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)

John T. Fitzgerald, 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: 1/31/2019

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, 2019

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
43	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, 2019

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Douglas B. Sieg, 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, 2019. 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 inLord Abbett Insights,a quarterly newsletter available on our website.

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

Best regards,

Douglas B. Sieg

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, 2018 through January 31, 2019).

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 8/1/18 – 1/31/19” 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†
	8/1/18			1/31/19			8/1/18 – 1/31/19
Class A*
Actual		$	1,000.00		$	963.90		$	4.31
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.82		$	4.43
Class C*
Actual		$	1,000.00		$	960.40		$	8.05
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,016.99		$	8.29
Class F*
Actual		$	1,000.00		$	964.90		$	3.12
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,022.03		$	3.21
Class F3*
Actual		$	1,000.00		$	965.20		$	2.97
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,022.18		$	3.06
Class I*
Actual		$	1,000.00		$	965.10		$	3.12
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,022.03		$	3.21
Class R2*
Actual		$	1,000.00		$	962.10		$	6.08
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.00		$	6.26
Class R3*
Actual		$	1,000.00		$	962.60		$	5.54
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.56		$	5.70
Class R4*
Actual		$	1,000.00		$	963.90		$	4.21
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.92		$	4.33
Class R5*
Actual		$	1,000.00		$	965.10		$	2.97
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,022.18		$	3.06
Class R6*
Actual		$	1,000.00		$	965.20		$	3.02
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,022.13		$	3.11

†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.87% for Class A, 1.63% for Class C, 0.63% for Class F, 0.60% for Class F3, 0.63% for Class I, 1.23% for Class R2, 1.12% for Class R3, 0.85% for Class R4, 0.60% for Class R5 and 0.61% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

*

The annualized expenses have been updated (0.93% for Class A, 1.68% for Class C, 0.68% for Class F, 0.66% for Class F3, 0.68% for Class I, 1.28% for Class R2, 1.18% for Class R3, 0.93% for Class R4, 0.68% for Class R5 and 0.66% for Class R6). Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

3

Calibrated Large Cap Value Fund (concluded)

	Actual	Hypothetical (5% Return  Before Expense)
Class A	$4.60	$4.74
Class C	$8.30	$8.54
Class F	$3.37	$3.47
Class F3	$3.27	$3.36
Class I	$3.37	$3.47
Class R2	$6.33	$6.51
Class R3	$5.84	$6.01
Class R4	$4.60	$4.74
Class R5	$3.37	$3.47
Class R6	$3.27	$3.36

Portfolio Holdings Presented by Sector

January 31, 2019

Sector*	%**
Communication Services	4.19	%
Consumer Discretionary	7.61	%
Consumer Staples	7.69	%
Energy	9.38	%
Financials	23.51	%
Health Care	14.38	%
Industrials	7.12	%
Information Technology	10.07	%
Materials	4.33	%
Real Estate	4.92	%
Utilities	6.30	%
Repurchase Agreement	0.50	%
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†
	8/1/18			1/31/19			8/1/18 – 1/31/19
Class A*
Actual		$	1,000.00		$	931.80		$	4.72
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.32		$	4.94
Class C*
Actual		$	1,000.00		$	928.60		$	8.36
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,016.53		$	8.74
Class F*
Actual		$	1,000.00		$	933.00		$	3.51
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,021.58		$	3.67
Class F3*
Actual		$	1,000.00		$	933.60		$	3.27
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,021.83		$	3.41
Class I*
Actual		$	1,000.00		$	933.00		$	3.51
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,021.58		$	3.67
Class R2*
Actual		$	1,000.00		$	930.30		$	6.42
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.55		$	6.72
Class R3*
Actual		$	1,000.00		$	930.80		$	5.94
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.06		$	6.21
Class R4*
Actual		$	1,000.00		$	931.70		$	4.72
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.32		$	4.94
Class R5*
Actual		$	1,000.00		$	933.50		$	3.51
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,021.58		$	3.67
Class R6*
Actual		$	1,000.00		$	933.60		$	3.27
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,021.83		$	3.41

†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.97% for Class A, 1.72% for Class C, 0.72% for Class F, 0.67% for Class F3, 0.72% for Class I, 1.32% for Class R2, 1.22% for Class R3, 0.97% for Class R4, 0.72% for Class R5 and 0.67% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

*

The annualized expenses have been updated (0.99% for Class A, 1.75% for Class C, 0.74% for Class F, 0.70% for Class F3, 0.74% for Class I, 1.35% for Class R2, 1.25% for Class R3, 0.99% for Class R4, 0.74% for Class R5 and 0.70% for Class R6). Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

5

Calibrated Mid Cap Value Fund (concluded)

	Actual	Hypothetical (5% Return  Before Expense)
Class A	$4.82	$5.04
Class C	$8.51	$8.89
Class F	$3.61	$3.77
Class F3	$3.41	$3.57
Class I	$3.61	$3.77
Class R2	$6.57	$6.87
Class R3	$6.08	$6.36
Class R4	$4.82	$5.04
Class R5	$3.61	$3.77
Class R6	$3.41	$3.57

Portfolio Holdings Presented by Sector

January 31, 2019

Sector*	%**
Communication Services	1.36	%
Consumer Discretionary	10.13	%
Consumer Staples	4.82	%
Energy	6.11	%
Financials	17.27	%
Health Care	7.09	%
Industrials	12.36	%
Information Technology	9.18	%
Materials	6.29	%
Real Estate	14.31	%
Utilities	10.87	%
Repurchase Agreement	0.21	%
Total	100.00	%

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

6

Schedule of Investments (unaudited)

CALIBRATED LARGE CAP VALUE FUNDJanuary 31, 2019

			Fair
			Value
Investments	Shares		(000)
COMMON STOCKS 99.47%
Aerospace & Defense 0.76%
Harris Corp.		20,400	$	3,125
Airlines 0.83%
Delta Air Lines, Inc.		68,900		3,406
Auto Components 0.72%
Gentex Corp.		139,700		2,959
Automobiles 0.67%
Ford Motor Co.		311,100		2,738
Banks 11.83%
Bank of America Corp.		408,700		11,636
Citizens Financial Group, Inc.		130,300		4,420
Comerica, Inc.		38,400		3,023
JPMorgan Chase & Co.		151,100		15,639
KeyCorp		217,800		3,587
TCF Financial Corp.		155,200		3,439
U.S. Bancorp		88,100		4,507
Wells Fargo & Co.		49,700		2,431
Total				48,682
Beverages 0.75%
Coca-Cola Co. (The)		64,000		3,080
Biotechnology 0.30%
Amgen, Inc.		6,700		1,254
Building Products 0.97%
Johnson Controls International plc		117,900		3,982
Capital Markets 2.48%
Affiliated Managers Group, Inc.		24,700		2,592
Ameriprise Financial, Inc.		16,100		2,038
CME Group, Inc.		7,800		1,422
E*TRADE Financial Corp.		39,300		1,834
Intercontinental Exchange, Inc.		30,200		2,318
Total				10,204

			Fair
			Value
Investments	Shares		(000)
Chemicals 1.44%
Celanese Corp. Series A		22,500	$	2,155
DowDuPont, Inc.		23,400		1,259
PPG Industries, Inc.		23,900		2,520
Total				5,934
Commercial Services & Supplies 0.30%
Republic Services, Inc.		16,300		1,250
Communications Equipment 2.20%
Cisco Systems, Inc.		191,800		9,070
Construction Materials 0.40%
Eagle Materials, Inc.		23,200		1,647
Consumer Finance 1.82%
Ally Financial, Inc.		57,800		1,506
Discover Financial Services		61,000		4,117
Santander Consumer USA Holdings, Inc.		97,100		1,851
Total				7,474
Containers & Packaging 1.52%
Graphic Packaging Holding Co.		273,900		3,306
International Paper Co.		27,600		1,309
Owens-Illinois, Inc.		82,400		1,654
Total				6,269
Diversified Financial Services 2.36%
Berkshire Hathaway, Inc. Class B*		29,900		6,146
Voya Financial, Inc.		76,900		3,570
Total				9,716
Diversified Telecommunication Services 3.49%
AT&T, Inc.		246,900		7,422
Verizon Communications, Inc.		125,700		6,921
Total				14,343
Electric: Utilities 4.65%
American Electric Power Co., Inc.		62,700		4,961
Edison International		33,100		1,886

See Notes to Financial Statements. 7

Schedule of Investments (unaudited)(continued)

CALIBRATED LARGE CAP VALUE FUNDJanuary 31, 2019

			Fair
			Value
Investments	Shares		(000)
Electric: Utilities (continued)
Evergy, Inc.		24,737	$	1,418
Eversource Energy		34,500		2,395
FirstEnergy Corp.		93,700		3,673
PPL Corp.		153,500		4,807
Total				19,140
Electrical Equipment 1.50%
Eaton Corp. plc		40,500		3,088
Hubbell, Inc.		28,200		3,083
Total				6,171
Electronic Equipment, Instruments & Components 0.31%
Corning, Inc.		37,900		1,261
Energy Equipment & Services 1.07%
Rowan Cos., plc Class A*		123,700		1,508
Schlumberger Ltd.		65,600		2,900
Total				4,408
Entertainment 0.30%
Walt Disney Co. (The)		11,200		1,249
Equity Real Estate Investment Trusts 4.92%
American Homes 4 Rent Class A		62,000		1,371
AvalonBay Communities, Inc.		18,300		3,531
Boston Properties, Inc.		12,400		1,635
Duke Realty Corp.		129,200		3,778
Federal Realty Investment Trust		28,900		3,831
Host Hotels & Resorts, Inc.		154,600		2,792
UDR, Inc.		37,800		1,654
Welltower, Inc.		21,400		1,658
Total				20,250
Food & Staples Retailing 1.97%
Walgreens Boots Alliance, Inc.		65,700		4,747
Walmart, Inc.		35,100		3,364
Total				8,111

			Fair
			Value
Investments	Shares		(000)
Food Products 2.23%
Hershey Co. (The)		28,400	$	3,013
J.M. Smucker Co. (The)		13,800		1,447
Kraft Heinz Co. (The)		34,700		1,668
TreeHouse Foods, Inc.*		27,000		1,576
Tyson Foods, Inc. Class A		23,500		1,455
Total				9,159
Health Care Equipment & Supplies 2.37%
Abbott Laboratories		17,200		1,255
Medtronic plc (Ireland)(a)		54,100		4,782
Zimmer Biomet Holdings, Inc.		34,000		3,725
Total				9,762
Health Care Providers & Services 3.13%
Anthem, Inc.		8,400		2,545
Cardinal Health, Inc.		45,600		2,279
Cigna Corp.*		14,093		2,816
CVS Health Corp.		25,200		1,652
HCA Healthcare, Inc.		25,600		3,569
Total				12,861
Hotels, Restaurants & Leisure 1.54%
Aramark		84,400		2,781
Norwegian Cruise Line Holdings Ltd.*		69,000		3,549
Total				6,330
Household Durables 0.95%
Lennar Corp. Class A		52,600		2,494
Whirlpool Corp.		10,600		1,410
Total				3,904
Household Products 1.92%
Kimberly-Clark Corp.		10,600		1,181
Procter & Gamble Co. (The)		69,600		6,714
Total				7,895
Information Technology Services 0.97%
Cognizant Technology Solutions Corp. Class A		37,700		2,627
Leidos Holdings, Inc.		23,400		1,357
Total				3,984

8 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CALIBRATED LARGE CAP VALUE FUNDJanuary 31, 2019

			Fair
			Value
Investments	Shares		(000)
Insurance 5.01%
Arch Capital Group Ltd.*		129,900	$	3,813
Arthur J Gallagher & Co.		32,800		2,450
Chubb Ltd. (Switzerland)(a)		37,100		4,936
Hartford Financial Services Group, Inc. (The)		51,700		2,426
Lincoln National Corp.		57,600		3,369
RenaissanceRe Holdings Ltd.		26,400		3,644
Total				20,638
Life Sciences Tools & Services 1.40%
Thermo Fisher Scientific, Inc.		23,500		5,773
Machinery 0.88%
Flowserve Corp.		42,400		1,867
Stanley Black & Decker, Inc.		13,800		1,745
Total				3,612
Media 2.72%
Charter Communications, Inc. Class A*		11,700		3,873
Comcast Corp. Class A		200,000		7,314
Total				11,187
Metals & Mining 0.96%
Nucor Corp.		64,800		3,968
Multi-Line Retail 0.61%
Target Corp.		34,300		2,504
Multi-Utilities 1.65%
Public Service Enterprise Group, Inc.		71,300		3,890
Sempra Energy		24,800		2,901
Total				6,791
Oil, Gas & Consumable Fuels 8.31%
Anadarko Petroleum Corp.		50,200		2,376
Chevron Corp.		106,800		12,245
ConocoPhillips		85,200		5,767
Devon Energy Corp.		81,500		2,172
Exxon Mobil Corp.		76,600		5,613
Kinder Morgan, Inc.		101,100		1,830

			Fair
			Value
Investments	Shares		(000)
Valero Energy Corp.		47,700	$	4,189
Total				34,192
Pharmaceuticals 7.17%
Johnson & Johnson		63,600		8,464
Merck & Co., Inc.		93,100		6,929
Mylan NV*		89,900		2,693
Pfizer, Inc.		269,100		11,423
Total				29,509
Road & Rail 1.14%
Union Pacific Corp.		29,400		4,677
Semiconductors & Semiconductor Equipment 3.83%
Broadcom, Inc.		18,900		5,070
Intel Corp.		177,000		8,340
QUALCOMM, Inc.		47,600		2,357
Total				15,767
Software 2.44%
FireEye, Inc.*		101,700		1,798
Microsoft Corp.		23,400		2,444
Oracle Corp.		115,300		5,791
Total				10,033
Specialty Retail 0.41%
Sally Beauty Holdings, Inc.*		98,100		1,689
Technology Hardware, Storage & Peripherals 0.32%
Xerox Corp.		46,300		1,306
Tobacco 0.82%
Philip Morris International, Inc.		44,100		3,383
Trading Companies & Distributors 0.74%
Air Lease Corp.		80,700		3,062
Wireless Telecommunication Services 0.39%
T-Mobile US, Inc.*		23,300		1,622
Total Common Stocks (cost $406,858,661)				409,331

See Notes to Financial Statements. 9

Schedule of Investments (unaudited)(concluded)

CALIBRATED LARGE CAP VALUE FUNDJanuary 31, 2019

	Principal		Fair
	Amount		Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 0.50%
Repurchase Agreement
Repurchase Agreement dated 1/31/2019, 1.45%due 2/1/2019 with Fixed Income Clearing Corp. collateralized by $2,085,000 of U.S. Treasury Inflation Note at 2.75% due 4/30/2023; value: $2,119,957; proceeds: $2,073,991 (cost $2,073,908)		$2,074	$	2,074
Total Investments in Securities 99.97% (cost $408,932,569)				411,405
Other Assets in Excess of Liabilities(b)0.03%				120
Net Assets 100.00%			$	411,525

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

Open Futures Contracts at January 31, 2019:

				Notional	Notional	Unrealized
Type	Expiration	Contracts	Position	Amount	Value	Appreciation
E-Mini S&P 500 Index	March 2019	12	Long	$1,564,478	$1,622,700	$58,222

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

	Level 1		Level 2		Level 3		Total
Investment Type(2)(3)	(000)		(000)		(000)		(000)
Common Stocks	$	409,331	$	–	$	–	$	409,331
Short-Term Investment
Repurchase Agreement		–		2,074		–		2,074
Total	$	409,331	$	2,074	$	–	$	411,405
Other Financial Instruments
Futures Contracts
Assets	$	58	$	–	$	–	$	58
Liabilities		–		–		–		–
Total	$	58	$	–	$	–	$	58

(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, 2019.

10 See Notes to Financial Statements.

Schedule of Investments (unaudited)

CALIBRATED MID CAP VALUE FUNDJanuary 31, 2019

Investments	Shares		Fair Value (000)
COMMON STOCKS 99.52%
Aerospace & Defense 1.60%
Harris Corp.		27,900	$	4,274
Huntington Ingalls Industries, Inc.		9,800		2,023
Textron, Inc.		71,100		3,785
Total				10,082
Airlines 1.45%
Alaska Air Group, Inc.		24,400		1,560
American Airlines Group, Inc.		114,900		4,110
United Continental Holdings, Inc.*		39,900		3,482
Total				9,152
Auto Components 0.83%
Gentex Corp.		245,400		5,198
Banks 6.76%
Citizens Financial Group, Inc.		198,300		6,726
Comerica, Inc.		89,300		7,032
First Horizon National Corp.		374,500		5,498
KeyCorp		474,800		7,820
M&T Bank Corp.		47,300		7,783
TCF Financial Corp.		251,000		5,562
Western Alliance Bancorp*		48,900		2,165
Total				42,586
Beverages 0.78%
Molson Coors Brewing Co. Class B		73,800		4,916
Capital Markets 1.95%
Affiliated Managers Group, Inc.		16,200		1,700
E*TRADE Financial Corp.		117,800		5,497
Invesco Ltd.		278,800		5,080
Total				12,277
Chemicals 1.59%
Celanese Corp. Series A		54,100		5,181
Eastman Chemical Co.		36,400		2,934
Huntsman Corp.		85,401		1,876
Total				9,991

Investments	Shares		Fair Value (000)
Commercial Services & Supplies 1.19%
Republic Services, Inc.		97,500	$	7,479
Communications Equipment 0.87%
Juniper Networks, Inc.		212,200		5,505
Construction Materials 0.60%
Eagle Materials, Inc.		53,100		3,770
Consumer Finance 1.98%
Discover Financial Services		59,800		4,036
Santander Consumer USA Holdings, Inc.		97,300		1,854
Synchrony Financial		217,800		6,543
Total				12,433
Containers & Packaging 2.86%
Bemis Co., Inc.		43,900		2,144
Crown Holdings, Inc.*		84,500		4,310
Graphic Packaging Holding Co.		399,500		4,822
International Paper Co.		67,700		3,211
Owens-Illinois, Inc.		176,300		3,538
Total				18,025
Electric: Utilities 5.43%
Alliant Energy Corp.		83,700		3,722
Edison International		97,300		5,543
Evergy, Inc.		122,100		6,999
Eversource Energy		74,100		5,143
FirstEnergy Corp.		54,000		2,117
PPL Corp.		248,100		7,770
Xcel Energy, Inc.		55,000		2,880
Total				34,174
Electrical Equipment 1.20%
AMETEK, Inc.		26,700		1,946
Hubbell, Inc.		51,300		5,609
Total				7,555
Electronic Equipment, Instruments & Components 2.91%
Corning, Inc.		284,600		9,466
Jabil, Inc.		88,300		2,353

See Notes to Financial Statements. 11

Schedule of Investments (unaudited)(continued)

CALIBRATED MID CAP VALUE FUNDJanuary 31, 2019

Investments	Shares		Fair Value (000)
Electronic Equipment, Instruments & Components (continued)
Keysight Technologies, Inc.*		87,900	$	6,506
Total				18,325
Energy Equipment & Services 1.40%
National Oilwell Varco, Inc.		168,500		4,967
Rowan Cos., plc Class A*		315,800		3,850
Total				8,817
Entertainment 1.36%
Cinemark Holdings, Inc.		128,000		5,238
Viacom, Inc. Class B		113,100		3,327
Total				8,565
Equity Real Estate Investment Trusts 13.82%
American Homes 4 Rent Class A		250,300		5,534
AvalonBay Communities, Inc.		31,300		6,038
Boston Properties, Inc.		64,800		8,545
Camden Property Trust		20,400		1,978
Digital Realty Trust, Inc.		29,500		3,196
Duke Realty Corp.		247,400		7,234
Equity Residential		29,600		2,148
Essex Property Trust, Inc.		7,200		1,953
Federal Realty Investment Trust		45,300		6,006
Host Hotels & Resorts, Inc.		359,700		6,496
Liberty Property Trust		117,200		5,525
Mid-America Apartment Communities, Inc.		21,900		2,218
SL Green Realty Corp.		74,200		6,858
Starwood Property Trust, Inc.		183,100		4,043
UDR, Inc.		181,000		7,919
Ventas, Inc.		129,000		8,319
Vornado Realty Trust		42,600		2,978
Total				86,988
Food & Staples Retailing 0.76%
US Foods Holding Corp.*		142,300		4,798

Investments	Shares		Fair Value (000)
Food Products 3.27%
Bunge Ltd.		70,400	$	3,877
Hershey Co. (The)		30,200		3,204
Hormel Foods Corp.		80,600		3,411
J.M. Smucker Co. (The)		30,900		3,241
Tyson Foods, Inc. Class A		110,600		6,848
Total				20,581
Health Care Equipment & Supplies 2.12%
Hill-Rom Holdings, Inc.		55,700		5,571
Zimmer Biomet Holdings, Inc.		71,000		7,779
Total				13,350
Health Care Providers & Services 2.54%
Cardinal Health, Inc.		46,700		2,334
Centene Corp.*		21,700		2,833
Laboratory Corp. of America Holdings*		12,000		1,672
Quest Diagnostics, Inc.		48,900		4,272
Universal Health Services, Inc. Class B		36,800		4,877
Total				15,988
Hotels, Restaurants & Leisure 2.53%
Aramark		167,900		5,532
MGM Resorts International		128,600		3,786
Norwegian Cruise Line Holdings Ltd.*		128,900		6,630
Total				15,948
Household Durables 1.89%
Leggett & Platt, Inc.		39,500		1,618
Lennar Corp. Class A		138,641		6,574
Newell Brands, Inc.		175,200		3,716
Total				11,908
Independent Power and Renewable Electricity Producer 1.01%
AES Corp.		386,500		6,335
Industrial Conglomerates 0.98%
Roper Technologies, Inc.		21,700		6,147

12 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CALIBRATED MID CAP VALUE FUNDJanuary 31, 2019

Investments	Shares		Fair Value (000)
Information Technology Services 3.44%
Euronet Worldwide, Inc.*		26,200	$	3,013
Fidelity National Information Services, Inc.		56,000		5,854
Leidos Holdings, Inc.		116,500		6,757
Worldpay, Inc. Class A*		72,000		6,011
Total				21,635
Insurance 6.53%
Arch Capital Group Ltd.*		242,300		7,111
Argo Group International Holdings Ltd.		37,700		2,516
Arthur J Gallagher & Co.		27,900		2,084
Brown & Brown, Inc.		68,000		1,847
Fidelity National Financial, Inc.		108,500		3,923
Hartford Financial Services Group, Inc. (The)		108,800		5,105
Lincoln National Corp.		116,000		6,785
Old Republic International Corp.		146,000		2,942
RenaissanceRe Holdings Ltd.		43,800		6,046
Unum Group		79,800		2,774
Total				41,133
Life Sciences Tools & Services 0.98%
PerkinElmer, Inc.		67,900		6,145
Machinery 3.46%
Cummins, Inc.		20,000		2,942
Flowserve Corp.		116,300		5,122
PACCAR, Inc.		52,500		3,440
Pentair plc (United Kingdom)(a)		95,200		3,921
Stanley Black & Decker, Inc.		50,400		6,373
Total				21,798
Media 1.43%
Discovery, Inc. Class A*		121,200		3,440
Interpublic Group of Cos., Inc. (The)		243,500		5,539
Total				8,979

Investments	Shares		Fair Value (000)
Metals & Mining 0.88%
Steel Dynamics, Inc.		152,100	$	5,565
Multi-Line Retail 1.62%
Dollar General Corp.		56,600		6,533
Kohl’s Corp.		53,700		3,689
Total				10,222
Multi-Utilities 4.40%
Ameren Corp.		68,500		4,750
Consolidated Edison, Inc.		46,800		3,634
Public Service Enterprise Group, Inc.		183,800		10,026
Sempra Energy		79,500		9,300
Total				27,710
Oil, Gas & Consumable Fuels 4.69%
Cimarex Energy Co.		66,400		5,003
Continental Resources, Inc.*		80,500		3,717
Marathon Oil Corp.		361,800		5,713
Marathon Petroleum Corp.		68,600		4,545
Noble Energy, Inc.		226,400		5,058
ONEOK, Inc.		85,600		5,496
Total				29,532
Paper & Forest Products 0.34%
Domtar Corp.		45,400		2,129
Pharmaceuticals 1.43%
Jazz Pharmaceuticals plc(Ireland)*(a)		20,300		2,556
Mylan NV*		215,300		6,448
Total				9,004
Real Estate Management & Development 0.45%
Jones Lang LaSalle, Inc.		19,800		2,840
Road & Rail 1.11%
Kansas City Southern		24,300		2,570
Ryder System, Inc.		75,800		4,389
Total				6,959

See Notes to Financial Statements. 13

Schedule of Investments (unaudited)(continued)

CALIBRATED MID CAP VALUE FUNDJanuary 31, 2019

Investments	Shares		Fair Value (000)
Semiconductors & Semiconductor Equipment 1.33%
Marvell Technology Group Ltd.		168,500	$	3,122
Qorvo, Inc.*		80,300		5,249
Total				8,371
Software 0.60%
FireEye, Inc.*		215,400		3,808
Specialty Retail 1.48%
AutoZone, Inc.*		3,600		3,050
Burlington Stores, Inc.*		17,000		2,919
Penske Automotive Group, Inc.		71,200		3,338
Total				9,307
Textiles, Apparel & Luxury Goods 0.33%
Ralph Lauren Corp.		17,800		2,067
Trading Companies & Distributors 1.34%
Air Lease Corp.		130,500		4,951
HD Supply Holdings, Inc.*		83,100		3,485
Total				8,436
Total Common Stocks (cost $655,069,065)				626,533

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 0.21%
Repurchase Agreement
Repurchase Agreement dated 1/31/2019, 1.45% due 2/1/2019 with Fixed Income Clearing Corp. collateralized by $1,325,000 of U.S. Treasury Inflation Note at 2.75% due 4/30/2023; value: $1,347,215; proceeds: $1,320,187 (cost $1,320,134)		$1,320	$	1,320
Total Investments in Securities 99.73% (cost $656,389,199)				627,853
Other Assets in Excess of Liabilities(b)0.27%				1,684
Net Assets 100.00%			$	629,537

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

14 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

CALIBRATED MID CAP VALUE FUNDJanuary 31, 2019

Open Futures Contracts at January 31, 2019:

Type	Expiration	Contracts	Position	Notional Amount	Notional Value	Unrealized Appreciation
E-Mini S&P 500 Index	March 2019	18	Long	$2,295,088	$2,434,050	$138,962

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

	Level 1		Level 2		Level 3			Total
Investment Type(2)(3)	(000)		(000)		(000)			(000)
Common Stocks	$	626,533	$	–	$	–		$	626,533
Short-Term Investment
Repurchase Agreement		–		1,320		–			1,320
Total	$	626,533	$	1,320	$	–		$	627,853
Other Financial Instruments
Futures Contracts
Assets	$	139	$	–	$	–		$	139
Liabilities		–		–		–	��		–
Total	$	139	$	–	$	–		$	139

(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, 2019.

See Notes to Financial Statements. 15

Statements of Assets and Liabilities (unaudited)

January 31, 2019

	Calibrated Large Cap Value Fund		Calibrated Mid Cap Value Fund
ASSETS:
Investments in securities, at cost	$	408,932,569	$	656,389,199
Investments in securities, at fair value	$	411,405,271	$	627,852,932
Deposits with brokers for futures collateral		72,000		108,000
Receivables:
Investment securities sold		240,925		3,706,497
Capital shares sold		418,145		638,619
Interest and dividends		570,135		385,885
Variation margin for futures contracts		15,726		26,751
From advisor (See Note 3)		18,088		5,195
Prepaid expenses and other assets		59,401		66,024
Total assets		412,799,691		632,789,903
LIABILITIES:
Payables:
Capital shares reacquired		932,668		2,646,711
Management fee		203,519		312,211
Trustees’ fees		50,686		85,135
12b-1 distribution plan		20,587		52,975
Fund administration		13,568		20,814
Accrued expenses		54,016		134,853
Total liabilities		1,275,044		3,252,699
NET ASSETS	$	411,524,647	$	629,537,204
COMPOSITION OF NET ASSETS:
Paid-in capital	$	411,254,700	$	683,788,905
Total distributable earnings (loss)		269,947		(54,251,701	)
Net Assets	$	411,524,647	$	629,537,204

16 See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(concluded)

January 31, 2019

	Calibrated Large Cap Value Fund		Calibrated Mid Cap Value Fund
Net assets by class:
Class A Shares	$	51,463,162	$	72,573,893
Class C Shares	$	11,442,409	$	35,602,119
Class F Shares	$	16,026,364	$	62,529,910
Class F3 Shares	$	2,914,549	$	2,842,662
Class I Shares	$	327,017,203	$	434,636,492
Class R2 Shares	$	488,578	$	1,110,959
Class R3 Shares	$	85,539	$	5,455,802
Class R4 Shares	$	12,012	$	4,024,548
Class R5 Shares	$	12,121	$	4,086,121
Class R6 Shares	$	2,062,710	$	6,674,698
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares		2,686,216		3,897,050
Class C Shares		607,092		1,950,656
Class F Shares		834,533		3,348,346
Class F3 Shares		151,852		152,192
Class I Shares		17,049,508		23,278,621
Class R2 Shares		25,348		59,364
Class R3 Shares		4,493		292,557
Class R4 Shares		629		216,911
Class R5 Shares		632.28		218,879
Class R6 Shares		107,499		357,334
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$19.16		$18.62
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)		$20.33		$19.76
Class C Shares-Net asset value		$18.85		$18.25
Class F Shares-Net asset value		$19.20		$18.67
Class F3 Shares-Net asset value		$19.19		$18.68
Class I Shares-Net asset value		$19.18		$18.67
Class R2 Shares-Net asset value		$19.27		$18.71
Class R3 Shares-Net asset value		$19.04		$18.65
Class R4 Shares-Net asset value		$19.10		$18.55
Class R5 Shares-Net asset value		$19.17		$18.67
Class R6 Shares-Net asset value		$19.19		$18.68

See Notes to Financial Statements. 17

Statements of Operations (unaudited)

For the Six Months Ended January 31, 2019

	Calibrated Large Cap Value Fund			Calibrated Mid Cap Value Fund
Investment income:
Dividends	$	5,784,907		$	13,788,973
Interest		11,278			16,863
Total investment income		5,796,185			13,805,836
Expenses:
Management fee		1,324,936			2,077,634
12b-1 distribution plan-Class A		73,788			103,208
12b-1 distribution plan-Class C		62,638			199,323
12b-1 distribution plan-Class F		6,125			38,016
12b-1 distribution plan-Class R2		1,476			3,866
12b-1 distribution plan-Class R3		275			13,677
12b-1 distribution plan-Class R4		15			5,202
Fund administration		88,329			138,509
Shareholder servicing		36,142			177,133
Registration		55,959			60,410
Professional		21,801			27,193
Reports to shareholders		12,577			23,489
Custody		13,584			16,620
Trustees’ fees		6,290			10,424
Other		31,011			43,018
Gross expenses		1,734,946			2,937,722
Expense reductions (See Note 9)		(1,591	)		(4,132	)
Fees waived and expenses reimbursed (See Note 3)		(216,255	)		(127,922	)
Net expenses		1,517,100			2,805,668
Net investment income		4,279,085			11,000,168
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		5,353,478			(13,581,633	)
Net realized loss on futures contracts		(197,044	)		(170,766	)
Net change in unrealized appreciation/depreciation on investments		(25,293,014	)		(48,087,903	)
Net change in unrealized appreciation/depreciation on futures contracts		31,013			89,760
Net realized and unrealized loss		(20,105,567	)		(61,750,542	)
Net Decrease in Net Assets Resulting From Operations	$	(15,826,482	)	$	(50,750,374	)

18 See Notes to Financial Statements.

Statements of Changes in Net Assets

	Calibrated Large Cap Value Fund
DECREASE IN NET ASSETS	For the Six Months Ended January 31, 2019 (unaudited)			For the Year Ended July 31, 2018
Operations:
Net investment income	$	4,279,085		$	8,656,615
Net realized gain on investments and futures contracts		5,156,434			20,029,070
Net change in unrealized appreciation/depreciation on investments and futures contracts		(25,262,001	)		11,636,774
Net increase (decrease) in net assets resulting from operations		(15,826,482	)		40,322,459
Distributions to shareholders(1)
Class A		(2,933,047	)		(6,786,843	)
Class C		(591,400	)		(1,217,858	)
Class F		(938,847	)		(1,036,080	)
Class F3		(173,713	)		(365,792	)
Class I		(19,845,577	)		(32,953,067	)
Class R2		(25,390	)		(37,394	)
Class R3		(6,194	)		(19,265	)
Class R4		(675	)		(998	)
Class R5		(708	)		(1,029	)
Class R6		(122,358	)		(214,218	)
Total distributions to shareholders		(24,637,909	)		(42,632,544	)
Capital share transactions (Net of share conversions) (See Note 14):
Net proceeds from sales of shares		20,111,913			53,462,081
Reinvestment of distributions		23,610,214			39,716,714
Cost of shares reacquired		(68,498,882	)		(116,824,775	)
Net decrease in net assets resulting from capital share transactions		(24,776,755	)		(23,645,980	)
Net decrease in net assets		(65,241,146	)		(25,956,065	)
NET ASSETS:
Beginning of period	$	476,765,793		$	502,721,858
End of period	$	411,524,647		$	476,765,793
Undistributed net investment income(2)	$	–		$	–

(1)

The SEC eliminated the requirement to disclose the source of distributions paid in 2018. For the year ended July 31, 2018, the source of distributions was as follows: - Net investment income – Class A $(1,356,851), Class C $(142,580), Class F $(217,480), Class F3 $(81,717), Class I $(7,354,848), Class R2 $(6,313), Class R3 $(3,497), Class R4 $(200), Class R5 $(230) and Class R6 $(47,856). Net realized gain - Class A $(5,429,992), Class C $(1,075,278), Class F $(818,600), Class F3 $(284,075), Class I $(25,598,219), Class R2 $(31,081), Class R3 $(15,768), Class R4 $(798), Class R5 $(799) and Class R6 $(166,362).

(2)

The SEC eliminated the requirement to disclose undistributed net investment income in 2018. For the year ended July 31, 2018, the undistributed net investment income was $4,269,347.

See Notes to Financial Statements. 19

Statements of Changes in Net Assets (concluded)

	Calibrated Mid Cap Value Fund
DECREASE IN NET ASSETS	For the Six Months Ended January 31, 2019 (unaudited)			For the Year Ended July 31, 2018
Operations:
Net investment income	$	11,000,168		$	10,282,138
Net realized gain (loss) on investments and futures contracts		(13,752,399	)		56,807,354
Net change in unrealized appreciation/depreciation on investments and futures contracts		(47,998,143	)		1,677,770
Net increase (decrease) in net assets resulting from operations		(50,750,374	)		68,767,262
Distributions to shareholders(1)
Class A		(7,781,608	)		(7,529,205	)
Class C		(3,636,510	)		(3,413,672	)
Class F		(7,161,989	)		(8,868,222	)
Class F3		(310,734	)		(247,680	)
Class I		(46,159,445	)		(57,732,116	)
Class R2		(107,328	)		(168,502	)
Class R3		(537,605	)		(376,668	)
Class R4		(376,614	)		(305,378	)
Class R5		(380,996	)		(329,163	)
Class R6		(553,283	)		(614,402	)
Total distributions to shareholders		(67,006,112	)		(79,585,008	)
Capital share transactions (See Note 14)
Net proceeds from sales of shares		30,861,553			144,938,156
Reinvestment of distributions		63,493,912			75,532,779
Cost of shares reacquired		(117,131,042	)		(471,115,350	)
Net decrease in net assets resulting from capital share transactions		(22,775,577	)		(250,644,415	)
Net decrease in net assets		(140,532,063	)		(261,462,161	)
NET ASSETS:
Beginning of period	$	770,069,267		$	1,031,531,428
End of period	$	629,537,204		$	770,069,267
Undistributed net investment income(2)	$	–		$	–

(1)

The SEC eliminated the requirement to disclose the source of distributions paid in 2018. For the year ended July 31, 2018, the source of distributions was as follows:–Net investment income–Class A $(1,123,563), Class C $(201,513), Class F $(1,462,733), Class F3 $(44,302), Class I $(10,313,279), Class R2 $(18,624), Class R3 $(48,748), Class R4 $(47,731), Class R5 $(58,817) and Class R6 $(109,896). 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) and Class R6 $(504,506).

(2)

The SEC eliminated the requirement to disclose undistributed net investment income in 2018. For the year ended July 31, 2018, the undistributed net investment income was $3,905,389.

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
1/31/2019(c)		$21.05		$0.18		$(0.94	)		$(0.76	)		$(0.34	)		$(0.79	)		$(1.13	)
7/31/2018		21.25		0.34		1.30			1.64			(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	)
Class C
1/31/2019(c)		20.63		0.10		(0.91	)		(0.81	)		(0.18	)		(0.79	)		(0.97	)
7/31/2018		20.84		0.18		1.27			1.45			(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	)
Class F
1/31/2019(c)		21.12		0.20		(0.94	)		(0.74	)		(0.39	)		(0.79	)		(1.18	)
7/31/2018		21.29		0.40		1.29			1.69			(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	)
Class F3
1/31/2019(c)		21.12		0.21		(0.95	)		(0.74	)		(0.40	)		(0.79	)		(1.19	)
7/31/2018		21.32		0.37		1.32			1.69			(0.42	)		(1.47	)		(1.89	)
4/4/2017 to 7/31/2017(e)		20.98		0.11		0.23			0.34			–			–			–
Class I
1/31/2019(c)		21.11		0.20		(0.94	)		(0.74	)		(0.40	)		(0.79	)		(1.19	)
7/31/2018		21.31		0.39		1.30			1.69			(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	)
Class R2
1/31/2019(c)		21.14		0.14		(0.94	)		(0.80	)		(0.28	)		(0.79	)		(1.07	)
7/31/2018		21.34		0.27		1.30			1.57			(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	)

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 (%)
$	19.16		(3.61	)(d)		0.87	(f)		0.97	(f)		1.76	(f)	$	51,463		23	(d)
	21.05		8.18			0.85			0.97			1.63			69,438		64
	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
	18.85		(3.96	)(d)		1.63	(f)		1.72	(f)		1.00	(f)		11,442		23	(d)
	20.63		7.37			1.60			1.72			0.88			13,546		64
	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
	19.20		(3.51	)(d)		0.63	(f)		0.82	(f)		1.98	(f)		16,026		23	(d)
	21.12		8.43			0.60			0.82			1.91			8,501		64
	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
	19.19		(3.48	)(d)		0.61	(f)		0.71	(f)		2.03	(f)		2,915		23	(d)
	21.12		8.44			0.58			0.72			1.80			3,476		64
	21.32		1.62	(d)		0.58	(f)		0.74	(f)		1.58	(f)		10		76
	19.18		(3.49	)(d)		0.63	(f)		0.72	(f)		2.00	(f)		327,017		23	(d)
	21.11		8.44			0.60			0.72			1.88			378,924		64
	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
	19.27		(3.79	)(d)		1.23	(f)		1.32	(f)		1.40	(f)		489		23	(d)
	21.14		7.78			1.20			1.32			1.27			497		64
	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

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
1/31/2019(c)		$20.90		$0.15		$(0.93	)		$(0.78	)		$(0.29	)		$(0.79	)		$(1.08	)
7/31/2018		21.12		0.29		1.29			1.58			(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	)
Class R4
1/31/2019(c)		21.00		0.18		(0.94	)		(0.76	)		(0.35	)		(0.79	)		(1.14	)
7/31/2018		21.21		0.33		1.30			1.63			(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
1/31/2019(c)		21.10		0.20		(0.94	)		(0.74	)		(0.40	)		(0.79	)		(1.19	)
7/31/2018		21.30		0.39		1.30			1.69			(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
1/31/2019(c)		21.12		0.20		(0.94	)		(0.74	)		(0.40	)		(0.79	)		(1.19	)
7/31/2018		21.31		0.40		1.30			1.70			(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 (%)
$	19.04		(3.74	)(d)		1.12	(f)		1.22	(f)		1.51	(f)	$	86		23	(d)
	20.90		7.92			1.10			1.22			1.39			113		64
	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
	19.10		(3.61	)(d)		0.85	(f)		0.92	(f)		1.77	(f)		12		23	(d)
	21.00		8.15			0.85			0.97			1.60			12		64
	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
	19.17		(3.49	)(d)		0.60	(f)		0.67	(f)		2.01	(f)		12		23	(d)
	21.10		8.45			0.60			0.72			1.87			13		64
	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
	19.19		(3.48	)(d)		0.61	(f)		0.72	(f)		2.02	(f)		2,063		23	(d)
	21.12		8.50			0.58			0.72			1.90			2,247		64
	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:
											Distributions to
			Investment Operations:								shareholders from:
								Total
					Net			from
	Net asset		Net		realized			invest-
	value,		invest-		and			ment			Net			Net			Total
	beginning		ment		unrealized			opera-			investment			realized			distri-
	of period		income(a)		gain (loss)			tions			income			gain			butions
Class A
1/31/2019(c)		$22.21		$0.31		$(1.86	)		$(1.55	)		$(0.42	)		$(1.62	)		$(2.04	)
7/31/2018		22.37		0.21		1.38			1.59			(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	)
Class C
1/31/2019(c)		21.70		0.23		(1.81	)		(1.58	)		(0.25	)		(1.62	)		(1.87	)
7/31/2018		21.89		0.04		1.35			1.39			(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	)
Class F
1/31/2019(c)		22.27		0.35		(1.88	)		(1.53	)		(0.45	)		(1.62	)		(2.07	)
7/31/2018		22.41		0.27		1.37			1.64			(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	)
Class F3
1/31/2019(c)		22.30		0.34		(1.86	)		(1.52	)		(0.48	)		(1.62	)		(2.10	)
7/31/2018		22.46		0.25		1.41			1.66			(0.33	)		(1.49	)		(1.82	)
4/4/2017 to 7/31/2017(e)		21.83		0.06		0.57			0.63			–			–			–
Class I
1/31/2019(c)		22.30		0.33		(1.86	)		(1.53	)		(0.48	)		(1.62	)		(2.10	)
7/31/2018		22.46		0.27		1.38			1.65			(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	)
Class R2
1/31/2019(c)		22.21		0.29		(1.87	)		(1.58	)		(0.30	)		(1.62	)		(1.92	)
7/31/2018		22.38		0.14		1.37			1.51			(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	)

26 See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
					Total
					expenses
Net					after						Net			Net
Asset					waivers						invest-			assets,		Portfolio
value,		Total			and/or reim-			Total			ment			end of		turnover
end of		return			bursements			expenses			income			period		rate
period		(%)(b)			(%)			(%)			(%)			(000)		(%)
	$18.62		(6.82	)(d)		0.97	(f)		0.99	(f)		3.06	(f)	$	72,574		23	(d)
	22.21		7.52			0.95			0.98			0.96			93,147		73
	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
	18.25		(7.14	)(d)		1.72	(f)		1.75	(f)		2.29	(f)		35,602		23	(d)
	21.70		6.70			1.70			1.73			0.20			44,206		73
	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
	18.67		(6.70	)(d)		0.72	(f)		0.84	(f)		3.45	(f)		62,530		23	(d)
	22.27		7.76			0.70			0.83			1.22			92,221		73
	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
	18.68		(6.64	)(d)		0.67	(f)		0.70	(f)		3.30	(f)		2,843		23	(d)
	22.30		7.80			0.65			0.70			1.16			3,266		73
	22.46		2.89	(d)		0.65	(f)		0.73	(f)		0.85	(f)		70		93
	18.67		(6.70	)(d)		0.72	(f)		0.74	(f)		3.24	(f)		434,636		23	(d)
	22.30		7.79			0.70			0.73			1.22			514,972		73
	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
	18.71		(6.97	)(d)		1.32	(f)		1.35	(f)		2.85	(f)		1,111		23	(d)
	22.21		7.09			1.30			1.33			0.62			1,582		73
	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

See Notes to Financial Statements. 27

Financial Highlights (concluded)

CALIBRATED MID CAP VALUE FUND

			Per Share Operating Performance:
												Distributions to
			Investment Operations:									shareholders from:
									Total
			Net			Net			from
	Net asset		invest-			realized			invest-
	value,		ment			and			ment			Net			Net			Total
	beginning		income			unrealized			opera-			investment			realized			distri-
	of period		(loss)(a)			gain (loss)			tions			income			gain			butions
Class R3
1/31/2019(c)		$22.22		$0.27			$(1.85	)		$(1.58	)		$(0.37	)		$(1.62	)		$(1.99	)
7/31/2018		22.39		0.15			1.39			1.54			(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	)
Class R4
1/31/2019(c)		22.14		0.29			(1.84	)		(1.55	)		(0.42	)		(1.62	)		(2.04	)
7/31/2018		22.32		0.21			1.38			1.59			(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
1/31/2019(c)		22.29		0.34			(1.86	)		(1.52	)		(0.48	)		(1.62	)		(2.10	)
7/31/2018		22.46		0.26			1.38			1.64			(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
1/31/2019(c)		22.30		0.33			(1.85	)		(1.52	)		(0.48	)		(1.62	)		(2.10	)
7/31/2018		22.46		0.28			1.38			1.66			(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 alldistributions. 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:
					Total
					expenses						Net
Net					after						invest-			Net
Asset					waivers						ment			assets,		Portfolio
value,		Total			and/or reim-			Total			income			end of		turnover
end of		return			bursements			expenses			(loss)			period		rate
period		(%)(b)			(%)			(%)			(%)			(000)		(%)
	$18.65		(6.92	)(d)		1.22	(f)		1.25	(f)		2.64	(f)	$	5,456		23	(d)
	22.22		7.26			1.20			1.23			0.70			5,480		73
	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
	18.55		(6.83	)(d)		0.97	(f)		0.99	(f)		2.89	(f)		4,025		23	(d)
	22.14		7.51			0.95			0.98			0.95			4,307		73
	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
	18.67		(6.65	)(d)		0.72	(f)		0.74	(f)		3.33	(f)		4,086		23	(d)
	22.29		7.75			0.70			0.73			1.17			4,611		73
	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
	18.68		(6.64	)(d)		0.67	(f)		0.70	(f)		3.24	(f)		6,675		23	(d)
	22.30		7.80			0.65			0.70			1.27			6,277		73
	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. Class C shares will convert automatically into Class A shares on the 25th day of the month (or, if the 25th is not a business day, the next business day thereafter) following the tenth anniversary of the month on which the purchase order was accepted.

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. Each 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.

30

Notes to Financial Statements (unaudited)(continued)

	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and 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, 2015 through July 31, 2018. 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.

31

Notes to Financial Statements (unaudited)(continued)

(g)

Repurchase Agreements–Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in 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, 2019 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

32

Notes to Financial Statements (unaudited)(continued)

office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of each Fund’s investment portfolio.

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

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

For the six months ended January 31, 2019, 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 .50% 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 period from December 1, 2018 and continuing through November 30, 2019, 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
	A, C, F, I,
Fund	R2, R3, R4 and R5	F3 and R6
Calibrated Large Cap Value Fund	.68%	.66%

Prior to December 1, 2018, Lord Abbett had 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
	A, C, F, I,
Fund	R2, R3, R4 and R5	F3 and R6
Calibrated Large Cap Value Fund	.60%	.58%
Calibrated Mid Cap Value Fund*	.70%	.65%

* Effective December 1, 2018, Lord Abbett discontinued these waivers and reimbursements.

All contractual fee waiver and expense reimbursement agreements between the Funds and Lord Abbett may be terminated only upon the approval of the Funds’ Board.

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 shares 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, 2019 and continuing through November 30, 2019, 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.

33

Notes to Financial Statements (unaudited)(continued)

Commissions

Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the six months ended January 31, 2019:

	Distributor		Dealers’
	Commissions		Concessions
Calibrated Large Cap Value Fund	$	4,706	$	24,979
Calibrated Mid Cap Value Fund		5,787		28,850

Distributor received the following amount of CDSCs for the six months ended January 31, 2019:

	Class A		Class C
Calibrated Large Cap Value Fund	$	224	$	111
Calibrated Mid Cap Value Fund		2		969

Other Related Parties

As of January 31, 2019, the percentages of Calibrated Large Cap Value Fund’s and Calibrated Mid Cap Value Fund’s outstanding shares owned by each Fund of Funds were as follows:

		Underlying Funds
	Calibrated Large Cap	Calibrated Mid Cap
Fund of Funds	Value Fund	Value Fund
Lord Abbett Multi-Asset Balanced Opportunity Fund	48.66%	22.97%
Lord Abbett Multi-Asset Global Opportunity Fund	3.25%	2.87%
Lord Abbett Multi-Asset Growth Fund	24.59%	18.44%
Lord Abbett Multi-Asset Income Fund	–	18.96%

One Trustee 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 U.S. GAAP. 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, 2019 and fiscal year ended July 31, 2018 were as follows:

Calibrated Large Cap Value Fund						Calibrated Mid Cap Value Fund
	Six Months Ended 1/31/2019 (unaudited)		Year Ended 7/31/2018			Six Months Ended 1/31/2019 (unaudited)			Year Ended 7/31/2018
Distributions paid from:
Ordinary income	$	14,478,961		$	27,112,983		$	47,021,658		$	48,959,128
Net long-term capital gains		10,158,948			15,519,561			19,984,454			30,625,880
Total distributions paid	$	24,637,909		$	42,632,544		$	67,006,112		$	79,585,008

34

Notes to Financial Statements (unaudited)(continued)

As of January 31, 2019, the aggregate unrealized security 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	$	414,505,617			$	668,843,454
Gross unrealized gain		26,067,660				33,555,253
Gross unrealized loss		(29,109,784	)			(74,406,813	)
Net unrealized security loss	$	(3,042,124	)		$	(40,851,560	)

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of certain distributions received, other financial instruments and wash sales.

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the six months ended January 31, 2019 were as follows:

	Purchases		Sales
Calibrated Large Cap Value Fund	$	102,683,812	$	147,385,670
Calibrated Mid Cap Value Fund		157,163,096		237,728,912

There were no purchases or sales of U.S. Government securities for the six months ended January 31, 2019.

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 six months ended January 31, 2019, the following Funds engaged in cross-trades:

Fund	Purchases		Sales		Loss
Calibrated Large Cap Value Fund	$	3,499,422	$	806,291	$	(8,560	)
Calibrated Mid Cap Value Fund		620,984		554,861		(18,706	)

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, 2019 (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, 2019, 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)		$	58,222		$	138,962

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

35

Notes to Financial Statements (unaudited)(continued)

Transactions in derivative instruments for the six months ended January 31, 2019, were as follows:

	Calibrated Large Cap Value Fund			Calibrated Mid Cap Value Fund
	Equity Index Contracts			Equity Index Contracts
Net Realized Loss
Futures Contracts(1)	$	(197,044	)	$	(170,766	)
Net Change in Unrealized
Appreciation/Depreciation Futures Contracts(2)	$	31,013		$	89,760
Average Number of Contracts
Futures Contracts(3)		14			23

(1)	Statements of Operations location: Net realized loss on futures contracts.
(2)	Statements of Operations location: Net change in unrealized appreciation/depreciation on futures contracts.
(3)	Amount represents number of contracts.

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
					Net Amounts of
			Gross Amounts		Assets Presented
			Offset in the		in the Statement
	Gross Amounts of		Statement of Assets		of Assets and
Description	Recognized Assets		and Liabilities		Liabilities
Repurchase Agreement		$2,073,908	$	–		$2,073,908
Total		$2,073,908	$	–		$2,073,908

	Net Amounts of Assets Presented in		Amounts Not Offset in the 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.		$2,073,908	$	–	$	–		$(2,073,908	)	$	–
Total		$2,073,908	$	–	$	–		$(2,073,908	)	$	–

36

Notes to Financial Statements (unaudited)(continued)

			Calibrated Mid Cap Value Fund
					Net Amounts of
			Gross Amounts		Assets Presented
			Offset in the		in the Statement
	Gross Amounts of		Statement of Assets		of Assets and
Description	Recognized Assets		and Liabilities		Liabilities
Repurchase Agreement		$1,320,134	$	–		$1,320,134
Total		$1,320,134	$	–		$1,320,134

	Net Amounts of Assets Presented in		Amounts Not Offset in the 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.		$1,320,134	$	–	$	–	$	(1,320,134	)	$	–
Total		$1,320,134	$	–	$	–	$	(1,320,134	)	$	–

(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statements of Assets and Liabilities, for each respective counterparty.
(b)	Net amount represents the amount owed to the Funds by the counterparty as of January 31, 2019.

8. TRUSTEES’ REMUNERATION  

The Trust’s officers and one Trustee, 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  

During the period ended August 8, 2018, the Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) participated in a 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. During the period ended August 8, 2018, the Funds did not utilize the Facility.

For the period August 9, 2018 through December 20, 2018, the Participating Funds entered into an amended syndicated line of credit facility with various lenders for $1.06 billion (the “Syndicated Facility”), whereas SSB participates as a lender and as agent for the lenders. Under the Syndicated

37

Notes to Financial Statements (unaudited)(continued)

Facility, 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, $350 million, or $1 billion, based on past borrowings and likelihood of future borrowings. Effective December 21, 2018, the Participating Funds entered into an amended Syndicated Facility with various lenders for $1.1 billion based on the same terms as described above.

Effective August 9, 2018, the Participating Funds entered into an additional line of credit facility with SSB for $250 million (the “Bilateral Facility,” and together with the Syndicated Facility, the “Facilities”). Under the Bilateral Facility, each Participating Fund may borrow up to the lesser of $250 million or one-third of Fund assets. The Facilities are to be used for temporary or emergency purposes to satisfy redemption requests and manage liquidity.

For the period from August 9, 2018 through January 31, 2019, the Funds did not utilize the Facilities.

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, 2019, 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 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.

38

Notes to Financial Statements (unaudited)(continued)

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.

14. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of beneficial interest were as follows:

				Six Months Ended
				January 31, 2019						Year Ended
Calibrated Large Cap Value Fund				(unaudited)						July 31, 2018
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		398,545		$	7,456,900			377,658		$	7,895,215
Converted from Class C*		873			17,289			35,349			723,553
Reinvestment of distributions		125,024			2,385,453			232,927			4,644,572
Shares reacquired		(1,137,336	)		(22,608,673	)		(1,264,627	)		(26,557,501	)
Decrease		(612,894	)	$	(12,749,031	)		(618,693	)	$	(13,294,161	)
Class C Shares
Shares sold		38,166		$	714,455			73,011		$	1,491,303
Reinvestment of distributions		23,918			449,660			48,700			956,952
Shares reacquired		(110,700	)		(2,120,906	)		(204,561	)		(4,167,677	)
Converted to Class A*		(891	)		(17,289	)		(36,018	)		(723,553	)
Decrease		(49,507	)	$	(974,080	)		(118,868	)	$	(2,442,975	)
Class F Shares
Shares sold		548,987		$	11,122,713			221,232		$	4,654,077
Reinvestment of distributions		48,620			929,618			46,500			929,063
Shares reacquired		(165,548	)		(3,183,652	)		(749,643	)		(15,821,628	)
Increase (decrease)		432,059		$	8,868,679			(481,911	)	$	(10,238,488	)
Class F3 Shares
Shares sold		11,567		$	218,581			219,148		$	4,768,226
Reinvestment of distributions		9,090			173,712			18,308			365,792
Shares reacquired		(33,357	)		(671,706	)		(73,381	)		(1,525,814	)
Increase (decrease)		(12,700	)	$	(279,413	)		164,075		$	3,608,204
Class I Shares
Shares sold		16,347		$	326,452			1,652,786		$	34,259,965
Reinvestment of distributions		1,028,450			19,643,397			1,641,359			32,777,942
Shares reacquired		(1,945,363	)		(39,644,466	)		(3,244,017	)		(68,203,469	)
Increase (decrease)		(900,566	)	$	(19,674,617	)		50,128		$	(1,165,562	)

39

Notes to Financial Statements (unaudited)(continued)

				Six Months Ended
				January 31, 2019						Year Ended
Calibrated Large Cap Value Fund				(unaudited)						July 31, 2018
Class R2 Shares	Shares			Amount			Shares			Amount
Shares sold		1,782		$	34,767			2,390		$	48,347
Reinvestment of distributions		57			1,095			83			1,671
Increase		1,839		$	35,862			2,473		$	50,018
Class R3 Shares
Shares sold		1,652		$	32,734			3,338.70		$	69,371
Reinvestment of distributions		327			6,194			971.50			19,265
Shares reacquired		(2,891	)		(53,504	)		(8,283.65	)		(172,396	)
Decrease		(912	)	$	(14,576	)		(3,973.45	)	$	(83,760	)
Class R4 Shares
Reinvestment of distributions		36		$	675			50.16		$	998
Increase		36		$	675			50.16		$	998
Class R5 Shares
Reinvestment of distributions		37.07		$	708			51.53		$	1,028
Increase		37.07		$	708			51.53		$	1,028
Class R6 Shares
Shares sold		10,442		$	205,311			13,083		$	275,577
Reinvestment of distributions		1,032			19,702			973			19,431
Shares reacquired		(10,365	)		(215,975	)		(18,056	)		(376,290	)
Increase (decrease)		1,109		$	9,038			(4,000	)	$	(81,282	)
				Six Months Ended
				January 31, 2019						Year Ended
Calibrated Mid Cap Value Fund				(unaudited)						July 31, 2018
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		617,537		$	11,316,783			619,128		$	13,468,474
Converted from Class C*		847			18,828			46,492			1,006,079
Reinvestment of distributions		375,595			6,873,384			314,468			6,650,991
Shares reacquired		(1,291,640	)		(24,634,776	)		(1,346,511	)		(29,462,266	)
Decrease		(297,661	)	$	(6,425,781	)		(366,423	)	$	(8,336,722	)
Class C Shares
Shares sold		127,206		$	2,461,432			269,496		$	5,750,167
Reinvestment of distributions		192,339			3,454,411			153,368			3,186,981
Shares reacquired		(404,890	)		(7,592,268	)		(612,512	)		(13,088,378	)
Converted to Class A*		(867	)		(18,828	)		(47,502	)		(1,006,079	)
Decrease		(86,212	)	$	(1,695,253	)		(237,150	)	$	(5,157,309	)
Class F Shares
Shares sold		515,311		$	9,850,531			1,088,479		$	23,892,476
Reinvestment of distributions		321,116			5,889,268			344,105			7,288,147
Shares reacquired		(1,629,105	)		(32,378,685	)		(4,025,626	)		(89,171,459	)
Decrease		(792,678	)	$	(16,638,886	)		(2,593,042	)	$	(57,990,836	)

40

Notes to Financial Statements (unaudited)(continued)

Calibrated Mid Cap Value Fund				Six Months Ended January 31, 2019 (unaudited)						Year Ended July 31, 2018
Class F3 Shares	Shares			Amount			Shares			Amount
Shares sold		13,873		$	289,890			171,438		$	3,807,564
Reinvestment of distributions		16,943			310,734			11,683			247,680
Shares reacquired		(25,064	)		(481,935	)		(39,809	)		(867,387	)
Increase		5,752		$	118,689			143,312		$	3,187,857
Class I Shares
Shares sold		91,390		$	1,839,319			3,929,235		$	88,945,264
Reinvestment of distributions		2,499,738			45,845,199			2,701,171			57,264,830
Shares reacquired		(2,410,294	)		(48,203,391	)		(15,107,361	)		(331,374,048	)
Increase (decrease)		180,834		$	(518,873	)		(8,476,955	)	$	(185,163,954	)
Class R2 Shares
Shares sold		11,793		$	225,450			24,908		$	540,693
Reinvestment of distributions		589			10,841			339			7,185
Shares reacquired		(24,252	)		(512,813	)		(52,734	)		(1,156,162	)
Decrease		(11,870	)	$	(276,522	)		(27,487	)	$	(608,284	)
Class R3 Shares
Shares sold		44,861		$	916,440			82,092		$	1,791,200
Reinvestment of distributions		29,330			537,606			17,767			376,668
Shares reacquired		(28,289	)		(541,274	)		(58,056	)		(1,264,035	)
Increase		45,902		$	912,772			41,803		$	903,833
Class R4 Shares
Shares sold		71,542		$	1,428,518			61,149		$	1,326,654
Reinvestment of distributions		4,391			80,054			3,206			67,622
Shares reacquired		(53,589	)		(1,105,868	)		(32,178	)		(701,423	)
Increase		22,344		$	402,704			32,177		$	692,853
Class R5 Shares
Shares sold		45,144		$	849,629			190,034		$	4,165,715
Reinvestment of distributions		10,602			194,332			8,634			183,040
Shares reacquired		(43,722	)		(934,237	)		(72,883	)		(1,587,068	)
Increase		12,024		$	109,724			125,785		$	2,761,687
Class R6 Shares
Shares sold		95,869		$	1,683,561			57,335		$	1,249,949
Reinvestment of distributions		16,253			298,083			12,247			259,635
Shares reacquired		(36,258	)		(745,795	)		(111,722	)		(2,443,124	)
Increase (decrease)		75,864		$	1,235,849			(42,140	)	$	(933,540	)

* Automatic conversion of Class C shares occurs on the 25th day of the month (or, if the 25th day was not a business day, the next business day thereafter) following the tenth anniversary of the day on which the purchase order was accepted.

41

Notes to Financial Statements (unaudited)(concluded)

15. SUBSEQUENT EVENTS  

As of the close of business on February 22, 2019, Lord Abbett Fundamental Equity Fund (a series of Securities Trust) and Lord Abbett Mid Cap Stock Fund acquired the net assets of Calibrated Large Cap Value Fund and Calibrated Mid Cap Value Fund, respectively, pursuant to a plan of reorganization approved by Calibrated Large Cap Value Fund and Calibrated Mid Cap Value Fund shareholders on February 8, 2019. The reorganizations permitted Calibrated Large Cap Value Fund and Calibrated Mid Cap Value Fund shareholders to each pursue a substantially similar investment goal, but as part of a larger fund with a lower expense ratio. Each acquisition was accomplished by a tax-free exchange whereas holders of shares of Calibrated Large Cap Value Fund and Calibrated Mid Cap Value Fund outstanding on February 22, 2019 received shares valued at $423,922,075 and $647,086,669 of Lord Abbett Fundamental Equity Fund and Lord Abbett Mid Cap Stock Fund, respectively.

The following tables illustrates share conversion ratios and dollar amounts of the reorganizations on February 22, 2019:

Class	Calibrated Large Cap Value Fund Shares	Conversion Ratio	Lord Abbett Fundamental Equity Fund Shares	Lord Abbett Fundamental Equity Fund Amount
A	2,637,388	1.654713	4,364,116	$	52,413,030
C	602,070	1.840179	1,107,914		11,777,123
F	837,582	1.678155	1,405,590		16,684,356
F3	147,842	1.641063	242,618		2,942,951
I	16,963,051	1.646722	27,933,491		337,436,572
R2	25,481	1.702043	43,370		509,602
R3	4,531	1.675276	7,590		89,490
R4	630	1.659422	1,046		12,489
R5	634	1.644442	1,042		12,604
R6	102,702	1.639275	168,357		2,043,858
Class	Calibrated Mid Cap Value Fund Shares	Conversion Ratio	Lord Abbett Mid Cap Stock Fund Shares	Lord Abbett Mid Cap Stock Fund Amount
A	3,796,131	0.699946	2,657,083	$	73,548,067
C	1,925,704	0.739435	1,423,932		36,552,339
F	3,187,101	0.707756	2,255,688		61,918,644
F3	150,154	0.704960	105,852		2,917,293
I	23,175,423	0.707508	16,396,808		450,092,379
R2	58,294	0.717575	41,830		1,134,849
R3	294,160	0.707546	208,132		5,706,983
R4	217,154	0.699366	151,871		4,191,626
R5	215,469	0.707668	152,480		4,184,063
R6	352,058	0.705256	248,291		6,804,426

42

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 knowledge of 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 Broadridge Financial Solutions (“Broadridge”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Broadridge, 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 Broadridge 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.

Proposed Reorganizations.The Board took into account that, on October 30, 2018, it approved the reorganization of Calibrated Large Cap Value Fund with and into Lord Abbett Fundamental Equity Fund, a series of Lord Abbett Securities Trust, and the reorganization of Calibrated Mid Cap Value Fund with and into Lord Abbett Mid Cap Stock Fund, Inc., each pending shareholder approval (each a “Proposed Reorganization” and collectively, the “Proposed Reorganizations”).

Investment Management and Related Services Generally.The Board considered the 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

43

Approval of Advisory Contract (continued)

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, 2018. 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 took into account actions taken by Lord Abbett to attempt to improve equity fund performance. 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 appropriate. 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, and other services provided to each Fund by Lord Abbett. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining personnel.

Nature and Quality of Other Services.The Board considered the nature, quality, 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, including the contractual and actual management fee rates, 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 personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified 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.

44

Approval of Advisory Contract (concluded)

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 existing management fee schedule, with its breakpoint in the level of management fee, in conjunction with the existing 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 existing management fee schedule, with its breakpoint in the level of the management fee, adequately addressed any economies of scale in managing the Fund.

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, such as the fee that Lord Abbett receives from each Fund for providing administrative services to the Fund. 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 the Lord Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client 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.

45

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; and (ii) 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 previous 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.

46

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.   Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC. Lord Abbett Equity Trust   Lord Abbett Calibrated Large Cap Value Fund   Lord Abbett Calibrated Mid Cap Value Fund CALIBRATED-3 (03/19)

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/ Douglas B. Sieg
	Douglas B. Sieg
	President and Chief Executive Officer

Date: March 28, 2019

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

Date: March 28, 2019

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/ Douglas B. Sieg
	Douglas B. Sieg
	President and Chief Executive Officer

Date: March 28, 2019

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

Date: March 28, 2019