<SUBMISSION>
<ACCESSION-NUMBER>0000950142-03-002141
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20031107
<FILING-DATE>20031113
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>FREY DALE F
<CIK>0001190772
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>000-33347
<FILM-NUMBER>03998101
</FILING-VALUES>
<MAIL-ADDRESS>
<STREET1>8 WRIGHT ST
<CITY>WESTPORT
<STATE>CT
<ZIP>06880
</MAIL-ADDRESS>
</REPORTING-OWNER>
<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>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4dfrey-epax_110703ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-11-07</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001162315</issuerCik>
        <issuerName>AMBASSADORS GROUP INC</issuerName>
        <issuerTradingSymbol>EPAX</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001190772</rptOwnerCik>
            <rptOwnerName>FREY DALE F</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>8 WRIGHT STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>WESTPORT</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06880</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeHolding>
      <securityTitle>
         <value>Common Stock, par value $0.01 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>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>Options to purchase shares of Common Stock</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>19.50</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-11-07</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>A</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>10000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>0</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
         <value>2004-11-07</value>
            <footnoteId id="F3"/>
      </exerciseDate>
      <expirationDate>
         <value>2013-11-07</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Shares of Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>10000</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>10000</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
 </derivativeTable>
   <footnotes>
      <footnote id="F1"> The reporting person is a member of Invemed Catalyst GenPar, LLC, 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 his pecuniary interest therein 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 Section 13(d) group that owns ore 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>

      <footnote id="F3"> The options to purchase Common Stock vest in equal amounts over four years on November 7, 2004, November 7, 2005, November 7, 2006 and November 7, 2007.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>Dale F. Frey</signatureName>
      <signatureDate>2003-11-10</signatureDate>
   </ownerSignature>
</ownershipDocument>

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