San Bernardino (Calif.) County Employees' Retirement Association will consider allocations to high-yield bonds, private equity and market-neutral hedge funds, the result of an asset-liability study up for approval at the Sept. 4 board meeting, said Don Pierce, investment analyst. The study calls for equities to be reduced to 49% of total assets, from 61%, and core bonds cut to 17%, from 26%. The new high-yield bond allocation would be 8%, private equity, 6%; market-neutral hedge funds, 5%; and emerging debt, 2%. Currently, the $3.2 billion system's 8% alternatives allocation, which will remain unchanged, is in real estate. The system also has 5% of assets in global bonds.