PROSPECTUS
Apollo Senior Floating Rate Fund Inc.
Up to $50,000,000 of Common Stock
The Fund.
Apollo Senior Floating Rate Fund Inc. (the Fund) is a corporation organized under the laws of the State of Maryland and registered with the U.S. Securities and Exchange Commission (the SEC) under the Investment Company Act of
1940 (the Investment Company Act) as a diversified, closed-end management investment company. The Fund commenced operations on February 23, 2011 following the initial public offering of the
Funds shares of common stock (the Common Shares).
Investment Objective and Strategies. The Funds investment
objective is to seek current income and preservation of capital. The Fund seeks to achieve its investment objective by investing primarily in senior, secured loans made to companies whose debt is rated below investment grade (Senior
Loans) and investments with similar characteristics. Senior Loans typically hold a first lien priority and pay interest at rates that are determined periodically on the basis of a floating base lending rate plus a spread. These base lending
rates are primarily the London Interbank Offered Rate (LIBOR); however the Secured Overnight Financing Rate (SOFR) or the prime rate offered by one or more major U.S. banks and the certificate of deposit rate used by
commercial lenders may also be used. Senior Loans are typically made to U.S. and, to a limited extent, non-U.S. corporations, partnerships and other business entities (Borrower(s)) that operate in
various industries and geographical regions. The Fund seeks to generate current income and preservation of capital through a disciplined approach to credit selection and under normal market conditions will invest at least 80% of its Managed Assets
(as defined in this prospectus) in floating rate Senior Loans and investments with similar economic characteristics. This policy and the Funds investment objective are not fundamental and may be changed by the board of directors of the Fund
with at least 60 days prior written notice provided to shareholders. Part of the Funds investment objective is to seek preservation of capital. The Funds ability to achieve capital preservation may be limited by its investment in
credit instruments that have speculative characteristics. There can be no assurance that the Fund will achieve its investment objective.
The Funds Common Shares are listed on the New York Stock Exchange (NYSE) under the symbol AFT. As of May 18,
2022, the net assets of the Fund attributable to Common Shares were $238,445,111 and the Fund had outstanding 15,573,575 Common Shares. The last reported sale price of the Funds Common Shares, as reported by the NYSE on May 18, 2022 was
$13.22 per Common Share. The net asset value (NAV) of the Funds Common Shares at the close of business on May 18, 2022 was $15.31 per Common Share.
Investment in the Funds Common Shares involves certain risks. Before buying any of the Funds Common Shares, you should read the
discussion of the principal risks of investing in the Fund in Risk Factors beginning on page 23 of this prospectus.
Shares of closed-end management investment companies frequently trade at a discount to their NAV. If
the Funds Common Shares trade at a discount to their NAV, the risk of loss may increase for purchasers in a public offering.
Neither the U.S. Securities and Exchange Commission (the SEC) nor any state securities commission has approved or disapproved of
these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus is May 25, 2022.
Leverage. The Fund utilizes leverage and may utilize leverage to the maximum extent permitted by law for investment and other general
corporate purposes. The Fund has entered into an amended and restated credit facility (the Amended Credit Facility) with Sumitomo Mitsui Banking Corporation as lender. The use of leverage is a speculative technique that involves special
risks associated with the leveraging of common stock. There can be no assurance that any leveraging strategy the Fund employs will be successful during any period in which it is employed. See Leverage.
The Offering. This prospectus is part of a registration statement that the Fund has filed with the SEC, using the shelf
registration process. The Fund may offer, from time to time, in one or more offerings, up to $50,000,000 of Common Shares on terms to be determined at the time of the offering. This prospectus provides you with a general description of the Common
Shares that the Fund may offer. Each time the Fund uses this prospectus to offer Common Shares, the Fund will provide a prospectus supplement that will contain specific information about the terms of that offering. The prospectus supplement may also
add, update or change information contained in this prospectus. You should read this prospectus and the applicable prospectus supplement, which contain important information about the Fund, carefully before you invest in the Common Shares. Common
Shares may be offered directly to one or more purchasers, through agents designated from time to time by the Fund, or to or through underwriters or dealers. The prospectus supplement relating to an offering will identify any agents, underwriters or
dealers involved in the sale of Common Shares, and will set forth any applicable purchase price, fee, commission or discount arrangement between the Fund and its agents or underwriters or the basis upon which such amount may be calculated.
Please retain this prospectus and any prospectus supplement for future reference. They set forth concisely the information about the Fund you
should know before investing. You should read the prospectus and prospectus supplement carefully before deciding whether to invest. The information required to be in the Funds statement of additional information is found in this prospectus.
You may call (800) 882-0052 to request the Funds annual and semi-annual reports or other information about the Fund, and to make shareholder inquires. The Fund makes available the Funds annual and
semi-annual reports, free of charge, at www.apollofunds.com. Information contained in, or that can be accessed through, the Funds website is not part of this prospectus. You may also obtain other information regarding the Fund on the
SEC website (http://www.sec.gov) or with the payment of a duplication fee, by electronic request at publicinfo@sec.gov.
The
Common Shares are not a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any
other government agency.