Trading Assets and Liabilities

Trading assets and liabilities consisted of the following:



At December 31,	2016		2015
	(in millions)
Trading assets:
U.S. Treasury	$	3,560	$	3,088
U.S. Government agency issued or guaranteed	24		13
U.S. Government sponsored enterprises	222		154
Obligations of U.S. states and political subdivisions	—		559
Asset-backed securities	365		424
Corporate and foreign bonds	6,481		6,899
Other securities	15		18
Precious metals	1,772		780
Derivatives, net	4,411		5,150
Total trading assets	$	16,850	$	17,085
Trading liabilities:
Securities sold, not yet purchased	$	1,060	$	399
Payables for precious metals	62		650
Derivatives, net	3,786		6,406
Total trading liabilities	$	4,908	$	7,455

At December 31, 2016 and 2015, the fair value of derivatives included in trading assets is net of $4,462 million and $4,652 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.

At December 31, 2016 and 2015, the fair value of derivatives included in trading liabilities is net of $3,826 million and $1,530 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.