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.