SCHEDULE I - Summary of Investments

12 Months Ended

Dec. 31, 2012

AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES

DEBTOR-IN-POSSESSION

SCHEDULE I—SUMMARY OF INVESTMENTS

Other Than Investments in Related Parties

December 31, 2012

(Dollar Amounts in Thousands)


Type of Investment	Amortized Cost		Estimated Fair Value		Amount at which shown in the balance sheet
U.S. government obligations	$	392,554	$	393,062	$	393,062
U.S. agency obligations		79,295		82,535		82,535
Municipal obligations		1,632,637		1,814,730		1,814,730
Residential mortgage-backed securities		1,096,202		1,455,582		1,455,582
Collateralized debt obligations		32,855		33,342		33,342
Other asset-backed securities		687,410		706,637		706,637
Corporate obligations		1,029,041		1,112,174		1,112,174
Foreign obligations		67,347		70,112		70,112
Short-term		661,219		661,658		661,658
Other		100		100		100

Total	$	5,678,660	$	6,329,932	$	6,329,932

- Definition

The entire disclosure for the schedule applicable to insurance companies summarizing investments held as of the most recent audited balance sheet. At a minimum, such summary is by three major categories of investments including: (1) fixed maturities primarily consisting of bonds, including convertibles and bonds with warrants, and redeemable preferred stocks, (2) equity securities primarily consisting of common stocks and nonredeemable preferred stocks, and (3) other investments including mortgage loans on real estate, real estate held for investment, real estate acquired in satisfaction of debt, policy loans, other long-term investments, and short-term investments not otherwise categorized. The information provided with respect to each item within each category includes: (A) the original cost of equity securities and, as to fixed maturity securities, original cost reduced by repayments and adjusted for amortization of premiums or accrual of discounts, (B) fair value as of the reporting date, and (C) the amount at which the item within each category is shown in the statement of financial position; with respect to (C), if the amount at which shown in the statement of financial position is different from the items original [amortized] cost or fair value, an explanation of the difference may be included herein.

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