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 .

Table:
( 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%
Calculation: divide(149432, 395007)