Radian Group Inc. Notes to Consolidated Financial Statements - (Continued) The following is a list of those assets and liabilities that are measured at fair value by hierarchy level as of  December 31,  2011: (1)  Comprising broadly diversified domestic equity mutual funds included within Level I and various preferred and  common stocks invested across numerous companies and industries included within Levels II and III. (2)  Comprising short-term commercial paper within CPS trusts ( $150.0 million) and short-term CDs ($1.6 million )  included within Level II and lottery annuities ( $1.6 million) and TruPs held by consolidated VIEs ($5.2 million)  included within Level III. (3)  Does not include fixed-maturities held to maturity ( $2.6 million) and other invested assets ($61.0 million), primarily  invested in limited partnerships, accounted for as cost-method investments and not measured at fair value. (4)  Comprising manufactured housing loan collateral related to  two consolidated financial guaranty  VIEs. (5)  Comprising consolidated debt related to NIMS VIEs ($9.4 million) and amounts related to financial guaranty  VIEs  ($218.8 million). 194 (In millions) Level I Level II Level III Total Assets and Liabilities at Fair Value Investment Portfolio: U.S. government and agency securities . . . . . . . . . . . $ 386.9 $ 723.6 $ — $ 1,110.5 State and municipal obligations . . . . . . . . . . . . . . . . . — 985.0 62.5 1,047.5 Money market instruments . . . . . . . . . . . . . . . . . . . . . 723.2 — — 723.2 Corporate bonds and notes . . . . . . . . . . . . . . . . . . . . . — 700.5 — 700.5 RMBS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 884.7 45.5 930.2 CMBS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 190.4 35.4 225.8 CDO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 5.5 5.5 Other ABS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 97.0 2.9 99.9 Foreign government securities . . . . . . . . . . . . . . . . . . — 102.9 — 102.9 Hybrid securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 341.5 4.8 346.3 Equity securities (1) . . . . . . . . . . . . . . . . . . . . . . . . . . 116.0 152.4 0.8 269.2 Other investments (2) . . . . . . . . . . . . . . . . . . . . . . . . . — 151.6 6.8 158.4 Total Investments at Fair Value (3) . . . . . . . . . . . . . . . . . . 1,226.1 4,329.6 164.2 5,719.9 Derivative Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 0.2 17.0 17.2 Other Assets (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 104.0 104.0 Total Assets at Fair Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,226.1 $ 4,329.8 $ 285.2 $ 5,841.1 Derivative Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ 126.0 $ 126.0 VIE Debt (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 228.2 228.2 Total Liabilities at Fair Value . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ 354.2 $ 354.2