Lord Abbett
Quarterly Portfolio Holdings Report

 

Lord Abbett
Affiliated Fund

 

For the period ended July 31, 2026

 

Schedule of Investments (unaudited)

LORD ABBETT AFFILIATED FUND, INC. July 31, 2026

 

Investments  Shares   Fair
Value		 
LONG-TERM INVESTMENTS 98.28%
           
COMMON STOCKS 97.76%          
           
Aerospace & Defense 2.35%          
General Electric Co.   175,252   $63,102,988 
L3Harris Technologies, Inc.   228,685    63,359,466 
RTX Corp.   158,051    34,015,736 
Total        160,478,190 
           
Air Freight & Logistics 0.85%          
CH Robinson Worldwide, Inc.   391,602    57,851,363 
           
Banks 7.47%          
Bank of America Corp.   2,889,589    179,010,039 
JPMorgan Chase & Co.   664,223    233,667,009 
Wells Fargo & Co.   1,134,260    98,056,777 
Total        510,733,825 
           
Beverages 1.10%          
Coca-Cola Co.   862,220    75,521,850 
           
Biotechnology 1.59%          
AbbVie, Inc.   296,553    74,417,010 
Gilead Sciences, Inc.   262,228    34,144,708 
Total        108,561,718 
           
Capital Markets 10.85%          
Bank of New York Mellon Corp.   808,254    126,354,348 
Cboe Global Markets, Inc.   298,299    92,541,299 
Charles Schwab Corp.   896,475    94,345,029 
Morgan Stanley   1,161,882    244,483,210 
Nasdaq, Inc.   604,015    56,892,173 
S&P Global, Inc.   50,365    20,746,854 
SEI Investments Co.   1,036,912    106,781,198 
Total        742,144,111 
           
Chemicals 2.95%          
CF Industries Holdings, Inc.   621,566    77,813,848 
Linde PLC   259,314    124,050,631 
Total        201,864,479 
Investments  Shares   Fair
Value		 
Commercial Services & Supplies 1.84%
Cintas Corp.   287,488   $58,828,669 
Waste Management, Inc.   295,983    67,054,949 
Total        125,883,618 
           
Construction & Engineering 2.02%
EMCOR Group, Inc.   91,399    72,884,304 
Vinci SA(a)   463,656    65,464,860 
Total        138,349,164 
           
Construction Materials 1.24%
CRH PLC (Ireland)(b)   893,832    84,922,978 
 
Consumer Staples Distribution & Retail 2.79%
Alimentation Couche-Tard, Inc.(a)   1,449,107    94,077,988 
Walmart, Inc.   872,378    97,008,434 
Total        191,086,422 
           
Electric: Utilities 2.89%
Entergy Corp.   890,942    95,883,178 
NextEra Energy, Inc.   1,169,437    101,647,464 
Total        197,530,642 
           
Electrical Equipment 1.59%
AMETEK, Inc.   451,144    109,046,016 
           
Electronic Equipment, Instruments & Components 0.94%
Amphenol Corp. Class A   401,479    64,517,675 
           
Ground Transportation 2.12%
Union Pacific Corp.   495,982    144,891,222 
 
Health Care Equipment & Supplies 0.54%
Stryker Corp.   113,373    36,925,586 
 
Health Care Providers & Services 5.14%
CVS Health Corp.   1,076,704    112,440,199 
Labcorp Holdings, Inc.   221,481    68,481,925 
UnitedHealth Group, Inc.   412,342    170,874,525 
Total        351,796,649 
           
Health Care REITS 1.03%
Welltower, Inc.   300,241    70,388,500 

 

  See Notes to Schedule of Investments. 1
 

Schedule of Investments (unaudited)(continued)

LORD ABBETT AFFILIATED FUND, INC. July 31, 2026

 

Investments  Shares   Fair
Value		 
Hotels, Restaurants & Leisure 0.66%
Marriott International, Inc. Class A   121,069   $45,138,155 
           
Insurance 2.97%          
Chubb Ltd. (Switzerland)(b)   163,860    57,462,425 
Marsh & McLennan Cos., Inc.   269,056    51,037,233 
Progressive Corp.   447,598    94,631,169 
Total        203,130,827 
           
Interactive Media & Services 5.98%
Alphabet, Inc. Class A   930,590    331,411,017 
Meta Platforms, Inc. Class A   139,907    77,887,626 
Total        409,298,643 
           
Machinery 3.61%          
Deere & Co.   110,632    65,568,268 
Parker-Hannifin Corp.   185,653    181,295,724 
Total        246,863,992 
           
Metals & Mining 1.44%          
Steel Dynamics, Inc.   392,452    98,607,490 
           
Multi-Utilities 0.49%          
CMS Energy Corp.   466,533    33,585,711 
           
Oil, Gas & Consumable Fuels 6.76%
Cheniere Energy, Inc.   148,636    39,175,991 
ExxonMobil Holdings Corp.   1,016,371    157,984,708 
Kinder Morgan, Inc.   3,586,538    115,414,793 
Marathon Petroleum Corp.   473,664    149,900,446 
Total        462,475,938 
           
Pharmaceuticals 4.40%          
Johnson & Johnson   766,466    196,483,559 
Novartis AG ADR   667,989    104,306,482 
Total        300,790,041 
Investments  Shares   Fair
Value		 
Semiconductors & Semiconductor Equipment 10.64%
Analog Devices, Inc.   329,553   $121,081,068 
Broadcom, Inc.   184,423    71,792,185 
Lam Research Corp.   161,369    47,284,344 
Micron Technology, Inc.   38,192    31,433,162 
NVIDIA Corp.   834,619    167,549,764 
Taiwan Semiconductor Manufacturing Co. Ltd. ADR   527,906    213,406,001 
Texas Instruments, Inc.   274,210    75,610,665 
Total        728,157,189 
           
Specialty Retail 2.96%          
Lowe’s Cos., Inc.   426,027    88,532,671 
TJX Cos., Inc.   722,793    113,724,250 
Total        202,256,921 
           
Technology Hardware, Storage & Peripherals 1.98%
Dell Technologies, Inc. Class C   334,769    135,705,310 
           
Tobacco 2.04%          
Philip Morris International, Inc.   729,832    139,266,542 
 
Trading Companies & Distributors 4.53%
AerCap Holdings NV (Ireland)(b)   857,964    129,466,768 
Ferguson Enterprises, Inc.   371,765    87,115,692 
United Rentals, Inc.   86,190    93,021,419 
Total        309,603,879 
Total Common Stocks
(cost $4,524,482,235)		        6,687,374,646 
 
CONVERTIBLE PREFERRED STOCKS 0.52%
           
Electric: Utilities 0.52%          
NextEra Energy, Inc.(c)
(cost $34,529,632)		   668,425    35,673,842 
Total Long-Term Investments
(cost $4,559,011,867)		        6,723,048,488 

 

2  See Notes to Schedule of Investments.
 

Schedule of Investments (unaudited)(continued)

LORD ABBETT AFFILIATED FUND, INC. July 31, 2026

 

Investments  Principal
Amount		   Fair
Value		 
SHORT-TERM INVESTMENTS 1.77%
           
Repurchase Agreements 1.77%
Repurchase Agreement dated 7/31/2026, 3.250% due 8/3/2026 with Fixed Income Clearing Corp. collateralized by $106,568,400 of U.S. Treasury Inflation Indexed Note at 0.125% due 4/15/2027; value: $123,655,856; proceeds: $121,263,990
(cost $121,231,157)		  $121,231,157   $121,231,157 
Total Investments in Securities 100.05%
(cost $4,680,243,024)		        6,844,279,645 
Other Assets and Liabilities – Net (0.05)%        (3,579,175)
Net Assets 100.00%       $6,840,700,470 

 

ADR   American Depositary Receipt.
REITS   Real Estate Investment Trusts.
     
(a)   Investment in non-U.S. dollar denominated securities.
(b)   Foreign security traded in U.S. dollars.
(c)   The security has a dividend rate of 7.30%

 

  See Notes to Schedule of Investments. 3
 

Schedule of Investments (unaudited)(concluded)

LORD ABBETT AFFILIATED FUND, INC. July 31, 2026

 

The following is a summary of the inputs used as of July 31, 2026 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                    
Construction & Engineering  $72,884,304   $65,464,860   $–   $138,349,164 
Remaining Industries   6,549,025,482    –    –    6,549,025,482 
Convertible Preferred Stocks   –    35,673,842    –    35,673,842 
Short-Term Investments                    
Repurchase Agreements   –    121,231,157    –    121,231,157 
Total  $6,621,909,786   $222,369,859   $–   $6,844,279,645 

 

(1)   Refer to Note 2(a) 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. 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.

 

4  See Notes to Schedule of Investments.
 

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 “1940 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.

 

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 investments 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 (the “Pricing Committee”) that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of 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.

 

5

 

Notes to Schedule of Investments (unaudited)(continued)

 

  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 July 31, 2026 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 of 1986, as amended, 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.

 

6

 

Notes to Schedule of Investments (unaudited)(concluded)

 

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 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 July 31, 2026, the Fund did not have any securities on loan.

 

7

 

 

QPHR-AFF-3Q
(09/26)