INVESTMENTS.

The carrying values of investments we do not consolidate at December 31 are as follows:



(in millions)	2016		2017
T. Rowe Price investment products held as available-for-sale	$	709.0	$	597.1
Equity method investments
T. Rowe Price investment products	252.3		277.4
26% interest in UTI Asset Management Company Limited (India)	140.9		155.8
Investment partnerships	5.3		4.8
Trading investments
T. Rowe Price investment products designated as an economic hedge of supplemental savings plan liability	—		268.2
T. Rowe Price investment products	75.4		95.0
Cost method investments	73.6		78.0
U.S. Treasury note	1.0		1.0
Total	$	1,257.5	$	1,477.3

At the end of the second quarter of 2017, we made the decision to economically hedge the market exposure associated with our supplemental savings plan liability with certain T. Rowe Price investment products. In order to fund the hedge portfolio, we used the proceeds from the sale of certain T. Rowe Price investment products held as available-for-sale as well as designated a T. Rowe Price U.S. mutual fund that was held as available-for-sale.

During the last three years, certain T. Rowe Price investment products in which we provided initial seed capital at the time of formation were deconsolidated, as we no longer had a controlling interest. Depending on our ownership interest, we are now reporting our residual interests in these T. Rowe Price investment products as either equity method or available-for-sale investments. Additionally, during 2016 and 2017, certain T. Rowe Price investment products that were being accounted for as equity method investments were consolidated, as we regained a controlling interest. The net impact of these changes on our consolidated balance sheets and income statements as of the dates the portfolios were deconsolidated or reconsolidated is detailed below.



(in millions)	2015			2016			2017
Net increase (decrease) in assets of consolidated T. Rowe Price investment products	$	(20.3	)	$	(1,342.8	)	$	(1,397.2	)
Net increase (decrease) in liabilities of consolidated T. Rowe Price investment products	$	—		$	(37.3	)	$	(153.1	)
Net increase (decrease) in redeemable non-controlling interests	$	—		$	(967.3	)	$	(1,042.6	)

Gains (losses) recognized upon deconsolidation	$	(5.8	)	$	2.2		$	.1

The losses and gains recognized upon deconsolidation were the result of reclassifying currency translation adjustments accumulated on certain T. Rowe Price investment products with non-USD functional currencies from accumulated other comprehensive income to non-operating income.

T. ROWE PRICE INVESTMENT PRODUCTS - AVAILABLE-FOR-SALE

These investments include:



	Aggregate cost		Unrealized holding					Aggregate fair value
(in millions)	Aggregate cost		gains		losses			Aggregate fair value
December 31, 2016
Stock and blended asset funds	$	162.9	$	88.0	$	(1.9	)	$	249.0
Bond funds	463.3		1.7		(5.0		)	460.0
Total	$	626.2	$	89.7	$	(6.9	)	$	709.0

December 31, 2017
Stock and blended asset funds	$	106.7	$	14.1	$	—		$	120.8
Bond funds	480.5		.3		(4.5		)	476.3
Total	$	587.2	$	14.4	$	(4.5	)	$	597.1

The following table details the number of holdings, the unrealized holding losses, and the aggregate fair value of T. Rowe Price investment products held as available-for-sale with unrealized losses categorized by the length of time they have been in a continuous unrealized loss position:



(in millions)	Number of holdings	Unrealized holding losses			Aggregate fair value
December 31, 2016
Less than 12 months	8	$	(4.2	)	$	328.1
12 months or more	2	(2.7		)	169.5
Total	10	$	(6.9	)	$	497.6

December 31, 2017
Less than 12 months	2	$	(.4	)	$	213.2
12 months or more	2	(4.1		)	191.5
Total	4	$	(4.5	)	$	404.7

In addition to the duration of the impairments, we reviewed the severity of the impairment as well as our intent and ability to hold the investments for a period of time sufficient for an anticipated recovery in fair value. Accordingly, impairment of these investment holdings was considered temporary at December 31, 2016 and 2017.

Dividends, excluding capital gain distributions, earned on these investments totaled $18.1 million in 2015, $8.7 million in 2016, and $8.2 million in 2017.

VARIABLE INTEREST ENTITIES.

Our investments at December 31, 2016 and 2017, include interests in variable interest entities that we do not consolidate as we are not deemed the primary beneficiary. Our maximum risk of loss related to our involvement with these entities is as follows:



(in millions)	2016		2017
Investment carrying values	$	149.2	$	129.2
Unfunded capital commitments	46.4		38.8
Uncollected investment advisory and administrative fees	5.9		7.7
	$	201.5	$	175.7

The unfunded capital commitments totaling $46.4 million and $38.8 million at December 31, 2016 and 2017, respectively, relate primarily to investment partnerships in which we have an existing investment. In addition to such amounts, a percentage of prior distributions may be called under certain circumstances.