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 Eighth Annual Report 

 of the activities of the Pension Board and of its financial oper- 

 ations for the fiscal year ending December 31, 1920. 



Felix M. Warburg, 



Chairman. 



February 1, 1921 



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