Trading Assets and Liabilities

Trading assets and liabilities consisted of the following:



At December 31,	2018		2017
	(in millions)
Trading assets:
U.S. Treasury	$	5,368	$	3,391
U.S. Government agency issued or guaranteed	111		122
U.S. Government sponsored enterprises	41		210
Asset-backed securities	208		236
Corporate and foreign bonds	10,562		6,180
Equity securities	751		12
Precious metals	1,889		2,274
Derivatives, net	3,048		3,725
Total trading assets	$	21,978	$	16,150
Trading liabilities:
Securities sold, not yet purchased	$	738	$	1,722
Payables for precious metals	215		524
Derivatives, net	2,690		2,633
Total trading liabilities	$	3,643	$	4,879

At December 31, 2018 and 2017, the fair value of derivatives included in trading assets is net of $2,013 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 December 31, 2018 and 2017, the fair value of derivatives included in trading liabilities is net of $3,458 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 14, "Derivative Financial Instruments," for further information on our trading derivatives and related collateral.