<PAGE> 1
REPORT TO SHAREHOLDERS:
The municipal market has improved substantially since our last report, issued
in November 1994 at the close of one of the worst periods for bonds on record.
In November, the markets began a rally which continues through this writing.
And municipal bonds, so hard hit in the sharply rising interest rate
environment of 1994, have rebounded especially well, outperforming other
segments of the bond market.
During the past six months, your Fund's total return at net asset value was
6.97%.(1) And the Fund continued to provide shareholders the benefit of
tax-free income, with a dividend return of 6.83% for the month ended April 30,
1995.(2) For New York State residents in certain tax brackets, this tax-free
yield would be equivalent to a taxable yield of 11.55%.(3)
INVESTMENT BREAKDOWN:(4)
THE NEW YORK TAX-EXEMPT INCOME
FUND, INC. AS OF 4/30/95
[FIGURE 1]
- - AAA 57.2%
- - AA 8.6%
- - A 16.0%
- - BBB 9.5%
- - BB 5.3%
- - NR 3.4%
By most indicators--consumer spending, inventory levels, and housing starts, to
name a few--economic growth is slowing to a sustainable pace and, at this
point, we do not anticipate a substantial threat from inflation. This is
excellent news for municipal bond investors. At current prices, intermediate
and long-term municipal bonds are producing some of the best, real,
inflation-adjusted returns seen in years. Tax-free investors are clearly being
rewarded, with inflation currently running at a low rate.
Another noteworthy development in the municipal bond markets is the continuing
favorable shift in the balance of supply and demand. While demand for tax-free
bonds appears to be climbing back toward its pre-1994 levels, municipal bond
supply is shrinking.
Not only has the volume of new tax-free issues dropped from the record levels
of the last few years, a large number of bonds are now maturing, or being
called by issuers for redemption before their scheduled maturity dates,
producing a shortage of supply in the tax-free markets. This combination of
growing demand and shrinking supply is providing strong support for municipal
bond prices.
Looking back over this period--from the fluctuations experienced in 1994 to the
quickly rising market this year--we expect many investors will be happy to see
calmer weather and earn their dividend for the near term. As demonstrated last
year, the bond markets are subject to fluctuations and these shifts may
sometimes be sharp. For the long term, however, we believe the outlook is
excellent.
<PAGE> 2
Again, we thank you for your trust in allowing us to manage a portion of your
investments.
Sincerely,
/s/ JAMES C. SWAIN
- ------------------------------------
James C. Swain
Chairman--The New York Tax-Exempt
Income Fund, Inc.
/s/ JON S. FOSSEL
- ------------------------------------
Jon S. Fossel
President--The New York Tax-Exempt
Income Fund, Inc.
May 19, 1994
1. Based on the change in net asset value per share from 10/31/94 through
4/30/95 assuming all dividends are reinvested. Your brokerage costs and
taxes were not considered. Past performance does not guarantee
future results.
2. Based on annualizing the April 1995 dividend of $0.053 and dividing by the
closing price per share on the American Stock Exchange of $9.31 on
4/30/95. Past performance does not guarantee future results.
3. Assumes a combined effective tax bracket of 40.86% for New York State
residents, using the 36% Federal and the maximum current state tax rate,
applied to the switch between taxable and nontaxable investments. A
portion of the Fund's distributions may be subject to income taxes. For
investors subject to alternative minimum income tax a portion of the Fund's
distributions may increase that tax.
4. Credit allocations and portfolio composition are subject to change.
<PAGE> 3
STATEMENT OF INVESTMENTS April 30, 1995 (Unaudited)
The New York Tax-Exempt Income Fund, Inc.
<TABLE>
<CAPTION>
Market
Ratings: Face Value
Moody's/S&P's/Fitch's Amount See Note 1
--------------- ---------- -----------
<S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES -- 98.4%
NEW YORK -- 87.8%
Babylon, New York Industrial Development Agency
Resource Recovery Revenue Bonds, Ogden Martin
Systems, Inc., Series C, 8.50%, 1/1/19............ Baa1/NR $ 985,000 $ 1,079,588
City of New York General Obligation Bonds,
Prerefunded, Series A, 8.75%, 11/1/15............. Aaa/AAA 1,000,000 1,110,890
City of New York General Obligation Bonds, Series D,
7.50%, 2/1/19..................................... Baa1/A- 1,300,000 1,367,869
City of New York Health & Hospital Corp. Revenue
Refunding Bonds, Series A, AMBAC Insured, Inverse
Floater, 6.91%, 2/15/23(1)........................ Aaa/AAA/AAA 1,000,000 880,742
City of New York Municipal Water Finance Authority
Revenue Bonds, Water & Sewer System Project,
Prerefunded, Series A, 9%, 6/15/17................ Aaa/AAA 500,000 553,302
Dormitory Authority of the State of New York Revenue
Bonds, Judicial Facilities Lease Project, Escrowed
to Maturity, BIG Insured, 7.375%, 7/1/16.......... Aaa/AAA 250,000 287,109
Dormitory Authority of the State of New York Revenue
Refunding Bonds, Long Island Jewish Medical
Center, Series A, FHA Insured,
7.75%, 8/15/27.................................... Aa/AAA 1,000,000 1,076,555
Metropolitan Transportation Authority of New York
Revenue Bonds, Transportation Facilities Service
Contracts, Prerefunded, Series 1, 8.50%, 7/1/17... Aaa/AAA 500,000 549,037
Municipal Assistance Corp. for the City of New York
Revenue Bonds, Series 61, MBIA Insured,
6.875%, 7/1/07.................................... Aaa/AAA 500,000 528,084
Municipal Assistance Corp. for the City of New York
Revenue Bonds, Series 62, 6.90%, 7/1/07........... Aa/AA-/AA 500,000 527,221
New York State Energy Research & Development
Authority Electric Facilities Revenue Bonds, Long
Island Lighting Co., Series C, 6.90%, 8/1/22...... Ba1/BB+ 1,300,000 1,224,077
New York State Energy Research & Development
Authority Gas Facilities Revenue Bonds, Brooklyn
Union Gas Co. Project, Series D, MBIA Insured,
Inverse Floater, 6.78%, 7/8/26(1)................. Aaa/AAA/A 1,000,000 821,932
New York State Energy Research & Development
Authority Pollution Control Revenue Bonds,
Rochester Gas & Electric Co. Project, Series C,
8.375%, 12/1/28................................... Baa1/BBB+ 250,000 276,329
</TABLE>
3
<PAGE> 4
STATEMENT OF INVESTMENTS April 30, 1995 (Unaudited) (Continued)
The New York Tax-Exempt Income Fund, Inc.
<TABLE>
<CAPTION>
Market
Ratings: Face Value
Moody's/S&P's/Fitch's Amount See Note 1
--------------- ---------- -----------
<S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
NEW YORK (CONTINUED)
New York State General Obligation Refunding Bonds,
9.875%, 11/15/05.................................. A/A-/A+ $ 400,000 $ 535,402
New York State Housing Finance Agency Revenue Bonds,
State University Construction Project,
Prerefunded, Series A, 8.30%, 5/1/18.............. Aaa/AAA 750,000 828,603
New York State Housing Finance Agency Service
Contract Obligation Revenue Bonds, Prerefunded,
Series A, 7.375%, 9/15/21......................... Aaa/AAA 575,000 660,205
New York State Medical Care Facilities Finance
Agency Revenue Bonds, Bronx-Lebanon Hospital,
Series A, BIG Insured, 7.10%, 2/15/27............. Aaa/AAA 1,000,000 1,048,039
New York State Medical Care Facilities Finance
Agency Revenue Bonds, Mental Health Services
Facilities Improvement Project, Prerefunded,
Series A, 8.875%, 8/15/07......................... Aaa/AAA 155,000 172,083
New York State Medical Care Facilities Finance
Agency Revenue Bonds, Mental Health Services
Facilities Improvement Project, Series A,
8.875%, 8/15/07................................... Baa1/BBB+ 345,000 377,777
New York State Medical Care Facilities Finance
Agency Revenue Bonds, Richland Memorial Hospital &
Nursing Home Mtg., Series B, FHA Insured, 9.125%,
2/15/25........................................... Aa/A 210,000 213,926
New York State Mtg. Agency Revenue Bonds, Inverse
Floater, 5.917%, 10/1/24(1)....................... NR/NR 1,000,000 774,049
New York State Mtg. Agency Revenue Bonds, Ninth
Series E, 8.375%, 4/1/18.......................... Aa/NR 655,000 677,168
New York State Power Authority Revenue Refunding
Bonds, Series V, 8%, 1/1/17....................... Aa/AA- 500,000 549,404
New York State Power Authority Revenue Refunding
Bonds, Series V, MBIA Insured, 7.875%, 1/1/13..... Aaa/AAA 450,000 492,892
New York State Urban Development Corp. Revenue
Refunding Bonds, Correctional Facilities Capital
Project, Prerefunded, 8%, 1/1/06.................. Aaa/BBB 1,000,000 1,042,734
Onondaga County, New York Resources Recovery Agency
Revenue Bonds, Resources Recovery Facilities
Project, 7%, 5/1/15............................... Baa/NR/A- 900,000 887,620
Suffolk County, New York General Obligation Bonds,
Prerefunded, FGIC Insured, 7.10%, 7/15/10......... Aaa/AAA/AAA 510,000 545,833
</TABLE>
4
<PAGE> 5
STATEMENT OF INVESTMENTS April 30, 1995 (Unaudited) (Continued)
The New York Tax-Exempt Income Fund, Inc.
<TABLE>
<CAPTION>
Market
Ratings: Face Value
Moody's/S&P's/Fitch's Amount See Note 1
--------------- ---------- -----------
<S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
NEW YORK (CONTINUED)
Suffolk County, New York General Obligation
Refunding Bonds, AMBAC Insured, 10%, 11/1/02...... Aaa/AAA/AAA $ 250,000 $ 320,574
Triborough Bridge & Tunnel Authority of New York
General Purpose Revenue Bonds, Prerefunded, Series
K, 8.25%, 1/1/17.................................. Aaa/AAA 1,040,000 1,119,867
-----------
20,528,911
U.S. POSSESSIONS -- 10.6%
Puerto Rico Commonwealth Highway & Transportation
Authority Revenue Bonds, Series W, Inverse
Floater, 6.518%, 7/1/10(1)........................ Baa1/A 1,000,000 912,115
Puerto Rico Electric Power Authority Revenue
Refunding Bonds, Prerefunded, Series K, 9.375%,
7/1/17............................................ Aaa/AAA 1,000,000 1,115,879
Puerto Rico Industrial, Medical & Environmental
Pollution Control Revenue Bonds, American
Airlines, Inc. Project, Series A, 8.75%,
12/1/25........................................... Baa1/BB+ 435,000 452,339
-----------
2,480,333
-----------
Total Investments, at Value (Cost $22,215,315)............................ 98.4% 23,009,244
Other Assets Net of Liabilities........................................... 1.6 367,388
---------- -----------
Net Assets................................................................ 100.0% $23,376,632
=========== ============
</TABLE>
(1) Represents the current interest rate for a variable rate bond. Variable rate
bonds known as "inverse floaters" pay interest at a rate that varies
inversely with short-term interest rates. As interest rates rise, inverse
floaters produce less current income. Their price may be more volatile than
the price of a comparable fixed-rate security. The multiplier for these
inverse floaters is 1. Inverse floaters amount to $3,388,838 or 14.5% of the
Fund's net assets, at April 30, 1995.
See accompanying Notes to Financial Statements.
5
<PAGE> 6
STATEMENT OF INVESTMENTS April 30, 1995 (Unaudited) (Continued)
The New York Tax-Exempt Income Fund, Inc.
Distribution of investments by industry, as a percentage of total
investments at value, is as follows:
<TABLE>
<CAPTION>
Market
Industry Value Percent
-------------------------------------------------------------- ----------- -----
<S> <C> <C>
Utilities..................................................... $ 4,678,686 20.3%
General Obligation Bonds...................................... 3,880,567 16.9
Transportation................................................ 3,241,224 14.1
Hospitals..................................................... 3,219,261 14.0
Housing....................................................... 2,493,951 10.8
Pollution Control............................................. 2,322,338 10.1
Special Tax Bonds............................................. 1,055,305 4.6
Lease/Rental.................................................. 836,969 3.6
Education..................................................... 828,603 3.6
Industrial Development........................................ 452,340 2.0
----------- -----
$23,009,244 100.0%
============ ======
</TABLE>
See accompanying Notes to Financial Statements.
6
<PAGE> 7
STATEMENT OF ASSETS AND LIABILITIES April 30, 1994 (Unaudited)
The New York Tax-Exempt Income Fund, Inc.
<TABLE>
<S> <C>
ASSETS:
Investments, at value (cost $22,215,315) -- see accompanying statement.................. $23,009,244
Cash.................................................................................... 4,273
Receivables:
Interest.............................................................................. 502,884
Other................................................................................. 10,008
-----------
Total assets........................................................................ 23,526,409
-----------
LIABILITIES:
Payables and other liabilities:
Dividends............................................................................. 128,362
Shareholder communications............................................................ 12,716
Transfer agent and accounting services fees -- Note 4................................. 667
Other................................................................................. 8,032
-----------
Total liabilities................................................................... 149,777
-----------
NET ASSETS.............................................................................. $23,376,632
============
COMPOSITION OF NET ASSETS:
Par value of shares of capital stock.................................................... $ 24,219
Additional paid-in capital.............................................................. 22,441,052
Undistributed net investment income..................................................... 68,050
Accumulated net realized gain from investment transactions.............................. 49,382
Net unrealized appreciation on investments -- Note 3.................................... 793,929
-----------
NET ASSETS -- Applicable to 2,421,930 shares of capital stock outstanding............... $23,376,632
============
NET ASSET VALUE PER SHARE............................................................... $ 9.65
=====
</TABLE>
See accompanying Notes to Financial Statements.
7
<PAGE> 8
STATEMENT OF OPERATIONS For the Six Months Ended April 30, 1995 (Unaudited)
The New York Tax-Exempt Income Fund, Inc.
<TABLE>
<S> <C>
INVESTMENT INCOME -- Interest............................................................ $ 856,427
----------
EXPENSES:
Management fees -- Note 4................................................................ 56,069
Transfer agent and accounting services fees -- Note 4.................................... 12,518
Shareholder reports...................................................................... 12,313
Directors' fees and expenses............................................................. 3,599
Legal and auditing fees.................................................................. 936
Registration and filing fees............................................................. 332
Other.................................................................................... 1,848
----------
Total expenses....................................................................... 87,615
----------
NET INVESTMENT INCOME.................................................................... 768,812
----------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments......................................................... 57,833
Net change in unrealized appreciation or depreciation on investments..................... 717,339
----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS.......................................... 775,172
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS..................................... $1,543,984
===========
</TABLE>
See accompanying Notes to Financial Statements.
8
<PAGE> 9
STATEMENTS OF CHANGES IN NET ASSETS
The New York Tax-Exempt Income Fund, Inc.
<TABLE>
<CAPTION>
Six Months
Ended
April 30, Year Ended
1995 October 31,
(Unaudited) 1994
----------- -----------
<S> <C> <C>
OPERATIONS:
Net investment income...................................................... $ 768,812 $ 1,558,615
Net realized gain (loss) on investments.................................... 57,833 (2,690)
Net change in unrealized appreciation or depreciation on investments....... 717,339 (2,847,845)
----------- -----------
Net increase (decrease) in net assets resulting from operations.......... 1,543,984 (1,291,920)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income ($.318 and $.645 per share,
respectively)............................................................ (768,038) (1,543,711)
Dividends in excess of net investment income ($.011 per share)............. -- (25,458)
Distributions in excess of net realized gain on investments ($.252 per
share)................................................................... -- (598,198)
CAPITAL STOCK TRANSACTIONS:
Proceeds from shares issued to shareholders in reinvestment of dividends
and distributions -- Note 2.............................................. 132,924 410,642
----------- -----------
Total increase (decrease)............................................ 908,870 (3,048,645)
NET ASSETS:
Beginning of period........................................................ 22,467,762 25,516,407
----------- -----------
End of period (including undistributed net investment income of $68,050 and
$67,276, respectively)................................................... $23,376,632 $22,467,762
============ ============
</TABLE>
See accompanying Notes to Financial Statements.
9
<PAGE> 10
FINANCIAL HIGHLIGHTS
The New York Tax-Exempt Income Fund, Inc.
<TABLE>
<CAPTION>
Six
Months Eleven
Ended Months
April Ended
30, Year Ended October 31, October
1995 ------------------------------------------- 31,
(Unaudited) 1994 1993 1992 1991 1990(1)
----------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period.................. $ 9.33 $ 10.77 $ 10.37 $ 10.22 $ 9.78 $ 10.00
------- ------- ------- ------- ------- -------
Income (loss) from investment operations:
Net investment income................................ .32 .65 .66 .65 .64 .57
Net realized and unrealized gain (loss) on
investments........................................ .32 (1.18) .55 .18 .47 (.12)
------- ------- ------- ------- ------- -------
Total income (loss) from investment operations..... .64 (.53) 1.21 .83 1.11 .45
------- ------- ------- ------- ------- -------
Dividends and distributions to shareholders:
Dividends from net investment income................. (.32) (.65) (.74) (.64) (.64) (.56)
Dividends in excess of net investment income......... -- (.01) -- -- -- --
Distributions from net realized gain on
investments........................................ -- -- (.07) (.04) (.03) (.11)
Distributions in excess of net realized gain on
investments........................................ -- (.25) -- -- -- --
------- ------- ------- ------- ------- -------
Total dividends and distributions to
shareholders..................................... (.32) (.91) (.81) (.68) (.67) (.67)
------- ------- ------- ------- ------- -------
Net asset value, end of period........................ $ 9.65 $ 9.33 $ 10.77 $ 10.37 $ 10.22 $ 9.78
======== ======== ======== ======== ======== ========
Market value, end of period........................... $ 9.31 $ 9.50 $ 12.63 $ 10.88 $ 10.00 $ 9.13
TOTAL RETURN, AT MARKET VALUE(2)...................... 1.36% (17.70)% 25.11% 16.09% 17.19% 5.55%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands).............. $23,377 $22,468 $25,516 $24,266 $23,713 $22,705
Average net assets (in thousands)..................... $22,621 $23,852 $24,936 $24,042 $23,101 $22,847
Number of shares outstanding at end of period (in
thousands)........................................... 2,422 2,408 2,369 2,340 2,321 2,321
Ratios to average net assets:
Net investment income................................ 6.85%(3) 6.53% 6.26% 6.32% 6.43% 6.33%(3)
Expenses............................................. .78%(3) .87% .84% .97% .97% 1.12%(3)
Portfolio turnover rate(4)............................ 10% 6% 28% 9% 2% 4%
</TABLE>
(1) On April 7, 1990, Oppenheimer Management Corporation became the investment
advisor to the Fund.
(2) Assumes a hypothetical purchase at the current market price on the business
day before the first day of the fiscal period, with all dividends and
distributions reinvested in additional shares on the reinvestment date, and
a sale at the current market price on the last business day of the period.
Total returns are not annualized for periods of less than one full year.
(3) Annualized.
(4) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of investment securities (excluding
short-term securities) for the six months ended April 30, 1995 were
$2,427,409 and $2,299,519, respectively.
See accompanying Notes to Financial Statements.
10
<PAGE> 11
NOTES TO FINANCIAL STATEMENTS (Unaudited)
The New York Tax-Exempt Income Fund, Inc.
1. SIGNIFICANT ACCOUNTING POLICIES
The New York Tax-Exempt Income Fund, Inc. (the Fund) is registered under the
Investment Company Act of 1940, as amended, as a diversified, closed-end
management investment company. The Fund's investment advisor is Oppenheimer
Management Corporation (the Manager). The following is a summary of significant
accounting policies consistently followed by the Fund.
Investment Valuation -- Portfolio securities are valued at the close of the New
York Stock Exchange on each trading day. Listed and unlisted securities for
which such information is regularly reported are valued at the last sale price
of the day or, in the absence of sales, at values based on the closing bid or
asked price or the last sale price on the prior trading day. Long-term and
short-term "non-money market" debt securities are valued by a portfolio pricing
service approved by the Board of Directors. Such securities which cannot be
valued by the approved portfolio pricing service are valued using
dealer-supplied valuations provided the Manager is satisfied that the firm
rendering the quotes is reliable and that the quotes reflect current market
value, or under consistently applied procedures established by the Board of
Directors to determine fair value in good faith. Short-term "money market type"
debt securities having a remaining maturity of 60 days or less are valued at
cost (or last determined market value) adjusted for amortization to maturity of
any premium or discount.
Federal Taxes -- The Fund intends to continue to comply with provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, including any net realized gain on
investments not offset by loss carryovers, to shareholders. Therefore, no
federal income or excise tax provision is required.
Distributions to Shareholders -- The Fund intends to declare and pay dividends
from net investment income monthly. Distributions from net realized gains on
investments, if any, will be declared at least once each year.
Classification of Distributions to Shareholders -- Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax purposes
primarily because of premium amortization. The character of the distributions
made during the year from net investment income or net realized gains may differ
from their ultimate characterization for federal income tax purposes. Also, due
to timing of dividend distributions, the fiscal year in which amounts are
distributed may differ from the year that the income or realized gain (loss) was
recorded by the Fund.
Other -- Investment transactions are accounted for on the date the investments
are purchased or sold (trade date). Realized gains and losses on investments and
unrealized appreciation and depreciation are determined on an identified cost
basis, which is the same basis used for federal income tax purposes. Discount on
securities purchased is amortized over the life of the respective securities, in
accordance with federal income tax requirements. For bonds acquired after April
30, 1993, accrued market discount is recognized at maturity or disposition as
taxable ordinary income. Taxable ordinary income is realized to the extent of
the lesser of gain or accrued market discount.
2. CAPITAL STOCK
The Fund has authorized 250,000,000 shares of $.01 par value capital stock. Of
these shares, 3,070 shares remain reserved for issuance under a Dividend
Reinvestment and Cash Purchase Plan. Transactions in shares of capital stock
were as follows:
<TABLE>
<CAPTION>
Six Months Ended Year Ended
April 30, 1995 October 31, 1994
------------------ ------------------
Shares Amount Shares Amount
------ -------- ------ --------
<S> <C> <C> <C> <C>
Net increase from
dividends and
distributions
reinvested........... 14,106 $132,924 38,818 $410,642
</TABLE>
11
<PAGE> 12
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
The New York Tax-Exempt Income Fund, Inc.
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At April 30, 1995, net unrealized appreciation on investments of $793,929 was
composed of gross appreciation of $1,444,284, and gross depreciation of
$650,355.
4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund which provides for an annual fee of .50% on the
Fund's net assets.
The Manager acts as the accounting agent for the Fund at an annual fee of
$12,000, plus out-of-pocket costs and expenses reasonably incurred.
Shareholder Financial Services, Inc. (SFSI), a wholly-owned subsidiary of the
Manager, is the transfer agent and registrar for the Fund. Fees paid to SFSI are
based on the number of accounts and the number of shareholder transactions, plus
out-of-pocket costs and expenses.
5. QUARTERLY RESULTS OF OPERATIONS: (UNAUDITED)
<TABLE>
<CAPTION>
Net Increase
Net Realized and (Decrease) in
Net Unrealized Gain Net Assets
Investment (Loss) on Resulting from
Income Investments Operations Market Price
----------------- -------------------- ------------------- on ASE
Quarter Total Per Total Per Total Per --------------------
ended (000) Share (000) Share (000) Share High Low
------------ ------ ---- ------- ------ ------- ----- ------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
January 31,
1995....... $ 392 $.16 $ 1 $ .00 $ 393 $ .16 $ 9.50 $8.875
April 30,
1995....... 377 .16 774 .32 1,151 .48 10.00 9.25
Totals... 769 .32 775 .32 1,544 .64
January 31,
1994....... 381 .16 2,873 (.02) 3,254 .14 12.625 11.25
April 30,
1994....... 375 .15 (1,836) (.77) (1,461) (.62) 11.75 9.875
July 31,
1994....... 402 .17 (12) .00 390 .17 10.25 9.50
October 31,
1994....... 400 .17 (951) (.39) (551) (.22) 10.00 9.25
Totals... 1,558 .65 74 (1.18) 1,632 (.53)
January 31,
1993....... 397 .17 2,481 .21 2,878 .38 11.50 10.125
April 30,
1993....... 383 .16 370 .16 753 .32 12.25 11.00
July 31,
1993....... 399 .17 64 .03 463 .20 12.50 11.375
October 31,
1993....... 377 .16 344 .15 721 .31 12.875 12.00
Totals... $1,556 $.66 $ 3,259 $ .55 $ 4,815 $1.21
</TABLE>
12
<PAGE> 13
SUMMARY OF GENERAL INFORMATION
GENERAL INFORMATION CONCERNING THE FUND
The New York Tax-Exempt Income Fund, Inc. (the Fund) is a closed-end investment
company whose shares trade on the American Stock Exchange (the ASE). The Fund
seeks to provide high current income which is free from federal, New York State
and New York City income taxes. A portion of the Fund's distributions may be
subject to income tax. For investors subject to the alternative minimum income
tax, a portion of the Fund's distributions may increase that tax. The investment
advisor of the Fund is Oppenheimer Management Corporation.
DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN
A Dividend Reinvestment and Cash Purchase Plan is available to shareholders in
the Fund, which provides automatic reinvestment of dividends and capital gains
distributions in additional Fund shares. The Plan also allows optional cash
investments in Fund shares through the Plan Agent. For a brochure describing the
Plan, call the Plan Agent, Shareholder Financial Services, Inc., at 1-800-
647-7374, or contact them in writing at P.O. Box 173673, Denver, CO 80217-3673.
The Plan is described in the Fund's Annual Report sent to shareholders.
If you wish to participate in the Plan and your shares are registered directly
in your name, simply complete and mail the enrollment form in the brochure. If
your shares are held in the name of your brokerage firm, bank or other nominee,
you should ask them whether or how you can participate in the Plan.
SHAREHOLDER INFORMATION
Daily market prices for the Fund's shares are published in the ASE section of
newspapers. The Fund's ASE trading symbol is XTX. Weekly comparative net asset
value (NAV) and market price information about The New York Tax-Exempt Income
Fund, Inc. is published each Monday in The Wall Street Journal and The New York
Times and each Saturday in Barron's in a table under the heading "Closed-End
Bond Funds".
13
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THE NEW YORK TAX-EXEMPT INCOME FUND, INC.
Officers and Directors
James C. Swain, Chairman and Chief
Executive Officer
Robert G. Avis, Director
William A. Baker, Director
Charles Conrad, Jr., Director
Jon S. Fossel, Director and President
Raymond J. Kalinowski, Director
C. Howard Kast, Director
Robert M. Kirchner, Director
Ned M. Steel, Director
Andrew J. Donohue, Vice President
Robert E. Patterson, Vice President
George C. Bowen, Vice President,
Secretary and Treasurer
Robert J. Bishop, Assistant Treasurer
Scott Farrar, Assistant Treasurer
Robert G. Zack, Assistant Secretary
Investment Advisor
Oppenheimer Management Corporation
Transfer Agent and Registrar
Shareholder Financial Services, Inc.
Custodian of Portfolio Securities
Citibank, N.A.
Independent Auditors
Deloitte & Touche LLP
Legal Counsel
Myer, Swanson, Adams & Wolf, P.C.
The financial statements included herein have been taken from the records
of the Fund without examination by the independent auditors.
This is a copy of a report to shareholders of The New York Tax-Exempt
Income Fund, Inc. It does not offer for sale or solicit orders to buy any
securities.
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940 that periodically the Fund may purchase its shares of
capital stock in the open market at prevailing market prices.
RS0875.001.0695 (LOGO) Printed on recycled paper
1995 SEMIANNUAL REPORT
THE
NEW YORK
TAX-EXEMPT
INCOME
FUND, INC.
APRIL 30, 1995
[LOGO] OppenheimerFunds.
