Trading Assets and Liabilities

Trading assets and liabilities consisted of the following:



	March 31, 2017		December 31, 2016
	(in millions)
Trading assets:
U.S. Treasury	$	3,576	$	3,560
U.S. Government agency issued or guaranteed	23		24
U.S. Government sponsored enterprises	216		222
Asset-backed securities	357		365
Corporate and foreign bonds	7,288		6,481
Other securities	12		15
Precious metals	7,770		1,772
Derivatives, net	3,581		4,411
Total trading assets	$	22,823	$	16,850
Trading liabilities:
Securities sold, not yet purchased	$	855	$	1,060
Payables for precious metals	—		62
Derivatives, net	3,169		3,786
Total trading liabilities	$	4,024	$	4,908

At March 31, 2017 and December 31, 2016, the fair value of derivatives included in trading assets is net of $3,783 million and $4,462 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.

At March 31, 2017 and December 31, 2016, the fair value of derivatives included in trading liabilities is net of $3,184 million and $3,826 million, respectively, relating to amounts recognized for the right to reclaim cash collateral paid under master netting agreements with derivative counterparties.

See Note 8, "Derivative Financial Instruments," for further information on our trading derivatives and related collateral.