<PAGE> PAGE 1
000 B000000 10/31/96
000 C000000 820090
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 I000000 3.0.a
000 J000000 U
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
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
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012 A000001 SHAREHOLDER FINANCIAL SERVICES, INC.
012 B000001 84-1128397
012 C010001 DENVER
012 C020001 CO
012 C030001 80217
015 A000001 CITIBANK, N.A.
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10154
015 E010001 X
020 A000001 BEAR SECURITIES CORP.
020 B000001 13-3299429
020 C000001 7
020 A000002 OPPENHEIMER & CO., INC.
020 B000002 13-2798343
020 C000002 1
020 A000003 DRIZOS INVESTMENTS, INC.
020 B000003 84-0940766
020 C000003 1
020 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000004 13-5674085
020 C000004 1
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<PAGE> PAGE 2
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022 A000005 MORGAN STANLEY & CO., INC.
022 B000005 13-2655998
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022 A000006 DEAN WITTER REYNOLDS, INC.
022 B000006 94-1671384
022 C000006 0
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022 A000007 ROOSEVELT & CROSS, INC.
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 820090
<NAME> NEW YORK TAX-EXEMPT INCOME FUND, INC. (THE)
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 22,594,860
<INVESTMENTS-AT-VALUE> 23,576,940
<RECEIVABLES> 1,400,318
<ASSETS-OTHER> 3,674
<OTHER-ITEMS-ASSETS> 168,469
<TOTAL-ASSETS> 25,149,401
<PAYABLE-FOR-SECURITIES> 1,049,601
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 157,702
<TOTAL-LIABILITIES> 1,207,303
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,937,456
<SHARES-COMMON-STOCK> 2,470,421
<SHARES-COMMON-PRIOR> 2,438,782
<ACCUMULATED-NII-CURRENT> 59,636
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (37,074)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 982,080
<NET-ASSETS> 23,942,098
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,767,852
<OTHER-INCOME> 0
<EXPENSES-NET> 199,003
<NET-INVESTMENT-INCOME> 1,568,849
<REALIZED-GAINS-CURRENT> (30,729)
<APPREC-INCREASE-CURRENT> (221,504)
<NET-CHANGE-FROM-OPS> 1,316,616
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,562,020
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 31,639
<NET-CHANGE-IN-ASSETS> 62,821
<ACCUMULATED-NII-PRIOR> 53,705
<ACCUMULATED-GAINS-PRIOR> (7,243)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 119,243
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 202,567
<AVERAGE-NET-ASSETS> 23,840,000
<PER-SHARE-NAV-BEGIN> 9.79
<PER-SHARE-NII> 0.64
<PER-SHARE-GAIN-APPREC> (0.10)
<PER-SHARE-DIVIDEND> 0.64
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.69
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<PAGE>
SHAREHOLDER MEETING (Unaudited)
On May 21, 1996, 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, 1995 was ratified (Proposal No. 1). In
addition, the terms of office of the following Directors continued after the
meeting: Messrs. William A. Baker, Charles Conrad, Jr., Raymond J. Kalinowski,
C. Howard Kast, Robert M. Kirchner, Ned M. Steel and Ms. Bridget A. Macaskill.
The following is a report of the votes cast:
<TABLE>
<CAPTION>
WITHHELD/ BROKER
NOMINEE FOR AGAINST ABSTAIN NON-VOTES TOTAL
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C. Howard Kast 1,959,590 -- 21,582 470,915 2,452,087
Robert M. Kirchner 1,960,465 -- 20,707 470,915 2,452,087
Ned M. Steel 1,959,590 -- 21,582 470,915 2,452,087
Proposal No. 1 1,945,861 14,550 20,761 470,915 2,452,087
</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 Directors 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, 1996 (on
which we have issued our report dated November 21, 1996), 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, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
Yours truly,
/S/DELOITTE & TOUCHE LLP
November 21, 1996
- ---------------
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
- ---------------
<PAGE>
During the year ended October 31, 1996, the Fund adjusted the classification of
net investment income and capital gain (loss) to reflect the differences between
financial statement amounts and distributions determined in accordance with
income tax regulations. Accordingly, during the year ended October 31, 1996,
amounts have been reclassified to reflect a decrease in undistributed net
investment income of $898. Accumulated net realized loss on investments was
decreased by the same amount.
