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)

Brooke A. Fapohunda, Esq., Vice President & Assistant Secretary

90 Hudson Street, Jersey City, NJ 07302

(Name and address of agent for service)

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

Date of fiscal year end: 7/31

Date of reporting period: 1/31/2018

Item 1: Report(s) to Shareholders.

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Calibrated Large Cap Value Fund

Calibrated Mid Cap Value Fund

For the six-month period ended January 31, 2018

Table of Contents

1	A Letter to Shareholders
2	Information About Your Fund’s Expenses and Holdings Presented by Sector
	Schedules of Investments:
7	Calibrated Large Cap Value Fund
11	Calibrated Mid Cap Value Fund
16	Statements of Assets and Liabilities
18	Statements of Operations
19	Statements of Changes in Net Assets
22	Financial Highlights
30	Notes to Financial Statements
42	Supplemental Information to Shareholders

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, 2018

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Daria L. Foster, Trustee, President, and Chief Executive Officer of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report for the Funds for the six-month period ended January 31, 2018. 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, 2017 through January 31, 2018).

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 8/1/17 – 1/31/18” 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†
	8/1/17	1/31/18	8/1/17 – 1/31/18
Class A
Actual	$1,000.00	$1,105.40	$4.51
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.92	$4.33
Class C
Actual	$1,000.00	$1,101.30	$8.47
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.14	$8.13
Class F
Actual	$1,000.00	$1,106.90	$3.19
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.18	$3.06
Class F3
Actual	$1,000.00	$1,106.50	$3.08
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.30	$2.96
Class I
Actual	$1,000.00	$1,106.50	$3.19
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.18	$3.06
Class R2
Actual	$1,000.00	$1,103.30	$6.36
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.16	$6.11
Class R3
Actual	$1,000.00	$1,103.90	$5.83
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.66	$5.60
Class R4
Actual	$1,000.00	$1,105.20	$4.51
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.92	$4.33
Class R5
Actual	$1,000.00	$1,106.60	$3.19
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.18	$3.06
Class R6
Actual	$1,000.00	$1,107.10	$3.08
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.18	$2.96

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.85% for Class A, 1.60% for Class C, 0.60% for Class F, 0.58% for Class F3, 0.60% for Class I, 1.20% for Class R2, 1.10% for Class R3, 0.85% for Class R4, 0.60% for Class R5 and 0.58% for Class R6) multiplied by 184/365 (to reflect one-half year period).

3

Portfolio Holdings Presented by Sector

January 31, 2018

Sector*	%**
Consumer Discretionary		6.20	%
Consumer Staples		7.95	%
Energy		11.01	%
Financials		27.39	%
Health Care		13.87	%
Industrials		7.99	%
Information Technology		9.31	%
Materials		3.53	%
Real Estate		4.24	%
Telecommunication Services		3.13	%
Utilities		5.17	%
Repurchase Agreement		0.21	%
Total		100.00	%

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

4

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†
	8/1/17	1/31/18	8/1/17 – 1/31/18
Class A
Actual	$1,000.00	$1,077.10	$4.97
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.42	$4.84
Class C
Actual	$1,000.00	$1,073.40	$8.88
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.64	$8.64
Class F
Actual	$1,000.00	$1,078.60	$3.67
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.68	$3.57
Class F3
Actual	$1,000.00	$1,078.50	$3.41
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.90	$3.31
Class I
Actual	$1,000.00	$1,078.40	$3.67
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.68	$3.57
Class R2
Actual	$1,000.00	$1,075.20	$6.80
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.65	$6.61
Class R3
Actual	$1,000.00	$1,076.00	$6.28
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.16	$6.11
Class R4
Actual	$1,000.00	$1,077.10	$4.97
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.42	$4.84
Class R5
Actual	$1,000.00	$1,078.40	$3.67
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.68	$3.57
Class R6
Actual	$1,000.00	$1,078.50	$3.41
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.93	$3.31

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.95% for Class A, 1.70% for Class C, 0.70% for Class F, 0.65% for Class F3, 0.70% for Class I, 1.30% for Class R2, 1.20% for Class R3, 0.95% for Class R4, 0.70% for Class R5 and 0.65% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

5

Portfolio Holdings Presented by Sector

January 31, 2018

Sector*	%**
Consumer Discretionary		11.78	%
Consumer Staples		4.34	%
Energy		8.05	%
Financials		20.07	%
Health Care		6.76	%
Industrials		12.74	%
Information Technology		6.70	%
Materials		5.33	%
Real Estate		13.44	%
Utilities		9.48	%
Repurchase Agreement		1.31	%
Total		100.00	%

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

6 See Notes to Financial Statements.

Schedule of Investments (unaudited)

CALIBRATED LARGE CAP VALUE FUND January 31, 2018

Investments	Shares		Fair Value (000)
COMMON STOCKS 99.50%
Aerospace & Defense 1.33%
Raytheon Co.		13,100	$	2,737
Spirit AeroSystems Holdings, Inc. Class A		37,100		3,798
Total				6,535
Airlines 0.81%
Alaska Air Group, Inc.		20,800		1,367
Delta Air Lines, Inc.		46,100		2,617
Total				3,984
Automobiles 0.98%
Ford Motor Co.		438,400		4,809
Banks 13.63%
Bank of America Corp.		435,900		13,949
CIT Group, Inc.		86,100		4,364
Citigroup, Inc.		49,100		3,853
Citizens Financial Group, Inc.		145,000		6,656
First Horizon National Corp.		217,200		4,314
JPMorgan Chase & Co.		190,400		22,024
U.S. Bancorp		146,500		8,371
Wells Fargo & Co.		54,900		3,611
Total				67,142
Beverages 0.66%
Molson Coors Brewing Co. Class B		38,900		3,268
Biotechnology 0.64%
Amgen, Inc.		17,000		3,163
Building Products 1.05%
Johnson Controls International plc		131,800		5,157
Capital Markets 3.70%
Affiliated Managers Group, Inc.		25,500		5,090
Ameriprise Financial, Inc.		11,800		1,991
E*TRADE Financial Corp.*		105,700		5,570
Invesco Ltd.		126,200		4,560
Lazard Ltd. Class A		16,800		984
Total				18,195

Investments	Shares		Fair Value (000)
Chemicals 2.65%
Celanese Corp. Series A		38,200	$	4,132
DowDuPont, Inc.		30,400		2,297
Eastman Chemical Co.		14,700		1,458
LyondellBasell Industries NV Class A		43,000		5,153
Total				13,040
Communications Equipment 1.84%
Cisco Systems, Inc.		218,600		9,081
Consumer Finance 2.59%
Capital One Financial Corp.		38,600		4,013
Discover Financial Services		82,300		6,568
Santander Consumer USA Holdings, Inc.		59,500		1,026
Synchrony Financial		28,500		1,131
Total				12,738
Containers & Packaging 0.87%
Graphic Packaging Holding Co.		265,600		4,289
Diversified Consumer Services 0.41%
H&R Block, Inc.		75,300		1,999
Diversified Financial Services 2.28%
Berkshire Hathaway, Inc. Class B*		39,600		8,489
Voya Financial, Inc.		52,600		2,731
Total				11,220
Diversified Telecommunication Services 3.12%
AT&T, Inc.		265,000		9,924
Verizon Communications, Inc.		100,900		5,456
Total				15,380
Electric: Utilities 3.93%
American Electric Power Co., Inc.		68,700		4,725
Edison International		30,200		1,889
FirstEnergy Corp.		35,700		1,175
Great Plains Energy, Inc.		57,300		1,783
NextEra Energy, Inc.		16,200		2,566
PG&E Corp.		56,000		2,376

See Notes to Financial Statements. 7

Schedule of Investments (unaudited)(continued)

CALIBRATED LARGE CAP VALUE FUND January 31, 2018

Investments	Shares		Fair Value (000)
Electric: Utilities (continued)
PPL Corp.		152,400	$	4,857
Total				19,371
Electrical Equipment 1.76%
Eaton Corp. plc		60,400		5,072
Hubbell, Inc.		26,300		3,575
Total				8,647
Energy Equipment & Services 1.51%
Rowan Cos., plc Class A*		138,200		2,034
Schlumberger Ltd.		73,200		5,386
Total				7,420
Equity Real Estate Investment Trusts 4.22%
AvalonBay Communities, Inc.		31,000		5,282
Digital Realty Trust, Inc.		17,000		1,903
Duke Realty Corp.		166,400		4,395
Extra Space Storage, Inc.		24,900		2,079
Federal Realty Investment Trust		31,100		3,757
UDR, Inc.		46,800		1,710
Vornado Realty Trust		23,400		1,677
Total				20,803
Food & Staples Retailing 2.33%
Kroger Co. (The)		35,000		1,063
Wal-Mart Stores, Inc.		42,800		4,562
Walgreens Boots Alliance, Inc.		77,900		5,863
Total				11,488
Food Products 2.12%
Kraft Heinz Co. (The)		35,500		2,783
Mondelez International, Inc. Class A		62,300		2,766
Tyson Foods, Inc. Class A		64,400		4,901
Total				10,450
Health Care Equipment & Supplies 3.66%
Abbott Laboratories		132,500		8,236
Baxter International, Inc.		87,100		6,274
Medtronic plc (Ireland)(a)		40,800		3,504
Total				18,014

Investments	Shares		Fair Value (000)
Health Care Providers & Services 2.27%
Cardinal Health, Inc.		55,600	$	3,992
Envision Healthcare Corp.*		28,500		1,026
Express Scripts Holding Co.*		50,900		4,030
McKesson Corp.		6,900		1,165
UnitedHealth Group, Inc.		4,100		971
Total				11,184
Hotels, Restaurants & Leisure 0.51%
Carnival Corp.		34,900		2,499
Household Durables 1.50%
Lennar Corp. Class A		53,700		3,365
Newell Brands, Inc.		86,300		2,281
Whirlpool Corp.		9,700		1,760
Total				7,406
Household Products 1.75%
Kimberly-Clark Corp.		15,100		1,767
Procter & Gamble Co. (The)		79,400		6,855
Total				8,622
Industrial Conglomerates 0.87%
General Electric Co.		266,198		4,304
Information Technology Services 1.06%
DXC Technology Co.		16,800		1,672
International Business Machines Corp.		21,750		3,561
Total				5,233
Insurance 5.12%
Allstate Corp. (The)		62,700		6,193
Chubb Ltd. (Switzerland)(a)		31,900		4,981
Hartford Financial Services Group, Inc. (The)		73,100		4,296
Prudential Financial, Inc.		50,200		5,965
RenaissanceRe Holdings Ltd.		29,600		3,763
Total				25,198
Life Sciences Tools & Services 0.32%
Thermo Fisher Scientific, Inc.		7,000		1,569

8 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CALIBRATED LARGE CAP VALUE FUND January 31, 2018

Investments	Shares		Fair Value (000)
Machinery 0.84%
Caterpillar, Inc.		13,800	$	2,246
Pentair plc (United Kingdom)(a)		26,300		1,881
Total				4,127
Media 1.68%
Comcast Corp. Class A		118,200		5,027
Walt Disney Co. (The)		29,900		3,249
Total				8,276
Multi-Line Retail 0.53%
Target Corp.		34,900		2,625
Multi-Utilities 1.22%
Dominion Energy, Inc.		27,000		2,064
Sempra Energy		36,900		3,949
Total				6,013
Oil, Gas & Consumable Fuels 9.47%
Anadarko Petroleum Corp.		38,800		2,330
Chevron Corp.		137,800		17,273
ConocoPhillips		123,200		7,245
Devon Energy Corp.		91,400		3,781
Exxon Mobil Corp.		82,800		7,229
Kinder Morgan, Inc.		113,800		2,046
Valero Energy Corp.		70,300		6,747
Total				46,651
Pharmaceuticals 6.94%
Allergan plc		6,700		1,208
Johnson & Johnson		95,400		13,183
Merck & Co., Inc.		91,100		5,398
Pfizer, Inc.		388,700		14,397
Total				34,186
Road & Rail 0.43%
Union Pacific Corp.		15,700		2,096

Investments	Shares		Fair Value (000)
Semiconductors & Semiconductor Equipment 4.09%
Applied Materials, Inc.		25,600	$	1,373
Intel Corp.		219,100		10,547
Micron Technology, Inc.*		27,500		1,202
Qorvo, Inc.*		54,000		3,876
QUALCOMM, Inc.		45,700		3,119
Total				20,117
Software 0.71%
FireEye, Inc.*		101,600		1,532
Oracle Corp.		37,600		1,940
Total				3,472
Specialty Retail 0.57%
Advance Auto Parts, Inc.		8,500		995
Sally Beauty Holdings, Inc.*		110,500		1,835
Total				2,830
Technology Hardware, Storage & Peripherals 1.58%
Apple, Inc.		12,400		2,076
HP, Inc.		93,100		2,171
NetApp, Inc.		57,600		3,543
Total				7,790
Tobacco 1.06%
Philip Morris International, Inc.		48,800		5,233
Trading Companies & Distributors 0.89%
Air Lease Corp.		90,100		4,381
Total Common Stocks (cost $442,253,661)				490,005

See Notes to Financial Statements. 9

Schedule of Investments (unaudited)(concluded)

CALIBRATED LARGE CAP VALUE FUND January 31, 2018

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 0.21%
Repurchase Agreement
Repurchase Agreement dated 1/31/2018, 0.54% due 2/1/2018 with Fixed Income Clearing Corp. collateralized by $1,010,000 of U.S. Treasury Inflation Indexed Note at 0.125% due 4/15/2020; value: $1,060,253; proceeds: $1,034,935 (cost $1,034,920)		$1,035	$	1,035
Total Investments in Securities 99.71% (cost $443,288,581)				491,040
Cash and Other Assets in Excess of Liabilities(b) 0.29%				1,435
Net Assets 100.00%			$	492,475

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

Open Futures Contracts at January 31, 2018:

Type	Expiration	Contracts	Position	Notional Amount	Notional Value	Unrealized Appreciation
E-Mini S&P 500 Index	March 2018	14	Long	$1,944,242	$1,978,060	$33,818

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

Investment Type(2)(3)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	490,005	$	–	$	–	$	490,005
Repurchase Agreement		–		1,035		–		1,035
Total	$	490,005	$	1,035	$	–	$	491,040
Other Financial Instruments
Futures Contracts
Assets	$	34	$	–	$	–	$	34
Liabilities		–		–		–		–
Total	$	34	$	–	$	–	$	34

(1)	Refer to Note 2(h) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.
(3)	There were no Level 1/Level 2 transfers during the period ended January 31, 2018.

10 See Notes to Financial Statements.

Schedule of Investments (unaudited)

CALIBRATED MID CAP VALUE FUND January 31, 2018

Investments	Shares		Fair Value (000)
COMMON STOCKS 98.78%
Aerospace & Defense 1.79%
L3 Technologies, Inc.		15,200	$	3,229
Spirit AeroSystems Holdings, Inc. Class A		57,500		5,886
Textron, Inc.		137,100		8,044
Total				17,159
Airlines 1.57%
Alaska Air Group, Inc.		33,400		2,195
American Airlines Group, Inc.		142,300		7,730
United Continental Holdings, Inc.*		75,500		5,121
Total				15,046
Banks 8.41%
CIT Group, Inc.		154,400		7,826
Citizens Financial Group, Inc.		214,500		9,846
Comerica, Inc.		143,400		13,655
East West Bancorp, Inc.		101,200		6,670
First Horizon National Corp.		340,100		6,754
KeyCorp		717,600		15,357
M&T Bank Corp.		70,000		13,355
Western Alliance Bancorp*		123,000		7,215
Total				80,678
Beverages 0.81%
Molson Coors Brewing Co. Class B		91,900		7,721
Building Products 0.28%
USG Corp.*		70,200		2,714
Capital Markets 3.79%
E*TRADE Financial Corp.*		167,400		8,822
Invesco Ltd.		505,100		18,249
Lazard Ltd. Class A		82,600		4,838
T. Rowe Price Group, Inc.		39,900		4,454
Total				36,363

Investments	Shares		Fair Value (000)
Chemicals 2.72%
Albemarle Corp.		21,800	$	2,433
Celanese Corp. Series A		91,200		9,864
Eastman Chemical Co.		91,900		9,115
Huntsman Corp.		136,101		4,705
Total				26,117
Commercial Services & Supplies 0.63%
KAR Auction Services, Inc.		110,500		6,027
Communications Equipment 0.64%
Juniper Networks, Inc.		235,300		6,153
Consumer Finance 2.02%
Santander Consumer USA Holdings, Inc.		291,300		5,025
Synchrony Financial		362,400		14,380
Total				19,405
Containers & Packaging 2.21%
Avery Dennison Corp.		71,800		8,809
Bemis Co., Inc.		60,000		2,804
Crown Holdings, Inc.*		81,100		4,708
Graphic Packaging Holding Co.		300,000		4,845
Total				21,166
Electric: Utilities 4.82%
Alliant Energy Corp.		162,700		6,467
Edison International		138,600		8,667
Eversource Energy		67,500		4,259
FirstEnergy Corp.		119,000		3,915
Great Plains Energy, Inc.		235,600		7,332
Pinnacle West Capital Corp.		56,500		4,517
Westar Energy, Inc.		68,200		3,523
Xcel Energy, Inc.		164,000		7,485
Total				46,165
Electrical Equipment 0.89%
AMETEK, Inc.		39,200		2,991
Hubbell, Inc.		40,400		5,492
Total				8,483

See Notes to Financial Statements. 11

Schedule of Investments (unaudited)(continued)

CALIBRATED MID CAP VALUE FUND January 31, 2018

Investments	Shares		Fair Value (000)
Electronic Equipment, Instruments & Components 0.79%
Arrow Electronics, Inc.*		53,800	$	4,376
Jabil, Inc.		125,200		3,184
Total				7,560
Energy Equipment & Services 1.85%
National Oilwell Varco, Inc.		171,500		6,291
Rowan Cos., plc Class A*		532,000		7,831
Superior Energy Services, Inc.*		349,300		3,650
Total				17,772
Equity Real Estate Investment Trusts 12.69%
American Homes 4 Rent Class A		186,500		3,877
Apartment Investment & Management Co. Class A		138,300		5,787
AvalonBay Communities, Inc.		46,100		7,855
Boston Properties, Inc.		28,200		3,489
Digital Realty Trust, Inc.		40,400		4,523
Duke Realty Corp.		390,100		10,303
GGP, Inc.		332,600		7,660
HCP, Inc.		103,000		2,480
Kimco Realty Corp.		429,500		6,833
Mid-America Apartment Communities, Inc.		48,700		4,645
Prologis, Inc.		149,700		9,747
Realty Income Corp.		52,200		2,777
Regency Centers Corp.		84,900		5,341
SL Green Realty Corp.		106,100		10,665
Starwood Property Trust, Inc.		257,300		5,246
UDR, Inc.		296,700		10,838
Ventas, Inc.		187,500		10,494
Vornado Realty Trust		127,300		9,125
Total				121,685
Food & Staples Retailing 0.83%
US Foods Holding Corp.*		247,400		7,949

Investments	Shares		Fair Value (000)
Food Products 2.71%
Bunge Ltd.		94,600	$	7,514
Pilgrim’s Pride Corp.*		103,000		2,860
Pinnacle Foods, Inc.		73,200		4,534
Tyson Foods, Inc. Class A		146,000		11,112
Total				26,020
Health Care Equipment & Supplies 1.88%
Hologic, Inc.*		148,600		6,345
STERIS plc (United Kingdom)(a)		40,200		3,655
Zimmer Biomet Holdings, Inc.		63,300		8,047
Total				18,047
Health Care Providers & Services 2.98%
Cardinal Health, Inc.		130,600		9,376
Cigna Corp.		19,300		4,021
Envision Healthcare Corp.*		143,400		5,161
Laboratory Corp. of America Holdings*		38,200		6,666
Quest Diagnostics, Inc.		31,700		3,354
Total				28,578
Hotels, Restaurants & Leisure 2.75%
Aramark		135,100		6,189
MGM Resorts International		182,100		6,637
Royal Caribbean Cruises Ltd.		101,100		13,502
Total				26,328
Household Durables 2.15%
Leggett & Platt, Inc.		53,900		2,507
Lennar Corp. Class A		181,741		11,388
Newell Brands, Inc.		255,200		6,747
Total				20,642
Independent Power and Renewable Electricity Producer 0.95%
AES Corp.		789,100		9,122
Information Technology Services 1.76%
Fidelity National Information Services, Inc.		57,000		5,834
Leidos Holdings, Inc.		166,300		11,076
Total				16,910

12 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CALIBRATED MID CAP VALUE FUND January 31, 2018

Investments	Shares		Fair Value (000)
Insurance 5.85%
Arthur J Gallagher & Co.		117,500	$	8,028
FNF Group		154,600		6,026
Hartford Financial Services Group, Inc. (The)		154,900		9,102
Reinsurance Group of America, Inc.		24,900		3,901
RenaissanceRe Holdings Ltd.		67,700		8,607
Torchmark Corp.		57,500		5,224
XL Group Ltd.		413,500		15,233
Total				56,121
Leisure Products 0.42%
Hasbro, Inc.		42,100		3,981
Life Sciences Tools & Services 1.90%
Agilent Technologies, Inc.		91,100		6,689
PerkinElmer, Inc.		143,600		11,511
Total				18,200
Machinery 4.70%
Cummins, Inc.		25,200		4,738
Dover Corp.		125,200		13,297
PACCAR, Inc.		85,200		6,353
Pentair plc (United Kingdom)(a)		138,400		9,896
Stanley Black & Decker, Inc.		64,600		10,738
Total				45,022
Media 1.18%
News Corp. Class A		347,400		5,944
Viacom, Inc. Class B		161,000		5,381
Total				11,325
Multi-Line Retail 1.96%
Dollar General Corp.		106,900		11,023
Kohl’s Corp.		56,200		3,640
Macy’s, Inc.		158,600		4,116
Total				18,779
Multi-Utilities 3.43%
Ameren Corp.		84,900		4,808
Consolidated Edison, Inc.		70,900		5,698

Investments	Shares		Fair Value (000)
Public Service Enterprise Group, Inc.		173,000	$	8,973
Sempra Energy		125,400		13,420
Total				32,899
Oil, Gas & Consumable Fuels 6.21%
Cimarex Energy Co.		82,100		9,212
Continental Resources, Inc.*		98,800		5,486
EQT Corp.		80,400		4,365
Hess Corp.		158,500		8,006
Marathon Oil Corp.		484,100		8,806
Marathon Petroleum Corp.		179,800		12,455
Pioneer Natural Resources Co.		28,300		5,176
Range Resources Corp.		106,100		1,512
Williams Cos., Inc. (The)		143,600		4,507
Total				59,525
Paper & Forest Products 0.41%
Domtar Corp.		76,100		3,909
Professional Services 1.08%
ManpowerGroup, Inc.		78,500		10,314
Real Estate Management & Development 0.76%
Jones Lang LaSalle, Inc.		30,400		4,753
Realogy Holdings Corp.		92,000		2,531
Total				7,284
Road & Rail 0.95%
Kansas City Southern		27,500		3,111
Ryder System, Inc.		69,200		6,023
Total				9,134
Semiconductors & Semiconductor Equipment 2.02%
Lam Research Corp.		17,300		3,313
Marvell Technology Group Ltd.		325,600		7,596
Qorvo, Inc.*		117,800		8,455
Total				19,364

See Notes to Financial Statements. 13

Schedule of Investments (unaudited)(continued)

CALIBRATED MID CAP VALUE FUND January 31, 2018

Investments	Shares		Fair Value (000)
Specialty Retail 1.99%
Advance Auto Parts, Inc.		25,700	$	3,007
Burlington Stores, Inc.*		33,700		4,101
Dick’s Sporting Goods, Inc.		107,400		3,379
Penske Automotive Group, Inc.		113,800		5,939
Sally Beauty Holdings, Inc.*		162,500		2,699
Total				19,125
Technology Hardware, Storage & Peripherals 1.50%
NetApp, Inc.		148,500		9,133
Western Digital Corp.		58,700		5,223
Total				14,356
Textiles, Apparel & Luxury Goods 1.34%
PVH Corp.		83,000		12,872
Trading Companies & Distributors 0.87%
Air Lease Corp.		172,200		8,372
Water Utilities 0.29%
Aqua America, Inc.		75,700		2,741
Total Common Stocks (cost $892,428,637)				947,133

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 1.31%
Repurchase Agreement
Repurchase Agreement dated 1/31/2018, 0.54% due 2/1/2018 with Fixed Income Clearing Corp. collateralized by $12,175,000 of U.S. Treasury Inflation Indexed Note at 0.125% due 4/15/2020; value: $12,780,767; proceeds: $12,530,228 (cost $12,530,040)		$12,530	$	12,530
Total Investments in Securities 100.09% (cost $904,958,677)				959,663
Liabilities in Excess of Other Assets(b) (0.09)%				(824	)
Net Assets 100.00%			$	958,839

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

14 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

CALIBRATED MID CAP VALUE FUND January 31, 2018

Open Futures Contracts at January 31, 2018:

Type	Expiration	Contracts	Position	Notional Amount	Notional Value	Unrealized Appreciation
E-Mini S&P 500 Index	March 2018	79	Long	$11,030,674	$11,161,910	$131,236

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

Investment Type(2)(3)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	947,133	$	–	$	–	$	947,133
Repurchase Agreement		–		12,530		–		12,530
Total	$	947,133	$	12,530	$	–	$	959,663
Other Financial Instruments
Futures Contracts
Assets	$	131	$	–	$	–	$	131
Liabilities		–		–		–		–
Total	$	131	$	–	$	–	$	131

(1)	Refer to Note 2(h) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.
(3)	There were no Level 1/Level 2 transfers during the period ended January 31, 2018.

See Notes to Financial Statements. 15

Statements of Assets and Liabilities (unaudited)

January 31, 2018

	Calibrated Large Cap Value Fund		Calibrated Mid Cap Value Fund
ASSETS:
Investments in securities, at cost	$	443,288,581	$	904,958,677
Investments in securities, at fair value	$	491,039,907	$	959,662,821
Cash		1,585		–
Deposits with brokers for futures collateral		70,700		409,050
Receivables:
Investment securities sold		1,206,414		29,402,439
Interest and dividends		506,492		450,103
Capital shares sold		105,294		512,215
From advisor (See Note 3)		52,399		33,171
Variation margin for futures contracts		870		5,323
Prepaid expenses and other assets		61,110		69,600
Total assets		493,044,771		990,544,722
LIABILITIES:
Payables:
Capital shares reacquired		128,522		30,765,628
Management fee		254,076		526,927
Trustees’ fees		47,260		78,400
12b-1 distribution plan		35,475		88,321
Fund administration		16,938		35,129
Accrued expenses		87,121		211,476
Total liabilities		569,392		31,705,881
NET ASSETS	$	492,475,379	$	958,838,841
COMPOSITION OF NET ASSETS:
Paid-in capital	$	441,817,787	$	888,554,162
Undistributed net investment income		415,629		953,421
Accumulated net realized gain on investments and futures contracts		2,456,819		14,495,878
Net unrealized appreciation on investments and futures contracts		47,785,144		54,835,380
Net Assets	$	492,475,379	$	958,838,841

16 See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(concluded)

January 31, 2018

	Calibrated Large Cap Value Fund		Calibrated Mid Cap Value Fund
Net assets by class:
Class A Shares	$	73,191,385	$	99,158,166
Class C Shares	$	16,298,520	$	49,097,756
Class F Shares	$	13,848,666	$	115,229,139
Class F3 Shares	$	4,394,076	$	3,477,800
Class I Shares	$	381,602,542	$	668,891,421
Class R2 Shares	$	498,584	$	2,027,031
Class R3 Shares	$	194,019	$	5,330,607
Class R4 Shares	$	12,733	$	4,178,508
Class R5 Shares	$	12,816	$	4,584,790
Class R6 Shares	$	2,422,038	$	6,863,623
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares		3,403,373		4,456,456
Class C Shares		770,324		2,249,318
Class F Shares		642,479		5,170,132
Class F3 Shares		203,872		155,864
Class I Shares		17,713,791		29,978,439
Class R2 Shares		23,040		90,921
Class R3 Shares		9,076.69		239,169
Class R4 Shares		593.36		188,389
Class R5 Shares		595.20		205,507
Class R6 Shares		112,404		307,628
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$21.51		$22.25
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)		$22.82		$23.61
Class C Shares-Net asset value		$21.16		$21.83
Class F Shares-Net asset value		$21.56		$22.29
Class F3 Shares-Net asset value		$21.55		$22.31
Class I Shares-Net asset value		$21.54		$22.31
Class R2 Shares-Net asset value		$21.64		$22.29
Class R3 Shares-Net asset value		$21.38		$22.29
Class R4 Shares-Net asset value		$21.46		$22.18
Class R5 Shares-Net asset value		$21.53		$22.31
Class R6 Shares-Net asset value		$21.55		$22.31

See Notes to Financial Statements. 17

Statements of Operations (unaudited)

For the Six Months Ended January 31, 2018

	Calibrated Large Cap Value Fund			Calibrated Mid Cap Value Fund
Investment income:
Dividends	$	6,286,764		$	11,127,588
Interest and other		1,723			2,870
Total investment income		6,288,487			11,130,458
Expenses:
Management fee		1,502,410			3,040,894
12b-1 distribution plan-Class A		100,827			124,340
12b-1 distribution plan-Class C		79,581			243,354
12b-1 distribution plan-Class F		7,620			66,208
12b-1 distribution plan-Class R2		1,409			6,806
12b-1 distribution plan-Class R3		573			12,340
12b-1 distribution plan-Class R4		15			4,888
Fund administration		100,161			202,726
Shareholder servicing		44,466			222,759
Registration		66,506			70,796
Custody		22,935			48,421
Professional		28,721			35,472
Reports to shareholders		11,351			30,548
Trustees’ fees		6,372			12,924
Other		20,708			34,145
Gross expenses		1,993,655			4,156,621
Expense reductions (See Note 9)		(664	)		(1,769	)
Fees waived and expenses reimbursed (See Note 3)		(308,687	)		(217,849	)
Net expenses		1,684,304			3,937,003
Net investment income		4,604,183			7,193,455
Net realized and unrealized gain:
Net realized gain on investments		13,681,722			30,933,441
Net realized gain on futures contracts		330,815			507,948
Net change in unrealized appreciation/depreciation on investments		31,623,879			36,834,652
Net change in unrealized appreciation/depreciation on futures contracts		5,114			77,660
Net realized and unrealized gain		45,641,530			68,353,701
Net Increase in Net Assets Resulting From Operations	$	50,245,713		$	75,547,156

18 See Notes to Financial Statements.

Statements of Changes in Net Assets

	Calibrated Large Cap Value Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended January 31, 2018 (unaudited)			For the Year Ended July 31, 2017
Operations:
Net investment income	$	4,604,183		$	9,770,900
Net realized gain on investments and futures contracts		14,012,537			32,043,840
Net change in unrealized appreciation/depreciation on investments and futures contracts		31,628,993			11,424,377
Net increase in net assets resulting from operations		50,245,713			53,239,117
Distributions to shareholders from:
Net investment income
Class A		(1,356,851	)		(1,461,404	)
Class C		(142,580	)		(218,174	)
Class F		(217,480	)		(355,001	)
Class F3		(81,717	)		–
Class I		(7,354,848	)		(7,359,121	)
Class R2		(6,313	)		(6,624	)
Class R3		(3,497	)		(3,419	)
Class R4		(200	)		(218	)
Class R5		(230	)		(242	)
Class R6		(47,856	)		(243	)
Net realized gain
Class A		(5,429,992	)		(1,076,582	)
Class C		(1,075,278	)		(260,387	)
Class F		(818,600	)		(241,945	)
Class F3		(284,075	)		–
Class I		(25,598,219	)		(4,855,519	)
Class R2		(31,081	)		(5,751	)
Class R3		(15,768	)		(2,818	)
Class R4		(798	)		(159	)
Class R5		(799	)		(159	)
Class R6		(166,362	)		(159	)
Total distributions to shareholders		(42,632,544	)		(15,847,925	)
Capital share transactions (See Note 14)
Net proceeds from sales of shares		24,753,913			106,352,623
Reinvestment of distributions		39,716,714			14,478,514
Cost of shares reacquired		(82,330,275	)		(87,553,262	)
Net increase (decrease) in net assets resulting from capital share transactions		(17,859,648	)		33,277,875
Net increase (decrease) in net assets		(10,246,479	)		70,669,067
NET ASSETS:
Beginning of period	$	502,721,858		$	432,052,791
End of period	$	492,475,379		$	502,721,858
Undistributed net investment income	$	415,629		$	5,023,018

See Notes to Financial Statements. 19

Statements of Changes in Net Assets (concluded)

	Calibrated Mid Cap Value Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended January 31, 2018 (unaudited)			For the Year Ended July 31, 2017
Operations:
Net investment income	$	7,193,455		$	16,682,878
Net realized gain on investments and futures contracts		31,441,389			88,503,983
Net change in unrealized appreciation/depreciation on investments and futures contracts		36,912,312			8,021,565
Net increase in net assets resulting from operations		75,547,156			113,208,426
Distributions to shareholders from:
Net investment income
Class A		(1,123,563	)		(1,965,228	)
Class C		(201,513	)		(410,679	)
Class F		(1,462,733	)		(2,275,963	)
Class F3		(44,302	)		–
Class I		(10,313,279	)		(10,927,757	)
Class R2		(18,624	)		(33,220	)
Class R3		(48,748	)		(41,126	)
Class R4		(47,731	)		(24,322	)
Class R5		(58,817	)		(5,952	)
Class R6		(109,896	)		(11,638	)
Net realized gain
Class A		(6,405,642	)		–
Class C		(3,212,159	)		–
Class F		(7,405,489	)		–
Class F3		(203,378	)		–
Class I		(47,418,837	)		–
Class R2		(149,878	)		–
Class R3		(327,920	)		–
Class R4		(257,647	)		–
Class R5		(270,346	)		–
Class R6		(504,506	)		–
Total distributions to shareholders		(79,585,008	)		(15,695,885	)
Capital share transactions (See Note 14)
Net proceeds from sales of shares		124,191,106			277,109,068
Reinvestment of distributions		75,532,779			14,638,941
Cost of shares reacquired		(268,378,620	)		(277,566,111	)
Net increase (decrease) in net assets resulting from capital share transactions		(68,654,735	)		14,181,898
Net increase (decrease) in net assets		(72,692,587	)		111,694,439
NET ASSETS:
Beginning of period	$	1,031,531,428		$	919,836,989
End of period	$	958,838,841		$	1,031,531,428
Undistributed net investment income	$	953,421		$	7,189,172

20 See Notes to Financial Statements.

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21

Financial Highlights

CALIBRATED LARGE CAP VALUE FUND

		Per Share Operating Performance:
		Investment Operations:				Distributions to shareholders from:
	Net asset value, beginning of period	Net invest- ment income(a)	Net realized and unrealized gain (loss)		Total from invest- ment opera- tions	Net investment income		Net realized gain		Total distri- butions
Class A
1/31/2018(c)	$21.25	$0.18	$ 1.92		$2.10	$(0.37	)	$(1.47	)	$(1.84	)
7/31/2017	19.55	0.40	2.01		2.41	(0.41	)	(0.30	)	(0.71	)
7/31/2016	20.88	0.36	(0.04	)	0.32	(0.36	)	(1.29	)	(1.65	)
7/31/2015	22.30	0.33	1.15		1.48	(0.35	)	(2.55	)	(2.90	)
7/31/2014	21.52	0.36	2.19		2.55	(0.29	)	(1.48	)	(1.77	)
7/31/2013	17.18	0.35	4.59		4.94	(0.20	)	(0.40	)	(0.60	)
Class C
1/31/2018(c)	20.84	0.10	1.88		1.98	(0.19	)	(1.47	)	(1.66	)
7/31/2017	19.18	0.25	1.96		2.21	(0.25	)	(0.30	)	(0.55	)
7/31/2016	20.53	0.22	(0.05	)	0.17	(0.23	)	(1.29	)	(1.52	)
7/31/2015	21.98	0.17	1.14		1.31	(0.21	)	(2.55	)	(2.76	)
7/31/2014	21.30	0.19	2.17		2.36	(0.20	)	(1.48	)	(1.68	)
7/31/2013	17.10	0.18	4.59		4.77	(0.17	)	(0.40	)	(0.57	)
Class F
1/31/2018(c)	21.29	0.21	1.92		2.13	(0.39	)	(1.47	)	(1.86	)
7/31/2017	19.57	0.44	2.03		2.47	(0.45	)	(0.30	)	(0.75	)
7/31/2016	20.90	0.40	(0.06	)	0.34	(0.38	)	(1.29	)	(1.67	)
7/31/2015	22.32	0.36	1.16		1.52	(0.39	)	(2.55	)	(2.94	)
7/31/2014	21.54	0.39	2.19		2.58	(0.32	)	(1.48	)	(1.80	)
7/31/2013	17.19	0.38	4.59		4.97	(0.22	)	(0.40	)	(0.62	)
Class F3
1/31/2018(c)	21.32	0.18	1.94		2.12	(0.42	)	(1.47	)	(1.89	)
4/4/2017 to 7/31/2017(e)	20.98	0.11	0.23		0.34	–		–		–
Class I
1/31/2018(c)	21.31	0.20	1.92		2.12	(0.42	)	(1.47	)	(1.89	)
7/31/2017	19.60	0.45	2.02		2.47	(0.46	)	(0.30	)	(0.76	)
7/31/2016	20.94	0.41	(0.05	)	0.36	(0.41	)	(1.29	)	(1.70	)
7/31/2015	22.36	0.39	1.15		1.54	(0.41	)	(2.55	)	(2.96	)
7/31/2014	21.56	0.41	2.21		2.62	(0.34	)	(1.48	)	(1.82	)
7/31/2013	17.20	0.39	4.60		4.99	(0.23	)	(0.40	)	(0.63	)
Class R2
1/31/2018(c)	21.34	0.14	1.93		2.07	(0.30	)	(1.47	)	(1.77	)
7/31/2017	19.63	0.33	2.03		2.36	(0.35	)	(0.30	)	(0.65	)
7/31/2016	20.97	0.30	(0.05	)	0.25	(0.30	)	(1.29	)	(1.59	)
7/31/2015	22.38	0.26	1.15		1.41	(0.27	)	(2.55	)	(2.82	)
7/31/2014	21.61	0.31	2.19		2.50	(0.25	)	(1.48	)	(1.73	)
7/31/2013	17.14	0.41	4.59		5.00	(0.13	)	(0.40	)	(0.53	)

22 See Notes to Financial Statements.

			Ratios to Average Net Assets:						Supplemental Data:
Net Asset value, end of period	Total return (%)(b)		Total expenses after waivers and/or reim- bursements (%)		Total expenses (%)		Net invest- ment income (%)		Net assets, end of period (000)	Portfolio turnover rate (%)
$21.51	10.54	(d)	0.43	(d)	0.49	(d)	0.84	(d)	$  73,191	30	(d)
21.25	12.61		0.82		1.01		1.94		83,248	76
19.55	1.94		0.75		1.12		1.93		71,423	68
20.88	6.71		0.75		1.08		1.54		75,083	80
22.30	12.38		0.75		1.08		1.66		81,218	104
21.52	29.60		0.75		1.12		1.83		74,466	90
21.16	10.13	(d)	0.81	(d)	0.87	(d)	0.46	(d)	16,299	30	(d)
20.84	11.75		1.56		1.76		1.22		16,163	76
19.18	1.18		1.50		1.87		1.19		17,878	68
20.53	5.93		1.49		1.82		0.82		18,361	80
21.98	11.54		1.49		1.82		0.91		10,456	104
21.30	28.71		1.48		1.85		0.91		7,057	90
21.56	10.69	(d)	0.30	(d)	0.41	(d)	0.98	(d)	13,849	30	(d)
21.29	12.89		0.60		0.86		2.14		18,829	76
19.57	2.06		0.60		0.98		2.13		12,029	68
20.90	6.90		0.60		0.93		1.70		26,401	80
22.32	12.53		0.60		0.93		1.81		17,316	104
21.54	29.82		0.60		0.97		1.94		13,153	90
21.55	10.65	(d)	0.29	(d)	0.35	(d)	0.83	(d)	4,394	30	(d)
21.32	1.62	(d)	0.59	(f)	0.74	(f)	1.58	(f)	10	76
21.54	10.65	(d)	0.30	(d)	0.36	(d)	0.96	(d)	381,603	30	(d)
21.31	12.90		0.57		0.76		2.18		381,449	76
19.60	2.16		0.50		0.87		2.19		330,171	68
20.94	6.99		0.50		0.83		1.80		383,101	80
22.36	12.70		0.50		0.83		1.91		343,275	104
21.56	29.91		0.50		0.87		2.01		299,673	90
21.64	10.33	(d)	0.60	(d)	0.67	(d)	0.65	(d)	499	30	(d)
21.34	12.26		1.17		1.36		1.59		449	76
19.63	1.55		1.10		1.47		1.58		353	68
20.97	6.35		1.10		1.43		1.21		371	80
22.38	12.04		1.01		1.44		1.43		198	104
21.61	29.97		0.49		1.37		2.01		303	90

See Notes to Financial Statements. 23

Financial Highlights (concluded)

CALIBRATED LARGE CAP VALUE FUND

		Per Share Operating Performance:
		Investment Operations:				Distributions to shareholders from:
	Net asset value, beginning of period	Net invest- ment income(a)	Net realized and unrealized  gain (loss)		Total from invest- ment opera- tions	Net investment income		Net realized gain		Total distri- butions
Class R3
1/31/2018(c)	$21.12	$0.15	$1.91		$2.06	$(0.33	)	$(1.47	)	$(1.80	)
7/31/2017	19.43	0.35	2.01		2.36	(0.37	)	(0.30	)	(0.67	)
7/31/2016	20.77	0.32	(0.06	)	0.26	(0.31	)	(1.29	)	(1.60	)
7/31/2015	22.21	0.28	1.15		1.43	(0.32	)	(2.55	)	(2.87	)
7/31/2014	21.46	0.30	2.19		2.49	(0.26	)	(1.48	)	(1.74	)
7/31/2013	17.15	0.33	4.58		4.91	(0.20	)	(0.40	)	(0.60	)
Class R4
1/31/2018(c)	21.21	0.18	1.91		2.09	(0.37	)	(1.47	)	(1.84	)
7/31/2017	19.51	0.40	2.02		2.42	(0.42	)	(0.30	)	(0.72	)
7/31/2016	20.88	0.36	(0.05	)	0.31	(0.39	)	(1.29	)	(1.68	)
6/30/2015 to 7/31/2015(g)	20.80	0.02	0.06		0.08	–		–		–
Class R5
1/31/2018(c)	21.30	0.21	1.91		2.12	(0.42	)	(1.47	)	(1.89	)
7/31/2017	19.59	0.45	2.02		2.47	(0.46	)	(0.30	)	(0.76	)
7/31/2016	20.93	0.41	(0.05	)	0.36	(0.41	)	(1.29	)	(1.70	)
6/30/2015 to 7/31/2015(g)	20.85	0.03	0.05		0.08	–		–		–
Class R6
1/31/2018(c)	21.31	0.21	1.92		2.13	(0.42	)	(1.47	)	(1.89	)
7/31/2017	19.60	0.38	2.09		2.47	(0.46	)	(0.30	)	(0.76	)
7/31/2016	20.93	0.41	(0.04	)	0.37	(0.41	)	(1.29	)	(1.70	)
6/30/2015 to 7/31/2015(g)	20.85	0.03	0.05		0.08	–		–		–

(a)	Calculated using average shares outstanding during the period.
(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
(c)	Unaudited.
(d)	Not annualized.
(e)	Commenced on April 4, 2017.
(f)	Annualized.
(g)	Commenced on June 30, 2015.

24 See Notes to Financial Statements.

			Ratios to Average Net Assets:						Supplemental Data:
Net Asset value, end of period	Total return (%)(b)		Total expenses after waivers and/or reim- bursements (%)		Total expenses (%)		Net invest- ment income (%)		Net assets, end of period (000)	Portfolio turnover rate (%)
$21.38	10.39	(d)	0.55	(d)	0.62	(d)	0.70	(d)	$194	30	(d)
21.12	12.39		1.07		1.26		1.71		198	76
19.43	1.64		1.00		1.38		1.72		167	68
20.77	6.47		1.00		1.33		1.31		336	80
22.21	12.11		1.00		1.33		1.38		141	104
21.46	29.51		0.95		1.35		1.70		79	90
21.46	10.52	(d)	0.42	(d)	0.46	(d)	0.84	(d)	13	30	(d)
21.21	12.65		0.81		0.97		1.96		12	76
19.51	1.88		0.75		1.09		1.92		10	68
20.88	0.38	(d)	0.75	(f)	1.06	(f)	1.41	(f)	10	80
21.53	10.66	(d)	0.29	(d)	0.33	(d)	0.97	(d)	13	30	(d)
21.30	12.91		0.55		0.72		2.21		12	76
19.59	2.17		0.49		0.83		2.18		10	68
20.93	0.38	(d)	0.50	(f)	0.82	(f)	1.64	(f)	10	80
21.55	10.71	(d)	0.29	(d)	0.36	(d)	0.97	(d)	2,422	30	(d)
21.31	12.91		0.58		0.72		1.81		2,353	76
19.60	2.22		0.47		0.74		2.21		10	68
20.93	0.38	(d)	0.47	(f)	0.70	(f)	1.64	(f)	10	80

See Notes to Financial Statements. 25

Financial Highlights

CALIBRATED MID CAP VALUE FUND

		Per Share Operating Performance:
		Investment Operations:				Distributions to shareholders from:
	Net asset value, beginning of period	Net invest- ment income (loss)(a)	Net realized and unrealized gain (loss)		Total from invest- ment opera- tions	Net investment income		Net realized gain		Total distri- butions
Class A
1/31/2018(c)	$22.37	$0.14	$1.49		$1.63	$(0.26	)	$(1.49	)	$(1.75	)
7/31/2017	20.22	0.34	2.14		2.48	(0.33	)	–		(0.33	)
7/31/2016	21.70	0.27	(0.06	)	0.21	(0.28	)	(1.41	)	(1.69	)
7/31/2015	22.04	0.24	1.92		2.16	(0.26	)	(2.24	)	(2.50	)
7/31/2014	21.11	0.29	2.78		3.07	(0.23	)	(1.91	)	(2.14	)
7/31/2013	16.47	0.31	4.93		5.24	(0.22	)	(0.38	)	(0.60	)
Class C
1/31/2018(c)	21.89	0.05	1.47		1.52	(0.09	)	(1.49	)	(1.58	)
7/31/2017	19.80	0.17	2.10		2.27	(0.18	)	–		(0.18	)
7/31/2016	21.33	0.12	(0.07	)	0.05	(0.17	)	(1.41	)	(1.58	)
7/31/2015	21.71	0.07	1.90		1.97	(0.11	)	(2.24	)	(2.35	)
7/31/2014	20.89	0.13	2.75		2.88	(0.15	)	(1.91	)	(2.06	)
7/31/2013	16.39	0.08	4.99		5.07	(0.19	)	(0.38	)	(0.57	)
Class F
1/31/2018(c)	22.41	0.17	1.49		1.66	(0.29	)	(1.49	)	(1.78	)
7/31/2017	20.24	0.38	2.15		2.53	(0.36	)	–		(0.36	)
7/31/2016	21.72	0.30	(0.07	)	0.23	(0.30	)	(1.41	)	(1.71	)
7/31/2015	22.06	0.27	1.93		2.20	(0.30	)	(2.24	)	(2.54	)
7/31/2014	21.11	0.32	2.79		3.11	(0.25	)	(1.91	)	(2.16	)
7/31/2013	16.48	0.27	4.99		5.26	(0.25	)	(0.38	)	(0.63	)
Class F3
1/31/2018(c)	22.46	0.15	1.52		1.67	(0.33	)	(1.49	)	(1.82	)
4/4/2017 to 7/31/2017(e)	21.83	0.06	0.57		0.63	–		–		–
Class I
1/31/2018(c)	22.46	0.17	1.49		1.66	(0.32	)	(1.49	)	(1.81	)
7/31/2017	20.30	0.38	2.16		2.54	(0.38	)	–		(0.38	)
7/31/2016	21.77	0.32	(0.06	)	0.26	(0.32	)	(1.41	)	(1.73	)
7/31/2015	22.11	0.33	1.89		2.22	(0.32	)	(2.24	)	(2.56	)
7/31/2014	21.16	0.34	2.79		3.13	(0.27	)	(1.91	)	(2.18	)
7/31/2013	16.50	0.35	4.95		5.30	(0.26	)	(0.38	)	(0.64	)
Class R2
1/31/2018(c)	22.38	0.10	1.49		1.59	(0.19	)	(1.49	)	(1.68	)
7/31/2017	20.25	0.26	2.15		2.41	(0.28	)	–		(0.28	)
7/31/2016	21.79	0.18	(0.03	)	0.15	(0.28	)	(1.41	)	(1.69	)
7/31/2015	22.16	0.16	1.93		2.09	(0.22	)	(2.24	)	(2.46	)
7/31/2014	21.19	0.22	2.81		3.03	(0.15	)	(1.91	)	(2.06	)
7/31/2013	16.43	0.37	4.93		5.30	(0.16	)	(0.38	)	(0.54	)

26 See Notes to Financial Statements.

			Ratios to Average Net Assets:						Supplemental Data:
Net Asset value, end of period	Total return (%)(b)		Total expenses after waivers and/or reim- bursements (%)		Total expenses (%)		Net invest- ment income (loss) (%)		Net assets, end of period (000)	Portfolio turnover rate (%)
$22.25	7.71	(d)	0.48	(d)	0.49	(d)	0.63	(d)	$  99,158	40	(d)
22.37	12.39		0.92		1.02		1.60		102,036	93
20.22	1.50		0.85		1.12		1.41		122,604	83
21.70	10.15		0.85		1.07		1.12		132,998	78
22.04	15.42		0.85		1.09		1.38		28,422	98
21.11	32.83		0.85		1.13		1.66		27,545	90
21.83	7.34	(d)	0.86	(d)	0.87	(d)	0.24	(d)	49,098	40	(d)
21.89	11.53		1.67		1.77		0.81		49,789	93
19.80	0.74		1.60		1.87		0.67		46,709	83
21.33	9.33		1.60		1.81		0.31		48,851	78
21.71	14.60		1.60		1.84		0.60		4,354	98
20.89	31.91		1.58		1.86		0.40		2,204	90
22.29	7.86	(d)	0.35	(d)	0.42	(d)	0.75	(d)	115,229	40	(d)
22.41	12.64		0.70		0.87		1.77		150,913	93
20.24	1.64		0.70		0.97		1.59		133,287	83
21.72	10.31		0.70		0.92		1.22		194,111	78
22.06	15.66		0.70		0.94		1.50		7,853	98
21.11	33.01		0.69		0.98		1.35		6,062	90
22.31	7.85	(d)	0.32	(d)	0.35	(d)	0.68	(d)	3,478	40	(d)
22.46	2.89	(d)	0.65	(f)	0.73	(f)	0.85	(f)	70	93
22.31	7.84	(d)	0.35	(d)	0.37	(d)	0.76	(d)	668,891	40	(d)
22.46	12.66		0.67		0.77		1.80		709,215	93
20.30	1.77		0.60		0.87		1.66		610,721	83
21.77	10.41		0.60		0.82		1.49		699,681	78
22.11	15.70		0.60		0.84		1.59		577,851	98
21.16	33.21		0.60		0.88		1.88		323,673	90
22.29	7.52	(d)	0.65	(d)	0.67	(d)	0.45	(d)	2,027	40	(d)
22.38	11.99		1.27		1.37		1.22		2,209	93
20.25	1.20		1.19		1.47		0.98		2,390	83
21.79	9.72		1.20		1.42		0.72		234	78
22.16	15.14		1.13		1.43		1.03		31	98
21.19	33.23		0.58		0.87		1.98		16	90

See Notes to Financial Statements. 27

Financial Highlights (concluded)

CALIBRATED MID CAP VALUE FUND

		Per Share Operating Performance:
		Investment Operations:						Distributions to shareholders from:
	Net asset value, beginning of period	Net invest- ment income (loss)(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions	Net investment income		Net realized gain		Total distri- butions
Class R3
1/31/2018(c)	$22.39	$0.11		$1.50			$1.61	$(0.22	)	$(1.49	)	$(1.71	)
7/31/2017	20.25	0.27		2.16			2.43	(0.29	)	–		(0.29	)
7/31/2016	21.78	0.22		(0.06	)		0.16	(0.28	)	(1.41	)	(1.69	)
7/31/2015	22.15	0.20		1.91			2.11	(0.24	)	(2.24	)	(2.48	)
7/31/2014	21.18	0.23		2.82			3.05	(0.17	)	(1.91	)	(2.08	)
7/31/2013	16.44	0.37		4.93			5.30	(0.18	)	(0.38	)	(0.56	)
Class R4
1/31/2018(c)	22.32	0.14		1.49			1.63	(0.28	)	(1.49	)	(1.77	)
7/31/2017	20.20	0.29		2.18			2.47	(0.35	)	–		(0.35	)
7/31/2016	21.70	0.22		(0.01	)		0.21	(0.30	)	(1.41	)	(1.71	)
6/30/2015 to 7/31/2015(g)	21.60	(0.01	)	0.11			0.10	–		–		–
Class R5
1/31/2018(c)	22.46	0.16		1.50		��	1.66	(0.32	)	(1.49	)	(1.81	)
7/31/2017	20.30	0.35		2.19			2.54	(0.38	)	–		(0.38	)
7/31/2016	21.77	0.28		(0.02	)		0.26	(0.32	)	(1.41	)	(1.73	)
6/30/2015 to 7/31/2015(g)	21.67	–		0.10			0.10	–		–		–
Class R6
1/31/2018(c)	22.46	0.17		1.50			1.67	(0.33	)	(1.49	)	(1.82	)
7/31/2017	20.30	0.32		2.22			2.54	(0.38	)	–		(0.38	)
7/31/2016	21.77	0.30		(0.04	)		0.26	(0.32	)	(1.41	)	(1.73	)
6/30/2015 to 7/31/2015(g)	21.67	–		0.10			0.10	–		–		–

(a)	Calculated using average shares outstanding during the period.
(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
(c)	Unaudited.
(d)	Not annualized.
(e)	Commenced on April 4, 2017.
(f)	Annualized.
(g)	Commenced on June 30, 2015.

28 See Notes to Financial Statements.

			Ratios to Average Net Assets:						Supplemental Data:
Net Asset value, end of period	Total return (%)(a)		Total expenses after waivers and/or reim- bursements (%)		Total expenses (%)		Net invest- ment income (loss) (%)		Net assets, end of period (000)	Portfolio turnover rate (%)
$22.29	7.60	(d)	0.60	(d)	0.62	(d)	0.50	(d)	$5,331	40	(d)
22.39	12.10		1.17		1.26		1.25		4,587	93
20.25	1.27		1.10		1.37		1.16		2,777	83
21.78	9.84		1.10		1.32		0.90		385	78
22.15	15.27		1.05		1.32		1.04		72	98
21.18	33.21		0.59		1.05		1.95		18	90
22.18	7.71	(d)	0.48	(d)	0.49	(d)	0.62	(d)	4,179	40	(d)
22.32	12.38		0.93		1.00		1.34		3,624	93
20.20	1.51		0.84		1.12		1.20		937	83
21.70	0.46	(d)	0.85	(f)	1.06	(f)	(0.35	)(f)	10	78
22.31	7.84	(d)	0.35	(d)	0.37	(d)	0.73	(d)	4,585	40	(d)
22.46	12.66		0.68		0.75		1.62		1,821	93
20.30	1.78		0.59		0.87		1.46		310	83
21.77	0.46	(d)	0.60	(f)	0.82	(f)	–	(f)	10	78
22.31	7.85	(d)	0.33	(d)	0.35	(d)	0.79	(d)	6,864	40	(d)
22.46	12.68		0.64		0.70		1.45		7,267	93
20.30	1.79		0.59		0.74		1.61		102	83
21.77	0.46	(d)	0.59	(f)	0.70	(f)	–	(f)	10	78

See Notes to Financial Statements. 29

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 consists of the following two funds (each, 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 ten active classes of shares: Class A, C, F, F3, I, R2, R3, R4, R5 and R6, 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, F3, I, R2, R3, R4, R5 and R6 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 (“U.S. GAAP”) 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. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

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. Each Fund may utilize an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used.
	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book

30

Notes to Financial Statements (unaudited)(continued)

	values and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and may employ techniques such as reviewing related market activity, reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.
	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.
(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). 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. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.
(d)	Income Taxes–It is the policy of 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 years ended July 31, 2014 through July 31, 2017. 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, R3 and R4 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 in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by 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

31

Notes to Financial Statements (unaudited)(continued)

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, 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 classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

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

A summary of inputs used in valuing each Fund’s investments and other financial instruments as of January 31, 2018 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the six months then ended is included in each Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. All transfers between different levels within the three-tier hierarchy are deemed to have occurred as of the beginning of the reporting period. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

3. 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%

32

Notes to Financial Statements (unaudited)(continued)

For the six months ended January 31, 2018, 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 .48% and .57%, respectively.

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.

For the the six months ended January 31, 2018 and continuing through November 30, 2018, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit the total net annual operating expenses, excluding 12b-1 fees, to the following annual rates:

		Classes
Fund	A, C, F, I, R2, R3, R4 and R5	F3 and R6
Calibrated Large Cap Value Fund	.60%	.58%
Calibrated Mid Cap Value Fund	.70%	.65%

12b-1 Distribution Plan

Each Fund has adopted a distribution plan with respect to Class A, C, F, R2, R3 and R4 shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the “Distributor”), an affiliate of Lord Abbett. The following annual rates have been authorized by the Board pursuant to the plan:

Fees*	Class A	Class C	Class F	(1)(2)	Class R2	Class R3	Class R4
Service	.25%	.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.
(1)	The Class F share Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds’ prospectus.
(2)	For the six months ended January 31, 2018 and continuing through November 30, 2018, the Distributor has contractually agreed to waive each Fund’s 0.10% Rule 12b-1 fee for Class F. This agreement may be terminated only by the Funds’ Board of Trustees.

Class F3, Class I, Class R5 and Class R6 shares do not have a distribution plan.

Commissions

The 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, 2018:

	Distributor Commissions	Dealers’ Concessions
Calibrated Large Cap Value Fund	$  6,856	$37,080
Calibrated Mid Cap Value Fund	10,761	58,111

The Distributor received the following amount of CDSCs for the six months ended January 31, 2018:

	Class A	Class C
Calibrated Large Cap Value Fund	$2,379	$   332
Calibrated Mid Cap Value Fund	697	3,260

Other Related Parties

As of January 31, 2018, 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:

33

Notes to Financial Statements (unaudited)(continued)

		Underlying Funds
Fund of Funds	Calibrated Large Cap Value Fund	Calibrated Mid Cap Value Fund
Lord Abbett Multi-Asset Balanced Opportunity Fund	50.01%	23.35%
Lord Abbett Multi-Asset Focused Growth Fund	–	4.57%
Lord Abbett Multi-Asset Global Opportunity Fund	3.91%	3.09%
Lord Abbett Multi-Asset Growth Fund	20.80%	16.00%
Lord Abbett Multi-Asset Income Fund	–	16.82%

Two Trustees and certain of the Trust’s officers have an interest in Lord Abbett.

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

Dividends from net investment income, if any, are declared and paid at least 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 that 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, 2018 and fiscal year ended July 31, were as follows:

	Calibrated Large Cap Value Fund				Calibrated Mid Cap Value Fund
	Six Months Ended 1/31/2018 (unaudited)		Year Ended 7/31/2017		Six Months Ended 1/31/2018 (unaudited)		Year Ended 7/31/2017
Distributions paid from:
Ordinary income	$	27,112,983	$	15,477,123	$	48,959,128	$	15,695,885
Net long-term capital gains		15,519,561		370,802		30,625,879		–
Total distributions paid	$	42,632,544	$	15,847,925	$	79,585,007	$	15,695,885

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

	Calibrated Large Cap Value Fund				Calibrated Mid Cap Value Fund
Tax cost		$	447,847,971			$	921,845,627
Gross unrealized gain			60,754,512				82,416,937
Gross unrealized loss			(17,528,758	)			(44,468,507	)
Net unrealized security gain		$	43,225,754			$	37,948,430

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of certain securities, certain distributions received and 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, 2018 were as follows:

	Purchases	Sales
Calibrated Large Cap Value Fund	$147,003,701	$202,151,620
Calibrated Mid Cap Value Fund	395,222,444	535,916,496

There were no purchases or sales of U.S. Government securities for the six months ended January 31, 2018.

Each Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the period ended January 31, 2018, the following Funds engaged in cross-trades:

Fund	Purchases		Sales		Gain/(Loss)
Calibrated Large Cap Value Fund	$	2,023,007	$	–	$	–
Calibrated Mid Cap Value Fund		151,221		665,979		(57,043	)

6. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES  

Each Fund entered into E-Mini S&P 500 Index futures contracts for the six months ended January 31, 2018 (as described in note 2(f)) to manage cash. The Funds bear the risk that the underlying index will move unexpectedly, in which case each Fund may realize a loss. There is minimal counterparty credit risk to each Fund 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, 2018, the Funds had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Funds’ use of derivative instruments:

	Calibrated Large Cap Value Fund	Calibrated Mid Cap Value Fund
Asset Derivatives	Equity Index Contracts	Equity Index Contracts
Futures Contracts(1)	$33,818	$131,236

⁽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 margin variation is reported within the Statements of Assets and Liabilities.

Transactions in derivative instruments for the six months ended January 31, 2018, were as follows:

	Calibrated Large Cap Value Fund	Calibrated Mid Cap Value Fund
	Equity Index Contracts	Equity Index Contracts
Net Realized Gain (Loss)(1)
Futures Contracts	$330,815	$507,948
Net Change in Unrealized Appreciation/Depreciation(2)
Futures Contracts	$    5,114	$  77,660
Average Number of Contracts/Notional Amounts*
Futures Contracts(3)	15	47

*	Calculated based on the number of contracts or notional amounts for the six months ended January 31, 2018.
(1)	Statements of Operations location: Net realized gain on futures contracts.
(2)	Statements of Operations location: Net change in unrealized appreciation/depreciation on futures contracts.
(3)	Amount represents number of contracts.

35

Notes to Financial Statements (unaudited)(continued)

7. DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES  

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

			Calibrated Large Cap Value Fund
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreement		$1,034,920	$	–		$1,034,920
Total		$1,034,920	$	–		$1,034,920

	Net Amounts
	of Assets		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement				Cash		Securities
	of Assets and		Financial		Collateral		Collateral		Net
Counterparty	Liabilities		Instruments		Received(a)		Received(a)		Amount(b)
Fixed Income Clearing Corp.		$1,034,920	$	–	$	–		$(1,034,920)	$	–
Total		$1,034,920	$	–	$	–		$(1,034,920)	$	–

			Calibrated Mid Cap Value Fund
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreement		$12,530,040	$	–		$12,530,040
Total		$12,530,040	$	–		$12,530,040

	Net Amounts
	of Assets		Amounts Not Offset in the
	Presented in			Statement of Assets and Liabilities
	the Statement					Cash		Securities
	of Assets and			Financial		Collateral		Collateral		Net
Counterparty	Liabilities			Instruments		Received(a)		Received(a)		Amount(b)
Fixed Income Clearing Corp.		$12,530,040		$	–	$	–		$(12,530,040)	$	–
Total		$12,530,040		$	–	$	–		$(12,530,040)	$	–

(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statements of Assets and Liabilities, for each respective counterparty.
(b)	Net amount represents the amount owed to the Fund by the counterparty as of January 31, 2018.

36

Notes to Financial Statements (unaudited)(continued)

8. TRUSTEES’ REMUNERATION  

The Trust’s officers and two Trustees, who are associated with Lord Abbett, do 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.

9. 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.

10. LINE OF CREDIT  

Effective August 28, 2017, the Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into an amended syndicated line of credit facility with various lenders for $600 million (the “Facility”), whereas State Street Bank and Trust Company (“SSB”) participates as a lender and as agent for the lenders. The Facility is to be used for temporary or emergency purposes as an additional source of liquidity to satisfy redemptions. The Participating Funds are subject to graduated borrowing limits of one-third of Fund assets (if Fund assets are less than $750 million), $250 million, $300 million, or $350 million, based on past borrowings and likelihood of future borrowings.

Prior to August 28, 2017, the Funds and certain other funds managed by Lord Abbett participated in a $550 million syndicated line of credit facility, based on the same terms as described above.

During the six months ended January 31, 2018, the Funds did not utilize the Facility.

11. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”), certain registered open-end management investment companies managed by Lord Abbett, including each Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the Funds to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

During the six months ended January 31, 2018, the Funds did not participate as a borrower or lender in the Interfund Lending Program.

12. 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.

13. 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

37

Notes to Financial Statements (unaudited)(continued)

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 favorable 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, especially over the short term. 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. Securities of mid-sized companies tend to be more sensitive to changing economic, market, and industry conditions and tend to be less liquid than equity securities of larger companies, especially over the short term. The securities of mid-sized companies may be less well-known and less widely held and trade less frequently and in more limited volume than the securities of large cap company stocks. Mid-sized companies also may fall out of favor relative to larger companies in certain market cycles, causing the Fund to incur losses or underperform.

Because each Fund invests in real estate investment trusts (“REITS”), they may be subject to the risks that impact the value of the underlying properties or mortgages of the REITs in which they invest. Other factors that may adversely affect REITs include poor performance by management of the REIT, changes to the tax laws, or failure by the REIT to qualify for tax-free distribution of income, and changes in local, regional, or general economic conditions.

Due to each Fund’s exposure to foreign companies and American Depository Receipts, each Fund may experience increased market, industry and sector, liquidity, currency, political, information, and other risks. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets.

These factors can affect each Fund’s performance.

38

Notes to Financial Statements (unaudited)(continued)

14. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of beneficial interest were as follows:

Calibrated Large Cap Value Fund				Six Months Ended January 31, 2018 (unaudited)						Year Ended July 31, 2017
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		227,693		$	4,821,986			936,922		$	19,301,115
Reinvestment of distributions		232,927			4,644,572			85,962			1,711,506
Shares reacquired		(975,050	)		(20,625,514	)		(759,128	)		(15,445,184	)
Increase (decrease)		(514,430	)	$	(11,158,956	)		263,756		$	5,567,437
Class C Shares
Shares sold		50,458		$	1,037,192			148,142		$	2,991,589
Reinvestment of distributions		48,700			956,952			17,013			333,976
Shares reacquired		(104,301	)		(2,158,915	)		(322,027	)		(6,489,558	)
Decrease		(5,143	)	$	(164,771	)		(156,872	)	$	(3,163,993	)
Class F Shares
Shares sold		161,905		$	3,429,384			634,732		$	12,927,846
Reinvestment of distributions		46,500			929,062			25,151			501,006
Shares reacquired		(450,311	)		(9,732,345	)		(390,130	)		(8,034,218	)
Increase (decrease)		(241,906	)	$	(5,373,899	)		269,753		$	5,394,634
Class F3 Shares(a)
Shares sold		206,141		$	4,499,503			477		$	10,018
Reinvestment of distributions		18,308			365,792			–			(5	)
Shares reacquired		(21,054	)		(450,178	)		–	(b)		–
Increase		203,395		$	4,415,117			477		$	10,013
Class I Shares
Shares sold		490,075		$	10,645,863			3,221,562		$	68,056,755
Reinvestment of distributions		1,641,359			32,777,943			598,295			11,924,010
Shares reacquired		(2,317,589	)		(49,077,894	)		(2,766,922	)		(56,917,204	)
Increase (decrease)		(186,155	)	$	(5,654,088	)		1,052,935		$	23,063,561
Class R2 Shares
Shares sold		1,921		$	38,761			3,178		$	64,669
Reinvestment of distributions		83			1,671			30			599
Shares reacquired		–			–			(129	)		(2,554	)
Increase		2,004		$	40,432			3,079		$	62,714
Class R3 Shares
Shares sold		2,390		$	50,044			9,347		$	191,253
Reinvestment of distributions		972			19,265			315			6,237
Shares reacquired		(3,663	)		(78,844	)		(8,892	)		(183,228	)
Increase (decrease)		(301	)	$	(9,535	)		770		$	14,262

39

Notes to Financial Statements (unaudited)(continued)

Calibrated Large Cap Value Fund				Six Months Ended January 31, 2018 (unaudited)						Year Ended July 31, 2017
Class R4 Shares	Shares			Amount			Shares			Amount
Shares sold		–		$	901			–		$	–
Reinvestment of distributions		50.15			998			19			377
Increase		50.15		$	1,899			19.00		$	377
Class R5 Shares
Reinvestment of distributions		51.52		$	1,028			20		$	401
Increase		51.52		$	1,028			20.00		$	401
Class R6 Shares				��
Shares sold		10,871		$	230,279			132,928		$	2,809,378
Reinvestment of distributions		973			19,431			20			402
Shares reacquired		(9,830	)		(206,585	)		(23,082	)		(481,313	)
Increase		2,014		$	43,125			109,866		$	2,328,467
Calibrated Mid Cap Value Fund				Six Months Ended January 31, 2018 (unaudited)						Year Ended July 31, 2017
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		370,569		$	8,133,157			1,679,237		$	35,497,914
Reinvestment of distributions		314,468			6,650,991			81,537			1,685,378
Shares reacquired		(789,715	)		(17,426,225	)		(3,261,771	)		(69,854,926	)
Decrease		(104,678	)	$	(2,642,077	)		(1,500,997	)	$	(32,671,634	)
Class C Shares
Shares sold		129,368		$	2,801,835			581,456		$	12,105,415
Reinvestment of distributions		153,368			3,186,981			17,530			356,383
Shares reacquired		(307,436	)		(6,636,554	)		(683,426	)		(14,184,831	)
Decrease		(24,700	)	$	(647,738	)		(84,440	)	$	(1,723,033	)
Class F Shares
Shares sold		722,712		$	15,987,835			3,029,829		$	64,743,734
Reinvestment of distributions		344,105			7,288,147			92,413			1,910,186
Shares reacquired		(2,630,751	)		(59,035,555	)		(2,971,997	)		(63,307,648	)
Increase (decrease)		(1,563,934	)	$	(35,759,573	)		150,245		$	3,346,272
Class F3 Shares(a)
Shares sold		152,352		$	3,396,124			3,129		$	69,083
Reinvestment of distributions		11,683			247,680			–	(b)		(5	)
Shares reacquired		(11,299	)		(251,861	)		–			–
Increase		152,736		$	3,391,943			3,129		$	69,078
Class I Shares
Shares sold		3,841,004		$	87,037,160			6,788,001		$	147,306,708
Reinvestment of distributions		2,701,171			57,264,830			512,414			10,617,214
Shares reacquired		(8,138,478	)		(180,794,101	)		(5,806,716	)		(124,651,835	)
Increase (decrease)		(1,596,303	)	$	(36,492,111	)		1,493,699		$	33,272,087

40

Notes to Financial Statements (unaudited)(concluded)

Calibrated Mid Cap Value Fund				Six Months Ended January 31, 2018 (unaudited)						Year Ended July 31, 2017
Class R2 Shares	Shares			Amount			Shares			Amount
Shares sold		17,663		$	384,422			42,735		$	908,969
Reinvestment of distributions		339			7,185			46			961
Shares reacquired		(25,802	)		(571,716	)		(62,092	)		(1,341,805	)
Decrease		(7,800	)	$	(180,109	)		(19,311	)	$	(431,875	)
Class R3 Shares
Shares sold		40,208		$	887,011			139,373		$	2,996,343
Reinvestment of distributions		17,767			376,668			1,985			41,126
Shares reacquired		(23,658	)		(518,406	)		(73,633	)		(1,584,744	)
Increase		34,317		$	745,273			67,725		$	1,452,725
Class R4 Shares
Shares sold		40,271		$	879,139			165,642		$	3,536,496
Reinvestment of distributions		3,206			67,622			490			10,103
Shares reacquired		(17,478	)		(385,558	)		(50,108	)		(1,078,931	)
Increase		25,999		$	561,203			116,024		$	2,467,668
Class R5 Shares
Shares sold		173,733		$	3,812,893			67,938		$	1,511,290
Reinvestment of distributions		8,634			183,040			287.26			5,952
Shares reacquired		(57,930	)		(1,262,979	)		(2,427.30	)		(52,484	)
Increase		124,437		$	2,732,954			65,797.96		$	1,464,758
Class R6 Shares
Shares sold		39,795		$	871,530			387,886.31		$	8,433,116
Reinvestment of distributions		12,247			259,635			561.96			11,638
Shares reacquired		(68,024	)		(1,495,665	)		(69,884.61	)		(1,508,902	)
Increase (decrease)		(15,982	)	$	(364,500	)		318,563.66		$	6,935,852

(a)	Commenced on April 4, 2017.
(b)	Amount is less than 1 share.

41

Approval of Advisory Contract

The Board, including all of the Trustees who are not “interested persons” of the Company or of Lord Abbett, as defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett (the “Agreement”). In connection with its most recent approval, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about each 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 reviews of Fund performance 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 Independent Trustees also met with their independent legal counsel in various private sessions at which no representatives of management were present.

The materials received by the Board as to each Fund included, but were not limited to: (1) information provided by Morningstar Inc. (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Morningstar, based, in part, on the Fund’s Morningstar category (the “performance peer group”), and the investment performance of the Fund’s benchmark; (2) information provided by Morningstar regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund and certain funds in the same Morningstar category, with generally the same or similar share classes and operational characteristics, including asset size (the “expense peer group”); (3) certain supplemental investment performance information provided by Lord Abbett; (4) information provided by Lord Abbett on the 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 Agreement to Lord Abbett; (8) information provided by Lord Abbett regarding the investment management fee schedules for Lord Abbett’s other advisory clients maintaining accounts with a similar investment strategy as the Fund; and (9) 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 applicable legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to each Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that each Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed each Fund’s investment performance in relation to that of its performance peer group and its benchmark as of various periods ended August 31, 2017. The Board observed that each Fund’s investment performance was below the median of its performance peer group for the one-, three-, and five-year periods. The Board considered that Lord

42

Approval of Advisory Contract (continued)

Abbett was implementing a plan intended to improve the performance of its equity Funds. The Board also considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when necessary. After reviewing these and related factors, the Board concluded that each Fund’s Agreement should be continued.

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 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 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 Fund and the expense levels of the Fund’s expense peer group. It also considered how the expense level of each Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. As to each Fund, the Board observed that the net total expense ratio of the Fund was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the expense level of each Fund was reasonable and supported the continuation of the Agreement on behalf of each Fund.

Profitability. As to each Fund, the Board considered the level of Lord Abbett’s operating margin in managing the Fund, including a review of Lord Abbett’s methodology for allocating its costs to its management of the Fund. It considered whether each Fund was profitable to Lord Abbett in connection with the Fund’s operation, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to each Fund’s business. The Board considered Lord Abbett’s profit margins excluding Lord Abbett’s marketing and distribution expenses. The Board also considered Lord Abbett’s profit margins, without those exclusions, in comparison with available industry data and how those profit margins could affect Lord Abbett’s ability to recruit and retain investment personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to each Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to each Fund was not excessive.

Economies of Scale. As to each Fund, the Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. With respect to Calibrated Large Cap Value Fund, the Board concluded that the breakpoint in the existing management fee schedule, in conjunction with the Fund’s proposed expense limitation agreement, adequately addressed any economies of scale in managing the Fund. With respect to Calibrated Mid Cap Value Fund, the Board concluded that the breakpoint in the existing management fee schedule adequately addressed any economies of scale in managing the Fund.

43

Approval of Advisory Contract (concluded)

Other Benefits to Lord Abbett. As to each Fund, the Board considered the amount and nature of the fees paid by the Fund and the Fund’s shareholders to Lord Abbett and the Distributor for services other than investment advisory services. The Board also considered the revenues and profitability of Lord Abbett’s investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with each Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees it receives, and receives a portion of the sales charges on sales and redemptions of some classes of shares of the Lord Abbett Funds. 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 each Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of each Fund. The Board also took into consideration the investment research that Lord Abbett receives as a result of each Fund’s brokerage transactions.

Alternative Arrangements. As to each Fund, the Board considered whether, instead of approving continuation of the 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 Agreement was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the Agreement on behalf of each Fund. As to each Fund, in considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

44

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).

45

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 Equity Trust Lord Abbett Calibrated Large Cap Value Fund Lord Abbett Calibrated Mid Cap Value Fund
Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.		CALIBRATED-3 (03/18)

Item 2:	Code of Ethics.
	Not applicable.
Item 3:	Audit Committee Financial Expert.
	Not applicable.
Item 4:	Principal Accountant Fees and Services.
	Not applicable.
Item 5:	Audit Committee of Listed Registrants.
	Not applicable.
Item 6:	Investments.
	Not applicable.
Item 7:	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
	Not applicable.
Item 8:	Portfolio Managers of Closed-End Management Investment Companies.
	Not applicable.
Item 9:	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
	Not applicable.
Item 10:	Submission of Matters to a Vote of Security Holders.
	Not applicable.
Item 11:	Controls and Procedures.

(a)

Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days prior to the filing date of this report, the Chief Executive Officer and Chief Financial Officer of the Registrant have concluded that such disclosure controls and procedures are reasonably designed and effective to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to them by others within those entities.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12: Exhibits.

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

SIGNATURES

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

LORD ABBETT EQUITY TRUST
By:	/s/ Daria L. Foster
	Daria L. Foster
	President and Chief Executive Officer

Date: March 28, 2018

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

Date: March 28, 2018

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

By:	/s/ Daria L. Foster
	Daria L. Foster
	President and Chief Executive Officer

Date: March 28, 2018

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

Date: March 28, 2018