Section IV
	NEW YORK POWER AUTHORITY
	INVENTORY REPORT BY PORTFOLIO AND SECURITY TYPE
	HOLDINGS AS OF: 12/31/04
					B/E		SETTLEMENT	TOTAL
	SECURITY	PAR	MATURITY	COUPON	YLD TO	SETTLEMENT	INTEREST	SETTLEMENT
CUSIP	DESCRIPTION	AMOUNT	DATE	RATE	MAT'Y	PRINCIPAL	PURCHASED	AMOUNT
PORTFOLIO:  CONST-FUEL CELL
Municipal
542690RT1	LIPA NY ELEC	2,000,000	5/1/2033	1.98	1.98	2,000,000.00		2,000,000.00
Subtotal:	Municipal	2,000,000			1.98	2,000,000.00		2,000,000.00
Subtotal:  PORTFOLIO:  CONST-FUEL CELL		2,000,000			1.98	2,000,000.00		2,000,000.00
PORTFOLIO:  ENERGY CONSERV.
Treasury Bill
912795RY9	TREASURY BILL	3,800,000	2/3/2005		2.09	3,787,882.22		3,787,882.22
Subtotal:	Treasury Bill	3,800,000			2.09	3,787,882.22		3,787,882.22
Subtotal:  PORTFOLIO:  ENERGY CONSERV.		3,800,000			2.09	3,787,882.22		3,787,882.22
PORTFOLIO:  NIAGARA
Municipal
64966ATQ8	MUNICIPAL BOND	3,370,000	8/1/2006	5.00	4.34	3,478,749.90		3,478,749.90
64983U3S7	NYS DORM AUTH	3,100,000	2/15/2021	1.92	1.92	3,100,000.00		3,100,000.00
Subtotal:	Municipal	6,470,000			3.20	6,578,749.90		6,578,749.90
Subtotal:	PORTFOLIO:  NIAGARA	6,470,000			3.20	6,578,749.90		6,578,749.90
PORTFOLIO:  NOTE DEBT RES.
FHLN
3128X2UG8	FHLMC 1X CALL 2/05	3,650,000	8/13/2007	3.00	3.00	3,650,000.00		3,650,000.00
3128X1DP9	FHLMC CALL 5/05	5,000,000	11/20/2008	3.15	3.15	5,000,000.00		5,000,000.00
Subtotal:	FHLN	8,650,000			3.09	8,650,000.00		8,650,000.00
FNMA
31359MSB0	FNMA	6,330,000	6/15/2008	2.50	2.56	6,312,592.50		6,312,592.50
Subtotal:	FNMA	6,330,000			2.56	6,312,592.50		6,312,592.50
Municipal
649787PK8	MUNICIPAL BOND	5,000,000	3/15/2006	6.13	6.02	5,029,550.00		5,029,550.00
Subtotal:	Municipal	5,000,000			6.02	5,029,550.00		5,029,550.00
Subtotal:  PORTFOLIO:  NOTE DEBT RES.		19,980,000			3.65	19,992,142.50		19,992,142.50
PORTFOLIO:  OPER-SPENT FUEL
FHLN
31393VUG4	FHR 2639 JE	10,000,000	12/15/2017	5.00	5.21	9,890,751.30		9,890,751.30
Subtotal:	FHLN	10,000,000			5.21	9,890,751.30		9,890,751.30
GNMA
36220UXP1	GNMA POOL # 288786	2,484	6/15/2005	9.00	9.21	2,469.08		2,469.08
3622002C0	GNMA POOL # 293371	3,797	8/15/2005	9.50	9.34	3,859.12		3,859.12
36220WQS9	GNMA POOL # 290365	7,770	8/15/2005	10.00	9.68	7,971.89		7,971.89
3622003D7	GNMA POOL # 293396	3,299	9/15/2005	9.50	9.46	3,330.34		3,330.34
362200J81	GNMA POOL # 292887	14,757	9/15/2005	9.00	9.22	14,664.92		14,664.92
362200LT2	GNMA POOL # 292938	43	10/15/2005	9.50	9.46	43.21		43.21
36223H2T3	GNMA POOL # 308686	387	6/15/2006	8.00	6.95	411.31		411.31
36223NCW2	GNMA POOL # 312485	4,268	8/15/2006	8.00	6.96	4,534.83		4,534.83
36224W4S9	GNMA POOL #341133	3,046	5/15/2008	6.50	6.77	3,011.04		3,011.04
36203GP72	GNMA POOL #348846	2,073	6/15/2008	6.50	6.76	2,049.02		2,049.02
36203JXH5	GNMA POOL # 350880	5,052	8/15/2008	8.00	7.06	5,372.19		5,372.19
36224VEU5	GNMA POOL #339547	1,111	8/15/2008	6.50	6.76	1,097.97		1,097.97
36204CB91	GNMA POOL #365564	473	9/15/2008	6.50	6.76	467.92		467.92
36204DDT3	GNMA POOL #366514	71,872	9/15/2008	6.50	6.59	71,041.17		71,041.17
36224EJJ3	GNMA POOL #326165	12,449	10/15/2008	6.50	6.59	12,305.17		12,305.17
36225APP9	GNMA POOL #780430	1,434,092	10/15/2008	8.00	6.92	1,505,797.08		1,505,797.08
36204FAP9	GNMA POOL #368214	2,302	12/15/2008	6.50	6.59	2,275.48		2,275.48
36224BGH6	GNMA POOL #323400	13,146	12/15/2008	6.50	6.59	12,994.39		12,994.39
36203PL50	GNMA POOL #355048	1,233	1/15/2009	6.50	6.59	1,218.37		1,218.37
36204WXH5	GNMA POOL #382380	3,723	1/15/2009	6.50	6.59	3,679.56		3,679.56
36204LKH3	GNMA POOL #372896	98,914	4/1/2009	6.50	6.59	97,770.43		97,770.43
36204YT37	GNMA POOL #384070	21,143	4/15/2009	6.50	6.59	20,899.00		20,899.00
36203VER7	GNMA POOL #360244	57,850	5/15/2009	6.50	6.59	57,180.75		57,180.75
36204TQB3	GNMA POOL #379450	47,841	5/15/2009	6.50	6.59	47,288.28		47,288.28
36204XND3	GNMA POOL #382988	78,602	5/15/2009	6.50	6.59	77,693.44		77,693.44
36206XKC6	GNMA POOL #G424291	225,775	2/20/2011	6.00	6.81	215,333.25		215,333.25
36202CNG4	GNMA POOL #G22191	46,845	3/20/2011	6.00	6.89	44,458.37		44,458.37
36202CN25	GNMA POOL #G22209	251,659	4/20/2011	6.00	6.96	237,766.84		237,766.84
36202CPF4	GNMA POOL #G22222	163,293	4/20/2011	5.50	6.70	151,862.38		151,862.38
36202CPG2	GNMA POOL #G22223	151,654	5/20/2011	6.00	6.91	143,717.44		143,717.44
Subtotal:	GNMA	2,730,955			6.88	2,752,564.24		2,752,564.24
Project Loan
159996VD6	PROJ LN-REILLY #46	74,893	7/1/2012	6.86	6.95	74,612.51		74,612.51
158995MV9	PROJ LN-USGI 2028	664,600	5/1/2015	6.93	6.59	685,368.69		685,368.69
38373MAM2	GNMA POOL #GNR 2001-34	1,566,054	11/16/2015	5.48	5.51	1,566,053.57		1,566,053.57
31342*E99	PL HS 10806 MORISANIA	3,145,404	4/1/2020	8.95	9.07	3,145,404.18		3,145,404.18
38373MAN0	GNMA POOL #GNR 2001-34	5,000,000	10/16/2020	6.38	6.43	5,000,000.00		5,000,000.00
699999XW3	PROJ LN-REILLY #19	4,499,561	12/1/2020	7.43	6.64	4,882,024.08		4,882,024.08
30299WML7	PL CAMERON 1F	1,867,598	11/1/2021	7.35	8.61	1,597,089.66		1,597,089.66
149994WR2	PROJ LN-USGI 2083	1,054,548	7/1/2023	7.25	8.15	939,538.06		939,538.06
38374C5X5	GNMA POOL  2003-85  BK	9,269,849	2/20/2024	4.50	4.38	9,382,100.67		9,382,100.67
36225BM21	GNMA POOL #781277	2,517,740	12/15/2028	7.00	6.76	2,592,485.50		2,592,485.50
38373XZ33	GNMA POOL #2002-51	20,000,000	12/20/2029	6.00	5.84	20,435,937.60		20,435,937.60
38373TSA4	GNMA POOL #2002-62	9,830,509	1/20/2031	6.00	6.17	9,715,691.60		9,715,691.60
38373WEP9	GNMA POOL #2002-18	12,499,333	3/20/2031	6.50	6.46	12,628,629.91		12,628,629.91
313921Z84	FANNIE MAE 2001-62 ME	8,127,487	9/30/2031	6.00	6.04	8,143,043.90		8,143,043.90
31393C4K6	FHR 2003-66 KA	12,748,914	1/25/2033	3.50	3.47	12,812,658.73		12,812,658.73
31393YTA3	FANNIE MAE 2004-43 BH	9,603,802	6/25/2034	5.50	5.54	9,603,801.64		9,603,801.64
36208GX78	GNMA POOL #GN450802	18,575,473	9/15/2040	6.63	6.57	18,866,460.10		18,866,460.10
Subtotal:	Project Loan	121,045,765			5.89	122,070,900.40		122,070,900.40
Subtotal:  PORTFOLIO:  OPER-SPENT FUEL		133,776,720			5.86	134,714,215.94		134,714,215.94
PORTFOLIO:  OPERATING - LDP
Repurchase Agmt
	HSBC	299,792	1/28/2005			299,792.00		299,792.00
	HSBC	161,127	1/28/2005			161,127.00		161,127.00
	NBT BANK	180,000	2/3/2005			180,000.00		180,000.00
	Capital Bank & Trust Co	109,338	2/11/2005			109,338.00		109,338.00
	M & T Trust	181,000	3/31/2005			181,000.00		181,000.00
	FLEET BANK	700,000	4/13/2005			700,000.00		700,000.00
	FIRST TIER BANK & TRUST	45,000	4/14/2005			45,000.00		45,000.00
	First Nat'l Bk of Long	322,961	7/1/2005			322,961.00		322,961.00
	Wyoming County Bank	100,000	8/12/2005	0.23	0.23	100,000.00		100,000.00
	CITIBANK	370,596	9/1/2005	0.47	0.48	370,596.00		370,596.00
	FLEET BANK	700,000	9/2/2005			700,000.00		700,000.00
	M & T BANK	917,318	12/9/2005	1.79	1.82	917,318.00		917,318.00
Subtotal:	Repurchase Agmt	4,087,132			0.46	4,087,132.00		4,087,132.00
Subtotal:  PORTFOLIO:  OPERATING - LDP		4,087,132			0.46	4,087,132.00		4,087,132.00
PORTFOLIO:  OPERATING FUND
FFCB
31331T7R6	FFCB	18,843,000	9/27/2007	3.40	3.45	18,816,619.80	5,338.65	18,821,958.65
Subtotal:	FFCB	18,843,000			3.45	18,816,619.80	5,338.65	18,821,958.65
FHLN
313397BH3	FMCDN	20,000,000	2/1/2005		2.10	19,894,711.11		19,894,711.11
313589CQ4	FNDN	4,000,000	3/4/2005		2.41	3,983,146.67		3,983,146.67
313397DJ7	FMCDN	3,000,000	3/22/2005		2.45	2,983,800.00		2,983,800.00
3134A4RA4	FHLMC	21,625,000	9/15/2005	2.88	2.95	21,578,268.00		21,578,268.00
3134A4UH5	FHLMC	35,000,000	11/15/2005	2.13	2.66	34,815,200.00		34,815,200.00
31339XXH2	FHLB CALL 3/30/05	15,000,000	12/30/2005	1.70	2.29	14,750,976.60		14,750,976.60
31339XVT8	FHLB CALL 3/7/05	10,000,000	7/7/2006	2.00	2.88	9,832,031.20	3,333.33	9,835,364.53
3133X8NZ1	FHLB	5,000,000	10/16/2006	2.63	2.72	4,990,700.00		4,990,700.00
3128X3J95	FHLMC CALL 5/22/05	20,000,000	11/22/2006	2.40	3.28	20,000,000.00		20,000,000.00
3134A2UJ5	FHLMC	34,000,000	10/15/2008	5.13	4.94	34,323,065.60		34,323,065.60
3128X1DP9	FHLMC CALL 5/20/05	5,000,000	11/20/2008	3.15	3.15	5,000,000.00		5,000,000.00
Subtotal:	FHLN	172,625,000			3.14	172,151,899.18	3,333.33	172,155,232.51
FNMA
31359MMG5	FNMA	15,000,000	3/15/2005	3.88	3.96	14,963,700.00		14,963,700.00
3136F43K8	FNMA-1X CALL 2/05	10,000,000	2/9/2006	2.03	2.16	9,975,000.00		9,975,000.00
3136F5NV9	FNMA	20,000,000	10/15/2007	2.78	2.78	20,000,000.00		20,000,000.00
3136F3TM8	FNMA-CALL 02/20	20,000,000	5/20/2008	4.00	4.02	19,985,000.00		19,985,000.00
31359MSB0	FNMA	50,000,000	6/15/2008	2.50	2.47	50,066,500.00		50,066,500.00
3136F5EB3	FNMA CALL 3/03/05	16,200,000	3/3/2009	3.60	4.03	15,891,552.00		15,891,552.00
Subtotal:	FNMA	131,200,000			3.09	130,881,752.00		130,881,752.00
Municipal
977100AE6	WISCONSIN	15,000,000	5/1/2032	2.42	2.42	15,000,000.00		15,000,000.00
186371AA8	CLEVELAND	15,800,000	12/1/2033	2.40	2.40	15,800,000.00		15,800,000.00
442435BT9	HOUSTON	9,500,000	5/15/2034	2.40	2.40	9,500,000.00		9,500,000.00
442435BU6	HOUSTON	7,100,000	5/15/2034	2.40	2.40	7,100,000.00		7,100,000.00
Subtotal:	Municipal	47,400,000			2.41	47,400,000.00		47,400,000.00
Strip
786091AC2	MUNI STRIP N/C	10,000,000	8/15/2008		3.46	8,406,100.00		8,406,100.00
912833CU2	STRIP N/C	15,000,000	8/15/2008		8.22	4,084,500.00		4,084,500.00
Subtotal:	Strip	25,000,000			6.32	12,490,600.00		12,490,600.00
Repurchase Agreement
	REPO O/N	50,000,000	1/3/2005	2.13	2.16	50,000,000.00		50,000,000.00
Subtotal:	Repurchase Agreement	50,000,000			2.16	50,000,000.00		50,000,000.00
Subtotal:  PORTFOLIO:  OPERATING FUND		445,068,000			3.02	431,740,870.98	8,671.98	431,749,543.16
PORTFOLIO:  POLETTI CCP
FHLN
313589AL7	FNDN	21,500,000	1/11/2005		2.17	21,427,491.25		21,427,491.25
313397FK2	FMCDN	23,204,000	5/10/2005		2.49	22,958,330.90		22,958,330.90
Subtotal:	FHLN	44,704,000			2.34	44,385,822.15		44,385,822.15
FNMA
31359MMG5	FNMA	18,000,000	3/15/2005	3.88	2.68	18,497,160.00		18,497,160.00
Subtotal:	FNMA	18,000,000			2.68	18,497,160.00		18,497,160.00
Municipal
74372RN76	Provena Health	4,000,000	1/7/2005		2.27	3,988,602.22		3,988,602.22
186371AA8	CLEVELAND	800,000	12/1/2033	2.40	2.40	800,000.00		800,000.00
442435BT9	HOUSTON	3,000,000	5/15/2034	2.40	2.40	3,000,000.00		3,000,000.00
Subtotal:	Municipal	7,800,000			2.33	7,788,602.22		7,788,602.22
Subtotal:	PORTFOLIO:  POLETTI CCP	70,504,000			2.43	70,671,584.37		70,671,584.37
PORTFOLIO:  STL CAP INTERST
FHLN
3134A4TX2	FHLMC	2,115,000	8/15/2005	1.50	1.79	2,105,059.50		2,105,059.50
Subtotal:	FHLN	2,115,000			1.79	2,105,059.50		2,105,059.50
Municipal
977100AE6	WISCONSIN	3,100,000	5/1/2032	2.42	2.42	3,100,000.00		3,100,000.00
Subtotal:	Municipal	3,100,000			2.42	3,100,000.00		3,100,000.00
Treasury Bill
912795RU7	TREASURY BILL	400,000	1/6/2005		2.06	399,368.44		399,368.44
Subtotal:	Treasury Bill	400,000			2.06	399,368.44		399,368.44
Subtotal:  PORTFOLIO:  STL CAP INTERST		5,615,000			2.16	5,604,427.94		5,604,427.94
PORTFOLIO:  STL CONSTRUCTN
FFCB
31331Q3M7	FFCB NOTE N/C	13,200,000	1/16/2007	1.88	2.60	12,918,048.00		12,918,048.00
Subtotal:	FFCB	13,200,000			2.60	12,918,048.00		12,918,048.00
FHLN
3134A4TX2	FHLMC	13,885,000	8/15/2005	1.50	1.79	13,819,740.50		13,819,740.50
3128X2ZC2	FHLMC CALL 2/23/05	10,000,000	2/23/2006	2.00	2.14	9,975,000.00		9,975,000.00
3133MVHK2	FHLB	13,000,000	3/15/2006	2.50	2.14	13,101,660.00		13,101,660.00
3134A4RH9	FHLMC	12,200,000	9/15/2007	3.50	2.97	12,425,212.00		12,425,212.00
Subtotal:	FHLN	49,085,000			2.25	49,321,612.50		49,321,612.50
FNMA
3136F5WW7	FNMA CALL 05/04/05	10,000,000	5/27/2005	1.81	1.81	10,000,000.00		10,000,000.00
31359MSE4	FNMA	10,000,000	6/16/2006	1.75	2.34	9,857,812.50		9,857,812.50
3136F3L38	FNMA CALL 7/7/05	4,500,000	7/7/2006	2.02	2.53	4,443,750.00		4,443,750.00
Subtotal:	FNMA	24,500,000			2.16	24,301,562.50		24,301,562.50
Treasury Bill
912795RU7	TREASURY BILL	14,600,000	1/6/2005		2.06	14,576,948.21		14,576,948.21
912795RW3	TREASURY BILL	21,500,000	1/20/2005		1.79	21,368,312.50		21,368,312.50
Subtotal:	Treasury Bill	36,100,000			1.90	35,945,260.71		35,945,260.71
Subtotal:  PORTFOLIO:  STL CONSTRUCTN		122,885,000			2.17	122,486,483.71		122,486,483.71
GRAND TOTAL		814,185,852			3.31	801,663,489.56	8,671.98	801,672,161.74