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 present herewith the Fifth Annual Report of the 

 activities of the Pension Board and of its financial operations 

 for the fiscal year ending December 31, 1917. 



Felix M. Warburg 



Chairman 



February 1, 1918 



