UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number  811-03056                

             TRIDAN CORP.             

(Exact name of registrant as specified in charter)

c/o PKF O’Connor Davies

   300 Tice Boulevard, Suite 315, Woodcliff Lake, NJ 07677     

(Address of principal executive offices)

c/o PKF O’Connor Davies

   300 Tice Boulevard, Suite 315, Woodcliff Lake, NJ 07677     

(Name and address of agent for service)

Registrant’s telephone number, including area code: (201) 712-9800

Date of fiscal year end:  April 30     

Date of reporting period:  October 31, 2024  

(a) Attached on the following pages is a copy of the registrant’s semi-annual report as of October 31, 2024 transmitted to stockholders.

December 27, 2024

Dear Shareholder:

This semi-annual report of Tridan Corp. (“Tridan” or the “Company”) covers the six-month period from May 1, 2024 to October 31, 2024. As part of this report, we enclose the unaudited financial report for the six-month period ending October 31, 2024 and for the corresponding period ending October 31, 2023. Tridan Corp. invests exclusively in non-voting securities and accordingly has not voted any proxies for the year ended June 30, 2024. A schedule of Tridan’s portfolio holdings at October 31, 2024, consisting entirely of municipal obligations, is included in the unaudited financial report. Tridan’s complete schedule of portfolio holdings is filed with the U.S. Securities and Exchange Commission on Form N-PORT at www.sec.gov, for the first and third fiscal quarters.

The net asset value per share at October 31, 2024 was $11.53 compared with $11.07 at October 31, 2023.

The net investment income per share for the six-month periods ended October 31, 2024 and October 31, 2023 was $0.08 for each such period.

AUDITORS

At the company’s last annual shareholder’s meeting on July 26, 2024, the reappointment of Forvis Mazars, LLP as the company’s auditors for the fiscal year ending April 30, 2025 was ratified by the shareholders as follows:

Tridan Corp.

December 27, 2024

Page – 2 –

INVESTMENT ADVISORY AGREEMENT

At its meeting on June 24, 2024, the Board of Directors, including a majority of the independent directors, unanimously approved the renewal of the investment advisory agreement with J.P. Morgan Investment Management Inc. (“JPMorgan”) for the period July 1, 2024 to June 30, 2025 after considering 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 receive and analyze a substantial quantity of comprehensive information and written materials, including ongoing analysis of the company’s existing portfolio and JPMorgan’s recommendations in light of its forecasts for the economy, employment trends, business conditions, inflation, municipal bond yield curve, and return trends including yield comparisons between tax-exempt and US Treasury bonds, appropriate duration and maturities, quality, yields, and sector allocation. Written materials received by the directors before each meeting include reports, statistics, charts, graphs, performance records, comparisons with other funds and the like. JPM is questioned regarding its economic outlook for New York municipal bonds, the company’s portfolio holdings and its performance.

In addition to the foregoing, JPM submits each year its audited financial statements and detailed information regarding JPM’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 is furnished to each Director. The Directors reviewed and discussed this material, as well as their own views on JPM’s performance and relationship with Tridan, with particular attention to the following areas:

Investment Performance

At each meeting, the Directors receive, review and discuss with JPM’s representatives the various data showing Tridan’s portfolio characteristics, including market value, average duration, credit quality, coupon, yield statistics, and breakdown information regarding duration, credit, and investment sectors. JPM’s quarterly presentation also includes the portfolio performance over three months, year to date, one year, three years and five years compared with the JPM New York Tax Free Bond Fund, Sanford Bernstein Intermediate New York Municipal Fund, and Bloomberg New York Competitive Intermediate (1-17 Year) Index. The Directors also compared Tridan’s performance with the median performance of certain New York municipal bond funds as compiled by Morningstar. Based on their review, the Directors concluded that Tridan’s relative investment performance has been satisfactory.

Tridan Corp.

December 27, 2024

Page – 3 –

Nature, Extent and Quality of Service

The board’s analysis of the nature, extent and quality of JPM’s services to Tridan is based on knowledge gained over time from discussions with management and at the board’s regular meetings. In addition, the Directors review the qualifications, education and experience of JPM’s personnel involved in rendering those services. As Tridan’s investment adviser, JPM manages the investment of the company’s assets, including purchases and sales of securities. JPM also prepares and issues periodic reports to the board of directors in connection with board meetings. The board also considers the adviser’s monitoring adherence to the company’s investment policies, guidelines and restrictions, JPM’s responsiveness to requests by Tridan’s counsel for periodic information, reports required for compliance with federal securities laws and regulations and maintaining and monitoring its compliance programs in light of today’s extensive regulatory requirements. The board has concluded that the nature, extent and quality of the services provided by JPM to the company have been and continue to be satisfactory and beneficial to Tridan.

Fees, Economies of Scale and Profitability; Ancillary Benefits to the Advisor

Under its Investment Advisory Agreement dated July 1, 2000 with JPM, which was amended as of June 1, 2020 to reduce the compensation payable to JPM, for the services provided, and the expenses borne pursuant to this Agreement, the Company will pay to the Adviser as full compensation therefor a fee at an annual rate equal to 0.25 of 1% of the Company’s net assets. This fee will be computed based on net assets on the last business day of each calendar quarter and will be paid to the Adviser quarterly during the succeeding calendar month. The Directors noted that the advisory fee payable to JPMorgan does not change based on Tridan’s assets, and so economies of scale are not realized in the advisory fee.

Tridan also pays 0.02% (2 basis points) to JPM’s affiliate, J.P. Morgan Chase Bank, N.A. for custodial services. The Advisory Agreement requires JPM to bear all expenses incurred by it in connection with its activities under the agreement. For the year ended April 30, 2024, JPM’s advisory fees were $87,061, and the custodial fees were $6,939. Further, the Directors noted that JPM was profitable with respect to the advisory services it provides to Tridan. The Directors considered the advisory fees and overall fees charged to another investment company which invests principally in the same type of securities as Tridan, the Sanford Bernstein Intermediate New York Municipal Fund, and the median advisory fee of a comparable Morningstar peer group of New York municipal bond funds. The Directors also considered the advisory fee and overall fees paid by the JPM New York Tax Free Bond Fund, which invests in the same type of securities as Tridan. The Directors noted that the Sanford Bernstein Intermediate New York Municipal Fund and the JPM New York Tax Free Bond Fund have significantly more assets than Tridan. The Directors further considered that Tridan’s advisory fee is priced below the standard institutional rate for other JPM institutional clients. Other than the custody fees paid to an affiliate of JPM, the Directors did not identify other benefits to be realized by the Adviser or its affiliates from its relationship with Tridan.

In light of the nature, extent and quality of the services received by Tridan from JPM, as well as the affiliate’s custodial fees, the Directors consider the fees paid to Tridan to be reasonable. It was the conclusion of the Directors that it would be in the best interests of Tridan Corp. and its shareholders for the board to renew the investment advisory agreement with J.P. Morgan Investment Management, Inc. for another year.

Tridan Corp.

December 27, 2024

Page – 4 –

DIRECTORS

At the last annual shareholder’s meeting on July 26, 2024, 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.

During the six-month period ended October 31, 2024, all executive officers of the Company as a group received compensation comprised solely of said directors’ fees aggregating $26,500 during said period. No director or officer received any compensation from the company except for fees of $24,000 paid to each director, plus an additional $2,500 to Joan G. Rall as chair of the audit committee. Mr. Lively receives no fees for his service as Secretary of the Company, although Practus, of which Mr. Lively is a partner, receives fees from the Company for services as counsel. Mr. Chin receives fees from the Company for his service as the Company’s Chief Compliance Officer.

Tridan Corp.

Financial Statements

October 31, 2024 and 2023

Tridan Corp.

Contents

October 31, 2024 and 2023

Accountants’ Compilation Report

To the Shareholders and Board of Directors

Tridan Corp.

Management is responsible for the accompanying financial statements of Tridan Corp., (a corporation) which comprise the statements of assets and liabilities and schedules of investments in municipal obligations as of October 31, 2024 and 2023, and the related statements of operations for the six months ended October 31, 2024 and 2023 and the related statement of changes in net assets for the six months ended October 31, 2024 and year ended April 30, 2024, and the related notes to the financial statements in accordance with accounting principles generally accepted in the United States of America. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements.

The statement of changes in net assets for the year ended April 30, 2024 was derived from financial statements that were audited by another accounting firm. Their report, dated June 28, 2024, expressed an unqualified opinion thereon, but they have not performed any auditing procedures since that date.

A statement of cash flows for the six months ended October 31, 2024 and 2023 has not been presented. Accounting principles generally accepted in the United States of America require that such a statement be presented when financial statements purport to present financial position and results of operations.

We are not independent with respect to Tridan Corp.

December 17, 2024

PKF O’CONNOR DAVIES, LLP

300 Tice Boulevard, Suite 315, Woodcliff Lake, NJ 07677 I Tel: 201.712.9800 I Fax: 201.712.0988 I www.pkfod.com

PKF O’Connor Davies, LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms.

Tridan Corp.

Statements of Assets and Liabilities

October 31, 2024 and 2023

See accompanying notes and accountant’s compilation report.

2

Tridan Corp.

Schedule of Investments in Municipal Obligations

October 31, 2024 and 2023

See accompanying notes and accountant’s compilation report.

3

Tridan Corp.

Schedule of Investments in Municipal Obligations

October 31, 2024 and 2023

See accompanying notes and accountant’s compilation report.

4

Tridan Corp.

Schedule of Investments in Municipal Obligations

October 31, 2024 and 2023

See accompanying notes and accountant’s compilation report.

5

Tridan Corp.

Schedule of Investments in Municipal Obligations

October 31, 2024 and 2023

See accompanying notes and accountant’s compilation report.

6

Tridan Corp.

Schedule of Investments in Municipal Obligations

October 31, 2024 and 2023

See accompanying notes and accountant’s compilation report.

7

Tridan Corp.

Schedule of Investments in Municipal Obligations

October 31, 2024 and 2023

See accompanying notes and accountant’s compilation report.

8

Tridan Corp.

Statements of Operations

For the Six Months Ended October 31, 2024 and 2023

See accompanying notes and accountant’s compilation report.

9

Tridan Corp.

Statements of Changes in Net Assets

For the Six Months Ended October 31, 2024 and 2023 and Year Ended April 30, 2024

See accompanying notes and accountant’s compilation report.

10

Tridan Corp.

Notes to Financial Statements

October 31, 2024 and 2023

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.

Basis of Presentation

The accompanying financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). The Company is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification 946, Financial Services - Investment Companies.

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, 2024 and 2023.

Amortization of Bond Premium or Discount

In determining investment income, bond premiums or discounts are amortized over the remaining term of the obligation based on the earlier of the call date or the maturity date of the applicable bond.

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 would be 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 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.

11

Tridan Corp.

Notes to Financial Statements

October 31, 2024 and 2023

Income Taxes (continued)

The Company identifies its major tax jurisdictions as U.S. Federal, New York State and New York City where the Company makes significant investments. 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 is exempt from Federal and state income taxes.

Distributions to Shareholders

Dividends to shareholders from net investment income, if any, are paid quarterly. Distributions 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

The Company considers all highly liquid investments purchased with original maturities of 90 days or less 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.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit and market risk consist principally of cash on deposit with financial institutions. Deposits held at financial institutions insured by the Federal Deposit Insurance Corporation (“FDIC”) are insured up to $250,000. The Company maintains all of its cash on deposit in one financial institution. As of October 31, 2024 and 2023, there was $711,226 and $652,160, respectively of cash held in in excess of federally insured limits. The value of the Company’s investments may be subject to possible risks involving, among other things, the continued creditworthiness 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, 2024 and 2023.

12

Tridan Corp.

Notes to Financial Statements

October 31, 2024 and 2023

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.

The levels of the fair value hierarchy are as follows:

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

The following table presents the Company’s financial assets that are measured at fair value as of October 31, 2024 and 2023:

Instruments classified as Level 2 are valued using industry-standard models or other valuation methodologies calibrated to observable market inputs.

13

Tridan Corp.

Notes to Financial Statements

October 31, 2024 and 2023

Fair value of Financial Instruments (continued)

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.

Subsequent Events Evaluation by Management

Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through December 17, 2024, the date that the financial statements were available for issue.

Accrued liabilities consist of the following at:

14

Tridan Corp.

Notes to Financial Statements

October 31, 2024 and 2023

Purchases and sales of investments in municipal obligations (excluding short-term and demand investments) amounted to approximately $250,000 and $115,000, respectively, for the six months ended October 31, 2024, and $0 and $3,369,000, respectively, for the six months ended October 31, 2023.

The U.S. Federal income tax basis aggregate cost) of the Company’s investments at October 31, 2024 and 2023, was approximately $34,224,000 and $34,814,000, respectively. The net unrealized (depreciation) appreciation at October 31, 2024 and 2023, for U.S. Federal income tax purposes was approximately $(955,000) and $(2,324,000), respectively. The gross unrealized appreciation of approximately $372,000 and $322,000, respectively; gross unrealized (depreciation) of approximately $(1,326,000) and $(2,646,000), respectively.

At October 31, 2024 and 2023, 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 18,919 shares outstanding common stock, at October 31, 2024 and 2023. 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, as of the end of the Company’s fiscal quarter in which the request for redemption is received. At October 31, 2024 and 2023, there were 117,398.7423 shares, for both periods ended, which have 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:

15

Tridan Corp.

Notes to Financial Statements

October 31, 2024 and 2023

During the six months ended October 31, 2024 and 2023, distributions of $239,877 ($.08 per share) and $244,190 ($.08 per share), respectively, were declared and paid to shareholders. Distributions for the year ended April 30, 2024 amounted to $484,068 ($.16 per share). Substantially all of the distributions were exempt from Federal income taxes for the company shareholders during the six months ended October 31, 2024 and 2023. For the year ended April 30, 2024 all distributions were exempt from Federal income taxes for the company shareholders.

The tax character of distributions paid during the six months ending October 31, 2023 and 2022 and the year ended April 30, 2023 is as follows:

As of October 31, 2023 and 2022 and April 30, 2023, the components of distributable earnings on a tax basis were as follows:

There are no capital loss carryforwards as of October 31, 2024 and 2023. The Company had no capital reclassification related to permanent book/tax differences for the six months ending October 31, 2024 and 2023 and for the year April 30, 2024. 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, 2024 and 2023 and for the year ended April 30, 2024.

16

Tridan Corp.

Notes to Financial Statements

October 31, 2024 and 2023

Selected per share data and ratios are as follows:

* Total investment return is calculated by dividing the change in market value of a share of common stock during the year, assuming the reinvestment of dividends on the payment date, by the per share market value at the beginning of the year and has been recalculated for all prior periods presented.

* * * * *

17

Not applicable to semi-annual report.

Not applicable to semi-annual report.

Not applicable to semi-annual report.

Not applicable to semi-annual report.

Not applicable to this Registrant because it is not an open-end management investment company.

Not applicable to this Registrant because it is not an open-end management investment company.

Not applicable to this Registrant because it is not an open-end management

investment company.

Not applicable to this Registrant because it is not an open-end management investment company.

See Consideration of the Advisory Agreement in Item 1(a).

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

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

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

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

Not applicable because the registrant does not participate in securities lending.

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.

Date:    January 3, 2025         

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.

Date:    January 3, 2025         

Date:    January 3, 2025