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