Lord Abbett Trust I N-CSRS Certified semi-annual shareholder report (management investment company)

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: 811-10371

LORD ABBETT EQUITY TRUST

(Exact name of Registrant as specified in charter)

90 Hudson Street, Jersey City, NJ 07302

(Address of principal executive offices) (Zip code)

Thomas R. Phillips, 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: 7/31

Date of reporting period: 1/31/2013

Item 1:       Report(s) to Shareholders.

2 0 1 3

L O R D  A B B E T T

S E M I A N N U A L

R E P O R T

Lord Abbett

Calibrated Large Cap Value Fund

Calibrated Mid Cap Value Fund

For the six-month period ended January 31, 2013

Lord Abbett Equity Trust
Lord Abbett Calibrated Large Cap Value Fund
Lord Abbett Calibrated Mid Cap Value Fund
Semiannual Report

For the six-month period ended January 31, 2013

Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Calibrated Large Cap Value Fund and Lord Abbett Calibrated Mid Cap Value Fund for the six-month period ended January 31, 2013. For additional information about the Funds, please visit our Website at www.lordabbett.com, where you can access the 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

Trustee, President and Chief Executive Officer

1

Expense Example

          As a shareholder of each 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 each 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 (August 1, 2012 through January 31, 2013).

Actual Expenses

          For each class of each Fund, the first line of the applicable table on the following pages 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 8/1/12 - 1/31/13” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

          For each class of each Fund, the second line of the applicable table on the following pages 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 each 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

Calibrated Large Cap Value Fund

          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†
	8/1/12	1/31/13	8/1/12– 1/31/13
Class A
Actual	$1,000.00	$1,128.00	$4.02
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.44	$3.82
Class C
Actual	$1,000.00	$1,124.00	$7.87
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.81	$7.48
Class F
Actual	$1,000.00	$1,128.90	$3.22
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.21	$3.06
Class I
Actual	$1,000.00	$1,129.20	$2.68
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.71	$2.55
Class R2
Actual	$1,000.00	$1,129.50	$2.63
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.76	$2.50
Class R3
Actual	$1,000.00	$1,128.50	$4.56
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.90	$4.33

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.75% for Class A, 1.47% for Class C, 0.60% for Class F, 0.50% for Class I, 0.49% for Class R2 and 0.85% for Class R3) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

January 31, 2013

Sector*	%**
Consumer Discretionary	7.62%
Consumer Staples	7.70%
Energy	15.75%
Financials	27.46%
Health Care	11.90%
Industrials	9.59%
Sector*	%**
Information Technology	5.76%
Materials	4.36%
Telecommunication Services	2.81%
Utilities	5.84%
Short-Term Investment	1.21%
Total	100.00%

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

3

Calibrated Mid Cap Value Fund

          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†
	8/1/12	1/31/13	8/1/12- 1/31/13
Class A
Actual	$1,000.00	$1,156.50	$4.62
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.89	$4.33
Class C
Actual	$1,000.00	$1,152.40	$8.41
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.39	$7.88
Class F
Actual	$1,000.00	$1,157.50	$3.70
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.77	$3.47
Class I
Actual	$1,000.00	$1,158.30	$3.26
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.20	$3.06
Class R2
Actual	$1,000.00	$1,158.10	$3.21
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.25	$3.01
Class R3
Actual	$1,000.00	$1,158.50	$3.21
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.25	$3.01

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.85% for Class A, 1.55% for Class C, 0.68% for Class F, 0.60% for Class I, 0.59% for Classes R2 and R3) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

January 31, 2013

Sector*	%**
Consumer Discretionary	8.56%
Consumer Staples	5.40%
Energy	10.09%
Financials	30.59%
Health Care	7.81%
Industrials	11.01%
Sector*	%**
Information Technology	9.54%
Materials	6.62%
Telecommunication Services	0.44%
Utilities	9.47%
Short-Term Investment	0.47%
Total	100.00%

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

4

Schedule of Investments (unaudited)
CALIBRATED LARGE CAP VALUE FUND January 31, 2013

Investments	Shares	Fair Value (000)
COMMON STOCKS 99.49%
Aerospace & Defense 2.35%
Lockheed Martin Corp.	16,600	$	1,442
United Technologies Corp.	26,900		2,356
Total			3,798
Airlines 0.41%
Copa Holdings SA Class A (Panama)(a)	6,100		669
Auto Components 0.87%
Johnson Controls, Inc.	45,100		1,402
Automobiles 0.31%
Ford Motor Co.	38,800		502
Capital Markets 1.52%
Ares Capital Corp.	137,204		2,457
Chemicals 0.36%
CF Industries Holdings, Inc.	2,500		573
Commercial Banks 5.39%
BB&T Corp.	61,400		1,859
CIT Group, Inc.*	63,100		2,672
Regions Financial Corp.	48,700		379
SunTrust Banks, Inc.	93,400		2,650
Wells Fargo & Co.	32,900		1,146
Total			8,706
Communications Equipment 2.86%
Cisco Systems, Inc.	224,400		4,616
Computers & Peripherals 0.62%
Hewlett-Packard Co.	29,500		487
NCR Corp.*	18,300		508
Total			995
Consumer Finance 1.72%
Capital One Financial Corp.	49,300		2,777
Containers & Packaging 1.26%
Rock-Tenn Co. Class A	25,800		2,037

Investments	Shares		Fair Value (000)
Diversified Financial Services 6.80%
Bank of America Corp.		119,000	$	1,347
Citigroup, Inc.		84,800		3,575
JPMorgan Chase & Co.		128,500		6,046
Total				10,968
Diversified Telecommunication Services 2.83%
AT&T, Inc.		104,300		3,629
Verizon Communications, Inc.		21,400		933
Total				4,562
Electric: Utilities 2.61%
Edison International		6,400		308
Entergy Corp.		7,700		498
NV Energy, Inc.		42,000		795
PPL Corp.		86,300		2,614
Total				4,215
Electrical Equipment 1.25%
Emerson Electric Co.		35,100		2,009
Energy Equipment & Services 1.66%
Atwood Oceanics, Inc.*		44,800		2,364
Rowan Cos., plc Class A*		9,000		310
Total				2,674
Food & Staples Retailing 2.65%
Kroger Co. (The)		84,600		2,343
Wal-Mart Stores, Inc.		27,700		1,938
Total				4,281
Food Products 0.79%
Kellogg Co.		21,800		1,275
Health Care Equipment & Supplies 4.55%
Baxter International, Inc.		35,400		2,401
Becton, Dickinson & Co.		27,900		2,345
Stryker Corp.		41,500		2,600
Total				7,346

See Notes to Financial Statements. 5

Schedule of Investments (unaudited)(continued)
CALIBRATED LARGE CAP VALUE FUND January 31, 2013

Investments	Shares		Fair Value (000)
Health Care Providers & Services 0.49%
Community Health Systems, Inc.		20,700	$	793
Household Products 1.68%
Kimberly-Clark Corp.		15,600		1,397
Procter & Gamble Co. (The)		17,500		1,315
Total				2,712
Independent Power Producers & Energy Traders 1.52%
AES Corp. (The)		225,900		2,449
Industrial Conglomerates 3.00%
3M Co.		25,100		2,524
General Electric Co.		103,900		2,315
Total				4,839
Information Technology Services 1.14%
Genpact Ltd.		19,300		323
Paychex, Inc.		46,700		1,524
Total				1,847
Insurance 8.20%
ACE Ltd. (Switzerland)(a)		8,500		725
Aflac, Inc.		37,600		1,995
Allstate Corp. (The)		42,500		1,866
Berkshire Hathaway, Inc. Class B*		11,300		1,095
Everest Re Group Ltd.		10,000		1,158
Hartford Financial Services Group, Inc.		58,000		1,439
Prudential Financial, Inc.		40,000		2,315
Travelers Cos., Inc. (The)		33,700		2,644
Total				13,237
Leisure Equipment & Products 1.04%
Hasbro, Inc.		44,700		1,670
Machinery 0.78%
Illinois Tool Works, Inc.		20,000		1,257

Investments	Shares		Fair Value (000)
Media 2.35%
Comcast Corp. Class A		11,000	$	419
Time Warner, Inc.		66,800		3,375
Total				3,794
Metals & Mining 2.78%
Allegheny Technologies, Inc.		59,300		1,877
Freeport-McMoRan Copper & Gold, Inc.		26,800		945
Newmont Mining Corp.		38,600		1,658
Total				4,480
Multi-Line Retail 2.17%
Kohl’s Corp.		39,800		1,843
Target Corp.		27,500		1,661
Total				3,504
Multi-Utilities 1.75%
PG&E Corp.		66,300		2,827
Oil, Gas & Consumable Fuels 14.21%
Anadarko Petroleum Corp.		17,900		1,432
Chevron Corp.		43,000		4,952
Denbury Resources, Inc.*		124,900		2,327
Exxon Mobil Corp.		93,100		8,376
Marathon Petroleum Corp.		10,100		750
Murphy Oil Corp.		42,900		2,553
Noble Energy, Inc.		9,200		992
Valero Energy Corp.		35,500		1,552
Total				22,934
Pharmaceuticals 6.94%
AbbVie, Inc.		36,400		1,335
Actavis, Inc.*		20,900		1,806
Eli Lilly & Co.		5,700		306
Johnson & Johnson		10,600		784
Merck & Co., Inc.		8,300		359
Mylan, Inc.*		82,000		2,318
Pfizer, Inc.		157,600		4,299
Total				11,207
Professional Services 0.20%
Towers Watson & Co. Class A		5,400		330

6 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)
CALIBRATED LARGE CAP VALUE FUND January 31, 2013

Investments	Shares		Fair Value (000)
Real Estate Investment Trusts 4.02%
Annaly Capital Management, Inc.		21,400	$	318
Boston Properties, Inc.		2,900		305
Brandywine Realty Trust		24,200		308
Camden Property Trust		8,700		604
Health Care REIT, Inc.		11,600		729
Home Properties, Inc.		5,000		307
Liberty Property Trust		14,600		572
Mid-America Apartment Communities, Inc.		8,400		549
ProLogis, Inc.		8,300		331
Senior Housing Properties Trust		13,000		313
Simon Property Group, Inc.		8,100		1,298
Ventas, Inc.		8,100		537
Vornado Realty Trust		3,800		321
Total				6,492
Road & Rail 1.66%
CSX Corp.		121,700		2,681
Semiconductors & Semiconductor
Equipment 0.83%
Broadcom Corp. Class A		31,600		1,025
Maxim Integrated Products, Inc.		10,000		315
Total				1,340
Software 0.35%
Rovi Corp.*		33,000		571

Investments	Shares		Fair Value (000)
Specialty Retail 0.94%
Home Depot, Inc. (The)		22,700	$	1,519
Tobacco 2.63%
Altria Group, Inc.		51,600		1,738
Philip Morris International, Inc.		28,400		2,504
Total				4,242
Total Common Stocks (cost $149,199,322)				160,587

	Principal Amount (000)
SHORT-TERM INVESTMENT 1.22%
Repurchase Agreement
Repurchase Agreement dated 1/31/2013, 0.01% due 2/1/2013 with Fixed Income Clearing Corp. collateralized by $2,000,000 of U.S. Treasury Note at 0.375% due 6/15/2015; value: $2,003,468; proceeds: $1,963,221 (cost $1,963,220)	$	1,963		1,963
Total Investments in Securities 100.71% (cost $151,162,542)				162,550
Liabilities in Excess of Cash and Other Assets(b) (0.71)%				(1,138	)
Net Assets 100.00%			$	161,412

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

Open Futures Contracts at January 31, 2013:

Type	Expiration	Contracts	Position	Fair Value	Unrealized Depreciation
E-Mini S&P 500 Index	March 2013	3	Long	$223,995	$(112)

See Notes to Financial Statements. 7

Schedule of Investments (unaudited)
CALIBRATED MID CAP VALUE FUND January 31, 2013

Investments	Shares		Fair Value (000)
COMMON STOCKS 99.80%
Aerospace & Defense 0.76%
Triumph Group, Inc.		22,300	$	1,569
Airlines 0.56%
Copa Holdings SA Class A (Panama)(a)		10,500		1,151
Auto Components 0.96%
Lear Corp.		22,800		1,117
TRW Automotive Holdings Corp.*		15,100		870
Total				1,987
Beverages 1.15%
Molson Coors Brewing Co. Class B		52,800		2,386
Capital Markets 3.55%
Ares Capital Corp.		242,600		4,345
Federated Investors, Inc.
Class B		126,900		3,002
Total				7,347
Chemicals 4.43%
Ashland, Inc.		49,300		3,870
CF Industries Holdings, Inc.		16,650		3,816
Huntsman Corp.		24,800		437
Kronos Worldwide, Inc.		54,200		1,051
Total				9,174
Commercial Banks 4.80%
CIT Group, Inc.*		101,400		4,294
First Niagara Financial Group, Inc.		254,000		1,992
M&T Bank Corp.		10,400		1,068
SunTrust Banks, Inc.		91,200		2,587
Total				9,941
Computers & Peripherals 0.99%
NCR Corp.*		24,800		689
NetApp, Inc.*		37,900		1,364
Total				2,053

Investments	Shares		Fair Value (000)
Construction & Engineering 2.31%
Fluor Corp.		53,500	$	3,468
URS Corp.		31,600		1,311
Total				4,779
Containers & Packaging 2.01%
Owens-Illinois, Inc.*		22,800		543
Rock-Tenn Co. Class A		45,800		3,616
Total				4,159
Diversified Financial Services 0.94%
McGraw-Hill Cos., Inc. (The)		12,600		725
NASDAQ OMX Group, Inc. (The)		43,200		1,223
Total				1,948
Electric: Utilities 7.66%
Edison International		59,900		2,887
Entergy Corp.		38,600		2,494
Great Plains Energy, Inc.		133,100		2,848
NV Energy, Inc.		173,400		3,282
PPL Corp.		143,100		4,334
Total				15,845
Electrical Equipment 2.10%
Eaton Corp. plc (Ireland)(a)		76,400		4,351
Electronic Equipment, Instruments
& Components 1.31%
FLIR Systems, Inc.		38,600		918
Jabil Circuit, Inc.		94,300		1,783
Total				2,701
Energy Equipment & Services 1.95%
Nabors Industries Ltd.*		62,600		1,044
Rowan Cos., plc Class A*		86,900		2,996
Total				4,040
Food Products 3.35%
Bunge Ltd.		28,600		2,278
Campbell Soup Co.		83,000		3,047
H.J. Heinz Co.		26,600		1,613
Total				6,938

8 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)
CALIBRATED MID CAP VALUE FUND January 31, 2013

Investments	Shares	Fair Value (000)
Health Care Equipment & Supplies 1.35%
St. Jude Medical, Inc.	68,600	$	2,792
Health Care Providers & Services 4.13%
CIGNA Corp.	51,500		3,004
Community Health Systems, Inc.	57,600		2,208
HCA Holdings, Inc.	73,900		2,782
Universal Health Services, Inc.
Class B	9,600		544
Total			8,538
Hotels, Restaurants & Leisure 0.63%
Brinker International, Inc.	39,900		1,306
Household Durables 1.15%
Leggett & Platt, Inc.	80,900		2,382
Independent Power Producers & Energy Traders 1.84%
AES Corp. (The)	351,500		3,810
Information Technology Services 2.60%
Broadridge Financial Solutions, Inc.	60,100		1,417
Paychex, Inc.	121,500		3,964
Total			5,381
Insurance 8.46%
Aspen Insurance Holdings Ltd.	33,900		1,156
Everest Re Group Ltd.	39,600		4,586
Hanover Insurance Group, Inc. (The)	11,500		478
Hartford Financial Services Group, Inc.	119,500		2,964
Lincoln National Corp.	82,000		2,377
Protective Life Corp.	72,100		2,281
Unum Group	61,700		1,438
XL Group plc (Ireland)(a)	80,700		2,237
Total			17,517

Investments	Shares	Fair Value (000)
Leisure Equipment & Products 1.97%
Hasbro, Inc.	75,541	$	2,823
Mattel, Inc.	33,200		1,249
Total			4,072
Machinery 3.56%
Dover Corp.	35,500		2,456
Flowserve Corp.	12,400		1,944
Manitowoc Co., Inc. (The)	116,000		2,041
PACCAR, Inc.	19,800		932
Total			7,373
Media 0.20%
Gannett Co., Inc.	21,100		414
Metals & Mining 0.19%
Allegheny Technologies, Inc.	12,700		402
Multi-Line Retail 1.67%
Kohl’s Corp.	74,800		3,462
Office Electronics 0.81%
Xerox Corp.	209,800		1,681
Oil, Gas & Consumable Fuels 8.17%
Denbury Resources, Inc.*	207,100		3,858
Marathon Petroleum Corp.	29,800		2,212
Murphy Oil Corp.	45,000		2,678
Noble Energy, Inc.	24,600		2,652
SM Energy Co.	18,918		1,100
Tesoro Corp.	15,900		774
Valero Energy Corp.	83,000		3,630
Total			16,904
Personal Products 0.43%
Avon Products, Inc.	52,300		888
Pharmaceuticals 2.35%
Actavis, Inc.*	20,900		1,806
Mylan, Inc.*	108,400		3,064
Total			4,870

See Notes to Financial Statements. 9

Schedule of Investments (unaudited)(continued)CALIBRATED MID CAP VALUE FUND January 31, 2013

Investments	Shares	Fair Value (000)
Professional Services 1.17%
Towers Watson & Co. Class A	39,600	$	2,419
Real Estate Investment Trusts 11.92%
Alexandria Real Estate Equities, Inc.	11,200		812
American Capital Agency Corp.	46,600		1,474
Annaly Capital Management, Inc.	56,500		840
AvalonBay Communities, Inc.	2,750		357
BioMed Realty Trust, Inc.	50,700		1,032
Boston Properties, Inc.	4,100		432
Brandywine Realty Trust	67,800		863
Camden Property Trust	14,700		1,020
CBL & Associates Properties, Inc.	45,800		984
CommonWealth REIT	24,800		408
DDR Corp.	68,200		1,131
HCP, Inc.	17,700		821
Health Care REIT, Inc.	29,100		1,829
Home Properties, Inc.	13,900		854
Host Hotels & Resorts, Inc.	19,500		327
Kimco Realty Corp.	68,200		1,417
Liberty Property Trust	27,900		1,093
Macerich Co. (The)	8,100		484
Mack-Cali Realty Corp.	29,000		788
Mid-America Apartment Communities, Inc.	17,400		1,137
Plum Creek Timber Co., Inc.	11,300		544
ProLogis, Inc.	25,200		1,006
Senior Housing Properties Trust	43,500		1,048
Ventas, Inc.	32,000		2,121
Vornado Realty Trust	16,600		1,402
Weyerhaeuser Co.	14,600		440
Total			24,664

Investments	Shares	Fair Value (000)
Semiconductors & Semiconductor Equipment 3.06%
Analog Devices, Inc.	61,600	$	2,688
Maxim Integrated Products, Inc.	116,100		3,652
Total			6,340
Software 0.79%
Activision Blizzard, Inc.	36,800		419
Rovi Corp.*	41,300		714
Symantec Corp.*	23,100		503
Total			1,636
Specialty Retail 1.62%
Aaron’s, Inc.	13,700		406
DSW, Inc. Class A	8,900		596
Tiffany & Co.	35,900		2,360
Total			3,362
Textiles, Apparel & Luxury Goods 0.38%
Deckers Outdoor Corp.*	19,500		779
Thrifts & Mortgage Finance 1.00%
People’s United Financial, Inc.	168,200		2,071
Tobacco 0.49%
Lorillard, Inc.	25,700		1,004
Trading Companies & Distributors 0.58%
Air Lease Corp.*	50,300		1,201
Wireless Telecommunication Services 0.45%
Telephone & Data Systems, Inc.	36,400		921
Total Common Stocks (cost $188,000,775)			206,558

10 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)
CALIBRATED MID CAP VALUE FUND January 31, 2013

Investments		Principal Amount (000)	Fair Value (000)
SHORT-TERM INVESTMENT 0.47%
Repurchase Agreement
Repurchase Agreement dated 1/31/2013, 0.01% due 2/1/2013 with Fixed Income Clearing Corp. collateralized by $995,000 of Federal National Mortgage Assoc. at 3.25% due 12/27/2032 value: $990,025; proceeds: $966,772 (cost $966,772)	$	967	$	967
Total Investments in Securities 100.27% (cost $188,967,547)			$	207,525
Liabilities in Excess of Other Assets(b) (0.27)%				(563	)
Net Assets 100.00%			$	206,962

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

Open Futures Contracts at January 31, 2013:

Type	Expiration		Contracts		Position		Fair Value		Unrealized Depreciation
E-Mini S&P 500 Index		March 2013		4		Long		$298,660		$ (149	)

See Notes to Financial Statements. 11

Statements of Assets and Liabilities (unaudited)
January 31, 2013

	Calibrated Large Cap Value Fund		Calibrated Mid Cap Value Fund
ASSETS:
Investments in securities, at cost	$	151,162,542	$	188,967,547
Investments in securities, at fair value	$	162,549,710	$	207,525,113
Cash		14,000		—
Deposits with brokers for futures collateral		10,500		—
Receivables:
Investment securities sold		—		1,070,549
Capital shares sold		1,185,034		139,355
Dividends		151,323		102,930
From advisor (See Note 3)		42,293		44,122
Variation margin		224		—
Prepaid expenses		35,697		34,906
Total assets		163,988,781		208,916,975
LIABILITIES:
Payables:
Investment securities purchased		2,389,952		1,728,048
Capital shares reacquired		22,862		1,023
12b-1 distribution fees		13,230		1,873
Management fee		73,405		100,960
Trustees’ fees		916		1,161
Fund administration		4,894		6,731
To affiliates (See Note 3)		30,853		67,076
Variation margin		—		103
Accrued expenses and other liabilities		41,067		48,299
Total liabilities		2,577,179		1,955,274
NET ASSETS	$	161,411,602	$	206,961,701
COMPOSITION OF NET ASSETS:
Paid-in capital	$	146,798,692	$	186,182,690
Undistributed net investment income		206,435		163,698
Accumulated net realized gain on investments and futures contracts		3,019,419		2,057,896
Net unrealized appreciation on investments and futures contracts		11,387,056		18,557,417
Net Assets	$	161,411,602	$	206,961,701

12 See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(concluded)
January 31, 2013

	Calibrated Large Cap Value Fund		Calibrated Mid Cap Value Fund
Net assets by class:
Class A Shares	$	52,917,777	$	7,867,660
Class C Shares	$	1,134,823	$	562,650
Class F Shares	$	4,921,005	$	1,093,665
Class I Shares	$	102,368,983	$	197,412,342
Class R2 Shares	$	13,201	$	12,688
Class R3 Shares	$	55,813	$	12,696
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares		2,825,908		428,109
Class C Shares		61,014		30,824
Class F Shares		262,780		59,538
Class I Shares		5,462,714		10,730,125
Class R2 Shares		703		689
Class R3 Shares		2,985		689.316
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$18.73		$18.38
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)		$19.87		$19.50
Class C Shares-Net asset value		$18.60		$18.25
Class F Shares-Net asset value		$18.73		$18.37
Class I Shares-Net asset value		$18.74		$18.40
Class R2 Shares-Net asset value		$18.78		$18.42
Class R3 Shares-Net asset value		$18.70		$18.42

See Notes to Financial Statements. 13

Statements of Operations (unaudited)
For the Six Months Ended January 31, 2013

	Calibrated Large Cap Value Fund			Calibrated Mid Cap Value Fund
Investment income:
Dividends	$	1,592,272		$	2,872,792
Interest and other		24,212			12,647
Total investment income		1,616,484			2,885,439
Expenses:
Management fee		338,930			510,598
12b-1 distribution plan-Class A		52,124			16,303
12b-1 distribution plan-Class C		1,702			550
12b-1 distribution plan-Class F		1,494			189
12b-1 distribution plan-Class R2		—			—
12b-1 distribution plan-Class R3		71			—
Shareholder servicing		9,252			7,015
Professional		21,931			22,012
Reports to shareholders		2,618			3,992
Fund administration		22,595			34,040
Custody		16,872			16,419
Trustees’ fees		1,342			2,015
Registration		19,390			19,229
Offering costs		10,873			9,728
Subsidy (See Note 3)		51,816			129,159
Other		2,129			2,277
Gross expenses		553,139			773,526
Expense reductions (See Note 7)		(18	)		(6	)
Management fee waived and expense reimbursed (See Note 3)		(215,304	)		(245,880	)
Net expenses		337,817			527,640
Net investment income		1,278,667			2,357,799
Net realized and unrealized gain:
Net realized gain on investments and futures contracts		4,225,687			5,414,501
Net change in unrealized appreciation/depreciation on investments and futures contracts		7,954,665			17,734,335
Net realized and unrealized gain		12,180,352			23,148,836
Net Increase in Net Assets Resulting From Operations	$	13,459,019		$	25,506,635

14 See Notes to Financial Statements.

Statements of Changes in Net Assets

	Calibrated Large Cap Value Fund
INCREASE IN NET ASSETS	For the Six Months Ended January 31, 2013 (unaudited)			For the Period Ended July 31, 2012*
Operations:
Net investment income	$	1,278,667		$	359,193
Net realized gain on investments and futures contracts		4,225,687			1,449,397
Net change in unrealized appreciation/depreciation on investments and futures contracts		7,954,665			3,432,391
Net increase in net assets resulting from operations		13,459,019			5,240,981
Distributions to shareholders from:
Net investment income
Class A		(497,800	)		—
Class C		(3,177	)		—
Class F		(44,435	)		—
Class I		(905,141	)		—
Class R2		(89	)		—
Class R3		(638	)		—
Net realized gain
Class A		(998,632	)		—
Class C		(7,295	)		—
Class F		(79,317	)		—
Class I		(1,568,912	)		—
Class R2		(264	)		—
Class R3		(1,245	)		—
Total distributions to shareholders		(4,106,945	)		—
Capital share transactions (See Note 11):
Net proceeds from sales of shares		104,610,790			67,412,606
Reinvestment of distributions		3,539,403			—
Cost of shares reacquired		(26,295,295	)		(2,448,957	)
Net increase in net assets resulting from capital share transactions		81,854,898			64,963,649
Net increase in net assets		91,206,972			70,204,630
NET ASSETS:
Beginning of period	$	70,204,630		$	—
End of period	$	161,411,602		$	70,204,630
Undistributed net investment income	$	206,435		$	379,048

* For the period December 21, 2011 (commencement of operations) to July 31, 2012.

See Notes to Financial Statements. 15

Statements of Changes in Net Assets (concluded)

	Calibrated Mid Cap Value Fund
INCREASE IN NET ASSETS	For the Six Months Ended January 31, 2013 (unaudited)			For the Period Ended July 31, 2012*
Operations:
Net investment income	$	2,357,799		$	306,642
Net realized gain on investments and futures contracts		5,414,501			392,102
Net change in unrealized appreciation/depreciation on investments and futures contracts		17,734,335			823,082
Net increase in net assets resulting from operations		25,506,635			1,521,826
Distributions to shareholders from:
Net investment income
Class A		(177,304	)		—
Class C		(1,213	)		—
Class F		(5,384	)		—
Class I		(2,333,838	)		—
Class R2		(110	)		—
Class R3		(120	)		—
Net realized gain
Class A		(355,469	)		—
Class C		(2,010	)		—
Class F		(7,988	)		—
Class I		(3,382,734	)		—
Class R2		(253	)		—
Class R3		(253	)		—
Total distributions to shareholders		(6,266,676	)		—
Capital share transactions (See Note 11):
Net proceeds from sales of shares		73,920,374			123,859,997
Reinvestment of distributions		6,135,456			—
Cost of shares reacquired		(12,997,844	)		(4,718,067	)
Net increase in net assets resulting from capital share transactions		67,057,986			119,141,930
Net increase in net assets		86,297,945			120,663,756
NET ASSETS:
Beginning of period	$	120,663,756		$	—
End of period	$	206,961,701		$	120,663,756
Undistributed net investment income	$	163,698		$	323,868

* For the period December 21, 2011 (commencement of operations) to July 31, 2012.

16 See Notes to Financial Statements.

Financial Highlights

CALIBRATED LARGE CAP VALUE FUND

	Class A Shares
	Six Months Ended 1/31/2013 (unaudited)			12/21/2011(a) to 7/31/2012
Per Share Operating Performance
Net asset value, beginning of period		$17.18			$15.00
Investment operations:
Net investment income(b)		.19			.19
Net realized and unrealized gain		1.96			1.99
Total from investment operations		2.15			2.18
Distributions to shareholders from:
Net investment income		(.20	)		—
Net realized gain		(.40	)		—
Total distributions		(.60	)		—
Net asset value, end of period		$18.73			$17.18
Total Return(c)		12.80	%(d)		14.53	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including
management fee waived and expenses reimbursed		.38	%(d)		.73	%(e)
Expenses, including expense reductions, management fee
waived and expenses reimbursed		.38	%(d)		.73	%(e)
Expenses, excluding expense reductions, management fee
waived and expenses reimbursed		.57	%(d)		1.41	%(e)
Net investment income		1.06	%(d)		1.89	%(e)
Supplemental Data:
Net assets, end of period (000)		$52,918			$35,932
Portfolio turnover rate		60.03	%(d)		62.31	%

(a)	Commencement of operations was 12/21/2011, SEC effective date was 12/15/2011 and date shares first became available to the public was 1/3/2012.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.

See Notes to Financial Statements. 17

Financial Highlights (continued)

CALIBRATED LARGE CAP VALUE FUND

	Class C Shares
	Six Months Ended 1/31/2013 (unaudited)			12/21/2011(a) to 7/31/2012
Per Share Operating Performance
Net asset value, beginning of period		$17.10			$15.00
Investment operations:
Net investment income(b)		.10			.15
Net realized and unrealized gain		1.97			1.95
Total from investment operations		2.07			2.10
Distributions to shareholders from:
Net investment income		(.17	)		—
Net realized gain		(.40	)		—
Total distributions		(.57	)		—
Net asset value, end of period		$18.60			$17.10
Total Return(c)		12.40	%(d)		14.00	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management
fee waived and expenses reimbursed		.74	%(d)		1.47	%(e)
Expenses, including expense reductions, management fee
waived and expenses reimbursed		.74	%(d)		1.47	%(e)
Expenses, excluding expense reductions, management fee
waived and expenses reimbursed		.93	%(d)		2.15	%(e)
Net investment income		.54	%(d)		1.44	%(e)
Supplemental Data:
Net assets, end of period (000)		$1,135			$61
Portfolio turnover rate		60.03	%(d)		62.31	%

(a)	Commencement of operations was 12/21/2011, SEC effective date was 12/15/2011 and date shares first became available to the public was 1/3/2012.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.

18 See Notes to Financial Statements.

Financial Highlights (continued)

CALIBRATED LARGE CAP VALUE FUND

	Class F Shares
	Six Months Ended 1/31/2013 (unaudited)				12/21/2011(a) to 7/31/2012
Per Share Operating Performance
Net asset value, beginning of period		$	17.19			$	15.00
Investment operations:
Net investment income(b)			.22				.20
Net realized and unrealized gain			1.94				1.99
Total from investment operations			2.16				2.19
Distributions to shareholders from:
Net investment income			(.22	)			—
Net realized gain			(.40	)			—
Total distributions			(.62	)			—
Net asset value, end of period		$	18.73			$	17.19
Total Return(c)			12.89	%(d)			14.60	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including
management fee waived and expenses reimbursed			.30	%(d)			.58	%(e)
Expenses, including expense reductions, management fee
waived and expenses reimbursed			.30	%(d)			.58	%(e)
Expenses, excluding expense reductions, management fee
waived and expenses reimbursed			.49	%(d)			1.33	%(e)
Net investment income			1.22	%(d)			2.03	%(e)
Supplemental Data:
Net assets, end of period (000)		$	4,921			$	35
Portfolio turnover rate			60.03	%(d)			62.31	%

(a)	Commencement of operations was 12/21/2011, SEC effective date was 12/15/2011 and date shares first became available to the public was 1/3/2012.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.

See Notes to Financial Statements. 19

Financial Highlights (continued)

CALIBRATED LARGE CAP VALUE FUND

	Class I Shares
	Six Months Ended 1/31/2013 (unaudited)			12/21/2011(a) to 7/31/2012
Per Share Operating Performance
Net asset value, beginning of period		$17.20			$15.00
Investment operations:
Net investment income(b)		.21			.19
Net realized and unrealized gain		1.96			2.01
Total from investment operations		2.17			2.20
Distributions to shareholders from:
Net investment income		(.23	)		—
Net realized gain		(.40	)		—
Total distributions		(.63	)		—
Net asset value, end of period		$18.74			$17.20
Total Return(c)		12.92	%(d)		14.67	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.25	%(d)		.49	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.25	%(d)		.49	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.44	%(d)		.94	%(e)
Net investment income		1.18	%(d)		1.89	%(e)
Supplemental Data:
Net assets, end of period (000)		$102,369			$34,155
Portfolio turnover rate		60.03	%(d)		62.31	%

(a)	Commencement of operations was 12/21/2011, SEC effective date was 12/15/2011 and date shares first became available to the public was 1/3/2012.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.

20 See Notes to Financial Statements.

Financial Highlights (continued)

CALIBRATED LARGE CAP VALUE FUND

	Class R2 Shares
	Six Months Ended 1/31/2013 (unaudited)			12/21/2011(a) to 7/31/2012
Per Share Operating Performance
Net asset value, beginning of period		$17.14			$15.00
Investment operations:
Net investment income(b)		.22			.16
Net realized and unrealized gain		1.95			1.98
Total from investment operations		2.17			2.14
Distributions to shareholders from:
Net investment income		(.13	)		—
Net realized gain		(.40	)		—
Total distributions		(.53	)		—
Net asset value, end of period		$18.78			$17.14
Total Return(c)		12.95	%(d)		14.27	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.24	%(d)		1.06	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.24	%(d)		1.06	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.43	%(d)		1.81	%(e)
Net investment income		1.22	%(d)		1.55	%(e)
Supplemental Data:
Net assets, end of period (000)		$13			$11
Portfolio turnover rate		60.03	%(d)		62.31	%

(a)	Commencement of operations was 12/21/2011, SEC effective date was 12/15/2011 and date shares first became available to the public was 1/3/2012.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.

See Notes to Financial Statements. 21

Financial Highlights (concluded)

CALIBRATED LARGE CAP VALUE FUND

	Class R3 Shares
	Six Months Ended 1/31/2013 (unaudited)			12/21/2011(a) to 7/31/2012
Per Share Operating Performance
Net asset value, beginning of period		$17.15			$15.00
Investment operations:
Net investment income(b)		.20			.17
Net realized and unrealized gain		1.95			1.98
Total from investment operations		2.15			2.15
Distributions to shareholders from:
Net investment income		(.20	)		—
Net realized gain		(.40	)		—
Total distributions		(.60	)		—
Net asset value, end of period		$18.70			$17.15
Total Return(c)		12.85	%(d)		14.33	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.43	%(d)		.96	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.43	%(d)		.96	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.67	%(d)		1.71	%(e)
Net investment income		1.15	%(d)		1.65	%(e)
Supplemental Data:
Net assets, end of period (000)		$56			$11
Portfolio turnover rate		60.03	%(d)		62.31	%

(a)	Commencement of operations was 12/21/2011, SEC effective date was 12/15/2011 and date shares first became available to the public was 1/3/2012.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.

22 See Notes to Financial Statements.

Financial Highlights

CALIBRATED MID CAP VALUE FUND

	Class A Shares
	Six Months Ended 1/31/2013 (unaudited)			12/21/2011(a) to 7/31/2012
Per Share Operating Performance
Net asset value, beginning of period		$16.47			$15.00
Investment operations:
Net investment income(b)		.23			.15
Net realized and unrealized gain		2.28			1.32
Total from investment operations		2.51			1.47
Distributions to shareholders from:
Net investment income		(.22	)		—
Net realized gain		(.38	)		—
Total distributions		(.60	)		—
Net asset value, end of period		$18.38			$16.47
Total Return(c)		15.65	%(d)		9.80	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.43	%(d)		.83	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.43	%(d)		.83	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.58	%(d)		1.63	%(e)
Net investment income		1.33	%(d)		1.51	%(e)
Supplemental Data:
Net assets, end of period (000)		$7,868			$13,726
Portfolio turnover rate		51.77	%(d)		76.72	%

(a)	Commencement of operations was 12/21/2011, SEC effective date was 12/15/2011 and date shares first became available to the public was 1/3/2012.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.

See Notes to Financial Statements. 23

Financial Highlights (continued)

CALIBRATED MID CAP VALUE FUND

	Class C Shares
	Six Months Ended 1/31/2013 (unaudited)				12/21/2011(a) to 7/31/2012
Per Share Operating Performance
Net asset value, beginning of period		$16.39				$15.00
Investment operations:
Net investment income(b)			.13				.08
Net realized and unrealized gain			2.30				1.31
Total from investment operations			2.43				1.39
Distributions to shareholders from:
Net investment income			(.19	)			—
Net realized gain			(.38	)			—
Total distributions			(.57	)			—
Net asset value, end of period		$18.25				$16.39
Total Return(c)			15.24	%(d)			9.27	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed			.78	%(d)			1.54	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed			.78	%(d)			1.54	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed			.93	%(d)			2.38	%(e)
Net investment income			.74	%(d)			.80	%(e)
Supplemental Data:
Net assets, end of period (000)		$563				$15
Portfolio turnover rate			51.77	%(d)			76.72	%

(a)	Commencement of operations was 12/21/2011, SEC effective date was 12/15/2011 and date shares first became available to the public was 1/3/2012.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.

24 See Notes to Financial Statements.

Financial Highlights (continued)

CALIBRATED MID CAP VALUE FUND

	Class F Shares
	Six Months Ended 1/31/2013 (unaudited)				12/21/2011(a) to 7/31/2012
Per Share Operating Performance
Net asset value, beginning of period		$16.48				$15.00
Investment operations:
Net investment income(b)			.19				.16
Net realized and unrealized gain			2.33				1.32
Total from investment operations			2.52				1.48
Distributions to shareholders from:
Net investment income			(.25	)			—
Net realized gain			(.38	)			—
Total distributions			(.63	)			—
Net asset value, end of period		$18.37				$16.48
Total Return(c)			15.75	%(d)			9.87	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed			.34	%(d)			.68	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed			.34	%(d)			.68	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed			.49	%(d)			1.51	%(e)
Net investment income			1.11	%(d)			1.59	%(e)
Supplemental Data:
Net assets, end of period (000)		$1,094				$56
Portfolio turnover rate			51.77	%(d)			76.72	%

(a)	Commencement of operations was 12/21/2011, SEC effective date was 12/15/2011 and date shares first became available to the public was 1/3/2012.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.

See Notes to Financial Statements. 25

Financial Highlights (continued)

CALIBRATED MID CAP VALUE FUND

	Class I Shares
	Six Months Ended 1/31/2013 (unaudited)				12/21/2011(a) to 7/31/2012
Per Share Operating Performance
Net asset value, beginning of period		$16.50				$15.00
Investment operations:
Net investment income(b)			.24				.17
Net realized and unrealized gain			2.30				1.33
Total from investment operations			2.54				1.50
Distributions to shareholders from:
Net investment income			(.26	)			—
Net realized gain			(.38	)			—
Total distributions			(.64	)			—
Net asset value, end of period		$18.40				$16.50
Total Return(c)			15.83	%(d)			10.00	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed			.30	%(d)			.58	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed			.30	%(d)			.58	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed			.45	%(d)			.95	%(e)
Net investment income			1.40	%(d)			1.73	%(e)
Supplemental Data:
Net assets, end of period (000)		$197,412				$106,844
Portfolio turnover rate			51.77	%(d)			76.72	%

(a)	Commencement of operations was 12/21/2011, SEC effective date was 12/15/2011 and date shares first became available to the public was 1/3/2012.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.

26 See Notes to Financial Statements.

Financial Highlights (continued)

CALIBRATED MID CAP VALUE FUND

	Class R2 Shares
	Six Months Ended 1/31/2013 (unaudited)				12/21/2011(a) to 7/31/2012
Per Share Operating Performance
Net asset value, beginning of period		$16.43				$15.00
Investment operations:
Net investment income(b)			.24				.11
Net realized and unrealized gain			2.29				1.32
Total from investment operations			2.53				1.43
Distributions to shareholders from:
Net investment income			(.16	)			—
Net realized gain			(.38	)			—
Total distributions			(.54	)			—
Net asset value, end of period		$18.42				$16.43
Total Return(c)			15.81	%(d)			9.53	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed			.30	%(d)			1.15	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed			.30	%(d)			1.15	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed			.44	%(d)			2.01	%(e)
Net investment income			1.40	%(d)			1.15	%(e)
Supplemental Data:
Net assets, end of period (000)		$13				$11
Portfolio turnover rate			51.77	%(d)			76.72	%

(a)	Commencement of operations was 12/21/2011, SEC effective date was 12/15/2011 and date shares first became available to the public was 1/3/2012.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.

See Notes to Financial Statements. 27

Financial Highlights (concluded)

CALIBRATED MID CAP VALUE FUND

	Class R3 Shares
	Six Months Ended 1/31/2013 (unaudited)				12/21/2011(a) to 7/31/2012
Per Share Operating Performance
Net asset value, beginning of period		$	16.44			$	15.00
Investment operations:
Net investment income(b)			.24				.12
Net realized and unrealized gain			2.30				1.32
Total from investment operations			2.54				1.44
Distributions to shareholders from:
Net investment income			(.18	)			—
Net realized gain			(.38	)			—
Total distributions			(.56	)			—
Net asset value, end of period		$	18.42			$	16.44
Total Return(c)			15.85	%(d)			9.60	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed			.30	%(d)			1.05	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed			.30	%(d)			1.05	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed			.44	%(d)			1.91	%(e)
Net investment income			1.40	%(d)			1.24	%(e)
Supplemental Data:
Net assets, end of period (000)			$13				$11
Portfolio turnover rate			51.77	%(d)			76.72	%

(a)	Commencement of operations was 12/21/2011, SEC effective date was 12/15/2011 and date shares first became available to the public was 1/3/2012.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.

28 See Notes to Financial Statements.

Notes to Financial Statements (unaudited)

1. ORGANIZATION

Lord Abbett Equity Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company. The Trust was formed on May 1, 2001 and is organized as a Delaware statutory trust. The Trust currently consists of three funds. This report covers the following two funds (separately, a “Fund” and collectively, the “Funds”) and their respective classes: Lord Abbett Calibrated Large Cap Value Fund (“Calibrated Large Cap Value Fund”) and Lord Abbett Calibrated Mid Cap Value Fund (“Calibrated Mid Cap Value Fund”).

The investment objective of each Fund is total return. Each Fund has six classes of shares: Class A, C, F, I, 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 C, F, I, 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 each Fund’s prospectus); and Class C shares redeemed before the first anniversary of purchase.

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 Funds’ Board of Trustees (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Funds’ investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Funds 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 LLC. Each 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.
	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee and approved by the Board. 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 fair value of

29

Notes to Financial Statements (unaudited)(continued)

	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 and other income on the Statements of Operations. 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 each 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.
	Each 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 each Fund’s filed U.S. federal tax returns remains open for the fiscal period ended July 31, 2012. The statutes of limitations on the Trust’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, C, F, R2 and R3 shares bear their class-specific share of all expenses and fees relating to the Funds’ 12b-1 Distribution Plan.
(f)	Futures Contracts–Each Fund may purchase and sell index futures contracts to manage cash, or as a substitute position for 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 a fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each 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.
(g)	Repurchase Agreements–Each 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. Each 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

30

Notes to Financial Statements (unaudited)(continued)

	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, a Fund may incur a loss upon disposition of the securities.
(h)	Fair Value Measurements–Fair value is defined as the price that each 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 each Fund’s own assumptions in determining the fair value 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.
	The following is a summary of the inputs used as of January 31, 2013 in valuing each Fund’s investments carried at fair value:

	Calibrated Large Cap Value Fund										Calibrated Mid Cap Value Fund
Investment Type*	Level 1 (000)		Level 2 (000)			Level 3 (000)		Total (000)			Level 1 (000)		Level 2 (000)			Level 3 (000)		Total (000)
Common Stocks	$	160,587	$	—		$	—	$	160,587		$	206,558	$	—		$	—	$	206,558
Repurchase Agreement		—		1,963			—		1,963			—		967			—		967
Total	$	160,587	$	1,963		$	—	$	162,550		$	206,558	$	967		$	—	$	207,824
Other Financial Instruments
Futures Contracts
Assets	$	—	$	—		$	—	$	—		$	—	$	—		$	—	$	—
Liabilities		—		(112	)		—		(112	)		—		(149	)		—		(149)
Total	$	—	$	(112	)	$	—	$	(112	)	$	—	$	(149	)	$	—	$	(149)

* See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. There were no level transfers during the period ended January 31, 2013.

31

Notes to Financial Statements (unaudited)(continued)

(i)

Disclosures about Derivative Instruments and Hedging Activities–The Funds entered into E-Mini S&P 500 Index futures contracts for the six months ended January 31, 2013 (as described in note 2(f)) to manage cash. The Funds bear the risk that the underlying index will move unexpectedly, in which case the Funds may realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

As of January 31, 2013, the Funds had the following derivatives, grouped into appropriate risk categories that illustrate how and why the Funds use derivative instruments:

	Calibrated Large Cap Value Fund				Calibrated Mid Cap Value Fund
Liability Derivatives	Equity Index Contracts		Fair Value		Equity Index Contracts		Fair Value
Futures Contracts(1)		$   112		$   112		$   149		$   149
Total		$   112		$   112		$   149		$   149

⁽¹⁾ Statements of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

Transactions in derivative instruments for the six months ended January 31, 2013, were as follows:

	Calibrated Large Cap Value Fund					Calibrated Mid Cap Value Fund
	Equity Index Contracts			Total		Equity Index Contracts			Total
Net Realized Gain (Loss)(1)
Futures Contracts		$ 1,449		$ 1,449			$     46		$     46
Net Change in Unrealized Appreciation/Depreciation(2)
Futures Contracts		$   (112	)	$   (112	)		$  (149	)	$  (149	)
Average Number of Contracts*
Futures Contracts		—	(3)	—	(3)		—	(3)	—	(3)

*	Calculated based on the number of contracts for the six months ended January 31, 2013.
(1)	Statements of Operations location: Net realized gain on investments and futures contracts.
(2)	Statements of Operations location: Net change in unrealized appreciation/depreciation on investments and futures contracts.
(3)	Amount is less than 1 contract.

3. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The Trust has a management agreement with Lord Abbett, pursuant to which Lord Abbett supplies each 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 each Fund’s investment portfolio.

The management fee is based on each Fund’s average daily net assets at the following annual rate:

First $2 billion	.60%
Over $2 billion	.55%

For the six months ended January 31, 2013, for Calibrated Large Cap Value Fund and Calibrated Mid Cap Value Fund, the effective management fee, net of waivers, was at an annualized rate of .22% and .31%, respectively.

32

Notes to Financial Statements (unaudited)(continued)

For the period ended January 31, 2013 and continuing through November 30, 2013, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses for each class, excluding 12b-1 fees, to an annual rate of .50% for Calibrated Large Cap Value Fund and .60% for Calibrated Mid Cap Value Fund. Each agreement may be terminated only by the Funds’ Board.

In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of each Fund’s average daily net assets.

Each Fund, along with certain other funds managed by Lord Abbett (collectively, the “Underlying Funds”), has entered into a Servicing Arrangement with Lord Abbett Balanced Strategy Fund, Lord Abbett Diversified Income Strategy Fund and Lord Abbett Growth & Income Strategy Fund of Lord Abbett Investment Trust and Lord Abbett Global Allocation Fund of Lord Abbett Global Fund, Inc. (each, a “Fund of Funds”), pursuant to which each Underlying Fund pays a portion of the expenses (excluding management fee and distribution and service fees) of each applicable 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 are included in Subsidy expense on each Fund’s Statements of Operations and Payable to affiliates on each Fund’s Statements of Assets and Liabilities.

As of January 31, 2013, the percentages of Calibrated Large Cap Value Fund’s and Calibrated Mid Cap Value Fund’s outstanding shares owned by each Fund of Funds were as follows:

				Underlying Funds
Fund of Funds	Calibrated Large Cap Value Fund			Calibrated Mid Cap Value Fund
Lord Abbett Balanced Strategy Fund		13.58	%		55.92	%
Lord Abbett Diversified Income Strategy Fund		4.15	%		2.57	%
Lord Abbett Global Allocation Fund		.59	%		5.92	%
Lord Abbett Growth & Income Strategy Fund		31.14	%		23.06	%

12b-1 Distribution Plan

Each Fund has adopted a distribution plan with respect to Class A, C, F, 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 fees are accrued daily at annual rates based upon each Fund’s average daily net assets as follows:

Fees*	Class A			Class C			Class F			Class R2			Class R3
Service		.25	%		.25	%		—			.25	%		.25	%
Distribution		—			.75	%		.10	%		.35	%		.25	%

* Each 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.

Class I shares do not have a distribution plan.

Commissions

Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the six months ended January 31, 2013:

	Distributor Commissions		Dealers’ Concessions
Calibrated Large Cap Value Fund		$20,200		$108,915
Calibrated Mid Cap Value Fund		5,212		26,923

33

Notes to Financial Statements (unaudited)(continued)

Distributor received the following amount of CDSCs for the six months ended January 31, 2013:

	Class A		Class C
Calibrated Large Cap Value Fund		$108		$9
Calibrated Mid Cap Value Fund		—		—

During the six months ended January 31, 2013, two Trustees and certain of the Trust’s officers had an interest in Lord Abbett.

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared and paid at least annually for each Fund. 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 January 31, 2013 and the fiscal period ended July 31, 2012 was as follows:

	Calibrated Large Cap Value Fund				Calibrated Large Cap Value Fund
	Six Months Ended 1/31/2013 (unaudited)		Period Ended 7/31/2012		Six Months Ended 1/31/2013 (unaudited)		Period Ended 7/31/2012
Distributions paid from:
Ordinary income		$4,100,225	$	—		$6,234,113	$	—
Net long-term capital gains		6,720		—		32,563		—
Total distributions paid		$4,106,945	$	—		$6,266,676	$	—

As of January 31, 2013, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Calibrated Large Cap Value Fund			Calibrated Large Cap Value Fund
Tax cost	$	151,279,490		$	189,404,849
Gross unrealized gain		11,855,259			19,491,048
Gross unrealized loss		(585,039	)		(1,370,784	)
Net unrealized security gain	$	11,270,220		$	18,120,264

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

34

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 January 31, 2013 were as follows:

	Purchases	Sales
Calibrated Large Cap Value Fund	$145,356,386	$66,978,730
Calibrated Mid Cap Value Fund	149,799,292	86,901,703

There were no purchases or sales of U.S. Government securities for the six months ended January 31, 2013.

6. TRUSTEES’ REMUNERATION

During the six months ended January 31, 2013, the Trust’s officers and the two Trustees who were associated with Lord Abbett did not receive any compensation from the Trust for serving in such capacities. Independent Trustees’ 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 Trustees under which Independent Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Trustees’ 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 Trustees’ fees on the Statements of Operations and in Trustees’ fees payable on the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

7. EXPENSE REDUCTIONS

The Trust 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 each Fund’s expenses.

8. LINE OF CREDIT

On April 2, 2012, the Funds and certain other funds managed by Lord Abbett (the “participating funds”) entered into an unsecured revolving credit facility (“Facility”) with State Street Bank and Trust Company (“SSB”), to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Facility is renewed annually under terms that depend on market conditions at the time of the renewal. The amounts available under the Facility are (i) the lesser of either $250,000,000 or 33.33% of total assets per participating fund and (ii) $350,000,000 in the aggregate for all participating funds. The annual fee to maintain the Facility is .09% of the amount available under the Facility. Each participating fund pays its pro rata share based on the net assets of each participating fund. This amount is included in Other expenses on the Funds’ Statements of Operations. Any borrowings under this Facility will bear interest at current market rates as set forth in the credit agreement. As of January 31, 2013, there were no loans outstanding pursuant to this Facility nor was the Facility utilized at any time during the six months ended January 31, 2013.

9. CUSTODIAN AND ACCOUNTING AGENT

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

35

Notes to Financial Statements (unaudited)(continued)

10. INVESTMENT RISKS

Each Fund is subject to the general risks and considerations associated with equity investing. The value of a Fund’s investment in an individual company will fluctuate in response to its changing prospects and movements in the equity securities markets in general. If a 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 market may fail to recognize for a long time the intrinsic value of particular value stocks each Fund may hold. The large companies in which Calibrated Large Cap Value Fund invests may be less able to respond quickly to certain market developments and may have slower rates of growth than smaller companies. The mid-sized companies in which Calibrated Mid Cap Value Fund invests may be less able to weather economic shifts or other adverse developments than larger, more established companies.

Due to each Fund’s exposure to foreign companies and American Depository Receipts, each Fund may experience increased market, liquidity, currency, political, information, and other risks.

These factors can affect each Fund’s performance.

11. SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest were as follows:

Calibrated Large Cap Value Fund	Six Months Ended January 31, 2013 (unaudited)						Period Ended July 31, 2012†
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		1,959,089		$	35,526,857			2,239,545		$	35,285,462
Reinvestment of distributions		57,491			983,676			—			—
Shares reacquired		(1,282,649	)		(22,591,988	)		(147,568	)		(2,420,649	)
Increase		733,931		$	13,918,545			2,091,977		$	32,864,813
Class C Shares
Shares sold		59,464		$	1,060,549			5,200		$	83,959
Reinvestment of distributions		616			10,472			—			—
Shares reacquired		(2,610	)		(46,048	)		(1,656	)		(27,221	)
Increase		57,470		$	1,024,973			3,544		$	56,738
Class F Shares
Shares sold		449,096		$	8,089,191			2,016		$	33,260
Reinvestment of distributions		6,511			111,411			—			—
Shares reacquired		(194,843	)		(3,452,269	)		—			—
Increase		260,764		$	4,748,333			2,016		$	33,260
Class I Shares
Shares sold		3,345,373		$	59,882,869			1,986,051		$	31,989,925
Reinvestment of distributions		142,033			2,431,608			—			—
Shares reacquired		(10,679	)		(192,818	)		(64	)		(1,087	)
Increase		3,476,727		$	62,121,659			1,985,987		$	31,988,838

36

Notes to Financial Statements (unaudited)(concluded)

Calibrated Large Cap Value Fund	Six Months Ended January 31, 2013 (unaudited)						Period Ended July 31, 2012†
Class R2 Shares	Shares			Amount			Shares		Amount
Shares sold		15.780		$	285			666.667	$	10,000
Reinvestment of distributions		20.553			353			—		—
Increase		36.333		$	638			666.667	$	10,000
Class R3 Shares
Shares sold		2,900.013		$	51,039			666.667	$	10,000
Reinvestment of distributions		110.210			1,883			—		—
Shares reacquired		(691.890	)		(12,172	)		—		—
Increase		2,318.333		$	40,750			666.667	$	10,000

^† For the period December 21, 2011 (commencement of operations) to July 31, 2012.

Calibrated Mid Cap Value Fund	Six Months Ended January 31, 2013 (unaudited)						Period Ended July 31, 2012†
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		334,243		$	5,819,173			1,124,432		$	17,407,262
Reinvestment of distributions		28,488			468,011			—			—
Shares reacquired		(768,286	)		(12,936,802	)		(290,768	)		(4,716,098	)
Increase (decrease)		(405,555	)	$	(6,649,618	)		833,664		$	12,691,164
Class C Shares
Shares sold		30,426		$	538,030			944		$	14,330
Reinvestment of distributions		197			3,223			—			—
Shares reacquired		(689	)		(11,648	)		(54	)		(925	)
Increase		29,934		$	529,605			890		$	13,405
Class F Shares
Shares sold		56,207		$	978,772			3,424		$	54,865
Reinvestment of distributions		813			13,369			—			—
Shares reacquired		(906	)		(15,514	)		—			—
Increase		56,114		$	976,627			3,424		$	54,865
Class I Shares
Shares sold		3,913,374		$	66,584,399			6,475,440		$	106,363,540
Reinvestment of distributions		343,355			5,650,117			—			—
Shares reacquired		(1,980	)		(33,880	)		(64	)		(1,044	)
Increase		4,254,749		$	72,200,636			6,475,376		$	106,362,496
Class R2 Shares
Shares sold		—		$	—			666.667		$	10,000
Reinvestment of distributions		22.333			363			—			—
Increase		22.333		$	363			666.667		$	10,000
Class R3 Shares
Shares sold		—		$	—			666.667		$	10,000
Reinvestment of distributions		22.649			373			—			—
Increase		22.649		$	373			666.667		$	10,000

^† For the period December 21, 2011 (commencement of operations) to July 31, 2012.

37

Approval of Advisory Contract

The Board of Trustees of the Company, including all of the Trustees who are not interested persons of the Company or Lord, Abbett & Co. LLC (“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 each 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 teams 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 as to each Fund included, but were not limited to: (1) information provided by Lipper Inc. regarding the investment performance of the Fund compared to the investment performance of a group of funds within the same investment classification/objective (the “performance universe”) and the investment performance of an appropriate benchmark; (2) information on the expense ratios, contractual and effective management fee rates, and other expense components for the Fund and one or more groups of funds with similar objectives and of similar size (the “peer group”); (3) detailed performance attribution analysis; (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 each Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all relevant 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 resulting 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 each Fund’s investment performance in relation to that of the relevant universes, in each case as of the nine-month period ended September 30, 2012. As to Calibrated Large Cap Value Fund, the Board observed that the investment performance of the Class A shares was well above the median of the performance universe for the nine-month period. As to Calibrated Mid Cap Value Fund, the Board observed that the investment performance of the Class A shares was above the median of the performance universe for the nine-month period.

Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to each Fund, in light of its investment objective and discipline. Among other things, the Board considered the size, experience, and turnover of Lord

38

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.

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 Lord Abbett Distributor LLC (“Distributor”) and the nature and extent of Lord Abbett’s supervision of third party service providers, including each Fund’s transfer agent and custodian.

Expenses. The Board considered the expense level of each class of shares of each Fund and the expense levels of one or more corresponding peer groups. The Board considered the fiscal periods on which the peer group comparisons were based, and noted that the fiscal years of many funds in each Fund’s peer group did not coincide with the Fund’s fiscal year. It also considered the projected expense levels of each Fund and how those levels would relate to those of the peer group and the amount and nature of the fees paid by shareholders. As to each Fund, the Board observed that the expense ratios generally were well below the medians of the peer group.

Profitability. As to each Fund, 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 each 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 each Fund was not excessive.

Economies of Scale. As to each Fund, 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 each 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 applicable Fund.

Other Benefits to Lord Abbett. As to each Fund, the Board considered the character and amount of fees paid by the Fund and the Fund’s shareholders to Lord Abbett and 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 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 from the Funds, 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

39

prospectuses of the Funds, has entered into revenue sharing arrangements with certain entities that distribute shares of the Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of Fund brokerage transactions.

Alternative Arrangements. As to each Fund, 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 agreements was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the management agreements. 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.

40

Householding

The Trust has adopted a policy that allows it to send only one copy of each 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 each Fund’s portfolio securities, and information on how Lord Abbett voted each 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 Funds are required to file their complete schedule of portfolio holdings with the SEC for their 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).

41

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 LORD ABBETT DISTRIBUTOR LLC.	Lord Abbett Equity Trust     Lord Abbett Calibrated Large Cap Value Fund     Lord Abbett Calibrated Mid Cap Value Fund	CALIBRATED-3-0113 (03/13)

2 0 1 3

L O R D  A B B E T T

S E M I A N N U A L

R E P O R T

Lord Abbett

Small Cap Blend Fund

For the six-month period ended January 31, 2013

Lord Abbett Equity Trust
Lord Abbett Small Cap Blend Fund
Semiannual Report

For the six-month period ended January 31, 2013

Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Small Cap Blend Fund for the six-month period ended January 31, 2013. For additional information about the Fund, please visit our Website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our Website.

          Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.

Best regards,

Daria L. Foster

Trustee, 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 (August 1, 2012 through January 31, 2013).

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 8/1/12 - 1/31/13” 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†
	8/1/12	1/31/13	8/1/12 – 1/31/13
Class A
Actual	$1,000.00	$1,126.00	$  7.34
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.29	$  6.97
Class B
Actual	$1,000.00	$1,121.90	$10.80
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.03	$10.26
Class C
Actual	$1,000.00	$1,122.10	$10.75
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.06	$10.21
Class F
Actual	$1,000.00	$1,127.10	$  6.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.55	$  5.70
Class I
Actual	$1,000.00	$1,127.50	$  5.47
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.05	$  5.19
Class P
Actual	$1,000.00	$1,125.00	$  7.87
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.78	$  7.48
Class R2
Actual	$1,000.00	$1,123.90	$  8.67
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.03	$  8.24
Class R3
Actual	$1,000.00	$1,124.80	$  8.14
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.55	$  7.73

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.37% for Class A, 2.02% for Class B, 2.01 for Class C, 1.12% for Class F, 1.02% for Class I, 1.47% for Class P, 1.62% for Class R2 and 1.52% for Class R3) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

January 31, 2013

Sector*	%**
Consumer Discretionary	11.99%
Consumer Staples	1.47%
Energy	6.02%
Financials	21.51%
Health Care	11.68%
Sector*	%**
Industrials	16.42%
Information Technology	18.29%
Materials	9.48%
Short-Term Investment	3.14%
Total	100.00%

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

3

Schedule of Investments (unaudited)
January 31, 2013

Investments	Shares		Fair Value (000)
COMMON STOCKS 95.75%
Aerospace & Defense 4.77%
DigitalGlobe, Inc.*		600,200	$	16,788
Esterline Technologies Corp.*		106,124		7,046
HEICO Corp.		112,045		5,082
HEICO Corp. Class A		139,383		4,740
LMI Aerospace, Inc.*		33,783		747
Total				34,403
Chemicals 1.52%
Axiall Corp.		101,400		5,697
HB Fuller Co.		134,074		5,239
Total				10,936
Commercial Banks 6.83%
IBERIABANK Corp.		185,882		9,571
PacWest Bancorp		228,079		6,268
Popular, Inc.*		143,815		3,860
SCBT Financial Corp.		82,453		3,471
SVB Financial Group*		157,500		10,453
Synovus Financial Corp.		2,700,800		6,968
Wintrust Financial Corp.		232,700		8,626
Total				49,217
Communications Equipment 1.38%
Ruckus Wireless, Inc.*		423,000		9,966
Construction & Engineering 2.15%
Chicago Bridge & Iron Co. NV (Netherlands)(a)		89,300		4,537
Foster Wheeler AG (Switzerland)*(a)		420,096		10,969
Total				15,506
Consumer Finance 2.63%
Encore Capital Group, Inc.*		301,417		9,070
Portfolio Recovery Associates, Inc.*		92,354		9,877
Total				18,947

Investments	Shares		Fair Value (000)
Containers & Packaging 1.19%
Berry Plastics Group, Inc.*		486,500	$	8,553
Distributors 1.52%
Pool Corp.		239,682		10,982
Diversified Consumer Services 2.22%
K12, Inc.*		302,300		5,580
Sotheby’s		290,200		10,424
Total				16,004
Diversified Financial Services 0.64%
PHH Corp.*		209,900		4,593
Electrical Equipment 0.19%
Powell Industries, Inc.*		30,500		1,380
Electronic Equipment, Instruments & Components 0.64%
Measurement Specialties, Inc.*		7,740		273
Mercury Computer Systems, Inc.*		586,800		4,313
Total				4,586
Energy Equipment & Services 1.51%
ION Geophysical Corp.*		1,072,600		7,294
North Atlantic Drilling Ltd.†(b)		347,408	NOK	3,561
Total				10,855
Food Products 0.68%
J & J Snack Foods Corp.		71,998		4,907
Health Care Equipment & Supplies 3.18%
Greatbatch, Inc.*		352,400		9,353
Hill-Rom Holdings, Inc.		169,100		5,611
Masimo Corp.		393,701		7,992
Total				22,956

4 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)January 31, 2013

Investments	Shares			Fair Value (000)
Health Care Providers & Services 8.36%
ExamWorks Group, Inc.*		699,755	$	10,125
IPC The Hospitalist Co., Inc.*		203,700		8,686
Magellan Health Services, Inc.*		108,500		5,566
Providence Service Corp. (The)*		349,900		6,484
Tenet Healthcare Corp.*		240,725		9,347
VCA Antech, Inc.*		437,500		9,450
WellCare Health Plans, Inc.*		209,700		10,634
Total				60,292
Hotels, Restaurants & Leisure 2.53%
Bally Technologies, Inc.*		197,300		9,502
Life Time Fitness, Inc.*		171,620		8,706
Total				18,208
Household Products 0.78%
Central Garden & Pet Co.*		581,900		5,586
Information Technology Services 5.60%
Cardtronics, Inc.*		968,818		25,083
FleetCor Technologies, Inc.*		254,940		15,255
Total				40,338
Insurance 3.18%
Endurance Specialty Holdings Ltd.		84,300		3,618
First American Financial Corp.		417,100		9,965
RLI Corp.		134,910		9,310
Total				22,893
Internet Software & Services 1.35%
Liquidity Services, Inc.*		263,600		8,401
NIC, Inc.		83,070		1,354
Total				9,755
Machinery 4.01%
Middleby Corp. (The)*		100,789		14,248
Oshkosh Corp.*		374,000		14,653
Total				28,901

Investments	Shares		Fair Value (000)
Metals & Mining 5.87%
Allied Nevada Gold Corp.*		228,100	$	5,404
AuRico Gold, Inc. (Canada)*(a)		1,249,500		8,809
Detour Gold Corp.*(b)		400,800	CAD	8,471
Molycorp, Inc.*		840,700		6,204
New Gold, Inc. (Canada)*(a)		787,600		7,640
Osisko Mining Corp. (Canada)*(a)		833,400		5,756
Total				42,284
Oil, Gas & Consumable Fuels 4.94%
Cheniere Energy, Inc.*		117,900		2,503
Endeavour International Corp.*		1,491,200		8,112
Energy XXI Bermuda Ltd.		491,500		15,394
Frontline 2012 Ltd.*†(b)		254,666	NOK	1,809
Plains Exploration & Production Co.*		90,800		4,336
Ship Finance International Ltd.		205,900		3,471
Total				35,625
Paper & Forest Products 0.80%
KapStone Paper and Packaging Corp.		241,000		5,784
Professional Services 1.16%
Mistras Group, Inc.*		378,905		8,343
Real Estate Investment Trusts 1.35%
Mid-America Apartment Communities, Inc.		148,800		9,727
Real Estate Management & Development 4.12%
Altisource Portfolio Solutions SA (Luxembourg)*(a)		140,800		12,372
Jones Lang LaSalle, Inc.		187,986		17,321
Total				29,693

See Notes to Financial Statements. 5

Schedule of Investments (unaudited)(concluded)January 31, 2013

Investments	Shares		Fair Value (000)
Semiconductors & Semiconductor Equipment 5.29%
Applied Micro Circuits Corp.*		1,083,300	$	9,284
Monolithic Power Systems, Inc.		157,000		3,658
Rudolph Technologies, Inc.*		446,300		6,021
Semtech Corp.*		368,817		11,123
Silicon Laboratories, Inc.*		183,603		8,012
Total				38,098
Software 3.82%
Fortinet, Inc.*		268,600		6,336
Informatica Corp.*		287,700		10,648
SS&C Technologies Holdings, Inc.*		467,432		10,578
Total				27,562
Specialty Retail 4.43%
Cabela’s, Inc.*		118,900		6,138
Chico’s FAS, Inc.		309,100		5,542
DSW, Inc. Class A		147,900		9,899
Hibbett Sports, Inc.*		197,000		10,374
Total				31,953
Textiles, Apparel & Luxury Goods 1.14%
Crocs, Inc.*		554,300		8,237
Thrifts & Mortgage Finance 2.03%
Ocwen Financial Corp.*		375,588		14,637
Trading Companies & Distributors 3.94%
DXP Enterprises, Inc.*		186,300		10,600
WESCO International, Inc.*		145,600		10,619
MRC Global, Inc.*		234,600		7,209
Total				28,428
Total Common Stocks (cost $609,853,783)				690,135

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 3.10%
Repurchase Agreement
Repurchase Agreement dated 1/31/2013, 0.01% due 2/1/2013 with Fixed Income Clearing Corp. collateralized by $22,795,000 of U.S. Treasury Note at 0.375% due 6/15/2015; value: $22,834,527; proceeds: $22,384,848 (cost $22,384,842)	$	22,385	$	22,385
Total Investments in Securities 98.85% (cost $632,238,625)				712,520
Foreign Cash and Other Assets in Excess of Liabilities 1.15%				8,265
Net Assets 100.00%			$	720,785

CAD	Canadian dollar.
NOK	Norwegian krone.
*	Non-income producing security.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers.
(a)	Foreign security traded in U.S. dollars.
(b)	Investment in non-U.S. dollar denominated securities.

6 See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)January 31, 2013

ASSETS:
Investments in securities, at fair value (cost $632,238,625)	$	712,520,488
Foreign cash, at value (cost $43,583)		44,490
Receivables:
Investment securities sold		21,713,853
Capital shares sold		498,646
Interest		6
Prepaid expenses and other assets		108,471
Total assets		734,885,954
LIABILITIES:
Payables:
Investment securities purchased		11,127,225
Capital shares reacquired		1,581,779
Management fee		464,806
12b-1 distribution fees		263,338
Trustees’ fees		161,139
To affiliate (See Note 3)		44,216
Fund administration		24,790
Accrued expenses and other liabilities		433,307
Total liabilities		14,100,600
NET ASSETS	$	720,785,354
COMPOSITION OF NET ASSETS:
Paid-in capital	$	662,006,612
Accumulated net investment loss		(2,281,262	)
Accumulated net realized loss on investments and foreign currency related transactions		(19,223,349	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		80,283,353
Net Assets	$	720,785,354

See Notes to Financial Statements. 7

Statement of Assets and Liabilities (unaudited)(concluded)
January 31, 2013

Net assets by class:
Class A Shares	$	269,214,316
Class B Shares	$	14,179,202
Class C Shares	$	78,466,920
Class F Shares	$	9,891,942
Class I Shares	$	275,537,848
Class P Shares	$	55,577,832
Class R2 Shares	$	502,747
Class R3 Shares	$	17,414,547
Outstanding shares by class (unlimited number of authorized shares of beneficial interest, no par value):
Class A Shares		15,524,494
Class B Shares		885,752
Class C Shares		4,905,781
Class F Shares		563,563
Class I Shares		15,297,829
Class P Shares		3,216,547
Class R2 Shares		29,322
Class R3 Shares		1,011,564
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$17.34
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)		$18.40
Class B Shares-Net asset value		$16.01
Class C Shares-Net asset value		$15.99
Class F Shares-Net asset value		$17.55
Class I Shares-Net asset value		$18.01
Class P Shares-Net asset value		$17.28
Class R2 Shares-Net asset value		$17.15
Class R3 Shares-Net asset value		$17.22

8 See Notes to Financial Statements.

Statement of Operations (unaudited)
For the Six Months Ended January 31, 2013

Investment income:
Dividends (net of foreign withholding taxes of $2,864)	$	6,253,160
Interest		795
Total investment income		6,253,955
Expenses:
Management fee		2,954,319
12b-1 distribution plan-Class A		479,813
12b-1 distribution plan-Class B		80,222
12b-1 distribution plan-Class C		393,563
12b-1 distribution plan-Class F		4,968
12b-1 distribution plan-Class P		143,182
12b-1 distribution plan-Class R2		1,345
12b-1 distribution plan-Class R3		42,221
Shareholder servicing		659,688
Fund administration		157,564
Subsidy (See Note 3)		95,219
Registration		45,230
Reports to shareholders		39,329
Professional		29,821
Custody		19,773
Trustees’ fees		12,188
Other		11,761
Gross expenses		5,170,206
Expense reductions (See Note 7)		(238	)
Net expenses		5,169,968
Net investment income		1,083,987
Net realized and unrealized gain:
Net realized gain on investments and foreign currency related transactions		58,605,591
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		32,467,146
Net realized and unrealized gain		91,072,737
Net Increase in Net Assets Resulting From Operations	$	92,156,724

See Notes to Financial Statements. 9

Statements of Changes in Net Assets

DECREASE IN NET ASSETS	For the Six Months Ended January 31, 2013 (unaudited)			For the Year Ended July 31, 2012
Operations:
Net investment income (loss)	$	1,083,987		$	(3,794,276	)
Net realized gain on investments and foreign currency related transactions		58,605,591			48,254,649
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		32,467,146			(116,116,784	)
Net increase (decrease) in net assets resulting from operations		92,156,724			(71,656,411	)
Distributions to shareholders from:
Net investment income
Class F		(11,844	)		—
Class I		(704,482	)		—
Total distributions to shareholders		(716,326	)		—
Capital share transactions (Net of share conversions) (See Note 11):
Net proceeds from sales of shares		36,303,038			124,912,776
Reinvestment of distributions		652,124			—
Cost of shares reacquired		(209,463,248	)		(383,145,302	)
Net decrease in net assets resulting from capital share transactions		(172,508,086	)		(258,232,526	)
Net decrease in net assets		(81,067,688	)		(329,888,937	)
NET ASSETS:
Beginning of period	$	801,853,042		$	1,131,741,979
End of period	$	720,785,354		$	801,853,042
Accumulated net investment loss	$	(2,281,262	)	$	(2,648,923	)

10 See Notes to Financial Statements.

Financial Highlights

	Class A Shares
	Six Months Ended 1/31/2013 (unaudited)
				Year Ended 7/31
				2012			2011			2010			2009			2008
Per Share Operating Performance
Net asset value,
beginning of period		$15.41			$16.36			$12.91			$12.08			$15.76			$18.69
Investment operations:
Net investment
income (loss)(a)		.02			(.07	)		(.05	)		(.09	)		(.08	)		(.11	)
Net realized and
unrealized gain (loss)		1.91			(.88	)		3.50			.92			(3.60	)		(.55	)
Total from investment
operations		1.93			(.95	)		3.45			.83			(3.68	)		(.66	)
Distributions to
shareholders from:
Net realized gain		—			—			—			—			—			(2.27	)
Net asset value,
end of period		$17.34			$15.41			$16.36			$12.91			$12.08			$15.76
Total Return(b)		12.60	%(c)		(5.87	)%		26.72	%		6.87	%		(23.35	)%		(3.51	)%
Ratios to Average Net Assets:
Expenses, including
expense reductions		.69	%(c)		1.36	%		1.33	%		1.35	%		1.40	%		1.36	%
Expenses, excluding
expense reductions		.69	%(c)		1.36	%		1.33	%		1.35	%		1.40	%		1.36	%
Net investment income
(loss)		.10	%(c)		(.48	)%		(.33	)%		(.67	)%		(.70	)%		(.69	)%
Supplemental Data:
Net assets,
end of period (000)		$269,214			$275,157			$398,577			$494,581			$508,663			$739,334
Portfolio turnover rate		61.07	%(c)		81.63	%		73.17	%		67.29	%		42.78	%		53.71	%

(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. 11

Financial Highlights (continued)

	Class B Shares
	Six Months Ended 1/31/2013 (unaudited)
				Year Ended 7/31
				2012			2011			2010			2009			2008
Per Share Operating Performance
Net asset value,
beginning of period		$14.27			$15.25			$12.11			$11.41			$14.98			$17.99
Investment operations:
Net investment loss(a)		(.04	)		(.16	)		(.14	)		(.17	)		(.15	)		(.21	)
Net realized and
unrealized gain (loss)		1.78			(.82	)		3.28			.87			(3.42	)		(.53	)
Total from investment
operations		1.74			(.98	)		3.14			.70			(3.57	)		(.74	)
Distributions to
shareholders from:
Net realized gain		—			—			—			—			—			(2.27	)
Net asset value,
end of period		$16.01			$14.27			$15.25			$12.11			$11.41			$14.98
Total Return(b)		12.19	%(c)		(6.43	)%		25.93	%		6.13	%		(23.83	)%		(4.15	)%
Ratios to Average Net Assets:
Expenses, including
expense reductions		1.02	%(c)		2.01	%		1.98	%		2.00	%		2.05	%		2.01	%
Expenses, excluding
expense reductions		1.02	%(c)		2.01	%		1.98	%		2.00	%		2.05	%		2.01	%
Net investment loss		(.24	)%(c)		(1.13	)%		(1.00	)%		(1.33	)%		(1.36	)%		(1.34	)%
Supplemental Data:
Net assets,
end of period (000)		$14,179			$17,548			$29,291			$33,599			$44,468			$71,936
Portfolio turnover rate		61.07	%(c)		81.63	%		73.17	%		67.29	%		42.78	%		53.71	%

(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.

12 See Notes to Financial Statements.

Financial Highlights (continued)

	Class C Shares
	Six Months Ended 1/31/2013 (unaudited)
				Year Ended 7/31
				2012			2011			2010			2009			2008
Per Share Operating Performance
Net asset value,
beginning of period		$14.25			$15.23			$12.10			$11.40			$14.96			$17.97
Investment operations:
Net investment loss(a)		(.03	)		(.16	)		(.14	)		(.16	)		(.15	)		(.21	)
Net realized and
unrealized gain (loss)		1.77			(.82	)		3.27			.86			(3.41	)		(.53	)
Total from investment
operations		1.74			(.98	)		3.13			.70			(3.56	)		(.74	)
Distributions to
shareholders from:
Net realized gain		—			—			—			—			—			(2.27	)
Net asset value,
end of period		$15.99			$14.25			$15.23			$12.10			$11.40			$14.96
Total Return(b)		12.21	%(c)		(6.43	)%		25.87	%		6.14	%		(23.80	)%		(4.16	)%
Ratios to Average Net Assets:
Expenses, including
expense reductions		1.01	%(c)		2.00	%		1.97	%		2.00	%		2.05	%		2.01	%
Expenses, excluding
expense reductions		1.01	%(c)		2.00	%		1.97	%		2.00	%		2.05	%		2.01	%
Net investment loss		(.22	)%(c)		(1.11	)%		(1.00	)%		(1.33	)%		(1.36	)%		(1.34	)%
Supplemental Data:
Net assets,
end of period (000)		$78,467			$80,666			$109,317			$118,244			$141,177			$227,183
Portfolio turnover rate		61.07	%(c)		81.63	%		73.17	%		67.29	%		42.78	%		53.71	%

(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. 13

Financial Highlights (continued)

	Class F Shares
	Six Months Ended 1/31/2013 (unaudited)															9/28/2007(a) to 7/31/2008
				Year Ended 7/31
				2012			2011			2010			2009
Per Share Operating Performance
Net asset value,
beginning of period		$15.59			$16.51			$13.00			$12.14			$15.79			$19.14
Investment operations:
Net investment
income (loss)(b)		.04			(.03	)		(.01	)		(.06	)		(.05	)		(.02	)
Net realized and
unrealized gain (loss)		1.94			(.89	)		3.52			.92			(3.60	)		(1.06	)
Total from investment
operations		1.98			(.92	)		3.51			.86			(3.65	)		(1.08	)
Distributions to
shareholders from:
Net investment income		(.02	)		—			—			—			—			—
Net realized gain		—			—			—			—			—			(2.27	)
Net asset value,
end of period		$17.55			$15.59			$16.51			$13.00			$12.14			$15.79
Total Return(c)		12.71	%(d)		(5.57	)%		27.00	%		7.08	%		(23.12	)%		(5.60	)%(d)
Ratios to Average Net Assets:
Expenses, including
expense reductions		.57	%(d)		1.11	%		1.08	%		1.10	%		1.14	%		.90	%(d)
Expenses, excluding
expense reductions		.57	%(d)		1.11	%		1.08	%		1.10	%		1.14	%		.90	%(d)
Net investment income
(loss)		.22	%(d)		(.22	)%		(.09	)%		(.43	)%		(.41	)%		(.14	)%(d)
Supplemental Data:
Net assets,
end of period (000)		$9,892			$9,989			$12,459			$14,469			$9,920			$5,703
Portfolio turnover rate		61.07	%(d)		81.63	%		73.17	%		67.29	%		42.78	%		53.71	%

(a)	Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.

14 See Notes to Financial Statements.

Financial Highlights (continued)

	Class I Shares
	Six Months Ended 1/31/2013 (unaudited)
					Year Ended 7/31
					2012			2011			2010			2009			2008
Per Share Operating Performance
Net asset value,
beginning of period			$16.01			$16.94			$13.32			$12.42			$16.15			$19.03
Investment operations:
Net investment
income (loss)(a)			.05			(.02	)		—	(b)		(.04	)		(.04	)		(.06	)
Net realized and
unrealized gain (loss)			1.99			(.91	)		3.62			.94			(3.69	)		(.55	)
Total from investment
operations			2.04			(.93	)		3.62			.90			(3.73	)		(.61	)
Distributions to
shareholders from:
Net investment income			(.04	)		—			—			—			—			—
Net realized gain			—			—			—			—			—			(2.27	)
Net asset value,
end of period			$18.01			$16.01			$16.94			$13.32			$12.42			$16.15
Total Return(c)			12.75	%(d)		(5.49	)%		27.18	%		7.25	%		(23.10	)%		(3.16	)%
Ratios to Average Net Assets:
Expenses, including
expense reductions			.52	%(d)		1.01	%		.98	%		1.00	%		1.05	%		1.01	%
Expenses, excluding
expense reductions			.52	%(d)		1.01	%		.98	%		1.00	%		1.05	%		1.01	%
Net investment income
(loss)			.30	%(d)		(.12	)%		(.01	)%		(.32	)%		(.34	)%		(.34	)%
Supplemental Data:
Net assets,
end of period (000)		$	275,538		$	332,630		$	462,051		$	450,908		$	421,430		$	461,503
Portfolio turnover rate			61.07	%(d)		81.63	%		73.17	%		67.29	%		42.78	%		53.71	%

(a)	Calculated using average shares outstanding during the period.
(b)	Amount is less than $.01.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.

See Notes to Financial Statements. 15

Financial Highlights (continued)

	Class P Shares
	Six Months Ended 1/31/2013 (unaudited)
					Year Ended 7/31
					2012			2011			2010			2009			2008
Per Share Operating Performance
Net asset value,
beginning of period			$15.36			$16.32			$12.89			$12.08			$15.77			$18.72
Investment operations:
Net investment
income (loss)(a)			.01			(.09	)		(.07	)		(.10	)		(.09	)		(.13	)
Net realized and
unrealized gain (loss)			1.91			(.87	)		3.50			.91			(3.60	)		(.55	)
Total from investment
operations			1.92			(.96	)		3.43			.81			(3.69	)		(.68	)
Distributions to
shareholders from:
Net realized gain			—			—			—			—			—			(2.27	)
Net asset value,
end of period			$17.28			$15.36			$16.32			$12.89			$12.08			$15.77
Total Return(b)			12.50	%(c)		(5.88	)%		26.61	%		6.71	%		(23.40	)%		(3.62	)%
Ratios to Average Net Assets:
Expenses, including
expense reductions			.74	%(c)		1.46	%		1.43	%		1.45	%		1.50	%		1.46	%
Expenses, excluding
expense reductions			.74	%(c)		1.46	%		1.43	%		1.45	%		1.50	%		1.46	%
Net investment income
(loss)			.03	%(c)		(.58	)%		(.45	)%		(.78	)%		(.79	)%		(.79	)%
Supplemental Data:
Net assets,
end of period (000)		$	55,578		$	68,979		$	99,719		$	109,109		$	114,373		$	136,221
Portfolio turnover rate			61.07	%(c)		81.63	%		73.17	%		67.29	%		42.78	%		53.71	%

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

16 See Notes to Financial Statements.

Financial Highlights (continued)

	Class R2 Shares
	Six Months Ended 1/31/2013 (unaudited)												3/24/2008(a) to 7/31/2008
				Year Ended 7/31
				2012			2011		2010		2009
Per Share Operating Performance
Net asset value,
beginning of period		$15.25			$16.23		$12.85		$12.05		$15.75			$14.99
Investment operations:
Net investment
income (loss)(b)		.01			(.11	)	(.10	)	(.12	)	(.09	)		(.03	)
Net realized and
unrealized gain (loss)		1.89			(.87	)	3.48		.92		(3.61	)		.79	(c)
Total from investment
operations		1.90			(.98	)	3.38		.80		(3.70	)		.76
Net asset value,
end of period		$17.15			$15.25		$16.23		$12.85		$12.05			$15.75
Total Return(d)		12.39	%(e)		(6.04	)%	26.40	%	6.56	%	(23.49	)%		5.07	%(e)
Ratios to Average Net Assets:
Expenses, including
expense reductions		.82	%(e)		1.61	%	1.58	%	1.60	%	1.64	%		.46	%(e)
Expenses, excluding
expense reductions		.82	%(e)		1.61	%	1.58	%	1.60	%	1.64	%		.46	%(e)
Net investment income
(loss)		.04	%(e)		(.73	)%	(.65	)%	(.93	)%	(.84	)%		(.22	)%(e)
Supplemental Data:
Net assets,
end of period (000)		$503			$394		$658		$754		$709			$11
Portfolio turnover rate		61.07	%(e)		81.63	%	73.17	%	67.29	%	42.78	%		53.71	%

(a)	Commencement of operations was 3/24/2008, SEC effective date was 9/14/2007 and date shares first became available to the public was 4/1/2008.
(b)	Calculated using average shares outstanding during the period.
(c)	The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statement of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time.
(d)	Total return assumes the reinvestment of all distributions.
(e)	Not annualized.

See Notes to Financial Statements. 17

Financial Highlights (concluded)

	Class R3 Shares
	Six Months Ended 1/31/2013 (unaudited)															3/24/2008(a) to 7/31/2008
				Year Ended 7/31
				2012			2011			2010			2009
Per Share Operating Performance
Net asset value,
beginning of period		$15.30			$16.28			$12.86			$12.05			$15.74			$14.99
Investment operations:
Net investment
income (loss)(b)		.01			(.09	)		(.08	)		(.11	)		(.08	)		(.05	)
Net realized and
unrealized gain (loss)		1.91			(.89	)		3.50			.92			(3.61	)		.80	(c)
Total from investment
operations		1.92			(.98	)		3.42			.81			(3.69	)		.75
Net asset value,
end of period		$17.22			$15.30			$16.28			$12.86			$12.05			$15.74
Total Return(d)		12.48	%(e)		(5.96	)%		26.52	%		6.63	%		(23.38	)%		5.00	%(e)
Ratios to Average Net Assets:
Expenses, including
expense reductions		.77	%(e)		1.50	%		1.48	%		1.49	%		1.52	%		.53	%(e)
Expenses, excluding
expense reductions		.77	%(e)		1.50	%		1.48	%		1.49	%		1.52	%		.53	%(e)
Net investment income
(loss)		.03	%(e)		(.62	)%		(.55	)%		(.81	)%		(.76	)%		(.29	)%(e)
Supplemental Data:
Net assets,
end of period (000)		$17,415			$16,490			$19,671			$16,516			$2,568			$105
Portfolio turnover rate		61.07	%(e)		81.63	%		73.17	%		67.29	%		42.78	%		53.71	%

(a)	Commencement of operations was 3/24/2008, SEC effective date was 9/14/2007 and date shares first became available to the public was 4/1/2008.
(b)	Calculated using average shares outstanding during the period.
(c)	The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statement of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time.
(d)	Total return assumes the reinvestment of all distributions.
(e)	Not annualized.

18 See Notes to Financial Statements.

Notes to Financial Statements (unaudited)

1. ORGANIZATION

Lord Abbett Equity Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company. The Trust was formed on May 1, 2001 and is organized as a Delaware statutory trust. The Trust currently consists of three funds. This report covers Lord Abbett Small-Cap Blend Fund (the “Fund”).

The Fund’s investment objective is to seek long-term growth of capital by investing primarily in stocks of small companies. The Fund has eight classes of shares: 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 25^th day of the month (or, if the 25^th 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 is closed to most new investors but is open to certain new investors on a limited basis as set forth in the Fund’s prospectus. 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 Trustees (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 LLC. The Fund may rely on an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices.

19

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 and approved by the Board. 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 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. 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 July 31, 2009 through July 31, 2012. The statutes of limitations on the Trust’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 and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies on the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain on investments and foreign currency related transactions on

20

Notes to Financial Statements (unaudited)(continued)

	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.
	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contract’s terms.
(g)	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.
(h)	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).

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.

The following is a summary of the inputs used as of January 31, 2013 in valuing the Fund’s investments carried at fair value:

21

Notes to Financial Statements (unaudited)(continued)

Investment Type*	Level 1 (000		)	Level 2 (000		)	Level 3 (000		)	Total (000		)
Common Stocks	$	690,135		$	—		$	—		$	690,135
Repurchase Agreement		—			22,385			—			22,385
Total	$	690,135		$	22,385		$	—		$	712,520

*	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. There were no level transfers during the period ended January 31, 2013.
3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Management Fee

The Trust 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 $1 billion	.75%
Over $1 billion	.70%

For the six months ended January 31, 2013, the effective management fee paid to Lord Abbett was at an annualized rate of .75% 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 Lord Abbett Alpha Strategy Fund of Lord Abbett Securities Trust (“Alpha Strategy Fund”), pursuant to which each Underlying Fund pays a portion of the expenses (excluding management fee and distribution and service fees) of Alpha Strategy Fund in proportion to the average daily value of the Underlying Fund shares owned by Alpha Strategy Fund. Amounts paid pursuant to the Servicing Arrangement are included in Subsidy expense on the Fund’s Statement of Operations and Payable to affiliate on the Fund’s Statement of Assets and Liabilities.

As of January 31, 2013, the percentage of the Fund’s outstanding shares owned by Alpha Strategy Fund was 12.01%.

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 fees are accrued daily at annual rates based upon the Fund’s average daily net assets as follows:

Fees*	Class A	Class B	Class C	Class F	Class P	Class R2	Class R3
Service	.25%	.25%	.25%	—	.25%	.25%	.25%
Distribution	.10%	.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.

Class I shares do not have a distribution plan.

22

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 January 31, 2013:

Distributor Commissions	Dealers’ Concessions
$8,838	$48,919

Distributor received CDSCs of $1,421 and $1,300 for Class A and Class C shares, respectively, for the six months ended January 31, 2013.

During the six months ended January 31, 2013, two Trustees and certain of the Fund’s officers had an interest in Lord Abbett.

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

Dividends from net investment income, if any, are declared and paid at least annually. 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 January 31, 2013 and the fiscal year ended July 31, 2012 was as follows:

	Six Months Ended 1/31/2013 (unaudited)		Year Ended 7/31/2012
Distributions paid from:
Net investment income	$	716,326	$	—
Total distributions paid	$	716,326	$	—

As of July 31, 2012, the Fund had a capital loss carryforward of $69,332,969 set to expire in 2018.

In accordance with the Regulated Investment Company Modernization Act of 2010, the Fund will carryforward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) indefinitely. Post-enactment losses will also retain their character as either short-term or long-term and be utilized before any pre-enactment losses.

As of January 31, 2013, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	637,991,037
Gross unrealized gain		95,103,721
Gross unrealized loss		(20,574,270	)
Net unrealized security gain	$	74,529,451

23

Notes to Financial Statements (unaudited)(continued)

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

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the six months ended January 31, 2013 were as follows:

Purchases	Sales
$463,641,292	$651,757,906

There were no purchases or sales of U.S. Government securities for the six months ended January 31, 2013.

6. TRUSTEES’ REMUNERATION  

During the six months ended January 31, 2013, the Trust’s officers and the two Trustees who were associated with Lord Abbett did not receive any compensation from the Trust for serving in such capacities. Independent Trustees’ 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 Trustees under which Independent Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Trustees’ 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 Trustees’ fees on the Statement of Operations and in Trustees’ 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.

7. 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.

8. LINE OF CREDIT  

On April 2, 2012, the Fund and certain other funds managed by Lord Abbett (the “participating funds”) entered into an unsecured revolving credit facility (“Facility”) with State Street Bank and Trust Company (“SSB”), to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Facility is renewed annually under terms that depend on market conditions at the time of the renewal. The amounts available under the Facility are (i) the lesser of either $250,000,000 or 33.33% of total assets per participating fund and (ii) $350,000,000 in the aggregate for all participating funds. The annual fee to maintain the Facility is .09% of the amount available under the Facility. Each participating fund pays its pro rata share based on the net assets of each participating fund. This amount is included in Other expenses on the Fund’s Statement of Operations. Any borrowings under this Facility will bear interest at current market rates as set forth in the credit agreement. As of January 31, 2013, there were no loans outstanding pursuant to this Facility nor was the Facility utilized at any time during the six months ended January 31, 2013.

For the period February 3, 2011 through April 1, 2012, the Fund and certain other funds managed by Lord Abbett had an amount of $200,000,000 available under a Facility from SSB with an annual fee to maintain the Facility of .125% of the amount available under the Facility.

24

Notes to Financial Statements (unaudited)(continued)

9. CUSTODIAN AND ACCOUNTING AGENT  

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

10. INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with equity investing, as well as the particular risks associated with growth and value stocks. The value of an investment in the Fund will fluctuate in response to movements in the equity securities markets in general and to the changing prospects of individual companies in which the Fund invests. Different types of stocks tend to shift in and out of favor depending on market and economic conditions. Growth stocks may be more volatile than other stocks. 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 market conditions or companies is wrong, it could suffer losses or produce poor performance relative to other funds, even in a rising market. The Fund invests primarily in small company stocks, which tend to be more volatile and can be less liquid than large company stocks. Small companies may also have more limited product lines, markets or financial resources, and typically experience a higher risk of failure than large companies.

Due to the Fund’s exposure to foreign companies and American Depositary Receipts, the Fund may experience increased market, liquidity, currency, political, information, and other risks.

These factors can affect the Fund’s performance.

11. SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest were as follows:

	Six Months Ended January 31, 2013 (unaudited)						Year Ended July 31, 2012
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		622,635		$	10,165,217			2,517,201		$	38,089,548
Converted from Class B*		162,497			2,645,017			291,758			4,434,964
Shares reacquired		(3,121,706	)		(50,735,853	)		(9,314,573	)		(140,235,136	)
Decrease		(2,336,574	)	$	(37,925,619	)		(6,505,614	)	$	(97,710,624	)
Class B Shares
Shares sold		9,587		$	143,576			15,435		$	231,056
Shares reacquired		(178,008	)		(2,651,881	)		(392,221	)		(5,480,572	)
Converted to Class A*		(175,792	)		(2,645,017	)		(314,138	)		(4,434,964	)
Decrease		(344,213	)	$	(5,153,322	)		(690,924	)	$	(9,684,480	)
Class C Shares
Shares sold		92,772		$	1,390,319			236,091		$	3,324,570
Shares reacquired		(845,756	)		(12,637,844	)		(1,753,625	)		(24,578,771	)
Decrease		(752,984	)	$	(11,247,525	)		(1,517,534	)	$	(21,254,201	)

25

Notes to Financial Statements (unaudited)(concluded)

	Six Months Ended January 31, 2013 (unaudited)						Year Ended July 31, 2012
Class F Shares	Shares			Amount			Shares			Amount
Shares sold		66,516		$	1,098,309			122,166		$	1,826,603
Reinvestment of distributions		532			8,785			—			—
Shares reacquired		(144,114	)		(2,370,633	)		(235,964	)		(3,616,624	)
Decrease		(77,066	)	$	(1,263,539	)		(113,798	)	$	(1,790,021	)
Class I Shares
Shares sold		1,013,579		$	17,300,586			4,258,957		$	65,223,291
Reinvestment of distributions		37,955			643,339			—			—
Shares reacquired		(6,531,047	)		(113,195,814	)		(10,757,304	)		(166,532,948	)
Decrease		(5,479,513	)	$	(95,251,889	)		(6,498,347	)	$	(101,309,657	)
Class P Shares
Shares sold		175,395		$	2,841,412			656,102		$	9,884,765
Shares reacquired		(1,450,397	)		(23,471,317	)		(2,273,590	)		(34,217,150	)
Decrease		(1,275,002	)	$	(20,629,905	)		(1,617,488	)	$	(24,332,385	)
Class R2 Shares
Shares sold		7,520		$	117,839			11,252		$	173,032
Shares reacquired		(4,032	)		(64,497	)		(25,919	)		(378,664	)
Increase (decrease)		3,488		$	53,342			(14,667	)	$	(205,632	)
Class R3 Shares
Shares sold		202,468		$	3,245,780			406,798		$	6,159,911
Shares reacquired		(268,369	)		(4,335,409	)		(537,950	)		(8,105,437	)
Decrease		(65,901	)	$	(1,089,629	)		(131,152	)	$	(1,945,526	)

* Automatic conversion of Class B shares occurs on the 25^th day of the month (or, if the 25^th 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.

12. SUBSEQUENT EVENTS  

On February 28, 2013, the Fund’s Board approved a proposal to reorganize the Fund into Lord Abbett Securities Trust – Lord Abbett Value Opportunities Fund to create a single larger fund. The reorganization requires the approval of the Fund’s shareholders at a future shareholder meeting.

26

Approval of Advisory Contract

The Board of Trustees of the Fund, including all of the Trustees who are not interested persons of the Fund or Lord, Abbett & Co. LLC (“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 Lipper Inc. regarding the investment performance of the Fund compared to the investment performance of a group of funds within the same investment classification/objective (the “performance universe”) and the investment performance of an appropriate benchmark; (2) information provided by Lipper Inc. regarding the expense ratios, contractual and effective management fee rates, and other expense components for the Fund and one or more groups of funds with similar objectives and of similar size (the “peer group”); (3) detailed performance attribution analysis; (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 relevant 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 resulting 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 universe as of various periods ended September 30, 2012. The Board observed that the investment performance of the Class A shares was below the median of the performance universe for each of the periods.

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

27

personnel. The Board also considered the steps Lord Abbett had taken or was taking to improve investment performance of the Fund.

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 Lord Abbett Distributor LLC (“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 each class of shares of the Fund and the expense levels of the peer group. The Board considered the fiscal periods on which the peer group comparisons were based, and noted that the fiscal years of many funds in the peer group did not coincide with the Fund’s fiscal year. It also considered the projected expense levels and how those levels would relate to those of the peer group and the amount and nature of the fees paid by shareholders. The Board observed that the expense ratios generally were near the medians of the 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 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 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 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 from the Funds, 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.

28

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.

29

Householding

The Trust 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).

30

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 LORD ABBETT DISTRIBUTOR LLC.	Lord Abbett Equity Trust      Lord Abbett Small-Cap Blend Fund	LASCB-3-0113 (03/13)

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) The Lord Abbett Family of Funds Sarbanes Oxley Code of Ethics for the Principal Executive Officer and Senior Financial Officers is attached hereto as part of Ex-99. CODEETH.

(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 EQUITY TRUST

By: /s/ Daria L. Foster

Daria L. Foster

President and Chief Executive Officer

Date: March 27, 2013

By: /s/ Joan A. Binstock

Joan A. Binstock

Chief Financial Officer and Vice President

Date: March 27, 2013

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: March 27, 2013

By: /s/ Joan A. Binstock

Joan A. Binstock

Chief Financial Officer and Vice President

Date: March 27, 2013