TABLE B-8
 
                                               COLLECTIVE INVESTMENT FUNDS
                                           15 LARGEST REAL ESTATE EQUITY FUNDS
                                                      BY ASSET SIZE
                                                    DECEMBER 31, 1998
                                                                                                 FUND          TOTAL ASSETS   TOTAL
SEQ  NAME OF INSTITUTION                       FUND NAME                                     CLASSIFICATION    (THOUS. OF $) ACCOUNT
 
  1  Morgan Guaranty Trust Company of New  COMMINGLED FUND - STRATEGIC PROPERTY           02 EMPLOYEE BENEFIT     3,410,286      132
     NEW YORK CITY, NY
  2  Morgan Guaranty Trust Company of New  COMMINGLED FUND - SPECIAL SITUATION            02 EMPLOYEE BENEFIT     1,177,617      126
     NEW YORK CITY, NY
  3  Harris Trust and Savings Bank         RELATED ACCOUNT FUND NUMBER NINE               01 PERSONAL TRUST         486,157       83
     CHICAGO, IL
  4  Fidelity Management Trust Company     FIDELITY REAL ESTATE INVESTMENT TRUST PORTFOL  02 EMPLOYEE BENEFIT       213,404        6
     BOSTON, MA
  5  Morgan Guaranty Trust Company of New  COMMINGLED FUND - TANDEM REAL ESTATE           02 EMPLOYEE BENEFIT       125,298       10
     NEW YORK CITY, NY
  6  National City Bank of Michigan/Illin  TREASURY MUNICIPAL INCOME FUND                 05 OTHER                  106,171        1
     BANNOCKBURN, IL
  7  Morgan Guaranty Trust Company of New  COMMINGLED FUND - U.S. REITS                   02 EMPLOYEE BENEFIT        95,199       11
     NEW YORK CITY, NY
  8  Northern Trust Company of Connecticu  REAL PROPERTY TRUST  AMLI  I                   02 EMPLOYEE BENEFIT        92,483        3
     STAMFORD, CT
  9  Wachovia Bank, National Association   EMERGING GROWTH FUND                           02 EMPLOYEE BENEFIT        88,859        7
     WINSTON-SALEM, NC
 10  NationsBank, National Association     NCNB REAL ESTATE FUND                          02 EMPLOYEE BENEFIT        88,247       33
     CHARLOTTE, NC
 11  Bankers Trust Company                 SOUTHEAST ASIA FUND                            02 EMPLOYEE BENEFIT        82,745        1
     NEW YORK CITY, NY
 12  Wachovia Bank, National Association   DIVERSIFIED REAL ESTATE LIQUIDATING ACCOUNT    02 EMPLOYEE BENEFIT        57,175      174
     WINSTON-SALEM, NC
 13  Wachovia Bank, National Association   BALANCED TIMBERLAND FUND                       02 EMPLOYEE BENEFIT        54,080        6
     WINSTON-SALEM, NC
 14  Morgan Guaranty Trust Company of New  COMMINGLED FUND - SOUTH STREET SEAPORT         02 EMPLOYEE BENEFIT        49,400        4
     NEW YORK CITY, NY
 15  Wellington Trust Company, National A  REAL ESTATE INVESTMENT TRUST PORTFOLIO         02 EMPLOYEE BENEFIT        40,839        6
     BOSTON, MA