N-CSRS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-00005

LORD ABBETT AFFILIATED FUND, INC.

(Exact name of Registrant as specified in charter)

90 Hudson Street, Jersey City, NJ 07302

(Address of principal executive offices) (Zip code)

Brooke A. Fapohunda, 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: 4/30/2015

Item 1: Report(s) to Shareholders.

2015 LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett
Affiliated Fund

For the six-month period ended April 30, 2015

Table of Contents

1	A Letter to Shareholders
2	Information About Your Fund’s Expenses and Holdings Presented by Sector
4	Schedule of Investments
10	Statement of Assets and Liabilities
12	Statement of Operations
13	Statements of Changes in Net Assets
14	Financial Highlights
22	Notes to Financial Statements
31	Supplemental Information to Shareholders

Lord Abbett Affiliated Fund
Semiannual Report

For the six-month period ended April 30, 2015

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.

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, 2015. For additional information about the Fund, please visit our website at www.lordabbett.com, where you can access quarterly commentaries by the Funds’ 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,

 

Daria L. Foster

Director, President and Chief Executive Officer

1

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 (November 1, 2014 through April 30, 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 11/1/14 – 4/30/15” 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.

2

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 Account Value	Ending Account Value	Expenses Paid During Period†
	11/1/14	4/30/15	11/1/14 – 4/30/15
Class A
Actual	$1,000.00	$1,042.70	$3.75
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.12	$3.71
Class B
Actual	$1,000.00	$1,038.90	$7.53
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.41	$7.45
Class C
Actual	$1,000.00	$1,039.50	$7.53
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.41	$7.45
Class F
Actual	$1,000.00	$1,043.40	$2.99
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.87	$2.96
Class I
Actual	$1,000.00	$1,043.80	$2.48
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.36	$2.46
Class P
Actual	$1,000.00	$1,043.30	$3.75
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.12	$3.71
Class R2
Actual	$1,000.00	$1,041.60	$5.52
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.39	$5.46
Class R3
Actual	$1,000.00	$1,042.20	$4.91
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.98	$4.86

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.74% for Class A, 1.49% for Classes B and C, 0.59% for Class F, 0.49% for Class I, 0.74% for Class P, 1.09% for Class R2 and 0.97% for Class R3) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2015

Sector*	%**
Consumer Discretionary	7.98%
Consumer Staples	9.99%
Energy	10.54%
Financials	21.22%
Health Care	11.47%
Industrials	11.82%

Sector*	%**
Information Technology	11.93%
Materials	4.94%
Telecommunication Services	4.15%
Utilities	5.48%
Repurchase Agreement	0.48%
Total	100.00%

*	A sector may comprise several industries.
**	Represents percent of total investments.

3

Schedule of Investments (unaudited)

April 30, 2015

			Fair
			Value
Investments	Shares		(000)
COMMON STOCKS 99.63%
Aerospace & Defense 5.38%
Boeing Co. (The)		214,700	$	30,775
General Dynamics Corp.		434,200		59,624
Honeywell International, Inc.		435,200		43,920
Lockheed Martin Corp.		271,300		50,625
Raytheon Co.		685,000		71,240
Rockwell Collins, Inc.		148,400		14,444
United Technologies Corp.		918,300		104,457
Total				375,085
Automobiles 3.42%
Ford Motor Co.		10,864,200		171,655
General Motors Co.		1,912,500		67,052
Total				238,707
Banks 8.19%
BB&T Corp.		1,407,249		53,884
Comerica, Inc.		286,600		13,588
Fifth Third Bancorp		5,064,370		101,287
JPMorgan Chase & Co.		3,940,342		249,266
PNC Financial Services Group, Inc. (The)		192,300		17,640
Wells Fargo & Co.		2,458,485		135,462
Total				571,127
Beverages 0.65%
Coca-Cola Co. (The)		521,500		21,152
Dr. Pepper Snapple Group, Inc.		92,300		6,884
PepsiCo, Inc.		182,500		17,359
Total				45,395
Capital Markets 1.97%
Ameriprise Financial, Inc.		551,100		69,042
Invesco Ltd.		1,651,800		68,417
Total				137,459

			Fair
			Value
Investments	Shares		(000)
Chemicals 1.97%
Celanese Corp. Series A		335,100	$	22,237
CF Industries Holdings, Inc.		36,650		10,536
Huntsman Corp.		1,920,507		44,268
LyondellBasell Industries NV Class A		585,800		60,642
Total				137,683
Commercial Services & Supplies 0.34%
Pitney Bowes, Inc.		305,600		6,836
R.R. Donnelley & Sons Co.		899,800		16,755
Total				23,591
Communications Equipment 2.35%
Cisco Systems, Inc.		5,683,500		163,855
Diversified Consumer Services 0.49%
H&R Block, Inc.		1,126,600		34,068
Diversified Telecommunication Services 4.15%
AT&T, Inc.		4,410,349		152,775
Verizon Communications, Inc.		2,712,851		136,836
Total				289,611
Electric: Utilities 3.84%
Duke Energy Corp.		1,006,439		78,069
Edison International		154,200		9,397
Entergy Corp.		783,684		60,485
Great Plains Energy, Inc.		443,000		11,598
ITC Holdings Corp.		228,700		8,233
PPL Corp.		214,800		7,310
Southern Co. (The)		877,800		38,886
Westar Energy, Inc.		481,500		18,128
Xcel Energy, Inc.		1,050,300		35,616
Total				267,722
Electrical Equipment 0.33%
Emerson Electric Co.		395,000		23,238

4 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

April 30, 2015

			Fair
			Value
Investments	Shares		(000)
Energy Equipment & Services 1.03%
Atwood Oceanics, Inc.		424,100	$	14,156
National Oilwell Varco, Inc.		549,900		29,920
Schlumberger Ltd.		118,900		11,249
Tidewater, Inc.		591,100		16,368
Total				71,693
Food & Staples Retailing 2.72%
Sysco Corp.		1,270,200		47,035
Wal-Mart Stores, Inc.		1,824,700		142,418
Total				189,453
Food Products 2.30%
Archer-Daniels-Midland Co.		652,700		31,904
Bunge Ltd.		483,900		41,795
ConAgra Foods, Inc.		1,782,000		64,419
Ingredion, Inc.		283,300		22,494
Total				160,612
Health Care Equipment & Supplies 1.44%
Baxter International, Inc.		687,694		47,272
Becton Dickinson & Co.		96,300		13,566
Medtronic plc (Ireland)(a)		535,700		39,883
Total				100,721
Health Care Providers & Services 0.46%
Anthem, Inc.		59,200		8,935
Cardinal Health, Inc.		196,500		16,573
Quest Diagnostics, Inc.		96,200		6,870
Total				32,378
Hotels, Restaurants & Leisure 0.09%
Brinker International, Inc.		116,100		6,428
Household Durables 1.03%
Whirlpool Corp.		408,400		71,715
Household Products 1.94%
Kimberly-Clark Corp.		433,429		47,543
Procter & Gamble Co. (The)		1,104,600		87,827
Total				135,370

			Fair
			Value
Investments	Shares		(000)
Independent Power and Renewable Electricity Producer 0.45%
AES Corp.		2,347,300	$	31,102
Information Technology Services 1.47%
International Business Machines Corp.		544,250		93,224
Western Union Co. (The)		453,100		9,189
Total				102,413
Insurance 6.43%
ACE Ltd. (Switzerland)(a)		731,700		78,284
Allstate Corp. (The)		1,353,700		94,299
Everest Re Group Ltd.		167,600		29,985
Hartford Financial Services Group, Inc. (The)		521,700		21,270
Prudential Financial, Inc.		1,239,000		101,102
Reinsurance Group of America, Inc.		200,900		18,406
Travelers Cos., Inc. (The)		471,900		47,714
Validus Holdings Ltd.		399,900		16,728
XL Group plc (Ireland)(a)		1,106,300		41,022
Total				448,810
Machinery 3.30%
Caterpillar, Inc.		1,786,600		155,220
Cummins, Inc.		384,800		53,202
Stanley Black & Decker, Inc.		101,600		10,028
Timken Co. (The)		302,600		11,889
Total				230,339
Media 1.70%
Comcast Corp. Class A		2,057,400		118,835
Metals & Mining 1.83%
Freeport-McMoRan, Inc.		3,741,700		87,069
Steel Dynamics, Inc.		1,823,900		40,363
Total				127,432
Multi-Line Retail 0.40%
Kohl’s Corp.		383,986		27,513

See Notes to Financial Statements. 5

Schedule of Investments (unaudited)(continued)

April 30, 2015

			Fair
			Value
Investments	Shares		(000)
Multi-Utilities 1.20%
Ameren Corp.		169,300	$	6,931
CMS Energy Corp.		298,000		10,111
SCANA Corp.		309,000		16,371
Sempra Energy		473,500		50,272
Total				83,685
Oil, Gas & Consumable Fuels 9.52%
Chevron Corp.		2,536,132		281,663
ConocoPhillips		1,528,600		103,822
Denbury Resources, Inc.		867,600		7,644
Exxon Mobil Corp.		323,100		28,229
Kinder Morgan, Inc.		517,700		22,235
Occidental Petroleum Corp.		329,184		26,368
PBF Energy, Inc. Class A		468,600		13,299
Spectra Energy Corp.		939,800		35,008
Valero Energy Corp.		2,564,350		145,911
Total				664,179
Paper & Forest Products 1.15%
International Paper Co.		1,489,000		79,989
Personal Products 0.33%
Herbalife Ltd.*		560,248		23,261
Pharmaceuticals 9.58%
AbbVie, Inc.		891,700		57,657
Eli Lilly & Co.		2,583,100		185,648
Johnson & Johnson		1,007,400		99,934
Merck & Co., Inc.		615,100		36,635
Pfizer, Inc.		8,491,700		288,124
Total				667,998
Professional Services 0.80%
Nielsen NV		1,236,900		55,586
Real Estate Investment Trusts 4.65%
Alexandria Real Estate Equities, Inc.		188,700		17,432
Annaly Capital Management, Inc.		1,366,100		13,757
AvalonBay Communities, Inc.		330,750		54,355

			Fair
			Value
Investments	Shares		(000)
BioMed Realty Trust, Inc.		450,600	$	9,350
Brandywine Realty Trust		465,100		6,781
DDR Corp.		510,100		8,697
Duke Realty Corp.		688,000		13,629
Gaming and Leisure Properties, Inc.		213,400		7,618
General Growth Properties, Inc.		2,479,100		67,927
Health Care REIT, Inc.		252,500		18,185
Host Hotels & Resorts, Inc.		831,900		16,754
Post Properties, Inc.		146,400		8,370
Prologis, Inc.		722,800		29,057
Retail Properties of America, Inc. Class A		527,700		7,974
SL Green Realty Corp.		188,400		23,053
Starwood Property Trust, Inc.		431,800		10,368
Vornado Realty Trust		109,900		11,374
Total				324,681
Road & Rail 1.69%
Union Pacific Corp.		1,106,500		117,543
Semiconductors & Semiconductor Equipment 3.30%
Avago Technologies Ltd. (Singapore)(a)		239,100		27,946
Intel Corp.		5,788,900		188,429
KLA-Tencor Corp.		239,300		14,071
Total				230,446
Software 1.69%
CA, Inc.		445,400		14,150
Microsoft Corp.		1,374,300		66,846
Symantec Corp.		1,483,800		36,984
Total				117,980
Specialty Retail 0.86%
GameStop Corp. Class A		1,139,700		43,924
Gap, Inc. (The)		170,000		6,739
Lowe’s Cos., Inc.		139,600		9,613
Total				60,276

6 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

April 30, 2015

			Fair
			Value
Investments	Shares		(000)
Technology Hardware, Storage & Peripherals 3.13%
Apple, Inc.		1,311,625	$	164,150
Hewlett-Packard Co.		1,646,200		54,275
Total				218,425
Tobacco 2.06%
Altria Group, Inc.		2,867,649		143,526
Total Common Stocks
(cost $6,302,909,524)			$	6,949,930

	Principal		Fair
	Amount		Value
Investments	(000)		(000)
SHORT–TERM INVESTMENT 0.47%
Repurchase Agreement
Repurchase Agreement dated 4/30/2015, Zero Coupon due 5/1/2015 with Fixed Income Clearing Corp. collateralized by $22,900,000 of U.S. Treasury Bond at 7.875% due 2/15/2021 and $2,735,000 of U.S. Treasury Note at 1.375% due 4/30/2020; value: $33,900,788; proceeds: $33,231,603 (cost $33,231,603)		$33,232	$	33,232
Total Investments in Securities 100.10% (cost $6,336,141,127)				6,983,162
Liabilities in Excess of Cash and Other Assets(b) (0.10)%				(7,273	)
Net Assets 100.00%			$	6,975,889

*	Non-income producing security.
(a)	Foreign security traded in U.S. dollars.
(b)	Liabilities in Excess of Cash and Other Assets include net unrealized appreciation on futures contracts as follows:

See Notes to Financial Statements. 7

Schedule of Investments (unaudited)(concluded)

April 30, 2015

Open Futures Contracts at April 30, 2015:

Type	Expiration		Contracts		Position		Fair Value		Unrealized Appreciation
E-Mini S&P 500 Index		June 2015		266		Long		$27,649,370		$120,194

The following is a summary of the inputs used as of April 30, 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	$	6,949,930	$	–	$	–	$	6,949,930
Repurchase Agreement		–		33,232		–		33,232
Total	$	6,949,930	$	33,232	$	–	$	6,983,162
Other Financial Instruments
Futures Contracts
Assets	$	120	$	–	$	–	$	120
Liabilities		–		–		–		–
Total	$	120	$	–	$	–	$	120

(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 transfers during the period ended April 30, 2015.

8 See Notes to Financial Statements.

This page is intentionally left blank.

Statement of Assets and Liabilities (unaudited)

April 30, 2015

ASSETS:
Investments in securities, at fair value (cost $6,336,141,127)	$	6,983,162,262
Cash		420,036
Deposits with brokers for futures collateral		1,223,600
Receivables:
Dividends		9,742,921
Investment securities sold		2,312,064
Capital shares sold		1,869,346
Prepaid expenses and other assets		29,724
Total assets		6,998,759,953
LIABILITIES:
Payables:
Capital shares reacquired		6,890,806
12b-1 distribution fees		5,554,271
Directors’ fees		3,722,464
Investment securities purchased		2,879,657
Management fee		1,807,115
Variation margin		267,336
Fund administration		230,538
To affiliates (See Note 3)		19,311
Accrued expenses		1,499,521
Total liabilities		22,871,019
NET ASSETS	$	6,975,888,934
COMPOSITION OF NET ASSETS:
Paid-in capital	$	5,994,201,233
Undistributed net investment income		6,994,215
Accumulated net realized gain on investments and futures contracts		327,552,157
Net unrealized appreciation on investments and futures contracts		647,141,329
Net Assets	$	6,975,888,934

10 See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)(concluded)

April 30, 2015

Net assets by class:
Class A Shares	$	6,073,079,073
Class B Shares	$	56,460,457
Class C Shares	$	460,203,825
Class F Shares	$	162,878,220
Class I Shares	$	137,674,068
Class P Shares	$	26,220,895
Class R2 Shares	$	777,931
Class R3 Shares	$	58,594,465
Outstanding shares by class:
Class A Shares (2.9 billion shares of common stock authorized, $.001 par value)		371,174,478
Class B Shares (300 million shares of common stock authorized, $.001 par value)		3,432,347
Class C Shares (300 million shares of common stock authorized, $.001 par value)		28,136,654
Class F Shares (300 million shares of common stock authorized, $.001 par value)		9,953,798
Class I Shares (300 million shares of common stock authorized, $.001 par value)		8,387,874
Class P Shares (200 million shares of common stock authorized, $.001 par value)		1,604,918
Class R2 Shares (300 million shares of common stock authorized, $.001 par value)		47,650
Class R3 Shares (300 million shares of common stock authorized, $.001 par value)		3,584,700
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$16.36
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)		$17.36
Class B Shares-Net asset value		$16.45
Class C Shares-Net asset value		$16.36
Class F Shares-Net asset value		$16.36
Class I Shares-Net asset value		$16.41
Class P Shares-Net asset value		$16.34
Class R2 Shares-Net asset value		$16.33
Class R3 Shares-Net asset value		$16.35

See Notes to Financial Statements. 11

Statement of Operations (unaudited)

For the Six Months Ended April 30, 2015

Investment income:
Dividends (net of foreign withholding taxes of $109,429)	$	104,665,704
Total investment income		104,665,704
Expenses:
Management fee		10,988,195
12b-1 distribution plan-Class A		7,475,868
12b-1 distribution plan-Class B		319,017
12b-1 distribution plan-Class C		2,285,510
12b-1 distribution plan-Class F		79,086
12b-1 distribution plan-Class P		34,361
12b-1 distribution plan-Class R2		2,186
12b-1 distribution plan-Class R3		136,195
Shareholder servicing		3,896,968
Fund administration		1,402,280
Reports to shareholders		215,762
Subsidy (See Note 3)		136,627
Directors’ fees		105,735
Custody		91,150
Registration		73,668
Professional		45,999
Other		260,401
Gross expenses		27,549,008
Expense reductions (See Note 9)		(3,085	)
Net expenses		27,545,923
Net investment income		77,119,781
Net realized and unrealized gain (loss):
Net realized gain on investments		337,567,939
Net realized gain on futures contracts		1,350,257
Net change in unrealized appreciation/depreciation on investments		(117,506,291	)
Net change in unrealized appreciation/depreciation on futures contracts		(328,227	)
Net realized and unrealized gain		221,083,678
Net Increase in Net Assets Resulting From Operations	$	298,203,459

12 See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2015 (unaudited)				For the Year Ended October 31, 2014
Operations:
Net investment income		$	77,119,781			$	156,462,715
Net realized gain on investments and futures contracts			338,918,196				871,945,055
Net change in unrealized appreciation/depreciation on investments and futures contracts			(117,834,518	)			(91,963,580	)
Net increase in net assets resulting from operations			298,203,459				936,444,190
Distributions to shareholders from:
Net investment income
Class A			(67,792,056	)			(142,267,139	)
Class B			(443,066	)			(1,242,407	)
Class C			(3,438,820	)			(7,335,464	)
Class F			(1,894,416	)			(3,142,690	)
Class I			(1,870,970	)			(7,265,901	)
Class P			(302,254	)			(1,380,788	)
Class R2			(6,799	)			(13,444	)
Class R3			(573,744	)			(1,123,582	)
Net realized gain
Class A			(292,198,555	)			–
Class B			(3,315,127	)			–
Class C			(22,134,108	)			–
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			(418,081,537	)			(163,771,415	)
Capital share transactions (Net of share conversions) (See Note 13):
Net proceeds from sales of shares			191,766,746				650,663,406
Reinvestment of distributions			377,490,355				145,409,487
Cost of shares reacquired			(588,004,343	)			(1,534,021,666	)
Net decrease in net assets resulting from capital share transactions			(18,747,242	)			(737,948,773	)
Net increase (decrease) in net assets			(138,625,320	)			34,724,002
NET ASSETS:
Beginning of period		$	7,114,514,254			$	7,079,790,252
End of period		$	6,975,888,934			$	7,114,514,254
Undistributed net investment income		$	6,994,215			$	6,196,559

See Notes to Financial Statements. 13

Financial Highlights

	Class A Shares
		Six Months
		Ended
		4/30/2015		Year Ended 10/31
		(unaudited)		2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$16.65			$14.94			$11.82			$10.55			$10.59			$9.61
Investment operations:
Net investment income(a)		.18			.36			.23			.18			.12			.09
Net realized and unrealized gain (loss)		.51			1.72			3.12			1.27			(.04	)		.97
Total from investment operations		.69			2.08			3.35			1.45			.08			1.06
Distributions to shareholders from:
Net investment income		(.18	)		(.37	)		(.23	)		(.18	)		(.12	)		(.08	)
Net realized gain		(.80	)		–			–			–			–			–
Total distributions		(.98	)		(.37	)		(.23	)		(.18	)		(.12	)		(.08	)
Net asset value, end of period		$16.36			$16.65			$14.94			$11.82			$10.55			$10.59
Total Return(b)		4.27	%(c)		14.08	%		28.59	%		13.78	%		.73	%		11.07	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.37	%(c)		.74	%		.84	%		.85	%		.84	%		.85	%
Expenses, excluding expense reductions		.37	%(c)		.74	%		.84	%		.85	%		.84	%		.85	%
Net investment income		1.11	%(c)		2.25	%		1.70	%		1.58	%		1.09	%		.83	%
Supplemental Data:
Net assets, end of period (000)	$6,073,079			$	6,079,217		$	6,051,139		$	5,420,741		$	5,777,045		$	6,993,549
Portfolio turnover rate		33.43	%(c)		81.28	%		92.86	%		14.26	%		16.39	%		24.56	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.

14 See Notes to Financial Statements.

Financial Highlights (continued)

	Class B Shares
		Six Months
		Ended
		4/30/2015		Year Ended 10/31
		(unaudited)		2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$16.73			$15.00			$11.87			$10.59			$10.61			$9.63
Investment operations:
Net investment income(a)		.12			.24			.14			.11			.05			.02
Net realized and unrealized gain (loss)		.52			1.74			3.12			1.27			(.03	)		.98
Total from investment operations		.64			1.98			3.26			1.38			.02			1.00
Distributions to shareholders from:
Net investment income		(.12	)		(.25	)		(.13	)		(.10	)		(.04	)		(.02	)
Net realized gain		(.80	)		–			–			–			–			–
Total distributions		(.92	)		(.25	)		(.13	)		(.10	)		(.04	)		(.02	)
Net asset value, end of period		$16.45			$16.73			$15.00			$11.87			$10.59			$10.61
Total Return(b)		3.89	%(c)		13.25	%		27.64	%		13.02	%		.18	%		10.34	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.74	%(c)		1.49	%		1.50	%		1.51	%		1.49	%		1.50	%
Expenses, excluding expense reductions		.74	%(c)		1.49	%		1.50	%		1.51	%		1.49	%		1.50	%
Net investment income		.75	%(c)		1.51	%		1.06	%		.94	%		.43	%		.18	%
Supplemental Data:
Net assets, end of period (000)	$56,460				$69,337			$91,394		$116,262			$174,386			$288,531
Portfolio turnover rate		33.43	%(c)		81.28	%		92.86	%		14.26	%		16.39	%		24.56	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 15

Financial Highlights (continued)

	Class C Shares
		Six Months
		Ended
		4/30/2015		Year Ended 10/31
		(unaudited)		2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$16.64			$14.94			$11.82			$10.55			$10.58			$9.61
Investment operations:
Net investment income(a)		.12			.24			.14			.11			.05			.02
Net realized and unrealized gain (loss)		.52			1.71			3.12			1.26			(.03	)		.97
Total from investment operations		.64			1.95			3.26			1.37			.02			.99
Distributions to shareholders from:
Net investment income		(.12	)		(.25	)		(.14	)		(.10	)		(.05	)		(.02	)
Net realized gain		(.80	)		–			–			–			–			–
Total distributions		(.92	)		(.25	)		(.14	)		(.10	)		(.05	)		(.02	)
Net asset value, end of period		$16.36			$16.64			$14.94			$11.82			$10.55			$10.58
Total Return(b)		3.95	%(c)		13.17	%		27.76	%		13.04	%		.14	%		10.28	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.74	%(c)		1.48	%		1.49	%		1.50	%		1.48	%		1.50	%
Expenses, excluding expense reductions		.74	%(c)		1.48	%		1.49	%		1.50	%		1.48	%		1.50	%
Net investment income		.74	%(c)		1.50	%		1.05	%		.93	%		.44	%		.18	%
Supplemental Data:
Net assets, end of period (000)	$460,204			$459,439			$449,259			$407,621			$467,475			$595,084
Portfolio turnover rate		33.43	%(c)		81.28	%		92.86	%		14.26	%		16.39	%		24.56	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.

16 See Notes to Financial Statements.

Financial Highlights (continued)

	Class F Shares
		Six Months
		Ended
		4/30/2015		Year Ended 10/31
		(unaudited)		2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$16.65			$14.94			$11.83			$10.56			$10.59			$9.61
Investment operations:
Net investment income(a)		.19			.38			.26			.21			.15			.11
Net realized and unrealized gain (loss)		.51			1.73			3.11			1.26			(.03	)		.97
Total from investment operations		.70			2.11			3.37			1.47			.12			1.08
Distributions to shareholders from:
Net investment income		(.19	)		(.40	)		(.26	)		(.20	)		(.15	)		(.10	)
Net realized gain		(.80	)		–			–			–			–			–
Total distributions		(.99	)		(.40	)		(.26	)		(.20	)		(.15	)		(.10	)
Net asset value, end of period		$16.36			$16.65			$14.94			$11.83			$10.56			$10.59
Total Return(b)		4.34	%(c)		14.25	%		28.80	%		14.04	%		1.08	%		11.33	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.29	%(c)		.59	%		.60	%		.61	%		.59	%		.60	%
Expenses, excluding expense reductions		.29	%(c)		.59	%		.60	%		.61	%		.59	%		.60	%
Net investment income		1.18	%(c)		2.36	%		1.94	%		1.82	%		1.33	%		1.07	%
Supplemental Data:
Net assets, end of period (000)	$162,878			$152,988			$112,933			$92,498			$102,086			$86,360
Portfolio turnover rate		33.43	%(c)		81.28	%		92.86	%		14.26	%		16.39	%		24.56	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 17

Financial Highlights (continued)

	Class I Shares
		Six Months
		Ended
		4/30/2015		Year Ended 10/31
		(unaudited)		2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$16.70			$14.99			$11.86			$10.59			$10.62			$9.64
Investment operations:
Net investment income(a)		.21			.39			.27			.22			.16			.12
Net realized and unrealized gain (loss)		.50			1.73			3.14			1.26			(.03	)		.97
Total from investment operations		.71			2.12			3.41			1.48			.13			1.09
Distributions to shareholders from:
Net investment income		(.20	)		(.41	)		(.28	)		(.21	)		(.16	)		(.11	)
Net realized gain		(.80	)		–			–			–			–			–
Total distributions		(1.00	)		(.41	)		(.28	)		(.21	)		(.16	)		(.11	)
Net asset value, end of period		$16.41			$16.70			$14.99			$11.86			$10.59			$10.62
Total Return(b)		4.38	%(c)		14.31	%		29.03	%		14.12	%		1.18	%		11.40	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.24	%(c)		.49	%		.50	%		.51	%		.49	%		.50	%
Expenses, excluding expense reductions		.24	%(c)		.49	%		.50	%		.51	%		.49	%		.50	%
Net investment income		1.29	%(c)		2.48	%		2.07	%		1.92	%		1.42	%		1.18	%
Supplemental Data:
Net assets, end of period (000)	$137,674			$268,873			$239,652			$347,410			$385,714			$435,609
Portfolio turnover rate		33.43	%(c)		81.28	%		92.86	%		14.26	%		16.39	%		24.56	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

18 See Notes to Financial Statements.

Financial Highlights (continued)

	Class P Shares
		Six Months
		Ended
		4/30/2015		Year Ended 10/31
		(unaudited)		2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$16.62			$14.91			$11.80			$10.53			$10.57			$9.59
Investment operations:
Net investment income(a)		.18			.36			.23			.18			.12			.07
Net realized and unrealized gain (loss)		.52			1.71			3.11			1.26			(.05	)		.98
Total from investment operations		.70			2.07			3.34			1.44			.07			1.05
Distributions to shareholders from:
Net investment income		(.18	)		(.36	)		(.23	)		(.17	)		(.11	)		(.07	)
Net realized gain		(.80	)		–			–			–			–			–
Total distributions		(.98	)		(.36	)		(.23	)		(.17	)		(.11	)		(.07	)
Net asset value, end of period		$16.34			$16.62			$14.91			$11.80			$10.53			$10.57
Total Return(b)		4.33	%(c)		14.02	%		28.58	%		13.79	%		.75	%		10.88	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.37	%(c)		.74	%		.81	%		.86	%		.90	%		.95	%
Expenses, excluding expense reductions		.37	%(c)		.74	%		.81	%		.86	%		.90	%		.95	%
Net investment income		1.12	%(c)		2.32	%		1.74	%		1.58	%		1.02	%		.73	%
Supplemental Data:
Net assets, end of period (000)	$26,221			$28,397			$83,364			$88,145			$113,935			$158,627
Portfolio turnover rate		33.43	%(c)		81.28	%		92.86	%		14.26	%		16.39	%		24.56	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 19

Financial Highlights (continued)

	Class R2 Shares
		Six Months
		Ended
		4/30/2015		Year Ended 10/31
		(unaudited)		2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$16.61			$14.91			$11.80			$10.54			$10.58			$9.61
Investment operations:
Net investment income(a)		.15			.30			.19			.15			.09			.06
Net realized and unrealized gain (loss)		.52			1.72			3.12			1.26			(.03	)		.97
Total from investment operations		.67			2.02			3.31			1.41			.06			1.03
Distributions to shareholders from:
Net investment income		(.15	)		(.32	)		(.20	)		(.15	)		(.10	)		(.06	)
Net realized gain		(.80	)		–			–			–			–			–
Total distributions		(.95	)		(.32	)		(.20	)		(.15	)		(.10	)		(.06	)
Net asset value, end of period		$16.33			$16.61			$14.91			$11.80			$10.54			$10.58
Total Return(b)		4.16	%(c)		13.65	%		28.23	%		13.43	%		.50	%		10.78	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.54	%(c)		1.09	%		1.10	%		1.11	%		1.09	%		1.09	%
Expenses, excluding expense reductions		.54	%(c)		1.09	%		1.10	%		1.11	%		1.09	%		1.09	%
Net investment income		.93	%(c)		1.88	%		1.43	%		1.33	%		.83	%		.57	%
Supplemental Data:
Net assets, end of period (000)	$778				$718			$593			$529			$709			$419
Portfolio turnover rate		33.43	%(c)		81.28	%		92.86	%		14.26	%		16.39	%		24.56	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

20 See Notes to Financial Statements.

Financial Highlights (concluded)

	Class R3 Shares
		Six Months
		Ended
		4/30/2015		Year Ended 10/31
		(unaudited)		2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$16.63			$14.93			$11.81			$10.55			$10.58			$9.61
Investment operations:
Net investment income(a)		.16			.32			.21			.16			.11			.07
Net realized and unrealized gain (loss)		.52			1.72			3.12			1.26			(.03	)		.97
Total from investment operations		.68			2.04			3.33			1.42			.08			1.04
Distributions to shareholders from:
Net investment income		(.16	)		(.34	)		(.21	)		(.16	)		(.11	)		(.07	)
Net realized gain		(.80	)		–			–			–			–			–
Total distributions		(.96	)		(.34	)		(.21	)		(.16	)		(.11	)		(.07	)
Net asset value, end of period		$16.35			$16.63			$14.93			$11.81			$10.55			$10.58
Total Return(b)		4.22	%(c)		13.75	%		28.43	%		13.54	%		.69	%		10.86	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.48	%(c)		.98	%		.99	%		1.00	%		.98	%		1.00	%
Expenses, excluding expense reductions		.48	%(c)		.98	%		.99	%		1.00	%		.98	%		1.00	%
Net investment income		1.00	%(c)		2.00	%		1.55	%		1.42	%		.94	%		.67	%
Supplemental Data:
Net assets, end of period (000)	$58,594			$55,545			$51,455			$46,473			$40,021			$32,915
Portfolio turnover rate		33.43	%(c)		81.28	%		92.86	%		14.26	%		16.39	%		24.56	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 21

Notes to Financial Statements (unaudited)

1. ORGANIZATION  

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

The Fund’s investment objective is long-term growth of capital and income without excessive fluctuations in market value.

The Fund has eleven classes of shares, of which the following eight classes of shares were active for the period covered in this report: Class A, B, C, F, I, P, R2 and R3, each with different expenses and dividends. A front-end sales charge is normally added to the net asset value (“NAV”) for Class A shares. There is no front-end sales charge in the case of Class B, C, F, I, P, R2 and R3 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.

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 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. 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

Notes to Financial Statements (unaudited)(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 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, 2011 through October 31, 2014. 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 and R3 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 on 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

Notes to Financial Statements (unaudited)(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 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.
(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 April 30, 2015 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the six months then ended is included in the Fund’s Schedule of Investments.

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

Notes to Financial Statements (unaudited)(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 six months ended April 30, 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 April 30, 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 .82% and .61%, respectively.

12b-1 Distribution Plan

The Fund has adopted a distribution plan with respect to Class A, B, C, F, P, R2 and R3 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
Service	.25%	(1)	.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 shares do not have a distribution plan.

25

Notes to Financial Statements (unaudited)(continued)

Commissions

Distributor received the following commissions on sales of shares of the Fund, after concessions were paid to authorized dealers, for the six months ended April 30, 2015:

Distributor	Dealers’
Commissions	Concessions
$320,550	$1,726,488

Distributor received CDSCs of $13,587 and $8,396 for Class A and Class C shares, respectively, for the six months ended April 30, 2015.

A Director and certain of the Fund’s officers have an interest in Lord Abbett.

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

Dividends from net investment income, if any, are declared and paid at least quarterly. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

The tax character of distributions paid during the six months ended April 30, 2015 and fiscal year ended October 31, 2014 was as follows:

Six Months Ended
	4/30/2015		Year Ended
	(unaudited)		10/31/2014
Distributions paid from:
Ordinary income	$	76,322,125	$	163,771,415
Net long-term capital gains		341,759,412		–
Total distributions paid	$	418,081,537	$	163,771,415

As of April 30, 2015, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	6,347,055,774
Gross unrealized gain		781,763,804
Gross unrealized loss		(145,657,316	)
Net unrealized security gain	$	636,106,488

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

26

Notes to Financial Statements (unaudited)(continued)

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2015 were as follows:

Purchases	Sales
$2,343,296,813	$2,715,566,520

There were no purchases or sales of U.S. Government securities for the six months ended April 30, 2015.

6. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES  

The Fund entered into E-Mini S&P 500 Index futures contracts for the six months ended April 30, 2015 (as described in note 2(g)) 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 April 30, 2015, the Fund had futures contracts with unrealized appreciation of $120,194. Amounts of $1,350,257 and ($328,227) are included in the Statement of Operations related to futures contracts under the captions Net realized gain on futures contracts and Net change in unrealized appreciation/depreciation on futures contracts, respectively. The average number of futures contracts throughout the period was 292.

7. DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES  

The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). These disclosure requirements are intended to help better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. In addition, FASB issued Accounting Standards Update No. 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” (“ASU 2013-01”), specifying which transactions are subject to disclosures about offsetting.

The following tables illustrate gross and net information about recognized assets and liabilities eligible for offset in the statement of assets and liabilities; and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by counterparty. A master netting agreement is an agreement between the Fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Fund’s accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the statement of assets and liabilities across transactions between the Fund and the applicable counterparty:

				Gross Amounts		Net Amounts of
				Offset in the		Assets Presented
	Gross Amounts of		Statement of Assets			in the Statement of
Description	Recognized Assets			and Liabilities		Assets and Liabilities
Repurchase Agreement		$33,231,603		$	–		$33,231,603
Total		$33,231,603		$	–		$33,231,603

27

Notes to Financial Statements (unaudited)(continued)

	Net Amounts
	of Assets
	Presented in	Statement of Assets and Liabilities
	the Statement		Cash	Securities
	of Assets and	Financial	Collateral	Collateral
Counterparty	Liabilities	Instruments	Received(a)	Received(a)		Net Amount(b)
Fixed Income Clearing Corp.	$33,231,603	$                 –	$               –	$(33,231,603	)	$            –
Total	$33,231,603	$                 –	$               –	$(33,231,603	)	$            –

(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statement of Assets and Liabilities, for each respective counterparty.
(b)	Net amount represents the amount owed to the Fund by the counterparty as of April 30, 2015.

8. DIRECTORS’ REMUNERATION  

The Fund’s officers and a Director, who are associated with Lord Abbett, do not receive any compensation from the Fund for serving in such capacities. Independent Directors’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the funds. Such amounts and earnings accrued thereon are included in Directors’ fees on the Statement of Operations and in Directors’ fees payable on the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

9. EXPENSE REDUCTIONS  

The Fund has entered into an arrangement with its transfer agent and custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Fund’s expenses.

10. LINE OF CREDIT  

During the six months ended April 30, 2015, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) participate in a $500 million unsecured revolving credit facility (the “Facility”) with State Street Bank and Trust Company (“SSB”). The Facility is to be used for temporary or emergency purposes as an additional source of liquidity to satisfy redemptions. The Participating Funds are subject to graduated borrowing limits of one-third of Fund assets (if Fund assets are less than $750 million), $250 million, $300 million, or $350 million based on past borrowings and likelihood of future borrowings. Each Participating Fund bears its ratable share of the $525,000 annual Facility fee based on the maximum amount the Fund can borrow under the Facility. This amount is included for the Fund in Other expenses in the Statement of Operations. Any borrowings under the Facility will incur interest at current market rates as set forth in the credit agreement.

During the six months ended April 30, 2015, the Fund did not utilize the Facility.

11. CUSTODIAN AND ACCOUNTING AGENT  

SSB is the Fund’s custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating the Fund’s NAV.

28

Notes to Financial Statements (unaudited)(continued)

12. INVESTMENT RISKS  

The Fund is subject to the general risks and considerations associated with equity investing, as well as the particular risks associated with value stocks and dividend paying companies. The value of an investment in the Fund will fluctuate in response to movements in the equity securities market in general and to the changing prospects of the individual companies in which the Fund invests. Large-cap value stocks may perform differently than the market as a whole and other types of stocks, such as small company stocks and growth stocks. Different types of stocks tend to shift in and out of favor depending on market and economic conditions. The market may fail to recognize the intrinsic value of particular value stocks for a long time. In addition, if the Fund’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a rising market. The performance of dividend paying companies may lag the performance of other companies or the broader market as a whole. There is no guarantee that companies that currently pay dividends will continue to do so. Due to its investments in multinational companies, foreign companies and ADRs, the Fund may experience increased market, liquidity, currency, political, information, and other risks.

The Fund is subject to the risks associated with derivatives, which may be different from and greater than the risks associated with investing directly in securities and other investments.

These factors can affect the Fund’s performance.

13. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

				Six Months Ended
				April 30, 2015						Year Ended
				(unaudited		)				October 31, 2014
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		7,460,219		$	121,926,271			9,877,597		$	156,086,706
Converted from Class B*		587,282			9,636,683			1,159,703			18,392,818
Reinvestment of distributions		20,253,139			329,464,971			7,987,701			127,297,257
Shares reacquired		(22,283,306	)		(364,651,286	)		(58,865,984	)		(930,030,864	)
Increase (decrease)		6,017,334		$	96,376,639			(39,840,983	)	$	(628,254,083	)
Class B Shares
Shares sold		37,990		$	623,892			74,125		$	1,171,918
Reinvestment of distributions		219,591			3,588,397			74,178			1,184,381
Shares reacquired		(385,609	)		(6,339,719	)		(939,363	)		(14,862,013	)
Converted to Class A*		(584,701	)		(9,636,683	)		(1,155,136	)		(18,392,818	)
Decrease		(712,729	)	$	(11,764,113	)		(1,946,196	)	$	(30,898,532	)
Class C Shares
Shares sold		1,531,685		$	25,028,094			1,595,516		$	25,091,657
Reinvestment of distributions		1,166,036			18,959,846			338,773			5,393,918
Shares reacquired		(2,166,790	)		(35,400,811	)		(4,405,785	)		(69,814,933	)
Increase (decrease)		530,931		$	8,587,129			(2,471,496	)	$	(39,329,358	)

29

Notes to Financial Statements (unaudited)(concluded)

				Six Months Ended
				April 30, 2015						Year Ended
				(unaudited		)				October 31, 2014
Class F Shares	Shares			Amount			Shares			Amount
Shares sold		1,484,060		$	24,288,988			3,921,523		$	63,422,740
Reinvestment of distributions		456,974			7,433,604			149,812			2,392,201
Shares reacquired		(1,175,807	)		(19,260,213	)		(2,440,446	)		(38,821,054	)
Increase		765,227		$	12,462,379			1,630,889		$	26,993,887
Class I Shares
Shares sold		804,866		$	13,151,144			24,460,119		$	388,389,618
Reinvestment of distributions		805,324			13,141,084			415,796			6,640,656
Shares reacquired		(9,323,757	)		(153,054,743	)		(24,764,023	)		(397,339,012	)
Increase (decrease)		(7,713,567	)	$	(126,762,515	)		111,892		$	(2,308,738	)
Class P Shares
Shares sold		76,302		$	1,242,559			421,349		$	6,529,231
Reinvestment of distributions		99,339			1,613,897			86,881			1,367,446
Shares reacquired		(278,872	)		(4,574,363	)		(4,390,076	)		(70,502,891	)
Decrease		(103,231	)	$	(1,717,907	)		(3,881,846	)	$	(62,606,214	)
Class R2 Shares
Shares sold		3,756		$	61,446			6,481		$	101,294
Reinvestment of distributions		2,362			38,335			766			12,200
Shares reacquired		(1,694	)		(27,908	)		(3,818	)		(59,242	)
Increase		4,424		$	71,873			3,429		$	54,252
Class R3 Shares
Shares sold		333,345		$	5,444,352			622,664		$	9,870,242
Reinvestment of distributions		200,034			3,250,221			70,409			1,121,428
Shares reacquired		(288,053	)		(4,695,300	)		(800,371	)		(12,591,657	)
Increase (decrease)		245,326		$	3,999,273			(107,298	)	$	(1,599,987	)

* Automatic conversion of Class B shares occurs 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.

14. RECENT ACCOUNTING PRONOUNCEMENT  

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Fund’s financial statement disclosures.

30

Supplemental Proxy Information

A joint special meeting of shareholders of the Fund was held on December 4, 2014. The joint special meeting was held for the purpose of electing members of the Board. Shareholders elected the following nine (9) Directors at the joint special meeting:

• E. Thayer Bigelow

• Robert B. Calhoun, Jr.

• Eric C. Fast

• Daria L. Foster

• Evelyn E. Guernsey

• Julie A. Hill

• Franklin W. Hobbs

• James M. McTaggart

• James L.L. Tullis

The results of the proxy solicitation on the preceding matter were as follows:

Lord Abbett Affiliated Fund, Inc.

Nominee	Votes For	Votes Withheld
E. Thayer Bigelow	288,006,375.806	8,016,004.387
Robert B. Calhoun, Jr.	288,383,272.596	7,639,107.597
Eric C. Fast	288,636,637.008	7,385,743.185
Daria L. Foster	288,361,783.159	7,660,597.034
Evelyn E. Guernsey	288,542,961.730	7,479,418.463
Julie A. Hill	288,493,402.210	7,528,977.983
Franklin W. Hobbs	288,498,778.835	7,523,601.358
James M. McTaggart	288,446,765.262	7,575,614.931
James L.L. Tullis	288,293,151.352	7,729,228.841

31

Approval of Advisory Contract

The Board of Directors of the Fund, including all of the Directors who are not interested persons of the Fund or of Lord Abbett, annually considers whether to approve the continuation of the existing management agreement between the Fund and Lord Abbett. In connection with its most recent approval, the Board reviewed materials relating specifically to the management agreement, as well as numerous materials received throughout the course of the year, including information about the Fund’s investment performance compared to the performance of its benchmark. Before making its decision as to the Fund, the Board had the opportunity to ask questions and request further information, taking into account its familiarity with Lord Abbett gained through its meetings and discussions. These meetings and discussions included the examination of the portfolio management team conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management.

The materials received by the Board included, but were not limited to: (1) information provided by Morningstar Associates, LLC (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of a group of funds in the same Morningstar investment category (the “performance peer group”) and the investment performance of one or more appropriate benchmarks; (2) certain supplemental investment performance information provided by Lord Abbett; (3) information provided by Morningstar regarding the expense ratios, contractual and effective management fee rates, and other expense components for the Fund and one or more groups of funds in the same Morningstar category, with the same share classes and operational characteristics, including asset size (the “expense peer group”); (4) information provided by Lord Abbett on the projected expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett’s financial condition; (7) an analysis of the relative profitability of the management agreement to Lord Abbett; (8) information provided by Lord Abbett regarding the investment management fees Lord Abbett receives from its other advisory clients maintaining accounts with a similar investment strategy as the Fund; (9) information regarding the distribution arrangements of the Fund; and (10) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

Investment Management Services Generally. The Board considered the investment management services provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other.

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group as of various periods ended August 31, 2014. The Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-year, five-year, and ten-year periods and above the median for the three-year period. The Board noted that the Morningstar performance peer group does not have a dividend requirement and accordingly also considered the performance of the Fund compared to the Lipper Inc. equity income peer universe.

32

Approval of Advisory Contract (continued)

Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to the Fund, in light of its investment objective and discipline. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s investment management staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining investment management personnel. The Board also considered the steps Lord Abbett had taken or was taking to improve investment performance of the Fund, including modifying the investment approach of the Fund to employ an equity income-oriented strategy and use fundamental research and quantitative analysis as part of its investment process, and naming Walter Prahl and Rick Ruvkun as portfolio managers for the Fund in June 2013.

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

Expenses. The Board considered the expense level of the Fund and the expense levels of the expense peer group. It also considered the projected expense levels and how those levels would relate to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the overall expense level of the Fund was well below the median of the expense peer group.

Profitability. The Board considered the level of Lord Abbett’s profits in managing the Fund, including a review of Lord Abbett’s methodology for allocating its costs to its management of the Fund. The Board concluded that the allocation methodology had a reasonable basis and was appropriate. It considered any profits realized by Lord Abbett in connection with the operation of the Fund, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund, and whether the amount of profit was fair for the management of the Fund. The Board also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to the Fund’s business. The Board considered Lord Abbett’s profit margins in comparison with available industry data, both accounting for and ignoring marketing and distribution expenses, and how those profit margins could affect Lord Abbett’s ability to recruit and retain investment personnel. The Board recognized that Lord Abbett’s profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to the Fund. The Board concluded that Lord Abbett’s profitability as to the Fund was not excessive.

Economies of Scale. The Board considered whether there had been any economies of scale in managing the Fund, whether the Fund had appropriately benefited from any such economies of scale, and whether there was potential for realization of any further economies of scale. The Board concluded that the existing management fee schedule, with its breakpoint or breakpoints in the level of the management fee, adequately addressed any economies of scale in managing the Fund.

Other Benefits to Lord Abbett. The Board considered the character and amount of fees paid by the Fund and the Fund’s shareholders to Lord Abbett and the Distributor for services other than investment advisory services. The Board also considered the revenues and profitability of Lord Abbett’s investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with the Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees it

33

Approval of Advisory Contract (concluded)

receives, and receives a portion of the sales charges on sales and redemptions of some classes of shares. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of the Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Fund. The Board also took into consideration the investment research that Lord Abbett receives as a result of Fund brokerage transactions.

Alternative Arrangements. The Board considered whether, instead of approving continuation of the management agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the existing management agreement was in the best interests of the Fund and its shareholders and voted unanimously to approve the continuation of the management agreement. In considering whether to approve the continuation of the management agreement, the Board did not identify any single factor as paramount or controlling. This summary does not discuss in detail all matters considered.

34

Householding

The Fund has adopted a policy that allows it to send only one copy of the Fund’s prospectus, proxy material, annual report and semiannual report to certain shareholders residing at the same “household.” This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be “householded,” please call Lord Abbett at 888-522-2388 or send a written request with your name, the name of your fund or funds and your account number or numbers to Lord Abbett Family of Funds, P.O. Box 219336, Kansas City, MO 64121.

Proxy Voting Policies, Procedures and Records

A description of the policies and procedures that Lord Abbett uses to vote proxies related to the Fund’s portfolio securities, and information on how Lord Abbett voted the Fund’s proxies during the 12-month period ended June 30 are available without charge, upon request, (i) by calling 888-522-2388; (ii) on Lord Abbett’s Website at www.lordabbett.com; and (iii) on the Securities and Exchange Commission’s (“SEC”) Website at www.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

35

 

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This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.
Lord Abbett mutual fund shares are distributed by		LAA-3
LORD ABBETT DISTRIBUTOR LLC.	Lord Abbett Affiliated Fund, Inc.	(06/15)

Item 2:	Code of Ethics.
	Not applicable.
Item 3:	Audit Committee Financial Expert.
	Not applicable.
Item 4:	Principal Accountant Fees and Services.
	Not applicable.
Item 5:	Audit Committee of Listed Registrants.
	Not applicable.
Item 6:	Investments.
	Not applicable.
Item 7:	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
	Not applicable.
Item 8:	Portfolio Managers of Closed-End Management Investment Companies.
	Not applicable.
Item 9:	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
	Not applicable.
Item 10:	Submission of Matters to a Vote of Security Holders.
	Not applicable.
Item 11:	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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12: Exhibits.

(a)(1)	Code of Ethics. Not applicable.
(a)(2)	Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.
(b)	Certification of each principal executive officer and principal financial officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

lord abbett affiliated fund, inc.
By:	/s/ Daria L. Foster
	Daria L. Foster
	President and Chief Executive Officer

Date: June 17, 2015

By:	/s/ Joan A. Binstock
	Joan A. Binstock
	Chief Financial Officer and Vice President

Date: June 17, 2015

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/ Daria L. Foster
	Daria L. Foster
	President and Chief Executive Officer

Date: June 17, 2015

By:	/s/ Joan A. Binstock
	Joan A. Binstock
	Chief Financial Officer and Vice President

Date: June 17, 2015

EX-99.CERT

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Daria L. Foster, certify that:

1. I have reviewed this report on Form N-CSR 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer 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 second fiscal quarter of the period covered by this report 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 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: June 17, 2015

/s/ Daria L. Foster

Daria L. Foster

President and Chief Executive Officer

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Joan A. Binstock, certify that:

1. I have reviewed this report on Form N-CSR 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer 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 second fiscal quarter of the period covered by this report 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 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: June 17, 2015

/s/ Joan A. Binstock

Joan A. Binstock

Chief Financial Officer and Vice President

EX-99.906 CERT

EX-99.906CERT

CERTIFICATIONS

Pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002

Each of the undersigned below certifies that:

1. This report on Form N-CSR of Lord Abbett Affiliated Fund, Inc. (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

Date: June 17, 2015

By:	/s/ Daria L. Foster
	Daria L. Foster
	President and Chief Executive Officer
By:	/s/ Joan A. Binstock
	Joan A. Binstock
	Chief Financial Officer and Vice President

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO THE REGISTRANT AND WILL BE RETAINED BY THE REGISTRANT AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.