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008 D010001 NEW YORK
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012 A000001 SHAREHOLDER FINANCIAL SERVICES, INC.
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022 D000008 1122
022 A000009 PRAGER MCCARTHY & SEALY
022 B000009 94-3057440
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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-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 22,903,647
<INVESTMENTS-AT-VALUE> 24,196,603
<RECEIVABLES> 427,696
<ASSETS-OTHER> 3,380
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24,627,679
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 125,320
<TOTAL-LIABILITIES> 125,320
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23,035,607
<SHARES-COMMON-STOCK> 2,517,893
<SHARES-COMMON-PRIOR> 2,500,098
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 173,796
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 24,502,359
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,455,087
<OTHER-INCOME> 0
<EXPENSES-NET> 217,141
<NET-INVESTMENT-INCOME> 1,237,946
<REALIZED-GAINS-CURRENT> 194,195
<APPREC-INCREASE-CURRENT> 151,339
<NET-CHANGE-FROM-OPS> 1,583,480
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,373,608
<DISTRIBUTIONS-OF-GAINS> 272,510
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 17,795
<NET-CHANGE-IN-ASSETS> 110,187
<ACCUMULATED-NII-PRIOR> 69,752
<ACCUMULATED-GAINS-PRIOR> 268,613
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 122,132
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 226,997
<AVERAGE-NET-ASSETS> 24,427,000
<PER-SHARE-NAV-BEGIN> 9.76
<PER-SHARE-NII> 0.49
<PER-SHARE-GAIN-APPREC> 0.14
<PER-SHARE-DIVIDEND> 0.55
<PER-SHARE-DISTRIBUTIONS> 0.11
<RETURNS-OF-CAPITAL> 0.00
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</TABLE>
Revaluation of Assets
As of November 4, 1997, in order to conform book and tax bases, the Fund began
amortization of premiums on securities for book purposes. Such cumulative change
was limited to a reclassification adjustment and had no impact on net assets or
total increase (decrease) in net assets. Accordingly, during the year ended
October 31, 1998, amounts have been reclassified to reflect an increase in
unrealized appreciation on investments of $242,391. Paid-in capital was
decreased by the same amount. 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. 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.
Auditor Letter
November 20, 1998
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. (the "Fund") for the year ended October 31, 1998
(on which we have issued our report dated November 20, 1998), 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, and 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
controls. 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 any internal control, error 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 misstatements caused by error 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1998.
This report is intended solely for the information and use of management, the
Board of Directors of the New York Tax-Exempt Income Fund, Inc, and the
Securities and Exchange Commission.
Yours truly,
Return of Capital
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 year ended
October 31, 1998, amounts have been reclassified to reflect a decrease in
paid-in capital of $49,408, a decrease in overdistributed net investment income
of $65,910, and a decrease in accumulated net realized loss on investments of
$16,502.
Shareholder Meeting
Shareholders of The New York Tax-Exempt Income Fund, Inc. (the "Fund") have been
asked to approve the transfer of the Fund's assets to Oppenheimer New York
Municipal Fund ("ONYMF") in exchange for Class A shares of ONYMF, the
distribution of those ONYMF shares to Fund shareholders in a complete
liquidation of the Fund, the dissolution of the Fund and the cancellation of its
outstanding shares.
The shareholder meeting has been adjourned until February 15, 1998.
