SOURCE CAPITAL INC /DE/ - 91847

SOURCE CAPITAL INC /DE/ - 91847 - 2025

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 811-01731

Source Capital

(Exact name of registrant as specified in charter)

235 W. Galena Street

Milwaukee, WI 53212

(Address of principal executive offices) (Zip code)

Diane J. Drake

Mutual Fund Administration, LLC

2220 E. Route 66, Suite 226

Glendora, CA 91740

(Name and address of agent for service)

(626) 385-5777

Registrant's telephone number, including area code

Date of fiscal year end: December 31

Date of reporting period: December 31, 2024

EXPLANATORY NOTE - “The Registrant is filing this amendment to its Form N-CSR/A for the period ended December 31, 2024, originally filed with the Securities and Exchange Commission on March 7, 2025, (Accession Number 0001104659-25-021647), to update the Commentary Letter to Shareholders. The effect of these amendments had no impact to the net assets of the Fund. Other than the aforementioned revision, this Form N-CSR/A does not reflect events occurring after the filing of the original Form N-CSR/A, or modify or update the disclosures therein in any way.”

Item 1. Report to Stockholders.

(a) The registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Investment Company Act”), is as follows:

SOURCE CAPITAL, INC.

2024

ANNUAL REPORT

for the year ended December 31, 2024

SOURCE CAPITAL, INC.
LETTER TO SHAREHOLDERS

DEAR SHAREHOLDER:

Performance Overview

Source Capital Inc.'s ("Source" or "Fund") net asset value (NAV) gained 0.19% for the quarter and 11.11% for the trailing twelve months, which is higher than the balanced MSCI ACWI/Bloomberg US Agg index, the Fund's primary illustrative benchmark.

Performance versus Illustrative Indices (%)¹

Q4 2024

Amendment: SEC Form N-CSR/A filed by Source Capital Inc. Cmn Shs of BI