INVESTMENTS.

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



(in millions)	12/31/2017		3/31/2018
Investments held at fair value
T. Rowe Price investment products ⁽¹⁾	$	692.1	$	1,231.1
T. Rowe Price investment products designated as an economic hedge of supplemental savings plan liability	268.2		283.3
Investment partnerships and other investments⁽²⁾	78.0		95.2
Equity method investments
T. Rowe Price investment products	277.4		316.7
26% interest in UTI Asset Management Company Limited (India)	155.8		163.2
Investment partnerships and other investments	4.8		4.6
U.S. Treasury note	1.0		1.0
Total	$	1,477.3	$	2,095.1

⁽¹⁾ Includes $597.1 million of investments at December 31, 2017, that were previously reported as available-for sale investments prior to the adoption of the new financial instruments guidance on January 1, 2018. Refer to Note 1 for more information.

⁽²⁾ These investments at December 31, 2017 were carried at cost. Upon adoption of new financial guidance on January 1, 2018, these investments are carried at fair value using NAV per share as a practical expedient. Refer to Note 1 for more information.

The other investments at fair value include investment partnerships that are carried at fair value using their net asset value per share as a practical expedient. Our interests in these partnerships are generally not redeemable and are subject to significant restrictions on transferability. The underlying investments of these partnerships have contractual terms through 2029, though we may receive distributions of liquidating assets over a longer term. The investment strategies of these partnerships include growth equity, buyout, venture capital, and real estate.

Net gains on investments during the first quarter of 2018 includes $1.9 million of net unrealized losses recognized on investments held at fair value that were still held at March 31, 2018. For the first quarter of 2017, the majority of unrealized gains or losses on investments held at fair value are included and presented with other comprehensive income.

During the first three months of 2017 and 2018, 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 an equity method investment or an investment held at fair value. Additionally, during the first three months of 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 condensed consolidated balance sheets and income statements as of the dates the portfolios were deconsolidated or reconsolidated is detailed below.



	Three months ended
(in millions)	3/31/2017			3/31/2018
Net increase (decrease) in assets of consolidated T. Rowe Price investment products	$	(1,035.9	)	$	(757.5	)
Net increase (decrease) in liabilities of consolidated T. Rowe Price investment products	$	(133.2	)	$	(5.2	)
Net increase (decrease) in redeemable non-controlling interests	$	(767.7	)	$	(632.9	)

Gains (losses) recognized upon deconsolidation	$	—		$	3.1

The gains or losses 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.

VARIABLE INTEREST ENTITIES.

Our investments at December 31, 2017 and March 31, 2018, 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)	12/31/2017		3/31/2018
Investment carrying values	$	129.2	$	254.3
Unfunded capital commitments	38.8		37.2
Uncollected investment advisory and administrative fees	7.7		9.3
	$	175.7	$	300.8

The unfunded capital commitments totaling $38.8 million and $37.2 million at December 31, 2017 and March 31, 2018, respectively, relate primarily to the 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.