Schedule of Investments (unaudited)

LORD ABBETT AFFILIATED FUND, INC. July 31, 2019

Investments	Shares		Fair Value (000)
COMMON STOCKS 99.55%
Aerospace & Defense 1.90%
Boeing Co. (The)		142,700	$	48,686
Northrop Grumman Corp.		133,600		46,168
United Technologies Corp.		190,400		25,438
Total				120,292
Air Freight & Logistics 0.46%
CH Robinson Worldwide, Inc.		344,300		28,828
Airlines 0.49%
Alaska Air Group, Inc.		488,800		30,970
Auto Components 0.45%
Gentex Corp.		1,035,400		28,391
Automobiles 1.11%
Ford Motor Co.		7,376,200		70,295
Banks 10.72%
Bank of America Corp.		4,537,200		139,201
Citigroup, Inc.		1,364,800		97,119
Citizens Financial Group, Inc.		1,637,900		61,028
Comerica, Inc.		565,700		41,409
Fifth Third Bancorp		1,211,100		35,958
JPMorgan Chase & Co.		1,148,342		133,208
KeyCorp		3,556,100		65,326
U.S. Bancorp		759,700		43,417
Wells Fargo & Co.		1,252,500		60,633
Total				677,299
Beverages 1.13%
Coca-Cola Co. (The)		549,600		28,925
PepsiCo, Inc.		332,000		42,433
Total				71,358

See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

LORD ABBETT AFFILIATED FUND, INC. July 31, 2019

Investments	Shares		Fair Value (000)
Biotechnology 0.45%
Amgen, Inc.		153,100	$	28,565
Building Products 1.08%
Johnson Controls International plc		1,607,000		68,201
Capital Markets 3.77%
Ameriprise Financial, Inc.		419,100		60,983
CME Group, Inc.		486,100		94,507
LPL Financial Holdings, Inc.		506,700		42,497
Northern Trust Corp.		407,200		39,906
Total				237,893
Chemicals 3.49%
Air Products & Chemicals, Inc.		224,000		51,133
Celanese Corp.		437,200		49,041
Dow, Inc.*		1,480,800		71,730
Eastman Chemical Co.		648,100		48,834
Total				220,738
Commercial Services & Supplies 0.29%
Republic Services, Inc.		208,000		18,439
Communications Equipment 1.59%
Cisco Systems, Inc.		1,813,000		100,440
Consumer Finance 1.13%
Discover Financial Services		798,900		71,693
Containers & Packaging 1.27%
Graphic Packaging Holding Co.		1,980,200		29,426
Packaging Corp. of America		501,800		50,667
Total				80,093

See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

LORD ABBETT AFFILIATED FUND, INC. July 31, 2019

Investments	Shares		Fair Value (000)
Diversified Consumer Services 0.66%
H&R Block, Inc.		1,497,900	$	41,477
Diversified Telecommunication Services 3.18%
AT&T, Inc.		2,900,349		98,757
Verizon Communications, Inc.		1,846,351		102,048
Total				200,805
Electric: Utilities 4.42%
Duke Energy Corp.		831,939		72,146
Edison International		882,300		65,767
Evergy, Inc.		832,057		50,331
FirstEnergy Corp.		1,424,600		62,640
NextEra Energy, Inc.		138,400		28,672
Total				279,556
Electrical Equipment 0.49%
Hubbell, Inc.		238,000		30,911
Electronic Equipment, Instruments & Components 0.49%
Corning, Inc.		1,013,900		31,177
Energy Equipment & Services 0.80%
Schlumberger Ltd.		1,258,000		50,282
Entertainment 0.40%
Viacom, Inc. Class B		825,400		25,051
Equity Real Estate Investment Trusts 5.34%
AvalonBay Communities, Inc.		255,000		53,241
Boston Properties, Inc.		405,700		53,938
Host Hotels & Resorts, Inc.		2,318,300		40,315
Liberty Property Trust		624,200		32,646

See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

LORD ABBETT AFFILIATED FUND, INC. July 31, 2019

Investments	Shares		Fair Value (000)
Equity Real Estate Investment Trusts (continued)
Prologis, Inc.		507,700	$	40,926
Simon Property Group, Inc.		261,800		42,464
Starwood Property Trust, Inc.		1,234,100		28,668
UDR, Inc.		984,800		45,360
Total				337,558
Food & Staples Retailing 2.82%
Sysco Corp.		776,100		53,217
Walgreens Boots Alliance, Inc.		787,200		42,895
Walmart, Inc.		742,800		81,990
Total				178,102
Food Products 3.61%
General Mills, Inc.		892,900		47,422
Hershey Co. (The)		420,100		63,746
J.M. Smucker Co. (The)		216,300		24,051
Mondelez International, Inc. Class A		1,734,200		92,762
Total				227,981
Gas Utilities 0.40%
Atmos Energy Corp.		233,200		25,428
Health Care Equipment & Supplies 1.65%
Medtronic plc (Ireland)(a)		1,022,800		104,264
Health Care Providers & Services 0.62%
CVS Health Corp.		697,300		38,958
Hotels, Restaurants & Leisure 2.48%
Carnival Corp.		1,088,500		51,410
Dunkin’ Brands Group, Inc.		378,900		30,373
Yum! Brands, Inc.		667,600		75,118
Total				156,901

See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

LORD ABBETT AFFILIATED FUND, INC. July 31, 2019

Investments	Shares		Fair Value (000)
Household Products 3.05%
Kimberly-Clark Corp.		336,900	$	45,701
Procter & Gamble Co. (The)		1,246,900		147,184
Total				192,885
Industrial Conglomerates 0.53%
Honeywell International, Inc.		194,300		33,509
Insurance 5.76%
Arthur J Gallagher & Co.		639,000		57,785
Chubb Ltd. (Switzerland)(a)		641,000		97,970
Everest Re Group Ltd.		151,500		37,366
Lincoln National Corp.		909,200		59,407
Prudential Financial, Inc.		349,100		35,367
Travelers Cos., Inc. (The)		516,700		75,759
Total				363,654
Leisure Products 0.99%
Hasbro, Inc.		516,600		62,591
Machinery 3.25%
Cummins, Inc.		420,600		68,979
Dover Corp.		539,000		52,202
Flowserve Corp.		273,900		13,703
Ingersoll-Rand plc		571,800		70,709
Total				205,593
Media 2.14%
Comcast Corp. Class A		2,000,000		86,340
Interpublic Group of Cos., Inc. (The)		2,126,200		48,733
Total				135,073

See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

LORD ABBETT AFFILIATED FUND, INC. July 31, 2019

Investments	Shares		Fair Value (000)
Metals & Mining 0.72%
Nucor Corp.		840,400	$	45,701
Multi-Line Retail 0.42%
Kohl’s Corp.		494,600		26,639
Multi-Utilities 1.37%
Public Service Enterprise Group, Inc.		484,300		27,678
Sempra Energy		435,300		58,952
Total				86,630
Oil, Gas & Consumable Fuels 7.19%
Chevron Corp.		1,480,632		182,281
ConocoPhillips		1,096,900		64,805
Exxon Mobil Corp.		551,400		41,002
Kinder Morgan, Inc.		1,951,100		40,232
Noble Energy, Inc.		1,262,900		27,885
ONEOK, Inc.		393,700		27,590
Valero Energy Corp.		829,550		70,719
Total				454,514
Pharmaceuticals 6.16%
Allergan plc		198,400		31,843
Bristol-Myers Squibb Co.		558,300		24,794
Johnson & Johnson		563,800		73,418
Merck & Co., Inc.		1,705,200		141,515
Pfizer, Inc.		3,021,900		117,371
Total				388,941
Road & Rail 1.19%
Union Pacific Corp.		416,900		75,021

See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

LORD ABBETT AFFILIATED FUND, INC. July 31, 2019

Investments	Shares		Fair Value (000)
Semiconductors & Semiconductor Equipment 5.07%
Broadcom, Inc.		310,700	$	90,100
Intel Corp.		2,575,600		130,196
Lam Research Corp.		313,900		65,483
Xilinx, Inc.		301,000		34,377
Total				320,156
Software 1.20%
Microsoft Corp.		557,700		75,998
Specialty Retail 1.69%
Foot Locker, Inc.		1,291,500		53,029
Lowe’s Cos., Inc.		530,900		53,833
Total				106,862
Technology Hardware, Storage & Peripherals 1.27%
Apple, Inc.		187,200		39,881
Xerox Corp.		1,255,200		40,292
Total				80,173
Tobacco 0.86%
Philip Morris International, Inc.		647,100		54,104
Total Common Stocks (cost $5,818,275,340)				6,289,990
	Principal Amount (000)
SHORT-TERM INVESTMENT 0.48%
Repurchase Agreement
Repurchase Agreement dated 7/31/2019, 1.45% due 8/1/2019 with Fixed Income Clearing Corp. collateralized by $30,615,000 of U.S. Treasury Note at 2.50% due 1/31/2021; value: $30,873,329; proceeds: $30,269,096 (cost $30,267,877)	$	30,268		30,268
Total Investments in Securities 100.03% (cost $5,848,543,217)				6,320,258
Liabilities in Excess of Cash and Other Assets(b) (0.03)%				(2,161	)
Net Assets 100.00%			$	6,318,097

*	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 Schedule of Investments.

Schedule of Investments (unaudited)(concluded)

LORD ABBETT AFFILIATED FUND, INC. July 31, 2019

Open Futures Contracts at July 31, 2019:

Type	Expiration	Contracts	Position	Notional Amount		Notional Value		Unrealized Appreciation
E-Mini S&P 500 Index	September 2019	175	Long	$	25,821,368	$	26,095,125	$	273,757

The following is a summary of the inputs used as of July 31, 2019 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	6,289,990	$	—	$	—	$	6,289,990
Short-Term Investment
Repurchase Agreement		—		30,268		—		30,268
Total	$	6,289,990	$	30,268	$	—	$	6,320,258
Other Financial Instruments
Futures Contracts
Assets	$	274	$	—	$	—	$	274
Liabilities		—		—		—		—
Total	$	274	$	—	$	—	$	274

(1)	Refer to Note 2(b) 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.

See Notes to Schedule of Investments.

Notes to Schedule of Investments (unaudited) 

1. ORGANIZATION

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

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)	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:

Notes to Schedule of Investments (unaudited)(concluded)

·	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 July 31, 2019 and, if applicable, 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. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

3. FEDERAL TAX INFORMATION

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 generally three years after the filing of the tax return. The statutes of limitations on the Fund’s, state and local tax returns may remain open for an additional year depending upon the jurisdiction.