Trading Assets and Liabilities

Trading assets and liabilities consisted of the following:



At December 31,	2014		2013
	(in millions)
Trading assets:
U.S. Treasury	$	2,675	$	1,344
U.S. Government agency issued or guaranteed	3		19
U.S. Government sponsored enterprises⁽¹⁾	45		159
Obligations of U.S. states and political subdivisions	591		25
Asset backed securities	481		481
Corporate and foreign bonds	9,681		9,099
Other securities	22		25
Precious metals	1,992		11,751
Derivatives	5,602		5,991
	$	21,092	$	28,894
Trading liabilities:
Securities sold, not yet purchased	$	683	$	308
Payables for precious metals	22		3,826
Derivatives	7,459		6,741
	$	8,164	$	10,875


⁽¹⁾	Includes mortgage backed securities of $45 million and $133 million issued or guaranteed by the Federal National Mortgage Association ("FNMA") and $0 million and $26 million issued or guaranteed by the Federal Home Loan Mortgage Corporation ("FHLMC") at December 31, 2014 and 2013, respectively.

At December 31, 2014 and 2013, the fair value of derivatives included in trading assets has been reduced by $4,811 million and $3,870 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.

At December 31, 2014 and 2013, the fair value of derivatives included in trading liabilities has been reduced by $1,724 million and $2,116 million, respectively, relating to amounts recognized for the right to reclaim cash collateral paid under master netting agreements with derivative counterparties.

See Note 15, "Derivative Financial Instruments," for further information on our trading derivatives and related collateral.