long-term product offerings include active and index strategies .our active strategies seek to earn attractive returns in excess of a market benchmark or performance hurdle while maintaining an appropriate risk profile .we offer two types of active strategies : those that rely primarily on fundamental research and those that utilize primarily quantitative models to drive portfolio construction .in contrast , index strategies seek to closely track the returns of a corresponding index , generally by investing in substantially the same underlying securities within the index or in a subset of those securities selected to approximate a similar risk and return profile of the index .index strategies include both our non-etf index products and ishares etfs .although many clients use both active and index strategies , the application of these strategies may differ .for example , clients may use index products to gain exposure to a market or asset class , or may use a combination of index strategies to target active returns .in addition , institutional non-etf index assignments tend to be very large ( multi-billion dollars ) and typically reflect low fee rates .this has the potential to exaggerate the significance of net flows in institutional index products on blackrock 2019s revenues and earnings .equity year-end 2016 equity aum totaled $ 2.657 trillion , reflecting net inflows of $ 51.4 billion .net inflows included $ 74.9 billion into ishares , driven by net inflows into the core ranges and broad developed and emerging market equities .ishares net inflows were partially offset by active and non-etf index net outflows of $ 20.2 billion and $ 3.3 billion , respectively .blackrock 2019s effective fee rates fluctuate due to changes in aum mix .approximately half of blackrock 2019s equity aum is tied to international markets , including emerging markets , which tend to have higher fee rates than u.s .equity strategies .accordingly , fluctuations in international equity markets , which may not consistently move in tandem with u.s .markets , have a greater impact on blackrock 2019s effective equity fee rates and revenues .fixed income fixed income aum ended 2016 at $ 1.572 trillion , reflecting net inflows of $ 120.0 billion .in 2016 , active net inflows of $ 16.6 billion were diversified across fixed income offerings , and included strong inflows from insurance clients .fixed income ishares net inflows of $ 59.9 billion were led by flows into the core ranges , emerging market , high yield and corporate bond funds .non-etf index net inflows of $ 43.4 billion were driven by demand for liability-driven investment solutions .multi-asset blackrock 2019s multi-asset team manages a variety of balanced funds and bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities , bonds , currencies and commodities , and our extensive risk management capabilities .investment solutions might include a combination of long-only portfolios and alternative investments as well as tactical asset allocation overlays .component changes in multi-asset aum for 2016 are presented below .( in millions ) december 31 , net inflows ( outflows ) market change impact december 31 .
[['( in millions )', 'december 312015', 'net inflows ( outflows )', 'marketchange', 'fx impact', 'december 312016'], ['asset allocation and balanced', '$ 185836', '$ -10332 ( 10332 )', '$ 6705', '$ -5534 ( 5534 )', '$ 176675'], ['target date/risk', '125664', '13500', '10189', '79', '149432'], ['fiduciary', '64433', '998', '5585', '-2621 ( 2621 )', '68395'], ['futureadvisor ( 1 )', '403', '61', '41', '2014', '505'], ['total', '$ 376336', '$ 4227', '$ 22520', '$ -8076 ( 8076 )', '$ 395007']]
( 1 ) the futureadvisor amount does not include aum that was held in ishares holdings .multi-asset net inflows reflected ongoing institutional demand for our solutions-based advice with $ 13.2 billion of net inflows coming from institutional clients .defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 11.3 billion to institutional multi-asset net inflows in 2016 , primarily into target date and target risk product offerings .retail net outflows of $ 9.4 billion were primarily due to outflows from world allocation strategies .the company 2019s multi-asset strategies include the following : 2022 asset allocation and balanced products represented 45% ( 45 % ) of multi-asset aum at year-end .these strategies combine equity , fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget .in certain cases , these strategies seek to minimize downside risk through diversification , derivatives strategies and tactical asset allocation decisions .flagship products in this category include our global allocation and multi-asset income fund families .2022 target date and target risk products grew 11% ( 11 % ) organically in 2016 , with net inflows of $ 13.5 billion .institutional investors represented 94% ( 94 % ) of target date and target risk aum , with defined contribution plans accounting for 88% ( 88 % ) of aum .flows were driven by defined contribution investments in our lifepath and lifepath retirement income ae offerings .lifepath products utilize a proprietary asset allocation model that seeks to balance risk and return over an investment horizon based on the investor 2019s expected retirement timing .2022 fiduciary management services are complex mandates in which pension plan sponsors or endowments and foundations retain blackrock to assume responsibility for some or all aspects of plan management .these customized services require strong partnership with the clients 2019 investment staff and trustees in order to tailor investment strategies to meet client-specific risk budgets and return objectives. .

Question: what portion of total net multi-asset aum inflows is related to target date/risk as of december 31 , 2016?
Answer: 37.8%