Schedule I - Summary Of Investments, Other Than Investments In Related Parties

12 Months Ended

Dec. 31, 2012

Schedule I - Summary Of Investments, Other Than Investments In Related Parties

SCHEDULE I

MBIA INC. AND SUBSIDIARIES

SUMMARY OF INVESTMENTS, OTHER THAN INVESTMENTS IN RELATED PARTIES

December 31, 2012

(In millions)


	December 31, 2012
Type of investment	Cost		Fair Value		Amount at which shown in the balance sheet
Available-for-sale:
U.S. Treasury and government agency	$	752	$	791	$	791
State and municipal bonds		1,417		1,502		1,502
Foreign governments		151		164		164
Corporate obligations		916		945		945
Mortgage-backed securities:
Residential mortgage-backed agency		928		946		946
Residential mortgage-backed non-agency		79		80		80
Commercial mortgage-backed		46		42		42
Asset-backed securities:
Collateralized debt obligations		157		87		87
Other asset-backed		136		128		128

Total long-term available-for-sale		4,582		4,685		4,685
Short-term available-for-sale		881		888		888
Equity available-for-sale		22		23		23

Total available-for-sale		5,485		5,596		5,596
Investments at fair value		264		257		257
Other investments		9		9		9

Total investments	$	5,758	$	5,862	$	5,862

Assets of consolidated variable interest entities:
Available-for-sale:
State and municipal bonds	$	33	$	36	$	36
Corporate obligations		175		178		178
Mortgage-backed securities:
Residential mortgage-backed non-agency		92		82		82
Asset-backed securities:
Collateralized debt obligations		97		89		89
Other asset-backed		20		20		20

Total long-term available-for-sale		417		405		405
Short-term available-for-sale		220		220		220

Total available-for-sale		637		625		625
Investments at fair value		1,843		1,735		1,735
Held-to-maturity:
Corporate obligations		2,829		2,674		2,829

Total held-to-maturity		2,829		2,674		2,829

Total investments of consolidated variable interest entities	$	5,309	$	5,034	$	5,189

- 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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