Trading assets and liabilities consisted of the following.



	September 30, 2013		December 31, 2012
	(in millions)
Trading assets:
U.S. Treasury	$	2,064	$	2,484
U.S. Government agency issued or guaranteed	330		337
U.S. Government sponsored enterprises⁽¹⁾	161		32
Obligations of U.S. states and political subdivisions	16		—
Asset backed securities	482		687
Corporate and foreign bonds⁽²⁾	7,277		9,583
Other securities	24		36
Precious metals	10,587		12,332
Derivatives	4,586		5,383
	$	25,527	$	30,874
Trading liabilities:
Securities sold, not yet purchased	$	921	$	207
Payables for precious metals	3,549		5,767
Derivatives	6,595		8,725
	$	11,065	$	14,699


⁽¹⁾	Includes mortgage backed securities of $134 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 September 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 September 30, 2013 or December 31, 2012.