Winchester (Mass.) Retirement Board voted to make its first hedge fund investment, said JoAnne Barrett, administrator. The $65 million pension fund will invest 5% of assets in the Massachusetts Pension Reserves Investment Trust's absolute-return hedge fund in July. State regulations forbid municipal pension funds from investing more than 5% in hedge funds. Funding will come from cash, she said. The plan already has about $12.5 million in a core bond portfolio with PRIT, a pooled investment fund. Winchester does not use an investment consultant.