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UNITED STATES |
SECURITIES AND EXCHANGE COMMISSION |
Washington, D.C. 20549 |
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FORM N-Q |
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act File Number: 811-00005
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LORD ABBETT AFFILIATED FUND, INC. |
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(Exact name of Registrant as specified in charter) |
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90 Hudson Street, Jersey City, NJ 07302 |
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(Address of principal executive offices) (Zip code) |
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Thomas R. Phillips, Esq., Vice President & Assistant Secretary |
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90 Hudson Street, Jersey City, NJ 07302 |
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(Name and address of agent for service) |
Registrants telephone number, including area code: (800) 201-6984
Date of fiscal year end: 10/31
Date of reporting period: 7/31/2012
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Item 1: |
Schedule of Investments. |
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Schedule of Investments (unaudited) |
LORD ABBETT AFFILIATED FUND, INC. July 31, 2012 |
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Investments |
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Shares |
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Fair |
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LONG-TERM INVESTMENTS 98.67% |
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COMMON STOCKS 97.53% |
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Aerospace & Defense 1.71% |
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Honeywell International, Inc. |
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674,300 |
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$ |
39,143 |
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Raytheon Co. |
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477,200 |
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26,475 |
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United Technologies Corp. |
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618,800 |
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46,064 |
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Total |
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111,682 |
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Automobiles 0.97% |
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Ford Motor Co. |
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6,851,754 |
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63,310 |
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Beverages 1.09% |
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Coca-Cola Co. (The) |
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400,900 |
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32,393 |
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PepsiCo, Inc. |
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530,300 |
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38,569 |
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Total |
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70,962 |
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Capital Markets 3.40% |
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Bank of New York Mellon Corp. (The) |
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301,625 |
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6,418 |
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Goldman Sachs Group, Inc. (The) |
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1,201,475 |
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121,229 |
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Morgan Stanley |
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2,820,588 |
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38,529 |
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State Street Corp. |
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232,582 |
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9,392 |
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T. Rowe Price Group, Inc. |
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761,690 |
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46,273 |
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Total |
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221,841 |
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Chemicals 2.47% |
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Agrium, Inc. (Canada)(a) |
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200,500 |
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19,040 |
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Dow Chemical Co. (The) |
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2,849,759 |
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82,016 |
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Monsanto Co. |
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440,600 |
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37,724 |
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Mosaic Co. (The) |
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386,600 |
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22,465 |
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Total |
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161,245 |
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Commercial Banks 7.56% |
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BB&T Corp. |
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404,549 |
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12,691 |
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Comerica, Inc. |
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481,255 |
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14,539 |
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Fifth Third Bancorp |
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3,839,870 |
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53,067 |
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PNC Financial Services Group, Inc. (The) |
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1,470,979 |
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86,935 |
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Regions Financial Corp. |
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3,541,300 |
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24,647 |
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SunTrust Banks, Inc. |
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2,163,104 |
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51,157 |
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Wells Fargo & Co. |
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7,401,953 |
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250,260 |
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Total |
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493,296 |
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Communications Equipment 1.01% |
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Cisco Systems, Inc. |
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4,144,800 |
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66,110 |
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Computers & Peripherals 1.55% |
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Dell, Inc.* |
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2,076,300 |
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24,667 |
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EMC Corp.* |
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1,759,800 |
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46,124 |
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See Notes to Schedule of Investments.
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Schedule of Investments (unaudited)(continued) |
LORD ABBETT AFFILIATED FUND, INC. July 31, 2012 |
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Investments |
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Shares |
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Fair |
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Computers & Peripherals 1.55% (continued) |
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Hewlett-Packard Co. |
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1,664,531 |
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$ |
30,361 |
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Total |
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101,152 |
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Consumer Finance 1.82% |
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Capital One Financial Corp. |
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2,100,800 |
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118,674 |
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Diversified Financial Services 4.57% |
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Bank of America Corp. |
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5,451,670 |
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40,015 |
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Citigroup, Inc. |
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2,240,860 |
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60,795 |
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JPMorgan Chase & Co. |
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5,491,642 |
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197,699 |
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Total |
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298,509 |
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Diversified Telecommunication Services 4.99% |
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AT&T, Inc. |
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5,044,749 |
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191,297 |
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CenturyLink, Inc. |
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1,850,400 |
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76,865 |
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Verizon Communications, Inc. |
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1,277,551 |
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57,669 |
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Total |
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325,831 |
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Electric: Utilities 2.71% |
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Duke Energy Corp. |
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1,023,939 |
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69,403 |
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NextEra Energy, Inc. |
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501,300 |
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35,542 |
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Southern Co. (The) |
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1,492,700 |
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71,873 |
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Total |
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176,818 |
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Electronic Equipment, Instruments & Components 1.06% |
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Arrow Electronics, Inc.* |
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487,800 |
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16,463 |
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Avnet, Inc.* |
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822,400 |
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25,906 |
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Corning, Inc. |
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2,354,800 |
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26,868 |
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Total |
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69,237 |
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Energy Equipment & Services 1.54% |
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Cameron International Corp.* |
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174,700 |
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8,782 |
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Halliburton Co. |
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1,089,271 |
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36,088 |
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Schlumberger Ltd. |
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780,698 |
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55,632 |
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Total |
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100,502 |
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Food & Staples Retailing 1.33% |
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CVS Caremark Corp. |
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1,913,200 |
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86,572 |
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Food Products 1.25% |
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Archer Daniels Midland Co. |
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1,554,400 |
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40,554 |
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General Mills, Inc. |
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384,800 |
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14,892 |
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Kraft Foods, Inc. Class A |
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653,434 |
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25,948 |
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Total |
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81,394 |
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See Notes to Schedule of Investments.
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Schedule of Investments (unaudited)(continued) |
LORD ABBETT AFFILIATED FUND, INC. July 31, 2012 |
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Investments |
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Shares |
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Fair |
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Health Care Equipment & Supplies 1.33% |
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Baxter International, Inc. |
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852,900 |
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$ |
49,903 |
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Medtronic, Inc. |
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931,100 |
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36,704 |
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Total |
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86,607 |
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Health Care Providers & Services 2.64% |
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AmerisourceBergen Corp. |
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208,400 |
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8,273 |
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CIGNA Corp. |
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1,108,500 |
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44,650 |
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McKesson Corp. |
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373,900 |
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33,924 |
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UnitedHealth Group, Inc. |
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1,505,396 |
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76,911 |
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WellPoint, Inc. |
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158,600 |
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8,452 |
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Total |
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172,210 |
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Hotels, Restaurants & Leisure 1.26% |
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Carnival Corp. |
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1,104,507 |
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36,758 |
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Marriott International, Inc. Class A |
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676,572 |
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24,641 |
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Starwood Hotels & Resorts Worldwide, Inc. |
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385,700 |
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20,885 |
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Total |
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82,284 |
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Household Products 2.65% |
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Colgate-Palmolive Co. |
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711,600 |
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76,398 |
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Procter & Gamble Co. (The) |
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1,498,500 |
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96,713 |
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Total |
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173,111 |
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Industrial Conglomerates 2.35% |
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General Electric Co. |
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7,399,500 |
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153,540 |
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Insurance 4.24% |
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ACE Ltd. (Switzerland)(a) |
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346,900 |
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25,497 |
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Berkshire Hathaway, Inc. Class B* |
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473,100 |
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40,138 |
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Chubb Corp. (The) |
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619,900 |
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45,061 |
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Marsh & McLennan Cos., Inc. |
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786,700 |
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26,127 |
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MetLife, Inc. |
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1,165,657 |
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35,867 |
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Prudential Financial, Inc. |
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1,127,200 |
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54,421 |
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Travelers Cos., Inc. (The) |
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789,900 |
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49,487 |
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Total |
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276,598 |
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Life Sciences Tools & Services 0.48% |
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Thermo Fisher Scientific, Inc. |
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563,900 |
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31,392 |
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Machinery 1.53% |
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Caterpillar, Inc. |
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380,507 |
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|
32,043 |
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Eaton Corp. |
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962,860 |
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|
42,212 |
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Joy Global, Inc. |
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|
317,045 |
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|
16,467 |
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Parker Hannifin Corp. |
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116,564 |
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|
9,362 |
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|
|
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Total |
|
|
|
|
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100,084 |
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See Notes to Schedule of Investments.
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Schedule of Investments (unaudited)(continued) |
LORD ABBETT AFFILIATED FUND, INC. July 31, 2012 |
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Investments |
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Shares |
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Fair |
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Media 5.47% |
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Comcast Corp. Class A |
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1,958,900 |
|
$ |
63,762 |
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News Corp. Class A |
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2,518,800 |
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|
57,983 |
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Omnicom Group, Inc. |
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811,800 |
|
|
40,736 |
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Time Warner Cable, Inc. |
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418,229 |
|
|
35,520 |
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Time Warner, Inc. |
|
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1,927,716 |
|
|
75,412 |
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Walt Disney Co. (The) |
|
|
1,705,000 |
|
|
83,784 |
|
|
|
|
|
|
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Total |
|
|
|
|
|
357,197 |
|
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Metals & Mining 1.61% |
|
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Barrick Gold Corp. (Canada)(a) |
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176,700 |
|
|
5,810 |
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Cliffs Natural Resources, Inc. |
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|
804,000 |
|
|
32,875 |
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Freeport-McMoRan Copper & Gold, Inc. |
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1,321,700 |
|
|
44,502 |
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Nucor Corp. |
|
|
83,920 |
|
|
3,290 |
|
United States Steel Corp. |
|
|
898,500 |
|
|
18,554 |
|
|
|
|
|
|
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Total |
|
|
|
|
|
105,031 |
|
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|
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Multi-Line Retail 0.64% |
|
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Kohls Corp. |
|
|
127,686 |
|
|
6,348 |
|
Target Corp. |
|
|
582,386 |
|
|
35,322 |
|
|
|
|
|
|
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Total |
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|
|
|
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41,670 |
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Multi-Utilities 0.29% |
|
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PG&E Corp. |
|
|
413,500 |
|
|
19,087 |
|
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Oil, Gas & Consumable Fuels 14.65% |
|
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|
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|
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|
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|
Anadarko Petroleum Corp. |
|
|
946,900 |
|
|
65,753 |
|
Apache Corp. |
|
|
450,300 |
|
|
38,780 |
|
Canadian Natural Resources Ltd. (Canada)(a) |
|
|
93,200 |
|
|
2,540 |
|
Cenovus Energy, Inc. (Canada)(a) |
|
|
265,800 |
|
|
8,110 |
|
Chevron Corp. |
|
|
1,752,932 |
|
|
192,086 |
|
ConocoPhillips |
|
|
477,600 |
|
|
26,000 |
|
Devon Energy Corp. |
|
|
388,300 |
|
|
22,956 |
|
EOG Resources, Inc. |
|
|
159,502 |
|
|
15,633 |
|
Exxon Mobil Corp. |
|
|
2,878,192 |
|
|
249,971 |
|
Hess Corp. |
|
|
1,269,629 |
|
|
59,876 |
|
Kinder Morgan, Inc. |
|
|
1,114,303 |
|
|
39,903 |
|
Occidental Petroleum Corp. |
|
|
972,184 |
|
|
84,609 |
|
Phillips 66 |
|
|
238,850 |
|
|
8,981 |
|
Range Resources Corp. |
|
|
391,839 |
|
|
24,529 |
|
Southwestern Energy Co.* |
|
|
567,500 |
|
|
18,869 |
|
Suncor Energy, Inc. (Canada)(a) |
|
|
1,550,700 |
|
|
47,358 |
|
Valero Energy Corp. |
|
|
1,821,050 |
|
|
50,079 |
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
956,033 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Paper & Forest Products 0.79% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Paper Co. |
|
|
1,578,900 |
|
|
51,804 |
|
|
|
|
|
|
|
See Notes to Schedule of Investments.
|
Schedule of Investments (unaudited)(continued) |
LORD ABBETT AFFILIATED FUND, INC. July 31, 2012 |
|
|
|
|
|
|
|
|
Investments |
|
Shares |
|
Fair |
|
||
|
|
|
|
||||
Pharmaceuticals 9.07% |
|
|
|
|
|
|
|
|
|||||||
Bristol-Myers Squibb Co. |
|
|
1,712,900 |
|
$ |
60,979 |
|
Eli Lilly & Co. |
|
|
1,003,500 |
|
|
44,184 |
|
Johnson & Johnson |
|
|
1,794,400 |
|
|
124,208 |
|
Merck & Co., Inc. |
|
|
2,614,800 |
|
|
115,496 |
|
Pfizer, Inc. |
|
|
8,798,300 |
|
|
211,511 |
|
Teva Pharmaceutical Industries Ltd. ADR |
|
|
868,634 |
|
|
35,519 |
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
591,897 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Real Estate Investment Trusts 0.78% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Host Hotels & Resorts, Inc. |
|
|
3,462,475 |
|
|
50,829 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Road & Rail 2.22% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CSX Corp. |
|
|
662,600 |
|
|
15,200 |
|
Hertz Global Holdings, Inc.* |
|
|
6,253,792 |
|
|
70,418 |
|
Union Pacific Corp. |
|
|
486,600 |
|
|
59,662 |
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
145,280 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment 1.70% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intel Corp. |
|
|
2,146,200 |
|
|
55,157 |
|
Micron Technology, Inc.* |
|
|
2,496,500 |
|
|
15,503 |
|
Texas Instruments, Inc. |
|
|
1,480,600 |
|
|
40,332 |
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
110,992 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Software 1.44% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adobe Systems, Inc.* |
|
|
787,300 |
|
|
24,312 |
|
Microsoft Corp. |
|
|
1,409,300 |
|
|
41,532 |
|
Oracle Corp. |
|
|
927,200 |
|
|
28,001 |
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
93,845 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Specialty Retail 1.10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home Depot, Inc. (The) |
|
|
914,700 |
|
|
47,729 |
|
Lowes Cos., Inc. |
|
|
938,800 |
|
|
23,818 |
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
71,547 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Tobacco 2.26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altria Group, Inc. |
|
|
1,846,349 |
|
|
66,413 |
|
Philip Morris International, Inc. |
|
|
888,700 |
|
|
81,263 |
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
147,676 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Total Common Stocks
|
|
|
|
|
|
6,365,849 |
|
|
|
|
|
|
|
See Notes to Schedule of Investments.
|
Schedule of Investments (unaudited)(concluded) |
LORD ABBETT AFFILIATED FUND, INC. July 31, 2012 |
|
|
|
|
|
|
|
|
Investments |
|
Shares |
|
Fair |
|
||
|
|
|
|
||||
LIMITED LIABILITY COMPANY 1.07% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oaktree Capital Management, LLC |
|
|
1,975,000 |
|
$ |
69,823 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
WARRANT 0.07% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kinder Morgan, Inc.*(b) |
|
|
1,606,943 |
|
|
4,741 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Total Long-Term Investments
|
|
|
|
|
|
6,440,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Principal |
|
|
|
||
|
|
|
|
|
|||
SHORT-TERM INVESTMENT 1.75% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement dated 7/31/2012, 0.01% due 8/1/2012 with Fixed Income Clearing Corp. collateralized by $37,000,000 of U.S. Treasury Note at 3.125% due 1/31/2017; $64,900,000 of U.S. Treasury Note at 0.875% due 1/31/2017 and $9,105,000 of U.S. Treasury Note at 0.875% due 2/28/2017; value: $116,424,458; proceeds: $114,139,267 (cost $114,139,235) |
|
$ |
114,139 |
|
|
114,139 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Total Investments in Securities 100.42% |
|
|
|
|
|
6,554,552 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Liabilities in Excess of Other Assets (0.42)% |
|
|
|
|
|
(27,586 |
) |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Net Assets 100.00% |
|
|
|
|
$ |
6,526,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
American Depositary Receipt. |
|
||
* |
|
Non-income producing security. |
|
|
Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. |
(a) |
|
Foreign security traded in U.S. dollars. |
(b) |
|
Exercise price of $40.00 and expiration date of 5/25/2017. |
See Notes to Schedule of Investments.
Notes to Schedule of Investments (unaudited)
|
|
1. |
ORGANIZATION |
Lord Abbett Affiliated Fund, Inc. (the Fund) is registered under the Investment Company Act of 1940, as amended (the 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 Funds investment objective is long-term growth of capital and income without excessive fluctuations in market value.
|
|
2. |
SIGNIFICANT ACCOUNTING POLICIES |
|
|
(a) |
Investment Valuation-Under procedures approved by the Funds Board of Directors (the Board), Lord, Abbett & Co. LLC, the Funds 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 more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange LLC. The Fund may rely on 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. |
|
|
|
Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee and approved in good faith by the Board. The Pricing Committee considers a number of factors, including 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 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 transactional back-testing comparison analysis. |
|
|
|
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). |
|
|
(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 Funds records at the rate prevailing when earned or recorded. |
|
|
(d) |
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. |
|
|
(e) |
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. |
Notes to Schedule of Investments (unaudited)(concluded)
|
|
|
|
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 entitys 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 Funds own assumptions in determining the fair value of investments). |
|
|
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
|
|
|
|
|
The following is a summary of the inputs used as of July 31, 2012 in valuing the Funds investments carried at fair value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Type* |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
|
|
|
||||||||||
Common Stocks |
|
$ |
6,365,849 |
|
$ |
|
|
$ |
|
|
$ |
6,365,849 |
|
Limited Liability Company |
|
|
|
|
|
|
|
|
69,823 |
|
|
69,823 |
|
Warrant |
|
|
4,741 |
|
|
|
|
|
|
|
|
4,741 |
|
Repurchase Agreement |
|
|
|
|
|
114,139 |
|
|
|
|
|
114,139 |
|
|
|
|
|
|
|||||||||
Total |
|
$ |
6,370,590 |
|
$ |
114,139 |
|
$ |
69,823 |
|
$ |
6,554,552 |
|
|
|
|
|
|
|
|
|
* |
See Schedule of Investments for fair values in each industry. |
The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:
|
|
|
|
|
Investment Type |
|
Limited Liability Company |
|
|
|
||||
Balance as of November 1, 2012 |
|
$ |
|
|
Accrued discounts/premiums |
|
|
|
|
Realized gain (loss) |
|
|
|
|
Change in unrealized appreciation/depreciation |
|
|
(19,052 |
) |
Purchase |
|
|
|
|
Sales |
|
|
|
|
Net transfers in or out of Level 3 |
|
|
88,875 |
|
|
|
|||
Balance as of July 31, 2012 |
|
$ |
69,823 |
|
|
|
|
|
3. |
FEDERAL TAX INFORMATION |
As of July 31, 2012, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:
|
|
|
|
|
Tax cost |
|
$ |
5,731,463,292 |
|
|
|
|||
Gross unrealized gain |
|
|
1,144,518,443 |
|
Gross unrealized loss |
|
|
(321,429,891 |
) |
|
|
|||
Net unrealized security gain |
|
$ |
823,088,552 |
|
|
|
The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of certain securities and wash sales.
|
|
Item 2: |
Controls and Procedures. |
|
|
|
|
(a) |
Based on their evaluation of the Registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days prior to the filing date of this report, the Chief Executive Officer and Chief Financial Officer of the Registrant have concluded that such disclosure controls and procedures are reasonably designed and effective to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to them by others within those entities. |
|
|
|
|
(b) |
There were no changes in the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over financial reporting. |
|
|
|
Item 3: |
Exhibits. |
|
|
|
|
|
|
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. |
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/Robert S. Dow |
|
|
|
|
|
|
|
Robert S. Dow |
|
|
|
Chief Executive Officer and Chairman |
Date: September 24, 2012
|
|
|
|
|
By: |
/s/Joan A. Binstock |
|
|
|
|
|
|
|
Joan A. Binstock |
|
|
|
Chief Financial Officer and Vice President |
Date: September 24, 2012
|
|
|
|
|
|
|
|
|
|
|
|
By: |
/s/Robert S. Dow |
|
|
|
|
|
|
|
Robert S. Dow |
|
|
|
Chief Executive Officer and Chairman |
Date: September 24, 2012
|
|
|
|
|
By: |
/s/Joan A. Binstock |
|
|
|
|
|
|
|
Joan A. Binstock |
|
|
|
Chief Financial Officer and Vice President |
Date: September 24, 2012
CERTIFICATIONS
|
|
|
I, Robert S. Dow, certify that: |
||
|
|
|
1. |
I have reviewed this report on Form N-Q of Lord Abbett Affiliated Fund, Inc.; |
|
|
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
|
|
|
3. |
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed; |
|
|
|
|
4. |
The Registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: |
|
|
|
|
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated the effectiveness of the Registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and |
|
|
|
|
(d) |
Disclosed in this report any change in the Registrants internal control over financial reporting that occurred during the Registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting; and |
|
|
|
5. |
The Registrants other certifying officer(s) and I have disclosed to the Registrants auditors and the audit committee of the Registrants board of directors (or persons performing the equivalent functions): |
|
|
|
|
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrants ability to record, process, summarize, and report financial information; and |
|
|
|
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrants internal control over financial reporting. |
Date: September 24, 2012
|
|
/s/Robert S. Dow |
|
|
|
Robert S. Dow |
|
Chief Executive Officer and Chairman |
CERTIFICATIONS
|
|
|
I, Joan A. Binstock, certify that: |
||
|
|
|
1. |
I have reviewed this report on Form N-Q of Lord Abbett Affiliated Fund, Inc.; |
|
|
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
|
|
|
3. |
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed; |
|
|
|
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4. |
The Registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: |
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(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
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(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
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(c) |
Evaluated the effectiveness of the Registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and |
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(d) |
Disclosed in this report any change in the Registrants internal control over financial reporting that occurred during the Registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting; and |
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5. |
The Registrants other certifying officer(s) and I have disclosed to the Registrants auditors and the audit committee of the Registrants board of directors (or persons performing the equivalent functions): |
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(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrants ability to record, process, summarize, and report financial information; and |
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(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrants internal control over financial reporting. |
Date: September 24, 2012
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/s/Joan A. Binstock |
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Joan A. Binstock |
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Chief Financial Officer and Vice President |