
	March 31, 2025		December 31, 2024
	(in millions)
Trading assets:
U.S. Treasury	$	3,779	$	3,676
U.S. Government agency issued or guaranteed	1		1
U.S. Government sponsored enterprises	1,189		1,166


Foreign bonds	399		783
Equity securities	12,213		13,844
Precious metals	93		163
Derivatives, net	996		1,598
Total trading assets	$	18,670	$	21,231
Trading liabilities:
Securities sold, not yet purchased	$	1,680	$	1,489
Payables for precious metals	6		70
Derivatives, net	983		2,348
Total trading liabilities	$	2,669	$	3,907

At March 31, 2025 and December 31, 2024, the fair value of derivatives included in trading assets is net of $2,344 million and $2,813 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.

At March 31, 2025 and December 31, 2024, the fair value of derivatives included in trading liabilities is net of $1,178 million and $1,291 million, respectively, relating to amounts recognized for the right to reclaim cash collateral paid under master netting agreements with derivative counterparties.

See Note 8, "Derivative Financial Instruments," for further information on our trading derivatives and related collateral.

Dividend income on equity securities held for trading, which is recorded in interest income in the consolidated statement of income, totaled $42 million during both the three months ended March 31, 2025 and 2024. Trading security positions are primarily held as economic hedges of derivative products issued to our clients.