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-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.