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.