**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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*Following      is      the Code of Ethics for The Capital Group Companies Inc. (Capital), 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 associates.*

**The      Capital      Group Companies**

**Code      of      Ethics**

**General      Guidelines**

| ·   | It              is a crime              in the U.S. and many other countries to transact in a company’s securities              while in possession of material non-public information about the company.              If there is any question as to whether you’ve received material              information (typically from a company “insider”) you should contact any              member of the legal staff to discuss. |
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| ·   | You              should              not knowingly misrepresent, or cause others to misrepresent, facts              about              Capital to clients, fund shareholders, regulators, or any other member              of              the public. Disclosure in reports and documents should be fair and              accurate. |
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| ·   | You              should              not accept extravagant gifts or entertainment from persons or companies              who are trying to solicit business from any of the Capital companies.              Capital’s Gifts and Entertainment Policy is summarized              below. |
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| ·   | You              may not              accept negotiated commission rates or any other terms that you believe              may              be more favorable than the broker-dealer grants to accounts with similar              characteristics. U.S. broker-dealers are subject to certain rules designed              to prevent favoritism toward such              accounts. |
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| ·   | Safeguarding              non-public information - All associates are responsible for safeguarding              non-public information about securities recommendations and fund and              client holdings (for example, analyst research reports, investment              meeting              discussions or notes, current fund/client transaction information).              If you              have access to such information, you will likely be subject to additional              personal investing limitations under Capital’s Personal Investing              Policy.1              Even if you              are not a “covered person” under the Personal Investing Policy, certain              general principles apply to you, and you should not trade based on              any              Capital company’s confidential, proprietary investment information where              fund or client trades are likely to be pending or              imminent. |
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| ·   | Other              types              of information (for example, marketing plans, employment issues,              shareholder identities, etc.) may also be confidential and should not              be              shared with individuals outside the company (except those retained              to              provide services for the Capital              companies). |
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**Excessive      trading of Capital-managed Funds**

**Ban      on      Participation in IPOs**

**Limitation      on Service on Boards**

**Failure      to      adhere to our Code of Ethics may result in disciplinary action being taken,      including termination.**

**Annual      Certification of Code of Ethics**

**Reporting      Violations**

| ·   | Your              manager              or department head |
|--------------------|-----------------------------------------------------------|

| ·   | Capital              Audit              Committee |
|--------------------|---------------------------------------------------|

| ·   | Any              lawyer              employed by the Capital organization |
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**Conflicts      of Interest**

**Gifts      and      Entertainment Policy**

**and**

**Reporting**

**Gifts      and      Entertainment Policy Committee**

**Charitable      Contributions**

**Political      Contributions Policy**

**Making      Political Contributions**

*i.e.,*

**Special      Political Contribution Requirements**
**      -**
**CollegeAmerica**

**Soliciting      Political Contributions**

**Other      Considerations**
** **

**Insider      Trading**

**Personal      Investing Policy**

**Covered      Persons**

**Investment      Associates**

**Prohibited      Transactions for Covered Persons**

| ·   | IPO              investments |
|--------------------|------------------------------|

| ·   | Writing              puts              and calls on securities that are subject to              preclearance |
|--------------------|--------------------------------------------------------------------------------------------------------------|

| ·   | Short              sales              of securities that are subject to              preclearance |
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**Initial      and      Annual Holdings Reports**

**Securities      Transactions**

**Preclearance      of Securities Transactions**

| ·   | Stocks              of              companies (public or private, including purchases through private              placements) |
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| ·   | Bonds              (except              U.S. government bonds or other sovereign government bonds rated AAA              or Aaa              or equivalent) |
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| ·   | Investments              in/capital calls of venture capital partnerships and hedge              funds |
|--------------------|--------------------------------------------------------------------------------------------------------|

| ·   | Options              on              securities subject to preclearance |
|--------------------|-------------------------------------------------------------------------|

| ·   | Closed-end              funds (including investment trust              companies) |
|--------------------|-----------------------------------------------------------------------------------|

| ·   | Index              funds              or exchange-traded funds that are not on the pre-approved list of index              funds/ETFs |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Transactions              in securities subject to preclearance in IRAs (or company-sponsored              retirement accounts), Personal Equity Plans (PEPs) and Individual Savings              Accounts (ISAs) (available in the U.K. only) over which you have              discretion |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Gifts              of              securities to individuals, including family members not covered under              the              Policy |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

*Note:      Gifts of      securities to qualified charitable organizations are not subject to      preclearance.*

*e.g.,*
*i.e.,*

**Exception      for De Minimis Transactions**

*The      de minimis      exception is NOT available for associates who are considered investment      associates or for CIKK associates (a Capital company based in      Tokyo).*

**Reporting      Transactions**

**Report      Only      Transactions (no need to preclear):**

| ·   | Purchases              and              sales of CRMC Managed Funds |
|--------------------|---------------------------------------------------------------------|

| ·   | Purchases              and              sales of American Funds held in accounts with American Funds Service              Company (AFS)/Capital Bank & Trust (CB&T) unless you have              previously disclosed the account number |
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| ·   | Purchases              and              sales of Other Capital Affiliated funds |
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*Note:      The      following transactions must be reported:*

| *§  * | *LDO              Pension Plan with Skandia* |
|----------------------|----------------------------------------------|

| *§  * | *Capital              International Funds and Capital International Markets Fund with JP              Morgan              Luxembourg* *or              held              with other firms* |
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| ·   | Purchases              and              sales of GIG Advised/Sub-Advised Funds and Insurance              Products |
|--------------------|--------------------------------------------------------------------------------------------------------------------|

| ·   | Purchases              and              sales (including options and futures) of index funds or exchange traded              funds that are on the pre-approved list of index              funds/ETFs |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Participation              in any CGII private equity              fund/partnership |
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| ·   | De              minimis              transactions (see previous page) |
|--------------------|-----------------------------------------------------------------------|

| ·   | Distributions              of stock from venture capital              partnerships |
|--------------------|------------------------------------------------------------------------------------|

| ·   | Capital              calls              of venture capital partnerships and hedge funds that have been              pre-approved |
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| ·   | Securities              received as a gift or through a bequest |
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| ·   | Securities              given to charitable organizations (note that securities given to              individuals should be precleared) |
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| ·   | Corporate              Actions; for example: |
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| §   | Name              changes |
|--------------------|---------------------------|

| §   | Splits |
|--------------------|--------|

| §   | Reverse              splits |
|--------------------|-----------------------------|

| §   | Spin-offs,              merger/acquisitions |
|--------------------|---------------------------------------------|

| §   | Tender              offers |
|--------------------|----------------------------|

| §   | Expiration              of              options and bonds matured, redeemed, or              called |
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**Do      Not      Preclear or Report:**

| ·   | Investments              in Capital’s 401(k) or MRP |
|--------------------|-----------------------------------------------------------|

| ·   | LDO              Pension              Plan investments with Friends Provident |
|--------------------|-------------------------------------------------------------------------------|

| ·   | Open-end              investment funds except funds advised or sub-advised by any Capital              company |
|--------------------|----------------------------------------------------------------------------------------------------------------|

| §   | US&              Canada mutual funds |
|--------------------|------------------------------------------|

| §   | EU              member              states UCITS, whether in the corporate form (*e.g.,*              SICAVs,              OEICs, etc.) or contractual form (*e.g.,*              FCP, Unit              Trusts, Publikumsfonds, etc.) |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Swiss              investment funds and investment companies open to the              public |
|--------------------|----------------------------------------------------------------------------------------------|

| §   | UK&              Singapore Unit Trusts |
|--------------------|--------------------------------------------|

| §   | Singapore              open-end investment-linked funds other              than              Great              Eastern and NTUC |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------|

| §   | Japanese              Investment Trust Funds |
|--------------------|----------------------------------------------|

| §   | Japanese              Investment Company Funds |
|--------------------|------------------------------------------------|

*(Note:      all      other funds should be precleared *
*and*
*      reported.)*

| ·   | Money              market              instruments or other short-term debt instruments with maturities (at              issuance) of one year or less that are rated in one of the highest              two              rating categories by a Nationally Recognized Statistical Rating              Organization or unrated but of equivalent              quality |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Direct              obligations of the U.S. Government or bonds issued by sovereign              governments outside the U.S. that are rated AAA or Aaa or              equivalent |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Bankers'              acceptances, CDs, or other commercial              paper |
|--------------------|--------------------------------------------------------------------------------|

| ·   | Currencies              (including options and futures) |
|--------------------|---------------------------------------------------------|

| ·   | Commodities |
|--------------------|-------------|

| ·   | Transactions              in accounts for which you have completely turned over investment              decision-making authority to a professional money manager (see              “Professionally Managed Accounts” below) |
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**Securities      Accounts**

**Disclosure      of Securities Accounts**

| ·   | Firm              (or              bank) accounts holding securities |
|--------------------|----------------------------------------------------------------------|

| ·   | Capital              International Fund and Capital International Emerging Markets Fund              accounts with JP Morgan Luxembourg or held with other              firms |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Disclosure      of Securities Accounts, **

| ·   | Accounts              holding GIG sub-advised funds and/or other Capital-affiliated funds,              and              accounts/plan numbers with insurance companies that sell variable              annuities or insurance products that hold American Funds Insurance              Series              (could be through a brokerage account or insurance              contract) |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Firm              (or              bank) accounts holding American Funds |
|--------------------|--------------------------------------------------------------------------|

| ·   | Employer-sponsored              retirement or stock purchase accounts holding securities [ESPP, ESOP,              401(k), company stock funds, etc.] |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Direct              investment/purchase accounts (*e.g.,*              DRP,              transfer agent accounts, or LDO registrar              accounts) |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | PEP              and ISA              accounts that currently hold securities |
|--------------------|-------------------------------------------------------------------------------|

| ·   | Discretionary              accounts for which you have completely turned over investment              decision-making authority to a professional money manager (other than              PIM); *i.e.,*              you make no              investment decisions regarding your              account |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | American              Funds (AFS) and Capital Bank and Trust (CB&T) accounts not previously              disclosed |
|--------------------|------------------------------------------------------------------------------------------------------------------------|

| ·   | Investment              clubs |
|--------------------|-------------------------------|

**only**

**Duplicate      Account Statements and Trade Confirmations**

**Professionally      Managed (Discretionary) Accounts**

**Additional      Policies for “Investment Associates”**

**Disclosure      of Personal Ownership of Recommended Securities**

**Blackout      Periods**

**Ban      on      short-term trading profits**

**Other      Considerations**

**Personal      Investing Committee**

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| 1 | Note:                    If you                    have access to non-public information regarding securities recommendations                    and holdings but you are not currently considered “covered” under the                    Personal Investing Policy (*i.e.*,                    you do not                    receive a reporting form each quarter), you should contact the                    staff of                    the Personal Investing Committee to                    discuss. |
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| 2 | For                    compliance purposes, only those signed and dated greater than                    30 days past                    the end of the quarter will be considered                    “late.” |
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| 3 | Information                    about particular transactions may be provided to an associate’s supervisor                    or appropriate Human Resources manager by Personal Investing                    Committee                    staff where the transactions are in violation of the Policy,                    and may                    impact the associate’s job performance or raise conflict of                    interest-related issues. |
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| 4 | Note:                    This                    disclosure requirement is consistent with both AIMR standards                    as well as                    the ICI Advisory Group                    Guidelines. |
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