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N-CSRS 1 formncsrs.htm TRIDAN CORP N-CSRS 10-31-2014

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SEMI-ANNUAL SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-3056

TRIDAN CORP.

(Exact name of registrant as specified in charter)

415 Madison Avenue, 16th floor, New York, NY 10017-7936

(Address of principal executive offices)

I. Robert Harris, c/o Kantor Davidoff Mandelker Twomey Gallanty & Olenick P.C.

415 Madison Avenue, 16^th floor, New York, NY 10017-7936

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 239-0515

Date of fiscal year end: April 30, 2015

Date of reporting period: October 31, 2014

Item 1.

Reports to Stockholders.

Attached on the following pages is a copy of the registrant’s semi-annual report as of October 31, 2014 transmitted to stockholders.

TRIDAN CORP.

P.O. Box 634, New City, N.Y. 10956

(212) 239-0515

SEMI-ANNUAL REPORT

December 29, 2014

Dear Shareholder:

This semi-annual report of Tridan Corp. covers the six-month period from May 1, 2014 to October 31, 2014. As part of this report, we enclose the unaudited financial report for that six-month period and for the corresponding period in 2013.

A schedule of the company’s portfolio holdings at October 31, 2014, consisting entirely of municipal obligations, is included in the financial report. The company invests exclusively in non-voting securities. The company files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The company’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. They may be reviewed and copied at the Commission’s Public Reference Room in Washington D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

The net asset value per share at October 31, 2014 was $12.53, compared with $12.50 at October 31, 2013. Net investment income per share was $.13 for the six-month period ended October 31, 2014, compared with $.13 for the six-month period ended October 31, 2013.

At the company’s last annual meeting on July 15, 2014, the reappointment of WeiserMazars LLP as the company’s auditors for the fiscal year ending April 30, 2015 was ratified by the shareholders as follows:

Shares Voted For	2,609,192.6610
Shares Voted Against	None
Shares Abstaining	None

Tridan Corp.

December 29, 2014

Page – 2 –

Also at the last annual meeting, the incumbent directors, all of whom are named below, were all reelected to serve as directors until the next annual meeting of shareholders, or until their successors are elected and have qualified.

	Shares Voted For	Shares Withheld

Mark Goodman	2,608,918.4320	274.2290
Peter Goodman	“	“
Paul Kramer	“	“
Jay S. Negin	“	“
Warren F. Pelton	“	“
Russell J. Stoever	“	“

During the six-month period ended October 31, 2014, no director or officer received any compensation from the company except for fees of $6,000 paid to each director, plus an additional $2,500 to Paul Kramer as chairman of the audit committee. All executive officers of the company as a group (two persons) received compensation (comprised solely of said directors’ fees) aggregating $12,000 during said period (which excludes professional fees paid to the law firm of which I. Robert Harris, secretary of the company, is a member).

At its meeting on June 12, 2014, the Board of Directors unanimously approved the renewal of the company’s investment advisory agreement with J.P. Morgan Investment Management Inc. for the period July 1, 2014 to June 30, 2015. The board considered a variety of material factors and conclusions with respect thereto that formed the basis for the board’s approval, as discussed below.

Throughout the year, the directors received and analyzed a substantial quantity of comprehensive information and written materials, including ongoing analysis of Tridan's existing portfolio and Morgan's recommendations in light of its forecasts for the economy, employment trends, business conditions, federal rate moves, interest trends including comparisons between tax-exempt and taxable bonds, appropriate maturities, quality, yields, diversification, etc. The directors subject Morgan's portfolio management to scrutiny at each board meeting, including examination of transactions completed since the prior meeting and an overview of the entire portfolio. Written materials received by the directors before and during each meeting include reports, statistics, charts, graphs, performance records, comparisons with other funds and the like. Morgan is constantly questioned at great length regarding its views, its recommendations and its performance.

Tridan Corp.

December 29, 2014

Page – 3 –

In addition to the foregoing, as requested by Tridan’s corporate counsel pursuant to Section 15(c) of the Investment Company Act of 1940, Morgan submitted its audited financial statements and detailed information regarding Morgan's business, personnel and operations, advisory services, compensation matters, portfolio strategy, investment performance, sources of information, fee comparisons, compliance programs, and other matters of significance to the relationship between Tridan and its investment adviser, all of which material was furnished to each director. The directors reviewed all of this material and discussed the same at length, as well as their own views on Morgan’s previous performance and relationship with Tridan, with particular attention to the following areas:

Investment Performance

At each meeting, the directors receive, review and discuss with Morgan’s representatives various data showing Tridan’s portfolio characteristics, including market value, average duration, credit quality, coupon, estimated annual income and yield statistics, and breakdown information regarding duration, credit, and investment sectors. Morgan’s quarterly presentation also includes the portfolio performance over three months, year to date, one year, three years, five years and ten years, compared with the Lipper NY Intermediate Muni Debt Funds, JPMorgan NY Tax Free Bond Fund, Sanford Bernstein NY Muni Fund, and Barclays 1-17 Year NY Muni Bond Index. Based on their review, the directors all agreed that Tridan’s relative investment performance has been satisfactory.

Nature, Extent and Quality of Service

The board’s analysis of the nature, extent and quality of Morgan’s services to Tridan was based on knowledge gained over time from discussions with management and at the board’s regular meetings. In addition, the directors reviewed materials contained in Morgan’s response to Tridan’s 15(c) Questionnaire pursuant to the Investment Company Act of 1940, and its Form ADV under the Investment Advisers Act of 1940 concerning, among much other information, the qualifications, education and experience of Morgan’s personnel involved in rendering those services. As Tridan’s investment adviser, Morgan manages the investment of the Company’s assets, including purchases and sales of securities, and arranges for the periodic transfer of cash required to pay expenses and make distributions to shareholders. Morgan also provides clerical and bookkeeping services, and prepares and issues periodic reports and statements. Its affiliate maintains custody of Tridan’s securities and provides access thereto upon request. The board considered its adviser’s performance of these administrative and support services, including monitoring adherence to the company’s investment policies, guidelines and restrictions, Morgan’s responsiveness to requests by Tridan’s counsel for periodic information, reports and certifications required for compliance with securities laws and regulations, and maintaining and monitoring their respective compliance programs in light of today’s extensive regulatory requirements. The board concluded that the nature, extent and quality of the services provided by Morgan to the company have been and continue to be appropriate and beneficial.

Tridan Corp.

December 29, 2014

Page – 4 –

Fees

Under its Investment Advisory Agreement with Morgan, Tridan pays an annual fee, computed and payable quarterly, equal to 0.28% (28 basis points) of its net assets under management. The agreement requires Morgan to bear all expenses incurred by it in connection with its activities under the agreement, without any reimbursement from the company. In addition, the annual charge made to Tridan for maintaining custody of the company’s securities, and for custodial-related services rendered by Morgan and its affiliates, is 0.02% (2 basis points) of the assets held in the custody account. In light of the nature, extent and quality of the services received by Tridan from Morgan and its affiliated companies, and comparing the management fees charged by Morgan to other fixed-income investment companies managed by it, all of which are many times larger than Tridan, the Board considers Morgan’s management fee to Tridan to be reasonable.

After full consideration of the above factors, the board concluded unanimously that renewal of the investment advisory agreement with J.P. Morgan Investment Management Inc. was in the best interest of Tridan and its shareholders.

	Sincerely,

	TRIDAN CORP.

	Peter Goodman, President

TRIDAN CORP.

FINANCIAL STATEMENTS

OCTOBER 31, 2014 AND 2013

TRIDAN CORP.

CONTENTS

OCTOBER 31, 2014 AND 2013

	Page(s)

Accountant’s Compilation Report	1

Financial Statements

Statements of Assets and Liabilities October 31, 2014 and 2013	2

Schedules of Investments in Municipal Obligations October 31, 2014 and 2013	3-10

Statements of Operations Six Months Ended October 31, 2014 and 2013	11

Statements of Changes in Net Assets Six Months Ended October 31, 2014 and Year Ended April 30, 2014	12

Notes to Financial Statements	13

Contents

ACCOUNTANT’S COMPILATION REPORT

To the Shareholders and Board of Directors

Tridan Corp.

We have compiled the accompanying statements of assets and liabilities and schedules of investments in municipal obligations of Tridan Corp. as of October 31, 2014 and 2013, and the related statements of operations and changes in net assets for the six months then ended. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or provide any assurance about whether the financial statements are in accordance with accounting principles generally accepted in the United States of America.

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements.

Our responsibility is to conduct the compilation in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. The objective of a compilation is to assist management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements.

The statement of changes in net assets for the year ended April 30, 2014 was derived from financial statements that were audited by another accounting firm. Their report, dated June 20, 2014, expressed an unqualified opinion thereon, but they have not performed any auditing procedures since that date.

We are not independent with respect to Tridan Corp.

SRV, CPA P.C.

Suffern, NY

December 11, 2014

Contents

TRIDAN CORP.

STATEMENTS OF ASSETS AND LIABILITIES

OCTOBER 31, 2014 AND 2013

	2014			2013
Assets
Investments in municipal obligations, at fair value
(original cost - $37,515,093 and $37,533,263, respectively)
(amortized cost - $35,908,369 and $36,018,519, respectively)	$	38,241,501		$	38,229,588
Cash and cash equivalents		110,802			81,982
Prepaid expenses and other current assets		6,294			6,294
Accrued interest receivable		508,101			486,903

Total assets	$	38,866,698		$	38,804,767

Liabilities
Accrued liabilities
Accrued investment advisory fees	$	66,864		$	41,405
Accrued fees - affiliate		19,194			19,628
Accrued other		11,750			11,750
Dividend payable		-			35,973
Common stock redemption payable		-			11,218

Total liabilities		97,808			119,974

Net assets	$	38,768,890		$	38,684,793

Analysis of net assets
Common stock, at $.02 par value, 6,000,000 shares authorized	$	63,982		$	63,982
Paid-in capital		37,816,314			37,816,314
Treasury stock		(1,250,965	)		(1,241,209	)
Distributable earnings:
Over distributed net investment income		(210,759	)		(192,413	)
Undistributed capital (losses)		17,188			27,050
Unrealized appreciation of investments, net		2,333,130			2,211,069

Net assets [equivalent to $ 12.53 and $12.50 per share, respectively, based on 3,093,646.6357 shares and 3,094,423.8787 shares of common stock outstanding, respectively]	$	38,768,890		$	38,684,793

See accompanying notes and accountant's compilation report.

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Contents

TRIDAN CORP.

SCHEDULES OF INVESTMENTS IN MUNICIPAL OBLIGATIONS

SIX MONTHS ENDED OCTOBER 31, 2014 AND 2013

	2014						2013
	Principal Amount		Amortized Cost		Fair Value		Principal Amount		Amortized Cost		Fair Value

Insured
Ardsley New York Union Free
School District Unlimited Tax
4.00% due June 15, 2016	$	460,000	$	463,382	$	486,570	$	460,000	$	465,578	$	496,901

Bethlehem NY Central School District
Ref Unlimited Tax
5.0% due November 1, 2015		500,000		505,959		523,480		500,000		510,816		544,750

Village of Briarcliff Manor New York
Pub Impt Unlimited Tax
5.0% due September 1, 2017		215,000		221,876		241,273		215,000		224,641		248,813

City of New York Transitional
Fin Bldg Aid Rev Fiscal 2007
5.00% due July 15, 2016		750,000		762,969		807,683		750,000		770,587		838,809

N.Y.S. Dormitory Authority Revs
Non St Supported Debt Sch Dist Fing Prog
(Par Call October 1, 2017 @100)
5.0% due October 1, 2018		430,000		440,901		481,028		430,000		444,644		488,003

N.Y.S. Dormitory Authority Revs
Non St Supported Debt Sch Dist Fing Prog
(Par Call October 1, 2017 @100)
5.0% due October 1, 2019		585,000		598,368		649,496		585,000		602,957		653,890

N.Y.S. Dormitory Authority Revs
Non St Supported Debt Insd Sien College
(Par Call July 1, 2016 @100)
5.0% due July 1, 2020		1,000,000		1,021,929		1,074,040		1,000,000		1,025,800		1,107,180

N.Y.S. Dormitory Authority Revs
Non St Supported Debt St Johns Univ - Insd
5.25% due July 1, 2021	$	1,000,000	$	1,055,824	$	1,197,770	$	1,000,000	$	1,064,180	$	1,175,150

N.Y.S. Dormitory Authority Revs
City University Sys Ref Cons 5th Gen
5.5% due July 1, 2019		1,000,000		1,042,696		1,191,060		1,000,000		1,052,065		1,206,580

N.Y.S. Dormitory Authority Revs
5.5% due May 15, 2018		1,155,000		1,203,878		1,338,264		1,155,000		1,217,756		1,371,736

See accompanying notes and accountant's compilation report.

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Contents

TRIDAN CORP.

SCHEDULES OF INVESTMENTS IN MUNICIPAL OBLIGATIONS

SIX MONTHS ENDED OCTOBER 31, 2014 AND 2013

	2014						2013
	Principal Amount		Amortized Cost		Fair Value		Principal Amount		Amortized Cost		Fair Value

Insured (continued))
N.Y.S. Local Govt Assistance Corp Ref:
5.5% due April 1, 2017		240,000		246,650		259,500		240,000		249,168		268,006
5.5% due April 1, 2017		700,000		739,508		756,875		700,000		755,865		781,683

Pleasantville New York Public Impt
Unlimited Tax
5.0% due January 1, 2016		440,000		445,484		463,958		440,000		449,808		483,318

Commonwealth of Puerto Rico
Highway Transportation Auth Rev Ref
6.25% due July 1, 2016		185,000		191,022		191,498		185,000		194,608		191,177

Sachem Central School District
NY Holbrook Ref Unlimited Tax
5.25% due October 15, 2019		500,000		523,286		594,610		500,000		527,971		604,675

Sales Tax Receivable Corp
NY Public Impt.
(Par Call October 15, 2014 @100)
5.0% due October 15, 2017	$	-	$	-	$	-	$	275,000	$	282,264	$	287,315

Triborough Bridge & Tunnel Authority NY
General Purpose Revs
5.5% due November 15, 2019		-		-		-		1,000,000		1,067,287		1,222,130

Sales Tax Receivable Corp
NY Public Impt.
(Par Call October 15, 2014 @100)
5.0% due October 15, 2021		-		-		-		200,000		187,183		208,798

State of NY Dormitory Auth
Personal Inc Tax Rev Ref Educ.
5.50 % due March 15, 2025		500,000		548,177		640,920		500,000		552,832		615,000

		9,660,000		10,011,909		10,898,025		11,135,000		11,646,010		12,793,914

Revenue Backed
City of New York NY Municipal Water
Fin Auth Wtr. & Sewer Rev Fiscal 2009
(Par Call June 15, 2018 @100)
5.625% due June 15, 2024		1,000,000		994,393		1,167,650		1,000,000		993,056		1,168,700

See accompanying notes and accountant's compilation report.

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Contents

TRIDAN CORP.

SCHEDULES OF INVESTMENTS IN MUNICIPAL OBLIGATIONS

SIX MONTHS ENDED OCTOBER 31, 2014 AND 2013

	2014						2013
	Principal Amount		Amortized Cost		Fair Value		Principal Amount		Amortized Cost		Fair Value

Revenue Backed (continued)
City of New York NY Transitional Finance
Auth Rev Sub Future Tax Secured
(Par Call November 1, 2019 @100):
5.00% due November 1, 2020		500,000		533,511		590,510		500,000		539,672		591,640

5.00% due November 1, 2021		1,000,000		1,066,282		1,180,910		1,000,000		1,079,293		1,163,580

NY City Transitional Financial Authority
Rev Future Tax
(Par Call November 1, 2022 @100)
5.00% due November 1, 2026		550,000		612,605		662,398		550,000		620,423		622,512

N.Y.S. Urban Development
Corp Rev Ref Svc Contract
5.00% due January 1, 2017		225,000		234,332		246,893		225,000		238,650		253,886

Nassau County
Gen Impt Unltd Tax
(Par Call October 1, 2020 @100)
4.00% due October 1, 2022		550,000		572,843		585,822		550,000		576,918		577,093

New York Environmental Facilities Corp
Pollution Control Rev St Water NYC 02
(Par Call June 15, 2016 @100)
5.00% due June 15, 2018	$	1,000,000	$	1,010,796	$	1,074,730	$	1,000,000	$	1,017,371	$	1,111,130

Pawling New York Central School
District Ref Unlimited Tax
4.00% due November 15, 2015		330,000		338,608		342,365		330,000		346,898		351,721

Cold Spring Harbor New York Central School
District Ref Unlimited Tax
5.00% due February 1, 2016		100,000		102,357		105,783		100,000		105,908		110,110

State of NY Local Gov't
(Par Call April 1, 2018 @100)
5.0% due April 1, 2019		200,000		208,230		228,490		200,000		211,317		231,922

Brookhaven New York
Unlimited Tax
5.00% due November 15, 2019		450,000		500,473		533,430		450,000		510,507		539,928

State of NY Dormitory Auth
State Pers. Inc. Tax
(Par Call March 15, 2018 @100)
5.00 % due March 15, 2022		750,000		772,513		847,613		750,000		780,490		851,573

See accompanying notes and accountant's compilation report.

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Contents

TRIDAN CORP.

SCHEDULES OF INVESTMENTS IN MUNICIPAL OBLIGATIONS

SIX MONTHS ENDED OCTOBER 31, 2014 AND 2013

	2014						2013
	Principal Amount		Amortized Cost		Fair Value		Principal Amount		Amortized Cost		Fair Value

Revenue Backed (continued)
State of NY Dormitory Auth
State Pers. Inc. Tax
5.5% due March 15, 2026		200,000		257,170		257,780		200,000		262,209		246,684

State of NY Dormitory Auth
Lease Rev
(Par Call August 15, 2020 @100)
5.00 % due August 15, 2023		420,000		424,949		490,804		420,000		425,932		478,468

New York, New York
Unlimited Tax
(Par Call August 1, 2020 @100)
5.00 % due August 1, 2023		510,000		552,420		596,221		510,000		559,809		583,726

New York, New York
Unlimited Tax
(Par Call August 1, 2019 @100)
5.00 % due August 1, 2026	$	350,000	$	353,428	$	402,283	$	350,000	$	354,139	$	392,802

City of New York Municipal
Fin Auth Wtr & Swr Rev
(Par Call June 15, 2019 @100)
5.00 % due June 15, 2027		500,000		514,001		574,505		500,000		517,037		561,620

Port Authority of NY and NJ
(Par Call October 1, 2016 @100)
5.00 % due October 1, 2027		300,000		302,254		323,373		300,000		303,509		323,376

Port Authority of NY and NJ
(Par Call January 15, 2016 @100)
5.00 % due July 15, 2030		200,000		199,935		208,746		200,000		199,884		212,438

Port Authority of NY and NJ
5.375 % due March 1, 2028		150,000		154,177		186,345		150,000		154,491		175,344

NYS Dormitory
(Par Call July 1, 2018 @100)
5.00 % due July 1, 2029		300,000		300,000		335,781		300,000		300,000		326,607

Starpoint NY Central School District
Ref Unlimited Tax
5.0% due June 15, 2018		850,000		949,618		969,009		850,000		976,867		990,310

See accompanying notes and accountant's compilation report.

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Contents

TRIDAN CORP.

SCHEDULES OF INVESTMENTS IN MUNICIPAL OBLIGATIONS

SIX MONTHS ENDED OCTOBER 31, 2014 AND 2013

	2014						2013
	Principal Amount		Amortized Cost		Fair Value		Principal Amount		Amortized Cost		Fair Value

Revenue Backed (continued)
Greece NY Central School District
Unlimited Tax
(Par Call December 15, 2022 @100)
5.0% due December 15, 2023		500,000		580,370		595,175		500,000		590,039		580,365

N.Y.S. Thruway Authority
St Pers Income Tax Rev Transn
5.25% due March 15, 2019		750,000		778,297		882,278		750,000		784,786		897,540
		11,685,000		12,313,562		13,388,894		11,685,000		12,449,205		13,343,075

Pre-refunded
Triborough Bridge & Tunnel Authority NY
General Purpose Revs
(Escrowed to Maturity)
5.5% due January 1, 2017	$	590,000	$	591,435	$	622,568	$	720,000	$	720,489	$	779,486

Starpoint NY Central School District
Ref Unlimited Tax
5.0% due June 15, 2020		250,000		288,523		295,215		250,000		295,384		293,570
		840,000		879,958		917,783		970,000		1,015,873		1,073,056

General Obligations
Wantagh New York UN Free School
5.00% due September 1, 2021		550,000		641,715		668,058		550,000		655,122		661,111

Central Islip New York Union Free School
School District Ref Unlimited Tax
5.00% due July 15, 2022		750,000		912,003		905,093		750,000		932,942		896,775

Hilton New York
Central School District Unlimited Tax
4.0% due June 15, 2019		500,000		558,521		557,695		500,000		571,210		561,545

Rockville Center NY Limited Tax
4.0% due June 15, 2022		200,000		227,139		223,834		200,000		230,694		219,996

Brentwood New York UN Free School
5.00% due January 15, 2023		430,000		483,597		522,669		430,000		492,651		518,107

Connetquot New York
Central School District Unlimited Tax
5.0% due January 15, 2024		400,000		449,094		490,804		400,000		455,218		479,024

See accompanying notes and accountant's compilation report.

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Contents

TRIDAN CORP.

SCHEDULES OF INVESTMENTS IN MUNICIPAL OBLIGATIONS

SIX MONTHS ENDED OCTOBER 31, 2014 AND 2013

	2014						2013
	Principal Amount		Amortized Cost		Fair Value		Principal Amount		Amortized Cost		Fair Value

General Obligations (continued)
Syosset New York
Central School District Unlimited Tax
5.0% due December 15, 2022		735,000		829,234		868,230		735,000		834,218		843,050

Syosset New York
Central School District Unlimited Tax
5.0% due December 15, 2022		125,000		144,109		150,668		-		-		-

Onondaga County NY
Ref Unlimited Tax
(Par Call March 15, 2024 @100)
5.0% due March 15, 2025		285,000		338,594		349,966		-		-		-

North Babylon NY Un Free School Dist
Ref Unlimited Tax
(Par Call August 1, 2022 @100)
5.0% due August 1, 2023		250,000		294,778		298,083		-		-		-

Battery Park City NY Authority SR-Ser A
(Par Call November 1, 2023 @100)
5.0% due November 1, 2029		140,000		158,196		165,822		-		-		-

Buffalo & Ft. Erie NY Pub Bridge Auth
Toll Bridge Sys Rev
5.0% due January 1, 2025		410,000		488,535		497,400		-		-		-

Bayport Blue Point NY Un Free School Dist
Ref Unlimited Tax
5.0% due September 15, 2024		250,000		307,482		311,255		-		-		-

Saratoga Springs NY Ref
Public Imports-Unlimited Tax
(Par Call February 15, 2023 @100)
5.0% due February 15, 2025		225,000		267,876		271,757		-		-		-

Build NYC Resource Corp.NY Rev
United Jewish Appeal
(Par Call July 1, 2024 @100)
5.0% due July 1, 2025		320,000		386,019		393,722		-		-		-

Tompkins County NY Public Impt Ser B
Limited Tax
(Par Call December 15, 2024 @100)
5.0% due December 15, 2027		500,000		621,181		610,275		-		-		-

See accompanying notes and accountant's compilation report.

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Contents

TRIDAN CORP.

SCHEDULES OF INVESTMENTS IN MUNICIPAL OBLIGATIONS

SIX MONTHS ENDED OCTOBER 31, 2014 AND 2013

	2014						2013
	Principal Amount		Amortized Cost		Fair Value		Principal Amount		Amortized Cost		Fair Value

General Obligations (continued)
Util Debt Securitization Auth NY
Restructuring Ser TE
(Par Call December 15, 2023 @100)
5.0% due December 15, 2028		500,000		553,325		600,930		-		-		-

Clarkstown Central School District
NY Unlimited Tax
4.0% due May 15, 2019		500,000		556,193		563,455		-		-		-

Rhinebeck New York
Central School District Unlimited Tax
(Par Call June 15, 2023 @100)
4.0% due June 15, 2025		535,000		590,820		587,227		535,000		597,304		564,297

Queensbury New York Union Free School
4.00% due December 15, 2018		225,000		242,186		250,450		225,000		246,363		255,024

Riverhead NY Limited Tax
4.0% due June 1, 2021	$	1,005,000	$	1,105,956	$	1,138,806	$	1,005,000	$	1,121,320	$	1,130,916

Bethlehem, NY Central School District
Unlimited Tax
4.00% due January 15, 2021		500,000		549,496		558,765		500,000		557,483		555,145

Plainview Old Bethpage New York Central
School District Ref Unlimited Tax
5.00% due December 15, 2020		250,000		272,678		301,783		250,000		276,388		302,480
		9,585,000		10,978,727		11,286,747		6,080,000		6,970,913		6,987,470
Short-term
Clarkstown Central School District
NY Unlimited Tax
(Par Call April 15, 2014 @100)
5.25% due April 15, 2015		35,000		35,007		35,142		400,000		404,142		409,305

Cattaraugus County NY Public
Impt Ref Unlimited Tax
(Par Call June 1, 2013 @100)
5.0% due June 1, 2014		-		-		-		275,000		274,967		276,117

Ardsley New York Union Free
School District Unlimited Tax
5.00% due June 15, 2014		-		-		-		415,000		418,630		426,300

See accompanying notes and accountant's compilation report.

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Contents

TRIDAN CORP.

SCHEDULES OF INVESTMENTS IN MUNICIPAL OBLIGATIONS

SIX MONTHS ENDED OCTOBER 31, 2014 AND 2013

	2014						2013
	Principal Amount		Amortized Cost		Fair Value		Principal Amount		Amortized Cost		Fair Value

Short-term (continued)
Unadilla Valley New York Central School
District Ref Unlimited Tax
4.00% due June 15, 2014		-		-		-		500,000		506,698		511,145

Erie County New York
Indl. Dev. Agency
5.0% due May 1, 2014		-		-		-		250,000		254,574		256,013

Cattaraugus County NY Public
Impt Ref Unlimited Tax
(Par Call June 1, 2013 @100)
5.0% due June 1, 2015		275,000		273,064		276,095		275,000		275,637		276,089

Village of Briarcliff Manor New York
Pub Impt Unlimited Tax
5.0% due September 1, 2015		310,000		312,456		322,347		310,000		317,476		336,080

N.Y.S. Dormitory Authority Revs
Supported Debt Mental Health Svcs Facs
Impt (Par Call February 15, 2015 @100)
5.0% due February 15, 2021		1,035,000		1,038,312		1,049,531		1,035,000		1,043,429		1,091,325

Niagara Falls Bridge Commission
NY Toll Rev Highway Impts
5.25% due October 1, 2015		65,000		65,374		66,937		435,000		440,965		449,699

		1,720,000		1,724,213		1,750,052		3,895,000		3,936,518		4,032,073

	$	33,490,000	$	35,908,369	$	38,241,501	$	33,765,000	$	36,018,519	$	38,229,588

See accompanying notes and accountant's compilation report.

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Contents

TRIDAN CORP.

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED OCTOBER 31, 2014 AND 2013

	2014			2013
Investment income

Interest	$	824,379		$	839,352
Amortization of bond premium and discount - net		(212,450	)		(221,785	)

Total investment income		611,929			617,567

Expenses

Investment advisory fees		58,212			61,809
Professional fees		69,430			70,425
Director's fees		38,500			38,500
Administrative and accounting expenses		36,000			36,000
Insurance and other expenses		8,521			6,865

Total expenses		210,663			213,599

Net investment income		401,266			403,968

Realized and unrealized gain (loss) on investments
Net realized gain on investments		18,876			27,052
Net unrealized appreciation (depreciation) on investments		93,219			(1,019,321	)

Net realized and unrealized gain (loss) on investments		112,095			(992,269	)

Net increase (decrease) in net assets resulting from operations	$	513,361		$	(588,301	)

See accompanying notes and accountant's compilation report.

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Contents

TRIDAN CORP.

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended October 31, 2014			Year Ended April 30, 2014

Increase (decrease) in net assets resulting from operations
Net investment income	$	401,266		$	812,134

Net realized gain on investments		18,876			191,544

Unrealized depreciation on investments		93,219			(990,479	)

Net increase in net assets resulting from operations		513,361			13,199

Distributions to shareholders from
Net investment income		(586,105	)		(829,832	)
Capital gains		(1,688	)		(191,544	)

Redemptions of shares
-0- ( October 2014) and
2,607.1877 shares (April 2014), respectively		-			(32,794	)

Total decrease		(74,432	)		(1,040,971	)

Net assets
Beginning of period		38,843,322			39,884,293

End of period	$	38,768,890		$	38,843,322

See accompanying notes and accountant's compilation report.

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Contents

TRIDAN CORP.

NOTES TO FINANCIAL STATEMENTS

SIX MONTHS ENDED OCTOBER 31, 2014 AND 2013

1.	Significant Accounting Policies

The following is a summary of the significant accounting policies followed by Tridan Corp. (the "Company"), a closed‑end, non‑diversified management investment company, registered under the Investment Company Act of 1940, in the preparation of its financial statements.

Recently issued accounting standards

In December 2011, the FASB issued ASU 2011-11, “Disclosures about Offsetting Assets and Liabilities” ("FASB ASU 2011-11"). FASB ASU 2011-11 adds certain additional disclosure requirements about financial instruments and derivative instruments that are subject to offsetting and related arrangements. The new disclosures are required for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. As the amendment impacts disclosure only, it will have no effect on the Company’s financial condition or results of operations.

In June 2013, the FASB issued ASU-2013-08, Amendments to the scope, measurement and disclosure requirements for Investment Companies under Generally Accepted Accounting Principles in the United States of America (“GAAP”). The amendments do all of the following:

1. Change the approach to the investment company assessment in Topic 946, clarify the characteristics of an investment company, and provide comprehensive guidance for assessing whether an entity is an investment company.

2. Require an investment company to measure non-controlling ownership interests in other investment companies at fair value rather than using the equity method of accounting.

3. Require the following additional disclosures:

(a) the fact that the entity is an investment company and is applying the guidance in Topic 946,

(b) information about changes, if any, in an entity’s status as an investment company, and

(c) information about financial support provided or contractually required to be provided by an investment company to any of its investees.

The amendment in this update is effective for an entity’s interim and annual reporting periods in fiscal years that begin after December 15, 2013. Earlier application is prohibited.

The Company believes that this amendment will have no effect on the Company’s financial statements or disclosures.

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Contents

TRIDAN CORP.

NOTES TO FINANCIAL STATEMENTS

SIX MONTHS ENDED OCTOBER 31, 2014 AND 2013

1.	Significant Accounting Policies (continued)

Acquisition and valuation of investments

Investment transactions are accounted for on the date the securities are purchased/sold (trade date) and interest on securities acquired/sold is included in income from/to the settlement date. Short-term investments are stated at cost, which is equivalent to fair value.

Fair values for the Company's investments in municipal obligations have been determined based on the bid price of the obligation. Securities for which quotations are not readily available are valued at fair value as determined by the board of directors. There were no securities valued by the board of directors, for which quotations were not readily available, as of October 31, 2014 and 2013.

Amortization of bond premium or discount

In determining investment income, bond premiums or discounts are amortized over the remaining term of the obligation.

Income taxes

It is the Company's policy to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. The Company also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no income tax provision is required.

The Company recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Company’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded.

The Company identifies its major tax jurisdictions as U.S. Federal, New York State and New York City where the Company makes significant investments; however, the Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Generally, the Company’s tax returns are subject to examination by Federal, state and local authorities for a period of three years from the later of the due date of such returns or the actual date the returns were filed.

Interest income from municipal investments are exempt from Federal and state income taxes.

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Contents

TRIDAN CORP.

NOTES TO FINANCIAL STATEMENTS

SIX MONTHS ENDED OCTOBER 31, 2014 AND 2013

1.	Significant Accounting Policies (continued)

Distributions to shareholders

Dividends to shareholders from net investment income, if any, are paid quarterly. Distribution of capital gains, if any, are made at least annually, and as required to comply with Federal excise tax requirements. Dividends to shareholders are determined in accordance with tax regulations and are recorded on the ex-dividend date

Cash and cash equivalents

The Company considers all investments that can be liquidated on demand to be cash equivalents.

Use of estimates

The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Significant estimates are used in determining the fair value of investments.

Concentration of credit risk

The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and investments. The Company maintains all of its cash on deposit in one financial institution. The cash and cash equivalent balance at October 31, 2014 was approximately $111,000. The value of the Company's investments may be subject to possible risks involving, among other things, the continued credit worthiness of the various state and local government agencies and public financing authorities underlying its investments.

Fair value of financial instruments

The carrying amounts for accrued interest receivables and accrued liabilities reflected in the financial statements approximate fair value because of the short maturities of these items. The company accounts for its investments in municipal obligations in accordance with the accounting guidance for investment companies (FASB ASC 946). See Note 1 “Acquisition and Valuation of Investments” for a description of the valuation methodology which is unchanged as of October 31, 2014 and 2013. FASB ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, establishes a fair value hierarchy based on the inputs used to measure fair value and expands disclosures about the use of fair value measurements. The valuation techniques required by FASB ASC 820 are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions.

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Contents

TRIDAN CORP.

NOTES TO FINANCIAL STATEMENTS

SIX MONTHS ENDED OCTOBER 31, 2014 AND 2013

1.	Significant Accounting Policies (continued)

These two types of inputs create the following fair value hierarchy:

Level 1 –

Unadjusted quoted prices in active markets for identical assets or liabilities that a company has the ability to access.

Level 2 –

Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risks, yield curves, default rates, and similar data.

Level 3 –

Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing a company’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, that would be based on the best information available.

The Company’s investments in municipal obligations are all considered as Level 2 instruments.

The following table presents the Company’s financial assets that are measured at fair value as of October 31, 2014 and 2013:

	Quoted Prices for Identical Instruments in Non-active Markets (Level 2)
	October 31,
	2014		2013

Investments in municipal obligations	$	38,241,501	$	38,229,588
Total investments at fair value	$	38,241,501	$	38,229,588

The Company utilizes quoted market prices for it securities owned, when available. Instruments classified as Level 2 are valued using industry-standard models or other valuation methodologies calibrated to observable market inputs. These models consider various assumptions regarding the security or securities with similar characteristics, such as trade data, bid price or spread, two sided markets, quotes, benchmark curves, and market data feeds, as well as other measurements.

2.	Cash and Cash Equivalents

Cash and cash equivalents consist of the following:

	October 31,
	2014		2013
Cash – demand deposits	$	110,802	$	81,982

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Contents

TRIDAN CORP.

NOTES TO FINANCIAL STATEMENTS

SIX MONTHS ENDED OCTOBER 31, 2014 AND 2013

3.	Accrued Liabilities

Accrued liabilities consist of the following at:

	October 31
	2014		2013

Accrued investment advisory and custodian fees (a)	$	66,864	$	41,405
Accrued fees - affiliate (b)	$	19,194	$	19,628
Accrued other:
Accrued audit fees (c)	$	11,750	$	11,750
Accrued administrative and accounting expenses		-		-
	$	11,750	$	11,750

(a)

The Company utilizes the services of J.P. Morgan Investment Management, Inc. as its investment advisor and J.P. Morgan Chase Bank N.A. as its custodian for its investments. The annual advisory fee is .28 of one percent and the custody fee is .02 of one percent of the net assets under management. The fee is computed and payable quarterly, based on the aggregate fair value of the net assets on the last day of each fiscal quarter.

(b)

For the six months ending October 31, 2014 and 2013, the Company incurred legal fees of approximately $46,000 and $47,000, respectively, for professional fees paid to the law firm of which an officer of the Company is a member.

(c)

For the six months ending October 31, 2014 and 2013, the Company incurred audit fees of approximately $24,000 for each period.

4.	Investment Transactions

Purchases and sales of investments in municipal obligations (excluding short-term and demand investments) amounted to approximately $2,719,902 and $2,285,000, respectively, for the six months ending October 31, 2014, and $4,004,824 and $1,970,547, respectively, for the six months ending October 31, 2013.

The U.S. Federal income tax basis (aggregate cost) of the Company’s investments, at October 31, 2014 and 2013, was approximately $35,908,369 and $36,018,519, respectively, and net unrealized appreciation, at October 31, 2014 and 2013, for U.S. Federal income tax purposes was approximately $2,333,130 and $2,211,069, respectively (gross unrealized appreciation of approximately $2,358,672 and $2,329,331, respectively; gross unrealized depreciation of approximately $25,542 and $118,262, respectively).

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Contents

TRIDAN CORP.

NOTES TO FINANCIAL STATEMENTS

SIX MONTHS ENDED OCTOBER 31, 2014 AND 2013

5.	Common Stock, Share Redemption Plan and Net Asset Values

At October 31, 2014 and 2013, there were 6,000,000 shares of $0.02 par value common stock authorized of which 3,199,100 had been issued aggregating $63,982.

The Company has a share redemption plan applicable to 30,865 shares and 32,883 shares, respectively, of outstanding common stock, at October 31, 2014 and 2013. The plan permits eligible shareholders or their estates to have their shares redeemed upon reaching age 65 or upon death. Shares are redeemed at the net asset value per share, based on fair value, as of the end of the Company's fiscal quarter in which the request for redemption is received. At October 31, 2014 and 2013, 105,453.3643 shares ($1,250,965) and 104,676.1213 shares ($1,241,209), respectively, had been redeemed under this plan.

The net asset value per share is calculated by dividing the aggregate fair value of all assets less the aggregate fair value of all liabilities by the number of common shares outstanding at the end of the period.

The net asset values per share and the shares outstanding are as follows:

	October 31,
	2014		2013
Net asset value	$	12.53	$	12.50
Shares outstanding at:
October 31, 2014				3,093,646.6357
October 31, 2013				3,094,423.8787

6.	Distributions

During the six months ended October 31, 2014 and 2013, distributions of $587,793 ($.19 per share) and $588,160 ($.19 per share), respectively, were declared and paid to shareholders. Distributions for the year ended April 30, 2014 amounted to $1,021,376 ($.33 per share).

The tax character of distributions paid during the six months ending October 31, 2014 and 2013 and year ended April 30, 2014 were as follows:

	Six Months Ended October 31,				Year ended April 30,

	2014		2013		2014
Distributions paid from
Investment income:
Tax-exempt investment income, net	$	586,105	$	574,592	$	829,832
Taxable investment income		1,688		13,568		191,544
	$	587,793	$	588,160	$	1,021,376

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Contents

TRIDAN CORP.

NOTES TO FINANCIAL STATEMENTS

SIX MONTHS ENDED OCTOBER 31, 2014 AND 2013

6.	Distributions (continued)

As of October 31, 2014 and 2013 and April 30, 2014, the components of distributable earnings on a tax basis were as follows:

	Six Months Ended October 31,						Year ended April 30,
	2014			2013			2014

Over-distributed tax-exempt investment income, net	$	(210,759	)	$	(192,413	)	$	(25,921	)

Undistributed capital gains (losses)	$	17,188		$	27,050		$	-0-
Unrealized appreciation of investments,net	$	2,333,130		$	2,211,069		$	2,239,911

Capital loss carry forwards as of October 31, 2014 and 2013 were $0 for each period, respectively. The Company had no capital reclassification related to permanent book/tax differences for the six months ending October 31, 2014 and 2013, respectively. There were no significant differences between total GAAP basis net investment income and net realized gain, and actual distributions for the six months ended October 31, 2014 and 2013.

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Contents

TRIDAN CORP.

NOTES TO FINANCIAL STATEMENTS

SIX MONTHS ENDED OCTOBER 31, 2014 AND 2013

Note 7 - Financial Highlights

Selected per share data and ratios are as follows:

	For the Six Months Ended October 31,
	2014			2013			2012			2011			2010
Per share operating performance:
(For a share of common stock Outstanding throughout the period):

Net asset value -beginning of year	$	12.56		$	12.88		$	12.89		$	12.32		$	12.32

Income from investment operations:
Net investment income		.13			.13			.14			.16			.16
Net realized and unrealized gain (loss) on investments		.04			(.32	)		.05			.23			.18
Total from investment operations		.17			(.19	)		.19			.39			.34
Less distributions:
Dividends (from net investment income)		(.19	)		(.18	)		(.19	)		(.20	)		(.23	)
Capital gains		(.00	)		(.01	)		(.00	)		(.00	)		(.00	)
Total distribution		(.19	)		(.19	)		(.19	)		(.20	)		(.23	)

Net asset value - end of year	$	12.53		$	12.50		$	12.89		$	12.51		$	12.43

Per share market value – end of period	$	12.53		$	12.50		$	12.89		$	12.51		$	12.43

Total investment return		(0.00	%)		(1.51	%)		(0.02	%)		1.53	%		0.98	%

Ratios/Supplemental Data:
net assets end of period (in 000s)	$	38,769		$	38,685		$	39,915		$	38,805		$	38,590

Ratio of expenses to average net assets		1.09	%		1.09	%		1.07	%		1.08	%		1.07	%

Ratio of net investment income To average net assets		2.07	%		2.06	%		2.15	%		2.46	%		2.61	%

Portfolio turnover rate		5.76	%		5.12	%		1.38	%		3.38	%		1.26	%

Average (simple) number of shares outstanding (in thousands)		3,094			3,095			3,100			3,104			3,104

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Contents

Item 2.

Code of Ethics

Not required in this report.

Item 3.

Audit Committee Financial Expert

Not required in this report.

Item 4.

Principal Accountant Fees and Services

Not required in this report.

Item 5.

Audit Committee of Listed Registrants.

Not required in this report.

Item 6.

Investments.

(a)

A schedule of registrant’s investments in securities of unaffiliated issuers as of October, 31, 2014 is included as part of the financial statement filed under Item 1 of this Form.

(b)

Not applicable

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable, because the registrant invests exclusively in non-voting securities.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

No change in the portfolio managers identified in the registrant’s most recent annual report on Form N-CSR.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable, because the registrant has no equity securities that are registered pursuant to Section 12 of the Securities Exchange Act of 1934

Item 10.

Submission of Matters to a Vote of Security Holders.

The registrant does not have in place procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Contents

Item 11.

Controls and Procedures

(a)

The registrant’s principal executive and principal financial officers have evaluated the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c)) as of the end of the period covered by this report. Based on that evaluation, said officers have concluded that the registrant’s disclosure controls and procedures are effective to ensure that information required to be disclosed in this report is recorded, processed, summarized and reported within the required time periods.

(b)

There was no change in the registrant’s internal control over financial reporting that occurred during its last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Exhibits

(a)

The following exhibits are filed herewith:

(2)

The separate certifications for the registrant’s principal executive and principal financial officers.

Contents

SIGNATURES

Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Tridan Corp.

By (Signature and Title)	/S/ Peter Goodman
	Peter Goodman, President and Chief Executive Officer

Date:

December 18, 2014

Pursuant to the requirements of the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/S/ Peter Goodman
	Peter Goodman, President and Chief Executive Officer

Date:

December 18, 2014

By (Signature and Title)	/S/ Warren F. Pelton
	Warren F. Pelton, Treasurer and Chief Financial Officer

Date:

December 18, 2014