Financial Instruments Owned, at Fair Value and Financial Instruments Sold but not yet Purchased, at Fair Value (Tables)

6 Months Ended

Jun. 30, 2011



	As of June 2011					As of December 2010
			Financial						Financial
			Instruments						Instruments
	Financial		Sold, But			Financial			Sold, But
	Instruments		Not Yet			Instruments			Not Yet
in millions	Owned		Purchased			Owned			Purchased

Commercial paper, certificates of deposit, time deposits and other money market instruments	$	7,186	$	—		$	11,262	⁴	$	—
U.S. government and federal agency obligations		87,075		29,392			84,928			23,264
Non-U.S. government obligations		55,023		28,622			40,675			29,009
Mortgage and other asset-backed loans and securities:
Loans and securities backed by commercial real estate		6,693		—			6,200			5
Loans and securities backed by residential real estate		7,716		12			9,404			6
Loan portfolios ¹		1,238		—			1,438			—
Bank loans and bridge loans		18,927		1,823	³		18,039			1,487	³
Corporate debt securities		25,582		9,267			24,719			7,219
State and municipal obligations		3,328		—			2,792			—
Other debt obligations		2,554		4			3,232			—
Equities and convertible debentures		71,626		33,019			67,833			24,988
Commodities		10,133		8			13,138			9
Derivatives ²		73,524		47,492			73,293			54,730


Total	$	370,605	$	149,639		$	356,953		$	140,717


1.	Consists of acquired portfolios of distressed loans, primarily backed by commercial and residential real estate.

2.	Net of cash collateral received or posted under credit support agreements and reported on a net-by-counterparty basis when a legal right of setoff exists under an enforceable netting agreement.

3.	Includes the fair value of unfunded commitments to extend credit. The fair value of partially funded commitments is primarily included in “Financial instruments owned, at fair value.”

4.	Includes $4.06 billion as of December 2010 of money market instruments held by William Street Funding Corporation (Funding Corp.) to support the William Street credit extension program. See Note 18 for further information about the William Street credit extension program.