SOURCE CAPITAL /DE/ — Director's Dealing 2005

Feb 11, 2005

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: SOURCE CAPITAL INC /DE/ (SOR)
CIK: 0000091847
Period of Report: 2004-12-31

Reporting Person: REES DAVID (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-03-15	Common Stock	J	110.7562	$62.4530	Acquired	6883.8183	Indirect
2004-06-15	Common Stock	J	115.9695	$60.6005	Acquired	6999.7878	Indirect
2004-09-15	Common Stock	J	115.6887	$61.7500	Acquired	7115.4765	Indirect
2004-12-15	Common Stock	J	109.9503	$66.0250	Acquired	7225.4268	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Preferred Stock	240	Indirect

Footnotes

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