2015 LORD ABBETT ANNUAL REPORT. Lord Abbett Affiliated Fund
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1 2015 LORD ABBETT ANNUAL REPORT Lord Abbett Affiliated Fund For the fiscal year ended October 31, 2015
2 Table of Contents 1 A Letter to Shareholders 4 Investment Comparison 5 Information About Your Fund s Expenses and Holdings Presented by Sector 8 Schedule of Investments 14 Statement of Assets and Liabilities 16 Statement of Operations 17 Statements of Changes in Net Assets 18 Financial Highlights 22 Notes to Financial Statements 32 Report of Independent Registered Public Accounting Firm 33 Supplemental Information to Shareholders
3 Lord Abbett Affiliated Fund Annual Report For the fiscal year ended October 31, 2015 Dear Shareholders: We are pleased to provide you with this overview of the performance of the Fund for the fiscal year ended October 31, On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For detailed and more timely information about the Fund, please visit our website at where you also can access the quarterly commentaries that provide updates on each Fund s performance and other portfolio related updates. Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come. Daria L. Foster, Director, President and Chief Executive Officer of the Lord Abbett Funds and E. Thayer Bigelow, Independent Chairman of the Lord Abbett Funds. Best regards, Daria L. Foster Director, President and Chief Executive Officer For the fiscal year ended October 31, 2015, the Fund returned 1.26%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to its benchmark, the Russell 1000 Value Index, 1 which returned 0.53% over the same period. Domestic equity markets advanced over the past year, with the S&P 500 Index 2 rising 5.20% during the trailing 12- month period. Despite this general move upward, there were several periods of short-term volatility, most notably in January 2015, when the S&P 500 declined 3.1%, and in August 2015, when the index dropped 6.3%, its greatest monthly loss in more than three years. One of the prevailing market themes during the trailing 12-month period was a continued weakness in energy prices, with oil in particular plunging 60% from June 2014 to a six-year low in March In addition, while the U.S. real gross domestic product (GDP) initially was reported to have contracted by 0.2% in the first quarter of 2015, that figure later was revised up to a modest 0.6% expansion. Real GDP increased by 3.9% in the second quarter of 2015, while the advanced estimate from the Bureau of Economic 1
4 Analysis indicated that real GDP increased 1.5% in the third quarter of Strong stock selection and an underweight to the energy sector were the primary contributors to the Fund s performance, relative to its benchmark, during the period. Within the energy sector, an overweight position in Valero Energy Corp., a diversified energy company, contributed to relative performance. Higher refining profitability, and management s continued commitment to share buybacks and dividend distributions, could support share prices over the long-term. Also contributing to performance was an underweight position in Exxon Mobil Corp., an energy exploration and production company. Shares of Exxon Mobil declined, likely due to a lower for longer oil price scenario. Strong stock selection and an overweight to the information technology sector also contributed to performance, relative to the Fund s benchmark. Contributing to performance was Avago Technologies Ltd., a semiconductor manufacturer. During the period, Avago generated above-industry revenue growth through its wireless and wireline businesses and acquisitions during the period. An overweight position to Cisco Systems, Inc., a communication and networking company, was another contributor to performance. Cisco s recent partnership with Ericsson Telefon, a Swedish telecommunications company, could increase Cisco s global footprint by providing access to service providers in countries where its presence had previously been minimal. 2 Stock selection within the industrials sector detracted from relative performance over the trailing 12 months. Within industrials, the largest detractor was Union Pacific Corp., a railroad and freight transportation company. Freight revenues were affected during the second quarter of the year by a slowdown in coal traffic. An underweight to General Electric Co., a diversified infrastructure and financial services company, also detracted from performance. GE s share price advanced after the activist asset management firm Trian Partners revealed in early October that its Trian Fund held approximately $2.5 billion of GE s stock, possibly indicating Trian s support of GE s current management team. Also detracting during the period was the Fund s stock selection in the materials sector. Within materials, an overweight position in Freeport-McMoRan, Inc., a natural resource company, detracted from relative performance. The decline in copper and oil prices, combined with slowing global economic growth, particularly in China, adversely affected Freeport s revenue during the period. Similarly, an overweight allocation to Huntsman Corp., a chemical manufacturer, hurt Fund performance. During the period, Huntsman faced pressure from falling oil prices and slowing growth in China. The Fund s portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.
5 1 The Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. 2 The S&P 500 Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries. Unless otherwise specified, indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment. Important Performance and Other Information Performance data quoted in the following pages reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at or referring to Except where noted, comparative Fund performance does not account for the deduction of sales charges and would be different if sales charges were included. The Fund offers several classes of shares with distinct pricing options. For a full description of the differences in pricing alternatives, please see the Fund s prospectus. The annual commentary above discusses the views of the Fund s management and various portfolio holdings of the Fund as of October 31, These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Fund s portfolio is actively managed and may change significantly, the Fund may no longer own the securities described above or may have otherwise changed its positions in the securities. For more recent information about the Fund s portfolio holdings, please visit A Note about Risk: See Notes to Financial Statements for a discussion of investment risks. For a more detailed discussion of the risks associated with the Fund, please see the Fund s prospectus. Mutual funds are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, banks, and are subject to investment risks including possible loss of principal amount invested. 3
6 Investment Comparison Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Russell 1000 Value Index and the Lipper Equity Income Funds Average, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is no guarantee of future results. $25,000 The Fund (Class A shares) at net asset value The Fund (Class A shares) at maximum offering price 1 Russell 1000 Value Index 2 $20,000 Lipper Equity Income Funds Average 3 $15,000 $19,313 $19,226 $16,938 $15,960 $10,000 $5,000 Oct 31, Average Annual Total Returns at Maximum Applicable Sales Charge for the Periods Ended October 31, Year 5 Years 10 Years Life of Class Class A % 9.91% 4.79% Class B % 10.19% 4.86% Class C % 10.48% 4.70% Class F % 11.46% 3.37% Class I % 11.57% 5.75% Class P % 11.23% 5.35% Class R % 10.91% 2.86% Class R % 11.04% 2.98% Class R %* Class R %* Class R %* 1 Reflects the deduction of the maximum initial sales charge of 5.75%. 2 Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund s performance. 3 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund s performance. 4 Total return, which is the percent change in net asset value, after deduction of the maximum sales charge of 5.75% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended October 31, 2015, is calculated using the SEC- required uniform method to compute such return. 5 Performance reflects the deduction of a CDSC of 5% for 1 year, 2% for 5 years, and 0% for 10 years. Class B shares 4 automatically convert to Class A shares after approximately 8 years. (There is no initial sales charge for automatic conversions.) All returns for periods greater than 8 years reflect this conversion. 6 The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value. 7 Commenced operations and performance for the Class began on September 28, Performance is at net asset value. 8 Performance is at net asset value. 9 Commenced operations and performance for the classes began on June 30, Performance is at net asset value. * Because shares have existed for less than one year, average annual returns are not provided.
7 Expense Example As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (these charges vary among the share classes); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (these charges vary among the share classes); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2015 through October 31, 2015). Actual Expenses For each class of the Fund, the first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled Expenses Paid During Period 5/1/15 10/31/15 to estimate the expenses you paid on your account during this period. Hypothetical Example for Comparison Purposes For each class of the Fund, the second line of the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. 5
8 Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Beginning Ending Expenses Account Account Paid During Value Value Period 5/1/15 5/1/15 10/31/15 10/31/15 Class A Actual $1, $ $3.68 Hypothetical (5% Return Before Expenses) $1, $1, $3.77 Class B Actual $1, $ $7.44 Hypothetical (5% Return Before Expenses) $1, $1, $7.63 Class C Actual $1, $ $7.39 Hypothetical (5% Return Before Expenses) $1, $1, $7.58 Class F Actual $1, $ $2.98 Hypothetical (5% Return Before Expenses) $1, $1, $3.06 Class I Actual $1, $ $2.49 Hypothetical (5% Return Before Expenses) $1, $1, $2.55 Class P Actual $1, $ $3.73 Hypothetical (5% Return Before Expenses) $1, $1, $3.82 Class R2 Actual $1, $ $5.41 Hypothetical (5% Return Before Expenses) $1, $1, $5.55 Class R3 Actual $1, $ $4.87 Hypothetical (5% Return Before Expenses) $1, $1, $4.99 Class R4 Actual $1, $ $2.41 Hypothetical (5% Return Before Expenses) $1, $1, $2.44 Class R5 Actual $1, $ $1.58 Hypothetical (5% Return Before Expenses) $1, $1, $1.60 Class R6 Actual $1, $ $1.28 Hypothetical (5% Return Before Expenses) $1, $1, $1.29 For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.74% for Class A, 1.50% for Class B, 1.49% for Class C, 0.60% for Class F, 0.50% for Class I, 0.75% for Class P, 1.09% for Class R2, 0.98% for Class R3, 0.72% for Class R4, 0.47% for Class R5 and 0.38% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one- half year period for Classes A, B, C, F, I, P, R2 and R3) and multiplied by 123/365 (to reflect the period from June 30, 2015, commencement of operations, to October 31, 2015, for Classes R4, R5 and R6). 6
9 Portfolio Holdings Presented by Sector October 31, 2015 Sector* %** Consumer Discretionary 8.07% Consumer Staples 10.07% Energy 11.30% Financials 21.12% Health Care 9.59% Industrials 11.91% Information Technology 14.86% Materials 3.17% Telecommunication Services 4.18% Utilities 5.35% Repurchase Agreement 0.38% Total % * A sector may comprise several industries. ** Represents percent of total investments. 7
10 Schedule of Investments October 31, 2015 Fair Value Investments Shares (000) COMMON STOCKS 99.55% Aerospace & Defense 5.13% Boeing Co. (The) 520,000 $ 76,997 Honeywell International, Inc. 411,400 42,490 Lockheed Martin Corp. 276,500 60,783 Raytheon Co. 371,400 43,602 Rockwell Collins, Inc. 144,100 12,496 United Technologies Corp. 985,500 96,983 Total 333,351 Automobiles 3.18% Ford Motor Co. 9,040, ,891 General Motors Co. 2,090,500 72,980 Total 206,871 Banks 7.62% BB&T Corp. 1,369,149 50,864 Fifth Third Bancorp 4,941,770 94,141 JPMorgan Chase & Co. 3,436, ,811 M&T Bank Corp. 191,500 22,951 Wells Fargo & Co. 1,958, ,016 Total 494,783 Beverages 0.55% Coca- Cola Co. (The) 455,100 19,273 PepsiCo, Inc. 162,100 16,565 Total 35,838 Biotechnology 0.52% AbbVie, Inc. 567,100 33,771 Capital Markets 1.88% Ameriprise Financial, Inc. 581,000 67,024 Invesco Ltd. 1,657,400 54,976 Total 122,000 Chemicals 1.12% CF Industries Holdings, Inc. 942,700 47,861 Huntsman Corp. 1,872,207 24,657 Total 72,518 Fair Value Investments Shares (000) Commercial Services & Supplies 0.63% KAR Auction Services, Inc. 299,000 $ 11,481 Pitney Bowes, Inc. 702,600 14,509 R.R. Donnelley & Sons Co. 876,400 14,785 Total 40,775 Communications Equipment 4.47% Cisco Systems, Inc. 6,256, ,506 Harris Corp. 140,200 11,094 Juniper Networks, Inc. 1,193,700 37,470 Motorola Solutions, Inc. 460,100 32,193 QUALCOMM, Inc. 487,200 28,950 Total 290,213 Consumer Finance 0.31% Navient Corp. 1,541,400 20,331 Containers & Packaging 0.47% WestRock Co. 567,100 30,487 Diversified Telecommunication Services 4.17% AT&T, Inc. 5,163, ,040 Verizon Communications, Inc. 2,092,251 98,085 Total 271,125 Electric: Utilities 3.62% Duke Energy Corp. 1,116,439 79,792 Edison International 149,700 9,060 Great Plains Energy, Inc. 300,000 8,250 PPL Corp. 232,800 8,008 Southern Co. (The) 1,645,900 74,230 Westar Energy, Inc. 468,900 18,616 Xcel Energy, Inc. 1,048,000 37,340 Total 235,296 Electrical Equipment 1.15% Eaton Corp. plc 1,340,900 74,970 8 See Notes to Financial Statements.
11 Schedule of Investments (continued) October 31, 2015 Fair Value Investments Shares (000) Energy Equipment & Services 1.65% Atwood Oceanics, Inc. 434,000 $ 7,183 National Oilwell Varco, Inc. 221,800 8,348 Schlumberger Ltd. 1,085,100 84,811 Tidewater, Inc. 575,200 7,104 Total 107,446 Food & Staples Retailing 1.80% Wal- Mart Stores, Inc. 1,159,200 66,352 Walgreens Boots Alliance, Inc. 594,800 50,368 Total 116,720 Food Products 2.52% Archer- Daniels- Midland Co. 1,307,500 59,701 Bunge Ltd. 163,500 11,929 ConAgra Foods, Inc. 1,111,800 45,084 Ingredion, Inc. 115,700 10,998 Kraft Heinz Co. (The) 461,900 36,014 Total 163,726 Health Care Equipment & Supplies 0.58% Medtronic plc (Ireland) (a) 505,500 37,367 Health Care Providers & Services 1.27% Cardinal Health, Inc. 427,400 35,132 Quest Diagnostics, Inc. 194,500 13,216 UnitedHealth Group, Inc. 288,500 33,980 Total 82,328 Hotels, Restaurants & Leisure 0.43% Darden Restaurants, Inc. 456,200 28,234 Household Durables 1.10% Whirlpool Corp. 444,800 71,230 Household Products 1.48% Procter & Gamble Co. (The) 1,260,500 96,277 Fair Value Investments Shares (000) Independent Power and Renewable Electricity Producer 0.49% AES Corp. 2,874,800 $ 31,479 Industrial Conglomerates 2.36% General Electric Co. 5,292, ,059 Information Technology Services 2.68% Fidelity National Information Services, Inc. 342,700 24,990 International Business Machines Corp. 781, ,521 Western Union Co. (The) 1,322,700 25,462 Xerox Corp. 1,483,100 13,926 Total 173,899 Insurance 6.78% ACE Ltd. (Switzerland) (a) 712,200 80,863 Allstate Corp. (The) 1,369,800 84,763 AmTrust Financial Services, Inc. 276,800 18,883 Everest Re Group Ltd. 161,900 28,813 Hartford Financial Services Group, Inc. (The) 289,000 13,369 Prudential Financial, Inc. 1,073,000 88,523 Reinsurance Group of America, Inc. 140,100 12,643 Travelers Cos., Inc. (The) 469,100 52,957 Validus Holdings Ltd. 221,900 9,830 XL Group plc (Ireland) (a) 1,311,800 49,953 Total 440,597 Machinery 1.05% Cummins, Inc. 457,400 47,346 Deere & Co. 181,900 14,188 Stanley Black & Decker, Inc. 64,400 6,825 Total 68,359 Media 1.22% Comcast Corp. Class A 1,269,750 79,512 See Notes to Financial Statements. 9
12 Schedule of Investments (continued) October 31, 2015 Fair Value Investments Shares (000) Metals & Mining 0.41% Steel Dynamics, Inc. 1,435,600 $ 26,516 Multi- Line Retail 1.27% Kohl s Corp. 711,286 32,805 Target Corp. 647,500 49,974 Total 82,779 Multi- Utilities 1.24% Ameren Corp. 238,500 10,418 SCANA Corp. 441,700 26,157 Sempra Energy 431,100 44,149 Total 80,724 Oil, Gas & Consumable Fuels 9.64% Chevron Corp. 2,548, ,583 ConocoPhillips 1,660,900 88,609 Devon Energy Corp. 482,600 20,235 Exxon Mobil Corp. 340,900 28,206 Kinder Morgan, Inc. 2,199,800 60,165 Occidental Petroleum Corp. 702,884 52,393 PBF Energy, Inc. Class A 262,000 8,908 Spectra Energy Corp. 829,400 23,696 Valero Energy Corp. 1,707, ,575 Total 626,370 Paper & Forest Products 1.17% International Paper Co. 1,782,100 76,078 Personal Products 0.44% Herbalife Ltd.* 506,548 28,387 Pharmaceuticals 7.22% Bristol- Myers Squibb Co. 288,400 19,020 Eli Lilly & Co. 1,419, ,813 Johnson & Johnson 1,031, ,202 Pfizer, Inc. 6,806, ,189 Total 469,224 Professional Services 0.46% Nielsen Holdings plc 621,800 29,542 Fair Value Investments Shares (000) Real Estate Investment Trusts 4.52% Alexandria Real Estate Equities, Inc. 230,000 $ 20,640 Annaly Capital Management, Inc. 1,324,500 13,179 AvalonBay Communities, Inc. 405,150 70,832 Duke Realty Corp. 851,700 17,630 Gaming and Leisure Properties, Inc. 207,900 6,065 General Growth Properties, Inc. 2,657,200 76,926 Prologis, Inc. 762,000 32,560 SL Green Realty Corp. 205,400 24,365 Starwood Property Trust, Inc. 348,900 7,009 UDR, Inc. 211,800 7,299 Welltower, Inc. 259,200 16,814 Total 293,319 Road & Rail 0.99% Union Pacific Corp. 716,100 63,984 Semiconductors & Semiconductor Equipment 4.04% Cypress Semiconductor Corp.* 2,906,600 30,635 Intel Corp. 6,850, ,958 Total 262,593 Software 1.13% CA, Inc. 533,800 14,792 Microsoft Corp. 680,900 35,842 Symantec Corp. 1,111,100 22,889 Total 73,523 Specialty Retail 0.85% GameStop Corp. Class A 1,057,400 48,714 Lowe s Cos., Inc. 88,000 6,497 Total 55, See Notes to Financial Statements.
13 Schedule of Investments (continued) October 31, 2015 Fair Value Investments Shares (000) Technology Hardware, Storage & Peripherals 2.53% Apple, Inc. 1,376,825 $ 164,531 Tobacco 3.27% Altria Group, Inc. 1,995, ,646 Reynolds American, Inc. 1,901,900 91,900 Total 212,546 Trading Companies & Distributors 0.14% Watsco, Inc. 72,400 8,907 Total Common Stocks (cost $6,221,942,995) 6,466,796 Principal Fair Amount Value Investments (000) (000) SHORT- TERM INVESTMENT 0.38% Repurchase Agreement Repurchase Agreement dated 10/30/2015, Zero Coupon due 11/2/2015 with Fixed Income Clearing Corp. collateralized by $35,000 of U.S. Treasury Bond at 4.75% due 2/15/2041; $4,960,000 of U.S. Treasury Note at 2.00% due 2/15/2025 and $20,665,000 of U.S. Treasury Note at 2.25% due 11/15/2024; value: $25,480,194; proceeds: $24,975,920 (cost $24,975,920) $24,976 $ 24,976 Total Investments in Securities 99.93% (cost $6,246,918,915) 6,491,772 Cash and Other Assets in Excess of Liabilities (b) 0.07% 4,516 Net Assets % $6,496,288 * Non- income producing security. (a) Foreign security traded in U.S. dollars. (b) Other Assets in Excess of Liabilities include net unrealized appreciation on futures contracts as follows: See Notes to Financial Statements. 11
14 Schedule of Investments (concluded) October 31, 2015 Open Futures Contracts at October 31, 2015: Unrealized Type Expiration Contracts Position Fair Value Appreciation E- Mini S&P 500 Index December Long $28,513,375 $1,721,818 The following is a summary of the inputs used as of October 31, 2015 in valuing the Fund s investments carried at fair value (1) : Level 1 Level 2 Level 3 Total Investment Type (2)(3) (000) (000) (000) (000) Common Stocks $6,466,796 $ $ $6,466,796 Repurchase Agreement 24,976 24,976 Total $6,466,796 $24,976 $ $6,491,772 Other Financial Instruments Futures Contracts Assets $ 1,722 $ $ $ 1,722 Liabilities Total $ 1,722 $ $ $ 1,722 (1) Refer to Note 2(i) 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. (3) There were no Level 1/Level 2 transfers during the fiscal year ended October 31, See Notes to Financial Statements.
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16 Statement of Assets and Liabilities October 31, 2015 ASSETS: Investments in securities, at fair value (cost $6,246,918,915) $6,491,772,376 Cash 4,270,862 Deposits with brokers for futures collateral 1,173,000 Receivables: Dividends 12,120,792 Investment securities sold 2,995,829 Capital shares sold 1,721,725 Prepaid expenses and other assets 75,261 Total assets 6,514,129,845 LIABILITIES: Payables: 12b-1 distribution plan 5,411,804 Capital shares reacquired 5,023,375 Directors fees 3,764,340 Management fee 1,710,315 Fund administration 217,284 Variation margin 117,923 To affiliates (See Note 3) 29,164 Accrued expenses 1,567,141 Total liabilities 17,841,346 NET ASSETS $6,496,288,499 COMPOSITION OF NET ASSETS: Paid- in capital $5,792,026,549 Undistributed net investment income 4,019,641 Accumulated net realized gain on investments and futures contracts 453,667,030 Net unrealized appreciation on investments and futures contracts 246,575,279 Net Assets $6,496,288, See Notes to Financial Statements.
17 Statement of Assets and Liabilities (concluded) October 31, 2015 Net assets by class: Class A Shares $5,663,305,115 Class B Shares $ 42,979,513 Class C Shares $ 422,766,388 Class F Shares $ 156,841,995 Class I Shares $ 131,434,553 Class P Shares $ 22,406,902 Class R2 Shares $ 623,685 Class R3 Shares $ 55,900,612 Class R4 Shares $ 9,905 Class R5 Shares $ 9,914 Class R6 Shares $ 9,917 Outstanding shares by class: Class A Shares (2.9 billion shares of common stock authorized, $.001 par value) 360,692,010 Class B Shares (300 million shares of common stock authorized, $.001 par value) 2,721,196 Class C Shares (300 million shares of common stock authorized, $.001 par value) 26,930,150 Class F Shares (300 million shares of common stock authorized, $.001 par value) 9,988,574 Class I Shares (300 million shares of common stock authorized, $.001 par value) 8,344,718 Class P Shares (200 million shares of common stock authorized, $.001 par value) 1,429,152 Class R2 Shares (300 million shares of common stock authorized, $.001 par value) 39,710 Class R3 Shares (300 million shares of common stock authorized, $.001 par value) 3,563,738 Class R4 Shares (300 million shares of common stock authorized, $.001 par value) 631 Class R5 Shares (300 million shares of common stock authorized, $.001 par value) Class R6 Shares (300 million shares of common stock authorized, $.001 par value) Net asset value, offering and redemption price per share (Net assets divided by outstanding shares): Class A Shares- Net asset value $15.70 Class A Shares- Maximum offering price (Net asset value plus sales charge of 5.75%) $16.66 Class B Shares- Net asset value $15.79 Class C Shares- Net asset value $15.70 Class F Shares- Net asset value $15.70 Class I Shares- Net asset value $15.75 Class P Shares- Net asset value $15.68 Class R2 Shares- Net asset value $15.71 Class R3 Shares- Net asset value $15.69 Class R4 Shares- Net asset value $15.70 Class R5 Shares- Net asset value $15.75 Class R6 Shares- Net asset value $15.76 See Notes to Financial Statements. 15
18 Statement of Operations For the Year Ended October 31, 2015 Investment income: Dividends (net of foreign withholding taxes of $167,039) $ 202,976,437 Total investment income 202,976,437 Expenses: Management fee 21,514,661 12b-1 distribution plan- Class A 14,659,409 12b-1 distribution plan- Class B 568,356 12b-1 distribution plan- Class C 4,467,965 12b-1 distribution plan- Class F 159,001 12b-1 distribution plan- Class P 64,672 12b-1 distribution plan- Class R2 4,125 12b-1 distribution plan- Class R3 272,310 12b-1 distribution plan- Class R4 8 Shareholder servicing 7,444,355 Fund administration 2,741,955 Reports to shareholders 384,822 Subsidy (See Note 3) 246,566 Directors fees 238,970 Custody 182,961 Registration 160,044 Professional 94,585 Other 856,304 Gross expenses 54,061,069 Expense reductions (See Note 9) (6,310) Net expenses 54,054,759 Net investment income 148,921,678 Net realized and unrealized gain (loss): Net realized gain on investments 465,255,166 Net realized loss on futures contracts (170,635) Net change in unrealized appreciation/depreciation on investments (519,673,965) Net change in unrealized appreciation/depreciation on futures contracts 1,273,397 Net realized and unrealized loss (53,316,037) Net Increase in Net Assets Resulting From Operations $ 95,605, See Notes to Financial Statements.
19 Statements of Changes in Net Assets For the Year Ended For the Year Ended INCREASE (DECREASE) IN NET ASSETS October 31, 2015 October 31, 2014 Operations: Net investment income $ 148,921,678 $ 156,462,715 Net realized gain on investments and futures contracts 465,084, ,945,055 Net change in unrealized appreciation/depreciation on investments and futures contracts (518,400,568) (91,963,580) Net increase in net assets resulting from operations 95,605, ,444,190 Distributions to shareholders from: Net investment income Class A (134,407,265) (142,267,139) Class B (795,798) (1,242,407) Class C (6,791,146) (7,335,464) Class F (3,843,469) (3,142,690) Class I (3,572,522) (7,265,901) Class P (573,939) (1,380,788) Class R2 (11,034) (13,444) Class R3 (1,154,698) (1,123,582) Class R4 (58) Class R5 (64) Class R6 (64) Net realized gain Class A (292,198,555) Class B (3,315,127) Class C (22,134,109) Class F (7,390,754) Class I (12,659,788) Class P (1,349,167) Class R2 (34,817) Class R3 (2,677,096) Total distributions to shareholders (492,909,470) (163,771,415) Capital share transactions (Net of share conversions) (See Note 13): Net proceeds from sales of shares 310,630, ,663,406 Reinvestment of distributions 443,966, ,409,487 Cost of shares reacquired (975,519,188) (1,534,021,666) Net decrease in net assets resulting from capital share transactions (220,921,926) (737,948,773) Net increase (decrease) in net assets (618,225,755) 34,724,002 NET ASSETS: Beginning of year $7,114,514,254 $ 7,079,790,252 End of year $6,496,288,499 $ 7,114,514,254 Undistributed net investment income $ 4,019,641 $ 6,196,559 See Notes to Financial Statements. 17
20 Financial Highlights Per Share Operating Performance: Distributions to Investment operations: shareholders from: Total Net from Net asset Net realized investvalue, invest- and ment Net Net Total beginning ment unrealized opera- investment realized distriof period income (a) gain (loss) tions income gain butions Class A 10/31/2015 $16.65 $0.36 $(0.15) $0.21 $(0.36) $(0.80) $(1.16) 10/31/ (0.37) (0.37) 10/31/ (0.23) (0.23) 10/31/ (0.18) (0.18) 10/31/ (0.04) 0.08 (0.12) (0.12) Class B 10/31/ (0.15) 0.09 (0.23) (0.80) (1.03) 10/31/ (0.25) (0.25) 10/31/ (0.13) (0.13) 10/31/ (0.10) (0.10) 10/31/ (0.03) 0.02 (0.04) (0.04) Class C 10/31/ (0.14) 0.10 (0.24) (0.80) (1.04) 10/31/ (0.25) (0.25) 10/31/ (0.14) (0.14) 10/31/ (0.10) (0.10) 10/31/ (0.03) 0.02 (0.05) (0.05) Class F 10/31/ (0.14) 0.24 (0.39) (0.80) (1.19) 10/31/ (0.40) (0.40) 10/31/ (0.26) (0.26) 10/31/ (0.20) (0.20) 10/31/ (0.03) 0.12 (0.15) (0.15) Class I 10/31/ (0.16) 0.25 (0.40) (0.80) (1.20) 10/31/ (0.41) (0.41) 10/31/ (0.28) (0.28) 10/31/ (0.21) (0.21) 10/31/ (0.03) 0.13 (0.16) (0.16) Class P 10/31/ (0.14) 0.22 (0.36) (0.80) (1.16) 10/31/ (0.36) (0.36) 10/31/ (0.23) (0.23) 10/31/ (0.17) (0.17) 10/31/ (0.05) 0.07 (0.11) (0.11) (a) Calculated using average shares outstanding during the period. (b) Total return for classes A, B 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. 18 See Notes to Financial Statements.
21 Ratios to average net assets: Supplemental Data: Net Net Net asset invest- assets Portfolio value, Total Total ment end of turnover end of return (b) expenses income period rate period (%) (%) (%) (000) (%) $ $5,663, ,079, ,051, ,420, ,777, , , , , , , , , , , , , , , , , , , , , , , , , , See Notes to Financial Statements. 19
22 Financial Highlights (concluded) Per Share Operating Performance: Distributions to Investment operations: shareholders from: Total Net from Net asset Net realized investvalue, invest- and ment Net Net Total beginning ment unrealized opera- investment realized distriof period income (a) gain (loss) tions income gain butions Class R2 10/31/2015 $16.61 $0.31 $(0.14) $0.17 $(0.27) $(0.80) $(1.07) 10/31/ (0.32) (0.32) 10/31/ (0.20) (0.20) 10/31/ (0.15) (0.15) 10/31/ (0.03) 0.06 (0.10) (0.10) Class R3 10/31/ (0.13) 0.19 (0.33) (0.80) (1.13) 10/31/ (0.34) (0.34) 10/31/ (0.21) (0.21) 10/31/ (0.16) (0.16) 10/31/ (0.03) 0.08 (0.11) (0.11) Class R4 6/30/2015 to 10/31/2015 (c) (0.28) (0.16) (0.09) (0.09) Class R5 6/30/2015 to 10/31/2015 (c) (0.28) (0.15) (0.10) (0.10) Class R6 6/30/2015 to 10/31/2015 (c) (0.28) (0.14) (0.10) (0.10) (a) Calculated using average shares outstanding during the period. (b) Total return for classes A, B 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) Commenced on June 30, (d) Not annualized. (e) Annualized. 20 See Notes to Financial Statements.
23 Ratios to average net assets: Supplemental Data: Net Net Net asset invest- assets Portfolio value, Total Total ment end of turnover end of return (b) expenses income period rate period (%) (%) (%) (000) (%) $ $ , , , , , (0.95) (d) 0.72 (e) 2.25 (e) (0.88) (d) 0.47 (e) 2.50 (e) (0.82) (d) 0.38 (e) 2.59 (e) See Notes to Financial Statements. 21
24 Notes to Financial Statements 1. ORGANIZATION Lord Abbett Affiliated Fund, Inc. (the Fund ) is registered under the Investment Company Act of 1940, as amended (the Act ), as a diversified, open- end management investment company. The Fund was organized in 1934 and was reincorporated under Maryland law on November 26, The Fund s investment objective is long- term growth of capital and income without excessive fluctuations in market value. The Fund has eleven classes of shares: Class A, B, C, F, I, P, R2, R3, R4, R5 and R6, each with different expenses and dividends. Classes R4, R5 and R6 shares commenced on June 30, 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 B, C, F, 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); Class B shares redeemed before the sixth anniversary of purchase; and Class C shares redeemed before the first anniversary of purchase. Class B shares will 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 day on which the purchase order was accepted. The Fund no longer issues Class B shares for purchase. The Fund s Class P shares are closed to substantially all investors, with certain exceptions as set forth in the Fund s prospectus. The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. 2. SIGNIFICANT ACCOUNTING POLICIES (a) Investment Valuation Under procedures approved by the Fund s Board of Directors (the Board ), Lord, Abbett & Co. LLC ( Lord Abbett ), the Fund s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Fund 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. The Fund may utilize an independent fair valuation service in adjusting the valuations of foreign 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 asked prices. Exchange traded options and futures contracts are valued at the last sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used. 22
25 Notes to Financial Statements (continued) 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 regularly reviews fair value determinations made by the Pricing Committee and employs techniques such as reviewing related market activity, reviewing inputs and assumptions, and retrospectively comparing 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. (b) 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. (c) Investment Income Dividend income 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 income on the Statement of Operations. Withholding taxes on foreign dividends 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. (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. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund s filed U.S. federal tax returns remains open for the fiscal years ended October 31, 2012 through October 31, The statutes of limitations on the Fund s state and local tax returns may remain open for an additional year depending upon the jurisdiction. (e) 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. Class A, B, 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. (f) 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. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain on investments 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. 23
26 Notes to Financial Statements (continued) (g) Futures Contracts The Fund may purchase and sell index futures contracts to manage cash, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called initial margin. Subsequent payments made or received by the Fund called variation margin are made on a daily basis as the market price of the futures contract fluctuates. The Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract. (h) 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 agreedupon 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. (i) 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 of inputs 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 and other financial instruments as of October 31, 2015 and, if applicable, Level 1/Level 2 transfers and 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. All transfers between different levels within the three- tier hierarchy are deemed to have occurred as of the beginning of the reporting period. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. 24
27 Notes to Financial Statements (continued) 3. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES Management Fee The Fund has a management agreement with Lord Abbett, pursuant to which Lord Abbett supplies 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 based on the Fund s average daily net assets at the following annual rate: 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, 2015, the effective management fee paid to Lord Abbett 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, along with certain other funds managed by Lord Abbett (collectively, the Underlying Funds ), has entered into a Servicing Arrangement with certain Fund of Funds managed by Lord Abbett, pursuant to which each Underlying Fund pays a portion of the expenses (excluding management fees and distribution and service fees) of each Fund of Funds in proportion to the average daily value of the Underlying Fund shares owned by each Fund of Funds. Amounts paid pursuant to the Servicing Arrangement, if applicable, are included in Subsidy expense on the Fund s Statement of Operations and Payable to affiliates on the Fund s Statement of Assets and Liabilities. As of October 31, 2015, the percentages of the Fund s outstanding shares owned by Lord Abbett Diversified Equity Strategy Fund and Lord Abbett Multi- Asset Growth Fund were.84% and.64%, respectively. 12b-1 Distribution Plan The Fund has adopted a distribution plan with respect to Class A, B, C, F, P, R2, R3 and R4 shares pursuant to Rule 12b-1 under the 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 following annual rates have been authorized by the Board pursuant to the plan: Fees* Class A Class B Class C Class F Class P Class R2 Class R3 Class R4 Service.25% (1).25%.25%.25%.25%.25%.25% Distribution.75%.75%.10%.20%.35%.25% * The Fund may designate a portion of the aggregate fee as attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. ( FINRA ) sales charge limitations. (1) Annual service fee on shares sold prior to June 1, 1990 is.15% of the average daily net assets attributable to Class A shares. Class I, R5 and R6 shares do not have a distribution plan. 25
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