To the President and Trustees of The American Museum of 

 Natural History and to the Subscribers to the Fund: 



In accordance with the Rules and Regulations, I have the 

 honor to transmit to you herewith the Ninth Annual Report of 

 the activities of the Pension Board and of its financial operations 

 for the fiscal year ending December 31, 1921. 



Felix M. Warburg, 



Chairman. 



February 1, 1922 



