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 Fund's Board 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 Fund's Board.
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 Fund's Board. As required by
applicable rules, substantive amendments to the Code must be
filed or appropriately disclosed.