<PAGE> PAGE 1
000 B000000 10/31/97
000 C000000 820090
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 THE NEW YORK TAX-EXEMPT INCOME FUND, INC.
001 B000000 811-5278
001 C000000 3037683200
002 A000000 6803 SOUTH TUCSON WAY
002 B000000 ENGLEWOOD
002 C000000 CO
002 D010000 80112
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 DENVER
013 B020001 CO
013 B030001 80202
020 A000001 NO REPORTABLE COMMISSIONS FOR THIS PERIOD
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 BEAR STEARNS & CO., INC.
022 B000001 13-3299429
022 C000001 2180
<PAGE> PAGE 2
022 D000001 1054
022 A000002 SMITH BARNEY, HARRIS UPHAM & CO., INC.
022 B000002 13-3371860
022 C000002 2000
022 D000002 1000
022 A000003 BAUM (GEORGE K) & CO.
022 B000003 44-0522232
022 C000003 1165
022 D000003 1035
022 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000004 13-5674085
022 C000004 1000
022 D000004 1000
022 A000005 PAINEWEBBER, INC.
022 B000005 13-2638166
022 C000005 1473
022 D000005 0
022 A000006 GREENWICH SECURITIES, INC.
022 B000006 13-2697091
022 C000006 495
022 D000006 0
022 A000007 LEHMAN BROTHERS, INC.
022 B000007 13-2518466
022 C000007 289
022 D000007 0
022 A000008 DRIZOS INVESTMENTS, INC.
022 B000008 84-0940766
022 C000008 171
022 D000008 0
022 A000009 FITZGERALD, DAVIS & ASSOCIATES, LP
022 B000009 36-3863705
022 C000009 0
022 D000009 161
022 C000010 0
022 D000010 0
023 C000000 8774
023 D000000 4927
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
<PAGE> PAGE 3
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
035 000000 0
036 B000000 0
038 000000 0
055 A000000 Y
055 B000000 N
056 000000 N
057 000000 N
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 98.7
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 20.1
064 A000000 Y
064 B000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
<PAGE> PAGE 4
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 8150
071 B000000 7867
071 C000000 23683
071 D000000 33
072 A000000 12
072 B000000 1733
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 120
072 G000000 0
072 H000000 0
072 I000000 24
072 J000000 6
072 K000000 3
072 L000000 27
072 M000000 3
072 N000000 7
<PAGE> PAGE 5
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 7
072 S000000 2
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 5
072 X000000 204
072 Y000000 8
072 Z000000 1537
072AA000000 307
072BB000000 19
072CC010000 0
072CC020000 83
072DD010000 1582
072DD020000 0
072EE000000 0
073 A010000 0.6360
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 0
074 D000000 24066
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 487
074 M000000 5
074 N000000 24558
074 O000000 0
074 P000000 7
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 159
074 S000000 0
074 T000000 24392
074 U010000 2500
074 U020000 0
074 V010000 9.76
074 V020000 0.00
074 W000000 0.0000
<PAGE> PAGE 6
074 X000000 815
074 Y000000 5368
075 A000000 0
075 B000000 24088
076 000000 10.25
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 Y
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000 85000
081 A000000 Y
081 B000000 93
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 820090
<NAME> THE NEW YORK TAX-EXEMPT INCOME FUND, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 23,166,804
<INVESTMENTS-AT-VALUE> 24,066,030
<RECEIVABLES> 487,551
<ASSETS-OTHER> 4,711
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24,558,292
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 166,120
<TOTAL-LIABILITIES> 166,120
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23,154,581
<SHARES-COMMON-STOCK> 2,500,098
<SHARES-COMMON-PRIOR> 2,470,421
<ACCUMULATED-NII-CURRENT> 69,752
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 268,613
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 899,226
<NET-ASSETS> 24,392,172
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,733,281
<OTHER-INCOME> 0
<EXPENSES-NET> 195,959
<NET-INVESTMENT-INCOME> 1,537,322
<REALIZED-GAINS-CURRENT> 287,554
<APPREC-INCREASE-CURRENT> (82,854)
<NET-CHANGE-FROM-OPS> 1,742,022
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,581,763
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 29,677
<NET-CHANGE-IN-ASSETS> 450,074
<ACCUMULATED-NII-PRIOR> 59,636
<ACCUMULATED-GAINS-PRIOR> (37,074)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 120,378
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 203,756
<AVERAGE-NET-ASSETS> 24,087,889
<PER-SHARE-NAV-BEGIN> 9.69
<PER-SHARE-NII> 0.62
<PER-SHARE-GAIN-APPREC> 0.09
<PER-SHARE-DIVIDEND> 0.64
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.76
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
SHAREHOLDER MEETING (Unaudited)
On May 5, 1997, a special shareholder meeting was held at which the five
Directors identified below were elected, the selection of Deloitte & Touche LLP
as the independent certified public accountants and auditors of the Fund for the
fiscal year beginning November 1, 1996 was ratified (Proposal No. 1), the
proposal to change certain of the Fund's fundamental investment policies was
approved (Proposal No. 2) and the current Investment Advisory Agreement between
the Fund and OppenheimerFunds, Inc. was approved (Proposal No. 3) as described
in the Fund's proxy statement for that meeting. The following is a report of
the votes cast:
<TABLE>
<CAPTION>
Withheld/ Broker
Nominee/Proposal For Against Abstain Non-Votes Total
- ---------------- --- ------- ------- --------- -----
Directors
<S> <C> <C> <C> <C> <C>
William A. Baker 1,453,537 12,981 317,212 1,466,518
Charles Conrad, Jr. 1,453,537 12,981 317,212 1,466,518
Raymond J. Kalinowski 1,453,537 12,981 317,212 1,466,518
Bridget A. Macaskill 1,453,537 12,981 317,212 1,466,518
Sam Freedman 1,453,407 13,111 317,212 1,466,518
Proposal No. 1 1,440,184 3,300 23,034 317,212 1,466,518
Proposal No. 2 1,232,371 26,842 49,406 634,424 1,308,619
Proposal No. 3 1,402,485 14,796 48,737 317,212 1,466,018
</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, 1997 (on
which we have issued our report dated November 21, 1997), we considered its
internal control, including control activities 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 Fund's internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
control. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control 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 Fund's internal control would not necessarily disclose
all matters in internal control 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 one or
more of the internal control components does not reduce to a relatively low
level the risk that errors or fraud 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 Fund's internal
control, including controls for safeguarding securities, that we consider to be
material weaknesses as defined above as of October 31, 1997.
This report is intended solely for the information and use of management, the
Board of Directors and the Securities and Exchange Commission.
Yours truly,
/s/Deloitte & Touche LLP
November 21, 1997
- ---------------
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
- ---------------
<PAGE>
The Fund adjusts the classification of distributions to shareholders to reflect
the differences between financial statement amounts and distributions determined
in accordance with income tax regulations. Accordingly, during the period ended
October 31, 1997, amounts have been reclassified to reflect an increase in
undistributed net investment income of $54,557, an increase in accumulated net
realized gain on investments of $18,133, and a decrease in paid-in capital of
$72,690.
