<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-31-1997
<PERIOD-START>                                        Jan-1-1997
<PERIOD-END>                                         Sep-30-1997
<CASH>                                                   646,413
<SECURITIES>                                          25,369,915
<RECEIVABLES>                                            177,454
<ALLOWANCES>                                                   0
<INVENTORY>                                                    0
<CURRENT-ASSETS>                                               0
<PP&E>                                                         0
<DEPRECIATION>                                                 0
<TOTAL-ASSETS>                                        26,218,782
<CURRENT-LIABILITIES>                                    444,183
<BONDS>                                                        0
<PREFERRED-MANDATORY>                                          0
<PREFERRED>                                                    0
<COMMON>                                                       0
<OTHER-SE>                                            25,774,599
<TOTAL-LIABILITY-AND-EQUITY>                          26,218,782
<SALES>                                                        0
<TOTAL-REVENUES>                                       1,381,583
<CGS>                                                          0
<TOTAL-COSTS>                                                  0
<OTHER-EXPENSES>                                         181,067
<LOSS-PROVISION>                                               0
<INTEREST-EXPENSE>                                             0
<INCOME-PRETAX>                                        1,200,516
<INCOME-TAX>                                                   0
<INCOME-CONTINUING>                                            0
<DISCONTINUED>                                                 0
<EXTRAORDINARY>                                                0
<CHANGES>                                                      0
<NET-INCOME>                                           1,200,516
<EPS-PRIMARY>                                                .77
<EPS-DILUTED>                                                  0