The premise of this report is that no discussion of conservation finance is complete without a discussion of the mechanisms that might be used to distribute the money once it is raised, since conservation also about using that money effectively. One of the tools that has recently emerged as an effective mechanism for channeling money for conservation is the Environmental Fund (or EF). The report reflects on how discussions on conservation finance often refer to environmental funds as if they were yet another source of finance for conservation, when in fact they are not sources of funds at all, but rather ways of managing money raised from a variety of other sources.