APLS 2017 Annual Report

85 risk profile of our investments, an immediate 10% change in interest rates would not have a material effect on the fair market value of our investment portfolio. We have the ability to hold our marketable securities until maturity, and therefore we would not expect our operating results or cash flows to be affected to any significant degree by the effect of a change in market interest rates on our investments. As of December 31, 2017, we had no liabilities denominated in foreign currencies. Item 8. Financial Statements and Supplementary Data.