UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_______________________

FORM 8-K

_______________________

CURRENT REPORT

~~PURSUANT~~Pursuant TOto ~~SECTION~~ Section 13 OR 15 (d) OFof ~~THE~~the Securities Exchange Act of 1934

~~SECURITIES~~Date ~~EXCHANGE~~of ~~ACT~~Report OF(Date ~~1934~~of earliest event reported): May 3, 2013

~~Date~~STRATSSM ofTrust ~~report~~for ~~(Date~~Ambac ofFinancial ~~earliest~~Group, ~~event~~Inc. ~~reported): November 9~~Securities, ~~2010~~Series 2007-1

~~STRATSSM Trust for AMBAC Financial Group, Inc. Securities, Series 2007-1 (Exact Name of Registrant as Specified in Charter)~~________________________________________

(Exact name of Registrant as specified in its charter)

Synthetic Fixed-Income Securities, Inc.

~~(Exact Name of Sponsor and Depositor as Specified in its Charter)~~________________________________________

Delaware	001-33605	52-2316339
(State or Other Jurisdiction	(Commission File	(IRS Employer
of Incorporation)	Numbers)	Identification No.)
Synthetic Fixed-Income Securities, Inc. 301 South College Charlotte, North Carolina		28288
(Address of Principal Executive Offices)		(Zip Code)
Registrant's telephone number, including area code: (212) 214-6274

(Exact name of Sponsor and Depositor as specified in its charter)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Delaware		001-33605		52-2316339
(State or other jurisdiction of incorporation		(Commission File Number)		(IRS Employer Identification No.)

Section 8 Other Events

Synthetic Fixed-Income Securities, Inc. 301 South College Charlotte, North Carolina		28288
(Address of principal executive offices)		(Zip Code)

~~Item~~Registrant’s ~~8.01 Other~~telephone ~~Items~~number, including area code: 212-214-6277

OnNo ~~November~~Change ~~8, 2010, Ambac Financial Group Inc.~~ (~~"Ambac")~~Former ~~voluntary~~name ~~filed~~or ~~for~~former ~~relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. On November 9~~address, 2010, STRATSSM Trust for AMBAC Financial Group, Inc. Securities, Series 2007-1 (the "Trust") received notice from NYSE Regulation, Inc. (the "Exchange") that trading in the STRATS Callable Certificates, Series 2007-1 (ticker symbol "GJW") (the "Securities") issued by the Trust would be suspended as of close of business on November 9, 2010, and that the Exchange would make application to the Securities and Exchange Commission (the "Commission") to delist the Securities from the Exchange. The Exchange stated in a press release dated November 9, 2010, that because all of Ambac's Exchange-listed securities have been suspended from trading, and because Ambac's 6.15% Directly-Issued Subordinated Capital Securities due February 15, 2037 are the only assets of the Trust, the Exchange believes that the Securities are no longer suitable for exchange trading. The Exchange noted that it may, at any time, suspend a security if itchanged ~~believes~~since ~~that~~last ~~continued dealings in the security on the Exchange are not advisable.~~report)

IfCheck ~~Ambac's obligations to file periodic reports under~~ the ~~Securities~~appropriate ~~Exchange~~box ~~Act~~below ofif ~~1934 (~~the ~~"Exchange~~Form ~~Act")~~8-K ~~are~~filing ~~terminated~~is orintended ifto ~~Ambac~~simultaneously ~~ceases~~satisfy ~~(or~~the ~~announces its intention to cease)~~ filing ~~such~~obligation ~~reports,~~of ~~then (i)~~ the ~~Trust~~registrant ~~may~~under ~~terminate~~any ~~its~~of ~~registration under~~ the ~~Exchange~~following ~~Act~~provisions ~~and/or~~ (~~ii)~~see ~~the~~General ~~Trust~~Instruction ~~may be required to dissolve and liquidate the underlying securities in accordance with the terms of the Trust Agreement~~A.2. below):

~~For~~[ ] Written ~~additional~~communications ~~information~~pursuant onto ~~Ambac~~Rule ~~please~~425 ~~see its periodic and current reports filed with the Commission~~ under ~~its Exchange Act file number, 001-10777. The Commission maintains a site on~~ the ~~World~~Securities Wide Web at "http://www.sec.gov" at which users can view and download copies of reports, proxy and information statements and other information filed electronically through the Electronic Data Gathering, Analysis and Retrieval system, or "EDGAR." Periodic and current reports and other information required to be filed pursuant to the Exchange Act by Ambac Financial Group, Inc. may be accessed on this site. You can request copies of these documents, upon payment of a duplicating fee, by writing to the SEC. The public may read and copy any materials filed with the Commission at the Commission's Public Reference Room at 100 F Street, NE, Washington, DC 20549. The public may obtain information on the operation of the Public Reference Room by calling the Commission at 1-800-SEC-0330. Please call the SEC at (~~800)~~17 ~~SEC-0330~~CFR ~~for further information on the operation of the SEC's public reference rooms~~230. In addition, such reports and other information can be inspected at the offices of the New York Stock Exchange at 20 Broad Street, New York, New York 10005. Neither Synthetic Fixed-Income Securities, Inc. nor the Trustee has participated in the preparation of such reporting documents, or made any due diligence investigation with respect to the information provided therein. Neither Ambac Financial Group, Inc. nor the Trustee has verified the accuracy or completeness of such documents or reports. There can be no assurance that events affecting the issuer of the underlying securities or the underlying securities themselves have not occurred or have not yet been publicly disclosed which would affect the accuracy or completeness of the publicly available documents described above.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 8 - Other Events

Item 8.01 Other Events.

On November 8, 2010, Ambac Financial Group, Inc. (“Ambac”) filed for a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code. Pursuant to its First Modified Fifth Amended Plan of Reorganization (the “Plan”), effective as of May 1, 2013, Ambac emerged from bankruptcy on May 1, 2013. An electronic copy of the Plan is available free of cost at http://www.kccllc.net/Ambac. For further information on Ambac please see its periodic and current reports under its Exchange Act file number, 001-10777, filed with the Securities and Exchange Commission at http://www.sec.gov. At the time the electronic version of this report was prepared, the uniform resource locators, or URLs, in this paragraph were included as, and were intended to remain, inactive textual references only.

Under the Plan, 63,281 shares of new common stock of Ambac (the “Shares”) and 469,192 warrants (the “Warrants”) have been distributed to the STRATSSM Trust for Ambac Financial Group, Inc. Securities, Series 2007-1 (the “Trust”) in full and final satisfaction of the Underlying Securities and discharge of any claim against Ambac by the Trustee (as defined below), as holder of the Underlying Securities, and the Underlying Securities have been cancelled. In connection with such distribution, Law Debenture Trust Company of New York, as successor indenture trustee under that certain Junior Subordinated Indenture, dated as of February 12, 2007, between Ambac and The Bank of New York Mellon (formerly known as The Bank of New York), as trustee (as supplemented by that certain First Supplemental Indenture dated February 12, 2007), pursuant to which the Underlying Securities were issued, has urged all holders of the Underlying Securities to consult with their tax advisors concerning treatment of such distribution for tax purposes.

In accordance with the terms of the Base Trust Agreement, dated as of September 8, 2006 (the “Base Trust Agreement”), between Synthetic Fixed-Income Securities, Inc., as trustor (in such capacity, the “Trustor”) and U.S. Bank Trust National Association, as trustee (in such capacity, the “Trustee”) and the Series Supplement, dated as of July 16, 2007 (the “Series Supplement” and, together with the Base Trust Agreement, the “Trust Agreement”), between the Trustor and the Trustee, the Shares and the Warrants will be distributed to the Certificateholders. To avoid delivery of fractional securities to the Certificateholders, such distribution will include cash in lieu of fractional securities in an amount equal to such fractional securities. Such distribution will be made net of all accrued and unpaid expenses of the Trustee and its respective agents up to the Allowable Expense Amount, all accrued and unpaid fees of the Trustee, and any unpaid listing fees of the Trust. Following the final disposition of all outstanding claims of the Trust, the Trust will terminate in accordance with the terms of the Trust Agreement. Capitalized terms used but not defined herein have the meanings assigned in the Trust Agreement.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the ~~Registrant~~registrant has duly caused this report to be signed on its behalf by the undersigned ~~hereto~~hereunto duly authorized.

Synthetic Fixed-Income Securities, Inc. (Registrant) By: /s/ William Threadgill Name: William Threadgill Title: President

	Synthetic Fixed-Income Securities, Inc.
	(Registrant)

Date: May 6, 2013	By: /s/ Barbara Garafalo
	Name: Barbara Garafalo
	Title: Vice President

Date: November 10, 2010

Filing Compare · STRATS (SM) Trust for Ambac Financial Group, Inc. Securities, Series 2007-1