|
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: 811-02924 |
|
LORD ABBETT U.S. GOVERNMENT & GOVERNMENT SPONSORED |
ENTERPRISES MONEY MARKET FUND, INC. |
(Exact name of Registrant as specified in charter) |
|
|
|
|
90 Hudson Street, Jersey City, NJ 07302 |
|
|
|
|
(Address of principal executive offices) (Zip code) |
|
|
|
Thomas R. Phillips, Esq., Vice President & Assistant Secretary |
||
|
90 Hudson Street, Jersey City, NJ 07302 |
|
|
|
|
(Name and address of agent for service) |
||
|
||
Registrants telephone number, including area code: (800) 201-6984 |
Date of fiscal year end: 6/30
Date of reporting period: 12/31/2012
|
|
Item 1: |
Report(s) to Shareholders. |
2 0 1 2
L O R D A B B E T T
S E M I A N N U A L
R E P O R T
Lord Abbett
U.S. Government & Government
Sponsored Enterprises Money
Market Fund
For the six-month period ended December 31, 2012
|
|
Lord Abbett U.S. Government & Government |
Sponsored Enterprises Money Market Fund |
Semiannual Report |
Dear Shareholders: We are pleased to provide you with this semiannual report for the Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund for the six-month period ended December 31, 2012. For additional information about the Fund, 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 |
Director,
President and Chief Executive Officer |
|
1
|
Expense Example |
As a shareholder of the Fund you incur ongoing costs, including management fees; distribution and service (12b-1) fees (currently only Class B shares have an active 12b-1 Plan); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2012 through December 31, 2012).
Actual Expenses
For each class of the Fund, the first line of the applicable table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled Expenses Paid During Period 7/1/12 12/31/12 to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class of the Fund, the second line of the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Funds actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
2
|
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges. 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 |
|
Ending |
|
Expenses |
|
|||
|
|
|
|
|
||||||
|
|
7/1/12 |
|
12/31/12 |
|
7/1/12 - |
|
|||
|
|
|
|
|
||||||
Class A |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,000.10 |
|
|
$0.66 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,024.54 |
|
|
$0.66 |
|
|
Class B |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,000.00 |
|
|
$0.76 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,024.44 |
|
|
$0.77 |
|
|
Class C |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,000.10 |
|
|
$0.66 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,024.54 |
|
|
$0.66 |
|
|
Class I |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,000.10 |
|
|
$0.66 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,024.54 |
|
|
$0.66 |
|
|
|
For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.13% for Class A, 0.15% for Class B and 0.13% for Classes C and I) multiplied by the average account value over the period, multiplied by 184/365. |
|
|
Portfolio Holdings Presented by Maturity |
December 31, 2012 |
|
|
|
|
Days |
|
%* |
|
1 30 days |
|
52.69 |
% |
31 60 days |
|
10.13 |
% |
61 90 days |
|
13.57 |
% |
91 120 days |
|
1.90 |
% |
Over 120 days |
|
21.71 |
% |
Total |
|
100.00 |
% |
|
|
* |
Represents percent of total investments. |
3
|
Schedule of Investments (unaudited) |
December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Yield |
|
Maturity |
|
Principal |
|
Fair |
|
||
|
|||||||||||
GOVERNMENT SPONSORED ENTERPRISES SECURITIES 43.20% |
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank |
|
0.14% |
|
6/28/2013 |
|
$ |
16,000 |
|
$ |
15,988,987 |
|
Federal Home Loan Bank |
|
0.15% |
|
2/1/2013 |
|
|
12,000 |
|
|
11,998,450 |
|
Federal Home Loan Bank |
|
0.16% |
|
2/22/2013 |
|
|
38,000 |
|
|
37,991,328 |
|
Federal Home Loan Bank |
|
0.16% |
|
4/3/2013 |
|
|
9,000 |
|
|
8,996,435 |
|
Federal Home Loan Bank |
|
0.16% |
|
5/17/2013 |
|
|
6,000 |
|
|
5,996,373 |
|
Federal Home Loan Bank |
|
0.16% |
|
5/24/2013 |
|
|
12,000 |
|
|
11,992,373 |
|
Federal Home Loan Bank |
|
0.16% |
|
5/29/2013 |
|
|
12,000 |
|
|
11,992,353 |
|
Federal Home Loan Bank |
|
0.16% |
|
6/7/2013 |
|
|
6,300 |
|
|
6,295,604 |
|
Federal Home Loan Bank |
|
0.17% |
|
4/10/2013 |
|
|
3,000 |
|
|
2,998,598 |
|
Federal Home Loan Bank |
|
0.17% |
|
5/3/2013 |
|
|
27,000 |
|
|
26,984,902 |
|
Federal Home Loan Bank |
|
0.17% |
|
5/10/2013 |
|
|
2,300 |
|
|
2,298,640 |
|
Federal Home Loan Bank |
|
0.17% |
|
5/17/2013 |
|
|
9,700 |
|
|
9,693,954 |
|
Federal Home Loan Mortgage Corp. |
|
0.14% |
|
5/13/2013 |
|
|
4,000 |
|
|
3,997,947 |
|
Federal Home Loan Mortgage Corp. |
|
0.14% |
|
6/24/2013 |
|
|
24,000 |
|
|
23,984,340 |
|
Federal Home Loan Mortgage Corp. |
|
0.15% |
|
1/3/2013 |
|
|
5,800 |
|
|
5,799,952 |
|
Federal Home Loan Mortgage Corp. |
|
0.15% |
|
3/4/2013 |
|
|
9,091 |
|
|
9,088,652 |
|
Federal Home Loan Mortgage Corp. |
|
0.15% |
|
3/5/2013 |
|
|
5,300 |
|
|
5,298,609 |
|
Federal Home Loan Mortgage Corp. |
|
0.17% |
|
2/11/2013 |
|
|
14,000 |
|
|
13,997,369 |
|
Federal National Mortgage Assoc. |
|
0.14% |
|
1/9/2013 |
|
|
5,000 |
|
|
4,999,844 |
|
Federal National Mortgage Assoc. |
|
0.14% |
|
1/14/2013 |
|
|
10,000 |
|
|
9,999,494 |
|
Federal National Mortgage Assoc. |
|
0.14% |
|
6/26/2013 |
|
|
12,000 |
|
|
11,991,904 |
|
Federal National Mortgage Assoc. |
|
0.16% |
|
1/30/2013 |
|
|
11,170 |
|
|
11,168,605 |
|
Federal National Mortgage Assoc. |
|
0.16% |
|
4/3/2013 |
|
|
6,000 |
|
|
5,997,547 |
|
Federal National Mortgage Assoc. |
|
0.17% |
|
5/15/2013 |
|
|
6,000 |
|
|
5,996,315 |
|
Federal National Mortgage Assoc. |
|
0.18% |
|
1/2/2013 |
|
|
10,000 |
|
|
9,999,951 |
|
|
|
|
|
|
|
|
|
|
|
||
Total Government Sponsored Enterprises Securities (cost $275,548,526) |
|
|
|
|
|
|
|
|
275,548,526 |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
U.S. TREASURY OBLIGATIONS 10.24% |
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Notes |
|
0.75% |
|
3/31/2013 |
|
|
10,000 |
|
|
10,014,341 |
|
U.S. Treasury Notes |
|
2.50% |
|
3/31/2013 |
|
|
55,000 |
|
|
55,313,690 |
|
|
|
|
|
|
|
|
|
|
|
||
Total U.S. Treasury Obligations (cost $65,328,031) |
|
|
|
|
|
|
|
|
|
65,328,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(concluded) |
December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
|
|
|
Principal |
|
Fair |
|
||
|
|||||||||||
SHORT-TERM INVESTMENTS 45.61% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreements |
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement dated
12/31/2012, 0.10% |
|
|
|
|
|
$ |
143,889 |
|
$ |
143,889,000 |
|
Repurchase Agreement dated
12/31/2012, 0.01% |
|
|
|
|
|
|
1,993 |
|
|
1,993,318 |
|
Repurchase Agreement dated
12/31/2012, 0.16% |
|
|
|
|
|
$ |
145,000 |
|
|
145,000,000 |
|
|
|
|
|
|
|
|
|
|
|
||
Total Repurchase Agreements (cost $290,882,318) |
|
|
|
|
|
|
|
|
|
290,882,318 |
|
|
|
|
|
|
|
|
|
|
|
||
Total Investments in Securities 99.05% (cost $631,758,875)* |
|
|
|
|
|
|
|
|
|
631,758,875 |
|
|
|
|
|
|
|
|
|
|
|
||
Other Assets in Excess of Liabilities 0.95% |
|
|
|
|
|
|
|
|
|
6,034,495 |
|
|
|
|
|
|
|
|
|
|
|
||
Net Assets 100.00% |
|
|
|
|
|
|
|
|
$ |
637,793,370 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Cost for Federal income tax purposes is $631,758,875. Weighted average maturity of investments: 53 days. |
|
|
|
|
See Notes to Financial Statements. |
5 |
|
|
Statement of Assets and Liabilities (unaudited) |
|
December 31, 2012 |
|
|
|
|
|
ASSETS: |
|
|
|
|
Investments in securities, at cost and fair value |
|
$ |
340,876,557 |
|
Investments in repurchase agreements, at cost and fair value |
|
|
290,882,318 |
|
Receivables: |
|
|
|
|
Capital shares sold |
|
|
6,765,033 |
|
Interest |
|
|
371,512 |
|
From advisor (See Note 3) |
|
|
51,120 |
|
Prepaid expenses |
|
|
52,399 |
|
Total assets |
|
|
638,998,939 |
|
LIABILITIES: |
|
|
|
|
Payables: |
|
|
|
|
Capital shares reacquired |
|
|
751,228 |
|
Directors fees |
|
|
164,287 |
|
Fund administration |
|
|
21,065 |
|
12b-1 distribution fees-Class B |
|
|
10,090 |
|
Distributions payable |
|
|
584 |
|
Accrued expenses and other liabilities |
|
|
258,315 |
|
Total liabilities |
|
|
1,205,569 |
|
NET ASSETS |
|
$ |
637,793,370 |
|
COMPOSITION OF NET ASSETS: |
|
|
|
|
Paid-in capital |
|
$ |
637,788,450 |
|
Undistributed net investment income |
|
|
259 |
|
Accumulated net realized gain on investments |
|
|
4,661 |
|
Net Assets |
|
$ |
637,793,370 |
|
Net assets by class: |
|
|
|
|
Class A Shares |
|
$ |
559,965,460 |
|
Class B Shares |
|
$ |
15,003,654 |
|
Class C Shares |
|
$ |
47,316,982 |
|
Class I Shares |
|
$ |
15,507,274 |
|
Outstanding shares by class: |
|
|
|
|
Class A Shares (2 billion shares of common stock authorized, $.001 par value) |
|
|
559,961,160 |
|
Class B Shares (400 million shares of common stock authorized, $.001 par value) |
|
|
15,003,500 |
|
Class C Shares (500 million shares of common stock authorized, $.001 par value) |
|
|
47,316,628 |
|
Class I Shares (100 million shares of common stock authorized, $.001 par value) |
|
|
15,507,210 |
|
Net asset value, offering and redemption price per share |
|
|
|
|
Class A Shares-Net asset value |
|
|
$1.00 |
|
Class B Shares-Net asset value |
|
|
$1.00 |
|
Class C Shares-Net asset value |
|
|
$1.00 |
|
Class I Shares-Net asset value |
|
|
$1.00 |
|
|
|
|
6 |
See Notes to Financial Statements. |
|
|
|
|
|
|
Statement of Operations (unaudited) |
|
|
|
|
For the Six Months Ended December 31, 2012 |
|
|
|
|
|
|
|
|
|
Investment income: |
|
|
|
|
|
||||
Interest and other |
|
$ |
464,233 |
|
Expenses: |
|
|
|
|
Management fee |
|
|
1,415,034 |
|
Shareholder servicing |
|
|
445,922 |
|
Fund administration |
|
|
122,599 |
|
12b-1 distribution plan-Class B |
|
|
58,598 |
|
Registration |
|
|
51,648 |
|
Professional |
|
|
25,336 |
|
Reports to shareholders |
|
|
22,768 |
|
Directors fees |
|
|
8,789 |
|
Custody |
|
|
6,921 |
|
Other |
|
|
8,506 |
|
Gross expenses |
|
|
2,166,121 |
|
Expense reductions (See Note 6) |
|
|
(173 |
) |
Management fee waived and expenses reimbursed (See Note 3) |
|
|
(1,704,035 |
) |
12b-1 distribution plan-Class B reimbursed (See Note 3) |
|
|
(57,035 |
) |
Net expenses |
|
|
404,878 |
|
Net investment income |
|
$ |
59,355 |
|
|
|
|
|
See Notes to Financial Statements. |
7 |
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
INCREASE IN NET ASSETS |
|
For the Six Months Ended |
|
For the Year Ended |
|
||
Operations: |
|
|
|
|
|
|
|
Net investment income |
|
$ |
59,355 |
|
$ |
133,955 |
|
Net realized gain on investments |
|
|
|
|
|
4,661 |
|
Net increase in net assets resulting from operations |
|
|
59,355 |
|
|
138,616 |
|
Distributions to shareholders from: |
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
Class A |
|
|
(53,809 |
) |
|
(121,284 |
) |
Class C |
|
|
(4,249 |
) |
|
(10,309 |
) |
Class I |
|
|
(1,297 |
) |
|
(2,362 |
) |
Total distributions to shareholders |
|
|
(59,355 |
) |
|
(133,955 |
) |
Capital share transactions (Net of share conversions) (See Note 9): |
|
|
|
|
|
|
|
Net proceeds from sales of shares |
|
|
724,611,379 |
|
|
1,407,324,879 |
|
Reinvestment of distributions |
|
|
55,813 |
|
|
125,667 |
|
Cost of shares reacquired |
|
|
(699,780,887 |
) |
|
(1,405,735,731 |
) |
Net increase in net assets resulting from
capital |
|
|
24,886,305 |
|
|
1,714,815 |
|
Net increase in net assets |
|
|
24,886,305 |
|
|
1,719,476 |
|
NET ASSETS: |
|
|
|
|
|
|
|
Beginning of period |
|
$ |
612,907,065 |
|
$ |
611,187,589 |
|
End of period |
|
$ |
637,793,370 |
|
$ |
612,907,065 |
|
Undistributed net investment income |
|
$ |
259 |
|
$ |
259 |
|
|
|
|
8 |
See Notes to Financial Statements. |
|
Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|||||||||||||||||||
|
|
||||||||||||||||||||
|
|
Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Year Ended 6/30 |
||||||||||||||||||
|
|
|
|||||||||||||||||||
|
|
|
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
|||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net asset value, |
|
|
|
$1.00 |
|
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
|
|
(b) |
|
|
|
(b) |
|
|
(b) |
|
|
(b) |
|
.01 |
|
|
.03 |
|
Net realized gain |
|
|
|
|
|
|
|
|
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total from investment |
|
|
|
|
(b) |
|
|
|
(b) |
|
|
(b) |
|
|
(b) |
|
.01 |
|
|
.03 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
(b) |
|
|
|
(b) |
|
|
(b) |
|
|
(b) |
|
(.01 |
) |
|
(.03 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net asset value, |
|
|
|
$1.00 |
|
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Return(c) |
|
|
|
.01 |
% |
|
|
.02 |
% |
|
.02 |
% |
|
.02 |
% |
|
.59 |
% |
|
3.21 |
% |
|
|||||||||||||||||||||
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Expenses, excluding |
|
|
|
.07 |
%(d) |
|
|
.06 |
% |
|
.14 |
% |
|
.13 |
% |
|
.51 |
% |
|
.70 |
% |
|
|||||||||||||||||||||
Expenses, including |
|
|
|
.07 |
%(d) |
|
|
.06 |
% |
|
.14 |
% |
|
.13 |
% |
|
.51 |
% |
|
.70 |
% |
|
|||||||||||||||||||||
Expenses, excluding |
|
|
|
.35 |
%(d) |
|
|
.66 |
% |
|
.68 |
% |
|
.76 |
% |
|
.79 |
% |
|
.90 |
% |
|
|||||||||||||||||||||
Net investment income |
|
|
|
.01 |
%(d) |
|
|
.02 |
% |
|
.02 |
% |
|
.02 |
% |
|
.53 |
% |
|
3.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
$559,965 |
|
|
|
$538,523 |
|
|
$539,205 |
|
|
$498,657 |
|
|
$536,755 |
|
|
$425,473 |
|
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
Amount is less than $.01. |
(c) |
Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) |
Not annualized. |
|
|
|
|
See Notes to Financial Statements. |
9 |
Financial Highlights (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B Shares |
|||||||||||||||||||
|
|
||||||||||||||||||||
|
|
Six Months |
|
|
|||||||||||||||||
|
|
|
Year Ended 6/30 |
||||||||||||||||||
|
|
|
|||||||||||||||||||
|
|
|
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
|||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|||||||||||||||||||||
Net asset value, |
|
|
|
$1.00 |
|
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
|
|
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
|
.02 |
|
Net realized gain |
|
|
|
|
|
|
|
|
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total from investment |
|
|
|
|
(b) |
|
|
|
(b) |
|
|
|
|
|
|
|
|
(b) |
|
.02 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
|
(.02 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net asset value, |
|
|
|
$1.00 |
|
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Return(c) |
|
|
|
.00 |
% |
|
|
.00 |
% |
|
.00 |
% |
|
.00 |
% |
|
.26 |
% |
|
2.44 |
% |
|
|||||||||||||||||||||
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Expenses, excluding |
|
|
|
.08 |
%(d) |
|
|
.08 |
% |
|
.16 |
% |
|
.15 |
% |
|
.80 |
% |
|
1.45 |
% |
|
|||||||||||||||||||||
Expenses, including |
|
|
|
.08 |
%(d) |
|
|
.08 |
% |
|
.16 |
% |
|
.15 |
% |
|
.80 |
% |
|
1.45 |
% |
|
|||||||||||||||||||||
Expenses, excluding |
|
|
|
.72 |
%(d) |
|
|
1.41 |
% |
|
1.43 |
% |
|
1.51 |
% |
|
1.54 |
% |
|
1.66 |
% |
|
|||||||||||||||||||||
Net investment income |
|
|
|
.00 |
%(d) |
|
|
.00 |
% |
|
.00 |
% |
|
.00 |
% |
|
.19 |
% |
|
2.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
$15,004 |
|
|
|
$16,456 |
|
|
$23,172 |
|
|
$33,210 |
|
|
$56,243 |
|
|
$39,283 |
|
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
Amount is less than $.01. |
(c) |
Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) |
Not annualized. |
|
|
|
10 |
See Notes to Financial Statements. |
|
Financial Highlights (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|||||||||||||||||||
|
|
||||||||||||||||||||
|
|
Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Year Ended 6/30 |
||||||||||||||||||
|
|
|
|||||||||||||||||||
|
|
|
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
|||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|||||||||||||||||||||
Net asset value, |
|
|
|
$1.00 |
|
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
|
|
(b) |
|
|
|
(b) |
|
|
(b) |
|
|
(b) |
|
.01 |
|
|
.03 |
|
Net realized gain |
|
|
|
|
|
|
|
|
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total from investment |
|
|
|
|
(b) |
|
|
|
(b) |
|
|
(b) |
|
|
(b) |
|
.01 |
|
|
.03 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
(b) |
|
|
|
(b) |
|
|
(b) |
|
|
(b) |
|
(.01 |
) |
|
(.03 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net asset value, |
|
|
|
$1.00 |
|
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Return(c) |
|
|
|
.01 |
% |
|
|
.02 |
% |
|
.02 |
% |
|
.02 |
% |
|
.59 |
% |
|
3.21 |
% |
|
|||||||||||||||||||||
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Expenses, excluding |
|
|
|
.07 |
%(d) |
|
|
.06 |
% |
|
.14 |
% |
|
.13 |
% |
|
.50 |
% |
|
.70 |
% |
|
|||||||||||||||||||||
Expenses, including |
|
|
|
.07 |
%(d) |
|
|
.06 |
% |
|
.14 |
% |
|
.13 |
% |
|
.50 |
% |
|
.70 |
% |
|
|||||||||||||||||||||
Expenses, excluding |
|
|
|
.35 |
%(d) |
|
|
.66 |
% |
|
.68 |
% |
|
.76 |
% |
|
.79 |
% |
|
.91 |
% |
|
|||||||||||||||||||||
Net investment income |
|
|
|
.01 |
%(d) |
|
|
.02 |
% |
|
.02 |
% |
|
.02 |
% |
|
.44 |
% |
|
2.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
$47,317 |
|
|
|
$45,710 |
|
|
$38,965 |
|
|
$45,310 |
|
|
$56,597 |
|
|
$27,276 |
|
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
Amount is less than $.01. |
(c) |
Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) |
Not annualized. |
|
|
|
|
See Notes to Financial Statements. |
11 |
Financial Highlights (concluded)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|||||||||||||||||||
|
|
||||||||||||||||||||
|
|
Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Year Ended 6/30 |
||||||||||||||||||
|
|
|
|||||||||||||||||||
|
|
|
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
|||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|||||||||||||||||||||
Net asset value, |
|
|
|
$1.00 |
|
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(a) |
|
|
|
|
(b) |
|
|
|
(b) |
|
|
(b) |
|
|
(b) |
|
.01 |
|
|
.03 |
|
Net realized gain |
|
|
|
|
|
|
|
|
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total from investment |
|
|
|
|
(b) |
|
|
|
(b) |
|
|
(b) |
|
|
(b) |
|
.01 |
|
|
.03 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Distributions to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
(b) |
|
|
|
(b) |
|
|
(b) |
|
|
(b) |
|
(.01 |
) |
|
(.03 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net asset value, |
|
|
|
$1.00 |
|
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Return(c) |
|
|
|
.01 |
% |
|
|
.02 |
% |
|
.02 |
% |
|
.02 |
% |
|
.59 |
% |
|
3.21 |
% |
|
|||||||||||||||||||||
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Expenses, excluding |
|
|
|
.07 |
%(d) |
|
|
.06 |
% |
|
.14 |
% |
|
.13 |
% |
|
.52 |
% |
|
.70 |
% |
|
|||||||||||||||||||||
Expenses, including |
|
|
|
.07 |
%(d) |
|
|
.06 |
% |
|
.14 |
% |
|
.13 |
% |
|
.52 |
% |
|
.70 |
% |
|
|||||||||||||||||||||
Expenses, excluding |
|
|
|
.35 |
%(d) |
|
|
.66 |
% |
|
.68 |
% |
|
.76 |
% |
|
.79 |
% |
|
.90 |
% |
|
|||||||||||||||||||||
Net investment income |
|
|
|
.01 |
%(d) |
|
|
.02 |
% |
|
.02 |
% |
|
.02 |
% |
|
.58 |
% |
|
3.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, |
|
|
|
$15,507 |
|
|
|
$12,219 |
|
|
$9,846 |
|
|
$8,921 |
|
|
$10,689 |
|
|
$10,925 |
|
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
Amount is less than $.01. |
(c) |
Total return assumes the reinvestment of all distributions. |
(d) |
Not annualized. |
|
|
|
12 |
See Notes to Financial Statements. |
|
Notes to Financial Statements (unaudited)
|
|
|
1. |
ORGANIZATION |
|
Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc. (the Fund) is registered under the Investment Company Act of 1940, as amended (the Act), as a diversified, open-end management investment company. The Fund was incorporated under Maryland law on May 9, 1979.
The investment objective of the Fund is to seek high current income and preservation of capital through investments in high quality, short-term, liquid securities. These securities are commonly known as money market instruments.
The Fund has four classes of shares: Classes A, B, C and I. There are no front-end sales charges on shares of each class, although there may be a contingent deferred sales charge (CDSC) applied to a class of shares as follows: certain redemptions of Class A or Class C shares acquired through an exchange; and Class B shares redeemed before the sixth anniversary of purchase. Class B shares will automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted. The Fund no longer issues Class B shares for purchase.
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
|
|
|
2. |
SIGNIFICANT ACCOUNTING POLICIES |
|
|
|
|
(a) |
Investment ValuationUnder procedures approved by the Funds Board of Directors (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 Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
|
|
|
|
|
The Fund values securities utilizing the amortized cost method, which approximates fair value. Under the amortized cost method, all investments purchased at a discount or premium are valued by amortizing the difference between the original purchase price and maturity value of the issue over the period to maturity. Securities purchased at face value are valued at cost, which approximates fair value due to the short duration of the issue. |
|
|
|
|
(b) |
Security TransactionsSecurity 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. |
|
|
|
|
(c) |
Investment IncomeInterest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest income on the Statement of Operations. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
|
|
|
|
(d) |
Income TaxesIt is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute |
13
Notes to Financial Statements (unaudited)(continued)
|
|
|
substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|
|
|
The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Funds filed U.S. federal tax returns remains open for the fiscal years ended June 30, 2009 through June 30, 2012. The statutes of limitations on the Funds state and local tax returns may remain open for an additional year depending upon the jurisdiction. |
|
|
(e) |
ExpensesExpenses, 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 B shares bear all expenses and fees relating to the Funds 12b-1 Distribution Plan. |
|
|
(f) |
Repurchase AgreementsThe Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities. |
|
|
(g) |
Fair Value MeasurementsFair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about riskfor 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 entitys own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below: |
|
|
|
|
|
|
Level 1 |
unadjusted quoted prices in active markets for identical investments; |
|
|
|
|
|
|
Level 2 |
other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and |
|
|
|
|
|
|
Level 3 |
significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). |
Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. All transfers between different levels within the three-tier hierarchy are deemed to have occurred as of the beginning of the reporting period. The inputs or
14
Notes to Financial Statements (unaudited)(continued)
methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of December 31, 2012 in valuing the Funds investments carried at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Type |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
|||||||||||||
Government Sponsored Enterprises |
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities |
|
$ |
|
|
$ |
275,548,526 |
|
$ |
|
|
$ |
275,548,526 |
|
U.S. Treasury Notes |
|
|
|
|
|
65,328,031 |
|
|
|
|
|
65,328,031 |
|
Repurchase Agreements |
|
|
|
|
|
290,882,318 |
|
|
|
|
|
290,882,318 |
|
|
|||||||||||||
Total |
|
$ |
|
|
$ |
631,758,875 |
|
$ |
|
|
$ |
631,758,875 |
|
|
|
|
|
3. |
MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES |
|
Management Fee
The Fund
has a management agreement with Lord Abbett, pursuant to which Lord Abbett
supplies the Fund with investment management services and executive and other
personnel, provides office space and pays for ordinary and necessary office and
clerical expenses relating to research and statistical work and supervision of
the Funds investment portfolio.
The management fee is based on the Funds average daily net assets at the following annual rate:
|
|
First $250 million |
.50% |
Next $250 million |
.45% |
Over $500 million |
.40% |
For the six months ended December 31, 2012, the effective management fee, net of waivers, was at an annualized rate of .00% of the Funds average daily net assets.
Lord Abbett voluntarily agreed to waive a portion of the Funds management fee and administrative fee and, if necessary, reimburse expenses to the extent necessary so Class A, C and I shares maintain a .02% annualized distribution yield, and Class B shares maintain a .00% annualized distribution yield. For the period ended December 31, 2012, Lord Abbett waived its entire management fee of $1,415,034 and reimbursed other expenses of $289,001. For the period ended December 31, 2012, Lord Abbett Distributor LLC (the Distributor) reimbursed Class B 12b-1 distribution fees of $57,035.
In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Funds average daily net assets.
12b-1 Distribution Plan
The Fund has
adopted a distribution plan with respect to Class A, B and C shares pursuant to
Rule 12b-1 under the Act, which provides for the payment of ongoing
distribution and service fees to the Distributor, an affiliate of Lord Abbett.
The fees are accrued daily at annual rates based upon the Funds average daily
net assets as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees |
|
Class A(1) |
|
Class B |
|
Class C(1) |
|
|||||||||
Service and distribution fee |
|
|
|
.15 |
% |
|
|
|
.75 |
% |
|
|
|
1.00 |
% |
|
|
|
(1) |
The Fund has not activated its plan for Class A and Class C, and therefore, no payments are currently authorized under the distribution plan. |
Class I shares do not have a distribution plan.
15
Notes to Financial Statements (unaudited)(continued)
For the six months ended December 31, 2012, two directors and certain of the Funds officers had an interest in Lord Abbett.
|
|
|
4. |
DISTRIBUTIONS |
|
Dividends from net investment income are declared daily and paid monthly.
The tax character of distributions paid during the six months ended December 31, 2012 and fiscal year ended June 30, 2012 was as follows:
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
Year Ended |
|
||
|
|||||||
Distributions paid from: |
|
|
|
|
|
|
|
Ordinary income |
|
$ |
59,355 |
|
$ |
133,955 |
|
|
|||||||
Total distributions paid |
|
$ |
59,355 |
|
$ |
133,955 |
|
|
|
|
|
5. |
DIRECTORS REMUNERATION |
|
For the six months ended December 31, 2012, the Funds officers and the two Directors who were associated with Lord Abbett did not receive any compensation from the Fund for serving in such capacities. Independent Directors 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 Directors under which Independent Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors 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 Directors fees on the Statement of Operations and in Directors fees payable on the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.
|
|
|
6. |
EXPENSE REDUCTIONS |
|
The Fund has entered into an arrangement with its transfer agent and custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Funds expenses.
|
|
|
7. |
CUSTODIAN AND ACCOUNTING AGENT |
|
State Street Bank and Trust Company (SSB) is the Funds custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating the Funds net asset value.
|
|
|
8. |
INVESTMENT RISKS |
|
The Funds yield may vary in response to changes in interest rates and other market factors.
The Fund generally invests a substantial portion of its assets in money market securities issued by the U.S. Government and by various government-sponsored enterprises such as Federal Home Loan Mortgage Corporation, the Federal Home Loan Banks and Federal National Mortgage Association. Such securities are not guaranteed by the U.S. Government, but are supported only by the credit of the particular government-sponsored enterprises involved, and the discretionary authority of the U.S. Treasury to purchase the enterprises obligations. There is no assurance that the U.S. Government will provide financial support to enterprises that are not supported by the full faith and credit of the U.S. Government. The Fund also may invest in repurchase agreements involving the securities described herein.
16
Notes to Financial Statements (unaudited)(concluded)
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in the Fund.
These factors can affect the Funds performance.
|
|
|
9. |
SUMMARY OF CAPITAL TRANSACTIONS |
|
Transactions in shares of capital stock were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
Year Ended |
|
||||||||
|
|||||||||||||
|
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
||||
|
|||||||||||||
Shares sold |
|
|
693,016,697 |
|
$ |
693,016,695 |
|
|
1,319,954,405 |
|
$ |
1,319,954,406 |
|
Converted from Class B* |
|
|
1,268,875 |
|
|
1,268,876 |
|
|
3,983,327 |
|
|
3,983,327 |
|
Reinvestment of distributions |
|
|
51,935 |
|
|
51,935 |
|
|
116,511 |
|
|
116,511 |
|
Shares reacquired |
|
|
(672,894,587 |
) |
|
(672,894,588 |
) |
|
(1,324,741,167 |
) |
|
(1,324,741,170 |
) |
|
|||||||||||||
Increase (decrease) |
|
|
21,442,920 |
|
$ |
21,442,918 |
|
|
(686,924 |
) |
$ |
(686,926 |
) |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares sold |
|
|
3,624,681 |
|
$ |
3,624,681 |
|
|
11,726,047 |
|
$ |
11,726,047 |
|
Shares reacquired |
|
|
(3,807,884 |
) |
|
(3,807,883 |
) |
|
(14,458,760 |
) |
|
(14,458,760 |
) |
Converted to Class A* |
|
|
(1,268,874 |
) |
|
(1,268,876 |
) |
|
(3,983,324 |
) |
|
(3,983,327 |
) |
|
|||||||||||||
Decrease |
|
|
(1,452,077 |
) |
$ |
(1,452,078 |
) |
|
(6,716,037 |
) |
$ |
(6,716,040 |
) |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares sold |
|
|
20,069,778 |
|
$ |
20,069,779 |
|
|
61,774,440 |
|
$ |
61,774,440 |
|
Reinvestment of distributions |
|
|
3,878 |
|
|
3,878 |
|
|
9,156 |
|
|
9,156 |
|
Shares reacquired |
|
|
(18,466,945 |
) |
|
(18,466,945 |
) |
|
(55,038,580 |
) |
|
(55,038,581 |
) |
|
|||||||||||||
Increase |
|
|
1,606,711 |
|
$ |
1,606,712 |
|
|
6,745,016 |
|
$ |
6,745,015 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares sold |
|
|
7,900,224 |
|
$ |
7,900,224 |
|
|
13,869,987 |
|
$ |
13,869,986 |
|
Shares reacquired |
|
|
(4,611,470 |
) |
|
(4,611,471 |
) |
|
(11,497,221 |
) |
|
(11,497,220 |
) |
|
|||||||||||||
Increase |
|
|
3,288,754 |
|
$ |
3,288,753 |
|
|
2,372,766 |
|
$ |
2,372,766 |
|
|
|
|
* |
Automatic conversion of Class B shares occurs on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted. |
17
Approval of Advisory Contract
The Board of Directors of the Fund, including all of the Directors who are not interested persons of the Fund or Lord, Abbett & Co. LLC (Lord Abbett), annually considers whether to approve the continuation of the existing management agreement between the Fund and Lord Abbett. In connection with its most recent approval, the Board reviewed materials relating specifically to the management agreement, as well as numerous materials received throughout the course of the year, including information about the Funds investment performance compared to the performance of its benchmark. Before making its decision as to the Fund, the Board had the opportunity to ask questions and request further information, taking into account its familiarity with Lord Abbett gained through its meetings and discussions. These meetings and discussions included the examination of the portfolio management team conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbetts management.
The materials received by the Board included, but were not limited to: (1) information provided by Lipper Inc. regarding the investment performance of the Fund compared to the investment performance of a group of funds within the same investment classification/objective (the performance universe) and the investment performance of an appropriate benchmark; (2) information provided by Lipper Inc. regarding the expense ratios, contractual and effective management fee rates, and other expense components for the Fund and one or more groups of funds with similar objectives and of similar size (the peer group); (3) information provided by Lord Abbett on the projected expense ratios, management fee rates, and other expense components for the Fund; (4) sales and redemption information for the Fund; (5) information regarding Lord Abbetts financial condition; (6) an analysis of the relative profitability of the management agreement to Lord Abbett; (7) information provided by Lord Abbett regarding the investment management fees Lord Abbett receives from its other advisory clients maintaining accounts with a similar investment strategy as the Fund; (8) information regarding the distribution arrangements of the Fund; and (9) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.
Investment Management Services Generally. The Board considered the investment management services provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbetts commitment to compliance with all relevant legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest resulting from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other.
Investment Performance. The Board reviewed the Funds investment performance in relation to that of the performance universe as of various periods ended September 30, 2012. The Board observed that the investment performance of the Class A shares was slightly above the median of the performance universe for the nine-month, one-year, and three-year periods and slightly below the median of the performance universe for the other periods.
Lord Abbetts Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to the Fund, in light of its investment objective and discipline. Among other things, the Board considered the size, experience, and turnover of Lord Abbetts investment management staff, Lord Abbetts investment methodology and philosophy,
18
and Lord Abbetts approach to recruiting, training, and retaining investment management personnel.
Nature and Quality of Other Services. The Board considered the nature, quality, costs, and extent of compliance, administrative, and other services performed by Lord Abbett and Lord Abbett Distributor LLC (Distributor) and the nature and extent of Lord Abbetts supervision of third party service providers, including the Funds transfer agent and custodian.
Expenses. The Board considered the expense level of each class of shares of the Fund and the expense levels of the peer group. The Board considered the fiscal periods on which the peer group comparisons were based, and noted that the fiscal years of many funds in the peer group did not coincide with the Funds fiscal year. It also considered the projected expense levels and how those levels would relate to those of the peer group and the amount and nature of the fees paid by shareholders. The Board observed that the expense ratios generally were below the medians of the peer group.
Profitability. The Board considered the level of Lord Abbetts profits in managing the Fund, including a review of Lord Abbetts methodology for allocating its costs to its management of the Fund. The Board concluded that the allocation methodology had a reasonable basis and was appropriate. It considered any profits realized by Lord Abbett in connection with the operation of the Fund, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund, and whether the amount of profit was fair for the management of the Fund. The Board also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to the Funds business. The Board considered Lord Abbetts profit margins in comparison with available industry data, both accounting for and ignoring marketing and distribution expenses, and how those profit margins could affect Lord Abbetts ability to recruit and retain investment personnel. The Board recognized that Lord Abbetts profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to the Fund. The Board concluded that Lord Abbetts profitability as to the Fund was not excessive.
Economies of Scale. The Board considered whether there had been any economies of scale in managing the Fund, whether the Fund had appropriately benefited from any such economies of scale, and whether there was potential for realization of any further economies of scale. The Board concluded that the existing management fee schedule, with its breakpoints in the level of the management fee, adequately addressed any economies of scale in managing the Fund.
Other Benefits to Lord Abbett. The Board considered the character and amount of fees paid by the Fund and the Funds shareholders to Lord Abbett and Distributor for services other than investment advisory services. The Board also considered the revenues and profitability of Lord Abbetts investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with the Fund. The Board observed that Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees from the Funds, and receives a portion of the sales charges on sales and redemptions of some classes of shares. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of the Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Fund.
19
Alternative Arrangements. The Board considered whether, instead of approving continuation of the management agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the existing management agreement was in the best interests of the Fund and its shareholders and voted unanimously to approve the continuation of the management agreement. In considering whether to approve the continuation of the management agreement, the Board did not identify any single factor as paramount or controlling. This summary does not discuss in detail all matters considered.
20
Householding
The Fund has adopted a policy that allows it to send only one copy of the Funds prospectus, proxy material, annual report and semiannual report to certain shareholders residing at the same household. This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be householded, please call Lord Abbett at 888-522-2388 or send a written request with your name, the name of your fund or funds and your account number or numbers to Lord Abbett Family of Funds, P.O. Box 219336, Kansas City, MO 64121.
Proxy Voting Policies, Procedures and Records
A description of the policies and procedures that Lord Abbett uses to vote proxies related to the Funds portfolio securities, and information on how Lord Abbett voted the Funds proxies during the 12-month period ended June 30 are available without charge, upon request, (i) by calling 888-522-2388; (ii) on Lord Abbetts Website at www.lordabbett.com; and (iii) on the Securities and Exchange Commissions (SEC) Website at www.sec.gov.
Shareholder Reports and Quarterly Portfolio Disclosure
The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SECs 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 SECs Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 U.S. Government & Government |
LAMM-3-1212 |
|
|
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 Registrants 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 Registrants 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 Registrants internal control over financial reporting. |
Item 12: Exhibits.
|
|
|
|
(a) (1) |
The Lord Abbett Family of Funds Sarbanes Oxley Code of Ethics for the Principal Executive Officer and Senior Financial Officers is attached hereto as part of Ex-99. CODEETH. |
|
|
|
|
(a) (2) |
Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT. |
|
|
|
|
(b) |
Certification of each principal executive officer and principal financial officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
LORD ABBETT U.S. GOVERNMENT & |
|
|
|
|
|
|
|
By: |
/s/ Daria L. Foster |
|
|
|
|
|
|
|
|
|
Daria L. Foster |
|
|
|
|
President and Chief Executive Officer |
|
|
|
|
|
|
Date: February 26, 2013 |
|
|
|
|
|
|
|
|
|
|
|
By: |
/s/ Joan A. Binstock |
|
|
|
|
|
|
|
|
|
Joan A. Binstock |
|
|
|
|
Chief Financial Officer and Vice President |
|
Date: February 26, 2013 |
|
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
|
|
|
|
|
|
|
|
By: |
/s/ Daria L. Foster |
||
|
|
|
|
||
|
|
|
Daria L. Foster |
||
|
|
|
President and Chief Executive Officer |
||
|
|
|
|
||
Date: February 26, 2013 |
|
|
|
||
|
|
|
|
||
|
|
By: |
/s/ Joan A. Binstock |
||
|
|
|
|
||
|
|
|
Joan A. Binstock |
||
|
|
|
Chief Financial Officer and Vice President |
||
Date: February 26, 2013 |
|
|
|
U)V89WE628(^SE.1LM%*KH.+90Y?+.?<=)])\D!D$G$D;!S@(H( M;[Z+J:U'TDH:F]ZSR!W.'LAF8=';9R]FZJ8DEB]<:R%_)PDMLMDRW"=&?*=( M5$7!$5%!%#%#T-6/_P#-C#&&]78Q`SJPBV7578\CL6IR$HD=TI;\V?9RI<&3 M'+85;=8MGV.8JABO%Q%Y)LHU451]$Z7'>O+WKZFS*"34J33MXYD%GC<6;80J MNB=E/0(SS_R&S=>CE+)6I+1,&VJ;@*B:(F&@-`:`T!H#0&@-`:`T! MH#0&@-!5_:.'W^6P*(<8LQJ+.%:L!82R>=:0J:8OQK9L$;W175BF9,JJ>UT0 M+#A?<1!.J!MXT6J*J98@R0EB"Q)`?+%$@BW&YB7%UM3><530A3AZ)H M.-Z/9/2.Z<;B6BR8[="#$03B,P7W)"35D@<3D\\TVQ%5@MQ3 MD[(Y)Z-[%X9+[KW[8VE(+\2_KJ[.X5$Y0RLEB72LI/))L*P.7%;*N<9B^8B> M8#FRX;;3([J2O*K8.>0]4_9>TL,4E.=BMVS+.8)=Y+6%/2OKQC5ST)RM!EJ/ M`)\F#%E_S,>9%4W`)7#$.&@@D?I?[ E MO5C&PUP$;S:OMBW+!6G&Q#WH]OQT#X74WVVM(J1;WM(D@LXQ7!#JX-DTP96< M&Y9FFU*L&J]MXWCBM^)9+8`V:;@;&RJ2A+HF$?9:LJ\6Q*!>M)6XOE$JSM O%?L+R%8S[20RRZCT`U;8KT=B*;.^[X(3(N-H&YA&*WJK[@3*FN8ONYCK9D M)B>A%72HIN.O/R7G&U?= -MAMZ6 :)^"%MLNZD#S>XKVV],"^I,CCP[ M=_'X-=:UPN[0GI3;,LI3S0&R?!SS.-HR?X(FZF!(FR@CQW'N_& MQ!M&SO80B!3E7QF\H(XD81+BZC;"JG'D'-S825$T5GQ3&NXZBVAL6.0M2Z&) M6V#3I2I7RW'I1OR"CFJG'%SEN39(2EQ!M/%P)4YZ(C;V(_8!A)[?^9/63"T- M4T",R8C#KLP5;6T%IXXGZ+YGY":>4";X*@*V*HAH4X.8KWLJY'8-9-">N8UA M.EXDW,5E8?`XX!%8_3C>0&2_!X2W+F*F!<3XH#;_`(;]@_WCA_["D?M_[[O\ MW^P\/[?X/'Y_!\;R;^#G_7_4\GC]N@VCT0:`T!H*V[,3L8JVF#K9J*5FMO M$*T?E/@T#<(7$5Y2!QLO(*CNA")"?X**_P`-!6I-=L8_CV63*2,4R].;1CCE M>Y,2R%YM1;A26W2XEX1V3Y"N;(GJBDOY]`YUK/?\%QT9\BNNFRLEBHZJQF/T M-V_[X!$/:SP!41E5)U#(O [W>O;DI&4-A`J[=R1A+H%$!9$08+X--OB MC7O\AD"/B8>A(KC1"FVQ2:16=^N/V,F9*CG*\-G&K@@3(S+@,NOQ'%..#K:M M*A`V01R?$C:W+R*O)%0AVQ"E[Q;G!"O<@8C8W'=I@AR(JQ9#I08\)?DBCSK9 MF3KCZ"+Q&/NWY-**>FBE=Q&[V6]M#II4<:Y &Q8P;QQ^.@VEK)^*TY'DJV#SKA`#0";?D4FFQ`=T3 M92_GH,20.[(EC7-K8Q[:+#E1PLGX[D)BQEQ1^231R%<9\(->0A1Y&VT-03]+ MW(NX,]15=]$XQ8W\R%&L'6Y,:+`E367X3!A/-V(X0-,@IO$R:"ABJ>P>)AR] M=%."U_V!6BEOK:MI:'4N,0:Y%KR?"0H/&VZZZC+;)2$-&P(A5&>*DHANFB'7 M(&.^))XT5`]5UA'CPCD+1/-2&6;90)']C S&-!NL?FC7Q&8L!Z,RW#%6R61,4B$7C<$PV<;VXES%6^*"2:*OC1!H/_9 ` end
EX-99.CODEETH
THE LORD ABBETT FAMILY OF FUNDS
SARBANES-OXLEY CODE OF ETHICS
FOR THE PRINCIPAL EXECUTIVE OFFICER
AND SENIOR FINANCIAL OFFICERS
|
|
I. |
Covered Officers/Purpose of the Code |
The Lord Abbett Family of Funds code of ethics (the Code) for the investment companies within the complex (collectively, Funds and each individually a Fund), applies to each Funds Principal Executive Officer and Senior Financial Officers (the Covered Officers, each of whom is set forth in Exhibit A) for the purpose of promoting:
|
|
|
honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; |
|
|
|
full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds; |
|
|
|
compliance with applicable laws and governmental rules and regulations; |
|
|
|
the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and |
|
|
|
accountability for adherence to the Code. |
Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.
|
|
II. |
Covered Officers Should Handle Ethically Any Actual and Apparent Conflicts of Interest |
Overview. A conflict of interest occurs when a Covered Officers private interest interferes with the interests of, or his/her service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with a Fund.
Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 and the Investment Advisers Act of 1940. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as affiliated persons of the investment adviser to each of the Funds. The compliance programs and procedures of Lord, Abbett & Co. LLC (Lord Abbett) are designed to prevent, or identify and correct, violations of such requirements. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.
June, 2003
Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between each of the Funds and Lord Abbett of which the Covered Officers are also members. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for Lord Abbett, or for both), be involved in establishing policies and implementing decisions which will have different effects on Lord Abbett and each of the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each of the Funds and Lord Abbett and is consistent with the performance by the Covered Officers of their duties as officers of one or more Funds and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Boards of Directors/Trustees of the Funds that the Covered Officers are also officers of the other Lord Abbett investment companies covered by this and by a separate code of ethics.
Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. In reading the following examples of conflicts of interest under this Code, Covered Officers should keep in mind that such a list cannot ever be exhaustive by covering every possible scenario. It follows that the overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.
* * * *
Each Covered Officer must:
|
|
|
not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund; and |
|
|
|
not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Fund. |
|
|
There are some potential conflict of interest situations that should be discussed with Lord Abbetts General Counsel if material. Examples of these include: |
|
|
|
|
service as a director on the board of any public company; |
|
|
|
any direct ownership interest in, or any consulting or employment relationship with, any of the Funds service providers, other than Lord Abbett or any affiliated person of Lord Abbett; |
|
|
|
a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officers employment, such as compensation or as a member of Lord Abbett. |
June, 2003
|
|
III. |
Disclosure & Compliance |
|
|
|
Each Covered Officer should familiarize him/herself with the disclosure requirements generally applicable to the Funds; |
|
|
|
each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or outside Lord Abbett or a Fund, including to a Funds independent directors/trustees and auditors, and to governmental regulators and self-regulatory organizations; |
|
|
|
each Covered Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and Lord Abbett with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and |
|
|
|
it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations. |
|
|
IV. |
Reporting and Accountability |
Each Covered Officer must:
|
|
|
upon adoption of the Code, affirm in writing to the Audit Committee (the Committee) of a Fund that he/she has received, read, and understands the Code; |
|
|
|
annually thereafter affirm to the Committee that he/she has complied with the requirements of the Code; |
|
|
|
report at least annually such affiliations or other relationships related to conflicts of interest as covered by the Funds Annual Directors & Officers Questionnaire; |
|
|
|
not retaliate against any employee or member of Lord Abbett for reports of potential violations that are made in good faith; and |
|
|
|
notify Lord Abbetts General Counsel promptly if he/she alleges any violation of this Code. Failure to do so is itself a violation of this Code. |
Lord Abbetts General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The General Counsel may consult, as appropriate, with the Committee, and/or counsel to the Independent Directors, and is encouraged to do so. However, any approvals or waivers sought by the Covered Persons will be considered by the Committee.
June, 2003
Each of the Funds will follow these procedures in investigating and enforcing this Code:
|
|
|
Lord Abbetts General Counsel will take all appropriate action to investigate any potential violations reported to him; |
|
|
|
if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action, but he shall discuss with the Committee at its next regularly scheduled meeting his investigation and conclusion; |
|
|
|
any matter that the General Counsel believes is a violation will be reported to the Committee; |
|
|
|
if the Committee concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of Lord Abbett; or a recommendation to dismiss the Covered Officer; |
|
|
|
the Committee will be responsible for granting waivers, as appropriate; and |
|
|
|
any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules. |
|
|
V. |
Other Policies and Procedures |
This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds and Lord Abbetts codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.
|
|
VI. |
Amendments |
Except as to the individuals listed in Exhibit A, this Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of a Funds independent directors/trustees.
|
|
VII. |
Confidentiality |
All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as
June, 2003
otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Committee and its counsel.
|
|
VIII. |
Internal Use |
The Code is intended solely for the internal use by each of the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.
Date: June 19, 2003
June, 2003
Exhibit A
|
|
|
|
|
Persons Covered by this Code of Ethics |
|
Position With Funds |
||
|
|
|
|
|
Daria L. Foster |
|
Principal Executive Officer |
|
President and Chief Executive Officer |
|
|
|
|
|
Joan A. Binstock |
|
Principal Financial Officer |
|
Chief Financial Officer and Vice President |
|
|
|
|
|
Bernard J. Grzelak |
|
Principal Accounting Officer |
|
Treasurer |
October, 2012
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 U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc.; |
|
|
|
|
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 Registrants 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 Registrants 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 Registrants 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 Registrants internal control over financial reporting; and |
|
|
|
5. |
The Registrants other certifying officer and I have disclosed to the Registrants auditors and the audit committee of the Registrants board of directors (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 Registrants 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 Registrants internal control over financial reporting. |
|
|
|
Date: February 26, 2013 |
|
|
|
|
|
|
/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 U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc.; |
|
|
|
|
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 Registrants 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 Registrants 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 Registrants 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 Registrants internal control over financial reporting; and |
|
|
|
5. |
The Registrants other certifying officer and I have disclosed to the Registrants auditors and the audit committee of the Registrants board of directors (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 Registrants 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 Registrants internal control over financial reporting. |
|
|
|
Date: February 26, 2013 |
|
|
|
|
|
|
/s/ Joan A. Binstock |
|
|
||
|
Joan A. Binstock |
|
|
Chief Financial Officer and Vice President |
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 U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc. (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: February 26, 2013
|
|
|
|
|
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.