Trading assets and liabilities are summarized in the following table.


	September 30, 2012		December 31, 2011
	(in millions)
Trading assets:
U.S. Treasury	$	2,283	$	259
U.S. Government agency issued or guaranteed		292		14
U.S. Government sponsored enterprises⁽¹⁾		231		24
Asset-backed securities		987		1,032
Corporate and foreign bonds⁽²⁾		9,636		11,577
Other securities		37		40
Precious metals		15,777		17,082
Fair value of derivatives, net		9,079		8,772

	$	38,322	$	38,800

Trading liabilities:
Securities sold, not yet purchased	$	361	$	343
Payables for precious metals		6,853		6,999
Fair value of derivatives, net		13,661		6,844

	$	20,875	$	14,186

⁽¹⁾

Includes mortgage-backed securities of $13 million and $10 million issued or guaranteed by the Federal National Mortgage Association (“FNMA”) at September 30, 2012 and December 31, 2011, respectively, and $218 million and $14 million issued or guaranteed by the Federal Home Loan Mortgage Corporation (“FHLMC”) at September 30, 2012 and December 31, 2011, respectively.

⁽²⁾	We did not hold any foreign bonds issued by the governments of Greece, Ireland, Italy, Portugal or Spain at either September 30, 2012 or December 31, 2011.