CENTRAL SECURITIES CORPORATION

STATEMENT OF INVESTMENTS

March 31, 2023

(unaudited)

Shares			Value
COMMON STOCKS 91.0%
		Banks 2.5%
	230,000	JPMorgan Chase & Co.	$	29,971,300
		Communications Services 6.2%
	500,000	Alphabet Inc. Class A (a)		51,865,000
	100,000	Meta Platforms, Inc. Class A (a)		21,194,000
				73,059,000
		Diversified Industrial 2.9%
	400,000	AerCap Holdings N.V. (a)		22,492,000
	215,000	Brady Corporation Class A		11,551,950
				34,043,950
		Energy 4.9%
	440,000	Hess Corporation		58,229,600
		Financial Services 8.8%
	260,000	American Express Company		42,887,000
	300,000	Capital One Financial Corporation		28,848,000
	600,000	The Charles Schwab Corporation		31,428,000
				103,163,000
		Health Care 5.2%
	90,000	Johnson & Johnson		13,950,000
	185,000	Medtronic plc		14,914,700
	200,000	Merck & Co., Inc.		21,278,000
	300,000	Roche Holding AG ADR		10,758,000
				60,900,700
		Insurance Brokers 4.0%
	150,000	Aon plc Class A		47,293,500
		Insurance Underwriters 27.3%
	28,424	The Plymouth Rock Company Class A (b)(c)		258,658,400
	435,000	Progressive Corporation		62,231,100
				320,889,500
		Real Estate 3.4%
	1,000,000	Kennedy-Wilson Holdings Inc.		16,590,000
	700,000	Rayonier Inc.		23,282,000
				39,872,000

Shares			Value
		Retailing 3.2%
	220,000	Amazon.com, Inc. (a)	$	22,723,800
	11,000	Mercadolibre, Inc. (a)		14,498,660
				37,222,460
		Semiconductor 9.5%
	445,000	Analog Devices, Inc.		87,762,900
	400,000	Intel Corporation		13,068,000
	170,000	Wolfspeed, Inc. (a)		11,041,500
				111,872,400
		Software and Services 4.0%
	80,000	Microsoft Corporation		23,064,000
	54,000	Roper Technologies, Inc.		23,797,260
				46,861,260
		Technology Hardware and Equipment 9.1%
	400,000	Coherent Corporation (a)		15,232,000
	200,000	Keysight Technologies, Inc. (a)		32,296,000
	210,000	Motorola Solutions, Inc.		60,087,300
				107,615,300
		Total Common Stocks (cost $373,165,622)		1,070,993,970
SHORT-TERM INVESTMENTS 9.0%
		Money Market Fund 3.1%
	35,818,687	Fidelity Investments Money Market Fund
		Treasury Only Portfolio Class I		35,818,687
Principal		U.S. Treasury Bills 5.9%
$	70,000,000	U.S. Treasury Bills 4.651% - 4.760% due 4/4/23 - 5/2/23 (d)		69,846,223
		Total Short-Term Investments (cost $105,664,910)		105,664,910
		Total Investments (cost $478,830,532) (100.0%)		1,176,658,880
		Cash, receivables and other assets less liabilities (0.0%)		400,158
		Net Assets (100%)	$	1,177,059,038

(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, 2023, the tax cost of investments was $478,830,532. Net unrealized appreciation was $697,828,348 consisting of gross unrealized appreciation and gross unrealized depreciation of $719,623,788 and $21,795,440, 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, 2023 are classified as follows: 

	Level 1		Level 2		Level 3		Total
Common stocks	$	812,335,570	$	—	$	258,658,400	$	1,070,993,970
Short-term investments		35,818,687		69,846,223		—		105,664,910
Total investments	$	848,154,257	$	69,846,223	$	258,658,400	$	1,176,658,880

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

Balance at December 31, 2022	$	258,658,400
Change in net unrealized appreciation of investments in affiliated companies included in net increase in net assets resulting from operations		—
Balance at March 31, 2023	$	258,658,400

Unrealized appreciation of Level 3 investments held as of March 31, 2023 was unchanged during the three months ended March 31, 2023. 

Management assists the Board of Directors in the determination of fair value of Plymouth Rock. In valuing the Plymouth Rock Level 3 investment as of March 31, 2023, 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: 1.0–2.2; average: 1.6); price-to-historical earnings (range: 11.4–32.0; average: 21.4); and price-to-forward earnings estimates (range: 16.8–22.3; average: 20.4). Management also used Plymouth Rock’s book value and a discounted cash flow model based on a forecasted return on equity of approximately 12% and a cost of capital of approximately 12%. 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 25% to 40%, a range management believes market participants would apply. An independent valuation of Plymouth Rock’s shares obtained by Plymouth Rock was also considered. Management presented and discussed the above information with the Corporation’s directors, who determined 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, 2023, 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 $258,658,400 at March 31, 2023, which was equal to 22.0% 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, 2023, unrealized appreciation from the Corporation’s investment in Plymouth Rock was unchanged and the Corporation received dividends of $3,612,122 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.