# EDGAR Filing Document

**Accession Number:** 0000002691
**File Stem:** 0000930413-26-000006
**Filing Date:** 2026-1
**Character Count:** 243748
**Document Hash:** e902085eb68398a05fcae7d2ef3337ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-26-000006.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0000930413-26-000006

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**EFFECTIVENESS DATE**: 20260105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LORD ABBETT AFFILIATED FUND INC
- **CENTRAL INDEX KEY:** 0000002691

**ORGANIZATION NAME:**
- **EIN:** 136020600
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00005
- **FILM NUMBER:** 26506402

**BUSINESS ADDRESS:**
- **STREET 1:** 30 HUDSON STREET
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302
- **BUSINESS PHONE:** 201-827-2000

**MAIL ADDRESS:**
- **STREET 1:** 30 HUDSON STREET
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LORD ABBOTT AFFILIATED FUND INC
- **DATE OF NAME CHANGE:** 19960315

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AFFILIATED FUND INC
- **DATE OF NAME CHANGE:** 19941207

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AFFILIATED INC
- **DATE OF NAME CHANGE:** 19920721

## Series and Classes Contracts Data

### LORD ABBETT AFFILIATED FUND INC (Series ID: S000006806)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018428 | Class A      | LAFFX           |
| C000018430 | Class C      | LAFCX           |
| C000018431 | Class P      | LAFPX           |
| C000018432 | Class I      | LAFYX           |
| C000054699 | Class F      | LAAFX           |
| C000054700 | Class R2     | LAFQX           |
| C000054701 | Class R3     | LAFRX           |
| C000155435 | Class R4     | LAFSX           |
| C000155436 | Class R5     | LAFTX           |
| C000155437 | Class R6     | LAFVX           |
| C000184551 | Class F3     | LTFOX           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-00005

**LORD ABBETT AFFILIATED FUND, INC.** (Exact name of Registrant as specified in charter)

<u>30 Hudson Street, Jersey City, New Jersey 07302-4804</u> (Address of principal executive offices) (Zip code)

Randolph A. Stuzin, Esq.

Vice President and Assistant Secretary

<u>30 Hudson Street, Jersey City, New Jersey 07302-4804</u> (Name and address of agent for service)

Registrant's telephone number, including area code: (888) 522-2388

Date of fiscal year end: 10/31

Date of reporting period: 10/31/2025

---

| | |
|:---|:---|
| **Item 1:** | **Report(s) to Shareholders.** |

---

![Image](i801ebbd23d81f3e8456e43b1.jpg)

# Class A

# LAFFX

# Lord Abbett Affiliated Fund Inc.

#### Annual Shareholder Report

#### October 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Affiliated Fund Inc. for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $73 | 0.69% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund returned 11.30%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 11.15% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Value Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 21.45% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** Security selection within the Information Technology sector contributed to relative performance, led by an overweight allocation to Broadcom Inc. Security selection within the Consumer Staples sector also contributed to relative performance, led by an overweight allocation to Walmart Inc.

**Top detractors from performance:** Security selection within the Industrials sector detracted from relative performance, led by an overweight allocation to Cintas Corporation. Security selection within the Health Care sector also detracted from relative performance, led by an overweight allocation to UnitedHealth Group Incorporated.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8f783af336841762c9c354dc.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with load** | **Russell 1000 Value Index** | **Lipper Equity Income Fund Average** | **S&P 500 Index** |
| **10/31/2015** | $9424 | $10000 | $10000 | $10000 |
| **11/30/2015** | $9377 | $10038 | $9977 | $10030 |
| **12/31/2015** | $9195 | $9822 | $9773 | $9872 |
| **1/31/2016** | $8752 | $9315 | $9390 | $9382 |
| **2/29/2016** | $8811 | $9312 | $9435 | $9369 |
| **3/31/2016** | $9427 | $9983 | $10047 | $10005 |
| **4/30/2016** | $9525 | $10193 | $10148 | $10043 |
| **5/31/2016** | $9657 | $10351 | $10271 | $10224 |
| **6/30/2016** | $9724 | $10441 | $10393 | $10250 |
| **7/31/2016** | $10054 | $10744 | $10695 | $10628 |
| **8/31/2016** | $10087 | $10827 | $10687 | $10643 |
| **9/30/2016** | $10084 | $10804 | $10656 | $10645 |
| **10/31/2016** | $9971 | $10637 | $10458 | $10451 |
| **11/30/2016** | $10582 | $11245 | $10891 | $10838 |
| **12/31/2016** | $10789 | $11526 | $11129 | $11052 |
| **1/31/2017** | $10818 | $11608 | $11237 | $11262 |
| **2/28/2017** | $11311 | $12025 | $11595 | $11709 |
| **3/31/2017** | $11238 | $11902 | $11559 | $11723 |
| **4/30/2017** | $11281 | $11880 | $11661 | $11843 |
| **5/31/2017** | $11345 | $11868 | $11713 | $12010 |
| **6/30/2017** | $11463 | $12062 | $11823 | $12085 |
| **7/31/2017** | $11577 | $12223 | $11981 | $12333 |
| **8/31/2017** | $11434 | $12080 | $11899 | $12371 |
| **9/30/2017** | $11812 | $12438 | $12241 | $12626 |
| **10/31/2017** | $11920 | $12528 | $12379 | $12921 |
| **11/30/2017** | $12328 | $12912 | $12743 | $13317 |
| **12/31/2017** | $12528 | $13100 | $12904 | $13465 |
| **1/31/2018** | $13043 | $13607 | $13393 | $14236 |
| **2/28/2018** | $12465 | $12957 | $12786 | $13711 |
| **3/31/2018** | $12229 | $12729 | $12578 | $13363 |
| **4/30/2018** | $12245 | $12771 | $12634 | $13414 |
| **5/31/2018** | $12317 | $12847 | $12789 | $13737 |
| **6/30/2018** | $12290 | $12879 | $12831 | $13822 |
| **7/31/2018** | $12827 | $13389 | $13291 | $14336 |
| **8/31/2018** | $13067 | $13587 | $13502 | $14803 |
| **9/30/2018** | $13093 | $13614 | $13511 | $14887 |
| **10/31/2018** | $12408 | $12909 | $12755 | $13870 |
| **11/30/2018** | $12786 | $13294 | $13080 | $14153 |
| **12/31/2018** | $11594 | $12017 | $11971 | $12875 |
| **1/31/2019** | $12429 | $12953 | $12797 | $13906 |
| **2/28/2019** | $12825 | $13367 | $13176 | $14353 |
| **3/31/2019** | $12814 | $13452 | $13284 | $14632 |
| **4/30/2019** | $13266 | $13929 | $13701 | $15224 |
| **5/31/2019** | $12425 | $13033 | $12907 | $14257 |
| **6/30/2019** | $13303 | $13969 | $13703 | $15262 |
| **7/31/2019** | $13481 | $14085 | $13836 | $15481 |
| **8/31/2019** | $13125 | $13670 | $13574 | $15236 |
| **9/30/2019** | $13637 | $14158 | $13987 | $15521 |
| **10/31/2019** | $13745 | $14356 | $14134 | $15857 |
| **11/30/2019** | $14182 | $14800 | $14487 | $16432 |
| **12/31/2019** | $14520 | $15207 | $14878 | $16928 |
| **1/31/2020** | $14088 | $14880 | $14583 | $16922 |
| **2/29/2020** | $12672 | $13439 | $13254 | $15529 |
| **3/31/2020** | $10466 | $11142 | $11221 | $13611 |
| **4/30/2020** | $11586 | $12395 | $12408 | $15356 |
| **5/31/2020** | $12059 | $12820 | $12873 | $16087 |
| **6/30/2020** | $12096 | $12734 | $12948 | $16407 |
| **7/31/2020** | $12515 | $13238 | $13448 | $17332 |
| **8/31/2020** | $13084 | $13785 | $14007 | $18578 |
| **9/30/2020** | $12730 | $13447 | $13636 | $17872 |
| **10/31/2020** | $12449 | $13270 | $13391 | $17397 |
| **11/30/2020** | $13920 | $15055 | $15003 | $19301 |
| **12/31/2020** | $14336 | $15632 | $15509 | $20043 |
| **1/31/2021** | $14063 | $15489 | $15397 | $19841 |
| **2/28/2021** | $14806 | $16425 | $16014 | $20388 |
| **3/31/2021** | $15588 | $17392 | $16961 | $21281 |
| **4/30/2021** | $16343 | $18087 | $17620 | $22416 |
| **5/31/2021** | $16682 | $18509 | $18006 | $22573 |
| **6/30/2021** | $16465 | $18297 | $17934 | $23100 |
| **7/31/2021** | $16778 | $18444 | $18137 | $23649 |
| **8/31/2021** | $17261 | $18809 | $18504 | $24368 |
| **9/30/2021** | $16449 | $18155 | $17772 | $23234 |
| **10/31/2021** | $17523 | $19077 | $18749 | $24862 |
| **11/30/2021** | $17167 | $18404 | $18290 | $24690 |
| **12/31/2021** | $18170 | $19565 | $19412 | $25797 |
| **1/31/2022** | $17328 | $19110 | $18946 | $24462 |
| **2/28/2022** | $17015 | $18888 | $18660 | $23729 |
| **3/31/2022** | $17371 | $19421 | $19156 | $24610 |
| **4/30/2022** | $16262 | $18326 | $18169 | $22464 |
| **5/31/2022** | $16468 | $18682 | $18520 | $22505 |
| **6/30/2022** | $15306 | $17050 | $17120 | $20648 |
| **7/31/2022** | $16244 | $18180 | $18120 | $22552 |
| **8/31/2022** | $15809 | $17638 | $17569 | $21632 |
| **9/30/2022** | $14676 | $16092 | $16110 | $19640 |
| **10/31/2022** | $16046 | $17742 | $17641 | $21230 |
| **11/30/2022** | $16965 | $18850 | $18710 | $22416 |
| **12/31/2022** | $16380 | $18091 | $17968 | $21125 |
| **1/31/2023** | $16686 | $19028 | $18743 | $22452 |
| **2/28/2023** | $16285 | $18357 | $18176 | $21904 |
| **3/31/2023** | $15943 | $18273 | $18140 | $22708 |
| **4/30/2023** | $16197 | $18548 | $18377 | $23063 |
| **5/31/2023** | $15678 | $17832 | $17747 | $23163 |
| **6/30/2023** | $16573 | $19017 | $18820 | $24693 |
| **7/31/2023** | $17191 | $19686 | $19429 | $25487 |
| **8/31/2023** | $16892 | $19154 | $18981 | $25081 |
| **9/30/2023** | $16295 | $18415 | $18227 | $23885 |
| **10/31/2023** | $15964 | $17765 | $17749 | $23383 |
| **11/30/2023** | $17247 | $19106 | $19014 | $25518 |
| **12/31/2023** | $18098 | $20164 | $19997 | $26678 |
| **1/31/2024** | $18227 | $20185 | $20045 | $27126 |
| **2/29/2024** | $19140 | $20930 | $20670 | $28574 |
| **3/31/2024** | $19964 | $21976 | $21543 | $29494 |
| **4/30/2024** | $19112 | $21037 | $20740 | $28289 |
| **5/31/2024** | $19705 | $21704 | $21434 | $29692 |
| **6/30/2024** | $19762 | $21500 | $21470 | $30757 |
| **7/31/2024** | $20520 | $22599 | $22346 | $31132 |
| **8/31/2024** | $20996 | $23205 | $22894 | $31887 |
| **9/30/2024** | $21217 | $23527 | $23214 | $32568 |
| **10/31/2024** | $21391 | $23269 | $22981 | $32272 |
| **11/30/2024** | $22600 | $24754 | $24153 | $34167 |
| **12/31/2024** | $21229 | $23061 | $22828 | $33352 |
| **1/31/2025** | $22312 | $24129 | $23646 | $34281 |
| **2/28/2025** | $22232 | $24227 | $23773 | $33834 |
| **3/31/2025** | $21308 | $23554 | $23043 | $31928 |
| **4/30/2025** | $20988 | $22836 | $22399 | $31711 |
| **5/31/2025** | $21868 | $23638 | $23266 | $33707 |
| **6/30/2025** | $22667 | $24446 | $24075 | $35421 |
| **7/31/2025** | $22885 | $24586 | $24259 | $36216 |
| **8/31/2025** | $23355 | $25370 | $25011 | $36950 |
| **9/30/2025** | $23958 | $25749 | $25346 | $38299 |
| **10/31/2025** | $23809 | $25863 | $25221 | $39196 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class A at NAV | 11.30% | 13.85% | 9.71% |
| Class A with sales charge | 4.91% | 12.51% | 9.06% |
| Russell 1000 Value Index | 11.15% | 14.28% | 9.97% |
| Lipper Equity Income Fund Average | 9.75% | 13.50% | 9.69% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *October 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6315939356 |
| # of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $19411246 |

---

## **What did the Fund invest in?** 
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 4.66% |
| Consumer Discretionary | 4.16% |
| Consumer Staples | 6.50% |
| Energy | 9.49% |
| Financials | 22.74% |
| Health Care | 11.89% |
| Industrials | 18.55% |
| Information Technology | 11.27% |
| Materials | 5.78% |
| Utilities | 4.26% |
| Repurchase Agreements | 0.70% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

![Image](i9949bc6144692a543143df58.jpg)

# Class A

# LAFFX

# Lord Abbett Affiliated Fund Inc.

#### Annual Shareholder Report

#### October 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-11-A

#### 12/25
![Image](i801ebbd23d81f3e8456e43b1.jpg)

# Class C

# LAFCX

# Lord Abbett Affiliated Fund Inc.

#### Annual Shareholder Report

#### October 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Affiliated Fund Inc. for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $152 | 1.44% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund returned 10.47%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 11.15% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Value Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 21.45% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** Security selection within the Information Technology sector contributed to relative performance, led by an overweight allocation to Broadcom Inc. Security selection within the Consumer Staples sector also contributed to relative performance, led by an overweight allocation to Walmart Inc.

**Top detractors from performance:** Security selection within the Industrials sector detracted from relative performance, led by an overweight allocation to Cintas Corporation. Security selection within the Health Care sector also detracted from relative performance, led by an overweight allocation to UnitedHealth Group Incorporated.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7883204cca7599f6a6f73301.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C with load** | **Russell 1000 Value Index** | **Lipper Equity Income Fund Average** | **S&P 500 Index** |
| **10/31/2015** | $10000 | $10000 | $10000 | $10000 |
| **11/30/2015** | $9944 | $10038 | $9977 | $10030 |
| **12/31/2015** | $9739 | $9822 | $9773 | $9872 |
| **1/31/2016** | $9263 | $9315 | $9390 | $9382 |
| **2/29/2016** | $9325 | $9312 | $9435 | $9369 |
| **3/31/2016** | $9967 | $9983 | $10047 | $10005 |
| **4/30/2016** | $10064 | $10193 | $10148 | $10043 |
| **5/31/2016** | $10203 | $10351 | $10271 | $10224 |
| **6/30/2016** | $10262 | $10441 | $10393 | $10250 |
| **7/31/2016** | $10603 | $10744 | $10695 | $10628 |
| **8/31/2016** | $10631 | $10827 | $10687 | $10643 |
| **9/30/2016** | $10628 | $10804 | $10656 | $10645 |
| **10/31/2016** | $10503 | $10637 | $10458 | $10451 |
| **11/30/2016** | $11139 | $11245 | $10891 | $10838 |
| **12/31/2016** | $11351 | $11526 | $11129 | $11052 |
| **1/31/2017** | $11366 | $11608 | $11237 | $11262 |
| **2/28/2017** | $11884 | $12025 | $11595 | $11709 |
| **3/31/2017** | $11794 | $11902 | $11559 | $11723 |
| **4/30/2017** | $11838 | $11880 | $11661 | $11843 |
| **5/31/2017** | $11898 | $11868 | $11713 | $12010 |
| **6/30/2017** | $12010 | $12062 | $11823 | $12085 |
| **7/31/2017** | $12122 | $12223 | $11981 | $12333 |
| **8/31/2017** | $11965 | $12080 | $11899 | $12371 |
| **9/30/2017** | $12353 | $12438 | $12241 | $12626 |
| **10/31/2017** | $12458 | $12528 | $12379 | $12921 |
| **11/30/2017** | $12885 | $12912 | $12743 | $13317 |
| **12/31/2017** | $13078 | $13100 | $12904 | $13465 |
| **1/31/2018** | $13616 | $13607 | $13393 | $14236 |
| **2/28/2018** | $12996 | $12957 | $12786 | $13711 |
| **3/31/2018** | $12742 | $12729 | $12578 | $13363 |
| **4/30/2018** | $12750 | $12771 | $12634 | $13414 |
| **5/31/2018** | $12816 | $12847 | $12789 | $13737 |
| **6/30/2018** | $12783 | $12879 | $12831 | $13822 |
| **7/31/2018** | $13332 | $13389 | $13291 | $14336 |
| **8/31/2018** | $13572 | $13587 | $13502 | $14803 |
| **9/30/2018** | $13590 | $13614 | $13511 | $14887 |
| **10/31/2018** | $12873 | $12909 | $12755 | $13870 |
| **11/30/2018** | $13256 | $13294 | $13080 | $14153 |
| **12/31/2018** | $12006 | $12017 | $11971 | $12875 |
| **1/31/2019** | $12869 | $12953 | $12797 | $13906 |
| **2/28/2019** | $13269 | $13367 | $13176 | $14353 |
| **3/31/2019** | $13250 | $13452 | $13284 | $14632 |
| **4/30/2019** | $13706 | $13929 | $13701 | $15224 |
| **5/31/2019** | $12831 | $13033 | $12907 | $14257 |
| **6/30/2019** | $13737 | $13969 | $13703 | $15262 |
| **7/31/2019** | $13911 | $14085 | $13836 | $15481 |
| **8/31/2019** | $13526 | $13670 | $13574 | $15236 |
| **9/30/2019** | $14044 | $14158 | $13987 | $15521 |
| **10/31/2019** | $14145 | $14356 | $14134 | $15857 |
| **11/30/2019** | $14595 | $14800 | $14487 | $16432 |
| **12/31/2019** | $14933 | $15207 | $14878 | $16928 |
| **1/31/2020** | $14480 | $14880 | $14583 | $16922 |
| **2/29/2020** | $13020 | $13439 | $13254 | $15529 |
| **3/31/2020** | $10742 | $11142 | $11221 | $13611 |
| **4/30/2020** | $11887 | $12395 | $12408 | $15356 |
| **5/31/2020** | $12361 | $12820 | $12873 | $16087 |
| **6/30/2020** | $12393 | $12734 | $12948 | $16407 |
| **7/31/2020** | $12811 | $13238 | $13448 | $17332 |
| **8/31/2020** | $13381 | $13785 | $14007 | $18578 |
| **9/30/2020** | $13022 | $13447 | $13636 | $17872 |
| **10/31/2020** | $12726 | $13270 | $13391 | $17397 |
| **11/30/2020** | $14213 | $15055 | $15003 | $19301 |
| **12/31/2020** | $14637 | $15632 | $15509 | $20043 |
| **1/31/2021** | $14341 | $15489 | $15397 | $19841 |
| **2/28/2021** | $15095 | $16425 | $16014 | $20388 |
| **3/31/2021** | $15879 | $17392 | $16961 | $21281 |
| **4/30/2021** | $16635 | $18087 | $17620 | $22416 |
| **5/31/2021** | $16970 | $18509 | $18006 | $22573 |
| **6/30/2021** | $16747 | $18297 | $17934 | $23100 |
| **7/31/2021** | $17054 | $18444 | $18137 | $23649 |
| **8/31/2021** | $17533 | $18809 | $18504 | $24368 |
| **9/30/2021** | $16698 | $18155 | $17772 | $23234 |
| **10/31/2021** | $17773 | $19077 | $18749 | $24862 |
| **11/30/2021** | $17403 | $18404 | $18290 | $24690 |
| **12/31/2021** | $18402 | $19565 | $19412 | $25797 |
| **1/31/2022** | $17544 | $19110 | $18946 | $24462 |
| **2/28/2022** | $17209 | $18888 | $18660 | $23729 |
| **3/31/2022** | $17564 | $19421 | $19156 | $24610 |
| **4/30/2022** | $16438 | $18326 | $18169 | $22464 |
| **5/31/2022** | $16626 | $18682 | $18520 | $22505 |
| **6/30/2022** | $15455 | $17050 | $17120 | $20648 |
| **7/31/2022** | $16386 | $18180 | $18120 | $22552 |
| **8/31/2022** | $15930 | $17638 | $17569 | $21632 |
| **9/30/2022** | $14792 | $16092 | $16110 | $19640 |
| **10/31/2022** | $16154 | $17742 | $17641 | $21230 |
| **11/30/2022** | $17075 | $18850 | $18710 | $22416 |
| **12/31/2022** | $16470 | $18091 | $17968 | $21125 |
| **1/31/2023** | $16775 | $19028 | $18743 | $22452 |
| **2/28/2023** | $16354 | $18357 | $18176 | $21904 |
| **3/31/2023** | $16004 | $18273 | $18140 | $22708 |
| **4/30/2023** | $16248 | $18548 | $18377 | $23063 |
| **5/31/2023** | $15719 | $17832 | $17747 | $23163 |
| **6/30/2023** | $16611 | $19017 | $18820 | $24693 |
| **7/31/2023** | $17205 | $19686 | $19429 | $25487 |
| **8/31/2023** | $16897 | $19154 | $18981 | $25081 |
| **9/30/2023** | $16302 | $18415 | $18227 | $23885 |
| **10/31/2023** | $15951 | $17765 | $17749 | $23383 |
| **11/30/2023** | $17226 | $19106 | $19014 | $25518 |
| **12/31/2023** | $18069 | $20164 | $19997 | $26678 |
| **1/31/2024** | $18175 | $20185 | $20045 | $27126 |
| **2/29/2024** | $19080 | $20930 | $20670 | $28574 |
| **3/31/2024** | $19882 | $21976 | $21543 | $29494 |
| **4/30/2024** | $19028 | $21037 | $20740 | $28289 |
| **5/31/2024** | $19604 | $21704 | $21434 | $29692 |
| **6/30/2024** | $19654 | $21500 | $21470 | $30757 |
| **7/31/2024** | $20402 | $22599 | $22346 | $31132 |
| **8/31/2024** | $20851 | $23205 | $22894 | $31887 |
| **9/30/2024** | $21062 | $23527 | $23214 | $32568 |
| **10/31/2024** | $21222 | $23269 | $22981 | $32272 |
| **11/30/2024** | $22403 | $24754 | $24153 | $34167 |
| **12/31/2024** | $21020 | $23061 | $22828 | $33352 |
| **1/31/2025** | $22085 | $24129 | $23646 | $34281 |
| **2/28/2025** | $21995 | $24227 | $23773 | $33834 |
| **3/31/2025** | $21078 | $23554 | $23043 | $31928 |
| **4/30/2025** | $20741 | $22836 | $22399 | $31711 |
| **5/31/2025** | $21605 | $23638 | $23266 | $33707 |
| **6/30/2025** | $22370 | $24446 | $24075 | $35421 |
| **7/31/2025** | $22573 | $24586 | $24259 | $36216 |
| **8/31/2025** | $23022 | $25370 | $25011 | $36950 |
| **9/30/2025** | $23602 | $25749 | $25346 | $38299 |
| **10/31/2025** | $23444 | $25863 | $25221 | $39196 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class C at NAV | 10.47% | 13.00% | 8.89% |
| Class C with sales charge | 9.47% | 13.00% | 8.89% |
| Russell 1000 Value Index | 11.15% | 14.28% | 9.97% |
| Lipper Equity Income Fund Average | 9.75% | 13.50% | 9.69% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *October 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6315939356 |
| # of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $19411246 |

---

## **What did the Fund invest in?** 
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 4.66% |
| Consumer Discretionary | 4.16% |
| Consumer Staples | 6.50% |
| Energy | 9.49% |
| Financials | 22.74% |
| Health Care | 11.89% |
| Industrials | 18.55% |
| Information Technology | 11.27% |
| Materials | 5.78% |
| Utilities | 4.26% |
| Repurchase Agreements | 0.70% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

![Image](i9949bc6144692a543143df58.jpg)

# Class C

# LAFCX

# Lord Abbett Affiliated Fund Inc.

#### Annual Shareholder Report

#### October 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-661-C

#### 12/25
![Image](i801ebbd23d81f3e8456e43b1.jpg)

# Class F

# LAAFX

# Lord Abbett Affiliated Fund Inc.

#### Annual Shareholder Report

#### October 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Affiliated Fund Inc. for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $57 | 0.54% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund returned 11.50%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 11.15% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Value Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 21.45% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** Security selection within the Information Technology sector contributed to relative performance, led by an overweight allocation to Broadcom Inc. Security selection within the Consumer Staples sector also contributed to relative performance, led by an overweight allocation to Walmart Inc.

**Top detractors from performance:** Security selection within the Industrials sector detracted from relative performance, led by an overweight allocation to Cintas Corporation. Security selection within the Health Care sector also detracted from relative performance, led by an overweight allocation to UnitedHealth Group Incorporated.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i20d6c72fddc07773fe6a6efa.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class F** | **Russell 1000 Value Index** | **Lipper Equity Income Fund Average** | **S&P 500 Index** |
| **10/31/2015** | $10000 | $10000 | $10000 | $10000 |
| **11/30/2015** | $9957 | $10038 | $9977 | $10030 |
| **12/31/2015** | $9761 | $9822 | $9773 | $9872 |
| **1/31/2016** | $9291 | $9315 | $9390 | $9382 |
| **2/29/2016** | $9353 | $9312 | $9435 | $9369 |
| **3/31/2016** | $10004 | $9983 | $10047 | $10005 |
| **4/30/2016** | $10115 | $10193 | $10148 | $10043 |
| **5/31/2016** | $10255 | $10351 | $10271 | $10224 |
| **6/30/2016** | $10330 | $10441 | $10393 | $10250 |
| **7/31/2016** | $10680 | $10744 | $10695 | $10628 |
| **8/31/2016** | $10716 | $10827 | $10687 | $10643 |
| **9/30/2016** | $10717 | $10804 | $10656 | $10645 |
| **10/31/2016** | $10597 | $10637 | $10458 | $10451 |
| **11/30/2016** | $11253 | $11245 | $10891 | $10838 |
| **12/31/2016** | $11471 | $11526 | $11129 | $11052 |
| **1/31/2017** | $11501 | $11608 | $11237 | $11262 |
| **2/28/2017** | $12025 | $12025 | $11595 | $11709 |
| **3/31/2017** | $11946 | $11902 | $11559 | $11723 |
| **4/30/2017** | $11998 | $11880 | $11661 | $11843 |
| **5/31/2017** | $12074 | $11868 | $11713 | $12010 |
| **6/30/2017** | $12197 | $12062 | $11823 | $12085 |
| **7/31/2017** | $12318 | $12223 | $11981 | $12333 |
| **8/31/2017** | $12167 | $12080 | $11899 | $12371 |
| **9/30/2017** | $12566 | $12438 | $12241 | $12626 |
| **10/31/2017** | $12680 | $12528 | $12379 | $12921 |
| **11/30/2017** | $13123 | $12912 | $12743 | $13317 |
| **12/31/2017** | $13340 | $13100 | $12904 | $13465 |
| **1/31/2018** | $13889 | $13607 | $13393 | $14236 |
| **2/28/2018** | $13273 | $12957 | $12786 | $13711 |
| **3/31/2018** | $13019 | $12729 | $12578 | $13363 |
| **4/30/2018** | $13044 | $12771 | $12634 | $13414 |
| **5/31/2018** | $13120 | $12847 | $12789 | $13737 |
| **6/30/2018** | $13088 | $12879 | $12831 | $13822 |
| **7/31/2018** | $13669 | $13389 | $13291 | $14336 |
| **8/31/2018** | $13916 | $13587 | $13502 | $14803 |
| **9/30/2018** | $13948 | $13614 | $13511 | $14887 |
| **10/31/2018** | $13236 | $12909 | $12755 | $13870 |
| **11/30/2018** | $13639 | $13294 | $13080 | $14153 |
| **12/31/2018** | $12363 | $12017 | $11971 | $12875 |
| **1/31/2019** | $13264 | $12953 | $12797 | $13906 |
| **2/28/2019** | $13686 | $13367 | $13176 | $14353 |
| **3/31/2019** | $13679 | $13452 | $13284 | $14632 |
| **4/30/2019** | $14151 | $13929 | $13701 | $15224 |
| **5/31/2019** | $13264 | $13033 | $12907 | $14257 |
| **6/30/2019** | $14206 | $13969 | $13703 | $15262 |
| **7/31/2019** | $14395 | $14085 | $13836 | $15481 |
| **8/31/2019** | $14016 | $13670 | $13574 | $15236 |
| **9/30/2019** | $14558 | $14158 | $13987 | $15521 |
| **10/31/2019** | $14682 | $14356 | $14134 | $15857 |
| **11/30/2019** | $15159 | $14800 | $14487 | $16432 |
| **12/31/2019** | $15516 | $15207 | $14878 | $16928 |
| **1/31/2020** | $15054 | $14880 | $14583 | $16922 |
| **2/29/2020** | $13552 | $13439 | $13254 | $15529 |
| **3/31/2020** | $11182 | $11142 | $11221 | $13611 |
| **4/30/2020** | $12389 | $12395 | $12408 | $15356 |
| **5/31/2020** | $12893 | $12820 | $12873 | $16087 |
| **6/30/2020** | $12928 | $12734 | $12948 | $16407 |
| **7/31/2020** | $13376 | $13238 | $13448 | $17332 |
| **8/31/2020** | $13994 | $13785 | $14007 | $18578 |
| **9/30/2020** | $13621 | $13447 | $13636 | $17872 |
| **10/31/2020** | $13320 | $13270 | $13391 | $17397 |
| **11/30/2020** | $14893 | $15055 | $15003 | $19301 |
| **12/31/2020** | $15343 | $15632 | $15509 | $20043 |
| **1/31/2021** | $15051 | $15489 | $15397 | $19841 |
| **2/28/2021** | $15846 | $16425 | $16014 | $20388 |
| **3/31/2021** | $16688 | $17392 | $16961 | $21281 |
| **4/30/2021** | $17496 | $18087 | $17620 | $22416 |
| **5/31/2021** | $17859 | $18509 | $18006 | $22573 |
| **6/30/2021** | $17633 | $18297 | $17934 | $23100 |
| **7/31/2021** | $17968 | $18444 | $18137 | $23649 |
| **8/31/2021** | $18485 | $18809 | $18504 | $24368 |
| **9/30/2021** | $17622 | $18155 | $17772 | $23234 |
| **10/31/2021** | $18773 | $19077 | $18749 | $24862 |
| **11/30/2021** | $18391 | $18404 | $18290 | $24690 |
| **12/31/2021** | $19472 | $19565 | $19412 | $25797 |
| **1/31/2022** | $18581 | $19110 | $18946 | $24462 |
| **2/28/2022** | $18235 | $18888 | $18660 | $23729 |
| **3/31/2022** | $18623 | $19421 | $19156 | $24610 |
| **4/30/2022** | $17445 | $18326 | $18169 | $22464 |
| **5/31/2022** | $17655 | $18682 | $18520 | $22505 |
| **6/30/2022** | $16414 | $17050 | $17120 | $20648 |
| **7/31/2022** | $17419 | $18180 | $18120 | $22552 |
| **8/31/2022** | $16954 | $17638 | $17569 | $21632 |
| **9/30/2022** | $15756 | $16092 | $16110 | $19640 |
| **10/31/2022** | $17213 | $17742 | $17641 | $21230 |
| **11/30/2022** | $18210 | $18850 | $18710 | $22416 |
| **12/31/2022** | $17578 | $18091 | $17968 | $21125 |
| **1/31/2023** | $17906 | $19028 | $18743 | $22452 |
| **2/28/2023** | $17477 | $18357 | $18176 | $21904 |
| **3/31/2023** | $17124 | $18273 | $18140 | $22708 |
| **4/30/2023** | $17386 | $18548 | $18377 | $23063 |
| **5/31/2023** | $16840 | $17832 | $17747 | $23163 |
| **6/30/2023** | $17807 | $19017 | $18820 | $24693 |
| **7/31/2023** | $18458 | $19686 | $19429 | $25487 |
| **8/31/2023** | $18138 | $19154 | $18981 | $25081 |
| **9/30/2023** | $17515 | $18415 | $18227 | $23885 |
| **10/31/2023** | $17159 | $17765 | $17749 | $23383 |
| **11/30/2023** | $18536 | $19106 | $19014 | $25518 |
| **12/31/2023** | $19456 | $20164 | $19997 | $26678 |
| **1/31/2024** | $19595 | $20185 | $20045 | $27126 |
| **2/29/2024** | $20575 | $20930 | $20670 | $28574 |
| **3/31/2024** | $21456 | $21976 | $21543 | $29494 |
| **4/30/2024** | $20553 | $21037 | $20740 | $28289 |
| **5/31/2024** | $21190 | $21704 | $21434 | $29692 |
| **6/30/2024** | $21259 | $21500 | $21470 | $30757 |
| **7/31/2024** | $22073 | $22599 | $22346 | $31132 |
| **8/31/2024** | $22585 | $23205 | $22894 | $31887 |
| **9/30/2024** | $22830 | $23527 | $23214 | $32568 |
| **10/31/2024** | $23017 | $23269 | $22981 | $32272 |
| **11/30/2024** | $24328 | $24754 | $24153 | $34167 |
| **12/31/2024** | $22839 | $23061 | $22828 | $33352 |
| **1/31/2025** | $24015 | $24129 | $23646 | $34281 |
| **2/28/2025** | $23942 | $24227 | $23773 | $33834 |
| **3/31/2025** | $22945 | $23554 | $23043 | $31928 |
| **4/30/2025** | $22601 | $22836 | $22399 | $31711 |
| **5/31/2025** | $23560 | $23638 | $23266 | $33707 |
| **6/30/2025** | $24415 | $24446 | $24075 | $35421 |
| **7/31/2025** | $24649 | $24586 | $24259 | $36216 |
| **8/31/2025** | $25155 | $25370 | $25011 | $36950 |
| **9/30/2025** | $25813 | $25749 | $25346 | $38299 |
| **10/31/2025** | $25665 | $25863 | $25221 | $39196 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class F at NAV | 11.50% | 14.02% | 9.88% |
| Russell 1000 Value Index | 11.15% | 14.28% | 9.97% |
| Lipper Equity Income Fund Average | 9.75% | 13.50% | 9.69% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *October 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6315939356 |
| # of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $19411246 |

---

## **What did the Fund invest in?** 
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 4.66% |
| Consumer Discretionary | 4.16% |
| Consumer Staples | 6.50% |
| Energy | 9.49% |
| Financials | 22.74% |
| Health Care | 11.89% |
| Industrials | 18.55% |
| Information Technology | 11.27% |
| Materials | 5.78% |
| Utilities | 4.26% |
| Repurchase Agreements | 0.70% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

![Image](i9949bc6144692a543143df58.jpg)

# Class F

# LAAFX

# Lord Abbett Affiliated Fund Inc.

#### Annual Shareholder Report

#### October 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1002-F

#### 12/25
![Image](i801ebbd23d81f3e8456e43b1.jpg)

# Class F3

# LTFOX

# Lord Abbett Affiliated Fund Inc.

#### Annual Shareholder Report

#### October 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Affiliated Fund Inc. for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $41 | 0.39% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund returned 11.63%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 11.15% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Value Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 21.45% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** Security selection within the Information Technology sector contributed to relative performance, led by an overweight allocation to Broadcom Inc. Security selection within the Consumer Staples sector also contributed to relative performance, led by an overweight allocation to Walmart Inc.

**Top detractors from performance:** Security selection within the Industrials sector detracted from relative performance, led by an overweight allocation to Cintas Corporation. Security selection within the Health Care sector also detracted from relative performance, led by an overweight allocation to UnitedHealth Group Incorporated.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](idce488bbcce128b16c049555.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class F3** | **Russell 1000 Value Index** | **Lipper Equity Income Fund Average** | **S&P 500 Index** |
| **4/4/2017** | $10000 | $10000 | $10000 | $10000 |
| **4/30/2017** | $10044 | $9987 | $10105 | $10112 |
| **5/31/2017** | $10107 | $9977 | $10150 | $10254 |
| **6/30/2017** | $10212 | $10140 | $10245 | $10318 |
| **7/31/2017** | $10319 | $10275 | $10382 | $10530 |
| **8/31/2017** | $10187 | $10155 | $10312 | $10562 |
| **9/30/2017** | $10529 | $10456 | $10608 | $10780 |
| **10/31/2017** | $10630 | $10532 | $10727 | $11032 |
| **11/30/2017** | $10999 | $10854 | $11043 | $11370 |
| **12/31/2017** | $11177 | $11013 | $11182 | $11496 |
| **1/31/2018** | $11648 | $11438 | $11606 | $12155 |
| **2/28/2018** | $11127 | $10892 | $11080 | $11707 |
| **3/31/2018** | $10919 | $10701 | $10899 | $11409 |
| **4/30/2018** | $10940 | $10736 | $10948 | $11453 |
| **5/31/2018** | $11004 | $10800 | $11083 | $11729 |
| **6/30/2018** | $10981 | $10826 | $11119 | $11801 |
| **7/31/2018** | $11472 | $11255 | $11518 | $12240 |
| **8/31/2018** | $11678 | $11421 | $11700 | $12639 |
| **9/30/2018** | $11709 | $11444 | $11708 | $12711 |
| **10/31/2018** | $11108 | $10851 | $11053 | $11842 |
| **11/30/2018** | $11451 | $11175 | $11335 | $12083 |
| **12/31/2018** | $10384 | $10102 | $10374 | $10992 |
| **1/31/2019** | $11134 | $10888 | $11090 | $11873 |
| **2/28/2019** | $11494 | $11236 | $11418 | $12254 |
| **3/31/2019** | $11492 | $11308 | $11512 | $12493 |
| **4/30/2019** | $11894 | $11709 | $11873 | $12998 |
| **5/31/2019** | $11146 | $10956 | $11185 | $12172 |
| **6/30/2019** | $11935 | $11743 | $11875 | $13030 |
| **7/31/2019** | $12101 | $11840 | $11990 | $13218 |
| **8/31/2019** | $11784 | $11492 | $11763 | $13008 |
| **9/30/2019** | $12240 | $11902 | $12121 | $13252 |
| **10/31/2019** | $12344 | $12068 | $12249 | $13539 |
| **11/30/2019** | $12742 | $12441 | $12554 | $14030 |
| **12/31/2019** | $13051 | $12783 | $12893 | $14453 |
| **1/31/2020** | $12666 | $12508 | $12637 | $14448 |
| **2/29/2020** | $11396 | $11297 | $11485 | $13258 |
| **3/31/2020** | $9415 | $9366 | $9724 | $11621 |
| **4/30/2020** | $10423 | $10419 | $10753 | $13111 |
| **5/31/2020** | $10852 | $10776 | $11155 | $13735 |
| **6/30/2020** | $10885 | $10705 | $11221 | $14008 |
| **7/31/2020** | $11267 | $11128 | $11654 | $14798 |
| **8/31/2020** | $11783 | $11588 | $12138 | $15862 |
| **9/30/2020** | $11476 | $11304 | $11816 | $15259 |
| **10/31/2020** | $11225 | $11155 | $11604 | $14853 |
| **11/30/2020** | $12547 | $12656 | $13001 | $16479 |
| **12/31/2020** | $12927 | $13141 | $13440 | $17113 |
| **1/31/2021** | $12683 | $13020 | $13343 | $16940 |
| **2/28/2021** | $13364 | $13807 | $13877 | $17407 |
| **3/31/2021** | $14072 | $14620 | $14698 | $18169 |
| **4/30/2021** | $14756 | $15204 | $15269 | $19139 |
| **5/31/2021** | $15059 | $15559 | $15603 | $19273 |
| **6/30/2021** | $14876 | $15381 | $15541 | $19723 |
| **7/31/2021** | $15164 | $15504 | $15717 | $20191 |
| **8/31/2021** | $15596 | $15812 | $16035 | $20805 |
| **9/30/2021** | $14872 | $15261 | $15401 | $19838 |
| **10/31/2021** | $15843 | $16036 | $16248 | $21227 |
| **11/30/2021** | $15524 | $15471 | $15850 | $21080 |
| **12/31/2021** | $16433 | $16447 | $16822 | $22025 |
| **1/31/2022** | $15688 | $16064 | $16418 | $20885 |
| **2/28/2022** | $15399 | $15878 | $16170 | $20260 |
| **3/31/2022** | $15729 | $16326 | $16600 | $21012 |
| **4/30/2022** | $14734 | $15405 | $15745 | $19180 |
| **5/31/2022** | $14919 | $15704 | $16049 | $19215 |
| **6/30/2022** | $13870 | $14332 | $14836 | $17629 |
| **7/31/2022** | $14721 | $15283 | $15702 | $19254 |
| **8/31/2022** | $14331 | $14827 | $15224 | $18469 |
| **9/30/2022** | $13317 | $13527 | $13961 | $16768 |
| **10/31/2022** | $14555 | $14914 | $15287 | $18126 |
| **11/30/2022** | $15398 | $15846 | $16214 | $19139 |
| **12/31/2022** | $14865 | $15207 | $15570 | $18036 |
| **1/31/2023** | $15149 | $15995 | $16243 | $19169 |
| **2/28/2023** | $14790 | $15431 | $15751 | $18702 |
| **3/31/2023** | $14493 | $15360 | $15720 | $19388 |
| **4/30/2023** | $14712 | $15592 | $15925 | $19691 |
| **5/31/2023** | $14255 | $14990 | $15379 | $19777 |
| **6/30/2023** | $15069 | $15986 | $16309 | $21083 |
| **7/31/2023** | $15633 | $16548 | $16836 | $21761 |
| **8/31/2023** | $15365 | $16102 | $16449 | $21414 |
| **9/30/2023** | $14829 | $15480 | $15795 | $20393 |
| **10/31/2023** | $14531 | $14934 | $15381 | $19964 |
| **11/30/2023** | $15704 | $16061 | $16477 | $21788 |
| **12/31/2023** | $16479 | $16950 | $17329 | $22777 |
| **1/31/2024** | $16595 | $16968 | $17371 | $23160 |
| **2/29/2024** | $17436 | $17594 | $17912 | $24397 |
| **3/31/2024** | $18188 | $18474 | $18668 | $25182 |
| **4/30/2024** | $17421 | $17684 | $17972 | $24153 |
| **5/31/2024** | $17965 | $18245 | $18574 | $25351 |
| **6/30/2024** | $18018 | $18073 | $18605 | $26260 |
| **7/31/2024** | $18720 | $18997 | $19364 | $26580 |
| **8/31/2024** | $19149 | $19507 | $19839 | $27225 |
| **9/30/2024** | $19369 | $19778 | $20117 | $27806 |
| **10/31/2024** | $19525 | $19560 | $19914 | $27554 |
| **11/30/2024** | $20635 | $20809 | $20930 | $29172 |
| **12/31/2024** | $19382 | $19386 | $19783 | $28476 |
| **1/31/2025** | $20378 | $20283 | $20491 | $29269 |
| **2/28/2025** | $20316 | $20366 | $20601 | $28887 |
| **3/31/2025** | $19475 | $19800 | $19969 | $27260 |
| **4/30/2025** | $19187 | $19197 | $19411 | $27075 |
| **5/31/2025** | $20001 | $19871 | $20162 | $28779 |
| **6/30/2025** | $20733 | $20550 | $20863 | $30243 |
| **7/31/2025** | $20930 | $20668 | $21023 | $30921 |
| **8/31/2025** | $21374 | $21326 | $21674 | $31548 |
| **9/30/2025** | $21932 | $21645 | $21964 | $32700 |
| **10/31/2025** | $21797 | $21741 | $21856 | $33465 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/4/17 |
| Class F3 at NAV | 11.63% | 14.19% | 9.51% |
| Russell 1000 Value Index | 11.15% | 14.28% | 9.48% |
| Lipper Equity Income Fund Average | 9.75% | 13.50% | 9.55% |
| S&P 500 Index | 21.45% | 17.64% | 15.13% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *October 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6315939356 |
| # of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $19411246 |

---

## **What did the Fund invest in?** 
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 4.66% |
| Consumer Discretionary | 4.16% |
| Consumer Staples | 6.50% |
| Energy | 9.49% |
| Financials | 22.74% |
| Health Care | 11.89% |
| Industrials | 18.55% |
| Information Technology | 11.27% |
| Materials | 5.78% |
| Utilities | 4.26% |
| Repurchase Agreements | 0.70% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

![Image](i9949bc6144692a543143df58.jpg)

# Class F3

# LTFOX

# Lord Abbett Affiliated Fund Inc.

#### Annual Shareholder Report

#### October 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8951-F3

#### 12/25
![Image](i801ebbd23d81f3e8456e43b1.jpg)

# Class I

# LAFYX

# Lord Abbett Affiliated Fund Inc.

#### Annual Shareholder Report

#### October 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Affiliated Fund Inc. for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $47 | 0.44% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund returned 11.61%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 11.15% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Value Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 21.45% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** Security selection within the Information Technology sector contributed to relative performance, led by an overweight allocation to Broadcom Inc. Security selection within the Consumer Staples sector also contributed to relative performance, led by an overweight allocation to Walmart Inc.

**Top detractors from performance:** Security selection within the Industrials sector detracted from relative performance, led by an overweight allocation to Cintas Corporation. Security selection within the Health Care sector also detracted from relative performance, led by an overweight allocation to UnitedHealth Group Incorporated.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](iee6b93fee34589896703e5f8.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Russell 1000 Value Index** | **Lipper Equity Income Fund Average** | **S&P 500 Index** |
| **10/31/2015** | $10000 | $10000 | $10000 | $10000 |
| **11/30/2015** | $9958 | $10038 | $9977 | $10030 |
| **12/31/2015** | $9757 | $9822 | $9773 | $9872 |
| **1/31/2016** | $9288 | $9315 | $9390 | $9382 |
| **2/29/2016** | $9357 | $9312 | $9435 | $9369 |
| **3/31/2016** | $10009 | $9983 | $10047 | $10005 |
| **4/30/2016** | $10120 | $10193 | $10148 | $10043 |
| **5/31/2016** | $10266 | $10351 | $10271 | $10224 |
| **6/30/2016** | $10336 | $10441 | $10393 | $10250 |
| **7/31/2016** | $10686 | $10744 | $10695 | $10628 |
| **8/31/2016** | $10721 | $10827 | $10687 | $10643 |
| **9/30/2016** | $10725 | $10804 | $10656 | $10645 |
| **10/31/2016** | $10612 | $10637 | $10458 | $10451 |
| **11/30/2016** | $11259 | $11245 | $10891 | $10838 |
| **12/31/2016** | $11486 | $11526 | $11129 | $11052 |
| **1/31/2017** | $11508 | $11608 | $11237 | $11262 |
| **2/28/2017** | $12039 | $12025 | $11595 | $11709 |
| **3/31/2017** | $11962 | $11902 | $11559 | $11723 |
| **4/30/2017** | $12014 | $11880 | $11661 | $11843 |
| **5/31/2017** | $12090 | $11868 | $11713 | $12010 |
| **6/30/2017** | $12215 | $12062 | $11823 | $12085 |
| **7/31/2017** | $12336 | $12223 | $11981 | $12333 |
| **8/31/2017** | $12185 | $12080 | $11899 | $12371 |
| **9/30/2017** | $12593 | $12438 | $12241 | $12626 |
| **10/31/2017** | $12707 | $12528 | $12379 | $12921 |
| **11/30/2017** | $13149 | $12912 | $12743 | $13317 |
| **12/31/2017** | $13361 | $13100 | $12904 | $13465 |
| **1/31/2018** | $13917 | $13607 | $13393 | $14236 |
| **2/28/2018** | $13302 | $12957 | $12786 | $13711 |
| **3/31/2018** | $13052 | $12729 | $12578 | $13363 |
| **4/30/2018** | $13077 | $12771 | $12634 | $13414 |
| **5/31/2018** | $13153 | $12847 | $12789 | $13737 |
| **6/30/2018** | $13125 | $12879 | $12831 | $13822 |
| **7/31/2018** | $13704 | $13389 | $13291 | $14336 |
| **8/31/2018** | $13960 | $13587 | $13502 | $14803 |
| **9/30/2018** | $13986 | $13614 | $13511 | $14887 |
| **10/31/2018** | $13267 | $12909 | $12755 | $13870 |
| **11/30/2018** | $13669 | $13294 | $13080 | $14153 |
| **12/31/2018** | $12390 | $12017 | $11971 | $12875 |
| **1/31/2019** | $13289 | $12953 | $12797 | $13906 |
| **2/28/2019** | $13720 | $13367 | $13176 | $14353 |
| **3/31/2019** | $13716 | $13452 | $13284 | $14632 |
| **4/30/2019** | $14197 | $13929 | $13701 | $15224 |
| **5/31/2019** | $13302 | $13033 | $12907 | $14257 |
| **6/30/2019** | $14245 | $13969 | $13703 | $15262 |
| **7/31/2019** | $14435 | $14085 | $13836 | $15481 |
| **8/31/2019** | $14056 | $13670 | $13574 | $15236 |
| **9/30/2019** | $14601 | $14158 | $13987 | $15521 |
| **10/31/2019** | $14725 | $14356 | $14134 | $15857 |
| **11/30/2019** | $15201 | $14800 | $14487 | $16432 |
| **12/31/2019** | $15571 | $15207 | $14878 | $16928 |
| **1/31/2020** | $15100 | $14880 | $14583 | $16922 |
| **2/29/2020** | $13589 | $13439 | $13254 | $15529 |
| **3/31/2020** | $11225 | $11142 | $11221 | $13611 |
| **4/30/2020** | $12431 | $12395 | $12408 | $15356 |
| **5/31/2020** | $12936 | $12820 | $12873 | $16087 |
| **6/30/2020** | $12973 | $12734 | $12948 | $16407 |
| **7/31/2020** | $13431 | $13238 | $13448 | $17332 |
| **8/31/2020** | $14039 | $13785 | $14007 | $18578 |
| **9/30/2020** | $13670 | $13447 | $13636 | $17872 |
| **10/31/2020** | $13369 | $13270 | $13391 | $17397 |
| **11/30/2020** | $14951 | $15055 | $15003 | $19301 |
| **12/31/2020** | $15405 | $15632 | $15509 | $20043 |
| **1/31/2021** | $15113 | $15489 | $15397 | $19841 |
| **2/28/2021** | $15918 | $16425 | $16014 | $20388 |
| **3/31/2021** | $16765 | $17392 | $16961 | $21281 |
| **4/30/2021** | $17572 | $18087 | $17620 | $22416 |
| **5/31/2021** | $17946 | $18509 | $18006 | $22573 |
| **6/30/2021** | $17715 | $18297 | $17934 | $23100 |
| **7/31/2021** | $18059 | $18444 | $18137 | $23649 |
| **8/31/2021** | $18577 | $18809 | $18504 | $24368 |
| **9/30/2021** | $17708 | $18155 | $17772 | $23234 |
| **10/31/2021** | $18870 | $19077 | $18749 | $24862 |
| **11/30/2021** | $18488 | $18404 | $18290 | $24690 |
| **12/31/2021** | $19573 | $19565 | $19412 | $25797 |
| **1/31/2022** | $18671 | $19110 | $18946 | $24462 |
| **2/28/2022** | $18335 | $18888 | $18660 | $23729 |
| **3/31/2022** | $18728 | $19421 | $19156 | $24610 |
| **4/30/2022** | $17538 | $18326 | $18169 | $22464 |
| **5/31/2022** | $17759 | $18682 | $18520 | $22505 |
| **6/30/2022** | $16513 | $17050 | $17120 | $20648 |
| **7/31/2022** | $17520 | $18180 | $18120 | $22552 |
| **8/31/2022** | $17054 | $17638 | $17569 | $21632 |
| **9/30/2022** | $15849 | $16092 | $16110 | $19640 |
| **10/31/2022** | $17330 | $17742 | $17641 | $21230 |
| **11/30/2022** | $18328 | $18850 | $18710 | $22416 |
| **12/31/2022** | $17689 | $18091 | $17968 | $21125 |
| **1/31/2023** | $18029 | $19028 | $18743 | $22452 |
| **2/28/2023** | $17598 | $18357 | $18176 | $21904 |
| **3/31/2023** | $17230 | $18273 | $18140 | $22708 |
| **4/30/2023** | $17504 | $18548 | $18377 | $23063 |
| **5/31/2023** | $16957 | $17832 | $17747 | $23163 |
| **6/30/2023** | $17930 | $19017 | $18820 | $24693 |
| **7/31/2023** | $18595 | $19686 | $19429 | $25487 |
| **8/31/2023** | $18274 | $19154 | $18981 | $25081 |
| **9/30/2023** | $17643 | $18415 | $18227 | $23885 |
| **10/31/2023** | $17286 | $17765 | $17749 | $23383 |
| **11/30/2023** | $18678 | $19106 | $19014 | $25518 |
| **12/31/2023** | $19606 | $20164 | $19997 | $26678 |
| **1/31/2024** | $19733 | $20185 | $20045 | $27126 |
| **2/29/2024** | $20739 | $20930 | $20670 | $28574 |
| **3/31/2024** | $21628 | $21976 | $21543 | $29494 |
| **4/30/2024** | $20710 | $21037 | $20740 | $28289 |
| **5/31/2024** | $21349 | $21704 | $21434 | $29692 |
| **6/30/2024** | $21424 | $21500 | $21470 | $30757 |
| **7/31/2024** | $22253 | $22599 | $22346 | $31132 |
| **8/31/2024** | $22766 | $23205 | $22894 | $31887 |
| **9/30/2024** | $23018 | $23527 | $23214 | $32568 |
| **10/31/2024** | $23206 | $23269 | $22981 | $32272 |
| **11/30/2024** | $24534 | $24754 | $24153 | $34167 |
| **12/31/2024** | $23033 | $23061 | $22828 | $33352 |
| **1/31/2025** | $24226 | $24129 | $23646 | $34281 |
| **2/28/2025** | $24140 | $24227 | $23773 | $33834 |
| **3/31/2025** | $23146 | $23554 | $23043 | $31928 |
| **4/30/2025** | $22800 | $22836 | $22399 | $31711 |
| **5/31/2025** | $23763 | $23638 | $23266 | $33707 |
| **6/30/2025** | $24639 | $24446 | $24075 | $35421 |
| **7/31/2025** | $24874 | $24586 | $24259 | $36216 |
| **8/31/2025** | $25395 | $25370 | $25011 | $36950 |
| **9/30/2025** | $26050 | $25749 | $25346 | $38299 |
| **10/31/2025** | $25901 | $25863 | $25221 | $39196 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class I at NAV | 11.61% | 14.14% | 9.98% |
| Russell 1000 Value Index | 11.15% | 14.28% | 9.97% |
| Lipper Equity Income Fund Average | 9.75% | 13.50% | 9.69% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *October 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6315939356 |
| # of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $19411246 |

---

## **What did the Fund invest in?** 
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 4.66% |
| Consumer Discretionary | 4.16% |
| Consumer Staples | 6.50% |
| Energy | 9.49% |
| Financials | 22.74% |
| Health Care | 11.89% |
| Industrials | 18.55% |
| Information Technology | 11.27% |
| Materials | 5.78% |
| Utilities | 4.26% |
| Repurchase Agreements | 0.70% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

![Image](i9949bc6144692a543143df58.jpg)

# Class I

# LAFYX

# Lord Abbett Affiliated Fund Inc.

#### Annual Shareholder Report

#### October 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-685-I

#### 12/25
![Image](i801ebbd23d81f3e8456e43b1.jpg)

# Class P

# LAFPX

# Lord Abbett Affiliated Fund Inc.

#### Annual Shareholder Report

#### October 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Affiliated Fund Inc. for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $94 | 0.89% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund returned 11.10%, reflecting performance at the net asset value (NAV) of Class P shares, with all distributions reinvested, compared to the 11.15% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Value Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 21.45% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** Security selection within the Information Technology sector contributed to relative performance, led by an overweight allocation to Broadcom Inc. Security selection within the Consumer Staples sector also contributed to relative performance, led by an overweight allocation to Walmart Inc.

**Top detractors from performance:** Security selection within the Industrials sector detracted from relative performance, led by an overweight allocation to Cintas Corporation. Security selection within the Health Care sector also detracted from relative performance, led by an overweight allocation to UnitedHealth Group Incorporated.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib5bd8ddeac82fe3bd01b9b37.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Russell 1000 Value Index** | **Lipper Equity Income Fund Average** | **S&P 500 Index** |
| **10/31/2015** | $10000 | $10000 | $10000 | $10000 |
| **11/30/2015** | $9951 | $10038 | $9977 | $10030 |
| **12/31/2015** | $9757 | $9822 | $9773 | $9872 |
| **1/31/2016** | $9279 | $9315 | $9390 | $9382 |
| **2/29/2016** | $9348 | $9312 | $9435 | $9369 |
| **3/31/2016** | $9996 | $9983 | $10047 | $10005 |
| **4/30/2016** | $10101 | $10193 | $10148 | $10043 |
| **5/31/2016** | $10247 | $10351 | $10271 | $10224 |
| **6/30/2016** | $10312 | $10441 | $10393 | $10250 |
| **7/31/2016** | $10662 | $10744 | $10695 | $10628 |
| **8/31/2016** | $10697 | $10827 | $10687 | $10643 |
| **9/30/2016** | $10701 | $10804 | $10656 | $10645 |
| **10/31/2016** | $10581 | $10637 | $10458 | $10451 |
| **11/30/2016** | $11230 | $11245 | $10891 | $10838 |
| **12/31/2016** | $11451 | $11526 | $11129 | $11052 |
| **1/31/2017** | $11473 | $11608 | $11237 | $11262 |
| **2/28/2017** | $11997 | $12025 | $11595 | $11709 |
| **3/31/2017** | $11920 | $11902 | $11559 | $11723 |
| **4/30/2017** | $11965 | $11880 | $11661 | $11843 |
| **5/31/2017** | $12040 | $11868 | $11713 | $12010 |
| **6/30/2017** | $12158 | $12062 | $11823 | $12085 |
| **7/31/2017** | $12279 | $12223 | $11981 | $12333 |
| **8/31/2017** | $12128 | $12080 | $11899 | $12371 |
| **9/30/2017** | $12529 | $12438 | $12241 | $12626 |
| **10/31/2017** | $12643 | $12528 | $12379 | $12921 |
| **11/30/2017** | $13086 | $12912 | $12743 | $13317 |
| **12/31/2017** | $13290 | $13100 | $12904 | $13465 |
| **1/31/2018** | $13837 | $13607 | $13393 | $14236 |
| **2/28/2018** | $13223 | $12957 | $12786 | $13711 |
| **3/31/2018** | $12972 | $12729 | $12578 | $13363 |
| **4/30/2018** | $12989 | $12771 | $12634 | $13414 |
| **5/31/2018** | $13065 | $12847 | $12789 | $13737 |
| **6/30/2018** | $13034 | $12879 | $12831 | $13822 |
| **7/31/2018** | $13605 | $13389 | $13291 | $14336 |
| **8/31/2018** | $13852 | $13587 | $13502 | $14803 |
| **9/30/2018** | $13880 | $13614 | $13511 | $14887 |
| **10/31/2018** | $13153 | $12909 | $12755 | $13870 |
| **11/30/2018** | $13555 | $13294 | $13080 | $14153 |
| **12/31/2018** | $12281 | $12017 | $11971 | $12875 |
| **1/31/2019** | $13168 | $12953 | $12797 | $13906 |
| **2/28/2019** | $13588 | $13367 | $13176 | $14353 |
| **3/31/2019** | $13570 | $13452 | $13284 | $14632 |
| **4/30/2019** | $14039 | $13929 | $13701 | $15224 |
| **5/31/2019** | $13157 | $13033 | $12907 | $14257 |
| **6/30/2019** | $14081 | $13969 | $13703 | $15262 |
| **7/31/2019** | $14270 | $14085 | $13836 | $15481 |
| **8/31/2019** | $13883 | $13670 | $13574 | $15236 |
| **9/30/2019** | $14428 | $14158 | $13987 | $15521 |
| **10/31/2019** | $14532 | $14356 | $14134 | $15857 |
| **11/30/2019** | $15006 | $14800 | $14487 | $16432 |
| **12/31/2019** | $15356 | $15207 | $14878 | $16928 |
| **1/31/2020** | $14898 | $14880 | $14583 | $16922 |
| **2/29/2020** | $13398 | $13439 | $13254 | $15529 |
| **3/31/2020** | $11062 | $11142 | $11221 | $13611 |
| **4/30/2020** | $12239 | $12395 | $12408 | $15356 |
| **5/31/2020** | $12739 | $12820 | $12873 | $16087 |
| **6/30/2020** | $12772 | $12734 | $12948 | $16407 |
| **7/31/2020** | $13216 | $13238 | $13448 | $17332 |
| **8/31/2020** | $13817 | $13785 | $14007 | $18578 |
| **9/30/2020** | $13446 | $13447 | $13636 | $17872 |
| **10/31/2020** | $13149 | $13270 | $13391 | $17397 |
| **11/30/2020** | $14695 | $15055 | $15003 | $19301 |
| **12/31/2020** | $15126 | $15632 | $15509 | $20043 |
| **1/31/2021** | $14838 | $15489 | $15397 | $19841 |
| **2/28/2021** | $15624 | $16425 | $16014 | $20388 |
| **3/31/2021** | $16442 | $17392 | $16961 | $21281 |
| **4/30/2021** | $17240 | $18087 | $17620 | $22416 |
| **5/31/2021** | $17589 | $18509 | $18006 | $22573 |
| **6/30/2021** | $17362 | $18297 | $17934 | $23100 |
| **7/31/2021** | $17693 | $18444 | $18137 | $23649 |
| **8/31/2021** | $18193 | $18809 | $18504 | $24368 |
| **9/30/2021** | $17335 | $18155 | $17772 | $23234 |
| **10/31/2021** | $18460 | $19077 | $18749 | $24862 |
| **11/30/2021** | $18084 | $18404 | $18290 | $24690 |
| **12/31/2021** | $19133 | $19565 | $19412 | $25797 |
| **1/31/2022** | $18255 | $19110 | $18946 | $24462 |
| **2/28/2022** | $17915 | $18888 | $18660 | $23729 |
| **3/31/2022** | $18291 | $19421 | $19156 | $24610 |
| **4/30/2022** | $17121 | $18326 | $18169 | $22464 |
| **5/31/2022** | $17328 | $18682 | $18520 | $22505 |
| **6/30/2022** | $16114 | $17050 | $17120 | $20648 |
| **7/31/2022** | $17092 | $18180 | $18120 | $22552 |
| **8/31/2022** | $16624 | $17638 | $17569 | $21632 |
| **9/30/2022** | $15442 | $16092 | $16110 | $19640 |
| **10/31/2022** | $16874 | $17742 | $17641 | $21230 |
| **11/30/2022** | $17843 | $18850 | $18710 | $22416 |
| **12/31/2022** | $17218 | $18091 | $17968 | $21125 |
| **1/31/2023** | $17541 | $19028 | $18743 | $22452 |
| **2/28/2023** | $17107 | $18357 | $18176 | $21904 |
| **3/31/2023** | $16760 | $18273 | $18140 | $22708 |
| **4/30/2023** | $17017 | $18548 | $18377 | $23063 |
| **5/31/2023** | $16470 | $17832 | $17747 | $23163 |
| **6/30/2023** | $17414 | $19017 | $18820 | $24693 |
| **7/31/2023** | $18042 | $19686 | $19429 | $25487 |
| **8/31/2023** | $17728 | $19154 | $18981 | $25081 |
| **9/30/2023** | $17113 | $18415 | $18227 | $23885 |
| **10/31/2023** | $16753 | $17765 | $17749 | $23383 |
| **11/30/2023** | $18102 | $19106 | $19014 | $25518 |
| **12/31/2023** | $18989 | $20164 | $19997 | $26678 |
| **1/31/2024** | $19113 | $20185 | $20045 | $27126 |
| **2/29/2024** | $20072 | $20930 | $20670 | $28574 |
| **3/31/2024** | $20928 | $21976 | $21543 | $29494 |
| **4/30/2024** | $20033 | $21037 | $20740 | $28289 |
| **5/31/2024** | $20656 | $21704 | $21434 | $29692 |
| **6/30/2024** | $20706 | $21500 | $21470 | $30757 |
| **7/31/2024** | $21513 | $22599 | $22346 | $31132 |
| **8/31/2024** | $21990 | $23205 | $22894 | $31887 |
| **9/30/2024** | $22235 | $23527 | $23214 | $32568 |
| **10/31/2024** | $22405 | $23269 | $22981 | $32272 |
| **11/30/2024** | $23675 | $24754 | $24153 | $34167 |
| **12/31/2024** | $22224 | $23061 | $22828 | $33352 |
| **1/31/2025** | $23348 | $24129 | $23646 | $34281 |
| **2/28/2025** | $23277 | $24227 | $23773 | $33834 |
| **3/31/2025** | $22308 | $23554 | $23043 | $31928 |
| **4/30/2025** | $21960 | $22836 | $22399 | $31711 |
| **5/31/2025** | $22883 | $23638 | $23266 | $33707 |
| **6/30/2025** | $23709 | $24446 | $24075 | $35421 |
| **7/31/2025** | $23925 | $24586 | $24259 | $36216 |
| **8/31/2025** | $24418 | $25370 | $25011 | $36950 |
| **9/30/2025** | $25050 | $25749 | $25346 | $38299 |
| **10/31/2025** | $24893 | $25863 | $25221 | $39196 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class P at NAV | 11.10% | 13.62% | 9.55% |
| Russell 1000 Value Index | 11.15% | 14.28% | 9.97% |
| Lipper Equity Income Fund Average | 9.75% | 13.50% | 9.69% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *October 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6315939356 |
| # of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $19411246 |

---

## **What did the Fund invest in?** 
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 4.66% |
| Consumer Discretionary | 4.16% |
| Consumer Staples | 6.50% |
| Energy | 9.49% |
| Financials | 22.74% |
| Health Care | 11.89% |
| Industrials | 18.55% |
| Information Technology | 11.27% |
| Materials | 5.78% |
| Utilities | 4.26% |
| Repurchase Agreements | 0.70% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

![Image](i9949bc6144692a543143df58.jpg)

# Class P

# LAFPX

# Lord Abbett Affiliated Fund Inc.

#### Annual Shareholder Report

#### October 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-696-P

#### 12/25
![Image](i801ebbd23d81f3e8456e43b1.jpg)

# Class R2

# LAFQX

# Lord Abbett Affiliated Fund Inc.

#### Annual Shareholder Report

#### October 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Affiliated Fund Inc. for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $110 | 1.04% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund returned 10.92%, reflecting performance at the net asset value (NAV) of Class R2 shares, with all distributions reinvested, compared to the 11.15% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Value Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 21.45% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** Security selection within the Information Technology sector contributed to relative performance, led by an overweight allocation to Broadcom Inc. Security selection within the Consumer Staples sector also contributed to relative performance, led by an overweight allocation to Walmart Inc.

**Top detractors from performance:** Security selection within the Industrials sector detracted from relative performance, led by an overweight allocation to Cintas Corporation. Security selection within the Health Care sector also detracted from relative performance, led by an overweight allocation to UnitedHealth Group Incorporated.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8506ec69cd1bd260298f012d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R2** | **Russell 1000 Value Index** | **Lipper Equity Income Fund Average** | **S&P 500 Index** |
| **10/31/2015** | $10000 | $10000 | $10000 | $10000 |
| **11/30/2015** | $9944 | $10038 | $9977 | $10030 |
| **12/31/2015** | $9751 | $9822 | $9773 | $9872 |
| **1/31/2016** | $9274 | $9315 | $9390 | $9382 |
| **2/29/2016** | $9336 | $9312 | $9435 | $9369 |
| **3/31/2016** | $9982 | $9983 | $10047 | $10005 |
| **4/30/2016** | $10086 | $10193 | $10148 | $10043 |
| **5/31/2016** | $10225 | $10351 | $10271 | $10224 |
| **6/30/2016** | $10287 | $10441 | $10393 | $10250 |
| **7/31/2016** | $10636 | $10744 | $10695 | $10628 |
| **8/31/2016** | $10664 | $10827 | $10687 | $10643 |
| **9/30/2016** | $10660 | $10804 | $10656 | $10645 |
| **10/31/2016** | $10541 | $10637 | $10458 | $10451 |
| **11/30/2016** | $11186 | $11245 | $10891 | $10838 |
| **12/31/2016** | $11402 | $11526 | $11129 | $11052 |
| **1/31/2017** | $11417 | $11608 | $11237 | $11262 |
| **2/28/2017** | $11937 | $12025 | $11595 | $11709 |
| **3/31/2017** | $11859 | $11902 | $11559 | $11723 |
| **4/30/2017** | $11904 | $11880 | $11661 | $11843 |
| **5/31/2017** | $11971 | $11868 | $11713 | $12010 |
| **6/30/2017** | $12086 | $12062 | $11823 | $12085 |
| **7/31/2017** | $12206 | $12223 | $11981 | $12333 |
| **8/31/2017** | $12049 | $12080 | $11899 | $12371 |
| **9/30/2017** | $12441 | $12438 | $12241 | $12626 |
| **10/31/2017** | $12554 | $12528 | $12379 | $12921 |
| **11/30/2017** | $12984 | $12912 | $12743 | $13317 |
| **12/31/2017** | $13184 | $13100 | $12904 | $13465 |
| **1/31/2018** | $13726 | $13607 | $13393 | $14236 |
| **2/28/2018** | $13117 | $12957 | $12786 | $13711 |
| **3/31/2018** | $12863 | $12729 | $12578 | $13363 |
| **4/30/2018** | $12880 | $12771 | $12634 | $13414 |
| **5/31/2018** | $12947 | $12847 | $12789 | $13737 |
| **6/30/2018** | $12916 | $12879 | $12831 | $13822 |
| **7/31/2018** | $13479 | $13389 | $13291 | $14336 |
| **8/31/2018** | $13715 | $13587 | $13502 | $14803 |
| **9/30/2018** | $13738 | $13614 | $13511 | $14887 |
| **10/31/2018** | $13037 | $12909 | $12755 | $13870 |
| **11/30/2018** | $13425 | $13294 | $13080 | $14153 |
| **12/31/2018** | $12163 | $12017 | $11971 | $12875 |
| **1/31/2019** | $13039 | $12953 | $12797 | $13906 |
| **2/28/2019** | $13454 | $13367 | $13176 | $14353 |
| **3/31/2019** | $13441 | $13452 | $13284 | $14632 |
| **4/30/2019** | $13904 | $13929 | $13701 | $15224 |
| **5/31/2019** | $13024 | $13033 | $12907 | $14257 |
| **6/30/2019** | $13941 | $13969 | $13703 | $15262 |
| **7/31/2019** | $14127 | $14085 | $13836 | $15481 |
| **8/31/2019** | $13745 | $13670 | $13574 | $15236 |
| **9/30/2019** | $14276 | $14158 | $13987 | $15521 |
| **10/31/2019** | $14378 | $14356 | $14134 | $15857 |
| **11/30/2019** | $14845 | $14800 | $14487 | $16432 |
| **12/31/2019** | $15195 | $15207 | $14878 | $16928 |
| **1/31/2020** | $14734 | $14880 | $14583 | $16922 |
| **2/29/2020** | $13255 | $13439 | $13254 | $15529 |
| **3/31/2020** | $10934 | $11142 | $11221 | $13611 |
| **4/30/2020** | $12103 | $12395 | $12408 | $15356 |
| **5/31/2020** | $12595 | $12820 | $12873 | $16087 |
| **6/30/2020** | $12630 | $12734 | $12948 | $16407 |
| **7/31/2020** | $13057 | $13238 | $13448 | $17332 |
| **8/31/2020** | $13649 | $13785 | $14007 | $18578 |
| **9/30/2020** | $13289 | $13447 | $13636 | $17872 |
| **10/31/2020** | $12987 | $13270 | $13391 | $17397 |
| **11/30/2020** | $14508 | $15055 | $15003 | $19301 |
| **12/31/2020** | $14938 | $15632 | $15509 | $20043 |
| **1/31/2021** | $14655 | $15489 | $15397 | $19841 |
| **2/28/2021** | $15428 | $16425 | $16014 | $20388 |
| **3/31/2021** | $16236 | $17392 | $16961 | $21281 |
| **4/30/2021** | $17011 | $18087 | $17620 | $22416 |
| **5/31/2021** | $17364 | $18509 | $18006 | $22573 |
| **6/30/2021** | $17134 | $18297 | $17934 | $23100 |
| **7/31/2021** | $17458 | $18444 | $18137 | $23649 |
| **8/31/2021** | $17949 | $18809 | $18504 | $24368 |
| **9/30/2021** | $17101 | $18155 | $17772 | $23234 |
| **10/31/2021** | $18206 | $19077 | $18749 | $24862 |
| **11/30/2021** | $17837 | $18404 | $18290 | $24690 |
| **12/31/2021** | $18870 | $19565 | $19412 | $25797 |
| **1/31/2022** | $17998 | $19110 | $18946 | $24462 |
| **2/28/2022** | $17663 | $18888 | $18660 | $23729 |
| **3/31/2022** | $18025 | $19421 | $19156 | $24610 |
| **4/30/2022** | $16876 | $18326 | $18169 | $22464 |
| **5/31/2022** | $17080 | $18682 | $18520 | $22505 |
| **6/30/2022** | $15872 | $17050 | $17120 | $20648 |
| **7/31/2022** | $16832 | $18180 | $18120 | $22552 |
| **8/31/2022** | $16383 | $17638 | $17569 | $21632 |
| **9/30/2022** | $15207 | $16092 | $16110 | $19640 |
| **10/31/2022** | $16622 | $17742 | $17641 | $21230 |
| **11/30/2022** | $17572 | $18850 | $18710 | $22416 |
| **12/31/2022** | $16954 | $18091 | $17968 | $21125 |
| **1/31/2023** | $17270 | $19028 | $18743 | $22452 |
| **2/28/2023** | $16845 | $18357 | $18176 | $21904 |
| **3/31/2023** | $16487 | $18273 | $18140 | $22708 |
| **4/30/2023** | $16739 | $18548 | $18377 | $23063 |
| **5/31/2023** | $16203 | $17832 | $17747 | $23163 |
| **6/30/2023** | $17134 | $19017 | $18820 | $24693 |
| **7/31/2023** | $17748 | $19686 | $19429 | $25487 |
| **8/31/2023** | $17441 | $19154 | $18981 | $25081 |
| **9/30/2023** | $16830 | $18415 | $18227 | $23885 |
| **10/31/2023** | $16478 | $17765 | $17749 | $23383 |
| **11/30/2023** | $17799 | $19106 | $19014 | $25518 |
| **12/31/2023** | $18671 | $20164 | $19997 | $26678 |
| **1/31/2024** | $18793 | $20185 | $20045 | $27126 |
| **2/29/2024** | $19732 | $20930 | $20670 | $28574 |
| **3/31/2024** | $20574 | $21976 | $21543 | $29494 |
| **4/30/2024** | $19688 | $21037 | $20740 | $28289 |
| **5/31/2024** | $20297 | $21704 | $21434 | $29692 |
| **6/30/2024** | $20349 | $21500 | $21470 | $30757 |
| **7/31/2024** | $21127 | $22599 | $22346 | $31132 |
| **8/31/2024** | $21605 | $23205 | $22894 | $31887 |
| **9/30/2024** | $21837 | $23527 | $23214 | $32568 |
| **10/31/2024** | $22004 | $23269 | $22981 | $32272 |
| **11/30/2024** | $23244 | $24754 | $24153 | $34167 |
| **12/31/2024** | $21813 | $23061 | $22828 | $33352 |
| **1/31/2025** | $22923 | $24129 | $23646 | $34281 |
| **2/28/2025** | $22841 | $24227 | $23773 | $33834 |
| **3/31/2025** | $21887 | $23554 | $23043 | $31928 |
| **4/30/2025** | $21547 | $22836 | $22399 | $31711 |
| **5/31/2025** | $22449 | $23638 | $23266 | $33707 |
| **6/30/2025** | $23258 | $24446 | $24075 | $35421 |
| **7/31/2025** | $23469 | $24586 | $24259 | $36216 |
| **8/31/2025** | $23950 | $25370 | $25011 | $36950 |
| **9/30/2025** | $24559 | $25749 | $25346 | $38299 |
| **10/31/2025** | $24406 | $25863 | $25221 | $39196 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R2 at NAV | 10.92% | 13.45% | 9.33% |
| Russell 1000 Value Index | 11.15% | 14.28% | 9.97% |
| Lipper Equity Income Fund Average | 9.75% | 13.50% | 9.69% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *October 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6315939356 |
| # of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $19411246 |

---

## **What did the Fund invest in?** 
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 4.66% |
| Consumer Discretionary | 4.16% |
| Consumer Staples | 6.50% |
| Energy | 9.49% |
| Financials | 22.74% |
| Health Care | 11.89% |
| Industrials | 18.55% |
| Information Technology | 11.27% |
| Materials | 5.78% |
| Utilities | 4.26% |
| Repurchase Agreements | 0.70% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

![Image](i9949bc6144692a543143df58.jpg)

# Class R2

# LAFQX

# Lord Abbett Affiliated Fund Inc.

#### Annual Shareholder Report

#### October 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1041-R2

#### 12/25
![Image](i801ebbd23d81f3e8456e43b1.jpg)

# Class R3

# LAFRX

# Lord Abbett Affiliated Fund Inc.

#### Annual Shareholder Report

#### October 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Affiliated Fund Inc. for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $99 | 0.94% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund returned 11.02%, reflecting performance at the net asset value (NAV) of Class R3 shares, with all distributions reinvested, compared to the 11.15% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Value Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 21.45% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** Security selection within the Information Technology sector contributed to relative performance, led by an overweight allocation to Broadcom Inc. Security selection within the Consumer Staples sector also contributed to relative performance, led by an overweight allocation to Walmart Inc.

**Top detractors from performance:** Security selection within the Industrials sector detracted from relative performance, led by an overweight allocation to Cintas Corporation. Security selection within the Health Care sector also detracted from relative performance, led by an overweight allocation to UnitedHealth Group Incorporated.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i593559278afc2f13ebcddd66.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R3** | **Russell 1000 Value Index** | **Lipper Equity Income Fund Average** | **S&P 500 Index** |
| **10/31/2015** | $10000 | $10000 | $10000 | $10000 |
| **11/30/2015** | $9951 | $10038 | $9977 | $10030 |
| **12/31/2015** | $9751 | $9822 | $9773 | $9872 |
| **1/31/2016** | $9274 | $9315 | $9390 | $9382 |
| **2/29/2016** | $9343 | $9312 | $9435 | $9369 |
| **3/31/2016** | $9985 | $9983 | $10047 | $10005 |
| **4/30/2016** | $10090 | $10193 | $10148 | $10043 |
| **5/31/2016** | $10229 | $10351 | $10271 | $10224 |
| **6/30/2016** | $10294 | $10441 | $10393 | $10250 |
| **7/31/2016** | $10644 | $10744 | $10695 | $10628 |
| **8/31/2016** | $10679 | $10827 | $10687 | $10643 |
| **9/30/2016** | $10677 | $10804 | $10656 | $10645 |
| **10/31/2016** | $10557 | $10637 | $10458 | $10451 |
| **11/30/2016** | $11197 | $11245 | $10891 | $10838 |
| **12/31/2016** | $11417 | $11526 | $11129 | $11052 |
| **1/31/2017** | $11439 | $11608 | $11237 | $11262 |
| **2/28/2017** | $11961 | $12025 | $11595 | $11709 |
| **3/31/2017** | $11878 | $11902 | $11559 | $11723 |
| **4/30/2017** | $11923 | $11880 | $11661 | $11843 |
| **5/31/2017** | $11990 | $11868 | $11713 | $12010 |
| **6/30/2017** | $12109 | $12062 | $11823 | $12085 |
| **7/31/2017** | $12229 | $12223 | $11981 | $12333 |
| **8/31/2017** | $12071 | $12080 | $11899 | $12371 |
| **9/30/2017** | $12471 | $12438 | $12241 | $12626 |
| **10/31/2017** | $12584 | $12528 | $12379 | $12921 |
| **11/30/2017** | $13016 | $12912 | $12743 | $13317 |
| **12/31/2017** | $13220 | $13100 | $12904 | $13465 |
| **1/31/2018** | $13764 | $13607 | $13393 | $14236 |
| **2/28/2018** | $13153 | $12957 | $12786 | $13711 |
| **3/31/2018** | $12896 | $12729 | $12578 | $13363 |
| **4/30/2018** | $12913 | $12771 | $12634 | $13414 |
| **5/31/2018** | $12988 | $12847 | $12789 | $13737 |
| **6/30/2018** | $12951 | $12879 | $12831 | $13822 |
| **7/31/2018** | $13518 | $13389 | $13291 | $14336 |
| **8/31/2018** | $13763 | $13587 | $13502 | $14803 |
| **9/30/2018** | $13789 | $13614 | $13511 | $14887 |
| **10/31/2018** | $13076 | $12909 | $12755 | $13870 |
| **11/30/2018** | $13475 | $13294 | $13080 | $14153 |
| **12/31/2018** | $12209 | $12017 | $11971 | $12875 |
| **1/31/2019** | $13090 | $12953 | $12797 | $13906 |
| **2/28/2019** | $13507 | $13367 | $13176 | $14353 |
| **3/31/2019** | $13496 | $13452 | $13284 | $14632 |
| **4/30/2019** | $13962 | $13929 | $13701 | $15224 |
| **5/31/2019** | $13077 | $13033 | $12907 | $14257 |
| **6/30/2019** | $14002 | $13969 | $13703 | $15262 |
| **7/31/2019** | $14189 | $14085 | $13836 | $15481 |
| **8/31/2019** | $13805 | $13670 | $13574 | $15236 |
| **9/30/2019** | $14335 | $14158 | $13987 | $15521 |
| **10/31/2019** | $14448 | $14356 | $14134 | $15857 |
| **11/30/2019** | $14918 | $14800 | $14487 | $16432 |
| **12/31/2019** | $15264 | $15207 | $14878 | $16928 |
| **1/31/2020** | $14800 | $14880 | $14583 | $16922 |
| **2/29/2020** | $13321 | $13439 | $13254 | $15529 |
| **3/31/2020** | $10993 | $11142 | $11221 | $13611 |
| **4/30/2020** | $12170 | $12395 | $12408 | $15356 |
| **5/31/2020** | $12657 | $12820 | $12873 | $16087 |
| **6/30/2020** | $12697 | $12734 | $12948 | $16407 |
| **7/31/2020** | $13127 | $13238 | $13448 | $17332 |
| **8/31/2020** | $13724 | $13785 | $14007 | $18578 |
| **9/30/2020** | $13364 | $13447 | $13636 | $17872 |
| **10/31/2020** | $13059 | $13270 | $13391 | $17397 |
| **11/30/2020** | $14592 | $15055 | $15003 | $19301 |
| **12/31/2020** | $15029 | $15632 | $15509 | $20043 |
| **1/31/2021** | $14743 | $15489 | $15397 | $19841 |
| **2/28/2021** | $15522 | $16425 | $16014 | $20388 |
| **3/31/2021** | $16331 | $17392 | $16961 | $21281 |
| **4/30/2021** | $17122 | $18087 | $17620 | $22416 |
| **5/31/2021** | $17468 | $18509 | $18006 | $22573 |
| **6/30/2021** | $17240 | $18297 | $17934 | $23100 |
| **7/31/2021** | $17567 | $18444 | $18137 | $23649 |
| **8/31/2021** | $18062 | $18809 | $18504 | $24368 |
| **9/30/2021** | $17221 | $18155 | $17772 | $23234 |
| **10/31/2021** | $18335 | $19077 | $18749 | $24862 |
| **11/30/2021** | $17952 | $18404 | $18290 | $24690 |
| **12/31/2021** | $19000 | $19565 | $19412 | $25797 |
| **1/31/2022** | $18120 | $19110 | $18946 | $24462 |
| **2/28/2022** | $17782 | $18888 | $18660 | $23729 |
| **3/31/2022** | $18153 | $19421 | $19156 | $24610 |
| **4/30/2022** | $16994 | $18326 | $18169 | $22464 |
| **5/31/2022** | $17199 | $18682 | $18520 | $22505 |
| **6/30/2022** | $15994 | $17050 | $17120 | $20648 |
| **7/31/2022** | $16963 | $18180 | $18120 | $22552 |
| **8/31/2022** | $16499 | $17638 | $17569 | $21632 |
| **9/30/2022** | $15325 | $16092 | $16110 | $19640 |
| **10/31/2022** | $16744 | $17742 | $17641 | $21230 |
| **11/30/2022** | $17702 | $18850 | $18710 | $22416 |
| **12/31/2022** | $17082 | $18091 | $17968 | $21125 |
| **1/31/2023** | $17401 | $19028 | $18743 | $22452 |
| **2/28/2023** | $16983 | $18357 | $18176 | $21904 |
| **3/31/2023** | $16627 | $18273 | $18140 | $22708 |
| **4/30/2023** | $16881 | $18548 | $18377 | $23063 |
| **5/31/2023** | $16339 | $17832 | $17747 | $23163 |
| **6/30/2023** | $17270 | $19017 | $18820 | $24693 |
| **7/31/2023** | $17903 | $19686 | $19429 | $25487 |
| **8/31/2023** | $17592 | $19154 | $18981 | $25081 |
| **9/30/2023** | $16970 | $18415 | $18227 | $23885 |
| **10/31/2023** | $16625 | $17765 | $17749 | $23383 |
| **11/30/2023** | $17949 | $19106 | $19014 | $25518 |
| **12/31/2023** | $18836 | $20164 | $19997 | $26678 |
| **1/31/2024** | $18959 | $20185 | $20045 | $27126 |
| **2/29/2024** | $19908 | $20930 | $20670 | $28574 |
| **3/31/2024** | $20753 | $21976 | $21543 | $29494 |
| **4/30/2024** | $19868 | $21037 | $20740 | $28289 |
| **5/31/2024** | $20484 | $21704 | $21434 | $29692 |
| **6/30/2024** | $20542 | $21500 | $21470 | $30757 |
| **7/31/2024** | $21329 | $22599 | $22346 | $31132 |
| **8/31/2024** | $21801 | $23205 | $22894 | $31887 |
| **9/30/2024** | $22039 | $23527 | $23214 | $32568 |
| **10/31/2024** | $22208 | $23269 | $22981 | $32272 |
| **11/30/2024** | $23463 | $24754 | $24153 | $34167 |
| **12/31/2024** | $22026 | $23061 | $22828 | $33352 |
| **1/31/2025** | $23149 | $24129 | $23646 | $34281 |
| **2/28/2025** | $23066 | $24227 | $23773 | $33834 |
| **3/31/2025** | $22105 | $23554 | $23043 | $31928 |
| **4/30/2025** | $21761 | $22836 | $22399 | $31711 |
| **5/31/2025** | $22674 | $23638 | $23266 | $33707 |
| **6/30/2025** | $23500 | $24446 | $24075 | $35421 |
| **7/31/2025** | $23714 | $24586 | $24259 | $36216 |
| **8/31/2025** | $24201 | $25370 | $25011 | $36950 |
| **9/30/2025** | $24823 | $25749 | $25346 | $38299 |
| **10/31/2025** | $24656 | $25863 | $25221 | $39196 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R3 at NAV | 11.02% | 13.55% | 9.44% |
| Russell 1000 Value Index | 11.15% | 14.28% | 9.97% |
| Lipper Equity Income Fund Average | 9.75% | 13.50% | 9.69% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *October 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6315939356 |
| # of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $19411246 |

---

## **What did the Fund invest in?** 
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 4.66% |
| Consumer Discretionary | 4.16% |
| Consumer Staples | 6.50% |
| Energy | 9.49% |
| Financials | 22.74% |
| Health Care | 11.89% |
| Industrials | 18.55% |
| Information Technology | 11.27% |
| Materials | 5.78% |
| Utilities | 4.26% |
| Repurchase Agreements | 0.70% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

![Image](i9949bc6144692a543143df58.jpg)

# Class R3

# LAFRX

# Lord Abbett Affiliated Fund Inc.

#### Annual Shareholder Report

#### October 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-2046-R3

#### 12/25
![Image](i801ebbd23d81f3e8456e43b1.jpg)

# Class R4

# LAFSX

# Lord Abbett Affiliated Fund Inc.

#### Annual Shareholder Report

#### October 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Affiliated Fund Inc. for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $73 | 0.69% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund returned 11.32%, reflecting performance at the net asset value (NAV) of Class R4 shares, with all distributions reinvested, compared to the 11.15% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Value Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 21.45% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** Security selection within the Information Technology sector contributed to relative performance, led by an overweight allocation to Broadcom Inc. Security selection within the Consumer Staples sector also contributed to relative performance, led by an overweight allocation to Walmart Inc.

**Top detractors from performance:** Security selection within the Industrials sector detracted from relative performance, led by an overweight allocation to Cintas Corporation. Security selection within the Health Care sector also detracted from relative performance, led by an overweight allocation to UnitedHealth Group Incorporated.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](if3cd2202941861dd32441d06.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R4** | **Russell 1000 Value Index** | **Lipper Equity Income Fund Average** | **S&P 500 Index** |
| **10/31/2015** | $10000 | $10000 | $10000 | $10000 |
| **11/30/2015** | $9951 | $10038 | $9977 | $10030 |
| **12/31/2015** | $9757 | $9822 | $9773 | $9872 |
| **1/31/2016** | $9280 | $9315 | $9390 | $9382 |
| **2/29/2016** | $9349 | $9312 | $9435 | $9369 |
| **3/31/2016** | $10004 | $9983 | $10047 | $10005 |
| **4/30/2016** | $10108 | $10193 | $10148 | $10043 |
| **5/31/2016** | $10247 | $10351 | $10271 | $10224 |
| **6/30/2016** | $10319 | $10441 | $10393 | $10250 |
| **7/31/2016** | $10669 | $10744 | $10695 | $10628 |
| **8/31/2016** | $10704 | $10827 | $10687 | $10643 |
| **9/30/2016** | $10701 | $10804 | $10656 | $10645 |
| **10/31/2016** | $10582 | $10637 | $10458 | $10451 |
| **11/30/2016** | $11237 | $11245 | $10891 | $10838 |
| **12/31/2016** | $11455 | $11526 | $11129 | $11052 |
| **1/31/2017** | $11477 | $11608 | $11237 | $11262 |
| **2/28/2017** | $12008 | $12025 | $11595 | $11709 |
| **3/31/2017** | $11922 | $11902 | $11559 | $11723 |
| **4/30/2017** | $11975 | $11880 | $11661 | $11843 |
| **5/31/2017** | $12042 | $11868 | $11713 | $12010 |
| **6/30/2017** | $12163 | $12062 | $11823 | $12085 |
| **7/31/2017** | $12291 | $12223 | $11981 | $12333 |
| **8/31/2017** | $12132 | $12080 | $11899 | $12371 |
| **9/30/2017** | $12535 | $12438 | $12241 | $12626 |
| **10/31/2017** | $12649 | $12528 | $12379 | $12921 |
| **11/30/2017** | $13091 | $12912 | $12743 | $13317 |
| **12/31/2017** | $13297 | $13100 | $12904 | $13465 |
| **1/31/2018** | $13845 | $13607 | $13393 | $14236 |
| **2/28/2018** | $13230 | $12957 | $12786 | $13711 |
| **3/31/2018** | $12980 | $12729 | $12578 | $13363 |
| **4/30/2018** | $12997 | $12771 | $12634 | $13414 |
| **5/31/2018** | $13073 | $12847 | $12789 | $13737 |
| **6/30/2018** | $13045 | $12879 | $12831 | $13822 |
| **7/31/2018** | $13615 | $13389 | $13291 | $14336 |
| **8/31/2018** | $13862 | $13587 | $13502 | $14803 |
| **9/30/2018** | $13889 | $13614 | $13511 | $14887 |
| **10/31/2018** | $13170 | $12909 | $12755 | $13870 |
| **11/30/2018** | $13572 | $13294 | $13080 | $14153 |
| **12/31/2018** | $12305 | $12017 | $11971 | $12875 |
| **1/31/2019** | $13193 | $12953 | $12797 | $13906 |
| **2/28/2019** | $13614 | $13367 | $13176 | $14353 |
| **3/31/2019** | $13602 | $13452 | $13284 | $14632 |
| **4/30/2019** | $14072 | $13929 | $13701 | $15224 |
| **5/31/2019** | $13188 | $13033 | $12907 | $14257 |
| **6/30/2019** | $14121 | $13969 | $13703 | $15262 |
| **7/31/2019** | $14310 | $14085 | $13836 | $15481 |
| **8/31/2019** | $13932 | $13670 | $13574 | $15236 |
| **9/30/2019** | $14466 | $14158 | $13987 | $15521 |
| **10/31/2019** | $14580 | $14356 | $14134 | $15857 |
| **11/30/2019** | $15055 | $14800 | $14487 | $16432 |
| **12/31/2019** | $15414 | $15207 | $14878 | $16928 |
| **1/31/2020** | $14955 | $14880 | $14583 | $16922 |
| **2/29/2020** | $13450 | $13439 | $13254 | $15529 |
| **3/31/2020** | $11106 | $11142 | $11221 | $13611 |
| **4/30/2020** | $12297 | $12395 | $12408 | $15356 |
| **5/31/2020** | $12799 | $12820 | $12873 | $16087 |
| **6/30/2020** | $12839 | $12734 | $12948 | $16407 |
| **7/31/2020** | $13275 | $13238 | $13448 | $17332 |
| **8/31/2020** | $13879 | $13785 | $14007 | $18578 |
| **9/30/2020** | $13513 | $13447 | $13636 | $17872 |
| **10/31/2020** | $13214 | $13270 | $13391 | $17397 |
| **11/30/2020** | $14778 | $15055 | $15003 | $19301 |
| **12/31/2020** | $15220 | $15632 | $15509 | $20043 |
| **1/31/2021** | $14930 | $15489 | $15397 | $19841 |
| **2/28/2021** | $15719 | $16425 | $16014 | $20388 |
| **3/31/2021** | $16551 | $17392 | $16961 | $21281 |
| **4/30/2021** | $17343 | $18087 | $17620 | $22416 |
| **5/31/2021** | $17704 | $18509 | $18006 | $22573 |
| **6/30/2021** | $17474 | $18297 | $17934 | $23100 |
| **7/31/2021** | $17816 | $18444 | $18137 | $23649 |
| **8/31/2021** | $18319 | $18809 | $18504 | $24368 |
| **9/30/2021** | $17466 | $18155 | $17772 | $23234 |
| **10/31/2021** | $18598 | $19077 | $18749 | $24862 |
| **11/30/2021** | $18220 | $18404 | $18290 | $24690 |
| **12/31/2021** | $19285 | $19565 | $19412 | $25797 |
| **1/31/2022** | $18401 | $19110 | $18946 | $24462 |
| **2/28/2022** | $18058 | $18888 | $18660 | $23729 |
| **3/31/2022** | $18436 | $19421 | $19156 | $24610 |
| **4/30/2022** | $17267 | $18326 | $18169 | $22464 |
| **5/31/2022** | $17476 | $18682 | $18520 | $22505 |
| **6/30/2022** | $16251 | $17050 | $17120 | $20648 |
| **7/31/2022** | $17238 | $18180 | $18120 | $22552 |
| **8/31/2022** | $16776 | $17638 | $17569 | $21632 |
| **9/30/2022** | $15580 | $16092 | $16110 | $19640 |
| **10/31/2022** | $17035 | $17742 | $17641 | $21230 |
| **11/30/2022** | $18013 | $18850 | $18710 | $22416 |
| **12/31/2022** | $17380 | $18091 | $17968 | $21125 |
| **1/31/2023** | $17717 | $19028 | $18743 | $22452 |
| **2/28/2023** | $17279 | $18357 | $18176 | $21904 |
| **3/31/2023** | $16926 | $18273 | $18140 | $22708 |
| **4/30/2023** | $17185 | $18548 | $18377 | $23063 |
| **5/31/2023** | $16645 | $17832 | $17747 | $23163 |
| **6/30/2023** | $17596 | $19017 | $18820 | $24693 |
| **7/31/2023** | $18241 | $19686 | $19429 | $25487 |
| **8/31/2023** | $17924 | $19154 | $18981 | $25081 |
| **9/30/2023** | $17300 | $18415 | $18227 | $23885 |
| **10/31/2023** | $16948 | $17765 | $17749 | $23383 |
| **11/30/2023** | $18312 | $19106 | $19014 | $25518 |
| **12/31/2023** | $19217 | $20164 | $19997 | $26678 |
| **1/31/2024** | $19342 | $20185 | $20045 | $27126 |
| **2/29/2024** | $20313 | $20930 | $20670 | $28574 |
| **3/31/2024** | $21189 | $21976 | $21543 | $29494 |
| **4/30/2024** | $20284 | $21037 | $20740 | $28289 |
| **5/31/2024** | $20914 | $21704 | $21434 | $29692 |
| **6/30/2024** | $20975 | $21500 | $21470 | $30757 |
| **7/31/2024** | $21780 | $22599 | $22346 | $31132 |
| **8/31/2024** | $22275 | $23205 | $22894 | $31887 |
| **9/30/2024** | $22522 | $23527 | $23214 | $32568 |
| **10/31/2024** | $22706 | $23269 | $22981 | $32272 |
| **11/30/2024** | $23991 | $24754 | $24153 | $34167 |
| **12/31/2024** | $22522 | $23061 | $22828 | $33352 |
| **1/31/2025** | $23673 | $24129 | $23646 | $34281 |
| **2/28/2025** | $23600 | $24227 | $23773 | $33834 |
| **3/31/2025** | $22618 | $23554 | $23043 | $31928 |
| **4/30/2025** | $22278 | $22836 | $22399 | $31711 |
| **5/31/2025** | $23214 | $23638 | $23266 | $33707 |
| **6/30/2025** | $24062 | $24446 | $24075 | $35421 |
| **7/31/2025** | $24282 | $24586 | $24259 | $36216 |
| **8/31/2025** | $24782 | $25370 | $25011 | $36950 |
| **9/30/2025** | $25422 | $25749 | $25346 | $38299 |
| **10/31/2025** | $25276 | $25863 | $25221 | $39196 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R4 at NAV | 11.32% | 13.85% | 9.72% |
| Russell 1000 Value Index | 11.15% | 14.28% | 9.97% |
| Lipper Equity Income Fund Average | 9.75% | 13.50% | 9.69% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *October 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6315939356 |
| # of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $19411246 |

---

## **What did the Fund invest in?** 
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 4.66% |
| Consumer Discretionary | 4.16% |
| Consumer Staples | 6.50% |
| Energy | 9.49% |
| Financials | 22.74% |
| Health Care | 11.89% |
| Industrials | 18.55% |
| Information Technology | 11.27% |
| Materials | 5.78% |
| Utilities | 4.26% |
| Repurchase Agreements | 0.70% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

![Image](i9949bc6144692a543143df58.jpg)

# Class R4

# LAFSX

# Lord Abbett Affiliated Fund Inc.

#### Annual Shareholder Report

#### October 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8700-R4

#### 12/25
![Image](i801ebbd23d81f3e8456e43b1.jpg)

# Class R5

# LAFTX

# Lord Abbett Affiliated Fund Inc.

#### Annual Shareholder Report

#### October 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Affiliated Fund Inc. for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $47 | 0.44% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund returned 11.60%, reflecting performance at the net asset value (NAV) of Class R5 shares, with all distributions reinvested, compared to the 11.15% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Value Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 21.45% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** Security selection within the Information Technology sector contributed to relative performance, led by an overweight allocation to Broadcom Inc. Security selection within the Consumer Staples sector also contributed to relative performance, led by an overweight allocation to Walmart Inc.

**Top detractors from performance:** Security selection within the Industrials sector detracted from relative performance, led by an overweight allocation to Cintas Corporation. Security selection within the Health Care sector also detracted from relative performance, led by an overweight allocation to UnitedHealth Group Incorporated.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4aec8e9c45b888d9f9755c9c.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R5** | **Russell 1000 Value Index** | **Lipper Equity Income Fund Average** | **S&P 500 Index** |
| **10/31/2015** | $10000 | $10000 | $10000 | $10000 |
| **11/30/2015** | $9958 | $10038 | $9977 | $10030 |
| **12/31/2015** | $9764 | $9822 | $9773 | $9872 |
| **1/31/2016** | $9289 | $9315 | $9390 | $9382 |
| **2/29/2016** | $9358 | $9312 | $9435 | $9369 |
| **3/31/2016** | $10016 | $9983 | $10047 | $10005 |
| **4/30/2016** | $10120 | $10193 | $10148 | $10043 |
| **5/31/2016** | $10266 | $10351 | $10271 | $10224 |
| **6/30/2016** | $10337 | $10441 | $10393 | $10250 |
| **7/31/2016** | $10686 | $10744 | $10695 | $10628 |
| **8/31/2016** | $10728 | $10827 | $10687 | $10643 |
| **9/30/2016** | $10725 | $10804 | $10656 | $10645 |
| **10/31/2016** | $10613 | $10637 | $10458 | $10451 |
| **11/30/2016** | $11267 | $11245 | $10891 | $10838 |
| **12/31/2016** | $11487 | $11526 | $11129 | $11052 |
| **1/31/2017** | $11517 | $11608 | $11237 | $11262 |
| **2/28/2017** | $12047 | $12025 | $11595 | $11709 |
| **3/31/2017** | $11970 | $11902 | $11559 | $11723 |
| **4/30/2017** | $12023 | $11880 | $11661 | $11843 |
| **5/31/2017** | $12091 | $11868 | $11713 | $12010 |
| **6/30/2017** | $12216 | $12062 | $11823 | $12085 |
| **7/31/2017** | $12345 | $12223 | $11981 | $12333 |
| **8/31/2017** | $12193 | $12080 | $11899 | $12371 |
| **9/30/2017** | $12595 | $12438 | $12241 | $12626 |
| **10/31/2017** | $12716 | $12528 | $12379 | $12921 |
| **11/30/2017** | $13158 | $12912 | $12743 | $13317 |
| **12/31/2017** | $13370 | $13100 | $12904 | $13465 |
| **1/31/2018** | $13925 | $13607 | $13393 | $14236 |
| **2/28/2018** | $13311 | $12957 | $12786 | $13711 |
| **3/31/2018** | $13060 | $12729 | $12578 | $13363 |
| **4/30/2018** | $13077 | $12771 | $12634 | $13414 |
| **5/31/2018** | $13154 | $12847 | $12789 | $13737 |
| **6/30/2018** | $13133 | $12879 | $12831 | $13822 |
| **7/31/2018** | $13713 | $13389 | $13291 | $14336 |
| **8/31/2018** | $13968 | $13587 | $13502 | $14803 |
| **9/30/2018** | $13995 | $13614 | $13511 | $14887 |
| **10/31/2018** | $13275 | $12909 | $12755 | $13870 |
| **11/30/2018** | $13678 | $13294 | $13080 | $14153 |
| **12/31/2018** | $12408 | $12017 | $11971 | $12875 |
| **1/31/2019** | $13298 | $12953 | $12797 | $13906 |
| **2/28/2019** | $13729 | $13367 | $13176 | $14353 |
| **3/31/2019** | $13726 | $13452 | $13284 | $14632 |
| **4/30/2019** | $14207 | $13929 | $13701 | $15224 |
| **5/31/2019** | $13311 | $13033 | $12907 | $14257 |
| **6/30/2019** | $14255 | $13969 | $13703 | $15262 |
| **7/31/2019** | $14454 | $14085 | $13836 | $15481 |
| **8/31/2019** | $14065 | $13670 | $13574 | $15236 |
| **9/30/2019** | $14620 | $14158 | $13987 | $15521 |
| **10/31/2019** | $14734 | $14356 | $14134 | $15857 |
| **11/30/2019** | $15211 | $14800 | $14487 | $16432 |
| **12/31/2019** | $15581 | $15207 | $14878 | $16928 |
| **1/31/2020** | $15120 | $14880 | $14583 | $16922 |
| **2/29/2020** | $13599 | $13439 | $13254 | $15529 |
| **3/31/2020** | $11235 | $11142 | $11221 | $13611 |
| **4/30/2020** | $12432 | $12395 | $12408 | $15356 |
| **5/31/2020** | $12947 | $12820 | $12873 | $16087 |
| **6/30/2020** | $12984 | $12734 | $12948 | $16407 |
| **7/31/2020** | $13442 | $13238 | $13448 | $17332 |
| **8/31/2020** | $14049 | $13785 | $14007 | $18578 |
| **9/30/2020** | $13680 | $13447 | $13636 | $17872 |
| **10/31/2020** | $13380 | $13270 | $13391 | $17397 |
| **11/30/2020** | $14962 | $15055 | $15003 | $19301 |
| **12/31/2020** | $15416 | $15632 | $15509 | $20043 |
| **1/31/2021** | $15124 | $15489 | $15397 | $19841 |
| **2/28/2021** | $15929 | $16425 | $16014 | $20388 |
| **3/31/2021** | $16775 | $17392 | $16961 | $21281 |
| **4/30/2021** | $17593 | $18087 | $17620 | $22416 |
| **5/31/2021** | $17957 | $18509 | $18006 | $22573 |
| **6/30/2021** | $17725 | $18297 | $17934 | $23100 |
| **7/31/2021** | $18070 | $18444 | $18137 | $23649 |
| **8/31/2021** | $18587 | $18809 | $18504 | $24368 |
| **9/30/2021** | $17728 | $18155 | $17772 | $23234 |
| **10/31/2021** | $18880 | $19077 | $18749 | $24862 |
| **11/30/2021** | $18498 | $18404 | $18290 | $24690 |
| **12/31/2021** | $19584 | $19565 | $19412 | $25797 |
| **1/31/2022** | $18692 | $19110 | $18946 | $24462 |
| **2/28/2022** | $18346 | $18888 | $18660 | $23729 |
| **3/31/2022** | $18739 | $19421 | $19156 | $24610 |
| **4/30/2022** | $17549 | $18326 | $18169 | $22464 |
| **5/31/2022** | $17770 | $18682 | $18520 | $22505 |
| **6/30/2022** | $16524 | $17050 | $17120 | $20648 |
| **7/31/2022** | $17531 | $18180 | $18120 | $22552 |
| **8/31/2022** | $17064 | $17638 | $17569 | $21632 |
| **9/30/2022** | $15859 | $16092 | $16110 | $19640 |
| **10/31/2022** | $17340 | $17742 | $17641 | $21230 |
| **11/30/2022** | $18338 | $18850 | $18710 | $22416 |
| **12/31/2022** | $17698 | $18091 | $17968 | $21125 |
| **1/31/2023** | $18038 | $19028 | $18743 | $22452 |
| **2/28/2023** | $17596 | $18357 | $18176 | $21904 |
| **3/31/2023** | $17239 | $18273 | $18140 | $22708 |
| **4/30/2023** | $17513 | $18548 | $18377 | $23063 |
| **5/31/2023** | $16966 | $17832 | $17747 | $23163 |
| **6/30/2023** | $17939 | $19017 | $18820 | $24693 |
| **7/31/2023** | $18603 | $19686 | $19429 | $25487 |
| **8/31/2023** | $18283 | $19154 | $18981 | $25081 |
| **9/30/2023** | $17652 | $18415 | $18227 | $23885 |
| **10/31/2023** | $17283 | $17765 | $17749 | $23383 |
| **11/30/2023** | $18687 | $19106 | $19014 | $25518 |
| **12/31/2023** | $19614 | $20164 | $19997 | $26678 |
| **1/31/2024** | $19753 | $20185 | $20045 | $27126 |
| **2/29/2024** | $20748 | $20930 | $20670 | $28574 |
| **3/31/2024** | $21636 | $21976 | $21543 | $29494 |
| **4/30/2024** | $20719 | $21037 | $20740 | $28289 |
| **5/31/2024** | $21369 | $21704 | $21434 | $29692 |
| **6/30/2024** | $21432 | $21500 | $21470 | $30757 |
| **7/31/2024** | $22272 | $22599 | $22346 | $31132 |
| **8/31/2024** | $22786 | $23205 | $22894 | $31887 |
| **9/30/2024** | $23038 | $23527 | $23214 | $32568 |
| **10/31/2024** | $23225 | $23269 | $22981 | $32272 |
| **11/30/2024** | $24541 | $24754 | $24153 | $34167 |
| **12/31/2024** | $23053 | $23061 | $22828 | $33352 |
| **1/31/2025** | $24234 | $24129 | $23646 | $34281 |
| **2/28/2025** | $24160 | $24227 | $23773 | $33834 |
| **3/31/2025** | $23165 | $23554 | $23043 | $31928 |
| **4/30/2025** | $22808 | $22836 | $22399 | $31711 |
| **5/31/2025** | $23783 | $23638 | $23266 | $33707 |
| **6/30/2025** | $24646 | $24446 | $24075 | $35421 |
| **7/31/2025** | $24882 | $24586 | $24259 | $36216 |
| **8/31/2025** | $25402 | $25370 | $25011 | $36950 |
| **9/30/2025** | $26069 | $25749 | $25346 | $38299 |
| **10/31/2025** | $25920 | $25863 | $25221 | $39196 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R5 at NAV | 11.60% | 14.14% | 9.99% |
| Russell 1000 Value Index | 11.15% | 14.28% | 9.97% |
| Lipper Equity Income Fund Average | 9.75% | 13.50% | 9.69% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *October 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6315939356 |
| # of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $19411246 |

---

## **What did the Fund invest in?** 
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 4.66% |
| Consumer Discretionary | 4.16% |
| Consumer Staples | 6.50% |
| Energy | 9.49% |
| Financials | 22.74% |
| Health Care | 11.89% |
| Industrials | 18.55% |
| Information Technology | 11.27% |
| Materials | 5.78% |
| Utilities | 4.26% |
| Repurchase Agreements | 0.70% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

![Image](i9949bc6144692a543143df58.jpg)

# Class R5

# LAFTX

# Lord Abbett Affiliated Fund Inc.

#### Annual Shareholder Report

#### October 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8732-R5

#### 12/25
![Image](i801ebbd23d81f3e8456e43b1.jpg)

# Class R6

# LAFVX

# Lord Abbett Affiliated Fund Inc.

#### Annual Shareholder Report

#### October 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Affiliated Fund Inc. for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $41 | 0.39% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund returned 11.59%, reflecting performance at the net asset value (NAV) of Class R6 shares, with all distributions reinvested, compared to the 11.15% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Value Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 21.45% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** Security selection within the Information Technology sector contributed to relative performance, led by an overweight allocation to Broadcom Inc. Security selection within the Consumer Staples sector also contributed to relative performance, led by an overweight allocation to Walmart Inc.

**Top detractors from performance:** Security selection within the Industrials sector detracted from relative performance, led by an overweight allocation to Cintas Corporation. Security selection within the Health Care sector also detracted from relative performance, led by an overweight allocation to UnitedHealth Group Incorporated.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ice892b77ba28585048c2b6f1.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Russell 1000 Value Index** | **Lipper Equity Income Fund Average** | **S&P 500 Index** |
| **10/31/2015** | $10000 | $10000 | $10000 | $10000 |
| **11/30/2015** | $9951 | $10038 | $9977 | $10030 |
| **12/31/2015** | $9759 | $9822 | $9773 | $9872 |
| **1/31/2016** | $9290 | $9315 | $9390 | $9382 |
| **2/29/2016** | $9359 | $9312 | $9435 | $9369 |
| **3/31/2016** | $10011 | $9983 | $10047 | $10005 |
| **4/30/2016** | $10122 | $10193 | $10148 | $10043 |
| **5/31/2016** | $10268 | $10351 | $10271 | $10224 |
| **6/30/2016** | $10340 | $10441 | $10393 | $10250 |
| **7/31/2016** | $10696 | $10744 | $10695 | $10628 |
| **8/31/2016** | $10731 | $10827 | $10687 | $10643 |
| **9/30/2016** | $10736 | $10804 | $10656 | $10645 |
| **10/31/2016** | $10617 | $10637 | $10458 | $10451 |
| **11/30/2016** | $11271 | $11245 | $10891 | $10838 |
| **12/31/2016** | $11499 | $11526 | $11129 | $11052 |
| **1/31/2017** | $11521 | $11608 | $11237 | $11262 |
| **2/28/2017** | $12059 | $12025 | $11595 | $11709 |
| **3/31/2017** | $11975 | $11902 | $11559 | $11723 |
| **4/30/2017** | $12028 | $11880 | $11661 | $11843 |
| **5/31/2017** | $12103 | $11868 | $11713 | $12010 |
| **6/30/2017** | $12229 | $12062 | $11823 | $12085 |
| **7/31/2017** | $12358 | $12223 | $11981 | $12333 |
| **8/31/2017** | $12207 | $12080 | $11899 | $12371 |
| **9/30/2017** | $12608 | $12438 | $12241 | $12626 |
| **10/31/2017** | $12730 | $12528 | $12379 | $12921 |
| **11/30/2017** | $13172 | $12912 | $12743 | $13317 |
| **12/31/2017** | $13393 | $13100 | $12904 | $13465 |
| **1/31/2018** | $13948 | $13607 | $13393 | $14236 |
| **2/28/2018** | $13334 | $12957 | $12786 | $13711 |
| **3/31/2018** | $13076 | $12729 | $12578 | $13363 |
| **4/30/2018** | $13102 | $12771 | $12634 | $13414 |
| **5/31/2018** | $13178 | $12847 | $12789 | $13737 |
| **6/30/2018** | $13150 | $12879 | $12831 | $13822 |
| **7/31/2018** | $13738 | $13389 | $13291 | $14336 |
| **8/31/2018** | $13994 | $13587 | $13502 | $14803 |
| **9/30/2018** | $14022 | $13614 | $13511 | $14887 |
| **10/31/2018** | $13293 | $12909 | $12755 | $13870 |
| **11/30/2018** | $13704 | $13294 | $13080 | $14153 |
| **12/31/2018** | $12426 | $12017 | $11971 | $12875 |
| **1/31/2019** | $13325 | $12953 | $12797 | $13906 |
| **2/28/2019** | $13756 | $13367 | $13176 | $14353 |
| **3/31/2019** | $13754 | $13452 | $13284 | $14632 |
| **4/30/2019** | $14235 | $13929 | $13701 | $15224 |
| **5/31/2019** | $13339 | $13033 | $12907 | $14257 |
| **6/30/2019** | $14284 | $13969 | $13703 | $15262 |
| **7/31/2019** | $14483 | $14085 | $13836 | $15481 |
| **8/31/2019** | $14104 | $13670 | $13574 | $15236 |
| **9/30/2019** | $14650 | $14158 | $13987 | $15521 |
| **10/31/2019** | $14774 | $14356 | $14134 | $15857 |
| **11/30/2019** | $15250 | $14800 | $14487 | $16432 |
| **12/31/2019** | $15621 | $15207 | $14878 | $16928 |
| **1/31/2020** | $15160 | $14880 | $14583 | $16922 |
| **2/29/2020** | $13639 | $13439 | $13254 | $15529 |
| **3/31/2020** | $11266 | $11142 | $11221 | $13611 |
| **4/30/2020** | $12473 | $12395 | $12408 | $15356 |
| **5/31/2020** | $12987 | $12820 | $12873 | $16087 |
| **6/30/2020** | $13026 | $12734 | $12948 | $16407 |
| **7/31/2020** | $13484 | $13238 | $13448 | $17332 |
| **8/31/2020** | $14102 | $13785 | $14007 | $18578 |
| **9/30/2020** | $13734 | $13447 | $13636 | $17872 |
| **10/31/2020** | $13434 | $13270 | $13391 | $17397 |
| **11/30/2020** | $15017 | $15055 | $15003 | $19301 |
| **12/31/2020** | $15472 | $15632 | $15509 | $20043 |
| **1/31/2021** | $15180 | $15489 | $15397 | $19841 |
| **2/28/2021** | $15996 | $16425 | $16014 | $20388 |
| **3/31/2021** | $16844 | $17392 | $16961 | $21281 |
| **4/30/2021** | $17662 | $18087 | $17620 | $22416 |
| **5/31/2021** | $18026 | $18509 | $18006 | $22573 |
| **6/30/2021** | $17797 | $18297 | $17934 | $23100 |
| **7/31/2021** | $18141 | $18444 | $18137 | $23649 |
| **8/31/2021** | $18669 | $18809 | $18504 | $24368 |
| **9/30/2021** | $17802 | $18155 | $17772 | $23234 |
| **10/31/2021** | $18964 | $19077 | $18749 | $24862 |
| **11/30/2021** | $18582 | $18404 | $18290 | $24690 |
| **12/31/2021** | $19671 | $19565 | $19412 | $25797 |
| **1/31/2022** | $18768 | $19110 | $18946 | $24462 |
| **2/28/2022** | $18432 | $18888 | $18660 | $23729 |
| **3/31/2022** | $18828 | $19421 | $19156 | $24610 |
| **4/30/2022** | $17636 | $18326 | $18169 | $22464 |
| **5/31/2022** | $17847 | $18682 | $18520 | $22505 |
| **6/30/2022** | $16602 | $17050 | $17120 | $20648 |
| **7/31/2022** | $17620 | $18180 | $18120 | $22552 |
| **8/31/2022** | $17154 | $17638 | $17569 | $21632 |
| **9/30/2022** | $15939 | $16092 | $16110 | $19640 |
| **10/31/2022** | $17422 | $17742 | $17641 | $21230 |
| **11/30/2022** | $18431 | $18850 | $18710 | $22416 |
| **12/31/2022** | $17794 | $18091 | $17968 | $21125 |
| **1/31/2023** | $18134 | $19028 | $18743 | $22452 |
| **2/28/2023** | $17703 | $18357 | $18176 | $21904 |
| **3/31/2023** | $17336 | $18273 | $18140 | $22708 |
| **4/30/2023** | $17610 | $18548 | $18377 | $23063 |
| **5/31/2023** | $17062 | $17832 | $17747 | $23163 |
| **6/30/2023** | $18037 | $19017 | $18820 | $24693 |
| **7/31/2023** | $18702 | $19686 | $19429 | $25487 |
| **8/31/2023** | $18381 | $19154 | $18981 | $25081 |
| **9/30/2023** | $17750 | $18415 | $18227 | $23885 |
| **10/31/2023** | $17393 | $17765 | $17749 | $23383 |
| **11/30/2023** | $18798 | $19106 | $19014 | $25518 |
| **12/31/2023** | $19726 | $20164 | $19997 | $26678 |
| **1/31/2024** | $19865 | $20185 | $20045 | $27126 |
| **2/29/2024** | $20873 | $20930 | $20670 | $28574 |
| **3/31/2024** | $21773 | $21976 | $21543 | $29494 |
| **4/30/2024** | $20843 | $21037 | $20740 | $28289 |
| **5/31/2024** | $21494 | $21704 | $21434 | $29692 |
| **6/30/2024** | $21569 | $21500 | $21470 | $30757 |
| **7/31/2024** | $22410 | $22599 | $22346 | $31132 |
| **8/31/2024** | $22924 | $23205 | $22894 | $31887 |
| **9/30/2024** | $23176 | $23527 | $23214 | $32568 |
| **10/31/2024** | $23376 | $23269 | $22981 | $32272 |
| **11/30/2024** | $24705 | $24754 | $24153 | $34167 |
| **12/31/2024** | $23204 | $23061 | $22828 | $33352 |
| **1/31/2025** | $24397 | $24129 | $23646 | $34281 |
| **2/28/2025** | $24311 | $24227 | $23773 | $33834 |
| **3/31/2025** | $23316 | $23554 | $23043 | $31928 |
| **4/30/2025** | $22958 | $22836 | $22399 | $31711 |
| **5/31/2025** | $23933 | $23638 | $23266 | $33707 |
| **6/30/2025** | $24810 | $24446 | $24075 | $35421 |
| **7/31/2025** | $25058 | $24586 | $24259 | $36216 |
| **8/31/2025** | $25578 | $25370 | $25011 | $36950 |
| **9/30/2025** | $26246 | $25749 | $25346 | $38299 |
| **10/31/2025** | $26085 | $25863 | $25221 | $39196 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R6 at NAV | 11.59% | 14.19% | 10.06% |
| Russell 1000 Value Index | 11.15% | 14.28% | 9.97% |
| Lipper Equity Income Fund Average | 9.75% | 13.50% | 9.69% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *October 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6315939356 |
| # of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $19411246 |

---

## **What did the Fund invest in?** 
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 4.66% |
| Consumer Discretionary | 4.16% |
| Consumer Staples | 6.50% |
| Energy | 9.49% |
| Financials | 22.74% |
| Health Care | 11.89% |
| Industrials | 18.55% |
| Information Technology | 11.27% |
| Materials | 5.78% |
| Utilities | 4.26% |
| Repurchase Agreements | 0.70% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

![Image](i9949bc6144692a543143df58.jpg)

# Class R6

# LAFVX

# Lord Abbett Affiliated Fund Inc.

#### Annual Shareholder Report

#### October 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8764-R6

#### 12/25
Item 1(b): Not applicable.

---

| | |
|:---|:---|
| **Item 2:** | **Code of Ethics.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In accordance with applicable requirements, the Registrant adopted a Sarbanes-Oxley Code of Ethics on June 19, 2003 that applies to
the principal executive officer and senior financial officers of the Registrant ("Code of Ethics"). The Code of Ethics was
in effect during the fiscal year ended October 31, 2025 (the "Period").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Registrant has not amended the Code of Ethics as described in Form N-CSR during the Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described in Form
N-CSR during the Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) See Item 19(a)(1) concerning the filing of the Code of Ethics.

---

| | |
|:---|:---|
| **Item 3:** | **Audit Committee Financial Expert.** |

---

The Registrant's board of directors has determined that each of the following independent directors who are members of the audit committee is an audit committee financial expert: Evelyn E. Guernsey, Karla M. Rabusch, and Peter J. McNamara. Each of these persons is independent within the meaning of the Form N-CSR.

---

| | |
|:---|:---|
| **Item 4:** | **Principal Accountant Fees and Services.** |

---

In response to sections (a), (b), (c) and (d) of Item 4, the aggregate fees billed to the Registrant for the fiscal years ended October 31, 2025 and 2024 by the Registrant's principal accounting firm, Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu and their respective affiliates (collectively, "Deloitte") were as follows:

---

| | | |
|:---|:---|:---|
|  | *Fiscal year ended:* | *Fiscal year ended:* |
|  | *2025* | *2024* |
| Audit Fees {a} | $47000 | $47000 |
| Audit-Related Fees | - 0 - | - 0 - |
| Total audit and audit-related fees | 47000 | 47000 |
| Tax Fees | - 0 - | - 0 - |
| All Other Fees {b} | - 0 - | - 0 - |
| &nbsp;&nbsp;&nbsp;Total Fees | $47000 | $47000 |

---

{a} Consists of fees for audits of the Registrant's annual financial statements.

{b} Fees for the fiscal year ended October 31, 2025 and 2024 consist of fees for services related to the recovery of excess dividend withholding taxes in certain jurisdictions.

(e) (1) Pursuant to Rule 2-01(c) (7) of Regulation S-X, the Registrant's Audit Committee has adopted pre-approval policies and procedures. Such policies and procedures generally provide that the Audit Committee must pre-approve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any audit, audit-related, tax, and other services to be provided to the Lord
Abbett Funds, including the Registrant, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any audit-related, tax, and other services to be provided to the Registrant's
investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing
services to one or more Funds comprising the Registrant if the engagement relates directly to operations and financial reporting of a
Fund, by the independent auditor to assure that the provision of such services does not impair the auditor's independence.

The Audit Committee has delegated pre-approval authority to its Chair, subject to a fee limit of $10,000 per event, and not to exceed $25,000 annually. The Chair will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. Unless a type of service to be provided by the independent auditor has received general pre-approval, it must be pre-approved by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.

(e) (2) The Registrant's Audit Committee has approved 100% of the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant are shown above in the response to Item 4 (a), (b), (c) and (d) as "All Other Fees".

The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant's investment adviser, Lord, Abbett & Co. LLC ("Lord Abbett"), for the fiscal years ended October 31, 2025 and 2024 were:

---

| | | |
|:---|:---|:---|
|  | *Fiscal year ended:* | *Fiscal year ended:* |
|  | *2025* | *2024* |
| All Other Fees {a} | $260000 | $250000 |

---

{a} Consist of fees for Independent Services Auditors' Report on Controls Placed in Operation and Tests of Operating Effectiveness related to Lord Abbett's Asset Management Services ("SOC-1 Report").

The aggregate non-audit fees billed by Deloitte for services rendered to entities under the common control of Lord Abbett for the fiscal years ended October 31, 2025 and 2024 were:

---

| | | |
|:---|:---|:---|
|  | *Fiscal year ended:* | *Fiscal year ended:* |
|  | *2025* | *2024* |
| All Other Fees | $- 0 - | $- 0 - |

---

(h) The Registrant's Audit Committee has considered the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant, that were not pre-approved pursuant to Rule 2-01 (c)(7)(ii) of Regulation S-X and has determined that the provision of such services is compatible with maintaining Deloitte's independence.

(i) Not Applicable.

(j) Not Applicable

---

| | |
|:---|:---|
| **Item 5:** | **Audit Committee of Listed Registrants.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 6:** | **Investments.** |

---

The Registrant's "Schedule I – Investments in securities of unaffiliated issuers" as of the close of the reporting period is included under Item 7 of this Form N-CSR.

---

| | |
|:---|:---|
| **Item 7:** | **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |

---

---

| | |
|:---|:---|
| **Item 8:** | **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** |

---

---

| | |
|:---|:---|
| **Item 9:** | **Proxy Disclosures for Open-End Management Investment Companies.** |

---

---

| | |
|:---|:---|
| **Item 10:** | **Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies.** |

---

---

| | |
|:---|:---|
| **Item 11:** | **Statement Regarding Basis for Approval of Investment Advisory Contract.** |

---

The Fund's Board of Directors did not approve any investment advisory contract during the Fund's most recent fiscal half-year.

![](x1_c114182x1x1m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Affiliated Fund

*For the fiscal year ended October 31, 2025*

**Table of Contents**

---

| | |
|:---|:---|
| 1 | [**Schedule of Investments (Item 7)**](#xx1xc114182a001xm4) |
| 4 | [**Statement of Assets and Liabilities (Item 7)**](#xx1xc114182a002xm4) |
| 6 | [**Statement of Operations (Item 7)**](#xx1xc114182a003xm4) |
| 7 | [**Statements of Changes in Net Assets (Item 7)**](#xx1xc114182a004xm4) |
| 8 | [**Financial Highlights (Item 7)**](#xx1xc114182a005xm4) |
| 12 | [**Notes to Financial Statements (Item 7)**](#xx1xc114182a006xm4) |
| 23 | [**Report of Independent Registered Public Accounting Firm (Item 7)**](#xx1xc114182a007xm4) |
| 24 | [**Changes in and Disagreements with Accountants (Item 8)**](#xx1xc114182a008xm4) |
| 24 | [**Proxy Disclosures (Item 9)**](#xx1xc114182a009xm4) |
| 24 | [**Remuneration Paid to Directors, Officers, and Others (Item 10)**](#xx1xc114182a010xm4) |

---

**Schedule of Investments**

*October 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** |
| **LONG-TERM INVESTMENTS 99.38%** |  |  |
| **COMMON STOCKS 98.82%** |  |  |
| **Aerospace & Defense 4.78%** |  |  |
| General Electric Co. | 455418 | $140701391 |
| L3Harris Technologies, Inc. | 152552 | 44102783 |
| Northrop Grumman Corp. | 200929 | 117232025 |
| *Total* |  | 302036199 |
| **Banks 8.65%** |  |  |
| Bank of America Corp. | 2088238 | 111616321 |
| JPMorgan Chase & Co. | 781759 | 243220860 |
| Wells Fargo & Co. | 2201741 | 191485415 |
| *Total* |  | 546322596 |
| **Beverages 1.10%** |  |  |
| Coca-Cola Co. | 1003847 | 69165058 |
| **Biotechnology 3.12%** |  |  |
| AbbVie, Inc. | 436009 | 95067402 |
| Gilead Sciences, Inc. | 851763 | 102032690 |
| *Total* |  | 197100092 |
| **Building Products 1.55%** |  |  |
| Allegion PLC (Ireland)<sup>(a)</sup> | 412226 | 68334704 |
| Cie de Saint-Gobain SA<sup>(b)</sup> | 303188 | 29428034 |
| *Total* |  | 97762738 |
| **Capital Markets 11.68%** |  |  |
| Ameriprise Financial, Inc. | 63824 | 28897592 |
| Blackrock, Inc. | 31845 | 34482084 |
| Blackstone, Inc. | 390383 | 57245763 |
| Cboe Global Markets, Inc. | 279356 | 68621008 |
| Charles Schwab Corp. | 1513459 | 143052145 |
| Morgan Stanley | 1226227 | 201101228 |
| Nasdaq, Inc. | 958805 | 81968239 |
| S&P Global, Inc. | 188418 | 91799134 |
| SEI Investments Co. | 379711 | 30608504 |
| *Total* |  | 737775697 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** | **Fair <br> Value** |
| **Chemicals 1.79%** | | | |
| Linde PLC | 270696 | $| 113232137 |
| **Commercial Services & Supplies 1.88%** |  |  |  |
| Cintas Corp. | 300011 |  | 54983016 |
| Waste Management, Inc. | 320271 |  | 63980538 |
| *Total* |  |  | 118963554 |
| **Construction & Engineering 1.74%** |  |  |  |
| EMCOR Group, Inc. | 98890 |  | 66827884 |
| Vinci SA<sup>(b)</sup> | 322310 |  | 43098084 |
| *Total* |  |  | 109925968 |
| **Construction Materials 2.59%** |  |  |  |
| CRH PLC (Ireland)<sup>(a)</sup> | 1370929 |  | 163277644 |
| **Consumer Staples Distribution & Retail 3.58%** | **Consumer Staples Distribution & Retail 3.58%** | **Consumer Staples Distribution & Retail 3.58%** | **Consumer Staples Distribution & Retail 3.58%** |
| Costco Wholesale Corp. | 16170 |  | 14738146 |
| Walmart, Inc. | 2087142 |  | 211177028 |
| *Total* |  |  | 225915174 |
| **Electric: Utilities 2.40%** |  |  |  |
| Entergy Corp. | 1448673 |  | 139202988 |
| NextEra Energy, Inc. | 152912 |  | 12447037 |
| *Total* |  |  | 151650025 |
| **Electrical Equipment 1.20%** |  |  |  |
| Emerson Electric Co. | 542714 |  | 75746593 |
| **Electronic Equipment, Instruments & Components 1.79%** | **Electronic Equipment, Instruments & Components 1.79%** | **Electronic Equipment, Instruments & Components 1.79%** | **Electronic Equipment, Instruments & Components 1.79%** |
| Amphenol Corp. Class A | 809960 |  | 112859826 |
| **Ground Transportation 0.20%** |  |  |  |
| Union Pacific Corp. | 57865 |  | 12751710 |
| **Health Care Equipment & Supplies 4.05%** |  |  |  |
| Abbott Laboratories | 1307969 |  | 161691128 |
| Stryker Corp. | 264791 |  | 94329146 |
| *Total* |  |  | 256020274 |
| **Health Care Providers & Services 2.21%** |  |  |  |
| Labcorp Holdings, Inc. | 332630 |  | 84474715 |
| UnitedHealth Group, Inc. 160,734 |  |  | 54900305 |
| *Total* |  |  | 139375020 |

---

See Notes to Financial Statements. 1

**Schedule of Investments (continued)**

*October 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** |
| **Hotels, Restaurants & Leisure 1.50%** |  |  |
| Booking Holdings, Inc. | 14256 | $72388262 |
| McDonald's Corp. | 74405 | 22204684 |
| *Total* |  | 94592946 |
| **Information Technology Services 0.18%** |  |  |
| Accenture PLC Class A (Ireland)<sup>(a)</sup> | 45333 | 11337783 |
| **Insurance 2.42%** |  |  |
| Chubb Ltd. (Switzerland)<sup>(a)</sup> | 156802 | 43424746 |
| Marsh & McLennan Cos., Inc. | 540785 | 96340848 |
| Progressive Corp. | 64762 | 13340972 |
| *Total* |  | 153106566 |
| **Interactive Media & Services 4.66%** |  |  |
| Alphabet, Inc. Class A | 617739 | 173702029 |
| Meta Platforms, Inc. Class A | 186213 | 120731199 |
| *Total* |  | 294433228 |
| **Life Sciences Tools & Services 0.73%** |  |  |
| Danaher Corp. | 215178 | 46345038 |
| **Machinery 3.17%** |  |  |
| Deere & Co. | 110632 | 51071050 |
| Parker-Hannifin Corp. | 192599 | 148846285 |
| *Total* |  | 199917335 |
| **Metals & Mining 1.41%** |  |  |
| Steel Dynamics, Inc. | 565999 | 88748643 |
| **Multi-Utilities 1.30%** |  |  |
| CMS Energy Corp. | 1119576 | 82344815 |
| **Oil, Gas & Consumable Fuels 9.50%** |  |  |
| Cheniere Energy, Inc. | 524428 | 111178736 |
| Expand Energy Corp. | 557441 | 57589230 |
| Exxon Mobil Corp. | 1653268 | 189067728 |
| Kinder Morgan, Inc. | 4541851 | 118951078 |
| Marathon Petroleum Corp. | 350446 | 68305430 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** | **Fair <br> Value** |
| **Oil, Gas & Consumable Fuels (continued)** | | | |
| Shell PLC ADR | 732290 | $| 54863167 |
| *Total* |  |  | 599955369 |
| **Pharmaceuticals 1.78%** |  |  |  |
| Johnson & Johnson | 596828 |  | 112722904 |
| **Semiconductors & Semiconductor Equipment 9.31%** | **Semiconductors & Semiconductor Equipment 9.31%** | **Semiconductors & Semiconductor Equipment 9.31%** | **Semiconductors & Semiconductor Equipment 9.31%** |
| Analog Devices, Inc. | 206448 |  | 48335670 |
| Broadcom, Inc. | 490481 |  | 181296492 |
| Lam Research Corp. | 668721 |  | 105296809 |
| NVIDIA Corp. | 508455 |  | 102957053 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 500674 |  | 150417490 |
| *Total* |  |  | 588303514 |
| **Specialty Retail 2.66%** |  |  |  |
| Lowe's Cos., Inc. | 483495 |  | 115134664 |
| TJX Cos., Inc. | 379368 |  | 53164632 |
| *Total* |  |  | 168299296 |
| **Tobacco 1.84%** |  |  |  |
| Philip Morris International, Inc. | 804223 |  | 116073506 |
| **Trading Companies & Distributors 4.05%** |  |  |  |
| AerCap Holdings NV (Ireland)<sup>(a)</sup> | 857964 |  | 111741231 |
| Ferguson Enterprises, Inc. | 278437 |  | 69191595 |
| United Rentals, Inc. | 85577 |  | 74552971 |
| *Total* |  |  | 255485797 |
| *Total Common Stocks <br> (cost $4,400,810,738)* |  |  | 6241547045 |
| **CONVERTIBLE PREFERRED STOCKS 0.56%** |  |  |  |
| **Electric: Utilities 0.56%** |  |  |  |
| NextEra Energy, Inc.<sup>(c)</sup> <br> (cost $34,529,632) | 668425 |  | 35219313 |
| *Total Long-Term Investments <br> (cost $4,435,340,370)* |  |  | 6276766358 |

---

2 See Notes to Financial Statements.

**Schedule of Investments (concluded)**

*October 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 0.70%** |  |  |
| **Repurchase Agreements 0.70%** |  |  |
| Repurchase Agreement dated 10/31/2025, 3.500% due 11/3/2025 with Fixed Income Clearing Corp. collateralized by $33,774,800 of U.S. Treasury Inflation Indexed Note at 0.375% due 1/15/2027; value: $44,849,530; proceeds: $43,982,778 <br> (cost $43,969,953) | $43969953 | $43969953 |
| *Total Investments in Securities 100.08% <br> (cost $4,479,310,323)* |  | 6320736311 |
| *Other Assets and Liabilities – Net (0.08)%* |  | (4796955) |
| *Net Assets 100.00%* |  | $6315939356 |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| <sup>(a)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(b)</sup> | Investment in non-U.S. dollar denominated securities. |
| <sup>(c)</sup> | The security has a dividend rate of 7.30%. |

---

The following is a summary of the inputs used as of October 31, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type<sup>(2)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building Products | $68334704 | $29428034 | $– | $97762738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction & Engineering | 66827884 | 43098084 |  | 109925968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries | 6033858339 |  |  | 6033858339 |
| &nbsp;&nbsp;&nbsp;Convertible Preferred Stocks |  | 35219313 |  | 35219313 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 43969953 | – | 43969953 |
| Total | $6169020927 | $151715384 | $– | $6320736311 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> 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 year in relation to the Fund's net assets.

See Notes to Financial Statements. 3

**Statement of Assets and Liabilities**

*October 31, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at cost | $4479310323 |
| Investments in securities, at fair value | $6320736311 |
| Cash | 11 |
| Foreign cash, at value (cost $444) | 441 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 4773584 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 817238 |
| Prepaid expenses | 26517 |
| **Total assets** | 6326354102 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;12b-1 distribution plan | 3676277 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 2454164 |
| &nbsp;&nbsp;&nbsp;Management fee | 1703195 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 1473330 |
| &nbsp;&nbsp;&nbsp;Fund administration | 216335 |
| Accrued expenses | 891445 |
| **Total liabilities** | 10414746 |
| **Commitments and contingent liabilities** | – |
| **NET ASSETS** | $6315939356 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $4086765690 |
| Total distributable earnings/(loss) | 2229173666 |
| **Net Assets** | $6315939356 |

---

4 See Notes to Financial Statements.

**Statement of Assets and Liabilities (concluded)**

*October 31, 2025*

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A Shares | $5468137378 |
| Class C Shares | $37115789 |
| Class F Shares | $51242287 |
| Class F3 Shares | $131798411 |
| Class I Shares | $565313680 |
| Class P Shares | $9890163 |
| Class R2 Shares | $839184 |
| Class R3 Shares | $25647626 |
| Class R4 Shares | $8029933 |
| Class R5 Shares | $815746 |
| Class R6 Shares | $17109159 |
| **Outstanding shares by class:** |  |
| Class A Shares (3.84 billion shares of common stock authorized, $.001 par value) | 264005766 |
| Class C Shares (300 million shares of common stock authorized, $.001 par value) | 1779544 |
| Class F Shares (960 million shares of common stock authorized, $.001 par value) | 2471185 |
| Class F3 Shares (960 million shares of common stock authorized, $.001 par value) | 6275142 |
| Class I Shares (960 million shares of common stock authorized, $.001 par value) | 27127364 |
| Class P Shares (200 million shares of common stock authorized, $.001 par value) | 478571 |
| Class R2 Shares (476 million shares of common stock authorized, $.001 par value) | 40409 |
| Class R3 Shares (476 million shares of common stock authorized, $.001 par value) | 1238074 |
| Class R4 Shares (476 million shares of common stock authorized, $.001 par value) | 388370 |
| Class R5 Shares (476 million shares of common stock authorized, $.001 par value) | 39114 |
| Class R6 Shares (476 million shares of common stock authorized, $.001 par value) | 815290 |
| **Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):\*** |  |
| Class A Shares-Net asset value | $20.71 |
| Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%) | $21.97 |
| Class C Shares-Net asset value | $20.86 |
| Class F Shares-Net asset value | $20.74 |
| Class F3 Shares-Net asset value | $21.00 |
| Class I Shares-Net asset value | $20.84 |
| Class P Shares-Net asset value | $20.67 |
| Class R2 Shares-Net asset value | $20.77 |
| Class R3 Shares-Net asset value | $20.72 |
| Class R4 Shares-Net asset value | $20.68 |
| Class R5 Shares-Net asset value | $20.86 |
| Class R6 Shares-Net asset value | $20.99 |

---

\* Net asset value may not recalculate due to rounding of fractional shares.

See Notes to Financial Statements. 5

**Statement of Operations**

*For the Year Ended October 31, 2025*

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $1,150,591) | $113483546 |
| Securities lending net income | 45328 |
| Interest and other | 2668148 |
| **Total investment income** | 116197022 |
| **Expenses:** |  |
| Management fee | 19411246 |
| 12b-1 distribution plan–Class A | 13264159 |
| 12b-1 distribution plan–Class C | 404919 |
| 12b-1 distribution plan–Class F | 54038 |
| 12b-1 distribution plan–Class P | 43520 |
| 12b-1 distribution plan–Class R2 | 4841 |
| 12b-1 distribution plan–Class R3 | 131455 |
| 12b-1 distribution plan–Class R4 | 21432 |
| Shareholder servicing | 3766114 |
| Fund administration | 2461499 |
| Directors' fees | 294629 |
| Reports to shareholders | 277334 |
| Registration | 175904 |
| Professional | 161833 |
| Custody | 56620 |
| Other | 191519 |
| Gross expenses | 40721062 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 3) | (56620) |
| **Net expenses** | 40664442 |
| **Net investment income** | 75532580 |
| **Net realized and unrealized gain/(loss):** |  |
| Net realized gain/(loss) on investments | 442817193 |
| Net realized gain/(loss) on foreign currency related transactions | (25391) |
| Net change in unrealized appreciation/(depreciation) on investments | 146284584 |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 19633 |
| **Net realized and unrealized gain/(loss)** | 589096019 |
| **Net Increase in Net Assets Resulting From Operations** | $664628599 |

---

6 See Notes to Financial Statements.

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| **INCREASE (DECREASE) IN NET ASSETS** | **For the Year Ended<br> October 31, 2025** | **For the Year Ended<br> October 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $75532580 | $90464628 |
| Net realized gain/(loss) | 442791802 | 364791290 |
| Net change in unrealized appreciation/(depreciation) | 146304217 | 1206358544 |
| **Net increase in net assets resulting from operations** | 664628599 | 1661614462 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (312886727) | (79255961) |
| &nbsp;&nbsp;&nbsp;Class C | (2189362) | (361086) |
| &nbsp;&nbsp;&nbsp;Class F | (3387120) | (986512) |
| &nbsp;&nbsp;&nbsp;Class F3 | (7309299) | (2032392) |
| &nbsp;&nbsp;&nbsp;Class I | (32911595) | (9233941) |
| &nbsp;&nbsp;&nbsp;Class P | (550984) | (124057) |
| &nbsp;&nbsp;&nbsp;Class R2 | (47366) | (9916) |
| &nbsp;&nbsp;&nbsp;Class R3 | (1517526) | (354532) |
| &nbsp;&nbsp;&nbsp;Class R4 | (521625) | (133659) |
| &nbsp;&nbsp;&nbsp;Class R5 | (55556) | (11264) |
| &nbsp;&nbsp;&nbsp;Class R6 | (973209) | (300206) |
| **Total distribution to shareholders** | (362350369) | (92803526) |
| **Capital share transactions (See Note 12):** |  |  |
| Net proceeds from sales of shares | 194141096 | 383390249 |
| Reinvestment of distributions | 335454929 | 84938870 |
| Cost of shares reacquired | (750775482) | (709826003) |
| **Net decrease in net assets resulting from capital share transactions** | (221179457) | (241496884) |
| **Net increase in net assets** | 81098773 | 1327314052 |
| **NET ASSETS:** |  |  |
| Beginning of year | $6234840583 | $4907526531 |
| **End of year** | $6315939356 | $6234840583 |

---

See Notes to Financial Statements. 7

**Financial Highlights**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **investment**<br> **income**<br> **(loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 10/31/2025 | $19.70 | $0.24 | $1.91 | $2.15 | $(0.29) | $(0.85) | $(1.14) |
| 10/31/2024 | 14.93 | 0.27 | 4.78 | 5.05 | (0.28) |  | (0.28) |
| 10/31/2023 | 16.17 | 0.29 | (0.33) | (0.04) | (0.28) | (0.92) | (1.20) |
| 10/31/2022 | 18.43 | 0.30 | (1.81) | (1.51) | (0.30) | (0.45) | (0.75) |
| 10/31/2021 | 13.29 | 0.24 | 5.15 | 5.39 | (0.25) |  | (0.25) |
| **Class C** |  |  |  |  |  |  |  |
| 10/31/2025 | 19.83 | 0.09 | 1.93 | 2.02 | (0.14) | (0.85) | (0.99) |
| 10/31/2024 | 15.02 | 0.14 | 4.81 | 4.95 | (0.14) |  | (0.14) |
| 10/31/2023 | 16.25 | 0.18 | (0.34) | (0.16) | (0.15) | (0.92) | (1.07) |
| 10/31/2022 | 18.51 | 0.18 | (1.82) | (1.64) | (0.17) | (0.45) | (0.62) |
| 10/31/2021 | 13.35 | 0.12 | 5.16 | 5.28 | (0.12) |  | (0.12) |
| **Class F** |  |  |  |  |  |  |  |
| 10/31/2025 | 19.72 | 0.27 | 1.92 | 2.19 | (0.32) | (0.85) | (1.17) |
| 10/31/2024 | 14.95 | 0.30 | 4.78 | 5.08 | (0.31) |  | (0.31) |
| 10/31/2023 | 16.18 | 0.33 | (0.34) | (0.01) | (0.30) | (0.92) | (1.22) |
| 10/31/2022 | 18.44 | 0.33 | (1.81) | (1.48) | (0.33) | (0.45) | (0.78) |
| 10/31/2021 | 13.30 | 0.27 | 5.14 | 5.41 | (0.27) |  | (0.27) |
| **Class F3** |  |  |  |  |  |  |  |
| 10/31/2025 | 19.95 | 0.30 | 1.94 | 2.24 | (0.34) | (0.85) | (1.19) |
| 10/31/2024 | 15.11 | 0.33 | 4.83 | 5.16 | (0.32) |  | (0.32) |
| 10/31/2023 | 16.34 | 0.34 | (0.33) | 0.01 | (0.32) | (0.92) | (1.24) |
| 10/31/2022 | 18.61 | 0.36 | (1.83) | (1.47) | (0.35) | (0.45) | (0.80) |
| 10/31/2021 | 13.42 | 0.30 | 5.19 | 5.49 | (0.30) |  | (0.30) |
| **Class I** |  |  |  |  |  |  |  |
| 10/31/2025 | 19.81 | 0.29 | 1.93 | 2.22 | (0.34) | (0.85) | (1.19) |
| 10/31/2024 | 15.02 | 0.32 | 4.79 | 5.11 | (0.32) |  | (0.32) |
| 10/31/2023 | 16.26 | 0.33 | (0.33) |  | (0.32) | (0.92) | (1.24) |
| 10/31/2022 | 18.52 | 0.34 | (1.80) | (1.46) | (0.35) | (0.45) | (0.80) |
| 10/31/2021 | 13.35 | 0.28 | 5.18 | 5.46 | (0.29) |  | (0.29) |
| **Class P** |  |  |  |  |  |  |  |
| 10/31/2025 | 19.66 | 0.20 | 1.91 | 2.11 | (0.25) | (0.85) | (1.10) |
| 10/31/2024 | 14.90 | 0.24 | 4.76 | 5.00 | (0.24) |  | (0.24) |
| 10/31/2023 | 16.14 | 0.26 | (0.33) | (0.07) | (0.25) | (0.92) | (1.17) |
| 10/31/2022 | 18.39 | 0.27 | (1.80) | (1.53) | (0.27) | (0.45) | (0.72) |
| 10/31/2021 | 13.27 | 0.21 | 5.13 | 5.34 | (0.22) |  | (0.22) |

---

8 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment <br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $20.71 | 11.30 | 0.69 | 0.69 | 1.20 | $5468137 | 50 |
| 19.70 | 34.00 | 0.69 | 0.69 | 1.52 | 5399117 | 44 |
| 14.93 | (0.51) | 0.70 | 0.70 | 1.89 | 4409478 | 57 |
| 16.17 | (8.43) | 0.72 | 0.72 | 1.78 | 4938013 | 53 |
| 18.43 | 40.76 | 0.71 | 0.71 | 1.44 | 5766066 | 61 |
| 20.86 | 10.47 | 1.44 | 1.44 | 0.46 | 37116 | 50 |
| 19.83 | 33.04 | 1.44 | 1.44 | 0.78 | 44664 | 44 |
| 15.02 | (1.25) | 1.45 | 1.45 | 1.16 | 46243 | 57 |
| 16.25 | (9.11) | 1.47 | 1.47 | 1.03 | 68303 | 53 |
| 18.51 | 39.66 | 1.46 | 1.46 | 0.69 | 82118 | 61 |
| 20.74 | 11.50 | 0.54 | 0.54 | 1.36 | 51242 | 50 |
| 19.72 | 34.14 | 0.54 | 0.54 | 1.67 | 58319 | 44 |
| 14.95 | (0.32) | 0.55 | 0.55 | 2.10 | 52835 | 57 |
| 16.18 | (8.31) | 0.57 | 0.57 | 1.92 | 131382 | 53 |
| 18.44 | 40.93 | 0.56 | 0.56 | 1.59 | 327681 | 61 |
| 21.00 | 11.63 | 0.39 | 0.39 | 1.50 | 131798 | 50 |
| 19.95 | 34.37 | 0.38 | 0.38 | 1.82 | 121370 | 44 |
| 15.11 | (0.16) | 0.38 | 0.38 | 2.20 | 98557 | 57 |
| 16.34 | (8.13) | 0.38 | 0.38 | 2.12 | 108811 | 53 |
| 18.61 | 41.14 | 0.38 | 0.38 | 1.77 | 123494 | 61 |
| 20.84 | 11.61 | 0.44 | 0.44 | 1.45 | 565314 | 50 |
| 19.81 | 34.25 | 0.44 | 0.44 | 1.76 | 546269 | 44 |
| 15.02 | (0.26) | 0.45 | 0.45 | 2.12 | 244970 | 57 |
| 16.26 | (8.16) | 0.47 | 0.47 | 2.03 | 211211 | 53 |
| 18.52 | 41.14 | 0.46 | 0.46 | 1.69 | 155123 | 61 |
| 20.67 | 11.10 | 0.89 | 0.89 | 1.00 | 9890 | 50 |
| 19.66 | 33.74 | 0.89 | 0.89 | 1.32 | 9786 | 44 |
| 14.90 | (0.72) | 0.90 | 0.90 | 1.70 | 7985 | 57 |
| 16.14 | (8.59) | 0.92 | 0.92 | 1.57 | 10131 | 53 |
| 18.39 | 40.39 | 0.91 | 0.91 | 1.25 | 13156 | 61 |

---

*See Notes to Financial Statements.* 9

**Financial Highlights (concluded)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **investment**<br> **income**<br> **(loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized <br> gain/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R2** |  |  |  |  |  |  |  |
| 10/31/2025 | $19.75 | $0.17 | $1.92 | $2.09 | $(0.22) | $(0.85) | $(1.07) |
| 10/31/2024 | 14.97 | 0.21 | 4.79 | 5.00 | (0.22) |  | (0.22) |
| 10/31/2023 | 16.21 | 0.24 | (0.34) | (0.10) | (0.22) | (0.92) | (1.14) |
| 10/31/2022 | 18.46 | 0.24 | (1.80) | (1.56) | (0.24) | (0.45) | (0.69) |
| 10/31/2021 | 13.32 | 0.18 | 5.15 | 5.33 | (0.19) |  | (0.19) |
| **Class R3** |  |  |  |  |  |  |  |
| 10/31/2025 | 19.70 | 0.19 | 1.92 | 2.11 | (0.24) | (0.85) | (1.09) |
| 10/31/2024 | 14.94 | 0.23 | 4.77 | 5.00 | (0.24) |  | (0.24) |
| 10/31/2023 | 16.17 | 0.26 | (0.33) | (0.07) | (0.24) | (0.92) | (1.16) |
| 10/31/2022 | 18.43 | 0.26 | (1.81) | (1.55) | (0.26) | (0.45) | (0.71) |
| 10/31/2021 | 13.29 | 0.20 | 5.15 | 5.35 | (0.21) |  | (0.21) |
| **Class R4** |  |  |  |  |  |  |  |
| 10/31/2025 | 19.67 | 0.24 | 1.91 | 2.15 | (0.29) | (0.85) | (1.14) |
| 10/31/2024 | 14.91 | 0.27 | 4.77 | 5.04 | (0.28) |  | (0.28) |
| 10/31/2023 | 16.15 | 0.29 | (0.33) | (0.04) | (0.28) | (0.92) | (1.20) |
| 10/31/2022 | 18.40 | 0.30 | (1.80) | (1.50) | (0.30) | (0.45) | (0.75) |
| 10/31/2021 | 13.27 | 0.24 | 5.14 | 5.38 | (0.25) |  | (0.25) |
| **Class R5** |  |  |  |  |  |  |  |
| 10/31/2025 | 19.83 | 0.29 | 1.93 | 2.22 | (0.34) | (0.85) | (1.19) |
| 10/31/2024 | 15.02 | 0.32 | 4.81 | 5.13 | (0.32) |  | (0.32) |
| 10/31/2023 | 16.27 | 0.37 | (0.38) | (0.01) | (0.32) | (0.92) | (1.24) |
| 10/31/2022 | 18.53 | 0.35 | (1.81) | (1.46) | (0.35) | (0.45) | (0.80) |
| 10/31/2021 | 13.36 | 0.28 | 5.18 | 5.46 | (0.29) |  | (0.29) |
| **Class R6** |  |  |  |  |  |  |  |
| 10/31/2025 | 19.94 | 0.30 | 1.94 | 2.24 | (0.34) | (0.85) | (1.19) |
| 10/31/2024 | 15.10 | 0.33 | 4.83 | 5.16 | (0.32) |  | (0.32) |
| 10/31/2023 | 16.33 | 0.37 | (0.36) | 0.01 | (0.32) | (0.92) | (1.24) |
| 10/31/2022 | 18.60 | 0.37 | (1.84) | (1.47) | (0.35) | (0.45) | (0.80) |
| 10/31/2021 | 13.41 | 0.30 | 5.19 | 5.49 | (0.30) |  | (0.30) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

10 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment <br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $20.77 | 10.92 | 1.04 | 1.04 | 0.86 | $839 | 50 |
| 19.75 | 33.54 | 1.04 | 1.04 | 1.16 | 865 | 44 |
| 14.97 | (0.87) | 1.05 | 1.05 | 1.54 | 660 | 57 |
| 16.21 | (8.70) | 1.07 | 1.07 | 1.42 | 780 | 53 |
| 18.46 | 40.18 | 1.06 | 1.06 | 1.10 | 1011 | 61 |
| 20.72 | 11.02 | 0.94 | 0.94 | 0.95 | 25648 | 50 |
| 19.70 | 33.58 | 0.94 | 0.94 | 1.27 | 27327 | 44 |
| 14.94 | (0.71) | 0.95 | 0.95 | 1.65 | 23539 | 57 |
| 16.17 | (8.68) | 0.97 | 0.97 | 1.53 | 28164 | 53 |
| 18.43 | 40.40 | 0.96 | 0.96 | 1.19 | 38948 | 61 |
| 20.68 | 11.32 | 0.69 | 0.69 | 1.21 | 8030 | 50 |
| 19.67 | 33.98 | 0.69 | 0.69 | 1.51 | 9005 | 44 |
| 14.91 | (0.51) | 0.70 | 0.70 | 1.90 | 7412 | 57 |
| 16.15 | (8.40) | 0.72 | 0.72 | 1.80 | 9008 | 53 |
| 18.40 | 40.74 | 0.71 | 0.71 | 1.44 | 12382 | 61 |
| 20.86 | 11.60 | 0.44 | 0.44 | 1.47 | 816 | 50 |
| 19.83 | 34.38 | 0.44 | 0.44 | 1.73 | 904 | 44 |
| 15.02 | (0.33) | 0.45 | 0.45 | 2.33 | 501 | 57 |
| 16.27 | (8.15) | 0.47 | 0.47 | 2.02 | 1403 | 53 |
| 18.53 | 41.10 | 0.46 | 0.46 | 1.69 | 2637 | 61 |
| 20.99 | 11.59 | 0.39 | 0.39 | 1.50 | 17109 | 50 |
| 19.94 | 34.40 | 0.38 | 0.38 | 1.82 | 17213 | 44 |
| 15.10 | (0.16) | 0.38 | 0.38 | 2.35 | 15346 | 57 |
| 16.33 | (8.13) | 0.38 | 0.38 | 2.13 | 47199 | 53 |
| 18.60 | 41.17 | 0.38 | 0.38 | 1.77 | 87630 | 61 |

---

*See Notes to Financial Statements.* 11

**Notes to Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;**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.

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

The Fund has eleven active classes of shares: Class A, C, F, F3, I, P, R2, R3, R4, R5 and R6, each with different expenses and dividends. A front-end sales charge is normally added to the net asset value ("NAV") for Class A shares. There is no front-end sales charge in the case of Class C, F, F3, I, P, R2, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge ("CDSC") in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in the Fund's prospectus); and Class C shares redeemed before the first anniversary of purchase. Class C shares automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was accepted, provided that the Fund or financial intermediary through which a shareholder purchased Class C shares has records verifying that the Class C shares have been held at least eight years. The Fund's Class P shares are closed to substantially all new investors, with certain exceptions as set forth in the Fund's prospectus.

**Basis of Preparation**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification *Topic 946 Financial Services – Investment Companies*. The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Segment Reporting**

An operating segment is defined in FASB Accounting Standards Update ("ASU") 2023-07, *Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures* ("ASU 2023-07") as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The CODM for the Fund is Lord, Abbett & Co. LLC ("Lord Abbett") through its Management, Investment and Operating Committees, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and that the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by

**Notes to Financial Statements (continued)**

the CODM is consistent with that presented within the Fund's Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statement of Changes in Net Assets and Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;**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 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. Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. |
|  | 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 |

---

**Notes to Financial Statements (continued)**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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 October 31, 2025 and, if applicable, Level 3 rollforwards for the fiscal year 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. |
| (b) | Expenses–Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. In addition, Class F3 and R6 shares bear only their class-specific share of shareholder servicing expenses. Class A, C, F, P, R2, R3 and R4 shares bear their class-specific share of all expenses and fees relating to the Fund's 12b-1 Distribution Plan. |
| (c) | Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain/(loss), if applicable, is included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies in the Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund's Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
| (d) | Income Taxes–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. |

---

**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
|  | Management has reviewed the Fund's tax positions for all open tax years and has determined that as of October 31, 2025, no liability for Federal Income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the Fund's jurisdiction. |
| (e) | Investment Income–Dividend income, if any, is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, in the Statement of Operations. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the applicable country's tax rules and rates. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| (f) | Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities. |
|  | Due to the absence of a master netting agreement related to the Fund's participation in repurchase agreements, no offsetting disclosures have been made on behalf of the Fund. |
| (g) | Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains/(losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| 3. | MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES |

---

**Management Fee**

The Fund has a management agreement with Lord Abbett, pursuant to which Lord Abbett provides the Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of the Fund's investment portfolio. The management fee is accrued daily and payable monthly.

**Notes to Financial Statements (continued)**

The management fee is based on the Fund's average daily net assets at the following annual rates:

---

| | |
|:---|:---|
| First $200 million | .50% |
| Next $300 million | .40% |
| Next $200 million | .375% |
| Next $200 million | .35% |
| Over $900 million | .30% |

---

For the fiscal year ended October 31, 2025, the effective management fee, net of any applicable waiver, was at an annualized rate of .32% of the Fund's average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund's average daily net assets. The fund administration fee is accrued daily and payable monthly. Lord Abbett voluntarily waived $56,620 of certain fees and expenses during the fiscal year ended October 31, 2025.

**12b-1 Distribution Plan**

The Fund has adopted a distribution plan with respect to Class A, C, F, P, R2, R3 and R4 shares pursuant to Rule 12b-1 under the 1940 Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the "Distributor"), an affiliate of Lord Abbett. The distribution and service fees are accrued daily and payable monthly. The following annual rates have been authorized by the Board pursuant to the plan:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fees\*** | **Class A** | **Class C** | **Class F**<sup>(1)</sup> | **Class P** | **Class R2** | **Class R3** | **Class R4** |
| Service | .25%<sup>(2)</sup> | .25% |  | .25% | .25% | .25% | .25% |
| Distribution |  | .75% | .10% | .20% | .35% | .25% |  |

---

\* The Fund may designate a portion of the aggregate fees attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. sales charge limitations.

<sup>(1)</sup> The Class F shares Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Fund's prospectus.

<sup>(2)</sup> Annual Service fee on shares sold prior to June 1, 1990 was .15% of the average daily net assets attributable to class A shares.

Class F3, Class I, Class R5 and Class R6 shares do not have a distribution plan.

**Commissions**

The Distributor received the following commissions on sales of shares of the Fund, after concessions were paid to authorized dealers, during the fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| **Distributor**<br> **Commissions** | **Dealers'**<br> **Concessions** |
| $155069 | $894173 |

---

The Distributor received CDSCs of $3,576 and $1,549 for Class A and Class C shares, respectively, for the fiscal year ended October 31, 2025.

One Director and certain of the Fund's officers have an interest in Lord Abbett.

**Other Related Parties**

As of October 31, 2025, the percentage of the Fund's outstanding shares owned by Lord Abbett Multi-Balanced Opportunity Fund and Lord Abbett Multi-Asset Income Fund was 2.86% and 0.65%, respectively.

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**4.** DISTRIBUTIONS AND TAX INFORMATION

Dividends are paid from net investment income, if any. Capital gain distributions are paid from taxable net realized gains from investments transactions, reduced by allowable capital loss carryforwards, if any. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

The tax character of distributions paid during the fiscal year ended October 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Affiliated Fund | $91349231 | $271001138 | $– | $362350369 |
| The tax character of distributions paid during the fiscal year ended October 31, 2024 was as follows: | The tax character of distributions paid during the fiscal year ended October 31, 2024 was as follows: | The tax character of distributions paid during the fiscal year ended October 31, 2024 was as follows: | The tax character of distributions paid during the fiscal year ended October 31, 2024 was as follows: | The tax character of distributions paid during the fiscal year ended October 31, 2024 was as follows: |
| **Fund** | **Ordinary<br> Income** | **Net Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Affiliated Fund | $92803526 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $– | $92803526 |

---

As of October 31, 2025, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Tax-Exempt<br> Income** | **Undistributed<br> Net Long-Term<br> Capital Gains** | **Accumulated<br> Capital and<br> Other Losses** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Temporary<br> Differences** | **Total<br> Distributable<br> Earnings<br> (Loss) - Net** |
| Affiliated Fund | $– $– &nbsp;&nbsp;&nbsp;&nbsp;$| 388080603 | $– &nbsp;&nbsp;&nbsp;&nbsp;$| 1842566393 | $(1473330) | $2229173666 |

---

As of October 31, 2025, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for each Fund are shown below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| Affiliated Fund | $4478192485 | $1899953636 | $(57409810) | $1842543826 |

---

Permanent items identified, as shown below, have been reclassified among the components of net assets based on their tax treatment. The permanent differences are primarily attributable to tax treatment of certain distributions and net operating loss.

---

| | | |
|:---|:---|:---|
| **Fund** | **Total Distributable**<br> **Earnings (Loss)** | **Paid-in**<br> **Capital** |
| Affiliated Fund | $(31223814) | 31223814 |

---

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**5.** PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) during the fiscal year ended October 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **U.S.<br> Government<br> Purchases** | **Non-U.S.<br> Government<br> Purchases** | **U.S.<br> Government<br> Sales** | **Non-U.S.<br> Government<br> Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $3050804481 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $3477581492 |

---

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the 1940 Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended October 31, 2025, the Fund did not engage in cross-trade purchases or sales.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** DIRECTORS' REMUNERATION

The Fund's officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Fund for serving in such capacities. Independent Directors' fees are allocated among all Lord Abbett-sponsored funds primarily based on the relative net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors may elect to defer receipt of a portion of Directors' fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Fund. Such amounts and earnings accrued thereon are included in Directors' fees in the Statement of Operations and in Directors' fees payable in the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** LINE OF CREDIT

For the period ended June 5, 2025, the Fund and certain other funds managed by Lord Abbett (collectively, the "Participating Funds") were party to a syndicated line of credit facility with various lenders for $1.6 billion (the "Syndicated Facility") under which State Street Bank and Trust Company ("SSB") participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Syndicated Facility for $1.675 billion. The Participating Funds are subject to graduated borrowing limits of the lesser of either one-third or one- fifth of unencumbered fund net assets and $250 million, $300 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended June 5, 2025, the Participating Funds were also party to an additional uncommitted line of credit facility with SSB for $330 million (the "Bilateral Facility"). Under the Bilateral Facility, the Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Bilateral Facility in the same amount. The Participating Funds remain subject to the same borrowing limits as were in place prior to the renewal.

**Notes to Financial Statements (continued)**

These credit facilities are to be used for short-term working capital purposes as additional sources of liquidity to satisfy redemptions.

For the fiscal year ended October 31, 2025, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC exemptive order") certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the "Interfund Lending Program"). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

For the fiscal year ended October 31, 2025, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** CUSTODIAN AND ACCOUNTING AGENT

SSB is the Fund's custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating the Fund's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** 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. Any income earned from securities lending is included in Securities lending net income, if any, in the Fund's Statement of Operations.

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 October 31, 2025, the Fund did not have any securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with equity investing, as well as the particular risks associated with value stocks and dividend paying companies. The value of an investment in the Fund will fluctuate in response to movements in the equity securities markets

**Notes to Financial Statements (continued)**

in general, and to the changing prospects of individual companies in which the Fund invests. Large-cap value stocks may perform differently than the market as a whole and other types of stocks, such as small company stocks and growth stocks. Different types of stocks tend to shift in and out of favor depending on market and economic conditions. The market may fail to recognize the intrinsic value of particular value stocks for a long time. In addition, if the Fund's assessment of a company's value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a rising market. The performance of dividend paying companies may lag the performance of other companies or the broader market as a whole. There is no guarantee that the companies that currently pay dividends will continue to do so. Due to its investments in multinational companies, foreign companies and American Depositary Receipts, the Fund may experience increased market liquidity, currency, political information and other risks.

The Fund is subject to the risks associated with derivatives, which may be different from and greater than the risks associated with investing directly in securities and other investments.

Geopolitical and other events, such as war, acts of terrorism, tariffs and other restrictions on trade, natural disasters, the spread of infectious illnesses, epidemics and pandemics, environmental and other public health issues, supply chain disruptions, inflation, recessions or other events, and governments' reactions to such events, may lead to increased market volatility and instability in world economies and markets generally and may have adverse effects on the performance of the Fund and its investments.

A widespread health crisis, such as a global pandemic, could cause substantial market volatility, impact the ability to complete redemptions, and adversely impact Fund performance. For example, the effects to public health, business and market conditions resulting from the COVID-19 pandemic have had, and may in the future have, a significant negative impact on the performance of the Fund's investments, including exacerbating other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

It is difficult to accurately predict or foresee when events or conditions affecting the U.S. or global financial markets, economies, and issuers may occur, the effects of such events or conditions, potential escalations or expansions of these events, possible retaliations in response to sanctions or similar actions and the duration or ultimate impact of those events. The foregoing could disrupt the operations of the Fund and its service providers, adversely affect the value and liquidity of the Fund's investments and negatively impact the Fund's performance and your investment in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended<br> October 31, 2025** | **Year Ended<br> October 31, 2025** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 4427071 | $85891079 | 4559770 | $81098303 |
| Reinvestment of distributions | 14641686 | 289379816 | 3994013 | 72309751 |
| Shares reacquired | (29123423) | (568352067) | (29800050) | (530961556) |
| Decrease | (10054666) | $(193081172) | (21246267) | $(377553502) |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended<br> October 31, 2025** | **Year Ended<br> October 31, 2025** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2024** |
| **Class C Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 207294 | $4026119 | 191459 | $3399074 |
| Reinvestment of distributions | 106271 | 2118913 | 19269 | 348522 |
| Shares reacquired | (786796) | (15440133) | (1035894) | (18454572) |
| Decrease | (473231) | $(9295101) | (825166) | $(14706976) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 217652 | $4300190 | 254625 | $4361640 |
| Reinvestment of distributions | 159576 | 3156032 | 50843 | 920465 |
| Shares reacquired | (863161) | (16907494) | (883325) | (15701526) |
| Decrease | (485933) | $(9451272) | (577857) | $(10419421) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 1206139 | $23749295 | 1101857 | $19936417 |
| Reinvestment of distributions | 365147 | 7308087 | 110797 | 2031959 |
| Shares reacquired | (1379334) | (27177880) | (1652264) | (29943554) |
| Increase (decrease) | 191952 | $3879502 | (439610) | $(7975178) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 3540856 | $69780998 | 16377399 | $268086845 |
| Reinvestment of distributions | 1536756 | 30534503 | 471461 | 8588311 |
| Shares reacquired | (5520372) | (107742847) | (5593473) | (100159516) |
| Increase (decrease) | (442760) | $(7427346) | 11255387 | $176515640 |
| **Class P Shares** |  |  |  |  |
| Shares sold | 23406 | $446720 | 37831 | $689082 |
| Reinvestment of distributions | 27693 | 546200 | 6812 | 122974 |
| Shares reacquired | (70285) | (1330678) | (82743) | (1481663) |
| Decrease | (19186) | $(337758) | (38100) | $(669607) |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 2303 | $45048 | 1999 | $36050 |
| Reinvestment of distributions | 2387 | 47366 | 546 | 9916 |
| Shares reacquired | (8066) | (151057) | (2818) | (54944) |
| Decrease | (3376) | $(58643) | (273) | $(8978) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 126155 | $2400815 | 100063 | $1774532 |
| Reinvestment of distributions | 76728 | 1517526 | 19617 | 354532 |
| Shares reacquired | (351711) | (6813040) | (308860) | (5604943) |
| Decrease | (148828) | $(2894699) | (189180) | $(3475879) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 43409 | $841033 | 83908 | $1501602 |
| Reinvestment of distributions | 21289 | 419995 | 5908 | 106933 |
| Shares reacquired | (134198) | (2624468) | (129145) | (2312233) |
| Decrease | (69500) | $(1363440) | (39329) | $(703698) |

---

**Notes to Financial Statements (concluded)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended<br> October 31, 2025** | **Year Ended<br> October 31, 2025** | **Year Ended<br> October 31, 2024** | **Year Ended<br> October 31, 2024** |
| **Class R5 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 3976 | $79628 | 14822 | $283018 |
| Reinvestment of distributions | 2796 | 55556 | 615 | 11263 |
| Shares reacquired | (13267) | (268620) | (3173) | (55582) |
| Increase (decrease) | (6495) | $(133436) | 12264 | $238699 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 130015 | $2580171 | 123789 | $2223686 |
| Reinvestment of distributions | 18542 | 370935 | 7350 | 134244 |
| Shares reacquired | (196712) | (3967198) | (284163) | (5095914) |
| Decrease | (48155) | $(1016092) | (153024) | $(2737984) |

---

**Report of Independent Registered Public Accounting Firm**

**To the shareholders and the Board of Directors of Lord Abbett Affiliated Fund, Inc.**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Lord Abbett Affiliated Fund, Inc. (the "Fund"), including the schedule of investments, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and counterparties; when replies were not received from counterparties, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

December 23, 2025

We have served as the auditor of one or more Lord Abbett Family of Funds' investment companies since 1932.

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period.

**Proxy Disclosures**

There were no matters submitted to a vote of shareholders during the period.

**Remuneration Paid to Directors, Officers, and Others**

Remuneration paid to directors, officers, and others is included in "Directors' Remuneration" under Item 7 of this Form N-CSR.

**Tax Information (unaudited)**

The percentages below reflect the portion of ordinary income distributions that are eligible for the corporate dividend received deduction (DRD) and qualified dividend income (QDI) for individual shareholders:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **DRD** | **QDI** |
| Affiliated Fund | 100% | 100% |

---

Of the distributions paid to the shareholders during the most recently ended fiscal year, the following amounts represent long-term capital gains:

---

| | |
|:---|:---|
| **Fund Name** | **Long-Term**<br> **Capital Gains** |
| Affiliated Fund | $271001138 |

---

![](x1_c114182x33x1m4.jpg)

![](x1_c114182x33x2m4.jpg)

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus. <br>Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC. Lord Abbett Affiliated Fund, Inc. LAA-2 (12/25)

---

| | |
|:---|:---|
| **Item 12:** | **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 13:** | **Portfolio Managers of Closed-End Management Investment Companies.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 14:** | **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 15:** | **Submission of Matters to a Vote of Security Holders.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 16:** | **Controls and Procedures.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days of
the filing date of this report, based on their evaluation of the Registrant's disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940), that the design of such procedures is effective to provide reasonable assurance
that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within
the time periods specified in the Commission's rules and forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to
materially affect, the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| **Item 17:** | **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 18:** | **Recovery of Erroneously Awarded Compensation.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 19:** | **Exhibits.** |

---

(a)(1) [The Lord Abbett Family of Funds Sarbanes-Oxley Code of Ethics for the Principal Executive Officer and Senior Financial Officers is attached hereto as part of EX-99.CODEETH.](c114182_ex99codeeth.htm)

(a)(2) Not applicable.

(a)(3) [Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.](c114182_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) There was no change in the registrant's independent public accountant for the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(b) under the Investment Company Act of 1940 is provided as a part of EX-99.906CERT.](c114182_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **LORD ABBETT AFFILIATED FUND, INC.** | **LORD ABBETT AFFILIATED FUND, INC.** |
| By: | <u>/s/ Douglas B. Sieg</u> |
|  | Douglas B. Sieg |
|  | President and Chief Executive Officer<br> (Principal Executive Officer) |

---

Date: December 23, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| |
|:---|
| By: <u>/s/ Douglas B. Sieg</u> |
| Douglas B. Sieg |
| President and Chief Executive Officer<br> (Principal Executive Officer) |

---

Date: December 23, 2025

---

| | |
|:---|:---|
| By: | /s/ Michael J. Hebert |
|  | Michael J. Hebert |
|  | Chief Financial Officer and Treasurer<br> (Principal Financial Officer) |

---

Date: December 23, 2025

## Ex-99.Code

EX-99.CODEETH

**THE LORD ABBETT FAMILY OF FUNDS<br> SARBANES-OXLEY CODE OF ETHICS**<br> **FOR THE PRINCIPAL EXECUTIVE OFFICER**<br> **AND SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Covered Officers/Purpose of the Code** 

**The Lord Abbett Family of Funds'** code of ethics (the "Code") for the investment companies within the complex (collectively, "Funds" and each individually a "Fund"), applies to each Fund's Principal Executive Officer and Senior Financial Officers (the "Covered Officers", each of whom is set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and
professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits
to, the SEC and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Covered Officers Should Handle Ethically Any Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his/her service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 and the Investment Advisers Act of 1940. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the investment adviser to each of the Funds. The compliance programs and procedures of Lord, Abbett & Co. LLC ("Lord Abbett") are designed to prevent, or identify and correct, violations of such requirements. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between each of the Funds

June 2003

and Lord Abbett of which the Covered Officers are also members. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for Lord Abbett, or for both), be involved in establishing policies and implementing decisions which will have different effects on Lord Abbett and each of the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each of the Funds and Lord Abbett and is consistent with the performance by the Covered Officers of their duties as officers of one or more Funds and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Boards of Directors/Trustees of the Funds that the Covered Officers are also officers of the other Lord Abbett investment companies covered by this and by a separate code of ethics.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. In reading the following examples of conflicts of interest under this Code, Covered Officers should keep in mind that such a list cannot ever be exhaustive by covering every possible scenario. It follows that the overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

\* \* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting
by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather
than the benefit the Fund.

There are some potential conflict of interest situations that should be discussed with Lord Abbett's General Counsel if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of any public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any direct ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers,
other than Lord Abbett or any affiliated person of Lord Abbett;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio
transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer's employment, such
as compensation or as a member of Lord Abbett.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Disclosure & Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize him/herself with the disclosure requirements generally applicable to the Funds;

June 2003

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether
within or outside Lord Abbett or a Fund, including to a Fund's independent directors/trustees and auditors, and to governmental
regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and
employees of the Funds and Lord Abbett with the goal of promoting full, fair, accurate, timely and understandable disclosure in
the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable
laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code, affirm in writing to the Audit Committee (the "Committee") of a Fund that he/she has
received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Committee that he/she has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· report at least annually such affiliations or other relationships related to conflicts of interest as covered by the Funds'
Annual Directors & Officers Questionnaire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or member of Lord Abbett for reports of potential violations that are made in good faith;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify Lord Abbett's General Counsel<sup></sup>promptly if he/she alleges any violation of this Code. Failure to do
so is itself a violation of this Code.

Lord Abbett's General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The General Counsel may consult, as appropriate, with the Committee, and/or counsel to the Independent Directors, and is encouraged to do so. However, any approvals or waivers sought by the Covered Persons will be considered by the Committee.

June 2003

Each of the Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lord Abbett's General Counsel will take all appropriate action to investigate any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required
to take any further action, but he shall discuss with the Committee at its next regularly scheduled meeting his investigation and
conclusion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the General Counsel believes is a violation will be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the Committee concurs that a violation has occurred, it will consider appropriate action, which may include review of, and
appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of Lord Abbett; or a recommendation
to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and Lord Abbett's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

Except as to the individuals listed in Exhibit A, this Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of a Fund's independent directors/trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Committee and its counsel.

June 2003

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Internal Use** 

The Code is intended solely for the internal use by each of the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

Date: June 19, 2003

June 2003

**Exhibit A**

---

| | | |
|:---|:---|:---|
| <u><u>Persons Covered by this Code of Ethics</u></u> | <u><u>Persons Covered by this Code of Ethics</u></u> | <u><u>Position With Funds</u></u> |
| Douglas B. Sieg | Principal Executive Officer | President and Chief Executive Officer |
| Michael J. Hebert | Principal Financial Officer and Principal Accounting Officer | Chief Financial Officer and Treasurer |

---

July 2022

## Ex-99.Cert

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the<br> Sarbanes-Oxley Act of 2002

I, Douglas B. Sieg, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Lord Abbett Affiliated Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements
are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during
the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's
internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee
of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial
information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's
internal control over financial reporting.

Date: December 23, 2025

---

| |
|:---|
| <u>/s/ Douglas B. Sieg</u> |
| Douglas B. Sieg |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the<br> Sarbanes-Oxley Act of 2002

I, Michael J. Hebert, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Lord Abbett Affiliated Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements
are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during
the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's
internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee
of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial
information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's
internal control over financial reporting.

Date: December 23, 2025

---

| |
|:---|
| <u>/s/ Michael J. Hebert</u> |
| Michael J. Hebert |
| Chief Financial Officer and Treasurer |
| (Principal Financial Officer) |

---

## Exhibit 99.906

EX-99.906CERT

CERTIFICATIONS

Pursuant to Section 906 of the<br> Sarbanes-Oxley Act of 2002

Each of the undersigned below certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This report on Form N-CSR of Lord Abbett Affiliated Fund, Inc. (the "Report") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: December 23, 2025

---

| | |
|:---|:---|
| By: | <u>/s/ Douglas B. Sieg</u> |
|  | Douglas B. Sieg |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |

---

---

| | |
|:---|:---|
| By: | <u>/s/ Michael J. Hebert</u> |
|  | Michael J. Hebert |
|  | Chief Financial Officer and Treasurer |
|  | (Principal Financial Officer) |

---

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO THE REGISTRANT AND WILL BE RETAINED BY THE REGISTRANT AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.