To the President and Trustees of the American Museum oj 

 Natural History and to the Subscribers to the Pension Fund: 



I have the honor to transmit to you herewith the Fourth 

 Annual Report of the activities of the Pension Board and on 

 its financial operations for the fiscal year terminating Decem- 

 ber 31, 1916. 



Felix M. Warburg 



Chairman 



February 1, 1917 



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