
	June 30, 2025		December 31, 2024
	(in millions)
Trading assets:
U.S. Treasury	$	3,945	$	3,676
U.S. Government agency issued or guaranteed	1		1
U.S. Government sponsored enterprises	1,218		1,166


Foreign bonds	936		783
Equity securities	12,402		13,844
Precious metals	473		163
Derivatives, net	1,930		1,598
Total trading assets	$	20,905	$	21,231
Trading liabilities:
Securities sold, not yet purchased	$	1,462	$	1,489
Payables for precious metals	—		70
Derivatives, net	1,480		2,348
Total trading liabilities	$	2,942	$	3,907

At June 30, 2025 and December 31, 2024, the fair value of derivatives included in trading assets is net of $1,463 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 June 30, 2025 and December 31, 2024, the fair value of derivatives included in trading liabilities is net of $2,057 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 $34 million and $76 million during the three and six months ended June 30, 2025, respectively, compared with $45 million and $87 million during the three and six months ended June 30, 2024, respectively. Trading security positions are primarily held as economic hedges of derivative products issued to our clients.