The Orlando (Fla.) General Employees Pension Fund increased its equity allocation to 59% from 54%, reducing fixed income to 35% from 40%, said Kent Olfson, city treasurer. Trustees of the $155 million plan decided the previous allocation was too conservative; they also made the change in response to current market conditions, Mr. Olfson said. The plan reduced bond portfolios across the board and spread the money among existing equity managers, he said. The remaining 6% of plan assets are in real estate. Kalson & Associates assisted with the annual asset allocation review.