11. TRADING ACCOUNT ASSETS AND LIABILITIES

Trading account assets and Trading account liabilities, at fair value, consisted of the following at March 31, 2013 and December 31, 2012:

*In millions of dollars*	March 31, 2013		December 31, 2012

Trading account assets
Mortgage-backed securities(1)
U.S. government-sponsored agency guaranteed	$	29,725	$	31,160
Prime		1,162		1,248
Alt-A		674		801
Subprime		1,290		812
Non-U.S. residential		590		607
Commercial		2,672		2,441

Total mortgage-backed securities	$	36,113	$	37,069

U.S. Treasury and federal agency securities
U.S. Treasury	$	15,349	$	17,472
Agency obligations		3,633		2,884

Total U.S. Treasury and federal agency securities	$	18,982	$	20,356

State and municipal securities	$	4,677	$	3,806
Foreign government securities		85,279		89,239
Corporate		33,454		35,224
Derivatives(2)		55,300		54,620
Equity securities		54,462		56,998
Asset-backed securities(1)		5,388		5,352
Other debt securities(3)		14,666		18,265

Total trading account assets	$	308,321	$	320,929

Trading account liabilities
Securities sold, not yet purchased	$	67,441	$	63,798
Derivatives(2)		52,785		51,751

Total trading account liabilities	$	120,226	$	115,549

(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 18 to the Consolidated Financial Statements.
(2): Presented net, pursuant to enforceable master netting agreements. See Note 19 to the Consolidated Financial Statements for a discussion regarding the accounting and reporting for derivatives.
(3): Includes investments in unallocated precious metals, as discussed in Note 21 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value.