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001 A000000 THE NEW YORK TAX-EXEMPT INCOME FUND, INC.
001 B000000 811-5278
001 C000000 3036713200
002 A000000 3410 SOUTH GALENA STREET
002 B000000 DENVER
002 C000000 CO
002 D010000 80231
003 000000 N
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011 A000001 ADVEST, INC.
011 B000001 8-000000
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10006
011 A000002 LEHENTHAL & CO., INC.
011 B000002 8-00000
011 C010002 NEW YORK
011 C020002 NY
011 C030002 10004
011 A000003 FIRST ALBANY CORP.
011 B000003 8-0000
011 C010003 ALBANY
011 C020003 NY
011 C030003 12207
011 A000004 JOSEPHTHAL & CO., INC.
011 B000004 8-0000
011 C010004 NEW YORK
011 C020004 NY
011 C030004 10271
020 A000001 RAMIREZ (SAMUEL A.) & CO., INC.
020 B000001 13-2695511
020 C000001 1
020 A000002 GREENWICH SECURITIES, INC.
020 B000002 13-2697091
020 C000002 1
020 A000003 LEHMAN BROTHERS, INC.
020 B000003 13-2518466
020 C000003 1
<PAGE> PAGE 2
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022 C000004 287
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022 C000005 0
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022 B000006 13-2638166
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<PAGE> PAGE 6
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000820090
<NAME> THE NEW YORK TAX-EXEMPT INCOME FUND, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 21377218
<INVESTMENTS-AT-VALUE> 22580802
<RECEIVABLES> 1452893
<ASSETS-OTHER> 8979
<OTHER-ITEMS-ASSETS> 3317
<TOTAL-ASSETS> 24045991
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 166714
<TOTAL-LIABILITIES> 166714
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22629231
<SHARES-COMMON-STOCK> 2438782
<SHARES-COMMON-PRIOR> 2407824
<ACCUMULATED-NII-CURRENT> 53705
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7243)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1203584
<NET-ASSETS> 23879277
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1731586
<OTHER-INCOME> 0
<EXPENSES-NET> 199934
<NET-INVESTMENT-INCOME> 1531652
<REALIZED-GAINS-CURRENT> (2641)
<APPREC-INCREASE-CURRENT> 1126994
<NET-CHANGE-FROM-OPS> 2656005
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1541374
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 30958
<NET-CHANGE-IN-ASSETS> 1411515
<ACCUMULATED-NII-PRIOR> 67276
<ACCUMULATED-GAINS-PRIOR> (8451)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 115784
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 202734
<AVERAGE-NET-ASSETS> 23143000
<PER-SHARE-NAV-BEGIN> 9.33
<PER-SHARE-NII> .63
<PER-SHARE-GAIN-APPREC> .47
<PER-SHARE-DIVIDEND> .64
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.79
<EXPENSE-RATIO> .88
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<PAGE>
SHAREHOLDER MEETING (Unaudited)
On May 3, 1995, an annual shareholder meeting was held at which the three
Directors identified below were elected and the selection of Deloitte & Touche
LLP as the independent certified public accountants and auditors of the Fund
for the fiscal year beginning November 1, 1994 was ratified (Proposal No. 1).
In addition, the terms of office of the following Directors continued after
the meeting: Messrs. Robert G. Avis, William A. Baker, Charles Conrad, Jr.,
Jon S. Fossel, Raymond J. Kalinowski and James C. Swain. The following is a
report of the votes cast:
<TABLE>
<CAPTION>
Nominee For Against Abstained Total
DIRECTORS
<S> <C> <C> <C> <C>
C. Howard Kast ..... 1,583,320.875 45,071.215 11,592.000 1,639,984.090
Robert M. Kirchner . 1,583,320.875 45,071.215 11,592.000 1,639,984.090
Ned M. Steel ....... 1,583,320.875 45,071.215 11,592.000 1,639,984.090
Proposal For Against Abstained Total
Proposal No. 1 ..... 1,587,945.097 7,761.220 44,277.773 1,639,984.090
</TABLE>
<PAGE>
DELOITTE & TOUCHE LLP [LOGO]
Suite 3600
555 Seventeenth Street
Denver, Colorado 80202-3942
Telephone: (303) 292-5400
Facsimile: (303) 312-4000
To the Board of Trustees of
The New York Tax-Exempt Income Fund, Inc.:
In planning and performing our audit of the financial statements of
The New York Tax-Exempt Income Fund, Inc. (Fund) for the year ended
October 31, 1995 (on which we have issued our report dated November
21, 1995), we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on the internal control
structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of internal
control structure policies and procedures. Two of the objectives
of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of
financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by
the American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined
above as of October 31, 1995.
This report is intended solely for the information and use of
management, the Board of Trustees and the Securities and Exchange
Commission.
Yours truly,
/s/ Deloitte & Touche LLP
November 21, 1995
_______________
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
_______________
<PAGE>
During the year ended October 31, 1995, the Fund changed the classification of
distributions to shareholders to better disclose the differences between
financial statement amounts and distributions determined in accordance with
income tax regulations. Accordingly, during the year ended October 31, 1995,
amounts have been reclassified to reflect a decrease in undistributed net
investment income of $3,849. Accumulated net realized loss from investment
transactions was decreased by the same amount.
