in 2017 what was the ratio of the afs investment securities at period-end to the average
management 2019s discussion and analysis 74 jpmorgan chase & co./2017 annual report treasury and cio overview treasury and cio is predominantly responsible for measuring , monitoring , reporting and managing the firm 2019s liquidity , funding and structural interest rate and foreign exchange risks , as well as executing the firm 2019s capital plan . the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases , which generate both on- and off-balance sheet assets and liabilities . treasury and cio seek to achieve the firm 2019s asset-liability management objectives generally by investing in high- quality securities that are managed for the longer-term as part of the firm 2019s investment securities portfolio . treasury and cio also use derivatives to meet the firm 2019s asset- liability management objectives . for further information on derivatives , see note 5 . the investment securities portfolio primarily consists of agency and nonagency mortgage- backed securities , u.s . and non-u.s . government securities , obligations of u.s . states and municipalities , other abs and corporate debt securities . at december 31 , 2017 , the investment securities portfolio was $ 248.0 billion , and the average credit rating of the securities comprising the portfolio was aa+ ( based upon external ratings where available and where not available , based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s ) . see note 10 for further information on the details of the firm 2019s investment securities portfolio . for further information on liquidity and funding risk , see liquidity risk management on pages 92 201397 . for information on interest rate , foreign exchange and other risks , see market risk management on pages 121-128 . selected income statement and balance sheet data as of or for the year ended december 31 , ( in millions ) 2017 2016 2015 .

| As of or for the year ended December 31, (in millions) | 2017 | 2016 | 2015 |
| :--- | :--- | :--- | :--- |
| Securities gains/(losses) | $(78) | $132 | $190 |
| AFS investment securities (average) | 219,345 | 226,892 | 264,758 |
| HTM investment securities (average) | 47,927 | 51,358 | 50,044 |
| Investment securities portfolio (average) | 267,272 | 278,250 | 314,802 |
| AFS investment securities (period-end) | 200,247 | 236,670 | 238,704 |
| HTM investment securities (period-end) | 47,733 | 50,168 | 49,073 |
| Investment securities portfolio (period–end) | 247,980 | 286,838 | 287,777 |

afs investment securities ( average ) 219345 226892 264758 htm investment securities ( average ) 47927 51358 50044 investment securities portfolio ( average ) 267272 278250 314802 afs investment securities ( period-end ) 200247 236670 238704 htm investment securities ( period-end ) 47733 50168 49073 investment securities portfolio ( period 2013end ) 247980 286838 287777 .

afs_investment_securities_period_end = 200247
afs_investment_securities_average = 219345
ratio = afs_investment_securities_period_end / afs_investment_securities_average
answer = ratio