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**Code of Ethics**

 

**March 2014**

 

The following is the Code of Ethics for Capital Group, whichincludes Capital Research and Management Company (CRMC), the investment adviser to American Funds, and those involved in the distributionof the funds, client support and services; and Capital Group International Inc. (CGII), which includes Capital Guardian Trust Companyand Capital International Inc. The Code of Ethics applies to all Capital associates.

 

**Guidelines**

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Capital Group associates are responsible for maintaining the highestethical standards when conducting business, regardless of lesser standards that may be followed through business or community custom.In keeping with these standards, all associates must place the interests of fund shareholders and clients first.

 

Capital’s Code of Ethics requires that all associates: (1)act with integrity, competence and in an ethical manner; (2) comply with applicable U.S. federal securities laws, as well as allother applicable laws, rules and regulations; and (3) promptly report violations of the Code of Ethics, as outlined below.

 

As part of the Code of Ethics, Capital has adopted the guidelinesand policies below to address certain aspects of Capital’s business. In the absence of specific guidelines and policies ona particular matter, associates must keep in mind and adhere to the requirements of the Code of Ethics set forth above.

 

It is important that all associates comply with the Code of Ethics,including its related guidelines and policies. **Failure to do so could result in disciplinary action, including termination.**

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Questions regarding the Code of Ethics may be directed to the Codeof Ethics Team.

 

 

Protecting sensitive information

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Antifraud provisions of U.S. securities laws as well as the lawsof other countries generally prohibit persons in possession of material non-public information from trading on or communicatingthe information to others. Associates who believe they may have material non-public information should contact a member of theLegal staff. Please see below for a summary of the Insider Trading Policy.

 

Associates are responsible for safeguarding confidential informationrelating to investment research and fund and client holdings, including analyst research reports, investment meeting discussions/notes,and current fund/client transaction information. Other types of information (for example, marketing plans, employment issues andshareholder identities) may also be confidential and should not be shared with individuals outside the company (except those retainedto provide services for Capital).

 

 

Extravagant or excessive gifts and entertainment

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Associates should not accept extravagant or excessive gifts or entertainmentfrom persons or companies that conduct business with Capital. Please see below for a summary of the Gifts and Entertainment Policy.

 

No special treatment from broker-dealers

 

Associates may not accept negotiated commission rates or any otherterms they believe may be more favorable than the broker-dealer grants to accounts with similar characteristics. U.S. broker-dealersare subject to certain rules designed to prevent favoritism toward such accounts. Favors or preferential treatment from broker-dealersmay not be accepted. This rule applies to the associate’s spouse/spouse equivalent and any immediate family member residingin the same household.

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No excessive trading of Capital-affiliated funds

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Associates should not engage in excessive trading of the AmericanFunds or other Capital-managed investment vehicles worldwide in order to take advantage of short-term market movements. Excessiveactivity, such as a frequent pattern of exchanges, could involve actual or potential harm to shareholders or clients. This ruleapplies to the associate’s spouse/spouse equivalent and any immediate family member residing in the same household.

 

Ban on Initial Public Offerings (IPOs)

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Associates and immediate family members residing in the same householdmay not participate in IPOs. Exceptions are rarely granted; however, they will be considered on a case-by-case basis (for example,where a family member is employed by the IPO company and IPO shares are considered part of that family member’s compensation).

 

Outside business interests/affiliations

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Board of Directors/Advisory Board Member

Associates must obtain approval from the Code of Ethics team priorto serving on the board of directors or advisory board of any public or private company. This rule does not apply to: 1) boardsof Capital companies or funds, or 2) board service that is a direct result of the associate’s responsibilities at Capital,such as for portfolio companies of private equity funds managed by Capital and 3) boards of non-profit and charitable organizations.

 

Material business ownership interest and affiliations

Material business ownership interests may give rise to potentialconflicts of interest. Associates are required to disclose senior officer positions or ownership of at least 5% or more of publicor private companies that are or potentially may do business with Capital or American Funds. This reporting requirement also appliesto the associate’s spouse/spouse equivalent and any immediate family member(s) residing in the same household.

 

Any questions may be directed to the Code of Ethics Team.

 

Other guidelines

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Statements and disclosures about Capital, including those made tofund shareholders and clients and in regulatory filings, should be accurate and not misleading.

 

 

**Reporting requirements**

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Annual certification of the Code of Ethics

 

All associates are required to certify at least annually that theyhave read and understand the Code of Ethics. Questions or issues relating to the Code of Ethics should be directed to the associate’smanager or the Code of Ethics Team.

 

Reporting violations

 

All associates are responsible for complying with the Code of Ethics.As part of that responsibility, associates are obligated to report violations of the Code of Ethics promptly, including: 1) fraudor illegal acts involving any aspect of Capital’s business; 2) noncompliance with applicable laws, rules and regulations;3) intentional or material misstatements in regulatory filings, internal books and records, or client records and reports; or 4)activity that is harmful to fund shareholders or clients. Deviations from controls or procedures that safeguard Capital, includingthe assets of shareholders and clients, should also be reported. Reported violations of the Code of Ethics will be investigatedand appropriate action will be taken. Once a violation has been reported, all associates are required to cooperate with Capitalin the internal investigation of any matter by providing honest, truthful and complete information.

 

Associates may report confidentially to a manager/department head,or by accessing the Open Line. Calls and emails will be directed to the Open Line Committee.

 

Associates may also contact the Chief Compliance Officers of CGTC,CIInc, or CRMC, or legal counsel employed with Capital.

 

**Capital strictly prohibits retaliation against any associate whoin good faith makes a complaint, raises a concern, provides information or otherwise assists in an investigation regarding anyconduct that he or she reasonably believes to be in violation of the Code of Ethics. This policy is designed to ensure that associatescomply with their obligations to report violations without fear of retaliation.**

 

 

**Policies**

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Capital’s policies regarding gifts and entertainment, politicalcontributions, insider trading and personal investing are summarized below.

 

Gifts and Entertainment Policy

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Under the Gifts and Entertainment Policy, associates maynot receive or extend gifts or entertainment that are excessive, repetitive or extravagant, if such gifts or entertainment aredue to a third party’s business relationship (or prospective business relationship) with Capital. The Policy is intendedto ensure that gifts and entertainment involving associates do not raise questions of propriety regarding Capital’s businessrelationships or prospective business relationships. Accordingly, for gifts and entertainment involving those who conduct, or mayconduct, business with Capital:

 

 

Gifts or entertainment extended by a Capital associateand approved by the associate’s manager for reimbursement by Capital do not need to be reported (or precleared). Note: Separatepolicies regarding extending business gifts or entertainment apply to AFD and CGIIS associates. All associates should also be awarethat certain laws or rules may prohibit or limit gifts or entertainment extended to public officials—especially those responsiblefor investing public funds.

 

Reporting

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The limitations relating to gifts and entertainment applyto all associates as described above, and associates will be asked to complete quarterly disclosures. Associates must report anygift exceeding US$50 and business entertainment in which an event exceeds US$75 (although it is recommended that associates reportall gifts and entertainment).

 

Charitable contributions

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Associates must not allow Capital’s present or anticipatedbusiness to be a factor in soliciting political or charitable contributions from outside parties.

 

Gifts and Entertainment Committee

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The Gifts and Entertainment Committee oversees administrationof the Policy. Questions regarding the Gifts and Entertainment Policy may be directed to the Code of Ethics Team.

 

 

Political Contributions Policy

 

Associates must be cautious when engaging in personalpolitical activities, particularly when supporting officials, candidates, or organizations that may be in a position to influencedecisions to award business to investment management firms. Associates should not make political contributions to officials orcandidates (in any country) for the purpose of influencing the hiring of a Capital Group company as an advisor to a governmentalentity.

 

Associates may not use Capital offices or equipment toengage in political fundraising or solicitation activity (for example, hosting a fundraising event at the office or using Capitalphones or email systems to help solicit donations for a candidate, political action committee (PAC) or political party). Associatesmay volunteer their time on behalf of a candidate or political organization, but should limit volunteer activities to non-workhours.

 

For contributions or activities supporting candidatesor political organizations *within the U.S.*, we have adopted the guidelines set forth below, which apply to associates classifiedas “Restricted Associates.”