Trading Assets and Liabilities

Trading assets and liabilities consisted of the following:



	2015		2014
	(in millions)
Trading assets:
U.S. Treasury	$	3,088	$	2,675
U.S. Government agency issued or guaranteed	13		3
U.S. Government sponsored enterprises⁽¹⁾	154		45
Obligations of U.S. states and political subdivisions	559		591
Asset backed securities	424		481
Corporate and foreign bonds	6,899		9,681
Other securities	18		22
Precious metals	780		1,992
Derivatives, net	5,150		5,602
Total trading assets	$	17,085	$	21,092
Trading liabilities:
Securities sold, not yet purchased	$	399	$	683
Payables for precious metals	650		22
Derivatives, net	6,406		7,459
Total trading liabilities	$	7,455	$	8,164


⁽¹⁾	Consists of mortgage backed securities of $154 million and $45 million issued or guaranteed by the Federal National Mortgage Association ("FNMA") at December 31, 2015 and 2014, respectively.

At December 31, 2015 and 2014, the fair value of derivatives included in trading assets is net of $4,652 million and $4,811 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.

At December 31, 2015 and 2014, the fair value of derivatives included in trading liabilities is net of $1,530 million and $1,724 million, respectively, relating to amounts recognized for the right to reclaim cash collateral paid under master netting agreements with derivative counterparties.

See Note 14, "Derivative Financial Instruments," for further information on our trading derivatives and related collateral.