Tridan N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SEMI-ANNUAL SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number	811-3056
TRIDAN CORP.
(Exact name of registrant as specified in charter)
1185 Avenue of the Americas, 37th Floor, New York, NY 10036
(Address of principal executive offices)
Robert M. Birnbaum, Esq., c/o Sichenzia, Ross, Ference, Kesner
1185 Avenue of the Americas, 37th Floor, New York, NY 10036
(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 930-9700

Date of fiscal year end:	April 30, 2018
Date of reporting period:	October 31, 2017

Item 1. Reports to Stockholders.

Attached on the following pages is a copy of the registrant’s semi-annual report as of October 31, 2017 transmitted to stockholders.

Tridan Corp.

Financial Statements

October 31, 2017 and 2016

Tridan Corp.

Contents

October 31, 2017 and 2016   

	Page(s)
Accountant’s Compilation Report	1
Financial Statements
Statements of Assets and Liabilities October 31, 2017 and 2016	2
Schedules of Investments in Municipal Obligations October 31, 2017 and 2016	3-8
Statements of Operations Six Months Ended October 31, 2017 and 2016	9
Statements of Changes in Net Assets Six Months Ended October 31, 2017 and the Year Ended April 30, 2017	10
Notes to Financial Statements	11-17

Table of Contents

Tridan Corp.

Notes to Financial Statements

October 31, 2017 and 2016

ACCOUNTANT’S COMPILATION REPORT

To the Shareholders and Board of Directors

Tridan Corp.

We have compiled the accompanying statements of assets and liabilities and schedules of investments in municipal obligations of Tridan Corp. as of October 31, 2017 and 2016, and the related statements of operations for the six months ended October 31, 2017 and 2016 and the related statement of changes in net assets for the six months ended October 31, 2017. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or provide any assurance about whether the financial statements are in accordance with accounting principles generally accepted in the United States of America.

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

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

The statement of changes in net assets for the year ended April 30, 2017 was derived from financial statements that were audited by another accounting firm.  Their report, dated June 22, 2017, expressed an unqualified opinion thereon, but they have not performed any auditing procedures since that date.

We are not independent with respect to Tridan Corp.

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TRIDAN CORP.

STATEMENTS OF ASSETS AND LIABILITIES

OCTOBER 31, 2017 AND 2016

	2017			2016
Assets
Investments in municipal obligations, at fair value (original cost - $37,699,813 and $37,773,993, respectively) (amortized cost - $35,533,125 and $35,792,599, respectively)	$	36,814,881		$	37,702,132
Cash and cash equivalents		173,581			321,586
Prepaid expenses and other current assets		2,576			6,294
Accrued interest receivable		511,883			482,169
Total assets	$	37,502,921		$	38,512,181
Liabilities
Accrued investment advisory fees	$	38,264		$	39,733
Accrued fees - affiliate		19,143			18,718
Accrued other		12,270			12,775
Common stock redemption payable		4,479			389,284
Total liabilities		74,156			460,510
Net assets	$	37,428,765		$	38,051,671
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		(1,685,302	)		(1,674,181	)
Distributable earnings:
Over distributed net investment income		(47,982	)		(53,708	)
Undistributed capital gains (losses)		-			(10,267	)
Unrealized appreciation of investments, net		1,281,753			1,909,531
Net assets [equivalent to $ 12.24 and $12.44 per share, respectively, based on 3,058,739.4392 shares and 3,059,643.6822 shares of common stock outstanding, respectively]	$	37,428,765		$	38,051,671

See accompanying notes and accountant's compilation report. - 2 - 

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TRIDAN CORP.

Schedules of Investments in Municipal Obligations

October 31, 2017 and 2016

			2017						2016
	Principal Amount		Amortized Cost		Fair Value		Principal Amount		Amortized Cost		Fair Value
Insured
N.Y. Bond Bank Agency SCH Purpose Revenue 5.0% due December 1, 2019		300,000		324,958		323,610		300,000		336,928		334,758
N.Y.S. Dormitory Authority Revs Non St Supported Debt St Johns Univ - Insd 5.25% due July 1, 2021		1,000,000		1,030,823		1,141,250		1,000,000		1,039,157		1,179,270
N.Y.S. Dormitory Authority Revs City University Sys Ref Cons 5th Gen 5.5% due July 1, 2019		1,000,000		1,014,668		1,072,850		1,000,000		1,024,010		1,117,550
Sachem Central School District NY Holbrook Ref Unlimited Tax 5.25% due October 15, 2019		500,000		509,269		539,470		500,000		513,941		561,370
State of NY Dormitory Auth Personal Inc Tax Rev Ref Educ.5.50 % due March 15, 2025		500,000		534,250		624,785		500,000		538,892		643,080
		3,300,000		3,413,968		3,701,965		3,300,000		3,452,928		3,836,028

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	998,206	1,028,350	1,000,000	996,873	1,076,850
Erie County NY Fiscal Stability Sales Tax 5.00% due June 15, 2024	165,000	202,625	199,064	-	-	-
City of New York NY Transitional Finance Auth Rev Sub Future Tax Secured (Par Call November 1, 2019 @100):
5.00% due November 1, 2020	500,000	515,075	538,252	500,000	521,222	559,515
5.00% due November 1, 2021	1,000,000	1,027,355	1,076,830	1,000,000	1,040,330	1,119,030
NY City Transitional Financial Authority Rev Future Tax (Par Call November 1, 2022 @100)5.00% due November 1, 2026	550,000	589,152	642,922	550,000	596,970	665,676
Brookhaven NY Limited Tax 4.0% due March 15, 2023	1,000,000	1,150,508	1,128,500	1,000,000	1,178,380	1,166,050
Erie Count Indvl Dev Agency 5.0% due May 1, 2025	750,000	939,245	911,168	750,000	949,124	941,993
NYC NY Cultural Res-Museum of Modern Art 4.0% due February 1, 2023	400,000	458,337	450,704	400,000	469,427	464,164
Longwood NY Central School District Suffolk 5.00% due March 15, 2019	185,000	195,183	194,855	185,000	202,617	202,706
Schnectady CNTY NY Various Purposes LTD Tax 5.0% due December 15, 2020	800,000	888,531	893,152	800,000	916,851	928,616

See accompanying notes and accountant's compilation report. - 3 - 

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TRIDAN CORP.

Schedules of Investments in Municipal Obligations

October 31, 2017 and 2016

	2017						2016
	Principal  Amount		Amortized  Cost		Fair  Value		Principal  Amount		Amortized  Cost		Fair  Value
Revenue Backed (continued)
Schnectady CNTY NY Various Purposes LTD Tax 5.0% due December 15, 2022		300,000		348,978		352,485		300,000		358,532		367,353
Harrison NY REF Public Impt LTD Tax 5.0% due December 15, 2023		100,000		126,059		120,390		100,000		125,840		123,892
Saratoga County NY Ref LTD Tax 5.0% due July 15, 2023		100,000		126,804		119,301		100,000		126,577		124,351
SNT Lawrence CNTY NY REF Limited Tax (Par Call May 15, 2025) 5.0% due May 15, 2026		105,000		122,578		126,039		105,000		124,759		128,786
NYC NY TR Cultural Res-Museum of Modern Art 4.0% due April 01, 2026		500,000		589,604		581,285		500,000		600,535		593,465
Middele CTRY NY central School District-AT Centereach 5.0% due August 01, 2020		150,000		165,608		165,962		150,000		171,277		170,780
Laurens NY Central School District (Par Call June 15, 2025)4.0% due June 15, 2028		305,000		334,045		342,545		305,000		337,853		351,115
Nassau County Gen Impt Unltd Tax (Par Call October 1, 2020 @100) 4.00% due October 1, 2022		550,000		560,654		586,778		550,000		564,717		601,832
Brookhaven NY REF Unlimited Tax 5.00% due March 15, 2025		500,000		610,292		613,295		-		-		-
NY ST Environmental FACS 5.00% due June 15, 2026		1,300,000		1,559,629		1,617,824		-		-		-
State of NY Local Gov't (Par Call April 1, 2018 @100) 5.0% due April 1, 2019		200,000		198,997		203,310		200,000		202,075		211,692
Brookhaven New York Unlimited Tax 5.00% due November 15, 2019		450,000		470,452		485,712		450,000		480,459		504,896
State of NY Dormitory Auth State Pers. Inc. Tax 5.5% due March 15, 2026		200,000		242,096		253,518		200,000		247,121		261,220
State of NY Dormitory Auth Lease Rev (Par Call August 15, 2020 @100) 5.00 % due August 15, 2023		420,000		422,009		462,865		420,000		422,989		476,242
New York,  New York Unlimited Tax (Par Call August 1, 2020 @100) 5.00 % due August 1, 2023		510,000		530,311		561,479		510,000		537,681		581,267

See accompanying notes and accountant's compilation report. - 4 - 

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TRIDAN CORP.

Schedules of Investments in Municipal Obligations

October 31, 2017 and 2016

	2017						2016
	Principal  Amount		Amortized  Cost		Fair  Value		Principal  Amount		Amortized  Cost		Fair  Value
Revenue Backed (continued)
New York,  New York Unlimited Tax (Par Call August 1, 2019 @100) 5.00 % due August 1, 2026		350,000		351,302		372,796		350,000		352,010		385,893
City of New York Municipal Fin Auth Wtr & Swr Rev (Par Call June 15, 2019 @100) 5.00 % due June 15, 2027		500,000		504,919		530,710		500,000		507,946		552,130
Port Authority of NY and NJ 5.375 % due March 1, 2028		150,000		153,238		183,568		150,000		153,551		187,673
NYS Dormitory (Par Call July 1, 2018 @100) 5.00 % due July 1, 2029		300,000		300,000		307,857		300,000		300,000		320,505
Util. Debt Securitization (Par Call June 15, 2024 @100) 5.00% due December 15, 2026		500,000		587,114		609,440		-		-		-
Erie County NY Fiscal Stability Sales Tax (Par Call June 15, 2027 @100) 5.00% due June 15, 2029		1,000,000		1,233,027		1,232,760		-		-		-
Greece NY Central School District Unlimited Tax (Par Call December 15, 2022 @100) 5.0% due December 15, 2023		500,000		551,444		580,560		500,000		561,086		600,180
Rensselaer Cnty, NY Limited Tax 5.00% due September 1, 2024		100,000		125,349		121,808		100,000		125,135		126,165
Mattituck-Cutchogue NY Central School District Unlimited Tax (Par Call July 15, 2025 @100) 5.0% Unlimited tax due July 15, 2026		280,000		331,798		338,548		280,000		338,515		350,029
Mattituck-Cutchogue NY (Par Call July 15, 2025 @100) 5.0% Unlimited tax due July 15, 2027		365,000		429,430		436,894		365,000		437,784		450,848
Putnam County NY Limited Tax (Par Call January 15, 2026 @100) 5.0% due January 15, 2027		135,000		161,123		164,886		135,000		164,302		170,413
Halfmoon NY Pub Imp Limited Tax (Par Call June 15, 2025 @100) 5.0% due June 15, 2027		280,000		329,330		336,518		280,000		335,804		347,675
Gates Chili NY Central School Unlimited Tax (Par Call June 15, 2025 @100) 5.0% due June 15, 2027		200,000		237,805		242,250		200,000		242,760		248,520

See accompanying notes and accountant's compilation report. - 5 - 

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TRIDAN CORP.

Schedules of Investments in Municipal Obligations

October 31, 2017 and 2016

	2017						2016
	Principal Amount		Amortized Cost		Fair Value		Principal Amount		Amortized Cost		Fair Value
Revenue Backed (continued)
Western Nassau Cty Water Auth (Par Call April 1, 2025 @100) 5.0% due April 1, 2028		100,000		113,633		118,455		100,000		115,470		120,425
N.Y.S. Thruway Authority St Pers Income Tax Rev Transn 5.25% due March 15, 2019		750,000		758,883		791,648		750,000		765,354		824,678
		17,550,000		19,540,728		20,025,283		14,085,000		15,571,926		16,306,625
Pre-refunded
Starpoint NY Central School District Ref Unlimited Tax 5.0% due June 15, 2020		250,000		267,996		274,763		250,000		274,838		284,367
		250,000		267,996		274,763		250,000		274,838		284,367
General Obligations
Wantagh New York UN Free School 5.00% due September 1, 2021		550,000		601,496		627,121		550,000		614,902		649,358
Central Islip New York Union Free School School District Ref Unlimited Tax 5.00% due July 15, 2022		750,000		849,187		871,342		750,000		870,126		901,763
Hilton New York Central School District Unlimited Tax 4.0% due June 15, 2019		500,000		520,558		522,960		500,000		533,212		535,795
Rockville Center NY Limited Tax 4.0% due June 15, 2022		200,000		222,288		223,980		200,000		221,987		230,924
Brentwood New York UN Free School 5.00% due January 15, 2023		430,000		463,198		505,181		430,000		469,998		523,306
Connetquot New York Central School District Unlimited Tax 5.0% due January 15, 2024		400,000		433,109		477,784		400,000		438,437		495,140
Syosset New York Central School District Unlimited Tax 5.0% due December 15, 2022		735,000		797,004		847,394		735,000		807,748		877,422
Syosset New York Central School District Unlimited Tax 5.0% due December 15, 2022		125,000		136,355		146,532		125,000		138,941		151,829
Onondaga County NY Ref Unlimited Tax (Par Call March 15, 2024 @100) 5.0% due March 15, 2025		285,000		322,001		344,605		285,000		327,802		354,095
North Babylon NY Un Free School Dist Ref Unlimited Tax (Par Call August 1, 2022 @100) 5.0% due August 1, 2023		250,000		277,458		288,768		250,000		283,232		298,903
Battery Park City NY Authority SR-Ser A (Par Call November 1, 2023 @100) 5.0% due November 1, 2029		140,000		151,521		165,972		140,000		153,746		169,733
Buffalo & Ft. Erie NY Pub Bridge Auth Toll Bridge Sys Rev 5.0% due January 1, 2025		410,000		465,443		496,883		410,000		473,140		505,715

See accompanying notes and accountant's compilation report. - 6 - 

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TRIDAN CORP.

Schedules of Investments in Municipal Obligations

October 31, 2017 and 2016

	2017						2016
	Principal Amount		Amortized Cost		Fair Value		Principal Amount		Amortized Cost		Fair Value
General Obligations (continued)
Bayport Blue Point NY Un Free School Dist Ref Unlimited Tax 5.0% due September 15, 2024		250,000		290,032		303,842		250,000		295,849		314,997
Saratoga Springs NY Ref Public Imports-Unlimited Tax (Par Call February 15, 2023 @100) 5.0% due February 15, 2025		225,000		255,850		263,005		225,000		260,662		270,665
Build NYC Resource Corp.NY Rev United Jewish Appeal (Par Call July 1, 2024 @100) 5.0% due July 1, 2025		320,000		367,949		381,587		320,000		374,559		392,765
Tompkins County NY Public Impt Ser B Limited Tax (Par Call December 15, 2024 @100) 5.0% due December 15, 2027		500,000		585,299		599,065		500,000		597,260		619,670
Util Debt Securitization Auth NY Restructuring Ser TE (Par Call December 15, 2023 @100) 5.0% due December 15, 2028		500,000		535,174		596,145		500,000		541,224		610,770
Clarkstown Central School District NY Unlimited Tax 4.0% due May 15, 2019		500,000		519,544		522,180		500,000		531,760		538,135
Rhinebeck New York Central School District Unlimited Tax (Par Call June 15, 2023 @100) 4.0% due June 15, 2025		535,000		571,421		587,580		535,000		577,887		603,527
Queensbury New York Union Free School 4.00% due December 15, 2018		225,000		229,690		232,287		225,000		233,855		238,763
Riverhead NY Limited Tax 4.0% due June 1, 2021		1,005,000		1,059,991		1,099,621		1,005,000		1,075,312		1,130,594
Bethlehem, NY Central School District Unlimited Tax 4.00% due January 15, 2021		500,000		525,599		542,535		500,000		533,564		556,925
Plainview Old Bethpage New York Central School District Ref Unlimited Tax 5.00% due December 15, 2020		250,000		261,577		280,963		250,000		265,278		292,048
		9,585,000		10,441,744		10,927,332		9,585,000		10,620,481		11,262,842
Short-term
Village of Briarcliff Manor New York Pub Impt Unlimited Tax 5.0% due September 1, 2017		-		-		-		215,000		216,360		222,592
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		433,436		446,783
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		589,215		607,833

See accompanying notes and accountant's compilation report. - 7 - 

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TRIDAN CORP.

Schedules of Investments in Municipal Obligations

October 31, 2017 and 2016

	2017						2016
	Principal Amount		Amortized Cost		Fair Value		Principal Amount		Amortized Cost		Fair Value
Short-term (continued)
N.Y.S. Local Govt Assistance Corp Ref:
5.5% due April 1, 2017		-		-		-		115,000		114,858		117,125
5.5% due April 1, 2017		-		-		-		340,000		352,077		346,283
N.Y.S. Urban Development Corp Rev Ref Svc Contract 5.00% due January 1, 2017		-		-		-		225,000		225,719		226,645
Triborough Bridge & Tunnel Authority NY General Purpose Revs (Escrowed to Maturity) 5.5% due January 1, 2017		-		-		-		105,000		105,153		105,839
State of NY Dormitory Auth State Pers. Inc. Tax (Par Call March 15, 2018 @100) 5.00 % due March 15, 2022		-		-		-		750,000		756,604		792,743
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		1,007,539		1,003,690
Build NYC Resource Corp NY Rev 5.00% due August 01, 2018		135,000		141,210		138,996		-		-		-
Starpoint NY Central School District Ref Unlimited Tax 5.0% due June 15, 2018		550,000		565,122		563,888		850,000		895,268		906,483
N.Y.S. Dormitory Authority Revs 5.5% due May 15, 2018		1,155,000		1,162,357		1,182,651		1,155,000		1,176,197		1,236,254
		1,840,000		1,868,689		1,885,535		5,770,000		5,872,426		6,012,270
		32,525,000		35,533,125		36,814,878		32,990,000		35,792,599		37,702,132

See accompanying notes and accountant's compilation report. - 8 - 

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TRIDAN CORP.

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED OCTOBER 31, 2017 AND 2016

	2017			2016
Investment income
Interest	$	796,166		$	794,054
Amortization of bond premium and discount - net		(286,903	)		(249,731	)
Total investment income		509,263			544,323
Expenses
Investment advisory fees		55,863			58,212
Professional fees		69,353			69,625
Director's fees		31,000			38,500
Administrative and accounting expenses		36,000			36,000
Insurance and other expenses		11,605			8,885
Total expenses		203,821			211,222
Net investment income		305,442			333,101
Realized and unrealized gain (loss) on investments
Net realized gain on investments		16,709			-
Net unrealized appreciation (depreciation) on investments		(90,675	)		(472,495	)
Net realized and unrealized gain (loss) on investments		(73,966	)		(472,495	)
Net increase (decrease) in net assets resulting from operations	$	231,476		$	(139,394	)

See accompanying notes and accountant's compilation report. - 9 - 

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TRIDAN CORP.

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended October 31, 2017			Six Months Ended October 31, 2016			Year Ended April 30, 2017
Increase (decrease) in net assets resulting from operations
Net investment income	$	305,442			333,101		$	681,930
Net realized gain on investments		16,709			-			18,097
Unrealized ( depreciation) on investments		(90,675	)		(472,495	)		(1,009,598	)
Net increase (decrease) in net assets resulting from operations		231,476			(139,394	)		(309,571	)
Distributions to shareholders from
Net investment income		(350,413	)		(370,913	)		(676,878	)
Capital gains		(16,709	)		-			-
Redemptions of shares
880.3260 shares (October 2017), 31,317.5065 (October 2016) 31,341.4235 shares (April 2017), respectively		(10,826	)		(389,595	)		(389,887	)
Total  (decrease)		(146,472	)		(899,902	)		(1,376,336	)
Net assets
Beginning of period		37,575,237			38,951,573			38,951,573
End of period	$	37,428,765			38,051,671		$	37,575,237

See accompanying notes and accountant's compilation report. - 10 - 

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Tridan Corp.

Notes to Financial Statements

October 31, 2017 and 2016

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 acceptedaccounting 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, 2017 and 2016.

Amortization of Bond Premium or Discount

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

Income Taxes

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

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Tridan Corp.

Notes to Financial Statements

October 31, 2017 and 2016

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 and Cash Equivalents

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. Significant estimates are used in determining the fair value of investments.

Concentration of Credit Risk

The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and investments.  The Company maintains all of its cash on deposit in one financial institution.  At October 31, 2017, there were no cash and cash equivalents held in excess of federally insured limits. At October 31, 2016 the amount of cash and cash equivalents held in excess of federally insured limits was approximately $71,000. 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.

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Tridan Corp.

Notes to Financial Statements

October 31, 2017 and 2016

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, 2017 and 2016.  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, 2017 and 2016:

	Quoted Prices for Identical Instruments in Non-active Markets (Level 2)
	October 31,
	2017		2016
Investments in municipal obligations	$	36,814,881	$	37,702,132
Total investments at fair value	$	36,814,881	$	37,702,132

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Tridan Corp.

Notes to Financial Statements

October 31, 2017 and 2016

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

2. Cash and Cash Equivalents

Cash and cash equivalents consist of the following:

	October 31,
	2017		2016
Cash and cash equivalents	$	173,581	$	321,586

3. Accrued Liabilities

Accrued liabilities consist of the following at:

	October 31,
	2017		2016
Accrued investment advisory and custodian fees (a)	$	38,264	$	39,733
Accrued fees - affiliate (b)	$	19,143	$	18,718
Accrued other:
Accrued audit fees (c)	$	12,125	$	12,500
Accrued administrative and stock redemptions		4,479		275
	$	16,604	$	12,775

(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 investment-s.  The annual advisory fee is .28 of one percent and the custody fee is .02 of one percent of the net assets under management.  The fee is computed and payable quarterly, based on the aggregate fair value of the net assets on the last day of each fiscal quarter.

(b) For the six months ending October 31, 2017 and 2016, the Company incurred legal fees of approximately $44,000 and $45,000, respectively, for professional fees paid to the law firm of which an officer of the Company is a member.

(c) For the six months ending October 31, 2017 and 2016, the Company incurred audit fees of approximately $25,000 and $24,000, respectively.

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Tridan Corp.

Notes to Financial Statements

October 31, 2017 and 2016

4. Investment Transactions

Purchases and sales of investments in municipal obligations (excluding short-term and demand investments) amounted to approximately $1,584,000 and $2,065,000, respectively, for the six months ended October 31, 2017, and $3,676,000 and $-0-, respectively, for the six months ended October 31, 2016.

The U.S. Federal income tax basis (aggregate cost) of the Company’s investments, at October 31, 2017 and 2016, was approximately $35,533,000 and $35,793,000, respectively, and net unrealized appreciation, at October 31, 2017 and 2016, for U.S. Federal income tax purposes was approximately $1,282,000 and $1,909,000, respectively (gross unrealized appreciation of approximately $1,372,000 and $1,955,000, respectively; gross unrealized depreciation of approximately $90,000 and $46,000, respectively).

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

At October 31, 2017 and 2016, there were 6,000,000 shares of $0.02 par value common stock authorized of which 3,199,100 had been issued aggregating $63,982.

The Company has a share redemption plan applicable to 25,287 shares and 26,192 shares, respectively, of outstanding common stock, at October 31, 2017 and 2016.  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, 2017 and 2016, 111,029.6743 shares ($1,320,425) and 110,125.4313 shares ($1,309,305), respectively, 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,
	2017		2016
Net asset value	$	12.24	$	12.44
Shares outstanding at:
October 31, 2017		3,058,739.4392
October 31, 2016		3,059,643.6822

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Tridan Corp.

Notes to Financial Statements

October 31, 2017 and 2016

6. Distributions

During the six months ended October 31, 2017, 2016, distributions of $367,122 ($.12 per share), $370,913 ($.12 per share), respectively were declared and paid to shareholders, Distributions for the year ended April 30, 2017 amounted to $676,878 ($.22 per share). Substantially all of the distributions were exempt from Federal income taxes except for $16,709 of capital gain distributions during the six months ended October 31, 2017.

The tax character of distributions paid during the six months ending October 31, 2017, and 2016 and for the year ending April 30, 2017 is as follows:

	Six Months Ended October 31,				Year Ended April 30,
	2017		2016		2017
Distributions paid from investment income:
Tax-exempt investment income, net	$	350,413	$	370,913	$	676,878
Capital gains		16,709		-		-
	$	367,122	$	370,913	$	676,878

As of October 31, 2017, 2016 and April 30, 2017, the components of distributable earnings on a tax basis were as follows:

	Six Months Ended October 31,						Year Ended  April 30,
	2017			2016			2017
Over-distributed tax-exempt investment income, net	$	(47,982	)	$	(53,708	)	$	(10,843	)
Over-Undistributed capital gains (losses)		-			(10,267	)		7,830
Unrealized appreciation of investments, net		1,281,753			1,909,531			1,372,428
	$	1,233,771		$	1,845,556		$	1,369,415

Capital loss carryforwards as of October 31, 2017 and 2016 were $0 and $10,267, respectively. The Company had no capital reclassification related to permanent book/tax differences for the six months ending October 31, 2017, 2016 and for the year ended April 30, 2017.  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, 2017 and 2016 and for the year ended April 30, 2017.

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Tridan Corp.

Notes to Financial Statements

October 31, 2017 and 2016

7. Financial Highlights

Selected per share data and ratios are as follows:

	For the Six Months Ended October 31,
	2017			2016			2015			2014			2013
Per share operating performance:
(For a share of common stock outstanding throughout the year):
Net asset value, beginning of year	$	12.28		$	12.60		$	12.52		$	12.56		$	12.88
Income from investment operations:
Net investment income		.10			.11			.12			.13			.13
Net realized and unrealized gain (loss) on investments		(.02	)		(.15	)		(.02	)		.04			(.32	)
Total from investment operations		.08			(.04	)		.10			.17			(.19	)
Less distributions:
Dividends (from net investment income)		(.12	)		(.12	)		(.19	)		(.19	)		(.18	)
Capital gains		(.00	)		(.00	)		(.00	)		(.01	)		(.01	)
Total distributions		(.12	)		(.12	)		(.19	)		(.19	)		(.19	)
Net asset value - end of year	$	12.24		$	12.44		$	12.43		$	12.53		$	12.50
Per share value - end of year	$	12.24		$	12.44		$	12.43		$	12.53		$	12.50
*Total investment return		(0.06	)%		(0.04	)%		(0.02	)%		(0.80	)%		(1.94	)%
Ratios/Supplemental Data:
Net assets, end of year (in 000s)	$	37,429		$	38,051		$	38,451		$	38,769		$	38,685
Ratio of expenses to average net assets		1.09	%		1.11	%		1.09	%		1.09	%		1.09	%
Ratio of net investment income to average net assets		1.63	%		1.75	%		2.01	%		2.07	%		2.06	%
Portfolio turnover rate		5.55	%		7.05	%		1.68	%		5.76	%		5.12	%
Average (simple) number of shares outstanding (in thousands)		3,059			3,060			3,092			3,094			3,095

* 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.

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Item 2. Code of Ethics

Not required in this report.

Item 3. Audit Committee Financial Expert

Not required in this report.

Item 4. Principal Accountant Fees and Services

Not required in this report.

Item 5. Audit Committee of Listed Registrants.

Not required in this report.

Item 6. Investments.

(a) A schedule of registrant’s investments in securities of unaffiliated issuers as of October, 31, 2017   is included as part of the financial statement filed under Item 1 of this Form.

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

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

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

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

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

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

Item 10. Submission of Matters to a Vote of Security Holders.

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

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Item 11. Controls and Procedures

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

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

Item 12. Exhibits

(a) The following exhibits are filed herewith:

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

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SIGNATURES

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

(Registrant) Tridan Corp.

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

Date: December 21, 2017

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

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

Date:    December 21, 2017

By (Signature and Title)	/S/ Mark Goodman
	Mark Goodman, Treasurer and Chief Financial Officer

Date: December 21, 2017