III. DISTRIBUTION OF INCOME TO MRS. ANNA ELEANOR ROOSEVELT
                 AS LIFE BENEFICIARY FOR THE FIRST HALF OF THE YEAR 1950
   
        The total income collected for the period January 1 to June
30, 1950 aggregated $24,883.92. Administration expenses for
that period for investment counsel, custody service,
bookkeeper's salary, etc. amounted to $6,550.79 and income
commissions to the three Trustees amounted to $1,493.04.
Two income distributions were made to Mrs. Roosevelt, each
in the amount of $7,500. The balance of undistributed
income remaining on hand at June 30, 1950 was $1,840.09.
Regular quarterly income statements were rendered to Mrs.
Roosevelt in April and July of this year.
 
         Gross income collections for the month of July, 1950
amounted to $3,172.42. The income balance on hand as of
today in the trust income account at New York Trust Company
is $4,819.41.
 
             IV. REPORT OF INVESTMENT COUNSEL
 
        The trust portfolio has been carefully examined by Willis &
Christy, in the light of the Korean situation. There is
submitted herewith letter from Dean E. Christy, dated
August 3, 1950 addressed to Mr. Koons setting forth the
present conclusions of investment counsel. Mr. Christy
concludes that there is no need for any drastic change in
the trust investments at this time because the Common
Stocks making up approximately 48% of the trust fund are of
the type and quality best calculated to meet the semi-war
economy with which the country is now faced.
 
        There is only one outstanding, unexecuted recommendation of
investment counsel - i.e., the sale of 50 shares Singer
Manufacturing Company stock at a price limit of $320. The
current market
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