N-CSRS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-10371

LORD ABBETT EQUITY TRUST

(Exact name of Registrant as specified in charter)

90 Hudson Street, Jersey City, NJ 07302

(Address of principal executive offices) (Zip code)

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

90 Hudson Street, Jersey City, NJ 07302

(Name and address of agent for service)

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

Date of fiscal year end: 7/31

Date of reporting period: 1/31/2017

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, 2017

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

Lord Abbett Equity Trust

Lord Abbett Calibrated Large Cap Value Fund

Lord Abbett Calibrated Mid Cap Value Fund

Semiannual Report

For the six-month period ended January 31, 2017

  From left to right: James L.L. Tullis, Chairman of the Lord Abbett Funds and Daria L. Foster Trustee, President, and Chief Executive Officer of the Lord Abbett Funds. Dear Shareholders: We are pleased to provide you with this semiannual report for the Funds for the six-month period ended January 31, 2017. For additional information about the Funds, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Funds’ portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website. Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.   Best regards,     Daria L. Foster Trustee, President and Chief Executive Officer

1

Expense Example

As a shareholder of each Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (these charges vary among the share classes); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (these charges vary among the share classes); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2016 through January 31, 2017).

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 8/1/16 – 1/31/17” 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†
			8/1/16 –
	8/1/16	1/31/17	1/31/17
Class A*
Actual	$1,000.00	$1,082.60	$4.15
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.22	$4.02
Class C*
Actual	$1,000.00	$1,078.90	$8.02
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.49	$7.78
Class F
Actual	$1,000.00	$1,084.30	$3.15
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.18	$3.06
Class I*
Actual	$1,000.00	$1,083.90	$2.78
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.53	$2.70
Class R2*
Actual	$1,000.00	$1,081.10	$5.98
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.46	$5.80
Class R3*
Actual	$1,000.00	$1,081.90	$5.46
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.96	$5.30
Class R4*
Actual	$1,000.00	$1,083.00	$3.94
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.42	$3.82
Class R5*
Actual	$1,000.00	$1,084.60	$2.63
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.68	$2.55
Class R6*
Actual	$1,000.00	$1,084.60	$2.63
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.68	$2.55

†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.79% for Class A, 1.53% for Class C, 0.60% for Class F, 0.53% for Class I, 1.14% for Class R2, 1.04% for Class R3, 0.75% for Class R4, 0.50% for Classes R5 and R6) multiplied by the average account value over the period, multiplied by 184/366 (to reflect one-half year period).
*	The annualized expenses of each class have been updated (0.85% for Class A, 1.60% for Class C, 0.60% for Class I, 1.20% for Class R2, 1.10% for Class R3, 0.85% for Class R4, 0.60% for Class R5 and 0.58% for Class R6). Had these updated expenses been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class A	$4.46		$4.33
Class C	$8.38		$8.13
Class I	$3.15		$3.06
Class R2	$6.29		$6.11
Class R3	$5.77		$5.60
Class R4	$4.46		$4.33
Class R5	$3.15		$3.06
Class R6	$3.05		$2.96

3

Portfolio Holdings Presented by Sector

January 31, 2017

Sector*	%**
Consumer Discretionary	4.09	%
Consumer Staples	7.95	%
Energy	13.02	%
Financials	25.92	%
Health Care	10.76	%
Industrials	9.95	%
Information Technology	9.41	%
Materials	3.04	%
Real Estate	4.98	%
Telecommunication Services	4.27	%
Utilities	5.61	%
Repurchase Agreement	1.00	%
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†
			8/1/16 –
	8/1/16	1/31/17	1/31/17
Class A*
Actual	$1,000.00	$1,071.20	$4.59
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.77	$4.48
Class C*
Actual	$1,000.00	$1,066.90	$8.54
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.94	$8.34
Class F
Actual	$1,000.00	$1,072.10	$3.66
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.68	$3.57
Class I*
Actual	$1,000.00	$1,072.40	$3.34
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.98	$3.26
Class R2*
Actual	$1,000.00	$1,068.90	$6.41
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.00	$6.26
Class R3*
Actual	$1,000.00	$1,069.90	$5.95
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.46	$5.80
Class R4*
Actual	$1,000.00	$1,070.90	$4.65
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.72	$4.53
Class R5*
Actual	$1,000.00	$1,072.50	$3.34
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.98	$3.26
Class R6*
Actual	$1,000.00	$1,072.10	$3.19
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 (0.88% for Class A, 1.64% for Class C, 0.70% for Class F, 0.64% for Class I, 1.23% for Class R2, 1.14% for Class R3, 0.89% for Class R4, 0.64% 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 of each class have been updated (0.95% for Class A, 1.70% for Class C, 0.70% for Class I, 1.30% for Class R2, 1.20% for Class R3, 0.95% for Class R4, 0.70% for Class R5 and 0.65% for Class R6). Had these  updated expenses been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class A	$4.96		$4.84
Class C	$8.86		$8.64
Class I	$3.66		$3.57
Class R2	$6.78		$6.61
Class R3	$6.26		$6.11
Class R4	$4.96		$4.84
Class R5	$3.66		$3.57
Class R6	$3.39		$3.31

5

Portfolio Holdings Presented by Sector

January 31, 2017

Sector*	%**
Consumer Discretionary	8.15	%
Consumer Staples	2.93	%
Energy	9.83	%
Financial	19.55	%
Health Care	4.03	%
Industrials	12.84	%
Information Technology	9.11	%
Materials	6.37	%
Real Estate	13.85	%
Telecommunication Services	1.03	%
Utilities	10.81	%
Repurchase Agreement	1.50	%
Total	100.00	%

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

6 See Notes to Financial Statements.

Schedule of Investments (unaudited)

CALIBRATED LARGE CAP VALUE FUND January 31, 2017

Investments	Shares		Fair Value (000)
COMMON STOCKS 99.23%
Aerospace & Defense 1.54%
Orbital ATK, Inc.		32,500	$	2,826
Raytheon Co.		14,600		2,104
United Technologies Corp.		18,600		2,040
Total				6,970
Airlines 0.85%
Delta Air Lines, Inc.		40,200		1,899
JetBlue Airways Corp.*		98,800		1,938
Total				3,837
Automobiles 0.85%
Ford Motor Co.		310,900		3,843
Banks 12.12%
Bank of America Corp.		503,100		11,390
CIT Group, Inc.		34,000		1,400
Citigroup, Inc.		84,900		4,740
Citizens Financial Group, Inc.		252,300		9,126
Fifth Third Bancorp		38,600		1,007
JPMorgan Chase & Co.		202,900		17,171
KeyCorp		294,300		5,289
Wells Fargo & Co.		84,600		4,766
Total				54,889
Beverages 0.46%
Coca-Cola Co. (The)		50,300		2,091
Capital Markets 3.34%
Ameriprise Financial, Inc.		21,600		2,425
BlackRock, Inc.		13,600		5,086
Invesco Ltd.		175,400		5,073
Lazard Ltd. Class A		59,900		2,544
Total				15,128
Chemicals 2.36%
Celanese Corp. Series A		36,900		3,114
Dow Chemical Co. (The)		60,500		3,608
Eastman Chemical Co.		51,200		3,968
Total				10,690

Investments	Shares		Fair Value (000)
Communications Equipment 3.29%
Cisco Systems, Inc.		346,300	$	10,638
Juniper Networks, Inc.		125,900		3,372
Motorola Solutions, Inc.		11,000		888
Total				14,898
Consumer Finance 2.15%
Capital One Financial Corp.		45,700		3,994
Discover Financial Services		82,900		5,743
Total				9,737
Diversified Financial Services 2.17%
Berkshire Hathaway, Inc. Class B*		32,700		5,368
Voya Financial, Inc.		110,800		4,456
Total				9,824
Diversified Telecommunication Services 4.28%
AT&T, Inc.		272,900		11,505
Frontier Communications Corp.		999,300		3,488
Verizon Communications, Inc.		89,400		4,381
Total				19,374
Electric: Utilities 3.48%
Eversource Energy		32,900		1,820
NextEra Energy, Inc.		11,000		1,361
PG&E Corp.		127,800		7,910
PPL Corp.		134,600		4,689
Total				15,780
Electrical Equipment 1.62%
Eaton Corp. plc		74,800		5,294
Hubbell, Inc.		16,700		2,039
Total				7,333
Energy Equipment & Services 2.21%
National Oilwell Varco, Inc.		17,500		662
Rowan Cos., plc Class A*		168,100		3,012
Schlumberger Ltd.		75,600		6,328
Total				10,002

See Notes to Financial Statements. 7

Schedule of Investments (unaudited)(continued)

CALIBRATED LARGE CAP VALUE FUND January 31, 2017

Investments	Shares		Fair Value (000)
Equity Real Estate Investment Trusts 4.99%
AvalonBay Communities, Inc.		24,800	$	4,298
Communications Sales & Leasing, Inc.		98,426		2,587
GGP, Inc.		148,800		3,696
Prologis, Inc.		50,500		2,467
Regency Centers Corp.		13,500		941
Starwood Property Trust, Inc.		111,800		2,489
UDR, Inc.		29,100		1,017
Ventas, Inc.		41,700		2,572
Vornado Realty Trust		23,800		2,530
Total				22,597
Food & Staples Retailing 1.68%
Wal-Mart Stores, Inc.		45,600		3,043
Walgreens Boots Alliance, Inc.		55,900		4,581
Total				7,624
Food Products 1.84%
Archer-Daniels-Midland Co.		75,600		3,346
Kraft Heinz Co. (The)		10,200		911
Tyson Foods, Inc. Class A		65,000		4,081
Total				8,338
Health Care Equipment & Supplies 1.40%
Abbott Laboratories		74,400		3,108
Medtronic plc (Ireland)(a)		42,500		3,231
Total				6,339
Health Care Providers & Services 1.77%
Anthem, Inc.		7,900		1,218
Cardinal Health, Inc.		50,700		3,800
Centene Corp.*		29,400		1,860
UnitedHealth Group, Inc.		7,000		1,135
Total				8,013
Hotels, Restaurants & Leisure 0.84%
Aramark		111,800		3,783
Household Durables 0.34%
Whirlpool Corp.		8,900		1,557

Investments	Shares		Fair Value (000)
Household Products 2.53%
Kimberly-Clark Corp.		22,800	$	2,762
Procter & Gamble Co. (The)		99,200		8,690
Total				11,452
Independent Power and Renewable Electricity Producer 0.38%
AES Corp.		150,000		1,716
Industrial Conglomerates 2.39%
General Electric Co.		365,098		10,843
Information Technology Services 1.34%
Fidelity National Information Services, Inc.		22,100		1,755
International Business Machines Corp.		24,750		4,320
Total				6,075
Insurance 6.20%
Allstate Corp. (The)		96,300		7,243
AmTrust Financial Services, Inc.		32,400		855
Arch Capital Group Ltd.*		31,800		2,810
Chubb Ltd. (Switzerland)(a)		30,400		3,997
Hartford Financial Services Group, Inc. (The)		36,000		1,754
Principal Financial Group, Inc.		69,800		3,985
Prudential Financial, Inc.		61,700		6,485
XL Group Ltd.		24,900		935
Total				28,064
Life Sciences Tools & Services 0.81%
Thermo Fisher Scientific, Inc.		24,200		3,688
Machinery 2.37%
Caterpillar, Inc.		40,300		3,855
Cummins, Inc.		46,800		6,880
Total				10,735
Metals & Mining 0.69%
Newmont Mining Corp.		49,100		1,782
Steel Dynamics, Inc.		39,700		1,342
Total				3,124

8 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CALIBRATED LARGE CAP VALUE FUND January 31, 2017

Investments	Shares		Fair Value (000)
Multi-Line Retail 1.54%
Macy’s, Inc.		39,000	$	1,152
Target Corp.		90,100		5,810
Total				6,962
Multi-Utilities 1.76%
Dominion Resources, Inc.		28,200		2,151
SCANA Corp.		19,200		1,319
Sempra Energy		44,100		4,516
Total				7,986
Oil, Gas & Consumable Fuels 10.84%
Anadarko Petroleum Corp.		40,800		2,837
Chevron Corp.		153,500		17,092
ConocoPhillips		129,700		6,324
Devon Energy Corp.		107,600		4,900
Exxon Mobil Corp.		123,100		10,327
Kinder Morgan, Inc.		119,500		2,670
Valero Energy Corp.		75,400		4,958
Total				49,108
Pharmaceuticals 6.80%
Johnson & Johnson		98,500		11,155
Mallinckrodt plc*		17,700		862
Merck & Co., Inc.		95,900		5,945
Pfizer, Inc.		404,000		12,819
Total				30,781
Road & Rail 0.49%
CSX Corp.		47,800		2,217
Semiconductors & Semiconductor Equipment 3.89%
Applied Materials, Inc.		137,900		4,723
Intel Corp.		181,900		6,698
QUALCOMM, Inc.		115,600		6,176
Total				17,597
Software 0.49%
Microsoft Corp.		13,500		873
Oracle Corp.		33,600		1,347
Total				2,220

Investments	Shares		Fair Value (000)
Specialty Retail 0.54%
Dick’s Sporting Goods, Inc.		47,000	$	2,425
Technology Hardware, Storage & Peripherals 0.43%
Apple, Inc.		15,900		1,929
Tobacco 1.45%
Philip Morris International, Inc.		68,400		6,575
Trading Companies & Distributors 0.71%
Air Lease Corp.		88,900		3,234
Total Common Stocks (cost $432,087,706)				449,378

	Principal Amount (000)
SHORT-TERM INVESTMENT 1.01%
Repurchase Agreement
Repurchase Agreement dated 1/31/2017, 0.03% due 2/1/2017 with Fixed Income Clearing Corp. collateralized by $4,585,000 of U.S. Treasury Note at 3.25% due 3/31/2017; value: $4,656,118; proceeds: $4,560,523 (cost $4,560,519)	$	4,561		4,561
Total Investments in Securities 100.24% (cost $436,648,225)				453,939
Liabilities in Excess of Other Assets(b) (0.24)%				(1,088	)
Net Assets 100.00%			$	452,851

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

See Notes to Financial Statements. 9

Schedule of Investments (unaudited)(concluded)

CALIBRATED LARGE CAP VALUE FUND January 31, 2017

Open Futures Contracts at January 31, 2017:

Type	Expiration	Contracts	Position	Notional Value	Unrealized Appreciation
E-Mini S&P 500 Index	March 2017	15	Long	$1,705,875	$9,030

The following is a summary of the inputs used as of January 31, 2017 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	$	449,378	$	–	$	–	$	449,378
Repurchase Agreement		–		4,561		–		4,561
Total	$	449,378	$	4,561	$	–	$	453,939
Other Financial Instruments
Futures Contracts
Assets	$	9	$	–	$	–	$	9
Liabilities		–		–		–		–
Total	$	9	$	–	$	–	$	9

(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 six months ended January 31, 2017.

10 See Notes to Financial Statements.

Schedule of Investments (unaudited)

CALIBRATED MID CAP VALUE FUND January 31, 2017

Investments	Shares		Fair Value (000)
COMMON STOCKS 98.98%
Aerospace & Defense 1.90%
Huntington Ingalls Industries, Inc.		33,700	$	6,536
Orbital ATK, Inc.		138,700		12,060
Total				18,596
Airlines 1.01%
American Airlines Group, Inc.		49,100		2,172
JetBlue Airways Corp.*		395,500		7,756
Total				9,928
Banks 7.33%
CIT Group, Inc.		128,700		5,301
Citizens Financial Group, Inc.		591,400		21,391
Fifth Third Bancorp		523,000		13,650
KeyCorp		754,600		13,560
M&T Bank Corp.		110,300		17,932
Total				71,834
Building Products 0.70%
Johnson Controls International plc		156,600		6,887
Capital Markets 3.34%
Affiliated Managers Group, Inc.*		21,700		3,306
Ameriprise Financial, Inc.		54,300		6,096
Invesco Ltd.		585,300		16,927
Lazard Ltd. Class A		149,900		6,368
Total				32,697
Chemicals 3.68%
Celanese Corp. Series A		160,300		13,530
Eastman Chemical Co.		78,300		6,068
Huntsman Corp.		808,688		16,489
Total				36,087
Commercial Services & Supplies 1.69%
KAR Auction Services, Inc.		295,100		13,442
Pitney Bowes, Inc.		198,000		3,152
Total				16,594

Investments	Shares		Fair Value (000)
Communications Equipment 1.83%
Juniper Networks, Inc.		358,300	$	9,595
Motorola Solutions, Inc.		103,400		8,346
Total				17,941
Consumer Finance 0.74%
Synchrony Financial		201,600		7,221
Containers & Packaging 0.97%
Bemis Co., Inc.		63,500		3,094
International Paper Co.		60,800		3,441
WestRock Co.		56,300		3,004
Total				9,539
Distributors 0.24%
Genuine Parts Co.		24,500		2,372
Diversified Telecommunication Services 1.03%
CenturyLink, Inc.		170,900		4,419
Frontier Communications Corp.		1,630,900		5,692
Total				10,111
Electric: Utilities 4.26%
Edison International		256,000		18,657
Eversource Energy		77,100		4,265
FirstEnergy Corp.		139,700		4,236
Great Plains Energy, Inc.		235,200		6,480
Pinnacle West Capital Corp.		55,000		4,270
Xcel Energy, Inc.		92,100		3,805
Total				41,713
Electrical Equipment 1.09%
Hubbell, Inc.		71,200		8,692
Regal Beloit Corp.		27,900		2,026
Total				10,718
Electronic Equipment, Instruments & Components 0.62%
Jabil Circuit, Inc.		255,200		6,120

See Notes to Financial Statements. 11

Schedule of Investments (unaudited)(continued)

CALIBRATED MID CAP VALUE FUND January 31, 2017

Investments	Shares		Fair Value (000)
Energy Equipment & Services 2.92%
Baker Hughes, Inc.		52,600	$	3,318
National Oilwell Varco, Inc.		196,500		7,430
Rowan Cos., plc Class A*		604,600		10,834
Superior Energy Services, Inc.*		397,400		7,022
Total				28,604
Equity Real Estate Investment Trusts 13.64%
American Homes 4 Rent Class A		214,500		4,779
AvalonBay Communities, Inc.		39,300		6,811
Communications Sales & Leasing, Inc.		245,198		6,444
GGP, Inc.		449,700		11,170
HCP, Inc.		116,200		3,523
Host Hotels & Resorts, Inc.		234,900		4,245
Kimco Realty Corp.		405,700		10,098
Mid-America Apartment Communities, Inc.		95,300		9,049
Prologis, Inc.		303,500		14,826
Realty Income Corp.		59,700		3,560
Regency Centers Corp.		76,000		5,299
SL Green Realty Corp.		42,000		4,577
Starwood Property Trust, Inc.		279,900		6,230
UDR, Inc.		346,500		12,110
Ventas, Inc.		223,700		13,796
Vornado Realty Trust		141,000		14,990
Welltower, Inc.		32,000		2,122
Total				133,629
Food Products 2.95%
Bunge Ltd.		107,700		7,454
Pilgrim’s Pride Corp.		177,400		3,395
Pinnacle Foods, Inc.		140,600		7,478
Tyson Foods, Inc. Class A		167,600		10,524
Total				28,851
Gas Utilities 0.43%
Atmos Energy Corp.		55,700		4,243

Investments	Shares		Fair Value (000)
Health Care Equipment & Supplies 0.50%
Zimmer Biomet Holdings, Inc.		41,700	$	4,934
Health Care Providers & Services 2.22%
Centene Corp.*		32,000		2,025
Cigna Corp.		41,900		6,127
Quest Diagnostics, Inc.		147,700		13,576
Total				21,728
Hotels, Restaurants & Leisure 2.23%
Aramark		134,500		4,552
MGM Resorts International*		249,000		7,171
Norwegian Cruise Line Holdings Ltd.*		72,700		3,417
Wynn Resorts Ltd.		66,000		6,694
Total				21,834
Household Durables 0.72%
Toll Brothers, Inc.*		120,400		3,776
Whirlpool Corp.		18,900		3,305
Total				7,081
Independent Power and Renewable Electricity Producer 1.18%
AES Corp.		1,008,300		11,535
Information Technology Services 1.41%
Fidelity National Information Services, Inc.		63,600		5,051
Leidos Holdings, Inc.		180,600		8,727
Total				13,778
Insurance 8.24%
AmTrust Financial Services, Inc.		251,400		6,634
Axis Capital Holdings Ltd.		118,000		7,553
Everest Re Group Ltd.		48,200		10,601
Hartford Financial Services Group, Inc. (The)		103,900		5,061
Lincoln National Corp.		125,100		8,445
Principal Financial Group, Inc.		169,200		9,660

12 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CALIBRATED MID CAP VALUE FUND January 31, 2017

Investments	Shares		Fair Value (000)
Progressive Corp. (The)		309,300	$	11,580
Validus Holdings Ltd.		60,400		3,443
XL Group Ltd.		470,900		17,692
Total				80,669
Life Sciences Tools & Services 0.36%
PerkinElmer, Inc.		66,700		3,548
Machinery 4.20%
Cummins, Inc.		99,600		14,642
Dover Corp.		146,800		11,414
Pentair plc (United Kingdom)(a)		125,600		7,364
Stanley Black & Decker, Inc.		62,500		7,750
Total				41,170
Media 0.76%
TEGNA, Inc.		326,200		7,473
Metals & Mining 1.74%
Freeport-McMoRan, Inc.*		291,500		4,854
Newmont Mining Corp.		219,500		7,963
Steel Dynamics, Inc.		125,400		4,240
Total				17,057
Multi-Line Retail 1.11%
Kohl’s Corp.		137,100		5,461
Macy’s, Inc.		181,700		5,367
Total				10,828
Multi-Utilities 5.00%
Consolidated Edison, Inc.		141,600		10,528
Public Service Enterprise Group, Inc.		276,300		12,226
SCANA Corp.		170,846		11,737
Sempra Energy		141,300		14,468
Total				48,959
Oil, Gas & Consumable Fuels 6.96%
Cheniere Energy, Inc.*		89,600		4,269
Cimarex Energy Co.		93,000		12,575
Continental Resources, Inc.*		112,000		5,439

Investments	Shares		Fair Value (000)
EQT Corp.		91,100	$	5,523
Hess Corp.		181,600		9,839
Marathon Oil Corp.		550,500		9,221
Marathon Petroleum Corp.		189,900		9,125
Murphy Oil Corp.		117,000		3,382
Pioneer Natural Resources Co.		48,600		8,759
Total				68,132
Pharmaceuticals 0.97%
Mallinckrodt plc*		194,900		9,498
Real Estate Management & Development 0.28%
Realogy Holdings Corp.		104,600		2,710
Road & Rail 1.38%
Genesee & Wyoming, Inc. Class A*		42,500		3,203
Kansas City Southern		120,100		10,318
Total				13,521
Semiconductors & Semiconductor Equipment 2.59%
Lam Research Corp.		31,900		3,664
Marvell Technology Group Ltd.		551,800		8,205
ON Semiconductor Corp.*		1,009,800		13,451
Total				25,320
Software 1.37%
Activision Blizzard, Inc.		109,800		4,415
CA, Inc.		287,500		8,990
Total				13,405
Specialty Retail 2.51%
Best Buy Co., Inc.		146,100		6,505
Dick’s Sporting Goods, Inc.		148,700		7,673
Foot Locker, Inc.		46,400		3,180
Murphy USA, Inc.*		44,900		2,860
Penske Automotive Group, Inc.		80,000		4,349
Total				24,567

See Notes to Financial Statements. 13

Schedule of Investments (unaudited)(continued)

CALIBRATED MID CAP VALUE FUND January 31, 2017

Investments	Shares		Fair Value (000)
Technology Hardware, Storage & Peripheral 0.60%
Western Digital Corp.		73,400	$	5,852
Technology Hardware, Storage & Peripherals 0.74%
NetApp, Inc.		189,400		7,258
Textiles, Apparel & Luxury Goods 0.62%
Coach, Inc.		161,600		6,036
Trading Companies & Distributors 0.92%
Air Lease Corp.		247,500		9,004
Total Common Stocks
(cost $949,599,877)				969,582

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 1.51%
Repurchase Agreement
Repurchase Agreement dated 1/31/2017, 0.03% due 2/1/2017 with Fixed Income Clearing Corp. collateralized by $14,835,000 of U.S. Treasury Note at 3.25% due 3/31/2017; value: $15,065,106; proceeds: $14,768,968 (cost $14,768,956)	$	14,769	$	14,769
Total Investments in Securities 100.49% (cost $964,368,833)				984,351
Liabilities in Excess of Other Assets(b) (0.49)%				(4,827	)
Net Assets 100.00%			$	979,524

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

14 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

CALIBRATED MID CAP VALUE FUND January 31, 2017

Open Futures Contracts at January 31, 2017:

Type	Expiration	Contracts	Position	Notional Value	Unrealized Depreciation
E-Mini S&P 500 Index	March 2017	41	Long	$4,662,725	$(14,984)

The following is a summary of the inputs used as of January 31, 2017 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	$	969,582		$	–	$	–	$	969,582
Repurchase Agreement		–			14,769		–		14,769
Total	$	969,582		$	14,769	$	–	$	984,351
Other Financial Instruments
Futures Contracts
Assets	$	–		$	–	$	–	$	–
Liabilities		(15	)		–		–		(15	)
Total	$	(15	)	$	–	$	–	$	(15	)

(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 six months ended January 31, 2017.

See Notes to Financial Statements. 15

Statements of Assets and Liabilities (unaudited)

January 31, 2017

	Calibrated Large Cap Value Fund		Calibrated Mid Cap Value Fund
ASSETS:
Investments in securities, at cost	$	436,648,225	$	964,368,833
Investments in securities, at fair value	$	453,939,415	$	984,350,911
Deposits with brokers for futures collateral		71,250		422,750
Receivables:
Investment securities sold		127,986		1,575,244
Capital shares sold		254,928		1,147,797
Interest and dividends		459,129		460,528
From advisor (See Note 3)		50,096		51,159
Prepaid expenses and other assets		64,066		66,023
Total assets		454,966,870		988,074,412
LIABILITIES:
Payables:
Investment securities purchased		1,466,756		6,002,719
Capital shares reacquired		203,267		1,557,521
Management fee		231,075		498,945
12b-1 distribution plan		40,360		113,359
Trustees’ fees		41,596		64,400
To affiliate (See Note 3)		25,223		47,219
Fund administration		15,405		33,263
Variation margin		1,165		16,568
Accrued expenses		91,364		216,771
Total liabilities		2,116,211		8,550,765
NET ASSETS	$	452,850,659	$	979,523,647
COMPOSITION OF NET ASSETS:
Paid-in capital	$	428,340,023	$	954,737,114
Undistributed net investment income		472,005		1,014,096
Accumulated net realized gain on investments and futures contracts		6,738,411		3,805,343
Net unrealized appreciation on investments and futures contracts		17,300,220		19,967,094
Net Assets	$	452,850,659	$	979,523,647

16 See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(concluded)

January 31, 2017

	Calibrated Large Cap Value Fund		Calibrated Mid Cap Value Fund
Net assets by class:
Class A Shares	$	77,791,693	$	130,910,096
Class C Shares	$	17,847,945	$	49,547,360
Class F Shares	$	18,247,062	$	143,063,598
Class I Shares	$	338,319,884	$	646,165,219
Class R2 Shares	$	403,563	$	2,588,876
Class R3 Shares	$	207,186	$	3,739,147
Class R4 Shares	$	11,077	$	2,397,396
Class R5 Shares	$	11,122	$	377,918
Class R6 Shares	$	11,127	$	734,037
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares		3,807,500		6,140,435
Class C Shares		887,285		2,365,765
Class F Shares		892,487		6,706,851
Class I Shares		16,531,980		30,223,974
Class R2 Shares		19,635		121,195
Class R3 Shares		10,192		174,994
Class R4 Shares		543.21		112,706
Class R5 Shares		543.68		17,677
Class R6 Shares		543.70		34,342
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$20.43		$21.32
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)		$21.68		$22.62
Class C Shares-Net asset value		$20.12		$20.94
Class F Shares-Net asset value		$20.45		$21.33
Class I Shares-Net asset value		$20.46		$21.38
Class R2 Shares-Net asset value		$20.55		$21.36
Class R3 Shares-Net asset value		$20.33		$21.37
Class R4 Shares-Net asset value		$20.39		$21.27
Class R5 Shares-Net asset value		$20.46		$21.38
Class R6 Shares-Net asset value		$20.47		$21.37

See Notes to Financial Statements. 17

Statements of Operations (unaudited)

For the Six Months Ended January 31, 2017

	Calibrated Large Cap Value Fund			Calibrated Mid Cap Value Fund
Investment income:
Dividends	$	6,469,852		$	14,086,594
Interest and other		415			1,113
Total investment income		6,470,267			14,087,707
Expenses:
Management fee		1,318,598			2,788,909
12b-1 distribution plan-Class A		91,480			156,737
12b-1 distribution plan-Class C		87,819			235,493
12b-1 distribution plan-Class F		7,609			67,078
12b-1 distribution plan-Class R2		1,143			7,384
12b-1 distribution plan-Class R3		461			7,657
12b-1 distribution plan-Class R4		13			1,778
Shareholder servicing		62,682			277,447
Fund administration		87,906			185,927
Subsidy (See Note 3)		193,347			352,627
Registration		53,706			65,238
Reports to shareholders		10,065			30,347
Trustees’ fees		4,916			10,257
Professional		25,526			27,510
Custody		15,258			37,670
Other		18,508			35,699
Gross expenses		1,979,037			4,287,758
Expense reductions (See Note 9)		(260	)		(747	)
Fees waived and expenses reimbursed (See Note 3)		(617,641	)		(880,816	)
Net expenses		1,361,136			3,406,195
Net investment income		5,109,131			10,681,512
Net realized and unrealized gain (loss):
Net realized gain on investments		16,921,431			42,715,561
Net realized gain on futures contracts		106,322			209,764
Net change in unrealized appreciation/depreciation on investments		12,620,994			10,172,619
Net change in unrealized appreciation/depreciation on futures contracts		(52,548	)		(107,028	)
Net realized and unrealized gain		29,596,199			52,990,916
Net Increase in Net Assets Resulting From Operations	$	34,705,330		$	63,672,428

18 See Notes to Financial Statements.

Statements of Changes in Net Assets

	Calibrated Large Cap Value Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended January 31, 2017 (unaudited)			For the Year Ended July 31, 2016
Operations:
Net investment income	$	5,109,131		$	9,180,819
Net realized gain (loss) on investments and futures contracts		17,027,753			(1,596,237	)
Net change in unrealized appreciation/depreciation on investments and futures contracts		12,568,446			(4,016,665	)
Net increase in net assets resulting from operations		34,705,330			3,567,917
Distributions to shareholders from:
Net investment income
Class A		(1,461,404	)		(1,241,526	)
Class C		(218,174	)		(221,706	)
Class F		(355,001	)		(322,349	)
Class I		(7,359,121	)		(7,295,037	)
Class R2		(6,624	)		(5,297	)
Class R3		(3,420	)		(4,983	)
Class R4		(218	)		(185	)
Class R5		(242	)		(197	)
Class R6		(243	)		(198	)
Net realized gain
Class A		(1,076,582	)		(4,475,382	)
Class C		(260,387	)		(1,246,782	)
Class F		(241,945	)		(1,092,791	)
Class I		(4,855,519	)		(22,993,602	)
Class R2		(5,751	)		(23,134	)
Class R3		(2,817	)		(20,799	)
Class R4		(159	)		(621	)
Class R5		(159	)		(619	)
Class R6		(159	)		(619	)
Total distributions to shareholders		(15,847,925	)		(38,945,827	)
Capital share transactions (See Note 14)
Net proceeds from sales of shares		30,103,806			42,271,387
Reinvestment of distributions		14,478,510			35,715,678
Cost of shares reacquired		(42,641,853	)		(114,240,314	)
Net increase (decrease) in net assets resulting from capital share transactions		1,940,463			(36,253,249	)
Net increase (decrease) in net assets		20,797,868			(71,631,159	)
NET ASSETS:
Beginning of period	$	432,052,791		$	503,683,950
End of period	$	452,850,659		$	432,052,791
Undistributed net investment income	$	472,005		$	4,767,321

See Notes to Financial Statements. 19

Statements of Changes in Net Assets (concluded)

	Calibrated Mid Cap Value Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended January 31, 2017 (unaudited)			For the Year Ended July 31, 2016
Operations:
Net investment income	$	10,681,512		$	14,230,376
Net realized gain (loss) on investments and futures contracts		42,925,325			(33,578,823	)
Net change in unrealized appreciation/depreciation on investments and futures contracts		10,065,591			7,645,154
Net increase (decrease) in net assets resulting from operations		63,672,428			(11,703,293	)
Distributions to shareholders from:
Net investment income
Class A		(1,965,228	)		(1,662,276	)
Class C		(410,679	)		(437,177	)
Class F		(2,275,963	)		(2,387,759	)
Class I		(10,927,757	)		(9,962,239	)
Class R2		(33,220	)		(11,452	)
Class R3		(41,126	)		(24,126	)
Class R4		(24,322	)		(137	)
Class R5		(5,952	)		(148	)
Class R6		(11,638	)		(530	)
Net realized gain
Class A		–			(8,543,326	)
Class C		–			(3,576,302	)
Class F		–			(11,171,838	)
Class I		–			(44,046,860	)
Class R2		–			(58,729	)
Class R3		–			(121,699	)
Class R4		–			(654	)
Class R5		–			(652	)
Class R6		–			(2,331	)
Total distributions to shareholders		(15,695,885	)		(82,008,235	)
Capital share transactions (Net of share conversions) (See Note 14):
Net proceeds from sales of shares		98,100,563			252,773,148
Reinvestment of distributions		14,638,939			76,862,711
Cost of shares reacquired		(101,029,387	)		(392,378,255	)
Net increase (decrease) in net assets resulting from capital share transactions		11,710,115			(62,742,396	)
Net increase (decrease) in net assets		59,686,658			(156,453,924	)
NET ASSETS:
Beginning of period	$	919,836,989		$	1,076,290,913
End of period	$	979,523,647		$	919,836,989
Undistributed net investment income	$	1,014,096		$	6,028,469

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
1/31/2017(c)		$19.55		$0.22		$1.37			$1.59		$(0.41	)		$(0.30	)		$(0.71	)
7/31/2016		20.88		0.36		(0.04	)		0.32		(0.36	)		(1.29	)		(1.65	)
7/31/2015		22.30		0.33		1.15			1.48		(0.35	)		(2.55	)		(2.90	)
7/31/2014		21.52		0.36		2.19			2.55		(0.29	)		(1.48	)		(1.77	)
7/31/2013		17.18		0.35		4.59			4.94		(0.20	)		(0.40	)		(0.60	)
12/21/2011 to 7/31/2012(e)		15.00		0.19		1.99			2.18		–			–			–
Class C
1/31/2017(c)		19.18		0.14		1.35			1.49		(0.25	)		(0.30	)		(0.55	)
7/31/2016		20.53		0.22		(0.05	)		0.17		(0.23	)		(1.29	)		(1.52	)
7/31/2015		21.98		0.17		1.14			1.31		(0.21	)		(2.55	)		(2.76	)
7/31/2014		21.30		0.19		2.17			2.36		(0.20	)		(1.48	)		(1.68	)
7/31/2013		17.10		0.18		4.59			4.77		(0.17	)		(0.40	)		(0.57	)
12/21/2011 to 7/31/2012(e)		15.00		0.15		1.95			2.10		–			–			–
Class F
1/31/2017(c)		19.57		0.23		1.40			1.63		(0.45	)		(0.30	)		(0.75	)
7/31/2016		20.90		0.40		(0.06	)		0.34		(0.38	)		(1.29	)		(1.67	)
7/31/2015		22.32		0.36		1.16			1.52		(0.39	)		(2.55	)		(2.94	)
7/31/2014		21.54		0.39		2.19			2.58		(0.32	)		(1.48	)		(1.80	)
7/31/2013		17.19		0.38		4.59			4.97		(0.22	)		(0.40	)		(0.62	)
12/21/2011 to 7/31/2012(e)		15.00		0.20		1.99			2.19		–			–			–
Class I
1/31/2017(c)		19.60		0.24		1.38			1.62		(0.46	)		(0.30	)		(0.76	)
7/31/2016		20.94		0.41		(0.05	)		0.36		(0.41	)		(1.29	)		(1.70	)
7/31/2015		22.36		0.39		1.15			1.54		(0.41	)		(2.55	)		(2.96	)
7/31/2014		21.56		0.41		2.21			2.62		(0.34	)		(1.48	)		(1.82	)
7/31/2013		17.20		0.39		4.60			4.99		(0.23	)		(0.40	)		(0.63	)
12/21/2011 to 7/31/2012(e)		15.00		0.19		2.01			2.20		–			–			–
Class R2
1/31/2017(c)		19.63		0.18		1.39			1.57		(0.35	)		(0.30	)		(0.65	)
7/31/2016		20.97		0.30		(0.05	)		0.25		(0.30	)		(1.29	)		(1.59	)
7/31/2015		22.38		0.26		1.15			1.41		(0.27	)		(2.55	)		(2.82	)
7/31/2014		21.61		0.31		2.19			2.50		(0.25	)		(1.48	)		(1.73	)
7/31/2013		17.14		0.41		4.59			5.00		(0.13	)		(0.40	)		(0.53	)
12/21/2011 to 7/31/2012(e)		15.00		0.16		1.98			2.14		–			–			–

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 (%)
$	20.43		8.26	(d)		0.40	(d)		0.54	(d)		1.09	(d)	$	77,792		42.69	(d)
	19.55		1.94			0.75			1.12			1.93			71,423		67.61
	20.88		6.71			0.75			1.08			1.54			75,083		80.48
	22.30		12.38			0.75			1.08			1.66			81,218		103.92
	21.52		29.60			0.75			1.12			1.83			74,466		90.00
	17.18		14.53	(d)		0.73	(f)		1.41	(f)		1.89	(f)		35,932		62.31
	20.12		7.89	(d)		0.77	(d)		0.91	(d)		0.72	(d)		17,848		42.69	(d)
	19.18		1.18			1.50			1.87			1.19			17,878		67.61
	20.53		5.93			1.49			1.82			0.82			18,361		80.48
	21.98		11.54			1.49			1.82			0.91			10,456		103.92
	21.30		28.71			1.48			1.85			0.91			7,057		90.00
	17.10		14.00	(d)		1.47	(f)		2.15	(f)		1.44	(f)		61		62.31
	20.45		8.43	(d)		0.30	(d)		0.46	(d)		1.16	(d)		18,247		42.69	(d)
	19.57		2.06			0.60			0.98			2.13			12,029		67.61
	20.90		6.90			0.60			0.93			1.70			26,401		80.48
	22.32		12.53			0.60			0.93			1.81			17,316		103.92
	21.54		29.82			0.60			0.97			1.94			13,153		90.00
	17.19		14.60	(d)		0.58	(f)		1.33	(f)		2.03	(f)		35		62.31
	20.46		8.39	(d)		0.27	(d)		0.41	(d)		1.22	(d)		338,320		42.69	(d)
	19.60		2.16			0.50			0.87			2.19			330,171		67.61
	20.94		6.99			0.50			0.83			1.80			383,101		80.48
	22.36		12.70			0.50			0.83			1.91			343,275		103.92
	21.56		29.91			0.50			0.87			2.01			299,673		90.00
	17.20		14.67	(d)		0.49	(f)		0.94	(f)		1.89	(f)		34,155		62.31
	20.55		8.11	(d)		0.57	(d)		0.71	(d)		0.91	(d)		404		42.69	(d)
	19.63		1.55			1.10			1.47			1.58			353		67.61
	20.97		6.35			1.10			1.43			1.21			371		80.48
	22.38		12.04			1.01			1.44			1.43			198		103.92
	21.61		29.97			0.49			1.37			2.01			303		90.00
	17.14		14.27	(d)		1.06	(f)		1.81	(f)		1.55	(f)		11		62.31

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
1/31/2017(c)		$19.43		$0.19		$1.38			$1.57		$(0.37	)		$(0.30	)		$(0.67	)
7/31/2016		20.77		0.32		(0.06	)		0.26		(0.31	)		(1.29	)		(1.60	)
7/31/2015		22.21		0.28		1.15			1.43		(0.32	)		(2.55	)		(2.87	)
7/31/2014		21.46		0.30		2.19			2.49		(0.26	)		(1.48	)		(1.74	)
7/31/2013		17.15		0.33		4.58			4.91		(0.20	)		(0.40	)		(0.60	)
12/21/2011 to 7/31/2012(e)		15.00		0.17		1.98			2.15		–			–			–
Class R4
1/31/2017(c)		19.51		0.22		1.38			1.60		(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
1/31/2017(c)		19.59		0.25		1.38			1.63		(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
1/31/2017(c)		19.60		0.25		1.38			1.63		(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)	Commencement on December 21, 2011.
(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 (%)
$	20.33		8.19	(d)		0.52	(d)		0.66	(d)		0.95	(d)		$207		42.69	(d)
	19.43		1.64			1.00			1.38			1.72			167		67.61
	20.77		6.47			1.00			1.33			1.31			336		80.48
	22.21		12.11			1.00			1.33			1.38			141		103.92
	21.46		29.51			0.95			1.35			1.70			79		90.00
	17.15		14.33	(d)		0.96	(f)		1.71	(f)		1.65	(f)		11		62.31
	20.39		8.30	(d)		0.38	(d)		0.50	(d)		1.10	(d)		11		42.69	(d)
	19.51		1.88			0.75			1.09			1.92			10		67.61
	20.88		0.38	(d)		0.75	(f)		1.06	(f)		1.41	(f)		10		80.48
	20.46		8.46	(d)		0.25	(d)		0.38	(d)		1.23	(d)		11		42.69	(d)
	19.59		2.17			0.49			0.83			2.18			10		67.61
	20.93		0.38	(d)		0.50	(f)		0.82	(f)		1.64	(f)		10		80.48
	20.47		8.46	(d)		0.25	(d)		0.36	(d)		1.23	(d)		11		42.69	(d)
	19.60		2.22			0.47			0.74			2.21			10		67.61
	20.93		0.38	(d)		0.47	(f)		0.70	(f)		1.64	(f)		10		80.48

See Notes to Financial Statements. 25

Financial Highlights

CALIBRATED MID CAP VALUE FUND

			Per Share Operating Performance:
			Investment Operations:							Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions		Net investment income			Net realized gain			Total distri- butions
Class A
1/31/2017(c)		$20.22		$0.22		$1.21			$1.43		$(0.33	)		$       –			$(0.33	)
7/31/2016		21.70		0.27		(0.06	)		0.21		(0.28	)		(1.41	)		(1.69	)
7/31/2015		22.04		0.24		1.92			2.16		(0.26	)		(2.24	)		(2.50	)
7/31/2014		21.11		0.29		2.78			3.07		(0.23	)		(1.91	)		(2.14	)
7/31/2013		16.47		0.31		4.93			5.24		(0.22	)		(0.38	)		(0.60	)
12/21/2011 to 7/31/2012(e)		15.00		0.15		1.32			1.47		–			–			–
Class C
1/31/2017(c)		19.80		0.14		1.18			1.32		(0.18	)		–			(0.18	)
7/31/2016		21.33		0.12		(0.07	)		0.05		(0.17	)		(1.41	)		(1.58	)
7/31/2015		21.71		0.07		1.90			1.97		(0.11	)		(2.24	)		(2.35	)
7/31/2014		20.89		0.13		2.75			2.88		(0.15	)		(1.91	)		(2.06	)
7/31/2013		16.39		0.08		4.99			5.07		(0.19	)		(0.38	)		(0.57	)
12/21/2011 to 7/31/2012(e)		15.00		0.08		1.31			1.39		–			–			–
Class F
1/31/2017(c)		20.24		0.24		1.21			1.45		(0.36	)		–			(0.36	)
7/31/2016		21.72		0.30		(0.07	)		0.23		(0.30	)		(1.41	)		(1.71	)
7/31/2015		22.06		0.27		1.93			2.20		(0.30	)		(2.24	)		(2.54	)
7/31/2014		21.11		0.32		2.79			3.11		(0.25	)		(1.91	)		(2.16	)
7/31/2013		16.48		0.27		4.99			5.26		(0.25	)		(0.38	)		(0.63	)
12/21/2011 to 7/31/2012(e)		15.00		0.16		1.32			1.48		–			–			–
Class I
1/31/2017(c)		20.30		0.25		1.21			1.46		(0.38	)		–			(0.38	)
7/31/2016		21.77		0.32		(0.06	)		0.26		(0.32	)		(1.41	)		(1.73	)
7/31/2015		22.11		0.33		1.89			2.22		(0.32	)		(2.24	)		(2.56	)
7/31/2014		21.16		0.34		2.79			3.13		(0.27	)		(1.91	)		(2.18	)
7/31/2013		16.50		0.35		4.95			5.30		(0.26	)		(0.38	)		(0.64	)
12/21/2011 to 7/31/2012(e)		15.00		0.17		1.33			1.50		–			–			–
Class R2
1/31/2017(c)		20.25		0.19		1.20			1.39		(0.28	)		–			(0.28	)
7/31/2016		21.79		0.18		(0.03	)		0.15		(0.28	)		(1.41	)		(1.69	)
7/31/2015		22.16		0.16		1.93			2.09		(0.22	)		(2.24	)		(2.46	)
7/31/2014		21.19		0.22		2.81			3.03		(0.15	)		(1.91	)		(2.06	)
7/31/2013		16.43		0.37		4.93			5.30		(0.16	)		(0.38	)		(0.54	)
12/21/2011 to 7/31/2012(e)		15.00		0.11		1.32			1.43		–			–			–

26 See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
Net Asset value, end of period		Total return (%)(b)			Total expenses after waivers and/or reim- bursements (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
$	21.32		7.12	(d)		0.45	(d)		0.54	(d)		1.08	(d)	$	130,910		47.40	(d)
	20.22		1.50			0.85			1.12			1.41			122,604		83.21
	21.70		10.15			0.85			1.07			1.12			132,998		78.28
	22.04		15.42			0.85			1.09			1.38			28,422		97.89
	21.11		32.83			0.85			1.13			1.66			27,545		90.30
	16.47		9.80	(d)		0.83	(f)		1.63	(f)		1.51	(f)		13,726		76.72
	20.94		6.69	(d)		0.82	(d)		0.92	(d)		0.70	(d)		49,547		47.40	(d)
	19.80		0.74			1.60			1.87			0.67			46,709		83.21
	21.33		9.33			1.60			1.81			0.31			48,851		78.28
	21.71		14.60			1.60			1.84			0.60			4,354		97.89
	20.89		31.91			1.58			1.86			0.40			2,204		90.30
	16.39		9.27	(d)		1.54	(f)		2.38	(f)		0.80	(f)		15		76.72
	21.33		7.21	(d)		0.35	(d)		0.46	(d)		1.17	(d)		143,064		47.40	(d)
	20.24		1.64			0.70			0.97			1.59			133,287		83.21
	21.72		10.31			0.70			0.92			1.22			194,111		78.28
	22.06		15.66			0.70			0.94			1.50			7,853		97.89
	21.11		33.01			0.69			0.98			1.35			6,062		90.30
	16.48		9.87	(d)		0.68	(f)		1.51	(f)		1.59	(f)		56		76.72
	21.38		7.24	(d)		0.32	(d)		0.41	(d)		1.21	(d)		646,165		47.40	(d)
	20.30		1.77			0.60			0.87			1.66			610,721		83.21
	21.77		10.41			0.60			0.82			1.49			699,681		78.28
	22.11		15.70			0.60			0.84			1.59			577,851		97.89
	21.16		33.21			0.60			0.88			1.88			323,673		90.30
	16.50		10.00	(d)		0.58	(f)		0.95	(f)		1.73	(f)		106,844		76.72
	21.36		6.89	(d)		0.62	(d)		0.72	(d)		0.91	(d)		2,589		47.40	(d)
	20.25		1.20			1.19			1.47			0.98			2,390		83.21
	21.79		9.72			1.20			1.42			0.72			234		78.28
	22.16		15.14			1.13			1.43			1.03			31		97.89
	21.19		33.23			0.58			0.87			1.98			16		90.30
	16.43		9.53	(d)		1.15	(f)		2.01	(f)		1.15	(f)		11		76.72

See Notes to Financial Statements. 27

Financial Highlights (concluded)

CALIBRATED MID CAP VALUE FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions		Net investment income			Net realized gain			Total distri- butions
Class R3
1/31/2017(c)		$20.25		$0.19			$1.22			$1.41		$(0.29	)		$      –			$(0.29	)
7/31/2016		21.78		0.22			(0.06	)		0.16		(0.28	)		(1.41	)		(1.69	)
7/31/2015		22.15		0.20			1.91			2.11		(0.24	)		(2.24	)		(2.48	)
7/31/2014		21.18		0.23			2.82			3.05		(0.17	)		(1.91	)		(2.08	)
7/31/2013		16.44		0.37			4.93			5.30		(0.18	)		(0.38	)		(0.56	)
12/21/2011 to 7/31/2012(e)		15.00		0.12			1.32			1.44		–			–			–
Class R4
1/31/2017(c)		20.20		0.20			1.22			1.42		(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
1/31/2017(c)		20.30		0.25			1.21			1.46		(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
1/31/2017(c)		20.30		0.24			1.21			1.45		(0.38	)		–			(0.38	)
7/31/2016		21.77		0.30			(0.04	)		0.26		(0.32	)		(1.41	)		(1.73	)
6/30/2015 to 7/31/2015(g)		21.67		–			0.10			0.10		–			–			–

(a)	Calculated using average shares outstanding during the period.
(b)	Total return for classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
(c)	Unaudited.
(d)	Not annualized.
(e)	Commencement on December 21, 2011.
(f)	Annualized.
(g)	Commenced on June 30, 2015.

28 See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
Net Asset value, end of period		Total return (%)(a)			Total expenses after waivers and/or reim- bursements (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
$	21.37		6.99	(d)		0.57	(d)		0.66	(d)		0.93	(d)	$	3,739		47.40	(d)
	20.25		1.27			1.10			1.37			1.16			2,777		83.21
	21.78		9.84			1.10			1.32			0.90			385		78.28
	22.15		15.27			1.05			1.32			1.04			72		97.89
	21.18		33.21			0.59			1.05			1.95			18		90.30
	16.44		9.60	(d)		1.05	(f)		1.91	(f)		1.24	(f)		11		76.72
	21.27		7.09	(d)		0.45	(d)		0.53	(d)		0.95	(d)		2,397		47.40	(d)
	20.20		1.51			0.84			1.12			1.20			937		83.21
	21.70		0.46	(d)		0.85	(f)		1.06	(f)		(0.35	)(f)		10		78.28
	21.38		7.25	(d)		0.32	(d)		0.41	(d)		1.19	(d)		378		47.40	(d)
	20.30		1.78			0.59			0.87			1.46			310		83.21
	21.77		0.46	(d)		0.60	(f)		0.82	(f)		–	(f)		10		78.28
	21.37		7.21	(d)		0.31	(d)		0.36	(d)		1.15	(d)		734		47.40	(d)
	20.30		1.79			0.59			0.74			1.61			102		83.21
	21.77		0.46	(d)		0.59	(f)		0.70	(f)		–	(f)		10		78.28

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 nine classes of shares: Class A, C, F, 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, I, R2, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge (“CDSC”) in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund’s prospectus); and Class C shares redeemed before the first anniversary of purchase.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

2. SIGNIFICANT ACCOUNTING POLICIES  

(a)	Investment Valuation–Under procedures approved by the Funds’ Board of Trustees (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Funds’ investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
	Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. Each Fund may utilize an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Exchange traded options and futures contracts are valued at the last sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used.
	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may

30

Notes to Financial Statements (unaudited)(continued)

	use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and employs techniques such as reviewing related market activity, reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.
	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.
(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.
(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest 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 year ended July 31, 2013 through the fiscal year ended July 31, 2016. The statutes of limitations on the Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
(e)	Expenses–Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. Class A, C, F, R2, R3 and R4 shares bear their class-specific share of all expenses and fees relating to the Funds’ 12b-1 Distribution Plan.
(f)	Futures Contracts–Each Fund may purchase and sell index futures contracts to manage cash or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by a Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.
(g)	Repurchase Agreements–Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an

31

Notes to Financial Statements (unaudited)(continued)

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, 2017 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the six months then ended is included in each Fund’s Schedule of Investments.

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

3. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES  

Management Fee

The Trust has a management agreement with Lord Abbett, pursuant to which Lord Abbett supplies each Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of each Fund’s investment portfolio.

32

Notes to Financial Statements (unaudited)(continued)

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, 2017, 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 .32% and .42%, 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.

Effective December 1, 2016 and continuing through November 30, 2018, Lord Abbett has contractually agreed to waive its fees for Calibrated Large Cap Value Fund and Calibrated Mid Cap Value Fund and reimburse each Fund’s expenses to the extent necessary to limit total net annual operating expenses, excluding 12b-1 fees, to an annual rate of 0.60% and 0.70%, respectively for each class other than R6. For the same period, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses to an annual rate of 0.58% and 0.65% for Class R6 for Calibrated Large Cap Value Fund and Calibrated Mid Cap Value Fund, respectively. This agreement may be terminated only upon the approval of the Board. Prior to December 1, 2016, Lord Abbett had contractually agreed to waive its fees for Calibrated Large Cap Value Fund and Calibrated Mid Cap Value Fund and reimburse each Fund’s expenses to the extent necessary to limit the total net annual operating expenses, excluding 12b-1 fees, to an annual rate of 0.50% and 0.60%, respectively for each class other than R6. For the same period, Lord Abbett had contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses to an annual rate of 0.47% and 0.59% for Class R6 for Calibrated Large Cap Value Fund and Calibrated Mid Cap Value Fund, respectively.

Each Fund, along with certain other funds managed by Lord Abbett (collectively, the “Underlying Funds”), has entered into a Servicing Arrangement with certain “Fund of Funds” managed by Lord Abbett, pursuant to which each Underlying Fund pays a portion of the expenses (excluding management fees, fund administration fees and distribution and service fees) of each Fund of Funds in proportion to the average daily value of the Underlying Fund shares owned by each Fund of Funds. Amounts paid pursuant to the Servicing Arrangement, if applicable, are included in Subsidy expense on each Fund’s Statement of Operations and Payable to affiliates on each Fund’s Statement of Assets and Liabilities. Effective January 1, 2017, the Board approved the discontinuation of the Servicing Arrangement with the Fund of Funds managed by Lord Abbett. As a result, each Fund of Funds will bear its expense fully, and each of the Underlying Funds will no longer pay a portion of Fund of Funds expenses.

As of January 31, 2017, 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	46.99%	26.78%
Lord Abbett Multi-Asset Global Opportunity Fund	–	3.41%
Lord Abbett Multi-Asset Growth Fund	25.10%	20.23%
Lord Abbett Multi-Asset Income Fund	–	12.58%

33

Notes to Financial Statements (unaudited)(continued)

12b-1 Distribution Plan

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

Fees*	Class A	Class C	Class F(1)(2)	Class R2	Class R3	Class R4
Service	.25%	.25%	–	.25%	.25%	.25%
Distribution	–	.75%	.10%	.35%	.25%	–

*	Each Fund may designate a portion of the aggregate fee as attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. (“FINRA”) sales charge limitations.
(1)	The Class F share Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds’ prospectus.
(2)	Effective December 1, 2016 and continuing through November 30, 2018, the Distributor has contractually agreed to waive each Fund’s 0.10% Rule 12b-1 fee for Class F. This agreement may be terminated only by the Funds’ Board of Trustees.

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

Commissions

Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the six months ended January 31, 2017:

	Distributor	Dealers’
	Commissions	Concessions
Calibrated Large Cap Value Fund	$12,331	$  67,484
Calibrated Mid Cap Value Fund	19,739	111,403

Distributor received the following amount of CDSCs for the six months ended January 31, 2017:

	Class A	Class C
Calibrated Large Cap Value Fund	$      –	$   265
Calibrated Mid Cap Value Fund	–	2,690

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

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

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

34

Notes to Financial Statements (unaudited)(continued)

The tax character of distributions paid during the six months ended January 31, 2017 and fiscal year ended July 31, 2016 was as follows:

Calibrated Large Cap Value Fund			Calibrated Mid Cap Value Fund
	Six Months Ended 1/31/2017 (unaudited)	Year Ended 7/31/2016	Six Months Ended 1/31/2017 (unaudited)	Year Ended 7/31/2016
Distributions paid from:
Ordinary income	$15,477,123	$23,155,232	$15,695,885	$50,209,901
Net long-term capital gains	370,802	15,790,595	–	31,798,334
Total distributions paid	$15,847,925	$38,945,827	$15,695,885	$82,008,235

As of January 31, 2017, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

Calibrated Large Cap Value Fund				Calibrated Mid Cap Value Fund
Tax cost	$	440,542,930		$	978,090,699
Gross unrealized gain		28,188,719			56,640,610
Gross unrealized loss		(14,792,234	)		(50,380,398	)
Net unrealized security gain	$	13,396,485		$	6,260,212

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

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the six months ended January 31, 2017 were as follows:

	Purchases	Sales
Calibrated Large Cap Value Fund	$184,662,231	$192,842,412
Calibrated Mid Cap Value Fund	442,845,593	433,633,459

There were no purchases or sales of U.S. Government securities for the six months ended January 31, 2017.

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, 2017 (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, 2017, 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 Contracts	Equity Contracts
Futures Contracts(1)	$9,030	$14,984

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

35

Notes to Financial Statements (unaudited)(continued)

Transactions in derivative instruments for the six months ended January 31, 2017, were as follows:

Calibrated Large Cap Value Fund				Calibrated Mid Cap Value Fund
	Equity Contracts			Equity Contracts
Net Realized Gain (Loss)(1)
Futures Contracts	$	106,322		$	209,764
Net Change in Unrealized Appreciation/Depreciation(2)
Futures Contracts	$	(52,548	)	$	(77,060	)
Average Number of Contracts/Notional Amounts*
Futures Contracts(3)		19			72

*	Calculated based on the number of contracts or notional amounts for the six months ended January 31, 2017.
(1)	Statements of Operations location: Net realized gain on futures contracts.
(2)	Statements of Operations location: Net change in unrealized appreciation/depreciation on futures contracts.
(3)	Amount represents number of contracts.

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 Funds’ accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the statement of assets and liabilities across transactions between the Fund and the applicable counterparty:

		Calibrated Large Cap Value Fund
Description	Gross Amounts of Recognized Assets	Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreement	$4,560,519	$	–		$4,560,519
Total	$4,560,519	$	–		$4,560,519

	Net Amounts of Assets Presented in	Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities	Financial Instruments		Cash Collateral Received(a)		Securities Collateral Received(a)			Net Amount(b)
Fixed Income Clearing Corp.	$4,560,519	$	–	$	–	$	(4,560,519	)	$	–
Total	$4,560,519	$	–	$	–	$	(4,560,519	)	$	–

36

Notes to Financial Statements (unaudited)(continued)

		Calibrated Mid Cap Value Fund
Description	Gross Amounts of Recognized Assets	Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreement	$14,768,956	$	–		$14,768,956
Total	$14,768,956	$	–		$14,768,956

	Net Amounts of Assets Presented in	Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities	Financial Instruments		Cash Collateral Received(a)		Securities Collateral Received(a)			Net Amount(b)
Fixed Income Clearing Corp.	$14,768,956	$	–	$	–	$	(14,768,956	)	$	–
Total	$14,768,956	$	–	$	–	$	(14,768,956	)	$	–

(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 Fund by the counterparty as of January 31, 2017.

8. TRUSTEES’ REMUNERATION  

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

9. EXPENSE REDUCTIONS  

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

10. LINE OF CREDIT  

The Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $550 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. The Facility will continue through August 28, 2017.

During the six months ended January 31, 2017, the Funds did not utilize the Facility.

37

Notes to Financial Statements (unaudited)(continued)

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 limitations and conditions.

During the six months ended January 31, 2017, 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 rising market.

The market may fail to recognize for a long time the intrinsic value of particular value stocks each Fund may hold. The large companies in which Calibrated Large Cap Value Fund invests may be less able to respond quickly to certain market developments and may have slower rates of growth than smaller companies. The mid-sized companies in which Calibrated Mid Cap Value Fund invests may be less able to weather economic shifts or other adverse developments than larger, more established companies.

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, liquidity, currency, political, information, and other risks.

These factors can affect each Fund’s performance.

38

Notes to Financial Statements (unaudited)(continued)

14. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of beneficial interest were as follows:

	Six Months Ended
	January 31, 2017									Year Ended
Calibrated Large Cap Value Fund				(unaudited)						July 31, 2016
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		482,848		$	9,776,579			991,185		$	18,241,036
Reinvestment of distributions		85,962			1,711,502			213,118			3,961,941
Shares reacquired		(415,357	)		(8,263,423	)		(1,145,816	)		(21,328,425	)
Increase		153,453		$	3,224,658			58,487		$	874,552
Class C Shares
Shares sold		77,382		$	1,530,355			354,099		$	6,550,031
Reinvestment of distributions		17,014			333,976			54,957			1,007,919
Shares reacquired		(139,450	)		(2,726,678	)		(370,973	)		(6,722,700	)
Increase (decrease)		(45,054	)	$	(862,347	)		38,083		$	835,250
Class F Shares
Shares sold		431,145		$	8,651,405			504,837		$	9,431,259
Reinvestment of distributions		25,151			501,006			52,442			975,419
Shares reacquired		(178,441	)		(3,583,177	)		(1,205,832	)		(22,639,586	)
Increase (decrease)		277,855		$	5,569,234			(648,553	)	$	(12,232,908	)
Class I Shares
Shares sold		483,714		$	10,056,096			406,297		$	7,909,687
Reinvestment of distributions		598,294			11,924,009			1,598,110			29,740,837
Shares reacquired		(1,397,039	)		(28,037,020	)		(3,455,064	)		(63,250,254	)
Decrease		(315,031	)	$	(6,056,915	)		(1,450,657	)	$	(25,599,730	)
Class R2 Shares
Shares sold		1,758		$	34,683			2,791		$	51,952
Reinvestment of distributions		30			599			72			1,340
Shares reacquired		(110	)		(2,164	)		(2,580	)		(47,463	)
Increase		1,678		$	33,118			283		$	5,829
Class R3 Shares
Shares sold		2,712		$	54,688			4,871		$	87,422
Reinvestment of distributions		315			6,237			1,393			25,782
Shares reacquired		(1,443	)		(29,391	)		(13,850	)		(251,886	)
Increase (decrease)		1,584		$	31,534			(7,586	)	$	(138,682	)
Class R4 Shares
Shares sold		–		$	–			–		$	–
Reinvestment of distributions		18.99			378			43			806
Increase		18.99		$	378			43.00		$	806

39

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
	January 31, 2017										Year Ended
Calibrated Large Cap Value Fund				(unaudited)							July 31, 2016
Class R5 Shares	Shares				Amount			Shares			Amount
Shares sold		–			$	–			–		$	–
Reinvestment of distributions		20.14				401			44			817
Increase		20.14			$	401			44.00		$	817
Class R6 Shares
Shares sold		–			$	–			–		$	–
Reinvestment of distributions		20.17				402			44			817
Increase		20.17			$	402			44.00		$	817
			Six Months Ended
				January 31, 2017							Year Ended
Calibrated Mid Cap Value Fund				(unaudited)							July 31, 2016
Class A Shares	Shares				Amount			Shares			Amount
Shares sold		1,051,301			$	21,762,351			3,017,061		$	57,580,213
Reinvestment of distributions		81,537				1,685,375			481,530			9,115,359
Shares reacquired		(1,054,534	)			(21,681,656	)		(3,565,306	)		(67,404,978	)
Increase (decrease)		78,304			$	1,766,070			(66,715	)	$	(709,406	)
Class C Shares
Shares sold		356,992			$	7,296,305			860,542		$	16,405,822
Reinvestment of distributions		17,530				356,384			181,529			3,381,885
Shares reacquired		(367,215	)			(7,376,637	)		(973,878	)		(17,811,391	)
Increase		7,307			$	276,052			68,193		$	1,976,316
Class F Shares
Shares sold		1,365,401			$	28,321,577			3,551,688		$	68,719,975
Reinvestment of distributions		92,414				1,910,186			593,206			11,229,394
Shares reacquired		(1,334,785	)			(27,351,141	)		(6,498,757	)		(124,041,776	)
Increase (decrease)		123,030			$	2,880,622			(2,353,863	)	$	(44,092,407	)
Class I Shares
Shares sold		1,736,800			$	36,576,927			5,271,962		$	101,920,550
Reinvestment of distributions		512,414				10,617,214			2,792,916			52,981,617
Shares reacquired		(2,106,283	)			(43,291,249	)		(10,118,193	)		(180,416,082	)
Increase (decrease)		142,931			$	3,902,892			(2,053,315	)	$	(25,513,915	)
Class R2 Shares
Shares sold		23,520			$	487,447			129,177		$	2,448,352
Reinvestment of distributions		46				961			220			4,177
Shares reacquired		(20,403	)			(424,449	)		(22,111	)		(422,725	)
Increase		3,163			$	63,959			107,286		$	2,029,804
Class R3 Shares
Shares sold		61,656			$	1,285,316			193,957		$	3,847,831
Reinvestment of distributions		1,985				41,126			7,679			145,825
Shares reacquired		(25,774	)			(532,668	)		(82,182	)		(1,617,685	)
Increase		37,867			$	793,774			119,454		$	2,375,971

40

Notes to Financial Statements (unaudited)(concluded)

	Six Months Ended
	January 31, 2017									Year Ended
Calibrated Mid Cap Value Fund				(unaudited)						July 31, 2016
Class R4 Shares	Shares			Amount			Shares			Amount
Shares sold		80,225		$	1,672,659			77,704		$	1,413,347
Reinvestment of distributions		490			10,103			42			792
Shares reacquired		(14,375	)		(300,190	)		(31,843	)		(589,604	)
Increase		66,340		$	1,382,572			45,903		$	824,535
Class R5 Shares
Shares sold		2,517		$	53,117			18,512		$	348,134
Reinvestment of distributions		287.26			5,952			42.24			801
Shares reacquired		(398.89	)		(8,228	)		(3,743.81	)		(71,210	)
Increase		2,405.37		$	50,841			14,810.43		$	277,725
Class R6 Shares
Shares sold		31,872.18		$	644,864			4,581.36		$	88,104
Reinvestment of distributions		561.96			11,638			150.89			2,861
Shares reacquired		(3,138.59	)		(63,169	)		(146.72	)		(2,804	)
Increase		29,295.55		$	593,333			4,585.53		$	88,161

41

Approval of Advisory Contract

The Board, including all of the Trustees who are not interested persons of the Company or of Lord Abbett (the “Independent Board Members”), annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett (individually and collectively referred to herein as the “Agreement” as the context requires). In connection with its most recent approval, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about each Fund’s investment performance compared to the performance of its benchmark. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information, taking into account its familiarity with Lord Abbett gained through its meetings and discussions. These meetings and discussions included the review of the portfolio management teams conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management. The Independent Board Members also met with their independent legal counsel in a private session at which no representatives of management were present.

The materials received by the Board as to each Fund included, but were not limited to: (1) information provided by Morningstar Associates, LLC (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Morningstar, based, in part, on the Fund’s Morningstar category (the “performance peer group”), and the investment performance of the Fund’s benchmark; (2) information provided by Morningstar regarding the expense ratios, contractual and effective 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, if any; and (9) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

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

42

Approval of Advisory Contract (continued)

Investment Performance. The Board reviewed each Fund’s investment performance in relation to that of its performance peer group and the Fund’s benchmark as of various periods ended August 31, 2016. As to Calibrated Large Cap Value Fund, the Board observed that the Fund’s investment performance was slightly below the median of the performance peer group for the one-year period and below the median of the performance peer group for the three-year period. As to Calibrated Mid Cap Value Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-year period and above the median of the performance peer group for the three-year period. The Board also considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board and the willingness of Lord Abbett to take steps intended to improve performance when necessary. After reviewing these and related factors, the Board concluded that each Fund’s investment performance was reasonable and supported the continuation of the Agreement on behalf of each Fund.

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

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

Expenses. The Board considered the expense level of each Fund and the expense levels of the Fund’s expense peer group as of the date of each fund’s most recent annual report. It also considered how the expense levels 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 overall expense level 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 in comparison with available industry data, both accounting for and excluding marketing and distribution expenses, and how those profit margins could affect Lord Abbett’s ability to recruit and retain investment personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to each Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to each Fund was not excessive.

43

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 each Fund, the Board concluded that the contractual breakpoint in the existing management fee schedule, in conjunction with the Fund’s expense limitation agreement, adequately addressed any economies of scale in managing the Fund.

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

Alternative Arrangements. As to each Fund, the Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the Agreement on behalf of each Fund. As to each Fund, in considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

44

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

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

45

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.   Lord Abbett 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
(03/17)

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

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

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

Item 12: Exhibits.

(a)(1) Code of Ethics. Not applicable.

(a)(2) Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.

(b) Certification of each principal executive officer and principal financial officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT.

SIGNATURES

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

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

Date: March 30, 2017

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

Date: March 30, 2017

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

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

Date: March 30, 2017

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

Date: March 30, 2017

EX-99.CERT

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Daria L. Foster, certify that:

1. I have reviewed this report on Form N-CSR of Lord Abbett Equity Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: March 30, 2017

/s/ Daria L. Foster

Daria L. Foster

President and Chief Executive Officer

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Joan A. Binstock, certify that:

1. I have reviewed this report on Form N-CSR of Lord Abbett Equity Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: March 30, 2017

/s/Joan A. Binstock

Joan A. Binstock

Chief Financial Officer and Vice President

EX-99.906 CERT

EX-99.906CERT

CERTIFICATIONS

Pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002

Each of the undersigned below certifies that:

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

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

Date: March 30, 2017

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

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

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