0000930413-18-002912.txt : 20180926 0000930413-18-002912.hdr.sgml : 20180926 20180926132024 ACCESSION NUMBER: 0000930413-18-002912 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20180731 FILED AS OF DATE: 20180926 DATE AS OF CHANGE: 20180926 EFFECTIVENESS DATE: 20180926 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LORD ABBETT AFFILIATED FUND INC CENTRAL INDEX KEY: 0000002691 IRS NUMBER: 136020600 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-00005 FILM NUMBER: 181087481 BUSINESS ADDRESS: STREET 1: 90 HUDSON STREET CITY: JERSEY CITY STATE: NJ ZIP: 07302 BUSINESS PHONE: 201-827-2000 MAIL ADDRESS: STREET 1: 90 HUDSON STREET CITY: JERSEY CITY STATE: NJ ZIP: 07302 FORMER COMPANY: FORMER CONFORMED NAME: LORD ABBOTT AFFILIATED FUND INC DATE OF NAME CHANGE: 19960315 FORMER COMPANY: FORMER CONFORMED NAME: AFFILIATED FUND INC DATE OF NAME CHANGE: 19941207 FORMER COMPANY: FORMER CONFORMED NAME: AFFILIATED INC DATE OF NAME CHANGE: 19920721 0000002691 S000006806 LORD ABBETT AFFILIATED FUND INC C000018428 Class A LAFFX C000018429 Class B LAFBX C000018430 Class C LAFCX C000018431 Class P LAFPX C000018432 Class I LAFYX C000054699 Class F LAAFX C000054700 Class R2 LAFQX C000054701 Class R3 LAFRX C000155435 Class R4 LAFSX C000155436 Class R5 LAFTX C000155437 Class R6 LAFVX C000184551 Class F3 LTFOX C000184552 Class T LAETX N-Q 1 c91985_nq.htm QUARTERLY REPORT

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

 

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act File Number: 811-00005

 

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

 

90 Hudson Street, Jersey City, NJ 07302

(Address of principal executive offices) (Zip code)

 

John T. Fitzgerald, Esq., Vice President & Assistant Secretary

90 Hudson Street, Jersey City, NJ 07302

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: (800) 201-6984

 

Date of fiscal year end: 10/31

 

Date of reporting period: 7/31/2018

 
Item 1: Schedule of Investments.
 
Scheduleof Investments (unaudited)

LORD ABBETT AFFILIATED FUND, INC. July 31, 2018

 

Investments  Shares   Fair
Value
(000)
 
COMMON STOCKS 99.53%          
           
Aerospace & Defense 2.68%          
           
Boeing Co. (The)   55,300   $19,703 
Raytheon Co.   249,000    49,310 
United Technologies Corp.   804,000    109,135 
Total        178,148 
           
Air Freight & Logistics 0.83%          
           
CH Robinson Worldwide, Inc.   596,200    54,988 
           
Auto Components 0.44%          
           
Gentex Corp.   1,257,800    29,181 
           
Automobiles 1.00%          
           
Ford Motor Co.   6,648,200    66,748 
           
Banks 10.91%          
           
Bank of America Corp.   5,055,200    156,105 
Citigroup, Inc.   573,000    41,193 
Citizens Financial Group, Inc.   1,845,700    73,422 
Fifth Third Bancorp   1,259,000    37,254 
JPMorgan Chase & Co.   1,657,542    190,534 
KeyCorp   4,135,100    86,299 
PNC Financial Services Group, Inc. (The)   188,200    27,257 
U.S. Bancorp   2,154,200    114,194 
Total        726,258 
           
Beverages 0.84%          
           
Coca-Cola Co. (The)   1,201,400    56,021 
           
Biotechnology 1.25%          
           
AbbVie, Inc.   159,000    14,664 
Amgen, Inc.   350,200    68,832 
Total        83,496 

 

See Notes to Schedule of Investments.

 

Schedule of Investments (unaudited)(continued)

LORD ABBETT AFFILIATED FUND, INC. July 31, 2018

 

Investments  Shares   Fair
Value
(000)
 
Building Products 0.98%          
           
Johnson Controls International plc   1,740,700   $65,294 
           
Capital Markets 4.03%          
           
Ameriprise Financial, Inc.   452,800    65,959 
CME Group, Inc.   425,600    67,722 
Lazard Ltd. Class A   384,800    20,895 
LPL Financial Holdings, Inc.   549,500    36,426 
Northern Trust Corp.   174,400    19,048 
T. Rowe Price Group, Inc.   140,500    16,731 
TD Ameritrade Holding Corp.   730,400    41,742 
Total        268,523 
           
Chemicals 2.53%          
           
Celanese Corp. Series A   474,100    55,996 
DowDuPont, Inc.   474,800    32,652 
Huntsman Corp.   960,500    32,206 
LyondellBasell Industries NV Class A   430,300    47,673 
Total        168,527 
           
Commercial Services & Supplies 0.53%          
           
KAR Auction Services, Inc.   594,200    35,325 
           
Communications Equipment 1.74%          
           
Cisco Systems, Inc.   2,739,700    115,862 
           
Consumer Finance 1.59%          
           
Capital One Financial Corp.   369,900    34,889 
Discover Financial Services   991,900    70,832 
Total        105,721 
           
Containers & Packaging 1.23%          
           
Graphic Packaging Holding Co.   2,144,900    31,166 
Packaging Corp. of America   449,000    50,692 
Total        81,858 

 

See Notes to Schedule of Investments.

 

Schedule of Investments (unaudited)(continued)

LORD ABBETT AFFILIATED FUND, INC. July 31, 2018

 

Investments  Shares   Fair
Value
(000)
 
Diversified Consumer Services 0.61%          
           
H&R Block, Inc.   1,622,500   $40,822 
           
Diversified Telecommunication Services 3.03%          
           
AT&T, Inc.   3,095,949    98,977 
Verizon Communications, Inc.   1,989,151    102,720 
Total        201,697 
           
Electric: Utilities 3.76%          
           
Duke Energy Corp.   923,739    75,396 
Evergy, Inc.   654,357    36,703 
Exelon Corp.   1,499,700    63,737 
PPL Corp.   2,586,000    74,399 
Total        250,235 
           
Electrical Equipment 1.46%          
           
Eaton Corp. plc   531,100    44,171 
Emerson Electric Co.   199,400    14,413 
Hubbell, Inc.   310,800    38,306 
Total        96,890 
           
Energy Equipment & Services 1.38%          
           
Schlumberger Ltd.   1,362,900    92,023 
           
Equity Real Estate Investment Trusts 4.61%          
           
Duke Realty Corp.   1,364,400    39,731 
Essex Property Trust, Inc.   245,800    59,103 
Federal Realty Investment Trust   212,200    26,631 
GGP, Inc.   1,152,100    24,563 
Host Hotels & Resorts, Inc.   1,234,100    25,842 
Prologis, Inc.   318,100    20,874 
SL Green Realty Corp.   257,400    26,541 
Starwood Property Trust, Inc.   1,267,000    28,938 
UDR, Inc.   874,800    33,662 
Vornado Realty Trust   295,400    21,245 
Total        307,130 

 

See Notes to Schedule of Investments.

 

Schedule of Investments (unaudited)(continued)

LORD ABBETT AFFILIATED FUND, INC. July 31, 2018

 

Investments  Shares   Fair
Value
(000)
 
Food & Staples Retailing 2.83%          
           
Sysco Corp.   634,700   $42,658 
Walgreens Boots Alliance, Inc.   1,044,400    70,622 
Walmart, Inc.   846,000    75,489 
Total        188,769 
           
Food Products 3.39%          
           
Archer-Daniels-Midland Co.   873,600    42,160 
Hormel Foods Corp.   664,300    23,895 
J.M. Smucker Co. (The)   235,700    26,191 
Kellogg Co.   372,100    26,430 
Kraft Heinz Co. (The)   1,123,900    67,715 
Mondelez International, Inc. Class A   910,600    39,502 
Total       225,893 
           
Health Care Equipment & Supplies 2.61%          
           
Abbott Laboratories   1,612,600    105,690 
Medtronic plc (Ireland)(a)   754,600    68,087 
Total       173,777 
           
Health Care Providers & Services 1.37%          
           
Cardinal Health, Inc.   717,700    35,849 
CVS Health Corp.   521,800    33,844 
Quest Diagnostics, Inc.   196,900    21,210 
Total       90,903 
           
Hotels, Restaurants & Leisure 1.48%          
           
Carnival Corp.   979,200    58,008 
Darden Restaurants, Inc.   380,200    40,658 
Total        98,666 
           
Household Durables 0.45%          
           
Newell Brands, Inc.   1,132,200    29,652 

 

See Notes to Schedule of Investments.

 

Schedule of Investments (unaudited)(continued)

LORD ABBETT AFFILIATED FUND, INC. July 31, 2018

 

Investments  Shares   Fair
Value
(000)
 
Household Products 2.15%          
           
Kimberly-Clark Corp.   642,900   $73,200 
Procter & Gamble Co. (The)   867,800    70,188 
Total        143,388 
           
Industrial Conglomerates 0.42%          
           
Honeywell International, Inc.   175,000    27,939 
           
Information Technology Services 1.37%          
           
International Business Machines Corp.   505,350    73,241 
Sabre Corp.   731,000    17,997 
Total        91,238 
           
Insurance 5.30%          
           
Aflac, Inc.   571,500    26,598 
American International Group, Inc.   517,100    28,549 
Arthur J Gallagher & Co.   408,800    29,168 
Axis Capital Holdings Ltd.   349,700    19,779 
Chubb Ltd. (Switzerland)(a)   373,500    52,185 
Fidelity National Financial, Inc.   869,100    35,198 
Hartford Financial Services Group, Inc. (The)   572,600    30,176 
Old Republic International Corp.   898,500    19,147 
Prudential Financial, Inc.   378,900    38,235 
Travelers Cos., Inc. (The)   320,900    41,762 
Unum Group   814,700    32,368 
Total        353,165 
           
Machinery 2.05%          
           
Caterpillar, Inc.   300,700    43,241 
Cummins, Inc.   250,500    35,774 
Flowserve Corp.   786,300    34,857 
Pentair plc (United Kingdom)(a)   500,500    22,347 
Total        136,219 
           
Media 0.84%          
           
Interpublic Group of Cos., Inc. (The)   1,330,800    30,010 
Viacom, Inc. Class B   891,100    25,886 
Total        55,896 

 

See Notes to Schedule of Investments.

 

Schedule of Investments (unaudited)(continued)

LORD ABBETT AFFILIATED FUND, INC. July 31, 2018

 

Investments  Shares   Fair
Value
(000)
 
Metals & Mining 0.61%          
           
Nucor Corp.   605,900   $40,553 
           
Multi-Line Retail 0.52%          
           
Kohl’s Corp.   466,500    34,460 
           
Multi-Utilities 1.84%          
           
Dominion Energy, Inc.   897,700    64,374 
Public Service Enterprise Group, Inc.   253,300    13,060 
Sempra Energy   391,000    45,196 
Total        122,630 
           
Oil, Gas & Consumable Fuels 8.26%          
           
Chevron Corp.   1,603,232    202,440 
ConocoPhillips   1,459,600    105,339 
Exxon Mobil Corp.   501,600    40,885 
Kinder Morgan, Inc.   1,927,100    34,264 
Marathon Petroleum Corp.   380,600    30,764 
Valero Energy Corp.   926,650    109,669 
Williams Cos., Inc. (The)   901,900    26,832 
Total        550,193 
           
Pharmaceuticals 6.88%          
           
Bristol-Myers Squibb Co.   631,600    37,107 
Johnson & Johnson   574,000    76,067 
Merck & Co., Inc.   2,043,500    134,605 
Pfizer, Inc.   5,265,900    210,267 
Total        458,046 
           
Professional Services 0.80%          
           
ManpowerGroup, Inc.   208,200    19,417 
Robert Half International, Inc.   445,900    33,781 
Total        53,198 
           
Road & Rail 1.57%          
           
Ryder System, Inc.   269,200    21,078 

 

See Notes to Schedule of Investments.

 

Schedule of Investments (unaudited)(continued)

LORD ABBETT AFFILIATED FUND, INC. July 31, 2018

 

Investments  Shares   Fair
Value
(000)
 
Road & Rail (continued)          
           
Union Pacific Corp.   558,200   $83,669 
Total        104,747 
           
Semiconductors & Semiconductor Equipment 3.50%          
           
Applied Materials, Inc.   553,800    26,931 
Broadcom, Inc.   172,900    38,344 
Intel Corp.   3,191,700    153,521 
QUALCOMM, Inc.   220,300    14,119 
Total        232,915 
           
Software 1.04%          
           
Microsoft Corp.   653,100    69,281 
           
Specialty Retail 2.42%          
           
Lowe’s Cos., Inc.   782,500    77,733 
TJX Cos., Inc. (The)   411,400    40,013 
Tractor Supply Co.   555,100    43,320 
Total        161,066 
           
Technology Hardware, Storage & Peripherals 1.76%          
           
Apple, Inc.   160,825    30,604 
NetApp, Inc.   639,800    49,597 
Xerox Corp.   1,428,100    37,088 
Total        117,289 
           
Tobacco 0.64%          
           
Philip Morris International, Inc.   490,500    42,330 
Total Common Stocks
(cost $6,174,499,996)
        6,626,960 

 

See Notes to Schedule of Investments.

 

Schedule of Investments (unaudited)(concluded)

LORD ABBETT AFFILIATED FUND, INC. July 31, 2018

 

Investments  Principal
Amount
(000)
   Fair
Value
(000)
 
SHORT-TERM INVESTMENT 0.46%          
           
Repurchase Agreement          
           
Repurchase Agreement dated 7/31/2018, 1.05% due 8/1/2018 with Fixed Income Clearing Corp. collateralized by $32,390,000 of U.S. Treasury Note at 1.875% due 01/31/2022; value: $31,395,530; proceeds: $30,776,358 (cost $30,775,460)  $30,775   $30,775 
Total Investments in Securities 99.99%
(cost $6,205,275,456)
        6,657,735 
           
Other Assets in Excess of Liabilities(b) 0.01%        349 
           
Net Assets 100.00%       $6,658,084 

 

 

(a) Foreign security traded in U.S. dollars.
(b) Other Assets in Excess of Liabilities include net unrealized appreciation on futures contracts as follows:

 

Open Futures Contracts at July 31, 2018:

 

Type  Expiration  Contracts  Position  Notional Amount   Notional
Value
   Unrealized
Appreciation
 
E-Mini S&P 500 Index  September 2018  214  Long  $29,688,649   $30,142,970   $454,321 

 

The following is a summary of the inputs used as of July 31, 2018 in valuing the Fund’s investments carried at fair value(1):

 

Investment Type(2)(3)  Level 1
(000)
   Level 2
(000)
   Level 3
(000)
   Total
(000)
 
Common Stocks  $6,626,960   $   $   $6,626,960 
Short-Term Investment                    
Repurchase Agreement       30,775        30,775 
Total  $6,626,960   $30,775   $   $6,657,735 
Other Financial Instruments                    
Futures Contracts                    
Assets  $454   $   $   $454 
Liabilities                
Total  $454   $   $   $454 

 

 

(1) Refer to Note 2(f) 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 period ended July 31, 2018.

 

See Notes to Schedule of Investments.

 

Notes to the Financial Statements (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 Fund’s 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 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 quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used.
   
  Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and may employ 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).
   
(c) Foreign Transactions-The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded.
   
(d) 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.
   
(e) 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.
 

Notes to the Financial Statements (unaudited)(concluded)

 

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

 

  Level 1 - unadjusted quoted prices in active markets for identical investments;
     
  Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
     
  Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

 

A summary of inputs used in valuing the Fund’s investments as of July 31, 2018 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the period then ended is included in the Fund’s Schedule of Investments.

 

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. 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.

 

3. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

 

The Fund entered into E-Mini S&P 500 Index futures contracts for the period ended July 31, 2018 (as described in note 2(d)) to manage cash. The Fund bears the risk that the underlying index will move unexpectedly, in which case the Fund may realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default. As of July 31, 2018, the Fund had futures contracts with a cumulated unrealized appreciation of $454,321, which is included on the Schedule of Investments.

 

4. FEDERAL TAX INFORMATION

 

As of July 31, 2018, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

 

Tax cost   $6,221,477,480 
Gross unrealized gain    751,136,311 
Gross unrealized loss    (314,424,376)
Net unrealized security gain   $436,711,935 

 

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of futures, wash sales, and certain securities.

 
Item 2:   Controls and Procedures.
     
  (a) Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) 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 Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s 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/ Douglas B. Sieg
    Douglas B. Sieg
    President and Chief Executive Officer
     
Date: September 21, 2018    
     
  By:  /s/ Bernard J. Grzelak
    Bernard J. Grzelak
    Chief Financial Officer and Vice President
     
Date: September 21, 2018    

 

 

 

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

 

  By:  /s/ Douglas B. Sieg
    Douglas B. Sieg
    President and Chief Executive Officer
     
Date: September 21, 2018    
     
  By:  /s/ Bernard J. Grzelak
    Bernard J. Grzelak
    Chief Financial Officer and Vice President
     
Date: September 21, 2018    
 
EX-99.CERT 2 c91985_ex99cert.htm CERTIFICATION

Exhibit 99 CERT

 

CERTIFICATIONS

 

I, Douglas B. Sieg, 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 Registrant’s 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 Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
     
  (d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
 
5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
     
  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

Date: September 21, 2018

 

/s/ Douglas B. Sieg  
Douglas B. Sieg
President and Chief Executive Officer
 

CERTIFICATIONS

 

I, Bernard J. Grzelak, 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 Registrant’s 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 Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
     
  (d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
 
5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
     
  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

Date: September 21, 2018

 

/s/ Bernard J. Grzelak  
Bernard J. Grzelak
Chief Financial Officer and Vice President