Trading Assets and Liabilities

Trading assets and liabilities consisted of the following:



At December 31,	2017		2016
	(in millions)
Trading assets:
U.S. Treasury	$	3,391	$	3,560
U.S. Government agency issued or guaranteed	122		24
U.S. Government sponsored enterprises	210		222
Asset-backed securities	236		365
Corporate and foreign bonds	6,180		6,481
Other securities	12		15
Precious metals	2,274		1,772
Derivatives, net	3,725		4,411
Total trading assets	$	16,150	$	16,850
Trading liabilities:
Securities sold, not yet purchased	$	1,722	$	1,060
Payables for precious metals	524		62
Derivatives, net	2,633		3,786
Total trading liabilities	$	4,879	$	4,908

At December 31, 2017 and 2016, the fair value of derivatives included in trading assets is net of $3,423 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 December 31, 2017 and 2016, the fair value of derivatives included in trading liabilities is net of $3,680 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 14, "Derivative Financial Instruments," for further information on our trading derivatives and related collateral.