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.