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 Seventh Annual Report 

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

 ations for the fiscal year ending December 31, 1919. 



Felix M. Warburg, 



Chairman. 



February 2, 1920. 



