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 .
althoughmany 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 .
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 2014 equity aum of $ 2.451 trillion increased by $ 133.4 billion , or 6% ( 6 % ) , from the end of 2013 due to net new business of $ 52.4 billion and net market appreciation and foreign exchange movements of $ 81.0 billion .
net inflows were driven by $ 59.6 billion and $ 17.7 billion into ishares and non-etf index accounts , respectively .
index inflows were offset by active net outflows of $ 24.9 billion , with outflows of $ 18.0 billion and $ 6.9 billion from fundamental and scientific active equity products , respectively .
blackrock 2019s effective fee rates fluctuate due to changes in aummix .
approximately half of blackrock 2019s equity aum is tied to international markets , including emerging markets , which tend to have higher fee rates than similar u.s .
equity strategies .
accordingly , fluctuations in international equity markets , which do not consistently move in tandemwith u.s .
markets , may have a greater impact on blackrock 2019s effective equity fee rates and revenues .
fixed income fixed income aum ended 2014 at $ 1.394 trillion , increasing $ 151.5 billion , or 12% ( 12 % ) , from december 31 , 2013 .
the increase in aum reflected $ 96.4 billion in net new business and $ 55.1 billion in net market appreciation and foreign exchange movements .
in 2014 , net new business was diversified across fixed income offerings , with strong flows into our unconstrained , total return and high yield products .
flagship funds in these product areas include our unconstrained strategic income opportunities and fixed income global opportunities funds , with net inflows of $ 13.3 billion and $ 4.2 billion , respectively ; our total return fund with net inflows of $ 2.1 billion ; and our high yield bond fund with net inflows of $ 2.1 billion .
fixed income net inflows were positive across investment styles , with ishares , non- etf index , and active net inflows of $ 40.0 billion , $ 28.7 billion and $ 27.7 billion , respectively .
multi-asset class blackrock 2019s multi-asset class teammanages a variety of balanced funds and bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities , currencies , bonds 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 class aum for 2014 are presented below .
( in millions ) december 31 , 2013 net inflows ( outflows ) market change fx impact december 31 , 2014 .

<i>(in millions)</i>
December 31, 2013
Net Inflows (Outflows)
Market Change
FX Impact
December 31, 2014
Asset allocation and balanced
$169,604
$18,387
$(827)
$(4,132)
$183,032
Target date/risk
111,408
10,992
7,083
(872)
128,611
Fiduciary
60,202
(474)
14,788
(8,322)
66,194
Multi-asset
$341,214
$28,905
$21,044
$(13,326)
$377,837

flows reflected ongoing institutional demand for our solutions-based advice with $ 15.1 billion , or 52% ( 52 % ) , of net inflows coming from institutional clients .
defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 12.8 billion to institutional multi- asset class net new business in 2014 , primarily into target date and target risk product offerings .
retail net inflows of $ 13.4 billion were driven by particular demand for our multi- asset income fund , which raised $ 6.3 billion in 2014 .
the company 2019s multi-asset strategies include the following : 2022 asset allocation and balanced products represented 48% ( 48 % ) of multi-asset class aum at year-end , with growth in aum driven by net new business of $ 18.4 billion .
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 andmulti-asset income suites .
2022 target date and target risk products grew 10% ( 10 % ) organically in 2014 .
institutional investors represented 90% ( 90 % ) of target date and target risk aum , with defined contribution plans accounting for over 80% ( 80 % ) of aum .
the remaining 10% ( 10 % ) of target date and target risk aum consisted of retail client investments .
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 planmanagement .
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: Analyse this data from a financial earnings document. what portion of total multi-asset is related to target date/risk as of december 31 , 2014?
Choices:
0.04844
-0.48442
0.53641
0.48442
-194805
Correct choice index: 3