Arizona State Retirement System Board, Phoenix, will add a 6% real estate allocation, under a new asset allocation that will be effective today. The $19.2 billion fund will also have 43% of assets in U.S. large-cap equities, down from 45%; 26% in fixed income, from 30%; 15% in international equity, from 17%; and 5% each in domestic midcap and small-cap equities, from 4% each, according to the board's asset allocation study report and the minutes from its last meeting. The percentage of actively managed equity assets will increase. Large-cap equities will be 25% actively managed, up from 21%; midcap will be 62.5% active, up from 48%; and small cap, 70%, up from 65%. Some 70% of international equities will be actively managed, up from 58%. On the fixed-income side, passive is increasing to 80% of bond assets, from 74%. Mercer Investment Consulting assisted.