Lord Abbett Affiliated Fund (LAFFX) NPORT-P Lord Abbett Affiliated Fund Inc (Jan 2024 report)

Lord Abbett
Quarterly Portfolio Holdings Report

Lord Abbett
Affiliated Fund

For the period ended January 31, 2024

Schedule of Investments (unaudited)

LORD ABBETT AFFILIATED FUND, INC. January 31, 2024

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 98.20%
COMMON STOCKS 96.68%
Aerospace & Defense 1.67%
Northrop Grumman Corp.		212,058	$	94,739,032
Automobiles 0.98%
General Motors Co.		1,434,845		55,671,986
Banks 7.66%
Bank of America Corp.		3,598,055		122,369,851
East West Bancorp, Inc.		589,609		42,929,431
JPMorgan Chase & Co.		1,546,308		269,614,263
Total				434,913,545
Beverages 1.01%
Coca-Cola Co.		962,858		57,280,422
Biotechnology 2.16%
AbbVie, Inc.		747,351		122,864,504
Capital Markets 9.67%
Ameriprise Financial, Inc.		196,030		75,830,285
BlackRock, Inc.		111,007		85,953,830
Cboe Global Markets, Inc.		456,287		83,888,365
Charles Schwab Corp.		1,923,951		121,054,997
Morgan Stanley		1,139,380		99,399,511
S&P Global, Inc.		184,757		82,835,801
Total				548,962,789
Commercial Services & Supplies 1.34%
Waste Management, Inc.		408,763		75,878,676
Construction Materials 2.30%
CRH PLC (Ireland)(a)		1,816,727		130,368,329
Consumer Staples Distribution & Retail 4.77%
Costco Wholesale Corp.		59,981		41,679,597
Target Corp.		643,214		89,458,203
Walmart, Inc.		843,906		139,455,467
Total				270,593,267

Investments	Shares		Fair Value
Distributors 0.89%
Pool Corp.		136,074	$	50,517,472
Electric: Utilities 1.58%
Entergy Corp.		900,330		89,816,921
Electrical Equipment 1.94%
Eaton Corp. PLC		281,095		69,171,858
Emerson Electric Co.		447,121		41,014,409
Total				110,186,267
Financial Services 0.86%
Global Payments, Inc.		367,240		48,927,385
Ground Transportation 3.11%
Norfolk Southern Corp.		388,897		91,484,130
Union Pacific Corp.		348,101		84,912,277
Total				176,396,407
Health Care Equipment & Supplies 2.38%
Abbott Laboratories		1,193,318		135,023,932
Health Care Providers & Services 4.32%
Humana, Inc.		64,054		24,216,255
Laboratory Corp. of America Holdings		352,923		78,454,783
UnitedHealth Group, Inc.		278,061		142,294,936
Total				244,965,974
Hotels, Restaurants & Leisure 0.39%
McDonald’s Corp.		76,573		22,414,449
Household Products 0.78%
Procter & Gamble Co.		282,238		44,350,879
Industrial Conglomerates 0.84%
Honeywell International, Inc.		235,908		47,714,752
Information Technology Services 1.76%
Accenture PLC Class A (Ireland)(a)		274,824		100,002,957

See Notes to Schedule of Investments. 1

Schedule of Investments (unaudited)(continued)

LORD ABBETT AFFILIATED FUND, INC. January 31, 2024

Investments	Shares		Fair Value
Insurance 4.84%
Chubb Ltd. (Switzerland)(a)		402,969	$	98,727,405
Manulife Financial Corp. (Canada)(a)		3,964,536		87,655,891
Marsh & McLennan Cos., Inc.		455,951		88,381,542
Total				274,764,838
Life Sciences Tools & Services 1.55%
Danaher Corp.		367,326		88,125,181
Machinery 3.39%
Parker-Hannifin Corp.		295,614		137,312,703
Stanley Black & Decker, Inc.		589,568		55,006,694
Total				192,319,397
Media 3.09%
Comcast Corp. Class A		3,764,565		175,202,855
Metals & Mining 1.92%
BHP Group Ltd. ADR(b)		455,228		27,869,058
Reliance Steel & Aluminum Co.		283,906		81,032,451
Total				108,901,509
Oil, Gas & Consumable Fuels 8.88%
Cheniere Energy, Inc.		362,079		59,377,335
Chesapeake Energy Corp.		846,636		65,284,102
Exxon Mobil Corp.		1,130,961		116,274,100
Kinder Morgan, Inc.		5,050,312		85,451,279
Marathon Petroleum Corp.		375,492		62,181,475
Shell PLC ADR		1,833,349		115,335,986
Total				503,904,277
Personal Care Products 0.37%
Unilever PLC ADR		429,336		20,904,370
Pharmaceuticals 1.14%
Eli Lilly & Co.		100,103		64,627,498

Investments	Shares		Fair Value
Semiconductors & Semiconductor Equipment 7.88%
Broadcom, Inc.		79,893	$	94,273,740
Lam Research Corp.		137,998		113,871,810
Micron Technology, Inc.		1,320,900		113,267,175
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		1,115,017		125,952,320
Total				447,365,045
Software 4.38%
Microsoft Corp.		305,113		121,306,827
Roper Technologies, Inc.		236,575		127,040,775
Total				248,347,602
Specialty Retail 2.79%
Lowe’s Cos., Inc.		327,174		69,635,714
Ross Stores, Inc.		631,627		88,604,636
Total				158,240,350
Tobacco 2.33%
Philip Morris International, Inc.		1,458,522		132,506,724
Trading Companies & Distributors 3.71%
Ferguson PLC (United Kingdom)(a)		621,059		116,672,144
United Rentals, Inc.		149,851		93,716,815
Total				210,388,959
Total Common Stocks (cost $4,417,073,145)				5,487,188,550
CONVERTIBLE PREFERRED STOCKS 1.52%
Electric: Utilities 1.52%
NextEra Energy, Inc.(b)(c) (cost $81,175,820)		2,321,846		86,395,890
Total Long-Term Investments (cost $4,498,248,965)				5,573,584,440

2 See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(concluded)

LORD ABBETT AFFILIATED FUND, INC. January 31, 2024

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 1.57%
Repurchase Agreements 1.32%
Repurchase Agreement dated 1/31/2024, 2.800% due 2/1/2024 with Fixed Income Clearing Corp. collateralized by $1,110,700 of U.S. Treasury Note at 4.375% due 8/15/2026; $82,129,600 of U.S. Treasury Note at 0.750% due 8/31/2026; value: $76,660,171; proceeds: $75,162,843 (cost $75,156,997)	$	75,156,997	$	75,156,997

Investments	Shares		Fair Value
MONEY MARKET FUNDS 0.22%
Fidelity Government Portfolio(d) (cost $12,364,565)		12,364,565	$	12,364,565
TIME DEPOSITS 0.03%
CitiBank N.A.(d) (cost $1,373,841)		1,373,841		1,373,841
Total Short-Term Investments (cost $88,895,403)				88,895,403
Total Investments in Securities 99.77% (cost $4,587,144,368)				5,662,479,843
Other Assets and Liabilities – Net 0.23%				13,226,585
Net Assets 100.00%			$	5,675,706,428

ADR	American Depositary Receipt.
(a)	Foreign security traded in U.S. dollars.
(b)	All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
(c)	The security has a dividend rate of 6.926%.
(d)	Security was purchased with the cash collateral from loaned securities.

The following is a summary of the inputs used as of January 31, 2024 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	5,487,188,550	$	–	$	–	$	5,487,188,550
Convertible Preferred Stocks		–		86,395,890		–		86,395,890
Short-Term Investments
Repurchase Agreements		–		75,156,997		–		75,156,997
Money Market Funds		12,364,565		–		–		12,364,565
Time Deposits		–		1,373,841		–		1,373,841
Total	$	5,499,553,115	$	162,926,728	$	–	$	5,662,479,843

(1)

Refer to Note 2(b) for a description of fair value measurements and the three-tier hierarchy of inputs.

(2)

See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

See Notes to Schedule of Investments. 3

Notes to Schedule of Investments (unaudited)

1. ORGANIZATION  

Lord Abbett Affiliated Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company. The Fund was organized in 1934 and was reincorporated under Maryland law on November 26, 1975.

The Fund’s investment objective is long-term growth of capital and income without excessive fluctuations in market value.

2. SIGNIFICANT ACCOUNTING POLICIES  

(a)	Investment Valuation–Under procedures approved by the Fund’s Board of Directors (the “Board”), the Board has designated the determination of fair value of the Fund’s portfolio investment to Lord, Abbett & Co. LLC (“Lord Abbett”) as its valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a Pricing Committee that preforms the responsibilities on behalf of Lord Abbett, administers the pricing and valuation of the portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities, and financial instrument dealers and other market sources to determine fair value.
	Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Pricing Committee uses a third-party fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and ask prices. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used.
	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.
	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day.

4

Notes to Schedule of Investments (unaudited)(continued)

(b) Fair Value Measurements–Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk - for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

●	Level 1 –	unadjusted quoted prices in active markets for identical investments;
●	Level 2 –	other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
●	Level 3 –	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

A summary of inputs used in valuing the Fund’s investments as of January 31, 2024 and, if applicable, Level 3 rollforwards for the period then ended is included in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

3. FEDERAL TAX INFORMATION  

It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s filed U.S. federal tax returns remains open generally three years after the filing of the tax return. The statutes of limitations on the Fund’s, state and local tax returns may remain open for an additional year depending upon the jurisdiction.

4. SECURITIES LENDING AGREEMENT  

The Fund has established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Fund’s securities lending agreement, the market value of securities on loan is determined each day at the close of business and any

5

Notes to Schedule of Investments (unaudited)(concluded)

additional collateral required to cover the value of securities on loan is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan.

The initial collateral received by the Fund is required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the collateral). In general, the risk of borrower default will be borne by Citibank, N.A.; the Fund will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Fund continues to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

As of January 31, 2024, the market value of securities loaned and collateral received for the Fund was as follows:

Market Value of Securities Loaned	Collateral Received
$13,201,626	$13,738,406

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QPHR-AFF-1Q

(03/24)