-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TNTdQ+6MkOjT/t4rP+PBYKGOy1eMHyxZ3b6I0CiAjFAbHQ2Cr3+4JkSRnmCSXPdo EgvMFk8WbYIHjvmlz+UAcg== 0000891092-05-000775.txt : 20050421 0000891092-05-000775.hdr.sgml : 20050421 20050421140641 ACCESSION NUMBER: 0000891092-05-000775 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050331 FILED AS OF DATE: 20050421 DATE AS OF CHANGE: 20050421 EFFECTIVENESS DATE: 20050421 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTRAL SECURITIES CORP CENTRAL INDEX KEY: 0000018748 IRS NUMBER: 131875970 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-00179 FILM NUMBER: 05764270 BUSINESS ADDRESS: STREET 1: 630 FIFTH AVENUE STREET 2: SUITE 820 CITY: NEW YORK STATE: NY ZIP: 10111 BUSINESS PHONE: 212-698-2020 MAIL ADDRESS: STREET 1: 630 FIFTH AVENUE STREET 2: SUITE 820 CITY: NEW YORK STATE: NY ZIP: 10111 FORMER COMPANY: FORMER CONFORMED NAME: TRANS CENTRAL SECURITIES CORP DATE OF NAME CHANGE: 19700722 FORMER COMPANY: FORMER CONFORMED NAME: BUERGER LADET & RADINSKY INC DATE OF NAME CHANGE: 19671026 N-Q 1 e20765_nq.txt QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS United States Securities and Exchange Commission Washington, DC 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-00179 Central Securities Corporation (Exact name of registrant as specified in charter) 630 Fifth Avenue, Suite 820 New York, N.Y. 10111 (Address of principal executive offices) Registrant's telephone number including area code: 212-698-2020 Date of fiscal year end: December 31 Date of reporting period: March 31, 2005 Item 1. Schedule of Investments. CENTRAL SECURITIES CORPORATION Statement of Investments March 31, 2005 (Unaudited) PORTFOLIO SECURITIES 86.7% STOCKS (COMMON UNLESS SPECIFIED OTHERWISE)
Prin.Amt. or Shares Value --------- ----- Banking and Finance 9.1% 500,000 The Bank of New York Company, Inc. ......................................................... $ 14,525,000 310,000 Capital One Financial Corporation .......................................................... 23,178,700 285,000 Fifth Third Bancorp ........................................................................ 12,249,300 ------------ 49,953,000 ------------ Chemicals 3.3% 1,275,000 PolyOne Corporation(a) ..................................................................... 11,322,000 150,000 Rohm and Haas Company ...................................................................... 7,200,000 ------------ 18,522,000 ------------ Communications 0.7% 900,000 Cincinnati Bell Inc.(a) .................................................................... 3,825,000 ------------ Electronics 13.0% 550,000 Agilent Technologies Inc. (a)............................................................... 12,210,000 430,000 Analog Devices, Inc. ....................................................................... 15,540,200 1,210,000 Flextronics International Ltd.(a) .......................................................... 14,568,400 980,000 Intel Corporation .......................................................................... 22,765,400 200,000 Motorola, Inc. ............................................................................. 2,994,000 1,000,000 Solectron Corporation(a) ................................................................... 3,470,000 ------------ 71,548,000 ------------ Energy 16.3% 220,000 Kerr-McGee Corporation ..................................................................... 17,232,600 320,000 McMoRan Exploration Co.(a) ................................................................. 6,432,000 300,000 Murphy Oil Corporation ..................................................................... 29,619,000 70,000 Nexen Inc.(a) .............................................................................. 3,845,100 1,000,000 TransMontaigne Inc.(a) ..................................................................... 8,000,000 400,000 Unocal Corporation ......................................................................... 24,676,000 ------------ 89,804,700 ------------ Health Care 3.5% 100,000 Abbott Laboratories ........................................................................ 4,662,000 100,000 Merck & Co. Inc. ........................................................................... 3,237,000 100,000 Pfizer Inc. ................................................................................ 2,627,000 450,000 Schering-Plough Corporation ................................................................ 8,167,500 150,000 Vical Inc.(a) .............................................................................. 600,000 ------------ 19,293,500 ------------ Information Technology Services 11.1% 400,000 Accenture Ltd.(a) .......................................................................... 9,660,000 400,000 Ceridian Corporation(a) .................................................................... 6,820,000 1,690,000 Convergys Corporation(a) ................................................................... 25,231,700 9,000 Syniverse Holdings Inc.(a) ................................................................. 133,200 1,243,000 TriZetto Group, Inc.(a) .................................................................... 11,572,330 1,100,000 Unisys Corporation(a) ...................................................................... 7,766,000 ------------ 61,183,230 ------------
Prin.Amt. or Shares Value --------- ----- Insurance 19.9% 100,000 Arch Capital Group Ltd.(a) ................................................................. $ 4,004,000 10,000 Erie Indemnity Co. Class A ................................................................. 521,200 70,000 The Plymouth Rock Company, Inc. Class A(b)(c)(d) ......................................................................... 105,000,000 ------------ 109,525,200 ------------ Manufacturing 8.8% 870,000 Brady Corporation Class A .................................................................. 28,144,500 190,000 Dover Corporation .......................................................................... 7,180,100 205,000 Roper Industries, Inc. ..................................................................... 13,427,500 ------------ 48,752,100 ------------ Retail Trade 0.1% Grumman Hill Investments, L.P.(a)(c)(d) .................................................... 280,000 ------------ Transportation 0.9% 531,557 Transport Corporation of America, Inc. Class B(a)(b) ....................................... 4,773,382 ------------ Total Portfolio Securities (cost $215,382,271) .................................................................. 477,460,112 ------------ SHORT-TERM INVESTMENTS 10.7% Commercial Paper 7.2% $14,320,000 American Express Credit Corp. 2.4179% - 2.6092% due 4/13/05 - 5/18/05..................................................................... 14,280,815 8,616,000 American International Group Funding Corp. 2.4078% - 2.5567% due 4/6/05 - 4/20/05 ..................................................................... 8,609,621 2,377,000 Citicorp 2.6064% due 4/13/05 ............................................................... 2,371,335 9,656,000 Daimler/Chrysler Discount Corp. 2.6293% - 2.7099% due 4/20/05 - 4/27/05 .................................................................... 9,639,897 4,942,000 General Electric Capital Corp. 2.6065% - 2.6380% due 4/20/05 - 5/4/05 ..................................................................... 4,932,361 ------------ 39,834,029 U.S. Treasury Bills 3.5% 19,424,000 U.S. Treasury Bills 2.7024% - 2.7237% due 7/21/05 - 8/18/05 .................................................................... 19,242,000 ------------ Total Short-Term Investments (cost $59,076,029) ................................................................... 59,076,029 ------------ Total Investments (97.4%) (cost $274,458,300) .................................................................. 536,536,141 Cash, receivables and other assets less liabilities (2.6%) .............................................................. 14,475,632 ------------ Net Assets (100%) ...................................................................... $551,011,773 ============
(a) Non-dividend paying. (b) Affiliate as defined in the Investment Company Act of 1940. (c) Valued at estimated fair value. (d) Restricted security. See footnote 2. See accompanying notes to statement of investments. CENTRAL SECURITIES CORPORATION NOTES TO STATEMENT OF INVESTMENTS 1. Security Valuation - Securities are valued at the last sale price or, if unavailable, at the closing bid price. Corporate discount notes are valued at amortized cost, which approximates value. Securities for which no ready market exists are valued at estimated fair value by the Board of Directors. As of March 31, 2005, the tax cost of investments was $274,458,300. Net unrealized appreciation was $262,077,841 consisting of gross unrealized appreciation and gross unrealized depreciation of $281,598,077 and $19,520,236, respectively. 2. Restricted Securities - The Corporation from time to time invests in securities the resale of which is restricted. On March 31, 2005, such investments had an aggregate value of $105,280,000, which was equal to 19.1% of the Corporation's net assets. Investments in restricted securities at March 31, 2005, including the acquisition dates and cost, were:
Company Shares Security Date Purchased Cost - ------- ------ -------- -------------- ---- Grumman Hill Investments, L.P. L.P. Interest 9/11/85 $18,190 The Plymouth Rock Company, Inc. 70,000 Class A Common Stock 12/15/82 1,500,000 6/9/84 699,986
The Corporation does not have the right to demand registration of the restricted securities. Item 2. Controls and Procedures. (a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers have concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. (b) Internal Control Over Financial Reporting. During the last fiscal quarter, there was no significant change in the Registrant's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 3. Exhibits. (a) Certifications. Pursuant to the requirements of the Securities Exchange Act of 1934 and 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. CENTRAL SECURITIES CORPORATION By: /s/ Wilmot H. Kidd ------------------ President Date: April 14, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and 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: /s/ Wilmot H. Kidd ------------------ President Date: April 14, 2005 By: /s/ Charles N. Edgerton ---------------------------- Vice President and Treasurer Date: April 14, 2005 EX-99.(A) 2 e20765ex99_a.txt CERTIFICATIONS Exhibit 99.(a) I Wilmot H. Kidd, certify that: 1. I have reviewed this report on Form N-Q of Central Securities Corporation; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. 4/14/05 /s/ Wilmot H. Kidd - ------- ------------------ Date Signature President --------- Title I Charles N. Edgerton, certify that: 1. I have reviewed this report on Form N-Q of Central Securities Corporation; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. 4/14/05 /s/ Charles N. Edgerton - ------- ----------------------- Date Signature VP and Treasurer ---------------- Title -----END PRIVACY-ENHANCED MESSAGE-----