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

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			Trailing 12-month
Source Capital (NAV)		0.19	%		11.11	%
60% MSCI ACWI / 40% Bloomberg US Agg		-1.81	%		10.77	%
60% S&P 500 / 40% Bloomberg US Agg		0.21	%		15.04	%

We include the Fund's underlying exposure by asset class in the following table:

Portfolio Exposure (%)²

				Q4 2024
Equity
Common Stocks

SEC Form N-CSR filed by Source Capital Inc. Cmn Shs of BI