Trading Assets and Liabilities

Trading assets and liabilities are summarized in the following table.



	June 30, 2013		December 31, 2012
	(in millions)
Trading assets:
U.S. Treasury	$	1,530	$	2,484
U.S. Government agency	73		337
U.S. Government sponsored enterprises⁽¹⁾	124		32
Asset backed securities	469		687
Corporate and foreign bonds⁽²⁾	6,830		9,583
Other securities	24		36
Precious metals	9,397		12,332
Derivatives	9,001		10,504
	$	27,448	$	35,995
Trading liabilities:
Securities sold, not yet purchased	$	491	$	207
Payables for precious metals	4,545		5,767
Derivatives	10,301		13,846
	$	15,337	$	19,820


⁽¹⁾	Includes mortgage backed securities of $97 million and $16 million issued or guaranteed by the Federal National Mortgage Association (“FNMA”) and $27 million and $16 million issued or guaranteed by the Federal Home Loan Mortgage Corporation (“FHLMC”) at June 30, 2013 and December 31, 2012, respectively.


⁽²⁾	We did not hold any foreign bonds issued by the governments of Greece, Ireland, Italy, Portugal or Spain at either June 30, 2013 or December 31, 2012.

At June 30, 2013 and December 31, 2012, the fair value of derivatives included in trading assets has been reduced by $5.0 billion and $5.1 billion, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.

At June 30, 2013 and December 31, 2012, the fair value of derivatives included in trading liabilities has been reduced by $1.9 billion and $1.3 billion, respectively, relating to amounts recognized for the right to reclaim cash collateral paid under master netting agreements with derivative counterparties.

See Note 10, "Derivative Financial Instruments" for further information on our trading derivatives and related collateral.