Trading Assets and Liabilities

Trading assets and liabilities consisted of the following:



	March 31, 2018		December 31, 2017
	(in millions)
Trading assets:
U.S. Treasury	$	4,643	$	3,391
U.S. Government agency issued or guaranteed	117		122
U.S. Government sponsored enterprises	7		210
Asset-backed securities	240		236
Corporate and foreign bonds	8,213		6,180
Other securities	—		12
Precious metals	16,057		2,274
Derivatives, net	3,373		3,725
Total trading assets	$	32,650	$	16,150
Trading liabilities:
Securities sold, not yet purchased	$	1,627	$	1,722
Payables for precious metals	—		524
Derivatives, net	1,703		2,633
Total trading liabilities	$	3,330	$	4,879

At March 31, 2018 and December 31, 2017, the fair value of derivatives included in trading assets is net of $2,195 million and $3,423 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.

At March 31, 2018 and December 31, 2017, the fair value of derivatives included in trading liabilities is net of $3,611 million and $3,680 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.