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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
AMBAC INC /DE/
(Name of Issuer)
Common Stock, $.01 Par Value
(Title of Class of Securities)
023139108
(CUSIP Number)
Check the following box if a fee is being paid with this
statement []. (A fee is not required only if the filing person:
(1) has a previous statement on file reporting beneficial
ownership of more than five percent of the class of securities
described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of
such class.) (See Rule 13d-7).
*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 the
disclosures provided in a prior cover page.
The information required in 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 ("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).
Page 1 of 5 pages
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Schedule 13G
CUSIP No. 023139108
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Harris Associates Investment Trust,
Series Designated The Oakmark Fund CIK 0000872323
36-3764848
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
N/A (b) [ ]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Massachusetts
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH --
5. SOLE VOTING POWER None
6. SHARED VOTING POWER 2,194,900
7. SOLE DISPOSITIVE POWER None
8. SHARED DISPOSITIVE POWER 2,194,900
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,194,900
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
N/A
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.27%
12. TYPE OF REPORTING PERSON*
IV
Page 2 of 5 pages
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Item 1(a) Name of Issuer:
AMBAC INC /DE/
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:
Harris Associates Investment Trust
Series Designated The Oakmark Fund
Item 2(b) Address of Principal Business Office:
Two North LaSalle Street, Suite 500
Chicago, Illinois 60602-3790
Item 2(c) Citizenship:
The filing person is a Massachusetts Business
trust.
Item 2(d) Title of Class of Securities:
Common Stock, $.01 Par Value
Item 2(e) CUSIP Number:
023139108
Item 3 Type of Person:
(d) Investment company registered under
section 8 of the
Investment Company Act
Item 4 Ownership (at December 31, 1996):
(a) Amount owned "beneficially" within the
meaning of rule 13d-3:
2,194,900
(b) Percent of class:
6.27%
Page 3 of 5 pages
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(c) Number of shares as to which such person
has:
(i) sole power to vote or to direct
the vote: None
(ii) shared power to vote or to direct
the vote: 2,194,900
(iii) sole power to dispose or to
direct the disposition of: None
(iv) shared power to dispose or to
direct the disposition of:
2,194,900
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:
N/A
Item 7 Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on by
the Parent Holding Company:
N/A
Item 8 Identification and Classification of Members of the
Group:
N/A
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 in the ordinary course of
business and were not acquired for the purpose of
and do not have the effect of changing or
influencing the control of the issuer of such
securities and were not acquired in connection
with or as a participant in any transaction having
such purpose or effect.
Page 4 of 5 Pages
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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 3, 1997
Harris Associates Investment
Trust, Series Designated The
Oakmark Fund
By:/s/Anita M. Nagler
Anita M. Nagler
Secretary
Page 5 of 5 Pages
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