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Trading Assets and Liabilities
3 Months Ended
Mar. 31, 2021
Trading Assets And Liabilities [Abstract]  
Trading Assets and Liabilities Trading Assets and Liabilities
Trading assets and liabilities consisted of the following:
March 31, 2021December 31, 2020
 (in millions)
Trading assets:
U.S. Treasury$2,616 $5,145 
U.S. Government agency issued or guaranteed18 — 
U.S. Government sponsored enterprises61 192 
Asset-backed securities153 143 
Foreign bonds8,167 7,971 
Equity securities7,750 6,043 
Precious metals4,497 4,989 
Derivatives, net2,560 2,801 
Total trading assets$25,822 $27,284 
Trading liabilities:
Securities sold, not yet purchased$655 $727 
Payables for precious metals 2,312 
Derivatives, net1,664 2,358 
Total trading liabilities$2,319 $5,397 
At March 31, 2021 and December 31, 2020, the fair value of derivatives included in trading assets is net of $2,862 million and $2,763 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.
At March 31, 2021 and December 31, 2020, the fair value of derivatives included in trading liabilities is net of $1,953 million and $3,377 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.
Dividend income on equity securities held for trading, which is recorded in interest income in the consolidated statement of income (loss), totaled $26 million during both the three months ended March 31, 2021 and 2020. Trading security positions are held as economic hedges of derivative products issued to our clients.