Trading account assets and Trading account liabilities are carried at fair value, other than physical commodities accounted for at the lower of cost or fair value, and consist of the following:



In millions of dollars	March 31, 2016		December 31, 2015
Trading account assets
Mortgage-backed securities⁽¹⁾
U.S. government-sponsored agency guaranteed	$	28,026	$	24,767
Prime	372		803
Alt-A	226		543
Subprime	570		516
Non-U.S. residential	312		523
Commercial	2,372		2,855
Total mortgage-backed securities	$	31,878	$	30,007
U.S. Treasury and federal agency securities
U.S. Treasury	$	29,716	$	15,791
Agency obligations	2,447		2,005
Total U.S. Treasury and federal agency securities	$	32,163	$	17,796
State and municipal securities	$	3,642	$	2,696
Foreign government securities	62,923		56,609
Corporate	15,389		14,437
Derivatives⁽²⁾	63,044		56,184
Equity securities	49,108		56,495
Asset-backed securities⁽¹⁾	3,567		3,956
Other trading assets⁽³⁾	12,033		11,776
Total trading account assets	$	273,747	$	249,956
Trading account liabilities
Securities sold, not yet purchased	$	73,241	$	57,827
Derivatives⁽²⁾	62,769		57,592
Other trading liabilities⁽³⁾	136		2,093
Total trading account liabilities	$	136,146	$	117,512

(1)

The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 20 to the Consolidated Financial Statements.


(2)	Presented net, pursuant to enforceable master netting agreements. See Note 21 to the Consolidated Financial Statements for a discussion regarding the accounting and reporting for derivatives.


(3)	Includes positions related to investments in unallocated precious metals, as discussed in Note 23 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value.