the goldman sachs group , inc .and subsidiaries management 2019s discussion and analysis 2030 total aus net inflows/ ( outflows ) for 2014 includes $ 19 billion of fixed income asset inflows in connection with our acquisition of deutsche asset & wealth management 2019s stable value business and $ 6 billion of liquidity products inflows in connection with our acquisition of rbs asset management 2019s money market funds .the table below presents our average monthly assets under supervision by asset class .average for the year ended december $ in billions 2016 2015 2014 .
[['$ in billions', 'average for theyear ended december 2016', 'average for theyear ended december 2015', 'average for theyear ended december 2014'], ['alternative investments', '$ 149', '$ 145', '$ 145'], ['equity', '256', '247', '225'], ['fixed income', '578', '530', '499'], ['total long-term assets under supervision', '983', '922', '869'], ['liquidity products', '326', '272', '248'], ['total assets under supervision', '$ 1309', '$ 1194', '$ 1117']]
operating environment .following a challenging first quarter of 2016 , market conditions continued to improve with higher asset prices resulting in full year appreciation in our client assets in both equity and fixed income assets .also , our assets under supervision increased during 2016 from net inflows , primarily in fixed income assets , and liquidity products .the mix of our average assets under supervision shifted slightly compared with 2015 from long- term assets under supervision to liquidity products .management fees have been impacted by many factors , including inflows to advisory services and outflows from actively-managed mutual funds .in the future , if asset prices decline , or investors continue the trend of favoring assets that typically generate lower fees or investors withdraw their assets , net revenues in investment management would likely be negatively impacted .during 2015 , investment management operated in an environment generally characterized by strong client net inflows , which more than offset the declines in equity and fixed income asset prices , which resulted in depreciation in the value of client assets , particularly in the third quarter of 2015 .the mix of average assets under supervision shifted slightly from long-term assets under supervision to liquidity products compared with 2014 .2016 versus 2015 .net revenues in investment management were $ 5.79 billion for 2016 , 7% ( 7 % ) lower than 2015 .this decrease primarily reflected significantly lower incentive fees compared with a strong 2015 .in addition , management and other fees were slightly lower , reflecting shifts in the mix of client assets and strategies , partially offset by the impact of higher average assets under supervision .during the year , total assets under supervision increased $ 127 billion to $ 1.38 trillion .long-term assets under supervision increased $ 75 billion , including net inflows of $ 42 billion , primarily in fixed income assets , and net market appreciation of $ 33 billion , primarily in equity and fixed income assets .in addition , liquidity products increased $ 52 billion .operating expenses were $ 4.65 billion for 2016 , 4% ( 4 % ) lower than 2015 , due to decreased compensation and benefits expenses , reflecting lower net revenues .pre-tax earnings were $ 1.13 billion in 2016 , 17% ( 17 % ) lower than 2015 .2015 versus 2014 .net revenues in investment management were $ 6.21 billion for 2015 , 3% ( 3 % ) higher than 2014 , due to slightly higher management and other fees , primarily reflecting higher average assets under supervision , and higher transaction revenues .during 2015 , total assets under supervision increased $ 74 billion to $ 1.25 trillion .long-term assets under supervision increased $ 51 billion , including net inflows of $ 71 billion ( which includes $ 18 billion of asset inflows in connection with our acquisition of pacific global advisors 2019 solutions business ) , and net market depreciation of $ 20 billion , both primarily in fixed income and equity assets .in addition , liquidity products increased $ 23 billion .operating expenses were $ 4.84 billion for 2015 , 4% ( 4 % ) higher than 2014 , due to increased compensation and benefits expenses , reflecting higher net revenues .pre-tax earnings were $ 1.37 billion in 2015 , 2% ( 2 % ) lower than 2014 .geographic data see note 25 to the consolidated financial statements for a summary of our total net revenues , pre-tax earnings and net earnings by geographic region .goldman sachs 2016 form 10-k 65 .

Question: in billions , for 2016 , 2015 , and 2014 , what are total alternative investments?
Answer: 439