CENTRAL SECURITIES CORPORATION

STATEMENT OF INVESTMENTS

March 31, 2022

(unaudited)

Shares				Value
COMMON STOCKS 94.9%
	Banks 2.4%
230,000		JPMorgan Chase & Co.	$	31,353,600
	Communications Services 8.7%
25,000		Alphabet Inc. Class A (a)		69,533,750
325,000		Cogent Communications Holdings, Inc.		21,563,750
100,000		Meta Platforms Inc. Class A (a)		22,236,000
				113,333,500
	Diversified Financial 10.8%
270,000		American Express Company		50,490,000
300,000		Capital One Financial Corporation		39,387,000
600,000		The Charles Schwab Corporation		50,586,000
				140,463,000
	Diversified Industrial 5.6%
400,000		AerCap Holdings N.V. (a)		20,112,000
240,000		Brady Corporation Class A		11,104,800
565,000		Heritage-Crystal Clean, Inc. (a)		16,729,650
54,000		Roper Technologies, Inc.		25,500,420
				73,446,870
	Energy 4.1%
500,000		Hess Corporation		53,520,000
	Health Care 5.2%
90,000		Johnson & Johnson		15,950,700
185,000		Medtronic plc		20,525,750
200,000		Merck & Co., Inc.		16,410,000
300,000		Roche Holding AG ADR		14,823,000
				67,709,450
	Insurance Brokers 3.7%
150,000		Aon plc Class A		48,844,500
	Insurance Underwriters 25.5%
28,424		The Plymouth Rock Company Class A (b)(c)		284,240,000
435,000		Progressive Corporation		49,585,650
				333,825,650

Shares				Value
	Real Estate 4.1%
1,000,000		Kennedy-Wilson Holdings Inc.	$	24,390,000
700,000		Rayonier Inc.		28,784,000
				53,174,000
	Retailing 3.7%
11,000		Amazon.com, Inc. (a)		35,859,450
11,000		Mercadolibre, Inc. (a)		13,084,280
				48,943,730
	Semiconductor 8.7%
445,000		Analog Devices, Inc.		73,505,100
420,000		Intel Corporation		20,815,200
170,000		Wolfspeed, Inc. (a)		19,356,200
				113,676,500
	Software and Services 2.1%
90,000		Microsoft Corporation		27,747,900
	Technology Hardware and Equipment 9.8%
335,000		II-VI Inc. (a)		24,284,150
200,000		Keysight Technologies, Inc. (a)		31,594,000
80,000		MKS Instruments, Inc.		12,000,000
250,000		Motorola Solutions, Inc.		60,550,000
				128,428,150
	Utilities 0.5%
550,000		Star Group, L.P.		6,105,000
		Total Common Stocks (cost $418,181,007)		1,240,571,850
SHORT-TERM INVESTMENTS 5.1%
	Money Market Fund 2.8%
36,112,301		Fidelity Investments Money Market Fund
		Treasury Only Portfolio - Class I		36,112,301
Principal	U.S. Treasury Bills 2.3%
$    30,000,000		US Treasury Bill, 0.245% due 5/12/22 (d)		29,991,741
		Total Short-term Investments (cost $66,104,042)		66,104,042
		Total Investments (cost $484,285,049) (100.0%)		1,306,675,892
		Cash, receivables and other assets less liabilities (0.0%)		559,107
		Net Assets (100%)	$	1,307,234,999

(a) Non-dividend paying.

(b) Affiliate as defined in the Investment Company Act of 1940 and restricted. See Note 3 and Note 4.

(c) Valued based on Level 3 inputs. See Note 2.

(d) Valued based on Level 2 inputs. See Note 2.

See accompanying notes to statement of investments.

CENTRAL SECURITIES CORPORATION

(the “Corporation”)

NOTES TO STATEMENT OF INVESTMENTS

(unaudited)

1. Security Valuation – Marketable common stocks are valued at the last or closing sale price or, if unavailable, at the closing bid price. Investments in money market funds are valued at net asset value per share. Other short-term investments are valued at amortized cost, which approximates fair value. Securities for which no ready market exists are valued at estimated fair value pursuant to procedures adopted by the Board of Directors. The determination of fair value involves subjective judgments. As a result, using fair value to price a security may result in a price materially different from the price used by other investors or the price that may be realized upon the actual sale of the security.

As of March 31, 2022, the tax cost of investments was $484,285,049. Net unrealized appreciation was $822,390,843 consisting of gross unrealized appreciation and gross unrealized depreciation of $837,132,409 and $14,741,566, respectively.

2. Fair Value Measurements – The Corporation’s investments are categorized below in three broad hierarchical levels based on market price observability as follows:

· Level 1 – Quoted prices in active markets for identical investments;

· Level 2 – Other significant observable inputs obtained from independent sources, for example, quoted prices in active markets for similar investments;

· Level 3 – Significant unobservable inputs including the Corporation’s own assumptions based upon the best information available. The Corporation’s only Level 3 investment is The Plymouth Rock Company Class A Common Stock (“Plymouth Rock”).

The designated Level for a security is not necessarily an indication of the risk associated with investing in that security.

The Corporation’s investments as of March 31, 2022 are classified as follows:

	Level 1		Level 2		Level 3		Total
Common stocks	$	956,331,850		—	$	284,240,000	$	1,240,571,850
Short-term investments		36,112,301		29,991,741		—		66,104,042
Total investments	$	992,444,151	$	29,991,741	$	284,240,000	$	1,306,675,892

The following is a reconciliation of the change in the value of Level 3 investments:

Balance at December 31, 2021	$	292,767,200
Change in net unrealized appreciation     of investments in affiliated companies     included in net decrease in net assets   resulting from operations		(8,527,200	)
Balance at March 31, 2022	$	284,240,000

Unrealized appreciation of Level 3 investments held as of March 31, 2022 decreased by $8,527,200 during the three months ended March 31, 2022, which is included in the above table.

In valuing the Plymouth Rock Level 3 investment as of March 31, 2022, management considered Plymouth Rock’s financial condition and results of operations, the insurance industry outlook, and any transactions in Plymouth Rock’s shares. Management used significant unobservable inputs to develop a range of values for the investment. It used a comparable company approach that utilized the following valuation multiples from selected publicly traded companies: price-to-book value (range: 0.7–1.6; average: 1.2); price-to-historical earnings (range: 11.9–34.3; average: 20.2); and price-to-forward earnings estimates (range: 11.2–28.1; average: 18.4). Management also used Plymouth Rock’s book value and a discounted cash flow model based on a forecasted return on equity of approximately 11% and a cost of capital of approximately 10%. The average of these values was then discounted for lack of marketability and control of the Plymouth Rock shares. Management considered a discount range of 30% to 40%, a range management believes market participants would apply. Management presented and discussed the above information with the Corporation’s directors, who approved the value for the investment.

Increases (decreases) in the price-to-book value multiple, price-to-historical earnings multiple, price-to-forward earnings estimate multiple, return on equity rate and book value in isolation would have resulted in a higher (lower) range of fair values. Increases (decreases) in the discount for lack of marketability and control or cost of capital in isolation would have resulted in a lower (higher) range of fair values.

3. Restricted Securities - The Corporation may from time to time invest in securities the resale of which is restricted. On March 31, 2022, the Corporation’s only restricted security consisted of 28,424 shares of Plymouth Rock that were acquired on December 15, 1982 at a cost of $710,600. This security had a value of $284,240,000 at March 31, 2022, which was equal to 21.7% of the Corporation’s net assets. The Corporation does not have the right to demand registration of this security.

4. Affiliated Companies – Plymouth Rock is an affiliated company as defined in the Investment Company Act of 1940 due to the Corporation’s ownership of 5% or more of the company’s outstanding voting securities. During the three months ended March 31, 2022, unrealized appreciation from the Corporation’s investment in Plymouth Rock decreased by $8,527,200 and the Corporation received dividends of $9,344,958 from Plymouth Rock. The Chairman of the Corporation is a director of Plymouth Rock. The Chief Executive Officer of the Corporation is a director of certain subsidiaries of Plymouth Rock.