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Investments
 9 Months Ended
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Investments Investments

At September 30, 2019 and December 31, 2018, Federated held investments in Separate Accounts of $7.4 million and $6.8 million, respectively, and investments in fluctuating-value mutual funds, including Federated Funds, of $61.4 million and $4.1 million, respectively, that were included in Investments—Affiliates and Other on the Consolidated Balance Sheets.

Federated's investments held in Separate Accounts as of September 30, 2019 and December 31, 2018, were primarily composed of domestic debt securities ($3.3 million and $3.5 million, respectively) and stocks of large U.S. and international companies ($3.2 million and $2.7 million, respectively).

Federated consolidates certain Federated Funds into its Consolidated Financial Statements as a result of Federated's controlling financial interest in these Federated Funds (see Note (7)). All investments held by these consolidated Federated Funds were included in Investments—Consolidated Investment Companies on Federated's Consolidated Balance Sheets.

Federated's investments held by consolidated Federated Funds as of September 30, 2019 and December 31, 2018, were primarily composed of domestic and foreign debt securities ($32.2 million and $20.9 million, respectively) and stocks of large U.S. and international companies ($8.9 million and $1.6 million, respectively).

The following table presents gains and losses recognized in Gain (Loss) on Securities, net on the Consolidated Statements of Income in connection with Federated's investments:
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
(in thousands)
 
2019

 
2018

 
2019

 
2018

Investments—Consolidated Investment Companies
 
 
 
 
 
 
 
 
Unrealized Gains (Losses)
 
$
(364
)
 
$
606

 
$
1,345

 
$
(1,737
)
Realized Gains1
 
79

 
99

 
239

 
1,424

Realized Losses1
 
(198
)
 
(623
)
 
(1,025
)
 
(1,521
)
Net Gains (Losses) on Investments—Consolidated Investment Companies
 
(483
)
 
82

 
559

 
(1,834
)
Investments—Affiliates and Other
 
 
 
 
 
 
 
 
Unrealized Gains (Losses) Recognized on Securities Still Held
 
2,298

 
142

 
3,515

 
(64
)
Net Realized Gains (Losses) Recognized on Securities Sold1
 
(2,401
)
 
37

 
(2,404
)
 
162

Net Gains (Losses) on Investments—Affiliates and Other
 
(103
)
 
179

 
1,111

 
98

Gain (Loss) on Securities, net
 
$
(586
)
 
$
261

 
$
1,670

 
$
(1,736
)
1 
Realized gains and losses are computed on a specific-identification basis.