Investments

Investments are as follows (in millions):



	Carrying Value
	September 30, 2017		December 31, 2016
Available-for-sale securities:
State Street Corporation	$	—	$	169.6
Other available-for-sale securities	11.9		10.9
	11.9		180.5
Other:
Trading securities	34.1		7.9
Seed capital investments, at fair value	11.7		61.0
Cost method, private equity and other investments	141.9		128.0
	187.7		196.9
Total investments	$	199.6	$	377.4

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



	September 30, 2017		December 31, 2016
Book cost basis	$	9.2	$	28.4
Gross unrealized gains	2.7		152.1
Market value	$	11.9	$	180.5

At September 30, 2017 and December 31, 2016, the carrying value of our available-for-sale investments was $11.9 million and $180.5 million, respectively. The majority of the $62.2 million of deferred tax liabilities associated with the available-for-sale investments at December 31, 2016 were reversed during the nine months ended September 30, 2017 as a result of the non-taxable exchange of the State Street shares for State Street’s ownership interest in BFDS. During the nine months ended September 30, 2017 and 2016, we received $0.9 million and $61.2 million, respectively, from the sale of available-for-sale securities. Gross realized gains of $0.1 million were recorded during the three months ended September 30, 2017 as compared to $0.2 million of gross realized gains and $0.1 million of losses recorded during the three months ended September 30, 2016, from the sale or exchange of available-for-sale securities. Gross realized gains of $170.1 million and $6.0 million and gross realized losses of $14.3 million and $3.8 million were recorded during the nine months ended September 30, 2017 and 2016, respectively, from the sale or exchange of available-for-sale securities. The gross realized gains and losses are included within Other income, net in the Condensed Consolidated Statement of Income.

We consolidate the investments of open-end funds in which we own a controlling interest as a result of our seed capital investments. At December 31, 2016, we had a controlling interest in seed capital investments of $53.6 million which was comprised primarily of equity securities as well as $8.4 million of cash collateral deposited with a broker for securities sold short. In March 2017, we reduced our ownership interest in a substantial portion of our seed capital investments, resulting in the deconsolidation of the respective fund. We held non-controlling interests in certain seed capital investments of $11.7 million and $7.4 million at September 30, 2017 and December 31, 2016, respectively.

We are a limited partner in various private equity funds which are primarily accounted for using the cost method. Our involvement in financing the operations of the private equity fund investments is generally limited to our investments in the entities. At September 30, 2017 and December 31, 2016, our carrying value of these private equity fund investments was approximately $93.5 million and $111.2 million, respectively. At September 30, 2017, we had future capital commitments related to these private equity fund investments of approximately $3.2 million. Additionally, we have other investments with a carrying value of $48.4 million and $16.8 million at September 30, 2017 and December 31, 2016, respectively.

We record lower of cost or market valuation adjustments on cost method and other investments when impairment conditions, such as adverse market conditions or poor performance of the underlying investment, are present. We had no impairments on cost method and other investments during the three months ended September 30, 2017 and $4.5 million of impairments on cost method and other investments during the nine months ended September 30, 2017. We had no impairments on cost method and other investments during the three and nine months ended September 30, 2016.

Our investments in private equity funds meet the definition of a variable interest entity (“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 September 30, 2017 and December 31, 2016, our maximum risk of loss associated with these VIE’s, which is comprised of our investment and required future capital commitments, was $96.7 million and $115.0 million, respectively.