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                                                                                      City of Muskegon
                                                                                Pension Trust Funds

                                                      COMBINING STATEMENT OF PLAN NET ASSETS

                                                                                  December 31, 2003



                                    General Employees Retirement System                            Policemen and Firemen Retirement System
                                                                                                                                                                       Retiree             Combined 
                                    Pension            Healthcare                     Total           Pension           Healthcare                      Total        Healthcare                   Total

ASSETS
   Cash and cash equivalents     $        444,940
                                                     $                   -     $       444,940
                                                                                                            568,176
                                                                                                  $                    $                 -     $       568,176
                                                                                                                                                                  $             91,951
                                                                                                                                                                                          $     1,105,067
                                                                                                                                                                                                   
   Investments                        30,087,368
                                                           3,592,065
                                                                                   33,679,433
                                                                                                      42,410,138
                                                                                                                            2,134,312
                                                                                                                                                  44,544,450
                                                                                                                                                                            3,470,727
                                                                                                                                                                                               81,694,610
                                                                                                                                                                                              

TOTAL ASSETS                     $   30,532,308
                                                     $    3,592,065            $  34,124,373          42,978,314
                                                                                                  $                    $   2,134,312              45,112,626
                                                                                                                                               $                  $        3,562,678      $   82,799,677

NET ASSETS 
Net assets
   Held in trust for benefits    $   30,532,308
                                                     $    3,592,065            $  34,124,373          42,978,314
                                                                                                  $                    $   2,134,312              45,112,626
                                                                                                                                               $                  $        3,562,678      $   82,799,677