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   trustees,
                    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.