TABLE B-8
 
                                               COLLECTIVE INVESTMENT FUNDS
                                           15 LARGEST REAL ESTATE EQUITY FUNDS
                                                      BY ASSET SIZE
                                                    DECEMBER 31, 1999
                                                                                                 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     3,968,200      129
     NEW YORK CITY, NY
  2  Harris Trust and Savings Bank         RELATED ACCOUNT FUND NUMBER NINE               01 PERSONAL TRUST         874,892       83
     CHICAGO, IL
  3  Mellon Bank, National Association     DT BALANCED FUND                               05 OTHER                  422,448        3
     PITTSBURGH, PA
  4  Fidelity Management Trust Company     FIDELITY REAL ESTATE INVESTMENT TRUST PORTFOL  02 EMPLOYEE BENEFIT       182,687        6
     BOSTON, MA
  5  Northern Trust Company of Connecticu  REAL PROPERTY TRUST - AMLI I                   02 EMPLOYEE BENEFIT       142,893        3
     STAMFORD, CT
  6  National City Bank of Michigan/Illin  TREASURY MANAGEMENT INVESTMENT FUND            05 OTHER                  102,806      255
     BANNOCKBURN, IL
  7  Morgan Guaranty Trust Company of New  COMMINGLED FUND - TANDEM REAL ESTATE           02 EMPLOYEE BENEFIT        93,577       10
     NEW YORK CITY, NY
  8  Wachovia Bank, National Association   EMERGING GROWTH TIMBERLAND                     02 EMPLOYEE BENEFIT        93,202        7
     WINSTON-SALEM, NC
  9  Bank of America, National Associatio  NCNB REAL ESTATE FUND                          02 EMPLOYEE BENEFIT        88,404       33
     CHARLOTTE, NC
 10  Morgan Guaranty Trust Company of New  COMMINGLED FUND - U.S. REITS                   02 EMPLOYEE BENEFIT        75,189        9
     NEW YORK CITY, NY
 11  Morgan Guaranty Trust Company of New  COMMINGLED FUND - NEW YORK REAL ESTATE         02 EMPLOYEE BENEFIT        59,616        1
     NEW YORK CITY, NY
 12  Wachovia Bank, National Association   BALANCED TIMBERLAND FUND                       02 EMPLOYEE BENEFIT        56,239        6
     WINSTON-SALEM, NC
 13  Morgan Guaranty Trust Company of New  COMMINGLED FUND - SOUTH STREET SEAPORT         02 EMPLOYEE BENEFIT        49,400        4
     NEW YORK CITY, NY
 14  Wellington Trust Company, National A  REAL ESTATE INVESTMENT TRUST PORTFOLIO         02 EMPLOYEE BENEFIT        43,212        6
     BOSTON, MA
 15  Bank of Hawaii                        PCT REAL ESTATE FUND                           02 EMPLOYEE BENEFIT        34,683       29
     HONOLULU, HI