NOTE 3 Trading Account Assets and Liabilities The table below presents the components of trading account assets and liabilities at December 31, 2010 and 2009.
## Table 0 ##
(1) Includes $29.7 billion and $23.5 billion at December 31, 2010 and 2009 of GSE obligations.
NOTE 4 Derivatives Derivative Balances Derivatives are entered into on behalf of customers, for trading, as economic hedges or as qualifying accounting hedges.
The Corporation enters into derivatives to facilitate client transactions, for principal trading purposes and to manage risk exposures.
For additional information on the Corporation’s derivatives and hedging activities, see Note 1 – Summary of Significant Accounting Principles.
The table below identifies derivative instruments included on the Corporation’s Consolidated Balance Sheet in derivative assets and liabilities at December 31, 2010 and 2009.
Balances are presented on a gross basis, prior to the application of counterparty and collateral netting.
Total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and have been reduced by the cash collateral applied.
## Table 1 ##
(1) Represents the total contract/notional amount of derivative assets and liabilities outstanding.
(2) Excludes $4.1 billion of long-term debt designated as a hedge of foreign currency risk.
Core Net Interest Income We manage core net interest income which is reported net interest income on a FTE basis adjusted for the impact of market-based activities.
As discussed in the GBAM business segment section beginning on page 49, we evaluate our market-based results and strategies on a total market-based revenue approach by combining net interest income and noninterest income for GBAM.
In addition, 2009 is presented on a managed basis which is adjusted for loans that we originated and subsequently sold into credit card securitizations.
Noninterest income, rather than net interest income and provision for credit losses, was recorded for securitized assets as we are compensated for servicing the securitized assets and we recorded servicing income and gains or losses on securitizations, where appropriate.2010 is presented in accordance with new consolidation guidance.
An analysis of core net interest income, core average earning assets and core net interest yield on earning assets, all of which adjust for the impact of these two non-core items from reported net interest income on a FTE basis, is shown below.
We believe the use of this non-GAAP presentation provides additional clarity in assessing our results.
## Table 2 ##
(1) FTE basis (2) Balance and calculation include fees earned on overnight deposits placed with the Federal Reserve of $368 million and $379 million for 2010 and 2009.
(3) Represents the impact of market-based amounts included in GBAM.
(4) Represents the impact of securitizations utilizing actual bond costs which is different from the business segment view which utilizes funds transfer pricing methodologies.
(5) Represents average securitized loans less accrued interest receivable and certain securitized bonds retained.
n/a = not applicable Core net interest income decreased $4.6 billion to $48.3 billion for 2010 compared to 2009.
The decrease was driven by lower loan levels compared to managed loan levels in 2009, and lower yields for the discretionary and credit card portfolios.
These impacts were partially offset by lower rates on deposits.
Core average earning assets decreased $39.2 billion to $1.4 trillion for 2010 compared to 2009.
The decrease was primarily due to lower commercial loan levels and lower consumer loan levels compared to managed consumer loan levels in 2009.
The impact was partially offset by increased securities levels in 2010.
Core net interest yield decreased 23 bps to 3.46 percent for 2010 compared to 2009 due to the factors noted above.
The fair value of variable rate debt approximates the carrying value since interest rates are variable and, thus, approximate current market rates.
Free Cash Flow We define free cash flow, which is not a measure determined in accordance with Generally Accepted Accounting Principles in the United States, as cash provided by operating activities less purchases of property and equipment plus proceeds from sales of property and equipment as presented in our Consolidated Statements of Cash Flows.
Our free cash flow for the years ended December 31, 2005, 2004 and 2003 is calculated as follows (in millions):

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December 31
(Dollars in millions)	2010	2009
Trading account assets
U.S. government and agency securities-1	$60,811	$44,585
Corporate securities, trading loans and other	49,352	57,009
Equity securities	32,129	33,562
Non-U.S.sovereign debt	33,523	28,143
Mortgage trading loans and asset-backed securities	18,856	18,907
Total trading account assets	$194,671	$182,206
Trading account liabilities
U.S. government and agency securities	$29,340	$26,519
Equity securities	15,482	18,407
Non-U.S.sovereign debt	15,813	12,897
Corporate securities and other	11,350	7,609
Total trading account liabilities	$71,985	$65,432

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December 31, 2010
Gross Derivative Assets	Gross Derivative Liabilities
Trading	Trading
Derivatives	Derivatives
and	Qualifying	and	Qualifying
Contract/	Economic	Accounting	Economic	Accounting
(Dollars in billions)	Notional-1	Hedges	Hedges-2	Total	Hedges	Hedges-2	Total
Interest rate contracts
Swaps	$42,719.2	$1,193.9	$14.9	$1,208.8	$1,187.9	$2.2	$1,190.1
Futures and forwards	9.939.2	6.0	–	6.0	4.7	–	4.7
Written options	2,887.7	–	–	–	82.8	–	82.8
Purchased options	3,026.2	88.0	–	88.0	–	–	–
Foreign exchange contracts
Swaps	630.1	26.5	3.7	30.2	28.5	2.1	30.6
Spot, futures and forwards	2,652.9	41.3	–	41.3	44.2	–	44.2
Written options	439.6	–	–	–	13.2	–	13.2
Purchased options	417.1	13.0	–	13.0	–	–	–
Equity contracts
Swaps	42.4	1.7	–	1.7	2.0	–	2.0
Futures and forwards	78.8	2.9	–	2.9	2.1	–	2.1
Written options	242.7	–	–	–	19.4	–	19.4
Purchased options	193.5	21.5	–	21.5	–	–	–
Commodity contracts
Swaps	90.2	8.8	0.2	9.0	9.3	–	9.3
Futures and forwards	413.7	4.1	–	4.1	2.8	–	2.8
Written options	86.3	–	–	–	6.7	–	6.7
Purchased options	84.6	6.6	–	6.6	–	–	–
Credit derivatives
Purchased credit derivatives:
Credit default swaps	2,184.7	69.8	–	69.8	34.0	–	34.0
Total return swaps/other	26.0	0.9	–	0.9	0.2	–	0.2
Written credit derivatives:
Credit default swaps	2,133.5	33.3	–	33.3	63.2	–	63.2
Total return swaps/other	22.5	0.5	–	0.5	0.5	–	0.5
Gross derivative assets/liabilities	$1,518.8	$18.8	$1,537.6	$1,501.5	$4.3	$1,505.8
Less: Legally enforceable master netting agreements	-1,406.3	-1,406.3
Less: Cash collateral applied	-58.3	-43.6
Total derivative assets/liabilities	$73.0	$55.9

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(Dollars in millions)	2010	2009
Net interest income-1
As reported-2	$52,693	$48,410
Impact of market-based net interest income-3	-4,430	-6,117
Core net interest income	48,263	42,293
Impact of securitizations-4	n/a	10,524
Core net interest income	48,263	52,817
Average earning assets
As reported	1,897,573	1,830,193
Impact of market-based earning assets-3	-504,360	-481,376
Core average earning assets	1,393,213	1,348,817
Impact of securitizations-5	n/a	83,640
Core average earning assets	1,393,213	1,432,457
Net interest yield contribution-1
As reported-2	2.78%	2.65%
Impact of market-based activities-3	0.68	0.49
Core net interest yield on earning assets	3.46	3.14
Impact of securitizations	n/a	0.55
Core net interest yield on earning assets	3.46%	3.69%

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Question: What's the sum of all Qualifying Accounting Hedges-2 that are positive in 2010 for Gross Derivative Assets? (in billion)
Answer: 37.6