<ARTICLE>                     5
<LEGEND>
                  The Schedule contains summary financial information extracted
                  from the financial statement 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-31-1998
<PERIOD-END>                               MAR-31-1998
<CASH>                                       1,069,544
<SECURITIES>                                24,756,886
<RECEIVABLES>                                  182,531
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                              26,028,961
<CURRENT-LIABILITIES>                          485,031
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                             0
<OTHER-SE>                                  25,543,930
<TOTAL-LIABILITY-AND-EQUITY>                26,028,961
<SALES>                                              0
<TOTAL-REVENUES>                               515,818
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                43,429
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                472,389
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   472,389
<EPS-PRIMARY>                                      .30
<EPS-DILUTED>                                        0