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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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SIGNATURE DONALD J. PUGLISI
TITLE MANAGING TRUSTEE
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the audited
financial statements of the Trust for the period August 8, 1996 to December 31,
1996 and is qualified in its entirety by reference to such statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> AUG-08-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 107,715
<INVESTMENTS-AT-VALUE> 104,973
<RECEIVABLES> 33
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<TOTAL-ASSETS> 105,233
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<APPREC-INCREASE-CURRENT> (2,741)
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (1,532)
<NUMBER-OF-SHARES-SOLD> 2,875
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 104,975
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
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<GROSS-EXPENSE> 85
<AVERAGE-NET-ASSETS> 107,266
<PER-SHARE-NAV-BEGIN> 38.07
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.16)
<PER-SHARE-DISTRIBUTIONS> (0.69)
<RETURNS-OF-CAPITAL> (0.53)
<PER-SHARE-NAV-END> 36.55
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
EXHIBIT 99.1
COOPERS & LYBRAND
REPORT OF INDEPENDENT ACCOUNTANTS
------------
To the Trustees and Shareholders of
Dole Food Automatic Common Exchange Security Trust
In planning and performing our audit of the financial statements
and financial highlights of Dole Food Automatic Common Exchange Security
Trust (the "Trust") for the period from August 8, 1996 (commencement of
operations) to December 31, 1996, we considered the Trust's internal
control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purposes of
expressing our opinion on the financial statements and financial
highlights and to comply with the requirements of Form N-SAR, not to
provide assurance on the internal control structure.
The management of Dole Food Automatic Common Exchange Security Trust is
responsible for establishing and maintaining an internal control
structure. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management
with reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and that transactions
are executed in accordance with management's authorization and recorded
properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also, projection
of any evaluation of the structure to future periods is subject to the
risk that it may become inadequate because of changes in conditions or
that the effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure that
might be material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness is a
condition in which the design or operation of the specific internal
control structure elements does not reduce to a relatively low level the
risk that errors or irregularities in amounts that would be material in
relation to the financial statements and financial highlights being
audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions.
However, we noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we consider to be
material weaknesses, as defined above, as of December 31, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
/s/ Coopers & Lybrand L.L.P.
COOPERS & LYBRAND L.L.P.
New York, New York
February 27, 1997.