The Ambassador Fund Class S EMPSX Strategy

The investment seeks current income. Under normal circumstances, the fund invests primarily in “catastrophe” or “cat” bonds (“Cat Bonds”). A cat bond is a type of event-linked bond and is a variable rate debt security for which the return of principal and payment of interest are contingent on the non-occurrence of a specified trigger event(s). The fund typically invests in Cat Bonds that have maturities of three to five years and in other insurance-linked securities that typically have a term of one year. The fund is non-diversified.