Dear Prof,

Thank you for considering my application.
I was asked by Valerie if I have any funding for the fellowship program.
I am very keen to be accepted to your distinguished program. I am sure that I am a perfect candidate for the program, and I know that I will do a great job as a fellow in McGill University. However, I currently do not have any funding/scholarship source for the fellowship program. What do you think I should do under these circumstances?

Sincerely,