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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, 1998 and is
qualified in its entirety by reference to such statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 93,412
<INVESTMENTS-AT-VALUE> 93,922
<RECEIVABLES> 53
<ASSETS-OTHER> 113
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 94,088
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 64
<TOTAL-LIABILITIES> 64
<SENIOR-EQUITY> 0
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<NET-INVESTMENT-INCOME> 551
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (40,104)
<NET-CHANGE-FROM-OPS> (39,553)
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<DISTRIBUTIONS-OF-INCOME> (551)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (7,348)
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (47,452)
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 49.21
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> (13.95)
<PER-SHARE-DIVIDEND> (0.20)
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</TABLE>
PRICEWATERHOUSECOOPERS
Report of Independent Accountants
To the Shareholders and Board of Trustees of
Dole Food Automatic Common Exchange Security Trust.
In planning and performing our audit of the financial statements of Dole Food
Automatic Common Exchange Security Trust (the "Trust") for the year ended
December 31, 1998, we considered its internal control, including control
activities over safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of the 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, error or fraud 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statement 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 for safeguarding securities, that we
consider to be material weaknesses as defined above as of December 31, 1998
This report is intended solely for the information and use of management, the
Board of Trustees of Dole Food Automatic Common Exchange Security Trust and the
Securities and Exchange Commission.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
New York, New York
March 9, 1999
