
	June 30, 2026		December 31, 2025
	(in millions)
Trading assets:
U.S. Treasury	$	4,470	$	3,791
U.S. Government agency issued or guaranteed	—		2
U.S. Government sponsored enterprises	463		1,347


Foreign bonds	1,422		914
Equity securities	19,354		15,141
Precious metals(1)	1,100		196
Derivatives, net	922		1,366
Total trading assets	$	27,731	$	22,757
Trading liabilities:
Securities sold, not yet purchased	$	746	$	1,438
Payables for precious metals(1)	640		86
Derivatives, net	1,608		831
Total trading liabilities	$	2,994	$	2,355

(1)In the first quarter of 2026, we reclassified $1.2 billion of precious metal lease assets from loans to trading assets and $0.8 billion of precious metal lease liabilities from short-term borrowings to trading liabilities on the consolidated balance sheet, which generally have a maturity of three months or less, to align with our risk management practices. Prior period amounts were not reclassified as the impact was not material. At June 30, 2026, precious metal lease assets and precious metal lease liabilities were $0.8 billion and $0.5 billion, respectively.

At June 30, 2026 and December 31, 2025, the fair value of derivatives included in trading assets is net of $2,337 million and $1,600 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.

At June 30, 2026 and December 31, 2025, the fair value of derivatives included in trading liabilities is net of $995 million and $1,143 million, respectively, relating to amounts recognized for the right to reclaim cash collateral paid under master netting agreements with derivative counterparties.

See Note 7, "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 $47 million and $94 million during the three and six months ended June 30, 2026, respectively, compared with $34 million and $76 million during the three and six months ended June 30, 2025, respectively. Trading security positions are primarily held as economic hedges of derivative products issued to our clients.