Arapahoe County Employees Retirement Trust, Littleton, Colo., allocated $10 million to a Tremont Advisors hedge fund of funds, said Adrian B. "Bernie" Ciazza, chairman of the board and county treasurer. The move was made to help the $160 million plan meet its 8% return assumption, said Mr. Ciazza. Funding came from taking $5 million each from core fixed-income portfolios managed by UBS and Reams. Watershed Investment Consultants assisted.