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Finance

Company News

Lord Abbett Affiliated Fund Inc.

07/01/2026 | Press release | Distributed by Public on 07/01/2026 08:08

Semi-Annual Report by Investment Company (Form N-CSRS)

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)

30 Hudson Street, Jersey City, New Jersey 07302-4804

(Address of principal executive offices) (Zip code)

Randolph A. Stuzin, Esq.

Vice President and Assistant Secretary

30 Hudson Street, Jersey City, New Jersey 07302-4804

(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: 4/30/2026

Item 1:

Report(s) to Shareholders.

Class A

LAFFX

Lord Abbett Affiliated Fund Inc.

Semi-Annual Shareholder Report

April 30, 2026

lordabbett.com/FundDocuments

This semi-annual shareholder report contains important information about the Lord Abbett Affiliated Fund Inc. for the period of November 1, 2025 to April 30, 2026. 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.

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$36	0.68%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

What did the Fund invest in?

(as of April 30, 2026)

Key Fund Statistics

(as of April 30, 2026)

Table Summary

Total Net Assets	$6,724,158,102
# of Portfolio Holdings	67
Portfolio Turnover Rate	24%

Table Summary

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	5.74%
Consumer Discretionary	3.53%
Consumer Staples	5.95%
Energy	7.75%
Financials	19.12%
Health Care	9.45%
Industrials	21.21%
Information Technology	14.97%
Materials	5.30%
Utilities	5.11%
Repurchase Agreements	1.87%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

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.

TSR-SA-11-A

06/26

Class C

LAFCX

Lord Abbett Affiliated Fund Inc.

Semi-Annual Shareholder Report

April 30, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$75	1.43%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

What did the Fund invest in?

(as of April 30, 2026)

Key Fund Statistics

(as of April 30, 2026)

Table Summary

Total Net Assets	$6,724,158,102
# of Portfolio Holdings	67
Portfolio Turnover Rate	24%

Table Summary

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	5.74%
Consumer Discretionary	3.53%
Consumer Staples	5.95%
Energy	7.75%
Financials	19.12%
Health Care	9.45%
Industrials	21.21%
Information Technology	14.97%
Materials	5.30%
Utilities	5.11%
Repurchase Agreements	1.87%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-661-C

06/26

Class F

LAAFX

Lord Abbett Affiliated Fund Inc.

Semi-Annual Shareholder Report

April 30, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F	$28	0.53%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

What did the Fund invest in?

(as of April 30, 2026)

Key Fund Statistics

(as of April 30, 2026)

Table Summary

Total Net Assets	$6,724,158,102
# of Portfolio Holdings	67
Portfolio Turnover Rate	24%

Table Summary

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	5.74%
Consumer Discretionary	3.53%
Consumer Staples	5.95%
Energy	7.75%
Financials	19.12%
Health Care	9.45%
Industrials	21.21%
Information Technology	14.97%
Materials	5.30%
Utilities	5.11%
Repurchase Agreements	1.87%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-1002-F

06/26

Class F3

LTFOX

Lord Abbett Affiliated Fund Inc.

Semi-Annual Shareholder Report

April 30, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F3	$20	0.38%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

What did the Fund invest in?

(as of April 30, 2026)

Key Fund Statistics

(as of April 30, 2026)

Table Summary

Total Net Assets	$6,724,158,102
# of Portfolio Holdings	67
Portfolio Turnover Rate	24%

Table Summary

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	5.74%
Consumer Discretionary	3.53%
Consumer Staples	5.95%
Energy	7.75%
Financials	19.12%
Health Care	9.45%
Industrials	21.21%
Information Technology	14.97%
Materials	5.30%
Utilities	5.11%
Repurchase Agreements	1.87%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-8951-F3

06/26

Class I

LAFYX

Lord Abbett Affiliated Fund Inc.

Semi-Annual Shareholder Report

April 30, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$23	0.43%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

What did the Fund invest in?

(as of April 30, 2026)

Key Fund Statistics

(as of April 30, 2026)

Table Summary

Total Net Assets	$6,724,158,102
# of Portfolio Holdings	67
Portfolio Turnover Rate	24%

Table Summary

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	5.74%
Consumer Discretionary	3.53%
Consumer Staples	5.95%
Energy	7.75%
Financials	19.12%
Health Care	9.45%
Industrials	21.21%
Information Technology	14.97%
Materials	5.30%
Utilities	5.11%
Repurchase Agreements	1.87%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-685-I

06/26

Class P

LAFPX

Lord Abbett Affiliated Fund Inc.

Semi-Annual Shareholder Report

April 30, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$46	0.88%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

What did the Fund invest in?

(as of April 30, 2026)

Key Fund Statistics

(as of April 30, 2026)

Table Summary

Total Net Assets	$6,724,158,102
# of Portfolio Holdings	67
Portfolio Turnover Rate	24%

Table Summary

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	5.74%
Consumer Discretionary	3.53%
Consumer Staples	5.95%
Energy	7.75%
Financials	19.12%
Health Care	9.45%
Industrials	21.21%
Information Technology	14.97%
Materials	5.30%
Utilities	5.11%
Repurchase Agreements	1.87%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-696-P

06/26

Class R2

LAFQX

Lord Abbett Affiliated Fund Inc.

Semi-Annual Shareholder Report

April 30, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R2	$54	1.03%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

What did the Fund invest in?

(as of April 30, 2026)

Key Fund Statistics

(as of April 30, 2026)

Table Summary

Total Net Assets	$6,724,158,102
# of Portfolio Holdings	67
Portfolio Turnover Rate	24%

Table Summary

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	5.74%
Consumer Discretionary	3.53%
Consumer Staples	5.95%
Energy	7.75%
Financials	19.12%
Health Care	9.45%
Industrials	21.21%
Information Technology	14.97%
Materials	5.30%
Utilities	5.11%
Repurchase Agreements	1.87%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-1041-R2

06/26

Class R3

LAFRX

Lord Abbett Affiliated Fund Inc.

Semi-Annual Shareholder Report

April 30, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R3	$49	0.93%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

What did the Fund invest in?

(as of April 30, 2026)

Key Fund Statistics

(as of April 30, 2026)

Table Summary

Total Net Assets	$6,724,158,102
# of Portfolio Holdings	67
Portfolio Turnover Rate	24%

Table Summary

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	5.74%
Consumer Discretionary	3.53%
Consumer Staples	5.95%
Energy	7.75%
Financials	19.12%
Health Care	9.45%
Industrials	21.21%
Information Technology	14.97%
Materials	5.30%
Utilities	5.11%
Repurchase Agreements	1.87%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-2046-R3

06/26

Class R4

LAFSX

Lord Abbett Affiliated Fund Inc.

Semi-Annual Shareholder Report

April 30, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R4	$36	0.68%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

What did the Fund invest in?

(as of April 30, 2026)

Key Fund Statistics

(as of April 30, 2026)

Table Summary

Total Net Assets	$6,724,158,102
# of Portfolio Holdings	67
Portfolio Turnover Rate	24%

Table Summary

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	5.74%
Consumer Discretionary	3.53%
Consumer Staples	5.95%
Energy	7.75%
Financials	19.12%
Health Care	9.45%
Industrials	21.21%
Information Technology	14.97%
Materials	5.30%
Utilities	5.11%
Repurchase Agreements	1.87%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-8700-R4

06/26

Class R5

LAFTX

Lord Abbett Affiliated Fund Inc.

Semi-Annual Shareholder Report

April 30, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R5	$23	0.43%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

What did the Fund invest in?

(as of April 30, 2026)

Key Fund Statistics

(as of April 30, 2026)

Table Summary

Total Net Assets	$6,724,158,102
# of Portfolio Holdings	67
Portfolio Turnover Rate	24%

Table Summary

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	5.74%
Consumer Discretionary	3.53%
Consumer Staples	5.95%
Energy	7.75%
Financials	19.12%
Health Care	9.45%
Industrials	21.21%
Information Technology	14.97%
Materials	5.30%
Utilities	5.11%
Repurchase Agreements	1.87%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-8732-R5

06/26

Class R6

LAFVX

Lord Abbett Affiliated Fund Inc.

Semi-Annual Shareholder Report

April 30, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$20	0.38%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

What did the Fund invest in?

(as of April 30, 2026)

Key Fund Statistics

(as of April 30, 2026)

Table Summary

Total Net Assets	$6,724,158,102
# of Portfolio Holdings	67
Portfolio Turnover Rate	24%

Table Summary

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	5.74%
Consumer Discretionary	3.53%
Consumer Staples	5.95%
Energy	7.75%
Financials	19.12%
Health Care	9.45%
Industrials	21.21%
Information Technology	14.97%
Materials	5.30%
Utilities	5.11%
Repurchase Agreements	1.87%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-8764-R6

06/26

	(b)	Not applicable.

	(c)	The Registrant has not amended its Sarbanes-Oxley Code of Ethics for the principal executive officer and senior financial officers of the Registrant ("Code of Ethics") during the six-month period ended April 30, 2026 (the "Period"). Subsequent to the Period, the Registrant updated its Code of Ethics solely to reflect a change to the Registrant's principal financial officer and principal accounting officer, effective May 22, 2026.

	(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.

	(e)	Not applicable.

(f)

See Item 19(a)(1) concerning the filing of the Code of Ethics.

Item 3:

Audit Committee Financial Expert.

Not applicable.

Item 4:

Principal Accountant Fees and Services.

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 basis for the approval of the investment adviser contract is included as part of the report to shareholders filed under Item 1 (a) of this form N-CSR.

LORD ABBETT
FINANCIAL STATEMENTS
AND OTHER IMPORTANT
INFORMATION

Lord Abbett
Affiliated Fund

For the six-month period ended April 30, 2026

Table of Contents

1		Schedule of Investments (Item 7)

4		Statement of Assets and Liabilities (Item 7)

6		Statement of Operations (Item 7)

7		Statements of Changes in Net Assets (Item 7)

8		Financial Highlights (Item 7)

12		Notes to Financial Statements (Item 7)

23		Changes in and Disagreements with Accountants (Item 8)

23		Proxy Disclosures (Item 9)

23		Remuneration Paid to Directors, Officers, and Others (Item 10)

23		Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)

Schedule of Investments (unaudited)

April 30, 2026

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 98.54%

COMMON STOCKS 97.96%

Aerospace & Defense 3.04%
General Electric Co.		175,252	$	50,810,812
L3Harris Technologies, Inc.		274,706		88,057,008
Northrop Grumman Corp.		113,578		65,816,180
Total				204,684,000

Air Freight & Logistics 1.17%
CH Robinson Worldwide, Inc.		433,747		78,859,542

Banks 7.46%
Bank of America Corp.		2,694,069		144,024,929
JPMorgan Chase & Co.		664,223		208,054,570
Wells Fargo & Co.		1,817,524		149,454,999
Total				501,534,498

Beverages 1.01%
Coca-Cola Co.		862,220		67,908,447

Biotechnology 2.09%
AbbVie, Inc.		103,817		21,938,609
Gilead Sciences, Inc.		664,036		86,882,470
Regeneron Pharmaceuticals, Inc.		44,337		31,348,919
Total				140,169,998

Building Products 0.47%
Allegion PLC (Ireland)^(a)		229,788		31,591,254

Capital Markets 8.77%
Cboe Global Markets, Inc.		279,356		83,831,942
Charles Schwab Corp.		1,318,019		120,783,261
Morgan Stanley		1,161,882		221,443,090
Nasdaq, Inc.		797,685		73,315,228
S&P Global, Inc.		50,365		21,718,899
SEI Investments Co.		758,505		68,781,234
Total				589,873,654

Investments	Shares		Fair Value
Chemicals 1.93%
Linde PLC		259,314	$	129,952,618

Commercial Services & Supplies 1.98%
Cintas Corp.		365,979		63,940,191
Waste Management, Inc.		295,983		68,830,847
Total				132,771,038

Construction & Engineering 2.52%
EMCOR Group, Inc.		111,634		99,540,689
Vinci SA^(b)		463,656		70,115,098
Total				169,655,787

Construction Materials 1.89%
CRH PLC (Ireland)^(a)		1,072,366		126,989,582

Consumer Staples Distribution & Retail 3.17%
Alimentation Couche-Tard, Inc.^(b)		1,040,132		61,534,220
Walmart, Inc.		1,149,819		151,695,620
Total				213,229,840

Electric: Utilities 3.27%
Entergy Corp.		890,942		105,050,971
NextEra Energy, Inc.		1,169,437		114,464,494
Total				219,515,465

Electrical Equipment 2.63%
AMETEK, Inc.		421,646		99,297,633
Emerson Electric Co.		552,926		77,652,927
Total				176,950,560

Electronic Equipment, Instruments & Components 1.42%
Amphenol Corp. Class A		648,561		95,513,578

Ground Transportation 1.59%
Union Pacific Corp.		396,987		106,980,057

Health Care Equipment & Supplies 0.76%
Stryker Corp.		162,036		51,062,405

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

April 30, 2026

Investments	Shares		Fair Value
Health Care Providers & Services 3.22%
CVS Health Corp.		410,169	$	34,162,976
Labcorp Holdings, Inc.		221,481		56,876,321
UnitedHealth Group, Inc.		338,203		125,297,447
Total				216,336,744

Hotels, Restaurants & Leisure 0.50%
Booking Holdings, Inc.		199,475		33,583,611

Information Technology Services 0.54%
Accenture PLC Class A (Ireland)^(a)		203,425		36,354,082

Insurance 2.97%
Chubb Ltd. (Switzerland)^(a)		142,977		46,753,479
Marsh & McLennan Cos., Inc.		474,245		79,535,629
Progressive Corp.		364,738		73,414,465
Total				199,703,573

Interactive Media & Services 5.76%
Alphabet, Inc. Class A		895,736		344,679,213
Meta Platforms, Inc. Class A		69,815		42,720,496
Total				387,399,709

Machinery 3.48%
Deere & Co.		110,632		65,258,498
Parker-Hannifin Corp.		185,653		168,836,551
Total				234,095,049

Metals & Mining 1.50%
Steel Dynamics, Inc.		440,569		100,740,508

Multi-Utilities 1.28%
CMS Energy Corp.		1,119,576		85,916,262

Oil, Gas & Consumable Fuels 7.79%
Cheniere Energy, Inc.		275,948		75,871,902
Exxon Mobil Corp.		1,308,817		201,989,728
Kinder Morgan, Inc.		3,586,538		117,889,504
Marathon Petroleum Corp.		515,490		127,991,012
Total				523,742,146

Investments	Shares		Fair Value
Pharmaceuticals 3.43%
Johnson & Johnson		766,466	$	176,172,210
Novartis AG ADR		365,717		54,071,259
Total				230,243,469

Semiconductors & Semiconductor Equipment 11.40%
Analog Devices, Inc.		346,661		139,447,854
Broadcom, Inc.		338,521		141,308,821
Lam Research Corp.		416,401		107,373,162
NVIDIA Corp.		772,506		154,169,022
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		566,261		224,273,332
Total				766,572,191

Specialty Retail 3.05%
Lowe's Cos., Inc.		426,027		101,730,987
TJX Cos., Inc.		659,076		103,310,163
Total				205,041,150

Technology Hardware, Storage & Peripherals 1.67%
Dell Technologies, Inc. Class C		538,724		112,566,380

Tobacco 1.79%
Philip Morris International, Inc.		729,832		120,473,368

Trading Companies & Distributors 4.41%
AerCap Holdings NV (Ireland)^(a)		857,964		122,011,060
Ferguson Enterprises, Inc.		343,384		91,927,331
United Rentals, Inc.		86,190		82,728,610
Total				296,667,001
Total Common Stocks (cost $4,443,186,501)				6,586,677,566

CONVERTIBLE PREFERRED STOCKS 0.58%

Electric: Utilities 0.58%
NextEra Energy, Inc.^(c) (cost $34,529,632)		668,425		39,356,864
Total Long-Term Investments (cost $4,477,716,133)				6,626,034,430

2	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

April 30, 2026

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 1.88%

Repurchase Agreements 1.88%
Repurchase Agreement dated 4/30/2026, 3.250% due 5/1/2026 with Fixed Income Clearing Corp. collateralized by $127,303,600 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $128,746,949; proceeds: $126,233,730 (cost $126,222,335)		$126,222,335	$	126,222,335
Total Investments in Securities 100.42% (cost $4,603,938,468)				6,752,256,765
Other Assets and Liabilities - Net (0.42)%				(28,098,663	)
Net Assets 100.00%			$	6,724,158,102

ADR		American Depositary Receipt.

^(a)		Foreign security traded in U.S. dollars.
^(b)		Investment in non-U.S. dollar denominated securities.
^(c)		The security has a dividend rate of 7.30%.

The following is a summary of the inputs used as of April 30, 2026 in valuing the Fund's investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Construction & Engineering	$	99,540,689	$	70,115,098	$	-	$	169,655,787
Remaining Industries		6,417,021,779		-		-		6,417,021,779
Convertible Preferred Stocks		-		39,356,864		-		39,356,864
Short-Term Investments
Repurchase Agreements		-		126,222,335		-		126,222,335
Total	$	6,516,562,468	$	235,694,297	$	-	$	6,752,256,765

⁽¹⁾		Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

April 30, 2026

ASSETS:
Investments in securities, at cost	$	4,603,938,468
Investments in securities, at fair value	$	6,752,256,765
Cash		54
Foreign cash, at value (cost $448)		449
Receivables:
Investment securities sold		19,734,975
Interest and dividends		4,105,109
Capital shares sold		301,879
Prepaid expenses		83,463
Total assets		6,776,482,694
LIABILITIES:
Payables:
Investment securities purchased		42,368,132
12b-1 distribution plan		3,631,776
Capital shares reacquired		2,237,376
Management fee		1,694,973
Directors' fees		1,355,438
Fund administration		215,586
Accrued expenses		821,311
Total liabilities		52,324,592
Commitments and contingent liabilities		-
NET ASSETS	$	6,724,158,102
COMPOSITION OF NET ASSETS:
Paid-in capital	$	4,199,706,002
Total distributable earnings/(loss)		2,524,452,100
Net Assets	$	6,724,158,102

4	See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)(concluded)

April 30, 2026

Net assets by class:
Class A Shares	$	5,806,845,056
Class C Shares	$	36,496,239
Class F Shares	$	53,355,178
Class F3 Shares	$	144,291,190
Class I Shares	$	615,052,768
Class P Shares	$	10,860,213
Class R2 Shares	$	950,133
Class R3 Shares	$	28,244,720
Class R4 Shares	$	6,165,244
Class R5 Shares	$	902,917
Class R6 Shares	$	20,994,444
Outstanding shares by class:
Class A Shares (3.84 billion shares of common stock authorized, $.001 par value)		268,728,303
Class C Shares (300 million shares of common stock authorized, $.001 par value)		1,675,930
Class F Shares (960 million shares of common stock authorized, $.001 par value)		2,466,137
Class F3 Shares (960 million shares of common stock authorized, $.001 par value)		6,576,979
Class I Shares (960 million shares of common stock authorized, $.001 par value)		28,277,950
Class P Shares (200 million shares of common stock authorized, $.001 par value)		503,770
Class R2 Shares (476 million shares of common stock authorized, $.001 par value)		43,845
Class R3 Shares (476 million shares of common stock authorized, $.001 par value)		1,306,810
Class R4 Shares (476 million shares of common stock authorized, $.001 par value)		285,831
Class R5 Shares (476 million shares of common stock authorized, $.001 par value)		41,479
Class R6 Shares (476 million shares of common stock authorized, $.001 par value)		957,816
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):*
Class A Shares-Net asset value		$21.61
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)		$22.93
Class C Shares-Net asset value		$21.78
Class F Shares-Net asset value		$21.64
Class F3 Shares-Net asset value		$21.94
Class I Shares-Net asset value		$21.75
Class P Shares-Net asset value		$21.56
Class R2 Shares-Net asset value		$21.67
Class R3 Shares-Net asset value		$21.61
Class R4 Shares-Net asset value		$21.57
Class R5 Shares-Net asset value		$21.77
Class R6 Shares-Net asset value		$21.92

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

See Notes to Financial Statements.

Statement of Operations (unaudited)

For the Six Months Ended April 30, 2026

Investment income:
Dividends (net of foreign withholding taxes of $802,129)	$	56,055,372
Securities lending net income		645
Interest and other		1,397,320
Total investment income		57,453,337
Expenses:
Management fee		10,115,674
12b-1 distribution plan-Class A		6,912,911
12b-1 distribution plan-Class C		183,241
12b-1 distribution plan-Class F		25,994
12b-1 distribution plan-Class P		22,637
12b-1 distribution plan-Class R2		2,645
12b-1 distribution plan-Class R3		66,280
12b-1 distribution plan-Class R4		9,832
Shareholder servicing		1,870,619
Fund administration		1,285,944
Reports to shareholders		109,617
Directors' fees		85,707
Registration		78,386
Professional		47,462
Custody		37,380
Other		104,839
Gross expenses		20,959,168
Fees waived and expenses reimbursed (See Note 3)		(37,380	)
Net expenses		20,921,788
Net investment income		36,531,549
Net realized and unrealized gain/(loss):
Net realized gain/(loss) on investments		373,309,741
Net realized gain/(loss) on foreign currency related transactions		(13,111	)
Net change in unrealized appreciation/(depreciation) on investments		306,892,309
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies		6,357
Net realized and unrealized gain/(loss)		680,195,296
Net Increase in Net Assets Resulting From Operations	$	716,726,845

6	See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2026 (unaudited)			For the Year Ended October 31, 2025
Operations:
Net investment income	$	36,531,549		$	75,532,580
Net realized gain/(loss)		373,296,630			442,791,802
Net change in unrealized appreciation/(depreciation)		306,898,666			146,304,217
Net increase in net assets resulting from operations		716,726,845			664,628,599
Distributions to Shareholders:
Class A		(364,303,649	)		(312,886,727	)
Class C		(2,260,405	)		(2,189,362	)
Class F		(3,494,969	)		(3,387,120	)
Class F3		(8,873,699	)		(7,309,299	)
Class I		(38,401,313	)		(32,911,595	)
Class P		(643,746	)		(550,984	)
Class R2		(54,815	)		(47,366	)
Class R3		(1,671,674	)		(1,517,526	)
Class R4		(535,437	)		(521,625	)
Class R5		(55,605	)		(55,556	)
Class R6		(1,153,099	)		(973,209	)
Total distribution to shareholders		(421,448,411	)		(362,350,369	)
Capital share transactions (See Note 12):
Net proceeds from sales of shares		126,087,764			194,141,096
Reinvestment of distributions		391,819,354			335,454,929
Cost of shares reacquired		(404,966,806	)		(750,775,482	)
Net increase (decrease) in net assets resulting from capital share transactions		112,940,312			(221,179,457	)
Net increase in net assets		408,218,746			81,098,773
NET ASSETS:
Beginning of period	$	6,315,939,356		$	6,234,840,583
End of period	$	6,724,158,102		$	6,315,939,356

See Notes to Financial Statements.

Financial Highlights

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:

	Net asset value, beginning of period		Net investment income (loss)^(a)		Net realized and unrealized gain/(loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
4/30/2026^(c)	$	20.71	$	0.11	$	2.17		$	2.28		$	(0.10	)	$	(1.28	)	$	(1.38	)
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
4/30/2026^(c)		20.86		0.04		2.18			2.22			(0.02	)		(1.28	)		(1.30	)
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
4/30/2026^(c)		20.74		0.13		2.17			2.30			(0.12	)		(1.28	)		(1.40	)
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
4/30/2026^(c)		21.00		0.15		2.20			2.35			(0.13	)		(1.28	)		(1.41	)
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
4/30/2026^(c)		20.84		0.14		2.18			2.32			(0.13	)		(1.28	)		(1.41	)
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
4/30/2026^(c)		20.67		0.09		2.16			2.25			(0.08	)		(1.28	)		(1.36	)
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:												Supplemental Data:

Net asset value, end of period		Total return (%)^(b)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net investment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	$21.61		11.68	^(d)		0.68	^(e)		0.68	^(e)		1.11	^(e)	$	5,806,845		24	^(d)
	20.71		11.30			0.69			0.69			1.20			5,468,137		50
	19.70		34.00			0.69			0.69			1.52			5,399,117		44
	14.93		(0.51	)		0.70			0.70			1.89			4,409,478		57
	16.17		(8.43	)		0.72			0.72			1.78			4,938,013		53
	18.43		40.76			0.71			0.71			1.44			5,766,066		61

	21.78		11.24	^(d)		1.43	^(e)		1.43	^(e)		0.36	^(e)		36,496		24	^(d)
	20.86		10.47			1.44			1.44			0.46			37,116		50
	19.83		33.04			1.44			1.44			0.78			44,664		44
	15.02		(1.25	)		1.45			1.45			1.16			46,243		57
	16.25		(9.11	)		1.47			1.47			1.03			68,303		53
	18.51		39.66			1.46			1.46			0.69			82,118		61

	21.64		11.74	^(d)		0.53	^(e)		0.53	^(e)		1.26	^(e)		53,355		24	^(d)
	20.74		11.50			0.54			0.54			1.36			51,242		50
	19.72		34.14			0.54			0.54			1.67			58,319		44
	14.95		(0.32	)		0.55			0.55			2.10			52,835		57
	16.18		(8.31	)		0.57			0.57			1.92			131,382		53
	18.44		40.93			0.56			0.56			1.59			327,681		61

	21.94		11.84	^(d)		0.38	^(e)		0.38	^(e)		1.40	^(e)		144,291		24	^(d)
	21.00		11.63			0.39			0.39			1.50			131,798		50
	19.95		34.37			0.38			0.38			1.82			121,370		44
	15.11		(0.16	)		0.38			0.38			2.20			98,557		57
	16.34		(8.13	)		0.38			0.38			2.12			108,811		53
	18.61		41.14			0.38			0.38			1.77			123,494		61

	21.75		11.79	^(d)		0.43	^(e)		0.43	^(e)		1.36	^(e)		615,053		24	^(d)
	20.84		11.61			0.44			0.44			1.45			565,314		50
	19.81		34.25			0.44			0.44			1.76			546,269		44
	15.02		(0.26	)		0.45			0.45			2.12			244,970		57
	16.26		(8.16	)		0.47			0.47			2.03			211,211		53
	18.52		41.14			0.46			0.46			1.69			155,123		61

	21.56		11.54	^(d)		0.88	^(e)		0.88	^(e)		0.91	^(e)		10,860		24	^(d)
	20.67		11.10			0.89			0.89			1.00			9,890		50
	19.66		33.74			0.89			0.89			1.32			9,786		44
	14.90		(0.72	)		0.90			0.90			1.70			7,985		57
	16.14		(8.59	)		0.92			0.92			1.57			10,131		53
	18.39		40.39			0.91			0.91			1.25			13,156		61

See Notes to Financial Statements.

Financial Highlights (concluded)

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:

	Net asset value, beginning of period		Net investment income (loss)^(a)		Net realized and unrealized gain/(loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R2
4/30/2026^(c)	$	20.77	$	0.08	$	2.17		$	2.25		$	(0.07	)	$	(1.28	)	$	(1.35	)
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
4/30/2026^(c)		20.72		0.09		2.16			2.25			(0.08	)		(1.28	)		(1.36	)
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
4/30/2026^(c)		20.68		0.12		2.15			2.27			(0.10	)		(1.28	)		(1.38	)
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
4/30/2026^(c)		20.86		0.14		2.18			2.32			(0.13	)		(1.28	)		(1.41	)
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
4/30/2026^(c)		20.99		0.15		2.19			2.34			(0.13	)		(1.28	)		(1.41	)
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	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	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.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.

10	See Notes to Financial Statements.

		Ratios to Average Net Assets:												Supplemental Data:

Net asset value, end of period		Total return (%)^(b)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net investment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	$21.67		11.45	^(d)		1.03	^(e)		1.03	^(e)		0.76	^(e)	$	950		24	^(d)
	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			1,011		61

	21.61		11.53	^(d)		0.93	^(e)		0.93	^(e)		0.86	^(e)		28,245		24	^(d)
	20.72		11.02			0.94			0.94			0.95			25,648		50
	19.70		33.58			0.94			0.94			1.27			27,327		44
	14.94		(0.71	)		0.95			0.95			1.65			23,539		57
	16.17		(8.68	)		0.97			0.97			1.53			28,164		53
	18.43		40.40			0.96			0.96			1.19			38,948		61

	21.57		11.64	^(d)		0.68	^(e)		0.68	^(e)		1.13	^(e)		6,165		24	^(d)
	20.68		11.32			0.69			0.69			1.21			8,030		50
	19.67		33.98			0.69			0.69			1.51			9,005		44
	14.91		(0.51	)		0.70			0.70			1.90			7,412		57
	16.15		(8.40	)		0.72			0.72			1.80			9,008		53
	18.40		40.74			0.71			0.71			1.44			12,382		61

	21.77		11.78	^(d)		0.43	^(e)		0.43	^(e)		1.36	^(e)		903		24	^(d)
	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			1,403		53
	18.53		41.10			0.46			0.46			1.69			2,637		61

	21.92		11.86	^(d)		0.38	^(e)		0.38	^(e)		1.39	^(e)		20,994		24	^(d)
	20.99		11.59			0.39			0.39			1.50			17,109		50
	19.94		34.40			0.38			0.38			1.82			17,213		44
	15.10		(0.16	)		0.38			0.38			2.35			15,346		57
	16.33		(8.13	)		0.38			0.38			2.13			47,199		53
	18.60		41.17			0.38			0.38			1.77			87,630		61

See Notes to Financial Statements.

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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

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 generally accepted accounting principles 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 the Investment Committee of Lord Abbett, which represents the highest-level body responsible for evaluating the Fund's operating performance and making decisions regarding resource allocation. The Investment Committee regularly reviews the Fund's operating results, including investment performance and financial information, in making strategic and operational decisions.

Notes to Financial Statements (unaudited)(continued)

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

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.

Notes to Financial Statements (unaudited)(continued)

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

●	Level 1 -	unadjusted quoted prices in active markets for identical investments;

●	Level 2 -	other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and

●	Level 3 -	significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

A summary of inputs used in valuing the Fund's investments as of April 30, 2026 and, if applicable, Level 3 rollforwards for the six months 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.

Notes to Financial Statements (unaudited)(continued)

(d)	Income Taxes-It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.

	Management has reviewed the Fund's tax positions for all open tax years and has determined that as of April 30, 2026, 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 an 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.

	Because the Fund's repurchase agreements are not subject to master netting arrangements, no offsetting disclosures have been presented for these transactions.

(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 (unaudited)(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 six months ended April 30, 2026, the effective management fee, net of any applicable waiver, was at an annualized rate of .31% 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 $37,380 of certain fees and expenses during the six months ended April 30, 2026.

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⁽¹⁾	Class P	Class R2	Class R3	Class R4
Service	.25%⁽²⁾	.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.
⁽¹⁾	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.
⁽²⁾	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 six months ended April 30, 2026:

Distributor Commissions	Dealers' Concessions
$88,004	$539,974

The Distributor received CDSCs of $1,006 and $765 for Class A and Class C shares, respectively, for the six months ended April 30, 2026.

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

Other Related Parties

As of April 30, 2026, the percentage of the Fund's outstanding shares owned by Lord Abbett Multi-Balanced Opportunity Fund and Lord Abbett Multi-Asset Income Fund was 2.90% and 0.65%, respectively.

Notes to Financial Statements (unaudited)(continued)

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 six months ended April 30, 2026 was as follows:

Fund	Ordinary Income	Net Long-Term Capital Gains	Return of Capital	Total Distributions Paid
Affiliated Fund	$33,355,539	$388,092,872	$ -	$421,448,411

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

Fund	Ordinary Income	Net Long-Term Capital Gains	Return of Capital	Total Distributions Paid
Affiliated Fund	$91,349,231	$271,001,138	$ -	$362,350,369

Net capital losses recognized by the Fund may be carried forward indefinitely and retain their character as short-term and/or long-term losses. Capital losses incurred that will be carried forward are as follows:

Fund	Short-Term Losses	Long-Term Losses	Net Capital Losses
Affiliated Fund	$ -	$ -	$ -

As of April 30, 2026, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for the Fund are shown below. The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable to the tax treatment of certain securities and wash sales.

Fund	Tax Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Appreciation/ (Depreciation)
Affiliated Fund	$4,602,820,630	$2,205,960,201	$(56,524,066	)	$2,149,436,135

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2026 were as follows:

U.S. Government Purchases	Non-U.S. Government Purchases	U.S. Government Sales	Non-U.S. Government Sales
$ -	$1,524,876,856	$ -	$1,855,543,563

Notes to Financial Statements (unaudited)(continued)

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 six months ended April 30, 2026, the Fund did not engage in cross-trade purchases or sales.

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.

7.	LINE OF CREDIT

For the period ended April 30, 2026, 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 $1.675 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, $300 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 5, 2026, the Participating Funds renewed the Syndicated Facility for $1.8 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, $500 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 April 30, 2026, 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 5, 2026, 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.

Interest associated with these credit facilities is charged to each Fund based on its borrowings generally at an amount above the Federal Funds rate or at the negotiated rate for swing line loans. In addition, there is a fee computed at an annual rate of 0.20% on the daily unused portion of the Syndicated Facility which is allocated among the Participating Funds at the end of each quarter and is included with Other Expenses on the Statement of Operations. There is no fee associated with the unused portion of the Bilateral Facility.

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

Notes to Financial Statements (unaudited)(continued)

For the six months ended April 30, 2026, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

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.

During the six months ended April 30, 2026, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

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.

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 April 30, 2026, the Fund did not have any securities on loan.

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 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

Notes to Financial Statements (unaudited)(continued)

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.

12.	SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended April 30, 2026 (unaudited)						Year Ended October 31, 2025
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		3,058,092		$	62,751,291			4,427,071		$	85,891,079
Reinvestment of distributions		17,085,707			338,574,699			14,641,686			289,379,816
Shares reacquired		(15,421,262	)		(317,181,384	)		(29,123,423	)		(568,352,067	)
Increase (decrease)		4,722,537		$	84,144,606			(10,054,666	)	$	(193,081,172	)

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended April 30, 2026 (unaudited)						Year Ended October 31, 2025
Class C Shares		Shares			Amount			Shares			Amount
Shares sold		148,604		$	3,122,831			207,294		$	4,026,119
Reinvestment of distributions		109,653			2,186,784			106,271			2,118,913
Shares reacquired		(361,871	)		(7,565,137	)		(786,796	)		(15,440,133	)
Decrease		(103,614	)	$	(2,255,522	)		(473,231	)	$	(9,295,101	)

Class F Shares
Shares sold		198,209		$	4,095,045			217,652		$	4,300,190
Reinvestment of distributions		163,107			3,237,380			159,576			3,156,032
Shares reacquired		(366,364	)		(7,566,306	)		(863,161	)		(16,907,494	)
Decrease		(5,048	)	$	(233,881	)		(485,933	)	$	(9,451,272	)

Class F3 Shares
Shares sold		653,575		$	13,728,391			1,206,139		$	23,749,295
Reinvestment of distributions		440,813			8,873,496			365,147			7,308,087
Shares reacquired		(792,551	)		(16,649,655	)		(1,379,334	)		(27,177,880	)
Increase		301,837		$	5,952,232			191,952		$	3,879,502

Class I Shares
Shares sold		1,716,641		$	35,638,745			3,540,856		$	69,780,998
Reinvestment of distributions		1,785,090			35,629,042			1,536,756			30,534,503
Shares reacquired		(2,351,145	)		(48,718,153	)		(5,520,372	)		(107,742,847	)
Increase (decrease)		1,150,586		$	22,549,634			(442,760	)	$	(7,427,346	)

Class P Shares
Shares sold		33,482		$	695,430			23,406		$	446,720
Reinvestment of distributions		32,358			639,507			27,693			546,200
Shares reacquired		(40,641	)		(841,962	)		(70,285	)		(1,330,678	)
Increase (decrease)		25,199		$	492,975			(19,186	)	$	(337,758	)

Class R2 Shares
Shares sold		803		$	16,967			2,303		$	45,048
Reinvestment of distributions		2,760			54,815			2,387			47,366
Shares reacquired		(127	)		(2,642	)		(8,066	)		(151,057	)
Increase (decrease)		3,436		$	69,140			(3,376	)	$	(58,643	)

Class R3 Shares
Shares sold		77,922		$	1,611,506			126,155		$	2,400,815
Reinvestment of distributions		84,373			1,671,674			76,728			1,517,526
Shares reacquired		(93,559	)		(1,931,501	)		(351,711	)		(6,813,040	)
Increase (decrease)		68,736		$	1,351,679			(148,828	)	$	(2,894,699	)

Class R4 Shares
Shares sold		17,843		$	366,758			43,409		$	841,033
Reinvestment of distributions		24,081			476,480			21,289			419,995
Shares reacquired		(144,463	)		(2,952,141	)		(134,198	)		(2,624,468	)
Decrease		(102,539	)	$	(2,108,903	)		(69,500	)	$	(1,363,440	)

Notes to Financial Statements (unaudited)(concluded)

	Six Months Ended April 30, 2026 (unaudited)						Year Ended October 31, 2025
Class R5 Shares		Shares			Amount			Shares			Amount
Shares sold		1,173		$	24,610			3,976		$	79,628
Reinvestment of distributions		2,784			55,605			2,796			55,556
Shares reacquired		(1,592	)		(33,157	)		(13,267	)		(268,620	)
Increase (decrease)		2,365		$	47,058			(6,495	)	$	(133,436	)

Class R6 Shares
Shares sold		194,268		$	4,036,190			130,015		$	2,580,171
Reinvestment of distributions		20,879			419,872			18,542			370,935
Shares reacquired		(72,621	)		(1,524,768	)		(196,712	)		(3,967,198	)
Increase (decrease)		142,526		$	2,931,294			(48,155	)	$	(1,016,092	)

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.

Statement Regarding Basis for Approval of Investment Advisory Contract

Approval of Advisory Contract

The Board, including all of the Directors who are not "interested persons" of the Fund or of Lord Abbett, as defined in the Investment Company Act of 1940, as amended (the "Independent Directors"), annually considers whether to approve the continuation of the existing management agreement between the Fund and Lord Abbett (the "Agreement"). In connection with its most recent approval, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about the Fund's investment performance compared to the performance of an appropriate benchmark. Before making its decision as to the Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. The Independent Directors also met with their independent legal counsel in various private sessions at which no representatives of management were present.

The materials received by the Board included, but were not limited to: (1) information provided by Broadridge Financial Solutions ("Broadridge") regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Broadridge, based, in part, on the Fund's Morningstar category (the "performance peer group"), and the investment performance of an appropriate benchmark; (2) information provided by Broadridge regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund and certain funds in the same Morningstar category, with generally the same or similar share classes and operational characteristics, including asset size (the "expense peer group"); (3) certain supplemental investment performance information provided by Lord Abbett; (4) information provided by Lord Abbett on the expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett's financial condition; (7) an analysis of the relative profitability to Lord Abbett of providing management and administrative services to the Fund; and (8) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management, risk oversight, and trading, and Lord Abbett's commitment to compliance with all applicable legal requirements and investments undertaken to enhance its compliance oversight. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business, although the Board was mindful that other conflicts of interest may exist. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. The Board observed that differences in fee rates between these clients and the Lord Abbett Funds are not uniform when examined on a fund-by-fund basis, suggesting that differences in the pricing of investment management services to these clients may reflect a variety of factors, including historical competitive forces operating in separate marketplaces. The Board considered the fact that in many instances fee rates are higher on average for mutual fund clients than for other clients. The Board did not rely on these comparisons to any significant extent in reaching their decision. After reviewing these and related factors, the Board concluded that the Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed the Fund's investment performance in relation to that of the performance peer group and an appropriate benchmark as of various periods ended June 30, 2025. The Board observed that the Fund's investment performance was above the median of the performance peer group for the one- and three-year periods and below the median of the performance peer group for the five- and ten-year periods. The Board considered Lord Abbett's explanation of the Fund's performance. The Board further considered Lord Abbett's performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and other factors, including those described below, the Board concluded that the Fund's Agreement should be continued.

Lord Abbett's Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to the Fund, in light of its investment objective and strategy, and other services provided to the Fund by Lord Abbett. Among other things, the Board considered the size, experience, and turnover of Lord Abbett's staff, the resources made available to them, Lord Abbett's investment methodologies and philosophy, and Lord Abbett's approach to recruiting, training, and retaining personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, and extent of compliance, administrative, and other services performed by Lord Abbett and the nature and extent of Lord Abbett's oversight of third party service providers, including the Fund's transfer agent and custodian.

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund's expense peer group. It also considered how each of the expense level and the actual management fee rates of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders.

Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

The Board observed that the net total expense ratio and the actual management fee of the Fund were both below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fee schedule in place for the Fund was reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

Profitability. The Board considered the level of Lord Abbett's operating margin in managing the Fund, including the administrative services it provides to the Fund, and reviewed Lord Abbett's methodology for allocating its costs to its management of the Fund. It considered whether the Fund was profitable to Lord Abbett in connection with the Fund's operation, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board considered Lord Abbett's profit margins excluding Lord Abbett's marketing and distribution expenses. The Board also considered Lord Abbett's profit margins, without those exclusions, in comparison with available industry data and how those profit margins could affect Lord Abbett's ability to recruit and retain personnel. The Board recognized that Lord Abbett's overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to the Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett's profitability with respect to the Fund was not excessive.

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund's shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Fund. The Board also considered the Fund's existing management fee schedule, with contractual breakpoints in the level of management fee. Based on these considerations, the Board concluded that any economies of scale were adequately addressed in respect of the Fund.

Other Benefits to Lord Abbett. The Board considered the amount and nature of the fees paid by the Fund and the Fund's shareholders to Lord Abbett and the Distributor for services other than investment advisory services, such as the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board also considered the revenues and profitability of Lord Abbett's investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with the Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, that the Distributor may retain a portion of the 12b-1 fees it receives, and that the Distributor receives a portion of the sales charges on sales and redemptions of some classes of shares of the Lord Abbett Funds. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett has entered into revenue sharing arrangements with certain entities that distribute shares of the Lord Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client brokerage transactions, including its mutual fund clients.

Statement Regarding Basis for Approval of Investment Advisory Contract (concluded)

Alternative Arrangements. The Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of the Fund and its shareholders and voted unanimously to approve the continuation of the Agreement. In considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Directors may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

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.

Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.	Lord Abbett Affiliated Fund, Inc.	LAA-3 (06/26)

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.

	(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.

(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 Financial Officer and Senior Financial Officers is attached hereto as part of EX-99. CODEETH.

	(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.

	(a)(4)	Not applicable.

	(a)(5)	Not applicable.

(b)

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 provided as a part of EX-99.906CERT.

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.

	By:	/s/ Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer
		(Principal Executive Officer)

Date: June 26, 2026

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:	/s/ Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer
		(Principal Executive Officer)

Date: June 26, 2026

	By:	/s/ Gina Andes
		Gina Andes
		Assistant Treasurer
		(Interim Principal Financial Officer)

Date: June 26, 2026

Lord Abbett Affiliated Fund Inc. published this content on July 01, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on July 01, 2026 at 14:08 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]

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