Policemans Annuity and Benefit Fund, Chicago, with $4 billion in assets, hired Chicago Trust to manage $100 million in opportunistic fixed-income securities such as high-yield bonds and international bonds, beginning Oct. 1, said James B. Waters Jr., executive director. Funding came from reducing a $500 million domestic passive bond fund managed by Northern Trust Quantitative Advisors, he said. The change was made to diversify the bond portfolio and was not performance-related, Mr. Waters stressed.