**CODE      OF      ETHICS**

|   | · | No                Board                member 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. |
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|   | · | No                Board                member 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. |
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|   | · | Each                non-affiliated Board member shall report to the Secretary of the                Fund not                later than thirty (30) days after the end of each calendar quarter                any                transaction in securities which such Board member has effected during                the                quarter which the Board member 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. |
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|   | · | 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 Board member exercises no                control. |
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|   | 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. |
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|   | 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: |
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|   | 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. |
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|   | 4. | Any                existing                or potential violations of this Code of Ethics 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 of                Ethics to the 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 of Ethics, including removal from                office,                provided that removal from office shall only be carried out with                the                approval of the Board. |
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|   | 5. | Application                of this Code of Ethics is the responsibility of the Personal Investing                Committee, which shall report periodically to the Chairman of the                Audit                Committee of the Fund. |
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|   | 6. | Material                amendments to these provisions must be ratified by a majority vote                of the                Board. As required by applicable rules, substantive amendments to                the Code                of Ethics must be filed or appropriately                disclosed. |
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*The          following          is the Code of Ethics for The Capital Group Companies Inc., which includes          Capital Research and Management Company (CRMC), the investment adviser          to the          American Funds, and those involved in the distribution of the funds, client          support and services; and Capital Group International Inc. (CGII), which          includes Capital Guardian Trust Company and Capital International          Inc.  The Code of Ethics applies to all Capital Group          associates.*

**The          Capital          Group Companies**

**Code            of            Ethics**

**Introduction**

**General          Guidelines**

**Protecting          Non-Public/Confidential Information**

*e.g*

*e.g.*

**Extravagant          or Excessive Gifts and Entertainment**

**No          Special          Treatment from Brokers**

**No          Excessive Trading of Capital Group-affiliated Funds**

**Ban          on          Initial Public Offerings (IPOs)**

*e.g.*

**Outside          Business Interests/Affiliations**

**Other          Guidelines**

**Reporting          Requirements**

**Annual          Certification of the Code of Ethics**

**Reporting          Violations**

| Ø   | The                    CGC Audit                    Committee |
|--------------------|---------------------------------------------------------------|

| Ø   | The                    CIL Audit                    Committee: |
|--------------------|----------------------------------------------------------------|

| Ø   | Any                    lawyer                    employed by the Capital Group                    organization |
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**Failure          to          adhere to the Code of Ethics may result in disciplinary action, including          termination.**

**Conflicts          of Interest**

**Gifts          and          Entertainment Policy**

**Reporting**

**Charitable          Contributions**

**Gifts          and          Entertainment Committee (GECO)**

**Political          Contributions Policy**

*This          policy          applies to all associates and their spouses.*

**Making          Political Contributions**

**Special          Political Contribution Requirements – CollegeAmerica**

**Soliciting          Political Contributions**

**Other          Considerations**

*personal*

**Political          Contributions Committee**

*i.e.,*

**Insider          Trading Policy**

**Personal          Investing Policy**

*This          policy          applies only to “covered associates.”*

**Introduction**

**The following is only a summary of the Capital Group’s Personal          Investing Policy**

**Personal          investing should be viewed as a privilege, not a right. As such, the Personal          Investing Committee (PICO) may place limitations on the number of preclearances          and/or transactions.**

**Covered          Associates**

| **§  ** |  “Covered                    associates” are associates with access to non-public information relating                    to current or imminent fund/client transactions, investment                    recommendations or fund portfolio holdings. Covered associates                    *include* the associate’s spouse and other immediate family members                    (*e.g.,* children, siblings and parents) residing in the same                    household. Any reference to the requirements of covered associates                    in this                    document applies to these family                    members. |
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| §   | “Investment                    professionals” include portfolio counselors/managers, investment                    counselors, investment analysts and research associates, certain                    investment specialists, trading associates including trading                    assistants,                    and investment control, portfolio control and fixed income control                    associates including assistants. Additional rules apply to investment                    professionals (see pages 7). |
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**Prohibited          Transactions**

| Ø   | Initial                    Public Offering (IPO) investments |
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*e.g.,*

| Ø   | Short                    selling                    of securities subject to                    preclearance |
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| Ø   | Spread                    betting on securities |
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| Ø   | Writing                    puts                    and calls on securities subject to                    preclearance |
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**Reporting          Requirements**

**Preclearance          of Securities Transactions**

**Exception          for De Minimis Transactions**

**The*de          minimis* exception is NOT available for associates who are considered          investment professionals or for CIKK associates.**

*de minimis*
*de minimis*

*de minimis*
*De minimis*

**Additional          Policies Specific to Investment Professionals**

**Disclosure          of Personal and Professional Holdings (Cross-Holdings)**

**Disclosure          of Personal and          Professional Holdings          (Cross-Holdings)**

*first*
1

**Blackout          Periods**

**Ban          on          Short-term Trading Profits**

**or**

**Exchange          Traded Funds (ETFs) and Index Funds**

**Penalties          for Violating the Policy**

**Personal          Investing Committee**

***         *         *         ***

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