14. 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	2012		2011
Trading account assets
Mortgage-backed securities ⁽¹⁾
U.S. government-sponsored agency guaranteed	$	31,160	$	27,535
Prime		1,248		877
Alt-A		801		609
Subprime		812		989
Non-U.S. residential		607		396
Commercial		2,441		2,333
Total mortgage-backed securities	$	37,069	$	32,739
U.S. Treasury and federal agency securities
U.S. Treasury	$	17,472	$	18,227
Agency obligations		2,884		1,172
Total U.S. Treasury and federal agency securities	$	20,356	$	19,399
State and municipal securities	$	3,806	$	5,364
Foreign government securities		89,239		79,551
Corporate		35,224		37,026
Derivatives ⁽²⁾		54,620		62,327
Equity securities		56,998		33,230
Asset-backed securities ⁽¹⁾		5,352		7,071
Other debt securities		18,265		15,027
Total trading account assets	$	320,929	$	291,734
Trading account liabilities
Securities sold, not yet purchased	$	63,798	$	69,809
Derivatives ⁽²⁾		51,751		56,273
Total trading account liabilities	$	115,549	$	126,082

(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.