credits from a one time distribution in fiscal year 2017.
Significant impacts of the Tax Cuts and Jobs Act include a reduction in the U. S.  federal income tax rate from 35% to 24.5%, partially offset with a tax on the deemed repatriation of undistributed foreign earnings, and a remeasurement of our net deferred tax assets.
Several provisions of the Tax Cuts and Jobs Act are not effective for us until fiscal year 2019, including a further reduction in the U. S.  federal income tax rate to 21%, a deduction for foreign derived intangible income, repeal of the deduction for income attributable to domestic production activities, and a tax on global intangible low-taxed income.
The decrease in the effective tax rate from fiscal year 2016 to 2017 was primarily due to the impact of foreign income, and foreign tax credits from a one time distribution of prior year foreign earnings, partially offset with a benefit recorded in fiscal year 2016 from the retroactive extension of the United States Federal Credit for Increasing Research Activities.
We record a valuation allowance to reduce our deferred tax assets to the amount we believe is more-likely-than-not to be realized.
In making these determinations we consider historical and projected taxable income, and ongoing prudent and feasible tax planning strategies in assessing the appropriateness of a valuation allowance.
The net increase in the valuation allowance of $4.6 million for fiscal year 2018 and $3.6 million for fiscal year 2017 was primarily related to tax net operating losses incurred in certain foreign jurisdictions, and state tax credit carryforwards.
Our net deferred tax assets as of September 30, 2018, 2017 and 2016 were $33.4 million, $53.2 million and $49.4 million, respectively.
Our worldwide effective tax rate may fluctuate based on a number of factors, including variations in projected taxable income in the various geographic locations in which we operate, changes in the valuation of our net deferred tax assets, resolution of potential exposures, tax positions taken on tax returns filed in the various geographic locations in which we operate, and the introduction of new accounting standards or changes in tax laws or interpretations thereof in the various geographic locations in which we operate.
We have recorded liabilities to address potential tax exposures related to business and income tax positions we have taken that could be challenged by taxing authorities.
The ultimate resolution of these potential exposures may be greater or less than the liabilities recorded which could result in an adjustment to our future tax expense.
Liquidity and Capital Resources We have funded our operations with our cash balances, cash generated from operations and proceeds from public offerings of our securities.
## Table 0 ##
Cash and cash equivalents, short-term investments and long-term investments totaled $1,450.6 million as of September 30, 2018, compared to $1,301.7 million as of September 30, 2017, representing an increase of $148.9 million.
The increase was primarily due to cash provided by operating activities of $761.1 million, partially offset by $600.1 million of cash required for the repurchase of outstanding common stock under our share repurchase program in fiscal year 2018 and $53.5 million of capital expenditures related to the expansion of our facilities to support our operations worldwide.
As of September 30, 2018, 37.6% of our cash and cash equivalents and investment balances were outside of the U. S.  The cash and cash equivalents and investment balances outside of the U. S.  are subject to fluctuation based on the settlement of intercompany balances.
In fiscal year 2017, the increase to cash and cash equivalents, short-term investments and long-term investments from the prior year was primarily due to cash provided by operating activities of $740.3 million, partially offset by $600.1 million of cash required for the repurchase of outstanding common stock under our share repurchase program in fiscal year 2017 and $38.7 million of capital expenditures related to the expansion of our facilities to support our operations worldwide.
As of September 30, 2017, 37.7% of our cash and cash equivalents and investment balances were outside of the U. S.  Cash provided by operating activities during fiscal year 2018 was $761.1 million compared to $740.3 million in fiscal year 2017 and $711.5 million in fiscal year 2016.
Cash provided by operating activities resulted primarily from cash generated from net income, after adjusting for non-cash charges such as stock-based compensation, depreciation and amortization charges and changes in operating assets and liabilities.
Foreign Exchange Our international operations are subject to certain opportunities and risks, including currency fluctuations and governmental actions.
We closely monitor our operations in each country and seek to adopt appropriate strategies that are responsive to changing economic and political environments, and to fluctuations in foreign currencies.
We use 73 functional currencies.
Due to our global operations, weakness in some of these currencies might be offset by strength in others.
In 2011, 2010 and 2009, the weighted-average exchange rates for foreign currencies in which the Company conducted operations (all operating currencies), and for certain individual currencies, strengthened (weakened) against the U. S.  dollar as follows:
## Table 1 ##
These percentages do not include the effects of our hedging activities and, therefore, do not reflect the actual impact of fluctuations in exchange rates on our operating results.
Our foreign currency management program is designed to mitigate, over time, a portion of the impact of exchange rate changes on our net income and earnings per share.
The total currency impact on operating income, including the effect of our hedging activities, was an increase of approximately 4 percent and 3 percent in 2011 and 2010, respectively.
Based on the anticipated impact of hedging coverage in place, the Company expects currencies to have a low single-digit negative impact on operating income for the first quarter of 2012 and a mid single-digit negative impact on operating income for the full year of 2012.
Foreign currency exchange gains and losses are primarily the result of the remeasurement of monetary assets and liabilities from certain currencies into functional currencies.
The effects of the remeasurement of these assets and liabilities are partially offset by the impact of our economic hedging program for certain exposures on our consolidated balance sheets.
Refer to Note 5 of Notes to Consolidated Financial Statements.
Foreign currency exchange gains and losses are included as a component of other income (loss) — net in our consolidated financial statements.
Refer to the heading ‘‘Operations Review — Other Income (Loss) — Net’’ above.
The Company recorded foreign currency exchange losses of $73 million, $148 million and $34 million in 2011, 2010 and 2009, respectively.
The remeasurement loss recorded in 2010 was primarily related to our Venezuelan subsidiary.
Subsequent to December 31, 2009, the Venezuelan government announced a currency devaluation, and Venezuela was determined to be a hyperinflationary economy.
As a result, our local subsidiary was required to use the U. S.  dollar as its functional currency and we recorded a net remeasurement loss of $103 million during the first quarter of 2010, in the line item other income (loss) — net in our consolidated statement of income.
As of December 31, 2011, our Venezuelan subsidiary held monetary assets of $300 million.
In addition to the foreign currency exchange exposure related to our Venezuelan subsidiary’s net assets, we also sell concentrate to our bottling partner in Venezuela from outside the country.
These sales are denominated in U. S.  dollars.
Some of our concentrate sales were approved by the CADIVI to receive the official rate for essential goods of 2.6 bolivars per U. S.  dollar prior to the elimination of the official rate for essential goods in December 2010.
Prior to the elimination of the official rate for essential goods, our bottling partner in Venezuela was able to convert bolivars to U. S.  dollars to settle our receivables related to sales approved by the CADIVI.
However, if we are unable to utilize a government-approved exchange rate mechanism to settle future concentrate sales to our bottling partner in Venezuela, the Company’s outstanding receivables balance related to these sales will continue to increase.
The Company will continue to manage its foreign currency exposure to mitigate, over time, a portion of the impact of exchange rate changes on net income and earnings per share.
Impact of Inflation and Changing Prices Inflation affects the way we operate in many markets around the world.
In general, we believe that, over time, we are able to increase prices to counteract the majority of the inflationary effects of increasing costs and to generate sufficient cash flows to maintain our productive capability.
As of December 31, 2006, as a percentage of amortized cost, 76% of the portfolio was comprised of publicly traded securities, compared to 71% of the portfolio as of December 31, 2005.
As of December 31, 2006, 97% of the fixed maturity portfolio was classified as investment grade compared to 96% as of December 31, 2005.
For a discussion of changes in the fair value of our trading account assets supporting insurance liabilities see “—Trading Account Assets Supporting Insurance Liabilities,” below.
The following table sets forth our public fixed maturities included in our trading account assets supporting insurance liabilities portfolio by NAIC rating as of the dates indicated.
## Table 2 ##
(1) See “—Fixed Maturity Securities Credit Quality” above for a discussion on NAIC designations.
(2) Reflects equivalent ratings for investments of the international insurance operations that are not rated by U. S.  insurance regulatory authorities.
(3) Amounts are reported in “Asset management fees and other income.
” The following table sets forth our private fixed maturities included in our trading account assets supporting insurance liabilities portfolio by NAIC rating as of the dates indicated.
## Table 3 ##
(1) See “—Fixed Maturity Securities Credit Quality” above for a discussion on NAIC designations.
(2) Reflects equivalent ratings for investments of the international insurance operations that are not rated by U. S.  insurance regulatory authorities.
(3) Amounts are reported in “Asset management fees and other income.
” Commercial Loans Investment Mix We originate domestic commercial mortgages using dedicated investment staff and a network of independent companies through our various regional offices across the country.
All loans are underwritten consistently to our standards using a proprietary quality rating system that has been developed from our experience in real estate and mortgage lending.
Our loan portfolio strategy emphasizes diversification by property type and geographic location.
Consumer loans are loans extended by Gibraltar Life to individuals for financing purchases of consumer goods and services and are guaranteed by third party guarantor companies.

<table><tr><td></td><td colspan="3">Years Ended September 30,</td></tr><tr><td></td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td></td><td colspan="3">(in thousands)</td></tr><tr><td>Liquidity and Capital Resources</td><td></td><td></td><td></td></tr><tr><td>Cash and cash equivalents and investments</td><td>$1,450,596</td><td>$1,301,730</td><td>$1,158,770</td></tr><tr><td>Cash provided by operating activities</td><td>761,068</td><td>740,281</td><td>711,535</td></tr><tr><td>Cash (used in) provided by investing activities</td><td>-455,987</td><td>-32,285</td><td>62,720</td></tr><tr><td>Cash used in financing activities</td><td>-551,263</td><td>-546,032</td><td>-652,647</td></tr></table>
<table><tr><td>Year Ended December 31,</td><td>2011</td><td>2010</td><td>2009</td></tr><tr><td>All operating currencies</td><td>6%</td><td>3%</td><td>-9%</td></tr><tr><td>Brazilian real</td><td>5%</td><td>11%</td><td>-8%</td></tr><tr><td>Mexican peso</td><td>4</td><td>6</td><td>-24</td></tr><tr><td>Australian dollar</td><td>14</td><td>13</td><td>-8</td></tr><tr><td>South African rand</td><td>1</td><td>11</td><td>-1</td></tr><tr><td>British pound</td><td>4</td><td>-2</td><td>-18</td></tr><tr><td>Euro</td><td>7</td><td>-5</td><td>-8</td></tr><tr><td>Japanese yen</td><td>10</td><td>6</td><td>9</td></tr></table>
<table><tr><td> -1 (2)</td><td></td><td colspan="4"> December 31, 2006</td><td colspan="4"> December 31, 2005</td></tr><tr><td> NAIC Designation</td><td> Rating Agency Equivalent</td><td> Amortized Cost</td><td> Gross Unrealized Gains-3</td><td> Gross Unrealized Losses-3</td><td> Fair Value</td><td> Amortized Cost</td><td> Gross Unrealized Gains-3</td><td> Gross Unrealized Losses-3</td><td> Fair Value</td></tr><tr><td></td><td></td><td colspan="8"> (in millions)</td></tr><tr><td>1</td><td>Aaa, Aa, A</td><td>$7,772</td><td>$25</td><td>$117</td><td>$7,680</td><td>$6,599</td><td>$14</td><td>$138</td><td>$6,475</td></tr><tr><td>2</td><td>Baa</td><td>1,800</td><td>3</td><td>42</td><td>1,761</td><td>2,017</td><td>3</td><td>63</td><td>1,957</td></tr><tr><td></td><td>Subtotal Investment Grade</td><td>9,572</td><td>28</td><td>159</td><td>9,441</td><td>8,616</td><td>17</td><td>201</td><td>8,432</td></tr><tr><td>3</td><td>Ba</td><td>79</td><td>—</td><td>7</td><td>72</td><td>42</td><td>—</td><td>5</td><td>37</td></tr><tr><td>4</td><td>B</td><td>1</td><td>—</td><td>—</td><td>1</td><td>2</td><td>—</td><td>—</td><td>2</td></tr><tr><td>5</td><td>C and lower</td><td>1</td><td>—</td><td>—</td><td>1</td><td>2</td><td>—</td><td>—</td><td>2</td></tr><tr><td>6</td><td>In or near default</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td></td><td>Subtotal Below Investment Grade</td><td>81</td><td>—</td><td>7</td><td>74</td><td>46</td><td>—</td><td>5</td><td>41</td></tr><tr><td></td><td>Total Public Trading Account Assets Supporting Insurance Liabilities</td><td>$9,653</td><td>$28</td><td>$166</td><td>$9,515</td><td>$8,662</td><td>$17</td><td>$206</td><td>$8,473</td></tr></table>
<table><tr><td> -1 (2)</td><td></td><td colspan="4"> December 31, 2006</td><td colspan="4"> December 31, 2005</td></tr><tr><td> NAIC Designation</td><td> Rating Agency Equivalent</td><td> Amortized Cost</td><td> Gross Unrealized Gains-3</td><td> Gross Unrealized Losses-3</td><td> Fair Value</td><td> Amortized Cost</td><td> Gross Unrealized Gains-3</td><td> Gross Unrealized Losses-3</td><td> Fair Value</td></tr><tr><td></td><td></td><td colspan="8"> (in millions)</td></tr><tr><td>1</td><td>Aaa, Aa, A</td><td>$861</td><td>$3</td><td>$27</td><td>$837</td><td>$1,087</td><td>$2</td><td>$28</td><td>$1,061</td></tr><tr><td>2</td><td>Baa</td><td>2,242</td><td>13</td><td>62</td><td>2,193</td><td>2,564</td><td>10</td><td>66</td><td>2,508</td></tr><tr><td></td><td>Subtotal Investment Grade</td><td>3,103</td><td>16</td><td>89</td><td>3,030</td><td>3,651</td><td>12</td><td>94</td><td>3,569</td></tr><tr><td>3</td><td>Ba</td><td>266</td><td>3</td><td>8</td><td>261</td><td>276</td><td>2</td><td>9</td><td>269</td></tr><tr><td>4</td><td>B</td><td>12</td><td>—</td><td>—</td><td>12</td><td>31</td><td>—</td><td>1</td><td>30</td></tr><tr><td>5</td><td>C and lower</td><td>79</td><td>—</td><td>2</td><td>77</td><td>99</td><td>—</td><td>1</td><td>98</td></tr><tr><td>6</td><td>In or near default</td><td>7</td><td>4</td><td>—</td><td>11</td><td>8</td><td>5</td><td>—</td><td>13</td></tr><tr><td></td><td>Subtotal Below Investment Grade</td><td>364</td><td>7</td><td>10</td><td>361</td><td>414</td><td>7</td><td>11</td><td>410</td></tr><tr><td></td><td>Total Private Trading Account Assets Supporting Insurance Liabilities</td><td>$3,467</td><td>$23</td><td>$99</td><td>$3,391</td><td>$4,065</td><td>$19</td><td>$105</td><td>$3,979</td></tr></table>

Question: What is the percentage of all Gross Unrealized Gains-3 that are positive to the total amount, in 2005?
Answer: 1