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Trading Assets and Liabilities
3 Months Ended
Mar. 31, 2022
Trading Assets And Liabilities [Abstract]  
Trading Assets and Liabilities Trading Assets and Liabilities
Trading assets and liabilities consisted of the following:
March 31, 2022December 31, 2021
 (in millions)
Trading assets:
U.S. Treasury$1,948 $2,337 
U.S. Government sponsored enterprises424 432 
Foreign bonds535 167 
Equity securities10,942 15,795 
Precious metals3,076 3,907 
Derivatives, net1,836 1,405 
Total trading assets$18,761 $24,043 
Trading liabilities:
Securities sold, not yet purchased$969 $1,103 
Payables for precious metals1,316 46 
Derivatives, net2,056 1,874 
Total trading liabilities$4,341 $3,023 
At March 31, 2022 and December 31, 2021, the fair value of derivatives included in trading assets is net of $2,033 million and $1,419 million, respectively, relating to amounts recognized for the obligation to return cash collateral received under master netting agreements with derivative counterparties.
At March 31, 2022 and December 31, 2021, the fair value of derivatives included in trading liabilities is net of $1,610 million and $1,296 million, respectively, relating to amounts recognized for the right to reclaim cash collateral paid under master netting agreements with derivative counterparties.
See Note 10, "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 $48 million and $26 million during the three months ended March 31, 2022 and 2021, respectively. Trading security positions are held as economic hedges of derivative products issued to our clients.