The following is representative of the Code of Ethics in effect for each Fund:


                                 Code of Ethics


With respect to non-affiliated Board members and all other access persons to the
extent that they are not covered by The Capital Group Companies, Inc. policies:

     *    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.

     *    No Board member  shall  engage in  excessive  trading of shares of the
          fund or any other  affiliated  fund to take  advantage  of  short-term
          market movements.

     *    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.

     *    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.

                                     * * * *

In addition, the Fund has adopted the following standards in accordance with the
requirements  of Form N-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.

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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.

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:

     *    Acting with integrity;

     *    Adhering to a high standard of business ethics;

     *    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. 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.

     *    Covered  Officers  should   familiarize   themselves  with  disclosure
          requirements  applicable  to the  Fund  and  disclosure  controls  and
          procedures in place to meet these requirements.

     *    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 Fund's 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,  including  removal  from office,  provided  that
     removal  from  office  shall only be carried  out with the  approval of the
     Fund's Board.

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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  Fund's  Board.  As  required  by  applicable  rules,   substantive
     amendments to the Code must be filed or appropriately disclosed.