PART II ITEM 8 Financial Statements and Supplementary Data Investments NOTE 12 Securities in the following table are included in fixed maturities and equity securities on the Company’s Consolidated Balance Sheets. The Company’s hybrid investments include certain preferred stock or debt securities with call or conversion features. A. Fixed Maturities and Equity Securities Fixed maturities included federal government securities of $54 million at December 31, 2012 and $79 million at December 31, 2011, that were pledged as collateral to brokers as required under certain futures contracts. The following information about fixed maturities excludes trading and hybrid securities. The amortized cost and fair value by contractual maturity periods for fixed maturities were as follows at December 31, 2012: Actual maturities could differ from contractual maturities because issuers may have the right to call or prepay obligations, with or without penalties. Also, in some cases the Company may extend maturity dates. Gross unrealized appreciation (depreciation) on fixed maturities by type of issuer is shown below (excluding trading securities and hybrid securities with a fair value of $16 million at December 31, 2012 and $30 million at December 31, 2011). CIGNA CORPORATION -  2012 Form  10-K 101 December 31, 2012 Amortized Unrealized Unrealized Fair (In millions) Cost Appreciation Depreciation Value Federal government and agency $ 509 $ 393 $ - $ 902 State and local government 2,169 270 (2) 2,437 Foreign government 1,197 126 (1) 1,322 Corporate 10,590 1,308 (17) 11,881 Federal agency mortgage-backed 121 1 - 122 Other mortgage-backed 82 11 (4) 89 Other asset-backed 797 145 (6) 936 TOTAL $ 15,465 $ 2,254 $ (30) $ 17,689 Amortized Fair (In millions) Cost Value Due in one year or less $ 1,121 $ 1,141 Due after one year through five years 5,211 5,633 Due after five years through ten years 5,283 5,973 Due after ten years 2,850 3,796 Mortgage and other asset-backed securities 1,000 1,146 TOTAL $ 15,465 $ 17,689 (In millions) 2012 2011 Included in fixed maturities: Trading securities (amortized cost: $1; $2) $ 1 $ 2 Hybrid securities (amortized cost: $15; $26) 15 28 TOTAL $ 16 $ 30 Included in equity securities: Hybrid securities (amortized cost: $84; $90) $ 70 $ 65