The amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of fixed maturity AFS securities (in millions) were as follows:



	As of December 31, 2022
							Allowance
	Amortized		Gross Unrealized				for Credit		Fair
	Cost		Gains		Losses		Losses		Value
Fixed maturity AFS securities:
Corporate bonds	$	88,950	$	763	$	10,538	$	9	$	79,166
U.S. government bonds		377		5		31		-		351
State and municipal bonds		5,198		170		483		-		4,885
Foreign government bonds		339		17		45		-		311
RMBS		2,025		21		203		7		1,836
CMBS		1,908		3		244		-		1,667
ABS		11,791		37		925		4		10,899
Hybrid and redeemable preferred securities		356		25		30		1		350
Total fixed maturity AFS securities	$	110,944	$	1,041	$	12,499	$	21	$	99,465



	As of December 31, 2021
							Allowance
	Amortized		Gross Unrealized				for Credit		Fair
	Cost		Gains		Losses		Losses		Value
Fixed maturity AFS securities:
Corporate bonds	$	86,197	$	11,569	$	326	$	17	$	97,423
U.S. government bonds		348		54		2		-		400
State and municipal bonds		5,113		1,275		11		-		6,377
Foreign government bonds		365		63		5		-		423
RMBS		2,132		178		4		1		2,305
CMBS		1,542		62		14		-		1,590
ABS		8,433		127		54		-		8,506
Hybrid and redeemable preferred securities		396		103		11		1		487
Total fixed maturity AFS securities	$	104,526	$	13,431	$	427	$	19	$	117,511

The amortized cost and fair value of fixed maturity AFS securities by contractual maturities (in millions) as of December 31, 2022, were as follows:



	Amortized		Fair
	Cost		Value
Due in one year or less	$	3,239	$	3,205
Due after one year through five years		17,545		16,716
Due after five years through ten years		18,985		17,177
Due after ten years		55,451		47,965
Subtotal		95,220		85,063
Structured securities (RMBS, CMBS, ABS)		15,724		14,402
Total fixed maturity AFS securities	$	110,944	$	99,465

Actual maturities may differ from contractual maturities because issuers may have the right to call or pre-pay obligations.

The fair value and gross unrealized losses of fixed maturity AFS securities (dollars in millions) for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:



	As of December 31, 2022
	Less Than or Equal					Greater Than
	to Twelve Months					Twelve Months					Total
			Gross					Gross					Gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value			Losses		Value			Losses		Value			Losses ⁽¹⁾
Fixed maturity AFS securities:
Corporate bonds	$	57,656		$	8,684	$	6,867		$	1,854	$	64,523		$	10,538
U.S. government bonds		236			25		27			6		263			31
State and municipal bonds		1,850			414		227			69		2,077			483
Foreign government bonds		122			18		58			27		180			45
RMBS		1,337			160		191			43		1,528			203
CMBS		1,224			156		312			88		1,536			244
ABS		6,712			551		3,325			374		10,037			925
Hybrid and redeemable
preferred securities		61			5		98			25		159			30
Total fixed maturity AFS securities	$	69,198		$	10,013	$	11,105		$	2,486	$	80,303		$	12,499

Total number of fixed maturity AFS securities in an unrealized loss position															8,106


	As of December 31, 2021
	Less Than or Equal					Greater Than
	to Twelve Months					Twelve Months					Total
				Gross					Gross					Gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value			Losses		Value			Losses		Value			Losses ⁽¹⁾
Fixed maturity AFS securities:
Corporate bonds	$	10,611		$	230	$	1,386		$	96	$	11,997		$	326
U.S. government bonds		6			-		26			2		32			2
State and municipal bonds		498			10		19			1		517			11
Foreign government bonds		61			3		56			2		117			5
RMBS		261			3		20			1		281			4
CMBS		440			12		33			2		473			14
ABS		4,646			49		165			5		4,811			54
Hybrid and redeemable
preferred securities		47			1		76			10		123			11
Total fixed maturity AFS securities	$	16,570		$	308	$	1,781		$	119	$	18,351		$	427

Total number of fixed maturity AFS securities in an unrealized loss position															2,577

⁽¹⁾As of December 31, 2022 and 2021, we recognized $6 million and $8 million of gross unrealized losses, respectively, in OCI for fixed maturity AFS securities for which an allowance for credit losses has been recorded.

The fair value, gross unrealized losses (in millions) and number of fixed maturity AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows:



	As of December 31, 2022
			Gross			Number
	Fair		Unrealized			of
	Value		Losses		Securities⁽¹⁾
Less than six months	$	10,895	$	3,514			1,489
Six months or greater, but less than nine months		4,256		2,150			640
Nine months or greater, but less than twelve months		362		243			73
Twelve months or greater		2		-			15
Total	$	15,515	$	5,907			2,217



	As of December 31, 2021
			Gross			Number
	Fair		Unrealized			of
	Value		Losses		Securities⁽¹⁾
Less than six months	$	12	$	3			6
Twelve months or greater		58		8			24
Total	$	70	$	11			30

⁽¹⁾We may reflect a security in more than one aging category based on various purchase dates.

Our gross unrealized losses on fixed maturity AFS securities increased by $12.1 billion for the year ended December 31, 2022. As discussed further below, we believe the unrealized loss position as of December 31, 2022, did not require an impairment recognized in earnings as (i) we did not intend to sell these fixed maturity AFS securities; (ii) it is not more likely than not that we will be required to sell the fixed maturity AFS securities before recovery of their amortized cost basis; and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss. Based upon this evaluation as of December 31, 2022, management believes we have the ability to generate adequate amounts of cash from our normal operations (e.g., insurance premiums, fee income and investment income) to meet cash requirements with a prudent margin of safety without requiring the sale of our impaired securities.

As of December 31, 2022, the unrealized losses associated with our corporate bond, U.S. government bond, state and municipal bond and foreign government bond securities were attributable primarily to rising interest rates and widening credit spreads since purchase. We performed a detailed analysis of the financial performance of the underlying issuers and determined that we expected to recover the entire amortized cost of each impaired security.

Credit ratings express opinions about the credit quality of a security. Securities rated investment grade (those rated BBB- or higher by S&P Global Ratings (“S&P”) or Baa3 or higher by Moody’s Investors Service (“Moody’s”)) are generally considered by the rating agencies and market participants to be low credit risk. As of December 31, 2022 and 2021, 96% of the fair value of our corporate bond portfolio was rated investment grade. As of December 31, 2022 and 2021, the portion of our corporate bond portfolio rated below investment grade had an amortized cost of $3.5 billion, and a fair value of $3.3 billion and $3.7 billion, respectively. Based upon the analysis discussed above, we believe that as of December 31, 2022 and 2021, we would have recovered the amortized cost of each corporate bond.

As of December 31, 2022, the unrealized losses associated with our MBS and ABS were attributable primarily to rising interest rates and widening credit spreads since purchase. We assessed for credit impairment using a cash flow model that incorporates key assumptions including default rates, severities and prepayment rates. We estimated losses for a security by forecasting the underlying loans in each transaction. The forecasted loan performance was used to project cash flows to the various tranches in the structure, as applicable. Our forecasted cash flows also considered, as applicable, independent industry analyst reports and forecasts and other independent market data. Based upon our assessment of the expected credit losses of the security given the performance of the underlying collateral compared to our subordination or other credit enhancement, we expected to recover the entire amortized cost of each impaired security.

As of December 31, 2022, the unrealized losses associated with our hybrid and redeemable preferred securities were attributable primarily to wider credit spreads caused by illiquidity in the market and subordination within the capital structure, as well as credit risk of underlying issuers. For our hybrid and redeemable preferred securities, we evaluated the financial performance of the underlying issuers based upon credit performance and investment ratings and determined that we expected to recover the entire amortized cost of each impaired security.

Credit Loss Impairment on Fixed Maturity AFS Securities

We regularly review our fixed maturity AFS securities for declines in fair value that we determine to be impairment-related, including those attributable to credit risk factors that may require an allowance for credit losses. See Note 1 for a detailed discussion regarding our accounting policy relating to the allowance for credit losses on our fixed maturity AFS securities.

Changes in the allowance for credit losses on fixed maturity AFS securities (in millions), aggregated by investment category, were as follows:


	For the Year Ended December 31, 2022
	Corporate
	Bonds			RMBS		Other		Total
Balance as of beginning-of-year	$	17		$	1	$	1	$	19
Additions from purchases of PCD debt securities ⁽¹⁾		-			-		-		-
Additions for securities for which credit losses were not
previously recognized		4			3		-		7
Additions (reductions) for securities for which credit losses
were previously recognized		2			3		4		9
Reductions for securities disposed		(2	)		-		-		(2	)
Reductions for securities charged-off		(12	)		-		-		(12	)
Balance as of end-of-year ⁽²⁾	$	9		$	7	$	5	$	21


	For the Year Ended December 31, 2021
	Corporate
	Bonds			RMBS		Other		Total
Balance as of beginning-of-year	$	12		$	1	$	-	$	13
Additions from purchases of PCD debt securities ⁽¹⁾		-			-		-		-
Additions for securities for which credit losses were not
previously recognized		8			-		1		9
Additions (reductions) for securities for which credit losses
were previously recognized		5			-		-		5
Reductions for securities disposed		(2	)		-		-		(2	)
Reductions for securities charged-off		(6	)		-		-		(6	)
Balance as of end-of-year ⁽²⁾	$	17		$	1	$	1	$	19


	For the Year Ended December 31, 2020
	Corporate
	Bonds			RMBS		Other			Total
Balance as of beginning-of-year	$	-		$	-	$	-		$	-
Additions from purchases of PCD debt securities ⁽¹⁾		-			-		-			-
Additions for securities for which credit losses were not
previously recognized		40			1		1			42
Additions (reductions) for securities for which credit losses
were previously recognized		(1	)		-		(1	)		(2	)
Reductions for securities disposed		(15	)		-		-			(15	)
Reductions for securities charged-off		(12	)		-		-			(12	)
Balance as of end-of-year ⁽²⁾	$	12		$	1	$	-		$	13

⁽¹⁾Represents purchased credit-deteriorated (“PCD”) fixed maturity AFS securities.

⁽²⁾As of December 31, 2022, 2021 and 2020, accrued investment income on fixed maturity AFS securities totaled $1.1 billion, $944 million and $1.0 billion, respectively, and was excluded from the estimate of credit losses.

Trading Securities

Trading securities at fair value (in millions) consisted of the following:



	As of December 31,
	2022		2021
Fixed maturity securities:
Corporate bonds	$	2,196	$	2,679
U.S. government bonds		-		32
State and municipal bonds		21		27
Foreign government bonds		49		73
RMBS		99		95
CMBS		137		137
ABS		919		1,338
Hybrid and redeemable preferred securities		25		46
Total trading securities	$	3,446	$	4,427

The portion of the market adjustment for trading gains and losses recognized in realized gain (loss) that relate to trading securities still held as of December 31, 2022, 2021 and 2020, was $(628) million, $(48) million and $117 million, respectively.

Mortgage Loans on Real Estate

The following provides the current and past due composition of our mortgage loans on real estate (in millions):



	As of December 31, 2022									As of December 31, 2021
	Commercial			Residential			Total			Commercial			Residential			Total
Current	$	16,913		$	1,315		$	18,228		$	17,068		$	837		$	17,905
30 to 59 days past due		19			23			42			15			21			36
60 to 89 days past due		-			6			6			-			5			5
90 or more days past due		-			33			33			-			29			29
Allowance for credit losses		(83	)		(15	)		(98	)		(78	)		(17	)		(95	)
Unamortized premium (discount)		(9	)		36			27			(11	)		27			16
Mark-to-market gains (losses) ⁽¹⁾		(27	)		-			(27	)		(3	)		-			(3	)
Total carrying value	$	16,813		$	1,398		$	18,211		$	16,991		$	902		$	17,893

⁽¹⁾Represents the mark-to-market on certain mortgage loans on real estate for which we have elected the fair value option. See Note 20 for additional information.

Our commercial mortgage loan portfolio had the largest concentrations in California, which accounted for 28% and 26% of commercial mortgage loans on real estate as of December 31, 2022 and 2021, respectively, and Texas, which accounted for 9% of commercial mortgage loans on real estate as of December 31, 2022 and 2021.

As of December 31, 2022, our residential mortgage loan portfolio had the largest concentrations in California and New Jersey, which accounted for 17% and 12% of residential mortgage loans on real estate, respectively. As of December 31, 2021, our residential mortgage loan portfolio had the largest concentrations in California and Florida, which accounted for 22% and 14% of residential mortgage loans on real estate, respectively.

As of December 31, 2022 and 2021, we had 73 and 65 residential mortgage loans, respectively, that were either delinquent or in foreclosure. As of December 31, 2022 and 2021, we had 49 and 34 residential mortgage loans in foreclosure, respectively, with an aggregate carrying value of $21 million and $15 million, respectively.

As of December 31, 2022 and 2021, there were two and four specifically identified impaired commercial mortgage loans, respectively, with an aggregate carrying value of less than $1 million and $1 million, respectively.

As of December 31, 2022 and 2021, there were 37 and 50 specifically identified impaired residential mortgage loans, respectively, with an aggregate carrying value of $16 million and $22 million, respectively.

Additional information related to impaired mortgage loans on real estate (in millions) was as follows:


	For the Years Ended December 31,
	2022		2021		2020
Average aggregate carrying value for impaired mortgage loans on real estate	$	16	$	32	$	21
Interest income recognized on impaired mortgage loans on real estate		-		-		-
Interest income collected on impaired mortgage loans on real estate		-		-		-

The amortized cost of mortgage loans on real estate on nonaccrual status (in millions) was as follows:



	As of December 31, 2022				As of December 31, 2021
	Nonaccrual				Nonaccrual
	with no				with no
	Allowance				Allowance
	for Credit				for Credit
	Losses		Nonaccrual		Losses		Nonaccrual
Commercial mortgage loans on real estate	$	-	$	-	$	-	$	-
Residential mortgage loans on real estate		-		34		-		30
Total	$	-	$	34	$	-	$	30

We use loan-to-value and debt-service coverage ratios as credit quality indicators for our commercial mortgage loans on real estate. The amortized cost of commercial mortgage loans on real estate (dollars in millions) by year of origination and credit quality indicator was as follows:



	As of December 31, 2022
			Debt-			Debt-			Debt-
			Service			Service			Service
	Less		Coverage	65%		Coverage	Greater		Coverage
	than 65%		Ratio	to 75%		Ratio	than 75%		Ratio	Total
Origination Year
2022	$	1,769	2.06	$	105	1.50	$	2	1.45	$	1,876
2021		2,335	3.05		72	1.53		-	-		2,407
2020		1,280	2.99		17	1.58		-	-		1,297
2019		2,643	2.17		81	1.50		29	1.58		2,753
2018		2,222	2.17		67	1.62		-	-		2,289
2017 and prior		6,170	2.44		131	1.75		-	-		6,301
Total	$	16,419		$	473		$	31		$	16,923


	As of December 31, 2021
			Debt-			Debt-			Debt-
			Service			Service			Service
	Less		Coverage	65%		Coverage	Greater		Coverage
	than 65%		Ratio	to 75%		Ratio	than 75%		Ratio	Total
Origination Year
2021	$	2,361	3.05	$	136	1.74	$	-	-	$	2,497
2020		1,349	3.02		144	2.06		-	-		1,493
2019		2,875	2.14		187	1.42		-	-		3,062
2018		2,272	2.13		168	1.59		15	1.02		2,455
2017		1,648	2.33		149	1.74		27	0.83		1,824
2016 and prior		5,543	2.41		171	1.76		27	1.08		5,741
Total	$	16,048		$	955		$	69		$	17,072

We use loan performance status as the primary credit quality indicator for our residential mortgage loans on real estate. The amortized cost of residential mortgage loans on real estate (in millions) by year of origination and credit quality indicator was as follows:



	As of December 31, 2022
	Performing		Nonperforming			Total
Origination Year
2022	$	578		$	5	$	583
2021		527			6		533
2020		90			3		93
2019		119			18		137
2018		65			2		67
2017 and prior		-			-		-
Total	$	1,379		$	34	$	1,413


	As of December 31, 2021
	Performing		Nonperforming			Total
Origination Year
2021	$	467		$	2	$	469
2020		129			2		131
2019		189			21		210
2018		104			5		109
2017		-			-		-
2016 and prior		-			-		-
Total	$	889		$	30	$	919

‎

Credit Losses on Mortgage Loans on Real Estate

In connection with our recognition of an allowance for credit losses for mortgage loans on real estate, we perform a quantitative analysis using a probability of default/loss given default/exposure at default approach to estimate expected credit losses in our mortgage loan portfolio as well as unfunded commitments related to commercial mortgage loans, exclusive of certain mortgage loans held at fair value. See Note 1 for a detailed discussion regarding our accounting policy relating to the allowance for credit losses on our mortgage loans on real estate.

Changes in the allowance for credit losses on mortgage loans on real estate (in millions) were as follows:



	For the Year Ended December 31, 2022
	Commercial		Residential			Total
Balance as of beginning-of-year	$	78	$	17		$	95
Additions (reductions) from provision for credit loss expense ⁽¹⁾		5		(2	)		3
Additions from purchases of PCD mortgage loans on real estate		-		-			-
Balance as of end-of-year ⁽²⁾	$	83	$	15		$	98


	For the Year Ended December 31, 2021
	Commercial			Residential		Total
Balance as of beginning-of-year	$	186		$	17	$	203
Additions (reductions) from provision for credit loss expense ⁽¹⁾		(108	)		-		(108	)
Additions from purchases of PCD mortgage loans on real estate		-			-		-
Balance as of end-of-year ⁽²⁾	$	78		$	17	$	95


	For the Year Ended December 31, 2020
	Commercial		Residential			Total
Balance as of beginning-of-year	$	-	$	2		$	2
Impact of adopting new accounting standard		61		26			87
Additions (reductions) from provision for credit loss expense ⁽¹⁾		125		(11	)		114
Additions from purchases of PCD mortgage loans on real estate		-		-			-
Balance as of end-of-year ⁽²⁾	$	186	$	17		$	203

⁽¹⁾We did not recognize any credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the year ended December 31, 2022. We recognized $3 million and $(2) million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the years ended December 31, 2021 and 2020, respectively.

⁽²⁾Accrued investment income on mortgage loans on real estate totaled $51 million, $48 million and $48 million as of December 31, 2022, 2021 and 2020, respectively, and was excluded from the estimate of credit losses.

Alternative Investments

As of December 31, 2022 and 2021, alternative investments included investments in 328 and 305 different partnerships, respectively, and represented approximately 2% of total investments.

Net Investment Income

The major categories of net investment income (in millions) on the Consolidated Statements of Comprehensive Income (Loss) were as follows:



	For the Years Ended December 31,
	2022			2021			2020
Fixed maturity AFS securities	$	4,408		$	4,242		$	4,241
Trading securities		179			165			198
Equity securities		11			3			3
Mortgage loans on real estate		687			677			674
Policy loans		100			115			125
Cash and invested cash		12			-			13
Commercial mortgage loan prepayment
and bond make-whole premiums		100			195			78
Alternative investments		96			677			218
Consent fees		8			10			5
Other investments		75			60			42
Investment income		5,676			6,144			5,597
Investment expense		(406	)		(300	)		(333	)
Net investment income	$	5,270		$	5,844		$	5,264

Impairments on Fixed Maturity AFS Securities

Details underlying credit loss benefit (expense) incurred as a result of impairments that were recognized in net income (loss) and included in realized gain (loss) on fixed maturity AFS securities (in millions) were as follows:



	For the Years Ended December 31,
	2022			2021			2020
Credit Loss Benefit (Expense)
Fixed maturity AFS securities:
Corporate bonds	$	(4	)	$	(10	)	$	(24	)
RMBS		(6	)		-			(1	)
ABS		(4	)		-			-
Hybrid and redeemable preferred securities		-			(1	)		-
Gross credit loss benefit (expense)		(14	)		(11	)		(25	)
Associated amortization of DAC, VOBA, DSI and DFEL		-			-			1
Net credit loss benefit (expense)	$	(14	)	$	(11	)	$	(24	)

Payables for Collateral on Investments

The carrying value of the payables for collateral on investments included on the Consolidated Balance Sheets and the fair value of the related investments or collateral (in millions) consisted of the following:



	As of December 31, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Collateral payable for derivative investments ⁽¹⁾	$	3,210	$	3,210	$	5,565	$	5,565
Securities pledged under securities lending agreements ⁽²⁾		298		287		241		235
Investments pledged for FHLBI ⁽³⁾		3,130		3,925		3,130		4,876
Total payables for collateral on investments	$	6,638	$	7,422	$	8,936	$	10,676

⁽¹⁾We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash. This also includes interest payable on collateral. See Note 5 for additional information.

⁽²⁾Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on the Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities.

⁽³⁾Our pledged investments for FHLBI are included in fixed maturity AFS securities and mortgage loans on real estate on the Consolidated Balance Sheets. The collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities.

We have repurchase agreements through which we can obtain liquidity by pledging securities. The collateral requirements are generally 80% to 95% of the fair value of the securities, and our agreements with third parties contain contractual provisions to allow for additional collateral to be obtained when necessary. The cash received in our repurchase program is typically invested in fixed maturity AFS securities. As of December 31, 2022 and 2021, we were not participating in any open repurchase agreements.

Increase (decrease) in payables for collateral on investments (in millions) consisted of the following:


	For the Years Ended December 31,
	2022			2021		2020
Collateral payable for derivative investments	$	(2,355	)	$	2,595	$	1,587
Securities pledged under securities lending agreements		57			126		1
Investments pledged for FHLBI		-			-		(450	)
Total increase (decrease) in payables for collateral on investments	$	(2,298	)	$	2,721	$	1,138

We have elected not to offset our securities lending transactions in the consolidated financial statements. The remaining contractual maturities of securities lending transactions accounted for as secured borrowings (in millions) were as follows:


	As of December 31, 2022
	Overnight and Continuous		Up to 30 Days		30 - 90 Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	288	$	-	$	-	$	-	$	288
Foreign government bonds		2		-		-		-		2
Equity securities		8		-		-		-		8
Total gross secured borrowings	$	298	$	-	$	-	$	-	$	298

We accept collateral in the form of securities in connection with repurchase agreements. In instances where we are permitted to sell or re-pledge the securities received, we report the fair value of the collateral received and a related obligation to return the collateral in the consolidated financial statements. In addition, we receive securities in connection with securities borrowing agreements that we are permitted to sell or re-pledge. As of December 31, 2022, the fair value of all collateral received that we are permitted to sell or re-pledge was $25 million, and we had re-pledged all of this collateral to cover initial margin and over-the-counter collateral requirements on certain derivative investments.

As of December 31, 2022, our investment commitments were $2.3 billion, which included $1.8 billion of LPs, $298 million of private placement securities and $226 million of mortgage loans on real estate.

As of December 31, 2022, our most significant investments in one issuer were our investments in securities issued by White Chapel LLC and the Federal National Mortgage Association with a fair value of $1.0 billion and $702 million, respectively, or 1% of total investments. As of December 31, 2021, our most significant investments in one issuer were our investments in securities issued by White Chapel LLC and the Federal Home Loan Mortgage Corporation with a fair value of $995 million and $910 million, respectively, or 1% of total investments. These concentrations include fixed maturity AFS, trading and equity securities.