Great Lakes Protection Fund, Chicago, expects its asset allocation study to be completed by late summer. It will take the results to the board in September, said Larry LaBoda, CFO. The $132 million grant provider, which funds water quality research issues and gives away $5 million to $6 million a year, is considering hiring a REIT manager. The fund doesnt have a real estate allocation, although it owns some REITs in its equity portfolios. The current mix is 65% U.S. equities, 10% foreign equities, 20% U.S. fixed income and 5% cash. Great Lakes would also like to start a specialty fund that invests in environmentally sensitive securities. "We might put it together ourselves and look for others to invest in it, too, Mr. LaBoda said.