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 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.