5. Fair Value of Financial Instruments The following is a list of those assets and liabilities that are measured at fair value by hierarchy level as of  December 31,  2012:  (In millions) Level I Level II Level III Total Assets and Liabilities at Fair Value Investment Portfolio: U.S. government and agency securities. . . . . . . . . . . $ 137.8 $ 433.8 $ — $ 571.6 State and municipal obligations . . . . . . . . . . . . . . . . . — 669.0 19.0 688.0 Money market instruments. . . . . . . . . . . . . . . . . . . . . 638.0 — — 638.0 Corporate bonds and notes. . . . . . . . . . . . . . . . . . . . . — 1,373.6 — 1,373.6 RMBS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 663.4 — 663.4 CMBS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 237.3 — 237.3 Other ABS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 252.4 1.7 254.1 Foreign government securities. . . . . . . . . . . . . . . . . . — 117.7 — 117.7 Hybrid securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 211.9 — 211.9 Equity securities (1) 98.9 166.0 1.0 265.9 Other investments (2). . . . . . . . . . . . . . . . . . . . . . . . . — 2.5 79.0 81.5 Total Investments at Fair Value (3) . . . . . . . . . . . . . . . . . . 874.7 4,127.6 100.7 5,103.0 Derivative Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 13.6 13.6 Other Assets (4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 99.2 99.2 Total Assets at Fair Value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 874.7 $ 4,127.6 $ 213.5 $ 5,215.8 Derivative Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ 266.9 $ 266.9 VIE Debt (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 108.9 108.9 Total Liabilities at Fair Value. . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ 375.8 $ 375.8 (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 TruPs ($0.9 million) and short-term CDs ($1.6 million) included within Level II and lottery annuities  ($1.0 million) and a guaranteed investment contract held by a consolidated  VIE ($78.0 million) within Level III. (3)  Does not include fixed-maturities held to maturity ( $0.7 million) and certain other invested assets ($48.7 million),  primarily invested in limited partnerships, accounted for as cost-method investments and not measured at fair value. (4)  Primarily comprising manufactured housing loan collateral related to  two consolidated financial guaranty  VIEs. (5)  Comprising consolidated debt related to NIMS VIEs ($9.9 million) and amounts related to financial guaranty  VIEs  ($99.0 million). Radian Group Inc. Notes to Consolidated Financial Statements - (Continued) 193