Code of Ethics
The following Code of Ethics is in effect for the Registrant:
With respect to non-affiliated Directors and all other access persons
to the extent that they are not covered by The Capital Group
Companies, Inc. policies:
1. No Director 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 Director 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 Director has
effected during the quarter which the Director 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 N-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.