<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>                   9-MOS
<FISCAL-YEAR-END>                              DEC-31-1996
<PERIOD-START>                                 JAN-01-1996
<PERIOD-END>                                   SEP-30-1996
<CASH>                                         971,082   
<SECURITIES>                                   22,744,010
<RECEIVABLES>                                  401,343   
<ALLOWANCES>                                   0         
<INVENTORY>                                    0         
<CURRENT-ASSETS>                               0         
<PP&E>                                         0         
<DEPRECIATION>                                 0         
<TOTAL-ASSETS>                                 24,116,435
<CURRENT-LIABILITIES>                          345,577   
<BONDS>                                        0         
<PREFERRED-MANDATORY>                          0         
<PREFERRED>                                    0         
<COMMON>                                       0         
<OTHER-SE>                                     23,770,858
<TOTAL-LIABILITY-AND-EQUITY>                   24,116,435
<SALES>                                        0         
<TOTAL-REVENUES>                               969,250   
<CGS>                                          0         
<TOTAL-COSTS>                                  0         
<OTHER-EXPENSES>                               205,956   
<LOSS-PROVISION>                               0         
<INTEREST-EXPENSE>                             0         
<INCOME-PRETAX>                                763,294   
<INCOME-TAX>                                   0         
<INCOME-CONTINUING>                            0         
<DISCONTINUED>                                 0         
<EXTRAORDINARY>                                0         
<CHANGES>                                      0         
<NET-INCOME>                                   763,294   
<EPS-PRIMARY>                                  .65       
<EPS-DILUTED>                                  0