The exclusive mission of the Waterfowl USA Endowment Fund is to provide for the financial support for the environmental, educational, biological, scientific, conservation, and other charitable purposes of The National Waterfowl Alliance, Waterfowl U.S.A. Unlimited, hereinafter designated WUSA, a 501(c)(3) tax exempt organization (Tax ID #57-0748878) within the meaning of section 509(a)(2) of the Internal Revenue Code, by providing a consistent and dependable flow of income to the supported organization, in order to provide for the following:

• 1) To perpetuate the supported organization in order to ensure that the supported organization's wetland habitat projects continue to be developed and maintained.

• 2) To sustain the day-to-day operation of the supported organization.

• 3) To allow the dedicated staff and volunteers of the supported organization to concentrate their efforts on growth, development, and expansion of the supported organization and its wetland habitat projects.

Based on our Investment Policies, and under the direction of the Board of Trustees of the Waterfowl USA Endowment Fund, The Waterfowl USA Endowment Fund is actively managed by our Fund Managers.