Trading Assets and Liabilities

Trading assets and liabilities consisted of the following:



	March 31, 2019		December 31, 2018
	(in millions)
Trading assets:
U.S. Treasury	$	5,524	$	5,368
U.S. Government agency issued or guaranteed	112		111
U.S. Government sponsored enterprises	61		41
Asset-backed securities	201		208
Corporate and foreign bonds	11,192		10,562
Equity securities	888		751
Precious metals	5,127		1,889
Derivatives, net	2,996		3,048
Total trading assets	$	26,101	$	21,978
Trading liabilities:
Securities sold, not yet purchased	$	687	$	738
Payables for precious metals	38		215
Derivatives, net	3,183		2,690
Total trading liabilities	$	3,908	$	3,643

At March 31, 2019 and December 31, 2018, the fair value of derivatives included in trading assets is net of $2,257 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 March 31, 2019 and December 31, 2018, the fair value of derivatives included in trading liabilities is net of $2,546 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 9, "Derivative Financial Instruments," for further information on our trading derivatives and related collateral.