Code of Ethics
The following Code of Ethics is in effect for the Registrant:
With respect to non-affiliated Trustees and all other access persons to the
extent that they are not covered by The Capital Group Companies, Inc. policies:
1. No Trustee shall so use his or her position or knowledge gained therefrom
as to create a conflict between his or her personal interest and that of
the Fund.
2. Each non-affiliated Trustee shall report to the Secretary of the Fund not
later than ten (10) days after the end of each calendar quarter any
transaction in securities which such Trustee has effected during the
quarter which the Trustee then knows to have been effected within fifteen
(15) days before or after a date on which the Fund purchased or sold, or
considered the purchase or sale of, the same security.
3. For purposes of this Code of Ethics, transactions involving United States
Government securities as defined in the Investment Company Act of 1940,
bankers' acceptances, bank certificates of deposit, commercial paper, or
shares of registered open-end investment companies are exempt from
reporting as are non-volitional transactions such as dividend reinvestment
programs and transactions over which the Trustee exercises no control.
* * * *
In addition, the Fund has adopted the following standards in accordance
with the requirements of Form-CSR adopted by the Securities and Exchange
Commission pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for
the purpose of deterring wrongdoing and promoting: 1) honest and ethical
conduct, including handling of actual or apparent conflicts of interest
between personal and professional relationships; 2) full, fair accurate,
timely and understandable disclosure in reports and documents that a fund
files with or submits to the Commission and in other public communications
made by the fund; 3) compliance with applicable governmental laws, rules
and regulations; 4) the prompt internal reporting of violations of the Code
to an appropriate person or persons identified in the Code; and 5)
accountability for adherence to the Code. These provisions shall apply to
the principal executive officer or chief executive officer and treasurer
("Covered Officers") of the Fund.
1. It is the responsibility of Covered Officers to foster, by their words
and actions, a corporate culture that encourages honest and ethical
conduct, including the ethical resolution of, and appropriate
disclosure of conflicts of interest. Covered Officers should work to
assure a working environment that is characterized by respect for law
and compliance with applicable rules and regulations.
2. Each Covered Officer must act in an honest and ethical manner while
conducting the affairs of the Fund, including the ethical handling of
actual or apparent conflicts of interest between personal and
professional relationships. Duties of Covered Officers include:
o Acting with integrity;
o Adhering to a high standard of business ethics;
o Not using personal influence or personal relationships to
improperly influence investment decisions or financial reporting
whereby the Covered Officer would benefit personally to the
detriment of the Fund;
3. Each Covered Officer should act to promote full, fair, accurate,
timely and understandable disclosure in reports and documents that the
Fund files with or submits to, the Securities and Exchange Commission
and in other public communications made by the Fund.
o Covered Officers should familiarize themselves with disclosure
requirements applicable to the Fund and disclosure controls and
procedures in place to meet these requirements.
o Covered Officers must not knowingly misrepresent, or cause others
to misrepresent facts about the Fund to others, including the
Fund's auditors, independent directors, governmental regulators
and self-regulatory organizations.
4. Any existing or potential violations of this Code should be reported
to The Capital Group Companies' Personal Investing Committee. The
Personal Investing Committee is authorized to investigate any such
violations and report their findings to the Chairman of the Audit
Committee of the Fund. The Chairman of the Audit Committee may report
violations of the Code to the Board of Trustees or other appropriate
entity including the Audit Committee, if he or she believes such a
reporting is appropriate. The Personal Investing Committee may also
determine the appropriate sanction for any violations of this Code,
including removal from office, provided that removal from office shall
only be carried out with the approval of the Board of Trustees.
5. Application of this Code is the responsibility of the Personal
Investing Committee, which shall report periodically to the Chairman
of the Audit Committee of the Fund.
6. Material amendments to these provisions must be ratified by a majority
vote of the Board of Trustees. As required by applicable rules,
substantive amendments to the Code must be filed or appropriately
disclosed.