<SEC-DOCUMENT>0001104659-12-058800.txt : 20120820
<SEC-HEADER>0001104659-12-058800.hdr.sgml : 20120818
<ACCEPTANCE-DATETIME>20120820100641
ACCESSION NUMBER:		0001104659-12-058800
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20120630
FILED AS OF DATE:		20120820
DATE AS OF CHANGE:		20120820
EFFECTIVENESS DATE:		20120820

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOURCE CAPITAL INC /DE/
		CENTRAL INDEX KEY:			0000091847
		IRS NUMBER:				941679410
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-01731
		FILM NUMBER:		121044150

	BUSINESS ADDRESS:	
		STREET 1:		11400 WEST OLYMPIC BLVD
		STREET 2:		SUITE 1200
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90064
		BUSINESS PHONE:		3102774900

	MAIL ADDRESS:	
		STREET 1:		11400 WEST OLYMPIC BLVD
		STREET 2:		SUITE 1200
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90064

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SMC INVESTMENT CORP
		DATE OF NAME CHANGE:	19721123
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>a12-15931_2ncsrs.htm
<DESCRIPTION>CERTIFIED SEMI-ANNUAL SHAREHOLDER REPORT
<TEXT>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">UNITED STATES</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Washington, D.C. 20549</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">FORM N-CSR</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br> MANAGEMENT INVESTMENT COMPANIES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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<td width="29%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:29.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Company Act file number</font></p>    </td>
<td width="70%" colspan="6" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1731</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="9" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SOURCE CAPITAL, INC.</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="9" valign="top" style="border:none;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as   specified in charter)</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" colspan="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11400 WEST OLYMPIC BLVD., SUITE 1200, LOS   ANGELES, CALIFORNIA</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">90064</font></p>    </td>   </tr>
<tr>
<td width="66%" colspan="7" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive   offices)</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip code)</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="9" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J. RICHARD ATWOOD,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11400 WEST OLYMPIC BLVD., SUITE 1200, LOS   ANGELES, CALIFORNIA 90064</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="9" valign="top" style="border:none;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name and address of agent for   service)</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="39%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:39.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone number, including   area code:</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">310-473-0225</font></p>    </td>
<td width="37%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:37.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of fiscal year end:</font></p>    </td>
<td width="19%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DECEMBER 31</font></p>    </td>
<td width="62%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of reporting period:</font></p>    </td>
<td width="17%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">JUNE 30, 2012</font></p>    </td>
<td width="62%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="0">
<td width="135" style="border:none;"></td>
<td width="10" style="border:none;"></td>
<td width="73" style="border:none;"></td>
<td width="59" style="border:none;"></td>
<td width="21" style="border:none;"></td>
<td width="171" style="border:none;"></td>
<td width="25" style="border:none;"></td>
<td width="15" style="border:none;"></td>
<td width="239" style="border:none;"></td>   </tr> </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 1. Report to Stockholders</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:36pt;"><b>SOURCE CAPITAL, INC.</b></font></p>
<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:46pt;"><b>2012</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:16pt;"><b>SEMIANNUAL REPORT</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:12pt;">for the six months ended June 30, 2012</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>SOURCE CAPITAL, INC.<BR>SUMMARY FINANCIAL INFORMATION</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="210" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="200" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Six months ended<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">June 30, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="200" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Year ended<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">December 31, 2011</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="210" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="107" align="center" valign="bottom" style="padding:1pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Total<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Net<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="center" valign="bottom" style="padding:1pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Per<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Common<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Share</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="107" align="center" valign="bottom" style="padding:1pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Total<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Net<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="center" valign="bottom" style="padding:1pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Per<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Common<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Share</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="210" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Beginning of period</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">524,173,666</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">54.30</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">577,534,615</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">60.47</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="210" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Net gain on investments, realized and unrealized</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">15,559,989</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1.80</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(24,569,211</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(2.84</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="210" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,364,653</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.16</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,900,091</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.22</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="210" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Dividends to Preferred shareholders</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(2,349,920</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(0.27</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(4,726,109</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(0.55</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="210" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Distributions to Common shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(12,117,336</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(1.40</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(25,965,720</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(3.00</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="210" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Redemption of Preferred Stock</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(54,153,330</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="210" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Net changes during period</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(51,695,944</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.29</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(53,360,949</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(6.17</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="210" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">End of period</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">472,477,722</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">54.59</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">524,173,666</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="45" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">54.30</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="210" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="107" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="107" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="204" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">June 30, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">December 31, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">December 31, 2010</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="204" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Common market price per share</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">49.11</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="81" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">46.98</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="81" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">53.20</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="204" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Common net asset value</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">54.59</font></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="81" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">54.30</font></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="81" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">60.47</font></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="204" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Common market discount from net asset value</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">10.0</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="81" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">13.5</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="81" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">12.0</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>DESCRIPTION OF THE COMPANY</b></font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Source Capital, Inc., </b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">is a diversified, publicly traded investment company. Its investment portfolio includes a wide range of securities with primary emphasis on common stock.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Source Capital's Common stock is listed and traded on the New York Stock Exchange and there are currently 8,655,240 shares outstanding. Source Capital's investment objective is to seek maximum total return for Common shareholders from both capital appreciation and investment income to the extent consistent with protection of invested capital.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Source Capital is not a mutual fund. Thus, the Company does not repurchase its own shares on demand and does not need to structure its portfolio securities to provide for possible redemptions. As a publicly traded investment company, Source Capital's Common shares are bought and sold on The New York Stock Exchange, and the Company is not involved in such transactions.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Source Capital's investment approach emphasizes primarily equity investments in seeking to achieve its growth objective for its Common shareholders. The desirability of equity versus fixed-income investments has been increasingly debated in recent years. Source Capital's position is that without assuming undue risk, properly selected stocks offer the better long-term opportunity for overall investment return as well as long-term protection from the large but uncertain threat of inflation. Source Capital's equity investments are </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">directed toward companies with highly liquid, relatively unleveraged balance sheets and a demonstrated long-term ability to earn above average returns on invested capital. Source Capital's equity investment portfolio is based on fundamental judgments of long-term returns attainable from income and appreciation in the securities of such companies and is not derived from overall economic forecasts or stock market predictions.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The Company has adopted a flexible distribution policy. This policy is designed to pay Common shareholders quarterly distributions at a rate that is substantially in excess of net investment income (dividends and interest, less expenses). The rate is adjusted periodically in response to sustained changes in the net asset value, market conditions, and changes to investment company regulations and tax laws. Only a portion of such distributions is paid from net investment income. The remainder is paid from any net realized capital gains and/or paid-in capital, as determined by each year's results. To the extent the Company realizes net long-term capital gains for any year in excess of the amounts distributed under the Company's distribution policy, such excess will be distributed to shareholders. For federal income tax purposes, all distributions in excess of current year earnings will be taxable to shareholders as long as the Company continues to have accumulated earnings and profits from prior years.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>1</font></p>
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<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>SOURCE CAPITAL, INC.<BR>LETTER TO SHAREHOLDERS</b></font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>TO OUR SHAREHOLDERS:</b></font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Investment Portfolio Returns</b></font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Total net assets of Source Capital amounted to $472,477,722 at June 30, 2012, or $54.59 of net asset value per Common share. This compared with Common equity of $470,020,336 and net asset value per Common share of $54.30 at year end. As a result, Source Capital recorded a positive total investment return during the six months ended June 30, 2012, of 3.0% on its Common net asset value, reflecting the reinvestment of dividends and distributions.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Distributions to Common Shareholders</b></font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Source Capital's distribution policy allows the Board of Directors to consider changes in net asset value when establishing the quarterly distribution rate. But this policy also provides for the flexibility to consider such other factors as current market conditions and changes to investment company regulations and tax laws. It is the intention of the Board of Directors to continue paying quarterly distributions at a rate that is substantially in excess of net investment income.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The regular quarterly distribution on the Common shares of $0.70 per share was paid on June 15, 2012, to shareholders of record on May 25, 2012.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Redemption of Preferred Stock</b></font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">On May 30, 2012, the Board of Directors of Source Capital, Inc. announced the full redemption of all issued and outstanding shares of its $2.40 Preferred Stock, $3 par value on June 29, 2012. The Preferred Stock was redeemed, pursuant to its terms, at its stated call price of $27.50 per share plus accrued and unpaid dividends to the redemption date. At the time of the announcement there were 1,969,212 shares of Preferred Stock issued and outstanding.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">In the early 1970s the equity of Source Capital (originally SMC Investment Corp.) was split into two new classes of stock, with each shareholder receiving a pro rata portion of new Common shares and new Preferred shares. Under the terms set during the split, the Preferred shareholders received annual dividends of $2.40 per share. Based on the fixed net asset value of $27.50 for each Preferred share, this dividend rate resulted in a yield of 8.7%. At that time and for many years, higher interest rates allowed fixed income investments in the Source portfolio to generate more than enough income to fund the Preferred dividend, with the excess returns accruing to the benefit of the Common shareholders. Unfortunately, the current low interest </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">rate environment, combined with the Fed's stated intention to keep rates low through 2014, has minimized, in our minds, the potential for excess returns that might prove accretive to the Common shareholder. Moreover, we believe that there is greater risk that the Common shareholders might be impaired should the high-yielding Preferred remain outstanding.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">After having successfully met the needs of both the Common and Preferred shareholders for almost 40 years, we understand that this action may have come unexpectedly to some of our Preferred shareholders. And, because the Preferred stock was trading in the market at a premium to its $27.50 net asset value, those shareholders who had recently purchased the stock suffered a capital loss. However, in our opinion, the currently foreseeable market environment did not offer the right balance of risk and reward for the Company to continue to maintain the Preferred stock.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The regular quarterly dividend on the Preferred shares of $0.60 per share was paid on June 15, 2012, to shareholders of record on May 25, 2012. In addition, accrued dividends of $0.09333 per share were paid on the Preferred shares on the redemption date of June 29, 2012.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Commentary</b></font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>"Rubbernecking"</b></font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Humans, with our ever-shortening attention spans, get easily distracted. Financial markets are no different. Ignoring major issues confronting the U.S., markets have been focusing instead on the troubles in the Eurozone. While those events deserve close attention, we also strive to assure that the portfolio is well positioned for future challenges confronting the U.S., now and in the future.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">As we discussed in our last letter, Europe faces seemingly intractable problems.<sup>1</sup> While it is debatable whether the long-term financial outlook for the U.S. is better than Europe's, fortunately we do not face the short-term danger of a collapse in our political union. That risk explains why markets are fixated on events across the Atlantic.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">While attention is focused elsewhere, the financial backdrop in the U.S. continues to worsen. At the end of June, the federal government had $15.8 trillion of total debt outstanding.<sup>2</sup> Representing 102% of GDP, the debt has reached a level that in the past has produced a noticeable drag on economic growth.<sup>3</sup> Compounding the problem, annual deficits are expected to add another $11 trillion to the total over the next decade.<sup>4</sup> Unfortunately, that is only the tip of the iceberg. Hidden out of </font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><sup>1</sup>&nbsp;&nbsp;<u>http://fpafunds.com/docs/2012-annual-and-semi-annual-reports/sci-first-qtr-report-3-31-12.pdf?sfvrsn=2</u></font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><sup>2</sup>&nbsp;&nbsp;<u>http://www.treasurydirect.gov/govt/reports/pd/pd_debtposactrpt_0612.pdf</u></font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><sup>3</sup>&nbsp;&nbsp;U.S. Department of Commerce, Bureau of Economic Analysis. March 2012</font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><sup>4</sup>&nbsp;&nbsp;CBO, </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>The Budget and Economic Outlook: Fiscal Years 2012 to 2022</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">. January 2012: 39 <BR><u>http://www.cbo.gov/sites/default/files/cbofiles/attachments/01-31-2012_Outlook.pdf</u></font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>2</font></p>
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<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">sight is the $70 trillion present value (cost today) of the future liabilities of Medicare, Medicaid and Social Security.<sup>5</sup> Collective obligations of that size dwarf the ability to meet them without drastic government actions.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Neither escalating government debt nor entitlement liabilities are new issues. But instead of taking constructive action, Washington has, over the past decade, chosen a path of willful neglect. We wrote in September 2010 that due to lack of political will "we expect continued disappointment [from Washington] until markets force the issue." During the intervening two years, no meaningful action occurred, but our "leaders" received a free pass. Europe's problems created a flight to safety in global debt markets which helped drive U.S. government borrowing costs to historic lows. Such a reprieve has only delayed the point when politicians make necessary changes voluntarily or are forced by the markets to do so.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><u>Portfolio</u></font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">When we think about preparing the portfolio for the challenges facing the U.S., we take two approaches. First, we carefully assess whether in addition to selling at attractive valuations our portfolio companies meet several criteria. These businesses need to generate attractive returns on capital, possess limited financial leverage and have managements that effectively allocate capital. We believe these company characteristics should provide insurance against turbulence resulting from future fiscal and entitlement changes. Our second approach is the opposite of the first, as it requires us to avoid other criteria. Government exposure is a good example. While never excited in the past about businesses with large amounts of government sales, we are even less enthusiastic today. The combination of politics and the deteriorating financial position make the government an unattractive customer from our perspective. One of our portfolio companies, Lincare, relies on government funding for most of its business. We have been carefully monitoring this exposure, with an eye toward exiting the position, but felt recent market prices undervalued the company. As we discuss in more detail later in the letter, a recent buyout offer should allow us to sell Lincare in the third quarter on attractive terms. In the future we will strive to maintain reduced exposure to government funding.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Performance</b></font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">For the second quarter Source was down almost 9%. This follows a first quarter gain of almost 13%. As a result, the Company was up a total of 3% for the first half of the year.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">In contrast, most market indexes were up 8-9% for the half year, with the benchmark Russell 2500 up 8%. We see two major explanations for the short-term performance. First, low-quality companies appear to have outperformed high-quality companies. Within the Russell 2500, the ten percent of the index with the lowest return on equity (ROE) advanced 27% for the half, while the ten percent with the highest ROE were up 17%. For comparison, Source had an ROE of 20% compared to 12% for the Russell 2500. Over time the higher quality in the Source portfolio has been recognized by the market. Second, positions in energy, technology and industrials were Source's worst performers, </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">particularly in the second quarter. Weighing on all three groups were concerns about the slowing rate of global economic growth.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Individual stock performance in the second quarter for the portfolio was led by companies providing services and consumables, with Lincare (+31%) and L'Occitane (+16%) being standouts. The worst performers in the quarter generally have some economic sensitivity, including CarMax (down 25%), Manpower (down 23%), FMC Technologies (down 22%), as well as technology, and truck manufacturing (each down 10-20%). It is important to note that nothing has changed our fundamental assessment of any of these businesses. We believe all possess attractive future return potential.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">For the year-to-date period (first half), leading performers were found in healthcare (Lincare +32%, bioMerieux +15%, Life Technologies +16%) and in foreign-domiciled companies (L'Occitane +37%, Halma +28%, and again bioMerieux +15%). On the worst side for the half year were mostly companies selling business services and supplies including ScanSource, down 15%, Microchip, down 10%, and Clarcor, Zebra, Maxim, and Copart, all down 1-5%.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The table below shows performance for both Source and the benchmark Russell 2500 for periods ranging from the most recent quarters to the past 15 years.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="67" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="23" width="454" align="center" valign="bottom" style="padding:0pt .7pt 4pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"><b>Periods Ended June 30, 2012</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="67" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="74" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"><b>Second <BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"><b>Quarter</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="64" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"><b>First <BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"><b>Half</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="69" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"><b>Three <BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"><b>Years*</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="69" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"><b>Five <BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"><b>Years*</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="69" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"><b>Ten <BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"><b>Years*</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="69" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"><b>Fifteen <BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:7pt;"><b>Years*</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="67" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Source</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(8.7</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3.0</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">15.3</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.5</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">7.7</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">9.6</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="67" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Russell 2500</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="40" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(4.1</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="33" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">8.3</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">19.1</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.2</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">8.0</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">7.6</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="67" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">S&amp;P 500</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(2.8</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">9.5</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">16.4</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.2</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">5.3</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">4.8</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="67" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Nasdaq</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="40" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(4.8</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="33" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">13.3</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">18.1</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3.4</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">8.0</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">5.5</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">*&nbsp;&nbsp;Annualized returns</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Company Discussion</b></font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">On the mergers and acquisitions front, there has been one deal of considerable significance affecting the portfolio.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">On July 1, 2012, </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Lincare</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> announced it had agreed to be acquired by Linde, a Germany-based provider of industrial and healthcare gases. The purchase offers Linde an opportunity to increase its exposure to the U.S. medical oxygen and respiratory business. From Lincare's standpoint, the $4.6 billion price ($41.50 in cash for each Lincare share) is quite attractive. This is a huge, 60% premium over Lincare's pre-deal price of about $25 per share.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">At the time of the announcement we owned about a three percent portfolio position in Lincare that now has risen to nearly 6% at the deal price. We have long been attracted by the stability and steady growth of the market, Lincare's leading share, and its history of superb execution. As an offset, continuing cost pressures on Medicare have led to repeated reimbursement cuts to providers like Lincare. We expect that trend to continue and are pleased to have an opportunity to sell our shares at this attractive price.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><sup>5</sup>&nbsp;&nbsp;Estimation based on data from: Centers for Medicare &amp; Medicaid Services, </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>2010 Medicare Trustees' Annual Report, August 2010;</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> USA Inc., </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>A Basic Summary of America's Financial Statements, February 2011</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>3</font></p>
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<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The deal is expected to close during the third quarter.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">We are pleased to receive reader feedback to shareholder letters at the email address, <u>source@firstpacad.com</u>.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Thank you for your continued support and trust.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Respectfully submitted,</font></p>
<p align="left"><img src="j12159311_ba002.jpg">
</p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Eric S. Ende</font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">President and<BR>Chief Investment Officer</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">July 30, 2012</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">We were saddened by the passing of Lawrence J. Sheehan this past June. Mr. Sheehan served as legal counsel to Source Capital at its inception in 1968. He was elected as a director in 1991 and served in that role until his retirement in 2010. His wise counsel and sound reasoning will truly be missed.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The discussion of Company investments represents the views of the Company's managers at the time of this report and are subject to change without notice. References to individual securities are for informational purposes only and should not be construed as recommendations to purchase or sell individual securities. While the Company's managers believe that the Company's holdings are value stocks, there can be no assurance that others will consider them as such. Further, investing in value stocks presents the risk that value stocks may fall out of favor with investors and underperform growth stocks during given periods.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The Russell 2000 Index is an unmanaged index comprised of the 2,000 smallest companies in the Russell 3000 Index. The Russell 2500 Index is an unmanaged index comprised of the 2,500 smallest companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization. The S&amp;P 500 Index is an index of 500 companies with large market capitalization. The Nasdaq Composite Index is a market capitalization index comprised of more than 3,000 stocks.</font></p>
<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>FORWARD LOOKING STATEMENT DISCLOSURE</b></font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">As managers, one of our responsibilities is to communicate with shareholders in an open and direct manner. Insofar as some of our opinions and comments in our letters to shareholders are based on current management expectations, they are considered "forward-looking statements," which may or may not be accurate over the long term. While we believe we have a reasonable basis for our comments and have confidence in our opinions, actual results may differ materially from those we anticipate. You can identify forward-looking statements by words such as "believe," "expect," "may," "anticipate," and other similar expressions when discussing prospects for particular portfolio holdings and/or the markets, generally. We cannot, however, assure future results and disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise. Further, information provided in this report should not be construed as a recommendation to purchase or sell any particular security.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>4</font></p>
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<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>SOURCE CAPITAL, INC.<BR>PORTFOLIO SUMMARY</b></font></p>
<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">June 30, 2012<BR>(Unaudited)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="164" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Common Stocks</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b> </b></font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>90.0</b></font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>%</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="164" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Producer Durable Goods</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="33" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">22.0</font></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="164" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Retailing</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">17.4</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="164" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Business Services &amp; Supplies</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="33" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">17.4</font></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="164" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Healthcare</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">16.1</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="164" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Energy</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="33" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">6.2</font></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="164" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Technology</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">5.2</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="164" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Transportation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="33" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">4.9</font></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="164" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Entertainment</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.8</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="164" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Preferred Stocks</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="33" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b> </b></font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>1.2</b></font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>%</b></font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="164" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Non-Convertible Bonds &amp; Debentures</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b> </b></font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>2.5</b></font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>%</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="164" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Short-term Investments</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="33" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b> </b></font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>5.7</b></font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>%</b></font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="164" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Other Assets and Liabilities, net</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b> </b></font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>0.6</b></font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>%</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="164" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Net Assets</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="33" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b> </b></font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>100.0</b></font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>%</b></font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>MAJOR PORTFOLIO CHANGES</b></font></p>
<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Quarter Ended June 30, 2012<BR>(Unaudited)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="191" valign="bottom" style="padding:4pt .7pt 2.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:4pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Shares or<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Face Amount</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="285" bgcolor="#cceeff" align="left" valign="bottom" style="padding:21pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>NET PURCHASES</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="285" align="left" valign="bottom" style="padding:14pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Common Stocks</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Domino Printing Sciences plc</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="94" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">245,000 shs.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">EVS Broadcast Equipment S.A.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">64,668 shs.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Halma plc</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="94" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">348,943 shs.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Rotork plc</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">47,549 shs.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Spirax-Sarco Engineering plc</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="94" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">110,000 shs.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="285" align="left" valign="bottom" style="padding:10pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Non-Convertible Security</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Stanadyne Corporation &#151; 10% 2014(1)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="65" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3,000,000</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="285" align="left" valign="bottom" style="padding:21pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>NET SALES</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="285" bgcolor="#cceeff" align="left" valign="bottom" style="padding:12pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Common Stocks</i></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Brady Corporation (Class A)(2)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">46,281 shs.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Dolby Laboratories, Inc. (Class A)(2)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="94" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">134,400 shs.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="285" align="left" valign="bottom" style="padding:10pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Non-Convertible Securities</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Appleton Papers Inc. &#151; 10.5% 2015(2)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="65" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3,000,000</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Deluxe Corporation &#151; 5.125% 2014(2)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="65" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2,000,000</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Office Depot, Inc. &#151; 6.25% 2013(2)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="65" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1,044,000</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">SPX Corporation &#151; 7.625% 2014(2)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="65" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2,000,000</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Solo Cup Company &#151; 10.5% 2013(2)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="65" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3,000,000</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Stone Energy Corporation &#151; 6.75% 2014(2)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="65" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2,000,000</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Tube City IMS Corporation &#151; 9.75% 2015(2)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="65" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1,000,000</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(1)&nbsp;&nbsp;Indicates New Commitment to Portfolio</font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(2)&nbsp;&nbsp;Indicates Elimination from Portfolio</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>5</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>SOURCE CAPITAL, INC.<BR>PORTFOLIO OF INVESTMENTS</b></font></p>
<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">June 30, 2012<BR>(Unaudited)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>COMMON STOCKS</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Shares or<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Face<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Amount</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="536" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>PRODUCER DURABLE GOODS &#151; 22.0%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Actuant Corporation (Class A)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">315,700</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">8,574,412</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Franklin Electric Co., Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">225,600</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">11,534,928</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Graco Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">395,800</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">18,238,464</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">HNI Corporation</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">513,733</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">13,228,625</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">IDEX Corporation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">427,100</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">16,648,358</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Rotork plc</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">72,200</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2,227,810</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">WABCO Holdings Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">383,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">20,272,190</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Zebra Technologies Corporation (Class A)*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">384,400</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">13,207,984</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="434" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">103,932,771</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="536" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>RETAILING &#151; 17.4%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">CarMax, Inc.*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">762,200</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">19,771,468</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">L'Occitane International SA</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1,875,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">5,160,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">O'Reilly Automotive, Inc.*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">425,900</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">35,677,643</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Signet Jewelers Limited</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">498,200</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">21,925,782</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="434" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">82,534,893</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="536" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>BUSINESS SERVICES &amp; SUPPLIES &#151; 17.4%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Aggreko plc</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">149,534</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">4,852,932</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">CLARCOR Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">252,700</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">12,170,032</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Copart, Inc.*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">687,100</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">16,277,399</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Domino Printing Sciences plc</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">390,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3,298,620</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Halma plc</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1,325,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">8,666,692</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Manpower Group</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">216,200</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">7,923,730</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">ScanSource, Inc.*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">640,263</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">19,617,658</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Spirax-Sarco Engineering plc</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">300,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">9,332,010</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="434" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">82,139,073</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="536" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>HEALTHCARE &#151; 16.1%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">bioM&eacute;rieux SA</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">79,887</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">6,555,024</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Bio-Rad Laboratories, Inc. (Class A)*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">147,700</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">14,771,477</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Life Technologies Corporation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">414,198</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">18,634,768</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Lincare Holdings Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">568,600</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">19,343,772</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Sonova Holding AG</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">53,500</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">5,151,708</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Varian Medical Systems Inc.*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">42,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2,552,340</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">VCA Antech Inc.*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">413,300</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">9,084,334</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="434" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">76,093,423</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="536" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>ENERGY &#151; 6.2%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">FMC Technologies, Inc.*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">307,800</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">12,074,994</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Noble Corporation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">529,200</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">17,214,876</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="434" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">29,289,870</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="536" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>TECHNOLOGY &#151; 5.2%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">EVS Broadcast Equipment S.A.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">89,668</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">4,215,275</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Maxim Integrated Products, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">309,600</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">7,938,144</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Microchip Technology Incorporated</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">374,951</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">12,403,379</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="434" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">24,556,798</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="536" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>TRANSPORTATION &#151; 4.9%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Heartland Express, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">825,800</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">11,817,198</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Knight Transportation, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">700,600</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">11,202,594</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="434" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">23,019,792</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See notes to financial statements.<br>6</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>SOURCE CAPITAL, INC.<BR>PORTFOLIO OF INVESTMENTS </b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(Continued)</font></p>
<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">June 30, 2012<BR>(Unaudited)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>COMMON STOCKS</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i> (Continued)</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Shares or<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Face<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Amount</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="536" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>ENTERTAINMENT &#151; 0.8%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Carnival Corporation (Class A)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">110,300</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3,779,981</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>TOTAL COMMON STOCKS &#151; 90.0%</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> (Cost $286,651,089)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="89" bgcolor="#cceeff" valign="bottom" style="padding:5.5pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5.5pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5.5pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">425,346,601</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:5.5pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="536" align="left" valign="bottom" style="padding:7pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>PREFERRED STOCKS &#151; 1.2%</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="536" bgcolor="#cceeff" align="left" valign="bottom" style="padding:7pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>REAL ESTATE INVESTMENT TRUST</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">CBL &amp; Associates Properties, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">100,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2,548,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">ProLogis Inc. (Series S)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">120,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3,057,600</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:5.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>TOTAL PREFERRED STOCKS</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> (Cost $5,726,454)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" valign="bottom" style="padding:5.5pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:5.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:5.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">5,605,600</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:5.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="536" bgcolor="#cceeff" align="left" valign="bottom" style="padding:7pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>NON-CONVERTIBLE BONDS AND DEBENTURES &#151; 2.5%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Cenveo, Inc. &#151; 7.875% 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3,000,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2,992,500</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Helix Energy Solutions Group, Inc. &#151; 9.5% 2016</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1,158,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1,210,110</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">OMNOVA Solutions Inc. &#151; 7.875% 2018</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">275,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">270,875</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Quality Distribution LLC &#151; 9.875% 2018</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3,000,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3,299,640</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Select Medical Holdings Corporation &#151; 7.625% 2015</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">500,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">503,125</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Service Corporation International &#151; 7.375% 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1,000,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1,092,750</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Stanadyne Corporation &#151; 10% 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3,000,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2,621,250</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5.5pt .7pt 5.5pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>TOTAL NON-CONVERTIBLE BONDS<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>AND DEBENTURES</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> (Cost $11,530,395)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="89" bgcolor="#cceeff" valign="bottom" style="padding:5.5pt .7pt 5.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5.5pt .7pt 5.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5.5pt .7pt 5.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">11,990,250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:5.5pt .7pt 5.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>TOTAL INVESTMENT SECURITIES &#151; 93.7%</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> (Cost $303,907,938)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">442,942,451</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="536" bgcolor="#cceeff" align="left" valign="bottom" style="padding:15pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>SHORT TERM INVESTMENTS &#151; 5.7%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">State Street Bank Repurchase Agreement &#151; 0.01% 07/02/2012<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(Collateralized by $6,425,000 Principal Amount U.S. Treasury Notes &#151; 3.125% 2041, <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Market Value $6,929,420)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">6,792,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">6,792,004</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Federal Home Loan Bank Discount Note &#151; 0.02% 07/09/2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">20,000,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">19,999,911</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:5.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>TOTAL SHORT-TERM INVESTMENTS</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> (Cost $26,791,915)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" valign="bottom" style="padding:5.5pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:5.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:5.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">26,791,915</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:5.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>TOTAL INVESTMENTS &#151; 99.4%</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> (Cost $330,699,853)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="89" bgcolor="#cceeff" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">469,734,366</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Other assets and liabilities, net &#151; 0.6%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2,743,356</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="345" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5.5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>TOTAL NET ASSETS &#151; 100.0%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="89" bgcolor="#cceeff" valign="bottom" style="padding:5.5pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">472,477,722</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:5.5pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">*&nbsp;&nbsp;Non-income producing securities</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See notes to financial statements.<br>7</font></p>
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<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>SOURCE CAPITAL, INC.<BR>STATEMENT OF ASSETS AND LIABILITIES</b></font></p>
<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(Unaudited)</font></p>
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<tr>
<td colspan="3" width="294" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="207" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">June 30, 2012</font></td>
<td colspan="1">&nbsp;</td>
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<tr>
<td colspan="11" width="501" bgcolor="#cceeff" align="left" valign="bottom" style="padding:6pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">ASSETS</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="501" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Investments at value:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Investment securities &#151; at market value<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(cost $303,907,938) &#151; Note A</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">442,942,451</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Short-term investments &#151; at amortized cost<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(maturities 60 days or less) &#151; Note A</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">26,791,915</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">469,734,366</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Cash</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">678</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="501" align="left" valign="bottom" style="padding:6pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Receivable for:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Investment securities sold</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3,238,750</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Accrued interest</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">267,555</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Dividends</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">67,577</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3,573,882</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">473,308,926</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="501" bgcolor="#cceeff" align="left" valign="bottom" style="padding:6pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">LIABILITIES</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="501" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Payable for:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Investment securities purchased</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">502,538</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Advisory fees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">272,166</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Accrued expenses</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">56,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">831,204</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">TOTAL NET ASSETS</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">472,477,722</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="501" bgcolor="#cceeff" align="left" valign="bottom" style="padding:6pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">SUMMARY OF SHAREHOLDERS' EQUITY</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Common Stock &#151; par value $1 per share; authorized 12,000,000 shares; <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">outstanding 8,655,240 shares &#151; Note B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">8,655,240</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Additional Paid-in Capital</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="94" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">320,783,440</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Unallocated distributions to common shareholders</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">4,004,529</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Unrealized appreciation of investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="94" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">139,034,513</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">TOTAL NET ASSETS</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">472,477,722</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:9pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Common Stock net asset value per share</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:9pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:9pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:9pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:9pt .7pt 2pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:9pt .7pt 2pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">54.59</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:9pt .7pt 2pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Common Stock market price per share</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">49.11</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See notes to financial statements.<br>8</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>SOURCE CAPITAL, INC.<BR>STATEMENT OF OPERATIONS</b></font></p>
<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">For the six months ended June 30, 2012<BR>(Unaudited)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="11" width="501" bgcolor="#cceeff" align="left" valign="bottom" style="padding:6pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">INVESTMENT INCOME</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="501" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Income</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Dividends</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="94" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2,961,309</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Interest</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">846,227</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="94" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3,807,536</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="501" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Expenses &#151; Note C:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Advisory fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1,876,168</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Transfer agent fees and expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">184,733</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Reports to shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">98,987</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Directors' fees and expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">81,737</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Legal and auditing fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">79,496</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Taxes, other than federal income tax</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">53,386</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Registration and filing fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">30,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Custodian fees and expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">25,114</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Other expenses</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">13,262</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2,442,883</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net investment income &#151; Note A</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1,364,653</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="501" bgcolor="#cceeff" align="left" valign="bottom" style="padding:6pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="501" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net realized gain on investments:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="501" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Proceeds from sale of investment securities</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(Excluding short-term corporate notes with maturities 60 days or less)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">115,812,752</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Cost of investment securities sold</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">99,626,285</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net realized gain on investments &#151; Notes A and D</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">16,186,467</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="501" bgcolor="#cceeff" align="left" valign="bottom" style="padding:6pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Unrealized appreciation of investments:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Unrealized appreciation at beginning of period</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">139,660,991</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Unrealized appreciation at end of period</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">139,034,513</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Decrease in unrealized appreciation of investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(626,478</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net realized and unrealized gain on investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">15,559,989</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:9pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">NET CHANGE IN TOTAL NET ASSETS RESULTING FROM OPERATIONS</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:9pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:9pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:9pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:9pt .7pt 2pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:9pt .7pt 2pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">16,924,642</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:9pt .7pt 2pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See notes to financial statements.<br>9</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=10,FOLIO='9',FILE='12-15931-1.da',USER='whazuka',CD='Aug 17 05:20 2012' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>SOURCE CAPITAL, INC.<BR>STATEMENT OF CHANGES IN TOTAL NET ASSETS</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="214" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="213" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">For the six months ended<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">June 30, 2012<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">(Unaudited)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="216" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">For the year ended<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">December 31, 2011</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="651" bgcolor="#cceeff" align="left" valign="bottom" style="padding:6pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">CHANGES IN TOTAL NET ASSETS</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="651" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Operations:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1,364,653</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="63" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1,900,091</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net realized gain on investments &#151; <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Note A and D</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">16,186,467</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="63" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">25,090,915</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Change in unrealized appreciation of investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(626,478</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="63" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(49,660,126</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Change in total net assets resulting from operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">16,924,642</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="63" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(22,669,120</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="651" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Distributions to Preferred shareholders:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">From net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(1,661,936</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="63" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(2,366,679</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">From net realized capital gains</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(687,984</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(2,349,920</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="63" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(2,359,430</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(4,726,109</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" align="left" valign="bottom" style="padding:3pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Distributions to Common shareholders<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">from net realized capital gains</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:3pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:3pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:3pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:3pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(12,117,336</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:3pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:3pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="63" align="right" valign="bottom" style="padding:3pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:3pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:3pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(25,965,720</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:3pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Redemption of $2.40 Cumulative Preferred Stock, <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3 </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">par value &#151; Note C</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(54,153,330</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="63" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net change in total net assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(51,695,944</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="63" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(53,360,949</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="651" bgcolor="#cceeff" align="left" valign="bottom" style="padding:18pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">TOTAL NET ASSETS</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Beginning of period</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">524,173,666</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="63" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">577,534,615</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="214" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">End of period</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">472,477,722</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="63" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">524,173,666</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See notes to financial statements.<br>10</font></p>
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<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>SOURCE CAPITAL, INC.<BR>FINANCIAL HIGHLIGHTS</b></font></p>
<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Selected data for a share of Common Stock outstanding throughout each period</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="185" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="111" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Six<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">months<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">ended<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">June 30,<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="536" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Year ended December 31,</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="111" align="center" valign="bottom" style="padding:1pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">(Unaudited)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="102" align="center" valign="bottom" style="padding:1pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="padding:1pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2010</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="padding:1pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2009</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="102" align="center" valign="bottom" style="padding:1pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2008</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="102" align="center" valign="bottom" style="padding:1pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2007</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="840" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Common Stock:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="840" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Per share operating performance:</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net asset value at beginning of period</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">54.30</font></td>
<td colspan="1" width="34" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">60.47</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">50.36</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">34.61</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">64.75</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">64.81</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="840" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Income from investment operations:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.16</font></td>
<td colspan="1" width="34" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.22</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.48</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.25</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.49</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.55</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net realized and unrealized gain (loss)<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">on investment securities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.80</font></td>
<td colspan="1" width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(2.84</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">12.58</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">18.05</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(26.58</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3.94</font></td>
<td colspan="1" width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Total from investment operations</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.96</font></td>
<td colspan="1" width="34" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(2.62</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">13.06</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">18.30</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(26.09</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">4.49</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="840" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Distributions to Preferred shareholders:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">From net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.19</font></td>
<td colspan="1" width="34" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.28</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.55</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.15</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.53</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.55</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">From net realized capital gains</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.08</font></td>
<td colspan="1" width="34" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.27</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.40</font></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.02</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="840" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Distributions to Common shareholders:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">From net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.18</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">From net realized capital gains</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(1.40</font></td>
<td colspan="1" width="34" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(3.00</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(2.40</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(2.00</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(3.50</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(3.82</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Total distributions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(1.67</font></td>
<td colspan="1" width="34" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(3.55</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(2.95</font></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(2.55</font></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(4.05</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(4.55</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net asset value at end of period</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">54.59</font></td>
<td colspan="1" width="34" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">54.30</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">60.47</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">50.36</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">34.61</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">64.75</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Per share market price at end of period</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">49.11</font></td>
<td colspan="1" width="34" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">46.98</font></td>
<td colspan="1" width="26" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">53.20</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">43.04</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">28.29</font></td>
<td colspan="1" width="26" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">60.08</font></td>
<td colspan="1" width="26" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Total investment return(1)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">7.4</font></td>
<td colspan="1" width="34" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(6.3</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">30.0</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">60.9</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(49.3</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(5.5</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net asset value total return(2)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3.0</font></td>
<td colspan="1" width="34" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(5.2</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">26.0</font></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">53.0</font></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(42.8</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">6.1</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="840" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Ratios/supplemental data:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net assets at end of period (in thousands)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">472,478</font></td>
<td colspan="1" width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">524,174</font></td>
<td colspan="1" width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">577,535</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">490,043</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">353,720</font></td>
<td colspan="1" width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">614,585</font></td>
<td colspan="1" width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="840" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Ratios based on average net assets applicable to <BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Common Stock:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Expenses(4)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.98</font></td>
<td colspan="1" width="34" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%(3)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.96</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.98</font></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.04</font></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.97</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.91</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net investment income(4)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.55</font></td>
<td colspan="1" width="34" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%(3)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.38</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.92</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.60</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.95</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.82</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Portfolio turnover rate</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">11.43</font></td>
<td colspan="1" width="34" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%(3)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">17.50</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">12.59</font></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">8.65</font></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">19.43</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">11.97</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="840" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Preferred Stock&#151;NOTE C:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Total shares outstanding(5)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">N/A</font></td>
<td colspan="1" width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1,969,212</font></td>
<td colspan="1" width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1,969,212</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1,969,212</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1,969,212</font></td>
<td colspan="1" width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1,969,212</font></td>
<td colspan="1" width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Asset coverage per share(5)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">N/A</font></td>
<td colspan="1" width="34" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">266.18</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">293.28</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">248.85</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">179.62</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">312.10</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Involuntary liquidation preference per share</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">N/A</font></td>
<td colspan="1" width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">27.50</font></td>
<td colspan="1" width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">27.50</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">27.50</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">27.50</font></td>
<td colspan="1" width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">27.50</font></td>
<td colspan="1" width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Per share market price at end of period</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">N/A</font></td>
<td colspan="1" width="34" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">34.71</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">34.53</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">33.13</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">29.70</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">32.25</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Average market value per share(6)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">N/A</font></td>
<td colspan="1" width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">34.60</font></td>
<td colspan="1" width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">34.27</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">31.05</font></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">31.49</font></td>
<td colspan="1" width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">32.55</font></td>
<td colspan="1" width="26" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(1)&nbsp;&nbsp;Based on market price per share, adjusted for reinvestment of distributions.</font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(2)&nbsp;&nbsp;Based on net asset value per share, adjusted for reinvestment of distributions.</font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(3)&nbsp;&nbsp;Annualized.</font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(4)&nbsp;&nbsp;Does not reflect the effect of dividend payments to Preferred shareholders. <BR>&nbsp;&nbsp;These ratios based on total net assets are as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="185" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="111" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Six months<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">ended<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">June 30,<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="102" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2010</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2009</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="102" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2008</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="102" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2007</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Expenses</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.90</font></td>
<td colspan="1" width="34" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.87</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.88</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.91</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.87</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.83</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.50</font></td>
<td colspan="1" width="34" align="left" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.34</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.82</font></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.52</font></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.84</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.75</font></td>
<td colspan="1" width="26" align="left" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(5)&nbsp;&nbsp;Information shown as of the end of the period.</font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(6)&nbsp;&nbsp;The average of all month-end market values during each period.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See notes to financial statements.<br>11</font></p>
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<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>SOURCE CAPITAL, INC.<BR>NOTES TO FINANCIAL STATEMENTS</b></font></p>
<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">June 30, 2012<BR>(Unaudited)</font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>NOTE A&#151;Significant Accounting Policies</b></font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Source Capital, Inc. (the "Company"), is registered under the Investment Company Act of 1940 as a diversified, closed-end management investment company. The investment objective of the Company is to seek maximum total return for Common shareholders from both capital appreciation and investment income to the extent consistent with protection of invested capital. The significant accounting policies followed by the Company in the preparation of its financial statements include the following:</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1. SECURITIES VALUATION&#151;The Company's investments are reported at fair value as defined by accounting principles generally accepted in the United States of America. The Company generally determines its net asset value as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open. Further discussion of valuation methods, inputs and classifications can be found under Note F.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2. USE OF ESTIMATES&#151;The preparation of the financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3. UNALLOCATED DISTRIBUTIONS&#151;Unallocated distributions represent distributions paid to shareholders during the period from source(s) other than net investment income. Such source(s) will be determined by the results of operations for the entire fiscal year and will be from paid-in capital, except to the extent of any net realized capital gains for the fiscal year.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">4. OTHER&#151;Securities transactions are accounted for on the date the securities are purchased or sold. Dividend income is recorded on the ex-dividend date. Interest income and expenses are recorded on an accrual basis. Distributions payable on the Common Stock are recorded on the ex-dividend date. The ratios of expenses and net investment income to average net assets do not reflect the effect of dividend payments to Preferred shareholders.</font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>NOTE B&#151;Risk Considerations</b></font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Investing in the Company may involve certain risks including, but not limited to, those described below.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Market Risk: Because the values of the Company's investments will fluctuate with market conditions, so will the value of your investment in the Fund. You could lose money on your investment in the Company or the Company could underperform other investments.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Common Stocks and Other Securities: The prices of common stocks and other securities held by the Company may decline in response to certain events taking place around the world, including those directly involving companies whose securities are owned by the Company; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate and commodity price fluctuations. In addition, the Adviser's emphasis on a value-oriented investment approach generally results in the Company's portfolio being invested primarily in medium or smaller sized companies. Smaller companies may be subject to a greater degree of change in earnings and business prospects than larger, more established companies. Also, securities of smaller companies are traded in lower volumes than those issued by larger companies and may be more volatile than those of larger companies. The Company's foreign investments are subject to additional risks such as, foreign markets could go down or prices of the Company's foreign investments could go down because of unfavorable changes in foreign currency exchange rates, foreign government actions, social, economic or political instability or other factors that can adversely affect investments in foreign countries. These factors can also make foreign securities less liquid, more volatile and harder to value than U.S. securities. In light of these characteristics of smaller companies and their securities, the Company may be subjected to greater risk than that assumed when investing in the equity securities of larger companies.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Interest Rate and Credit Risk: The values of, and the income generated by, most debt securities held by the Company may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities. For example, the values of debt securities in the Company's portfolio generally will decline when interest rates rise and increase when interest rates fall. In addition, falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Company having to reinvest the proceeds in lower yielding securities. The value of the Company's investments may also decline in response to events affecting the issuer or its credit rating. Lower rated debt securities in which the Company may invest are considered speculative and are generally subject to greater volatility and risk of loss than investment grade securities, particularly in deteriorating economic conditions.</font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>NOTE C&#151;Capital Stock</b></font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">On May 30, 2012, the Board of Directors of Source Capital, Inc. announced the full redemption of all issued and outstanding shares of its $2.40 Preferred Stock, $3 par value on June 29, 2012 (the "Preferred Stock Redemption Date"). The Preferred Stock was redeemed, pursuant to its terms, at its stated call price of $27.50 per share plus accrued and unpaid dividends to the Preferred Stock Redemption Date. At the time of the announcement there were 1,969,212 shares of Preferred Stock issued and outstanding, resulting in a total redemption amount of $54,153,330.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The Company did not issue any shares of Common Stock under its Dividend Reinvestment Plan during the six months ended June 30, 2012.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>12</font></p>
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<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>SOURCE CAPITAL, INC.<BR>NOTES TO FINANCIAL STATEMENTS </b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(Continued)</font></p>
<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">June 30, 2012<BR>(Unaudited)</font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>NOTE D&#151;Advisory Fees and Other Affiliated Transactions</b></font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Pursuant to an investment advisory agreement, the Company pays First Pacific Advisors, LLC ("Investment Adviser"), monthly investment advisory fees calculated at an annual rate of 0.725% for the first $100 million of total net assets, 0.700% for the next $100 million of total net assets, and 0.675% for any total net assets in excess of $200 million. The Agreement obligates the Investment Adviser to reduce its fee to the extent necessary to reimburse the Company for any annual expenses (exclusive of interest, taxes, the cost of any supplementary statistical and research information, legal expenses related to portfolio securities, and extraordinary expenses such as litigation) in excess of 1 1/2% of the first $30 million and 1% of the remaining average total net assets of the Company for the year.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">For the six months ended June 30, 2012, the Company paid aggregate fees of $81,000 to all Directors who are not affiliated persons of the Investment Adviser.</font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>NOTE E&#151;Federal Income Tax</b></font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">No provision for federal taxes is considered necessary because the Company has elected to be taxed as a "regulated investment company" under the Internal Revenue Code. The Company intends to maintain this qualification and to distribute to shareholders each year all of its taxable net investment income and taxable net realized gain on investments in accordance with the minimum distribution requirements of the Code.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The cost of purchases of investment securities (excluding short-term investments with maturities of 60 days or less) aggregated $30,034,973 during the 6 months ended June 30, 2012. Realized gains and losses are based on the specific identification method.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The cost of securities was $304,094,739 for federal income tax purposes. Gross unrealized appreciation and depreciation for all investments at June 30, 2012, for federal income tax purposes was $141,928,593 and $3,080,881, respectively, resulting in net unrealized appreciation of $138,847,712. As of and during the 6 months ended June 30, 2012, the Company did not have any liability for unrecognized tax benefits. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year, the Company did not incur any interest or penalties. The Company is not subject to examination by U.S. federal tax authorities for years ended on or before December 31, 2008 or by state tax authorities for years ended on or before December 31, 2007.</font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>NOTE F&#151;Disclosure of Fair Value Measurements</b></font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The Company uses the following methods and inputs to establish the fair value of its assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market in which the security trades. Securities that are unlisted and fixed-income and convertible securities listed on a national securities exchange for which the over-the-counter market more accurately reflects the securities' value in the judgment of the Company's officers, are valued at the most recent bid price. However, most fixed income securities are generally valued at prices obtained from pricing vendors. Vendors value such securities based on one or more of the following inputs: transactions, bids, offers quotations from dealers and trading systems, and relationships observed in the markets among comparable securities. Short-term corporate notes with maturities of 60 days or less are valued at amortized cost, which approximates market value.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Securities for which representative market quotations are not readily available or are considered unreliable by the Investment Adviser are valued as determined in good faith by, or under the direction of, the Board of Directors. Various inputs may be reviewed in order to make a good faith determination of a security's value. These inputs include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations of investments that would have been used had greater market activity occurred.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The Company classifies its assets based on three valuation methodologies. Level 1 values are based on quoted market prices in active markets for identical assets. Level 2 values are based on significant observable market inputs, such as quoted prices for similar assets and quoted prices in inactive markets or other market observable inputs. Level 3 values are based on significant unobservable inputs that reflect the Company's determination of assumptions that market participants might reasonably use in valuing the assets. </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>13</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>SOURCE CAPITAL, INC.<BR>NOTES TO FINANCIAL STATEMENTS </b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(Continued)</font></p>
<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">June 30, 2012<BR>(Unaudited)</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The valuation levels are not necessarily an indication of the risk associated with investing in those securities. The following table presents the valuation levels of the Company's investments as of June 30, 2012:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="162" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Level 1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Level 2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Level 3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Total</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="162" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Common Stocks</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">425,346,601</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">425,346,601</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="162" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Preferred Stocks</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">5,605,600</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">5,605,600</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="162" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Non-Convertible Bonds &amp; Debentures</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">11,990,250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">11,990,250</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="162" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Short-Term Investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">26,791,915</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">26,791,915</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="162" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Total Investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">430,952,201</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">38,782,165</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">469,734,366</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Transfers of investments between different levels of the fair value hierarchy are recorded at market value as of the end of the reporting period. There were no significant transfers between Levels 1, 2, or 3 during the six months ended June 30, 2012.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>14</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>SOURCE CAPITAL, INC.<BR>RESULTS OF ANNUAL MEETING</b></font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Following are the matters voted upon and the results of those votes cast at the annual meeting of shareholders held May 7, 2012:</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">With respect to the election of four directors by the holders of Common Stock, $1.00 par value, and election of two directors by the holders of $2.40 Cumulative Preferred Stock, $3.00 par value:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="108" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Votes For</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Votes Withheld</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="291" bgcolor="#cceeff" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Common</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Eric S. Ende</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">6,916,508 </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">137,277 </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Thomas P. Merrick</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">6,919,676 </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">137,277 </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Patrick B. Purcell</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">6,917,666 </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">137,277 </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">David Rees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">6,935,694 </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">137,277 </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="291" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Preferred </b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Willard H. Altman, Jr.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,718,816 </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">13,820 </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" align="left" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Allan M. Rudnick</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,717,752 </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">13,820 </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>RENEWAL OF INVESTMENT ADVISORY AGREEMENT</b></font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The following paragraphs summarize the material information and factors considered by the Board of Directors at a meeting held February 6, 2012, as well as their conclusions relative to such factors.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Nature, Extent and Quality of Services.</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> The Board and the Independent Directors considered information regarding the Adviser and its staffing in connection with the Company, including the Company's portfolio managers and the senior analyst on their team, the scope of accounting, administrative, shareholder, and other services supervised and provided by the Adviser, and the absence of any significant service problems reported to the Board. The Board and the Independent Directors noted the experience, length of service, and the reputation of the Company's portfolio managers, Eric Ende and Steven Geist, who have managed the Company since 1996. The Directors concluded that the nature, extent, and quality of services provided by the Adviser have benefited and should continue to benefit the Company and its shareholders.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Investment Performance.</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> The Board and the Independent Directors reviewed the overall investment performance of the Company relative to the performance of the Lipper Mid-Cap Core Funds Index and the Russell 2500 Index. They further concluded that the Adviser's continued management of the Company should benefit the Company and its shareholders.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Advisory Fees and Company Expenses; Adviser Profitability; Economies of Scale and Sharing of Economies of Scale.</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> The Board and the Independent Directors were provided information by the Adviser to enable consideration of the Company's advisory fees and total expense levels, as well as the overall profitability of the Adviser, the benefits to the Adviser from its relationship to the Company, the extent to which economies of scale with respect to the management of the Company, if any, would be realized, and whether the Company is sharing, or will share, in those economies.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The Board and the Independent Directors reviewed comparative information relative to fees and expenses for the Company and the industry generally and for the Lipper Mid-Cap Core Funds. The Directors noted that the Company's fees and expenses were at the lowest end of the range relative to the Peer Group. The Board and the Independent Directors noted that the fee rate charged to the Company at its current asset level is similar to the fee rate charged by the Adviser on the other products managed in a similar style by the portfolio managers. The Board and the Independent Directors concluded that the overall fee rate was reasonable and fair to the Company and its shareholders in light of the nature and quality of the services provided by the Adviser.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The Board and the Independent Directors considered whether there have been economies of scale with respect to the management of the Company, whether the Company has appropriately benefited from any economies of scale, and whether the fee rate is reasonable in relation to the Company's assets and any economies of scale that may exist. The Independent Directors discussed the fact that the fee structure does not have any additional breakpoints. Many mutual funds have breakpoints in the advisory fee structure as a means by which to share in economies of scale as a fund's assets grow; however, not all funds have breakpoints in their fee structures. The Adviser indicated its belief that additional breakpoints currently were not appropriate for the Company and that no meaningful income and expense forecasts for its business could be prepared given uncertainties regarding the direction of the economy, rising inflation, increasing costs for personnel and systems, and growth (or not) in the Company's assets, all of which could negatively impact the Adviser. In addition, since the Company is a closed-end fund, and based upon the </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>15</font></p>
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<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>SOURCE CAPITAL, INC.<BR>RENEWAL OF INVESTMENT ADVISORY AGREEMENT</b></font></p>
<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(Continued)</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Company's current operating policies, the ability to raise additional assets is limited. The Board and the Independent Directors noted that the Adviser had not increased the fee rate charged to the Company despite the Adviser's claims of increases in the Adviser's internal costs of providing investment management services to the Company, in part due to administrative burdens and expenses resulting from recent legislative and regulatory actions such as Sarbanes-Oxley. According to the Adviser, such increased costs have included significant investments in analysts who assist with the management of the Company, additions to administrative personnel and systems that enhance the quality of services provided to the Company and the establishment of a full-time Chief Compliance Officer and his assistant.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Conclusions.</b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> The Board and the Independent Directors determined that the Company continues to benefit from the services of a highly experienced portfolio management team that has produced competitive long-term returns. In addition, the Board and the Independent Directors agreed that the Company continues to receive high-quality accounting, administrative, shareholder, and other ancillary services from the Adviser. The Board and the Independent Directors also determined that while there is no uniform industry methodology to measure or apply economies of scale, the Company's expense ratio and the overall profitability of the Adviser are fair and reasonable under the current circumstances. In reaching their conclusions, the Board and the Independent Directors acknowledged that the fees and expenses of the Company are clearly disclosed in the Company's reports to shareholders and in industry research databases, such as those maintained by Lipper and Morningstar, and that the Company's shareholders have ready access to other companies with different strategies, fees, and expenses and can sell their shares at any time if they feel the Adviser does not add fair value for the fees and expenses charged. The Board and the Independent Directors also stated their intention to continue monitoring the factors relevant to the Adviser's compensation, such as changes in the Company's asset levels, changes in portfolio management personnel, and the cost and quality of the services provided by the Adviser to the Company. On the basis of the foregoing, and without assigning particular weight to any single factor, the Independent Directors determined to approve the continuation of the current advisory agreement for another one-year period through April 30, 2013.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>16</font></p>
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<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>SOURCE CAPITAL, INC.</b></font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>INVESTMENT ADVISER</b></font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">First Pacific Advisors, LLC<BR>11400 West Olympic Blvd., Suite 1200<BR>Los Angeles, California 90064-1550<BR>(800) 982-4372 or (310) 473-0225</font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>CUSTODIAN</b></font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">State Street Bank and Trust Company<BR>Boston, Massachusetts</font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>LEGAL COUNSEL</b></font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">K&amp;L Gates LLP<BR>San Francisco, California</font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>TRANSFER AND SHAREHOLDER SERVICE AGENT AND REGISTRAR</b></font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Computershare<BR>480 Washington Boulevard<BR>Jersey City, NJ 07310<BR>(800) 279-1241 or (201) 329-8660<BR>http://melloninvestor.com/isd</font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Deloitte &amp; Touche LLP<BR>Los Angeles, California</font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>STOCK EXCHANGE LISTING</b></font></p>
<p align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">New York Stock Exchange: SOR</font></p>
<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:14pt;"><b>DIVIDEND REINVESTMENT PLAN</b></font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Holders of record (other than brokers or nominees of banks and other financial institutions) of Common Stock are eligible to participate in the Dividend Reinvestment Plan ("Plan"), pursuant to which distributions to shareholders are paid in or reinvested in shares of Common Stock of the Company ("Dividend Shares"). Mellon Bank, N.A. ("Agent") c/o Computershare, Investment Services, P.O. Box 3338, South Hackensack, New Jersey 07606-1938, acts as Agent for participants under the Plan.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">A shareholder may join the Plan by signing and returning an authorization form that may be obtained from the Agent. A shareholder may elect to withdraw from the Plan at any time by written notice to the Agent and thereby elect to receive cash in lieu of Dividend Shares. There is no penalty for withdrawal from the Plan, and shareholders who have previously withdrawn from the Plan may rejoin at any time. The Company reserves the right to amend or terminate the Plan.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Purchases of the Company's shares are made by the Agent, on behalf of the participants in the Plan, promptly after receipt of funds, and in no event later than 30 days from such receipt except when restricted under applicable federal securities laws. The Agent purchases outstanding shares in the market when the price plus estimated commissions of the Company's Common Stock on the NYSE is lower than the Company's most recently calculated net asset value per share. To the extent that outstanding shares are not available at a cost of less than per share net asset value, the Agent, on behalf of the participants in the Plan, accepts payment of the dividend, or the remaining portion thereof, in authorized but unissued shares of Common Stock of the Company on the payment date. Such shares are issued at a per share price equal to the higher of (1) the net asset value per share on the payment date, or (2) 95% of the closing market price per share on the payment date. There are no brokerage charges with respect to shares issued directly by the Company to satisfy the dividend reinvestment requirements. However, each participant pays a pro rata share of brokerage commissions incurred with respect to the Agent's open market purchases of shares. In each case, the cost per share of shares purchased for each shareholder's account is the average cost, including brokerage commissions, of any shares purchased in the open market plus the cost of any shares issued by the Company.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">For Federal income tax purposes, shareholders who reinvest distributions are treated as receiving distributions in an amount equal to the fair market value, determined as of the payment date, of the shares received if the shares are purchased from the Company. Such value may exceed the amount of the cash distribution that would have been paid. If outstanding shares are purchased in the open market, the taxable distribution equals the cash distribution that would have been paid. In either event, the cost basis in the shares received equals the amount recognized as a taxable distribution.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">In the case of foreign participants whose dividends are subject to United States income tax withholding and in the case of any participants subject to 31% federal backup withholding, the Agent will reinvest dividends after deduction of the amount required to be withheld.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">All record holders of Common Stock are also offered the opportunity, on a voluntary basis, to send in cash payments of not less than $100 each up to a total of $7,500 per month to purchase additional shares of the Common Stock of the Company through participation in the Cash Investment Plan ("Cash Plan"). Under the Cash Plan, shares are purchased in the market and no shares are issued by the Company. A brochure describing the terms and conditions of the Cash Plan, including fees and expenses, is available from the Agent.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>17</font></p>
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<p align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>SOURCE CAPITAL, INC.<BR>DIRECTORS AND OFFICERS</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="114" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Name, Age &amp;<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Address</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Position(s)<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>with Company</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Term of Office and<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Length of<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Time Served</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="767" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Principal Occupation(s)<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>During the Past 5 Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Number of<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Portfolios in<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Fund Complex<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Overseen by<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Director</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Other<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Directorships</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="114" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Willard H. Altman, Jr. - (76)*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Director</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Term: 1 Year<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Time Served: 14 Years</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="767" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Retired. Formerly, until 1995, Partner of Ernst &amp; Young LLP, a public accounting firm.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="66" align="right" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">7</font></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="147" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="114" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Thomas P. Merrick - (75)*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Director</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Term: 1 Year<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Time Served: 6 Years</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="767" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Private consultant. President of Strategic Planning Consultants for more than the past five years. Former Executive Committee member and Vice President of Fluor Corporation, responsible for strategic planning, from 1984 to 1998.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="66" align="right" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">7</font></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="147" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="114" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Patrick B. Purcell - (69)*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Director</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Term: 1 Year<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Time Served: 2 Year</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="767" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Retired. Formerly Executive Vice President, Chief Financial and Administrative Officer of Paramount Pictures from 1983 to March 1998.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="66" align="right" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">7</font></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="147" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The Motion Picture and Television Fund</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="114" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">David Rees - (88)*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Director</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Term: 1 Year<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Time Served: 44 Years</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="767" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Private investor. Formerly President and Chief Executive Officer of the International Institute of Los Angeles. Formerly, until 1995, the Senior Editor of Los Angeles Business Journal.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="66" align="right" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">1</font></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="147" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">International Institute of Los Angeles</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="114" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Allan M. Rudnick - (71)*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Director</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Term: 1 Year<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Years Served: &lt;1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="767" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Private Investor. Formerly, Co-Founder, Chief Executive Officer, Chairman and Chief Investment Officer of Kayne Anderson Rudnick Investment Management from 1989 to 2007.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="66" align="right" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">7</font></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="147" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="114" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Eric S. Ende - (67)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Director<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">President &amp; Chief Investment Officer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Term: 1 Year<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Time Served: 27 Years</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="767" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Partner of the Adviser since 2006. Formerly Senior Vice President of First Pacific Advisors, Inc. from 1984 to 2006.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="66" align="right" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">3</font></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="147" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="114" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Steven R. Geist - (58)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Executive Vice President &amp; Portfolio Manager</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Time Served: 16 Years</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="767" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Partner of the Adviser since 2006. Formerly Vice President of First Pacific Advisors, Inc. from 1992 to 2006.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="114" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">J. Richard Atwood - (52)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Treasurer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Time Served: 15 Years</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="767" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Chief Operating Officer of the Adviser. President of FPA Fund Distributors, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">FPA Fund Distributors, Inc.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="114" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Sherry Sasaki - (57)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Secretary</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Time Served: 30 Years</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="767" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Assistant Vice President and Secretary of the Adviser and Secretary of FPA Fund Distributors, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="114" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Christopher H. Thomas - (55)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Chief Compliance Officer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Time Served: 17 Years</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="767" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Vice President and Chief Compliance Officer of the Adviser and Vice President of FPA Fund Distributors, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">FPA Fund Distributors, Inc.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="114" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">E. Lake Setzler III - (45)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Assistant Treasurer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Time Served: 6 Years</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="767" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Vice President and Controller of the Adviser.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="114" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Michael P. Gomez - (26)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="169" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Assistant Vice President</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Years Served: &lt;1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="767" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Assistant Vice President of the Adviser since 2010. Formerly In-Charge Associate of PricewaterhouseCoopers from 2007 to 2010.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" valign="top" style="padding:0pt .7pt 0pt 0pt;">
</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Each of the above individuals can be contacted at 11400 W. Olympic Blvd., Suite 1200, Los Angeles, CA, 90064-1550.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">*&nbsp;&nbsp;Audit and Corporate Responsibility Committee Member</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Messrs. Altman, Merrick, Purcell and Rudnick each serve as a member of the audit committee of six open-end investment companies managed by First Pacific Advisors, LLC ("FPA"), the Company's investment adviser. The Company's Board of Directors has considered the matter of their simultaneous service and determined that serving simultaneously as a member of these audit committees does not impair their ability to serve as a member of the Audit Committee of the Company.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The Company's schedule of portfolio holdings, filed the first and third quarter on Form N-Q with the SEC, is available on the SEC's website at www.sec.gov. Form N-Q is available at the SEC's Public Reference Room in Washington, D.C., and information on the operations of the Public Reference Room may be obtained by calling 1-202-942-8090. To obtain information on Form N-Q from the Company, shareholders can call 1-800-982-4372.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The Company's complete proxy voting record for the 12 months ended June 30, 2012, is available without charge, upon request, by calling 1-800-982-4372 and on the SEC's website at www.sec.gov.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">The Company's Audit Committee Charter is available on its website, www.fpafunds.com, and is available without charge, upon request, by calling 1-800-982-4372. The Company's Annual CEO Certification as required by the NYSE's Corporate Governance listing standards for the fiscal year ended December 31, 2011 was submitted to the NYSE on May 7, 2012.</font></p>
<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Additional information about the Company is available online at www.fpafunds.com. This information includes, among other things, holdings, top sectors and performance, and is updated on or about the 15th business day after the end of each quarter.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>18</font></p>
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<p><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:19pt;"><b>SOURCE CAPITAL, INC.</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">11400 West Olympic Boulevard, Suite 1200<BR>Los Angeles, California 90064-1550 </font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item   2.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Code   of Ethics. Not Applicable to this semi-annual report.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit   Committee Financial Expert. Not Applicable to this semi-annual report.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:89.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item   4.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:89.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal   Accountant Fees and Services. Not Applicable to this semi-annual report.</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:89.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item   5.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:89.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit   Committee of Listed Registrants. Not Applicable to this semi-annual report.</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:89.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item   6.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:89.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule   of Investments. The schedule of investments is included as part of the report   to stockholders filed under Item 1 of this Form.</font></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:89.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item   7.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:89.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disclosure   of Proxy Voting Policies and Procedures for Closed-End Management Investment   Companies. Not Applicable to this semi-annual report.</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:89.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item   8.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:89.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Portfolio   Managers of Closed-End Management Investment Companies. Not Applicable to   this semi-annual report.</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:89.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item   9.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:89.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchases   of Equity Securities by Closed-End Management Investment Company and   Affiliated Purchasers. Not Applicable.</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:89.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item   10.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:89.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Submission   of Matters to a Vote of Security Holders. There has been no material change   to the procedures by which shareholders may recommend nominees to the   registrant&#146;s board of directors.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:89.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item   11.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:89.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Controls   and Procedures.</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:89.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>    </td>
<td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The   principal executive officer and principal financial officer of the registrant   have concluded that the registrant&#146;s disclosure controls and procedures (as   defined in Rule 30a-3(c) under the Investment Company Act of 1940) are   effective based on their evaluation of the disclosure controls and procedures   as of a date within 90 days of the filing date of this report.</font></p>    </td>   </tr>
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<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>    </td>
<td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There   have been no significant changes in the registrant&#146;s internal controls over   financial reporting (as defined in Rule 30a-3(d) under the Investment Company   Act of 1940) that occurred during the second fiscal quarter of the period   covered by this report that have materially affected, or is reasonably likely   to materially affect, the registrant&#146;s internal controls over financial   reporting.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item   12.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibits.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(1)</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Code   of ethics as applies to the registrant&#146;s officers and directors, as required   to be disclosed under Item 2 of Form N-CSR. Not Applicable to this   semi-annual report.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(2)</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Separate   certification for the registrant&#146;s principal executive officer and principal   financial officer, as required by Rule 30a-2(a) under the Investment Company   Act of 1940. Attached hereto.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(3)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not   Applicable</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Separate   certification for the registrant&#146;s principal executive officer and principal   financial officer, as required by Rule 30a-2(b) under the Investment Company   Act of 1940. Attached hereto.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURES</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SOURCE   CAPITAL,&nbsp;INC.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:   </font></p>    </td>
<td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   ERIC S. ENDE</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eric   S. Ende, President</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Principal   Executive Officer)</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:&nbsp;&nbsp;August&nbsp;17, 2012</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SOURCE CAPITAL,&nbsp;INC.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:   </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   ERIC S. ENDE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:46.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eric   S. Ende, President</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Principal   Executive Officer)</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:&nbsp;&nbsp;August&nbsp;17,   2012</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:   </font></p>    </td>
<td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   J. RICHARD ATWOOD</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J.   Richard Atwood, Treasurer</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Principal   Financial Officer)</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:&nbsp;&nbsp;August&nbsp;17, 2012</font></p>    </td>
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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>a12-15931_2ex99dcert.htm
<DESCRIPTION>EX-99.CERT
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;99.CERT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;302&#160; CERTIFICATION</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Eric S. Ende, certify that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">I have reviewed this report on Form&nbsp;N-CSR of Source Capital,&nbsp;Inc.;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the registrant and have:</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Designed such internal controls over financial reporting, or caused such internal controls over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Disclosed in this report any change in the registrant&#146;s internal controls over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal controls over financial reporting; and</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The registrant&#146;s other certifying officer and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .75in;text-indent:-33.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-33.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-33.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal controls over financial reporting.</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-33.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-33.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:&nbsp;&nbsp;August&nbsp;17, 2012</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   ERIC S. ENDE</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eric   S. Ende, President (Principal Executive Officer)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;302&#160; CERTIFICATION</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, J. Richard Atwood, certify that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160; I have reviewed this report on Form&nbsp;N-CSR of Source Capital,&nbsp;Inc.;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the registrant and have:</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Designed such internal controls over financial reporting, or caused such internal controls over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Disclosed in this report any change in the registrant&#146;s internal controls over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal controls over financial reporting; and</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The registrant&#146;s other certifying officer and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal controls over financial reporting.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:&nbsp;&nbsp;August&nbsp;17, 2012</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   J. RICHARD ATWOOD</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J.   Richard Atwood, Treasurer (Principal Financial Officer)</font></p>    </td>
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<DESCRIPTION>EX-99.906CERT
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;99.906 CERT</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;906 CERTIFICATION</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Eric S. Ende, President of Source Capital,&nbsp;Inc. (&#147;Company&#148;), certify that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company&#146;s periodic report on Form&nbsp;N-CSR for the period ended June&nbsp;30, 2012 (&#147;Report&#148;) fully complies with the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of 1934; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August&nbsp;17,   2012</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   ERIC S. ENDE</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Date)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eric   S. Ende, President</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, J. Richard Atwood, Treasurer of Source Capital,&nbsp;Inc. (&#147;Company&#148;), certify that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company&#146;s periodic report on Form&nbsp;N-CSR for the period ended June&nbsp;30, 2012 (&#147;Report&#148;) fully complies with the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of 1934; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="48%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August&nbsp;17,   2012</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   J. RICHARD ATWOOD</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Date)</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J.   Richard Atwood, Treasurer</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A signed original of this written statement required by Section&nbsp;906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
