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You can also request this information by contacting us at (877) 771-7731. https://www.embassyfunds.com/the-ambassador-fund/ (877) 771-7731 <div style="margin-top: 0px; font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(7, 36, 143);">Fund Expenses</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(89, 117, 237); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">The Ambassador Fund<br/>(EMPIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>69</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.38<span>%</span><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: text-top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; width: 8pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;"><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: text-top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 69 0.0138 <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(7, 36, 143); margin-top: 10pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>838,950,325</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">177</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">46<span>%</span></td> </tr> </table>

838950325

177

0.46

<div style="margin-top: 0px; font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(7, 36, 143);">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geography Allocation exclude short-term holdings, if any. Interest rate presented in the Top Ten Holdings are as of the reporting period end. The Geography Allocation chart represents Event Linked Bonds of the Fund.</div> <div style="font-family: 'arial'; font-size: 9pt; font-weight: bold; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(38, 48, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(7, 36, 143); margin: 5pt 0px 5pt 0px;">Top Ten Holdings</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Foundation Re IV Ltd., 1/8/2027</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Bridge Street Re Ltd., 1/7/2028</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Mona Lisa Re Ltd., 1/8/2031</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Ocelot Re Ltd., 2/26/2029</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Blue Ridge Re Ltd., 1/8/2027</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Recoletos Re DAC, 1/7/2028</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Cape Lookout Re Ltd., 3/13/2028</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Kendall Re Ltd., 4/30/2027</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Kilimanjaro II Re Ltd., 7/8/2030</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Palm RE Ltd., 6/7/2029</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; font-size: 9pt; font-weight: bold; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(38, 48, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(7, 36, 143); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; justify-content: center;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1120817.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'arial'; font-size: 9pt; font-weight: bold; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(38, 48, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(7, 36, 143); margin: 5pt 0px 5pt 0px;"><b>Geography Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1120822.jpg" style="max-width: 163pt; width: 172.8pt;"/> </div> <div style="font-family: 'arial'; font-size: 9pt; font-weight: bold; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(38, 48, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(7, 36, 143); margin: 5pt 0px 5pt 0px;">Top Ten Holdings</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Foundation Re IV Ltd., 1/8/2027</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Bridge Street Re Ltd., 1/7/2028</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Mona Lisa Re Ltd., 1/8/2031</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Ocelot Re Ltd., 2/26/2029</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Blue Ridge Re Ltd., 1/8/2027</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Recoletos Re DAC, 1/7/2028</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Cape Lookout Re Ltd., 3/13/2028</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Kendall Re Ltd., 4/30/2027</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Kilimanjaro II Re Ltd., 7/8/2030</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Palm RE Ltd., 6/7/2029</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table> 0.020 0.018 0.017 0.015 0.013 0.013 0.013 0.013 0.012 0.012 <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(7, 36, 143); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> The Ambassador Fund Class S EMPSX This semi-annual shareholder report contains important information about the The Ambassador Fund (“Fund”) for the period of March 2, 2026 (commencement of operation)<span style="white-space: nowrap;"> </span>to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(89, 117, 237); font-family: 'arial'; font-size: 9pt;">https://www.embassyfunds.com/the-ambassador-fund/</span>. You can also request this information by contacting us at (877) 771-7731. https://www.embassyfunds.com/the-ambassador-fund/ (877) 771-7731 <div style="margin-top: 0px; font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(7, 36, 143);">Fund Expenses</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(89, 117, 237); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">The Ambassador Fund<br/>(EMPSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>26</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.59<span>%</span><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1,2</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: text-top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; width: 8pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;"><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: text-top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: text-top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; width: 8pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;"><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px;">2</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: text-top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Class S commenced operations on March 2, 2026. If Class S had been operational for the entire Semi-Annual period of November 1, 2025 to April 30, 2026, expenses would have been higher.</div> </td> </tr> </table> 26 0.0159 <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(7, 36, 143); margin-top: 10pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>838,950,325</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">177</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">46<span>%</span></td> </tr> </table>

838950325

177

0.46

<div style="margin-top: 0px; font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(7, 36, 143);">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geography Allocation exclude short-term holdings, if any. Interest rate presented in the Top Ten Holdings are as of the reporting period end. The Geography Allocation chart represents Event Linked Bonds of the Fund.</div> <div style="font-family: 'arial'; font-size: 9pt; font-weight: bold; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(38, 48, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(7, 36, 143); margin: 5pt 0px 5pt 0px;">Top Ten Holdings</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Foundation Re IV Ltd., 1/8/2027</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Bridge Street Re Ltd., 1/7/2028</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Mona Lisa Re Ltd., 1/8/2031</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Ocelot Re Ltd., 2/26/2029</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Blue Ridge Re Ltd., 1/8/2027</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Recoletos Re DAC, 1/7/2028</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Cape Lookout Re Ltd., 3/13/2028</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Kendall Re Ltd., 4/30/2027</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Kilimanjaro II Re Ltd., 7/8/2030</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Palm RE Ltd., 6/7/2029</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; font-size: 9pt; font-weight: bold; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(38, 48, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(7, 36, 143); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); display: flex; justify-content: center;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1120853.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'arial'; font-size: 9pt; font-weight: bold; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(38, 48, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(7, 36, 143); margin: 5pt 0px 5pt 0px;"><b>Geography Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1120858.jpg" style="max-width: 163pt; width: 172.8pt;"/> </div> <div style="font-family: 'arial'; font-size: 9pt; font-weight: bold; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(38, 48, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(7, 36, 143); margin: 5pt 0px 5pt 0px;">Top Ten Holdings</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Foundation Re IV Ltd., 1/8/2027</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Bridge Street Re Ltd., 1/7/2028</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Mona Lisa Re Ltd., 1/8/2031</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Ocelot Re Ltd., 2/26/2029</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Blue Ridge Re Ltd., 1/8/2027</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Recoletos Re DAC, 1/7/2028</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Cape Lookout Re Ltd., 3/13/2028</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Kendall Re Ltd., 4/30/2027</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Kilimanjaro II Re Ltd., 7/8/2030</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 12pt;">Palm RE Ltd., 6/7/2029</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table> 0.020 0.018 0.017 0.015 0.013 0.013 0.013 0.013 0.012 0.012 <div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(7, 36, 143); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> The Diplomat Fund The Diplomat Fund EMWIX This semi-annual shareholder report contains important information about the The Diplomat Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(89, 117, 237);font-family:'arial';font-size:9pt">https://www.embassyfunds.com/the-diplomat-fund/</span>. You can also request this information by contacting us at (877) 771-7731. https://www.embassyfunds.com/the-diplomat-fund/ (877) 771-7731 <div style="margin-top:0px;font-family:'arial';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(7, 36, 143);">Fund Expenses</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(89, 117, 237);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; vertical-align: bottom;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom;">The Diplomat Fund<br/> (EMWIX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom;"><span style="float:none">$</span>50</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom;">1.03<span>%</span><sup style="vertical-align:baseline;position:relative;top:-0.4em;line-height:0px">1</sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: text-top; font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; width: 8pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:baseline;position:relative;top:-0.4em;line-height:0px">1</sup></div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: text-top; font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 50 0.0103 <div style="font-family:'arial';font-weight:bold;font-size:11.52pt;margin-bottom:3pt;color:rgb(7, 36, 143);margin-top:10pt;">Key Fund Statistics</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;"><span style="float:none">$</span>14,481,206</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">2</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); width: 40%; text-align: left; font-weight: bold;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap;">115<span>%</span></td> </tr> </table>

14481206

1.15