EPAX (MM)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. )*

CHECK THE APPROPRIATE BOX TO DESIGNATE THE RULE PURSUANT TO WHICH THIS SCHEDULE
IS FILED:

[X] RULE 13D-1(B)

[ ] RULE 13D-1(C)

[ ] RULE 13D-1(D)

*THE REMAINDER OF THIS COVER PAGE SHALL BE FILLED OUT FOR A REPORTING PERSON'S INITIAL FILING ON THIS FORM WITH RESPECT TO THE SUBJECT CLASS OF SECURITIES, AND FOR ANY SUBSEQUENT AMENDMENT CONTAINING INFORMATION WHICH WOULD ALTER DISCLOSURES PROVIDED IN A PRIOR COVER PAGE.

THE INFORMATION REQUIRED ON THE REMAINDER OF THIS COVER PAGE SHALL NOT BE DEEMED TO BE "FILED" FOR THE PURPOSE OF SECTION 18 OF THE SECURITIES EXCHANGE ACT OF 1934 (THE "ACT") OR OTHERWISE SUBJECT TO THE LIABILITIES OF THAT SECTION OF THE ACT BUT SHALL BE SUBJECT TO ALL OTHER PROVISIONS OF THE ACT (HOWEVER, SEE THE NOTES).

CUSIP NO. 023177108
 ---------

- --------------------------------------------------------------------------
 1 NAMES OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 Tumucuan Fund, Ltd.
- --------------------------------------------------------------------------
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [X]

(b) [ ]

- --------------------------------------------------------------------------
 3 SEC USE ONLY

- --------------------------------------------------------------------------
 4 CITIZENSHIP OR PLACE OF ORGANIZATION


 Florida
- --------------------------------------------------------------------------
 5 SOLE VOTING POWER

 NUMBER OF NONE
 SHARES
 BENEFICIALLY -------------------------------------------------
 OWNED BY 6 SHARED VOTING POWER
 EACH
 REPORTING 386,250
 PERSON -------------------------------------------------
 WITH 7 SOLE DISPOSITIVE POWER

 NONE
 -------------------------------------------------
 8 SHARED DISPOSITIVE POWER

 386,250
- --------------------------------------------------------------------------
 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 386,250
- --------------------------------------------------------------------------
 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
 [ ] (SEE INSTRUCTIONS)

- --------------------------------------------------------------------------
 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 2.0%

- --------------------------------------------------------------------------
 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 PN
- --------------------------------------------------------------------------

 Page 2 of 9 Pages

CUSIP NO. 023177108
 ---------

- --------------------------------------------------------------------------
 1 NAMES OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 Timucuan Opportunity Fund, L.P.
- --------------------------------------------------------------------------
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [X]

(b) [ ]


- --------------------------------------------------------------------------
 3 SEC USE ONLY

- --------------------------------------------------------------------------
 4 CITIZENSHIP OR PLACE OF ORGANIZATION

 Delaware
- --------------------------------------------------------------------------
 5 SOLE VOTING POWER

 NUMBER OF NONE
 SHARES
 BENEFICIALLY -------------------------------------------------
 OWNED BY 6 SHARED VOTING POWER
 EACH
 REPORTING 30,350
 PERSON -------------------------------------------------
 WITH 7 SOLE DISPOSITIVE POWER

 NONE
 -------------------------------------------------
 8 SHARED DISPOSITIVE POWER

 30,350
- --------------------------------------------------------------------------
 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 30,350
- --------------------------------------------------------------------------

 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
 [ ] (SEE INSTRUCTIONS)

- --------------------------------------------------------------------------
 11 PERCENTAGE OF CLASS REPRESENTED BY AMOUNT IN ROW 9 0.2%

- --------------------------------------------------------------------------
 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 PN
- --------------------------------------------------------------------------
 Page 3 of 9 Pages

CUSIP NO. 023177108
 ---------

- --------------------------------------------------------------------------
 1 NAMES OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 Timucuan Asset Management, Inc.
- --------------------------------------------------------------------------
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [X]

(b) [ ]

- --------------------------------------------------------------------------
 3 SEC USE ONLY

- --------------------------------------------------------------------------
 4 CITIZENSHIP OR PLACE OF ORGANIZATION

 Florida
- --------------------------------------------------------------------------
 5 SOLE VOTING POWER

 NUMBER OF NONE
 SHARES
 BENEFICIALLY -------------------------------------------------
 OWNED BY 6 SHARED VOTING POWER
 EACH
 REPORTING 975,320
 PERSON -------------------------------------------------
 WITH 7 SOLE DISPOSITIVE POWER

 NONE
 -------------------------------------------------
 8 SHARED DISPOSITIVE POWER

 975,320
- --------------------------------------------------------------------------
 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 975,320
- --------------------------------------------------------------------------
 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
 [ ] (SEE INSTRUCTIONS)

- --------------------------------------------------------------------------
 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 5.0%

- --------------------------------------------------------------------------
 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 CO
- --------------------------------------------------------------------------

 Page 4 of 9 Pages

CUSIP NO. 023177108
 ---------

- --------------------------------------------------------------------------
 1 NAMES OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 Russell B. Newton, III
- --------------------------------------------------------------------------
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [X]

(b) [ ]

- --------------------------------------------------------------------------
 3 SEC USE ONLY

- --------------------------------------------------------------------------
 4 CITIZENSHIP OR PLACE OF ORGANIZATION

 United States
- --------------------------------------------------------------------------
 5 SOLE VOTING POWER

 NUMBER OF NONE
 SHARES
 BENEFICIALLY -------------------------------------------------
 OWNED BY 6 SHARED VOTING POWER
 EACH
 REPORTING 386,250
 PERSON -------------------------------------------------
 WITH 7 SOLE DISPOSITIVE POWER

 NONE
 -------------------------------------------------
 8 SHARED DISPOSITIVE POWER

 386,250
- --------------------------------------------------------------------------
 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 386,250
- --------------------------------------------------------------------------
 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
 [ ] (SEE INSTRUCTIONS)
- --------------------------------------------------------------------------
 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 2.0%

- --------------------------------------------------------------------------
 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 IN
- --------------------------------------------------------------------------

 Page 5 of 9 Pages

ITEM 1(A) NAME OF ISSUER:

Ambassadors Group, Inc.

ITEM 1(B) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:

2001 South Flint Road
Spokane, WA 99224

ITEM 2(a) NAME OF PERSON FILING:

(i) Timucuan Fund Ltd., with respect to shares of Common Stock directly owned by it.

(ii) Timucuan Opportunity Fund L.P., with respect to shares of Common Stock directly owned by it.

(iii) Timucuan Asset Management, Inc. with respect to shares of Common Stock beneficially owned by it.

(iv) Russell B. Newton, III, (Mr. Newton), as General Partner of Timucuan Fund, Ltd., with respect to shares of Common Stock directly owned by Timucuan Fund, Ltd.

The foregoing persons are hereinafter sometimes collectively referred to as the Reporting Persons. Any disclosures herein with respect to persons other than the Reporting Persons are made on information and believe after making inquiry to the appropriate party.

ITEM 2(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE, OR IF NONE, RESIDENCE:

The address of the business office of each of the Reporting Persons is 200 W. Forsyth Street, #1600, Suite 140, Jacksonville, FL 32202

ITEM 2(c) CITIZENSHIP:

Timucuan Fund Ltd. is a limited partnership organized under the laws of the State of Florida. Timucuan Opportunity Fund L.P. is limited partnership organized under the laws of the State of Delaware. Timucuan Asset Management, Inc. is Florida corporation. Mr. Newton is a United States citizen.

ITEM 2(d) TITLE OF CLASS OF SECURITIES:

Common Stock, Par Value $0.01 Per Share

ITEM 2(e) CUSIP NUMBER:

023177108

Page 6 of 9 Pages

ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SS.240.13D-1(B) OR SS.
240.13d-2(B) or (C), CHECK WHETHER THE PERSON FILING IS A:

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [X] An investment adviser in accordance with ss.240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with ss.240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with ss.240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] Group, in accordance with ss.240.13d-1(b)(1)(ii)(J).

ITEM 4. OWNERSHIP:

This Statement is being filed with respect to an aggregate of 1,361,570 shares of Common Stock resulting in beneficial ownership of Common Stock as follows:

1. Tumucuan Fund, Ltd.
(a) Amount Beneficially owned: 386,250
(b) Percent of Class: 2.0% The percentages used herein and in the rest of Item 4 are calculated based on 19,486,043 shares of Common Stock outstanding as of October 30, 2007, as reported in the Companys 10-Q filing for the period ended September 30, 2008 filed with the Securities and Exchange Commission on November 8, 2007.

Page 7 of 9 Pages

(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 386,250
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 386,250

2. Timucuan Opportunity Fund, L.P.
(a) Amount Beneficially owned: 30,350
(b) Percent of Class: 0.2%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 30,350
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 30,350

3. Timucuan Asset Management, Inc.
(a) Amount Beneficially owned: 975,320
(b) Percent of Class: 5.0%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 975,320
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
975,320

4. Russell B. Newton, III
(a) Amount Beneficially owned: 386,250
(b) Percent of Class: 2.0%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 386,250
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
386,250

ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.

N/A

ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
PERSON.

Timucuan Asset Management, Inc., the discretionary investment manager for the Timucuan Opportunity Fund, L.P. and certain separate client accounts, has the power to direct the voting and disposition of the shares held by Timucuan Opportunity Fund, L.P. and such separate client accounts. Mr. Newton is the General Partner of the Timucuan Fund, Ltd., and as such, Mr. Newton has the power to direct the voting and disposition of shares held by Timucuan Fund, Ltd.

ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING

COMPANY OR CONTROL PERSON.

N/A

Page 8 of 9 Pages

ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.

See Item 2.

ITEM 9. NOTICE OF DISSOLUTION OF GROUP.

N/A

ITEM 10. CERTIFICATION.

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I hereby certify that the information set forth in this statement is true, complete and correct.

February 8, 2008

/s/ Russell B. Newton, III
----------------------------------
Russell B. Newton, III, as
President of Timucuan Asset
Management, Inc. and as General
Partner of Timucuan Fund, Ltd.

Page 9 of 9 Pages

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