Trading Assets and Liabilities

Trading assets and liabilities consisted of the following:



	September 30, 2019		December 31, 2018
	(in millions)
Trading assets:
U.S. Treasury	$	7,471	$	5,368
U.S. Government agency issued or guaranteed	18		111
U.S. Government sponsored enterprises	125		41
Asset-backed securities	187		208
Corporate and foreign bonds	13,541		10,562
Equity securities	2,076		751
Precious metals	3,211		1,889
Derivatives, net	2,928		3,048
Total trading assets	$	29,557	$	21,978
Trading liabilities:
Securities sold, not yet purchased	$	950	$	738
Payables for precious metals	958		215
Derivatives, net	2,139		2,690
Total trading liabilities	$	4,047	$	3,643

At September 30, 2019 and December 31, 2018, the fair value of derivatives included in trading assets is net of $3,241 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 September 30, 2019 and December 31, 2018, the fair value of derivatives included in trading liabilities is net of $4,825 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.