The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the year ended December 31, 2008 and 2007, including realized and unrealized gains (losses) included in earnings and OCI.
## Table 0 ##
(1) Net derivatives at December 31, 2008 and 2007 included derivative assets of $8.3 billion and $9.0 billion and derivative liabilities of $6.0 billion and $10.2 billion.
Net derivatives acquired in connection with Countrywide on July 1, 2008 included derivative assets of $107 million and derivative liabilities of $292 million.
(2) Amounts represent items which are accounted for at fair value in accordance with SFAS 159 including commercial loan commitments and certain secured financings recorded in accrued expenses and other liabilities.
(3) Other assets include equity investments held by Principal Investing and certain retained interests in securitization vehicles, including interest-only strips.
The table below summarizes gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recorded in earnings for Level 3 assets and liabilities during the year ended December 31, 2008 and 2007.
These amounts include those gains and losses generated by loans, LHFS and loan commitments which are accounted for at fair value in accordance with SFAS 159.
## Table 1 ##
(1) Amounts represent items which are accounted for at fair value in accordance with SFAS 159.
(2) Mortgage banking income does not reflect impact of Level 1 and Level 2 hedges against MSRs.
markets, partially offset by the full year impact of the U. S.  Trust Corporation and LaSalle acquisitions.  ?
Investment banking income decreased $82 million due to reduced advisory fees related to the slowing economy.  ?
Equity investment income decreased $3.5 billion due to a reduction in gains from our Principal Investing portfolio attributable to the lack of liquidity in the marketplace when compared to 2007 and other-thantemporary impairments taken on certain AFS marketable equity securities.  ?
Trading account losses were $5.9 billion in 2008 driven by losses related to CDO exposure and the continuing impact of the market disruptions on various parts of the CMAS business.
Contributing to these losses were severe volatility, illiquidity and credit dislocations in the debt and equity markets during the fourth quarter of 2008.
For more information, see the GCIB discussion beginning on page 38.  ?
Mortgage banking income increased $3.2 billion in large part as a result of the Countrywide acquisition which contributed significantly to increases in servicing income of $1.7 billion and production income of $1.5 billion.  ?
Insurance premiums increased $1.1 billion primarily due to the acquisition of Countrywide.  ?
Gains on sales of debt securities increased $944 million driven by the sales of mortgage-backed securities and collateralized mortgage obligations.  ?
Other income decreased $6.0 billion due to CMAS related writedowns (e. g. , CDO exposure, leveraged finance loans and CMBS) of $5.3 billion and $1.1 billion of losses associated with the support provided to certain cash funds managed within GWIM.
In addition, 2008 was impacted by the absence of the $1.5 billion gain from the sale of Marsico recognized in 2007.
Partially offsetting these items was the gain of $776 million related to the Visa IPO.
For more information on the CMAS related writedowns, see page 40.
Provision for Credit Losses The provision for credit losses increased $18.4 billion to $26.8 billion for 2008 compared to 2007 due to higher net charge-offs and additions to the reserve.
The majority of the reserve additions were in consumer and small business portfolios, reflective of continued weakness in the housing markets and the slowing economy.
Reserves were also increased on commercial portfolios for deterioration in the homebuilder and non-real estate commercial portfolios within GCIB.
For further discussion, see Provision for Credit Losses on page 81.
## Table 2 ##
Noninterest expense increased $4.0 billion to $41.5 billion for 2008 compared to 2007, primarily due to the acquisitions of Countrywide and LaSalle, which increased various expense categories, partially offset by a reduction in performance-based incentive compensation expense and the impact of certain benefits associated with the Visa IPO transactions.
Income Tax Expense Income tax expense was $420 million for 2008 compared to $5.9 billion for 2007 resulting in effective tax rates of 9.5 percent and 28.4 percent.
The effective tax rate decrease is due to permanent tax preference amounts (e. g. , tax exempt income and tax credits) offsetting a higher percentage of our pre-tax income.
For more information on income tax expense, see Note 18 – Income Taxes to the Consolidated Financial Statements.
Impact of Countrywide Acquisition Effective July 1, 2008, Countrywide’s results of operations are included in the Corporation’s consolidated results.
For 2008, the Countrywide acquisition contributed approximately $1.3 billion to net interest income on a FTE basis, $3.4 billion to noninterest income and $4.2 billion to noninterest expense.
In addition, we recorded $750 million in provision for credit losses associated with deterioration in the SOP 03-3 loan portfolio subsequent to acquisition of these loans, which were initially recorded at fair value.
At July 1, 2008, after consideration of purchase accounting adjustments the Countrywide acquisition contributed $86.2 billion to total loans and leases, $17.4 billion to securities, $17.2 billion to MSRs and $63.0 billion to total deposits.
The majority of Countrywide’s ongoing operations are recorded in Mortgage, Home Equity and Insurance Services (MHEIS).
Countrywide’s acquired first mortgage and discontinued real estate portfolios were recorded in All Other and are managed as part of our overall ALM activities.
For more information on Countrywide’s impact in MHEIS, see the MHEIS discussion beginning on page 36.
For more information related to the Countrywide acquisition, see Note 2 – Merger and Restructuring Activity to the Consolidated Financial Statements.
Core Net Interest Income – Managed Basis We manage core net interest income – managed basis, which adjusts reported net interest income on a FTE basis for the impact of marketbased activities and certain securitizations, net of retained securities.
As discussed in the GCIB business segment section beginning on page 38, we evaluate our market-based results and strategies on a total marketbased revenue approach by combining net interest income and noninterest income for CMAS.
We also adjust for loans that we originated and subsequently sold into certain securitizations.
These securitizations include off-balance sheet loans and leases, primarily credit card securitizations.
Noninterest income, rather than net interest income and provision for credit losses, is recorded for assets that have been securitized as we are compensated for servicing the securitized assets and record servicing income and gains or losses on securitizations, where appropriate.
We believe the use of this non-GAAP presentation provides additional clarity in managing our results.
An analysis of core net interest income – managed basis, core average earning assets – managed basis and core net interest yield on earning assets – managed basis, which adjusts for the impact of these two non-core items from reported net interest income on a FTE basis, is shown below.
Core net interest income on a managed basis increased $8.1 billion to $49.5 billion for 2008 compared to 2007.
The increase was driven by strong loan growth, as well as the acquisitions of Countrywide and LaSalle.
Core net interest income on a managed basis also benefited from the reduced interest rate environment however this benefit was partially offset by the spread dislocation between the Federal Funds rate and LIBOR.
On a managed basis, core average earning assets increased $213.1 billion to $1.3 trillion for 2008 compared to 2007 due to higher average managed loans and an increase in debt securities.
The increase in managed loans was driven by higher consumer managed loans resulting from organic growth and the acquisition of Countrywide.
In addition, average commercial loans increased primarily due to organic growth and the acquisition of LaSalle which occurred in the fourth quarter of 2007.
The average balance in the debt securities portfolio increased from 2007 due to net purchases of securities, the securitization of residential mortgage loans into mortgage-backed securities which we retained and the LaSalle and Countrywide acquisitions.
Core net interest yield on a managed basis remained flat at 3.82 percent for 2008, as the beneficial impact of the current interest rate environment and loan growth was offset by the addition of lower yielding assets from the Countrywide and LaSalle acquisitions.
## Table 3 ##
(1) FTE basis (2) Represents the impact of market-based amounts included in the CMAS business within GCIB.
For 2008 and 2007, the impact of market-based net interest income excludes $113 million and $70 million of net interest income on loans for which the fair value option has been elected and is not considered market-based income.
(3) Represents the impact of securitizations utilizing actual bond costs.
This is different from the business segment view which utilizes funds transfer pricing methodologies.
(4) Represents average securitized loans less accrued interest receivable and certain securitized bonds retained.
In order to ensure adequate liquidity through the full range of potential operating environments and market conditions, we conduct our liquidity management and business activities in a manner that will preserve and enhance funding stability, flexibility, and diversity.
Key components of this operating strategy include a strong focus on customer-based funding, maintaining direct relationships with wholesale market funding providers, and maintaining the ability to liquefy certain assets when, and if, requirements warrant.
Credit markets substantially deteriorated over the past 18 months and access to non-guaranteed market-based funding has diminished for financial institutions.
For these reasons we have utilized various government institutions (e. g. , Federal Reserve, U. S.  Treasury and FDIC) funding programs to enhance our liquidity position.
Many of these facilities are temporary in nature, but have provided significant market stability and have allowed many banks to maintain a healthy liquidity profile.
We develop and maintain contingency funding plans for both the parent company and bank liquidity positions.
These plans evaluate our liquidity position under various operating circumstances and allow us to ensure that we would be able to operate through a period of stress when access to normal sources of funding is constrained.
The plans project funding requirements during a potential period of stress, specify and quantify sources of liquidity, outline actions and procedures for effectively managing through the problem period, and define roles and responsibilities.
They are reviewed and approved annually by ALCO.
Under normal business conditions, primary sources of funding for the parent company include dividends received from its banking and nonbanking subsidiaries, and proceeds from the issuance of senior and subordinated debt, as well as commercial paper and equity.
Primary uses of funds for the parent company include repayment of maturing debt and commercial paper, share repurchases, dividends paid to shareholders, and subsidiary funding through capital or debt.
Our borrowing costs and ability to raise funds are directly impacted by our credit ratings.
The credit ratings of Bank of America Corporation and Bank of America, N. A.  as of February 27, 2009 are reflected in the table below.
The cost and availability of unsecured and secured financing are impacted by changes in our credit ratings.
A reduction in these ratings or the ratings of other asset-backed securitizations could have an adverse effect on our access to credit markets and the related cost of funds.
Some of the primary factors in maintaining our credit ratings include a stable and diverse earnings stream, strong capital ratios, strong credit quality and risk management controls, diverse funding sources and disciplined liquidity monitoring procedures.
If the Corporation’s long-term credit rating was incrementally downgraded by one level by the rating agencies, we estimate the incremental cost of funds and the potential lost funding would continue to be negligible for senior and subordinated debt and short-term bank debt.
Additionally, we do not believe that funding requirements for VIEs and other third party commitments would be significantly impacted.
However, if the Corporation’s short-term credit rating was downgraded by one level, our incremental cost of funds and potential lost funding may be material due to the negative impacts on our commercial paper programs.
Since October 2008, Bank of America has had the ability to issue long-term senior unsecured debt through the TLGP program.
This program gives us the ability to issue AAA-rated debt backed by the full faith and credit of the U. S.  government regardless of our current credit rating.
For further information regarding this program, see Regulatory Initiatives beginning on page 20.
The parent company maintains a cushion of excess liquidity that would be sufficient to fully fund the holding company and nonbank affiliate operations for an extended period during which funding from normal sources is disrupted.
The primary measure used to assess the parent company’s liquidity is the “Time to Required Funding” during such a period of liquidity disruption.
Since deposits are taken by the bank operating subsidiaries and not by the parent company, this measure is not dependent on the bank operating subsidiaries’ stable deposit balances.
This measure assumes that the parent company is unable to generate funds from debt or equity issuance, receives no dividend income from subsidiaries, and no longer pays undeclared dividends to shareholders while continuing to meet nondiscretionary uses needed to maintain operations and repayment of contractual principal and interest payments owed by the parent company and affiliated companies.
Under this scenario, the amount of time the parent company and its nonbank subsidiaries can operate and meet all obligations before the current liquid assets are exhausted is considered the “Time to Required Funding.
” ALCO approves the target range set for this metric, in months, and monitors adherence to the target.
Maintaining excess parent company cash helps to facilitate the target range of 21 to 27 months for “Time to Required Funding” and is the primary driver of the timing and amount of the Corporation’s debt issuances.
After incorporating the impacts of the Corporation’s acquisition of Merrill Lynch, including the $10.0 billion of Series Q Preferred Stock issued in connection with the TARP Capital Purchase Program, “Time to Required Funding” increased to 23 months at December 31, 2008, compared to 19 months at December 31, 2007.
Excluding the impacts of Merrill Lynch acquisition and Series Q Preferred Stock issuance would result in a significantly higher “Time to Required Funding” as we had taken certain liquidity actions prior to December 31, 2008 in preparation for the Merrill Lynch acquisition.
The bank operating subsidiaries maintain sufficient funding capacity to address large increases in funding requirements such as deposit outflows.
This capacity is comprised of available wholesale market capacity, liquidity derived from a reduction in asset levels and various secured funding sources.
The primary sources of funding for our banking subsidiaries include customer deposits and wholesale market-based funding.
Primary uses of funds for the banking subsidiaries include growth in the core asset portfolios, including loan demand, and in the ALM portfolio.
We use the ALM portfolio primarily to manage interest rate risk and liquidity risk.
Table 11 Credit Ratings
## Table 4 ##
Investment advisory revenues earned on the other investment portfolios that we manage decreased $44 million, or 8.5%, to $477.8 million in 2009.
Average assets in these portfolios were $129.5 billion during 2009, down $12.6 billion or 9% from 2008.
Other investment portfolio assets under management increased $46.7 billion during 2009, including $36.5 billion in market gains and income and $10.2 billion of net inflows, primarily from institutional investors.
Net inflows include $1.3 billion transferred from the stock and blended asset mutual funds during 2009.
Administrative fees decreased $35 million, or 10%, to $319 million in 2009.
This change includes a $4 million decrease in 12b-1 distribution and service fees recognized on lower average assets under management in the Advisor and R classes of our sponsored mutual funds and a $31 million reduction in our mutual fund servicing revenue, which is primarily attributable to our cost reduction efforts in the mutual fund and retirement plan servicing functions.
Changes in administrative fees are generally offset by similar changes in related operating expenses that are incurred to provide services to the funds and their investors.
Our largest expense, compensation and related costs, decreased $42 million, or 5%, from 2008 to $773 million in 2009.
The largest part of this decrease is attributable to a $19 million reduction in our annual bonus program.
Reductions in the use of outside contractors lowered 2009 costs $14 million with the remainder of the cost savings primarily attributable to the workforce reduction and lower employee benefits and other employment expenses.
Average headcount in 2009 was down 5.4% from 2008 due to attrition, retirements and our workforce reduction in April 2009.
Advertising and promotion expenditures were down $31 million, or 30%, versus 2008 due to our decision to reduce spending in response to lower investor activity in the 2009 market environment.
Depreciation expense and other occupancy and facility costs together increased $4 million, or 2.5% compared to 2008, as we moderated or delayed our capital spending and facility growth plans.
Other operating expenses decreased $33 million, or 18% from 2008, including a decline of $4 million in distribution and service expenses recognized on lower average assets under management in our Advisor and R classes of mutual fund shares that are sourced from financial intermediaries.
Our cost control efforts resulted in the remaining expense reductions, including lower professional fees and travel and related costs.
Our non-operating investment activity resulted in net losses of $12.7 million in 2009 and $52.3 million in 2008.
The improvement of nearly $40 million is primarily attributable to a reduction in the other than temporary impairments recognized on our investments in sponsored mutual funds in 2009 versus 2008.
The following table details our related mutual fund investment gains and losses (in millions) during the two years ended December 31, 2009.
## Table 5 ##
Lower income of $16 million from our money market holdings due to the significantly lower interest rate environment offset the improvement experienced with our fund investments.
The 2009 provision for income taxes as a percentage of pretax income is 37.1%, down from 38.4% in 2008.
Our 2009 provision includes reductions of prior years’ tax provisions and discrete nonrecurring benefits that lowered our 2009 effective tax rate by 1.0%.
CAPITAL RESOURCES AND LIQUIDITY.
During 2010, stockholders’ equity increased from $2.9 billion to $3.3 billion.
We repurchased nearly 5.0 million common shares for $240.0 million in 2010.
Tangible book value is $2.6 billion at December 31, 2010, and our cash and cash equivalents and our mutual fund investment holdings total more than $1.5 billion.
Given the availability of these financial resources, we do not maintain an available external source of liquidity

<table><tr><td></td><td colspan="8">Year Ended December 31, 2008</td></tr><tr><td>(Dollars in millions)</td><td>Net Derivatives -1</td><td>Trading Account Assets</td><td>Available-for- Sale Debt Securities</td><td>Loans and Leases -2</td><td>Mortgage Servicing Rights</td><td>Loans Held-for- Sale -2</td><td>Other Assets -3</td><td>Accrued Expenses and Other Liabilities -2</td></tr><tr><td> Balance, January 1, 2008</td><td>$-1,203</td><td>$4,027</td><td>$5,507</td><td>$4,590</td><td>$3,053</td><td>$1,334</td><td>$3,987</td><td>$-660</td></tr><tr><td>Countrywide acquisition</td><td>-185</td><td>1,407</td><td>528</td><td>–</td><td>17,188</td><td>1,425</td><td>–</td><td>-1,212</td></tr><tr><td>Included in earnings</td><td>2,531</td><td>-3,222</td><td>-2,509</td><td>-780</td><td>-7,115</td><td>-1,047</td><td>175</td><td>-169</td></tr><tr><td>Included in other comprehensive income</td><td>–</td><td>–</td><td>-1,688</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td></tr><tr><td>Purchases, issuances and settlements</td><td>1,380</td><td>-2,055</td><td>2,754</td><td>1,603</td><td>-393</td><td>-542</td><td>-550</td><td>101</td></tr><tr><td>Transfers into (out of) Level 3</td><td>-253</td><td>7,161</td><td>14,110</td><td>–</td><td>–</td><td>2,212</td><td>-40</td><td>–</td></tr><tr><td> Balance, December 31, 2008</td><td>$2,270</td><td>$7,318</td><td>$18,702</td><td>$5,413</td><td>$12,733</td><td>$3,382</td><td>$3,572</td><td>$-1,940</td></tr><tr><td></td><td colspan="8">Year Ended December 31, 2007</td></tr><tr><td> Balance, January 1, 2007</td><td>$788</td><td>$303</td><td>$1,133</td><td>$3,947</td><td>$2,869</td><td>$–</td><td>$6,605</td><td>$-349</td></tr><tr><td>Included in earnings</td><td>-341</td><td>-2,959</td><td>-398</td><td>-140</td><td>231</td><td>-90</td><td>2,149</td><td>-279</td></tr><tr><td>Included in other comprehensive income</td><td>–</td><td>–</td><td>-206</td><td>–</td><td>–</td><td>–</td><td>-79</td><td>–</td></tr><tr><td>Purchases, issuances and settlements</td><td>-333</td><td>708</td><td>4,588</td><td>783</td><td>-47</td><td>-1,259</td><td>-4,638</td><td>-32</td></tr><tr><td>Transfers into (out of) Level 3</td><td>-1,317</td><td>5,975</td><td>390</td><td>–</td><td>–</td><td>2,683</td><td>-50</td><td>–</td></tr><tr><td> Balance, December 31, 2007</td><td>$-1,203</td><td>$4,027</td><td>$5,507</td><td>$4,590</td><td>$3,053</td><td>$1,334</td><td>$3,987</td><td>$-660</td></tr></table>
<table><tr><td></td><td colspan="9">Year Ended December 31, 2008</td></tr><tr><td>(Dollars in millions)</td><td>Net Derivatives</td><td>Trading Account Assets</td><td>Available-for- Sale Debt Securities</td><td>Loans and Leases - 1 </td><td>Mortgage Servicing Rights</td><td>Loans Held-for- Sale -1</td><td> Other Assets</td><td>Accrued Expenses and Other Liabilities -1</td><td>Total</td></tr><tr><td>Card income</td><td>$–</td><td>$–</td><td>$–</td><td>$–</td><td>$–</td><td>$–</td><td>$55</td><td>$–</td><td>$55</td></tr><tr><td>Equity investment income</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>110</td><td>–</td><td>110</td></tr><tr><td>Trading account profits (losses)</td><td>103</td><td>-3,044</td><td>–</td><td>-5</td><td>–</td><td>-195</td><td>–</td><td>9</td><td>-3,132</td></tr><tr><td>Mortgage banking income (loss)<sup>(</sup><sup>2</sup><sup>)</sup></td><td>2,428</td><td>-178</td><td>-74</td><td>–</td><td>-7,115</td><td>-848</td><td>–</td><td>295</td><td>-5,492</td></tr><tr><td>Other income (loss)</td><td>–</td><td>–</td><td>-2,435</td><td>-775</td><td>–</td><td>-4</td><td>10</td><td>-473</td><td>-3,677</td></tr><tr><td> Total</td><td>$2,531</td><td>$-3,222</td><td>$-2,509</td><td>$-780</td><td>$-7,115</td><td>$-1,047</td><td>$175</td><td>$-169</td><td>$-12,136</td></tr><tr><td></td><td colspan="9">Year Ended December 31, 2007</td></tr><tr><td>Card income</td><td>$–</td><td>$–</td><td>$–</td><td>$–</td><td>$–</td><td>$–</td><td>$103</td><td>$–</td><td>$103</td></tr><tr><td>Equity investment income</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>1,971</td><td>–</td><td>1,971</td></tr><tr><td>Trading account profits (losses)</td><td>-515</td><td>-2,959</td><td>–</td><td>-1</td><td>–</td><td>-61</td><td>–</td><td>-5</td><td>-3,541</td></tr><tr><td>Mortgage banking income (loss)<sup>(</sup><sup>2</sup><sup>)</sup></td><td>174</td><td>–</td><td>–</td><td>–</td><td>231</td><td>-29</td><td>–</td><td>–</td><td>376</td></tr><tr><td>Other income (loss)</td><td>–</td><td>–</td><td>-398</td><td>-139</td><td>–</td><td>–</td><td>75</td><td>-274</td><td>-736</td></tr><tr><td>Total</td><td>$-341</td><td>$-2,959</td><td>$-398</td><td>$-140</td><td>$231</td><td>$-90</td><td>$2,149</td><td>$-279</td><td>$-1,827</td></tr></table>
<table><tr><td>(Dollars in millions)</td><td> 2008</td><td>2007</td></tr><tr><td>Personnel</td><td>$18,371</td><td>$18,753</td></tr><tr><td>Occupancy</td><td>3,626</td><td>3,038</td></tr><tr><td>Equipment</td><td>1,655</td><td>1,391</td></tr><tr><td>Marketing</td><td>2,368</td><td>2,356</td></tr><tr><td>Professional fees</td><td>1,592</td><td>1,174</td></tr><tr><td>Amortization of intangibles</td><td>1,834</td><td>1,676</td></tr><tr><td>Data processing</td><td>2,546</td><td>1,962</td></tr><tr><td>Telecommunications</td><td>1,106</td><td>1,013</td></tr><tr><td>Other general operating</td><td>7,496</td><td>5,751</td></tr><tr><td>Merger and restructuring charges</td><td>935</td><td>410</td></tr><tr><td> Total noninterest expense</td><td>$41,529</td><td>$37,524</td></tr></table>
<table><tr><td>(Dollars in millions)</td><td>2008</td><td>2007</td></tr><tr><td> Net interest income<sup>-1</sup></td><td></td><td></td></tr><tr><td>As reported</td><td>$46,554</td><td>$36,190</td></tr><tr><td>Impact of market-based net interest income<sup>-2</sup></td><td>-6,011</td><td>-2,718</td></tr><tr><td>Core net interest income</td><td>40,543</td><td>33,472</td></tr><tr><td>Impact of securitizations<sup>-3</sup></td><td>8,910</td><td>7,841</td></tr><tr><td> Core net interest income – managed basis</td><td>$49,453</td><td>$41,313</td></tr><tr><td> Average earning assets</td><td></td><td></td></tr><tr><td>As reported</td><td>$1,562,729</td><td>$1,390,192</td></tr><tr><td>Impact of market-based earning assets<sup>-2</sup></td><td>-368,751</td><td>-412,587</td></tr><tr><td>Core average earning assets</td><td>1,193,978</td><td>977,605</td></tr><tr><td>Impact of securitizations<sup>-4</sup></td><td>100,145</td><td>103,371</td></tr><tr><td> Core average earning assets – managed basis</td><td>$1,294,123</td><td>$1,080,976</td></tr><tr><td> Net interest yield contribution<sup>-1</sup></td><td></td><td></td></tr><tr><td>As reported</td><td>2.98%</td><td>2.60%</td></tr><tr><td>Impact of market-based activities<sup>-2</sup></td><td>0.42</td><td>0.82</td></tr><tr><td>Core net interest yield on earning assets</td><td>3.40</td><td>3.42</td></tr><tr><td>Impact of securitizations</td><td>0.42</td><td>0.40</td></tr><tr><td> Core net interest yield on earning assets – managed basis</td><td>3.82%</td><td>3.82%</td></tr></table>
<table><tr><td></td><td colspan="3"> Bank of America Corporation</td><td colspan="2"> Bank of America, N.A.</td></tr><tr><td></td><td> Senior Debt</td><td> Subordinated Debt</td><td> Commercial Paper</td><td> Short-term Borrowings</td><td> Long-term Debt</td></tr><tr><td>Moody’s Investors Service</td><td>A1</td><td>A2</td><td>P-1</td><td>P-1</td><td>Aa2</td></tr><tr><td>Standard & Poor’s</td><td>A+</td><td>A</td><td>A-1</td><td>A-1+</td><td>AA-</td></tr><tr><td>Fitch Ratings</td><td>A+</td><td>A</td><td>F1+</td><td>F1+</td><td>A+</td></tr></table>
<table><tr><td></td><td>2008</td><td>2009</td><td>Change</td></tr><tr><td>Other than temporary impairments recognized</td><td>$-91.3</td><td>$-36.1</td><td>$55.2</td></tr><tr><td>Capital gain distributions received</td><td>5.6</td><td>2.0</td><td>-3.6</td></tr><tr><td>Net gain (loss) realized on fund dispositions</td><td>-4.5</td><td>7.4</td><td>11.9</td></tr><tr><td>Net loss recognized on fund holdings</td><td>$-90.2</td><td>$-26.7</td><td>$63.5</td></tr></table>

Question: what percentage of tangible book value at december 31 , 2010 is due to cash and cash equivalents and mutual fund investment holdings?