Investments and Related Matters.

Investment

Investments, and securities sold, not yet purchased consist of equities, bonds, bank debt and other corporate obligations, all of which are reported at fair value in our condensed consolidated balance sheets. These investments are considered trading securities. In addition, our Investment segment has certain derivative transactions which are discussed in Note 6, "Financial Instruments - Investment." The carrying value and detail of security type and business sector with respect to investments and securities sold, not yet purchased held by our Investment segment consist of the following:



	March 31, 2016		December 31, 2015
Assets	(in millions)
Investments:
Equity securities:
Basic materials	$	860	$	563
Communications	218		407
Consumer, non-cyclical	3,035		3,684
Consumer, cyclical	163		115
Diversified	16		17
Energy	1,292		1,461
Financial	1,921		2,094
Industrial	222		188
Technology	1,274		5,795
	9,001		14,324
Corporate debt:
Consumer, cyclical	116		55
Financial	4		4
Sovereign debt	—		13
Utilities	12		—
	132		72
Mortgage-backed securities:
Financial	138		157
	$	9,271	$	14,553
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, non-cyclical	$	—	$	794
Consumer, cyclical	847		—
Financial	151		—
	998		794
Debt securities:
Consumer, cyclical	54		—
	$	1,052	$	794

The portion of trading gains (loss) that relates to trading securities still held by our Investment segment for the three months ended March 31, 2016 and 2015 was $(174) million and $458 million, respectively.

Other Segments

The carrying value of investments held by our other segments and our Holding Company consist of the following:



	March 31, 2016		December 31, 2015
	(in millions)
Equity method investments	$	340	$	323
Other investments	415		475
	$	755	$	798