Filed Pursuant to Rule 424(b)([•])
Registration Statement No. 333-262873
The information in this prospectus
supplement is not complete and may be changed. Apollo Senior
Floating Rate Fund Inc. may not sell these securities until the
registration statement filed with the Securities and Exchange
Commission is effective. This prospectus supplement is not an offer
to sell these securities and is not soliciting offers to buy these
securities in any jurisdiction where the offer or sale is not
permitted.
SUBJECT TO COMPLETION,
DATED MAY 24, 2022
PROSPECTUS SUPPLEMENT
(To Prospectus dated [●], 2022)

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 Fund’s shares of
common stock.
The Offering. The Fund has entered into an at the market
sales agreement (the “Sales Agreement”) with [●] relating to its
shares of common stock (“Common Shares”) offered by this prospectus
supplement and the accompanying prospectus. In accordance with the
terms of the Sales Agreement, the Fund may offer and sell up to
$50,000,000 of its Common Shares from time to time through [●] as
its agent or principal for the offer and sales of the Common
Shares. Under the Investment Company Act, the Fund generally may
not sell any Common Shares at a price below the current net asset
value (“NAV”) of such Common Shares, exclusive of any distributing
commission or discount. Accordingly, the offering of Common Shares
may be suspended from time to time, particularly when Common Shares
are trading at a discount to their NAV. There is no guarantee that
there will be any sales of Common Shares pursuant to this
prospectus supplement and the accompanying prospectus.
The Fund’s Common Shares are listed on the New York Stock Exchange
(“NYSE”) under the symbol “AFT.” The last reported sale price of
the Fund’s Common Shares, as reported by the NYSE on [●] was $[●]
per Common Share. The NAV of the Fund’s Common Shares at the close
of business on [●] was $[●] per Common Share.
Sales of Common Shares, if any, under this prospectus supplement
and the accompanying prospectus may be made in transactions that
are deemed to be “at the market offerings” as defined in Rule 415
under the Securities Act of 1933, as amended (the “Securities
Act”).
[●] is entitled to compensation at a commission rate of up to [●]%
of the gross sales price per share sold under the Sales Agreement.
In connection with the sale of the Common Shares, [●] may be deemed
to be an “underwriter” within the meaning of the Securities Act and
the compensation of [●] may be deemed to be underwriting
commissions or discounts. [●] is not required to sell any specific
number or dollar amount of Common Shares, but will use commercially
reasonable efforts to sell the Common Shares offered by this
prospectus supplement and the accompanying prospectus. There is no
arrangement for Common Shares to be received in escrow, trust or
similar arrangement.
Before buying any of the Fund’s Common Shares, you should read
the discussion of the risks of investing in the Fund in “Risk
Factors” beginning on page 23 of the accompanying prospectus,
including the information incorporated by reference
therein.
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 supplement or the
accompanying prospectus is truthful or complete. Any representation
to the contrary is a criminal offense.
The date of this prospectus supplement is
[●]
Please retain this prospectus supplement and the accompanying
prospectus for future reference. Together it sets forth concisely
the information about the Fund you should know before investing.
You should read the prospectus and this prospectus supplement
carefully before deciding whether to invest. This prospectus
supplement, and the accompanying prospectus are part of a “shelf”
registration statement filed with the SEC. This prospectus
supplement describes the specific details regarding this offering,
including the method of distribution. If information in this
prospectus supplement is inconsistent with the accompanying
prospectus, you should rely on this prospectus supplement. You may
call (800) 882-0052 to
request the Fund’s annual and semi-annual reports or other
information about the Fund, and to make shareholder inquires. The
Fund makes available the Fund’s annual and semi-annual reports,
free of charge, at www.apollofunds.com. Information contained in,
or that can be accessed through, the Fund’s website is not part of
this prospectus supplement. You may also obtain other information
regarding the Fund on the SEC’s website
(http://www.sec.gov) or with the payment of a
duplication fee, by electronic request at publicinfo@sec.gov.
You should not construe the contents of this prospectus supplement
and the accompanying prospectus as legal, tax or financial advice.
You should consult with your own professional advisors as to the
legal, tax, financial or other matters relevant to the suitability
of an investment in the Fund.
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.
You should rely only on the information contained or
incorporated by reference in this prospectus supplement and the
accompanying prospectus. Neither the Fund nor [●] have
authorized anyone to provide you with different information. If
anyone provides you with different or inconsistent information, you
should not rely on it. The Fund is not making an offer to sell its
Common Shares in any jurisdiction where the offer or sale is not
permitted. You should assume that the information in this
prospectus supplement and the accompanying prospectus is accurate
only as of the date of this prospectus supplement and the date of
the accompanying prospectus, respectively. The Fund’s business,
financial condition, prospects and risks may have changed since
those dates.