UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
| Investment Company Act file number | 811-03056 |
(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: |
| Item 1. | Reports to Stockholders. |
(a) Attached on the following pages is a copy of the registrant’s semi-annual report as of October 31, 2023 transmitted to stockholders.
December 28, 2023
Dear Shareholder:
This semi-annual report of Tridan Corp. (“Tridan” or the “Company”) covers the six-month period from May 1, 2023 to October 31, 2023. As part of this report, we enclose the unaudited financial report for the six-month period ending October 31, 2023 and for the corresponding period ending October 31, 2022. Tridan Corp. invests exclusively in non-voting securities and accordingly has not voted any proxies for the year ended June 30, 2023. A schedule of Tridan’s portfolio holdings at October 31, 2023, 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, 2023 was $11.07 compared with $11.10 at October 31, 2022.
The net investment income per share for the six-month periods ended October 31, 2023 and October 31, 2022 was $0.08 for each such period.
AUDITORS
At the company’s last annual shareholder’s meeting on July 18, 2023, the reappointment of Mazars USA LLP as the company’s auditors for the fiscal year ending April 30, 2024 was ratified by the shareholders as follows:
| Shares Voted For: | 1,935,613.3343 | ||
| Shares Voted Against: | -0- | ||
| Shares Abstaining | -0- |
Tridan Corp.
December 28, 2023
Page – 2 –
INVESTMENT ADVISORY AGREEMENT
At its meeting on June 16, 2023, 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, 2023 to June 30, 2024 after considering a variety of material factors and conclusions with respect thereto that formed the basis for the board’s approval, as discussed below.
JPMorgan, Investment Advisor
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 fund yield curve, and return trends including comparisons between tax-exempt and taxable bonds, appropriate maturities, quality, yields, diversification, etc. The directors subject JPMorgan’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. JPMorgan is questioned regarding its views, its recommendations and its performance.
In addition to the foregoing, JPMorgan submits each year its audited financial statements and detailed information regarding JPMorgan’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 JPMorgan’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 JPMorgan’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. JPMorgan’s quarterly presentation also includes the portfolio performance over three months, year to date, one year, three years and five years compared with the JPMorgan New York Tax Free Bond Fund, Sanford Bernstein Intermediate New York Municipal Fund, and Bloomberg New York Competitive Intermediate (1-17 Year) Index. At the meeting held on June 16, 2023, the Directors also compared Tridan’s performance with the median performance of certain New York municipal bond funds as complied by Morningstar. Based on their review, the directors have concluded that Tridan’s relative investment performance has been satisfactory.
Tridan Corp.
December 28, 2023
Page – 3 –
Nature, Extent and Quality of Service
The board’s analysis of the nature, extent and quality of JPMorgan’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 JPMorgan’s personnel involved in rendering those services. As Tridan’s investment adviser, JPMorgan manages the investment of the company’s assets, including purchases and sales of securities. JPMorgan also provides clerical and bookkeeping services and prepares and issues periodic reports.
The board considers its adviser’s performance of these administrative and support services, including monitoring adherence to the company’s investment policies, guidelines and restrictions, JPMorgan’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 has concluded that the nature, extent and quality of the services provided by JPMorgan to the company have been and continue to be appropriate 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 JPMorgan, which was amended as of June 1, 2020 to reduce the compensation of JPMorgan, for the services provided, and the expenses borne pursuant to this Agreement, the Company will pay to the Advisor 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 Advisor 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 JPMorgan’s affiliate, J.P. Morgan Chase Bank, N.A. for custodial services. The Advisory Agreement requires JPMorgan to bear all expenses incurred by it in connection with its activities under the agreement, without any reimbursement from the company. For the year ended April 30, 2023, JPMorgan’s advisory fees were $88,046, and the custodial fees were $6,937. Further, the Directors noted that JPMorgan 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 JP Morgan 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 JP Morgan 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 JP Morgan institutional clients. Other than the custody fees paid to an affiliate of JPMorgan, the Directors did not identify other benefits to be realized by the Advisor or its affiliates from its relationship with Tridan.
In light of the nature, extent and quality of the services received by Tridan from JPMorgan, 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 28, 2023
Page – 4 –
DIRECTORS
At the last annual shareholder’s meeting on July 18, 2023, 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 | 1,935,613.3343 | -0- | ||
| Russell J. Stoever | 1,935,613.3343 | -0- | ||
| Joan G. Rall | 1,935,613.3343 | -0- | ||
| Benjamin Cope | 1,935,613.3343 | -0- |
During the six-month period ended October 31, 2023, 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.
| Sincerely, | |
| TRIDAN CORP. | |
| /s/ Mark Goodman | |
| Mark Goodman, President |
Tridan Corp.
Financial Statements
October 31, 2023 and 2022
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, 2023 and 2022, and the related statements of operations for the six months ended October 31, 2023 and 2022 and the related statement of changes in net assets for the six months ended October 31, 2023 and year ended April 30, 2023, 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, 2023 was derived from financial statements that were audited by another accounting firm. Their report, dated June 26, 2023, 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, 2023 and 2022 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 19, 2023
PKF O’CONNOR DAVIES, LLP
300 Tice Boulevard, Suite 315, Woodcliff Lake, NJ 07677 | Tel: 201.712.9800 | Fax: 201.712.0988 | 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.
Contents
October 31, 2023 and 2022
Tridan Corp.
Statements of Assets and Liabilities
October 31, 2023 and 2022
| 2023 | 2022 | |||||||
| Assets | ||||||||
| Investments in municipal obligations, at fair value | ||||||||
| (original cost - $38,054,853 and $38,160,906 respectively) | ||||||||
| (amortized cost - $34,814,449 and $35,111,447 respectively) | $ | 32,490,651 | $ | 32,885,025 | ||||
| Cash | 901,944 | 685,703 | ||||||
| Prepaid insurance and other assets | 260 | 2,832 | ||||||
| Accrued interest receivable | 488,542 | 469,084 | ||||||
| Total assets | $ | 33,881,397 | $ | 34,042,644 | ||||
| Liabilities | ||||||||
| Accrued liabilities: | ||||||||
| Accrued investment advisory and custodian fees | $ | 34,726 | $ | 33,433 | ||||
| Accrued fees - affiliate | 25,000 | 51,220 | ||||||
| Accrued other | 16,004 | 61,696 | ||||||
| Redemption payable | 596,784 | — | ||||||
| Dividends payable | 6,178 | — | ||||||
| Total liabilities | 678,692 | 146,349 | ||||||
| Net assets | $ | 33,202,705 | $ | 33,896,295 | ||||
| Analysis of net assets | ||||||||
| , at $.02 par value, shares authorized, 3,199,100 shares issued at October 31, 2023 and 2022 | $ | 63,982 | $ | 63,982 | ||||
| Paid-in capital | 37,816,314 | 37,816,314 | ||||||
| Treasury stock, and shares at October 31, 2023 and 2022 | (2,359,782 | ) | (1,762,999 | ) | ||||
| Distributable earnings: | ||||||||
| Underdistributed net investment income | 7,069 | 7,083 | ||||||
| Undistributed capital losses | (1,078 | ) | — | |||||
| Unrealized depreciation of investments, net | (2,323,800 | ) | (2,228,085 | ) | ||||
| Net assets [equivalent to and per share, respectively, based on and shares of common stock outstanding] | $ | 33,202,705 | $ | 33,896,295 | ||||
See accompanying notes and accountant’s compilation report
2
Tridan Corp.
Schedule of Investments in Municipal Obligations
October 31, 2023 and 2022
| 2023 | 2022 | |||||||||||||||||||||||
| Principal | Amortized | Fair | Principal | Amortized | Fair | |||||||||||||||||||
| Amount | Cost | Value | Amount | Cost | Value | |||||||||||||||||||
| New York Municipal Bonds | ||||||||||||||||||||||||
| Syosset New York Central School District Unlimited Tax | ||||||||||||||||||||||||
| 5.0% due December 15, 2022 | $ | 300,000 | $ | 300,062 | $ | 300,291 | $ | 735,000 | $ | 744,286 | $ | 736,632 | ||||||||||||
| Saratoga County NY Ref LTD Tax | ||||||||||||||||||||||||
| 5.0% due July 15, 2023 | — | — | — | 100,000 | 106,012 | 101,281 | ||||||||||||||||||
| North Babylon NY Un Free School Dist Ref Unlimited Tax | ||||||||||||||||||||||||
| (Par Call August 1, 2022 @100) | ||||||||||||||||||||||||
| 5.0% due August 1, 2023 | — | — | — | 250,000 | 248,592 | 250,345 | ||||||||||||||||||
| Harrison NY REF Public Impt LTD Tax | ||||||||||||||||||||||||
| 5.0% due December 15, 2023 | — | — | — | 100,000 | 107,559 | 102,042 | ||||||||||||||||||
| Greece NY Central School District Unlimited Tax | ||||||||||||||||||||||||
| (Par Call December 15, 2022 @100) | ||||||||||||||||||||||||
| 5.0% due December 15, 2023 | — | — | — | 500,000 | 503,234 | 501,085 | ||||||||||||||||||
| Connetquot New York Central School District Unlimited Tax | ||||||||||||||||||||||||
| 5.0% due January 15, 2024 | — | — | — | 400,000 | 406,467 | 408,504 | ||||||||||||||||||
| Erie County NY Fiscal Stability Sales Tax | ||||||||||||||||||||||||
| 5.00% due June 15, 2024 | — | — | — | 165,000 | 173,756 | 169,673 | ||||||||||||||||||
| Rensselaer Cnty, NY Limited Tax | ||||||||||||||||||||||||
| 5.00% due September 1, 2024 | 100,000 | 108,401 | 101,004 | 100,000 | 110,990 | 103,156 | ||||||||||||||||||
| Bayport Blue Point NY Un Free School Dist Ref Unlimited Tax | ||||||||||||||||||||||||
| 5.0% due September 15, 2024 | — | — | — | 250,000 | 260,948 | 258,045 | ||||||||||||||||||
| Buffalo & Ft. Erie NY Pub Bridge Auth Toll Bridge Sys Rev | ||||||||||||||||||||||||
| 5.0% due January 1, 2025 | 410,000 | 419,257 | 414,727 | 410,000 | 426,956 | 423,132 | ||||||||||||||||||
See accompanying notes and accountant’s compilation report.
3
Tridan Corp.
Schedule of Investments in Municipal Obligations
October 31, 2023 and 2022
| 2023 | 2022 | |||||||||||||||||||||||
| Principal | Amortized | Fair | Principal | Amortized | Fair | |||||||||||||||||||
| Amount | Cost | Value | Amount | Cost | Value | |||||||||||||||||||
| Saratoga Springs NY Ref Public Imports-Unlimited Tax | ||||||||||||||||||||||||
| (Par Call February 15, 2023 @100) | ||||||||||||||||||||||||
| 5.0% due February 15, 2025 | 225,000 | 223,930 | 225,245 | 225,000 | 229,249 | 226,184 | ||||||||||||||||||
| Onondaga County NY Ref Unlimited Tax | ||||||||||||||||||||||||
| (Par Call March 15, 2024 @100) | ||||||||||||||||||||||||
| 5.0% due March 15, 2025 | 285,000 | 287,194 | 286,496 | 285,000 | 292,995 | 291,740 | ||||||||||||||||||
| Brookhaven NY REF Unlimited Tax | ||||||||||||||||||||||||
| 5.00% due March 15, 2025 | 500,000 | 520,567 | 509,000 | 500,000 | 535,521 | 520,100 | ||||||||||||||||||
| State of NY Dormitory Auth Personal Inc Tax Rev Ref Educ. | ||||||||||||||||||||||||
| 5.50 % due March 15, 2025 | 500,000 | 506,398 | 511,435 | 500,000 | 511,040 | 524,010 | ||||||||||||||||||
| Erie Count Indvl Dev Agency | ||||||||||||||||||||||||
| 5.0% due May 1, 2025 | 750,000 | 798,754 | 763,365 | 750,000 | 822,170 | 780,608 | ||||||||||||||||||
| Rhinebeck New York Central School District Unlimited Tax | ||||||||||||||||||||||||
| (Par Call June 15, 2023 @100) | ||||||||||||||||||||||||
| 4.0% due June 15, 2025 | 535,000 | 532,622 | 535,075 | 535,000 | 539,089 | 537,076 | ||||||||||||||||||
| Build NYC Resource Corp.NY Rev United Jewish Appeal | ||||||||||||||||||||||||
| (Par Call July 1, 2024 @100) | ||||||||||||||||||||||||
| 5.0% due July 1, 2025 | 320,000 | 326,407 | 322,326 | 320,000 | 333,330 | 328,928 | ||||||||||||||||||
| State of NY Dormitory Authority State Pers. Inc. Tax | ||||||||||||||||||||||||
| 5.5% due March 15, 2026 | 200,000 | 211,949 | 207,562 | 200,000 | 216,973 | 213,196 | ||||||||||||||||||
| NYC NY TR Cultural Res-Museum of Modern Art | ||||||||||||||||||||||||
| 4.0% due April 01, 2026 | 500,000 | 524,018 | 500,095 | 500,000 | 534,949 | 509,425 | ||||||||||||||||||
| SNT Lawrence CNTY NY REF Limited Tax | ||||||||||||||||||||||||
| (Par Call May 15, 2025) | ||||||||||||||||||||||||
| 5.0% due May 15, 2026 | 105,000 | 108,846 | 106,720 | 105,000 | 111,135 | 109,113 | ||||||||||||||||||
See accompanying notes and accountant’s compilation report.
4
Tridan Corp.
Schedule of Investments in Municipal Obligations
October 31, 2023 and 2022
| 2023 | 2022 | |||||||||||||||||||||||
| Principal | Amortized | Fair | Principal | Amortized | Fair | |||||||||||||||||||
| Amount | Cost | Value | Amount | Cost | Value | |||||||||||||||||||
| NY ST Environmental FACS | ||||||||||||||||||||||||
| 5.00% due June 15, 2026 | 1,300,000 | 1,379,125 | 1,345,942 | 1,300,000 | 1,409,209 | 1,376,895 | ||||||||||||||||||
| Laurens NY Central School District | ||||||||||||||||||||||||
| (Par Call June 15, 2025) | ||||||||||||||||||||||||
| 4.0% due June 15, 2028 | 305,000 | 311,197 | 304,713 | 305,000 | 315,005 | 307,760 | ||||||||||||||||||
| Mattituck-Cutchogue NY Central School District Unlimited Tax | ||||||||||||||||||||||||
| (Par Call July 15, 2025 @100) | ||||||||||||||||||||||||
| 5.0% Unlimited tax due July 15, 2026 | 280,000 | 291,500 | 285,695 | 280,000 | 298,217 | 292,583 | ||||||||||||||||||
| NY City Transitional Financial Authority Rev Future Tax | ||||||||||||||||||||||||
| (Par Call November 1, 2022 @100) | ||||||||||||||||||||||||
| 5.00% due November 1, 2026 | — | — | — | 550,000 | 550,064 | 550,000 | ||||||||||||||||||
| Util. Debt Securitization | ||||||||||||||||||||||||
| (Par Call June 15, 2024 @100) | ||||||||||||||||||||||||
| 5.00% due December 15, 2026 | 500,000 | 512,608 | 504,340 | 500,000 | 504,921 | 509,215 | ||||||||||||||||||
| Putnam County NY Limited Tax | ||||||||||||||||||||||||
| (Par Call January 15, 2026 @100) | ||||||||||||||||||||||||
| 5.0% due January 15, 2027 | 135,000 | 142,047 | 138,540 | 135,000 | 145,226 | 142,015 | ||||||||||||||||||
| Gates Chili NY Central School Unlimited Tax | ||||||||||||||||||||||||
| (Par Call June 15, 2025 @100) | ||||||||||||||||||||||||
| 5.0% due June 15, 2027 | 200,000 | 208,077 | 203,912 | 200,000 | 213,032 | 208,834 | ||||||||||||||||||
| Halfmoon NY Pub Imp Limited Tax | ||||||||||||||||||||||||
| (Par Call June 15, 2025 @100) | ||||||||||||||||||||||||
| 5.0% due June 15, 2027 | 280,000 | 290,483 | 285,432 | 280,000 | 296,958 | 292,295 | ||||||||||||||||||
| Mattituck-Cutchogue NY | ||||||||||||||||||||||||
| (Par Call July 15, 2025 @100) | ||||||||||||||||||||||||
| 5.0% Unlimited tax due July 15, 2027 | 365,000 | 379,305 | 371,880 | 365,000 | 387,659 | 380,538 | ||||||||||||||||||
| Met Transportation Auth NY Revenue | ||||||||||||||||||||||||
| 5.0% due November 15, 2027 | 1,250,000 | 1,375,078 | 1,279,475 | 1,250,000 | 1,404,992 | 1,277,863 | ||||||||||||||||||
See accompanying notes and accountant’s compilation report.
5
Tridan Corp.
Schedule of Investments in Municipal Obligations
October 31, 2023 and 2022
| 2023 | 2022 | |||||||||||||||||||||||
| Principal | Amortized | Fair | Principal | Amortized | Fair | |||||||||||||||||||
| Amount | Cost | Value | Amount | Cost | Value | |||||||||||||||||||
| Met Transportation Auth NY Revenue | ||||||||||||||||||||||||
| 5.0% due November 15, 2027 | 300,000 | 316,344 | 306,000 | 300,000 | 323,882 | 311,799 | ||||||||||||||||||
| Tompkins County NY Public Impt Ser B Limited Tax | ||||||||||||||||||||||||
| (Par Call December 15, 2024 @100) | ||||||||||||||||||||||||
| 5.0% due December 15, 2027 | 500,000 | 513,533 | 506,790 | 500,000 | 525,495 | 518,095 | ||||||||||||||||||
| Port Authority of NY and NJ | ||||||||||||||||||||||||
| 5.375 % due March 1, 2028 | 95,000 | 94,596 | 98,142 | 110,000 | 110,437 | 117,677 | ||||||||||||||||||
| Western Nassau Cty Water Auth | ||||||||||||||||||||||||
| (Par Call April 1, 2025 @100) | ||||||||||||||||||||||||
| 5.0% due April 1, 2028 | 100,000 | 102,616 | 101,328 | 100,000 | 104,452 | 103,410 | ||||||||||||||||||
| Util Debt Securitization Auth NY Restructuring Ser TE | ||||||||||||||||||||||||
| (Par Call December 15, 2023 @100) | ||||||||||||||||||||||||
| 5.0% due December 15, 2028 | 500,000 | 498,871 | 500,190 | 500,000 | 524,818 | 517,260 | ||||||||||||||||||
| Erie County NY Fiscal Stability Sales Tax | ||||||||||||||||||||||||
| (Par Call June 15, 2027 @100) | ||||||||||||||||||||||||
| 5.00% due June 15, 2029 | 1,000,000 | 1,090,436 | 1,042,060 | 1,000,000 | 1,115,000 | 1,069,690 | ||||||||||||||||||
| NY NY Ref - Ser Unlimited Tax | ||||||||||||||||||||||||
| 5.0% due August 1, 2029 | 750,000 | 869,932 | 796,080 | 750,000 | 889,312 | 818,933 | ||||||||||||||||||
| NY ST Dorm Auth Revenues Non St | ||||||||||||||||||||||||
| 5.0% due October 1, 2029 | 1,090,000 | 1,217,696 | 1,125,371 | 1,090,000 | 1,248,653 | 1,151,946 | ||||||||||||||||||
| Battery Park City NY Authority SR-Ser A | ||||||||||||||||||||||||
| (Par Call November 1, 2023 @100) | ||||||||||||||||||||||||
| 5.0% due November 1, 2029 | 140,000 | 138,171 | 140,000 | 140,000 | 140,396 | 142,481 | ||||||||||||||||||
| NY ST Dorm Auth Rev | ||||||||||||||||||||||||
| 5.0% due July 1, 2030 | 500,000 | 637,271 | 543,635 | 500,000 | 657,182 | 555,895 | ||||||||||||||||||
| Harrison NY LTD Tax | ||||||||||||||||||||||||
| 5.0% due July 1, 2030 | 290,000 | 334,996 | 314,412 | 290,000 | 338,088 | 322,419 | ||||||||||||||||||
| NY City Transitional Fin Auth Rev Future | ||||||||||||||||||||||||
| (Par Call February 1, 2026 @100) | ||||||||||||||||||||||||
| 5.00 % due February 1, 2031 | 1,000,000 | 1,061,574 | 1,084,740 | 1,000,000 | 1,087,803 | 1,035,440 | ||||||||||||||||||
See accompanying notes and accountant’s compilation report.
6
Tridan Corp.
Schedule of Investments in Municipal Obligations
October 31, 2023 and 2022
| 2023 | 2022 | |||||||||||||||||||||||
| Principal | Amortized | Fair | Principal | Amortized | Fair | |||||||||||||||||||
| Amount | Cost | Value | Amount | Cost | Value | |||||||||||||||||||
| IL ST REF-SER B | ||||||||||||||||||||||||
| 5.0% due March 1, 2031 | 125,000 | 130,803 | 129,165 | 125,000 | 131,157 | 124,784 | ||||||||||||||||||
| NY St Urban Dev Corp Rev Ref Pers Income Tax | ||||||||||||||||||||||||
| 5.0% due March 15, 2031 | 750,000 | 807,538 | 774,510 | 750,000 | 822,720 | 790,643 | ||||||||||||||||||
| NY ST Environmental Clean Water | ||||||||||||||||||||||||
| 5.0% Due June 15, 2031 | 400,000 | 499,592 | 427,512 | 400,000 | 511,775 | 431,136 | ||||||||||||||||||
| N.Y.S. Dormitory Authority Revenues Ref Cornell University | ||||||||||||||||||||||||
| 5.0% due July 1, 2031 | 1,000,000 | 1,303,234 | 1,097,540 | 1,000,000 | 1,341,123 | 1,115,400 | ||||||||||||||||||
| Nassau County NY Interim | ||||||||||||||||||||||||
| 5.0% due November 15, 2031 | 500,000 | 653,756 | 551,110 | 500,000 | 671,957 | 558,300 | ||||||||||||||||||
| Syracuse NY REF-SER B LTD Tax | ||||||||||||||||||||||||
| 4.0% due June 1, 2032 | 1,060,000 | 1,275,614 | 1,057,000 | 1,060,000 | 1,298,939 | 1,075,264 | ||||||||||||||||||
| NYS Dormitory Authority Personal Income Tax (Par Call August 15, 2026) | ||||||||||||||||||||||||
| 5.0% due February 15, 2033 | 500,000 | 545,134 | 510,235 | 500,000 | 560,713 | 519,580 | ||||||||||||||||||
| NYS Dorm Auth Revs | ||||||||||||||||||||||||
| (Par Call October 01, 2026) | ||||||||||||||||||||||||
| 5.0% due October 01, 2033 | 1,000,000 | 1,055,693 | 1,021,540 | 1,000,000 | 1,074,196 | 1,045,140 | ||||||||||||||||||
| Triborough NY Brdg & Tunl Auth Payroll Mobility | ||||||||||||||||||||||||
| 5.0% due November 15, 2033 | 500,000 | 614,939 | 544,165 | — | — | — | ||||||||||||||||||
| Triboro NY Bridge & Tunnel | ||||||||||||||||||||||||
| 5.0% due November 15, 2035 | 1,015,000 | 1,089,320 | 1,045,125 | 1,015,000 | 1,107,601 | 1,045,095 | ||||||||||||||||||
| NY NY Ser D Sbserv Unltd Tax | ||||||||||||||||||||||||
| 5.0% due December 1, 2033 | 290,000 | 327,189 | 301,925 | 290,000 | 330,210 | 304,140 | ||||||||||||||||||
| Util Debt Securitization Auth NY | ||||||||||||||||||||||||
| (Par Call June 15, 2026) | ||||||||||||||||||||||||
| 5.0% due December 15, 2033 | 100,000 | 110,293 | 102,186 | 100,000 | 114,125 | 104,144 | ||||||||||||||||||
| NY ST Dorm Auth Revenues | ||||||||||||||||||||||||
| 5.0% due July 1, 2034 | — | — | — | 600,000 | 689,543 | 626,616 | ||||||||||||||||||
See accompanying notes and accountant’s compilation report.
7
Tridan Corp.
Schedule of Investments in Municipal Obligations
October 31, 2023 and 2022
| 2023 | 2022 | |||||||||||||||||||||||
| Principal | Amortized | Fair | Principal | Amortized | Fair | |||||||||||||||||||
| Amount | Cost | Value | Amount | Cost | Value | |||||||||||||||||||
| NY ST Dorm Auth Revenues Non St | ||||||||||||||||||||||||
| 5.0% due July 1, 2034 | 600,000 | 683,201 | 617,124 | — | — | — | ||||||||||||||||||
| Port WA NY UN Freesch Dist | ||||||||||||||||||||||||
| 5.0% due August 1, 2034 | 1,000,000 | 1,160,498 | 1,018,500 | 1,000,000 | 1,172,779 | 1,093,380 | ||||||||||||||||||
| Long Island NY Power Auth Elec | ||||||||||||||||||||||||
| 5.0% due September 1, 2034 | 1,000,000 | 1,123,003 | 1,040,880 | 1,000,000 | 1,146,687 | 1,046,950 | ||||||||||||||||||
| NYS Dorm Sales Tax | ||||||||||||||||||||||||
| 5.0% due March 15, 2035 | 1,250,000 | 1,357,835 | 1,289,550 | 1,250,000 | 1,379,469 | 1,312,013 | ||||||||||||||||||
| Triborough NY Brdg & Tunl Auth | ||||||||||||||||||||||||
| 4.0% due May 15, 2035 | 500,000 | 590,556 | 486,085 | 500,000 | 597,353 | 475,360 | ||||||||||||||||||
| N.Y.S. Environmental FACS | ||||||||||||||||||||||||
| 5.0% due June 15, 2035 | 500,000 | 628,576 | 528,515 | 500,000 | 638,003 | 530,850 | ||||||||||||||||||
| NY ST Envrnmntl Facs Corp Rev Green Bond-ST | ||||||||||||||||||||||||
| 5.0% due August 15, 2035 | 355,000 | 389,414 | 368,607 | — | — | — | ||||||||||||||||||
| Liberty Dev Corp NY Rev Ref - Goldman | ||||||||||||||||||||||||
| 5.25% due October 1, 2035 | 515,000 | 596,797 | 539,828 | 515,000 | 602,097 | 532,572 | ||||||||||||||||||
| Nassau Cnty NY Interim Fin Auth Res-Sales tax | ||||||||||||||||||||||||
| 4.0% due November 15, 2035 | 625,000 | 662,347 | 627,419 | — | — | — | ||||||||||||||||||
| Port Auth of NY & NJ Ref-Ser | ||||||||||||||||||||||||
| 5.0% due December 1, 2035 | 1,000,000 | 1,108,068 | 1,068,750 | 1,000,000 | 1,114,948 | 1,056,340 | ||||||||||||||||||
| William Floyd NY Un Free Sch Dist | ||||||||||||||||||||||||
| 4.0% due June 15, 2038 | 420,000 | 428,987 | 381,629 | — | — | — | ||||||||||||||||||
| Uniondale NY Un Free Sch Dist Unltd | ||||||||||||||||||||||||
| 4.0% due January 15, 2041 | 1,000,000 | 1,038,201 | 899,733 | — | — | — | ||||||||||||||||||
| $ | 31,615,000 | $ | 34,814,449 | $ | 32,490,651 | $ | 31,480,000 | $ | 35,111,447 | $ | 32,885,025 | |||||||||||||
See accompanying notes and accountant’s compilation report.
8
Tridan Corp.
Statements of Operations
For the Six Months Ended October 31, 2023 and 2022
| 2023 | 2022 | |||||||
| Investment income | ||||||||
| Interest | $ | 771,254 | $ | 769,659 | ||||
| Amortization of bond premium and discount - net | (320,453 | ) | (338,813 | ) | ||||
| Total investment income | 450,801 | 430,846 | ||||||
| Expenses | ||||||||
| Investment advisory fees | 47,373 | 47,390 | ||||||
| Professional fees | 67,240 | 77,720 | ||||||
| Director’s fees | 26,500 | 26,500 | ||||||
| Administrative and accounting expenses | 36,000 | 36,000 | ||||||
| Insurance and other expenses | 22,194 | 12,309 | ||||||
| Total expenses | 199,307 | 199,919 | ||||||
| Net investment income | 251,494 | 230,927 | ||||||
| Realized and unrealized gain on investments | ||||||||
| Net realized gain on investments | 204 | 1,668 | ||||||
| Net unrealized depreciation on investments | (1,600,159 | ) | (1,122,532 | ) | ||||
| Net realized and unrealized loss on investments | (1,599,955 | ) | (1,120,864 | ) | ||||
| Net decrease in net assets resulting from operations | $ | (1,348,461 | ) | $ | (889,937 | ) | ||
See accompanying notes and accountant’s compilation report.
9
Tridan Corp.
Statements of Changes in Net Assets
For the Six Months Ended October 31, 2023 and 2022 and Year Ended April 30, 2023
Six Months Ended October 31, 2023 | Six Months Ended October 31, 2022 | Year Ended April 30, 2023 | ||||||||||
| Change in net assets resulting from operations | ||||||||||||
| Net investment income | $ | 251,494 | $ | 230,927 | $ | 467,800 | ||||||
| Net realized gain on investments | 204 | 1,668 | 386 | |||||||||
| Unrealized (depreciation) appreciation on investments | (1,600,159 | ) | (1,122,532 | ) | 381,912 | |||||||
| Net (decrease) increase in net assets resulting from operations | (1,348,461 | ) | (889,937 | ) | 850,098 | |||||||
| Distributions to shareholders from | ||||||||||||
| Net investment income | (244,190 | ) | (244,190 | ) | (486,712 | ) | ||||||
| Capital gains | — | — | (1,668 | ) | ||||||||
| Redemptions of shares | ||||||||||||
| 53,910, 0, and 0 shares, respectively | (596,784 | ) | — | — | ||||||||
| Total decrease | (2,189,435 | ) | (1,134,127 | ) | 361,718 | |||||||
| Net assets | ||||||||||||
| Beginning of year | 35,392,140 | 35,030,422 | 35,030,422 | |||||||||
| End of year | $ | 33,202,705 | $ | 33,896,295 | $ | 35,392,140 | ||||||
See accompanying notes and accountant’s compilation report.
10
Tridan Corp.
Notes to Financial Statements
October 31, 2023 and 2022
| 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.
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, 2023 and 2022.
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, 2023 and 2022
| 1. | Significant Accounting Policies (continued) |
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, 2023, there was $652,160 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.
The Company is aware of multiple banks being transferred into government receivership and the appointment of the Federal Deposit Insurance Corporation as receiver. The Company neither holds any cash or cash equivalents nor does it have any banking relationship with the affected banks.
12
Tridan Corp.
Notes to Financial Statements
October 31, 2023 and 2022
| 1. | Significant Accounting Policies (continued) |
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, 2023 and 2022. 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:
| 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, and that would be based on the best information available. |
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, 2023 and 2022:
| Quoted Prices for Identical Instruments in Non-active Markets (Level 2) October 31, | ||||||||
| 2023 | 2022 | |||||||
| Investments in municipal obligations | $ | 32,490,651 | $ | 32,885,025 | ||||
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, 2023 and 2022
| 1. | Significant Accounting Policies (continued) |
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 19, 2023, the date that the financial statements were available for issue.
| 2. | Accrued Liabilities |
Accrued liabilities consist of the following at:
| October 31, | ||||||||
| 2023 | 2022 | |||||||
| Accrued investment advisory and custodian fees (a) | $ | 34,726 | $ | 33,433 | ||||
| Accrued fees - related party (b) | $ | 25,000 | $ | 51,220 | ||||
| Accrued other: | ||||||||
| Accrued audit fees (c) | $ | 12,750 | $ | 26,500 | ||||
| Directors fees | — | 13,250 | ||||||
| Accrued administrative | 3,254 | 21,946 | ||||||
| $ | 16,004 | $ | 61,696 | |||||
| (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 .25 of one percent (effective June 1, 2020 and .28 prior to that date) 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, 2023 and 2022, the Company incurred legal fees of approximately $40,200 and $51,220, respectively. $25,000 of the professional fees paid during the six months ended October 31, 2022 where to the law firm of which a former officer of the Company is a member. |
| (c) | For the six months ending October 31, 2023 and 2022, the Company incurred audit fees of approximately $27,000 and $26,500, respectively. |
14
Tridan Corp.
Notes to Financial Statements
October 31, 2023 and 2022
| 3. | Investment Transactions |
Purchases and sales of investments in municipal obligations (excluding short- term and demand investments) amounted to approximately $0 and $3,369,000, respectively, for the six months ended October 31, 2023, and $15,500 and $1,324,000, respectively, for the six months ended October 31, 2022.
The U.S. Federal income tax basis (aggregate cost) of the Company’s investments, at October 31, 2023 and 2022, was approximately $35,814,000 and $35,111,000, respectively, and net unrealized (depreciation) appreciation at October 31, 2023 and 2022, for U.S. Federal income tax purposes was approximately $(2,324,000) and $(2,228,000), respectively (gross unrealized appreciation of approximately $322,000 and $29,000, respectively; gross unrealized depreciation of approximately $(2,646,000) and $(2,257,000), respectively).
| 4. | Common Stock, Share Redemption Plan and Net Asset Values |
At October 31, 2023 and 2022, there were 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, 2023 and 2022. 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, 2023 and 2022, 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:
| October 31, | |||||||||
| 2023 | 2022 | ||||||||
| Net asset value | $ | $ | |||||||
| Shares outstanding at: | |||||||||
| October 31, 2023 | |||||||||
| October 31, 2022 | |||||||||
15
Tridan Corp.
Notes to Financial Statements
October 31, 2023 and 2022
| 5. | Distributions |
During the six months ended October 31, 2023 and 2022, distributions of $244,190 ($.08 per share) and $244,190 ($.08 per share), respectively, were declared and paid to shareholders. Distributions for the year ended April 30, 2023 amounted to $488,378 ($.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, 2023 and 2022. For the year ended April 30, 2023 all distributions were exempt from Federal income taxes for the company shareholders except for $386.
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:
| Six Months Ended October 31, | Year Ended April 30, | |||||||||||
| 2023 | 2022 | 2023 | ||||||||||
| Distributions paid from investment income: | ||||||||||||
| Tax-exempt investment income, net | $ | 243,986 | $ | 242,522 | $ | 486,712 | ||||||
| Capital gains | 204 | 1,668 | 1,668 | |||||||||
| $ | 244,190 | $ | 244,190 | $ | 488,380 | |||||||
As of October 31, 2023 and 2022 and April 30, 2023, the components of distributable earnings on a tax basis were as follows:
| Six Months Ended October 31, | Year Ended April 30, | |||||||||||
| 2023 | 2022 | 2023 | ||||||||||
| Underdistributed (overdistributed) tax-exempt investment income, net | $ | 7,069 | $ | 7,083 | $ | (235 | ) | |||||
| Undistributed capital losses | (1,078 | ) | — | (1,282 | ) | |||||||
| Unrealized depreciation of investments, net | (2,323,800 | ) | (2,228,085 | ) | (723,641 | ) | ||||||
| $ | (2,317,809 | ) | $ | (2,221,002 | ) | $ | (725,158 | ) | ||||
There are no capital loss carryforwards as of October 31, 2023 and 2022. The Company had no capital reclassification related to permanent book/tax differences for the six months ending October 31, 2023 and 2022 and for the year April 30, 2023. 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, 2023 and 2021 and for the year ended April 30, 2023.
16
Tridan Corp.
Notes to Financial Statements
October 31, 2023 and 2022
| 6. | Financial Highlights |
Selected per share data and ratios are as follows:
| Six Months Ended October 31, | ||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
| Per share operating performance: | ||||||||||||||||||||
| (For a share of common stock outstanding throughout the year): | ||||||||||||||||||||
| Net assets value, beginning of year | $ | 11.59 | $ | 11.48 | $ | 12.48 | $ | 12.09 | $ | 12.18 | ||||||||||
| Income from investment operations: | ||||||||||||||||||||
| Net investment income | 0.08 | 0.08 | 0.07 | 0.08 | 0.08 | |||||||||||||||
| Net realized and unrealized gain (loss) on investments | (0.52 | ) | (0.38 | ) | (0.13 | ) | 0.30 | 0.19 | ||||||||||||
| Total from investment operations | (0.44 | ) | (0.30 | ) | (0.06 | ) | 0.38 | 0.27 | ||||||||||||
| Less distributions: | ||||||||||||||||||||
| Dividends (from net investment income) | (0.08 | ) | (0.08 | ) | (0.07 | ) | (0.07 | ) | (0.09 | ) | ||||||||||
| Capital gains | — | — | — | (0.01 | ) | (0.01 | ) | |||||||||||||
| Total distributions | (0.08 | ) | (0.08 | ) | (0.07 | ) | (0.08 | ) | (0.10 | ) | ||||||||||
| Net asset value - end of year | $ | 11.07 | $ | 11.10 | $ | 12.35 | $ | 12.39 | $ | 12.35 | ||||||||||
| Per share value - end of year | $ | 11.07 | $ | 11.10 | $ | 12.35 | $ | 12.39 | $ | 12.35 | ||||||||||
| * Total investment return | -0.04 | % | -0.02 | % | 0.03 | % | 0.08 | % | 0.05 | % | ||||||||||
| Ratios/Supplemental Data: | ||||||||||||||||||||
| Net assets, end of year (in 000’s) | $ | 33,203 | $ | 33,896 | $ | 37,703 | $ | 37,834 | $ | 37,743 | ||||||||||
| Ratio of expenses to average net assets | 1.20 | % | 1.18 | % | 1.02 | % | 1.08 | % | 1.08 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.51 | % | 1.36 | % | 1.07 | % | 1.30 | % | 1.37 | % | ||||||||||
| Portfolio turnover rate | 0.05 | % | 9.50 | % | 3.51 | % | 8.22 | % | 8.63 | % | ||||||||||
| Average (simple) number of shares outstanding (in thousands) | 3,025 | 3,053 | 3,053 | 3,054 | 3,055 | |||||||||||||||
* 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
(b) Not applicable.
| Item 2. | Code of Ethics |
Not applicable to semi-annual report.
| Item 3. | Audit Committee Financial Expert |
Not applicable to semi-annual report.
| Item 4. | Principal Accountant Fees and Services |
Not applicable to semi-annual report.
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable to semi-annual report.
| Item 6. | Investments. |
| (a) | A schedule of registrant’s investments in securities of unaffiliated issuers as of October 31, 2023 is included as part of the report to shareholders filed under Item 1(a) of this Form N-CSR. |
| (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.
| 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. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable because the registrant does not participate in securities lending.
| Item 13. | Exhibits. |
| (a) | The following exhibits are filed herewith: |
(1) Not applicable.
(2) The separate certifications required by Rule 30a-2(a) under the 1940 Act for the registrant’s principal executive and principal financial officers.
(3) Not applicable.
(4) Not applicable.
(5) Not applicable.
| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
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/ Mark Goodman |
| Mark Goodman, | |
| President and Principal Executive Officer |
| Date: | January 5, 2024 |
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/ Mark Goldman |
| Mark Goodman, | |
| President and Principal Executive Officer |
| Date: | January 5, 2024 |
| /s/ Mark Goodman | |
| Mark Goodman, | |
| Treasurer and Principal Financial Officer |
| Date: | January 5, 2024 |