Indiana Public Employees Retirement Fund, Indianapolis, has started an asset liability study as the fund approaches fully funded status, said Bill Butler, executive director. The study should be complete by the first or second quarter of 2000, closely followed by decisions on asset allocation. The $10 billion funds current asset mix is 60% equities and 40% bonds. Trustees are also reviewing the fixed-income asset class and have issued RFPs, which do not give specific mandates but ask for information on money managers strongest bond portfolios, Mr. Butler said. The existing 16 managers were included in the search, which should be finished by the end of the third quarter or the beginning of the fourth quarter, with a total of nine bond managers hired. About 35% to 50% of the $4 billion domestic bond portfolio assets will be indexed, while the rest of the bond assets are likely to be divided among bond managers and minority and emerging managers, Mr. Butler said.