Morgan Stanley 2015 Annual Report Download - page 72

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•Distributions—represent decreases in invested capital due to returns of capital after the investment period of a fund. It
also includes fund dividends for which the client has not elected to reinvest.
•Market impact—includes realized and unrealized gains and losses on portfolio investments. This excludes any funds
where market impact does not impact management fees.
•Foreign currency impact—reflects foreign currency changes for non-U.S. dollar denominated funds.
•Average fee rate—based on asset management and administration fees, net of waivers. It excludes performance-based
fees and other non-management fees. For certain non-U.S. funds, it includes the portion of advisory fees that the advisor
collects on behalf of third-party distributors. The payment of those fees to the distributor is included in Non-
compensation expenses in the consolidated statements of income.
•Alternatives asset class—includes a range of investment products such as funds of hedge funds, funds of private equity
funds and funds of real estate funds.
•Shares of minority stake assets—represent the Investment Management business segment’s proportional share of assets
managed by entities in which it owns a minority stake.
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