Investments

Investments are as follows (in millions):



	Carrying Value
	December 31, 2016		December 31, 2015
Available-for-sale securities:
State Street Corporation	$	169.6	$	144.8
Other available-for-sale securities	10.9		74.7
	180.5		219.5
Other:
Trading securities	7.9		14.8
Seed capital investments, at fair value	61.0		50.7
Cost method, private equity and other investments	128.0		133.2
	196.9		198.7
Total investments	$	377.4	$	418.2

Certain information related to our available-for-sale securities is as follows (in millions):



	December 31,
	2016		2015
Book cost basis	$	28.4	$	83.4
Gross unrealized gains	152.1		136.2
Gross unrealized losses	—		(0.1		)
Market value	$	180.5	$	219.5

At December 31, 2016 and 2015, our carrying value of available-for-sale investments was $180.5 million and $219.5 million, respectively, the majority of which was from the ownership of 2.2 million shares of State Street as of December 31, 2016. State Street is a financial services corporation that provides investment servicing and investment management services and products to institutional investors. The aggregate market value of our investments in available-for-sale securities, including State Street’s common stock, presented above was based on the closing price on the New York Stock Exchange at the respective year end. Deferred tax liabilities associated with the available-for-sale investments were approximately $62.2 million and $54.8 million at December 31, 2016 and 2015, respectively.

During the years ended December 31, 2016, 2015 and 2014, we received $61.2 million, $303.5 million and $278.9 million, respectively, from the sale of investments in available-for-sale securities. Gross realized gains of $6.1 million, $175.1 million and $184.0 million and gross realized losses of $3.8 million, $6.7 million and $2.6 million, were recorded in 2016, 2015 and 2014, respectively, from the sale of available-for-sale securities. In addition, we recorded losses on available-for-sale securities of $0.2 million, $4.8 million and $2.3 million related to other-than-temporary investment impairments for the years ended December 31, 2016, 2015 and 2014, respectively. These gains and losses are included as a component of Other income, net in the Consolidated Statement of Income. The fair value and gross unrealized losses of securities in a continuous loss position at December 31, 2016 and 2015 were not significant.

We consolidate the investments of open-end funds in which we own a controlling interest as a result of our seed capital investments. Seed capital investments of $61.0 million and $50.7 million at December 31, 2016 and 2015, respectively, are comprised primarily of equity securities as well as $8.4 million and $10.8 million of cash collateral deposited with a broker for securities sold short at December 31, 2016 and 2015, respectively.

We are a limited partner in various private equity funds which are primarily accounted for using the cost method. Our involvement in the financing operations of the private equity fund investments is generally limited to our investments in the entities. At December 31, 2016 and 2015, our carrying value of these private equity fund investments was approximately $111.2 million and $117.2 million, respectively. At December 31, 2016, we had future capital commitments related to these private equity fund investments of approximately $3.8 million. Additionally, we have other investments with a carrying value of $16.8 million and $16.0 million at December 31, 2016 and 2015, respectively.

In 2014, we received cash dividends of $33.2 million from a cost method investment in a privately-held company. Following receipt of the dividend, we sold our remaining interest in the privately-held company, resulting in pre-tax cash proceeds and a related gain of $103.6 million.

We record lower of cost or market valuation adjustments on private equity fund investments and other cost method investments when impairment conditions are present. During the year ended December 31, 2016, we recorded no impairments on cost method investments. During the years ended December 31, 2015 and 2014, we recorded $0.2 million and $2.2 million, respectively, of impairments on cost method investments related to adverse market conditions or poor performance of the underlying investment.

As a result of the revised consolidation guidance, we determined that our investments in private equity funds meet the definition of a VIE; however, the private equity fund investments were not consolidated as we do not have the power to direct the entities’ most significant economic activities. The maximum risk of loss related to our private equity fund investments is limited to the carrying value of our investments in the entities plus any future capital commitments. At December 31, 2016 and 2015, our maximum risk of loss associated with these VIE’s, which is comprised of our investment and required future capital commitments, was $115.0 million and $120.9 million, respectively.