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 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.

          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.