Trading Assets and Liabilities

Trading assets and liabilities consisted of the following:



	September 30, 2015		December 31, 2014
	(in millions)
Trading assets:
U.S. Treasury	$	2,869	$	2,675
U.S. Government agency issued or guaranteed	10		3
U.S. Government sponsored enterprises⁽¹⁾	156		45
Obligations of U.S. states and political subdivisions	572		591
Asset backed securities	440		481
Corporate and foreign bonds	5,559		9,681
Other securities	18		22
Precious metals	1,893		1,992
Derivatives, net	4,135		5,602
Total trading assets	$	15,652	$	21,092
Trading liabilities:
Securities sold, not yet purchased	$	717	$	683
Payables for precious metals	—		22
Derivatives, net	5,619		7,459
Total trading liabilities	$	6,336	$	8,164


⁽¹⁾	Consists of mortgage backed securities of $156 million and $45 million issued or guaranteed by the Federal National Mortgage Association ("FNMA") at September 30, 2015 and December 31, 2014, respectively.

At September 30, 2015 and December 31, 2014, the fair value of derivatives included in trading assets is net of $5,714 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 September 30, 2015 and December 31, 2014, the fair value of derivatives included in trading liabilities is net of $1,681 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.