Code of Ethics
The following Code of Ethics is in effect for the Registrant:
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.