Trading Assets and Liabilities

Trading assets and liabilities consisted of the following:



	March 31, 2020		December 31, 2019
	(in millions)
Trading assets:
U.S. Treasury	$	8,207	$	6,763
U.S. Government agency issued or guaranteed	39		18
U.S. Government sponsored enterprises	21		20
Asset-backed securities	156		168
Corporate and foreign bonds	9,365		10,826
Equity securities	1,432		5,693
Precious metals	4,604		1,909
Derivatives, net	5,393		3,055
Total trading assets	$	29,217	$	28,452
Trading liabilities:
Securities sold, not yet purchased	$	434	$	1,182
Payables for precious metals	—		124
Derivatives, net	3,489		1,929
Total trading liabilities	$	3,923	$	3,235

At March 31, 2020 and December 31, 2019, the fair value of derivatives included in trading assets is net of $6,137 million and $2,538 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.

At March 31, 2020 and December 31, 2019, the fair value of derivatives included in trading liabilities is net of $8,575 million and $4,351 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.