Investments in equity securities as of March 31, 2016 and December 31, 2015 are summarized based on the primary industry of the investee in the table below (in millions).


	Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
March 31, 2016 *
Banks, insurance and finance	$	19,852	$	22,806	$	(150	)	$	42,508
Consumer products		4,709		18,323		—			23,032
Commercial, industrial and other		35,153		7,696		(1,969	)		40,880

	$	59,714	$	48,825	$	(2,119	)	$	106,420

*	Approximately 60% of the aggregate fair value was concentrated in the equity securities of four companies (American Express Company – $9.3 billion; Wells Fargo & Company – $24.2 billion; International Business Machines Corporation (“IBM”) – $12.3 billion; and The Coca-Cola Company – $18.6 billion).


	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
December 31, 2015 *
Banks, insurance and finance	$	20,026	$	27,965	$	(21)	$	47,970
Consumer products		6,867		18,022		(1)		24,888
Commercial, industrial and other		35,417		6,785		(3,238)		38,964

	$	62,310	$	52,772	$	(3,260)	$	111,822

*	Approximately 59% of the aggregate fair value was concentrated in the equity securities of four companies (American Express Company – $10.5 billion; Wells Fargo & Company – $27.2 billion; International Business Machines Corporation – $11.2 billion; and The Coca-Cola Company – $17.2 billion).

Investments in equity securities are reflected in our Consolidated Balance Sheets as follows (in millions).


	March 31, 2016		December 31, 2015
Insurance and other	$	104,798	$	110,212
Railroad, utilities and energy *		1,291		1,238
Finance and financial products		331		372

	$	106,420	$	111,822

*	Included in other assets.