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<PAGE> PAGE 7
086 C010000 0
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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 year ended December 31, 1997 and is
qualified in its entirety by reference to such statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 100,761
<INVESTMENTS-AT-VALUE> 141,375
<RECEIVABLES> 68
<ASSETS-OTHER> 248
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 141,691
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<OTHER-ITEMS-LIABILITIES> 214
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<DISTRIBUTIONS-OF-INCOME> (947)
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<DISTRIBUTIONS-OTHER> (6,952)
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<SHARES-REINVESTED> 0
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<ACCUMULATED-NII-PRIOR> 1
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<PER-SHARE-NAV-BEGIN> 36.55
<PER-SHARE-NII> 0.33
<PER-SHARE-GAIN-APPREC> 15.08
<PER-SHARE-DIVIDEND> (0.33)
<PER-SHARE-DISTRIBUTIONS> (2.75)
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</TABLE>
COOPERS Coopers & Lybrand L.L.P. telephone (212) 259-1000
&LYBRAND a professional services firm facsimile (212) 259-1301
1301 Avenue of the Americas
New York, New York 10019-6013
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 year ended December 31, 1997, we considered the Trust's internal
control, including controls over safeguarding securities, in order to determine
our auditing procedures for the purpose 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 internal control.
The management of Dole Food Automatic Common Exchange Security Trust is
responsible for establishing and maintaining internal control. In fulfilling
this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly presented
in conformity with generally accepted accounting principles. Those controls
include the safeguarding of assets against unauthorized acquisition, use, or
disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and may not be detected. Also, projection of any evaluation of
internal control 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 internal control would not necessarily disclose all
matters in internal control 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 any
specific internal control component 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 internal control, including controls over safeguarding securities,
that we consider to be material weaknesses as defined above as of December 31,
1997.
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, 1998.
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited liability association incorporated in Switzerland.
