Notes to Financial Statements
January 31, 2008
The Ambassador Funds (the “Trust”) was organized as a Delaware business trust on March 22, 2000. The Trust is an ope
end, diversified, management investment company registered under the Investment Company Act of 1940 (the “Act”). T
Trust is authorized to issue an unlimited number of shares without par value. The Trust currently offers shares of t
Ambassador Money Market Fund (the “Fund”). The Fund is authorized to issue two classes of shares, Institutional Shar
and Investor Shares. As of January 31, 2008, Investor Shares have not commenced operations. Capital share transactio
related to the Investor Shares represents seed money only.
Significant Accounting Policies:
The following is a summary of the significant accounting policies followed by the Fund in preparation of the financi
statements. These policies are in conformity with accounting principles generally accepted in the United States of Ameri
(“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect t
reported amounts of assets and liabilities at the date of the financial statements and reported amounts of income an
expenses for the period. Actual results could differ from those estimates.
Securities in the Fund are valued at amortized cost, which approximates market value. The amortized cost method involv
valuing a security at cost on the date of purchase and thereafter assuming a constant amortization to maturity of the differen
between the principal amount due at maturity and initial cost. In addition, the Fund may not (a) purchase any instrument wi
a remaining maturity greater than thirteen months unless such instrument is subject to a demand feature, or (b) maintain
dollar-weighted average maturity which exceeds 90 days.
In September 2006, the Financial Accounting Standards Board (FASB) issued Statement on Financial Accounti
Standards (SFAS) No. 157