12. TRADING ACCOUNT ASSETS AND LIABILITIES

Trading account assets and Trading account liabilities, at fair value, consisted of the following at March 31, 2014 and December 31, 2013:

In millions of dollars	March 31, 2014		December 31, 2013
Trading account assets
Mortgage-backed securities(1)
U.S. government-sponsored agency guaranteed	$	21,384	$	23,955
Prime	1,558		1,422
Alt-A	849		721
Subprime	1,070		1,211
Non-U.S. residential	894		723
Commercial	2,582		2,574
Total mortgage-backed securities	$	28,337	$	30,606
U.S. Treasury and federal agency securities
U.S. Treasury	$	18,150	$	13,537
Agency obligations	1,985		1,300
Total U.S. Treasury and federal agency securities	$	20,135	$	14,837
State and municipal securities	$	3,090	$	3,207
Foreign government securities	77,227		74,856
Corporate	30,880		30,534
Derivatives(2)	47,657		52,821
Equity securities	54,172		61,776
Asset-backed securities(1)	4,703		5,616
Other trading assets(3)	11,979		11,675
Total trading account assets	$	278,180	$	285,928
Trading account liabilities
Securities sold, not yet purchased	$	79,928	$	61,508
Derivatives(2)	44,112		47,254
Total trading account liabilities	$	124,040	$	108,762

(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 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.