State of Connecticut Retirement & Trust Funds investment advisory council has endorsed a new asset allocation, said Bernard Kavaler, spokesman for the $20 billion Hartford-based system. Consultant BARRA RogersCaseys recommended allocation is 54% equities, 29% fixed income, 11% private equity, 5% real estate and 1% cash. The previous allocation was 55% equities, 30% fixed income, 11% private equity and 4% real estate. The study recommends diversifying the fixed-income allocation, which had been all invested in core U.S. fixed instruments. The new allocation puts 20% of the systems assets in domestic, 5% high-yield, 3% emerging markets and 1% inflation-linked bonds. It also recommends changing the equity structure to 36% domestic, 15% international and 3% emerging markets. Also, State Treasurer Denise Nappier reported to the council that after negotiating with several of the systems private equity managers for the last several months, she has reduced its commitments by $361.5 million. Some reductions are still pending. Ms. Nappier has been trying to pare back $800 million in new commitments made by her predecessor Paul J. Silvester in the fourth quarter.