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  Trustees 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 Trustees.

               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  Trustees.  As  required by
                    applicable rules, substantive amendments to the Code must be
                    filed or appropriately disclosed.