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Lord Abbett
Affiliated Fund
For the six-month period ended April 30, 2024
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Table of Contents
1
A Letter
to Shareholders
2
Information
About
Your Fund’
s Expenses
and Holdings
Presented
by Sector
5
Schedule
of Investments
9
Statement
of Assets
and Liabilities
11
Statement
of Operations
12
Statements
of Changes
in Net Assets
14
Financial
Highlights
18
Notes
to Financial
Statements
29
Supplemental
Information
to Shareholders
109035_Lord Abbett_SAR.qxp_01 6/20/24 4:06 PM Page FC3
1
Lor d Abbett
Affiliated
Fund
Semiannual
Report
For
the
six-month
period
ended
April
30,
2024
Dear
Shareholders:
We are pleased
to provide
you
with this semiannual
report
for Lord Abbett
Affiliated
Fund for the six-month
period
ended
April 30, 2024.
For additional
information
about
the Fund, please
visit
our website
at www.lordabbett.com,
where
you can
access
the quarterly
commentaries
by the Fund’s
portfolio managers. General information about Lord
Abbett
mutual
funds,
as well as in-depth
discussions
of market
trends
and investment
strategies,
is also
provided
in
Lord
Abbett
Insights
, a quarterly
newsletter
available
on our website.
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.
Best regards,
Douglas
B. Sieg
Director,
President
and Chief
Executive
Officer
From
left
to
right:
Evelyn
E.
Guernsey
,
Independent
Chair
of
the
Lord
Abbett
Funds
and
Douglas
B. Sieg,
Director
, President
and
Chief
Executive
Officer
of
the
Lord
Abbett
Funds.
109035_Lord Abbett_SAR.qxp_01 6/20/24 4:06 PM Page 1
2
Expen
se Ex ample
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
(November
1, 2023 through
April 30, 2024).
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
11/1/23
- 4/30/24”
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.
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