To the President and Trustees of the American Museum of 

 Natural History and to the Subscribers to the Pension Fund: 



I have the honor to transmit to you herewith the Third 

 Annual Report on the activities of the Pension Board and on 

 its financial operations for the fiscal year terminating Decem- 

 ber 31, 1915. 



Felix M. Warburg 



Chairman 



February 1, 1916 



