Mississippi Public Employees Retirement System, Jackson, has approved a new asset allocation mix that is similar to its current one. The new study, completed by Callan, calls for 50% domestic equity, 20% international equity and 30% domestic fixed income. The board decided to eliminate its former 5% allocation to real estate and bump up domestic fixed income from 25%, said Lorrie Tingle, deputy director of investments. But the decision will not affect the $15.4 billion funds roster of managers because the real estate allocation was never funded. The system has only $2.1 billion, or 13%, currently invested with its four active international equity managers, she said 12% of the systems assets are tied to the EAFE benchmark, and 1% is in emerging markets. To meet the new allocation it will search for an international equity manager or managers, add to the existing managers portfolios, or both. Rebalancing could come after a formal review is presented to the board in December and would mean shifting $1 billion from domestic to international equity. The funds international managers are Scudder Kemper, Putnam and Lombard Odier. A fourth manager, Lazard, runs separate international and emerging markets portfolios.