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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. 

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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%. 

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. 

## Deposits and other sources of funds 

“Core deposits” — domestic deposits other than certificates of deposit of $100,000 or more — are Key’s primary source of funding. During 2003, 

