The Ambassador Fund
SCHEDULE OF INVESTMENTS
As of January 31, 2026 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| EVENT LINKED BONDS — 86.1% | ||||||||
| EUROPE — 5.4% | ||||||||
| EARTHQUAKE — 0.6% | ||||||||
| Azzurro Re II DAC | ||||||||
| 3,750,000 | 8.524% (3-Month Euribor + 625.00 basis points), 4/20/20281,2 | $ | 4,509,246 | |||||
| MULTI-PERIL — 1.5% | ||||||||
| Hexagon IV Re Ltd. | ||||||||
| 2,500,000 | 5.750% (3-Month Euribor + 575.00 basis points), 1/21/2028 | 2,997,866 | ||||||
| 2,500,000 | 4.960% (3-Month Euribor + 496.00 basis points), 1/22/2030 | 2,975,048 | ||||||
| Lion RE DAC | ||||||||
| 2,500,000 | 5.500% (3-Month Euribor + 550.00 basis points), 6/15/20291,2,3 | 3,001,126 | ||||||
| Orange Capital Re DAC | ||||||||
| 1,250,000 | 8.026% (3-Month Euribor + 600.00 basis points), 1/17/20291,2 | 1,553,461 | ||||||
| 10,527,501 | ||||||||
| WINDSTORM — 3.3% | ||||||||
| Blue Sky Re DAC | ||||||||
| 7,000,000 | 8.011% (3-Month Euribor + 616.40 basis points), 1/26/20271,2,3 | 8,605,619 | ||||||
| Eiffel Re Ltd. | ||||||||
| 2,500,000 | 5.604% (3-Month Euribor + 358.00 basis points), 1/19/20271,2 | 3,017,425 | ||||||
| Quercus Re DAC | ||||||||
| 1,000,000 | 10.050% (3-Month Euribor + 800.00 basis points), 7/8/20271,2 | 1,224,870 | ||||||
| Recoletos RE DAC | ||||||||
| 4,500,000 | 3.500% (3-Month U.S. Treasury Bill + 350.00 basis points), 12/8/2028 | 5,359,886 | ||||||
| Taranis Reinsurance DAC | ||||||||
| 2,850,000 | 8.339% (3-Month Euribor + 631.00 basis points), 1/21/20281,2,3 | 3,438,514 | ||||||
| 1,000,000 | 11.019% (3-Month Euribor + 899.00 basis points), 1/21/20281,2,3 | 1,258,179 | ||||||
| Windmill III Re DAC | ||||||||
| 1,000,000 | 7.210% (3-Month Euribor + 521.00 basis points), 7/5/20281,2 | 1,225,462 | ||||||
| 24,129,955 | ||||||||
| TOTAL EUROPE | ||||||||
| (Cost $36,991,376) | 39,166,702 | |||||||
| GLOBAL — 32.8% | ||||||||
| EARTHQUAKE — 1.1% | ||||||||
| Acorn Re Ltd. | ||||||||
| 2,500,000 | 2.350% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 235.00 basis points), 11/7/20281,2,3 | 2,496,500 | ||||||
| Matterhorn Re Ltd. | ||||||||
| 1,750,000 | 2.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 250.00 basis points), 9/22/20281,2,3 | 1,758,750 | ||||||
| Turris RE Ltd. | ||||||||
| 4,000,000 | 2.400% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 240.00 basis points), 1/8/20291,2,3 | 3,992,800 | ||||||
| 8,248,050 | ||||||||
The Ambassador Fund
SCHEDULE OF INVESTMENTS - Continued
As of January 31, 2026 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| MULTI-PERIL — 31.7% | ||||||||
| 3264 Re Ltd. | ||||||||
| 2,200,000 | 3.000% (Federated Hermes US Treasury Cash Reserves Fund Yield + 300.00 basis points), 2/7/20281,2,3 | $ | 2,221,560 | |||||
| 2,500,000 | 21.250% (Federated Hermes US Treasury Cash Reserves Fund Yield + 2,125.00 basis points), 2/7/20281,2,3 | 2,668,750 | ||||||
| 7,250,000 | 6.000% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 600.00 basis points), 1/8/20291,2,3 | 7,234,775 | ||||||
| 5,250,000 | 6.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 650.00 basis points), 1/8/20291,2,3 | 5,236,875 | ||||||
| Aragonite Re Ltd. | ||||||||
| 750,000 | 5.450% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 545.00 basis points), 4/7/20271,2,3 | 771,600 | ||||||
| Ashera Re | ||||||||
| 250,000 | 5.190% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 519.00 basis points), 4/7/20271,2,3 | 256,425 | ||||||
| Atlas Capital DAC | ||||||||
| 250,000 | 7.570% (SOFR + 757.00 basis points), 6/5/20261,2 | 257,775 | ||||||
| 250,000 | 12.220% (SOFR + 1,222.00 basis points), 6/8/20271,2 | 275,025 | ||||||
| 8,000,000 | 7.250% (SOFR + 725.00 basis points), 6/7/20281,2,3 | 8,257,600 | ||||||
| Bridge Street Re Ltd. | ||||||||
| 10,250,000 | 4.000% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 400.00 basis points), 1/7/20281,2,3 | 10,393,500 | ||||||
| 12,750,000 | 7.750% (3-Month U.S. Treasury Bill + 775.00 basis points), 1/8/20291,2,3 | 12,737,250 | ||||||
| Easton Re Pte Ltd. | ||||||||
| 250,000 | 7.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 750.00 basis points), 1/8/20271,2,3 | 253,975 | ||||||
| Fuchsia 2023-1 - London Bridge 2 PCC Ltd. | ||||||||
| 290,000 | 10.290% (Western Asset Institutional US Treasury Reserves Ltd Fund Yield + 1,029.00 basis points), 4/6/20271,2,3 | 303,340 | ||||||
| Fuchsia 2024-1 - London Bridge 2 PCC Ltd. | ||||||||
| 3,250,000 | 5.140% (Western Asset Institutional US Treasury Reserves Ltd Fund Yield + 514.00 basis points), 4/6/20281,2,3 | 3,356,600 | ||||||
| Fuchsia 2025-1 - London Bridge 2 PCC Ltd. | ||||||||
| 3,500,000 | 3.250% (Western Asset Institutional US Treasury Reserves Ltd Fund Yield + 325.00 basis points), 4/6/20291,2,3 | 3,490,200 | ||||||
| Galileo Re Ltd. | ||||||||
| 500,000 | 7.000% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 700.00 basis points), 1/7/20281,2,3 | 521,850 | ||||||
| 3,750,000 | 3.250% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 325.00 basis points), 1/8/20301,2,3 | 3,738,000 | ||||||
| 1,500,000 | 5.000% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 500.00 basis points), 1/8/20301,2,3 | 1,487,250 | ||||||
| Kendall Re Ltd. | ||||||||
| 4,500,000 | 6.250% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 625.00 basis points), 4/30/20271,2 | 4,676,400 | ||||||
The Ambassador Fund
SCHEDULE OF INVESTMENTS - Continued
As of January 31, 2026 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| MULTI-PERIL (Continued) | ||||||||
| 250,000 | 7.738% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 773.80 basis points), 4/30/20271,2 | $ | 259,775 | |||||
| Kilimanjaro II Re Ltd. | ||||||||
| 250,000 | 6.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 625.00 basis points), 6/30/20281,2,3 | 262,900 | ||||||
| 7,000,000 | 7.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 725.00 basis points), 6/30/20281,2,3 | 7,396,200 | ||||||
| 4,000,000 | 3.750% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 375.00 basis points), 7/9/20291,2,3 | 4,077,200 | ||||||
| 4,750,000 | 4.000% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 400.00 basis points), 7/9/20291,2,3 | 4,878,725 | ||||||
| 2,075,000 | 6.250% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 625.00 basis points), 7/9/20291,2,3 | 2,152,812 | ||||||
| 2,743,000 | 6.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 650.00 basis points), 7/9/20291,2,3 | 2,835,988 | ||||||
| 4,250,000 | 3.750% (Goldman Sachs Financial Square Funds - Treasury Instruments FundY ield + 375.00 basis points), 7/8/20301,2,3 | 4,336,700 | ||||||
| 4,000,000 | 4.000% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 400.00 basis points), 7/8/20301,2,3 | 4,132,000 | ||||||
| Matterhorn Re Ltd. | ||||||||
| 2,000,000 | 7.000% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 700.00 basis points), 2/4/20281,2,3 | 2,026,800 | ||||||
| 3,000,000 | 12.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 1,225.00 basis points), 2/4/20281,2,3 | 3,059,700 | ||||||
| MMIFS Re Ltd. | ||||||||
| 3,250,000 | 2.900% (Canadian Overnight Repo Rate Average + 290.00 basis points), 1/10/2028 | 2,386,484 | ||||||
| Mona Lisa Re Ltd. | ||||||||
| 11,250,000 | 9.750% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 975.00 basis points), 6/25/20271,2 | 12,107,250 | ||||||
| 3,500,000 | 8.000% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 800.00 basis points), 1/8/20291,2 | 3,561,250 | ||||||
| 7,250,000 | 12.000% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 1,200.00 basis points), 1/8/20301,2,3 | 7,228,250 | ||||||
| 21,250,000 | 5.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 550.00 basis points), 1/8/20311,2,3 | 21,203,250 | ||||||
| Montoya Re Ltd. | ||||||||
| 2,250,000 | 13.400% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 1,340.00 basis points), 4/7/20261,2,3 | 2,295,450 | ||||||
| 7,500,000 | 5.750% (MSILF Treasury Securities Portfolio Fund Yield + 575.00 basis points), 4/7/20281,2,3 | 7,560,000 | ||||||
| 4,750,000 | 6.610% (MSILF Treasury Securities Portfolio Fund Yield + 661.00 basis points), 4/7/20281,2,3 | 4,870,175 | ||||||
| 9,750,000 | 5.250% (1-Month U.S. Treasury Bill + 525.00 basis points), 4/9/20301,2,3 | 9,745,125 | ||||||
| 9,500,000 | 5.750% (1-Month U.S. Treasury Bill + 575.00 basis points), 4/9/20301,2,3 | 9,495,250 | ||||||
The Ambassador Fund
SCHEDULE OF INVESTMENTS - Continued
As of January 31, 2026 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| MULTI-PERIL (Continued) | ||||||||
| 4,000,000 | 12.500% (1-Month U.S. Treasury Bill + 1,250.00 basis points), 4/9/20301,2,3 | $ | 3,988,000 | |||||
| Mystic Re IV Ltd. | ||||||||
| 3,000,000 | 4.000% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 400.00 basis points), 1/10/20281,2 | 3,042,600 | ||||||
| 3,500,000 | 3.250% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 325.00 basis points), 1/8/20291,2,3 | 3,494,750 | ||||||
| Northshore Re II Ltd. | ||||||||
| 7,500,000 | 5.000% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 500.00 basis points), 4/7/20281,2,3 | 7,597,500 | ||||||
| Ocelot Re Ltd. | ||||||||
| 13,000,000 | 4.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 450.00 basis points), 2/26/20291,2,3 | 13,280,800 | ||||||
| 5,250,000 | 6.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 625.00 basis points), 2/26/20291,2,3 | 5,475,750 | ||||||
| Phoenix 2 RE Pte Ltd. | ||||||||
| 2,000,000 | 0.000% ,1/4/2038 | 1,994,400 | ||||||
| Phoenix 3 RE Pte Ltd. | ||||||||
| 1,000,000 | 0.000% ,1/4/20393 | 1,199,500 | ||||||
| Riverfront Re Ltd. | ||||||||
| 1,500,000 | 5.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 550.00 basis points), 1/8/20291,2,3 | 1,603,200 | ||||||
| Titania Re Ltd. | ||||||||
| 1,000,000 | 13.130% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 1,313.00 basis points), 2/27/20261,2,3 | 1,007,000 | ||||||
| 4,500,000 | 6.250% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 625.00 basis points), 11/26/20271,2,3 | 4,517,550 | ||||||
| Wrigley Re Ltd. | ||||||||
| 1,000,000 | 6.230% (Federated Hermes US Treasury Cash Reserves Fund Yield + 623.00 basis points), 8/7/20261,2,3 | 1,020,500 | ||||||
| 232,231,584 | ||||||||
| TOTAL GLOBAL | ||||||||
| (Cost $238,433,713) | 240,479,634 | |||||||
| JAPAN — 2.8% | ||||||||
| EARTHQUAKE — 1.1% | ||||||||
| Nakama Re Pte Ltd. | ||||||||
| 6,000,000 | 2.050% (FRMMUSTF + 205.00 basis points), 10/13/20261,2 | 6,006,000 | ||||||
| 2,500,000 | 2.100% (3-Month U.S. Treasury Bill + 210.00 basis points), 4/23/20301,2 | 2,515,000 | ||||||
| 8,521,000 | ||||||||
| MULTI-PERIL — 1.7% | ||||||||
| Tomoni Re Pte Ltd. | ||||||||
| 9,145,000 | 2.090% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 209.00 basis points), 4/7/20261,2 | 9,154,145 | ||||||
The Ambassador Fund
SCHEDULE OF INVESTMENTS - Continued
As of January 31, 2026 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| MULTI-PERIL (Continued) | ||||||||
| 3,000,000 | 4.000% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 400.00 basis points), 4/5/20281,2 | $ | 3,063,300 | |||||
| 12,217,445 | ||||||||
| TOTAL JAPAN | ||||||||
| (Cost $20,636,761) | 20,738,445 | |||||||
| UNITED STATES — 45.1% | ||||||||
| EARTHQUAKE — 3.1% | ||||||||
| Herbie Re Ltd. | ||||||||
| 2,000,000 | 4.250% (MSILF Treasury Securities Portfolio Fund Yield + 425.00 basis points), 1/7/20301,2,3 | 1,999,000 | ||||||
| Logistics Re Ltd. | ||||||||
| 1,250,000 | 6.000% (Federated Hermes US Treasury Cash Reserves Fund Yield + 600.00 basis points), 12/21/20271,2,3 | 1,275,750 | ||||||
| Torrey Pines Re Ltd. | ||||||||
| 4,275,000 | 5.306% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 530.60 basis points), 6/5/20261,2 | 4,300,222 | ||||||
| 500,000 | 6.036% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 603.60 basis points), 6/7/20271,2 | 521,550 | ||||||
| 4,125,000 | 3.750% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 375.00 basis points), 6/7/20281,2,3 | 4,240,913 | ||||||
| Veraison Re Ltd. | ||||||||
| 3,000,000 | 6.788% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 678.80 basis points), 3/9/20262,4 | 3,009,000 | ||||||
| 1,250,000 | 3.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 350.00 basis points), 3/8/20281,2,3 | 1,274,125 | ||||||
| 5,750,000 | 0.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 50.00 basis points), 3/8/20291,2,3 | 5,750,000 | ||||||
| Wrigley Re Ltd. | ||||||||
| 250,000 | 6.700% (Federated Hermes US Treasury Cash Reserves Fund Yield + 670.00 basis points), 8/7/20261,2,3 | 253,800 | ||||||
| 22,624,360 | ||||||||
| MULTI-PERIL — 16.0% | ||||||||
| 3264 Re Ltd. | ||||||||
| 4,250,000 | 7.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 750.00 basis points), 6/8/20281,2,3 | 4,431,475 | ||||||
| Atela Re Ltd. | ||||||||
| 4,000,000 | 14.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 1,425.00 basis points), 5/9/20271,2 | 4,306,000 | ||||||
| Finca RE Ltd. | ||||||||
| 1,500,000 | 5.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 525.00 basis points), 6/7/20281,2,3 | 1,545,750 | ||||||
| Foundation Re IV Ltd. | ||||||||
| 9,750,000 | 6.250% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 625.00 basis points), 1/8/20271,2,3 | 10,000,575 | ||||||
The Ambassador Fund
SCHEDULE OF INVESTMENTS - Continued
As of January 31, 2026 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| MULTI-PERIL (Continued) | ||||||||
| 7,250,000 | 3.500% (3-Month U.S. Treasury Bill + 350.00 basis points), 1/7/20301,2,3 | $ | 7,337,000 | |||||
| Four Lakes Re Ltd. | ||||||||
| 250,000 | 5.800% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 580.00 basis points), 1/7/20271,2,3 | 253,650 | ||||||
| 2,500,000 | 5.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 550.00 basis points), 1/7/20281,2,3 | 2,556,500 | ||||||
| 2,250,000 | 3.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 325.00 basis points), 1/8/20291,2,3 | 2,243,475 | ||||||
| Genesee Street Re Ltd. | ||||||||
| 6,000,000 | 3.250% (1-Month U.S. Treasury Bill + 325.00 basis points), 4/7/20281,2,3 | 6,070,200 | ||||||
| High Point Re Ltd. | ||||||||
| 2,500,000 | 5.490% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 549.00 basis points), 1/6/20271,2,3 | 2,529,250 | ||||||
| Mayflower Re Ltd. | ||||||||
| 2,750,000 | 3.500% (T-BILL + 350.00 basis points), 7/7/20281,2,3 | 2,812,150 | ||||||
| Merna Re Companywide Ltd. | ||||||||
| 6,920,000 | 7.000% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 700.00 basis points), 7/7/20281,2 | 7,271,536 | ||||||
| Merna Re Enterprise Ltd. | ||||||||
| 3,500,000 | 7.750% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 775.00 basis points), 7/7/20281,2 | 3,578,400 | ||||||
| Merna Reinsurance II Ltd. | ||||||||
| 6,500,000 | 8.380% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 838.00 basis points), 7/7/20261,2,5 | 6,704,750 | ||||||
| 250,000 | 7.470% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 747.00 basis points), 7/7/20271,2 | 263,025 | ||||||
| 2,250,000 | 8.490% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 849.00 basis points), 7/7/20271,2,3,5 | 2,330,325 | ||||||
| Residential Reinsurance 2004 Ltd. | ||||||||
| 1,000,000 | 5.380% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 538.00 basis points), 12/6/20281,2 | 1,030,300 | ||||||
| Residential Reinsurance 2022 Ltd. | ||||||||
| 875,000 | 7.590% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 759.00 basis points), 12/6/20261,2 | 900,025 | ||||||
| Residential Reinsurance 2023 Ltd. | ||||||||
| 6,750,000 | 5.970% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 597.00 basis points), 12/6/20271,2 | 7,055,100 | ||||||
| Residential Reinsurance 2025 Ltd. | ||||||||
| 7,750,000 | 5.750% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 575.00 basis points), 6/6/20291,2,3 | 8,029,000 | ||||||
| 3,000,000 | 3.250% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 325.00 basis points), 12/6/20291,2 | 2,977,500 | ||||||
| Sanders RE II Ltd. | ||||||||
| 250,000 | 4.000% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 399.00 basis points), 4/7/20291,2 | 254,675 | ||||||
The Ambassador Fund
SCHEDULE OF INVESTMENTS - Continued
As of January 31, 2026 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| MULTI-PERIL (Continued) | ||||||||
| 10,250,000 | 4.250% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 425.00 basis points), 4/8/20301,2 | $ | 10,862,950 | |||||
| 500,000 | 4.750% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 475.00 basis points), 4/8/20301,2 | 528,350 | ||||||
| Sanders Re III Ltd. | ||||||||
| 6,000,000 | 7.720% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 772.00 basis points), 6/5/20261,2 | 6,132,000 | ||||||
| 250,000 | 5.470% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 547.00 basis points), 4/7/20271,2 | 257,225 | ||||||
| 3,125,000 | 5.990% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 599.00 basis points), 4/7/20271,2 | 3,241,563 | ||||||
| Stabilitas Re Ltd. | ||||||||
| 500,000 | 8.480% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 848.00 basis points), 6/5/20261,2,3 | 510,200 | ||||||
| Topanga Re Ltd. | ||||||||
| 9,750,000 | 4.750% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 475.00 basis points), 1/7/20301,2,3 | 9,726,600 | ||||||
| Yosemite Re Ltd. | ||||||||
| 1,500,000 | 7.250% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 725.00 basis points), 6/7/20281,2,3 | 1,583,400 | ||||||
| 117,322,949 | ||||||||
| WINDSTORM — 26.0% | ||||||||
| 1886 Re Ltd. | ||||||||
| 7,250,000 | 4.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 450.00 basis points), 7/9/20291,2,3 | 7,532,750 | ||||||
| 3264 Re Ltd. | ||||||||
| 1,000,000 | 7.000% (Federated Hermes US Treasury Cash Reserves Fund Yield + 700.00 basis points), 7/8/20271,2,3 | 1,051,700 | ||||||
| Armor RE II Ltd. | ||||||||
| 2,250,000 | 8.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 850.00 basis points), 1/7/20281,2 | 2,382,525 | ||||||
| Bayou Re Ltd. | ||||||||
| 6,250,000 | 8.332% (Dreyfus Treasury Securities Cash Management Fund Yield + 833.20 basis points), 4/30/20271,2,3 | 6,573,750 | ||||||
| 5,000,000 | 7.000% (Dreyfus Treasury Securities Cash Management Fund Yield + 700.00 basis points), 5/8/20281,2 | 4,980,000 | ||||||
| Blue Ridge Re Ltd. | ||||||||
| 6,500,000 | 5.250% (Federated Hermes US Treasury Cash Reserves Fund Yield + 525.00 basis points), 1/8/20271,2 | 6,604,650 | ||||||
| 500,000 | 8.270% (Federated Hermes US Treasury Cash Reserves Fund Yield + 827.00 basis points), 1/8/20271,2 | 514,300 | ||||||
| 6,000,000 | 3.500% (Federated Hermes US Treasury Cash Reserves Fund Yield + 350.00 basis points), 1/8/20291,2,3 | 5,980,200 | ||||||
The Ambassador Fund
SCHEDULE OF INVESTMENTS - Continued
As of January 31, 2026 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| WINDSTORM (Continued) | ||||||||
| 3,000,000 | 8.000% (Federated Hermes US Treasury Cash Reserves Fund Yield + 800.00 basis points), 1/8/20291,2,3 | $ | 2,983,800 | |||||
| Cape Lookout Re Ltd. | ||||||||
| 7,750,000 | 6.900% (Federated Hermes US Treasury Cash Reserves Fund Yield + 690.00 basis points), 3/13/20281,2,3 | 8,158,425 | ||||||
| Charles River Re Ltd. | ||||||||
| 2,750,000 | 7.632% (Dreyfus Treasury Securities Cash Management Fund Yield + 763.20 basis points), 5/10/20271,2 | 2,859,175 | ||||||
| Chartwell RE Ltd. | ||||||||
| 6,750,000 | 6.000% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 600.00 basis points), 6/7/20281,2,3 | 7,027,425 | ||||||
| Citrus Re Ltd. | ||||||||
| 250,000 | 6.590% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 659.00 basis points), 6/7/20261,2,3 | 254,000 | ||||||
| 3,250,000 | 4.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 450.00 basis points), 6/7/20281,2,3 | 3,370,575 | ||||||
| 1,250,000 | 7.750% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 775.00 basis points), 6/7/20281,2,3 | 1,273,250 | ||||||
| Commonwealth Re Ltd. | ||||||||
| 4,750,000 | 3.857% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 385.70 basis points), 7/8/20261,2 | 4,783,250 | ||||||
| Everglades Re II Ltd. | ||||||||
| 7,450,000 | 10.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 1,050.00 basis points), 5/13/20271,2 | 7,744,275 | ||||||
| 6,000,000 | 8.750% (1-Month U.S. Treasury Bill + 875.00 basis points), 5/19/20281,2,3 | 6,238,200 | ||||||
| First Coast Re IV Ltd. | ||||||||
| 5,030,000 | 9.940% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 994.00 basis points), 4/7/20261,2,3 | 5,095,390 | ||||||
| 1,000,000 | 6.500% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 650.00 basis points), 3/10/20281,2,3 | 1,024,900 | ||||||
| Fish Pond Re Ltd. | ||||||||
| 3,000,000 | 4.020% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 402.00 basis points), 1/8/20271,2,3 | 3,041,100 | ||||||
| Gateway Re II Ltd. | ||||||||
| 250,000 | 9.570% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 957.00 basis points), 4/27/20261,2,3 | 254,400 | ||||||
| Gateway Re Ltd. | ||||||||
| 250,000 | 13.940% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 1,394.00 basis points), 2/24/20261,2,3 | 252,000 | ||||||
| 3,557,000 | 9.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 950.00 basis points), 7/7/20271,2,3 | 3,704,971 | ||||||
| 4,750,000 | 5.900% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 590.00 basis points), 7/8/20271,2,3 | 4,870,175 | ||||||
| 5,750,000 | 4.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 425.00 basis points), 7/7/20281,2,3 | 5,739,650 | ||||||
The Ambassador Fund
SCHEDULE OF INVESTMENTS - Continued
As of January 31, 2026 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| WINDSTORM (Continued) | ||||||||
| 7,950,000 | 7.000% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 700.00 basis points), 7/7/20281,2,3 | $ | 8,205,195 | |||||
| Hestia Re Ltd. | ||||||||
| 1,250,000 | 6.750% (Dreyfus Treasury Securities Cash Management Fund Yield + 675.00 basis points), 3/13/20281,2,3 | 1,280,500 | ||||||
| Integrity RE III Ltd. | ||||||||
| 1,250,000 | 8.000% (1-Month U.S. Treasury Bill + 800.00 basis points), 6/6/20271,2 | 1,286,750 | ||||||
| 2,500,000 | 8.000% (1-Month U.S. Treasury Bill + 800.00 basis points), 6/6/20281,2 | 2,576,750 | ||||||
| Integrity Re Ltd. | ||||||||
| 5,000,000 | 10.554% (Federated Hermes US Treasury Cash Reserves Fund Yield + 1,055.40 basis points), 6/6/20261,2 | 5,150,000 | ||||||
| Lightning Re Series 2023-1 | ||||||||
| 13,000,000 | 11.000% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 1,100.00 basis points), 3/31/20261,2,3 | 13,169,000 | ||||||
| Lower Ferry Re Ltd. | ||||||||
| 250,000 | 4.646% (MSILF Treasury Securities Portfolio Fund Yield + 464.60 basis points), 7/8/20261,2,3 | 252,750 | ||||||
| Marlon Ltd. | ||||||||
| 1,750,000 | 7.306% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 730.60 basis points), 6/7/20271,2,3 | 1,846,250 | ||||||
| Meadows Ltd. | ||||||||
| 1,500,000 | 7.500% (3-Month U.S. Treasury Bill + 750.00 basis points), 12/7/20291,2,3 | 1,498,050 | ||||||
| 2,250,000 | 11.500% (3-Month U.S. Treasury Bill + 1,150.00 basis points), 12/7/20291,2,3 | 2,220,525 | ||||||
| 1,500,000 | 12.250% (3-Month U.S. Treasury Bill + 1,225.00 basis points), 12/7/20291,2,3 | 1,479,450 | ||||||
| Meritage RE Ltd. | ||||||||
| 6,250,000 | 5.500% (1-Month U.S. Treasury Bill + 550.00 basis points), 3/8/20291,2,3 | 6,240,625 | ||||||
| Merna Reinsurance II Ltd. | ||||||||
| 250,000 | 10.740% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 1,047.00 basis points), 7/7/20261,2 | 258,500 | ||||||
| 250,000 | 8.750% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 875.00 basis points), 7/7/20271,2 | 262,075 | ||||||
| Nature Coast Re Ltd. | ||||||||
| 4,150,000 | 10.000% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 1,000.00 basis points), 12/7/20261,2,3 | 4,224,285 | ||||||
| 750,000 | 13.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 1,350.00 basis points), 12/7/20261,2,3 | 763,425 | ||||||
| Palm RE Ltd. | ||||||||
| 2,000,000 | 7.750% (Dreyfus Treasury Securities Cash Management Fund Yield + 775.00 basis points), 6/7/20281,2,3 | 2,081,000 | ||||||
| Purple Re Ltd. | ||||||||
| 1,500,000 | 7.250% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 725.00 basis points), 6/7/20281,2,3 | 1,572,000 | ||||||
| Recoletos Re DAC | ||||||||
| 8,700,000 | 5.000% (3-Month U.S. Treasury Bill + 500.00 basis points), 1/7/20281,2,3 | 8,781,780 | ||||||
The Ambassador Fund
SCHEDULE OF INVESTMENTS - Continued
As of January 31, 2026 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| WINDSTORM (Continued) | ||||||||
| Sabine Re Ltd. | ||||||||
| 2,500,000 | 8.520% (Dreyfus Treasury Securities Cash Management Fund Yield + 852.00 basis points), 4/7/20271,2,3 | $ | 2,592,750 | |||||
| Solis RE Ltd. | ||||||||
| 2,000,000 | 3.500% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 350.00 basis points), 7/7/20281,2,3 | 2,045,200 | ||||||
| Windrose Re Ltd. | ||||||||
| 6,250,000 | 8.000% (3-Month U.S. Treasury Bill + 800.00 basis points), 2/13/20291,2,3 | 6,250,000 | ||||||
| 7,000,000 | 12.250% (3-Month U.S. Treasury Bill + 1,225.00 basis points), 2/13/20291,2,3 | 7,000,000 | ||||||
| Winston Re Ltd. | ||||||||
| 2,000,000 | 10.210% (Dreyfus Treasury Securities Cash Management Fund Yield + 1,021.00 basis points), 2/26/20271,2,3 | 2,108,000 | ||||||
| Winston RE Ltd. | ||||||||
| 3,250,000 | 6.500% (Dreyfus Treasury Securities Cash Management Fund Yield + 650.00 basis points), 2/21/20281,2,3 | 3,331,900 | ||||||
| 190,771,596 | ||||||||
| TOTAL UNITED STATES | ||||||||
| (Cost $326,316,564) | 330,718,905 | |||||||
| TOTAL EVENT LINKED BONDS | ||||||||
| (Cost $622,378,414) | 631,103,686 | |||||||
| PREFERRED NOTES — 10.2% | ||||||||
| GLOBAL — 8.2% | ||||||||
| MULTI-PERIL — 8.2% | ||||||||
| Consulate Re 2025-15 | ||||||||
| 5,000,000 | 4.044%, 3/31/20266,7 | 4,965,500 | ||||||
| Consulate Re 2025-25 | ||||||||
| 5,000,000 | 4.044%, 7/29/20266,7 | 4,778,500 | ||||||
| Consulate Re 2026-10 | ||||||||
| 10,000,000 | 3.033%, 12/31/20266,7 | 9,437,000 | ||||||
| Consulate Re 2026-28 | ||||||||
| 9,780,000 | 0.000%, 12/31/20266,7 | 9,067,038 | ||||||
| Consulate Re 2026-29 | ||||||||
| 4,000,000 | 3.033%, 12/31/20266,7 | 3,361,200 | ||||||
| Consulate Re 2026-31 | ||||||||
| 10,000,000 | 3.033%, 12/31/20266,7 | 9,144,000 | ||||||
| Consulate Re 2026-32 | ||||||||
| 2,083,333 | 3.033%, 12/31/20266,7 | 1,795,624 | ||||||
| Consulate Re 2026-3A | ||||||||
| 10,000,000 | 3.033%, 12/31/20266,7 | 9,109,000 | ||||||
| Consulate Re 2026-9A | ||||||||
| 10,000,000 | 3.033%, 12/31/20266,7 | 8,296,000 | ||||||
| TOTAL GLOBAL | ||||||||
| (Cost $59,954,841) | 59,953,862 | |||||||
The Ambassador Fund
SCHEDULE OF INVESTMENTS - Continued
As of January 31, 2026 (Unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| UNITED STATES — 2.0% | ||||||||
| MULTI-PERIL — 2.0% | ||||||||
| Consulate Re 2025-24 | ||||||||
| 5,000,000 | 4.044%, 7/13/20266,7 | $ | 4,913,500 | |||||
| Consulate Re 2026-12 | ||||||||
| 6,000,000 | 3.033%, 12/31/20266,7 | 5,397,000 | ||||||
| Consulate Re 2026-13 | ||||||||
| 6,000,000 | 3.033%, 12/31/20266,7 | 4,892,400 | ||||||
| TOTAL UNITED STATES | ||||||||
| (Cost $15,202,803) | 15,202,900 | |||||||
| TOTAL PREFERRED NOTES | ||||||||
| (Cost $75,157,644) | 75,156,762 | |||||||
| Number | ||||||||
| of Shares | ||||||||
| SHORT-TERM INVESTMENTS — 5.7% | ||||||||
| 41,836,012 | Fidelity Investments Money Market Government Portfolio - Class I 3.53%8 | 41,836,012 | ||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||
| (Cost $41,836,012) | 41,836,012 | |||||||
| TOTAL INVESTMENTS — 102.0% | ||||||||
| (Cost $739,372,070) | 748,096,460 | |||||||
| Liabilities in Excess of Other Assets — 2.0% | (14,678,238 | ) | ||||||
| TOTAL NET ASSETS — 100.0% | $ | 733,418,222 | ||||||
SOFR – Secured Overnight Financing Rate
US – United States
| 1 | Floating rate security. Reference rates may vary based on the reset date of the security. |
| 2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $614,190,502, which represents 83.7% of total net assets of the Fund. |
| 3 | Callable. |
| 4 | Variable rate security. Rate shown is the rate in effect as of January 31, 2026. |
| 5 | All or a portion of this security is segregated as collateral for forward contracts. The market value of the securities pledged as collateral was $14,981,120, which represents 2.0% of total net assets of the Fund. |
| 6 | The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy. |
| 7 | Restricted securities, representing 10.2% of Total Net Assets. The total value of these securities is $75,156,762. |
| 8 | The rate is the annualized seven-day yield at period end. |
The Ambassador Fund
SCHEDULE OF INVESTMENTS - Continued
As of January 31, 2026 (Unaudited)
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
| Currency | Value At | Unrealized | ||||||||||||||||||||
| Currency | Settlement | Amount | Settlement | Value At | Appreciation/ | |||||||||||||||||
| Sale Contracts | Counterparty | Exchange | Date | Sold | Date | January 31, 2026 | (Depreciation) | |||||||||||||||
| Euro | UMB Bank NA | EUR per USD | 1/16/2026 | (2,510,000 | ) | (2,492,177 | ) | (2,673,011 | ) | (180,834 | ) | |||||||||||
| Euro | UMB Bank NA | EUR per USD | 3/16/2026 | (2,250,000 | ) | (2,864,246 | ) | (2,915,032 | ) | (50,786 | ) | |||||||||||
| Euro | UMB Bank NA | EUR per USD | 4/20/2026 | (2,450,000 | ) | (2,896,025 | ) | (2,979,169 | ) | (83,144 | ) | |||||||||||
| Euro | UMB Bank NA | EUR per USD | 5/26/2026 | (2,500,000 | ) | (3,881,336 | ) | (3,992,255 | ) | (110,919 | ) | |||||||||||
| Canadian Dollar | UMB Bank NA | CAD per USD | 6/9/2026 | (3,348,000 | ) | (2,376,600 | ) | (2,408,242 | ) | (31,642 | ) | |||||||||||
| Euro | UMB Bank NA | EUR per USD | 7/14/2026 | (2,000,000 | ) | (1,924,884 | ) | (1,938,144 | ) | (13,260 | ) | |||||||||||
| Euro | UMB Bank NA | EUR per USD | 9/4/2026 | (3,250,000 | ) | (3,352,980 | ) | (3,374,088 | ) | (21,108 | ) | |||||||||||
| Euro | UMB Bank NA | EUR per USD | 9/9/2026 | (1,620,000 | ) | (3,701,880 | ) | (3,773,971 | ) | (72,091 | ) | |||||||||||
| Euro | UMB Bank NA | EUR per USD | 9/11/2026 | (2,820,000 | ) | (2,343,200 | ) | (2,398,178 | ) | (54,978 | ) | |||||||||||
| Euro | UMB Bank NA | EUR per USD | 10/13/2026 | (3,150,000 | ) | (7,286,875 | ) | (7,494,934 | ) | (208,059 | ) | |||||||||||
| Euro | UMB Bank NA | EUR per USD | 9/11/2026 | (2,820,000 | ) | (1,790,712 | ) | (1,847,138 | ) | (56,426 | ) | |||||||||||
| Euro | UMB Bank NA | EUR per USD | 10/13/2026 | (3,150,000 | ) | (4,015,110 | ) | (4,140,670 | ) | (125,560 | ) | |||||||||||
| Euro | UMB Bank NA | EUR per USD | 11/2/2026 | (2,000,000 | ) | (2,376,800 | ) | (2,388,675 | ) | (11,875 | ) | |||||||||||
| TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | $ | (41,302,825 | ) | $ | (42,323,507 | ) | $ | (1,020,682 | ) | |||||||||||||
EUR – Euro
CAD – Canadian Dollar