Orange County Employees Retirement System, Santa Ana, Calif., trustees adopted an asset allocation that increases U.S. equity by four percentage points and reduces U.S. fixed income by the same amount, said Farouki Majeed, investment officer for the $4.4 billion fund. The new target for domestic equities is 34%; and domestic fixed income, 33%, said Mr. Majeed. Allocations to the other asset classes are unchanged. The target for international equity is 14%; fixed income, 5%; real estate, 9%; and alternative assets, 5%, said Mr. Majeed. The board also placed Delaware International Advisers on a watch list for six months because of personnel changes, said Mr. Majeed; the portfolio manager assigned to Orange Countys account recently left the firm.