the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis the table below presents our average monthly assets under supervision by asset class . average for the year ended december $ in billions 2017 2016 2015 .

Table:
$ in billions | average for theyear ended december 2017 | average for theyear ended december 2016 | average for theyear ended december 2015
alternative investments | $ 162 | $ 149 | $ 145
equity | 292 | 256 | 247
fixed income | 633 | 578 | 530
total long-term aus | 1087 | 983 | 922
liquidity products | 330 | 326 | 272
total aus | $ 1417 | $ 1309 | $ 1194
operating environment .
during 2017 , investment management operated in an environment characterized by generally higher asset prices , resulting in appreciation in both equity and fixed income assets .
in addition , our long- term assets under supervision increased from net inflows primarily in fixed income and alternative investment assets .
these increases were partially offset by net outflows in liquidity products .
as a result , the mix of average assets under supervision during 2017 shifted slightly from liquidity products to long-term assets under supervision as compared to the mix at the end of 2016 .
in the future , if asset prices decline , or investors favor assets that typically generate lower fees or investors withdraw their assets , net revenues in investment management would likely be negatively impacted .
following a challenging first quarter of 2016 , market conditions improved during the remainder of 2016 with higher asset prices resulting in full year appreciation 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 were impacted by many factors , including inflows to advisory services and outflows from actively-managed mutual funds .
2017 versus 2016 .
net revenues in investment management were $ 6.22 billion for 2017 , 7% ( 7 % ) higher than 2016 , due to higher management and other fees , reflecting higher average assets under supervision , and higher transaction revenues .
during the year , total assets under supervision increased $ 115 billion to $ 1.49 trillion .
long- term assets under supervision increased $ 128 billion , including net market appreciation of $ 86 billion , primarily in equity and fixed income assets , and net inflows of $ 42 billion ( which includes $ 20 billion of inflows in connection with the verus acquisition and $ 5 billion of equity asset outflows in connection with the australian divestiture ) , primarily in fixed income and alternative investment assets .
liquidity products decreased $ 13 billion ( which includes $ 3 billion of inflows in connection with the verus acquisition ) .
operating expenses were $ 4.80 billion for 2017 , 3% ( 3 % ) higher than 2016 , primarily due to increased compensation and benefits expenses , reflecting higher net revenues .
pre-tax earnings were $ 1.42 billion in 2017 , 25% ( 25 % ) higher than 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 2016 , 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 .
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 2017 form 10-k 63 .

Question: long- term assets under supervision , in billions , were what excluding net market appreciation?
Answer: 42
Calculation: subtract(128, 86)