<ARTICLE>                     5
<LEGEND>
The Schedule contains summary financial information extracted from the
financial statements for American Tax-Exempt Bond Trust and is qualified in
its entirety by reference to such financial statements
</LEGEND>
<CIK>                         0000916824
<NAME>                        American Tax Exempt Bond Trust
<MULTIPLIER>                  1
       
                                            
<PERIOD-TYPE>                                        3-MOS
<FISCAL-YEAR-END>                              DEC-31-1996
<PERIOD-START>                                 JAN-01-1996
<PERIOD-END>                                   MAR-31-1996
<CASH>                                           1,279,169
<SECURITIES>                                    18,112,102
<RECEIVABLES>                                      452,328
<ALLOWANCES>                                             0
<INVENTORY>                                              0
<CURRENT-ASSETS>                                         0
<PP&E>                                                   0
<DEPRECIATION>                                           0
<TOTAL-ASSETS>                                  19,843,599
<CURRENT-LIABILITIES>                              157,090
<BONDS>                                                  0
<PREFERRED-MANDATORY>                                    0
<PREFERRED>                                              0
<COMMON>                                                 0
<OTHER-SE>                                      19,686,509
<TOTAL-LIABILITY-AND-EQUITY>                    19,843,599
<SALES>                                                  0
<TOTAL-REVENUES>                                   291,875
<CGS>                                                    0
<TOTAL-COSTS>                                            0
<OTHER-EXPENSES>                                    34,737
<LOSS-PROVISION>                                         0
<INTEREST-EXPENSE>                                       0
<INCOME-PRETAX>                                    257,138
<INCOME-TAX>                                             0
<INCOME-CONTINUING>                                      0
<DISCONTINUED>                                           0
<EXTRAORDINARY>                                          0
<CHANGES>                                                0
<NET-INCOME>                                       257,138
<EPS-PRIMARY>                                          .25
<EPS-DILUTED>                                            0