Trading Assets and Liabilities

Trading assets and liabilities consisted of the following:



At December 31,	2019		2018
	(in millions)
Trading assets:
U.S. Treasury	$	6,763	$	5,368
U.S. Government agency issued or guaranteed	18		111
U.S. Government sponsored enterprises	20		41
Asset-backed securities	168		208
Corporate and foreign bonds	10,826		10,562
Equity securities	5,693		751
Precious metals	1,909		1,889
Derivatives, net	3,055		3,048
Total trading assets	$	28,452	$	21,978
Trading liabilities:
Securities sold, not yet purchased	$	1,182	$	738
Payables for precious metals	124		215
Derivatives, net	1,929		2,690
Total trading liabilities	$	3,235	$	3,643

At December 31, 2019 and 2018, the fair value of derivatives included in trading assets is net of $2,538 million and $2,013 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.

At December 31, 2019 and 2018, the fair value of derivatives included in trading liabilities is net of $4,351 million and $3,458 million, respectively, relating to amounts recognized for the right to reclaim cash collateral paid under master netting agreements with derivative counterparties.

See Note 15, "Derivative Financial Instruments," for further information on our trading derivatives and related collateral.