13. TRADING ACCOUNT ASSETS AND LIABILITIES

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

In millions of dollars	2013		2012
Trading account assets
Mortgage-backed securities(1)
U.S. government-sponsored agency guaranteed	$	23,955	$	31,160
Prime	1,422		1,248
Alt-A	721		801
Subprime	1,211		812
Non-U.S. residential	723		607
Commercial	2,574		2,441
Total mortgage-backed securities	$	30,606	$	37,069
U.S. Treasury and federal agency securities
U.S. Treasury	$	13,537	$	17,472
Agency obligations	1,300		2,884
Total U.S. Treasury and federal agency securities	$	14,837	$	20,356
State and municipal securities	$	3,207	$	3,806
Foreign government securities	74,856		89,239
Corporate	30,534		35,224
Derivatives(2)	52,821		54,620
Equity securities	61,776		56,998
Asset-backed securities(1)	5,616		5,352
Other trading assets(3)	11,675		18,265
Total trading account assets	$	285,928	$	320,929
Trading account liabilities
Securities sold, not yet purchased	$	61,508	$	63,798
Derivatives(2)	47,254		51,751
Total trading account liabilities	$	108,762	$	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 22 to the Consolidated Financial Statements.

(2) Presented net, pursuant to enforceable master netting agreements. See Note 23 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 26 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value.