29 PREVIOUS PAGE SEARCH BACK TO CONTENTS NEXT PAGE MANAGEMENTGLYPH<213>S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION & RESULTS OF OPERATIONS KEYCORP AND SUBSIDIARIES FIGURE 20. SECURITIES AVAILABLE FOR SALE FIGURE 21. INVESTMENT SECURITIES a Weighted-average yields are calculated based on amortized cost. Such yields have been adjusted to a taxable-equivalent basis using the statutory federal income tax rate of 35%. a Maturity is based upon expected average lives rather than contractual terms. b Weighted-average yields are calculated based on amortized cost and exclude equity securities of $168 million that have no stated yield.  Such yields have been adjusted to a taxable-equivalent basis using the statutory federal income tax rate of 35%. c Includes primarily marketable equity securities. Other U.S. Treasury, States and Collateralized Mortgage- Retained Weighted Agencies and Political Mortgage Backed Interests in Other Average dollars in millions Corporations Subdivisions Obligations a Securities a Securitizations a Securities Total Yield b DECEMBER 31, 2003 Remaining maturity: One year or less $30 GLYPH<209> $ 149 $ 99 $ 13 $116 $ 407 5.13% After one through GLYPH<222>ve years 29 $ 4 6,201 297 115 61 6,707 4.22 After GLYPH<222>ve through ten years 2 8 208 63 47 1 329 8.59 After ten years 3 11 48 10 GLYPH<209> 123 c 195 9.08 Fair value $64 $23 $6,606 $469 $175 $301 $7,638 GLYPH<209> Amortized cost 63 23 6,696 453 105 288 7,628 4.54% Weighted-average yield 1.84% 7.64% 4.14% 5.54% 29.14% 2.12% b 4.54% GLYPH<209> Weighted-average maturity 1.6 years 11.0 years 3.2 years 2.0 years 4.6 years 3.4 years 3.1 years GLYPH<209> DECEMBER 31, 2002 Fair value $23 $35 $7,207 $852 $209 $181 $8,507 GLYPH<209> Amortized cost 22 35 7,143 815 166 208 8,389 5.76% DECEMBER 31, 2001 Fair value $99 $21 $3,805 $1,032 $234 $217 $5,408 GLYPH<209> Amortized cost 99 21 3,791 1,008 214 232 5,365 7.26% States and Weighted Political Other Average dollars in millions Subdivisions Securities Total Yield a DECEMBER 31, 2003 Remaining maturity: One year or less $23 $ 2 $25 9.94% After one through GLYPH<222>ve years 52 8 60 8.47 After GLYPH<222>ve through ten years 7 5 12 5.68 After ten years 1 GLYPH<209> 1 11.30 Amortized cost $83 $15 $98 8.50% Fair value 89 15 104 GLYPH<209> Weighted-average maturity 2.5 years 3.8 years 2.7 years GLYPH<209> DECEMBER 31, 2002 Amortized cost $120 GLYPH<209> $120 9.43% Fair value 129 GLYPH<209> 129 GLYPH<209> DECEMBER 31, 2001 Amortized cost $225 GLYPH<209> $225 8.71% Fair value 234 GLYPH<209> 234 GLYPH<209> Other investments. Principal investments — investments in equity and mezzanine instruments made by Key’s Principal Investing unit — are carried at fair value, which aggregated $732 million at December 31, 2003, and $677 million at December 31, 2002. They represent approximately 67% of other investments at December 31, 2003, and include direct and indirect investments predominately in privately-held companies. Direct investments are those made in a particular company, while indirect investments are made through funds that include other investors. In addition to principal investments, other investments include securities that do not have readily determinable fair values. These securities include certain real estate-related investments. Neither these securities nor principal investments have stated maturities. “Core deposits” — domestic deposits other than certificates of deposit of $100,000 or more — are Key’s primary source of funding. During 2003, Deposits and other sources of funds