0000869179-07-000015 Sample Contracts

SUBADVISORY AGREEMENT
Subadvisory Agreement • October 31st, 2007 • Ambassador Funds / • Michigan

This SUBADVISORY AGREEMENT (the “Agreement”) is made as of October 25, 2007, between VICTORY CAPITAL MANAGEMENT INC., a New York corporation that is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Subadviser”), and GPS Investment Advisors, Inc. D/B/A SBA INVESTMENT ADVISERS, a Michigan corporation that is registered as investment adviser under the Investment Advisers Act of 1940, as amended (the “Adviser”).

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ADVISORY AGREEMENT
Advisory Agreement • October 31st, 2007 • Ambassador Funds /

THIS AGREEMENT is made as of October 25, 2007, by and between AMBASSADOR FUNDS, a Delaware statutory trust (the “Trust”), and SBA INVESTMENT ADVISERS, INC., a Michigan corporation (the “Adviser”).

SUBSCRIPTION AGREEMENT
Subscription Agreement • October 31st, 2007 • Ambassador Funds /

For and in consideration of the mutual agreements herein contained, SBA INVESTMENT ADVISERS, INC. (the “Subscriber”) hereby agrees to purchase from Ambassador Funds (the “Fund”), a Delaware statutory trust, and the Fund agrees to sell to the Subscriber, 1,000 shares of beneficial interest of the Michigan Investment Trust, Government Money Market Series, no par value, at the price of $1.00 per share, upon the following terms and conditions.

FIRST AMENDMENT TO ADMINISTRATION AGREEMENT
Administration Agreement • October 31st, 2007 • Ambassador Funds /

THIS AMENDMENT is executed as of the date set forth below by and between Ambassador Funds (the “Company”) and Fund Services Group, LLC (the “Administrator”).

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