Trading assets and liabilities consisted of the following.



At December 31,	2013		2012
	(in millions)
Trading assets:
U.S. Treasury	$	1,344	$	2,484
U.S. Government agency issued or guaranteed	19		337
U.S. Government sponsored enterprises⁽¹⁾	159		32
Obligations of U.S. states and political subdivisions	25		—
Asset backed securities	481		687
Corporate and foreign bonds⁽²⁾	9,099		9,583
Other securities	25		36
Precious metals	11,751		12,332
Derivatives	5,991		5,383
	$	28,894	$	30,874
Trading liabilities:
Securities sold, not yet purchased	$	308	$	207
Payables for precious metals	3,826		5,767
Derivatives	6,741		8,725
	$	10,875	$	14,699


⁽¹⁾	Includes mortgage backed securities of $133 million and $16 million issued or guaranteed by the Federal National Mortgage Association ("FNMA") and $26 million and $16 million issued or guaranteed by the Federal Home Loan Mortgage Corporation ("FHLMC") at December 31, 2013 and 2012, respectively.


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