December 2003

     Following  is the Code of  Ethics  for The  Capital  Group  Companies  Inc.
(Capital),   which  includes  Capital  Research  and  Management  Company,   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.


                                 CODE OF ETHICS


All of us within the Capital  organization  are  responsible for maintaining the
very highest ethical standards when conducting  business.  In keeping with these
standards,  we must always place the interests of clients and fund  shareholders
ahead of our own.

Over the years we have earned a reputation for the highest integrity. Regardless
of lesser standards that may be followed  through business or community  custom,
we must observe exemplary  standards of honesty and integrity.  Accordingly,  we
have adopted  certain  standards as described below for the purpose of deterring
wrongdoing  and  promoting:  1)  honest  and  ethical  conduct;  2) full,  fair,
accurate,  timely and  understandable  disclosure in reports and  documents;  3)
compliance with applicable laws,  rules and regulations;  4) the prompt internal
reporting  of  violations  of our  Code of  Ethics;  and 5)  accountability  for
adherence to our Code of Ethics.


General Guidelines

Although specific policies are discussed in more detail below, these are general
guidelines that all Capital associates should be aware of:

o    It is a crime in the  U.S.  and  many  other  countries  to  transact  in a
     company's securities while in possession of material nonpublic  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 the matter.

o    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.

o    You should not accept  extravagant  gifts or entertainment  from persons or
     companies  who are  trying  to  solicit  business  from any  Capital  Group
     companies. Capital's Gifts and Entertainment Policy is summarized below.

o    Regardless  of whether you are  determined  to be a "covered  person" under
     Capital's  Personal  Investing Policy (which is summarized  below),  please
     keep the following in mind when you consider making personal investments:

     |X|  Capital  associates and their  immediate  family  members  residing in
          their  household  may not  participate  in  Initial  Public  Offerings
          (IPOs).   Although  exceptions  are  rarely  granted,   they  will  be
          considered in the case of a family member  employed by the IPO company
          in which  IPO  shares  are  considered  part of that  family  member's
          compensation.

     |X|  You  should  not  trade   based  on  any   Capital   Group   company's
          confidential,  proprietary  investment  information  in which  fund or
          client trades are likely to be pending (for example,  analyst research
          reports,   investment  meeting   discussions  or  notes,  and  current
          fund/client transaction information).

     |X|  You should not engage in excessive  trading of the  American  Funds or
          any other  Capital-managed  investment vehicles  worldwide.  Excessive
          activity,  such as a frequent  pattern  of  exchanges,  could  involve
          actual or potential harm to  shareholders  or clients.  Note that this
          applies to your spouse and any other immediate family members.

     |X|  Associates are  discouraged  from serving on the board of directors or
          advisory  board of any public or private  company (this does not apply
          to boards of any Capital Group  companies or funds).  You must receive
          approval prior to serving on a board,  except for boards of charitable
          organizations or other non-profit organizations.

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



Reporting Violations

You have a responsibility to report violations of our Code of Ethics, including:
(1)  fraud  or  illegal  acts   involving  any  aspect  of  our  business;   (2)
noncompliance  with applicable laws,  rules and regulations;  (3) intentional or
material misstatements in our regulatory filings, internal books and records, or
client  records or reports;  or (4)  activity  that is harmful to our clients or
fund  shareholders.  Deviations  from controls or procedures  that safeguard the
company,  including  the assets of  shareholders  and  clients,  should  also be
reported.  Reported  violations of the Code of Ethics will be  investigated  and
appropriate actions will be taken.

You can report confidentially to:

o        your manager or department head
o        Capital's Audit Committee
o        any lawyer employed by the Capital organization



Capital's Gifts and Entertainment Policy -- Conflicts of Interest

     A conflict of interest  occurs when the  private  interests  of  associates
     interfere or could  potentially  interfere with their  responsibilities  at
     work.  Associates must not place themselves or the company in a position of
     actual or potential  conflict.  Associates  may not accept gifts worth more
     than  $100,  excessive  business  entertainment,  loans  or  anything  else
     involving  personal gain from those who conduct  business with the company.
     In addition, a business  entertainment event exceeding $200 in value should
     not be accepted unless the associate receives permission from the Gifts and
     Entertainment Policy Committee.

     Gifts or  entertainment  that are  reimbursed  by Capital do not need to be
     reported  (or  pre-cleared).  The  expenses,  however,  are  subject to the
     approval  of the  associate's  manager.  When  giving  a gift or  extending
     entertainment  on behalf of Capital,  it is  important to keep in mind that
     giving an  extravagant  gift or  entertaining  excessively  or lavishly may
     create the  appearance  of conflict.  Associates  should also be aware that
     certain laws or rules may prohibit or limit gifts or entertainment extended
     to public  officials -- especially  those  responsible for investing public
     funds.

Political and Charitable Contributions

     In soliciting  political or charitable donations from various people in the
     business community,  associates must never allow the present or anticipated
     business  relationships  of Capital or any of its affiliates to be a factor
     in soliciting  such  contributions.  In addition,  certain  associates  are
     subject  to  additional   restrictions   due  to  their   involvement  with
     "CollegeAmerica," the American Funds 529 college savings plan.

Reporting

     Although the  limitations  on accepting  gifts applies to all associates as
     described  above,  some  associates  will be asked  to fill  out  quarterly
     reports.  If you  receive  a  reporting  form,  you  must  report  any gift
     exceeding  $50 in value  (although  it is  recommended  that you report all
     gifts received) and business entertainment in which an event exceeds $75 in
     value.

Gifts and Entertainment Policy Committee

     The Gifts and Entertainment Policy Committee oversees administration of and
     compliance with the Policy.



Insider Trading

     Antifraud  provisions of U.S. securities laws, as well as the laws of other
     countries,  generally  prohibit persons in possession of material nonpublic
     information  from trading on or  communicating  the  information to others.
     Sanctions for violations can include civil injunctions, permanent bars from
     the securities industry, civil penalties up to three times the profits made
     or losses avoided, criminal fines and jail sentences.

     While investment  research analysts are most likely to come in contact with
     material  nonpublic  information,  the rules (and  sanctions)  in this area
     apply to all Capital  associates  and extend to activities  both within and
     outside each associate's duties.



Serving on a Board of Directors or Advisory Board

     Capital  associates  should  obtain  authorization  prior to serving on the
     boards  of  directors  or on the  advisory  boards  of  public  or  private
     companies  (this does not apply to boards of any Capital Group companies or
     funds).  In general,  associates  should  refrain from serving on boards of
     public  or  private  companies.  Serving  on  the  board  of  a  charitable
     organization   or   other   nonprofit   organization   does   not   require
     authorization.

     In addition,  certain  Capital  associates will be sent a form annually and
     asked to disclose their board positions.



Personal Investing Policy

     As an  associate  of The Capital  Group  Companies,  you may have access to
     confidential information. This places you in a position of special trust.

     You are associated  with a group of companies  that is responsible  for the
     management   of  many   billions  of  dollars   belonging  to  mutual  fund
     shareholders and other clients.  The law, ethics and our own policy place a
     heavy  burden on all of us to ensure that the highest  standards of honesty
     and integrity are maintained at all times.

     There are several rules that must be followed to avoid  possible  conflicts
     of interest in personal  investments.  Keep in mind, however,  that placing
     the interests of clients and fund shareholders  first is the core principle
     of our policies and applies even if the matter is not covered by a specific
     provision.  The following is only a summary of Capital's Personal Investing
     Policy.  Please refer to Capital's  complete Personal  Investing Policy for
     more detailed information about personal investing rules.

All Associates

     Information  regarding  proposed or  partially  completed  plans by Capital
     companies  to buy or sell  specific  securities  must  not be  divulged  to
     outsiders.  Associates who receive  information  about  recommendations  to
     purchase  or  sell   securities  or  impending   fund  or  client   account
     transactions should refrain from trading personally on the information.  In
     addition,  associates  (including  spouses)  should not engage in excessive
     trading  of the  American  Funds to take  advantage  of  short-term  market
     movements.  This type of action  potentially harms other fund shareholders.
     Finally,  favors or  preferential  treatment from  stockbrokers  may not be
     accepted.

     Associates  may  not  subscribe  to  any  initial  public  offering  (IPO).
     Generally, this prohibition applies to spouses of associates and any family
     member  residing in the same household.  However,  an associate may request
     that the Personal Investing  Committee consider granting an exception under
     special circumstances.

The following  provisions  apply only to  associates  covered under the Personal
Investing Policy:

Covered Persons

     You are a "covered  person" if you receive and use  investment  information
     relating to current or imminent fund/client transactions in connection with
     your  regular  duties.  If  you  receive  a  quarterly  personal  investing
     disclosure form, you are considered a covered person.

     Covered persons must conduct their personal securities transactions in such
     a way that they do not conflict  with the interests of the funds and client
     accounts.  This  policy also  includes  securities  transactions  of family
     members  living  in  the  covered  person's  household  and  any  trust  or
     custodianship  for which the associate is trustee or custodian.  A conflict
     may occur if you, or a family member in the same  household,  or a trust or
     custodianship for which you are trustee or custodian, have a transaction in
     a security when the funds or client  accounts are considering or concluding
     a transaction in the same security.

     Additional  rules apply to  "investment  associates"  (including  portfolio
     counselors/managers,  investment analysts and research associates,  trading
     associates  including trading  assistants,  and investment  administration,
     portfolio   control   and   fixed-income   control   associates   including
     assistants). See below for more information.

Prohibited Transactions for Covered Persons

     o    IPO investments

     o    Writing puts and calls on securities that are subject to pre-clearance

     o    Short sales of securities that are subject to pre-clearance

Pre-Clearance of Securities Transactions

     Covered persons must receive  approval before buying or selling  securities
     including (but not limited to):

     o    stocks of companies  (public or private,  including  purchases through
          private placements)

     o    bonds that are rated below "A"

     o    venture capital partnerships

     o    options (the exercise of options must also be pre-cleared)

     o    closed-end funds including investment trust companies

     o    index  funds  or  exchange-traded  funds  (ETFs)  that  are not on the
          pre-approved list of index funds/ETFs

     o    transactions  in  the  above   securities  in  PEP  and  ISA  accounts
          (available in the U.K. only) over which you have discretion

     Before buying or selling  securities,  covered  persons must check with the
     staff of the  Personal  Investing  Committee.  Pre-clear  requests  will be
     handled  during  the hours in which the New York Stock  Exchange  (NYSE) is
     open (generally, 6:30 a.m. to 1 p.m. Pacific time).

     You will  generally  receive a response  within one business day.  Unless a
     different  period is  specified,  clearance  is good until the close of the
     NYSE on the day that you check.  Associates  from offices  outside the U.S.
     and/or associates trading on non-U.S.  exchanges are usually granted enough
     time to complete their  transaction  during the next available trading day.
     If you have not executed  your  transaction  within this  period,  you must
     again  pre-clear  your  transaction.   Note  that  investments  in  private
     placements  and  venture  capital  partnerships  must  be  pre-cleared  and
     reported and are subject to special review.  In addition,  opportunities to
     acquire a stock that is "limited"  (i.e., a  broker-dealer  is only given a
     certain  number of shares to sell and is offering the  opportunity  to buy)
     may be subject to the Gifts and Entertainment Policy.

Exception for De Minimis Transactions

     The de minimis  exception is NOT available to associates  based in Tokyo or
     associates considered investment associates.

     All other covered associates may execute one transaction (either a buy or a
     sell)  of 100  shares  or  less  per  issuer  per  calendar  month  without
     pre-clearance.  You  must,  however,  still  report  these  trades  on your
     quarterly  form.  Larger  or  more  frequent  share  transactions  must  be
     pre-cleared.  If an  associate  pre-clears  a  transaction  and  is  denied
     permission,  s/he may not execute a de minimis  transaction  in that issuer
     without pre-clearance for a period of seven calendar days.

Reporting Transactions

     Covered  persons  must  promptly  submit  quarterly  disclosure  of certain
     transactions. You will receive reporting forms each quarter that are due no
     later than 10 days after the end of the quarter. Transactions of securities
     (including  fixed-income  securities)  or options  must be  pre-cleared  as
     described above and reported except as outlined below:

     Report only (no need to pre-clear):

     o    participation in any CGII private equity fund/partnership

     o    de minimis transactions (see above)

     o    distributions of stock from venture capital partnerships

     o    gifts or bequests  (either  receiving or giving) of  securities  (note
          that sales of securities  received as a gift must be both  pre-cleared
          and reported)

     o    bonds  rated  "A" or above by at least  one  national  rating  service
          (including bonds issued by governments outside the U.S. that are rated
          "A" or above)

     o    sales pursuant to tender offers

     o    dividend reinvestments

     o    options or futures on currencies

     o    options,  futures,  purchases or sales of certain  pre-approved  index
          funds/ETFs

       Do not pre-clear or report:

     o    open-ended investment companies (mutual funds, OEICs and Luxembourg or
          French  SICAVs  or FCPs  [Note:  in the  U.K.,  open-ended  investment
          companies  include  unit trusts and OEICs,  but not  investment  trust
          companies, which must be pre-cleared and reported])

     o    money market instruments with maturities of one year or less

     o    direct obligations of the U.S.  government (which are exempted by U.S.
          law from pre-clearance and reporting requirements)

     o    bankers' acceptances, CDs or other commercial paper

     o    currencies

     o    commodities

     o    transactions  in accounts  for which you have  completely  turned over
          investment  decision-making  authority to a professional money manager
          (see "Professionally Managed Accounts" below)


     Personal  investing should be viewed as a privilege,  not a right. As such,
     the Personal  Investing  Committee may place  limitations  on the number of
     pre-clearances and/or transactions.


Securities Accounts

       1.  Disclosure of Securities Accounts

     You must disclose the following types of accounts:

     o    accounts   currently   holding   securities   that  are   subject   to
          pre-clearance or reporting

     o    accounts that have the ability to hold  securities that are subject to
          pre-clearance or reporting

     o    accounts  where you (or immediate  family  members  residing with you)
          have completely turned over investment  decision-making authority to a
          professional money manager

     You do not need to disclose  accounts  that can only hold  open-end  mutual
     funds or cash or cash equivalents.

       2.  Duplicate Account Statements and Trade Confirmations

     You must submit  duplicate  statements  and trade  confirmations  (or other
     equivalent  documentation)  for accounts  currently holding securities that
     are subject to  pre-clearance  and/or  reporting.  Covered  persons  should
     inform  their  investment  broker-dealers  that  they  are  employed  by an
     investment organization.

     In  addition,  covered  persons must direct  their  broker-dealers  to send
     duplicate trade  confirmations and account  statements (or other equivalent
     documentation)  for all new or existing accounts on a timely basis. If they
     are not able to send  duplicates  directly,  you must submit  copies of all
     trade   confirmations  and  account  statements  as  soon  as  they  become
     available.

     All documents received are kept strictly confidential./1/

     If your broker will be sending  confirmation  statements  for an  immediate
     family  member with a different  last name than you, you should  inform the
     staff of the Personal  Investing  Committee by calling the  pre-clear  line
     with the name of the family member and that person's relationship to you.

       3.  Professionally Managed Accounts

     If  you  have  an  account  in  which  you  have  completely   turned  over
     decision-making  authority  to a  professional  money  manager  (who is not
     covered by our policy),  you should have a signed  "Professionally  Managed
     Account  Exception  Memo" on file with the staff of the Personal  Investing
     Committee.  You must disclose the  existence of these  accounts and provide
     the account numbers on your personal investing disclosure forms. You do not
     need to pre-clear or report securities transactions in these accounts.

Annual Disclosure of Personal Securities Holdings

     Covered  persons are required to disclose all of their  portfolio  holdings
     subject to the Personal Investing Policy (and the holdings of any immediate
     family members residing with them) upon commencement of employment (or upon
     becoming a covered  person) and  thereafter on an annual basis.  Disclosure
     forms will be supplied.

Annual Recertification

     All covered  persons are  required to certify at least  annually  that they
     have read and understood the Code of Ethics.  Further,  covered persons are
     required  to certify at least  annually  that they have  complied  with the
     requirements of the Code of Ethics and that they have disclosed or reported
     all personal securities  transactions  required to be disclosed or reported
     pursuant to the requirements of the Code.

Additional Policies for "Investment Associates"

       1.  Investment Associates

     Unless  otherwise  specified,  the term "investment  associates"  includes:
     portfolio counselors/managers, investment analysts and research associates,
     trading   associates   including   trading   assistants,   and   investment
     administration,  portfolio  control  and  fixed-income  control  associates
     including assistants.

       2.  Disclosure of Personal Ownership of Recommended Securities

     Portfolio counselors/managers and analysts will be asked on a regular basis
     to disclose  securities  that they own both  personally and  professionally
     and, for analysts,  securities  that they hold  personally  that are within
     their research  coverage.  This  disclosure  will be reviewed on a periodic
     basis by the  staff of the  Personal  Investing  Committee  and may also be
     reviewed  by  applicable  Investment  Committees,  Sub-Committees  or other
     appropriate Capital Committees.  In addition, to the extent that disclosure
     has not already been made to the Personal Investing Committee (by including
     information on the quarterly  form),  any associate who is in a position to
     recommend the purchase or sale of securities by the fund or client accounts
     that s/he  personally  owns should first disclose such ownership  either in
     writing (in a company write-up) or verbally (when discussing the company at
     investment meetings) prior to making a recommendation./2/

       3.  Blackout Periods

     Investment  associates  may not  buy or sell a  security  during  a  period
     beginning seven calendar days before and ending seven calendar days after a
     fund or client  account  transacts  in that  issuer.  The  blackout  period
     applies to trades in the same  management  company with which the associate
     is affiliated.  If a fund or client account  transaction takes place in the
     seven  calendar days  following a pre-cleared  transaction by an investment
     associate,  the  personal  transaction  may be  reviewed  by  the  Personal
     Investing  Committee  to  determine  the  appropriate  action,  if any. For
     example,  the Committee  may  recommend  that the associate be subject to a
     price  adjustment  to ensure that he or she has not received a better price
     than the fund or client account.

       4.  Ban on Short-Term Trading Profits

     Investment  associates  are generally  prohibited  from  profiting from the
     purchase  and  sale  or sale  and  purchase  of the  same  (or  equivalent)
     securities  within 60 days. This restriction  applies to the purchase of an
     option and the exercise of the option within 60 days.

Other Considerations

     Associates may not accept  negotiated  commission  rates or any other terms
     that they 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.

Personal Investing Committee

     Any questions or hardships  that result from these policies or requests for
     exceptions should be referred to Capital's Personal Investing Committee.




--------

/1/  Information about particular transactions may be provided to an associate's
     supervisor or appropriate  Human  Resources  manager by Personal  Investing
     Committee staff when the transactions  are in violation of the Policy,  may
     impact   the   associate's   job   performance   or   raise   conflict   of
     interest-related issues.

/2/  Note  that  this  disclosure  requirement  is  consistent  with  both  AIMR
     standards as well as the ICI Advisory Group Guidelines.



<page>



                          "Form of" Fund Code of Ethics
         (for funds managed by Capital Research and Management Company)


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 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.

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.