		2,992,345		2,831,192
Bausch Health Companies, Inc.
First Lien Term Loan, (1M LIBOR + 2.75%, 0.00% Floor), 2.90%, 11/27/25(c)		986,021		964,861
First Lien Term Loan B, (1M LIBOR + 3.00%, 0.00% Floor), 3.15%, 06/02/25(c)		4,894,855		4,807,163
BioClinica Holding I, LP
First Lien Initial Term Loan, (1M LIBOR + 4.25%, 1.00% Floor), 5.25%, 10/20/23(c)		4,622,260		4,570,260
Endo International PLC
First Lien Term Loan B, (3M LIBOR + 4.25%, 0.75% Floor), 5.00%, 04/29/24(c)		6,535,812		6,251,047
Hanger, Inc.
First Lien Term Loan B, (1M LIBOR + 3.50%, 0.00% Floor), 3.65%, 03/06/25(c)		2,314,479		2,306,529
Inovalon Holdings, Inc.
First Lien Term Loan B1, (1M LIBOR + 3.00%, 0.00% Floor), 3.19%, 04/02/25(c)		3,160,997		3,101,064
Lanai Holdings III, Inc.
Second Lien Term Loan, (11.50% PIK), (3M LIBOR + 10.50%, 1.00% Floor), 11.50%, 08/28/23(c)(d)(f)		912,058		790,299
Loire Finco Luxembourg S.A R.L. (United Kingdom)
First Lien Term Loan B, (1M LIBOR + 3.50%, 0.00% Floor), 3.65%, 04/21/27(c)(e)		1,500,513		1,466,752
Milano Acquisition Corp.
First Lien Term Loan B, (LIBOR + 4.00%, 0.75% Floor), 4.75%, 08/17/27(b)(c)		3,154,329		3,128,700
Pathway Vet Alliance, LLC
First Lien Term Loan, (1M LIBOR + 4.00%, 0.00% Floor), 4.15%, 03/31/27(c)		4,534,357		4,473,710
Pluto Acquisition I, Inc.
First Lien Term Loan, (1M LIBOR + 5.00%, 0.00% Floor), 5.16%, 06/22/26(c)		2,122,953		2,117,646
PPD, Inc.
First Lien Term Loan B, (1M LIBOR + 2.50%, 1.00% Floor), 3.50%, 08/18/22(b)(c)		3,979,003		3,970,488
Team Health Holdings, Inc.
First Lien Term Loan, (1M LIBOR + 2.75%, 1.00% Floor), 3.75%, 02/06/24(b)(c)		4,484,521		3,781,326
				44,561,037
HIGH TECH INDUSTRIES - 16.2%
Almonde, Inc.
First Lien Term Loan B, (6M LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/13/24(c)		3,000,000		2,813,250
Aspect Software, Inc.
First Lien Term Loan, (3M LIBOR + 5.00%, 1.00% Floor), 6.00%, 01/15/24(c)		3,145,906		3,012,205
Electronics for Imaging, Inc.
First Lien Term Loan, (1M LIBOR + 5.00%, 0.00% Floor), 5.16%, 07/23/26(c)		2,738,130		2,234,999
Flexera Software, LLC
First Lien Term Loan B, (6M LIBOR + 3.25%, 1.00% Floor), 4.25%, 02/26/25(c)		3,039,896		3,025,167
Imperva, Inc.
First Lien Term Loan, (3M LIBOR + 4.00%, 1.00% Floor), 5.00%, 01/12/26(c)		4,740,938		4,682,530
ION Trading Technologies S.A.R.L (United Kingdom)
First Lien Term Loan, (6M LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/21/24(c)(e)		4,777,076		4,708,071
Ivanti Software, Inc.
First Lien Term Loan, (1M LIBOR + 4.25%, 1.00% Floor), 5.25%, 01/20/24(c)		4,252,710		4,235,869
Riverbed Technology, Inc.
First Lien Term Loan, (3M LIBOR + 3.25%, 1.00% Floor), 4.25%, 04/24/22(c)		4,737,202		4,282,573
Surf Holdings, LLC
First Lien Term Loan B, (3M LIBOR + 3.50%, 0.00% Floor), 3.75%, 03/05/27(c)		5,621,374		5,514,961
The Ultimate Software Group, Inc.
First Lien Incremental Term Loan B, (3M LIBOR + 4.00%, 0.75% Floor), 4.75%, 05/04/26(c)		1,517,401		1,515,891
Vertiv Group Corp.
First Lien Term Loan B, (1M LIBOR + 3.00%, 0.00% Floor), 3.16%, 03/02/27(c)		3,027,534		2,990,447
				39,015,963
HOTEL, GAMING & LEISURE - 5.0%
Alterra Mountain Company
First Lien Term Loan, (1M LIBOR + 4.50%, 1.00% Floor), 5.50%, 08/01/26(c)		2,964,126		2,941,895
Caesars Resort Collection, LLC
First Lien Term Loan, (1M LIBOR + 4.50%, 0.00% Floor), 4.65%, 07/21/25(c)		4,352,370		4,224,823
Scientific Games International, Inc.
First Lien Term Loan B5, (6M LIBOR + 2.75%, 0.00% Floor), 3.47%, 08/14/24(c)		5,112,886		4,823,854
				11,990,572
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 3.2%
Advantage Sales & Marketing, Inc.
First Lien Term Loan, (1M LIBOR + 3.25%, 1.00% Floor), 4.25%, 07/23/21(c)		6,336,914		6,249,781
First Lien Term Loan B, (1M LIBOR + 3.25%, 1.00% Floor), 4.25%, 07/23/21(c)		1,532,009		1,508,454
F & W Media, Inc.
First Lien Term Loan B1, (LIBOR + 6.50%, 1.50% Floor), 0.00%, 05/24/22(c)(d)(g)(j)		357,651		–
First Lien Term Loan B2, (LIBOR + 10.00%, 1.50% Floor), 0.00%, 05/24/22(c)(d)(g)(j)		1,076,345		–
				7,758,235
MEDIA: BROADCASTING & SUBSCRIPTION - 11.9%
CSC Holdings, LLC
First Lien Term Loan B, (1M LIBOR + 2.25%, 0.00% Floor), 2.40%, 01/15/26(c)		1,340,694		1,299,354
First Lien Term Loan B5, (1M LIBOR + 2.50%, 0.00% Floor), 2.65%, 04/15/27(c)		1,722,915		1,675,182
Global Eagle Entertainment, Inc.
First Lien DIP Term Loan, (1M LIBOR + 10.00%, 1.25% Floor), 11.25%, 01/22/21(c)(d)		1,005,679		1,005,679
First Lien Term Loan, (LIBOR + 7.50%, 1.00% Floor), 0.00%, 01/06/23(c)(g)(j)		6,431,835		4,486,205
Nexstar Broadcasting, Inc.
First Lien Term Loan, (1M LIBOR + 2.75%, 0.00% Floor), 2.91%, 09/18/26(c)		2,451,354		2,402,841
Univision Communications, Inc.
First Lien Term Loan, (1M LIBOR + 2.75%, 1.00% Floor), 3.75%, 03/15/24(b)(c)		3,149,873		3,041,328
UPC Financing Partnership
First Lien Term Loan B1, (LIBOR + 3.50%, 0.00% Floor), 3.50%, 01/31/29(b)(c)		2,078,086		2,024,056
First Lien Term Loan B2, (LIBOR + 3.50%, 0.00% Floor), 3.50%, 01/31/29(b)(c)		2,078,086		2,024,056
Urban One, Inc.
First Lien Term Loan, (1M LIBOR + 4.00%, 1.00% Floor), 5.00%, 04/18/23(c)		1,342,472		1,135,060
Virgin Media Bristol, LLC
First Lien Term Loan, (LIBOR + 3.25%, 0.00% Floor), 3.25%, 01/31/29(b)(c)		2,688,608		2,649,542
WideOpenWest Finance, LLC
First Lien Term Loan B, (1M LIBOR + 3.25%, 1.00% Floor), 4.25%, 08/18/23(c)		1,994,859		1,970,392
William Morris Endeavor Entertainment, LLC
First Lien Term Loan B, (1M LIBOR + 2.75%, 0.00% Floor), 2.90%, 05/18/25(c)		5,657,646		4,870,300
				28,583,995
MEDIA: DIVERSIFIED & PRODUCTION - 1.6%
Learfield Communications, LLC
First Lien Initial Term Loan, (1M LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/01/23(c)		4,441,434		3,818,700
RETAIL - 6.4%
Charming Charlie, LLC
First Lien Delayed Draw Term Loan, 0.00%, 05/28/22(d)(g)(h)(j)		196,013		27,442
First Lien Term Loan A, (LIBOR + 5.00%, 1.00% Floor), 0.00%, 04/24/23(c)(d)(g)(j)		868,743		–
First Lien Term Loan B, (LIBOR + 1.00%, 1.00% Floor), 0.00%, 04/24/23(c)(d)(g)(j)		1,063,663		–
First Lien Vendor Term Loan, 0.00%, 05/15/20(d)(g)(h)(j)		35,263		4,937
EG America, LLC
First Lien Term Loan, (3M LIBOR + 4.00%, 0.00% Floor), 4.22%, 02/07/25(c)		3,988,468		3,921,781
Petco Animal Supplies, Inc.
First Lien Term Loan B1, (3M LIBOR + 3.25%, 1.00% Floor), 4.25%, 01/26/23(b)(c)		5,738,212		5,300,673
PetSmart, Inc.
First Lien Term Loan B2, (6M LIBOR + 3.50%, 1.00% Floor), 4.50%, 03/11/22(c)		6,041,562		6,037,242
				15,292,075
SERVICES: BUSINESS - 19.0%
Alchemy Copyrights, LLC
First Lien Term Loan B, (1M LIBOR + 3.25%, 0.75% Floor), 4.00%, 08/16/27(c)		3,859,059		3,859,059
Allied Universal Holdco, LLC
First Lien Term Loan, (1M LIBOR + 4.25%, 0.00% Floor), 4.40%, 07/10/26(c)		1,989,975		1,972,384
AQ Carver Buyer, Inc.
First Lien Term Loan, (3M LIBOR + 5.00%, 1.00% Floor), 6.00%, 09/23/25(c)(d)		1,082,590		1,033,873
Camelot Finance S.A.
First Lien Term Loan, (LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/31/26(b)(c)		3,000,000		2,990,625
CareStream Health, Inc.
First Lien Term Loan, (3M LIBOR + 6.75%, 1.00% Floor), 7.75%, 05/08/23(c)		629,989		615,291
Second Lien Term Loan, (8.00% PIK), (3M LIBOR + 12.50%, 1.00% Floor), 13.50%, 08/08/23(c)(f)		2,287,596		1,835,795
Deerfield Dakota Holding, LLC
First Lien Term Loan, (1M LIBOR + 3.75%, 1.00% Floor), 4.75%, 04/09/27(c)		4,677,597		4,660,056
DG Investment Intermediate Holdings 2, Inc.
First Lien Incremental Term Loan, (1M LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/03/25(c)		1,859,037		1,803,266
First Lien Term Loan, (1M LIBOR + 3.00%, 0.75% Floor), 3.75%, 02/03/25(c)		3,957,217		3,808,842
DTI Holdco, Inc.
First Lien Term Loan B, (3M LIBOR + 4.75%, 1.00% Floor), 5.75%, 09/29/23(c)		4,784,201		4,201,127
Electro Rent Corp.
First Lien Term Loan, (3M LIBOR + 5.00%, 1.00% Floor), 6.00%, 01/31/24(c)		2,832,863		2,825,780
Ensemble RCM, LLC
First Lien Term Loan, (3M LIBOR + 3.75%, 0.00% Floor), 4.01%, 08/03/26(c)		2,729,789		2,704,757
Envision Healthcare Corp.
First Lien Term Loan B, (1M LIBOR + 3.75%, 0.00% Floor), 3.90%, 10/10/25(b)(c)		4,081,191		2,964,700
Garda World Security Corp. (Canada)
First Lien Term Loan B, (1M LIBOR + 4.75%, 0.00% Floor), 4.90%, 10/30/26(c)(e)		5,353,721		5,335,652
GT Polaris, Inc.
First Lien Term Loan B, (3M LIBOR + 4.00%, 1.00% Floor), 5.00%, 09/24/27(b)(c)		1,258,150		1,251,073
SGS Cayman, L.P.
First Lien Term Loan B, (3M LIBOR + 5.38%, 1.00% Floor), 6.38%, 04/23/21(c)		593,163		516,793
Software Luxembourg Acquisition S.A.R.L. (Luxembourg)
First Lien First Out Term Loan, (3M LIBOR + 7.50%, 1.00% Floor), 8.50%, 12/27/24(c)(d)(e)		270,138		272,839
First Lien Second Out Term Loan, (3M LIBOR + 7.50%, 1.00% Floor), 8.50%, 04/27/25(c)(d)(e)		892,532		883,607
Sutherland Global Services, Inc.
First Lien Term Loan, (3M LIBOR + 5.38%, 1.00% Floor), 6.38%, 04/23/21(c)		2,547,659		2,219,648
				45,755,167
SERVICES: CONSUMER - 1.0%
USS Ultimate Holdings, Inc.
First Lien Term Loan, (3M LIBOR + 3.75%, 1.00% Floor), 4.75%, 08/25/24(c)		2,536,529		2,507,993
TELECOMMUNICATIONS - 15.1%
CenturyLink, Inc.
First Lien Term Loan A, (1M LIBOR + 2.00%, 0.00% Floor), 2.15%, 01/31/25(c)		705,104		686,303
First Lien Term Loan B, (1M LIBOR + 2.25%, 0.00% Floor), 2.40%, 03/15/27(c)		2,753,298		2,651,288
Consolidated Communications, Inc.
First Lien Term Loan B, (3M LIBOR + 4.75%, 1.00% Floor), 5.75%, 09/15/27(b)(c)		1,018,657		1,010,380
Flight Bidco, Inc.
First Lien Term Loan, (1M LIBOR + 3.50%, 0.00% Floor), 3.65%, 07/23/25(c)		3,602,827		3,472,225
Intelsat Jackson Holdings S.A. (Luxembourg)
First Lien DIP Term Loan, (6M LIBOR + 5.50%, 1.00% Floor), 6.50%, 07/13/22(c)(e)		1,702,631		1,737,390
First Lien Term Loan, 8.63%, 01/02/24(b)(e)(g)(h)		4,984,426		5,054,008
First Lien Term Loan, (Prime + 6.50%, 1.00% Floor), 8.75%, 01/02/24(c)(e)(g)		5,444,878		5,506,977
First Lien Term Loan B, (Prime + 5.75%, 1.00% Floor), 8.00%, 11/27/23(c)(e)(g)		1,188,001		1,197,897
Radiate Holdco, LLC
First Lien Term Loan, (1M LIBOR + 3.50%, 0.75% Floor), 4.25%, 09/11/26(b)(c)		4,733,191		4,660,560
U.S. TelePacific Corp.
First Lien Term Loan B, (6M LIBOR + 5.50%, 1.00% Floor), 6.50%, 05/02/23(c)		4,784,808		4,153,381
Zacapa, LLC (Luxembourg)
First Lien Term Loan B, (6M LIBOR + 4.50%, 0.00% Floor), 4.77%, 07/02/25(c)(e)		3,150,827		3,136,065
Zayo Group Holdings, Inc.
First Lien Term Loan, (1M LIBOR + 3.00%, 0.00% Floor), 3.15%, 03/09/27(c)		3,144,059		3,058,163
				36,324,637
TRANSPORTATION: CONSUMER - 3.0%
Atlantic Aviation FBO, Inc.
First Lien Term Loan B, (1M LIBOR + 3.75%, 0.00% Floor), 3.90%, 12/06/25(c)		3,337,991		3,274,019
Delta Air Lines, Inc.
First Lien Term Loan B, (3M LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/20/27(c)		2,438,971		2,459,885
Travel Leaders Group, LLC
First Lien Term Loan B, (1M LIBOR + 4.00%, 0.00% Floor), 4.15%, 01/25/24(c)		1,967,286		1,467,064
				7,200,968
UTILITIES: ELECTRIC - 4.2%
Brookfield WEC Holdings, Inc.
First Lien Term Loan, (1M LIBOR + 3.00%, 0.75% Floor), 3.75%, 08/01/25(c)		4,433,620		4,332,267
PG&E Corporation
First Lien Term Loan, (3M LIBOR + 4.50%, 1.00% Floor), 5.50%, 06/23/25(c)		5,946,131		5,837,109
				10,169,376
Total Senior Loans
(Cost $354,416,874)				341,368,437
Corporate Notes and Bonds - 4.1%
AEROSPACE & DEFENSE - 0.5%
Transdigm, Inc.
8.00%, 12/15/25(h)(i)		1,068,000		1,162,518
ENERGY: OIL & GAS - 0.8%
Moss Creek Resources Holdings, Inc.
7.50%, 01/15/26(h)(i)		2,635,000		1,590,380
10.50%, 05/15/27(h)(i)		553,000		347,594
				1,937,974
HIGH TECH INDUSTRIES - 0.5%
Riverbed Technology, Inc.
8.88%, 03/01/23(h)(i)		1,730,000		1,211,000
MEDIA: BROADCASTING & SUBSCRIPTION - 0.5%
CSC Holdings, LLC
5.38%, 02/01/28(h)(i)		1,000,000		1,058,750
METALS & MINING - 0.0%
ERP Iron Ore, LLC
LIBOR + 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 - 0.4%
EG Global Finance PLC (United Kingdom)
8.50%, 10/30/25(e)(h)(i)		1,000,000		1,054,375
TELECOMMUNICATIONS - 1.4%
Front Range Bidco, Inc.
4.00%, 03/01/27(h)(i)		271,000		267,079
Orbcomm, Inc.
8.00%, 04/01/24(h)(i)		3,255,000		3,172,616
				3,439,695
Total Corporate Notes and Bonds
(Cost $11,373,872)				9,864,312
Common Stocks - 2.7%	Share Quantity		Value $
AUTOMOTIVE - 0.7%
APC Parent, Inc.(d)(j)		241,972		1,762,372
BANKING, FINANCE, INSURANCE & REAL ESTATE - 1.3%
Medical Card System, Inc.(d)(j)		991,230		3,150,133
ENERGY: OIL & GAS - 0.1%
Ascent Resources, LLC(d)(j)		324,739		146,133
HGIM Corp.(d)(j)		9,820		3,682
RDV Resources, Inc.(d)(j)		28,252		–
				149,815
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.0%
Acosta, Inc.(d)(j)		3,133		27,634
F & W Media, Inc.(d)(j)		9,511		–
				27,634
RETAIL - 0.0%
Charming Charlie, LLC(d)(j)		8,890,519		–
SERVICES: BUSINESS - 0.6%
Software Luxembourg Holding S.A. Class A (Luxembourg)(d)(e)(j)		8,359		1,379,235
Software Luxembourg Holding S.A. Class B (Luxembourg)(d)(e)(j)		239		39,435
				1,418,670
Total Common Stocks
(Cost $5,307,865)				6,508,624
Preferred Stocks - 0.5%
BANKING, FINANCE, INSURANCE & REAL ESTATE - 0.4%
Watford Holdings, Ltd. (Bermuda) (LIBOR + 6.68%, 1.00% Floor), 7.68%(e)		946,575		952,255
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.1%
Acosta, Inc., (14.50% PIK)(d)(f)(h)		2,526		169,633
Total Preferred Stocks
(Cost $1,098,067)				1,121,888
Warrants - 0.0%
AUTOMOTIVE - 0.0%
APC Parent, Inc.(d)(j)		3,567		218
ENERGY: OIL & GAS - 0.0%
Ascent Resources, LLC(d)(j)		84,077		5
SERVICES: BUSINESS - 0.0%
Software Luxembourg Holding S.A. Class A (Luxembourg)(d)(e)(j)		351		16,069
Software Luxembourg Holding S.A. Class B (Luxembourg)(d)(e)(j)		702		30,291
				46,360
Total Warrants
(Cost $51,383)				46,583
Total Investments - 149.1%
(Cost of $372,248,061)				358,909,844
Other Assets & Liabilities, Net - 1.1%				2,661,556
Loan Outstanding - (50.2)%(k)(l)				(120,929,560	)
Net Assets (Applicable to Common Shares) - 100.0%				240,641,840

(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, 2020. 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 London Interbank Offered Rate (“LIBOR”) and secondarily the prime rate offered by one or more major U.S. banks (“Prime”). The interest rate is subject to a minimum floor, which may be less than or greater than the prevailing period end LIBOR/Prime rate. As of September 30, 2020, the 1, 2, 3 and 6 month LIBOR rates were 0.15%, 0.19%, 0.23% and 0.26%, respectively, and the Prime lending rate was 3.25%. Senior Loans may contain multiple contracts of the same issuer which may be subject to base lending rates of both LIBOR and Prime (“Variable”) in addition to the stated spread.
(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, 2020, these securities amounted to $9,864,312, or 4.1% 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 $70,440.

Apollo Senior Floating Rate Fund Inc.

Notes to Schedule of Investments

September 30, 2020 (unaudited)

Security Valuation

Apollo Senior Floating Rate 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, 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 pursuant to procedures adopted 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 in the judgment of the Board or its 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 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 Fund’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 Fund to measure fair value at September 30, 2020 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. A summary of the Fund’s investments categorized in the fair value hierarchy as of September 30, 2020 is as follows:

Apollo Senior Floating Rate Fund Inc.
	Total Fair Value at September 30, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Cash and Cash Equivalents	$	5,277,300	$	5,277,300	$	-	$	-
Senior Loans		341,368,437		-		333,868,306		7,500,131
Corporate Notes and Bonds		9,864,312		-		9,864,312		-
Common Stocks		6,508,624		-		-		6,508,624
Preferred Stocks		1,121,888		-		952,255		169,633
Warrants		46,583		-		-		46,583
Unrealized appreciation on Unfunded Loan Commitments		38,832		-		38,832		-
Total Assets	$	364,225,976	$	5,277,300	$	344,723,705	$	14,224,971

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, 2020 through September 30, 2020:

Apollo Senior Floating Rate Fund Inc.
	Total			Senior Loans			Corporate Notes and Bonds			Common Stocks			Preferred Stock			Warrants
Total Fair Value, beginning of period	$	8,806,870		$	6,969,076		$	-		$	1,664,855		$	170,417		$	2,522
Purchases, including capitalized PIK		7,228,013			3,879,147			-			3,305,891			-			42,975
Sales/Paydowns		(893,626	)		(884,602	)		-			(9,024	)		-			-
Accretion/(amortization) of discounts/(premiums)		46,946			46,946			-			-			-			-
Net realized gain/(loss)		(69,223	)		(12,137	)		(8,060	)		(49,026	)		-			-
Change in net unrealized appreciation/(depreciation)		1,095,508			(362,649	)		8,060			1,449,795			(784	)		1,086
Transfers into Level 3		2,088,355			1,942,222			-			146,133			-			-
Transfers out of Level 3		(4,077,872	)		(4,077,872	)		-			-			-			-
Total Fair Value, end of period	$	14,224,971		$	7,500,131		$	-		$	6,508,624		$	169,633		$	46,583

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, 2020 was $1,275,365.

The following table provides quantitative measures used to determine the fair values of the Level 3 investments as of September 30, 2020:

 Apollo Senior Floating Rate Fund Inc.

	Assets	Fair Value at September 30, 2020	Valuation Technique(s)(a)	Unobservable Input(s)	Range of Unobservable Input(s) Utilized	Weighted Average Unobservable Input(s)
Senior Loans		$            5,138,220	Independent pricing service and/or broker quotes	Vendor and/or broker quotes	N/A	N/A
		32,379	Recoverability (b)	Estimated Proceeds (b)	$843k	$843k
		-	Recoverability (b)	Estimated Proceeds (b)	$-	$-
		790,299	Discounted Cash Flow (c)	Discount Rate (c)	21.0%	21.0%
		1,436,949	Discounted Cash Flow (c)	Discount Rate (c)	11.73% - 12.23%	11.98%
		102,284	Guideline Public Company (d)	TEV | EBITDA Multiple (d)	1.0x - 1.5x	1.25x
Corporate Notes and Bonds		-	Recoverability (b)	Estimated Proceeds (b)	$-	$-
		-	Recoverability (b)	Estimated Proceeds (b)	$-	$-
Common Stocks		27,634	Transaction Approach (e)	TEV | EBITDA Multiple (e)	5.3x	5.3x
		146,133	Guideline Public Company (d)	TEV | EBITDA Multiple (d)	5.50x - 6.25x	5.88x
		-	Recoverability (b)	Estimated Proceeds (b)	$843k	$843k
		-	Recoverability (b)	Estimated Proceeds (b)	$-	$-
		3,150,133	Guideline Public Company (d)	TEV | EBITDA Multiple (d)	2.8x	2.8x
		-	Guideline Public Company (d)	TEV | EBITDA Multiple (d)	1.0x - 1.5x	1.25x
		1,762,372	Guideline Public Company (d)	TEV | EBITDA Multiple (d)	6.75x - 8.25x	7.5x
		1,422,352	Independent pricing service and/or broker quotes	Vendor and/or broker quotes	N/A	N/A
Preferred Stock		169,633	Transaction Approach (e)	TEV | EBITDA Multiple (e)	5.3x	5.3x
Warrants		5	Option Model (f)	Volatility (f)	60.0%	60.0%
		218	Option Model (f)	Volatility (f)	29.9%	29.9%
		46,360	Option Model (f)	Volatility (f)	53.0%	53.0%
Total Fair Value		$          14,224,971

(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 recoverability approach to fair value these securities, 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 inputs used in the valuation model were estimated proceeds.    Significant increases or decreases in the input in isolation may result in a significantly higher or lower fair value measurement.
(c)	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.
(d)	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.
(e)	The Fund utilized a transaction approach to fair value this security. The significant unobservable inputs used in the valuation model were total enterprise value TEV and EBITDA. 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 an options pricing model to fair value this security. The significant unobservable input used in the valuation model was volatility. Significant increases or decreases in either of these inputs in isolation may result in a significantly higher or lower fair value measurement.

General Commitments and Contingencies

As of September 30, 2020, the Fund had unfunded loan commitments outstanding, which could be extended at the option of the borrower, as detailed below:

Borrower	Unfunded Loan Commitments
Intelsat Jackson Holdings S.A. DIP Bridge Loan	$	1,702,631
Pathway Vet Alliance, LLC Delayed Draw Term Loan*		369,730
Total unfunded loan commitments	$	2,072,361

     * The loan commitment was partially funded subsequent to September 30, 2020.

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.