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, 37^th floor, New York, New York 10036

(Address of principal executive offices)

Robert Birnbaum, c/o Sichenzia Ross Ference LLP

1185 Avenue of the Americas, 37^th floor, New York, New York 10036

(Name and address of agent for service)

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

Date of fiscal year end:	April 30, 2020
Date of reporting period:	October 31, 2020

Item 1. Reports to Stockholders.

Attached on the following pages is a copy of the registrant’s semi-annual report as of October 31, 2020 transmitted to stockholders.

TRIDAN CORP.

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

(212) 239-0515

SEMI-ANNUAL REPORT

December 18, 2020

Dear Shareholder:

This semi-annual report of Tridan Corp. covers the six-month period from May 1, 2020 to October 31, 2020.  As part of this report, we enclose the unaudited financial report for that six-month period and for the corresponding period in 2019.

A schedule of the company’s portfolio holdings at October 31, 2020, consisting entirely of municipal obligations, is included in the financial report.  The company invests exclusively in non-voting securities.  The company files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT (formerly Form N-Q).  The company’s Form N-PORT and N-Q are available on the Commission’s website at http://www.sec.gov.These filings may be reviewed and copied at the Commission’s Public Reference Room in Washington D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

The net asset value per share at October 31, 2020 was $12.39, compared with $12.35 at October 31, 2019.  Net investment income per share was $0.08 for the six-month period ended October 31, 2020, compared with $0.08 for the six-month period ended October 31, 2019.

At the company’s last annual meeting on July 21, 2020, the reappointment of Mazars USA LLP as the company’s auditors for the fiscal year ending April 30, 2021 was ratified by the shareholders as follows:

Shares Voted For:	2,925,271.1601
Shares Voted Against:	0
Shares Abstaining	0

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

Tridan Corp.

December 18, 2020

Page – 2 –

	Shares Voted For:		Shares Withheld:
Peter Goodman		2,924,965.7265		305.4345
Mark Goodman		2,924,965.7265		305.4345
Paul Kramer		2,924,965.7265		305.4345
Russell J. Stoever		2,924,965.7265		305.4345
Joan G. Rall		2,924,965.7265		305.4345

During the six-month period ended October 31, 2020, no director or officer received any compensation from the company except for fees of $6,000 paid to each director, plus an additional $2,500 to Paul Kramer as chairman of the audit committee.  All executive officers of the company as a group (two persons) received compensation (comprised solely of said directors’ fees) aggregating $12,000 during said period (which excludes professional fees paid to the law firm of the company’s Secretary, Robert Birnbaum).

At its meeting on June 18, 2020, the Board of Directors unanimously approved the renewal of the company’s investment advisory agreement with J.P. Morgan Investment Management Inc. (“Morgan”) for the period July 1, 2020 to June 30, 2021, with the fee reduction noted below.  The board considered a variety of material factors and conclusions with respect thereto that formed the basis for the board’s approval, as discussed below.

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

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

Tridan Corp.

December 18, 2020

Page – 3 –

Investment Performance

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

Nature, Extent and Quality of Service

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

Tridan Corp.

December 18, 2020

Page – 4 –

Fees

Under its Investment Advisory Agreement with Morgan, Tridan had paid an annual fee, computed and payable quarterly, equal to 0.28% (28 basis points) of its net assets under management.  Morgan has agreed to reduce its annual fee to 0.25% (25 basis points) of its net assets under management, effective June 1, 2020.  The agreement requires Morgan to bear all expenses incurred by it in connection with its activities under the agreement, without any reimbursement from the company.  In addition, the annual charge made to Tridan for maintaining custody of the company’s securities, and for custodial-related services rendered by Morgan and its affiliates, is 0.02% (2 basis points) of the assets held in the custody account.  In light of the nature, extent and quality of the services received by Tridan from Morgan and its affiliated companies, and comparing the management fees charged by Morgan to other fixed-income investment companies managed by it, all of which are many times larger than Tridan, the Board considers Morgan’s management fee to Tridan to be reasonable.

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

Sincerely,

TRIDAN CORP.

/s/ Peter Goodman

Peter Goodman, President

Tridan Corp.

Financial Statements

October 31, 2020 and 2019

Tridan Corp.

Contents

October 31, 2020 and 2019

	Page(s)
Accountant’s Compilation Report	1
Financial Statements
Statements of Assets and Liabilities October 31, 2020 and 2019	2
Schedules of Investments in Municipal Obligations October 31, 2020 and 2019	3-7
Statements of Operations Six Months Ended October 31, 2020 and 2019	8
Statements of Changes in Net Assets Six Months Ended October 31, 2020 and the Year Ended April 30, 2020	9
Notes to Financial Statements	10-17

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, 2020 and 2019, and the related statements of operations for the six months ended October 31, 2020 and 2019 and the related statement of changes in net assets for the six months ended October 31, 2020, 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, 2020 was derived from financial statements that were audited by another accounting firm.  Their report, dated June 23, 2020, 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, 2020 and 2019 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 11, 2020

PKF O’CONNOR DAVIES, LLP

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

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

1

TRIDAN CORP.

STATEMENTS OF ASSETS AND LIABILITIES

OCTOBER 31, 2020 AND 2019

	2020			2019
Assets
Investments in municipal obligations, at fair value (original cost - $37,233,527 and $36,993,110, respectively) (amortized cost - $34,745,907 and $34,704,018 respectively)	$	36,443,079		$	36,320,795
Cash and cash equivalents		1,019,641			1,046,609
Prepaid expenses and other current assets		2,576			2,576
Accrued interest receivable		436,954			448,608
Total assets	$	37,902,250		$	37,818,588
Liabilities
Accrued investment advisory fees	$	36,259		$	38,730
Accrued fees - affiliate		19,220			19,984
Accrued other		12,784			12,565
Common stock redemption payable		169			4,182
Total liabilities		68,432			75,461
Net assets	$	37,833,818		$	37,743,127
Analysis of net assets
Common stock	$	63,982		$	63,982
Paid-in capital		37,816,314			37,816,314
Treasury stock		(1,746,522	)		(1,729,650	)
Distributable earnings:
Under (Over) distributed net investment income		2,876			(24,292	)
Unrealized appreciation of investments, net		1,697,168			1,616,773
Net assets [equivalent to $ 12.39 and $12.35 per share, respectively, based on 3,053,687.9917 shares and 3,055,037.3667 shares of common stock outstanding, respectively]	$	37,833,818		$	37,743,127

2

TRIDAN CORP.

SCHEDULES OF INVESTMENTS IN MUNICIPAL OBLIGATIONS

OCTOBER 31, 2020 AND 2019

	2020						2019
	Principal Amount		Amortized Cost		Fair Value		Principal Amount			Amortized Cost		Fair Value
New York Municpal Bonds
									��
N.Y.S. Dormitory Authority Revs Non St Supported Debt St Johns Univ - Insd 5.25% due July 1, 2021	$	1,000,000	$	1,005,823	$	1,029,810	$	1,000,000		$	1,014,156	$	1,067,820
State of NY Dormitory Auth Personal Inc Tax Rev Ref Educ. 5.50 % due March 15, 2025		500,000		520,324		604,545		500,000			524,966		610,020
Mt Transportation Auth Ny Revenue 5.0% due November 15, 2027		1,250,000		1,462,790		1,360,713		1,250,000			1,489,462		1,565,275
NY St Urban Dev Corp Rev Ref Pers Income Tax 5.0% due March 15, 2031		750,000		851,876		914,812		750,000			867,539		919,155
NYS Dorm Auth Revs (Par Call October 01, 2026) 5.0% due October 01, 2033		1,000,000		1,109,624		1,183,440		1,000,000			1,125,740		1,211,230
Triboro NY Bridge & Tunnel 5.0% due November 15, 2035		1,015,000		1,142,594		1,218,579		1,015,000			1,162,904		1,238,148
Erie County NY Fiscal Stability Sales Tax  5.00% due June 15, 2024		165,000		184,534		193,793		165,000			189,923		194,147
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		-		-		-		130,000			130,723		130,000
NY City Transitional Financial Authority Rev Future Tax (Par Call November 1, 2022 @100) 5.00% due November 1, 2026		550,000		565,699		599,082		550,000			573,517		610,676
Brookhaven NY Limited Tax 4.0% due March 15, 2023		1,000,000		1,066,893		1,087,180		1,000,000			1,094,764		1,099,390
Erie Count Indvl Dev Agency 5.0% due May 1, 2025		750,000		869,000		897,720		750,000			892,415		904,545
NYC NY Cultural Res-Museum of Modern Art 4.0% due February 1, 2023		400,000		425,067		429,160		400,000			436,157		437,824
Schnectady CNTY NY Various Purposes LTD Tax 5.0% due December 15, 2022		300,000		320,314		329,670		300,000			329,868		337,047
Harrison NY REF Public Impt LTD Tax 5.0% due December 15, 2023		100,000		114,241		114,677		100,000			117,582		116,249
Saratoga County NY Ref LTD Tax 5.0% due July 15, 2023		100,000		113,525		112,852		100,000			117,282		114,389
SNT Lawrence CNTY NY REF Limited Tax (Par Call May 15, 2025) 5.0% due May 15, 2026		105,000		115,712		125,637		105,000			118,001		124,598
NYC NY TR Cultural Res-Museum of Modern Art 4.0% due April 01, 2026		500,000		556,811		578,620		500,000			567,742		587,975

3

TRIDAN CORP.

SCHEDULES OF INVESTMENTS IN MUNICIPAL OBLIGATIONS

OCTOBER 31, 2020 AND 2019

	2020						2019
	Principal Amount		Amortized Cost		Fair Value		Principal Amount		Amortized Cost		Fair Value
Middele CTRY NY central School District- AT Centereach 5.0% due August 01, 2020	$	-	$	-	$	-	$	150,000	$	154,271	$	154,544
Laurens NY Central School District (Par Call June 15, 2025) 4.0% due June 15, 2028		305,000		322,621		344,034		305,000		326,429		342,143
Nassau County Gen Impt Unltd Tax (Par Call October 1, 2020 @100) 4.00% due October 1, 2022		550,000		548,464		551,320		550,000		552,527		563,464
Brookhaven NY REF Unlimited Tax 5.00% due March 15, 2025		500,000		565,429		601,160		500,000		580,384		603,405
NY ST Environmental FACS 5.00% due June 15, 2026		1,300,000		1,469,377		1,623,388		1,300,000		1,499,461		1,608,581
State of NY Dormitory Auth State Pers. Inc. Tax 5.5% due March 15, 2026		200,000		227,023		249,488		200,000		232,047		251,024
State of NY Dormitory Auth Lease Rev (Par Call August 15, 2020 @100) 5.00 % due August 15, 2023		420,000		419,068		420,899		420,000		420,048		432,990
New York,  New York Unlimited Tax (Par Call August 1, 2020 @100) 5.00 % due August 1, 2023		-		-		-		510,000		515,573		524,759
Port Authority of NY and NJ 5.375 % due March 1, 2028		135,000		136,768		159,912		150,000		152,612		178,744
Util. Debt Securitization (Par Call June 15, 2024 @100) 5.00% due December 15, 2026		500,000		549,237		593,250		500,000		561,025		592,865
Erie County NY Fiscal Stability Sales Tax (Par Call June 15, 2027 @100) 5.00% due June 15, 2029		1,000,000		1,162,491		1,273,290		1,000,000		1,184,552		1,260,820
Greece NY Central School District Unlimited Tax (Par Call December 15, 2022 @100) 5.0% due December 15, 2023		500,000		522,518		548,555		500,000		532,160		557,335
Rensselaer Cnty, NY Limited Tax 5.00% due September 1, 2024		100,000		116,168		117,774		100,000		118,758		118,163
Mattituck-Cutchogue NY Central School District Unlimited Tax (Par Call July 15, 2025 @100) 5.0% Unlimited tax due July 15, 2026		280,000		311,649		340,953		280,000		318,366		338,671
Mattituck-Cutchogue NY (Par Call July 15, 2025 @100) 5.0% Unlimited tax due July 15, 2027		365,000		404,367		442,745		365,000		412,721		439,664

4

TRIDAN CORP.

SCHEDULES OF INVESTMENTS IN MUNICIPAL OBLIGATIONS

OCTOBER 31, 2020 AND 2019

	2020						2019
	Principal Amount		Amortized Cost		Fair Value		Principal Amount		Amortized Cost		Fair Value
Putnam County NY Limited Tax (Par Call January 15, 2026 @100) 5.0% due January 15, 2027	$	135,000	$	151,585	$	167,783	$	135,000	$	154,764	$	166,474
Halfmoon NY Pub Imp Limited Tax (Par Call June 15, 2025 @100) 5.0% due June 15, 2027		280,000		309,907		340,093		280,000		316,381		338,066
Gates Chili NY Central School Unlimited Tax (Par Call June 15, 2025 @100) 5.0% due June 15, 2027		200,000		222,941		243,026		200,000		227,896		241,598
Western Nassau Cty Water Auth (Par Call April 1, 2025 @100) 5.0% due April 1, 2028		100,000		108,125		117,920		100,000		109,961		118,432
Starpoint NY Central School District Ref Unlimited Tax 5.0% due June 15, 2020		-		-		-		250,000		254,311		256,040
Wantagh New York UN Free School 5.00% due September 1, 2021		-		-		-		550,000		574,683		589,160
Central Islip New York Union Free School School District Ref Unlimited Tax 5.00% due July 15, 2022		750,000		786,370		809,460		750,000		807,309		824,880
Rockville Center NY Limited Tax 4.0% due June 15, 2022		200,000		209,713		212,294		200,000		213,258		216,128
Brentwood New York UN Free School 5.00% due January 15, 2023		430,000		442,799		474,991		430,000		449,598		482,886
Connetquot New York Central School District Unlimited Tax 5.0% due January 15, 2024		400,000		417,124		460,520		400,000		422,452		463,736
Syosset New York Central School District Unlimited Tax 5.0% due December 15, 2022		735,000		764,775		808,676		735,000		775,518		820,999
Syosset New York Central School District Unlimited Tax 5.0% due December 15, 2022		125,000		128,604		137,643		125,000		131,188		140,436
Onondaga County NY Ref Unlimited Tax (Par Call March 15, 2024 @100) 5.0% due March 15, 2025		285,000		304,597		331,364		285,000		310,398		333,062
North Babylon NY Un Free School Dist Ref Unlimited Tax (Par Call August 1, 2022 @100) 5.0% due August 1, 2023		250,000		260,139		269,545		250,000		265,912		276,788
Battery Park City NY Authority SR-Ser A (Par Call November 1, 2023 @100) 5.0% due November 1, 2029		140,000		144,846		158,948		140,000		147,071		160,685
Buffalo & Ft. Erie NY Pub Bridge Auth Toll Bridge Sys Rev 5.0% due January 1, 2025		410,000		442,350		485,743		410,000		450,048		482,943

5

TRIDAN CORP.

SCHEDULES OF INVESTMENTS IN MUNICIPAL OBLIGATIONS

OCTOBER 31, 2020 AND 2019

	2020						2019
	Principal Amount		Amortized Cost		Fair Value		Principal Amount		Amortized Cost		Fair Value
Bayport Blue Point NY Un Free School Dist Ref Unlimited Tax 5.0% due September 15, 2024	$	250,000	$	272,582	$	295,508	$	250,000	$	278,398	$	295,750
Saratoga Springs NY Ref Public Imports-Unlimited Tax (Par Call February 15, 2023 @100) 5.0% due February 15, 2025		225,000		239,889		249,264		225,000		245,209		252,441
Build NYC Resource Corp.NY Rev United Jewish Appeal (Par Call July 1, 2024 @100) 5.0% due July 1, 2025		320,000		347,178		373,696		320,000		354,102		374,048
Tompkins County NY Public Impt Ser B Limited Tax (Par Call December 15, 2024 @100) 5.0% due December 15, 2027		500,000		549,416		596,640		500,000		561,378		595,340
Util Debt Securitization Auth NY Restructuring Ser TE (Par Call December 15, 2023 @100) 5.0% due December 15, 2028		500,000		517,022		570,195		500,000		523,073		576,000
Rhinebeck New York Central School District Unlimited Tax (Par Call June 15, 2023 @100) 4.0% due June 15, 2025		535,000		552,022		584,145		535,000		558,488		585,547
Riverhead NY Limited Tax 4.0% due June 1, 2021		-		-		-		1,005,000		1,029,553		1,050,054
Bethlehem, NY Central School District Unlimited Tax 4.00% due January 15, 2021		-		-		-		500,000		509,667		517,255
Plainview Old Bethpage New York Central School District Ref Unlimited Tax 5.00% due December 15, 2020		250,000		250,477		251,398		250,000		254,177		260,932
New York,  New York Unlimited Tax (Par Call August 1, 2019 @100) 5.00 % due August 1, 2026		-		-		-		350,000		349,884		351,012
NYS Dorm Auth Persnl Inc Tax 5.0% due August 15, 2026		500,000		591,096		599,320		500,000		605,851		601,220
Met Transportation Auth NY Revenue 5.0% due November 15, 2027		300,000		338,446		350,781		300,000		346,061		360,600
NY ST Dorm Auth Revenues Non St 5.0% due October 1, 2029		1,090,000		1,308,849		1,340,929		1,090,000		1,339,570		1,370,664
NY City Transitional Fin Auth Rev Future (Par Call February 1, 2026 @100) 5.00 % due February 1, 2031		1,000,000		1,138,577		1,202,820		1,000,000		1,162,204		1,197,870
Long Island NY Power Auth Elec 5.0% due September 1, 2034		1,000,000		1,192,461		1,257,960		1,000,000		1,217,971		1,241,414
NYS dorm Sales Tax 5.0% due March 15, 2035		1,250,000		1,420,864		1,536,238		1,250,000		1,444,009		1,542,675
NY NY Ref - Ser Unlimited Tax 5.0% due August 1, 2029		750,000		926,911		969,863		-		-		-

6

TRIDAN CORP.

SCHEDULES OF INVESTMENTS IN MUNICIPAL OBLIGATIONS

OCTOBER 31, 2020 AND 2019

	2020						2019
	Principal Amount		Amortized Cost		Fair Value		Principal Amount		Amortized Cost		Fair Value
NY NY Ser D Sbserv Unltd Tax 5.0% due December 1, 2033	$	290,000	$	335,948	$	359,200	$	-	$	-	$	-
N.Y.S. Dormitory Authority Revenues Ref Cornell University 5.0% due July 1, 2031		1,000,000		1,415,887		1,385,720		-		-		-
N.Y.S. Environmental FACS 5.0% due June 15, 2035		500,000		656,183		649,120		-		-		-
Util Debt Securitization Auth NY (Par Call June 15, 2026) 5.0% due December 15, 2033		100,000		121,671		122,329		-		-		-
NY ST Dorm Auth Rev 5.0% due July 1, 2030		500,000		696,546		682,889		-		-		-
	$	30,940,000	$	34,745,907	$	36,443,079	$	31,260,000	$	34,704,018	$	36,320,795

7

TRIDAN CORP.

STATEMENTS OF OPERATIONS

SIX MONTHS ENDED OCTOBER 31, 2020 AND 2019

	2020			2019
Investment income
Interest	$	770,316		$	749,266
Amortization of bond premium and discount - net		(326,827	)		(297,909	)
Total investment income		443,489			451,357
Expenses
Investment advisory fees		53,767			55,809
Professional fees		70,400			70,260
Director’s fees		32,500			32,500
Administrative and accounting expenses		36,000			36,000
Insurance and other expenses		8,529			4,221
Total expenses		201,196			198,790
Net investment income		242,293			252,567
Realized and unrealized gain  on investments
Net realized gain on investments		33,016			8,583
Net unrealized appreciation  on investments		863,552			571,362
Net realized and unrealized gain on investments		896,568			579,945
Net increase in net assets resulting from operations	$	1,138,861		$	832,512

8

TRIDAN CORP.

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended October 31, 2020			Year Ended April 30, 2020
Increase in net assets resulting from operations
Net investment income	$	242,293		$	493,312
Net realized gain on investments		33,016			8,583
Unrealized appreciation on investments		863,552			(211,795	)
Net increase in net assets resulting from operations		1,138,861			290,100
Distributions to shareholders from
Net investment income		(211,294	)		(526,459	)
Capital gains		(33,016	)		(23,439	)
Redemptions of shares
358.5275 shares (October 2020) and
1410.6330 shares (April 2020)		(4,497	)		(17,576	)
Total  increase		890,054			(277,374	)
Net assets
Beginning of period		36,943,764			37,221,138
End of period	$	37,833,818		$	36,943,764

9

Tridan Corp.

Notes to Financial Statements

October 31, 2020 and 2019

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 securi-ties acquired/sold is included in income from/to the settlem-ent 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, 2020 and 2019.

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.

On December 22, 2017, the Tax Cuts and Jobs Act (the “2017 Act”) was signed into law, which includes a broad range of tax reform proposals affecting businesses in the United States of America, including corporate tax rates, business deductions and international tax provisions

One of the key changes to the tax law was the reduction of the corporate tax rate from 35% to 21%. GAAP requires deferred tax assets and liabilities to be measured at the tax rates that are expected to apply in the period in which the asset or the liability is settled, based on tax rates that have been enacted by the end of the reporting period.

10

Tridan Corp.

Notes to Financial Statements

October 31, 2020 and 2019

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.

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.

11

Tridan Corp.

Notes to Financial Statements

October 31, 2020 and 2019

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, 2020 and 2019, there were no cash and cash equivalents held in excess of federally insured limits. The value of the Company’s investments may be subject to possible risks involving, among other things, the continued creditworthiness of the various state and local government agencies and public financing authorities underlying its investments.

Fair value of Financial Instruments

The carrying amounts for accrued interest receivables and accrued liabilities reflected in the financial statements approximate fair value because of the short maturities of these items.  The Company accounts for its investments in municipal obligations in accordance with the accounting guidance for investment companies (FASB ASC 946).  See Note 1 “Acquisition and Valuation of Investments” for a description of the valuation methodology which is unchanged as of October 31, 2020 and 2019.  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.

12

Tridan Corp.

Notes to Financial Statements

October 31, 2020 and 2019

The following table presents the Company’s financial assets that are measured at fair value as of October 31, 2020 and 2019:

	Quoted Prices for Identical Instruments in Non-Active Markets (Level 2) October 31,
	2020		2019
Investments in municipal obligations	$	$36,443,079	$	$36,320,795

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,
	2020		2019
Cash and cash equivalents	$	1,019,641	$	1,046,609

3. Accrued Liabilities

Accrued liabilities consist of the following at:

	October 31,
	2020		2019
Accrued investment advisory and custodian fees (a)	$	36,259	$	38,370
Accrued fees - affiliate (b)	$	19,220	$	19,984
Accrued other:
Accrued audit fees (c)	$	12,375	$	12,125
Accrued administrative and stock redemptions		578		4,622
	$	12,953	$	16,747

13

Tridan Corp.

Notes to Financial Statements

October 31, 2020 and 2019

(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 .25 of one percent (effective June1, 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, 2020 and 2019, the Company incurred legal fees of approximately $46,000 and $46,000, 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, 2020 and 2019 the Company incurred audit fees of approximately $25,000 and $24,000, respectively.

4. Investment Transactions

Purchases and sales of investments in municipal obligations (excluding short-term and demand investments) amounted to approximately $2,908,000 and $3,074,000, respectively, for the six months ended October 31, 2020, and $3,183,000 and $2,728,000, respectively, for the six months ended October 31, 2019.

The U.S. Federal income tax basis (aggregate cost) of the Company’s investments, at October 31, 2020 and 2019, was approximately $34,746,000 and $34,704,000, respectively, and net unrealized appreciation at October 31, 2020 and 2019, for U.S. Federal income tax purposes was approximately $ 1,697,000 and $ 1,617,000, respectively (gross unrealized appreciation of approximately $1,799,000 and $1,626,000, respectively; gross unrealized depreciation of approximately $102,000 and $9,000, respectively).

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

At October 31, 2020 and 2019, 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 20,236 shares and 21,586 shares, respectively, of outstanding common stock, at October 31, 2020 and 2019.  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, 2020 and 2019, there were 116,081.1218 shares ($1,381,648) and 114,731.7468 shares ($1,364,774), respectively, which have been redeemed under this plan.

14

Tridan Corp.

Notes to Financial Statements

October 31, 2020 and 2019

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,
	2020		2019
Net asset value	$	12.39	$	12.35
Shares outstanding at:
October 31, 2020		3,053,687.9917
October 31, 2019		3,055,037.3667

6. Distributions

During the six months ended October 31, 2020 and 2019, distributions of $244,310 ($.08 per share), $305,323 ($.10 per share), respectively were declared and paid to shareholders, Distributions for the year ended April 30, 2020 amounted to $549,898 ($.19 per share). Substantially all of the distributions were exempt from Federal income taxes except for $33,016 and $23,439 of capital gain distributions during the six months ended October 31, 2020 and 2019, respectively and $23,439 for the year ended April 30, 2020.

The tax character of distributions paid during the six months ending October 31, 2020 and 2019 and for the year ending April 30, 2019 is as follows:

	Six Months Ended October 31,				Year Ended April 30,
	2020		2019		2020
Distributions paid from investment income:
Tax-exempt investment income, net	$	211,294	$	281,884	$	526,459
Capital gains		33,016		23,438		23,439
	$	244,310	$	305,322	$	549,898

15

Tridan Corp.

Notes to Financial Statements

October 31, 2020 and 2019

As of October 31, 2020, 2019 and April 30, 2020, the components of distributable earnings on a tax basis were as follows:

	Six Months Ended October 31,					Year Ended April 30,
	2020		2019			2020
Over-distributed tax-exempt investment income, net	$	2,876	$	(24,292	)	$	5,025
Over-Undistributed capital gains (losses)		-		-			14,856
Unrealized appreciation of investments, net		1,697,168		1,616,773			1,045,411
	$	1,700,044	$	1,592,481		$	1,065,292

Capital loss carryforwards as of October 31, 2020 and 2019 were $-0- and $-0-, respectively. The Company had no capital reclassification related to permanent book/tax differences for the six months ending October 31, 2020 and 2019 and for the year ended April 30, 2020.  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, 2020 and 2019 and for the year ended April 30, 2020.

7. Coronavirus (COVID -19) Pandemic:

In March 2020, the World Health Organization has declared the coronavirus (COVID-19) outbreak to constitute a Public Health Emergency of International Concern. The resulting restrictions on travel and quarantines imposed have had a negative impact on the U.S. economy and business activity globally, the full impact of which is not yet known and may result in an adverse impact to the Company’s financial position, the value of its investments in municipal obligations, and operating results.

16

Tridan Corp.

Notes to Financial Statements

October 31, 2020 and 2019

8. Financial Highlights

Selected per share data and ratios are as follows:

	Six Months Ended October 31,
	2020			2019			2018			2017			2016
Per share operating performance: (For a share of common stock outstanding throughout the year):
Net asset value, beginning of year	$	12.09		$	12.18		$	11.91		$	12.28		$	12.60
Income from investment operations:
Net investment income		.08			.08			.09			.10			.11
Net realized and unrealized gain (loss) on investments		.30			.19			(.05	)		(.02	)		(.15	)
Total from investment operations		.38			.27			.04			.08			(.04	)
Less distributions:
Dividends (from net investment income)		(.07	)		(.09	)		(.09	)		(.12	)		(.12	)
Capital gains		(.01	)		(.01	)		(.01	)		(.00	)		(.00	)
Total distributions		(.08	)		(.10	)		(.10	)		(.12	)		(.12	)
Net asset value - end of year	$	12.39		$	12.35		$	11.85		$	12.24		$	12.44
Per share value - end of year	$	12.39		$	12.35		$	11.85		$	12.24		$	12.44
*Total investment return		0.08	%		0.05	%		(0.03	)%		(0.06	)%		(0.04	)%
Ratios/Supplemental Data:
Net assets, end of year (in 000’s)	$	37,834		$	37,743		$	35,984		$	37,429		$	38,051
Ratio of expenses to average net assets		1.08	%		1.08	%		1.14	%		1.09	%		1.11	%
Ratio of net investment income to average net assets		1.30	%		1.37	%		1.49	%		1.63	%		1.75	%
Portfolio turnover rate		8.22	%		8.63	%		12.90	%		5.55	%		7.05	%
Average (simple) number of shares outstanding (in thousands)		3,054			3,055			3,059			3,059			3,060

* 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

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, 2020 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.

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.

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:  12/18/2020

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:  12/18/2020

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

Date:  12/18/2020