TABLE B-8

                                               COLLECTIVE INVESTMENT FUNDS
                                           15 LARGEST REAL ESTATE EQUITY FUNDS
                                                      BY ASSET SIZE
                                                    DECEMBER 31, 1997
                                                                                                 FUND          TOTAL ASSETS   TOTAL
SEQ  NAME OF INSTITUTION                       FUND NAME                                     CLASSIFICATION    (THOUS. OF $) ACCOUNT

  1  Morgan Guaranty Trust Company of New  COMMINGLED FUND - SSI REAL ESTATE              02 EMPLOYEE BENEFIT     3,622,730      139
     NEW YORK CITY, NY
  2  Harris Trust and Savings Bank         RELATED ACCOUNT FUND NUMBER NINE               01 PERSONAL TRUST         285,808       86
     CHICAGO, IL
  3  Fidelity Management Trust Company     FIDELITY REAL ESTATE INVESTMENT TRUST PORTFOL  02 EMPLOYEE BENEFIT       215,596        5
     BOSTON, MA
  4  Northern Trust Company of Connecticu  REAL PROPERTY TRUST - AMLI I                   02 EMPLOYEE BENEFIT       144,788        4
     STAMFORD, CT
  5  NationsBank, National Association     NCNB REAL ESTATE FUND                          01 PERSONAL TRUST         105,488       33
     CHARLOTTE, NC
  6  Morgan Guaranty Trust Company of New  COMMINGLED FUND - TANDEM REAL ESTATE           02 EMPLOYEE BENEFIT       100,276        8
     NEW YORK CITY, NY
  7  Wachovia Bank, National Association   EMERGING GROWTH TIMBERLAND FUND                02 EMPLOYEE BENEFIT        83,773        7
     WINSTON-SALEM, NC
  8  Morgan Guaranty Trust Company of New  COMMINGLED FUND - PETROLEUM II                 02 EMPLOYEE BENEFIT        80,697       12
     NEW YORK CITY, NY
  9  Wachovia Bank, National Association   DIVERSIFIED REAL ESTATE LIQUIDATING ACCOUNT    02 EMPLOYEE BENEFIT        53,659      174
     WINSTON-SALEM, NC
 10  Wachovia Bank, National Association   BALANCED TIMBERLAND FUND                       02 EMPLOYEE BENEFIT        52,565        6
     WINSTON-SALEM, NC
 11  Wellington Trust Company, National A  REAL ESTATE INVESTMENT TRUST PORTFOLIO         02 EMPLOYEE BENEFIT        51,024        7
     BOSTON, MA
 12  Morgan Guaranty Trust Company of New  COMMINGLED FUND - SOUTH ST. SEAPORT            02 EMPLOYEE BENEFIT        49,400        4
     NEW YORK CITY, NY
 13  State Street Bank and Trust Company   REAL ESTATE V                                  02 EMPLOYEE BENEFIT        42,664       13
     BOSTON, MA
 14  Citibank, N. A.                       CEBT PARTICIPATING MORTGAGE LIQUIDATING FUN    02 EMPLOYEE BENEFIT        34,969       25
     NEW YORK CITY, NY
 15  Bank of Hawaii                        REAL ESTATE FUND                               02 EMPLOYEE BENEFIT        29,272       30
     HONOLULU, HI