UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-3056
TRIDAN CORP.
(Exact name of registrant as specified in charter)
477 Madison Avenue, New York, NY 10022
(Address of principal executive offices)
I. Robert Harris, c/o Kantor, Davidoff, Wolfe, Mandelker & Kass, P.C.
51 East 42nd Street, New York, NY 10017
(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 371-2100
Date of fiscal year end: April 30, 2005
Date of reporting period: October 31, 2004
Item 1. Reports to Stockholders.
Attached on the following pages is a copy of the registrant's
semi-annual report as of October 31, 2004 transmitted to
stockholders.
[LETTERHEAD OF TRIDAN CORP.]
December 23, 2004
Dear Shareholder:
This semi-annual report of Tridan Corp. covers the six-month period
from May 1, 2004 to October 31, 2004. As a part of this report, we enclose the
unaudited financial report for that six-month period and for the corresponding
period in 2003.
A schedule of the company's portfolio holdings at October 31, 2004,
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 for the first and third quarters of each fiscal year on Form
N-Q. The company's Forms N-Q are available on the Commission's website at
http://www.sec.gov. They 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, 2004 was $12.76, compared
with $12.85 at October 31, 2003. Net investment income per share was $.22 for
the six-month period ended October 31, 2004, compared with $.24 for the
six-month period ended October 31, 2003.
At the company's last annual meeting on July 1, 2004, the incumbent
directors, all of whom are named below, were all reelected to serve as directors
until the next annual meeting of shareholders, or until their successors are
elected and have qualified.
Shares Voted For Shares Withheld
---------------- ---------------
Mark Goodman 2,829,387.6220 None
Peter Goodman 2,829,387.6220 None
Paul Kramer 2,829,387.6220 None
Jay S. Negin 2,829,387.6220 None
Warren F. Pelton 2,829,387.6220 None
Russell J. Stoever 2,829,387.6220 None
Also at the last annual meeting, the reappointment of Leslie Sufrin &
Company, P.C. as the company's auditors for the fiscal year ending April 30,
2005 was ratified by the shareholders as follows:
Shares Voted For 2,829,387.6220
Shares Voted Against None
Shares Abstaining None
Sincerely
TRIDAN CORP.
Peter Goodman, President
TRIDAN CORP.
FINANCIAL REPORT
(Unaudited)
OCTOBER 31, 2004 AND 2003
TRIDAN CORP.
(Unaudited)
TABLE OF CONTENTS
Page
Accountant's Report 1
Financial Statements
Statements of Assets and Liabilities 2
Schedules of Investments in Municipal Obligations 3
Statements of Operations 7
Statements of Changes in Net Assets 8
Notes to Financial Statements 9
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, 2004 and 2003, the related statements of operations for the six months then
ended and changes in net assets for the six months ended October 31, 2004, and
financial highlights (Note 6 to the financial statements) for each period in the
six months ended October 31, 2000 - 2004, in accordance with Statements on
Standards for Accounting and Review Services issued by the American Institute of
Certified Public Accountants.
A compilation is limited to presenting in the form of financial statements
information that is the representation of management. We have not audited or
reviewed the aforementioned financial statements and financial highlights and,
accordingly, do not express an opinion or any other form of assurance on them.
The statement of changes in net assets for the year ended April 30, 2004 was
derived from financial statements that were audited by another accounting firm
whose report dated May 15, 2004 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.
New York, New York
December 7, 2004
TRIDAN CORP.
STATEMENTS OF ASSETS AND LIABILITIES
(Unaudited)
OCTOBER 31,
2004 2003
------------ ------------
ASSETS
Investments in municipal obligations,
at market value (amortized cost of
$35,528,253 and $35,792,534, respectively) $ 38,429,000 $ 38,887,379
Cash and cash equivalents 905,676 739,390
Accrued interest receivable 588,407 588,629
Prepaid expenses 2,500 2,434
------------ ------------
39,925,583 40,217,832
------------ ------------
LIABILITIES
Accounts payable and accrued liabilities
Accrued investment advisory fees 27,000 27,500
Accrued fee - affiliate 39,472 31,343
Accrued other 39,127 5,373
Common stock redemption payable 15,383 -.-
------------ ------------
120,982 64,216
------------ ------------
NET ASSETS $ 39,804,601 $ 40,153,616
============ ============
Analysis of net assets
Common stock, at $.02 par value,
6,000,000 shares authorized $ 63,982 $ 63,982
Paid in capital 36,879,867 36,957,931
Over distributed investment income, net (39,997) (23,025)
Undistributed capital gains -.- 59,883
Unrealized appreciation of investments, net 2,900,749 3,094,845
------------ ------------
Net assets, equivalent to $12.76 and $12.85 per share based on 3,119,270.1974
and 3,125,253.4722 shares of common stock
outstanding, respectively $ 39,804,601 $ 40,153,616
============ ============
See accompanying notes and accountant's report.
- 2 -
TRIDAN CORP.
SCHEDULES OF INVESTMENTS IN MUNICIPAL OBLIGATIONS
(Unaudited)
OCTOBER 31,
2004 2003
--------------------------------------- ---------------------------------------
Principal Amortized Market Principal Amortized Market
Amount Cost Value Amount Cost Value
----------- ----------- ----------- ----------- ----------- -----------
City of Buffalo
N.Y. Sewer Auth.
5.00% due May 15, 2011 $ 1,110,000 $ 1,194,463 $ 1,238,882 $ 1,110,000 $ 1,205,475 $ 1,226,606
City of New York
General Purpose Unlimited Tax
6.750% due February 1, 2009 1,000,000 1,074,114 1,156,600 1,000,000 1,089,507 1,181,370
Clarkstown NY Central
School District
5.250% due April 15, 2015 400,000 439,231 454,368 -.- -.- -.-
Cleveland Hill Union Free
School District
5.500% due October 15, 2011 1,480,000 1,503,001 1,666,702 1,480,000 1,505,687 1,668,167
Massachusetts Industrial
Finance Agency
2.875% due November 1, 2010 -.- -.- -.- 357,143 357,143 357,143
Metropolitan Transportation Authority
N.Y. SVC Contract
5.750% due July 1, 2008 1,000,000 986,082 1,124,180 1,000,000 982,785 1,153,850
Monroe County, N.Y. - Rochester
Pub Improvement
6.000% due June 1, 2010 900,000 904,180 1,027,136 900,000 904,797 1,053,570
6.000% due March 1, 2012 445,000 510,175 524,281 445,000 517,800 518,892
Mt. Sinai, N.Y. Union Free School
District AMBAC Insured
6.200% due February 15, 2011 1,070,000 1,067,205 1,257,325 1,070,000 1,066,851 1,262,589
N.Y.C. Municipal Water
Fin. Auth
6.000% due June 15, 2009 2,000,000 2,110,917 2,304,300 2,000,000 2,132,023 2,358,560
N.Y.S. Dormitory Authority - State
University Educational Facilities
7-1/2% due May 15, 2011 590,000 582,298 698,316 590,000 581,420 720,875
See accompanying notes and accountant's report.
- 3 -
TRIDAN CORP.
SCHEDULES OF INVESTMENTS IN MUNICIPAL OBLIGATIONS
(Unaudited)
OCTOBER 31,
2004 2003
--------------------------------------- ---------------------------------------
Principal Amortized Market Principal Amortized Market
Amount Cost Value Amount Cost Value
----------- ----------- ----------- ----------- ----------- -----------
N.Y C. Ref. Unltd. tax
6.000% due May 15, 2030 $ 150,000 $ 178,505 $ 175,815 $ -.- $ -.- $ -.-
N.Y.S. Dormitory Authority
Revs. City University System
6.250% due July 1, 2005 -.- -.- -.- 500,000 509,802 540,825
N.Y.S. Dormitory Authority
Pace University
6.500% due July 1, 2009 1,000,000 1,063,760 1,171,740 1,000,000 1,075,664 1,195,040
Nassau County Interim
Fin. Auth., N.Y.
5.750% due November 15, 2013 1,100,000 1,134,376 1,276,330 1,100,000 1,139,129 1,248,698
N.Y.S. Environmental Facilities
Pollution Control - Revolving Fund
5.750% due June 15, 2008 1,500,000 1,533,082 1,684,064 1,500,000 1,541,230 1,728,550
5.200% due May 15, 2014 575,000 638,843 657,444 575,000 644,317 641,999
N.Y.S. Dormitory Authority Revs.
5.250% due November 15, 2023 1,000,000 1,094,564 1,110,250 1,000,000 1,097,655 1,081,540
N.Y.S. Dormitory Authority
City University General
Sys. 2nd Ser
5.750% due July 1, 2013 215,000 246,550 249,028 -.- -.- -.-
N.Y.S. Medical Care Facilities
Finance Agency - (FHA) Hospital
Revenue Insured Mortgages
6.800% due August 15, 2024 -.- -.- -.- 1,000,000 1,099,265 1,090,880
N.Y.S. Ref. Unlimited Tax
6.500% due July 15, 2005 1,700,000 1,717,928 1,753,941 1,700,000 1,742,513 1,844,942
N.Y.S. Dormitory Authority Revs.
Columbia University
5.000% due July 1, 2010 1,000,000 1,056,400 1,112,040 1,000,000 1,065,164 1,119,850
See accompanying notes and accountant's report.
- 4 -
TRIDAN CORP.
SCHEDULES OF INVESTMENTS IN MUNICIPAL OBLIGATIONS
(Unaudited)
OCTOBER 31,
2004 2003
--------------------------------------- ---------------------------------------
Principal Amortized Market Principal Amortized Market
Amount Cost Value Amount Cost Value
----------- ----------- ----------- ----------- ----------- -----------
N.Y.S. Dormitory Authority Revs.
Personal Income Tax
5.000% due March 15, 2011 $ 1,000,000 $ 1,092,958 $ 1,136,410 $ 1,000,000 $ 1,105,647 $ 1,130,970
Niagara Falls Bridge
Commission NY Toll Rev Hwy
1 MPT Series B
5.250% due October 1, 2015 2,000,000 2,114,007 2,302,800 2,000,000 2,121,918 2,242,480
N.Y.S. UDC Correction FACS
6.000% due January 1, 2012 1,000,000 1,022,666 1,150,770 1,000,000 1,025,300 1,174,420
N.Y.S. Urban Development Corp.
Rev. Sub. Lic.
6.000% due July 1, 2005 -.- -.- -.- 1,500,000 1,521,172 1,611,180
5.500% due January 1, 2008 1,055,000 1,069,591 1,159,023 1,055,000 1,073,752 1,182,708
Power Authority of N.Y.S.
General Purpose Revenue:
6-1/2% due Jan. 1, 2008 1,675,000 1,697,797 1,805,315 1,675,000 1,704,166 1,890,338
Puerto Rico Electric Power
Authority Star & Stripe
5.500% due July 1, 2006 600,000 608,726 635,850 600,000 613,679 659,598
Puerto Rico Commonwealth
Highway & Transp. Auth.
5.00% due July 1, 2035 1,000,000 1,089,050 1,101,030 1,000,000 1,090,391 1,109,010
Puerto Rico Commonwealth
Highway and Trans
5.500% due July 1, 2015 500,000 567,358 589,645 -.- -.- -.-
Puerto Rico Common Wealth
Highway and Trans
6.250% due July 1, 2016 285,000 342,814 355,723 -.- -.- -.-
Puerto Rico Public Buildings
Auth. Rev. GTD Ref
5.000% due July 1, 2028 500,000 514,213 543,065 -.- -.- -.-
See accompanying notes and accountant's report.
- 5 -
TRIDAN CORP.
SCHEDULES OF INVESTMENTS IN MUNICIPAL OBLIGATIONS
(Unaudited)
OCTOBER 31,
2004 2003
--------------------------------------- ---------------------------------------
Principal Amortized Market Principal Amortized Market
Amount Cost Value Amount Cost Value
----------- ----------- ----------- ----------- ----------- -----------
Rochester, NY Public Schools
4.790% due May 28, 2017 $ 350,000 $ 343,836 $ 353,437 $ -.- $ -.- $ -.-
Suffolk County Water
Authority
6.000% due June 1, 2009 1,510,000 1,608,477 1,732,529 1,260,000 1,336,910 1,470,042
Suffolk County Judicial
FACS Agency
5.750% due October 15, 2011 1,340,000 1,363,323 1,520,726 1,340,000 1,365,025 1,528,337
Triborough Bridge or Tunnel
Authority N.Y. Revs.
6.000% due January 1, 2012 1,500,000 1,548,506 1,733,925 1,500,000 1,553,919 1,748,430
5.500% due January 1, 2017 1,000,000 1,021,208 1,164,960 1,000,000 1,022,428 1,145,920
Trust for Cultural Res. of NYC
Bonds Edu Broadcasting
2.680% due January 1, 2008 500,000 488,049 501,050 -.- -.- -.-
----------- ----------- ----------- ----------- ----------- -----------
$34,050,000 $35,528,253 $38,429,000 $34,257,143 $35,792,534 $38,887,379
=========== =========== =========== =========== =========== ===========
See accompanying notes and accountant's report.
- 6 -
TRIDAN CORP.
STATEMENTS OF OPERATIONS
(Unaudited)
SIX MONTHS ENDED
OCTOBER 31,
2004 2003
----------- -----------
Investment income
Interest $ 976,854 $ 1,001,473
Amortization of bond premium and
discount - net (102,169) (100,786)
----------- -----------
Total investment income 874,685 900,687
----------- -----------
Expenses
Investment advisory fee 53,551 55,639
Professional fees 51,860 30,350
Directors' fees 31,500 22,500
Administrative fees 40,139 33,580
Insurance and administrative expenses 13,126 6,907
----------- -----------
Total expenses 190,176 148,976
----------- -----------
Investment income - net 684,509 751,711
----------- -----------
Realized and unrealized gain on investments
Net realized gain on investments 53,723 88,594
Change in unrealized appreciation of
investments for the period 507,658 (338,246)
----------- -----------
Net (loss) gain on investments 561,381 (249,652)
----------- -----------
Net increase in assets resulting
from operations $ 1,245,890 $ 502,059
=========== ===========
See accompanying notes and accountant's report.
- 7 -
TRIDAN CORP.
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR ENDED
OCTOBER 31, APRIL 30,
2004 2004
---------------- ----------------
(Unaudited) (Audited)
(Decrease) increase in net assets
resulting from operations
Investment income - net $ 684,509 $ 1,455,379
Net realized gain on investments 53,723 97,761
Change in unrealized appreciation 507,658 (1,040,001)
---------------- ----------------
Net increase in net assets resulting
from operations 1,245,890 513,139
---------------- ----------------
Redemptions of 2,602.2415 (October 31, 2004)
and 3,786.0403 shares (April 30, 2004) (32,940) (47,772)
---------------- ----------------
Distributions to shareholders:
Investment income - net (tax exempt) (717,439) (1,437,093)
Long-term capital gains - net (62,889) (94,383)
---------------- ----------------
(780,328) (1,531,476)
---------------- ----------------
Total increase (decrease) 432,622 (1,066,109)
---------------- ----------------
Net assets
Beginning of period 39,371,979 40,438,088
---------------- ----------------
End of period, including
- Net undistributed (overdistributed)
investment income $(39,997) and $(9,383),
in October 2004 and April 2004, respectively
- Net undistributed capital gains of $-0-
and $9,028 in October 2004 and April 2004,
respectively $ 39,804,601 $ 39,371,979
================ ================
See accompanying notes and accountant's report.
- 8 -
TRIDAN CORP.
NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED OCTOBER 31, 2004 AND 2003
1. Significant Accounting Policies
The following is a summary of the significant policies followed by Tridan
Corp. (the "Company"), a closed-end, non-diversified management
investment company registered under the Investment Company Act of 1940,
in the preparation of its financial statements.
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. Investments are carried
at amortized cost in the Company's accounting records but are shown at
market value in the accompanying financial statements. Short-term
investments are stated at cost, which is equivalent to market value.
Fair values for the Company's investments in municipal obligations have
been determined based on the bid price of the obligation, if available;
if not available, such value is based on a yield matrix for similarly
traded municipal obligations. 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,
which quotations were not readily available as of October 31, 2004 and
2003.
Amortization of Bond Premium or Discount
In determining investment income, bond premium or discount is amortized
on a straight-line basis 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. Therefore, no income tax provision is required;
however, the Company is subject to minimum New York State and local
franchise taxes.
Interest income from municipal investments are exempt from Federal and
state income taxes.
Cash and Cash Equivalents
The Company considers all investments that can be liquidated on demand to
be cash equivalents.
October 31,
2004 2003
-------- --------
Cash $ 30,872 $ 18,076
Cash equivalents - demand bonds and notes 874,804 721,314
-------- --------
$905,676 $739,390
======== ========
See accountant's report.
- 9 -
TRIDAN CORP.
NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED OCTOBER 31, 2004 AND 2003
1. Significant Accounting Policies (continued)
The Company maintains all of its cash and cash equivalents in one
financial institution. At times, such balances may be in excess of
amounts insured by the Federal Deposit Insurance Corporation.
Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities
and disclosure 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 when
accounting for the valuation of securities and the realization of
investment.
Concentration of Credit Risk
The value of the Company's investments may be subject to possible risks
involving, among other things, the continued creditworthiness of the
various state and local government agencies and public financing
authorities underlying its investments. The Company and its investment
advisor periodically consider the credit quality of the Company's
investments, and the Company adheres to its investment objective of
investing only in investment grade securities.
2. Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities consisted of the following at:
October 31,
2004 2003
-------- -------
Accrued investment advisory fees (a) $ 27,000 $27,500
Accrued fee - affiliate (b) 39,472 31,343
Accrued accounting fees and other 39,127 5,373
-------- -------
$105,599 $64,216
======== =======
(a) The Company utilizes the services of J.P. Morgan Investment
Management, Inc. ("J.P Morgan") as its investment advisor
and custodian for its investments. The annual advisory fee
is .28 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.
See accountant's report.
- 10 -
TRIDAN CORP.
NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED OCTOBER 31, 2004 AND 2003
2. Accounts Payable and Accrued Liabilities (continued)
(b) For the six months ending October 31, 2004 and 2003, the
Company incurred legal fees of approximately $37,620 and
$30,350, respectively, which include 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, 2004 and 2003, the
Company incurred audit fees of approximately $14,240 and
$-0-, respectively.
3. Investment Transactions
Purchases and sales of investments in municipal obligations (excluding
short-term and demand investments) amounted to approximately $1,344,412
and $1,568,400, respectively, for the six months ended October 31, 2004
and $2,939,571 and $3,071,673, respectively, for the six months ended
October 31, 2003.
The U.S. Federal income tax basis of the Company's investments, at
October 31, 2004 and 2003, was approximately $35,528,253 and $35,792,534,
respectively, and net unrealized appreciation at October 31, 2004 and
2003, for U.S. Federal income tax purposes was approximately $2,900,749
and $3,094,845, respectively (gross unrealized appreciation of
approximately $2,903,439 and $3,121,623, respectively, gross unrealized
depreciation of approximately $2,690 and $26,818, respectively.
4. Common Stock, Net Asset Values and Share Redemption Plan
At October 31, 2004 and 2003, 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, and additional paid-in capital aggregating $312,787.
The Company's share redemption 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, 2004 and 2003, $933,992 (79,829.8026 shares),
$858,383 (73,846.5278 shares) respectively, had been redeemed under this
plan.
The net asset value per share is calculated by dividing the value of all
assets less total liabilities by the number of common shares outstanding
at the end of the period.
The net asset value per share and the shares outstanding were as follows:
October 31,
2004 2003
-------- --------
Net asset value:
- at market value of the
underlying investments $12.76 $12.85
- at amortized cost $11.83 $11.86
See accountant's report.
- 11 -
TRIDAN CORP.
NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED OCTOBER 31, 2004 AND 2003
4. Common Stock, Net Asset Values and Share Redemption Plan (continued)
October 31,
2004 2003
-------- --------
Net asset value:
Shares outstanding at:
October 31, 2004 3,119,270.1974
October 31, 2003 3,125,253.4722
5. Distributions
During the six months ended October 31, 2004 and 2003, distributions of
$780,328 ($.25 per share) and $781,428 ($.25 per share), respectively,
were declared and paid to shareholders, which, except for capital gains
of $62,889 in 2004 and $94,244 in 2003, were exempt from Federal income
taxes. Distributions for the year ended April 30, 2004 were $1,531,476
($.49 per share) and were exempt from Federal income taxes except for
$94,383 of capital gains.
The tax character of distributions paid during the six months ending
October 31, 2004 and 2003 and the year ended April 30, 2004 were as
follows:
Six Months Ended Year Ended
October 31, April 30,
2004 2003 2004
-------- ---------- ----------
Distributions paid from
Tax exempt investment income, net $717,439 $ 687,184 $1,437,093
Capital gains 62,889 94,244 94,383
-------- ---------- ----------
$780,328 $ 781,428 $1,531,476
======== ========== ==========
As of October 31, 2004 and 2003 and April 30, 2004, the components of
distributable earnings on a tax basis were as follows:
October 31, October 31, April 30,
2004 2003 2004
----------- ----------- -----------
Overdistributed tax-exempt
investment income, net $ (39,997) $ (23,025) $ (9,383)
Undistributed capital gains -.- 59,883 9,028
Unrealized appreciation of
investments, net 2,900,749 3,094,845 2,393,090
----------- ----------- -----------
$ 2,860,752 $ 3,131,703 $ 2,392,735
=========== =========== ===========
The Company has no capital loss carry forwards as of October 31, 2004 and
2003. The Company had no capital reclassification related to permanent
book/tax differences for the six months ending October 31, 2004 and 2003.
See accountant's report.
- 12 -
TRIDAN CORP.
NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED OCTOBER 31, 2004 AND 2003
6. Financial Highlights
Selected per share data and ratios
SIX MONTHS ENDED OCTOBER 31,
2004 2003 2002 2001 2000
---------- ---------- ---------- ---------- ----------
Per share data:
(For a share of capital stock outstanding
throughout the period):
Net asset value, beginning of year $ 12.61 $ 12.94 $ 12.56 $ 12.36 $ 11.85
---------- ---------- ---------- ---------- ----------
Income from investment operations:
Net investment income 0.22 0.24 0.23 0.25 0.27
Net realized and unrealized
gain (loss) on investments 0.18 (0.08) 0.25 0.32 0.30
---------- ---------- ---------- ---------- ----------
Total from investment operations 0.40 0.16 0.48 0.57 0.57
---------- ---------- ---------- ---------- ----------
Less distributions:
Dividends (from net investment
income) (0.23) (0.22) (0.24) (0.26) (0.28)
Capital gains (0.02) (0.03) (0.01) (0.02) -.-
---------- ---------- ---------- ---------- ----------
Total distributions (0.25) (0.25) (0.25) (0.28) (0.28)
---------- ---------- ---------- ---------- ----------
Net asset value - end of period $ 12.76 $ 12.85 $ 12.79 $ 12.65 $ 12.14
========== ========== ========== ========== ==========
Per share market value - end of period $ 12.76 $ 12.85 $ 12.79 $ 12.65 $ 12.14
========== ========== ========== ========== ==========
Total investment return 1.18% -0.70% 1.91% 2.35% 2.45%
Ratios/Supplemental Data:
Net assets, end of period (in thousands) $ 39,805 $ 40,153 $ 39,966 $ 39,582 $ 38,050
Ratio of expenses to average net assets
(annualized) 0.96% 0.74% 0.77% 0.69% 0.70%
Ratio of net investment income - to
average net assets (annualized) 3.46% 3.72% 3.64% 3.93% 4.50%
Portfolio turnover rate 4.0% 7.0% 3.0% 3.0% 24.0%
Average (simple) number of shares
outstanding (in thousands) 3,119 3,125 3,126 3,130 3,132
See accountant's report.
- 13 -
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. Schedule of Investments.
A schedule of registrant's investments in securities of
unaffiliated issuers as of October, 31, 2004 is included as part of
the financial statement filed under Item 1 of this Form.
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. 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 9. 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 10. 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 11. 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
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Peter Goodman, President and Chief Executive Officer
Date: December 29, 2004
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 29, 2004
By (Signature and Title) /S/ Warren F. Pelton
--------------------------------------------------------
Warren F. Pelton, Treasurer and Chief Financial Officer
Date: December 29, 2004