Ambac Financial Group Inc - Statement of Ownership (SC 13G)

 SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549

 ____________________

 SCHEDULE 13G


 UNDER THE SECURITIES EXCHANGE ACT OF 1934
 (Amendment No. ___ )*

 AMBAC FINANCIAL GROUP, INC.
___________________________________________________________
 (Name of Issuer)


 COMMON STOCK
___________________________________________________________
 (Title of Class of Securities)

 023139108
 ______________________________
 (CUSIP Number)

 December 31, 2007
___________________________________________________________
 (Date of Event Which Requires Filing of this
 Statement)


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 page shall not be deemed to be "filed" for the
purpose of Section 18 of the Securities Exchange Act
of 1934 ("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 13G Page 14 of
023139108 21 Pages
---------------- --------------



---------------------------------------------------------
 1 NAMES OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
 (ENTITIES ONLY):

 Bank of America Corporation
 56-0906609

---------------------------------------------------------
---------------------------------------------------------
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (See Instructions)
 (a) [ ]
 (b) [ ]
---------------------------------------------------------
---------------------------------------------------------
 3 SEC USE ONLY


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

 Delaware
---------------------------------------------------------
---------------------------------------------------------
 0
 5 SOLE VOTING POWER
 NUMBER OF
 SHARES
 BENEFICIALLY
OWNED BY EACH
 REPORTING
 PERSON WITH

---------------------------------------------------------
---------------------------------------------------------
 7,147,021
 6 SHARED VOTING POWER
---------------------------------------------------------
---------------------------------------------------------

 7 SOLE DISPOSITIVE 0
 POWER
---------------------------------------------------------
---------------------------------------------------------
 8 SHARED DISPOSITIVE 7,167,935
 POWER
---------------------------------------------------------
---------------------------------------------------------
 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
 REPORTING PERSON
 7,167,935
---------------------------------------------------------
---------------------------------------------------------
 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
 EXCLUDES CERTAIN SHARES (See Instructions)

 [ ]
---------------------------------------------------------
---------------------------------------------------------
 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 7.06%
---------------------------------------------------------
---------------------------------------------------------
 12 TYPE OF REPORTING PERSON (See Instructions)

 HC
---------------------------------------------------------








---------------------------------------------------------
 1 NAMES OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
 (ENTITIES ONLY):

 NB Holdings Corporation
 56-1857749

---------------------------------------------------------
---------------------------------------------------------
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (See Instructions)
 (a) [ ]
 (b) [ ]
---------------------------------------------------------
---------------------------------------------------------
 3 SEC USE ONLY


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

 Delaware
---------------------------------------------------------
---------------------------------------------------------
 0
 5 SOLE VOTING POWER
 NUMBER OF
 SHARES
 BENEFICIALLY
OWNED BY EACH
 REPORTING
 PERSON WITH

---------------------------------------------------------
---------------------------------------------------------
 7,116,945
 6 SHARED VOTING POWER
---------------------------------------------------------
---------------------------------------------------------

 7 SOLE DISPOSITIVE 0
 POWER
---------------------------------------------------------
---------------------------------------------------------
 8 SHARED DISPOSITIVE 7,137,337
 POWER
---------------------------------------------------------
---------------------------------------------------------
 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
 REPORTING PERSON
 7,137,337
---------------------------------------------------------
---------------------------------------------------------
 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
 EXCLUDES CERTAIN SHARES (See Instructions)

 [ ]
---------------------------------------------------------
---------------------------------------------------------
 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 7.03%
---------------------------------------------------------
---------------------------------------------------------
 12 TYPE OF REPORTING PERSON (See Instructions)

 HC
---------------------------------------------------------








---------------------------------------------------------
 1 NAMES OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
 (ENTITIES ONLY):

 Bank of America, NA
 94-1687665

---------------------------------------------------------
---------------------------------------------------------
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (See Instructions)
 (a) [ ]
 (b) [ ]
---------------------------------------------------------
---------------------------------------------------------
 3 SEC USE ONLY


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

 United States
---------------------------------------------------------
---------------------------------------------------------
 400,254
 5 SOLE VOTING POWER
 NUMBER OF
 SHARES
 BENEFICIALLY
OWNED BY EACH
 REPORTING
 PERSON WITH

---------------------------------------------------------
---------------------------------------------------------
 4,451,453
 6 SHARED VOTING POWER
---------------------------------------------------------
---------------------------------------------------------

 7 SOLE DISPOSITIVE 377,141
 POWER
---------------------------------------------------------
---------------------------------------------------------
 8 SHARED DISPOSITIVE 4,494,386
 POWER
---------------------------------------------------------
---------------------------------------------------------
 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
 REPORTING PERSON
 4,871,527
---------------------------------------------------------
---------------------------------------------------------
 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
 EXCLUDES CERTAIN SHARES (See Instructions)

 [ ]
---------------------------------------------------------
---------------------------------------------------------
 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 4.79%
---------------------------------------------------------
---------------------------------------------------------
 12 TYPE OF REPORTING PERSON (See Instructions)

 BK
---------------------------------------------------------








---------------------------------------------------------
 1 NAMES OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
 (ENTITIES ONLY):

 United States Trust Company, NA
 13-3818954

---------------------------------------------------------
---------------------------------------------------------
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (See Instructions)
 (a) [ ]
 (b) [ ]
---------------------------------------------------------
---------------------------------------------------------
 3 SEC USE ONLY


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

 United States
---------------------------------------------------------
---------------------------------------------------------
 2,196,105
 5 SOLE VOTING POWER
 NUMBER OF
 SHARES
 BENEFICIALLY
OWNED BY EACH
 REPORTING
 PERSON WITH

---------------------------------------------------------
---------------------------------------------------------
 0
 6 SHARED VOTING POWER
---------------------------------------------------------
---------------------------------------------------------

 7 SOLE DISPOSITIVE 2,192,937
 POWER
---------------------------------------------------------
---------------------------------------------------------
 8 SHARED DISPOSITIVE 3,740
 POWER
---------------------------------------------------------
---------------------------------------------------------
 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
 REPORTING PERSON
 2,196,677
---------------------------------------------------------
---------------------------------------------------------
 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
 EXCLUDES CERTAIN SHARES (See Instructions)

 [ ]
---------------------------------------------------------
---------------------------------------------------------
 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 2.16%
---------------------------------------------------------
---------------------------------------------------------
 12 TYPE OF REPORTING PERSON (See Instructions)

 BK
---------------------------------------------------------








---------------------------------------------------------
 1 NAMES OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
 (ENTITIES ONLY):

 Banc of America Investment Advisors, Inc.
 56-2058405

---------------------------------------------------------
---------------------------------------------------------
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (See Instructions)
 (a) [ ]
 (b) [ ]
---------------------------------------------------------
---------------------------------------------------------
 3 SEC USE ONLY


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

 Delaware
---------------------------------------------------------
---------------------------------------------------------
 0
 5 SOLE VOTING POWER
 NUMBER OF
 SHARES 6
 BENEFICIALLY
OWNED BY EACH
 REPORTING 7
 PERSON WITH
 8
---------------------------------------------------------
---------------------------------------------------------
 16,156
 SHARED VOTING POWER
---------------------------------------------------------
---------------------------------------------------------
 0
 SOLE DISPOSITIVE POWER
---------------------------------------------------------
---------------------------------------------------------
 SHARED DISPOSITIVE 0
 POWER
---------------------------------------------------------
---------------------------------------------------------
 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
 REPORTING PERSON
 16,156
---------------------------------------------------------
---------------------------------------------------------
 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
 EXCLUDES CERTAIN SHARES (See Instructions)

 [ ]
---------------------------------------------------------
---------------------------------------------------------
 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW
 (9)

 0.02%
---------------------------------------------------------
---------------------------------------------------------
 12 TYPE OF REPORTING PERSON (See Instructions)

 IA
---------------------------------------------------------









---------------------------------------------------------
 1 NAMES OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
 (ENTITIES ONLY):
 BAC North America Holding Company
 36-3737560

---------------------------------------------------------
---------------------------------------------------------
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (See Instructions)
 (a) [ ]
 (b) [ ]
---------------------------------------------------------
---------------------------------------------------------
 3 SEC USE ONLY


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

 Delaware
---------------------------------------------------------
---------------------------------------------------------
 0
 5 SOLE VOTING POWER
 NUMBER OF
 SHARES
 BENEFICIALLY
OWNED BY EACH
 REPORTING
 PERSON WITH

---------------------------------------------------------
---------------------------------------------------------
 30,076
 6 SHARED VOTING POWER
---------------------------------------------------------
---------------------------------------------------------

 7 SOLE DISPOSITIVE 0
 POWER
---------------------------------------------------------
---------------------------------------------------------
 8 SHARED DISPOSITIVE 30,598
 POWER
---------------------------------------------------------
---------------------------------------------------------
 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
 REPORTING PERSON
 30,598
---------------------------------------------------------
---------------------------------------------------------
 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
 EXCLUDES CERTAIN SHARES (See Instructions)

 [ ]
---------------------------------------------------------
---------------------------------------------------------
 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 0.03%
---------------------------------------------------------
---------------------------------------------------------
 12 TYPE OF REPORTING PERSON (See Instructions)

 HC
---------------------------------------------------------








---------------------------------------------------------
 1 NAMES OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
 (ENTITIES ONLY):

 LaSalle Bank Corporation
 36-2685437

---------------------------------------------------------
---------------------------------------------------------
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (See Instructions)
 (a) [ ]
 (b) [ ]
---------------------------------------------------------
---------------------------------------------------------
 3 SEC USE ONLY


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

 Delaware
---------------------------------------------------------
---------------------------------------------------------
 0
 5 SOLE VOTING POWER
 NUMBER OF
 SHARES
 BENEFICIALLY
OWNED BY EACH
 REPORTING
 PERSON WITH

---------------------------------------------------------
---------------------------------------------------------
 30,076
 6 SHARED VOTING POWER
---------------------------------------------------------
---------------------------------------------------------

 7 SOLE DISPOSITIVE 0
 POWER
---------------------------------------------------------
---------------------------------------------------------
 8 SHARED DISPOSITIVE 30,598
 POWER
---------------------------------------------------------
---------------------------------------------------------
 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
 REPORTING PERSON
 30,598
---------------------------------------------------------
---------------------------------------------------------
 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
 EXCLUDES CERTAIN SHARES (See Instructions)

 [ ]
---------------------------------------------------------
---------------------------------------------------------
 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 0.03%
---------------------------------------------------------
---------------------------------------------------------
 12 TYPE OF REPORTING PERSON (See Instructions)

 HC
---------------------------------------------------------









---------------------------------------------------------
 1 NAMES OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
 (ENTITIES ONLY):

 LaSalle Bank, N.A.
 36-0884183

---------------------------------------------------------
---------------------------------------------------------
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (See Instructions)
 (a) [ ]
 (b) [ ]
---------------------------------------------------------
---------------------------------------------------------
 3 SEC USE ONLY


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

 United States
---------------------------------------------------------
---------------------------------------------------------
 28,076
 5 SOLE VOTING POWER
 NUMBER OF
 SHARES
 BENEFICIALLY
OWNED BY EACH
 REPORTING
 PERSON WITH

---------------------------------------------------------
---------------------------------------------------------
 2,000
 6 SHARED VOTING POWER
---------------------------------------------------------
---------------------------------------------------------

 7 SOLE DISPOSITIVE 25,043
 POWER
---------------------------------------------------------
---------------------------------------------------------
 8 SHARED DISPOSITIVE 5,555
 POWER
---------------------------------------------------------
---------------------------------------------------------
 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
 REPORTING PERSON
 30,598
---------------------------------------------------------
---------------------------------------------------------
 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
 EXCLUDES CERTAIN SHARES (See Instructions)

 [ ]
---------------------------------------------------------
---------------------------------------------------------
 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 0.03%
---------------------------------------------------------
---------------------------------------------------------
 12 TYPE OF REPORTING PERSON (See Instructions)

 BK
---------------------------------------------------------











---------------------------------------------------------
 1 NAMES OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
 (ENTITIES ONLY):

 Banc of America Securities Holdings Corporation
 56-2103478

---------------------------------------------------------
---------------------------------------------------------
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (See Instructions)
 (a) [ ]
 (b) [ ]
---------------------------------------------------------
---------------------------------------------------------
 3 SEC USE ONLY


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

 Delaware
---------------------------------------------------------
---------------------------------------------------------
 0
 5 SOLE VOTING POWER
 NUMBER OF
 SHARES
 BENEFICIALLY
OWNED BY EACH
 REPORTING
 PERSON WITH

---------------------------------------------------------
---------------------------------------------------------
 69,133
 6 SHARED VOTING POWER
---------------------------------------------------------
---------------------------------------------------------

 7 SOLE DISPOSITIVE 0
 POWER
---------------------------------------------------------
---------------------------------------------------------
 8 SHARED DISPOSITIVE 69,133
 POWER
---------------------------------------------------------
---------------------------------------------------------
 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
 REPORTING PERSON
 69,133
---------------------------------------------------------
---------------------------------------------------------
 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
 EXCLUDES CERTAIN SHARES (See Instructions)

 [ ]
---------------------------------------------------------
---------------------------------------------------------
 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 0.07%
---------------------------------------------------------
---------------------------------------------------------
 12 TYPE OF REPORTING PERSON (See Instructions)

 HC
---------------------------------------------------------









---------------------------------------------------------
 1 NAMES OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
 (ENTITIES ONLY):

 Banc of America Securities LLC
 56-2058405

---------------------------------------------------------
---------------------------------------------------------
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (See Instructions)
 (a) [ ]
 (b) [ ]
---------------------------------------------------------
---------------------------------------------------------
 3 SEC USE ONLY


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

 Delaware
---------------------------------------------------------
---------------------------------------------------------
 69,133
 5 SOLE VOTING POWER
 NUMBER OF
 SHARES
 BENEFICIALLY
OWNED BY EACH
 REPORTING
 PERSON WITH

---------------------------------------------------------
---------------------------------------------------------
 0
 6 SHARED VOTING POWER
---------------------------------------------------------
---------------------------------------------------------

 7 SOLE DISPOSITIVE 69,133
 POWER
---------------------------------------------------------
---------------------------------------------------------
 8 SHARED DISPOSITIVE 0
 POWER
---------------------------------------------------------
---------------------------------------------------------
 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
 REPORTING PERSON
 69,133
---------------------------------------------------------
---------------------------------------------------------
 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
 EXCLUDES CERTAIN SHARES (See Instructions)

 [ ]
---------------------------------------------------------
---------------------------------------------------------
 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 0.07%
---------------------------------------------------------
---------------------------------------------------------
 12 TYPE OF REPORTING PERSON (See Instructions)

 BD
---------------------------------------------------------








---------------------------------------------------------
 1 NAMES OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
 (ENTITIES ONLY):

 Columbia Management Group, LLC
 94-1687665

---------------------------------------------------------
---------------------------------------------------------
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (See Instructions)
 (a) [ ]
 (b) [ ]
---------------------------------------------------------
---------------------------------------------------------
 3 SEC USE ONLY


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

 Delaware
---------------------------------------------------------
---------------------------------------------------------
 0
 5 SOLE VOTING POWER
 NUMBER OF
 SHARES
 BENEFICIALLY
OWNED BY EACH
 REPORTING
 PERSON WITH

---------------------------------------------------------
---------------------------------------------------------
 4,422,103
 6 SHARED VOTING POWER
---------------------------------------------------------
---------------------------------------------------------

 7 SOLE DISPOSITIVE 0
 POWER
---------------------------------------------------------
---------------------------------------------------------
 8 SHARED DISPOSITIVE 4,443,241
 POWER
---------------------------------------------------------
---------------------------------------------------------
 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
 REPORTING PERSON
 4,443,241
---------------------------------------------------------
---------------------------------------------------------
 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
 EXCLUDES CERTAIN SHARES (See Instructions)

 [ ]
---------------------------------------------------------
---------------------------------------------------------
 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 4.38%
---------------------------------------------------------
---------------------------------------------------------
 12 TYPE OF REPORTING PERSON (See Instructions)

 PN
---------------------------------------------------------







---------------------------------------------------------
 1 NAMES OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
 (ENTITIES ONLY):

 Columbia Management Advisors, LLC
 94-1687665

---------------------------------------------------------
---------------------------------------------------------
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (See Instructions)
 (a) [ ]
 (b) [ ]
---------------------------------------------------------
---------------------------------------------------------
 3 SEC USE ONLY


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

 Delaware
---------------------------------------------------------
---------------------------------------------------------
 4,422,103
 5 SOLE VOTING POWER
 NUMBER OF
 SHARES
 BENEFICIALLY
OWNED BY EACH
 REPORTING
 PERSON WITH

---------------------------------------------------------
---------------------------------------------------------
 0
 6 SHARED VOTING POWER
---------------------------------------------------------
---------------------------------------------------------

 7 SOLE DISPOSITIVE 4,334,531
 POWER
---------------------------------------------------------
---------------------------------------------------------
 8 SHARED DISPOSITIVE 108,710
 POWER
---------------------------------------------------------
---------------------------------------------------------
 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
 REPORTING PERSON
 4,443,241
---------------------------------------------------------
---------------------------------------------------------
 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
 EXCLUDES CERTAIN SHARES (See Instructions)

 [ ]
---------------------------------------------------------
---------------------------------------------------------
 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 4.38%
---------------------------------------------------------
---------------------------------------------------------
 12 TYPE OF REPORTING PERSON (See Instructions)

 PN
---------------------------------------------------------








-----------------------------------------------------------
 1 NAMES OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
 (ENTITIES ONLY):

 Bank of America Trust Company
 51-0392585

-----------------------------------------------------------
-----------------------------------------------------------
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (See Instructions)
 (a) [ ]
 (b) [ ]
-----------------------------------------------------------
-----------------------------------------------------------
 3 SEC USE ONLY


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

 Delaware
-----------------------------------------------------------
-----------------------------------------------------------
 315
 5 SOLE VOTING POWER
 NUMBER OF
 SHARES
 BENEFICIALLY
 OWNED BY EACH
 REPORTING
 PERSON WITH

-----------------------------------------------------------
-----------------------------------------------------------
 200
 6 SHARED VOTING POWER
-----------------------------------------------------------
-----------------------------------------------------------

 7 SOLE DISPOSITIVE 515
 POWER
-----------------------------------------------------------
-----------------------------------------------------------
 8 SHARED DISPOSITIVE 0
 POWER
-----------------------------------------------------------
-----------------------------------------------------------
 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
 REPORTING PERSON
 515
-----------------------------------------------------------
-----------------------------------------------------------
 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9)
 EXCLUDES CERTAIN SHARES (See Instructions)

 [ ]
-----------------------------------------------------------
-----------------------------------------------------------
 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW
 (9)

 0.00%
-----------------------------------------------------------
-----------------------------------------------------------
 12 TYPE OF REPORTING PERSON (See Instructions)

 CO
-----------------------------------------------------------











Item 1(a). Name of Issuer:

 Ambac Financial Group, Inc.

Item 1(b). Address of Issuer's Principal Executive
 Offices:

 One State Street Plaza
 New York, NY 10004

Item 2(a). Name of Person Filing:

 Bank of America Corporation
 NB Holdings Corporation
 Bank of America N.A.
 United States Trust Company, N.A.
 Banc of America Investment Advisors, Inc.
 BAC North America Holding Company
 LaSalle Bank Corporation
 LaSalle Bank, N.A.
 Banc of America Securities Holdings
 Corporation
 Banc of America Securities LLC
 Columbia Management Group, LLC
 Columbia Management Advisors, LLC
 Bank of America Trust Company


Item 2(b). Address of Principal Business Office
 or, if None, Residence:

 Each Reporting Person has its or his
 principal business office at 100 North Tryon
 Street, Floor 25, Bank of America Corporate
 Center, Charlotte, NC 28255.

Item 2(c). Citizenship:

 Bank of America Corporation Delaware
 NB Holdings Corporation Delaware
 Bank of America N.A. United States
 United States Trust Company, N.A. United
 States
 Banc of America Investment Advisors, Inc.
 Delaware
 BAC North America Holding Company Delaware
 LaSalle Bank Corporation Delaware
 LaSalle Bank, N.A. United States
 Banc of America Securities Holdings
 Corporation Delaware
 Banc of America Securities LLC Delaware
 Columbia Management Group, LLC Delaware
 Columbia Management Advisors, LLC Delaware
 Bank of America Trust Company Delaware

Item 2(d). Title of Class of Securities:

 Common Stock

Item 2(e). CUSIP Number:

 023139108

Item 3. If This Statement is Filed Pursuant to Rule
 13d-1(b), or 13d-2(b) or (c), Check Whether
 the Person Filing is a:

 (a) [ ] Broker or dealer registered under
 Section 15 of the Exchange Act.
 (b) [ ] Bank as defined in Section 3(a)(6)
 of the Exchange Act.
 (c) [ ] Insurance company as defined in
 Section 3(a)(19) of the Exchange Act.
 (d) [ ] Investment company registered
 under Section 8 of the Investment
 Company Act.
 (e) [ ] An investment adviser in
 accordance with Rule 13d-1(b)(1)(ii)(E).
 (f) [ ] An employee benefit plan or
 endowment fund in accordance with
 Rule 13d-1(b)(1)(ii)(F).
 (g) [X] A parent holding company or control
 person in accordance with Rule
 13d-1(b)(1)(ii)(G).
 (h) [ ] A savings association as defined
 in Section 3(b) of the Federal Deposit
 Insurance Act.
 (i) [ ] A church plan that is excluded
 from the definition of an investment
 company under Section 3(c)(14) of the
 Investment Company Act.
 (j) [ ] Group, in accordance with
 Rule 13d-1(b)(1)(ii)(J).

 If this statement is filed pursuant to
 Rule 13d-1(c), check this box. [ ]

Item 4. Ownership:

 With respect to the beneficial ownership of
 the reporting person, see Items 5 through 11
 of the cover pages to this Schedule 13G,
 which are incorporated herein by reference.

Item 5. Ownership of Five Percent or Less of a Class:

 If this statement is being filed to report
 the fact that as of the date hereof the
 reporting person has ceased to be the
 beneficial owner of more than five percent
 of the class of securities, check the
 following [ ].

Item 6. Ownership of More than Five Percent on
 Behalf of Another Person:

 Not applicable.

Item 7. Identification and Classification of the
 Subsidiary Which Acquired the Security Being
 Reported on by the Parent Holding Company or
 Control Person:

 With respect to Subsidiary Identification
 and Classification, see Items 5 through 11
 of the cover pages to this Schedule 13G,
 which are incorporated herein by reference.

Item 8. Identification and Classification of Members
 of the Group:

 Not applicable.

Item 9. Notice of Dissolution of Group:

 Not applicable.







Item 10. Certification:

 By signing below each of the undersigned
 certifies that, to the best of such
 undersigned's 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
 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 certify that the information
set forth in this statement is true, complete and
correct.

Dated: February 05, 2008


Bank of America Corporation
NB Holdings Corporation
Bank of America, N.A.
Bank of America Trust Company
LaSalle Bank Corporation
LaSalle Bank, N.A.

By: /s/ Lucille E. Reymann
 _____________________
 Lucille E. Reymann
 Senior Vice President

BAC North America Holding Company

By: /s/ Charles F. Bowman
 _____________________
 Charles F. Bowman
 Senior Vice President

Columbia Management Group, LLC
Columbia Management Advisors, LLC

By: /s/ Michael A. Jones
 _____________________
 Michael A. Jones
 President


Banc of America Securities Holdings Corporation

By: /s/ Robert Qutub
 _____________________
 Robert Qutub
 President

Banc of America Securities LLC

By: /s/ Matthew Smith
 _____________________
 Matthew Smith
 Principal

United States Trust Company, N.A.

By: /s/ Michael Murphy
 ______________________
 Michael Murphy
 Senior Vice President

Banc of America Investment Advisors, Inc.

By: /s/ Daniel S. McNamara
 _________________
 Daniel S. McNamara
 President










 Exhibit 99.1

 EXHIBIT 99.1 - JOINT FILING AGREEMENT

 The undersigned hereby agree that they are
filing this statement jointly pursuant to Rule
13d-1(k)(1). Each of them is responsible for the
timely filing of such Schedule 13G and any amendments
thereto, and for the completeness and accuracy of the
information concerning such person contained therein;
but none of them is responsible for the completeness
or accuracy of the information concerning the other
persons making the filing, unless such person knows
or has reason to believe that such information is
inaccurate.

 In accordance with Rule 13d-1(k)(1) promulgated
under the Securities and Exchange Act of 1934, as
amended, the undersigned hereby agree to the joint
filing with each other on behalf of each of them of
to such a statement on Schedule 13G with respect to
the common stock of beneficially owned by each of
them. This Joint Filing Agreement shall be included
as an exhibit to such Schedule 13G.

Dated: February 05, 2008


Bank of America Corporation
NB Holdings Corporation
Bank of America, N.A.
Bank of America Trust Company
LaSalle Bank Corporation
LaSalle Bank, N.A.

By: /s/ Lucille E. Reymann
 _____________________
 Lucille E. Reymann
 Senior Vice President

BAC North America Holding Company

By: /s/ Charles F. Bowman
 _____________________
 Charles F. Bowman
 Senior Vice President

Columbia Management Group, LLC
Columbia Management Advisors LLC

By: /s/ Michael A. Jones
 _____________________
 Michael A. Jones
 President
Banc of America Securities Holdings Corporation

By: /s/ Robert Qutub
 _____________________
 Robert Qutub
 President

Banc of America Securities LLC

By: /s/ Matthew Smith
 _____________________
 Matthew Smith
 Principal

United States Trust Company, N.A.

By: /s/ Michael Murphy
 ______________________
 Michael Murphy
 Senior Vice President

Banc of America Investment Advisors, Inc.

By: /s/ Daniel S. McNamara
 __________________
 Daniel S. McNamara
 President