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: ALTMAN WILLARD H JR (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-03-15	Common Stock	J	10.98	$40.10	Acquired	514.196	Direct
2003-06-15	Common Stock	J	8.56	$52.00	Acquired	522.756	Direct
2003-09-15	Common Stock	J	8.06	$56.80	Acquired	530.816	Direct
2003-12-15	Common Stock	J	7.93	$58.59	Acquired	538.746	Direct
2003-02-21	Preferred Stock	L	100.00	$30.60	Acquired	1400	Direct
2003-03-14	Preferred Stock	L	100.00	$29.75	Acquired	1500	Direct
2003-07-16	Preferred Stock	L	100.00	$31.50	Acquired	1600	Direct
2003-07-21	Preferred Stock	L	200.00	$31.00	Acquired	1800.00	Direct

Footnotes

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