Trading Assets and Liabilities

Trading assets and liabilities consisted of the following:



	June 30, 2015		December 31, 2014
	(in millions)
Trading assets:
U.S. Treasury	$	2,988	$	2,675
U.S. Government agency issued or guaranteed	6		3
U.S. Government sponsored enterprises⁽¹⁾	152		45
Obligations of U.S. states and political subdivisions	581		591
Asset backed securities	457		481
Corporate and foreign bonds	7,510		9,681
Other securities	18		22
Precious metals	2,128		1,992
Derivatives, net	3,931		5,602
Total trading assets	$	17,771	$	21,092
Trading liabilities:
Securities sold, not yet purchased	$	669	$	683
Payables for precious metals	—		22
Derivatives, net	5,779		7,459
Total trading liabilities	$	6,448	$	8,164


⁽¹⁾	Consists of mortgage backed securities of $152 million and $45 million issued or guaranteed by the Federal National Mortgage Association ("FNMA") at June 30, 2015 and December 31, 2014, respectively.

At June 30, 2015 and December 31, 2014, the fair value of derivatives included in trading assets is net of $4,678 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 June 30, 2015 and December 31, 2014, the fair value of derivatives included in trading liabilities is net of $1,021 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 9, "Derivative Financial Instruments," for further information on our trading derivatives and related collateral.