Florida State Board of Administration, Tallahassee, with $120 billion in assets, will allocate tobacco-litigation proceeds to international equities and probably real estate in late December and early January, after it receives an expected $375 million payment. The board has not decided whether the new allocations will be managed internally or externally. Currently, the first slug of tobacco money received by the Lawton Chiles Endowment Fund, Tallahassee, on June 30 $725 million was invested 60% in domestic equities, 35% domestic bonds and 5% cash. That asset mix will be revisited in December and January. However, trustees may switch part of the stock portfolio which is 100% invested in an internally managed index fund tracking the Wilshire 2500 (ex-tobacco stocks) to active strategies. Whether active money will be managed internally or externally is "an open question, said James Francis, chief economist for the Florida State Board of Administration.