MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS TABLE 21: CHARACTERISTICS OF AVAILABLE-FOR-SALE AND OTHER SECURITIES  As of December 31, 2010 ($ in millions)  Amortized Cost  Fair Value  Weighted- Average Life (in  years)  Weighted-  Average Yield  U.S. Treasury and Government agencies:  Average life of one year or less  $25  $25  0.3  0.91%  Average life 1 – 5 years  100  101  1.4  1.20  Average life 5 – 10 years  100  104  8.9  3.57  Average life greater than 10 years  -  -  -  -  Total 225 230 4.6 2.22 U.S. Government sponsored agencies:  Average life of one year or less  80  81  0.2  3.35  Average life 1 – 5 years  51  51  1.7  1.54  Average life 5 – 10 years  1,433  1,513  5.9  3.75  Average life greater than 10 years  -  -  -  -  Total 1,564 1,645 5.5 3.66 Obligations of states and political subdivisions  (a) : Average life of one year or less  126  126  0.1  4.20  Average life 1 – 5 years  4  5  2.8  8.21  Average life 5 – 10 years  8  9  9.4  6.27  Average life greater than 10 years  32  32  11.0  5.98  Total 170 172 2.7 4.73 Agency mortgage-backed securities:  Average life of one year or less  264  270  0.7  4.85  Average life 1 – 5 years  8,579  8,956  3.8  4.40  Average life 5 – 10 years  1,668  1,689  6.8  4.30  Average life greater than 10 years  59  58  10.3  4.09  Total 10,570 10,973 4.2 4.40 Other bonds, notes and debentures  (b) : Average life of one year or less  131  131  0.5  1.11  Average life 1 – 5 years  801  812  2.6  4.37  Average life 5 – 10 years  337  330  6.0  3.60  Average life greater than 10 years  69  69  23.0  7.21  Total 1,338 1,342 4.3 4.00 Other securities  (c) 1,052 1,052 Total available-for-sale and other securities $14,919 $15,414 4.4 4.24% (a) Taxable-equivalent yield adjustments included in the above table are 1.45%, 2.83%, 2.16%, 2.06% and 1.63% for securities with an average life of one year or less, 1-5 years, 5-10 years,  greater than 10 years and in total, respectively.  (b) Other bonds, notes, and debentures consist of non-agency mortgage backed securities, certain other asset backed securities (primarily automobile and commercial loan backed securities) and  corporate bond securities. (c) Other securities consist of FHLB and FRB restricted stock holdings that are carried at par, FHLMC and FNMA preferred stock, certain mutual fund holdings and equity security  holdings. securities classified as available-for-sale. The Bancorp continued  to sell the VRDNs throughout 2010, resulting in the decrease  from December 31, 2009. For more information on the VRDNs,  see Note 18 of the Notes to Consolidated Financial Statements.  Included in trading securities as of December 31, 2010 were $6  million of auction rate securities, which had an unrealized loss of  $1 million. The Bancorp held $13 million of auction rate securities  in its trading portfolio at December 31, 2009, which had an  unrealized loss of $4 million.  Trading securities decreased from $355 million at December  31, 2009 to $294 million at December 31, 2010. The decrease was  driven by the sale of VRDNs which were held by the Bancorp in  its trading securities portfolio. These securities were purchased  from the market during 2008 and 2009 through FTS who was also  the remarketing agent. During the fourth quarter of 2009 and into  2010, the rates on these securities began to decline substantially,  and as a result the Bancorp sold a majority of its VRDNs and  replaced them with higher-yielding agency mortgage-backed  Fifth Third Bancorp 45 