MORGAN STANLEY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) leasing business to its estimated fair value of approximately $2.0 billion.
In determining the charge that was recorded in the third quarter of fiscal 2005, the Company estimated the value to be realized in selling the aircraft leasing business as a whole.
The estimated value of the business was based on the appraised values of the aircraft portfolio, an evaluation of then current market conditions, recent transactions involving the sales of similar aircraft leasing businesses, a detailed assessment of the portfolio and additional valuation analyses.
On January 30, 2006, the Company announced that it had signed a definitive agreement under which it would sell its aircraft leasing business to Terra Firma, a European private equity group, for approximately $2.5 billion in cash and the assumption of liabilities.
Based on the terms of the agreement and in accordance with SFAS No.144, “Accounting for the Impairment or Disposal of Long-Lived Assets” (“SFAS No.144”), the Company revised its estimate of the fair value (less selling costs) of the aircraft leasing business and, as a result, in the fourth quarter, reduced the pre-tax charge recorded in the third quarter of fiscal 2005 by approximately $1.1 billion.
Full year results for fiscal 2005 reflected a charge of $509 million ($316 million after-tax).
The sale was completed on March 24, 2006.
The results for discontinued operations in fiscal 2006 included a loss of $125 million ($75 million after-tax) related to the impact of the finalization of the sales proceeds and balance sheet adjustments related to the closing.
Gross revenues from the aircraft leasing business included in discontinued operations was $137 million and $417 million in fiscal 2006 and fiscal 2005, respectively.
Summarized financial information for the Company’s discontinued operations for fiscal 2007, fiscal 2006 and fiscal 2005: The table below provides information regarding amounts included within discontinued operations (dollars in millions):
## Table 0 ##
23.  Business and Other Acquisitions and Dispositions and Sale of Minority Interest.
Subsequent to Fiscal 2007.
Morgan Stanley Wealth Management S. V. , S. A. U.
On January 28, 2008, the Company announced that it had reached an agreement to sell Morgan Stanley Wealth Management S. V. , S. A. U.
(“MSWM”), its Spanish onshore mass affluent wealth management business.
The transaction is expected to close during the first half of fiscal 2008 subject to customary closing conditions, including regulatory approvals.
The results of MSWM have been included within the Global Wealth Management Group business segment.
Fiscal 2007.
MSCI.
On July 31, 2007, the Company announced that it would sell a minority interest in its subsidiary, MSCI Inc.  (“MSCI”) in an initial public offering (“IPO”).
MSCI is a provider of investment decision support tools to investment institutions worldwide.
MSCI is included within the Institutional Securities business segment.
In November 2007, MSCI completed its IPO of 16.1 million shares and received net proceeds of approximately $265 million, net of underwriting discounts, commissions and offering expenses.
As the IPO was part of a
MORGAN STANLEY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) broader corporate reorganization, contemplated by the Company at the IPO date, the increase in the carrying amount of the Company’s investment in MSCI was recorded in Paid-in capital in the Company’s consolidated statement of financial condition and the Company’s consolidated statement of changes in shareholders’ equity at November 30, 2007.
Subsequent to the IPO, the Company maintains approximately 81% ownership of MSCI and consolidates MSCI for financial reporting purposes.
JM Financial.
In October 2007, the Company dissolved its India joint ventures with JM Financial.
The Company purchased the joint venture’s institutional equities sales, trading and research platform by acquiring JM Financial’s 49% interest and sold the Company’s 49% interest in the joint venture’s investment banking, fixed income and retail operation to JM Financial.
CityMortgage Bank.
On December 21, 2006, the Company acquired CityMortgage Bank (“CityMortgage”), a Moscow-based mortgage bank that specializes in originating, servicing and securitizing residential mortgage loans in the Russian Federation.
Since the acquisition date, the results of CityMortgage have been included within the Institutional Securities business segment.
Olco Petroleum Group Inc.  On December 15, 2006, the Company acquired a 60% equity stake in Olco Petroleum Group Inc.  (“Olco”), a petroleum products marketer and distributor based in eastern Canada.
Since the acquisition date, the results of Olco have been included within the Institutional Securities business segment.
Saxon Capital, Inc.  On December 4, 2006, the Company acquired Saxon Capital, Inc.  (“Saxon”), a servicer and originator of residential mortgages.
Since the acquisition date, the results of Saxon have been included within the Institutional Securities business segment.
FrontPoint Partners.
On December 4, 2006, the Company acquired FrontPoint Partners (“FrontPoint”), a provider of absolute return investment strategies.
Since the acquisition date, the results of FrontPoint have been included within the Asset Management business segment.
Fiscal 2006.
Goldfish.
On February 17, 2006, the Company acquired the Goldfish credit card business in the U. K.  As a result of the Discover Spin-off, the results of Goldfish have been included within discontinued operations (see Note 22).
The acquisition price was $1,676 million, which was paid in cash in February 2006.
The Company recorded goodwill and other intangible assets of approximately $370 million in connection with the acquisition.
The following table summarizes the fair values of the assets acquired and the liabilities assumed at the date of the acquisition:
## Table 1 ##
The $123 million of acquired amortizable intangible assets includes customer relationships of $54 million (15-year estimated useful life) and trademarks of $69 million (25-year estimated useful life).
based fees relating to certain funds, and separately managed accounts and fees relating to the distribution of certain open-ended mutual funds.
Asset Management fees arise from investment management services the Company provides to investment vehicles pursuant to various contractual arrangements.
The Company receives fees primarily based upon mutual fund daily average net assets or based on monthly or quarterly invested equity for other vehicles.
Performance-based fees are earned on certain funds as a percentage of appreciation earned by those funds and, in certain cases, are based upon the achievement of performance criteria.
These fees are normally earned annually and are recognized on a monthly or quarterly basis.
Asset management, distribution and administration fees increased 37% in fiscal 2007 and 5% in fiscal 2006.
The increase in fiscal 2007 was primarily due to higher fund management and administration fees resulting from an increase in assets and a more favorable asset mix.
The increase was also due to higher performance fees from the alternatives business, including those associated with FrontPoint, which the Company acquired in December 2006 (see Note 23 to the consolidated financial statements).
The increase in fiscal 2006 was due to higher fund management and administration fees, partially offset by lower distribution fees.
The higher management and administration fees in fiscal 2007 and fiscal 2006 were associated with increases in average assets under management of 20% and 6%, respectively.
Asset Management’s year-end and average assets under management or supervision were as follows
## Table 2 ##
(1) Americas Intermediary channel primarily represents client flows through defined contribution, insurance and bank trust platforms.
(2) Amounts represent Asset Management’s proportional share of assets managed by entities in which it owns a minority interest.
(3) The alternatives asset class includes a range of investment products, such as real estate funds, hedge funds, private equity funds, funds of hedge funds and funds of private equity funds.
In the normal course of business, the Company enters into various contractual obligations that may require future cash payments.
Contractual obligations at November 30, 2007 include long-term borrowings, operating leases and purchase obligations.
The Company’s future cash payments associated with its contractual obligations as of November 30, 2007 are summarized below:

<table><tr><td></td><td colspan="3">Fiscal Year</td></tr><tr><td></td><td> 2007</td><td>2006</td><td>2005</td></tr><tr><td>Pre-tax gain (loss) on discontinued operations</td><td></td><td></td><td></td></tr><tr><td>DFS</td><td>$850</td><td>$1,681</td><td>$1,025</td></tr><tr><td>Quilter</td><td>174</td><td>27</td><td>20</td></tr><tr><td>Aircraft leasing</td><td>—</td><td>-42</td><td>-486</td></tr><tr><td></td><td>$1,024</td><td>$1,666</td><td>$559</td></tr></table>
<table><tr><td></td><td>At February 17, 2006  (dollars in millions)</td></tr><tr><td>Consumer loans</td><td>$1,316</td></tr><tr><td>Goodwill</td><td>247</td></tr><tr><td>Amortizable intangible assets</td><td>123</td></tr><tr><td>Other assets</td><td>20</td></tr><tr><td>Total assets acquired</td><td>1,706</td></tr><tr><td>Total liabilities assumed</td><td>30</td></tr><tr><td>Net assets acquired</td><td>$1,676</td></tr></table>
<table><tr><td></td><td colspan="3"> At November 30,</td><td colspan="3"> Average for</td></tr><tr><td></td><td> 2007</td><td> 2006</td><td> 2005</td><td> Fiscal  2007</td><td> Fiscal 2006</td><td> Fiscal 2005</td></tr><tr><td></td><td colspan="6"> (dollars in billions)</td></tr><tr><td>Assets under management or supervision by distribution channel:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Americas Retail Morgan Stanley brand</td><td>$64</td><td>$63</td><td>$63</td><td>$64</td><td>$64</td><td>$64</td></tr><tr><td>Americas Retail Van Kampen brand</td><td>99</td><td>94</td><td>88</td><td>99</td><td>90</td><td>84</td></tr><tr><td>Americas Intermediary-1</td><td>68</td><td>58</td><td>48</td><td>65</td><td>51</td><td>45</td></tr><tr><td>U.S. Institutional</td><td>128</td><td>100</td><td>96</td><td>116</td><td>97</td><td>97</td></tr><tr><td>Non-U.S.</td><td>132</td><td>93</td><td>69</td><td>111</td><td>80</td><td>64</td></tr><tr><td>Total long-term assets under management or supervision</td><td>491</td><td>408</td><td>364</td><td>455</td><td>382</td><td>354</td></tr><tr><td>Institutional money markets/liquidity</td><td>68</td><td>49</td><td>33</td><td>57</td><td>39</td><td>33</td></tr><tr><td>Retail money markets</td><td>31</td><td>35</td><td>46</td><td>33</td><td>40</td><td>49</td></tr><tr><td>Total money markets</td><td>99</td><td>84</td><td>79</td><td>90</td><td>79</td><td>82</td></tr><tr><td>Total assets under management or supervision</td><td>590</td><td>492</td><td>443</td><td>545</td><td>461</td><td>436</td></tr><tr><td>Share of minority interest assets-2</td><td>7</td><td>4</td><td>—</td><td>6</td><td>—</td><td>—</td></tr><tr><td>Total</td><td>$597</td><td>$496</td><td>$443</td><td>$551</td><td>$461</td><td>$436</td></tr><tr><td>Assets under management or supervision by asset class:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Equity</td><td>$265</td><td>$239</td><td>$218</td><td>$256</td><td>$228</td><td>$207</td></tr><tr><td>Fixed income</td><td>102</td><td>94</td><td>91</td><td>97</td><td>91</td><td>96</td></tr><tr><td>Money market</td><td>99</td><td>84</td><td>79</td><td>90</td><td>79</td><td>82</td></tr><tr><td>Alternatives-3</td><td>109</td><td>61</td><td>43</td><td>87</td><td>50</td><td>40</td></tr><tr><td>Subtotal</td><td>575</td><td>478</td><td>431</td><td>530</td><td>448</td><td>425</td></tr><tr><td>Unit trusts</td><td>15</td><td>14</td><td>12</td><td>15</td><td>13</td><td>11</td></tr><tr><td>Total assets under management or supervision</td><td>590</td><td>492</td><td>443</td><td>545</td><td>461</td><td>436</td></tr><tr><td>Share of minority interest assets-2</td><td>7</td><td>4</td><td>—</td><td>6</td><td>—</td><td>—</td></tr><tr><td>Total</td><td>$597</td><td>$496</td><td>$443</td><td>$551</td><td>$461</td><td>$436</td></tr></table>

Question: Which year ended November 30 is Fixed income greater than 100 billion?