Investments

Investments are as follows (in millions):



	Carrying Value
	December 31, 2017		December 31, 2016
Available-for-sale securities:
State Street Corporation	$	—	$	169.6
Other available-for-sale securities	11.8		10.9
	11.8		180.5
Other:
Trading securities	33.6		7.9
Seed capital investments, at fair value	12.1		61.0
Cost method, private equity and other investments	142.2		128.0
	187.9		196.9
Total investments	$	199.7	$	377.4

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



	December 31,
	2017		2016
Book cost basis	$	8.6	$	28.4
Gross unrealized gains	3.2		152.1
Market value	$	11.8	$	180.5

At December 31, 2017 and 2016, our carrying value of available-for-sale investments was $11.8 million and $180.5 million, respectively, based on the closing price on the New York Stock Exchange at the respective year end. The balance as of December 31, 2016 primarily consisted of the ownership of 2.2 million shares of State Street. In 2017, we transferred approximately 2.0 million shares of State Street common stock as part of the non-taxable exchange transaction to acquire State Street’s 50% interest in BFDS. Our remaining shares of State Street were transferred in a non-monetary charitable contribution recognized at market value. The majority of the $62.2 million of the deferred tax liabilities associated with the available-for-sale investments as of December 31, 2016 were derecognized during the year ended December 31, 2017 as a result of the non-taxable exchange of the State Street shares for State Street’s ownership interest in BFDS.

During the years ended December 31, 2017, 2016 and 2015, we received $4.2 million, $61.2 million and $303.5 million, respectively, from the sale of investments in available-for-sale securities. Gross realized gains of $170.2 million, $6.1 million and $175.1 million and gross realized losses of $14.3 million, $3.8 million and $6.7 million, were recorded in 2017, 2016 and 2015, respectively, from the disposal of available-for-sale securities. Gross realized gains in 2017 included a net gain of $145.1 million from the exchange of State Street shares for State Street’s 50% interest in BFDS and a gain of $10.4 million from the charitable contribution of our remaining shares in State Street. We recorded no losses on available-for-sale securities related to other-than-temporary investments impairments for the year ended December 31, 2017. We recorded losses on available-for-sale securities of $0.2 million and $4.8 million related to other-than-temporary investment impairments for the years ended December 31, 2016 and 2015, respectively. These gains and losses are included as a component of Other income, net in the Consolidated Statement of Income. We had no securities in an unrealized loss position as of December 31, 2017. The fair value and gross unrealized losses of securities in a continuous loss position at December 31, 2016 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. At December 31, 2016, we had a controlling interest in seed capital investments of $53.6 million which is 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 $12.1 million and $7.4 million at December 31, 2017 and 2016, respectively.

We are a limited partner in various private equity funds. Our involvement in the financing operations of the private equity fund investments is generally limited to our investments in the entities. At December 31, 2017 and 2016, our carrying value of these private equity fund investments was approximately $91.3 million and $111.2 million, respectively. At December 31, 2017, we had future capital commitments related to these private equity fund investments of approximately $3.0 million. Additionally, we have other investments with a carrying value of $50.9 million and $16.8 million at December 31, 2017 and 2016, respectively. We account for private equity funds and other investments primarily under the cost method as we do not have a controlling interest or the ability to exercise significant influence over these companies and these investments do not have readily determinable fair values, except for certain other investments which are measured using net asset value as a practical expedient for fair value. At December 31, 2017 and 2016, we held approximately $7.6 million and $11.5 million, respectively, of pooled funds measured using net asset value within our other investments.

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 investments, are present. During the years ended December 31, 2017 and 2015, we recorded $4.5 million and $0.2 million, respectively, of impairments on cost method investments. During the year ended December 31, 2016, we recorded no impairments on cost method investments.

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 December 31, 2017 and 2016, our maximum risk of loss associated with these VIE’s, which is comprised of our investment and required future capital commitments, was $94.3 million and $115.0 million, respectively.