Chicago Public School Teachers Pensions and Retirement Fund selected Western Asset to run a core opportunistic fixed-income portfolio of about $530 million, pending contract negotiations, said Mary Sharon Reilly, president of the $9.8 billion fund. Western Asset replaces Banc of America Capital, which managed $103 million; Morgan Stanley Investment, $336 million; and Wellington, $340 million. All three managed the same style and were terminated by the fund. Each of the incumbents was invited to rebid. A $63 million core opportunistic bond portfolio managed by Smith Graham was retained. The approximately $250 million left over from the three terminated portfolios will be split among the funds other fixed-income managers. Mercer Investment Counseling assisted.