114 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF AEGON N.V.  NOTE 3 Financial assets carried at fair value  Level I Level II Level III Total 2009 Available-for-sale investments Shares 531 123 443 1,097 Debt securities 17,487 67,895 4,334 89,716 Money market and other short-term instruments 1 9,178 10 9,189 Other investments at fair value 57 10 842 909 18,076 77,206 5,629 100,911 Fair value through profi t or loss Shares 823 162 14 999 Debt securities 27 1,513 142 1,682 Money market and other short-term instruments 622 253 – 875 Other investments at fair value – 440 1,080 1,520 Investments for account of policyholders  1 70,224 51,797 2,776 124,797 Derivatives  96 4,651 170 4,917 71,792 58,816 4,182 134,790 TOTAL FINANCIAL ASSETS AT FAIR VALUE 89,868 136,022 9,811 235,701 Financial liabilities carried at fair value Investment contracts – – 1,145 1,145 Investment contracts for account of policyholders 3,924 16,032 521 20,477 Borrowings  2 506 453 – 959 Derivatives  29 4,004 1,683 5,716 4,459 20,489 3,349 28,297 1  The investments for account of policyholders included in the table above represents those investments carried at fair value through profit or loss.  2  Borrowings included in the table above contain those borrowings that are carried at fair value through profit or loss. Total borrowings on the balance  sheet also contain borrowings carried at amortized cost that are not included in the above schedule.  During 2010, the amount of assets transferred from Level I  to Level II classification was EUR 469 million (2009: EUR 498  million). The reason for the change in level relates to changes  in liquidity for specific debt securities.  SIGNIFICANT TRANSFERS BETWEEN LEVEL I AND II