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 Director 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 Directors 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
Directors.
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 Directors.
As required by applicable rules, substantive amendments
to the Code must be filed or appropriately disclosed.