June 25, 2013
|
Shares Voted For
|
2,941,938.8647
|
Shares Voted Against
|
None
|
Shares Abstaining
|
None
|
|
Shares Voted For
|
Shares Withheld
|
||||||
|
||||||||
Mark Goodman
|
2,941,926.3522
|
12.5125
|
||||||
Peter Goodman
|
“
|
“
|
||||||
Paul Kramer
|
“
|
“
|
||||||
Jay S. Negin
|
“
|
“
|
||||||
Warren F. Pelton
|
“
|
“
|
||||||
Russell J. Stoever
|
“
|
“
|
Name, Address
and Age
|
Positions in
Tridan Corp.
|
Director
Since
|
Principal
Occupations
During Past
5 Years
|
Number of
Portfolios
Overseen
|
Other
Directorships
During Past
5 Years
|
||||||
Interested Persons:
|
|
|
|
|
|||||||
Mark Goodman
(Son of Peter Goodman)
7 Porters Cove Road
Hingham, MA 02043
Age 59
|
Director
|
1999
|
Pianist and Teacher
|
1
|
None
|
||||||
Peter Goodman
65 Wendover Road
Rye, NY 10580
Age 87
|
Director and President
|
1980
|
President, Tridan Corp.
|
1
|
None
|
||||||
Warren Fred Pelton
6079 Fairway Court
Naples, FL 34110
Age 75
|
Director, Vice- President and Treasurer
|
1988
|
Consultant
|
1
|
None
|
Name, Address
and Age
|
Positions in
Tridan Corp.
|
Director
Since
|
Principal
Occupations
During Past
5 Years
|
Number of
Portfolios
Overseen
|
Other Director-
ships
During Past
5 Years
|
||||||
|
|
|
|
||||||||
Disinterested Persons:
|
|
|
|
|
|||||||
Paul Kramer
330 East 33rd Street, #20C
New York, NY 10016
Age 81
|
Director and
Audit Committee Chairman
|
2004
|
Financial Advisory Services; Partner, Kramer Love & Cutler, LLP (certified public accountants)
|
1
|
Juniper Content Corporation
|
||||||
Jay Stanley Negin
6 Demarest Court
Englewood Cliffs, NJ 07632
Age 82
|
Director and
Audit Committee Member
|
1985
|
Investor
|
1
|
None
|
||||||
Russell Jude Stoever
15 Rockleigh Road
Rockleigh, NJ 07647
Age 68
|
Director and
Audit Committee Member
|
1995
|
Vice-President, Stoever Glass & Co., Inc.
(a registered broker-dealer)
|
1
|
None
|
Name, Address
and Age
|
Positions in
Tridan Corp.
|
Principal
Occupations
During Past
5 Years
|
Number of
Portfolios
Overseen
|
Other
Director-
ships Held
|
||||
|
|
|
|
|||||
Non-director Officers:
|
|
|
|
|
||||
I. Robert Harris
51 East 42nd Street
Suite 1700
New York, NY 10017
Age 81
|
Secretary and
Chief Compliance Officer
|
Attorney
|
None
|
None
|
|
|
Sincerely
|
|
|
|
|
|
TRIDAN CORP.
|
|
|
|
|
|
Peter Goodman, President
|
(1) | Election of six directors; |
(2) | Ratification of the selection of WeiserMazars LLP as auditors of the Company for the fiscal year ending April 30, 2014; |
(3) | Transaction of such other business as may properly come before the meeting or any adjournment or adjournments thereof. |
|
By Order of the Board of Directors
|
|
|
|
I. Robert Harris, Secretary
|
Name, Address
and Age
|
Positions in
Tridan Corp.
|
Director
Since
|
Principal
Occupations
During Past
5 years
|
Number of
Portfolios
Overseen
|
Other
Directorships
During Past
5 Years
|
||||||
Interested Persons:
|
|
|
|
|
|||||||
Mark Goodman
(Son of Peter Goodman)
7 Porters Cove Road
Hingham, MA 02043
Age 59
|
Director
|
1999
|
Pianist and Teacher
|
1
|
None
|
||||||
Peter Goodman
65 Wendover Road
Rye, NY 10580
Age 87
|
Director and President
|
1980
|
President, Tridan Corp.
|
1
|
None
|
Warren Fred Pelton
6079 Fairway Court
Naples, FL 34110
Age 75
|
Director, Vice- President and Treasurer
|
1988
|
Consultant
|
1
|
None
|
Name, Address
and Age
|
Positions in
Tridan Corp.
|
Director
Since
|
Principal
Occupations
During Past
5 years
|
Number of
Portfolios
Overseen
|
Other
Directorships
During Past
5 Years
|
||||||
|
|
|
|
||||||||
Disinterested Persons:
|
|
|
|
|
|||||||
|
|
|
|
|
|||||||
Paul Kramer
330 East 33rd Street, #20C
New York, NY 10016
Age 81
|
Director and
Audit Committee Chairman
|
2004
|
Financial Advisory Services; Partner, Kramer Love & Cutler, LLP (certified public accountants)
|
1
|
Juniper Content Corporation
|
||||||
Jay Stanley Negin
6 Demarest Court
Englewood Cliffs, NJ 07632
Age 82
|
Director and
Audit Committee Member
|
1985
|
Investor
|
1
|
None
|
||||||
Russell Jude Stoever
15 Rockleigh Road
Rockleigh, NJ 07647
Age 68
|
Director and
Audit Committee Member
|
1995
|
Vice-President
and Sales Manager,
Stoever Glass & Co., Inc.
(a registered broker-dealer)
|
1
|
None
|
Name, Address
and Age
|
Positions in
Tridan Corp.
|
Principal Occupations
During Past
5-years
|
Number of
Portfolios
Overseen
|
Other Director-
ships Held
|
||||
Non-director Officers:
|
||||||||
I. Robert Harris
51 East 42nd Street
Suite 1700
New York, NY 10017
Age 81
|
Secretary
|
Attorney
|
None
|
None
|
Name of Nominee
|
Dollar Range of Equity Securities in Tridan Corp.
|
|
|
Interested Persons:
|
|
|
|
Mark Goodman
|
Over $100,000
|
|
|
Peter Goodman
|
Over $100,000
|
Warren Fred Pelton
|
Over $100,000
|
|
|
Disinterested Persons:
|
|
Paul Kramer
|
None
|
|
|
Jay Stanley Negin
|
None
|
|
|
Russell Jude Stoever
|
None
|
|
|
Number of Shares
|
Percent
|
|||
Title of
|
Name and Address of
|
Beneficially Owned
|
of Class on
|
|||
Class
|
Beneficial Owner
|
on June 21, 2013
|
June 21, 2013
|
|||
|
|
|
|
|||
Capital Stock
|
Peter Goodman
|
940,910,7292 1/ 2/
|
30.39%
|
|||
(par value $.02)
|
65 Wendover Road
|
|
|
|||
|
Rye, NY 10580
|
|
|
|||
|
|
|
|
|||
|
Barbara S. Goodman
|
375,500.00 1/
|
12.13%
|
|||
|
(wife of Peter Goodman)
|
|
|
|||
|
65 Wendover Road
|
|
|
|||
|
Rye, NY 10580
|
|
|
|||
|
|
|
|
|||
|
Thomas Goodman
|
701,000.00 3/
|
22.64%
|
|||
|
111-20 73rd Avenue
|
|
|
|||
|
Apt. 6F
|
|
|
|||
|
Forest Hills, NY 11375
|
|
|
|||
|
|
|
|
|||
|
Robert W. Erdos
|
282,640.1115 2/ 4/
|
9.13%
|
|||
|
549 Fairview Terrace
|
|
|
|||
|
York, PA 17403
|
|
|
|||
|
|
|
|
|||
Mark Goodman
|
189,333.3333
|
6.11%
|
||||
|
7 Porters Cove Road
|
|
|
|||
|
Hingham, MA 02043
|
|
|
|||
|
|
|
|
|||
|
Warren F. Pelton
|
29,930.8865
|
0.97%
|
|||
6079 Fairway Court
|
||||||
Naples, FL 34110
|
||||||
|
||||||
|
All officers,
|
1,160,174.9490 2/ 3/
|
37.47%
|
|||
|
directors and
|
|
|
|||
|
nominees as a
|
|
|
|||
|
group (7 persons)
|
|
|
1/ | Not including 600,000 shares owned indirectly by Mr. Goodman and his wife, Barbara S. Goodman, as co-trustees for his brother, Thomas Goodman (see footnote 3), with respect to which the co-trustees have shared voting and investment power. |
2/ | Including the following shares owned by Tridan Corp. Employees Stock Ownership Trust, as nominee only: 5,689.6361 shares owned directly and beneficially by Peter Goodman, and 4,546.2060 shares owned directly and beneficially by Robert W. Erdos. Messrs. Robert W. Erdos, Peter Goodman, Thomas Goodman and Warren F. Pelton are trustees of said trust. |
3/ | Including 600,000 shares owned of record only, by Peter Goodman and Barbara S. Goodman, as trustees for Thomas Goodman (Peter Goodman’s brother). |
4/ | This amount does not include 49,000 shares owned of record and beneficially by Erda Erdos, Mr. Erdos’ wife. |
Name
|
Position at Morgan*
|
George C.W. Gatch
|
Managing Director/Director/CEO
|
|
|
Lawrence M. Unrein
|
Director/Managing Director/CIO-Global
|
|
Head of Private Equity
|
|
|
Martin R. Porter
|
Managing Director/CIO-Global Head of
|
|
Equities & Balanced Group
|
|
|
Scott E. Richter
|
Managing Director/Secretary
|
|
|
Joseph K. Azelby
|
Director/Managing Director/CIO-
|
|
Global Head of Real Estate
|
|
|
Robert L. Young
|
Director/Managing Director/COO
|
|
|
Joseph J. Bertini
|
Chief Compliance Officer, Managing Director
|
|
|
Craig M. Sullivan
|
Director/Managing Director/Chief
|
|
Financial Officer
|
|
|
Catherine Anne Keating
|
Director/Managing Director
|
|
|
Paul Quinsee
|
Director/Managing Director
|
|
|
Peter Schwicht
|
Director/Managing Director
|
|
|
Christopher P. Willcox
|
Director/Global Head of Fixed Income/Managing Director
|
·
|
Managing Director is an officer’s title. Those who hold it are not necessarily directors of Morgan.
|
Dated: June 25, 2013
|
|
By Order of the Board of Directors
|
|
|
|
|
|
|
|
|
I. Robert Harris, Secretary
|
· | The committee shall have a clear understanding with management and the independent auditors that the independent auditors are ultimately accountable to the board and the audit committee, as representatives of the Company’s shareholders. The committee shall have the ultimate authority and responsibility to evaluate and, where appropriate, replace the independent auditors. The committee shall discuss with the auditors their independence from management and the Company and the matters included in the written disclosures required by the standards of the Public Company Accounting Oversight Board (United States) and by applicable SEC rules and regulations. Annually, the committee shall review and recommend to the board the selection of the company’s independent auditors, subject to shareholders’ approval. |
· | The committee shall discuss with the Company’s administrator and independent auditors the overall scope and plans for their respective audits, and any other services to be performed by them, including the adequacy of staffing and compensation, all of which services shall be subject to the committee’s approval. Also, the committee shall discuss with them the auditors’ report on the adequacy and effectiveness of disclosure controls and procedures and internal control over financial reporting. The committee shall also review with the auditors the Company’s system to monitor and manage business risk, and legal and ethical compliance programs. |
· | The committee shall review the interim financial statements with management and the independent auditors prior to their issuance. Also, the committee shall discuss the results of their review and any other matters required to be communicated to them by the independent auditors under generally accepted auditing standards. The chair of the committee may represent the entire committee for the purposes of this review. |
· | The committee shall review with management and the independent auditors the financial statements to be included in the Company’s annual report to shareholders, including their judgment about the quality, not just acceptability, of accounting principles, the reasonableness of significant judgments, and the clarity of the disclosures in the financial statements. The committee shall recommend to the board whether the audited statements shall be issued to the shareholders and filed with the SEC. Also, the committee shall discuss the results of the annual audit and any other matters required to be communicated to the committee by the independent auditors under standards established by the Public Company Accounting Oversight Board (PCAOB) and applicable SEC rules and regulations. |
Tridan Corp.
|
|
Contents
|
|
April 30, 2013 and 2012
|
|
|
|
|
Page(s)
|
|
|
1
|
|
|
|
Financial Statements
|
|
|
|
2
|
|
|
|
3-9
|
|
|
|
10
|
|
|
|
11
|
|
|
|
12-18
|
|
2013
|
2012
|
||||||
Assets
|
||||||||
Investments in municipal obligations, at fair value (original cost - $37,173,253 and $37,167,091, respectively) (amortized cost - $35,559,245 and $35,858,926 respectively)
|
$
|
38,789,635
|
$
|
39,145,204
|
||||
Cash and cash equivalents
|
697,561
|
444,442
|
||||||
Prepaid expenses and other current assets
|
6,723
|
3,719
|
||||||
Accrued interest receivable
|
503,943
|
483,412
|
||||||
|
||||||||
Total assets
|
39,997,862
|
40,076,777
|
||||||
|
||||||||
Liabilities
|
||||||||
Accrued liabilities:
|
||||||||
Accrued investment advisory and custodian fees
|
66,260
|
38,059
|
||||||
Accrued fees - affiliate
|
18,845
|
18,624
|
||||||
Accrued other
|
28,464
|
29,809
|
||||||
Common stock redemption payable
|
-
|
14,649
|
||||||
|
||||||||
Total liabilities
|
113,569
|
101,141
|
||||||
|
||||||||
Net assets
|
$
|
39,884,293
|
$
|
39,975,636
|
||||
|
||||||||
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
|
(1,218,171
|
)
|
(1,145,740
|
)
|
||||
Distributable earnings:
|
||||||||
Over distributed net investment income
|
(21,790
|
)
|
(31,599
|
)
|
||||
Undistributed capital gains (losses)
|
13,568
|
(13,599
|
)
|
|||||
Unrealized appreciation of investments, net
|
3,230,390
|
3,286,278
|
||||||
|
||||||||
Net assets [equivalent to $12.88 and $12.89 per share, respectively,based on 3,096,253.8234 shares and 3,101,879.0505 shares of common stock outstanding, respectively]
|
$
|
39,884,293
|
$
|
39,975,636
|
|
2013
|
2012
|
||||||||||||||||||||||
|
Principal
|
Amortized
|
Fair
|
Principal
|
Amortized
|
Fair
|
||||||||||||||||||
|
Amount
|
Cost
|
Value
|
Amount
|
Cost
|
Value
|
||||||||||||||||||
|
||||||||||||||||||||||||
Insured
|
||||||||||||||||||||||||
Ardsley New York Union Free
|
||||||||||||||||||||||||
School District Unlimited Tax
|
||||||||||||||||||||||||
5.0% due June 15, 2014
|
$
|
415,000
|
$
|
421,968
|
$
|
434,829
|
$
|
415,000
|
$
|
428,625
|
$
|
451,171
|
||||||||||||
|
||||||||||||||||||||||||
Ardsley New York Union Free
|
||||||||||||||||||||||||
School District Unlimited Tax
|
||||||||||||||||||||||||
4.0% due June 15, 2016
|
460,000
|
466,676
|
503,231
|
460,000
|
468,866
|
513,374
|
||||||||||||||||||
|
||||||||||||||||||||||||
Bethlehem NY Central School District
|
||||||||||||||||||||||||
Ref Unlimited Tax
|
||||||||||||||||||||||||
5.0% due November 1, 2015
|
500,000
|
513,245
|
555,535
|
500,000
|
518,089
|
573,010
|
||||||||||||||||||
|
||||||||||||||||||||||||
Village of Briarcliff Manor New York
|
||||||||||||||||||||||||
Pub Impt Unlimited Tax
|
||||||||||||||||||||||||
5.0% due September 1, 2017
|
215,000
|
226,024
|
254,111
|
215,000
|
228,782
|
261,036
|
||||||||||||||||||
|
||||||||||||||||||||||||
Village of Briarcliff Manor New York
|
||||||||||||||||||||||||
Pub Impt Unlimited Tax
|
||||||||||||||||||||||||
5.0% due September 1, 2015
|
310,000
|
319,986
|
342,355
|
310,000
|
324,992
|
355,015
|
||||||||||||||||||
|
||||||||||||||||||||||||
Brookhaven NY Unlimited Tax
|
||||||||||||||||||||||||
5.0% due November 15, 2019
|
450,000
|
515,524
|
559,040
|
450,000
|
525,531
|
560,565
|
||||||||||||||||||
|
||||||||||||||||||||||||
Cattaraugus County NY Public
|
||||||||||||||||||||||||
Impt Ref Unlimited Tax
|
||||||||||||||||||||||||
(Par Call June 1, 2013 @100)
|
||||||||||||||||||||||||
5.0% due June 1, 2014
|
275,000
|
276,376
|
276,130
|
275,000
|
279,186
|
288,101
|
||||||||||||||||||
|
||||||||||||||||||||||||
Cattaraugus County NY Public
|
||||||||||||||||||||||||
Impt Ref Unlimited Tax
|
||||||||||||||||||||||||
(Par Call June 1, 2013 @100)
|
||||||||||||||||||||||||
5.0% due June 1, 2015
|
275,000
|
276,924
|
276,111
|
275,000
|
279,490
|
287,485
|
||||||||||||||||||
|
||||||||||||||||||||||||
Clarkstown NY Central School District F
|
||||||||||||||||||||||||
Strict BDS 2004 Unlimited Tax
|
||||||||||||||||||||||||
(Par Call April 15, 2014 @100)
|
||||||||||||||||||||||||
5.25% due April 15, 2015
|
35,000
|
35,542
|
36,709
|
35,000
|
35,898
|
38,261
|
||||||||||||||||||
|
||||||||||||||||||||||||
City of New York NY Public Impts
|
||||||||||||||||||||||||
Unlimited Tax
|
||||||||||||||||||||||||
(Par Call August 1, 2014 @100)
|
||||||||||||||||||||||||
5.0% due August 1, 2017
|
260,000
|
$
|
264,254
|
$
|
275,223
|
$
|
260,000
|
$
|
267,644
|
$
|
284,237
|
|
2013
|
2012
|
||||||||||||||||||||||
|
Principal
|
Amortized
|
Fair
|
Principal
|
Amortized
|
Fair
|
||||||||||||||||||
|
Amount
|
Cost
|
Value
|
Amount
|
Cost
|
Value
|
||||||||||||||||||
Insured (continued)
|
||||||||||||||||||||||||
City of New York Transitional
|
||||||||||||||||||||||||
Fin Bldg Aid Rev Fiscal 2007
|
||||||||||||||||||||||||
5.0% due July 15, 2016
|
$
|
750,000
|
$
|
774,396
|
$
|
856,928
|
$
|
750,000
|
$
|
781,994
|
$
|
870,623
|
||||||||||||
|
||||||||||||||||||||||||
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
|
446,516
|
490,161
|
430,000
|
450,249
|
492,961
|
||||||||||||||||||
|
||||||||||||||||||||||||
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
|
605,252
|
666,110
|
585,000
|
609,828
|
670,562
|
||||||||||||||||||
|
||||||||||||||||||||||||
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
|
1,027,735
|
1,129,380
|
1,000,000
|
1,031,595
|
1,098,370
|
||||||||||||||||||
|
||||||||||||||||||||||||
N.Y.S. Dormitory Authority Revs
|
||||||||||||||||||||||||
Non St Supported Debt St Johns Univ - Insd
|
||||||||||||||||||||||||
5.25% due July 1, 2021
|
1,000,000
|
1,068,358
|
1,235,770
|
1,000,000
|
1,076,692
|
1,218,570
|
||||||||||||||||||
|
||||||||||||||||||||||||
N.Y.S. Dormitory Authority Revs
|
||||||||||||||||||||||||
City University Sys Ref Cons 5th Gen
|
||||||||||||||||||||||||
5.5% due July 1, 2019
|
1,000,000
|
1,056,749
|
1,245,880
|
1,000,000
|
1,066,092
|
1,258,910
|
||||||||||||||||||
|
||||||||||||||||||||||||
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
|
1,045,988
|
1,114,674
|
1,035,000
|
1,051,092
|
1,135,592
|
||||||||||||||||||
|
||||||||||||||||||||||||
N.Y.S. Dormitory Authority Revs
|
||||||||||||||||||||||||
5.5% due May 15, 2018
|
1,155,000
|
1,224,696
|
1,406,178
|
1,155,000
|
1,238,536
|
1,425,998
|
||||||||||||||||||
|
||||||||||||||||||||||||
N.Y.S. Local Govt Assistance Corp Ref:
|
||||||||||||||||||||||||
5.5% due April 1, 2017
|
240,000
|
250,427
|
273,185
|
240,000
|
252,938
|
283,135
|
||||||||||||||||||
|
||||||||||||||||||||||||
N.Y.S. Local Govt Assistance Corp Ref:
|
||||||||||||||||||||||||
5.5% due April 1, 2017
|
700,000
|
764,043
|
796,789
|
700,000
|
780,355
|
825,811
|
||||||||||||||||||
|
||||||||||||||||||||||||
Niagara Falls Bridge Commission
|
||||||||||||||||||||||||
NY Toll Rev Highway Impts
|
||||||||||||||||||||||||
5.25% due October 1, 2015
|
780,000
|
792,249
|
806,933
|
1,110,000
|
1,138,202
|
1,163,225
|
|
2013
|
2012
|
||||||||||||||||||||||
|
Principal
|
Amortized
|
Fair
|
Principal
|
Amortized
|
Fair
|
||||||||||||||||||
|
Amount
|
Cost
|
Value
|
Amount
|
Cost
|
Value
|
||||||||||||||||||
Insured (continued)
|
||||||||||||||||||||||||
Pleasantville New York Public Impt
|
||||||||||||||||||||||||
Unlimited Tax
|
||||||||||||||||||||||||
5.0% due January 1, 2016
|
$
|
440,000
|
$
|
451,970
|
$
|
492,936
|
$
|
440,000
|
$
|
456,283
|
$
|
506,515
|
||||||||||||
|
||||||||||||||||||||||||
Commonwealth of Puerto Rico
|
||||||||||||||||||||||||
Electric Power Auth Rev
|
||||||||||||||||||||||||
5.5% due July 1, 2017
|
-
|
-
|
-
|
700,000
|
741,581
|
798,483
|
||||||||||||||||||
|
||||||||||||||||||||||||
Commonwealth of Puerto Rico
|
||||||||||||||||||||||||
Highway Transportation Auth Rev Ref
|
||||||||||||||||||||||||
6.25% due July 1, 2016
|
275,000
|
291,848
|
307,117
|
275,000
|
296,539
|
314,993
|
||||||||||||||||||
|
||||||||||||||||||||||||
Commonwealth of Puerto Rico
|
||||||||||||||||||||||||
Highway Transportation Auth Rev Ref
|
||||||||||||||||||||||||
Pre-Refunded
|
||||||||||||||||||||||||
6.25% due July 1, 2016
|
10,000
|
10,613
|
11,816
|
10,000
|
10,783
|
12,388
|
||||||||||||||||||
|
||||||||||||||||||||||||
Puerto Rico Commonwealth Highway
|
||||||||||||||||||||||||
and Transportation Auth Transn Rev
|
||||||||||||||||||||||||
5.5% due July 1, 2015
|
500,000
|
515,754
|
534,210
|
500,000
|
521,952
|
552,350
|
||||||||||||||||||
|
||||||||||||||||||||||||
Sales Tax Asset Receivable Corp New York
|
||||||||||||||||||||||||
(Par Call October 15, 2014 @100)
|
||||||||||||||||||||||||
5.0% due October 15, 2021
|
200,000
|
201,789
|
212,960
|
200,000
|
204,581
|
221,302
|
||||||||||||||||||
|
||||||||||||||||||||||||
Queensbury NY Union Free School
|
||||||||||||||||||||||||
District Ref Unlimited Tax
|
||||||||||||||||||||||||
4.0% due December 15, 2018
|
225,000
|
248,451
|
260,692
|
225,000
|
252,617
|
259,976
|
||||||||||||||||||
|
||||||||||||||||||||||||
Sachem Central School District
|
||||||||||||||||||||||||
NY Holbrook Ref Unlimited Tax
|
||||||||||||||||||||||||
5.25% due October 15, 2019
|
500,000
|
530,314
|
626,020
|
500,000
|
534,987
|
629,065
|
||||||||||||||||||
|
||||||||||||||||||||||||
Sales Tax Receivable Corp
|
||||||||||||||||||||||||
NY Public Impt.
|
||||||||||||||||||||||||
(Par Call October 15, 2014 @100)
|
||||||||||||||||||||||||
5.0% due October 15, 2017
|
275,000
|
284,786
|
293,321
|
275,000
|
289,815
|
304,290
|
||||||||||||||||||
|
||||||||||||||||||||||||
Triborough Bridge & Tunnel Authority NY
|
||||||||||||||||||||||||
General Purpose Revs
|
||||||||||||||||||||||||
5.5% due November 15, 2019
|
1,000,000
|
1,072,861
|
1,258,650
|
1,000,000
|
1,083,989
|
1,263,290
|
||||||||||||||||||
|
||||||||||||||||||||||||
Unadilla Valley New York Central School
|
||||||||||||||||||||||||
District Ref Unlimited Tax
|
||||||||||||||||||||||||
4.0% due June 15, 2014
|
500,000
|
512,098
|
519,450
|
500,000
|
522,869
|
535,265
|
|
2013
|
2012
|
||||||||||||||||||||||||
|
Principal
|
Amortized
|
Fair
|
Principal
|
Amortized
|
Fair
|
||||||||||||||||||||
|
Amount
|
Cost
|
Value
|
Amount
|
Cost
|
Value
|
||||||||||||||||||||
Insured (continued)
|
||||||||||||||||||||||||||
Hilton NY Central School District
|
||||||||||||||||||||||||||
Unlimited Tax
|
||||||||||||||||||||||||||
4.0% due June 15, 2019
|
$
|
500,000
|
$
|
577,554
|
$
|
577,495
|
-
|
-
|
-
|
|||||||||||||||||
|
||||||||||||||||||||||||||
Bethlehem NY Central School District
|
||||||||||||||||||||||||||
Unlimited Tax
|
||||||||||||||||||||||||||
4.0% due January 15, 2021
|
500,000
|
561,477
|
576,690
|
-
|
-
|
-
|
||||||||||||||||||||
|
||||||||||||||||||||||||||
Rockville Center NY
|
||||||||||||||||||||||||||
Limited Tax
|
||||||||||||||||||||||||||
4.0% due June 15,2022
|
200,000
|
232,472
|
232,586
|
-
|
-
|
-
|
||||||||||||||||||||
|
||||||||||||||||||||||||||
Rhinebeck NY Central School District
|
||||||||||||||||||||||||||
Unlimited Tax
|
||||||||||||||||||||||||||
(Par Call June 15, 2023)
|
||||||||||||||||||||||||||
4.0% due June 15, 2025
|
535,000
|
600,550
|
606,990
|
-
|
-
|
-
|
||||||||||||||||||||
|
17,530,000
|
18,465,465
|
20,046,195
|
16,825,000
|
17,750,672
|
19,453,929
|
||||||||||||||||||||
|
.
|
50.3
|
%
|
(*)
|
48.7
|
%
|
(*)
|
|||||||||||||||||||
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
|
992,388
|
1,221,280
|
1,000,000
|
991,055
|
1,238,540
|
||||||||||||||||||||
|
||||||||||||||||||||||||||
(Par Call June 15, 2019 @100)
|
||||||||||||||||||||||||||
5.0% due June 15, 2027
|
500,000
|
518,555
|
599,445
|
500,000
|
521,582
|
570,590
|
||||||||||||||||||||
|
||||||||||||||||||||||||||
City of New York Transitional Finance
|
||||||||||||||||||||||||||
Auth Rev Sub Future Tax Secured
|
||||||||||||||||||||||||||
(Par Call November 1, 2019 @100):
|
||||||||||||||||||||||||||
5.0% due November 1, 2020
|
500,000
|
542,753
|
617,975
|
500,000
|
548,897
|
623,340
|
||||||||||||||||||||
|
||||||||||||||||||||||||||
5.0% due November 1, 2021
|
1,000,000
|
1,085,799
|
1,220,330
|
1,000,000
|
1,098,775
|
1,227,580
|
||||||||||||||||||||
|
||||||||||||||||||||||||||
Cold Spring Hbr. NY Central School District
|
||||||||||||||||||||||||||
Ref. Unlimited Tax
|
||||||||||||||||||||||||||
5.0% due February 1, 2016
|
100,000
|
107,684
|
112,213
|
100,000
|
111,226
|
115,677
|
||||||||||||||||||||
|
||||||||||||||||||||||||||
Greece NY Central School District
|
||||||||||||||||||||||||||
Unlimited Tax
|
||||||||||||||||||||||||||
(Par Call December 15, 2022 @100)
|
||||||||||||||||||||||||||
5.0% due December 15, 2023
|
500,000
|
594,873
|
617,580
|
500,000
|
602,365
|
607,810
|
|
2013
|
2012
|
||||||||||||||||||||||
|
Principal
|
Amortized
|
Fair
|
Principal
|
Amortized
|
Fair
|
||||||||||||||||||
|
Amount
|
Cost
|
Value
|
Amount
|
Cost
|
Value
|
||||||||||||||||||
Revenue Backed (continued)
|
||||||||||||||||||||||||
Nassau County New York
|
||||||||||||||||||||||||
Gen. Impt. Unlimited tax
|
||||||||||||||||||||||||
(Par Call October 1, 2020 @100)
|
||||||||||||||||||||||||
4.0% due October 1, 2022
|
$
|
550,000
|
$
|
578,955
|
$
|
604,373
|
$
|
550,000
|
$
|
583,019
|
$
|
592,895
|
||||||||||||
|
||||||||||||||||||||||||
N.Y.S. Dormitory Authority
|
||||||||||||||||||||||||
St. Pers. Income Tax Rev. Ed.
|
||||||||||||||||||||||||
(Par Call March 15, 2018 @100)
|
||||||||||||||||||||||||
5.0% due March 15, 2022
|
750,000
|
784,478
|
885,735
|
750,000
|
792,433
|
895,958
|
||||||||||||||||||
|
||||||||||||||||||||||||
(Par Call March 15, 2018 @100)
|
||||||||||||||||||||||||
5.5% due March 15, 2025
|
500,000
|
555,159
|
661,995
|
500,000
|
559,801
|
664,895
|
||||||||||||||||||
|
||||||||||||||||||||||||
5.5% due March 15, 2026
|
200,000
|
264,728
|
266,740
|
200,000
|
269,753
|
266,914
|
||||||||||||||||||
|
||||||||||||||||||||||||
N.Y.S. Dormitory Authority
|
||||||||||||||||||||||||
Mental Health Services FACS
|
||||||||||||||||||||||||
(Par Call August 15, 2020 @100)
|
||||||||||||||||||||||||
5.0% due August 15, 2023
|
420,000
|
426,423
|
509,460
|
420,000
|
427,403
|
493,945
|
||||||||||||||||||
|
||||||||||||||||||||||||
N.Y.S Dormitory Authority
|
||||||||||||||||||||||||
Revs. Nonst. Supported debt
|
||||||||||||||||||||||||
(Par Call July 1, 2018 @100)
|
||||||||||||||||||||||||
5.0% due July 1, 2029
|
300,000
|
300,000
|
345,819
|
300,000
|
300,000
|
332,571
|
||||||||||||||||||
|
||||||||||||||||||||||||
New York Environmental Facilities Corp
|
||||||||||||||||||||||||
Pollution Control Rev St Water NYC 02
|
||||||||||||||||||||||||
(Par Call June 15, 2016 @100)
|
||||||||||||||||||||||||
5.0% due June 15, 2018
|
1,000,000
|
1,020,659
|
1,137,020
|
1,000,000
|
1,027,216
|
1,156,410
|
||||||||||||||||||
|
||||||||||||||||||||||||
New York NY Unlimited Tax
|
||||||||||||||||||||||||
5.0% due August 1, 2023
|
510,000
|
563,504
|
618,237
|
510,000
|
570,873
|
608,935
|
||||||||||||||||||
|
||||||||||||||||||||||||
N. Y.S. Thruway Authority
|
||||||||||||||||||||||||
St Pers Income Tax Rev Transn
|
||||||||||||||||||||||||
5.25% due March 15, 2019
|
750,000
|
788,031
|
923,520
|
750,000
|
794,503
|
934,725
|
||||||||||||||||||
|
||||||||||||||||||||||||
N.Y. Unlimited Tax
|
||||||||||||||||||||||||
5.0% due August 1, 2026
|
350,000
|
354,494
|
414,666
|
350,000
|
355,202
|
399,420
|
||||||||||||||||||
|
||||||||||||||||||||||||
N.Y.S. Urban Development Corp.
|
||||||||||||||||||||||||
Rev. Ref. Svc. Contract
|
||||||||||||||||||||||||
(Par Call August 1, 2019)
|
||||||||||||||||||||||||
5.0% due January 1, 2017
|
225,000
|
240,809
|
258,397
|
225,000
|
245,116
|
263,597
|
|
2013
|
2012
|
||||||||||||||||||||||||
|
Principal
|
Amortized
|
Fair
|
Principal
|
Amortized
|
Fair
|
||||||||||||||||||||
|
Amount
|
Cost
|
Value
|
Amount
|
Cost
|
Value
|
||||||||||||||||||||
Revenue Backed (continued)
|
||||||||||||||||||||||||||
Pawling NY Central School District
|
||||||||||||||||||||||||||
Ref. Unlimited Tax
|
||||||||||||||||||||||||||
4.0% due November 15, 2015
|
$
|
330,000
|
$
|
351,043
|
$
|
356,179
|
$
|
330,000
|
$
|
359,311
|
$
|
365,594
|
||||||||||||||
|
||||||||||||||||||||||||||
Port Authority of New York and New Jersey
|
||||||||||||||||||||||||||
(Par Call October 1, 2016 @100)
|
||||||||||||||||||||||||||
5.0% due October 1, 2027
|
300,000
|
304,137
|
336,495
|
300,000
|
305,389
|
338,334
|
||||||||||||||||||||
|
||||||||||||||||||||||||||
5.375% due March 1, 2028
|
150,000
|
154,648
|
188,955
|
150,000
|
154,961
|
186,150
|
||||||||||||||||||||
|
||||||||||||||||||||||||||
(Par Call January 15, 2016 @100)
|
||||||||||||||||||||||||||
5.0% due July 15, 2030
|
200,000
|
199,858
|
219,542
|
200,000
|
199,806
|
221,562
|
||||||||||||||||||||
|
||||||||||||||||||||||||||
Starpoint NY Central School District
|
||||||||||||||||||||||||||
Ref Unlimited Tax
|
||||||||||||||||||||||||||
5.0% due June 15, 2018
|
850,000
|
990,492
|
1,011,475
|
850,000
|
1,016,623
|
1,015,606
|
||||||||||||||||||||
|
||||||||||||||||||||||||||
State of New York Local Government
|
||||||||||||||||||||||||||
Assistance Corp. SR. Lien Refunding Bonds
|
||||||||||||||||||||||||||
(Par Call April 1, 2018 @100)
|
||||||||||||||||||||||||||
5.0% due April 1, 2019
|
200,000
|
212,860
|
238,842
|
200,000
|
215,938
|
241,584
|
||||||||||||||||||||
|
11,185,000
|
11,932,330
|
13,366,273
|
11,185,000
|
12,051,247
|
13,362,632
|
||||||||||||||||||||
|
33.5
|
%
|
(*)
|
33.4
|
%
|
(*)
|
||||||||||||||||||||
Pre-refunded
|
||||||||||||||||||||||||||
Triborough Bridge & Tunnel Authority NY
|
||||||||||||||||||||||||||
General Purpose Revs
|
||||||||||||||||||||||||||
(Escrowed to Maturity)
|
||||||||||||||||||||||||||
5.5% due January 1, 2017
|
720,000
|
721,283
|
795,089
|
1,000,000
|
1,010,124
|
1,111,890
|
||||||||||||||||||||
|
||||||||||||||||||||||||||
City of New York NY Public Impts
|
||||||||||||||||||||||||||
Unlimited Tax
|
||||||||||||||||||||||||||
(Par Call August 1, 2014 @100)
|
||||||||||||||||||||||||||
5.0% due August 1, 2017
|
240,000
|
$
|
243,927
|
$
|
254,088
|
$
|
240,000
|
$
|
247,056
|
$
|
262,373
|
|||||||||||||||
|
||||||||||||||||||||||||||
Starpoint NY Central School District
|
||||||||||||||||||||||||||
Ref Unlimited Tax
|
||||||||||||||||||||||||||
5.0% due June 15, 2020
|
250,000
|
298,815
|
306,485
|
250,000
|
305,658
|
304,265
|
||||||||||||||||||||
|
1,210,000
|
1,264,025
|
1,355,662
|
1,490,000
|
1,562,838
|
1,678,528
|
||||||||||||||||||||
|
3.4
|
%
|
(*)
|
4.2
|
%
|
(*)
|
|
2013
|
2012
|
||||||||||||||||||||||||
|
Principal
|
Amortized
|
Fair
|
Principal
|
Amortized
|
Fair
|
||||||||||||||||||||
|
Amount
|
Cost
|
Value
|
Amount
|
Cost
|
Value
|
||||||||||||||||||||
General Obligations
|
||||||||||||||||||||||||||
Oyster Bay New York
|
||||||||||||||||||||||||||
Pub Impt Unlimited Tax
|
||||||||||||||||||||||||||
5.0% due February 15, 2015
|
-
|
-
|
-
|
$
|
150,000
|
$
|
159,653
|
$
|
168,211
|
|||||||||||||||||
|
||||||||||||||||||||||||||
General Obligations (continued)
|
||||||||||||||||||||||||||
Plainview Old Bethpage New York Central
|
||||||||||||||||||||||||||
School District Ref Unlimited Tax
|
||||||||||||||||||||||||||
5.0% due December 15, 2020
|
250,000
|
278,244
|
319,340
|
250,000
|
281,945
|
320,423
|
||||||||||||||||||||
|
||||||||||||||||||||||||||
Riverhead NY Limited Tax
|
||||||||||||||||||||||||||
4.0% due June 1, 2021
|
$
|
1,005,000
|
$
|
1,129,002
|
$
|
1,188,593
|
$
|
1,005,000
|
$
|
1,144,324
|
$
|
1,168,503
|
||||||||||||||
|
1,255,000
|
1,407,246
|
1,507,933
|
1,405,000
|
1,585,922
|
1,657,137
|
||||||||||||||||||||
|
3.8
|
%
|
(*)
|
4.1
|
%
|
(*)
|
||||||||||||||||||||
|
||||||||||||||||||||||||||
Short-term
|
||||||||||||||||||||||||||
Suffolk Cnty. NY Wtr. Auth. Wtrwks, Rev.
|
||||||||||||||||||||||||||
(Par Call June 1, 2013 @100)
|
||||||||||||||||||||||||||
4.75% due June 1, 2021
|
470,000
|
470,556
|
471,771
|
770,000
|
772,781
|
806,028
|
||||||||||||||||||||
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||
Massapequa New York Union Free
|
||||||||||||||||||||||||||
School District Unlimited Tax
|
||||||||||||||||||||||||||
4.0% due June 15, 2013
|
300,000
|
300,805
|
301,302
|
300,000
|
307,190
|
311,418
|
||||||||||||||||||||
|
||||||||||||||||||||||||||
N.Y.S. Dormitory Authority Rev
|
||||||||||||||||||||||||||
Cons City Univ Genl Sys 2nd Ser
|
||||||||||||||||||||||||||
5.75% due July 1, 2013
|
60,000
|
60,300
|
60,554
|
115,000
|
116,771
|
118,370
|
||||||||||||||||||||
|
||||||||||||||||||||||||||
Long Island Power Auth NY Elec Sys Rev
|
||||||||||||||||||||||||||
5.5% due December 1, 2013
|
1,005,000
|
1,028,727
|
1,035,602
|
1,005,000
|
1,068,874
|
1,085,400
|
||||||||||||||||||||
|
||||||||||||||||||||||||||
Clarkstown NY Central School District F
|
||||||||||||||||||||||||||
Strict BDS 2004
|
||||||||||||||||||||||||||
(Pre-Refunded April 15, 2014 @100)
|
||||||||||||||||||||||||||
5.25% due April 15, 2015
|
365,000
|
370,644
|
382,483
|
365,000
|
374,363
|
400,295
|
||||||||||||||||||||
|
||||||||||||||||||||||||||
Erie County NY Indl Dev Agency
|
||||||||||||||||||||||||||
Sch Fac Rev Sch Dist Buffalo Proj
|
||||||||||||||||||||||||||
5.0% due May 1, 2014
|
250,000
|
259,147
|
261,860
|
250,000
|
268,268
|
271,467
|
||||||||||||||||||||
|
2,450,000
|
2,490,179
|
2,513,572
|
2,805,000
|
2,908,247
|
2,992,978
|
||||||||||||||||||||
|
6.3
|
%
|
(*)
|
7.5
|
%
|
(*)
|
||||||||||||||||||||
|
||||||||||||||||||||||||||
|
$
|
33,630,000
|
$
|
35,559,245
|
$
|
38,789,635
|
$
|
33,710,000
|
$
|
35,858,926
|
$
|
39,145,204
|
||||||||||||||
|
97.3
|
%
|
(*)
|
97.9
|
%
|
(*)
|
||||||||||||||||||||
(*) Represents percentage of net assets.
|
||||||||||||||||||||||||||
|
$
|
39,884,293
|
$
|
39,975,636
|
|
2013
|
2012
|
||||||
Investment income
|
||||||||
|
||||||||
Interest
|
$
|
1,706,720
|
$
|
1,744,814
|
||||
|
||||||||
Amortization of bond premium and discount - net
|
(413,564
|
)
|
(396,587
|
)
|
||||
|
||||||||
Total investment income
|
1,293,156
|
1,348,227
|
||||||
|
||||||||
Expenses
|
||||||||
|
||||||||
Investment advisory fees
|
112,224
|
91,418
|
||||||
|
||||||||
Custodian fees
|
7,889
|
7,776
|
||||||
|
||||||||
Professional fees
|
132,050
|
131,125
|
||||||
|
||||||||
Directors' fees
|
77,000
|
77,000
|
||||||
|
||||||||
Administrative and accounting expenses
|
72,000
|
72,000
|
||||||
|
||||||||
Insurance and other expenses
|
14,380
|
16,146
|
||||||
|
||||||||
Total expenses
|
415,543
|
395,465
|
||||||
|
||||||||
Net investment income
|
877,613
|
952,762
|
||||||
|
||||||||
Realized and unrealized gain on investments
|
||||||||
|
||||||||
Net realized gain on investments
|
27,167
|
17,661
|
||||||
|
||||||||
Net unrealized (depreciation) appreciation on investments
|
(55,888
|
)
|
1,700,833
|
|||||
|
||||||||
Net realized and unrealized gain (loss) on investments
|
(28,721
|
)
|
1,718,494
|
|||||
|
||||||||
Net increase in net assets resulting from operations
|
$
|
848,892
|
$
|
2,671,256
|
|
2013
|
2012
|
2011
|
|||||||||
|
||||||||||||
Change in net assets resulting from operations
|
||||||||||||
|
||||||||||||
Net investment income
|
$
|
877,613
|
$
|
952,762
|
$
|
956,402
|
||||||
|
||||||||||||
Net realized gain on investments
|
27,167
|
17,661
|
11,278
|
|||||||||
|
||||||||||||
Unrealized appreciation on investments
|
(55,888
|
)
|
1,700,833
|
54,809
|
||||||||
|
||||||||||||
Net increase in net assets resulting from operations
|
848,892
|
2,671,256
|
1,022,489
|
|||||||||
|
||||||||||||
Distributions to shareholders from
|
||||||||||||
Net investment income
|
(867,805
|
)
|
(930,915
|
)
|
(993,311
|
)
|
||||||
|
||||||||||||
Redemptions of shares
|
||||||||||||
5,625.2271 shares, 1,198.2381 shares and 1,225.9859 shares, respectively
|
(72,430
|
)
|
(15,396
|
)
|
(15,162
|
)
|
||||||
|
||||||||||||
Total increase (decrease)
|
(91,343
|
)
|
1,724,945
|
14,016
|
||||||||
|
||||||||||||
Net assets
|
||||||||||||
Beginning of year
|
39,975,636
|
38,250,691
|
38,236,675
|
|||||||||
|
||||||||||||
End of year
|
$
|
39,884,293
|
$
|
39,975,636
|
$
|
38,250,691
|
1. | Significant Accounting Policies |
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. |
(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. |
Level 1 –
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the 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 on 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 observableinputs are not available, representing the 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.
|
|
Quoted Prices for Identical Instruments
in Active Markets (Level 1)
|
|||||||
|
April 30,
|
|||||||
|
2013
|
2012
|
||||||
|
||||||||
Investments in municipal obligations
|
$
|
38,789,635
|
$
|
39,145,204
|
||||
Total investments at fair value
|
$
|
38,789,635
|
$
|
39,145,204
|
2.
|
Cash and Cash Equivalents
|
|
April 30,
|
|||||||
|
2013
|
2012
|
||||||
|
||||||||
Cash – demand deposits
|
$
|
697,561
|
$
|
444,442
|
3.
|
Accrued Liabilities
|
|
April 30,
|
|||||||
|
2013
|
2012
|
||||||
|
||||||||
Accrued investment advisory and custodian fees (a)
|
$
|
66,620
|
$
|
38,059
|
||||
Accrued fees - affiliate (b)
|
$
|
18,845
|
$
|
18,624
|
||||
Accrued other:
|
||||||||
Accrued audit fees (c)
|
$
|
28,239
|
$
|
29,124
|
||||
Accrued administrative and accounting expenses
|
225
|
685
|
||||||
|
$
|
28,464
|
$
|
29,809
|
(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 years ending April 30, 2013 and 2012, the Company incurred legal fees of approximately $85,000 and $84,000, respectively, for professional fees paid to the law firm of which an officer of the Company is a member. |
(c) | For the years ending April 30, 2013 and 2012, the Company incurred audit fees of approximately $47,000 each year. |
4.
|
Investment Transactions
|
5.
|
Common Stock, Share Redemption Plan and Net Asset Values
|
|
April 30,
|
|||||||
|
2013
|
2012
|
||||||
|
||||||||
Net asset value
|
$
|
12.88
|
$
|
12.89
|
||||
Shares outstanding at:
|
||||||||
April 30, 2013
|
3,096,253.8234
|
|||||||
April 30, 2012
|
3,101,879.0505
|
6.
|
Distributions
|
|
2013
|
2012
|
2011
|
|||||||||
Distributions paid from investment income:
|
||||||||||||
Tax-exempt investment income, net
|
$
|
867,805
|
$
|
930,915
|
$
|
993,156
|
||||||
Taxable investment income
|
-
|
-
|
155
|
|||||||||
|
$
|
867,805
|
$
|
930,915
|
$
|
993,311
|
|
2013
|
2012
|
2011
|
|||||||||
Over-distributed tax-exempt investment income, net
|
$
|
(21,790
|
)
|
$
|
(31,599
|
)
|
$
|
(53,446
|
)
|
|||
Over-distributed taxable investment income
|
-
|
-
|
-
|
|||||||||
Over-undistributed capital gains (losses)
|
13,568
|
(13,599
|
)
|
(31,260
|
)
|
|||||||
Unrealized appreciation of investments, net
|
3,230,390
|
3,286,278
|
1,585,445
|
|||||||||
|
$
|
3,222,168
|
$
|
3,241,080
|
$
|
1,500,739
|
7.
|
Financial Highlights
|
|
For the Years Ended April 30,
|
|||||||||||||||||||
|
2013
|
2012
|
2011
|
2010
|
2009
|
|||||||||||||||
Per share operating performance:
|
||||||||||||||||||||
(For a share of common stock outstanding throughout the year):
|
||||||||||||||||||||
|
||||||||||||||||||||
Net asset value, beginning of year
|
$
|
12.89
|
$
|
12.33
|
$
|
12.32
|
$
|
12.12
|
$
|
12.05
|
||||||||||
|
||||||||||||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income
|
.28
|
.31
|
.31
|
.34
|
.36
|
|||||||||||||||
Net realized and unrealized gain
|
||||||||||||||||||||
(loss) on investments
|
(.01
|
)
|
.55
|
.02
|
.20
|
.08
|
||||||||||||||
Total from investment operations
|
.27
|
.86
|
.33
|
.54
|
.44
|
|||||||||||||||
Less distributions:
|
||||||||||||||||||||
Dividends (from net investment income)
|
(.28
|
)
|
(.30
|
)
|
(.32
|
)
|
(.34
|
)
|
(.37
|
)
|
||||||||||
Capital gains
|
(.00
|
)
|
(.00
|
)
|
(.00
|
)
|
(.00
|
)
|
(.00
|
)
|
||||||||||
Total distributions
|
(.28
|
)
|
(.30
|
)
|
(.32
|
)
|
(.34
|
)
|
(.37
|
)
|
||||||||||
|
||||||||||||||||||||
Net asset value - end of year
|
$
|
12.88
|
$
|
12.89
|
$
|
12.33
|
$
|
12.32
|
$
|
12.12
|
||||||||||
Per share market value - end of year
|
$
|
12.88
|
$
|
12.89
|
$
|
12.33
|
$
|
12.32
|
$
|
12.12
|
||||||||||
|
||||||||||||||||||||
*Total investment return
|
2.10
|
%
|
6.97
|
%
|
2.68
|
%
|
4.46
|
%
|
3.65
|
%
|
||||||||||
|
||||||||||||||||||||
Ratios/Supplemental Data:
|
||||||||||||||||||||
Net assets, end of year (in 000s)
|
$
|
39,884
|
$
|
39,976
|
$
|
38,251
|
$
|
38,237
|
$
|
37,666
|
||||||||||
|
||||||||||||||||||||
Ratio of expenses to average net assets
|
1.04
|
%
|
1.01
|
%
|
1.07
|
%
|
1.05
|
%
|
1.08
|
%
|
||||||||||
|
||||||||||||||||||||
Ratio of net investment income to average net assets
|
2.20
|
%
|
2.43
|
%
|
2.51
|
%
|
2.78
|
%
|
3.07
|
%
|
||||||||||
|
||||||||||||||||||||
Portfolio turnover rate
|
4.87
|
%
|
12.16
|
%
|
15.16
|
%
|
13.65
|
%
|
11.94
|
%
|
||||||||||
|
||||||||||||||||||||
Average (simple) number of shares outstanding (in thousands)
|
3,099
|
3,102
|
3,104
|
3,105
|
3,107
|
(1)
|
FOR the election, as directors,
|
|
WITHHOLD AUTHORITY
|
|
of all nominees listed below
|
|
to vote for all
|
|
(except as marked to
|
|
nominees listed
|
|
the contrary below)
|
|
below
|
|
o
|
|
o
|
(INSTRUCTION: | To withhold authority to vote for any individual nominee, strike a line through that nominee's name in the list below.) |
Receipt of the Notice
|
|
|
of Annual Meeting and
|
|
Signature
|
Proxy Statement is
|
|
|
hereby acknowledged
|
|
|
|
|
Signature
|