SOURCE CAPITAL /DE/ — Director's Dealing 2004

Feb 13, 2004

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: SOURCE CAPITAL INC /DE/ (SOR)
CIK: 0000091847
Period of Report: 2003-12-31

Reporting Person: REES DAVID (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-03-17	Common Stock	J	143.6263	$39.3680	Acquired	6441.0991	Indirect
2003-06-16	Common Stock	J	116.8684	$49.4570	Acquired	6557.9675	Indirect
2003-09-15	Common Stock	J	109.3380	$53.7985	Acquired	6667.3055	Indirect
2003-12-15	Common Stock	J	105.7566	$56.5250	Acquired	6773.0621	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Preferred Stock	240	Indirect

Footnotes

F1: Shares acquired through the Company's dividend reinvestment plan.