<SUBMISSION>
<ACCESSION-NUMBER>0001005477-03-002550
<TYPE>3
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20030729
<FILING-DATE>20030730
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>AMBASSADORS GROUP INC
<CIK>0001162315
<ASSIGNED-SIC>8200
<IRS-NUMBER>911957010
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>110 SOUTH FERRALL STREET
<CITY>SPOKANE
<STATE>WA
<ZIP>99202
<PHONE>5095346200
</BUSINESS-ADDRESS>
</ISSUER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>INVEMED CATALYST GENPAR LLC
<CIK>0001158459
<FISCAL-YEAR-END>1231
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>3
<ACT>34
<FILE-NUMBER>000-33347
<FILM-NUMBER>03811878
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>375 PARK AVE
<STREET2>STE 2205
<CITY>NEW YORK
<STATE>NY
<ZIP>10152
<PHONE>2128430542
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>375 PARK AVE
<STREET2>STE 2205
<CITY>NEW YORK
<STATE>NY
<ZIP>10152
</MAIL-ADDRESS>
</REPORTING-OWNER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>edgar123.xml
<DESCRIPTION>FORM 3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>3</documentType>
    <periodOfReport>2003-07-29</periodOfReport>
    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001162315</issuerCik>
        <issuerName>AMBASSADORS GROUP INC</issuerName>
        <issuerTradingSymbol>EPAX</issuerTradingSymbol>
    </issuer>

    <reportingOwner>

        <reportingOwnerId>
            <rptOwnerCik>0001158459</rptOwnerCik>
            <rptOwnerName>INVEMED CATALYST GENPAR LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>375 PARK AVENUE, SUITE 2205</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10152</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
        <isDirector>0</isDirector>
        <isOfficer>0</isOfficer>
        <isTenPercentOwner>0</isTenPercentOwner>
        <isOther>1</isOther>
        <otherText>(1)(2)</otherText>
    </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>

        <securityTitle>
            <value>Common Stock, par value $.01 per share</value>
        </securityTitle>
        <postTransactionAmounts>

            <sharesOwnedFollowingTransaction>
                <value>1200000</value>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>

            <directOrIndirectOwnership>
                <value>I</value>
            </directOrIndirectOwnership>

            <natureOfOwnership>
                <value>See footnotes</value>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
            </natureOfOwnership>
        </ownershipNature>
        </nonDerivativeHolding>

    </nonDerivativeTable>
    <footnotes>
        <footnote id="F1">The Reporting Person is the general partner of Invemed Catalyst Fund, L.P., and may be deemed to own the securities held by such person.  The Reporting Person disclaims beneficial ownership of such securities in excess of
its direct or indirect interest in the profits or capital accounts of Invemed Catalyst Fund, L.P. and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of these securities in excess of such amount.</footnote>
        <footnote id="F2">The Reporting Person may be deemed a member of a Section 13(d) group that owns more than 10% of the Issuer's outstanding Common Stock.  However, the Reporting Person disclaims such group membership, and this report
shall not be deemed an admission that the reporting person is a member of a Section 13(d) group that owns more than 10% of the Issuer's outstanding Common Stock for purposes of Section 16 or for any other purpose.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Suzanne M. Present, Member</signatureName>
        <signatureDate>2003-07-30</signatureDate>
    </ownerSignature>

</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
