Arizona State Retirement System, Phoenix, will receive the first phase...

Arizona State Retirement System, Phoenix, will receive the first phase of an asset allocation study by Callan Associates at the June 11 board meeting. The board of the $21.6 billion system will review which asset classes it should consider in this first phase of the study. In the second phase it will consider active vs. passive investments; and in the third phase, internal vs. external investments. Also, the system has refinanced a $15 million mortgage at a fixed rate of 7.37% for Carey Diversified, as part of its $209 million commercial lending program, said Paul Matson, senior investment officer. The mortgage was secured by a 320,000-square-foot corporate facility in Chandler, Ariz., which is leased to Orbital Sciences Corp.