The Ambassador Fund

SCHEDULE OF INVESTMENTS

As of July 31, 2026 (Unaudited)

Principal Amount¹			Value
		EVENT LINKED BONDS — 83.7%
		EUROPE — 5.4%
		EARTHQUAKE — 0.5%
		Azzurro Re II DAC
	3,750,000	8.524% (3-Month Euribor + 625.00 basis points), 4/20/2028^2,3	$	4,375,288
		MULTI-PERIL — 1.6%
		Hexagon IV Re Ltd.
	4,500,000	5.640% 3-Month Euribor, 1/21/2028		5,164,726
	4,500,000	4.960% 3-Month Euribor, 1/22/2030		5,211,946
		Lion RE DAC
	2,500,000	5.500% (3-Month Euribor + 536.80 basis points), 6/15/2029^2,3,4		2,910,517
		Orange Capital Re DAC
	1,250,000	8.026% (3-Month Euribor + 600.00 basis points), 1/17/2029^2,3		1,490,717
				14,777,906
		WINDSTORM — 3.3%
		Blue Sky Re DAC
	5,000,000	8.011% (3-Month Euribor + 616.40 basis points), 1/26/2027^2,3,4		5,875,231
		Eiffel Re Ltd.
	7,500,000	5.604% (3-Month Euribor + 358.00 basis points), 1/19/2027^2,3		8,703,875
		Quercus Re DAC
	1,000,000	10.020% (3-Month Euribor + 776.00 basis points), 7/8/2027^2,3		1,159,594
		Recoletos Re DAC
	4,500,000	3.500% 3-Month U.S. Treasury Bill, 12/8/2028		5,253,460
		Taranis Reinsurance DAC
	2,850,000	8.643% (3-Month Euribor + 616.00 basis points), 1/21/2028^2,3,4		3,296,627
	1,000,000	11.473% (3-Month Euribor + 899.00 basis points), 1/21/2028^2,3,4		1,206,757
		Windmill III Re DAC
	1,000,000	7.210% (3-Month Euribor + 521.00 basis points), 7/5/2028^2,3		1,179,428
	3,500,000	3.750% 3-Month Euribor, 7/5/2030		4,027,502
				30,702,474
		TOTAL EUROPE
		(Cost $49,218,135)		49,855,668
		GLOBAL — 26.4%
		EARTHQUAKE — 0.6%
		Matterhorn Re Ltd.
	1,750,000	2.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 250.00 basis points), 9/22/2028^2,3,4		1,750,700
		Turris RE Ltd.
	4,000,000	2.400% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 240.00 basis points), 1/8/2029^2,3,4		3,996,400
				5,747,100
		MULTI-PERIL — 25.8%
		3264 Re Ltd.
	2,500,000	21.250% (Federated Hermes US Treasury Cash Reserves Fund Yield + 2,125.00 basis points), 2/7/2028^2,3,4		2,518,750

The Ambassador Fund

SCHEDULE OF INVESTMENTS - Continued

As of July 31, 2026 (Unaudited)

Principal Amount¹			Value
		MULTI-PERIL (Continued)
	1,000,000	0.000% 3-Month U.S. Treasury Bill, 7/21/2028^3,4	$	774,500
	6,000,000	6.000% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 600.00 basis points), 1/8/2029^2,3,4		6,049,200
	3,000,000	6.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 650.00 basis points), 1/8/2029^2,3,4		2,978,100
	8,000,000	4.250% (3-Month U.S. Treasury Bill + 425.00 basis points), 7/20/2029^2,3,4		7,996,000
		Ashera Re
	3,000,000	5.190% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 519.00 basis points), 4/7/2027^2,3,4		3,011,700
		Atlas Capital DAC
	250,000	12.220% (SOFR + 1,222.00 basis points), 6/8/2027^2,3		267,525
	10,000,000	7.250% (SOFR + 725.00 basis points), 6/7/2028^2,3,4		10,182,000
	2,750,000	6.000% (SOFR + 600.00 basis points), 6/7/2029^2,3,4		2,757,150
		Bridge Street Re Ltd.
	12,000,000	4.000% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 400.00 basis points), 1/7/2028^2,3,4		12,050,400
	5,000,000	7.750% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 775.00 basis points), 1/8/2029^2,3,4		5,081,500
		Fuchsia 2024-1 - London Bridge 2 PCC Ltd.
	2,000,000	5.140% (Western Asset Institutional US Treasury Reserves Fund Yield + 514.00 basis points), 4/6/2028^2,3,4		2,023,600
		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), 4/6/2029^2,3,4		3,462,200
		Galileo Re Ltd.
	500,000	7.000% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 700.00 basis points), 1/7/2028^2,3,4		514,150
	3,750,000	3.250% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 325.00 basis points), 1/8/2030^2,3,4		3,746,625
	1,500,000	5.000% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 500.00 basis points), 1/8/2030^2,3,4		1,464,450
		Hypatia Ltd.
	2,000,000	9.204% (Dreyfus Treasury Securities Cash Management Fund Yield + 920.40 basis points), 7/5/2028^2,3,4		2,067,800
	8,500,000	5.000% (Dreyfus Treasury Securities Cash Management Fund Yield + 500.00 basis points), 5/14/2029^2,3,4		8,510,200
		Kendall Re Ltd.
	10,750,000	6.250% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 625.00 basis points), 4/30/2027^2,3		10,941,350
	250,000	7.738% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 773.80 basis points), 4/30/2027^2,3		252,825
		Kilimanjaro II Re Ltd.
	250,000	6.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 625.00 basis points), 6/30/2028^2,3,4		259,175
	2,000,000	7.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 725.00 basis points), 6/30/2028^2,3,4		2,083,200

The Ambassador Fund

SCHEDULE OF INVESTMENTS - Continued

As of July 31, 2026 (Unaudited)

Principal Amount¹			Value
		MULTI-PERIL (Continued)
	4,000,000	3.750% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 375.00 basis points), 7/9/2029^2,3,4	$	4,068,000
	4,750,000	4.000% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 400.00 basis points), 7/9/2029^2,3,4		4,816,500
	11,000,000	3.750% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 375.00 basis points), 7/8/2030^2,3,4		11,301,400
	7,000,000	4.000% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 400.00 basis points), 7/8/2030^2,3,4		7,144,900
		Kilimanjaro III Re Ltd.
	3,500,000	11.750% (3-Month U.S. Treasury Bill + 1,175.00 basis points), 7/9/2029^2,3,4		3,509,800
	3,500,000	11.750% (3-Month U.S. Treasury Bill + 1,175.00 basis points), 7/8/2030^2,3,4		3,512,600
		Matterhorn Re Ltd.
	3,000,000	12.390% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 1,239.00 basis points), 2/4/2028^2,3,4		2,963,700
	2,000,000	12.560% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 1,256.00 basis points), 7/7/2028^2,3,4		2,048,600
	2,500,000	11.750% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 1,175.00 basis points), 2/16/2029^2,3,4		2,478,250
	2,500,000	15.000% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 1,500.00 basis points), 2/16/2029^2,3,4		2,413,750
	5,750,000	6.000% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 600.00 basis points), 7/6/2029^2,3,4		5,741,375
		MMIFS Re Ltd.
	3,250,000	2.900% Canadian Overnight Repo Rate Average, 1/10/2028		2,340,769
		Mona Lisa Re Ltd.
	8,250,000	9.750% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 975.00 basis points), 6/25/2027^2,3		8,511,525
	16,250,000	5.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 550.00 basis points), 1/8/2031^2,3,4		16,472,625
		Montoya Re Ltd.
	7,500,000	5.750% (MSILF Treasury Securities Portfolio Fund Yield + 517.00 basis points), 4/7/2028^2,3,4		7,433,250
	4,250,000	6.610% (MSILF Treasury Securities Portfolio Fund Yield + 652.00 basis points), 4/7/2028^2,3,4		4,316,300
	11,000,000	5.250% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 525.00 basis points), 4/9/2030^2,3,4		11,103,400
	9,500,000	5.750% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 575.00 basis points), 4/9/2030^2,3,4		9,534,200
	4,000,000	12.500% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 1,250.00 basis points), 4/9/2030^2,3,4		3,852,800
		Mystic Re IV Ltd.
	4,750,000	4.900% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 490.00 basis points), 1/10/2028^2,3		4,742,400
	3,500,000	3.250% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 325.00 basis points), 1/8/2029^2,3,4		3,465,350
		Northshore Re II Ltd.
	2,500,000	5.000% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 500.00 basis points), 4/7/2028^2,3,4		2,524,000

The Ambassador Fund

SCHEDULE OF INVESTMENTS - Continued

As of July 31, 2026 (Unaudited)

Principal Amount¹			Value
		MULTI-PERIL (Continued)
		Ocelot Re Ltd.
	11,000,000	4.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 450.00 basis points), 2/26/2029^2,3,4	$	11,332,200
	5,250,000	6.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 625.00 basis points), 2/26/2029^2,3,4		5,351,325
		Phoenix 3 RE Pte Ltd.
	1,000,000	0.000%, 1/4/2039⁴		1,206,700
		Ramble RE Ltd.
	1,000,000	5.000% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 500.00 basis points), 6/29/2029^2,3,4		1,008,000
		Riverfront Re Ltd.
	1,500,000	5.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 550.00 basis points), 1/8/2029^2,3,4		1,549,500
		Titania Re Ltd.
	3,000,000	7.010% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 701.00 basis points), 11/26/2027^2,3,4		3,027,000
		Wrigley Re Ltd.
	1,000,000	6.230% (Federated Hermes US Treasury Cash Reserves Fund Yield + 623.00 basis points), 8/7/2026^2,3,4		999,900
				237,762,519
		TOTAL GLOBAL
		(Cost $242,786,520)		243,509,619
		JAPAN — 1.1%
		EARTHQUAKE — 0.3%
		Nakama Re Pte Ltd.
	2,500,000	2.100% (3-Month U.S. Treasury Bill + 210.00 basis points), 4/23/2030^2,3		2,496,750
		MULTI-PERIL — 0.8%
		Sakura RE Ltd.
	2,000,000	2.750% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 275.00 basis points), 4/5/2029^2,3		2,021,200
		Tomoni Re Pte Ltd.
	2,000,000	3.270% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 327.00 basis points), 4/5/2028^2,3		2,022,200
	3,000,000	4.050% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 405.00 basis points), 4/5/2028^2,3		3,068,700
				7,112,100
		TOTAL JAPAN
		(Cost $9,521,443)		9,608,850
		UNITED STATES — 50.8%
		DEBT — 0.4%
		Everest Reinsurance Holdings, Inc.
	5,998,000	3.500%, 10/15/2050⁴		3,902,593
		EARTHQUAKE — 2.2%
		Torrey Pines Re Ltd.

The Ambassador Fund

SCHEDULE OF INVESTMENTS - Continued

As of July 31, 2026 (Unaudited)

Principal Amount¹			Value
		EARTHQUAKE (Continued)
	1,875,000	4.022% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 402.20 basis points), 6/7/2028^2,3,4	$	1,921,125
	7,500,000	3.000% (1-Month U.S. Treasury Bill + 300.00 basis points), 6/7/2029^2,3,4		7,538,250
		Ursa Re Ltd.
	3,750,000	5.500% (Dreyfus Treasury Securities Cash Management Fund Yield + 550.00 basis points), 12/7/2026^2,3,4		3,777,750
		Veraison Re Ltd.
	1,250,000	3.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 350.00 basis points), 3/8/2028^2,3,4		1,260,125
	5,250,000	2.900% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 290.00 basis points), 3/8/2029^2,3,4		5,302,500
		Wrigley Re Ltd.
	250,000	6.700% (Federated Hermes US Treasury Cash Reserves Fund Yield + 670.00 basis points), 8/7/2026^2,3,4		249,975
				20,049,725
		MULTI-PERIL — 20.4%
		3264 Re Ltd.
	1,000,000	7.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 750.00 basis points), 6/8/2028^2,3,4		1,012,500
		Alamo Re Ltd.
	7,500,000	2.500% (1-Month U.S. Treasury Bill + 525.00 basis points), 6/7/2028^2,3		7,528,500
	250,000	7.250% (1-Month U.S. Treasury Bill + 725.00 basis points), 6/7/2029^2,3		252,150
		Aquila Re I Ltd. Series 2024-1
	4,750,000	5.390% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 539.00 basis points), 6/7/2027^2,3,4		4,850,225
		Aquila Re I Ltd. Series 2026-1
	3,250,000	3.500% (3-Month U.S. Treasury Bill + 350.00 basis points), 6/10/2030^2,3,4		3,241,550
		Atela Re Ltd.
	7,275,000	14.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 1,425.00 basis points), 5/9/2027^2,3		7,640,205
		Commonwealth RE Ltd.
	2,900,000	3.750% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 375.00 basis points), 7/10/2028^2,3,4		2,933,350
		Finca RE Ltd.
	3,000,000	5.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 525.00 basis points), 6/7/2028^2,3,4		3,047,400
		Foundation Re IV Ltd.
	9,750,000	6.250% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 625.00 basis points), 1/8/2027^2,3,4		9,784,125
	5,250,000	3.500% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 350.00 basis points), 1/7/2030^2,3,4		5,345,025
		Four Lakes Re Ltd.
	250,000	5.800% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 552.00 basis points), 1/7/2027^2,3,4		253,925

The Ambassador Fund

SCHEDULE OF INVESTMENTS - Continued

As of July 31, 2026 (Unaudited)

Principal Amount¹			Value
		MULTI-PERIL (Continued)
	6,500,000	5.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 505.00 basis points), 1/7/2028^2,3,4	$	6,547,450
	3,150,000	3.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 325.00 basis points), 1/8/2029^2,3,4		3,143,385
		Genesee Street Re Ltd.
	6,500,000	3.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 337.60 basis points), 4/7/2028^2,3,4		6,520,800
		High Point Re Ltd.
	1,500,000	5.640% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 564.00 basis points), 1/6/2027^2,3,4		1,500,000
		Locke Tavern Re Ltd.
	6,000,000	3.250% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 325.00 basis points), 4/9/2029^2,3,4		5,956,200
		Long Point Re IV Ltd.
	6,000,000	3.500% (1-Month U.S. Treasury Bill + 350.00 basis points), 6/3/2030^2,3,4		5,988,000
		Mayflower Re Ltd.
	4,500,000	3.500% (Federated Hermes US Treasury Cash Reserves Fund Yield + 350.00 basis points), 7/7/2028^2,3,4		4,563,900
	3,500,000	3.000% (Federated Hermes US Treasury Cash Reserves Fund Yield + 300.00 basis points), 7/6/2029^2,3,4		3,510,500
		Merna Re Companywide Ltd.
	7,170,000	7.000% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 700.00 basis points), 7/7/2028^2,3		7,352,118
		Merna Re Enterprise Ltd.
	3,500,000	7.750% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 775.00 basis points), 7/7/2028^2,3		3,727,150
	8,250,000	6.250% (3-Month U.S. Treasury Bill + 625.00 basis points), 7/9/2029^2,3		8,573,400
		Merna Reinsurance II Ltd.
	7,150,000	7.470% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 747.00 basis points), 7/7/2027^2,3		7,378,800
	4,250,000	8.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 849.00 basis points), 7/7/2027^2,3,4,5		4,415,750
		Residential Reinsurance 2004 Ltd.
	1,000,000	5.380% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 529.00 basis points), 12/6/2028^2,3		1,019,000
		Residential Reinsurance 2022 Ltd.
	875,000	7.590% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 713.00 basis points), 12/6/2026^2,3		866,337
		Residential Reinsurance 2023 Ltd.
	9,000,000	6.000% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 600.00 basis points), 12/6/2027^2,3		9,358,200
		Residential Reinsurance 2025 Ltd.
	7,250,000	5.750% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 575.00 basis points), 6/6/2029^2,3,4		7,605,250
	4,500,000	3.250% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 325.00 basis points), 12/6/2029^2,3		4,502,700

The Ambassador Fund

SCHEDULE OF INVESTMENTS - Continued

As of July 31, 2026 (Unaudited)

Principal Amount¹			Value
		MULTI-PERIL (Continued)
		Residential Reinsurance 2026 Ltd.
	3,500,000	4.500% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 450.00 basis points), 6/6/2030^2,3	$	3,503,850
	6,500,000	5.750% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 575.00 basis points), 6/6/2030^2,3		6,485,700
		Sanders RE II Ltd.
	500,000	4.000% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 400.00 basis points), 4/7/2028^2,3		506,550
	6,500,000	4.250% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 425.00 basis points), 4/8/2030^2,3		6,776,250
		Sanders Re III Ltd.
	250,000	5.470% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 547.00 basis points), 4/7/2027^2,3		252,375
	3,125,000	6.270% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 599.00 basis points), 4/7/2027^2,3		3,168,125
	2,000,000	5.000% (3-Month U.S. Treasury Bill + 500.00 basis points), 4/8/2030^2,3		2,006,400
		Sanders Re IV Ltd.
	8,000,000	3.500% (HSBC US Treasury Money Market Fund Yield + 350.00 basis points), 4/8/2030^2,3		8,003,200
	4,250,000	3.500% (HSBC US Treasury Money Market Fund Yield + 350.00 basis points), 4/7/2031^2,3		4,258,500
		Topanga Re Ltd.
	8,000,000	4.750% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 475.00 basis points), 1/7/2030^2,3,4		8,118,400
		Tranquil Re Ltd. 2026-1 - Arthur Re Ltd.
	5,750,000	12.000% (T-BILL + 1,200.00 basis points), 7/7/2028^2,3		5,816,125
		Yosemite Re Ltd.
	1,000,000	7.250% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 725.00 basis points), 6/7/2028^2,3,4		1,039,300
				188,352,670
		WINDSTORM — 27.8%
		1886 Re Ltd.
	8,000,000	4.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 450.00 basis points), 7/9/2029^2,3,4		8,244,800
		3264 Re Ltd.
	1,000,000	7.000% (Federated Hermes US Treasury Cash Reserves Fund Yield + 700.00 basis points), 7/8/2027^2,3,4		1,024,000
		Abacab Re Ltd.
	12,000,000	6.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 625.00 basis points), 4/13/2029^2,3,4		11,942,400
		Armor RE II Ltd.
	4,000,000	10.200% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 1,020.00 basis points), 5/7/2027^2,3		4,128,800
	7,750,000	8.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 850.00 basis points), 1/7/2028^2,3		8,125,875
		Bayou Re Ltd.

The Ambassador Fund

SCHEDULE OF INVESTMENTS - Continued

As of July 31, 2026 (Unaudited)

Principal Amount¹			Value
		WINDSTORM (Continued)
	5,750,000	8.332% (Dreyfus Treasury Securities Cash Management Fund Yield + 833.20 basis points), 4/30/2027^2,3,4	$	5,906,400
	5,000,000	7.000% (Dreyfus Treasury Securities Cash Management Fund Yield + 677.20 basis points), 5/8/2028^2,3		5,025,000
		Blue Ridge Re Ltd.
	11,500,000	5.250% (Federated Hermes US Treasury Cash Reserves Fund Yield + 525.00 basis points), 1/8/2027^2,3		11,543,700
	4,000,000	7.990% (Federated Hermes US Treasury Cash Reserves Fund Yield + 799.00 basis points), 1/8/2027^2,3		4,050,000
	8,000,000	3.500% (Federated Hermes US Treasury Cash Reserves Fund Yield + 350.00 basis points), 1/8/2029^2,3,4		7,982,400
		Buttonwood RE Ltd.
	5,000,000	5.000% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 500.00 basis points), 5/29/2029^2,3		5,024,500
	2,000,000	5.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 550.00 basis points), 5/29/2029^2,3		2,077,000
		Cape Lookout Re Ltd.
	15,950,000	6.900% (Federated Hermes US Treasury Cash Reserves Fund Yield + 690.00 basis points), 3/13/2028^2,3,4		16,750,690
		Charles River Re Ltd.
	2,750,000	7.632% (Dreyfus Treasury Securities Cash Management Fund Yield + 763.20 basis points), 5/10/2027^2,3		2,769,525
		Chartwell RE Ltd.
	9,000,000	6.000% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 636.00 basis points), 6/7/2028^2,3,4		9,328,500
	2,000,000	0.500% (3-Month U.S. Treasury Bill + 425.00 basis points), 6/7/2029^2,3		2,012,000
		Citrus Re Ltd.
	5,750,000	6.250% (3-Month U.S. Treasury Bill + 625.00 basis points), 6/7/2029^2,3,4		5,816,125
		Everglades Re II Ltd.
	18,500,000	8.750% (Goldman Sachs Financial Square Treasury Solutions Fund Yield + 854.00 basis points), 5/19/2028^2,3,4		18,808,950
	4,000,000	5.500% (1-Month U.S. Treasury Bill + 550.00 basis points), 5/22/2029^2,3		4,123,600
		First Coast Re IV Ltd.
	1,250,000	6.500% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 650.00 basis points), 3/10/2028^2,3,4		1,257,250
		Fish Pond Re Ltd.
	3,250,000	4.020% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 402.00 basis points), 1/8/2027^2,3,4		3,256,825
		Gateway Re Ltd.
	3,557,000	9.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 950.00 basis points), 7/7/2027^2,3,4		3,648,415
	1,000,000	5.900% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 590.00 basis points), 7/8/2027^2,3,4		1,018,600
	4,750,000	4.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 425.00 basis points), 7/7/2028^2,3,4		4,786,575

The Ambassador Fund

SCHEDULE OF INVESTMENTS - Continued

As of July 31, 2026 (Unaudited)

Principal Amount¹			Value
		WINDSTORM (Continued)
	1,000,000	7.000% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 700.00 basis points), 7/7/2028^2,3,4	$	1,026,100
	4,000,000	3.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 350.00 basis points), 7/6/2029^2,3,4		3,994,400
	750,000	4.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 425.00 basis points), 7/6/2029^2,3,4		748,875
		Hestia Re Ltd.
	3,750,000	6.750% (Dreyfus Treasury Securities Cash Management Fund Yield + 722.00 basis points), 3/13/2028^2,3,4		3,850,125
	3,250,000	5.750% (1-Month U.S. Treasury Bill + 575.00 basis points), 4/16/2029^2,3,4		3,224,650
		Integrity RE III Ltd.
	1,250,000	8.000% (Federated Hermes US Treasury Cash Reserves Fund Yield + 800.00 basis points), 6/6/2027^2,3		1,261,375
	1,000,000	8.090% (Federated Hermes US Treasury Cash Reserves Fund Yield + 809.00 basis points), 6/6/2028^2,3		1,031,000
	7,000,000	7.000% (Federated Hermes US Treasury Cash Reserves Fund Yield + 700.00 basis points), 6/7/2029^2,3		6,971,300
	1,250,000	11.000% (Federated Hermes US Treasury Cash Reserves Fund Yield + 1,100.00 basis points), 6/7/2029^2,3		1,240,125
		Lower Ferry Re Ltd.
	4,000,000	2.750% (MSILF Treasury Securities Portfolio Fund Yield + 275.00 basis points), 7/29/2029^2,3,4		3,993,600
		Matterhorn Re Ltd.
	4,250,000	5.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 550.00 basis points), 12/7/2027^2,3,4		4,250,425
		Meadows Ltd.
	1,500,000	7.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 750.00 basis points), 12/7/2029^2,3,4		1,470,750
	2,250,000	11.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 1,150.00 basis points), 12/7/2029^2,3,4		2,169,000
		Meritage RE Ltd.
	4,000,000	5.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 550.00 basis points), 3/8/2029^2,3,4		4,037,200
		Merna Reinsurance II Ltd.
	250,000	8.750% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 875.00 basis points), 7/7/2027^2,3		256,325
	750,000	8.750% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 875.00 basis points), 7/7/2028^2,3		790,800
		Nature Coast Re Ltd.
	4,150,000	10.000% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 1,000.00 basis points), 12/7/2026^2,3,4		4,070,735
	2,500,000	8.000% (3-Month U.S. Treasury Bill + 800.00 basis points), 2/26/2030^2,3		2,510,000
		Palm RE Ltd.
	9,450,000	5.000% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 500.00 basis points), 6/7/2029^2,3,4		9,733,500

The Ambassador Fund

SCHEDULE OF INVESTMENTS - Continued

As of July 31, 2026 (Unaudited)

Principal Amount¹			Value
		WINDSTORM (Continued)
		Purple Re Ltd.
	1,500,000	7.250% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 725.00 basis points), 6/7/2028^2,3,4	$	1,562,250
		Recoletos Re DAC
	10,950,000	5.580% (3-Month U.S. Treasury Bill + 558.00 basis points), 1/7/2028^2,3,4		10,989,420
	3,750,000	4.250% (3-Month U.S. Treasury Bill + 425.00 basis points), 7/6/2029^2,3,4		3,740,625
		Sabine Re Ltd.
	2,500,000	8.250% (Dreyfus Treasury Securities Cash Management Fund Yield + 852.00 basis points), 4/7/2027^2,3,4		2,516,000
	4,250,000	5.500% (1-Month U.S. Treasury Bill + 550.00 basis points), 4/8/2030^2,3,4		4,223,225
		Solis RE Ltd.
	2,000,000	3.500% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 350.00 basis points), 7/7/2028^2,3,4		2,017,200
		Tremont Re Ltd.
	4,500,000	4.000% (1-Month U.S. Treasury Bill + 400.00 basis points), 3/22/2029^2,3,4		4,473,450
		Windrose Re Ltd.
	3,000,000	8.000% (3-Month U.S. Treasury Bill + 800.00 basis points), 2/13/2029^2,3,4		2,979,300
	3,000,000	12.250% (3-Month U.S. Treasury Bill + 1,225.00 basis points), 2/13/2029^2,3,4		2,966,400
		Winston Re Ltd.
	3,000,000	10.210% (Dreyfus Treasury Securities Cash Management Fund Yield + 1,021.00 basis points), 2/26/2027^2,3,4		3,057,600
	4,750,000	7.130% (Dreyfus Treasury Securities Cash Management Fund Yield + 713.00 basis points), 2/21/2028^2,3,4		4,971,825
	3,500,000	4.750% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 475.00 basis points), 5/4/2029^2,3,4		3,496,500
	4,000,000	6.000% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 600.00 basis points), 5/4/2029^2,3,4		4,201,200
				256,477,210
		TOTAL UNITED STATES
		(Cost $466,397,872)		468,782,198
		TOTAL EVENT LINKED BONDS
		(Cost $767,923,970)		771,756,335
		PREFERRED NOTES — 12.7%
		GLOBAL — 7.1%
		MULTI-PERIL — 7.1%
		Consulate Re 2026-10
	10,000,000	3.033%, 12/31/2026^6,7		9,682,000
		Consulate Re 2026-15
	5,000,000	3.033%, 3/31/2027^6,7		4,380,000
		Consulate Re 2026-28
	9,780,000	0.000%, 12/31/2026*^,6,7		9,262,638
		Consulate Re 2026-29
	4,000,000	3.033%, 12/31/2026^6,7		3,537,600
		Consulate Re 2026-31
	10,000,000	3.033%, 12/31/2026^6,7		9,402,000

The Ambassador Fund

SCHEDULE OF INVESTMENTS - Continued

As of July 31, 2026 (Unaudited)

Principal Amount¹			Value
		MULTI-PERIL (Continued)
		Consulate Re 2026-32
	2,083,333	3.033%, 12/31/2026^6,7	$	1,873,125
		Consulate Re 2026-38
	10,000,000	3.033%, 2/28/2027^6,7		9,633,000
		Consulate Re 2026-3A
	10,000,000	3.033%, 12/31/2026^6,7		9,387,000
		Consulate Re 2026-9A
	10,000,000	3.033%, 12/31/2026^6,7		8,868,000
		TOTAL GLOBAL
		(Cost $66,025,324)		66,025,363
		UNITED STATES — 5.6%
		MULTI-PERIL — 1.2%
		Consulate Re 2026-12
	6,000,000	3.033%, 12/31/2026^6,7		5,527,200
		Consulate Re 2026-13
	6,000,000	3.033%, 12/31/2026^6,7		5,120,400
				10,647,600
		WINDSTORM — 4.4%
		Consulate Re 2026-37
	7,500,000	3.033%, 12/15/2026^6,7		6,678,750
		Consulate Re 2026-39
	10,000,000	3.033%, 12/15/2026^6,7		8,938,000
		Consulate Re 2026-41
	7,500,000	3.033%, 12/15/2026^6,7		6,696,000
		Consulate Re 2026-46
	10,000,000	3.033%, 12/15/2026^6,7		9,312,000
		Consulate Re 2026-47
	5,000,000	3.000%, 12/15/2026^6,7		4,647,500
		Consulate Re 2026-54
	5,000,000	0.000%, 7/13/2027*^,6,7		4,512,000
				40,784,250
		TOTAL UNITED STATES
		(Cost $51,431,269)		51,431,850
		TOTAL PREFERRED NOTES
		(Cost $117,456,593)		117,457,213

The Ambassador Fund

SCHEDULE OF INVESTMENTS - Continued

As of July 31, 2026 (Unaudited)

Number of Shares			Value
		SHORT-TERM INVESTMENTS — 2.3%
	21,617,115	Fidelity Investments Money Market Government Portfolio - Class I 3.51%⁸	$	21,617,115
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $21,617,115)		21,617,115
		TOTAL INVESTMENTS — 98.7%
		(Cost $906,997,678)		910,830,663
		Other Assets in Excess of Liabilities — 1.3%		11,785,892
		TOTAL NET ASSETS — 100.0%	$	922,616,555

SOFR – Secured Overnight Financing Rate

US – United States

Non-income producing security.

Local currency.

Floating rate security. Reference rates may vary based on the reset date of the security.

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 $744,648,639, which represents 80.7% of total net assets of the Fund.

⁴

Callable.

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 $12,426,000, which represents 1.4% 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 12.7% of Total Net Assets. The total value of these securities is $117,457,213.

⁸

The rate is the annualized seven-day yield at period end.

The Ambassador Fund

SCHEDULE OF INVESTMENTS - Continued

As of July 31, 2026 (Unaudited)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

Sale Contracts	Counterparty	Currency Exchange	Settlement Date	Currency Amount Sold			Value At Settlement Date			Value At July 31, 2026			Unrealized Appreciation/ (Depreciation)
Euro	UMB Bank NA	EUR per USD	11/09/2026		(1,540,000	)		(1,790,712	)		(1,783,191	)		7,521
Canadian Dollar	UMB Bank NA	CAD per USD	9/4/2026		(3,250,000	)		(2,376,600	)		(2,322,015	)		54,585
Euro	UMB Bank NA	EUR per USD	9/9/2026		(1,620,000	)		(1,924,884	)		(1,871,145	)		53,739
Euro	UMB Bank NA	EUR per USD	11/24/2026		(3,450,000	)		(4,015,110	)		(3,997,273	)		17,837
Euro	UMB Bank NA	EUR per USD	3/2/2027		(2,040,000	)		(2,427,396	)		(2,372,448	)		54,948
Euro	UMB Bank NA	EUR per USD	6/22/2027		(3,500,000	)		(4,046,350	)		(4,088,615	)		(42,265	)
Euro	UMB Bank NA	EUR per USD	9/11/2026		(2,820,000	)		(3,352,980	)		(3,257,446	)		95,534
Euro	UMB Bank NA	EUR per USD	3/10/2027		(2,035,000	)		(2,378,304	)		(2,367,388	)		10,916
Euro	UMB Bank NA	EUR per USD	5/26/2027		(2,500,000	)		(2,929,250	)		(2,917,288	)		11,962
Euro	UMB Bank NA	EUR per USD	1/20/2027		(5,068,000	)		(5,942,230	)		(5,885,713	)		56,517
Euro	UMB Bank NA	EUR per USD	1/20/2027		(2,250,000	)		(2,612,250	)		(2,613,034	)		(784	)
Euro	UMB Bank NA	EUR per USD	10/13/2026		(3,150,000	)		(3,701,880	)		(3,643,261	)		58,619
Euro	UMB Bank NA	EUR per USD	11/02/2026		(2,000,000	)		(2,343,200	)		(2,315,168	)		28,032
Euro	UMB Bank NA	EUR per USD	1/28/2027		(3,348,000	)		(3,884,015	)		(3,888,495	)		(4,480	)
Euro	UMB Bank NA	EUR per USD	11/04/2026		(6,250,000	)		(7,286,875	)		(7,235,494	)		51,381
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS							$	(51,012,036	)	$	(50,557,974	)	$	454,062

EUR – Euro

CAD – Canadian Dollar

See accompanying Notes to Financial Statements.